Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV:
GAP) (“the Company” or “GAP”) reported its consolidated results for
the third quarter ended September 30, 2020 (3Q20). Figures are
unaudited and have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”).
COVID-19
Impact
During the third quarter of the year, the
COVID-19 pandemic affected the Company’s results, mainly due to the
decrease in international and domestic passenger traffic compared
to 3Q19. During the quarter, activities that were categorized as
non-essential in Mexico in the 2Q20 began to reactivate and the
airports began to show improvements in passenger traffic, however,
the general population was encouraged to remain at home. With
respect to operations in the Jamaican airports, the Government
lifted restrictions on incoming international flights beginning
June 15, thus airports began operating normally, but with much
lower levels of passenger traffic compared to 3Q19.
The level of recovery in the Company’s
operations and results will depend on the duration and containment
of the pandemic by the Mexican, Jamaican and U.S. governments, as
the main origin-destination. Due to the nature of the pandemic, the
Company cannot completely estimate its impact on the financial
situation or the operating results of the Company for the short,
medium or long term.
3Q20 Company
Measures:
- During the quarter, the Company
continued to offer support to the airlines and its commercial
clients. For commercial contracts, the Company granted discounts on
the guaranteed minimum rent amounts in accordance with the
percentage of passenger traffic decrease at each airport, thereby
maintaining percentage of participation over revenues.
Additionally, the Company signed rent payment deferral contracts
with the commercial clients. With regards to the airlines, the
Company implemented an incentive program in accordance with the
reactivation of routes and frequencies that were held prior to the
pandemic.
- The Company was able to limit the
cost of services by closing unnecessary operating areas and with
the gradual opening of such areas in accordance with the increase
in passenger flow, thereby lowering the cost of cleaning services,
security, maintenance, electricity, supplies, professional services
and other costs.
- During 3Q20, all 14 of our airports
were certified in Airport Health Accreditation by the Airports
Council International (“ACI”), due to its implementation of strict
sanitary security protocols to protect the health of passengers and
employees. At the same time, the Company maintained the caliber of
its operations and security to ensure a lower contagion risk and
provide passengers with the confidence to travel. These measures
will remain in place permanently.
- Mexican Gross Domestic Product was
announced during the quarter, shrinking 5.3% for the trailing 12
months. GAP requested the Mexican Aviation Authority for an
extraordinary review of the Master Development Program for the
current five-year period. A formal request was also submitted to
the Authority for a review of the Jamaican airports. At this time,
there is no timeframe defining how long the extraordinary tariff
review will take, however we expect a response by the end of
2020.
Impact of COVID-19 on the Company’s
Financial Position:
While the effects of the pandemic resulted in a
significant decline in 3Q20 results, the Company generated a
positive EBITDA. Controlling cost of services, the decrease in
concession and technical assistance fees, allowed the Company to
mitigate the impact of COVID-19 on revenues.
During 3Q20, the Company generated a positive cash
flow in operating activities, even though significantly lower than
the figures for 3Q19. The Company reported a solid financial
position for the close of 3Q20, cash and cash equivalents on
September 30, 2020 reached Ps. 15.2 billion. During 3Q20, the
Company drew down on a bank loan at the Montego Bay Airport for Ps.
673.7 million (US$30.0 million).
During 3Q20, the Company carried out an evaluation
covering the possible adverse impacts of the pandemic on the
Company’s financial condition and operating results, as well as a
review of the indicators and deterioration of the larger long-term
assets, expected credit losses and recovery of assets due to
deferred taxes. The conclusion was that, despite the impact of
COVID-19 on 3Q20 being lower than in 2Q20, the Company cannot
ensure that the negative effect of the pandemic will decline in the
upcoming quarters, nor can it ensure that local and global economic
conditions will improve. The Company can also not ensure the
availability of financing, or that general credit conditions will
remain favorable.
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 business interruption or
closing of operations at any of its airports.
The Company will continue to monitor the pandemic’s
adverse effects on the results of the operations, including the
monitoring of key indicators, deterioration tests, projections,
budgets, fair values, future cash flow related to the recovery of
the financial and non-financial assets, as well as possible
contingencies.
The Company carried out the risk valuation that
represents the portfolio of airlines and commercial clients in
terms of liquidity. Thus, the cost of operation recognizes a Ps.
113.1 million provision as a reserve for expected credit
losses.
In accordance with the estimated 2020 annual
results, the Company expects an asset recovery for deferred taxes
recognized in the statement of cash position, even though the
results declined with respect to 2019.
The Company will continue informing the market in a
timely manner regarding future material updates to the airport
operations, as well as measures that are adopted for preserving
liquidity and business continuity.
Summary of
Results 3Q20 vs.
3Q19
- The sum of aeronautical and
non-aeronautical services revenues
decreased by
Ps. 1.6
billion, or
44.0%.
Total revenues decreased by Ps. 1.3 billion, or 28.9%.
- Cost of services
decreased by Ps.
20.1 million, or
3.0%.
- Operating
loss decreased
by Ps.
1.4
billion, or 70.7%.
- EBITDA
decreased by Ps.
1.4
billion, or
55.2%, going from Ps. 2.5 billion
in 3Q19 to Ps. 1.1 billion in 3Q20. The EBITDA margin (excluding
the effects of IFRIC 12) decreased from 69.5% in 3Q19 to 55.6% in
3Q20.
- Net
loss and
comprehensive loss
decreased by Ps.
1.2 billion,
from Ps. 1.5 billion in 3Q19 to Ps. 271.7 million, or 81.3% in
3Q20.
Passenger Traffic
During 3Q20, total terminal passengers at the
Company’s 14 airports decreased by 6,144.7 thousand passengers, a
decrease of 51.8%, compared to 3Q19. During 3Q20, there were no new
route openings.
Domestic Terminal
Passengers – 13
airports (in
thousands):
Airport |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Guadalajara |
2,671.4 |
1,260.0 |
(52.8 |
%) |
7,765.8 |
3,990.3 |
(48.6 |
%) |
Tijuana * |
1,556.2 |
1,211.0 |
(22.2 |
%) |
4,451.1 |
3,091.3 |
(30.5 |
%) |
Los Cabos |
562.2 |
305.8 |
(45.6 |
%) |
1,447.7 |
784.6 |
(45.8 |
%) |
Puerto Vallarta |
539.9 |
230.7 |
(57.3 |
%) |
1,371.2 |
632.5 |
(53.9 |
%) |
Montego Bay |
2.7 |
0.0 |
(100.0 |
%) |
6.9 |
1.0 |
(86.1 |
%) |
Guanajuato |
528.0 |
241.5 |
(54.3 |
%) |
1,522.3 |
722.0 |
(52.6 |
%) |
Hermosillo |
455.7 |
194.5 |
(57.3 |
%) |
1,315.7 |
649.1 |
(50.7 |
%) |
Mexicali |
301.7 |
151.7 |
(49.7 |
%) |
871.1 |
475.5 |
(45.4 |
%) |
Morelia |
116.9 |
97.3 |
(16.8 |
%) |
342.8 |
269.2 |
(21.5 |
%) |
La Paz |
274.0 |
127.1 |
(53.6 |
%) |
740.4 |
374.1 |
(49.5 |
%) |
Aguascalientes |
160.4 |
87.7 |
(45.3 |
%) |
465.6 |
245.3 |
(47.3 |
%) |
Los Mochis |
95.6 |
38.3 |
(60.0 |
%) |
282.8 |
135.7 |
(52.0 |
%) |
Manzanillo |
21.3 |
9.2 |
(56.8 |
%) |
70.5 |
34.3 |
(51.4 |
%) |
Total |
7,286.1 |
3,954.7 |
(45.7 |
%) |
20,653.8 |
11,404.9 |
(44.8 |
%) |
*CBX users are classified as international passengers |
|
|
|
|
|
|
International Terminal
Passengers – 13 airports
(in thousands):
Airport |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Guadalajara |
1,157.8 |
