Summary of Results 3Q23 vs. 3Q22
- The sum of aeronautical and non-aeronautical services revenues increased by Ps. 549.4 million, or 9.5%. Total revenues increased by Ps. 640.9 million, or 9.4%.
- Cost of services increased by Ps. 202.3 million, or 20.6%.
- Income from operations increased by Ps. 152.7 million, or 4.4%.
- EBITDA increased by Ps. 184.8 million, or 4.5%, an increase from Ps. 4,085.0 million in 3Q22 to Ps. 4,269.9 million in 3Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 70.7% in 3Q22 to 67.5% in 3Q23.
- Comprehensive income decreased by Ps. 105.3 million, or 4.0%, from Ps. 2,656.7 million in 3Q22 to Ps. 2,551.4 million in 3Q23.
Company’s Financial Position:
3Q23 results were positive compared to 3Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 15.7% appreciation of the peso versus the
Passenger Traffic
During 3Q23, total passengers at the Company’s 14 airports increased by 1,583.4 thousand passengers, an increase of 10.8%, compared to 3Q22.
During 3Q23, the following new routes were opened:
Domestic:
Airline | Departure | Arrival | Opening date | Frequencies |
Viva Aerobus | 2 weekly | |||
Viva Aerobus | Ciudad Juarez | 2 weekly | ||
Viva Aerobus | 3 weekly | |||
Viva Aerobus | Torreon | 2 weekly | ||
Volaris | 4 weekly | |||
Volaris | Chihuahua | 3 weekly | ||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 3 weekly | |||
Volaris | 3 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | Torreon | 3 weekly | ||
Volaris | Tuxtla Gutierrez | 3 weekly | ||
Volaris | Villahermosa | 2 weekly | ||
Volaris | Ciudad Juarez | 2 weekly | ||
Volaris | Loreto | 2 weekly | ||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Note: Frequencies can vary without prior notice. |
Airline | Departure | Arrival | Opening date | Frequencies |
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | Tuxtla Gutierrez | 2 weekly | ||
Volaris | 2 weekly | |||
Volaris | Ciudad Juarez | 2 weekly | ||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | Monterrey | 2 weekly | ||
Volaris | Acapulco | 2 weekly | ||
Volaris | 2 weekly | |||
Volaris | Zihuatanejo | 2 weekly | ||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Volaris | 2 weekly | |||
Viva Aerobus | 4 weekly | |||
Volaris | Villahermosa | 1 weekly | ||
Note: Frequencies can vary without prior notice. |
Domestic Terminal Passengers – 14 airports (in thousands):
Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
2,935.2 | 3,261.8 | 11.1% | 7,969.3 | 9,395.0 | 17.9% | |
2,151.2 | 2,448.3 | 13.8% | 5,973.1 | 6,751.6 | 13.0% | |
725.5 | 832.5 | 14.8% | 1,869.8 | 2,244.2 | 20.0% | |
753.4 | 799.5 | 6.1% | 1,944.0 | 2,197.1 | 13.0% | |
0.0 | 0.0 | 0.0% | 0.0 | 0.0 | N/A | |
491.5 | 662.9 | 34.9% | 1,300.7 | 1,729.5 | 33.0% | |
479.0 | 556.8 | 16.2% | 1,343.6 | 1,552.4 | 15.5% | |
0.5 | 0.7 | 43.8% | 1.0 | 1.3 | 35.8% | |
327.8 | 447.6 | 36.5% | 918.7 | 1,174.8 | 27.9% | |
160.8 | 221.1 | 37.5% | 474.3 | 609.1 | 28.4% | |
274.0 | 303.6 | 10.8% | 786.7 | 814.2 | 3.5% | |
171.2 | 171.6 | 0.2% | 524.8 | 478.6 | (8.8%) | |
103.4 | 123.1 | 19.0% | 307.5 | 336.2 | 9.4% | |
25.5 | 27.3 | 7.0% | 74.0 | 80.1 | 8.2% | |
Total | 8,599.1 | 9,856.8 | 14.6% | 23,487.4 | 27,364.0 | 16.5% |
*Cross |
International Terminal Passengers – 14 airports (in thousands):
Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
1,165.2 | 1,342.2 | 15.2% | 3,232.8 | 3,848.9 | 19.1% | |
1,113.5 | 1,093.9 | (1.8%) | 3,063.3 | 3,254.5 | 6.2% | |
1,001.1 | 999.6 | (0.1%) | 3,310.4 | 3,603.1 | 8.8% | |
652.8 | 599.0 | (8.2%) | 2,587.6 | 2,863.8 | 10.7% | |
1,136.8 | 1,306.4 | 14.9% | 3,225.8 | 3,963.2 | 22.9% | |
210.5 | 227.4 | 8.0% | 567.7 | 645.5 | 13.7% | |
20.1 | 18.3 | (8.7%) | 58.5 | 55.0 | (6.0%) | |
497.8 | 509.4 | 2.3% | 1,128.4 | 1,338.9 | 18.7% | |
1.7 | 1.8 | 4.6% | 4.6 | 5.3 | 14.7% | |
130.7 | 149.2 | 14.2% | 364.2 | 444.0 | 21.9% | |
5.4 | 2.6 | (51.4%) | 19.2 | 10.3 | (46.0%) | |
65.2 | 81.5 | 25.0% | 170.2 | 214.3 | 25.9% | |
2.1 | 1.9 | (10.8%) | 5.8 | 5.4 | (7.6%) | |
11.1 | 6.5 | (41.5%) | 52.3 | 49.1 | (6.0%) | |
Total | 6,013.9 | 6,339.7 | 5.4% | 17,790.9 | 20,301.6 | 14.1% |
*CBX users are classified as international passengers. |
Total Terminal Passengers – 14 airports (in thousands):
Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
4,100.4 | 4,604.0 | 12.3% | 11,202.1 | 13,243.9 | 18.2% | |
3,264.7 | 3,542.2 | 8.5% | 9,036.4 | 10,006.1 | 10.7% | |
1,726.5 | 1,832.1 | 6.1% | 5,180.3 | 5,847.3 | 12.9% | |
1,406.2 | 1,398.5 | (0.5%) | 4,531.7 | 5,060.9 | 11.7% | |
1,136.8 | 1,306.4 | 14.9% | 3,225.8 | 3,963.2 | 22.9% | |
702.0 | 890.2 | 26.8% | 1,868.4 | 2,375.0 | 27.1% | |
499.1 | 575.2 | 15.2% | 1,402.1 | 1,607.5 | 14.6% | |
498.3 | 510.1 | 2.4% | 1,129.4 | 1,340.3 | 18.7% | |
329.5 | 449.4 | 36.4% | 923.3 | 1,180.1 | 27.8% | |
291.5 | 370.2 | 27.0% | 838.5 | 1,053.1 | 25.6% | |
279.4 | 306.2 | 9.6% | 805.9 | 824.5 | 2.3% | |
236.4 | 253.1 | 7.0% | 695.0 | 692.9 | (0.3%) | |
105.5 | 125.0 | 18.4% | 313.3 | 341.6 | 9.0% | |
36.6 | 33.8 | (7.7%) | 126.3 | 129.2 | 2.3% | |
Total | 14,613.0 | 16,196.5 | 10.8% | 41,278.3 | 47,665.6 | 15.5% |
