Grupo Aeroportuario del Pacifico Announces Growth Guidance for the Full Year 2023
Grupo Aeroportuario del Pacífico (PAC) announced its 2023 guidance, projecting a 6%-8% increase in passenger traffic, 12%-14% growth in aeronautical revenue, and 13%-15% in non-aeronautical revenue. Total revenue is expected to rise by 12%-14%, with EBITDA forecasted to increase by 10%-12% while maintaining an EBITDA margin of 70% ± 1%. The company is allocating Ps. 10.2 billion for CAPEX investments under its development programs. These projections hinge on assumptions regarding industry growth, airline performance, and economic conditions, which may be subject to change due to external factors.
- Projected 6%-8% increase in passenger traffic.
- 12%-14% expected growth in aeronautical revenue.
- 13%-15% increase in non-aeronautical revenue.
- 12%-14% growth forecast for total revenue.
- 10%-12% increase in EBITDA expected.
- CAPEX investment of Ps. 10.2 billion planned for infrastructure.
- None.
GUADALAJARA, Mexico, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announced today its guidance for the full year 2023 compared to 2022.
| Traffic | |
| Aeronautical Revenue | |
| Non-aeronautical Revenue | |
| Total Revenue | |
| EBITDA | |
| EBITDA Margin | |
| CAPEX | Ps. 10.2 billion |
- Passenger traffic estimates are based on the consolidation of the routes developed to date, the increase of occupancy load factors, and airlines’ flight frequencies and seat availability, with the information currently available.
- The revenue increase is based on traffic performance, applicable passenger fees, inflation, contract terms, and current commercial agreements, as well as the development of other business lines operated directly by the Company.
- The increase in the cost of services reflects operating requirements needed to meet airport service demand, infrastructure expansion and service quality improvements, inflation, increase in minimum wages, and the hiring of additional personnel for the operations, maintenance, security, and cleaning.
- CAPEX reflects committed investments for GAP airports under the Master Development Program and investments in commercial spaces, parking lots, in addition to the hotel and mixed-use building at Guadalajara airport.
These figures are based on the Company’s current expectation of domestic and international aeronautical industry growth during 2023, as supported by GAP’s strategy of focusing on medium- and long-term business fundamentals.
These figures are estimates based on current assumptions that management believes are reasonable. Many of the factors affecting these current assumptions and the estimates on which they are based are outside of the Company’s control and are subject to change over the course of the year based on various external factors including, but not limited to, airline performance, domestic and international economic conditions, and government regulations. For a more extensive list of risk factors that could affect our business, please refer to GAP’s annual report on Form 20-F for the year ended December 31, 2021, published in April 2022.
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
| 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 June involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| IR Contacts: | |
| Saúl Villarreal, Chief Financial Officer | svillarreal@aeropuertosgap.com.mx |
| Alejandra Soto, IRO & Corporate Finance Director | asoto@aeropuertosgap.com.mx |
| Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294 |
FAQ
What is Grupo Aeroportuario del Pacífico's passenger traffic growth forecast for 2023?
What are the revenue growth expectations for PAC in 2023?
How much is PAC planning to invest in CAPEX for 2023?
What is the EBITDA growth forecast for Grupo Aeroportuario del Pacífico in 2023?
What are the key assumptions behind PAC's 2023 guidance?
