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Name | Symbol | Market | Type |
---|---|---|---|
Grupo Aeroportuario Del Pacifico SA | NYSE:PAC | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.95 | -1.20% | 160.75 | 161.77 | 157.73 | 157.73 | 3,119 | 15:10:31 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES
EXCHANGE ACT OF 1934
For the month of April 2022
Commission File Number: 001-32751
GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.
(PACIFIC
AIRPORT GROUP)
(Translation of registrant's name into
English)
México
(Jurisdiction of incorporation or organization)
Avenida Mariano Otero No. 1249-B
Torre Pacifico, Piso 6
Col. Rinconada del Bosque
44530
Guadalajara, Jalisco, México
(Address
of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
[ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Grupo Aeroportuario del Pacifico Announces Results for the First Quarter of 2022
GUADALAJARA, Mexico, April 25, 2022 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the first quarter ended March 31, 2022 (1Q22) (tables are presented at the end of this report comparing passenger traffic and consolidated results for 2022 and 2019, in order to illustrate the recovery of these metrics and their trend). 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 first quarter ended March 31, 2022, passenger traffic increased 69.9% as compared to the same period of 2021 and increased 5.8% as compared to 2019, demonstrating a positive trend. This increase, which is due to the recovery of the tourism and business segments, which caused first quarter results for 2022 to exceed 2019 and 2021. This increase resulted in net cash flows that exceeded the previous quarters.
Company measures during 1Q22:
Company’s Financial Position:
During 1Q22, results were significantly better as compared to 1Q21. The Company generated positive EBITDA of Ps. 3,708.4 million, an increase of 111.0% as compared to 1Q21 as a result of a 65.3% increase in total revenues and an increase in cost of services of only 15.4%.
In 1Q22, operating activities continued generating positive cash flow of Ps. 2,168.7 million. The Company reported a financial position of cash and cash equivalents as of March 31, 2022, of Ps. 16,899.9 million (14.7% higher than the balance as of March 31, 2021). During 1Q22, the Company issued Ps. 5,000.0 million in long-term debt securities to finance the committed investments for our Mexican airports and to make the Ps. 1,500.0 million maturity payment on our “GAP-17” debt securities. Additionally, Ps. 499.5 million in share repurchases were made during 1Q22.
In 1Q22, the Company performed an assessment of the portfolio risk of our airlines and commercial clients in terms of liquidity. Because of this assessment and due to the growth and recovery of our main airlines and commercial clients, it was determined that no reserve provision for expected credit losses was necessary for this quarter.
During 1Q22, the Company continued evaluating the possible adverse impacts of the pandemic on its financial condition and operating results. The Company also reviewed key indicators and impairment tests of significant long-term assets, expected credit losses and recovery of assets due to deferred taxes. In this evaluation, the Company reviewed financial results for the short, medium, and long term, concluding that a significant deterioration of the Company’s assets is not expected. As such, the Company does not foresee a business interruption or closing operations at any of its airports. However, the Company cannot ensure that the negative effect of the pandemic will continue decreasing in the coming quarter, nor can it ensure that local and global economic conditions will improve. The Company can not predict the availability of financing, or what general credit conditions will be.
The Company will continue to monitor the pandemic effects on the results of operations and will continue informing the market in a timely manner regarding future material updates on airport operations and the measures adopted for preserving liquidity and ensuring business continuity.
Summary of Results 1Q22 vs. 1Q21 (and 1Q19 for purposes of illustrating the recovery trend):
Passenger Traffic
During 1Q22, total passengers at the Company’s 14 airports increased by 5,175.3 thousand passengers, an increase of 69.9%, compared to 1Q21 (as compared to 1Q19, total passengers increased by 694.2 thousand passengers, or 5.8%).
