Summary of Results 1Q24 vs. 1Q23
- The sum of aeronautical and non-aeronautical services revenues increased by Ps. 156.9 million, or 2.4%. Total revenues increased by Ps. 155.0 million, or 1.9%.
- Cost of services increased by Ps. 105.3 million, or 10.9%.
- Income from operations decreased by Ps. 92.1 million, or 2.3%.
- EBITDA decreased by Ps. 47.2 million, or 1.0%, a decrease from Ps. 4,696.1 million in 1Q23 to Ps. 4,648.9 million in 1Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 72.3% in 1Q23 to 69.8% in 1Q24.
- Comprehensive income increased by Ps. 14.3 million, or 0.7%, from an income of Ps. 2,149.9 million in 1Q23 to an income of Ps. 2,164.2 million in 1Q24.
Company’s Financial Position:
In 1Q24, the generation of positive net cash flow from operating activities continued for Ps. 4,534.4 million. The Company reported a financial position of cash and cash equivalents as of
Passenger Traffic
During 1Q24, total passengers at the Company’s 14 airports increased by 16.4 thousand passengers, an increase of 0.1%, compared to 1Q23.
During 1Q23, the following new routes were opened:
Domestic: | ||||
Airline | Departure | Arrival | Opening date | Frequencies |
Aeromexico | 1 daily | |||
Viva Aerobus | 3 weekly | |||
Note: Frequencies can vary without prior notice. | ||||
International: | ||||
Airline | Departure | Arrival | Opening date | Frequencies |
Aeromexico | 1 daily | |||
American | 1 daily | |||
Southwest | 1 weekly | |||
Frontier | 3 weekly | |||
Aeromexico | 1 daily | |||
Aeromexico | 1 daily | |||
Note: Frequencies can vary without prior notice. |
Domestic Terminal Passengers – 14 airports (in thousands): | |||||
Airport | 1Q23 | 1Q24 | Change | ||
2,958.8 | 2,671.7 | (9.7 | %) | ||
2,066.4 | 1,985.6 | (3.9 | %) | ||
670.6 | 637.7 | (4.9 | %) | ||
639.7 | 574.8 | (10.1 | %) | ||
0.0 | 0.0 | 0.0 | % | ||
507.3 | 484.0 | (4.6 | %) | ||
474.0 | 457.5 | (3.5 | %) | ||
0.2 | 0.6 | 215.9 | % | ||
346.6 | 288.3 | (16.8 | %) | ||
186.8 | 146.2 | (21.7 | %) | ||
226.6 | 271.4 | 19.8 | % | ||
150.6 | 142.3 | (5.5 | %) | ||
94.3 | 126.2 | 33.8 | % | ||
27.1 | 35.9 | 32.7 | % | ||
Total | 8,348.9 | 7,822.2 | (6.3 | %) | |
*Cross | |||||
International passengers (thousands) | |||||
Airport | 1Q23 | 1Q24 | Change | ||
1,216.1 | 1,490.1 | 22.5 | % | ||
1,047.6 | 952.4 | (9.1 | %) | ||
1,381.2 | 1,407.9 | 1.9 | % | ||
1,378.1 | 1,543.9 | 12.0 | % | ||
1,351.0 | 1,457.4 | 7.9 | % | ||
207.4 | 247.1 | 19.1 | % | ||
19.1 | 23.3 | 22.2 | % | ||
394.1 | 391.4 | (0.7 | %) | ||
1.5 | 1.6 | 6.5 | % | ||
151.5 | 157.2 | 3.7 | % | ||
3.7 | 3.2 | (12.6 | %) | ||
60.2 | 69.5 | 15.4 | % | ||
1.8 | 2.0 | 13.6 | % | ||
30.8 | 40.3 | 30.8 | % | ||
Total | 7,244.1 | 7,787.3 | 7.5 | % | |
*CBX users are classified as international passengers. | |||||
Total Terminal Passengers – 14 airports (in thousands): | |||||
Airport | 1Q23 | 1Q24 | Change | ||
4,174.9 | 4,161.8 | (0.3 | %) | ||
3,114.0 | 2,938.0 | (5.7 | %) | ||
2,051.8 | 2,045.6 | (0.3 | %) | ||
2,017.8 | 2,118.7 | 5.0 | % | ||
1,351.0 | 1,457.4 | 7.9 | % | ||
714.7 | 731.0 | 2.3 | % | ||
493.1 | 480.8 | (2.5 | %) | ||
394.3 | 392.0 | (0.6 | %) | ||
348.1 | 289.9 | (16.7 | %) | ||
338.3 | 303.4 | (10.3 | %) | ||
230.3 | 274.6 | 19.2 | % | ||
210.8 | 211.8 | 0.5 | % | ||
96.1 | 128.2 | 33.4 | % | ||