*CBX users are classified as international passengers. |
CBX Users (in thousands):
Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
1,103.9 | 1,084.2 | (1.8%) | 3,038.5 | 3,226.9 | 6.2% | |
Consolidated Results for the Third Quarter of 2023 (in thousands of pesos):
3Q22 | 3Q23 | Change | |
Revenues | |||
Aeronautical services | 4,449,504 | 4,812,288 | 8.2% |
Non-aeronautical services | 1,329,793 | 1,516,381 | 14.0% |
Improvements to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% |
Total revenues | 6,752,040 | 7,392,955 | 9.5% |
Operating costs | |||
Costs of services: | 980,978 | 1,183,268 | 20.6% |
Employee costs | 357,283 | 440,836 | 23.4% |
Maintenance | 147,757 | 171,063 | 15.8% |
Safety, security & insurance | 146,102 | 180,066 | 23.2% |
Utilities | 136,726 | 141,334 | 3.4% |
Other operating expenses | 193,110 | 249,969 | 29.4% |
Technical assistance fees | 189,598 | 209,109 | 10.3% |
Concession taxes | 525,291 | 671,398 | 27.8% |
Depreciation and amortization | 587,686 | 619,755 | 5.5% |
Cost of improvements to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% |
Other (income) | (1,610) | (4,959) | 208.0% |
Total operating costs | 3,254,686 | 3,742,857 | 15.0% |
Income from operations | 3,497,354 | 3,650,098 | 4.4% |
Financial Result | (227,340) | (544,187) | 139.4% |
Income before income taxes | 3,270,014 | 3,105,911 | (5.0%) |
Income taxes | (607,303) | (727,051) | 19.7% |
Net income | 2,662,711 | 2,378,860 | (10.7%) |
Currency translation effect | (7,235) | 158,864 | (2295.8%) |
Cash flow hedges, net of income tax | 1,152 | 13,398 | 1063.0% |
Remeasurements of employee benefit – net income tax | 106 | 318 | 200.0% |
Comprehensive income | 2,656,734 | 2,551,440 | (4.0%) |
Non-controlling interest | (58,841) | (52,302) | (11.1%) |
Comprehensive income attributable to controlling interest | 2,597,893 | 2,499,138 | (3.8%) |
3Q22 | 3Q23 | Change | |
EBITDA | 4,085,040 | 4,269,853 | 4.5% |
Comprehensive income | 2,656,734 | 2,551,440 | (4.0%) |
Comprehensive income per share (pesos) | 5.2245 | 5.0496 | (3.3%) |
Comprehensive income per ADS (US dollars) | 3.0015 | 2.9010 | (3.3%) |
Operating income margin | 51.8% | 49.4% | (4.7%) |
Operating income margin (excluding IFRIC-12) | 60.5% | 57.7% | (4.7%) |
EBITDA margin | 60.5% | 57.8% | (4.5%) |
EBITDA margin (excluding IFRIC-12) | 70.7% | 67.5% | (4.5%) |
Costs of services and improvements / total revenues | 28.9% | 30.4% | 5.1% |
Cost of services / total revenues (excluding IFRIC-12) | 17.0% | 18.7% | 10.2% |
- Net income and comprehensive income per share for 3Q23 and 3Q22 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. 17.0601 per |
Revenues (3Q23 vs. 3Q22)
- Aeronautical services revenues increased by Ps. 362.8 million, or 8.2%.
- Non-aeronautical services revenues increased by Ps. 186.6 million, or 14.0%.
- Revenues from improvements to concession assets increased by Ps. 91.5 million, or 9.4%.
- Total revenues increased by Ps. 640.9 million, or 9.5%.
- The change in aeronautical services revenues was primarily due to the following factors:
- Revenues at our Mexican airports increased by Ps. 393.1 million, or 10.6%, compared to 3Q22, mainly due to the 10.8% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican airports decreased by Ps. 30.3 million, or 4.1%, compared to 3Q22. This was mainly due to the 15.7% appreciation of the peso versus the
U.S. dollar, compared to 3Q22, which went from an average exchange rate of Ps. 20.2403 in 3Q22 to Ps. 17.0601 in 3Q23, which represented a decrease in revenues in pesos. Revenues inU.S. dollars increased byUSD$2.8 million or 24.6%. Passenger traffic increased by 11.1%.
- Revenues at our Mexican airports increased by Ps. 393.1 million, or 10.6%, compared to 3Q22, mainly due to the 10.8% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.
- The change in non-aeronautical services revenues was primarily driven by the following factors:
- Revenues at our Mexican airports increased by Ps. 174.2 million, or 16.0%, compared to 3Q22. Revenues from businesses operated by third parties increased by Ps. 66.6 million, or 9.4%, mainly due to the passenger traffic recovery, the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverage, retail, car rentals, and leasing of space, all of which increased by Ps. 92.9 million, or 20.2%, offset by a decrease in revenues from duty-free stores and time-shares by Ps. 20.4 million, combined, given that these contracts are in
U.S. dollars and the peso appreciated by 15.7%. Revenues from businesses operated directly by us increased by Ps. 107.6 million, or 29.3%. - Revenues from the Jamaican airports increased by Ps. 12.4 million, or 5.1%, compared to 3Q22. The business line that grew the most was duty-free stores, advertising, and financial services, which increased by Ps. 17.5 million, or 17.5%. These revenues were offset by a decrease in retail and other commercial revenues by Ps. 6.5 million. Revenues in
U.S. dollars increased byUS$ 2.9 million , or 24.7%, offset by an appreciation of the peso by 15.7% against theU.S. dollar compared to 3Q22.
