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Grupo Aeroportuario del Pacifico Announces Results for the Third Quarter of 2024

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Grupo Aeroportuario del Pacifico reported its consolidated results for the third quarter of 2024 (3Q24). Total revenues increased by Ps. 839.7 million, or 11.4%, compared to 3Q23. However, aeronautical services revenues decreased by 3.8% due to a decline in passenger traffic, primarily influenced by preventive reviews of Pratt & Whitney engines affecting Volaris and VivaAerobus fleets. This was offset by a 38.7% increase in non-aeronautical revenues, driven by the consolidation of cargo and free trade zone business at Guadalajara airport.

Total operating costs rose by 20.6%, with a notable increase in cost of services by 21.3%. Despite increased revenues, net income decreased by 16.6% to Ps. 1,982.8 million. EBITDA saw a modest increase of 5.6%, reaching Ps. 4,507.6 million, while the EBITDA margin slightly declined to 67.0%. Passenger traffic fell by 5.7% across the company's 14 airports.

The company refinanced credit facilities and issued long-term bonds totaling Ps. 5,648.1 million for capital investments and debt refinancing. Cash and cash equivalents stood at Ps. 15,828.0 million as of September 30, 2024.

Grupo Aeroportuario del Pacifico ha riportato i suoi risultati consolidati per il terzo trimestre del 2024 (3Q24). I ricavi totali sono aumentati di Ps. 839,7 milioni, ovvero dell'11,4%, rispetto al 3Q23. Tuttavia, i ricavi da servizi aeronautici sono diminuiti del 3,8% a causa di un calo del traffico passeggeri, principalmente influenzato da revisioni preventive dei motori Pratt & Whitney che hanno colpito le flotte di Volaris e VivaAerobus. Questo è stato compensato da un incremento del 38,7% nei ricavi non aeronautici, trainato dalla consolidazione del business merci e della zona di libero commercio presso l'aeroporto di Guadalajara.

I costi operativi totali sono aumentati del 20,6%, con un significativo aumento del costo dei servizi del 21,3%. Nonostante l'aumento dei ricavi, il reddito netto è diminuito del 16,6% a Ps. 1.982,8 milioni. EBITDA ha registrato un modesto incremento del 5,6%, raggiungendo Ps. 4.507,6 milioni, mentre il margine EBITDA è leggermente sceso al 67,0%. Il traffico passeggeri è calato del 5,7% presso i 14 aeroporti dell'azienda.

L'azienda ha rifinanziato le linee di credito e ha emesso obbligazioni a lungo termine per un totale di Ps. 5.648,1 milioni per investimenti in capitale e rifinanziamento del debito. La liquidità e gli equivalenti di cassa ammontavano a Ps. 15.828,0 milioni al 30 settembre 2024.

Grupo Aeroportuario del Pacifico reportó sus resultados consolidados para el tercer trimestre de 2024 (3T24). Los ingresos totales aumentaron en Ps. 839.7 millones, o un 11.4%, en comparación con el 3T23. Sin embargo, los ingresos por servicios aeronáuticos disminuyeron un 3.8% debido a una caída en el tráfico de pasajeros, principalmente influenciada por revisiones preventivas de motores Pratt & Whitney que afectaron a las flotas de Volaris y VivaAerobus. Esto fue compensado por un aumento del 38.7% en los ingresos no aeronáuticos, impulsado por la consolidación del negocio de carga y la zona de libre comercio en el aeropuerto de Guadalajara.

Los costos operativos totales aumentaron un 20.6%, con un notable incremento en el costo de servicios del 21.3%. A pesar del aumento en los ingresos, el ingreso neto disminuyó un 16.6% a Ps. 1,982.8 millones. El EBITDA vio un modesto aumento del 5.6%, alcanzando Ps. 4,507.6 millones, mientras que el margen EBITDA cayó ligeramente al 67.0%. El tráfico de pasajeros disminuyó un 5.7% en los 14 aeropuertos de la empresa.

La empresa refinanció las líneas de crédito y emitió bonos a largo plazo por un total de Ps. 5,648.1 millones para inversiones de capital y refinanciamiento de deudas. El efectivo y equivalentes de efectivo ascendieron a Ps. 15,828.0 millones al 30 de septiembre de 2024.

Grupo Aeroportuario del Pacifico는 2024년 3분기 (3Q24)에 대한 통합 결과를 발표했습니다. 총 수익은 839.7백만 페소 증가했으며, 이는 3Q23 대비 11.4% 증가한 수치입니다. 그러나 항공 서비스 수익은 3.8% 감소했으며, 이는 주로 Volaris와 VivaAerobus의 항공기에서 Pratt & Whitney 엔진의 예방 검사로 인한 승객 수 감소에 기인합니다. 이것은 과달라하라 공항에서 화물 및 자유무역 구역 사업의 통합에 의해 추진된 비항공 수익이 38.7% 증가함으로써 상쇄되었습니다.

총 운영 비용은 20.6% 증가했으며, 서비스 비용은 21.3%로 눈에 띄게 증가했습니다. 수익이 증가했음에도 불구하고 순이익은 16.6% 감소하여 1,982.8백만 페소에 달했습니다. EBITDA는 5.6%의 소폭 증가를 기록하여 4,507.6백만 페소에 도달한 반면, EBITDA 마진은 67.0%로 약간 감소했습니다. 승객 수는 회사의 14개 공항에서 5.7% 감소했습니다.

회사는 신용 시설을 재금융하고 자본 투자 및 부채 재금융을 위해 총 5,648.1백만 페소의 장기 채권을 발행했습니다. 2024년 9월 30일 기준으로 현금 및 현금성 자산은 15,828.0백만 페소에 달했습니다.

Grupo Aeroportuario del Pacifico a annoncé ses résultats consolidés pour le troisième trimestre de 2024 (3T24). Les revenus totaux ont augmenté de 839,7 millions de Ps, soit 11,4%, par rapport à 3T23. Cependant, les revenus des services aéronautiques ont diminué de 3,8% en raison d'une baisse du trafic passagers, principalement influencée par des révisions préventives des moteurs Pratt & Whitney affectant les flottes de Volaris et VivaAerobus. Cela a été compensé par une augmentation de 38,7% des revenus non aéronautiques, tirée par la consolidation de l'activité de fret et de la zone de libre-échange à l'aéroport de Guadalajara.

Les coûts d'exploitation totaux ont augmenté de 20,6%, avec une hausse notable des coûts des services de 21,3%. Malgré l'augmentation des revenus, le résultat net a diminué de 16,6% pour atteindre 1 982,8 millions de Ps. Le EBITDA a connu une modeste augmentation de 5,6%, atteignant 4 507,6 millions de Ps, tandis que la marge EBITDA a légèrement baissé à 67,0%. Le trafic de passagers a chuté de 5,7% dans les 14 aéroports de l'entreprise.

L’entreprise a refinancé ses lignes de crédit et a émis des obligations à long terme totalisant 5 648,1 millions de Ps pour des investissements en capital et le refinancement de la dette. La trésorerie et les équivalents de liquidités se montaient à 15 828,0 millions de Ps au 30 septembre 2024.

