COVID-19 Impact
During the first quarter ended
Company measures during 1Q22:
- The Company continued supporting commercial clients during the quarter by granting discounts on guaranteed minimum rents in accordance with the percentage decrease in passenger traffic at each airport as compared to 1Q19; however, for the most part, the discount was not applied because revenue sharing percentages surpassed rents. With regards to support for the airlines, the Company continued its incentive program in accordance with the reactivation of routes and frequencies that existed prior to the pandemic.
- Cost of services have been increasing, due to the positive trend in passenger traffic during 1Q22 we have gradually increased certain costs such as maintenance, security, personnel, cleaning services and others, as relates to the quality and experience of our passengers, however, these increases have lagged significantly behind traffic growth due to cost controls that we have continued to the extent possible.
Company’s Financial Position:
During 1Q22, results were significantly better as compared to 1Q21. The Company generated positive EBITDA of Ps. 3,708.4 million, an increase of 111.0% as compared to 1Q21 as a result of a 65.3% increase in total revenues and an increase in cost of services of only 15.4%.
In 1Q22, operating activities continued generating positive cash flow of Ps. 2,168.7 million. The Company reported a financial position of cash and cash equivalents as of
In 1Q22, the Company performed an assessment of the portfolio risk of our airlines and commercial clients in terms of liquidity. Because of this assessment and due to the growth and recovery of our main airlines and commercial clients, it was determined that no reserve provision for expected credit losses was necessary for this quarter.
During 1Q22, the Company continued evaluating the possible adverse impacts of the pandemic on its financial condition and operating results. The Company also reviewed key indicators and impairment tests of significant long-term assets, expected credit losses and recovery of assets due to deferred taxes. In this evaluation, the Company reviewed financial results for the short, medium, and long term, concluding that a significant deterioration of the Company’s assets is not expected. As such, the Company does not foresee a business interruption or closing operations at any of its airports. However, the Company cannot ensure that the negative effect of the pandemic will continue decreasing in the coming quarter, nor can it ensure that local and global economic conditions will improve. The Company can not predict the availability of financing, or what general credit conditions will be.
The Company will continue to monitor the pandemic effects on the results of operations and will continue informing the market in a timely manner regarding future material updates on airport operations and the measures adopted for preserving liquidity and ensuring business continuity.
Summary of Results 1Q22 vs. 1Q21 (and 1Q19 for purposes of illustrating the recovery trend):
- The sum of aeronautical and non-aeronautical services revenues increased by Ps. 2,313.4 million, or 85.4% (Ps. 1,489.5 million, or 42.2%, as compared to 1Q19). Total revenues increased by Ps. 2,374.6 million, or 65.3% (Ps. 2,333.5 million, or 63.4%, as compared to 1Q19).
- Cost of services increased by Ps. 100.8 million, or 15.4% (as compared to 1Q19, cost of services increased Ps. 157.9 million, or 26.5%).
- Income from operations increased by Ps. 1,889.4 million, or 150.6% (Ps. 1,065.4 million, or 51.3%, as compared to 1Q19).
- EBITDA increased by Ps. 1,951.2 million, or 111.0% (Ps. 1,208.3 million, or 48.3%, as compared to 1Q19), going from Ps. 1,757.2 million in 1Q21 to Ps. 3,708.4 million in 1Q22. EBITDA margin (excluding the effects of IFRIC 12) increased from 64.9% in 1Q21 to 73.8% in 1Q22 (EBITDA margin (excluding the effects of IFRIC 12) was 70.8% in 1Q19).
- Net comprehensive income increased Ps. 923.8 million, or 70.1% (as compared to 1Q19, it increased Ps. 937.5 million, or 71.9%), from income of Ps. 1,317.2 million in 1Q21 to income of Ps. 2,241.0 million in 1Q22.
Passenger Traffic
During 1Q22, total passengers at the Company’s 14 airports increased by 5,175.3 thousand passengers, an increase of 69.9%, compared to 1Q21 (as compared to 1Q19, total passengers increased by 694.2 thousand passengers, or 5.8%).