- Revenues at our Mexican airports increased by Ps. 174.2 million, or 16.0%, compared to 3Q22. Revenues from businesses operated by third parties increased by Ps. 66.6 million, or 9.4%, mainly due to the passenger traffic recovery, the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverage, retail, car rentals, and leasing of space, all of which increased by Ps. 92.9 million, or 20.2%, offset by a decrease in revenues from duty-free stores and time-shares by Ps. 20.4 million, combined, given that these contracts are in
3Q22 | 3Q23 | Change | |
Businesses operated by third parties: | |||
Food and beverage | 203,903 | 249,671 | 22.4% |
Duty-free | 194,142 | 193,804 | (0.2%) |
Retail | 154,788 | 175,933 | 13.7% |
Car rentals | 136,692 | 144,939 | 6.0% |
Leasing of space | 82,646 | 97,178 | 17.6% |
Time shares | 59,598 | 50,202 | (15.8%) |
Ground transportation | 41,213 | 33,902 | (17.7%) |
Communications and financial services | 27,200 | 28,734 | 5.6% |
Other commercial revenues | 29,440 | 24,526 | (16.7%) |
Total | 929,624 | 998,888 | 7.5% |
Businesses operated directly by us: | |||
Car parking | 142,543 | 186,944 | 31.1% |
VIP lounges | 94,392 | 105,870 | 12.2% |
Convenience stores | 86,073 | 128,147 | 48.9% |
Advertising | 20,344 | 41,696 | 105.0% |
Total | 343,353 | 462,657 | 34.7% |
Recovery of costs | 56,816 | 54,835 | (3.5%) |
Total Non-aeronautical Revenues | 1,329,793 | 1,516,381 | 14.0% |
Figures expressed in thousands of Mexican pesos. |
- Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 91.5 million, or 9.4%, compared to 3Q22. The change was composed of:- Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 81.4 million, or 8.5%, due to increased investments under the Master Development Program for 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 10.1 million, or 59.2%.
- Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 81.4 million, or 8.5%, due to increased investments under the Master Development Program for 2020-2024 period.
_____________________________
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. 488.2 million, or 15.0%, compared to 3Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 91.5 million, a combined increase of Ps. 165.6 million, or 23.2%, in concession taxes and technical assistance fees, an increase in the cost of services of Ps. 202.3 million, or 20.6%, and a Ps. 32.1 million, or 5.5%, increase in depreciation and amortization (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 396.6 million, or 17.4%).
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs increased by Ps. 352.3 million, or 13.5%, compared to 3Q22, primarily due to a Ps. 81.4 million, or 8.5%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 196.7 million, or 25.2%, increase in the cost of services, a combined Ps. 40.1 million, or 9.6%, increase in technical assistance fees and concession taxes, and a Ps. 39.5 million, or 8.6%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 270.8 million or 16.4%).
The change in the cost of services during 3Q23 was mainly due to:
- Employee costs increased Ps. 81.6 million, or 26.6%, compared to 3Q22, mainly due to the hiring of 317 additional personnel during the last quarter of 2022 and during the first nine months of 2023, mainly for the operation of business lines operated directly by us, as well as the adjustments in salaries and changes in Labor Law.
- Other operating expenses increased Ps. 59.6 million, or 36.5%, compared to 3Q22, mainly due to a combined increase of Ps. 53.1 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in sales of these business lines, as well as the increase in FBO services, professional fees, and travel expenses.
- Safety, security, and insurance costs increased Ps. 25.5 million, or 23.8%, compared to 3Q22, mainly due to an increase in the number of security staff, minimum wages and changes in Labor Law, and the opening of additional operational areas.
- Utilities costs increased by Ps. 15.2 million, or 17.5%.
Jamaican Airports:
- Operating costs increased by Ps. 135.9 million, or 21.1%, compared to 3Q22, mainly due to a Ps. 125.5 million, or 42.3%, increase in concession taxes, an increase in the cost of improvements to concession assets (IFRIC-12) by Ps.10.1 million, or 59.2%, and an increase in the cost of services by Ps. 5.6 million, or 2.8%, offset by the decrease in the depreciation and amortization by Ps. 7.4 million, or 5.8%.
Operating income margin went from 51.8% in 3Q22 to 49.4% in 3Q23. Excluding the effects of IFRIC-12, the operating income margin went from 60.5% in 3Q22 to 57.7% in 3Q23. Income from operations increased by Ps. 152.7 million, or 4.4%, compared to 3Q22.
EBITDA margin went from 60.5% in 3Q22 to 57.8% in 3Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 70.7% in 3Q22 to 67.5% in 3Q23. The nominal value of EBITDA increased by Ps. 184.8 million, or 4.5%, compared to 3Q22.
Financial result increased by Ps. 316.9 million, or 139.4%, from a net expense of Ps. 227.3 million in 3Q22 to a net expense of Ps. 544.2 million in 3Q23. This change was mainly the result of:
- Foreign exchange rate fluctuations, which went from an income of Ps. 208.1 million in 3Q22 to an income of Ps. 170.3 million in 3Q23. This generated a foreign exchange loss of Ps. 37.9 million. This was mainly due to the appreciation of the peso. The currency translation effect income increased Ps. 166.1 million, compared to 3Q22.
- Interest expenses increased by Ps. 413.4 million, or 64.6%, compared to 3Q22, 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 increase in interest rates.
- Interest income increased by Ps. 134.4 million, or 65.2%, compared to 3Q22, mainly due to an increase in the reference interest rates.
In 3Q23, comprehensive income decreased by Ps. 105.3 million, or 4.0%, compared to 3Q22. Income before taxes decreased by Ps. 164.1 million, mainly due to the increase in the financial result of Ps. 316.9 million and the decrease in revenues in dollars due to the appreciation of the peso by 15.7%, an effect offset by the increase in income from the currency translation effect in Ps. 166.1 million.
During 3Q23, net income decreased by Ps. 283.9 million, or 10.7%, compared to 3Q22. Taxes for the period increased by Ps. 119.7 million, income taxes increased by Ps. 3.3 million and the benefit for deferred taxes decreased by Ps. 116.4 million, mainly due to a decrease in the inflation rate, from 2.2% in 3Q22 to 1.4% in 3Q23.