57.9 | 76.2 | 31.7 | % | ||
Total | 15,593.0 | 15,609.4 | 0.1 | % | |
*CBX users are classified as international passengers. | |||||
CBX Users (in thousands): | |||||
Airport | 1Q23 | 1Q24 | Change | ||
1,039.4 | 941.8 | (9.4 | %) | ||
Consolidated Results for the First Quarter of 2024(in thousands of pesos): | |||||||
1Q23 | 1Q24 | Change | |||||
Revenues | |||||||
Aeronautical services | 5,028,675 | 4,962,102 | (1.3 | %) | |||
Non-aeronautical services | 1,470,883 | 1,694,405 | 15.2 | % | |||
Improvements to concession assets (IFRIC-12) | 1,840,362 | 1,838,461 | (0.1 | %) | |||
Total revenues | 8,339,920 | 8,494,968 | 1.9 | % | |||
Operating costs | |||||||
Costs of services: | 966,638 | 1,071,927 | 10.9 | % | |||
Employee costs | 396,934 | 459,161 | 15.7 | % | |||
Maintenance | 145,667 | 161,797 | 11.1 | % | |||
Safety, security & insurance | 167,478 | 182,220 | 8.8 | % | |||
Utilities | 104,251 | 105,972 | 1.7 | % | |||
Business operated directly by us | 49,160 | 73,611 | 49.7 | % | |||
Other operating expenses | 103,148 | 89,166 | (13.6 | %) | |||
Technical assistance fees | 222,238 | 224,362 | 1.0 | % | |||
Concession taxes | 609,394 | 714,616 | 17.3 | % | |||
Depreciation and amortization | 618,071 | 662,948 | 7.3 | % | |||
Cost of improvements to concession assets (IFRIC-12) | 1,840,362 | 1,838,461 | (0.1 | %) | |||
Other (income) | 5,144 | (3,350 | ) | (165.1 | %) | ||
Total operating costs | 4,261,847 | 4,508,964 | 5.8 | % | |||
Income from operations | 4,078,073 | 3,986,004 | (2.3 | %) | |||
Financial Result | (674,299 | ) | (593,735 | ) | (11.9 | %) | |
Income before income taxes | 3,403,773 | 3,392,270 | (0.3 | %) | |||
Income taxes | (838,542 | ) | (921,550 | ) | 9.9 | % | |
Net income | 2,565,232 | 2,470,720 | (3.7 | %) | |||
Currency translation effect | (432,775 | ) | (291,272 | ) | (32.7 | %) | |
Cash flow hedges, net of income tax | 17,173 | (15,239 | ) | (188.7 | %) | ||
Remeasurements of employee benefit – net income tax | 281 | (47 | ) | (116.7 | %) | ||
Comprehensive income | 2,149,911 | 2,164,162 | 0.7 | % | |||
Non-controlling interest | (3,861 | ) | (31,717 | ) | 721.4 | % | |
Comprehensive income attributable to controlling interest | 2,146,050 | 2,132,445 | (0.6 | %) | |||
1Q23 | 1Q24 | Change | |||||
EBITDA | 4,696,144 | 4,648,952 | (1.0 | %) | |||
Comprehensive income | 2,149,911 | 2,164,162 | 0.7 | % | |||
Comprehensive income per share (pesos) | 4.2279 | 4.2831 | 1.3 | % | |||
Comprehensive income per ADS (US dollars) | 2.5535 | 2.5868 | 1.3 | % | |||
Operating income margin | 48.9 | % | 46.9 | % | (4.0 | %) | |
Operating income margin (excluding IFRIC-12) | 62.7 | % | 59.9 | % | (4.6 | %) | |
EBITDA margin | 56.3 | % | 54.7 | % | (2.8 | %) | |
EBITDA margin (excluding IFRIC-12) | 72.3 | % | 69.8 | % | (3.3 | %) | |
Costs of services and improvements / total revenues | 33.7 | % | 34.3 | % | 1.8 | % | |
Cost of services / total revenues (excluding IFRIC-12) | 14.9 | % | 16.1 | % | 8.3 | % | |
- Net income and comprehensive income per share for 1Q24 and 1Q23 were calculated based on 505,277,464 shares outstanding as of
- For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 16.9977 per
Revenues (1Q24 vs. 1Q23)
- Aeronautical services revenues decreased by Ps. 66.6 million, or 1.3%.