528.4 |
(54.4 |
%) |
3,234.5 |
1,646.2 |
(49.1 |
%) |
Tijuana * |
741.9 |
382.1 |
(48.5 |
%) |
2,136.1 |
1,207.1 |
(43.5 |
%) |
Los Cabos |
745.4 |
284.2 |
(61.9 |
%) |
2,764.7 |
1,259.4 |
(54.4 |
%) |
Puerto Vallarta |
447.6 |
118.5 |
(73.5 |
%) |
2,418.2 |
1,229.8 |
(49.1 |
%) |
Montego Bay |
1,099.0 |
174.5 |
(84.1 |
%) |
3,615.2 |
1,324.1 |
(63.4 |
%) |
Guanajuato |
183.0 |
68.7 |
(62.5 |
%) |
528.2 |
233.8 |
(55.7 |
%) |
Hermosillo |
17.2 |
8.1 |
(52.9 |
%) |
51.7 |
28.7 |
(44.4 |
%) |
Mexicali |
1.8 |
0.3 |
(80.1 |
%) |
5.1 |
1.6 |
(67.6 |
%) |
Morelia |
105.8 |
53.2 |
(49.7 |
%) |
312.9 |
162.1 |
(48.2 |
%) |
La Paz |
2.8 |
0.9 |
(66.4 |
%) |
9.4 |
4.7 |
(50.0 |
%) |
Aguascalientes |
65.0 |
22.6 |
(65.2 |
%) |
164.4 |
77.9 |
(52.6 |
%) |
Los Mochis |
1.9 |
0.3 |
(83.4 |
%) |
5.4 |
1.6 |
(69.6 |
%) |
Manzanillo |
8.4 |
3.0 |
(64.0 |
%) |
60.8 |
32.6 |
(46.4 |
%) |
Total |
4,577.5 |
1,644.9 |
(64.1 |
%) |
15,306.3 |
7,209.7 |
(52.9 |
%) |
*CBX users are classified as international passengers |
|
|
|
|
|
|
Total Terminal Passengers
– 13 airports
(in thousands):
Airport |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Guadalajara |
3,829.2 |
1,788.4 |
(53.3 |
%) |
11,000.3 |
5,636.5 |
(48.8 |
%) |
Tijuana * |
2,298.1 |
1,593.1 |
(30.7 |
%) |
6,587.2 |
4,298.4 |
(34.7 |
%) |
Los Cabos |
1,307.6 |
590.0 |
(54.9 |
%) |
4,212.4 |
2,044.0 |
(51.5 |
%) |
Puerto Vallarta |
987.5 |
349.2 |
(64.6 |
%) |
3,789.4 |
1,862.3 |
(50.9 |
%) |
Montego Bay |
1,101.7 |
174.5 |
(84.2 |
%) |
3,622.0 |
1,325.1 |
(63.4 |
%) |
Guanajuato |
711.1 |
310.1 |
(56.4 |
%) |
2,050.5 |
955.8 |
(53.4 |
%) |
Hermosillo |
472.9 |
202.5 |
(57.2 |
%) |
1,367.4 |
677.8 |
(50.4 |
%) |
Mexicali |
303.5 |
152.0 |
(49.9 |
%) |
876.2 |
477.2 |
(45.5 |
%) |
Morelia |
222.7 |
150.5 |
(32.4 |
%) |
655.7 |
431.3 |
(34.2 |
%) |
La Paz |
276.8 |
128.0 |
(53.7 |
%) |
749.8 |
378.8 |
(49.5 |
%) |
Aguascalientes |
225.4 |
110.3 |
(51.0 |
%) |
630.0 |
323.2 |
(48.7 |
%) |
Los Mochis |
97.6 |
38.6 |
(60.4 |
%) |
288.2 |
137.3 |
(52.4 |
%) |
Manzanillo |
29.7 |
12.2 |
(58.9 |
%) |
131.2 |
66.8 |
(49.1 |
%) |
Total |
11,863.6 |
5,599.6 |
(52.8 |
%) |
35,960.1 |
18,614.5 |
(48.2 |
%) |
*CBX users are classified as international passengers |
|
|
|
|
|
|
Kingston
Airport (in
thousands):
Passegners |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Domestic |
N/A |
0.0 |
N/A |
N/A |
1.3 |
N/A |
Internacional |
N/A |
119.3 |
N/A |
N/A |
494.4 |
N/A |
Total |
N/A |
119.3 |
N/A |
N/A |
495.7 |
N/A |
Total Passengers –
14
airports (in
thousands):
Passengers |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Domestic |
7,286.1 |
3,954.7 |
(45.7 |
%) |
20,653.8 |
11,406.2 |
(44.8 |
%) |
Internacional |
4,577.5 |
1,764.2 |
(61.5 |
%) |
15,306.3 |
7,704.1 |
(49.7 |
%) |
Total |
11,863.6 |
5,718.9 |
(51.8 |
%) |
35,960.1 |
19,110.2 |
(46.9 |
%) |
CBX Users (in
thousands):
|
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Tijuana |
730.0 |
380.3 |
(47.9 |
%) |
2,100.9 |
1,198.0 |
(43.0 |
%) |
Consolidated Results for the
Third Quarter
of 2020 (in thousands of
pesos):
|
3Q19 |
3Q20 |
Change |
Revenues |
|
|
|
Aeronautical services |
2,567,517 |
|
1,526,645 |
|
(40.5 |
%) |
Non-aeronautical services |
950,353 |
|
444,126 |
|
(53.3 |
%) |
Improvements to concession assets (IFRIC 12) |
797,548 |
|
1,097,300 |
|
37.6 |
% |
Total revenues |
4,315,418 |
|
3,068,071 |
|
(28.9 |
%) |
|
|
|
|
Operating costs |
|
|
|
Costs of services: |
670,350 |
|
650,245 |
|
(3.0 |
%) |
Employee costs |
205,622 |
|
248,704 |
|
21.0 |
% |
Maintenance |
141,467 |
|
83,742 |
|
(40.8 |
%) |
Safety, security & insurance |
105,657 |
|
108,553 |
|
2.7 |
% |
Utilities |
104,375 |
|
101,137 |
|
(3.1 |
%) |
Other operating expenses |
113,229 |
|
108,109 |
|
(4.5 |
%) |
|
|
|
|
Technical assistance fees |
115,795 |
|
58,254 |
|
(49.7 |
%) |
Concession taxes |
297,308 |
|
176,469 |
|
(40.6 |
%) |
Depreciation and amortization |
439,691 |
|
506,982 |
|
15.3 |
% |
Cost of improvements to concession assets (IFRIC 12) |
797,548 |
|
1,097,300 |
|
37.6 |
% |
Other income |
(7,605 |
) |
(7,387 |
) |
(2.9 |
%) |
Total operating costs |
2,313,087 |
|
2,481,863 |
|
7.3 |
% |
Income from operations |
2,002,331 |
|
586,208 |
|
(70.7 |
%) |
|
|
|
|
Financial Result |
(168,861 |
) |
(241,200 |
) |
42.8 |
% |
Share of loss of associates |
(5 |
) |
- |
|
100.0 |
% |
Income before income taxes |
1,833,465 |
|
345,008 |
|
(81.2 |
%) |
Income taxes |
(470,746 |
) |
7,432 |
|
(101.6 |
%) |
Net income |
1,362,719 |
|
352,440 |
|
(74.1 |
%) |
Currency translation effect |
93,377 |
|
(127,539 |
) |
(236.6 |
%) |
Cash flow hedges, net of income tax |
- |
|
58,447 |
|
100.0 |
% |
Remeasurements of employee benefit – net income tax |
(147 |
) |
(11,633 |
) |
7813.6 |
% |
Comprehensive income |
1,455,949 |
|
271,715 |
|
(81.3 |
%) |
Non-controlling interest |
(33,307 |
) |
55,306 |
|
266.1 |
% |
Comprehensive income attributable to controlling
interest |
1,422,642 |
|
327,021 |
|
(77.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q19 |
3Q20 |
Change |
EBITDA |
2,442,022 |
|
1,093,190 |
|
(55.2 |
%) |
Comprehensive income |
1,455,949 |
|
271,715 |
|
(81.3 |
%) |
Comprehensive income per share (pesos) |
2.5953 |
|
0 |
|
(81.3 |
%) |
Comprehensive income per ADS (US dollars) |
1.1748 |
|
0.22 |
|
(81.3 |
%) |
|
|
|
|
Operating income margin |
46.4 |
% |
19.1 |
% |
(58.8 |
%) |
Operating income margin (excluding IFRIC 12) |
56.9 |
% |
29.7 |
% |
(47.7 |
%) |
EBITDA margin |
56.6 |
% |
35.6 |
% |
(37.0 |
%) |
EBITDA margin (excluding IFRIC 12) |
69.5 |
% |
55.6 |
% |
(20.2 |
%) |
Costs of services and improvements / total revenues |
34.0 |
% |
57.0 |
% |
67.5 |
% |
Cost of services / total revenues (excluding IFRIC 12) |
19.1 |
% |
33.0 |
% |
73.1 |
% |
|
|
|
|
- Net (loss) income and comprehensive income (loss) per share were
calculated based on 561,000,000 outstanding shares. U.S. dollar
figures presented were converted from pesos to U.S. dollars at a
rate of Ps. 22.910 per U.S. dollar (the noon buying rate on
September 30, 2020, as published by the U.S. Federal Reserve
Board). |
- For purposes of the consolidation of the Montego Bay airport and
the Kingston airport, the average monthly exchange rate of Ps.
22.1055 per U.S. dollar for the three months ended September 30,
2020 was used. |
Revenues (3Q20
vs. 3Q19)
- Aeronautical services
revenues decreased by
Ps. 1.0
billion, or
40.5%
- Non-aeronautical services
revenues decreased by
Ps. 506.2 million, or
53.3%
- Revenues from improvements
to concession assets increased by
Ps. 299.8 million, or
37.6%
- Total revenues
decreased by Ps.
1.3
billion, or
28.9%
- Aeronautical services
revenues include:
- Revenues from the Mexican
airports decreased by Ps. 854.6 million, or 38.7%,
compared to 3Q19, generated mainly by a 49.6% decrease in passenger
traffic, offset by the increase in passenger fees applicable in
2020. In addition, during 3Q20, airlines were granted exemptions
for airport service fees, through incentives in accordance with the
reactivation of routes.
- Revenues from the Montego
Bay airport decreased by Ps. 275.5
million, or 77.0%, compared to 3Q19. This was mainly due to the
84.2% decrease in passenger traffic. The increase in the passenger
fees for 2020 offset this decline in passenger traffic and the
depreciation of the peso versus the U.S. dollar in 3Q20 of 13.8%,
going from an average exchange rate of Ps. 19.4195 in 3Q19 to Ps.
22.1055 in 3Q20.
- The consolidation of aeronautical
revenues from the Kingston
airport contributed Ps. 89.2
million to revenues.
- Non-aeronautical services
revenues include:
- The Mexican
airports contributions decreased by Ps.
432.9 million, or 54.1%, compared to 3Q19. Revenues from businesses
operated by third parties decreased by Ps. 248.0 million. This was
mainly due to a decrease in revenues from food and beverage, car
rentals, duty-free stores, commercial spaces, and time shares,
which jointly decreased by Ps. 225.4 million, or 57.6%. Revenues
from businesses operated directly by the Company decreased by Ps.