Consolidated Results for the Nine Months (in thousands of pesos):
9M22 | 9M23 | Change | |
Revenues | |||
Aeronautical services | 12,626,702 | 14,780,643 | 17.1% |
Non-aeronautical services | 3,815,830 | 4,544,249 | 19.1% |
Improvements to concession assets (IFRIC-12) | 2,932,191 | 4,767,624 | 62.6% |
Total revenues | 19,374,723 | 24,092,515 | 24.4% |
Operating costs | |||
Costs of services: | 2,634,969 | 3,184,434 | 20.9% |
Employee costs | 996,556 | 1,273,009 | 27.7% |
Maintenance | 434,004 | 478,061 | 10.2% |
Safety, security & insurance | 408,919 | 503,020 | 23.0% |
Utilities | 352,376 | 363,997 | 3.3% |
Other operating expenses | 443,114 | 566,347 | 27.8% |
Technical assistance fees | 553,970 | 651,826 | 17.7% |
Concession taxes | 1,398,515 | 1,938,019 | 38.6% |
Depreciation and amortization | 1,715,333 | 1,858,980 | 8.4% |
Cost of improvements to concession assets (IFRIC-12) | 2,932,191 | 4,767,624 | 62.6% |
Other (income) | (20,082) | 7,837 | (139.0%) |
Total operating costs | 9,214,895 | 12,408,721 | 34.7% |
Income from operations | 10,159,828 | 11,683,794 | 15.0% |
Financial Result | (788,405) | (1,726,623) | 119.0% |
Income before income taxes | 9,371,424 | 9,957,171 | 6.3% |
Income taxes | (2,016,627) | (2,524,654) | 25.2% |
Net income | 7,354,796 | 7,432,517 | 1.1% |
Currency translation effect | (346,786) | (655,718) | 89.1% |
Cash flow hedges, net of income tax | 138,539 | (24,353) | (117.6%) |
Remeasurements of employee benefit – net income tax | 311 | 917 | 194.9% |
Comprehensive income | 7,146,860 | 6,753,363 | (5.5%) |
Non-controlling interest | (129,498) | (60,519) | (53.3%) |
Comprehensive income attributable to controlling interest | 7,017,362 | 6,692,844 | (4.6%) |
9M22 | 9M23 | Change | |
EBITDA | 11,875,161 | 13,542,775 | 14.0% |
Comprehensive income | 7,146,860 | 6,753,363 | (5.5%) |
Comprehensive income per share (pesos) | 14.0545 | 13.3657 | (4.9%) |
Comprehensive income per ADS (US dollars) | 8.0743 | 7.6786 | (4.9%) |
Operating income margin | 52.4% | 48.5% | (7.5%) |
Operating income margin (excluding IFRIC-12) | 61.8% | 60.5% | (2.2%) |
EBITDA margin | 61.3% | 56.2% | (8.3%) |
EBITDA margin (excluding IFRIC-12) | 72.2% | 70.1% | (3.0%) |
Costs of services and improvements / total revenues | 28.7% | 33.0% | 14.9% |
Cost of services / total revenues (excluding IFRIC-12) | 16.0% | 16.5% | 2.8% |
- Net income and comprehensive income per share for 9M23 and 9M22 were calculated based on 505,277,464 shares outstanding as of | |||
- For purposes of the consolidation of the airports in |
Revenues (9M23 vs. 9M22)
- Aeronautical services revenues increased by Ps. 2,153.9 million, or 17.1%.
- Non-aeronautical services revenues increased by Ps. 728.4 million, or 19.1%.
- Revenues from improvements to concession assets increased by Ps. 1,835.4 million, or 62.6%.
- Total revenues increased by Ps. 4,717.8 million, or 24.4%.
- The change in aeronautical services revenues was composed primarily of the following factors:
- Revenues at our Mexican airports increased by Ps. 1,975.8 million, or 18.5%, compared to 9M22, mainly due to the 14.7% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs.
- Revenues from Jamaican airports increased by Ps. 178.1 million, or 9.0%, compared to 9M22. This was mainly due to the 21.8% increase in passenger traffic but offset by the appreciation of the peso against the
U.S. dollar compared to 9M22 of 12.0%, which went from an average exchange rate of Ps. 20.2682 in 9M22 to Ps. 17.8282 in 9M23, which represented a decrease in revenues in pesos.
- Revenues at our Mexican airports increased by Ps. 1,975.8 million, or 18.5%, compared to 9M22, mainly due to the 14.7% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs.
- The change in non-aeronautical services revenues was composed primarily of the following factors :
- Revenues at our Mexican airports increased by Ps. 640.8 million, or 20.4%, compared to 9M22. Revenues from businesses operated directly by us increased by Ps. 335.0 million, or 36.1%, while the recovery of costs increased by Ps. 4.8 million, or 3.9%. Revenues from businesses operated by third parties increased by Ps. 301.0 million, or 14.4%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, retail, leasing of space, and car rentals, which jointly increased by Ps. 296.5 million, or 22.3%. Commercial revenues in
U.S. dollars represent 25% of non-aeronautical revenues, therefore the appreciation of the peso during 9M23 affected that revenue by approximately 3.3%. - Revenues from the Jamaican airports increased by Ps. 87.6 million, or 13.0%, compared to 9M22. The business lines that increased the most were duty-free stores, retail, food and beverage, advertising, parking lots, and leasing of space, which jointly increased by Ps. 105.0 million, or 18.5%. These revenues were offset by a decrease in other commercial revenues by Ps. 17.8 million. Revenues in
U.S. dollars increased byUS$9.5 million , or 28.5%.
- Revenues at our Mexican airports increased by Ps. 640.8 million, or 20.4%, compared to 9M22. Revenues from businesses operated directly by us increased by Ps. 335.0 million, or 36.1%, while the recovery of costs increased by Ps. 4.8 million, or 3.9%. Revenues from businesses operated by third parties increased by Ps. 301.0 million, or 14.4%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, retail, leasing of space, and car rentals, which jointly increased by Ps. 296.5 million, or 22.3%. Commercial revenues in
9M22 | 9M23 | Change | |
Businesses operated by third parties: | |||
Food and beverage | 577,652 | 748,361 | 29.6% |
Duty-free | 535,938 | 583,824 | 8.9% |
Retail | 451,440 | 531,703 | 17.8% |
Car rentals | 398,902 | 427,802 | 7.2% |
Leasing of space | 225,799 | 270,513 | 19.8% |
Time shares | 178,968 | 166,585 | (6.9%) |
Ground transportation | 126,464 | 132,307 | 4.6% |
Communications and financial services | 78,151 | 88,240 | 12.9% |
Other commercial revenues | 125,793 | 112,188 | (10.8%) |
Total | 2,699,108 | 3,061,523 | 13.4% |
Businesses operated directly by us: | |||
Car parking | 394,652 | 528,005 | 33.8% |
VIP lounges | 269,458 | 319,848 | 18.7% |
Advertising | 229,063 | 359,901 | 57.1% |
Convenience stores | 57,585 | 105,815 | 83.8% |
Total | 950,758 | 1,313,568 | 38.2% |
Recovery of costs | 165,964 | 169,157 | 1.9% |
Total Non-aeronautical Revenues | 3,815,830 | 4,544,249 | 19.1% |
Figures expressed in thousands of Mexican pesos. |
- Revenues from improvements to concession assets2
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,835.4 million, or 62.6%, compared to 9M22. The change was composed primarily of:- The Company’s Mexican airports, which increased by Ps. 1,820.7 million, or 63.6%, due to increased investments under the Master Development Program for 2020-2024 period.
- Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 14.7 million, or 21.0%.
- The Company’s Mexican airports, which increased by Ps. 1,820.7 million, or 63.6%, due to increased investments under the Master Development Program for 2020-2024 period.
_____________________________
[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
Total operating costs increased by Ps. 3,193.8 million, or 34.7%, compared to 9M22, mainly due to a Ps. 1,835.4 million, or 62.6% increase in the cost of improvements to the concession assets (IFRIC-12), a combined Ps. 637.4 million, or 32.6%, increase in concession taxes and technical assistance fees, a Ps. 549.5 million, or 20.9%, increase in cost of services, and a Ps. 143.6 million, or 8.4%, increase in depreciation and amortization (excluding the cost of improvements to concession assets, operating costs increased Ps. 1,358.4 million, or 21.6%).
This increase in total operating costs was composed primarily of the following factors:
Mexican Airports:
- Operating costs increased by Ps. 2,759.4 million, or 36.9%, compared to 9M22, primarily due to a Ps. 1,820.7 million, or 63.6%, increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 570.4 million, or 27.6%, increase in cost of services, a combined Ps. 210.9 million, or 17.4%, increase in technical assistance fees and concession taxes, a Ps. 145.0 million, or 10.8%, increase in depreciation and amortization, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 938.7 million or 20.4%).
The change in the cost of services during 9M23 was mainly due to:
- Employee costs increased Ps. 279.8 million, or 33.3%, compared to 9M22, mainly due to the hiring of additional personnel as well as the adjustments in salaries and changes in Labor Law.
- Other operating expenses increased Ps. 126.8 million, or 33.7%, compared to 9M22, mainly due to a combined increase of Ps. 112.4 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in the operation and revenues from these business lines, as well as FBO services, the allowance for credit losses, and travel expenses.
- Safety, security and insurance costs increased Ps. 86.0 million, or 28.7%, compared to 9M22, mainly due to an increase in the number of security staff, increase in minimum wages, changes in Labor Law and the opening of additional operational areas.
- Utilities increased by Ps. 44.2 million, or 21.2%, compared to 9M22.
Jamaican Airports:
- Operating costs increased by Ps. 434.4 million, or 24.9%, compared to 9M22, mainly due to a Ps. 426.5 million, or 57.7%, increase in concession taxes, a Ps. 14.7 million or 21.0%, increase in cost of improvements to concession assets (IFRIC-12), offset by the decrease in cost of services by Ps. 20.9 million, or 3.7%, and the depreciation and amortization by Ps. 1.4 million, or 0.4%, mainly due to the appreciation of the peso by 12.0%, which represented a decrease in the cost in pesos.
Operating margin went from 52.4% in 9M22 to 48.5% in 9M23. Excluding the effects of IFRIC-12, operating margin went from 61.8% in 9M22 to 60.5% in 9M23. Operating income increased Ps. 1,524.0 million, or 15.0%, compared to 9M22.
EBITDA margin went from 61.3% in 9M22 to 56.2% in 9M23. Excluding the effects of IFRIC-12, EBITDA margin went from 72.2% in 9M22 to 70.1% in 9M23. The nominal value of EBITDA increased Ps. 1,667.6 million, or 14.0%, compared to 9M22.
Financial cost increased by Ps. 938.2 million, or 119.0%, from a net expense of Ps. 788.4 million in 9M22 to a net expense of Ps. 1,726.6 million in 9M23. This change was mainly the result of:
- Foreign exchange rate fluctuation, which went from an income of Ps. 342.0 million in 9M22 to a loss of Ps. 186.3 million in 9M23. This generated an increase in the foreign exchange loss of Ps. 528.3 million, due to the peso appreciation. Currency translation effect expense increased Ps. 308.9 million, compared to 9M22.
- Interest expenses increased by Ps. 942.9 million, or 55.4%, compared to 9M22, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans, as well as the substantial increase in interest rates.
- Interest income increased by Ps. 533.0 million, or 92.6%, compared to 9M22, mainly due to an increase in the reference interest rates.
In 9M23, comprehensive income decreased by Ps. 393.5 million, or 5.5%, compared to 9M22. Income before taxes increased by Ps. 585.7 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 508.0 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 308.9 million, and a decrease in cash flow hedges for Ps. 162.9 million.
During 9M23, net income increased by Ps. 77.7 million, or 1.1%, compared to 9M22. Taxes for the period increased by Ps. 508.0 million, income taxes increased by Ps. 157.2 million, and the benefit for deferred taxes decreased by Ps. 350.8 million, mainly due to a decrease in the inflation rate, from 6.2% in 9M22 to 2.9% in 9M23.