Grupo Aeroportuario del Pacifico hat seine konsolidierten Ergebnisse für das dritte Quartal 2024 (3Q24) bekannt gegeben. Die Gesamteinnahmen stiegen um 839,7 Millionen Ps, was einem Anstieg von 11,4% im Vergleich zu 3Q23 entspricht. Allerdings sanken die Einnahmen aus Luftfahrtleistungen um 3,8% aufgrund eines Rückgangs des Passagierverkehrs, der hauptsächlich durch präventive Überprüfungen von Pratt & Whitney-Triebwerken, die die Flotten von Volaris und VivaAerobus betrafen, beeinflusst wurde. Dies wurde durch einen Anstieg von 38,7% bei den nicht-aeronautischen Einnahmen ausgeglichen, der durch die Konsolidierung des Frachtgeschäfts und der Freihandelszone am Flughafen Guadalajara vorangetrieben wurde.

Die Gesamten Betriebskosten stiegen um 20,6%, wobei sich die Kosten für Dienstleistungen um 21,3% erhöhten. Trotz steigender Einnahmen sank der Reingewinn um 16,6% auf 1.982,8 Millionen Ps. Das EBITDA verzeichnete einen moderaten Anstieg von 5,6% auf 4.507,6 Millionen Ps, während die EBITDA-Marge leicht auf 67,0% fiel. Der Passagierverkehr fiel um 5,7% in den 14 Flughäfen des Unternehmens.

Das Unternehmen hat seine Kreditlinien refinanziert und langfristige Anleihen in Höhe von insgesamt 5.648,1 Millionen Ps für Investitionen in das Kapital und die Refinanzierung von Schulden ausgegeben. Die liquiden Mittel und Zahlungsmitteläquivalente beliefen sich am 30. September 2024 auf 15.828,0 Millionen Ps.

Positive
  • Total revenues increased by 11.4% in 3Q24.
  • Non-aeronautical revenues increased by 38.7%, driven by cargo and free trade zone business.
  • EBITDA increased by 5.6% to Ps. 4,507.6 million.
Negative
  • Net income decreased by 16.6% to Ps. 1,982.8 million.
  • Aeronautical services revenues decreased by 3.8%.
  • Passenger traffic fell by 5.7% across 14 airports.
  • Total operating costs increased by 20.6%.
  • EBITDA margin slightly declined to 67.0%.

Insights

Grupo Aeroportuario del Pacífico's Q3 2024 results show mixed performance. While total revenues increased by 11.4% to Ps. 8.23 billion, net income decreased by 16.6% to Ps. 1.98 billion. The revenue growth was driven by a 38.7% increase in non-aeronautical services, particularly from the consolidation of a new cargo and free trade zone business. However, aeronautical revenues declined 3.8% due to a 5.7% decrease in passenger traffic, impacted by aircraft engine issues affecting some airlines.

Key financial metrics:

  • EBITDA increased 5.6% to Ps. 4.51 billion
  • Operating income rose 1.9% to Ps. 3.72 billion
  • EBITDA margin (excluding IFRIC-12) declined slightly from 67.5% to 67.0%

The company's diversification into non-aeronautical revenues helped offset the decline in passenger-related income. However, increased operating costs and foreign exchange losses impacted the bottom line. The refinancing of credit facilities and issuance of long-term bonds demonstrate proactive financial management. Investors should monitor the recovery of passenger traffic and the performance of new business ventures in future quarters.

The Q3 results highlight the challenges facing GAP due to industry-wide issues. The 5.7% decrease in total passengers across GAP's 14 airports is concerning, particularly the 9.9% drop at Tijuana and 44.0% decline at Mexicali. These declines are largely attributed to the Pratt & Whitney engine reviews affecting Volaris and VivaAerobus fleets, which peaked in Q3 2024.

However, there are some positive trends:

  • International passenger traffic at Guadalajara increased by 11.2%
  • New routes were opened, including international connections to Beijing and Toronto
  • La Paz and Los Mochis airports showed growth in domestic traffic

The diversification into cargo and free trade zone operations at Guadalajara airport is a strategic move to reduce dependency on passenger traffic. This new business contributed significantly to the non-aeronautical revenue growth. The aviation sector's recovery trajectory remains uncertain and GAP's ability to navigate these challenges while developing new revenue streams will be important for its future performance.

GUADALAJARA, Mexico, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the third quarter ended September 30, 2024 (3Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 3Q24 vs. 3Q23

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 402.8 million, or 6.4%. Total revenues increased by Ps. 839.7 million, or 11.4%.

  • Cost of services increased by Ps. 251.9 million, or 21.3%.

  • Income from operations increased by Ps. 70.2 million, or 1.9%.

  • EBITDA increased by Ps. 237.8 million, or 5.6%, from Ps. 4,629.9 million in 3Q23 to Ps. 4,507.6 million in 3Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 67.5% in 3Q23 to 67.0% in 3Q24.

  • Comprehensive income increased by Ps. 69.1 million, or 2.7%, from Ps. 2,551.4 million in 3Q23 to Ps. 2,620.6 million in 3Q24.

Company’s Financial Position:

During 3Q24, there was a decrease in the Company's aeronautical revenues compared to 3Q23, mainly due to the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, which affected the fleet operated by Volaris and VivaAerobus and that started in the third quarter of 2023 reaching its highest volume in the 3Q24. This decrease was offset by an increase in non-aeronautical revenues of 38.7%, generated mainly by the consolidation of the cargo and free trade zone business at the Guadalajara airport starting in July 2024. The Company reports a financial position of cash and cash equivalents as of September 30, 2024, of Ps. 15,828.0 million. During 3Q24, the Company refinanced the credit facilities with Citibanamex for Ps. 1,000.0 million and for USD$40.0 million, additionally, on September 5, 2024, the Company issued long-term bond certificates for an amount of Ps. 5,648.1 million, for capital investments and debt refinancing.

Passenger Traffic
During 3Q24, total passengers at the Company’s 14 airports decreased by 923.2 thousand passengers, a decrease of 5.7%, compared to 3Q23.

During 3Q23, the following new routes were opened:

Domestic:

AirlineDepartureArrivalOpening dateFrequencies
AeromexicoGuadalajaraTijuanaJuly 1, 20241 daily

Note: Frequencies can vary without prior notice.

International:

AirlineDepartureArrivalOpening dateFrequencies
HainanTijuanaBeijingJuly 12, 20242 weekly
FlairGuadalajaraTorontoSeptember 13, 20242 weekly

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport3Q233Q24Change9M239M24Change
Guadalajara3,261.83,113.0(4.6%)9,395.08,779.4(6.6%)
Tijuana *2,448.32,204.9(9.9%)6,751.66,288.3(6.9%)
Los Cabos832.5791.4(4.9%)2,244.22,119.7(5.5%)
Puerto Vallarta799.5804.20.6%2,197.12,121.6(3.4%)
Montego Bay0.00.00.0%0.00.00.0%
Guanajuato662.9547.0(17.5%)1,729.51,545.3(10.7%)
Hermosillo556.8524.2(5.9%)1,552.41,512.7(2.6%)
Kingston0.71.369.8%1.32.480.5%
Mexicali447.6250.5(44.0%)1,174.8765.1(34.9%)
Morelia221.1165.0(25.3%)609.1464.5(23.7%)
La Paz303.6320.55.6%814.2879.98.1%
Aguascalientes171.6158.5(7.6%)478.6467.0(2.4%)
Los Mochis123.1144.016.9%336.2412.022.5%
Manzanillo27.328.13.1%80.194.417.8%
Total9,856.89,052.5(8.2%)27,364.025,452.3(7.0%)