165.3 million, or 63.6%, while the recovery of costs decreased by
Ps. 19.6 million, or 41.2%.ii. Revenues from the Montego
Bay airport decreased by Ps. 97.5
million, or 65.1% compared to 3Q19. Revenues in U.S. dollars
decreased by US$ 5.3 million, or 69.9%. However, the 13.8%
depreciation of the Mexican peso against U.S. dollar offset the
decline in dollar revenues in 3Q20.iii. The consolidation of the
Kingston airport contributed Ps. 24.1 million to
non-aeronautical revenue.
|
3Q19 |
3Q20 |
Change |
Businesses operated by third parties: |
|
|
|
Duty-free |
128,258 |
54,116 |
(57.8 |
%) |
Food and beverage |
126,440 |
44,320 |
(64.9 |
%) |
Retail |
95,637 |
43,445 |
(54.6 |
%) |
Car rentals |
96,563 |
51,512 |
(46.7 |
%) |
Leasing of space |
60,529 |
48,312 |
(20.2 |
%) |
Time shares |
56,749 |
20,612 |
(63.7 |
%) |
Ground transportation |
33,416 |
18,720 |
(44.0 |
%) |
Communications and financial services |
23,129 |
11,082 |
(52.1 |
%) |
Other commercial revenues |
13,362 |
16,612 |
24.3 |
% |
Total |
634,084 |
308,731 |
(51.3 |
%) |
|
|
|
|
|
|
|
|
|
Businesses operated directly by us: |
|
|
|
Car parking |
102,602 |
58,820 |
(42.7 |
%) |
VIP lounges |
67,014 |
11,887 |
(82.3 |
%) |
Advertising |
50,171 |
9,432 |
(81.2 |
%) |
Convenience stores |
43,317 |
18,017 |
(58.4 |
%) |
Total |
263,104 |
98,156 |
(62.7 |
%) |
Recovery of costs |
53,165 |
37,239 |
(30.0 |
%) |
Total Non-aeronautical Revenues |
950,353 |
444,126 |
(53.3 |
%) |
|
|
|
|
|
Figures expressed in thousands of Mexican pesos. |
|
|
|
- Revenues from improvements
to concession assets1 Revenues from improvements to
concession assets (IFRIC12) increased by Ps. 299.8 million, or
37.6%, compared to 3Q19, mainly in the Mexican airports, which
increased by Ps. 304.9 million, or 39.5%, given that 2020 marks the
beginning of the 2020-2024 Master Development Program. The increase
was offset by a decline in services for improvements to concession
assets at the Montego Bay airport for Ps. 5.2 million, or
20.0%.
[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 Mexico and Capital Development Program in Jamaica. All
margins and ratios calculated using “Total Revenues” include
revenues from improvements to concession assets (IFRIC 12), and,
consequently, such margins and ratios may not be comparable to
other ratios and margins, such as EBITDA margin, operating margin
or other similar ratios that are calculated based on those results
of the Company that do have a cash impact.
Total operating costs increased
by Ps. 168.8 million, or 7.3%, compared to 3Q19, mainly due to the
increase in the cost for improvements to concession assets
(IFRIC12) of Ps. 299.8 million. Meanwhile, operating costs in the
Kingston airport reached Ps. 159.2 million. Not including these
costs, total operating costs declined by Ps. 290.2 million, or
12.5%. This was comprised in the following manner:
Mexican Airports:
- Operating costs
increased by
Ps. 146.5
million or
7.6%,
compared to 3Q19, mainly due to an increase in the cost of
improvements to the concession assets (IFRIC12) for Ps. 304.9
million, or 39.5%, (excluding this cost, operating costs decreased
by Ps. 158.5 million or 13.8%) and the depreciation and
amortization of Ps. 34.7 million, or 10.0%. These increases were
offset by a decline in the technical assistance fee and rights over
concession assets for Ps. 121.6 million, or 45.8%, due to the
decline in revenues, as well as a decrease in the cost of services
of Ps. 75.2 million, or 13.6%.
The decline in the cost of services was mainly
due to the partial closure of underutilized operating areas during
3Q20, implemented to reduce expenses:
- Maintenance costs
decreased by Ps. 58.3 million, or 48.6%, compared
to 3Q19.
- Utilities
decreased by Ps. 16.6 million, or 20.8%, compared to 3Q19, due to
the partial closing of the operating areas in 3Q20, which lowered
energy consumption by Ps. 15.1 million.
- Security and
insurance decreased by Ps. 15.6 million, or 18.9%,
compared to 3Q19, mainly due to the reduction of security personnel
resulting from the partial closure of some operating areas.
- Other operating
expenses decreased by Ps. 16.0 million, or 16.6%, compared
to 3Q19, mainly due to a decrease in the cost of sales in the VIP
lounges and convenience stores, as well as professional service
fees, travel costs and expenses for FBO services for Ps. 41.5
million, or 66.6%, jointly. There was also an increase in the
estimate for the credit estimate that was expected due to the
financial situation of clients, for Ps. 21.5 million, as well as
the payments for expenses for hygiene for the prevention of
COVID-19, which together totaled Ps. 2.5 million.
- Employee
expenses increased by Ps. 31.3 million, or 18.2%,
compared to 3Q19, due to the early voluntary retirement program
that the Company launched for the organizational restructure,
totaling approximately Ps. 20.2 million.
Montego Bay Airport:
- Operating costs
decreased by Ps.
136.9 million,
or 34.9% compared to 3Q19, mainly due to the decrease in concession
fees of Ps. 134.5 million, or 91.1%, cost of services of Ps. 23.8
million, or 20.0%, and cost of improvements to the concession
assets (IFRIC12) of Ps. 5.2 million, or 20.0%, which were offset by
the increase in depreciation and amortization of Ps. 29.9 million,
or 29.5%. Operating costs in U.S. dollars declined by US$ 5.8
million. However, this figure was offset by the 13.8% depreciation
of the Mexican peso against the U.S. dollar.
Kingston Airport:
- The consolidation of the Kingston
airport resulted in an increase in
expenses of
Ps. 159.2
million in 3Q20, which was mainly
comprised of concession fees for Ps. 77.8 million, cost of services
for Ps. 18.2 million, security and insurance costs of Ps. 17.5
million, other operating costs of Ps. 17.4 million, employee costs
of Ps. 16.4 million, and maintenance expenses of Ps. 9.4
million.
Operating margin for 3Q20 declined
by 2,730 basis points, from a margin of 46.4% in 3Q19 to a margin
of 19.1% in 3Q20. Excluding the effects of IFRIC-12, operating
margin declined by 2,720 basis points, from 56.9% to 29.7% in 3Q20.
Operating income decreased by Ps. 1.4 billion, or 70.7%, compared
to 3Q19.
EBITDA margin declined by 2,100
basis points, from 56.6% in 3Q19 to 35.6% in 3Q20. Excluding the
effects of IFRIC-12, EBITDA margin declined by 1,390 basis points,
from 69.5% in 3Q19 to 55.6% in 3Q20. The nominal value of
EBITDA was Ps.
1.1 billion
in 3Q20,
compared to Ps. 2.5 billion in 3Q19, a decrease of 55.2%.
The net financial
result increased by Ps.
72.3 million,
from a net expense of Ps. 168.9 million in 3Q19 to a net expense of
Ps. 241.2 million in 3Q20. This decrease was mainly the result
of:
- Foreign exchange
rate
fluctuations, which went from a
Ps. 70.3 million gain in 3Q19 to a Ps. 12.4 million gain in 3Q20,
mainly due to a 2.4% depreciation of the Mexican peso against the
U.S. dollar in 3Q19, compared to an appreciation of 2.2% at the end
of 3Q20, thereby generating a
decrease in the
foreign exchange loss of
Ps. 57.9 million. The
currency translation effect represented a loss of Ps. 220.9
million, compared to 3Q19.
- A decrease in interest
expenses of Ps. 5.9 million, or
1.5%, compared to 3Q19, mainly due to a
decline in the interest rates, which was offset by higher debt
derived from the issuance of long-term bonds and bank debt
disbursed during 2020.
- Interest
income declined by Ps.
20.2 million, or
12.5%,
mainly due to the decline in the investment rates.
In 3Q20,
there was comprehensive loss
of Ps. 1.2
billion, or 81.3% compared to 3Q19. This
effect was mainly derived by the substantial passenger traffic
decline, which also lowered revenues for 3Q20.
In 3Q20, the Company experienced a net loss of Ps.
1.0 billion, or 74.1% compared to 3Q19. Income taxes decreased by
Ps. 478.2 million, or 101.6%, as a result of a decline of Ps. 344.0
million in income tax incurred, as well as the increase in the
benefit from deferred income tax for Ps. 134.1 million, due to a
higher inflation rate in 3Q20, that went from 0.6% in 3Q19 to 1.5%
in 3Q20.