During 1Q22, the following new routes were opened:
Domestic:
Airline | Departure | Arrival | Opening date | Frequencies |
VivaAerobus | 7 weekly frequencies | |||
Volaris | 7 weekly frequencies | |||
Note: Frequencies can vary without prior notice. | ||||
International | ||||
Airline | Departure | Arrival | Opening date | Frequencies |
Swoop | Abbotsford | 1 weekly frequency | ||
Jet blue | Nueva York JFK | 4 weekly frequencies | ||
Southwest | 1 weekly frequencies | |||
Note: Frequencies can vary without prior notice. |
Domestic Terminal Passengers – 14 airports (in thousands): | ||||
Airport | 1Q21 | 1Q22 | Change | |
1,573.6 | 2,360.4 | 50.0% | ||
1,410.7 | 1,820.9 | 29.1% | ||
366.9 | 512.8 | 39.8% | ||
300.4 | 498.8 | 66.0% | ||
0.0 | 0.0 | 0.0% | ||
286.0 | 382.3 | 33.7% | ||
257.6 | 383.2 | 48.8% | ||
190.2 | 290.2 | 52.5% | ||
0.1 | 0.2 | 100.0% | ||
109.1 | 147.6 | 35.3% | ||
169.1 | 238.2 | 40.8% | ||
97.7 | 158.0 | 61.6% | ||
70.9 | 96.1 | 35.5% | ||
17.1 | 24.0 | 40.1% | ||
Total | 4,849.5 | 6,912.7 | 42.5% | |
*Cross | ||||
International Terminal Passengers – 14 airports (in thousands): | ||||
Airport | 1Q21 | 1Q22 | Change | |
595.0 | 969.9 | 63.0% | ||
424.8 | 923.2 | 117.3% | ||
534.4 | 1,124.8 | 110.5% | ||
352.5 | 1,061.0 | 201.0% | ||
304.7 | 928.1 | 204.5% | ||
85.4 | 175.5 | 105.5% | ||
19.9 | 18.6 | (6.3%) | ||
0.7 | 1.2 | 70.7% | ||
115.4 | 268.2 | 132.4% | ||
75.1 | 116.3 | 55.0% | ||
4.0 | 7.5 | 88.0% | ||
33.9 | 47.1 | 39.0% | ||
1.6 | 1.7 | 12.0% | ||
9.4 | 25.6 | 173.2% | ||
Total | 2,556.6 | 5,668.7 | 121.7% | |
*CBX users are classified as international passengers. | ||||
Total Terminal Passengers – 14 airports (in thousands): | ||||
Airport | 1Q21 | 1Q22 | Change | |
2,168.5 | 3,330.3 | 53.6% | ||
1,835.5 | 2,744.1 | 49.5% | ||
901.3 | 1,637.6 | 81.7% | ||
652.9 | 1,559.8 | 138.9% | ||
304.7 | 928.1 | 204.5% | ||
371.4 | 557.9 | 50.2% | ||
277.4 | 401.8 | 44.8% | ||
190.9 | 291.4 | 52.6% | ||
115.5 | 268.3 | 132.4% | ||
184.1 | 263.9 | 43.3% | ||
173.1 | 245.6 | 41.9% | ||
131.7 | 205.1 | 55.8% | ||
72.5 | 97.8 | 34.9% | ||
26.5 | 49.6 | 87.2% | ||
Total | 7,406.1 | 12,581.4 | 69.9% | |
*CBX users are classified as international passengers. | ||||
CBX Users (in thousands): | ||||
Airport | 1Q21 | 1Q22 | Change | |
421.0 | 917.4 | 117.9% | ||
Consolidated Results for the First Quarter of 2022 (in thousands of pesos):
1Q21 | 1Q22 | Change | ||
Revenues | ||||
Aeronautical services | 2,072,767 | 3,854,232 | 85.9% | |
Non-aeronautical services | 635,987 | 1,167,912 | 83.6% | |
Improvements to concession assets (IFRIC-12) | 929,243 | 990,454 | 6.6% | |
Total revenues | 3,637,996 | 6,012,598 | 65.3% | |
Operating costs | ||||
Costs of services: | 652,698 | 753,524 | 15.4% | |
Employee costs | 243,634 | 288,518 | 18.4% | |
Maintenance | 94,439 | 125,030 | 32.4% | |
Safety, security & insurance | 123,826 | 126,174 | 1.9% | |
Utilities | 77,173 | 96,081 | 24.5% | |
Other operating expenses | 113,626 | 117,721 | 3.6% | |
Technical assistance fees | 88,356 | 174,146 | 97.1% | |
Concession taxes | 213,840 | 399,766 | 86.9% | |
Depreciation and amortization | 502,745 | 564,533 | 12.3% | |
Cost of improvements to concession assets (IFRIC-12) | 929,243 | 990,454 | 6.6% | |
Other (income) | (3,350) | (13,711) | 309.3% | |
Total operating costs | 2,383,532 | 2,868,712 | 20.4% | |
Income from operations | 1,254,464 | 3,143,885 | 150.6% | |
Financial Result | (79,303) | (272,945) | 244.2% | |
Income before income taxes | 1,175,161 | 2,870,940 | 144.3% | |
Income taxes | (137,581) | (543,489) | 295.0% | |
Net income | 1,037,580 | 2,327,450 | 124.3% | |
Currency translation effect | 61,729 | (178,331) | (388.9%) | |
Cash flow hedges, net of income tax | 216,794 | 91,752 | (57.7%) | |
Remeasurements of employee benefit – net income tax | 1,102 | 102 | (90.7%) | |
Comprehensive income | 1,317,205 | 2,240,973 | 70.1% | |
Non-controlling interest | (12,895) | (19,026) | 47.5% | |
Comprehensive income attributable to controlling interest | 1,304,310 | 2,221,946 | 70.4% | |
1Q21 | 1Q22 | Change | ||
EBITDA | 1,757,209 | 3,708,418 | 111.0% | |
Comprehensive income | 1,317,205 | 2,240,973 | 70.1% | |
Comprehensive income per share (pesos) | 2.5136 | 4.3896 | 74.6% | |
Comprehensive income per ADS (US dollars) | 1.2624 | 2.2046 | 74.6% | |
Operating income margin | 34.5% | 52.3% | 51.6% | |
Operating income margin (excluding IFRIC-12) | 46.3% | 62.6% | 35.2% | |
EBITDA margin | 48.3% | 61.7% | 27.7% | |
EBITDA margin (excluding IFRIC-12) | 65.0% | 73.8% | 13.7% | |
Costs of services and improvements / total revenues | 43.5% | 29.0% | (33.3%) | |
Cost of services / total revenues (excluding IFRIC-12) | 24.1% | 15.0% | (37.7%) | |
- Net income and comprehensive income per share for 1Q22 were calculated based on 510,520,111 shares outstanding as of
- For purposes of the consolidation of the Jamaican airports, the average three-month exchange rate of Ps. 20.5229 per
Revenues (1Q22 vs. 1Q21)
- Aeronautical services revenues increased by Ps. 1,781.5 million, or 85.9%.