Statement of Financial Position
Total assets as of
Total liabilities as of
Recent events
On
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 | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
Aeronautical services | 1,225,545 | 1,384,710 | 13.0% | 3,296,847 | 4,044,710 | 22.7% |
Non-aeronautical services | 222,509 | 263,082 | 18.2% | 644,738 | 760,360 | 17.9% |
Improvements to concession assets (IFRIC 12) | 499,974 | 42,989 | (91.4%) | 1,499,921 | 1,700,457 | 13.4% |
Total Revenues | 1,948,028 | 1,690,782 | (13.2%) | 5,441,506 | 6,505,526 | 19.6% |
Operating income | 1,068,333 | 1,250,818 | 17.1% | 2,799,435 | 3,503,297 | 25.1% |
EBITDA | 1,170,722 | 1,365,126 | 16.6% | 3,129,648 | 3,844,398 | 22.8% |
Aeronautical services | 698,222 | 784,504 | 12.4% | 1,893,773 | 2,203,798 | 16.4% |
Non-aeronautical services | 139,450 | 166,714 | 19.6% | 389,554 | 469,318 | 20.5% |
Improvements to concession assets (IFRIC 12) | 85,505 | 140,836 | 64.7% | 256,516 | 422,509 | 64.7% |
Total Revenues | 923,179 | 1,092,054 | 18.3% | 2,539,844 | 3,095,625 | 21.9% |
Operating income | 574,981 | 634,623 | 10.4% | 1,559,064 | 1,718,782 | 10.2% |
EBITDA | 664,549 | 735,933 | 10.7% | 1,807,050 | 2,017,211 | 11.6% |
Aeronautical services | 654,908 | 680,673 | 3.9% | 2,001,237 | 2,287,815 | 14.3% |
Non-aeronautical services | 271,777 | 261,808 | (3.7%) | 811,070 | 867,887 | 7.0% |
Improvements to concession assets (IFRIC 12) | 63,265 | 249,608 | 294.5% | 189,796 | 748,823 | 294.5% |
Total Revenues | 989,951 | 1,192,089 | 20.4% | 3,002,103 | 3,904,525 | 30.1% |
Operating income | 645,831 | 635,646 | (1.6%) | 2,011,990 | 2,200,249 | 9.4% |
EBITDA | 721,192 | 717,482 | (0.5%) | 2,236,706 | 2,444,388 | 9.3% |
Aeronautical services | 484,214 | 463,874 | (4.2%) | 1,662,321 | 1,921,180 | 15.6% |
Non-aeronautical services | 125,788 | 119,673 | (4.9%) | 399,623 | 432,069 | 8.1% |
Improvements to concession assets (IFRIC 12) | 199,303 | 403,557 | 102.5% | 597,909 | 1,210,671 | 102.5% |
Total Revenues | 809,305 | 987,104 | 22.0% | 2,659,853 | 3,563,921 | 34.0% |
Operating income | 382,371 | 409,130 | 7.0% | 1,477,112 | 1,651,577 | 11.8% |
EBITDA | 430,801 | 463,400 | 7.6% | 1,620,906 | 1,815,864 | 12.0% |
Aeronautical services | 442,173 | 433,702 | (1.9%) | 1,276,788 | 1,390,696 | 8.9% |
Non-aeronautical services | 182,776 | 199,151 | 9.0% | 514,116 | 597,734 | 16.3% |
Improvements to concession assets (IFRIC 12) | 17,096 | 23,988 | 40.3% | 70,202 | 79,029 | 12.6% |
Total Revenues | 642,047 | 656,841 | 2.3% | 1,861,108 | 2,067,459 | 11.1% |
Operating income | 392,948 | 176,139 | (55.2%) | 951,245 | 712,829 | (25.1%) |
EBITDA | 491,828 | 289,301 | (41.2%) | 1,293,084 | 1,065,396 | (17.6%) |
Exhibit A: Operating results by airport (in thousands of pesos):
Airport | 3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change |
Aeronautical services | 209,488 | 263,732 | 25.9% | 548,502 | 706,740 | 28.8% |
Non-aeronautical services | 39,735 | 46,316 | 16.6% | 113,305 | 135,793 | 19.8% |
Improvements to concession assets (IFRIC 12) | 10,647 | 70,722 | 564.3% | 31,941 | 212,167 | 564.3% |
Total Revenues | 259,869 | 380,771 | 46.5% | 693,748 | 1,054,699 | 52.0% |
Operating income | 172,122 | 221,187 | 28.5% | 437,932 | 580,177 | 32.5% |
EBITDA | 191,568 | 243,150 | 26.9% | 498,264 | 646,402 | 29.7% |
Aeronautical services | 118,428 | 139,364 | 17.7% | 328,931 | 382,873 | 16.4% |
Non-aeronautical services | 20,047 | 25,324 | 26.3% | 55,968 | 68,093 | 21.7% |
Improvements to concession assets (IFRIC 12) | 16,897 | 14,439 | (14.5%) | 50,690 | 43,318 | (14.5%) |
Total Revenues | 155,371 | 179,127 | 15.3% | 435,590 | 494,285 | 13.5% |
Operating income | 70,406 | 84,897 | 20.6% | 198,014 | 230,718 | 16.5% |
EBITDA | 91,113 | 109,893 | 20.6% | 262,040 | 304,785 | 16.3% |
Others (1) | ||||||
Aeronautical services | 616,526 | 661,729 | 7.3% | 1,618,301 | 1,842,831 | 13.9% |
Non-aeronautical services | 112,988 | 112,098 | (0.8%) | 309,744 | 327,381 | 5.7% |
Improvements to concession assets (IFRIC 12) | 80,056 | 118,145 | 47.6% | 235,216 | 350,649 | 49.1% |
Total Revenues | 809,570 | 891,974 | 10.2% | 2,163,262 | 2,520,862 | 16.5% |
Operating income | 188,146 | 235,321 | 25.1% | 530,818 | 612,501 | 15.4% |
EBITDA | 256,451 | 317,324 | 23.7% | 741,531 | 858,562 | 15.8% |
Total | ||||||
Aeronautical services | 4,449,504 | 4,812,288 | 8.2% | 12,626,701 | 14,780,643 | 17.1% |
Non-aeronautical services | 1,115,070 | 1,194,167 | 7.1% | 3,238,120 | 3,658,636 | 13.0% |
Improvements to concession assets (IFRIC 12) | 972,743 | 1,064,286 | 9.4% | 2,932,191 | 4,767,624 | 62.6% |
Total Revenues | 6,537,317 | 7,070,741 | 8.2% | 18,797,013 | 23,206,903 | 23.5% |
Operating income | 3,495,136 | 3,647,759 | 4.4% | 9,965,609 | 11,210,130 | 12.5% |
EBITDA | 4,018,225 | 4,241,607 | 5.6% | 11,589,230 | 12,997,005 | 12.1% |
(1) Others include the operating results of the |
Exhibit B: Consolidated statement of financial position as of
2022 | 2023 | Change | % | |
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 16,157,567 | 14,454,072 | (1,703,495) | (10.5%) |
Trade accounts receivable - Net | 1,867,442 | 2,062,286 | 194,844 | 10.4% |
Other current assets | 751,617 | 1,328,135 | 576,518 | 76.7% |
Total current assets | 18,776,626 | 17,844,493 | (932,133) | (5.0%) |
Advanced payments to suppliers | 2,009,155 | 2,058,763 | 49,608 | 2.5% |