Consolidated Results for the First
Nine Months of 2020 (in
thousands of pesos):
|
9M19 |
9M20 |
Change |
Revenues |
|
|
|
Aeronautical services |
7,776,615 |
|
5,202,303 |
|
(33.1 |
%) |
Non-aeronautical services |
2,808,953 |
|
1,797,608 |
|
(36.0 |
%) |
Improvements to concession assets (IFRIC 12) |
1,066,398 |
|
2,522,058 |
|
136.5 |
% |
Total revenues |
11,651,966 |
|
9,521,968 |
|
(18.3 |
%) |
|
|
|
|
Operating costs |
|
|
|
Costs of services: |
1,971,293 |
|
2,030,357 |
|
3.0 |
% |
Employee costs |
628,738 |
|
735,170 |
|
16.9 |
% |
Maintenance |
402,269 |
|
295,547 |
|
(26.5 |
%) |
Safety, security & insurance |
310,100 |
|
337,958 |
|
9.0 |
% |
Utilities |
269,633 |
|
272,456 |
|
1.0 |
% |
Other operating expenses |
360,553 |
|
389,226 |
|
8.0 |
% |
|
|
|
|
Technical assistance fees |
345,013 |
|
199,296 |
|
(42.2 |
%) |
Concession taxes |
915,461 |
|
714,896 |
|
(21.9 |
%) |
Depreciation and amortization |
1,287,131 |
|
1,494,213 |
|
16.1 |
% |
Cost of improvements to concession assets (IFRIC 12) |
1,066,398 |
|
2,522,058 |
|
136.5 |
% |
Other income |
(16,538 |
) |
1,635 |
|
(109.9 |
%) |
Total operating costs |
5,568,758 |
|
6,962,454 |
|
25.0 |
% |
Income from operations |
6,083,208 |
|
2,559,514 |
|
(57.9 |
%) |
|
|
|
|
Financial Result |
(487,208 |
) |
(567,383 |
) |
16.5 |
% |
Share of loss of associates |
(12 |
) |
3 |
|
125.0 |
% |
Income before income taxes |
5,595,987 |
|
1,992,134 |
|
(64.4 |
%) |
Income taxes |
(1,572,146 |
) |
(413,839 |
) |
(73.7 |
%) |
Net income |
4,023,841 |
|
1,578,295 |
|
(60.8 |
%) |
Currency translation effect |
(46,362 |
) |
1,223,592 |
|
(2739.2 |
%) |
Cash flow hedges, net of income tax |
- |
|
- 289,658 |
|
100.0 |
% |
Remeasurements of employee benefit – net income tax |
(440 |
) |
(21,338 |
) |
4748.8 |
% |
Comprehensive income |
3,977,039 |
|
2,490,891 |
|
(37.4 |
%) |
Non-controlling interest |
(78,235 |
) |
(108,803 |
) |
(39.1 |
%) |
Comprehensive income attributable to controlling
interest |
3,898,804 |
|
2,382,088 |
|
(38.9 |
%) |
|
|
|
|
|
|
|
|
|
9M19 |
9M20 |
Change |
EBITDA |
7,370,338 |
|
4,053,727 |
|
(45.0 |
%) |
Comprehensive income |
3,977,039 |
|
2,490,891 |
|
(37.4 |
%) |
Comprehensive income per share (pesos) |
7.0892 |
|
4.4401 |
|
(37.4 |
%) |
Comprehensive income per ADS (US dollars) |
3.2091 |
|
2.0099 |
|
(37.4 |
%) |
|
|
|
|
Operating income margin |
52.2 |
% |
26.9 |
% |
(48.5 |
%) |
Operating income margin (excluding IFRIC 12) |
57.6 |
% |
36.7 |
% |
(36.3 |
%) |
EBITDA margin |
63.3 |
% |
42.6 |
% |
(32.7 |
%) |
EBITDA margin (excluding IFRIC 12) |
69.6 |
% |
57.9 |
% |
(16.8 |
%) |
Costs of services and improvements / total revenues |
26.1 |
% |
47.8 |
% |
83.4 |
% |
Cost of services / total revenues (excluding IFRIC 12) |
18.6 |
% |
29.0 |
% |
55.8 |
% |
|
|
|
|
- Net income and comprehensive income per share were calculated
based on 561,000,000 outstanding shares. U.S. dollar figures
presented were converted from pesos to U.S. dollars at a rate of
Ps. 22.0910 per U.S. dollar (the noon buying rate on September 30,
2020, as published by the U.S. Federal Reserve Board). |
- For purposes of the consolidation of the Montego Bay airport and
the Kingston airport, the average monthly exchange rate of Ps.
21.7746 per U.S. dollar for the nine months ended September 30,
2020 was used. |
Revenues (9M20
vs. 9M19)
- Aeronautical services
revenues decreased by Ps.
2.6
billion, or
33.1%
- Non-aeronautical services
revenues decreased by Ps.
1.0
billion, or
36.0%
- Revenues from improvements
to concession assets increased by Ps. 1.5
billion, or
136.5%
- Total revenues decreased by
Ps. 2.1
billion, or
18.3%
- Aeronautical services
revenues include:
- Revenues from the Mexican
airports decreased by Ps. 2.3 billion, or 34.3%, for the
nine-month period of 2020, generated mainly by an 46.5% decrease in
passenger traffic, partially offset by the higher passenger fees
applicable in 2020.
- Revenues from the Montego
Bay airport decreased by Ps. 587.4 million, or 49.9%,
compared to 9M19. This was mainly due to a 63.4% decrease in
passenger traffic. This decline was offset by the higher passenger
fees applicable in 2020 and the 13.2% depreciation of the Mexican
peso against the U.S. dollar during the first nine months of
2020.
- The consolidation of aeronautical
revenues from the Kingston airport contributed Ps.
274.7 million to revenues.
- The decrease in
non-aeronautical services
revenues was as follows:
- The Mexican
airports decreased by Ps. 919.7 million,
or 38.9%, compared to 9M19, mainly due to a decrease in revenues
from businesses operated by third-parties, which declined by Ps.
521.3 million, or 35.7%, as a result of the decrease in revenues
from food and beverage, duty-free stores, time shares, car rentals
and rentals from commercial spaces, which jointly declined by Ps.
469.8 million or 41.1%. Businesses operated directly by the Company
declined by Ps. 338.8 million, or 45.8%, mainly due to a decrease
in revenues from car parking, VIP lounges and advertising. The
recovery of costs declined by Ps. 59.6 million, or 37.1%.ii.
Revenues from the Montego Bay
airport decreased by Ps. 191.4 million, or 42.8%
compared to 9M19, mainly due to the decline in passenger
traffic.iii. The consolidation of the Kingston
airport contributed Ps. 99.8 million to non-aeronautical
revenue.
|
9M19 |
9M20 |
Change |
Businesses operated by third parties: |
|
|
|
Duty-free |
388,398 |
231,790 |
(40.3 |
%) |
Food and beverage |
361,009 |
221,641 |
(38.6 |
%) |
Retail |
282,403 |
186,678 |
(33.9 |
%) |
Car rentals |
280,811 |
208,228 |
(25.8 |
%) |
Leasing of space |
184,703 |
153,509 |
(16.9 |
%) |
Time shares |
164,595 |
74,155 |
(54.9 |
%) |
Ground transportation |
106,163 |
69,393 |
(34.6 |
%) |
Communications and financial services |
66,371 |
48,010 |
(27.7 |
%) |
Other commercial revenues |
46,305 |
55,676 |
20.2 |
% |
Total |
1,880,759 |
1,249,080 |
(33.6 |
%) |
|
|
|
|
Businesses operated directly by us: |
|
|
|
Car parking |
283,603 |
160,054 |
(43.6 |
%) |
VIP lounges |
201,532 |
112,574 |
(44.1 |
%) |
Advertising |
145,039 |
67,105 |
(53.7 |
%) |
Convenience stores |
119,598 |
76,829 |
(35.8 |
%) |
Total |
749,772 |
416,562 |
(44.4 |
%) |
Recovery of costs |
178,422 |
131,966 |
(26.0 |
%) |
Total Non-aeronautical Revenues |
2,808,953 |
1,797,608 |
(36.0 |
%) |
|
|
|
|
Figures expressed in thousands of Mexican pesos. |
|
|
- Revenues from improvements
to concession assets2 Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 1.5 billion, or
136.5%, compared to 9M19, mainly due to an increase in the Mexican
airports of Ps. 1.4 billion, or 146.6%, given that 2020 marks the
beginning of the 2020-2024 Master Development Program and
represents the most significant committed investment amounts to
date. This also includes an increase of Ps. 16.2 million, or 19.2%,
in the Montego airport, compared to 9M19.
[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 Mexico and Capital Development Program in Jamaica. All
margins and ratios calculated using “Total Revenues” include
revenues from improvements to concession assets (IFRIC 12), and,
consequently, such margins and ratios may not be comparable to
other ratios and margins, such as EBITDA margin, operating margin
or other similar ratios that are calculated based on those results
of the Company that do have a cash impact.
Total operating costs increased
by Ps. 1.4 billion, or 25.0%, compared to 9M19, mainly due to the
increase of Ps. 1.5 billion, or 136.5% in the cost of improvements
to the concession assets (IFRIC-12). At the Kingston airport,
operating costs reached Ps. 463.3 million. Excluding this line
item, operating costs declined by Ps. 525.3 million, or 9.4%,
compared to 9M19.
Mexican Airports:
- Operating costs increased
by Ps. 1.1
billion,
or 26.0%,
compared to 9M19, mainly due to an increase of Ps. 1.4 billion in
the cost of improvements to the concession assets (IFRIC-12).
Excluding this line item, operating costs
declined by Ps.
299.6 million in
9M20, due to the decrease in
technical assistance fees and concession fees of Ps. 304.4 million,
or 38.5%, jointly, as well as a reduction in the cost of services
of Ps. 120.3 million, or 7.4%. This effect was offset by a Ps.
111.9 million, or 11.3%, increase in depreciation and amortization,
among others.
The decline in the cost of services was mainly
due to the following:
- Maintenance costs
decreased by Ps. 117.1 million, or 34.3%, due to
the partial closure of operational areas and decline in
non-essential maintenance beginning in 2Q20. These measures were
implemented while maintaining excellence in quality of service for
our passengers.
- Security and
insurance decreased by Ps. 24.1 million, or 9.9%, compared
to 9M19, mainly due to the decrease in the security personnel as a
result of the partial closing of some operating areas.
- Utilities
decreased by Ps. 22.9 million, or 11.6%, due to the partial closing
of operating areas, thereby lowering energy consumption beginning
2Q20 for Ps. 37.8 million, offset by an increase in water
consumption for Ps. 16.7 million.