- Non-aeronautical services revenues increased by Ps. 531.9 million, or 83.6%.
- Revenues from improvements to concession assets increased by Ps. 61.2 million, or 6.6%.
- Total revenues increased by Ps. 2,374.6 million, or 65.3%.
- The change in aeronautical services revenues was composed primarily of the following factors:
- Revenues at our Mexican airports increased by Ps. 1,435.2 million or 77.4% compared to 1Q21, mainly due to the 63.0% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.
- Revenues from the
Montego Bay airport increased by Ps. 251.4 million, or 185.6%, compared to 1Q21. This was mainly due to the 204.5% increase in passenger traffic. During 1Q22, there was a 1.0% depreciation of the peso versus theU.S. dollar, which went from an average exchange rate of Ps. 20.3190 in 1Q21 to Ps. 20.5229 in 1Q22. - Revenues from the
Kingston airport increased by Ps. 94.8 million, or 115.4% compared to 1Q21, mainly due to a 132.4% increase in passenger traffic.
- Revenues at our Mexican airports increased by Ps. 1,435.2 million or 77.4% compared to 1Q21, mainly due to the 63.0% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.
- The change in non-aeronautical services revenues was composed primarily of the following factors:
- Revenues at our Mexican airports increased by Ps. 436.6 million, or 82.1%, compared to 1Q21. Revenues from businesses operated by third parties increased by Ps. 291.8 million or 79.9%. This was mainly due to the recovery of passenger traffic that resulted in revenue sharing percentages that surpassed minimum guaranteed rents. The business lines that increased the most were food and beverage, retail tenants, duty-free stores, car rentals, time shares and ground transportation, which jointly increased by Ps. 262.7 million, or 91.2%. Revenues from businesses operated directly by the Company increased by Ps. 135.8 million, or 101.3%, while the recovery of costs increased by Ps. 9.0 million, or 28.2%.
- Revenues from the
Montego Bay airport increased by Ps. 76.7 million, or 99.3%, compared to 1Q21. Revenues inU.S. dollars increasedUS$ 3.7 million , or 97.3%. - Revenues from the
Kingston airport increased by Ps. 18.6 million, or 68.2%, compared to 1Q21. Revenues inU.S. dollars increasedUS$ 0.9 million , or 66.6%.
- Revenues at our Mexican airports increased by Ps. 436.6 million, or 82.1%, compared to 1Q21. Revenues from businesses operated by third parties increased by Ps. 291.8 million or 79.9%. This was mainly due to the recovery of passenger traffic that resulted in revenue sharing percentages that surpassed minimum guaranteed rents. The business lines that increased the most were food and beverage, retail tenants, duty-free stores, car rentals, time shares and ground transportation, which jointly increased by Ps. 262.7 million, or 91.2%. Revenues from businesses operated directly by the Company increased by Ps. 135.8 million, or 101.3%, while the recovery of costs increased by Ps. 9.0 million, or 28.2%.
1Q21 | 1Q22 | Change | ||
Businesses operated by third parties: | ||||
Duty-free | 81,342 | 161,984 | 99.1% | |
Food and beverage | 81,489 | 169,159 | 107.6% | |
Retail | 65,476 | 134,444 | 105.3% | |
Car rentals | 80,707 | 129,819 | 60.9% | |
Leasing of space | 49,030 | 65,209 | 33.0% | |
Time shares | 30,364 | 61,182 | 101.5% | |
Ground transportation | 26,641 | 42,460 | 59.4% | |
Communications and financial services | 16,351 | 25,478 | 55.8% | |
Other commercial revenues | 26,894 | 48,521 | 80.4% | |
Total | 458,295 | 838,255 | 82.9% | |
Businesses operated directly by us: | ||||
Car parking | 69,344 | 115,520 | 66.6% | |
VIP lounges | 31,771 | 80,435 | 153.2% | |
Advertising | 10,443 | 15,314 | 46.6% | |
Convenience stores | 25,193 | 65,017 | 158.1% | |
Total | 136,751 | 276,286 | 102.0% | |
Recovery of costs | 40,940 | 53,369 | 30.4% | |
Total Non-aeronautical Revenues | 635,987 | 1,167,912 | 83.6% | |
Figures expressed in thousands of Mexican pesos. | ||||
Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC12) increased by Ps. 61.2 million, or 6.6%, compared to 1Q21. The change was composed primarily of:
- The Company’s Mexican airports, which increased by Ps. 46.1 million, or 5.1%, as a result of the adjustment in committed investments in the Master Development Program for the 2020-2024 period.