- Non-aeronautical services revenues increased by Ps. 223.5 million, or 15.2%.
- Revenues from improvements to concession assets decreased by Ps. 1.9 million, or 0.1%.
- Total revenues increased by Ps. 155.0 million, or 1.9%.
- The change in aeronautical services revenues was primarily due to the following factors:
- Revenues at our Mexican airports decreased by Ps. 68.4 million or 1.6% compared to 1Q23, mainly due to the 0.6% decrease in passenger traffic, and the compliance with the maximum tariffs of only 97%.
- Revenues from Jamaican airports increased by Ps. 1.8 million, or 0.2%, compared to 1Q23. This was mainly due to the 6.0% increase in passenger traffic. During 1Q24, there was a 9.1% appreciation of the peso versus the
U.S. dollar, compared to 1Q23, which went from an average exchange rate of Ps. 18.7020 in 1Q23 to Ps. 16.9977 in 1Q24, which represented a decrease in revenues in pesos.
- Revenues at our Mexican airports decreased by Ps. 68.4 million or 1.6% compared to 1Q23, mainly due to the 0.6% decrease in passenger traffic, and the compliance with the maximum tariffs of only 97%.
- The change in non-aeronautical services revenues was primarily driven by the following factors:
- Revenues at our Mexican airports increased by Ps. 226.3 million, or 18.6%, compared to 1Q23. Revenues from businesses operated by third parties increased by Ps. 154.2 million, or 19.6%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverages, car rentals, retail, and leasing of space, all of which increased by Ps. 127.5 million, or 24.8%. Revenues from businesses operated directly by us increased by Ps. 71.3 million, or 18.5%, while the recovery of costs increased by Ps. 0.7 million, or 1.6%.
- Revenues from the Jamaican airports decreased by Ps. 2.7 million, or 1.1%, compared to 1Q23, due to the peso appreciation. Revenues in
U.S. dollars increased byUS$ 1.2 million , or 8.8%.
- Revenues at our Mexican airports increased by Ps. 226.3 million, or 18.6%, compared to 1Q23. Revenues from businesses operated by third parties increased by Ps. 154.2 million, or 19.6%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverages, car rentals, retail, and leasing of space, all of which increased by Ps. 127.5 million, or 24.8%. Revenues from businesses operated directly by us increased by Ps. 71.3 million, or 18.5%, while the recovery of costs increased by Ps. 0.7 million, or 1.6%.
1Q23 | 1Q24 | Change | |||
Businesses operated by third parties: | |||||
Food and beverage | 238,448 | 297,367 | 24.7 | % | |
Duty-free | 143,408 | 198,598 | 38.5 | % | |
Retail | 194,585 | 184,653 | (5.1 | %) | |
Car rentals | 171,134 | 181,852 | 6.3 | % | |
Leasing of space | 43,711 | 84,472 | 93.3 | % | |
Time shares | 85,020 | 86,473 | 1.7 | % | |
Other commercial revenues | 57,364 | 55,380 | (3.5 | %) | |
Ground transportation | 50,721 | 46,846 | (7.6 | %) | |
Communications and financial services | 29,613 | 26,519 | (10.4 | %) | |
Total | 1,014,003 | 1,162,159 | 14.6 | % | |
Businesses operated directly by us: | |||||
Car parking | 166,757 | 177,376 | 6.4 | % | |
Convenience stores | 98,220 | 147,914 | 50.6 | % | |
VIP lounges | 106,045 | 111,079 | 4.7 | % | |
Advertising | 26,628 | 35,407 | 33.0 | % | |
Total | 397,650 | 471,776 | 18.6 | % | |
Recovery of costs | 59,230 | 60,468 | 2.1 | % | |
Total Non-aeronautical Revenues | 1,470,883 | 1,694,405 | 15.2 | % | |
Figures expressed in thousands of Mexican pesos. |
- Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 1.9 million, or 0.1%, compared to 1Q23. The change was composed of :
- Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 40.1 million, or 2.2%, in accordance with investments under the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 38.2 million, or 213.4%.