*Cross Border Xpress (CBX) users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport3Q233Q24Change9M239M24Change
Guadalajara1,342.21,493.111.2%3,848.94,353.113.1%
Tijuana *1,093.91,067.9(2.4%)3,254.53,001.9(7.8%)
Los Cabos999.4881.2(11.8%)3,603.13,489.0(3.2%)
Puerto Vallarta599.0529.0(11.7%)2,863.82,970.53.7%
Montego Bay1,306.41,154.9(11.6%)3,963.23,897.2(1.7%)
Guanajuato227.4284.225.0%645.5773.519.8%
Hermosillo18.319.03.9%55.062.613.8%
Kingston509.4514.31.0%1,338.91,324.9(1.0%)
Mexicali1.81.80.1%5.35.64.8%
Morelia149.2169.913.9%444.0483.99.0%
La Paz2.62.6(2.4%)10.38.7(15.9%)
Aguascalientes81.590.911.5%214.3242.113.0%
Los Mochis1.92.113.9%5.46.114.3%
Manzanillo6.59.647.7%49.165.733.7%
Total6,339.56,220.3(1.9%)20,301.620,684.71.9%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport3Q233Q24Change9M239M24Change
Guadalajara4,604.04,606.00.0%13,243.913,132.5(0.8%)
Tijuana *3,542.23,272.7(7.6%)10,006.19,290.2(7.2%)
Los Cabos1,831.91,672.6(8.7%)5,847.35,608.7(4.1%)
Puerto Vallarta1,398.51,333.2(4.7%)5,060.95,092.10.6%
Montego Bay1,306.41,154.9(11.6%)3,963.23,897.2(1.7%)
Guanajuato890.2831.2(6.6%)2,375.02,318.7(2.4%)
Hermosillo575.2543.3(5.5%)1,607.51,575.3(2.0%)
Kingston510.1515.51.1%1,340.31,327.3(1.0%)
Mexicali449.4252.3(43.9%)1,180.1770.7(34.7%)
Morelia370.2335.0(9.5%)1,053.1948.4(9.9%)
La Paz306.2323.05.5%824.5888.67.8%
Aguascalientes253.1249.3(1.5%)692.9709.12.3%
Los Mochis125.0146.116.9%341.6418.122.4%
Manzanillo33.837.711.6%129.2160.123.9%
Total16,196.115,272.8(5.7%)47,665.446,137.0(3.2%)

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport3Q233Q24Change9M239M24Change
Tijuana1,084.21,048.7(3.3%)3,226.92,956.3(8.4%)
       

Consolidated Results for the Third Quarter of 2024 (in thousands of pesos):

 3Q233Q24Change
Revenues   
Aeronautical services4,812,2884,627,601(3.8%)
Non-aeronautical services1,516,3812,103,87838.7%
Improvements to concession assets (IFRIC-12)1,064,2861,501,18841.1%
Total revenues7,392,9558,232,66711.4%
    
Operating costs   
Costs of services:1,183,2681,435,20421.3%
Employee costs440,836573,11730.0%
Maintenance171,063213,36024.7%
Safety, security & insurance180,066220,48622.4%
Utilities141,334160,80313.8%
Business operated directly by us63,14772,85815.4%
Other operating expenses186,822194,5804.2%
    
Technical assistance fees209,109200,635(4.1%)
Concession taxes671,398598,091(10.9%)
Depreciation and amortization619,755787,29527.0%
Cost of improvements to concession assets (IFRIC-12)1,064,2861,501,18841.1%
Other (income)(4,959)(10,082)103.3%
Total operating costs3,742,8574,512,33120.6%
Income from operations3,650,0983,720,3361.9%
Financial Result(544,187)(1,059,983)94.8%
Income before income taxes 3,105,9112,660,353(14.3%)
Income taxes(727,051)(677,524)(6.8%)
Net income 2,378,8601,982,829(16.6%)
Currency translation effect158,864651,897310.3%
Cash flow hedges, net of income tax13,398(12,124)(190.5%)
Remeasurements of employee benefit – net income tax318(2,052)(745.3%)
Comprehensive income 2,551,4402,620,5502.7%
Non-controlling interest(52,302)(140,692)169.0%
Comprehensive income attributable to controlling interest2,499,1382,479,858(0.8%)
    
    
 3Q233Q24Change
EBITDA4,269,8534,507,6315.6%
Comprehensive income2,551,4402,620,5502.7%
Comprehensive income per share (pesos)5.01755.18643.4%
Comprehensive income per ADS (US dollars)3.03043.13243.4%
    
Operating income margin49.4%45.2%(8.5%)
Operating income margin (excluding IFRIC-12)57.7%55.3%(4.2%)
EBITDA margin57.8%54.8%(5.2%)
EBITDA margin (excluding IFRIC-12)67.5%67.0%(0.7%)
Costs of services and improvements / total revenues30.4%35.7%17.3%
Cost of services / total revenues (excluding IFRIC-12)18.7%21.3%14.0%
    

- Net income and comprehensive income per share for 3Q24 and 3Q23 were calculated based on 505,277,464 shares outstanding as of September 30, 2024, and September 30, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 19.6303 per U.S. dollar (the noon buying rate on September 30, 2024, as published by the U.S. Federal Reserve Board).
For purposes of consolidating our Jamaican airports, the average three-month exchange rate of Ps. 18.9229 per U.S. dollar for the three months ended September 30, 2024, was used.

Revenues (3Q24 vs. 3Q23)

  • Aeronautical services revenues decreased by Ps. 184.7 million, or 3.8%.
  • Non-aeronautical services revenues increased by Ps. 587.5 million, or 38.7%.
  • Revenues from improvements to concession assets increased by Ps. 436.9 million, or 41.1%.
  • Total revenues increased by Ps. 839.7 million, or 11.4%.

  • The change in aeronautical services revenues was primarily due to the following factors:

    1. Revenues at our Mexican airports decreased by Ps. 251.2 million or 6.1% compared to 3Q23, mainly due to the 5.4% decrease in passenger traffic.

    2. Revenues from Jamaican airports increased by Ps. 66.5 million, or 9.4%, compared to 3Q23. This was mainly due to the peso depreciation versus the U.S. dollar by 10.9%, compared to 3Q23, which went from an average exchange rate of Ps. 17.0621 in 3Q23 to Ps. 18.9229 in 3Q24. Passenger traffic decreased by 8.0%.

  • The change in non-aeronautical services revenues was primarily driven by the following factors:

    1. Revenues at our Mexican airports increased by Ps. 573.4 million, or 45.5%, compared to 3Q23. Revenues from businesses operated directly by us increased by Ps. 444.5 million, or 100.3%, mainly due to the consolidation of a cargo and free trade zone business starting in July 2024 with revenues of Ps. 354.1 million. Revenues from businesses operated by third parties increased by Ps. 124.5 million, or 16.1%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were car rentals, food and beverages, time shares, and retail, all of which increased by Ps. 122.9 million, or 23.4%, offset by a decrease of Ps. 6.3 million in duty-free stores.