- Other operating
expenses decreased by Ps. 7.1 million, or 2.2%, compared
to 9M19, mainly due to the decline in cost of sales in the VIP
lounges and convenience stores, professional service fees, travel
expenses, advertising costs and expenses for FBO services, jointly
for Ps. 91.9 million, or 35.5%, which was offset by the expected
credit losses, as well as supplies and donations related to
COVID-19, that jointly totaled Ps. 82.0 million, or 42.5%.
- Personnel expenses
increased by Ps. 50.9 million, or 9.6%, due to the personnel
increase that took place in the 3Q19, and which was reflected in
operating costs for the 3Q20, as well as the voluntary early
retirement program launched by the Company in order to complete the
organizational restructuring, which was for approximately Ps. 20.2
million.
Montego Bay Airport:
- Operating costs decreased
by Ps. 209.6 million, or
17.6%, compared to 9M19, mainly due to improvements to concession
assets of Ps. 277.6 million, or 59.1%, and cost of services for Ps.
40.8 million, or 12.0%. These effects were offset by the increase
in depreciation and amortization of Ps. 87.5 million, or 29.4%, and
the increase for the costs related to improvements to concession
assets (IFRIC 12) for Ps. 16.2 million.
Kingston Airport:
- The consolidation of the Kingston
airport resulted in an increase in expenses of Ps.
463.3 million in 9M20, which was
mainly comprised of a concession fee of Ps. 235.6 million, employee
costs of Ps. 56.8 million, security and insurance costs of Ps. 49.2
million, other operating costs of Ps. 45.6 million, utility costs
of Ps. 42.4 million, and maintenance expenses of Ps. 26.1 million,
among others.
Operating margin went from
52.2% in 9M19 to 26.9% in 9M20. Excluding the effects of IFRIC-12,
operating margin went from 57.6% in 9M19 to 36.7% in 9M20.
EBITDA margin went from 63.3%
in 9M19 to 42.6% in 9M20. Excluding the effects of IFRIC-12, EBITDA
margin went from 69.6% in 9M19 to 57.9% in 9M20. The
nominal value of EBITDA was Ps.
4.1 billion
in the first nine months
of 2020.
The net financial result increased
by Ps. 80.2
million, from a net expense of Ps. 487.2 million
in 9M19 to a net expense of Ps. 567.4 million in 9M20. This
increase was mainly the result of:
- Foreign exchange rate
fluctuations, which went from a Ps. 128.6 million gain in
9M19 to a net gain of Ps. 199.5 million in 9M20, mainly due to a
0.2% appreciation of the Mexican peso against the U.S. dollar in
September 2019, compared to a depreciation of 19.2% at the end of
September 2020, thereby generating an increase in the
foreign exchange gain of
Ps. 70.9 million. The
currency translation effect represented a higher gain of Ps. 1.3
billion, compared to 9M19 and is reflected in the comprehensive
income.
- An increase in interest
expenses of Ps. 51.7
million, compared to 9M19, mainly
due to higher debt derived from the issuance of long-term bonds and
bank debt during 9M20.
- Interest income
decreased by Ps.
99.4 million, or
26.6%, mainly due to the
reduction in the investment rates, causing a decline in
interest.
Comprehensive
income decreased
by Ps. 1.5 billion, or 37.4%, compared to 9M19.
This was mainly due to the substantial decline in passenger
traffic, which also impacted revenues for the period.
Net income decreased by Ps. 2.5 billion, or
60.8% in 9M20, due to a lower operating revenue of Ps. 3.6 billion,
which was offset by lower income taxes of Ps. 1.1 billion, or
73.7%, as a result of a decrease of Ps. 872.6 million in the income
tax incurred, as well as the increase of Ps. 285.7 million in the
benefit from deferred income tax, due to the decline in accumulated
inflation, that went from 0.9% in 9M19 to 2.1% in 9M20.
Statement of Financial
Position
Total assets as of September 30, 2020 increased
by Ps. 9.8 billion compared to 2019, primarily due to the following
items: (i) cash and equivalents of Ps. 6.1 billion; (ii)
improvements to concession assets of Ps. 2.2 billion; (iii) tax
accounts receivable of Ps. 586.9 million; (iv) an increase in
deferred taxes of Ps. 571.5 million; and (v) client accounts
receivables for Ps. 307.7 million, among others.
Total liabilities as of September 30, 2020
increased by Ps. 6.4 billion compared to the same period of 2019.
This increase was primarily due to the following items: (i) payment
and issuance of Ps. 5.0 billion (net) in long-term bonds, (ii) bank
loans of Ps. 3.5 billion; and (iii) derivative financial
instruments of Ps. 679.9 million. This was offset by: (i) dividends
payable for Ps. 2.2 billion, (ii) guaranteed deposits for Ps. 495.6
million, and (iii) taxes payable for Ps. 160.1 million, among
others.
Recent Events
- On September 3, 2020, the Company
contracted a credit line with The Bank of Nova Scotia Jamaica
Limited and The Bank of Nova Scotia for US$ 60.0 million, of which
US$ 30.0 million were disbursed. The loan has a 5-year term with an
optional extension of up to 2 years for up to US$ 54.0 million,
with a monthly interest rate of LIBOR plus 310 basis points for 10%
of the principal in month 54, the 90% at 90% maturity. The
commission for disbursement is 50 basis points payable upon closing
and a commission of 55 basis points over the unused funds, payable
quarterly.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
(GAP) operates 12 airports throughout Mexico’s Pacific region,
including the major cities of Guadalajara and Tijuana, the four
tourist destinations of Puerto Vallarta, Los Cabos, La Paz and
Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato,
Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006,
GAP’s shares were listed on the New York Stock Exchange under the
ticker symbol “PAC” and on the Mexican Stock Exchange under the
ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo
de Concesiones Aeroportuarias, S.L., which owns a majority stake in
MBJ Airports Limited, a company operating Sangster International
Airport in Montego Bay, Jamaica. In October 2018, GAP entered into
a concession agreement for the operation of the Norman Manley
International Airport in Kingston, Jamaica and took control of the
operation in October 2019.
This press release contains references to
EBITDA, a financial performance measure not recognized under IFRS
and which does not purport to be an alternative to IFRS measures of
operating performance or liquidity. We caution investors not to
place undue reliance on non-GAAP financial measures such as EBITDA,
as these have limitations as analytical tools and should be
considered as a supplement to, not a substitute for, the
corresponding measures calculated in accordance with IFRS.
This press release may contain forward-looking
statements. These statements are statements that are not historical
facts, and are based on management’s current view and estimates of
future economic circumstances, industry conditions, company
performance and financial results. The words “anticipates”,
“believes”, “estimates”, “expects”, “plans” and similar
expressions, as they relate to the company, are intended to
identify forward-looking statements. Statements regarding the
declaration or payment of dividends, the implementation of
principal operating and financing strategies and capital
expenditure plans, the direction of future operations and the
factors or trends affecting financial condition, liquidity or
results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are
subject to a number of risks and uncertainties. There is no
guarantee that the expected events, trends or results will actually
occur. The statements are based on many assumptions and factors,
including general economic and market conditions, industry
conditions, and operating factors. Any changes in such assumptions
or factors could cause actual results to differ materially from
current expectations.
In accordance with Section 806 of the
Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado
de Valores”, GAP has implemented a “whistleblower”
program, which allows complainants to anonymously and
confidentially report suspected activities that may involve
criminal conduct or violations. The telephone number in Mexico,
facilitated by a third party that is in charge of collecting these
complaints, is 01 800 563 00 47. The web site is
www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified
of all complaints for immediate investigation.