_____________________________
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
Total operating costs increased by Ps. 247.1 million, or 5.8%, compared to 1Q23, mainly due to the increase in concession taxes and technical assistance fees, which jointly increased by Ps. 107.3 million, or 12.9%, as well as an increase in the cost of services of Ps. 105.3 million, or 10.9%, and a Ps. 44.9 million, or 7.3%, increase in depreciation and amortization (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 249.0 million, or 10.3%).
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs increased by Ps. 135.9 million, or 3.8%, compared to 1Q23, primarily due to an increase in the cost of services by Ps. 88.3 million, or 11.1%, a combined Ps. 41.3 million, or 8.5%, increase in technical assistance fees and concession taxes, increase in depreciation and amortization by Ps. 53.9 million, or 11.0%, offset by a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 40.1 million, or 2.2%, (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 175.9 million or 9.9%).
The change in the cost of services at our Mexican airports during 1Q24 was mainly due to:
- Employee costs increased Ps. 60.7 million, or 17.5%, compared to 1Q23, mainly due to the hiring of 317 additional personnel during 2023 and 1Q24, as well as the adjustments in salaries and cost related to changes in Labor Law.
- Cost of business operated directly by us increased by Ps. 24.5 million or 49.7%, compared to 1Q23, derived from increased operations and income in VIP lounges and convenience stores.
- Maintenance costs increased by Ps. 12.9 million, or 11.4%, compared to 1Q23, mainly due to the expansion of the terminal and airfield.
- These increases were offset by a decrease in other operating expenses by Ps. 25.8 million, or 115.2%, compared to 1Q23, mainly due to a combined decrease of Ps. 25.1 million in the allowance for credit losses and travel expenses.
- Operating costs increased by Ps. 111.2 million, or 16.6%, compared to 1Q23, mainly due to a Ps. 66.0 million, or 19.0%, increase in concession taxes, increase in the cost of improvements to concession assets (IFRIC-12) by Ps.38.2 million, or 213.4%, and the increase in cost of services by Ps. 17.0 million, or 9.8%.
Operating income margin went from 48.9% in 1Q23 to 46.9% in 1Q24. Excluding the effects of IFRIC-12, the operating income margin went from 62.7% in 1Q23 to 59.9% in 1Q24. Income from operations decreased by Ps. 92.1 million, or 2.3%, compared to 1Q23.
EBITDA margin went from 56.3% in 1Q23 to 54.7% in 1Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 72.3% in 1Q23 to 69.8% in 1Q24. The nominal value of EBITDA decreased by Ps. 47.2 million, or 1.0%, compared to 1Q23.
Financial results decreased by Ps. 80.6 million, or 11.9%, from a net expense of Ps. 674.3 million in 1Q23 to a net expense of Ps. 593.7 million in 1Q24. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from a loss of Ps. 166.9 million in 1Q23 to an income of Ps. 28.9 million in 1Q24. This generated a foreign exchange gain of Ps. 195.9 million. This was mainly due to the appreciation of the peso. Currency translation effect loss decreased Ps. 141.4 million, compared to 1Q23.
- Interest expenses increased by Ps. 80.1 million, or 9.9%, compared to 1Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines.
- Interest income decreased by Ps. 35.2 million, or 11.6%, compared to 1Q23, mainly due to a decrease in the cash and cash equivalents average balance.
In 1Q24, comprehensive income increased by Ps. 14.3 million, or 0.7%, compared to 1Q23. Income before taxes decreased by Ps. 11.5 million, mainly due to the increase in cost of operation by Ps. 247.1 million, offset by a revenue increase of Ps. 155.0 million. Net and comprehensive income increased mainly due to the decrease of the effect of foreign currency translation by Ps. 141.4 million, offset by an increase in cash flow hedges by Ps. 32.4 million.
During 1Q24, net income decreased by Ps. 94.5 million, or 3.7%, compared to 1Q23. Income taxes increased by Ps. 60.3 million and the benefit for deferred taxes decreased by Ps. 22.7 million, mainly due to a decrease in the inflation rate, from 1.7% in 1Q23 to 1.4% in 1Q24.
Statement of Financial Position
Total assets as of
Total liabilities as of
Adoption of accounting criteria
On
Following the Tariff Regulation, payments in favor of the government over those included in the last tariff review will be added to the Reference Value of the next review of the Maximum Tariff.