- Improvements to concession assets at the
Montego Bay airport increased Ps. 15.1 million, or 76.7%. During 1Q22, no improvements to concession assets were made at theKingston airport .
Total operating costs increased by Ps. 485.2 million, or 20.4%, compared to 1Q21, mainly due to a Ps. 271.7 million, or 89.9%, increase in concession taxes and technical assistance fees, a Ps.100.8 million, or 15.4%, increase in cost of services, and a Ps. 61.2 million, or 6.6%, increase in the cost of improvements to the concession assets (IFRIC12), (excluding the cost of improvements to concession assets, operating costs increased Ps. 424.0 million, or 29.2%).
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 341.4 million, or 17.1%, compared to 1Q21, primarily due to a combined Ps. 171.4 million, or 82.8%, increase in technical assistance fees and concession taxes, a Ps. 65.1 million, or 12.9%, increase in cost of services, a Ps. 59.7 million, or 20.7%, increase in depreciation and amortization, and a Ps. 46.1 million, or 5.1%, increase in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 295.3 million or 29.2%).
The change in the cost of services during 1Q22 was mainly due to:
- Employee costs increased Ps. 39.4 million, or 20.0%, compared to 1Q21, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic, as well as the changes in the Labor Law in
Mexico . - Maintenance costs increased by Ps. 19.2 million, or 25.0%, compared to 1Q21.
- Safety, security and insurance costs increased Ps. 5.5 million, or 6.3%, compared to 1Q21, mainly due to an increase in the number of security staff as compared to 1Q21 when the partial closure of some operating areas reduced the need for personnel.
- Operating costs increased by Ps. 58.9 million, or 22.4%, compared to 1Q21, mainly due to a Ps. 30.7 million, or 106.4%, increase in concession taxes, a Ps. 20.7 million, or 22.3%, increase in the cost of services, a Ps. 15.1 million, or 76.7%, increase in the cost of improvements to concession assets (IFRIC-12), and a Ps. 1.9 million, or 1.6%, increase in depreciation and amortization, which was offset by the increase in other income by Ps. 9.4 million.
- Operating costs increased by Ps. 84.8 million, or 68.2%, compared to 1Q21, mainly due to a Ps. 69.6 million, or 105.1%, increase in concession taxes, and a Ps. 15.0 million, or 27.2%, increase in the cost of services.
Operating margin went from 34.5% in 1Q21 to 52.3% in 1Q22. Excluding the effects of IFRIC-12, operating margin went from 46.3% in 1Q21 to 62.6% in 1Q22. Operating income increased Ps. 1,889.4 million, or 150.6%, compared to 1Q21.
EBITDA margin went from 48.3% in 1Q21 to 61.7% in 1Q22. Excluding the effects of IFRIC-12, EBITDA margin went from 64.9% in 1Q21 to 73.8% in 1Q22. The nominal value of EBITDA increased Ps. 1,951.2 million, or 111.0%, compared to 1Q21.
Financial cost increased by Ps. 193.6 million, or 244.2%, from a net expense of Ps. 79.3 million in 1Q21 to a net expense of Ps. 272.9 million in 1Q22. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from income of Ps. 219.6 million in 1Q21 to income of Ps. 52.7 million in 1Q22. This generated a decrease in the foreign exchange gain of Ps. 166.9 million. Currency translation effect income decreased Ps. 240.0 million, compared to 1Q21.
- Interest expenses increased by Ps. 87.8 million, or 22.7%, compared to 1Q21, mainly due to higher debt as a result of the issuance of long-term debt securities and increase in interest rates.
- Interest income increased by Ps. 61.0 million, or 70.1%, compared to 1Q21, mainly due to an increase in the reference interest rates.
In 1Q22, comprehensive income increased Ps. 923.8 million, or 70.1%, compared to 1Q21. This increase was mainly due to a Ps. 1,695.8 million increase in profit before taxes derived from the significant increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 405.9 million and a Ps. 240.0 million decrease in currency translation effect.
During 1Q22, net income increased by Ps. 1,289.9 million, or 124.3%, compared to 1Q21. Income taxes increased by Ps. 450.1 million and were partially offset by a Ps. 44.2 million increase in the benefit for deferred taxes, mainly due an increase in the inflation rate, from 2.3% in 1Q21 to 2.5% in 1Q22.
Statement of Financial Position
Total assets as of
Total liabilities as of
Recent Events
- On
March 31, 2022 , we made the Ps. 1,500.0 million maturity payment on our “GAP-17” debt securities (equal to 15 million long-term debt securities. The payment was made with proceeds obtained from the issuance of long-term debt securities onMarch 17, 2022 .
