Grupo Aeroportuario del Pacifico Announces Government Action to Amend the Rules for Tariff Regulation

Rhea-AI Summary

Grupo Aeroportuario del Pacífico notified of new document modifying Rules for Tariff Regulation. Changes will apply to tariffs starting on January 1, 2025.

Positive

• New rules for tariff regulation have been announced by the Federal Civil Aviation Agency, which will impact Grupo Aeroportuario del Pacífico's tariffs starting in 2025.

Negative

• No negative takes identified.

GUADALAJARA, Mexico, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”). Today, the Federal Civil Aviation Agency (Agencia Federal de Aviación Civil, “AFAC”), a decentralized entity of the Mexican Secretary of Infrastructure, Communications and Transport (Secretaría de Infraestructura, Comunicaciones y Transporte, “SICT”), notified us of a new document that modifies the Rules for Tariff Regulation (Bases de Regulación Tarifaria) received last October 4, 2023.

These new rules have immediate application, however, the Master Development Plan and the current maximum Tariffs, approved in the last tariff review for the period 2020-2024, will remain in place. Any modification to the tariffs based on the new Rules for Tariff Regulation will apply to tariffs starting on January 1, 2025, once the ordinary review process of the Joint Maximum Tariff and Master Development Plan for the period 2025-2029 is completed.

An English translation of the full text of the document called Rules for Tariff Regulation received on October 19 is on the Company’s website at:
https://www.aeropuertosgap.com.mx/files/PR_19_10_23_ACTUALIZACIN_CAMBIOS_BRT_ENG_VF.pdf

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.        

Alejandra Soto, Investor Relations and Social Responsibility Officer	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294

FAQ

What is the new document that modifies the Rules for Tariff Regulation?

The new document modifies the Rules for Tariff Regulation received by Grupo Aeroportuario del Pacífico.

When will the changes to the tariffs apply?

The changes to the tariffs will apply starting on January 1, 2025.

Who announced the new rules for tariff regulation?

The new rules for tariff regulation were announced by the Federal Civil Aviation Agency.