Therefore, the amount of the 4% excess over aeronautical revenues paid to the government during fiscal year 2024 will be recognized as an intangible asset under IAS 38, beginning its amortization from
The amount recognized as intangible assets during 1Q24 amounts to Ps. 175.5 million, which corresponds to 4.0% of the aeronautical revenues of our airports in
Company Description
Grupo Aeroportuario del Pacífico,
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
Exhibit A: Operating results by airport(in thousands of pesos): | |||||
Airport | 1Q23 | 1Q24 | Change | ||
Aeronautical services | 1,309,231 | 1,296,610 | (1.0 | %) | |
Non-aeronautical services | 241,673 | 310,291 | 28.4 | % | |
Improvements to concession assets (IFRIC 12) | 828,734 | 804,610 | (2.9 | %) | |
Total Revenues | 2,379,639 | 2,411,511 | 1.3 | % | |
Operating income | 1,123,114 | 1,251,823 | 11.5 | % | |
EBITDA | 1,235,564 | 1,376,361 | 11.4 | % | |
Aeronautical services | 679,541 | 638,488 | (6.0 | %) | |
Non-aeronautical services | 146,707 | 153,154 | 4.4 | % | |
Improvements to concession assets (IFRIC 12) | 140,836 | 111,317 | (21.0 | %) | |
Total Revenues | 967,086 | 902,959 | (6.6 | %) | |
Operating income | 541,582 | 493,687 | (8.8 | %) | |
EBITDA | 643,005 | 606,215 | (5.7 | %) | |
Aeronautical services | 823,011 | 782,723 | (4.9 | %) | |
Non-aeronautical services | 299,726 | 318,043 | 6.1 | % | |
Improvements to concession assets (IFRIC 12) | 249,608 | 199,042 | (20.3 | %) | |
Total Revenues | 1,372,345 | 1,299,808 | (5.3 | %) | |
Operating income | 836,063 | 835,764 | (0.0 | %) | |
EBITDA | 916,513 | 925,562 | 1.0 | % | |
Aeronautical services | 804,261 | 832,001 | 3.4 | % | |
Non-aeronautical services | 158,232 | 168,077 | 6.2 | % | |
Improvements to concession assets (IFRIC 12) | 403,557 | 495,636 | 22.8 | % | |
Total Revenues | 1,366,050 | 1,495,714 | 9.5 | % | |
Operating income | 718,248 | 801,667 | 11.6 | % | |
EBITDA | 775,255 | 856,359 | 10.5 | % | |
Aeronautical services | 505,146 | 514,255 | 1.8 | % | |
Non-aeronautical services | 198,700 | 198,918 | 0.1 | % | |
Improvements to concession assets (IFRIC 12) | 15,189 | 40,727 | 168.1 | % | |
Total Revenues | 719,036 | 753,901 | 4.8 | % | |
Operating income | 310,621 | 290,898 | (6.3 | %) | |
EBITDA | 430,936 | 360,705 | (16.3 | %) | |
Exhibit A: Operating results by airport (in thousands of pesos): | |||||
Airport | 1Q23 | 1Q24 | Change | ||
Aeronautical services | 213,890 | 218,379 | 2.1 | % | |
Non-aeronautical services | 41,891 | 45,946 | 9.7 | % | |
Improvements to concession assets (IFRIC 12) | 70,722 | 74,050 | 4.7 | % | |
Total Revenues | 326,503 | 338,376 | 3.6 | % | |
Operating income | 175,196 | 200,174 | 14.3 | % | |
EBITDA | 198,017 | 221,581 | 11.9 | % | |
Aeronautical services | 116,585 | 117,713 | 1.0 | % | |
Non-aeronautical services | 20,429 | 27,981 | 37.0 | % | |
Improvements to concession assets (IFRIC 12) | 14,439 | 21,439 | 48.5 | % | |
Total Revenues | 151,454 | 167,133 | 10.4 | % | |
Operating income | 67,930 | 85,314 | 25.6 | % | |
EBITDA | 92,087 | 110,620 | 20.1 | % | |
Others(1) | |||||
Aeronautical services | 577,009 | 561,614 | (2.7 | %) | |
Non-aeronautical services | 106,664 | 106,220 | (0.4 | %) | |
Improvements to concession assets (IFRIC 12) | 117,658 | 91,640 | (22.1 | %) | |
Total Revenues | 801,331 | 759,473 | (5.2 | %) | |
Operating income | 191,745 | 34,754 | (81.9 | %) | |
EBITDA | 274,692 | 183,157 | (33.3 | %) | |