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 a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del
Exhibit A: Operating results by airport (in thousands of pesos):
Airport | 1Q21 | 1Q22 | Change |
Aeronautical services | 626,719 | 979,945 | 56.4% |
Non-aeronautical services | 161,949 | 205,437 | 26.9% |
Improvements to concession assets (IFRIC 12) | 281,771 | 499,974 | 77.4% |
Total Revenues | 1,070,439 | 1,685,356 | 57.4% |
Operating income | 481,125 | 820,131 | 70.5% |
EBITDA | 584,062 | 936,874 | 60.4% |
Aeronautical services | 332,362 | 546,561 | 64.4% |
Non-aeronautical services | 86,762 | 117,755 | 35.7% |
Improvements to concession assets (IFRIC 12) | 405,221 | 85,505 | (78.9%) |
Total Revenues | 824,345 | 749,821 | (9.0%) |
Operating income | 230,867 | 453,557 | 96.5% |
EBITDA | 299,333 | 527,490 | 76.2% |
Aeronautical services | 324,257 | 629,476 | 94.1% |
Non-aeronautical services | 129,069 | 256,852 | 99.0% |
Improvements to concession assets (IFRIC 12) | 98,748 | 63,265 | (35.9%) |
Total Revenues | 552,073 | 949,594 | 72.0% |
Operating income | 270,708 | 639,948 | 136.4% |
EBITDA | 334,819 | 712,588 | 112.8% |
Aeronautical services | 225,766 | 596,139 | 164.1% |
Non-aeronautical services | 69,041 | 127,934 | 85.3% |
Improvements to concession assets (IFRIC 12) | 77,359 | 199,303 | 157.6% |
Total Revenues | 372,166 | 923,376 | 148.1% |
Operating income | 163,360 | 557,296 | 241.1% |
EBITDA | 210,087 | 603,020 | 187.0% |
Aeronautical services | 135,424 | 386,822 | 185.6% |
Non-aeronautical services | 77,238 | 153,952 | 99.3% |
Improvements to concession assets (IFRIC 12) | 19,696 | 34,808 | 76.7% |
Total Revenues | 232,357 | 575,581 | 147.7% |
Operating (loss) income | (30,306) | 244,395 | 906.4% |
EBITDA | 91,315 | 367,917 | 302.9% |
Aeronautical services | 99,876 | 160,220 | 60.4% |
Non-aeronautical services | 26,520 | 37,041 | 39.7% |
Improvements to concession assets (IFRIC 12) | 3,094 | 10,647 | 244.2% |
Total Revenues | 129,489 | 207,908 | 60.6% |
Operating (loss) income | 69,180 | 128,468 | 85.7% |
EBITDA | 87,722 | 148,455 | 69.2% |
Aeronautical services | 60,789 | 92,890 | 52.8% |
Non-aeronautical services | 15,851 | 15,645 | (1.3%) |
Improvements to concession assets (IFRIC 12) | 4,341 | 16,897 | 289.2% |
Total Revenues | 80,981 | 125,432 | 54.9% |
Operating (loss) income | 22,385 | 54,588 | (143.9%) |
EBITDA | 42,673 | 75,709 | 77.4% |
Others (1) | |||
Aeronautical services | 267,575 | 462,180 | 72.7% |
Non-aeronautical services | 68,675 | 93,804 | 36.6% |
Improvements to concession assets (IFRIC 12) | 39,014 | 80,056 | 105.2% |
Total Revenues | 375,263 | 636,041 | 69.5% |
Operating (loss) income | 15,540 | 156,444 | (906.7%) |
EBITDA | 81,749 | 226,372 | 176.9% |
Total | |||
Aeronautical services | 2,072,767 | 3,854,233 | 85.9% |
Non-aeronautical services | 635,104 | 1,008,420 | 58.8% |
Improvements to concession assets (IFRIC 12) | 929,243 | 990,454 | 6.6% |
Total Revenues | 3,637,114 | 5,853,108 | 60.9% |
Operating income | 1,222,859 | 3,054,826 | 149.8% |
EBITDA | 1,731,761 | 3,598,426 | 107.8% |
(1) Others include the operating results of the |
Exhibit B: Consolidated statement of financial position as of
1Q21 | 1Q22 | Change | % | ||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 14,728,391 | 16,899,886 | 2,171,495 | 14.7% | |
Trade accounts receivable - Net | 1,318,636 | 1,837,038 | 518,402 | 39.3% | |
Other current assets | 1,162,282 | 1,190,410 | 28,128 | 2.4% | |
Total current assets | 17,209,309 | 19,927,334 | 2,718,025 | 15.8% | |
Advanced payments to suppliers | 466,306 | 1,001,256 | 534,950 | 114.7% | |
Machinery, equipment and improvements to leased buildings - Net | 2,307,962 | 3,292,806 | 984,844 | 42.7% | |
Improvements to concession assets - Net | 13,846,300 | 16,531,959 | 2,685,659 | 19.4% | |
Airport concessions - Net | 10,659,934 | 10,111,568 | (548,366) | (5.1%) | |
Rights to use airport facilities - Net | 1,263,452 | 1,190,057 | (73,395) | (5.8%) | |
Deferred income taxes - Net | 6,063,843 | 6,394,719 | 330,876 | 5.5% | |
Other non-current assets | 111,566 | 460,405 | 348,839 | 312.7% | |