Exhibit A: Operating results by
airport (in thousands of pesos):
Airport |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Guadalajara |
|
|
|
|
|
|
Aeronautical services |
814,534 |
511,304 |
|
(37.2 |
%) |
2,203,676 |
1,486,854 |
|
(32.5 |
%) |
Non-aeronautical services |
253,117 |
124,227 |
|
(50.9 |
%) |
716,234 |
426,618 |
|
(40.4 |
%) |
Improvements to concession assets (IFRIC 12) |
676,273 |
345,253 |
|
(48.9 |
%) |
697,061 |
776,820 |
|
11.4 |
% |
Total Revenues |
1,743,923 |
980,784 |
|
(43.8 |
%) |
3,616,969 |
2,690,291 |
|
(25.6 |
%) |
Operating income |
737,955 |
328,999 |
|
(55.4 |
%) |
1,926,173 |
996,014 |
|
(48.3 |
%) |
EBITDA |
817,881 |
421,434 |
|
(48.5 |
%) |
2,180,140 |
1,271,400 |
|
(41.7 |
%) |
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
Aeronautical services |
399,091 |
297,610 |
|
(25.4 |
%) |
1,157,327 |
806,134 |
|
(30.3 |
%) |
Non-aeronautical services |
121,603 |
70,597 |
|
(41.9 |
%) |
330,557 |
233,815 |
|
(29.3 |
%) |
Improvements to concession assets (IFRIC 12) |
5,586 |
191,013 |
|
3319.7 |
% |
16,757 |
429,779 |
|
2464.8 |
% |
Total Revenues |
526,280 |
559,219 |
|
6.3 |
% |
1,504,642 |
1,469,729 |
|
(2.3 |
%) |
Operating income |
328,779 |
191,116 |
|
(41.9 |
%) |
929,142 |
496,414 |
|
(46.6 |
%) |
EBITDA |
381,598 |
255,741 |
|
(33.0 |
%) |
1,085,763 |
685,116 |
|
(36.9 |
%) |
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
Aeronautical services |
314,164 |
194,119 |
|
(38.2 |
%) |
1,025,123 |
668,924 |
|
(34.7 |
%) |
Non-aeronautical services |
191,627 |
76,355 |
|
(60.2 |
%) |
588,060 |
329,332 |
|
(44.0 |
%) |
Improvements to concession assets (IFRIC 12) |
61,775 |
216,466 |
|
250.4 |
% |
185,325 |
487,049 |
|
162.8 |
% |
Total Revenues |
567,566 |
486,940 |
|
(14.2 |
%) |
1,798,508 |
1,485,305 |
|
(17.4 |
%) |
Operating income |
306,055 |
107,858 |
|
(64.8 |
%) |
1,045,603 |
500,133 |
|
(52.2 |
%) |
EBITDA |
363,829 |
175,129 |
|
(51.9 |
%) |
1,219,989 |
699,397 |
|
(42.7 |
%) |
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
Aeronautical services |
227,336 |
103,106 |
|
(54.6 |
%) |
888,290 |
587,644 |
|
(33.8 |
%) |
Non-aeronautical services |
101,517 |
34,450 |
|
(66.1 |
%) |
348,785 |
205,160 |
|
(41.2 |
%) |
Improvements to concession assets (IFRIC 12) |
2,972 |
151,609 |
|
5000.6 |
% |
8,917 |
341,120 |
|
3725.5 |
% |
Total Revenues |
331,825 |
289,165 |
|
(12.9 |
%) |
1,245,992 |
1,133,923 |
|
(9.0 |
%) |
Operating income |
185,838 |
29,003 |
|
(84.4 |
%) |
793,177 |
416,505 |
|
(47.5 |
%) |
EBITDA |
223,248 |
71,792 |
|
(67.8 |
%) |
909,676 |
541,774 |
|
(40.4 |
%) |
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
Aeronautical services |
357,739 |
82,213 |
|
(77.0 |
%) |
1,176,435 |
589,003 |
|
(49.9 |
%) |
Non-aeronautical services |
149,650 |
52,190 |
|
(65.1 |
%) |
447,253 |
255,863 |
|
(42.8 |
%) |
Improvements to concession assets (IFRIC 12) |
26,233 |
20,996 |
|
(20.0 |
%) |
84,210 |
100,373 |
|
19.2 |
% |
Total Revenues |
533,622 |
155,399 |
|
(70.9 |
%) |
1,707,898 |
945,239 |
|
(44.7 |
%) |
Operating income (loss) |
140,690 |
(100,017 |
) |
(171.1 |
%) |
518,497 |
(32,927 |
) |
(106.4 |
%) |
EBITDA |
242,119 |
31,336 |
|
(87.1 |
%) |
815,893 |
351,970 |
|
(56.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
Exhibit A: Operating results by
airport (in thousands of pesos):
(continued)
Airport |
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Guanajuato |
|
|
|
|
|
|
Aeronautical services |
149,323 |
74,120 |
|
(50.4 |
%) |
435,105 |
237,834 |
|
(45.3 |
%) |
Non-aeronautical services |
48,300 |
20,484 |
|
(57.6 |
%) |
131,762 |
84,437 |
|
(35.9 |
%) |
Improvements to concession assets (IFRIC 12) |
817 |
43,293 |
|
5201.1 |
% |
2,450 |
97,408 |
|
3875.8 |
% |
Total Revenues |
198,440 |
137,897 |
|
(30.5 |
%) |
569,317 |
419,679 |
|
(26.3 |
%) |
Operating income |
131,831 |
36,915 |
|
(72.0 |
%) |
376,372 |
150,895 |
|
(59.9 |
%) |
EBITDA |
148,192 |
55,214 |
|
(62.7 |
%) |
427,798 |
204,707 |
|
(52.1 |
%) |
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
Aeronautical services |
84,047 |
39,962 |
|
(52.5 |
%) |
245,746 |
140,245 |
|
(42.9 |
%) |
Non-aeronautical services |
24,308 |
11,473 |
|
(52.8 |
%) |
70,065 |
47,283 |
|
(32.5 |
%) |
Improvements to concession assets (IFRIC 12) |
832 |
5,796 |
|
596.6 |
% |
2,496 |
13,042 |
|
422.5 |
% |
Total Revenues |
109,187 |
57,231 |
|
(47.6 |
%) |
318,308 |
200,570 |
|
(37.0 |
%) |
Operating income (loss) |
42,761 |
(2,351 |
) |
(105.5 |
%) |
128,671 |
29,441 |
|
(77.1 |
%) |
EBITDA |
60,542 |
16,829 |
|
(72.2 |
%) |
185,154 |
86,552 |
|
(53.3 |
%) |
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
Aeronautical services |
221,283 |
224,212 |
|
1.3 |
% |
644,912 |
685,664 |
|
6.3 |
% |
Non-aeronautical services |
60,229 |
54,350 |
|
(9.8 |
%) |
176,236 |
215,101 |
|
22.1 |
% |
Improvements to concession assets (IFRIC 12) |
23,061 |
122,874 |
|
432.8 |
% |
69,182 |
276,465 |
|
299.6 |
% |
Total Revenues |
304,573 |
401,435 |
|
31.8 |
% |
890,330 |
1,177,230 |
|
32.2 |
% |
Operating income (loss) |
88,039 |
(44,549 |
) |
(150.6 |
%) |
252,751 |
(60,111 |
) |
(123.8 |
%) |
EBITDA |
136,290 |
16,096 |
|
(88.2 |
%) |
400,198 |
118,860 |
|
(70.3 |
%) |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Aeronautical services |
2,567,517 |
1,526,645 |
|
(40.5 |
%) |
7,776,615 |
5,202,303 |
|
(33.1 |
%) |
Non-aeronautical services |
950,353 |
444,126 |
|
(53.3 |
%) |
2,808,953 |
1,797,608 |
|
(36.0 |
%) |
Improvements to concession assets (IFRIC 12) |
797,548 |
1,097,300 |
|
37.6 |
% |
1,066,398 |
2,522,058 |
|
136.5 |
% |
Total Revenues |
4,315,417 |
3,068,071 |
|
(28.9 |
%) |
11,651,966 |
9,521,969 |
|
(18.3 |
%) |
Operating income |
1,961,948 |
546,974 |
|
(72.1 |
%) |
5,970,385 |
2,496,364 |
|
(58.2 |
%) |
EBITDA |
2,373,697 |
1,043,572 |
|
(56.0 |
%) |
7,224,611 |
3,959,777 |
|
(45.2 |
%) |
|
|
|
|
|
|
|
(1) Others include the operating results of the Aguascalientes, La
Paz, Los Mochis, Manzanillo, Mexicali, Morelia and Kingston
airports. |
|
|
Exhibit B: Consolidated statement of
financial position as of September
30 (in thousands of
pesos):
|
2019 |
2020 |
Change |
% |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
9,118,556 |
|
15,220,432 |
|
6,101,876 |
|
66.9 |
% |
Trade accounts receivable - net |
1,029,394 |
|
1,337,069 |
|
307,675 |
|
29.9 |
% |
Other current assets |
367,930 |
|
955,218 |
|
587,288 |
|
159.6 |
% |
Total current assets |
10,515,880 |
|
17,512,719 |
|
6,996,839 |
|
66.5 |
% |
|
|
|
|
|
Advanced payments to suppliers |
138,115 |
|
395,746 |
|
257,631 |
|
186.5 |
% |
Machinery, equipment and improvements to leased buildings -
net |
2,460,484 |
|
2,077,750 |
|
(382,734 |
) |
(15.6 |
%) |
Improvements to concession assets - net |
11,257,021 |
|
13,453,827 |
|
2,196,806 |
|
19.5 |
% |
Airport concessions - net |
11,048,433 |
|
11,171,190 |
|
122,757 |
|
1.1 |
% |
Rights to use airport facilities - net |
1,373,547 |
|
1,300,151 |
|
(73,396 |
) |
(5.3 |
%) |
Deferred income taxes |
5,445,975 |
|
6,017,493 |
|
571,518 |
|
10.5 |
% |
Other non-current assets |
161,899 |
|
256,914 |
|
95,016 |
|
58.7 |
% |
Total assets |
42,401,354 |
|
52,185,790 |
|
9,784,437 |
|
23.1 |
% |
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
6,153,004 |
|
8,433,190 |
|
2,280,185 |
|
37.1 |
% |
Long-term liabilities |
16,516,766 |
|
20,592,268 |
|