Total | |||||
Aeronautical services | 5,028,675 | 4,961,782 | (1.3 | %) | |
Non-aeronautical services | 1,214,023 | 1,328,631 | 9.4 | % | |
Improvements to concession assets (IFRIC 12) | 1,840,743 | 1,838,461 | (0.1 | %) | |
Total Revenues | 8,083,439 | 8,128,874 | 0.6 | % | |
Operating income | 3,964,495 | 3,994,081 | 0.7 | % | |
EBITDA | 4,566,072 | 4,640,559 | 1.6 | % | |
(1) Others include the operating results of the
Exhibit B: Consolidated statement of financial position as of | ||||||||
2023 | 2024 | Change | % | |||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 18,890,873 | 11,541,623 | (7,349,250 | ) | (38.9 | %) | ||
Trade accounts receivable - Net | 2,126,433 | 2,456,388 | 329,955 | 15.5 | % | |||
Other current assets | 669,219 | 1,559,962 | 890,743 | 133.1 | % | |||
Total current assets | 21,686,525 | 15,557,973 | (6,128,552 | ) | (28.3 | %) | ||
Advanced payments to suppliers | 2,553,050 | 2,089,017 | (464,033 | ) | (18.2 | %) | ||
Machinery, equipment and improvements to leased buildings - Net | 3,794,895 | 4,437,406 | 642,511 | 16.9 | % | |||
Improvements to concession assets - Net | 22,497,261 | 29,292,757 | 6,795,496 | 30.2 | % | |||
Airport concessions - Net | 9,330,491 | 8,808,159 | (522,332 | ) | (5.6 | %) | ||
Rights to use airport facilities - Net | 1,116,660 | 1,043,264 | (73,396 | ) | (6.6 | %) | ||
Deferred income taxes - Net | 6,966,918 | 7,358,626 | 391,708 | 5.6 | % | |||
Other non-current assets | 613,683 | 879,544 | 265,861 | 43.3 | % | |||
Total assets | 68,559,484 | 69,466,745 | 907,262 | 1.3 | % | |||
Liabilities | ||||||||
Current liabilities | 6,544,763 | 11,730,987 | 5,186,224 | 79.2 | % | |||
Long-term liabilities | 40,036,766 | 34,626,945 | (5,409,820 | ) | (13.5 | %) | ||
Total liabilities | 46,581,528 | 46,357,932 | (223,596 | ) | (0.5 | %) | ||
Stockholders' Equity | ||||||||
Common stock | 8,197,536 | 8,197,536 | - | 0.0 | % | |||
Legal reserve | 34,076 | 478,185 | 444,109 | 1303.3 | % | |||
Net income | 2,520,701 | 2,432,749 | (87,952 | ) | (3.5 | %) | ||
Retained earnings | 9,187,596 | 8,787,568 | (400,028 | ) | (4.4 | %) | ||
Reserve for share repurchase | 2,499,473 | 2,500,000 | 527 | 0.0 | % | |||
Repurchased shares | (1,999,987 | ) | - | 1,999,987 | (100.0 | %) | ||
Foreign currency translation reserve | 183,429 | (525,318 | ) | (708,747 | ) | (386.4 | %) | |
Remeasurements of employee benefit – Net | 14,295 | (1,966 | ) | (16,261 | ) | (113.8 | %) | |
Cash flow hedges- Net | 147,796 | 45,479 | (102,317 | ) | (69.2 | %) | ||
Total controlling interest | 20,784,915 | 21,914,233 | 1,129,318 | 5.4 | % | |||
Non-controlling interest | 1,193,040 | 1,194,580 | 1,540 | 0.1 | % | |||
Total stockholder's equity | 21,977,955 | 23,108,813 | 1,130,858 | 5.1 | % | |||
Total liabilities and stockholders' equity | 68,559,484 | 69,466,745 | 907,262 | 1.3 | % | |||
The non-controlling interest corresponds to the 25.5% stake held in the |
Exhibit C: Consolidated statement of cash flows(in thousands of pesos): | |||||||
1Q23 | 1Q24 | Change | |||||
Cash flows from operating activities: | |||||||
Consolidated net income | 2,565,232 | 2,470,720 | (3.7 | %) | |||
Postemployment benefit costs | 11,214 | 13,776 | 22.8 | % | |||
Allowance expected credit loss | 16,874 | (2,801 | ) | (116.6 | %) | ||
Depreciation and amortization | 618,071 | 662,948 | 7.3 | % | |||
Loss on sale of machinery, equipment and improvements to leased assets | 10 | 545 | 5350.0 | % | |||