    2. Revenues from the Jamaican airports increased by Ps. 14.1 million, or 5.6%, compared to 3Q23, mainly due to the peso depreciation versus the U.S. dollar by 10.9%, compared to 3Q23. Revenues in U.S. dollars decreased by US$ 0.7 million, or 4.9%.
 3Q233Q24Change
Businesses operated by third parties:   
Food and beverage249,671291,05916.6%
Car rental144,939209,87144.8%
Duty-free193,804184,931(4.6%)
Retail175,933174,816(0.6%)
Leasing of space97,178111,22414.5%
Times shares33,90263,60887.6%
Ground transportation24,52641,30168.4%
Other commercial revenues50,20230,260(39.7%)
Communications and financial services28,73426,446(8.0%)
Total998,8891,133,51613.5%
    
Businesses operated directly by us:   
Cargo operation and free trade zone-390,385100.0%
Car parking186,944171,497(8.3%)
Convenience stores128,147137,1227.0%
VIP Lounges105,870130,00022.8%
Advertising41,69652,97727.1%
Hotel operation-28,189100.0%
Total462,657910,16996.7%
Recovery of costs54,83660,1939.8%
Total Non-aeronautical Revenues 1,516,3812,103,87838.7%
    

Figures are expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets 1

    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 436.9 million, or 41.1%, compared to 3Q23. The change was composed of :

    1. Improvements to concession assets at the Company’s Mexican airports increased by Ps. 299.7 million, or 28.9%, following investments under the Master Development Program for the 2020-2024 period.

    2. Improvements to concession assets at the Company’s Jamaican airports increased Ps. 137.2 million, or 504.1%.

________________________
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


Total operating costs increased by Ps. 769.5 million, or 20.6%, compared to 3Q23, mainly due to the increase in the cost of improvements to concession assets (IFRIC-12) by Ps. 436.9 million and the cargo and free trade zone business consolidation.

The cost of services increased by Ps. 251.9 million, or 21.3%, while the depreciation and amortization increased by Ps. 167.5 million, or 27.0%. This was offset by a combined decrease of Ps. 81.8 million, or 5.0%, in concession taxes and technical assistance fees (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 332.5 million, or 12.4%).

This increase in total operating costs was primarily due to the following factors:

Mexican airports:

  • Operating costs increased by Ps. 694.8 million, or 23.4%, compared to 3Q23, primarily due to an increase in the cost of improvements to the concession assets (IFRIC-12) by Ps. 299.7 million, or 28.9%, an increase in the cost of services by Ps. 223.2 million, or 22.9%, an increase in depreciation and amortization by Ps. 152.7 million, or 30.6%, and a combined increase in technical assistance fees and concession taxes by Ps. 22.9 million, or 5.0% (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 395.0 million or 20.5%).

The change in the cost of services at our Mexican airports during 3Q24 was mainly due to:

  • Employee costs increased Ps. 125.0 million, or 32.2%, compared to 3Q23, mainly due to the consolidation of the cargo and free trade zone business of Ps. 86.5 million, as well as the hiring of 175 additional personnel during the last quarter of 2023 and 9M24, as well as the adjustments in salaries and cost related to changes in Labor Law.
  • Maintenance expenses increased by Ps. 41.3 million, or 31.7%, compared to 3Q23, mainly due to the opening of new operational areas and the consolidation of the cargo and free trade zone business with maintenance expenses of Ps. 8.4 million.
  • Safety, security, and insurance increased by Ps. 29.4 million, or 22.1%, compared to 3Q23, mainly due to the increase in the security headcount, minimum wages, and changes in Labor Law, the opening of new operational areas and the consolidation of the cargo and free trade zone business by Ps.4.8 million.
  • Other operating expenses increased by Ps. 15.7 million, or 7.1%, compared to 3Q23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 11.7 million, the consolidation of the cargo and free trade zone business with other operating expenses of Ps. 12.4 million. This was offset by the decrease in the allowance for expected credit losses by Ps. 4.8 million.

Jamaican Airport:

  • Operating costs increased by Ps. 74.7 million, or 9.6%, compared to 3Q23, mainly due to a Ps. 137.2 million, or 504.1%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 28.7 million, or 13.8%, offset by the decrease in the concession taxes by Ps. 104.7 million, or 24.8%.

Operating income margin went from 49.4% in 3Q23 to 45.2% in 3Q24. Excluding the effects of IFRIC-12, the operating income margin went from 57.7% in 3Q23 to 55.3% in 3Q24. Income from operations increased by Ps. 70.2 million, or 1.9%, compared to 3Q23.

EBITDA margin went from 57.8% in 3Q23 to 54.8% in 3Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 67.5% in 3Q23 to 67.0% in 3Q24. The nominal value of EBITDA increased by Ps. 237.8 million, or 5.6%, compared to 3Q23.

Financial results increased by Ps. 515.8 million, or 94.8%, from a net expense of Ps. 544.1 million in 3Q23 to a net expense of Ps. 1,060.0 million in 3Q24. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 170.2 million in 3Q23 to an expense of Ps. 313.4 million in 3Q24. This generated a foreign exchange loss of Ps. 483.7 million. This was mainly due to the depreciation of the peso. Currency translation effect gain increased Ps. 493.0 million, compared to 3Q23.

  • Interest expenses increased by Ps. 25.2 million, or 2.2%, compared to 3Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the substantial increase in the interest rates.

  • Interest income decreased by Ps. 6.9 million, or 2.1%, compared to 3Q23, mainly due to a decrease in the cash and cash equivalents average balance and the reference rates.

In 3Q24, comprehensive income increased by Ps. 69.1 million, or 2.7%, compared to 3Q23. Income before income taxes decreased by Ps. 445.6 million, mainly due to the decrease in passenger traffic and partially offset by the revenues generated by the commercial strategy and the consolidation of the cargo and free trade zone business. This decrease generated a decrease in the tax income of Ps. 49.5 million. Net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation by Ps. 493.0 million.

During 3Q24, net income decreased by Ps. 396.0 million, or 16.6%, compared to 3Q23. Taxes for the period decreased by Ps. 49.5 million, tax income increased by Ps. 67.0 million and the benefit for deferred taxes increased by Ps. 116.5 million, mainly due to the application of fiscal losses for Ps. 97.9 million, and other deferred taxes by Ps. 20.7 million, offset by a decrease in the inflationary effects, that went from an inflation rate of 1.5% in 3Q23 to 1.4% in 3Q24.

Consolidated Results for the Nine Months of 2024 (in thousands of pesos):

 9M239M24Change
Revenues   
Aeronautical services14,780,64314,150,663(4.3%)
Non-aeronautical services4,544,2495,521,01821.5%
Improvements to concession assets (IFRIC-12)4,767,6244,314,977(9.5%)
Total revenues24,092,51623,986,658(0.4%)
    
Operating costs   
Costs of services:3,184,4343,720,97316.8%
Employee costs1,273,0091,522,99419.6%
Maintenance478,061555,64216.2%
Safety, security & insurance503,020602,50819.8%
Utilities363,997396,8119.0%
Business operated directly by us175,242219,01725.0%
Other operating expenses391,105424,0008.4%
    
Technical assistance fees651,826627,172(3.8%)
Concession taxes1,938,0191,991,3022.7%
Depreciation and amortization1,858,9802,137,59515.0%
Cost of improvements to concession assets (IFRIC-12)4,767,6244,314,977(9.5%)
Other (income)7,837(22,474)(386.7%)
Total operating costs12,408,72112,769,5442.9%
Income from operations11,683,79411,217,114(4.0%)
Financial Result(1,726,623)(2,316,875)34.2%
Income before income taxes 9,957,1708,900,239(10.6%)
Income taxes(2,524,654)(2,193,977)(13.1%)
Net income 7,432,5166,706,263(9.8%)
Currency translation effect(655,718)1,019,679(255.5%)
Cash flow hedges, net of income tax(24,353)(47,527)95.2%
Remeasurements of employee benefit – net income tax917177(80.7%)
Comprehensive income 6,753,3637,678,59113.7%
Non-controlling interest(60,519)(268,334)343.4%
Comprehensive income attributable to controlling interest6,692,8447,410,25910.7%
    