4,075,502 |
|
24.7 |
% |
Total liabilities |
22,669,770 |
|
29,025,457 |
|
6,355,688 |
|
28.0 |
% |
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
Common stock |
6,185,082 |
|
6,185,082 |
|
- |
|
0.0 |
% |
Legal reserve |
1,592,552 |
|
1,592,552 |
|
- |
|
0.0 |
% |
Net income |
3,943,311 |
|
1,608,717 |
|
(2,334,594 |
) |
(59.2 |
%) |
Retained earnings |
4,580,118 |
|
9,940,035 |
|
5,359,917 |
|
117.0 |
% |
Reserve for share repurchase |
3,283,374 |
|
3,283,374 |
|
- |
|
0.0 |
% |
Repurchased shares |
(1,733,374 |
) |
(1,733,374 |
) |
- |
|
0.0 |
% |
Foreign currency translation reserve |
731,552 |
|
1,610,358 |
|
878,806 |
|
120.1 |
% |
Remeasurements of employee benefit – Net |
7,570 |
|
(14,732 |
) |
(22,302 |
) |
(294.6 |
%) |
Cash flow hedges- Net |
- |
|
(461,752 |
) |
(461,752 |
) |
100.0 |
% |
Total controlling interest |
18,590,185 |
|
22,010,260 |
|
3,420,075 |
|
18.4 |
% |
Non-controlling interest |
1,141,400 |
|
1,150,073 |
|
8,673 |
|
0.8 |
% |
Total stockholder’s equity |
19,731,586 |
|
23,160,333 |
|
3,428,748 |
|
17.4 |
% |
|
|
|
|
|
Total liabilities and stockholders’ equity |
42,401,354 |
|
52,185,790 |
|
9,784,437 |
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
The non-controlling interest corresponds to the 25.5% stake held in
the Montego Bay airport by Vantage Airport Group Limited
(“Vantage”). |
|
|
Exhibit C: Consolidated
statement of
cash
flows (in thousands of
pesos):
|
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Cash flows from operating activities: |
|
|
|
|
|
|
Consolidated net income |
1,362,719 |
|
352,440 |
|
(74.1 |
%) |
4,023,841 |
|
1,578,295 |
|
(60.8 |
%) |
|
|
|
|
|
|
|
Post-employment benefit costs |
2,282 |
|
13,640 |
|
497.7 |
% |
9,211 |
|
20,306 |
|
120.5 |
% |
Allowance expected credit loss |
(920 |
) |
26,026 |
|
(2928.9 |
%) |
24,167 |
|
113,076 |
|
367.9 |
% |
Depreciation and amortization |
439,691 |
|
506,982 |
|
15.3 |
% |
1,287,131 |
|
1,494,213 |
|
16.1 |
% |
(Gain) loss on sale of machinery, equipment and improvements to
leased assets |
(879 |
) |
(1,780 |
) |
102.5 |
% |
1,183 |
|
(15,979 |
) |
(1450.2 |
%) |
Interest expense |
301,661 |
|
409,472 |
|
35.7 |
% |
849,182 |
|
1,035,733 |
|
22.0 |
% |
Share of profit of associate |
5 |
|
- |
|
(100.0 |
%) |
12 |
|
3 |
|
(73.9 |
%) |
Provisions |
1,770 |
|
885 |
|
(50.0 |
%) |
5,160 |
|
(460 |
) |
(108.9 |
%) |
Income tax expense |
470,746 |
|
(7,432 |
) |
(101.6 |
%) |
1,572,150 |
|
413,839 |
|
(73.7 |
%) |
Unrealized exchange loss |
108,000 |
|
(140,455 |
) |
(230.1 |
%) |
37,536 |
|
512,265 |
|
1264.7 |
% |
Net loss on derivative financial instruments |
83,052 |
|
(10,579 |
) |
(112.7 |
%) |
181,911 |
|
48,175 |
|
(73.5 |
%) |
|
2,768,126 |
|
1,149,199 |
|
(58.5 |
%) |
7,991,483 |
|
5,199,466 |
|
(34.9 |
%) |
Changes in working capital: |
|
|
|
|
|
|
(Increase) decrease in |
|
|
|
|
|
|
Trade accounts receivable |
71,449 |
|
(300,072 |
) |
(520.0 |
%) |
340,773 |
|
82,272 |
|
(75.9 |
%) |
Recoverable tax on assets and other assets |
(9,860 |
) |
(167,127 |
) |
1595.0 |
% |
(112,028 |
) |
(625,184 |
) |
458.1 |
% |
Increase (decrease) in |
|
|
|
|
|
|
Concession taxes payable |
14,364 |
|
16,128 |
|
12.3 |
% |
(135,755 |
) |
(360,201 |
) |
165.3 |
% |
Accounts payable |
105,274 |
|
(321,158 |
) |
(405.1 |
%) |
(44,023 |
) |
(664,481 |
) |
1409.4 |
% |
Cash generated (used) by operating activities |
2,949,354 |
|
376,970 |
|
(87.2 |
%) |
8,040,452 |
|
3,631,872 |
|
(54.8 |
%) |
Income taxes paid |
(560,749 |
) |
(213,213 |
) |
(62.0 |
%) |
(1,627,565 |
) |
(842,569 |
) |
(48.2 |
%) |
Net cash flows provided by operating
activities |
2,388,605 |
|
163,757 |
|
(93.1 |
%) |
6,412,886 |
|
2,789,303 |
|
(56.5 |
%) |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Machinery, equipment and improvements to concession assets |
(932,010 |
) |
(1,017,214 |
) |
9.1 |
% |
(1,776,637 |
) |
(2,261,509 |
) |
27.3 |
% |
Cash flows from sales of machinery and equipment |
1,051 |
|
2,993 |
|
184.8 |
% |
1,759 |
|
3,185 |
|
81.1 |
% |
Other investment activities |
27,369 |
|
(9,114 |
) |
(133.3 |
%) |
1,795 |
|
(64,116 |
) |
(3671.0 |
%) |
Acquisition business |
(9,586 |
) |
- |
|
0.0 |
% |
- |
|
- |
|
0.0 |
% |
Net cash used by investment activities |
(913,177 |
) |
(1,023,335 |
) |
12.1 |
% |
(1,773,083 |
) |
(2,322,439 |
) |
31.0 |
% |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Dividends declared and paid |
(2,212,673 |
) |
- |
|
(100.0 |
%) |
(2,212,673 |
) |
- |
|
(100.0 |
%) |
Capital distribution |
- |
|
- |
|
0.0 |
% |
(1,592,494 |
) |
- |
|
(100.0 |
%) |
Debt securities |
- |
|
- |
|
0.0 |
% |
3,000,000 |
|
7,200,000 |
|
140.0 |
% |
Payment from Debt securities |
- |
|
- |
|
0.0 |
% |
- |
|
(2,200,000 |
) |
100.0 |
% |
Interest paid |
(377,153 |
) |
(379,636 |
) |
0.7 |
% |
(923,448 |
) |
(988,052 |
) |
7.0 |
% |
Bank Loans |
- |
|
654,396 |
|
100.0 |
% |
96,274 |
|
2,805,660 |
|
2814.2 |
% |
Interest paid on lease |
(898 |
) |
(626 |
) |
(30.3 |
%) |
(2,885 |
) |
(2,018 |
) |
(30.0 |
%) |
Payments of obligations for leasing |
(3,649 |
) |
(3,133 |
) |
(14.1 |
%) |
(12,042 |
) |
(9,949 |
) |
(17.4 |
%) |
Net cash flows used in financing activities |
(2,594,373 |
) |
271,001 |
|
(110.4 |
%) |
(1,647,268 |
) |
6,805,641 |
|
(513.1 |
%) |
|
|
|
|
|
|
|
Effects of exchange rate changes on cash held |
13,099 |
|
60,180 |
|
359.4 |
% |
(25,436 |
) |
447,735 |
|
(1860.3 |
%) |
Net increase in cash and cash equivalents |
(1,105,846 |
) |
(528,397 |
) |
(52.2 |
%) |
2,967,100 |
|
7,720,239 |
|
160.2 |
% |
Cash and cash equivalents at beginning of
year |
10,224,400 |
|
15,748,829 |
|
54.0 |
% |
6,151,457 |
|
7,500,193 |
|
21.9 |
% |
Cash and cash equivalents at the end of year |
9,118,556 |
|
15,220,432 |
|
66.9 |
% |
9,118,556 |
|
15,220,432 |
|
66.9 |
% |
|
|
|
|
|
|
|
Exhibit D: Consolidated statements of
profit or loss and other comprehensive income (in
thousands of pesos):
|
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical services |
2,567,517 |
|
1,526,645 |
|
(40.5 |
%) |
7,776,615 |
|
5,202,303 |
|
(33.1 |
%) |
Non-aeronautical services |
950,353 |
|
444,126 |
|
(53.3 |
%) |
2,808,953 |
|
1,797,608 |
|
(36.0 |
%) |
Improvements to concession assets (IFRIC 12) |
797,548 |
|
1,097,300 |
|
37.6 |
% |
1,066,398 |
|
2,522,058 |
|
136.5 |
% |
Total revenues |
4,315,418 |
|
3,068,071 |
|
(28.9 |
%) |
11,651,966 |
|
9,521,968 |
|
(18.3 |
%) |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs of services: |
670,350 |
|
650,245 |
|
(3.0 |
%) |
1,971,293 |
|
2,030,357 |
|
3.0 |
% |
Employee costs |
205,622 |
|
248,704 |
|
21.0 |
% |
628,738 |
|
735,170 |
|
16.9 |
% |
Maintenance |
141,467 |
|
83,742 |
|
(40.8 |
%) |
402,269 |
|
295,547 |
|
(26.5 |
%) |
Safety, security & insurance |
105,657 |
|
108,553 |
|
2.7 |
% |
310,100 |
|
337,958 |
|
9.0 |
% |
Utilities |
104,375 |
|
101,137 |
|
(3.1 |
%) |
269,633 |
|
272,456 |
|
1.0 |
% |
Other operating expenses |
113,229 |
|
108,109 |
|
(4.5 |
%) |
360,553 |
|
389,226 |
|
8.0 |
% |
|
|
|
|
|
|
|
Technical assistance fees |
115,795 |
|
58,254 |
|
(49.7 |
%) |
345,013 |
|
199,296 |
|
(42.2 |
%) |
Concession taxes |
297,308 |
|
176,469 |
|
(40.6 |
%) |
915,461 |
|
714,896 |
|
(21.9 |
%) |
Depreciation and amortization |
439,691 |
|
506,982 |
|
15.3 |
% |
1,287,131 |
|
1,494,213 |
|
16.1 |
% |
Cost of improvements to concession assets (IFRIC 12) |