Interest expense | 820,331 | 996,858 | 21.5 | % | |||
Provisions | 5,824 | 6,280 | 7.8 | % | |||
Income tax expense | 838,542 | 921,550 | 9.9 | % | |||
Unrealized exchange loss | (163,987 | ) | (83,658 | ) | (49.0 | %) | |
4,712,111 | 4,986,218 | 5.8 | % | ||||
Changes in working capital: | |||||||
(Increase) decrease in | |||||||
Trade accounts receivable | 206,463 | (211,882 | ) | (202.6 | %) | ||
Recoverable tax on assets and other assets | 105,397 | 396,548 | 276.2 | % | |||
Increase (decrease) | |||||||
Concession taxes payable | (5,510 | ) | 149,399 | (2811.4 | %) | ||
Accounts payable | 122,542 | (74,603 | ) | (160.9 | %) | ||
Cash generated by operating activities | 5,141,003 | 5,245,680 | 2.0 | % | |||
Income taxes paid | (1,095,292 | ) | (711,333 | ) | (35.1 | %) | |
Net cash flows provided by operating activities | 4,045,711 | 4,534,347 | 12.1 | % | |||
Cash flows from investing activities: | |||||||
Machinery, equipment and improvements to concession assets | (2,876,987 | ) | (1,408,085 | ) | (51.1 | %) | |
Cash flows from sales of machinery and equipment | 568 | 1,356 | 138.7 | % | |||
Other investment activities | 11,491 | (126,783 | ) | (1203.3 | %) | ||
Net cash used by investment activities | (2,864,928 | ) | (1,533,512 | ) | (46.5 | %) | |
Cash flows from financing activities: | |||||||
Bond certificates issued | 5,400,000 | 3,000,000 | (44.4 | %) | |||
Bond certificates paid | - | (3,000,000 | ) | 100.0 | % | ||
Banks loans | 1,000,000.00 | - | (100.0 | %) | |||
Interest paid | (774,273 | ) | (1,070,161 | ) | 38.2 | % | |
Interest paid on lease | (1,248 | ) | (1,060 | ) | (15.1 | %) | |
Payments of obligations for leasing | (4,161 | ) | (4,454 | ) | 7.0 | % | |
Net cash flows used in financing activities | 5,620,318 | (1,075,675 | ) | (119.1 | %) | ||
Effects of exchange rate changes on cash held | (281,692 | ) | (438,748 | ) | 55.8 | % | |
Net (decrease) in cash and cash equivalents | 6,519,409 | 1,486,412 | (77.2 | %) | |||
Cash and cash equivalents at beginning of the period | 12,371,464 | 10,055,211 | (18.7 | %) | |||
Cash and cash equivalents at the end of the period | 18,890,873 | 11,541,623 | (38.9 | %) |
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): | |||||||
1Q23 | 1Q24 | Change | |||||
Revenues | |||||||
Aeronautical services | 5,028,675 | 4,962,102 | (1.3 | %) | |||
Non-aeronautical services | 1,470,883 | 1,694,405 | 15.2 | % | |||
Improvements to concession assets (IFRIC-12) | 1,840,362 | 1,838,461 | (0.1 | %) | |||
Total revenues | 8,339,920 | 8,494,968 | 1.9 | % | |||
Operating costs | |||||||
Costs of services: | 966,638 | 1,071,927 | 10.9 | % | |||
Employee costs | 396,934 | 459,161 | 15.7 | % | |||
Maintenance | 145,667 | 161,797 | 11.1 | % | |||
Safety, security & insurance | 167,478 | 182,220 | 8.8 | % | |||
Utilities | 104,251 | 105,972 | 1.7 | % | |||
Business operated directly by us | 49,160 | 73,611 | 49.7 | % | |||
Other operating expenses | 103,148 | 89,166 | (13.6 | %) | |||
Technical assistance fees | 222,238 | 224,362 | 1.0 | % | |||
Concession taxes | 609,394 | 714,616 | 17.3 | % | |||
Depreciation and amortization | 618,071 | 662,948 | 7.3 | % | |||
Cost of improvements to concession assets (IFRIC-12) | 1,840,362 | 1,838,461 | (0.1 | %) | |||
Other (income) | 5,144 | (3,350 | ) | (165.1 | %) | ||
Total operating costs | 4,261,847 | 4,508,964 | 5.8 | % | |||
Income from operations | 4,078,073 | 3,986,004 | (2.3 | %) | |||