Machinery, equipment and improvements to leased buildings - Net | 3,707,712 | 3,798,780 | 91,068 | 2.5% |
Improvements to concession assets - Net | 18,524,228 | 27,144,891 | 8,620,663 | 46.5% |
Airport concessions - Net | 9,950,067 | 9,023,473 | (926,594) | (9.3%) |
Rights to use airport facilities - Net | 1,153,359 | 1,079,962 | (73,397) | (6.4%) |
Deferred income taxes - Net | 6,668,207 | 7,053,371 | 385,164 | 5.8% |
Other non-current assets | 672,900 | 601,549 | (71,351) | (10.6%) |
Total assets | 61,462,255 | 68,605,282 | 7,143,027 | 11.6% |
Liabilities | ||||
Current liabilities | 10,397,308 | 14,617,581 | 4,220,274 | 40.6% |
Long-term liabilities | 32,934,715 | 34,904,611 | 1,969,896 | 6.0% |
Total liabilities | 43,332,023 | 49,522,193 | 6,190,170 | 14.3% |
Stockholders' Equity | ||||
Common stock | 8,197,536 | 8,197,536 | - | 0.0% |
Legal reserve | 34,076 | 478,185 | 444,109 | 1303.3% |
Net income | 7,225,111 | 7,317,424 | 92,313 | 1.3% |
Retained earnings | 136,704 | 244,656 | 107,952 | 79.0% |
Reserve for share repurchase | 2,499,473 | 1,500,000 | (999,473) | (40.0%) |
Repurchased shares | (1,999,987) | - | 1,999,987 | (100.0%) |
Foreign currency translation reserve | 687,735 | (25,610) | (713,345) | (103.7%) |
Remeasurements of employee benefit – Net | 5,522 | 14,931 | 9,409 | 170.4% |
Cash flow hedges- Net | 168,095 | 106,269 | (61,826) | -36.8 |
Total controlling interest | 16,954,265 | 17,833,391 | 879,126 | 5.2% |
Non-controlling interest | 1,175,967 | 1,249,698 | 73,731 | 6.3% |
Total stockholder's equity | 18,130,232 | 19,083,089 | 952,857 | 5.3% |
Total liabilities and stockholders' equity | 61,462,255 | 68,605,282 | 7,143,027 | 11.6% |
The non-controlling interest corresponds to the 25.5% stake held in the |
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change | |
Cash flows from operating activities: | ||||||
Consolidated net income | 2,662,711 | 2,378,860 | (10.7%) | 7,354,797 | 7,432,517 | 1.1% |
Postemployment benefit costs | 8,790 | 11,236 | 27.8% | 25,922 | 33,687 | 30.0% |
Allowance expected credit loss | 29,656 | 21,969 | (25.9%) | 25,811 | 28,365 | 9.9% |
Depreciation and amortization | 587,686 | 619,755 | 5.5% | 1,715,333 | 1,858,980 | 8.4% |
Loss on sale of machinery, equipment and improvements to leased assets | 1,513 | (535) | (135.4%) | 3,872 | 149 | (96.2%) |
Interest expense | 613,935 | 986,029 | 60.6% | 1,658,223 | 2,796,634 | 68.7% |
Provisions | 5,084 | 6,171 | 21.4% | 17,463 | 18,076 | 3.5% |
Income tax expense | 607,303 | 727,051 | 19.7% | 2,016,627 | 2,524,654 | 25.2% |
Unrealized exchange loss | (107,973) | 43,389 | (140.2%) | (289,485) | (283,740) | (2.0%) |
Net (gain) on derivative financial instruments | - | - | - | (6,933) | - | (100.0%) |
4,408,705 | 4,793,925 | 8.7% | 12,521,629 | 14,409,322 | 15.1% | |
Changes in working capital: | ||||||
(Increase) decrease in | ||||||
Trade accounts receivable | 71,419 | 87,770 | 22.9% | (179,225) | 252,147 | (240.7%) |
Recoverable tax on assets and other assets | (142,941) | (20,127) | (85.9%) | 296,101 | (212,579) | (171.8%) |
Increase (decrease) | ||||||
Concession taxes payable | (78,125) | 51,630 | (166.1%) | (116,187) | 167,794 | (244.4%) |
Accounts payable | 308,718 | 244,821 | (20.7%) | 245,002 | (116,841) | (147.7%) |
Cash generated by operating activities | 4,567,776 | 5,158,019 | 12.9% | 12,767,319 | 14,499,843 | 13.6% |
Income taxes paid | (821,292) | (839,157) | 2.2% | (3,584,700) | (3,619,209) | 1.0% |
Net cash flows provided by operating activities | 3,746,484 | 4,318,862 | 15.3% | 9,182,619 | 10,880,634 | 18.5% |
Cash flows from investing activities: | ||||||
Machinery, equipment and improvements to concession assets | (2,396,581) | (2,008,933) | (16.2%) | (5,492,216) | (7,643,301) | 39.2% |
Cash flows from sales of machinery and equipment | 1,621 | 951 | (41.3%) | 1,904 | 1,793 | (5.8%) |
Other investment activities | (53,358) | (51,418) | (3.6%) | (81,577) | (35,451) | (56.5%) |
Business acquisition | - | (614,792) | 100.0% | - | (614,792) | 100.0% |
Net cash used by investment activities | (2,448,318) | (2,674,192) | 9.2% | (5,571,889) | (8,291,751) | 48.8% |
Cash flows from financing activities: | ||||||
Dividends declared and paid | - | (1,874,579) | 100.0% | (3,675,745) | (3,749,159) | 2.0% |
Dividends declared and paid non-controlling interest | - | - | 0.0% | (155,052) | - | 100.0% |
Bond certificates issued | 2,757,588 | - | (100.0%) | 7,757,588 | 5,400,000 | (30.4%) |
Bond certificates paid | - | - | 0.0% | (1,500,000) | (602,000) | (59.9%) |
Bank loans paid | - | 1,536 | 100.0% | (3,959,077) | (71,313) | (98.2%) |
Banks loans | - | 1,221,118 | 100.0% | 3,872,783 | 2,221,118 | (42.6%) |
Repurchase of shares | (924,284) | - | (100.0%) | (1,999,987) | - | (100.0%) |
Interest paid | (583,027) | (1,352,659) | 132.0% | (1,524,509) | (3,027,929) | 98.6% |
Interest paid on lease | (1,403) | (1,239) | (11.7%) | (4,065) | (3,657) | (10.0%) |
Payments of obligations for leasing | (4,221) | (4,740) | 12.3% | (11,924) | (13,064) | 9.6% |
Net cash flows used in financing activities | 1,244,653 | (2,010,563) | (261.5%) | (1,199,988) | 153,998 | (112.8%) |
Effects of exchange rate changes on cash held | 125,186 | (100,987) | (180.7%) | 413,947 | (660,273) | (259.5%) |
Net increase (decrease) in cash and cash equivalents | 2,668,005 | (466,880) | (117.5%) | 2,824,691 | 2,082,608 | (26.3%) |
Cash and cash equivalents at beginning of the period | 13,489,562 | 14,920,952 | 10.6% | 13,332,877 | 12,371,464 | (7.2%) |