    
 9M239M24Change
EBITDA13,542,77513,354,710(1.4%)
Comprehensive income6,753,3637,678,59113.7%
Comprehensive income per share (pesos)13.280715.196814.4%
Comprehensive income per ADS (US dollars)8.02109.178214.4%
    
Operating income margin48.5%46.8%(3.6%)
Operating income margin (excluding IFRIC-12)60.5%57.0%(5.7%)
EBITDA margin56.2%55.7%(1.0%)
EBITDA margin (excluding IFRIC-12)70.1%67.9%(3.1%)
Costs of services and improvements / total revenues33.0%33.5%1.5%
Cost of services / total revenues (excluding IFRIC-12)16.5%18.9%14.8%
    

- Net income and comprehensive income per share for 9M24 and 9M23 were calculated based on 505,277,464 shares outstanding as of September 30, 2024, and September 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 19.6903 per U.S. dollar (the noon buying rate on September 30, 2024, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average nine-month exchange rate of Ps. 17.7104 per U.S. dollar for the nine months ended September 30, 2024, was used.

Revenues (9M24 vs. 9M23)

  • Aeronautical services revenues decreased by Ps. 630.0 million, or 4.3%.
  • Non-aeronautical services revenues increased by Ps. 976.8 million, or 21.5%.
  • Revenues from improvements to concession assets decreased by Ps. 452.6 million, or 9.5%.
  • Total revenues decreased by Ps. 105.9 million, or 0.4%.

  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports decreased by Ps. 700.4 million, or 5.5%, compared to 9M23, mainly due to the 3.4% decrease in passenger traffic, as well as 93.4% compliance with the maximum tariffs.

    2. Revenues from Jamaican airports increased by Ps. 70.4 million, or 3.3%, compared to 9M23. This was mainly due to the increase in revenues in U.S. dollars by US$4.8 million, or 4.0%. This was offset by an appreciation of the peso against the dollar compared to 9M23 of 0.7%, which went from an average exchange rate of Ps. 17.8282 in 9M23 to Ps. 17.7104 in 9M24, which represented a decrease in revenues in pesos. Passenger traffic decreased by 1.5%.
  • The change in non-aeronautical services revenues was composed primarily of the following factors :

    1. Revenues at our Mexican airports increased by Ps. 968.4 million, or 25.6%, compared to 9M23. Revenues from businesses operated directly by us increased by Ps. 612.9 million, or 48.5%, mainly due to the consolidation of the cargo and free trade zone business starting in July 2024 with revenues of Ps. 354.1 million, while the recovery of costs increased by Ps. 4.5 million, or 3.5%. Revenues from businesses operated by third parties increased by Ps. 350.9 million, or 14.7%. This was mainly due to the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were car rentals, food and beverage, other commercial revenues, and retail, which jointly increased by Ps. 357.8 million, or 18.2%.

    2. Revenues from the Jamaican airports increased by Ps. 8.4 million, or 1.1%, compared to 9M23, mainly due to the increase in revenues in USD dollars by US$0.7 million or 1.8%, this was offset by an appreciation of the peso against the dollar compared to 9M23 of 0.7%.
 9M239M24Change
Businesses operated by third parties:   
Food and beverage748,361879,14017.5%
Duty-free583,824552,968(5.3%)
Car rentals427,802613,04843.3%
Retail531,703516,596(2.8%)
Leasing of space270,513318,49417.7%
Time share166,585174,3554.7%
Other commercial revenues112,188144,09328.4%
Ground transportation132,307134,8231.9%
Communications and financial services88,24080,524(8.7%)
Total3,061,5233,414,04011.5%
    
Businesses operated directly by us:   
Car parking528,005518,229(1.9%)
Cargo operation and free trade zone-453,379100.0%
Convenience stores359,901420,49916.8%
VIP Lounges319,848361,94113.2%
Advertising105,815130,78523.6%
Hotel operation-46,804100.0%
Total1,313,5681,931,63647.1%
Recovery of costs169,158175,3413.7%
Total Non-aeronautical Revenues 4,544,2485,521,01821.5%
    

Figures are expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2

    Revenues from improvements to concession assets (IFRIC12) decreased by Ps. 452.6 million, or 9.5%, compared to 9M23. The change was composed primarily of:

    1. The Company’s Mexican airports decreased by Ps. 672.3 million, or 14.4%, following the investments under the Master Development Program for the 2020-2024 period.

    2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 219.7 million, or 258.7%.

________________________
[2] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


Total operating costs increased by Ps. 360.8 million, or 2.9%, compared to 9M23, mainly due to a Ps. 536.5 million, or 16.8%, increase in the cost of services, a Ps. 278.6 million, or 15.0%, increase in depreciation and amortization, and a combined increase in concession taxes and technical assistance fees by Ps. 28.6 million, or 1.1%. This was offset by the decrease in improvements to concession assets (IFRIC12) by Ps. 452.6 million, or 9.5% (excluding the cost of improvements to concession assets, operating costs increased Ps. 813.5 million, or 10.6%).

This increase in total operating costs was composed primarily of the following factors:

Mexican Airports:

  • Operating costs increased by Ps. 102.9 million, or 1.0%, compared to 9M23, primarily due to a Ps.454.5, or 17.2%, increase in the cost of services, a combined Ps. 279.7 million, or 18.9%, increase in depreciation and amortization, and a combined Ps. 68.5 million, or 4.8%, increase in technical assistance fees and concession taxes. This was offset by a Ps. 672.4 million, or 14.4%, decrease in the cost of improvements to the concession assets (IFRIC-12). (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 775.3 million or 14.0%).

The change in the cost of services during 9M24 was mainly due to:

  • Employee costs increased by Ps. 237.7 million, or 21.2%, compared to 9M23, mainly due to the adjustments in salaries and changes in Labor Law and the consolidation of the cargo and free trade zone business with employee costs of Ps. 86.5 million.
  • Other operating expenses increased by Ps. 72.4 million, or 14.4%, compared to 9M23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 41.0 million and the consolidation of the cargo and free trade zone business with other operating expenses of Ps. 12.4 million.
  • Maintenance increased by Ps. 61.0 million, or 16.1%, compared to 9M23.
  • Safety, security, and insurance costs increased Ps. 60.4 million, or 15.6%, compared to 9M23, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, the opening of additional operational areas and the consolidation of the cargo and free trade zone business by Ps.4.8 million.

Jamaican Airports:

  • Operating costs increased by Ps. 257.9 million, or 11.8%, compared to 9M23, mainly due to a Ps. 219.7 million, or 258.7%, increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 82.0 million, or 15.0% increase in the cost of services, offset by the decrease in concession taxes by Ps. 39.9 million, or 3.4%, and Ps. 1.1 million or 0.3% in depreciation and amortization.

Operating margin went from 48.5% in 9M23 to 46.8% in 9M24. Excluding the effects of IFRIC-12, the operating margin went from 60.5% in 9M23 to 57.0% in 9M24. Operating income decreased Ps. 466.7 million, or 4.0%, compared to 9M23.

EBITDA margin went from 56.2% in 9M23 to 55.7% in 9M24. Excluding the effects of IFRIC-12, EBITDA margin went from 70.1% in 9M23 to 67.9% in 9M24. The nominal value of EBITDA decreased Ps. 188.1 million, or 1.4%, compared to 9M23.