Total assets | 51,928,672 | 58,910,101 | 6,981,429 | 13.4% | |
Liabilities | |||||
Current liabilities | 4,992,770 | 6,161,952 | 1,169,183 | 23.4% | |
Long-term liabilities | 23,104,100 | 30,578,050 | 7,473,950 | 32.3% | |
Total liabilities | 28,096,870 | 36,740,001 | 8,643,131 | 30.8% | |
Stockholders' Equity | |||||
Common stock | 6,185,082 | 170,381 | (6,014,701) | (97.2%) | |
Legal reserve | 1,592,551 | 1,592,551 | 0 | 0.0% | |
Net income | 1,050,154 | 2,291,596 | 1,241,442 | 118.2% | |
Retained earnings | 11,908,890 | 13,925,092 | 2,016,202 | 16.9% | |
Reserve for share repurchase | 3,283,374 | 5,531,292 | 2,247,918 | 68.5% | |
Repurchased shares | (2,071,558) | (3,499,510) | (1,427,952) | 68.9% | |
Foreign currency translation reserve | 1,073,704 | 872,719 | (200,985) | (18.7%) | |
Remeasurements of employee benefit – Net | (8,950) | 5,313 | 14,263 | 159.4% | |
Cash flow hedges- Net | (254,312) | 121,421 | 375,733 | 147.7% | |
Total controlling interest | 22,758,935 | 21,010,854 | (1,748,080) | (7.7%) | |
Non-controlling interest | 1,072,867 | 1,159,246 | 86,378 | 8.1% | |
Total stockholder's equity | 23,831,802 | 22,170,100 | (1,661,702) | (7.0%) | |
Total liabilities and stockholders' equity | 51,928,672 | 58,910,101 | 6,981,429 | 13.4% | |
The non-controlling interest corresponds to the 25.5% stake held in the |
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
1Q21 | 1Q22 | Change | ||
Cash flows from operating activities: | ||||
Consolidated net income | 1,037,580 | 2,327,450 | 124.3% | |
Postemployment benefit costs | 8,900 | 8,605 | (3.3%) | |
Allowance expected credit loss | 23,525 | (1,684) | (107.2%) | |
Depreciation and amortization | 502,745 | 564,533 | 12.3% | |
(Gain) loss on sale of machinery, equipment and improvements to leased assets | 596 | 290 | (51.3%) | |
Interest expense | 381,139 | 475,407 | 24.7% | |
Provisions | (12,313) | 7,487 | (160.8%) | |
Income tax expense | 137,581 | 543,489 | 295.0% | |
Unrealized exchange loss | 163,039 | (124,319) | 176.3% | |
Net (gain) on derivative financial instruments | - | (6,765) | 100.0% | |
2,242,797 | 3,794,494 | 69.2% | ||
Changes in working capital: | ||||
(Increase) decrease in | ||||
Trade accounts receivable | (73,688) | (121,464) | 64.8% | |
Recoverable tax on assets and other assets | (56,433) | 125,736 | (322.8%) | |
(Decrease) increase | ||||
Concession taxes payable | (43,092) | (37,490) | (13.0%) | |
Accounts payable | 41,644 | (192,770) | 562.9% | |
Cash generated by operating activities | 2,111,228 | 3,568,506 | 69.0% | |
Income taxes paid | (302,349) | (1,399,856) | 363.0% | |
Net cash flows provided by operating activities | 1,808,879 | 2,168,650 | 19.9% | |
Cash flows from investing activities: | ||||
Machinery, equipment and improvements to concession assets | (829,935) | (1,117,599) | 34.7% | |
Cash flows from sales of machinery and equipment | 651 | 107 | (83.6%) | |
Other investment activities | 3,205 | (22,674) | (807.5%) | |
Net cash used by investment activities | (826,079) | (1,140,166) | 38.0% | |
Cash flows from financing activities: | ||||
Debt securities | - | 5,000,000.00 | 100.0% | |
Payment from Debt securities | - | (1,500,000) | 100.0% | |
Bank loans payments | (1,889,706) | (3,878,004) | (105.2%) | |
Bank loans | 1,889,706 | 3,872,783 | 104.9% | |
Repurchase of shares | (338,184) | (499,473) | (47.7%) | |
Interest paid | (339,197) | (360,255) | 6.2% | |
Interest paid on lease | (502) | (1,194) | 137.8% | |
Payments of obligations for leasing | (3,059) | (3,486) | 14.0% | |
Net cash flows used in financing activities | (680,942) | 2,630,371 | (486.3%) | |
Effects of exchange rate changes on cash held | (18,009) | (91,845) | 410.0% | |
Net increase in cash and cash equivalents | 283,842 | 3,567,010 | 1156.7% | |
Cash and cash equivalents at beginning of the period | 14,444,549 | 13,332,877 | (7.7%) | |
Cash and cash equivalents at the end of the period | 14,728,391 | 16,899,886 | 14.7% | |
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
1Q21 | 1Q22 | Change | ||
Revenues | ||||
Aeronautical services | 2,072,767 | 3,854,232 | 85.9% | |
Non-aeronautical services | 635,987 | 1,167,912 | 83.6% | |