Cash and cash equivalents at the end of the period | 16,157,567 | 14,454,072 | (10.5%) | 16,157,567 | 14,454,072 | (10.5%) |
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change | |
Revenues | ||||||
Aeronautical services | 4,449,504 | 4,812,288 | 8.2% | 12,626,702 | 14,780,643 | 17.1% |
Non-aeronautical services | 1,329,793 | 1,516,381 | 14.0% | 3,815,830 | 4,544,249 | 19.1% |
Improvements to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% | 2,932,191 | 4,767,624 | 62.6% |
Total revenues | 6,752,040 | 7,392,955 | 9.5% | 19,374,723 | 24,092,515 | 24.4% |
Operating costs | ||||||
Costs of services: | 980,978 | 1,183,268 | 20.6% | 2,634,969 | 3,184,434 | 20.9% |
Employee costs | 357,283 | 440,836 | 23.4% | 996,556 | 1,273,009 | 27.7% |
Maintenance | 147,757 | 171,063 | 15.8% | 434,004 | 478,061 | 10.2% |
Safety, security & insurance | 146,102 | 180,066 | 23.2% | 408,919 | 503,020 | 23.0% |
Utilities | 136,726 | 141,334 | 3.4% | 352,376 | 363,997 | 3.3% |
Other operating expenses | 193,110 | 249,969 | 29.4% | 443,114 | 566,347 | 27.8% |
Technical assistance fees | 189,598 | 209,109 | 10.3% | 553,970 | 651,826 | 17.7% |
Concession taxes | 525,291 | 671,398 | 27.8% | 1,398,515 | 1,938,019 | 38.6% |
Depreciation and amortization | 587,686 | 619,755 | 5.5% | 1,715,333 | 1,858,980 | 8.4% |
Cost of improvements to concession assets (IFRIC-12) | 972,743 | 1,064,286 | 9.4% | 2,932,191 | 4,767,624 | 62.6% |
Other (income) | (1,610) | (4,959) | 208.0% | (20,082) | 7,837 | (139.0%) |
Total operating costs | 3,254,686 | 3,742,857 | 15.0% | 9,214,895 | 12,408,721 | 34.7% |
Income from operations | 3,497,354 | 3,650,098 | 4.4% | 10,159,828 | 11,683,794 | 15.0% |
Financial Result | (227,340) | (544,187) | 139.4% | (788,405) | (1,726,623) | 119.0% |
Income before income taxes | 3,270,014 | 3,105,911 | (5.0%) | 9,371,424 | 9,957,171 | 6.3% |
Income taxes | (607,303) | (727,051) | 19.7% | (2,016,627) | (2,524,654) | 25.2% |
Net income | 2,662,711 | 2,378,860 | (10.7%) | 7,354,796 | 7,432,517 | 1.1% |
Currency translation effect | (7,235) | 158,864 | (2295.8%) | (346,786) | (655,718) | 89.1% |
Cash flow hedges, net of income tax | 1,152 | 13,398 | 1063.0% | 138,539 | (24,353) | (117.6%) |
Remeasurements of employee benefit – net income tax | 106 | 318 | 200.0% | 311 | 917 | 194.9% |
Comprehensive income | 2,656,734 | 2,551,440 | (4.0%) | 7,146,860 | 6,753,363 | (5.5%) |
Non-controlling interest | (58,841) | (52,302) | (11.1%) | (129,498) | (60,519) | (53.3%) |
Comprehensive income attributable to controlling interest | 2,597,893 | 2,499,138 | (3.8%) | 7,017,362 | 6,692,844 | (4.6%) |
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 | 170,381 | 1,592,551 | 5,531,292 | (3,000,036) | 13,925,091 | 1,069,102 | 19,288,380 | 1,140,220 | 20,428,600 |
Legal Reserve cancellation | - | (1,558,475) | - | - | 1,558,475 | - | - | - | - |
Capitalization of retained earnings | 8,027,155 | - | - | - | (8,027,155) | - | - | - | - |
Dividends declared | - | - | - | - | (7,351,490) | - | (7,351,490) | - | (7,351,490) |
Repurchased share cancellation | - | - | (3,000,036) | 3,000,036 | - | - | - | - | - |
Reserve for share purchase | - | - | (31,782) | - | 31,782 | - | - | - | - |
Dividends declared non-controlling interest | - | - | - | - | - | - | - | (93,751) | (93,751) |
Repurchased share | - | - | - | (1,999,987) | - | - | (1,999,987) | - | (1,999,987) |
Comprehensive income: | |||||||||
Net income | - | - | - | - | 7,225,111 | - | 7,225,111.00 | 129,685.00 | 7,354,797.00 |
Foreign currency translation reserve | - | - | - | - | - | (346,599) | (346,599) | (187) | (346,786) |
Remeasurements of employee benefit – Net | - | - | - | - | - | 311 | 311 | - | 311 |
Reserve for cash flow hedges – Net of income tax | - | - | - | - | - | 138,539 | 138,539 | - | 138,539 |
Balance as of | 8,197,536 | 34,076 | 2,499,473 | (1,999,987) | 7,361,815 | 861,353 | 16,954,265 | 1,175,967 | 18,130,239 |
Balance as of | 8,197,536 | 34,076 | 2,499,473 | (1,999,987) | 9,187,597 | 720,171 | 18,638,866 | 1,189,179 | 19,828,045 |
Legal reserve cancellation | - | 444,109 | - | - | (444,109) | - | - | - | - |
Dividends declared | - | - | - | - | (7,498,318) | - | (7,498,318) | - | (7,498,318) |
Cancellation repurchased shares | - | - | (1,999,987) | 1,999,987 | - | - | - | - | - |
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 | 8,197,536 | 478,185 | 1,500,000 | - | 7,562,080 | 95,590 | 17,833,390 | 1,249,698 | 19,083,089 |
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:
3Q22 | 3Q23 | Change | 9M22 | 9M23 | Change | |
Total passengers | 14,613.1 | 16,196.5 | 10.8% | 41,278.3 | 47,665.6 | 15.5% |
Total cargo volume (in WLUs) | 613.0 | 615.3 | 0.4% | 1,916.6 | 1,869.0 | (2.5%) |
Total WLUs | 15,226.1 | 16,811.7 | 10.4% | 43,194.9 | 49,534.6 | 14.7% |
Aeronautical & non aeronautical services per passenger (pesos) | 395.5 | 390.7 | (1.2%) | 398.3 | 405.4 | 1.8% |
Aeronautical services per WLU (pesos) | 292.2 | 286.2 | (2.0%) | 292.3 | 298.4 | 2.1% |
Non aeronautical services per passenger (pesos) | 91.0 | 93.6 | 2.9% | 92.4 | 95.3 | 3.1% |
Cost of services per WLU (pesos) | 64.4 | 70.4 | 9.3% | 61.0 | 64.3 | 5.4% |
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). |
asoto@aeropuertosgap.com.mx | |
Source: Grupo Aeroportuario del Pacífico,
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