Financial cost increased by Ps. 590.3 million, or 34.2%, from a net expense of Ps. 1,726.6 million in 9M23 to a net expense of Ps. 2,316.9 million in 9M24. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from a loss of Ps. 186.3 million in 9M23 to a loss of Ps.203.6 million in 9M24. This generated an increase in the foreign exchange loss of Ps. 17.3 million, due to the peso depreciation. Currency translation effect gain increased Ps. 1,675.4 million, compared to 9M23.

  • Interest expenses increased by Ps. 364.4 million, or 13.8%, compared to 9M23, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans.

  • Interest income decreased by Ps. 208.4 million, or 18.9%, compared to 9M23, mainly due to a decrease in the cash and cash equivalent average balance and the increase in the reference interest rates.

In 9M24, comprehensive income increased by Ps. 925.2 million, or 13.7%, compared to 9M23. Income before taxes decreased by Ps. 1,056.9 million, mainly due to the decrease in passenger traffic and increase in operating costs, offset by the increase in non-aeronautical revenues resulting from the commercial strategy and the consolidation of the cargo and free trade zone business. Income taxes decreased by Ps. 330.7 million. However, net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation in Ps. 1,675.4 million.

During 9M24, net income decreased by Ps. 726.3 million, or 9.8%, compared to 9M23. Taxes for the period decreased by Ps. 330.7 million, mainly due to the increase in the benefit for deferred taxes by Ps. 431.3 million, mainly due to the application of fiscal losses by Ps. 445.0 million, offset by the increase in the income taxes by Ps. 100.6 million.

Statement of Financial Position

Total assets as of September 30, 2024, increased by Ps. 10,630.1 million compared to September 30, 2023, primarily due to the following items: (i) a Ps.6,157.0 million increase in net improvements to concession assets, (ii) a Ps. 1,373.9 increase in cash and cash equivalents, (iii) Ps. 881.0 million increase in deferred taxes, (iii) a Ps. 727.4 million increase in net machinery, equipment, and leasehold improvements, and (v) a Ps. 308.0 million increase in account receivables.

Total liabilities as of September 30, 2024, increased by Ps. 8,192.6 million compared to September 30, 2023. This increase was primarily due to the following items: (i) Ps. 6,148.1 million in long-term bond certificates, (ii) Ps. 915.1 million in bank loans, and (iii) Ps. 446.6 million increase in income taxes.

Recent events

The financial information presented in 3Q24 consolidates, as of July 1, 2024, the figures of the cargo and free trade zone business at the Guadalajara airport that increases non-aeronautical revenues by Ps. 354.1 million, with an EBITDA margin of 58.1% and a treasury of Ps. 254.6 million, without financial debt.

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 Concesiones 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 operation of Norman Manley International Airport in Kingston, Jamaica, and took control of the operation in October 2019.

 This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. 
   
 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 several risks and uncertainties. There is no guarantee that the expected events, trends, or results will 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.


Exhibit A: Operating results by airport (in thousands of pesos):

Airport3Q233Q24Change9M239M24Change
Guadalajara      
Aeronautical services1,384,7101,417,5322.4%4,044,7103,982,181(1.5%)
Non-aeronautical services263,082352,93534.2%760,360980,66729.0%
Improvements to concession assets (IFRIC 12)42,989603,4571303.7%1,700,4571,810,3716.5%
Total Revenues1,690,7822,373,92440.4%6,505,5266,773,2194.1%
Operating income1,250,8181,015,291(18.8%)3,503,2973,372,720(3.7%)
EBITDA1,365,1261,200,463(12.1%)3,844,3993,815,547(0.8%)
       
Tijuana      
Aeronautical services784,504706,053(10.0%)2,203,7982,036,395(7.6%)
Non-aeronautical services166,714116,154(30.3%)469,318406,706(13.3%)
Improvements to concession assets (IFRIC 12)140,83683,488(40.7%)422,509250,464(40.7%)
Total Revenues1,092,055905,696(17.1%)3,095,6262,693,565(13.0%)
Operating income634,623427,131(32.7%)1,718,7821,337,424(22.2%)
EBITDA735,933549,019(25.4%)2,017,2111,688,143(16.3%)
       
Los Cabos      
Aeronautical services680,673579,520(14.9%)2,287,8152,040,450(10.8%)
Non-aeronautical services261,808303,02015.7%867,887954,70910.0%
Improvements to concession assets (IFRIC 12)249,608149,281(40.2%)748,823447,844(40.2%)
Total Revenues1,192,0891,031,821(13.4%)3,904,5253,443,002(11.8%)
Operating income635,646452,723(28.8%)2,200,2491,880,936(14.5%)
EBITDA717,482544,826(24.1%)2,444,3882,152,122(12.0%)
       
Puerto Vallarta      
Aeronautical services463,874417,191(10.1%)1,921,1801,803,364(6.1%)
Non-aeronautical services119,673125,6535.0%432,069449,8134.1%
Improvements to concession assets (IFRIC 12)403,557371,727(7.9%)1,210,6711,115,182(7.9%)
Total Revenues987,104914,572(7.3%)3,563,9213,368,359(5.5%)
Operating income409,131277,151(32.3%)1,651,5771,461,358(11.5%)
EBITDA463,400331,539(28.5%)1,815,8641,624,594(10.5%)
       
Montego Bay      
Aeronautical services433,702449,8793.7%1,390,6961,415,1491.8%
Non-aeronautical services199,151211,5716.2%597,734610,4162.1%
Improvements to concession assets (IFRIC 12)23,98847,05896.2%79,029127,73961.6%
Total Revenues656,842708,5077.9%2,067,4602,153,3034.2%
Operating income176,139241,41937.1%712,829782,5249.8%
EBITDA289,301320,93710.9%1,065,3961,002,645(5.9%)
       
       

Exhibit A: Operating results by airport (in thousands of pesos):

Airport3Q233Q24Change9M239M24Change
Guanajuato      
Aeronautical services263,732250,429(5.0%)706,740678,494(4.0%)
Non-aeronautical services46,31650,1648.3%135,793142,7685.1%
Improvements to concession assets (IFRIC 12)70,72255,538(21.5%)212,167166,613(21.5%)
Total Revenues380,771356,130(6.5%)1,054,699987,875(6.3%)
Operating income221,187188,197(14.9%)580,177527,958(9.0%)
EBITDA243,150210,608(13.4%)646,402593,613(8.2%)
       
Hermosillo      
Aeronautical services139,364127,518(8.5%)382,873377,662(1.4%)
Non-aeronautical services25,32429,92818.2%68,09386,89527.6%
Improvements to concession assets (IFRIC 12)14,43916,07911.4%43,31848,23811.4%
Total Revenues179,127173,525(3.1%)494,285512,7953.7%
Operating income84,89766,727(21.4%)230,718217,425(5.8%)
EBITDA109,89391,963(16.3%)304,785293,241(3.8%)
       
Others (1)      
Aeronautical services661,729679,1582.6%1,842,8311,816,968(1.4%)
Non-aeronautical services112,098108,815(2.9%)327,381318,032(2.9%)
Improvements to concession assets (IFRIC 12)118,145174,56047.8%350,648348,526(0.6%)
Total Revenues891,974962,5337.9%2,520,8612,483,527(1.5%)
Operating income235,321550,978134.1%612,501562,107(8.2%)
EBITDA317,323518,84363.5%858,561828,427(3.5%)
       
Total       
Aeronautical services4,812,2884,627,280(3.8%)14,780,64314,150,662(4.3%)
Non-aeronautical services1,194,1671,298,2398.7%3,658,6363,950,0068.0%
Improvements to concession assets (IFRIC 12)1,064,2861,501,18841.1%4,767,6244,314,977(9.5%)
Total Revenues7,070,7407,426,7075.0%23,206,90322,415,645(3.4%)
Operating income3,647,7583,219,618(11.7%)11,210,13010,142,452(9.5%)
EBITDA4,241,6073,768,198(11.2%)12,997,00511,998,332(7.7%)
       

(1)   Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.