Improvements to concession assets (IFRIC-12) | 929,243 | 990,454 | 6.6% | |
Total revenues | 3,637,996 | 6,012,598 | 65.3% | |
Operating costs | ||||
Costs of services: | 652,698 | 753,524 | 15.4% | |
Employee costs | 243,634 | 288,518 | 18.4% | |
Maintenance | 94,439 | 125,030 | 32.4% | |
Safety, security & insurance | 123,826 | 126,174 | 1.9% | |
Utilities | 77,173 | 96,081 | 24.5% | |
Other operating expenses | 113,626 | 117,721 | 3.6% | |
Technical assistance fees | 88,356 | 174,146 | 97.1% | |
Concession taxes | 213,840 | 399,766 | 86.9% | |
Depreciation and amortization | 502,745 | 564,533 | 12.3% | |
Cost of improvements to concession assets (IFRIC-12) | 929,243 | 990,454 | 6.6% | |
Other (income) | (3,350) | (13,711) | 309.3% | |
Total operating costs | 2,383,532 | 2,868,712 | 20.4% | |
Income from operations | 1,254,464 | 3,143,885 | 150.6% | |
Financial Result | (79,303) | (272,945) | 244.2% | |
Income before income taxes | 1,175,161 | 2,870,940 | 144.3% | |
Income taxes | (137,581) | (543,489) | 295.0% | |
Net income | 1,037,580 | 2,327,450 | 124.3% | |
Currency translation effect | 61,729 | (178,331) | (388.9%) | |
Cash flow hedges, net of income tax | 216,794 | 91,752 | (57.7%) | |
Remeasurements of employee benefit – net income tax | 1,102 | 102 | (90.7%) | |
Comprehensive income | 1,317,205 | 2,240,973 | 70.1% | |
Non-controlling interest | (12,895) | (19,026) | 47.5% | |
Comprehensive income attributable to controlling interest | 1,304,310 | 2,221,946 | 70.4% | |
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 | 6,185,082 | 1,592,551 | 3,283,374 | (1,733,374) | 11,908,890 | 556,287 | 21,792,811 | 1,059,972 | 22,852,783 |
Repurchased share | - | - | - | (338,184) | - | - | (338,184) | - | (338,184) |
Comprehensive income: | |||||||||
Net income | - | - | - | - | 1,050,154 | - | 1,050,154 | (12,575) | 1,037,579 |
Foreign currency translation reserve | - | - | - | - | - | 36,259 | 36,259 | 25,470 | 61,729 |
Remeasurements of employee benefit – Net | - | - | - | - | - | 1,102 | 1,102 | - | 1,102 |
Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | 216,794 | 216,794 | - | 216,794 |
Balance as of | 6,185,082 | 1,592,551 | 3,283,374 | (2,071,558) | 12,959,044 | 810,442 | 22,758,936 | 1,072,867 | 23,831,803 |
Balance as of | 170,381 | 1,592,551 | 5,531,292 | (3,000,037) | 13,925,091 | 1,069,102 | 19,288,380 | 1,140,220 | 20,428,600 |
Repurchased share | - | - | - | (499,475) | - | - | (499,475) | - | (499,475) |
Comprehensive income: | |||||||||
Net income | - | - | - | - | 2,291,595 | - | 2,291,595 | 35,854 | 2,327,450 |
Foreign currency translation reserve | - | - | - | - | - | (161,503) | (161,503) | (16,828) | (178,331) |
Remeasurements of employee benefit – Net | - | - | - | - | - | 102 | 102 | - | 102 |
Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | 91,752 | 91,752 | - | 91,752 |
Balance as of | 170,381 | 1,592,551 | 5,531,292 | (3,499,511) | 16,216,687 | 999,453 | 21,010,854 | 1,159,246 | 22,170,100 |
For presentation purposes, the 25.5% stake in |
As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial Reporting Standards (MFRS) through
Exhibit F: Other operating data (in thousands):
1Q21 | 1Q22 | Change | |
Total passengers | 7,406.9 | 12,581.4 | 69.9% |
Total cargo volume (in WLUs) | 668.2 | 626.8 | (6.2%) |
Total WLUs | 8,075.1 | 13,208.2 | 63.6% |
Aeronautical & non aeronautical services per passenger (pesos) | 365.7 | 399.2 | 9.2% |
Aeronautical services per WLU (pesos) | 256.7 | 291.8 | 13.7% |
Non aeronautical services per passenger (pesos) | 85.9 | 92.8 | 8.1% |
Cost of services per WLU (pesos) | 80.8 | 57.0 | (29.4%) |
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). |
Passenger Traffic and Consolidated Results compared to the same periods of 2019:
Domestic Terminal Passengers – 14 airports (in thousands):
Airport | 1Q19 | 1Q22 | Change | |
2,420.4 | 2,360.4 | (2.5%) | ||
1,361.2 | 1,820.9 | 33.8% | ||
394.7 | 512.8 | 29.9% | ||
351.8 | 498.8 | 41.8% | ||
1.8 | 0.0 | (100.0%) | ||
462.0 | 382.3 | (17.2%) | ||
385.0 | 383.2 | (0.5%) | ||
266.0 | 290.2 | 9.1% | ||
0.0 | 0.2 | 100.0% | ||