797,548 |
|
1,097,300 |
|
37.6 |
% |
1,066,398 |
|
2,522,058 |
|
136.5 |
% |
Other income |
(7,605 |
) |
(7,387 |
) |
(2.9 |
%) |
(16,538 |
) |
1,635 |
|
(109.9 |
%) |
Total operating costs |
2,313,087 |
|
2,481,863 |
|
7.3 |
% |
5,568,758 |
|
6,962,454 |
|
25.0 |
% |
Income from operations |
2,002,331 |
|
586,208 |
|
(70.7 |
%) |
6,083,208 |
|
2,559,514 |
|
(57.9 |
%) |
|
|
|
|
|
|
|
Financial Result |
(168,861 |
) |
(241,200 |
) |
42.8 |
% |
(487,208 |
) |
(567,383 |
) |
16.5 |
% |
Share of loss of associates |
(5 |
) |
- |
|
100.0 |
% |
(12 |
) |
3 |
|
125.0 |
% |
Income before income taxes |
1,833,465 |
|
345,008 |
|
(81.2 |
%) |
5,595,987 |
|
1,992,134 |
|
(64.4 |
%) |
Income taxes |
(470,746 |
) |
7,432 |
|
(101.6 |
%) |
(1,572,146 |
) |
(413,839 |
) |
(73.7 |
%) |
Net income |
1,362,719 |
|
352,440 |
|
(74.1 |
%) |
4,023,841 |
|
1,578,295 |
|
(60.8 |
%) |
Currency translation effect |
93,377 |
|
(127,539 |
) |
(236.6 |
%) |
(46,362 |
) |
1,223,592 |
|
(2739.2 |
%) |
Cash flow hedges, net of income tax |
- |
|
58,447 |
|
100.0 |
% |
- |
|
(289,658 |
) |
100.0 |
% |
Remeasurements of employee benefit – net income tax |
(147 |
) |
(11,633 |
) |
7813.6 |
% |
(440 |
) |
(21,338 |
) |
4748.8 |
% |
Comprehensive income |
1,455,949 |
|
271,715 |
|
(81.3 |
%) |
3,977,039 |
|
2,490,891 |
|
(37.4 |
%) |
Non-controlling interest |
(33,307 |
) |
55,306 |
|
266.1 |
% |
(78,235 |
) |
(108,803 |
) |
(39.1 |
%) |
Comprehensive income attributable to controlling
interest |
1,422,642 |
|
327,021 |
|
(77.0 |
%) |
3,898,804 |
|
2,382,088 |
|
(38.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
EBITDA |
2,442,022 |
|
1,093,190 |
|
(55.2 |
%) |
7,370,338 |
|
4,053,727 |
|
(45.0 |
%) |
Comprehensive income |
1,455,949 |
|
271,715 |
|
(81.3 |
%) |
3,977,039 |
|
2,490,891 |
|
(37.4 |
%) |
Comprehensive income per share (pesos) |
2.5953 |
|
0 |
|
(81.3 |
%) |
7.0892 |
|
4 |
|
(37.4 |
%) |
Comprehensive income per ADS (US dollars) |
1.1748 |
|
0.22 |
|
(81.3 |
%) |
3.2091 |
|
2.01 |
|
(37.4 |
%) |
|
|
|
|
|
|
|
Operating income margin |
46.4 |
% |
19.1 |
% |
(58.8 |
%) |
52.2 |
% |
26.9 |
% |
(48.5 |
%) |
Operating income margin (excluding IFRIC 12) |
56.9 |
% |
29.7 |
% |
(47.7 |
%) |
57.6 |
% |
36.7 |
% |
(36.3 |
%) |
EBITDA margin |
56.6 |
% |
35.6 |
% |
(37.0 |
%) |
63.3 |
% |
42.6 |
% |
(32.7 |
%) |
EBITDA margin (excluding IFRIC 12) |
69.5 |
% |
55.6 |
% |
(20.2 |
%) |
69.6 |
% |
57.9 |
% |
(16.8 |
%) |
Costs of services and improvements / total revenues |
34.0 |
% |
57.0 |
% |
67.5 |
% |
26.1 |
% |
47.8 |
% |
83.4 |
% |
Cost of services / total revenues (excluding IFRIC 12) |
19.1 |
% |
33.0 |
% |
73.1 |
% |
18.6 |
% |
29.0 |
% |
55.8 |
% |
|
|
|
|
|
|
|
The non-controlling interest corresponds to the 25.5% stake held in
the Montego Bay airport by Vantage Airport Group Limited
(“Vantage”). |
|
|
Exhibit E: Consolidated stockholders’
equity (in thousands of
pesos):
|
Common 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 January 1, 2019 |
7,777,576 |
|
1,345,711 |
2,983,374 |
(1,733,374 |
) |
9,552,069 |
|
783,629 |
|
20,708,985 |
|
1,063,165 |
|
21,772,150 |
|
Transfer of earnings |
- |
|
246,840 |
- |
- |
|
(246,840 |
) |
- |
|
- |
|
- |
|
- |
|
Dividends declared |
- |
|
- |
- |
- |
|
(4,425,111 |
) |
- |
|
(4,425,111 |
) |
- |
|
(4,425,111 |
) |
Reserve for repurchase of share |
- |
|
- |
300,000 |
- |
|
(300,000 |
) |
- |
|
- |
|
- |
|
- |
|
Capital distribution |
(1,592,494 |
) |
- |
- |
- |
|
- |
|
- |
|
(1,592,494 |
) |
- |
|
(1,592,494 |
) |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
|
- |
- |
- |
|
3,943,311 |
|
- |
|
3,943,311 |
|
80,530 |
|
4,023,841 |
|
Foreign currency translation reserve |
- |
|
- |
- |
- |
|
- |
|
(44,068 |
) |
(44,068 |
) |
(2,294 |
) |
(46,362 |
) |
Remeasurements of employee benefit – Net |
- |
|
- |
- |
- |
|
- |
|
(440 |
) |
(440 |
) |
- |
|
(440 |
) |
Balance as of September 30, 2019 |
6,185,082 |
|
1,592,551 |
3,283,374 |
(1,733,374 |
) |
8,523,429 |
|
739,120 |
|
18,590,185 |
|
1,141,400 |
|
19,731,584 |
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2020 |
6,185,082 |
|
1,592,551 |
3,283,374 |
(1,733,374 |
) |
9,940,035 |
|
360,504 |
|
19,628,172 |
|
1,041,271 |
|
20,669,443 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
|
- |
- |
- |
|
1,608,717 |
|
- |
|
1,608,717 |
|
(30,423 |
) |
1,578,294 |
|
Foreign currency translation reserve |
- |
|
- |
- |
- |
|
- |
|
1,084,366 |
|
1,084,366 |
|
139,226 |
|
1,223,592 |
|
Remeasurements of employee benefit – Net |
- |
|
- |
- |
- |
|
- |
|
(21,338 |
) |
(21,338 |
) |
- |
|
(21,338 |
) |
Reserve for cash flow hedges – Net of income tax |
- |
|
- |
- |
- |
|
- |
|
(289,658 |
) |
(289,658 |
) |
- |
|
(289,658 |
) |
Balance as of September 30, 2020 |
6,185,082 |
|
1,592,551 |
3,283,374 |
(1,733,374 |
) |
11,548,752 |
|
1,133,874 |
|
22,010,258 |
|
1,150,074 |
|
23,160,333 |
|
|
|
|
|
|
|
|
|
|
|
For presentation purposes, the 25.5% stake in
Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by
Vantage appears in the Stockholders’ Equity of the Company as a
non-controlling interest.
As a part of the adoption of IFRS, the effects of
inflation on common stock recognized pursuant to Mexican Financial
Reporting Standards (MFRS) through June 30, 2007 were reclassified
as retained earnings because accumulated inflation recognized under
MFRS is not considered hyperinflationary according to IFRS. For
Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico,
S.A.B. de C.V., as an individual entity, will continue preparing
separate financial information under MFRS. Therefore, for any
transaction between the Company and its shareholders related to
stockholders’ equity, the Company must take into consideration the
accounting balances prepared under MFRS as an individual entity and
determine the tax impact under tax laws applicable in Mexico, which
requires the use of MFRS. For purposes of reporting to stock
exchanges, the consolidated financial statements will continue
being prepared in accordance with IFRS, as issued by the IASB.
Exhibit F: Other operating
data:
|
3Q19 |
3Q20 |
Change |
9M19 |
9M20 |
Change |
Total passengers |
11,863.4 |
5,718.9 |
(51.8 |
%) |
35,960.2 |
19,110.2 |
(46.9 |
%) |
Total
cargo volume (in WLUs) |
532.2 |
534.7 |
0.5 |
% |
1,612.1 |
1,549.6 |
(3.9 |
%) |
Total
WLUs |
12,395.6 |
6,253.6 |
(49.6 |
%) |
37,572.2 |
20,659.8 |
(45.0 |
%) |
|
|
|
|
|
|
|
Aeronautical & non aeronautical services per passenger
(pesos) |
296.5 |
344.6 |
16.2 |
% |
294.4 |
366.3 |
24.4 |
% |
Aeronautical services per WLU (pesos) |
207.1 |
244.1 |
17.9 |
% |
207.0 |
251.8 |
21.7 |
% |
Non
aeronautical services per passenger (pesos) |
80.1 |
77.7 |
(3.1 |
%) |
78.1 |
94.1 |
20.4 |
% |
Cost of
services per WLU (pesos) |
54.1 |
104.0 |
92.3 |
% |
52.5 |
98.3 |
87.3 |
% |
|
|
|
|
|
|
|
WLU = Workload units represent passenger traffic plus cargo units
(1 cargo unit = 100 kilograms of cargo). |
|
|
|
|
IR
Contacts: |
|
Saúl Villarreal, Chief Financial Officer |
svillarreal@aeropuertosgap.com.mx |
Alejandra Soto, IR and Financial Planning Manager |
asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor Relations |
gmurillo@aeropuertosgap.com.mx / +523338801100 ext. 20294 |
Maria Barona, i-advize Corporate Communications |
mbarona@i-advize.com |
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