Exhibit B: Consolidated statement of financial position as of September 30 (in thousands of pesos):

 20232024Change %
Assets    
Current assets    
Cash and cash equivalents14,454,07215,828,0151,373,9439.5%
Trade accounts receivable - Net2,062,2862,370,326308,04014.9%
Other current assets1,328,1351,325,663(2,472)(0.2%)
Total current assets17,844,49319,524,0041,679,5119.4%
     
Advanced payments to suppliers2,058,7631,391,549(667,214)(32.4%)
Machinery, equipment and improvements to leased buildings - Net3,798,7804,526,156727,37619.1%
Improvements to concession assets - Net27,144,89133,301,9046,157,01322.7%
Airport concessions - Net9,023,4739,443,181419,7084.7%
Rights to use airport facilities - Net1,079,9621,008,491(71,471)(6.6%)
Deferred income taxes - Net7,053,3717,934,352880,98112.5%
Other non-current assets601,5492,105,7231,504,175250.1%
Total assets68,605,28379,235,36110,630,07815.5%
     
Liabilities     
Current liabilities14,617,58113,049,798(1,567,783)(10.7%)
Long-term liabilities34,904,61144,664,9529,760,34128.0%
Total liabilities49,522,19357,714,7518,192,55816.5%
     
Stockholders' Equity    
Common stock8,197,5361,194,390(7,003,146)(85.4%)
Legal reserve478,185920,187442,00292.4%
Net income7,317,4246,535,681(781,743)(10.7%)
Retained earnings244,6568,345,5648,100,9083311.1%
Reserve for share repurchase1,500,0002,500,0001,000,00066.7%
Foreign currency translation reserve(25,610)681,626707,236(2761.6%)
Remeasurements of employee benefit – Net14,931(1,741)(16,672)(111.7%)
Cash flow hedges- Net106,26913,191(93,078)(87.6%)
Total controlling interest17,833,39120,188,8982,355,50713.2%
Non-controlling interest1,249,6981,331,71282,0146.6%
Total stockholder's equity19,083,08921,520,6102,437,52112.8%
     
Total liabilities and stockholders' equity68,605,28379,235,36110,630,07815.5%
     

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit C: Consolidated statement of cash flows (in thousands of pesos):

 3Q233Q24Change9M239M24Change
Cash flows from operating activities:      
Consolidated net income2,378,8601,982,829(16.6%)7,432,5176,706,263(9.8%)
       
Postemployment benefit costs11,23615,12634.6%33,68742,67826.7%
Allowance expected credit loss21,96912,559(42.8%)28,36531,0869.6%
Depreciation and amortization619,755787,29527.0%1,858,9802,137,59515.0%
Loss on sale of machinery, equipment and improvements to leased assets(535)9,561(1887.1%)14921,32114221.3%
Interest expense986,0291,066,4828.2%2,796,6343,044,3738.9%
Provisions6,171374,0585961.5%18,076390,3082059.3%
Income tax expense727,051677,524(6.8%)2,524,6542,193,977(13.1%)
Unrealized exchange loss43,389348,304702.7%(283,740)574,167(302.4%)
 4,793,9255,273,73810.0%14,409,32215,141,7695.1%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable87,770(120,529)(237.3%)252,147(203,657)(180.8%)
Recoverable tax on assets and other assets(20,127)(14,850)(26.2%)(212,579)776,373(465.2%)
Increase (decrease)      
Concession taxes payable51,630(67,357)(230.5%)167,794(176,389)(205.1%)
Accounts payable244,82171,762(70.7%)(116,841)(402,843)244.8%
Cash generated by operating activities5,158,0195,142,764(0.3%)14,499,84315,135,2534.4%
Income taxes paid(839,157)(945,118)12.6%(3,619,209)(2,532,066)(30.0%)
Net cash flows provided by operating activities4,318,8624,197,646(2.8%)10,880,63312,603,18615.8%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(2,008,933)(2,117,161)5.4%(7,643,301)(5,226,435)(31.6%)
Cash flows from sales of machinery and equipment951662(30.4%)1,7934,897173.2%
Other investment activities(51,418)(46,510)(9.5%)(35,451)25,760(172.7%)
Business acquisition--0.0%-(875,504)100.0%
Net cash used by investment activities(2,059,400)(2,163,009)5.0%(7,676,959)(6,071,283)(20.9%)
       
Cash flows from financing activities:      
Dividends declared and paid(1,874,579)-(100.0%)(3,749,159)-(100.0%)
Dividends declared and paid non-controlling interest-(70,061)100.0%-(135,485)(100.0%)
Capital Reduction-(3,501,573)100.0%-(3,501,573)(100.0%)
Bond certificates issued-5,648,134100.0%5,400,000.008,648,134.3060.2%
Bond certificates paid--0.0%(602,000)(3,000,000)398.3%
Bank loans paid1,536(2,425)(257.9%)(71,313)(70,842)(0.7%)
Banks loans1,221,118-(100.0%)2,221,118875,000(60.6%)
Interest paid(1,352,659)(720,907)(46.7%)(3,027,929)(3,105,389)2.6%
Interest paid on lease(1,239)(879)(29.1%)(3,657)(2,910)(20.4%)
Payments of obligations for leasing(4,740)(10,286)117.0%(13,065)(19,193)46.9%
Net cash flows used in financing activities(2,010,563)1,342,003(166.7%)153,996(312,258)(302.8%)
       
Effects of exchange rate changes on cash held(100,987)(133,525)32.2%(660,273)(446,842)(32.3%)
Net increase (decrease) in cash and cash equivalents(466,880)3,243,115(794.6%)2,082,6085,772,803177.2%
Cash and cash equivalents at beginning of the period14,920,95212,584,900(15.7%)12,371,46410,055,211(18.7%)
Cash and cash equivalents at the end of the period14,454,07215,828,0159.5%14,454,07215,828,0159.5%
       
       

Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

 3Q233Q24Change9M239M24Change
Revenues      
Aeronautical services4,812,2884,627,601(3.8%)14,780,64314,150,663(4.3%)
Non-aeronautical services1,516,3812,103,87838.7%4,544,2495,521,01821.5%
Improvements to concession assets (IFRIC-12)1,064,2861,501,18841.1%4,767,6244,314,977(9.5%)
Total revenues7,392,9558,232,66711.4%24,092,51623,986,658(0.4%)
       
Operating costs      
Costs of services:1,183,2681,435,20421.3%3,184,4343,720,97316.8%
Employee costs440,836573,11730.0%1,273,0091,522,99419.6%
Maintenance171,063213,36024.7%478,061555,64216.2%
Safety, security & insurance180,066220,48622.4%503,020602,50819.8%
Utilities141,334160,80313.8%363,997396,8119.0%
Business operated directly by us63,14772,85815.4%175,242219,01725.0%
Other operating expenses186,822194,5804.2%391,105424,0008.4%
       