110.2 | 147.6 | 33.9% | ||
210.1 | 238.2 | 13.4% | ||
142.9 | 158.0 | 10.5% | ||
83.8 | 96.1 | 14.7% | ||
23.9 | 24.0 | 0.5% | ||
Total | 6,213.6 | 6,912.7 | 11.3% | |
*CBX users are classified as international passengers. | ||||
International Terminal Passengers – 14 airports (in thousands): | ||||
Airport | 1Q19 | 1Q22 | Change | |
988.1 | 969.9 | (1.8%) | ||
658.1 | 923.2 | 40.3% | ||
1,056.2 | 1,124.8 | 6.5% | ||
1,257.0 | 1,061.0 | (15.6%) | ||
1,336.1 | 928.1 | (30.5%) | ||
171.3 | 175.5 | 2.5% | ||
17.1 | 18.6 | 8.8% | ||
1.4 | 1.2 | (18.0%) | ||
0.0 | 268.2 | N/A | ||
101.3 | 116.3 | 14.9% | ||
3.6 | 7.5 | 108.5% | ||
44.5 | 47.1 | 5.9% | ||
1.6 | 1.7 | 6.6% | ||
37.2 | 25.6 | (31.0%) | ||
Total | 5,673.5 | 5,668.7 | (0.1%) | |
*CBX users are classified as international passengers. | ||||
Total Terminal Passengers – 14 airports (in thousands): | ||||
Airport | 1Q19 | 1Q22 | Change | |
3,408.5 | 3,330.3 | (2.3%) | ||
2,019.3 | 2,744.1 | 35.9% | ||
1,450.9 | 1,637.6 | 12.9% | ||
1,608.7 | 1,559.8 | (3.0%) | ||
1,337.9 | 928.1 | (30.6%) | ||
633.4 | 557.9 | (11.9%) | ||
402.1 | 401.8 | (0.1%) | ||
267.4 | 291.4 | 8.9% | ||
0.0 | 268.3 | N/A | ||
211.5 | 263.9 | 24.8% | ||
213.6 | 245.6 | 15.0% | ||
187.5 | 205.2 | 9.5% | ||
85.4 | 97.8 | 14.5% | ||
61.0 | 49.6 | (18.6%) | ||
Total | 11,887.2 | 12,581.4 | 5.8% | |
*CBX users are classified as international passengers. | ||||
CBX Users (in thousands): | ||||
Airport | 1Q19 | 1Q22 | Change | |
647.3 | 917.4 | 41.7% | ||
Consolidated Results and Other Data compared with 2019 (in thousands of pesos):
1Q19 | 1Q22 | Change | ||
Revenues | ||||
Aeronautical services | 2,631,325 | 3,854,232 | 46.5% | |
Non-aeronautical services | 901,324 | 1,167,912 | 29.6% | |
Improvements to concession assets (IFRIC 12) | 146,487 | 990,454 | 576.1% | |
Total revenues | 3,679,136 | 6,012,598 | 63.4% | |
Operating costs | ||||
Costs of services: | 595,639 | 753,524 | 26.5% | |
Employee costs | 194,323 | 288,518 | 48.5% | |
Maintenance | 112,440 | 125,030 | 11.2% | |
Safety, security & insurance | 102,131 | 126,174 | 23.5% | |
Utilities | 72,769 | 96,081 | 32.0% | |
Other operating expenses | 113,976 | 117,721 | 3.3% | |
Technical assistance fees | 115,574 | 174,146 | 50.7% | |
Concession taxes | 325,267 | 399,766 | 22.9% | |
Depreciation and amortization | 421,601 | 564,533 | 33.9% | |
Cost of improvements to concession assets (IFRIC 12) | 146,487 | 990,454 | 576.1% | |
Other (income) | (3,908) | (13,711) | 250.8% | |
Total operating costs | 1,600,660 | 2,868,712 | 79.2% | |
Income from operations | 2,078,476 | 3,143,885 | 51.3% | |
Financial Result | (82,609) | (272,945) | 230.4% | |
Income before taxes | 1,995,867 | 2,870,940 | 43.8% | |
Income taxes | (598,319) | (543,489) | (9.2%) | |
Net income | 1,397,549 | 2,327,450 | 66.5% | |
Currency translation effect | (93,951) | (178,331) | 89.8% | |
Cash flow hedges, net of income tax | 0 | 91,752 | 100.0% | |
Remeasurements of employee benefit – net income tax | (147) | 102.0 | (169.4%) | |
Comprehensive income | 1,303,451 | 2,240,973 | 71.9% | |
Non-controlling interest | (25,166) | (19,026) | 24.4% | |
Comprehensive income attributable to controlling interest | 1,278,285 | 2,221,946 | 73.8% | |
1Q19 | 1Q22 | Change | ||
EBITDA | 2,500,077 | 3,708,418 | 48.3% | |
Comprehensive income | 1,303,451 | 2,240,973 | 71.9% | |
Comprehensive income per share (pesos) | 2.3234 | 4.3896 | 88.9% | |
Comprehensive income per ADS (US dollars) | 1.1978 | 2.2046 | 84.1% | |
Operating income margin | 56.5% | 52.3% | (7.4%) | |
Operating income margin (excluding IFRIC 12) | 58.8% | 62.6% | 6.4% | |
EBITDA margin | 68.0% | 61.7% | (9.2%) | |
EBITDA margin (excluding IFRIC 12) | 70.8% | 73.8% | 4.3% | |
Costs of services and improvements / total revenues | 20.2% | 29.0% | 43.8% | |
Cost of services / total revenues (excluding IFRIC 12) | 16.9% | 15.0% | (11.0%) | |
IR Contacts: | |
svillarreal@aeropuertosgap.com.mx | |
asoto@aeropuertosgap.com.mx | |
gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294 | |
[1] 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
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