Financial Result | (674,299 | ) | (593,735 | ) | (11.9 | %) | |
Income before income taxes | 3,403,773 | 3,392,270 | (0.3 | %) | |||
Income taxes | (838,542 | ) | (921,550 | ) | 9.9 | % | |
Net income | 2,565,232 | 2,470,720 | (3.7 | %) | |||
Currency translation effect | (432,775 | ) | (291,272 | ) | (32.7 | %) | |
Cash flow hedges, net of income tax | 17,173 | (15,239 | ) | (188.7 | %) | ||
Remeasurements of employee benefit – net income tax | 281 | (47 | ) | (116.7 | %) | ||
Comprehensive income | 2,149,911 | 2,164,162 | 0.7 | % | |||
Non-controlling interest | (3,861 | ) | (31,717 | ) | 721.4 | % | |
Comprehensive income attributable to controlling interest | 2,146,050 | 2,132,445 | (0.6 | %) | |||
The non-controlling interest corresponds to the 25.5% stake held in the |
Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): | |||||||||||||||
Common Stock | Legal Reserve | Reserve for Share Repurchase | Repurchased Shares | Retained Earnings | Other comprehensive income | Total controlling interest | Non-controlling interest | Total Stockholders' Equity | |||||||
Balance as of | 8,197,536 | 34,076 | 2,499,473 | (1,999,986 | ) | 9,187,597 | 720,171 | 18,638,866 | 1,189,179 | 19,828,045 | |||||
Comprehensive income: | |||||||||||||||
Net income | - | - | - | - | 2,520,701 | - | 2,520,701 | 44,532 | 2,565,233 | ||||||
Foreign currency translation reserve | - | - | - | - | - | (392,104 | ) | (392,104 | ) | (40,671 | ) | (432,775 | ) | ||
Remeasurements of employee benefit – Net | - | - | - | - | - | 281 | 281 | - | 281 | ||||||
Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | 17,173 | 17,173 | - | 17,173 | ||||||
Balance as of | 8,197,536 | 34,076 | 2,499,473 | (1,999,986 | ) | 11,708,298 | 345,521 | 20,784,915 | 1,193,040 | 21,977,955 | |||||
Balance as of | 8,197,536 | 478,185 | 2,500,000 | - | 8,787,568 | (181,508 | ) | 19,781,783 | 1,162,864 | 20,944,646 | |||||
Comprehensive income: | |||||||||||||||
Net income | - | - | - | - | 2,432,748 | - | 2,432,748 | 37,979 | 2,470,727 | ||||||
Foreign currency translation reserve | - | - | - | - | - | (285,010 | ) | (285,010 | ) | (6,262 | ) | (291,272 | ) | ||
Remeasurements of employee benefit – Net | - | - | - | - | - | (47 | ) | (47 | ) | 0 | (47 | ) | |||
Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | (15,239 | ) | (15,239 | ) | 0 | (15,239 | ) | |||
Balance as of | 8,197,536 | 478,185 | 2,500,000 | - | 11,220,316 | (481,804 | ) | 21,914,236 | 1,194,580 | 23,108,815 | |||||
For presentation purposes, the 25.5% stake in |
As a part of the adoption of IFRS, the effects of inflation on common stock recognized under Mexican Financial Reporting Standards (MFRS) through
Exhibit F: Other operating data: | ||||
1Q23 | 1Q24 | Change | ||
Total passengers | 15,593.0 | 15,609.4 | 0.1 | % |
Total cargo volume (in WLUs) | 632.4 | 640.0 | 1.2 | % |
Total WLUs | 16,225.4 | 16,249.4 | 0.1 | % |
Aeronautical & non aeronautical services per passenger (pesos) | 416.8 | 426.4 | 2.3 | % |
Aeronautical services per WLU (pesos) | 309.9 | 305.4 | (1.5 | %) |
Non aeronautical services per passenger (pesos) | 94.3 | 108.5 | 15.1 | % |
Cost of services per WLU (pesos) | 59.6 | 66.0 | 10.7 | % |
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). |
asoto@aeropuertosgap.com.mx | |
gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294 |
Source: Grupo Aeroportuario del Pacífico,
2024 GlobeNewswire, Inc., source