Technical assistance fees209,109200,635(4.1%)651,826627,172(3.8%)
Concession taxes671,398598,091(10.9%)1,938,0191,991,3022.7%
Depreciation and amortization619,755787,29527.0%1,858,9802,137,59515.0%
Cost of improvements to concession assets (IFRIC-12)1,064,2861,501,18841.1%4,767,6244,314,977(9.5%)
Other (income)(4,959)(10,082)103.3%7,837(22,474)(386.7%)
Total operating costs3,742,8574,512,33120.6%12,408,72112,769,5442.9%
Income from operations3,650,0983,720,3361.9%11,683,79411,217,114(4.0%)
Financial Result(544,187)(1,059,983)94.8%(1,726,623)(2,316,875)34.2%
Income before income taxes 3,105,9112,660,353(14.3%)9,957,1708,900,239(10.6%)
Income taxes(727,051)(677,524)(6.8%)(2,524,654)(2,193,977)(13.1%)
Net income 2,378,8601,982,829(16.6%)7,432,5166,706,263(9.8%)
Currency translation effect158,864651,897310.3%(655,718)1,019,679(255.5%)
Cash flow hedges, net of income tax13,398(12,124)(190.5%)(24,353)(47,527)95.2%
Remeasurements of employee benefit – net income tax318(2,052)(745.3%)917177(80.7%)
Comprehensive income 2,551,4402,620,5502.7%6,753,3637,678,59113.7%
Non-controlling interest(52,302)(140,692)169.0%(60,519)(268,334)343.4%
Comprehensive income attributable to controlling interest2,499,1382,479,858(0.8%)6,692,8447,410,25910.7%
       

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

 Common StockLegal ReserveReserve for Share RepurchaseRepurchased SharesRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 20238,197,536 34,0762,499,473 (1,999,986)9,187,597 720,171 18,638,866 1,189,179 19,828,045 
Legal Reserve increase- 444,109- - (444,109)- - - - 
Dividends declared- -- - (7,498,318)- (7,498,318)- (7,498,318)
Repurchased share cancellation- -(1,999,986)1,999,986 - - - - - 
Reserve for share purchase- -1,000,514 - (1,000,514)- - - - 
Comprehensive income:         
Net income- -- - 7,317,424 - 7,317,424 115,093 7,432,517 
Foreign currency translation reserve- -- - - (601,144)(601,144)(54,574)(655,718)
Remeasurements of employee benefit – Net- -- - - 917 917 - 917 
Reserve for cash flow hedges – Net of income tax- -- - - (24,353)(24,353)- (24,353)
Balance as of September 30, 20238,197,536 478,1851,500,000 - 7,562,080 95,590 17,833,390 1,249,698 19,083,090 
          
Balance as of January 1, 20248,197,536 478,1852,500,000 - 8,787,568 (181,508)19,781,783 1,162,864 20,944,646 
Legal Reserve increase- 442,002- - (442,002)- - - - 
Capital reduction(7,003,146)-- - - - (7,003,146)- (7,003,146)
Dividends declared non-controlling interest- -- - - - - (99,485)(99,485)
Comprehensive income:         
Net income- -- - 6,535,680 - 6,535,680 170,589 6,706,269 
Foreign currency translation reserve- -- - - 921,933 921,933 97,744 1,019,677 
Remeasurements of employee benefit – Net- -- - - 177 177 - 177 
Reserve for cash flow hedges – Net of income tax- -- - - (47,527)(47,527)- (47,527)
Balance as of September 30, 20241,194,390 920,1872,500,000 - 14,881,245 693,075 20,188,900 1,331,711 21,520,609 
          

For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in the Stockholders’ Equity of the Company as a non-controlling interest.

As a part of the adoption of IFRS, the effects of inflation on common stock recognized under Mexican Financial Reporting Standards (MFRS) through December 31, 2007, were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue to be prepared following IFRS, as issued by the IASB.

Exhibit F: Other operating data:

 3Q233Q24Change9M239M24Change
Total passengers16,196.115,272.8(5.7%)47,665.446,137.0(3.2%)
Total cargo volume (in WLUs)615.3720.917.2%1,869.02,064.010.4%
Total WLUs16,811.315,993.8(4.9%)49,534.448,201.0(2.7%)
       
Aeronautical & non aeronautical services per passenger (pesos)390.7440.712.8%405.4426.45.2%
Aeronautical services per WLU (pesos)286.2289.31.1%298.4293.6(1.6%)
Non aeronautical services per passenger (pesos)93.6137.847.1%95.3119.725.5%
Cost of services per WLU (pesos)70.489.727.5%64.377.220.1%
       

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).


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

FAQ

What were Grupo Aeroportuario del Pacifico's total revenues for 3Q24?

Grupo Aeroportuario del Pacifico's total revenues for 3Q24 were Ps. 8,232.7 million, an increase of 11.4% compared to 3Q23.

How did Grupo Aeroportuario del Pacifico's aeronautical services revenues perform in 3Q24?

Aeronautical services revenues decreased by 3.8% in 3Q24 due to a decline in passenger traffic.

What caused the decline in passenger traffic for Grupo Aeroportuario del Pacifico in 3Q24?

The decline in passenger traffic was mainly due to preventive reviews of Pratt & Whitney engines affecting Volaris and VivaAerobus fleets.

How did Grupo Aeroportuario del Pacifico's non-aeronautical revenues perform in 3Q24?

Non-aeronautical revenues increased by 38.7%, primarily driven by the consolidation of cargo and free trade zone business at Guadalajara airport.

What was Grupo Aeroportuario del Pacifico's net income for 3Q24?

Grupo Aeroportuario del Pacifico's net income for 3Q24 was Ps. 1,982.8 million, a decrease of 16.6% compared to 3Q23.

What was Grupo Aeroportuario del Pacifico's EBITDA for 3Q24?

Grupo Aeroportuario del Pacifico's EBITDA for 3Q24 was Ps. 4,507.6 million, an increase of 5.6% compared to 3Q23.

What were the total operating costs for Grupo Aeroportuario del Pacifico in 3Q24?

Total operating costs for Grupo Aeroportuario del Pacifico in 3Q24 were Ps. 4,512.3 million, an increase of 20.6% compared to 3Q23.

How much did Grupo Aeroportuario del Pacifico's passenger traffic decrease in 3Q24?

Grupo Aeroportuario del Pacifico's passenger traffic decreased by 5.7% across its 14 airports in 3Q24.

Stock PAC logo
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Amer. Dep. Shares (each rep. 10 Ser. B shares)

NYSE:PAC

PAC Rankings

#901 Ranked by Market Cap
#2203 Ranked by Dividends

PAC Latest News

Nov 8, 2024
Grupo Aeroportuario del Pacifico Announces Payment Date for the Second and Last Installment of the Capital Stock Reduction Approved at the Extraordinary Shareholders’ Meeting
Nov 5, 2024
Grupo Aeroportuario del Pacifico Reports in October 2024 a Passenger Traffic Decrease of 0.8% Compared to 2023
Oct 18, 2024
Grupo Aeroportuario del Pacifico Announces Credit Line Refinancing for Ps. 1.5 Billion
Oct 2, 2024
Grupo Aeroportuario Del Pacifico Reports in September 2024 a Passenger Traffic Decrease of 3.9% Compared to 2023
Sep 26, 2024
Grupo Aeroportuario del Pacifico Announces Credit Line Refinancing for USD$40.0 Million

PAC Stock Data

9.29B
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0.3%
Airports & Air Services
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United States of America
Guadalajara