During 1Q22, the following new routes were opened:
Domestic:
Consolidated Results for the First Quarter of 2022 (in thousands of pesos):
1Q21 | 1Q22 | Change | ||
Revenues | ||||
Aeronautical services | 2,072,767 | 3,854,232 | 85.9% | |
Non-aeronautical services | 635,987 | 1,167,912 | 83.6% | |
Improvements to concession assets (IFRIC-12) | 929,243 | 990,454 | 6.6% | |
Total revenues | 3,637,996 | 6,012,598 | 65.3% | |
Operating costs | ||||
Costs of services: | 652,698 | 753,524 | 15.4% | |
Employee costs | 243,634 | 288,518 | 18.4% | |
Maintenance | 94,439 | 125,030 | 32.4% | |
Safety, security & insurance | 123,826 | 126,174 | 1.9% | |
Utilities | 77,173 | 96,081 | 24.5% | |
Other operating expenses | 113,626 | 117,721 | 3.6% | |
Technical assistance fees | 88,356 | 174,146 | 97.1% | |
Concession taxes | 213,840 | 399,766 | 86.9% | |
Depreciation and amortization | 502,745 | 564,533 | 12.3% | |
Cost of improvements to concession assets (IFRIC-12) | 929,243 | 990,454 | 6.6% | |
Other (income) | (3,350) | (13,711) | 309.3% | |
Total operating costs | 2,383,532 | 2,868,712 | 20.4% | |
Income from operations | 1,254,464 | 3,143,885 | 150.6% | |
Financial Result | (79,303) | (272,945) | 244.2% | |
Income before income taxes | 1,175,161 | 2,870,940 | 144.3% | |
Income taxes | (137,581) | (543,489) | 295.0% | |
Net income | 1,037,580 | 2,327,450 | 124.3% | |
Currency translation effect | 61,729 | (178,331) | (388.9%) | |
Cash flow hedges, net of income tax | 216,794 | 91,752 | (57.7%) | |
Remeasurements of employee benefit – net income tax | 1,102 | 102 | (90.7%) | |
Comprehensive income | 1,317,205 | 2,240,973 | 70.1% | |
Non-controlling interest | (12,895) | (19,026) | 47.5% | |
Comprehensive income attributable to controlling interest | 1,304,310 | 2,221,946 | 70.4% | |
1Q21 | 1Q22 | Change | ||
EBITDA | 1,757,209 | 3,708,418 | 111.0% | |
Comprehensive income | 1,317,205 | 2,240,973 | 70.1% | |
Comprehensive income per share (pesos) | 2.5136 | 4.3896 | 74.6% | |
Comprehensive income per ADS (US dollars) | 1.2624 | 2.2046 | 74.6% | |
Operating income margin | 34.5% | 52.3% | 51.6% | |
Operating income margin (excluding IFRIC-12) | 46.3% | 62.6% | 35.2% | |
EBITDA margin | 48.3% | 61.7% | 27.7% | |
EBITDA margin (excluding IFRIC-12) | 65.0% | 73.8% | 13.7% | |
Costs of services and improvements / total revenues | 43.5% | 29.0% | (33.3%) | |
Cost of services / total revenues (excluding IFRIC-12) | 24.1% | 15.0% | (37.7%) | |
- Net income and comprehensive income per share for 1Q22 were calculated based on 510,520,111 shares outstanding
as of March 31, 2022 and for 1Q21 were calculated based on 524,038,200 shares outstanding as of March 31, 2021. U.S. dollar figures presented
were converted from pesos to U.S. dollars at a rate of Ps. 19.9110 per U.S. dollar (the noon buying rate on March 31, 2022, as published
by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the Jamaican airports, the average three-month
exchange rate of Ps. 20.5229 per U.S. dollar for the three months ended March 31, 2022 was used.
Revenues (1Q22 vs. 1Q21)
Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC12)
increased by Ps. 61.2 million, or 6.6%, compared to 1Q21. The change was composed primarily of:
Total operating costs increased by Ps. 485.2 million, or 20.4%, compared to 1Q21, mainly due to a Ps. 271.7 million, or 89.9%, increase in concession taxes and technical assistance fees, a Ps.100.8 million, or 15.4%, increase in cost of services, and a Ps. 61.2 million, or 6.6%, increase in the cost of improvements to the concession assets (IFRIC12), (excluding the cost of improvements to concession assets, operating costs increased Ps. 424.0 million, or 29.2%).
This increase in total operating costs was composed primarily of the following factors:
Mexican
Airports:
The change in the cost of services during 1Q22 was mainly due to:
Montego Bay Airport:
Kingston Airport:
Operating margin went from 34.5% in 1Q21 to 52.3% in 1Q22. Excluding the effects of IFRIC-12, operating margin went from 46.3% in 1Q21 to 62.6% in 1Q22. Operating income increased Ps. 1,889.4 million, or 150.6%, compared to 1Q21.
EBITDA margin went from 48.3% in 1Q21 to 61.7% in 1Q22. Excluding the effects of IFRIC-12, EBITDA margin went from 64.9% in 1Q21 to 73.8% in 1Q22. The nominal value of EBITDA increased Ps. 1,951.2 million, or 111.0%, compared to 1Q21.
Financial cost increased by Ps. 193.6 million, or 244.2%, from a net expense of Ps. 79.3 million in 1Q21 to a net expense of Ps. 272.9 million in 1Q22. This change was mainly the result of:
In 1Q22, comprehensive income increased Ps. 923.8 million, or 70.1%, compared to 1Q21. This increase was mainly due to a Ps. 1,695.8 million increase in profit before taxes derived from the significant increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 405.9 million and a Ps. 240.0 million decrease in currency translation effect.
During 1Q22, net income increased by Ps. 1,289.9 million, or 124.3%, compared to 1Q21. Income taxes increased by Ps. 450.1 million and were partially offset by a Ps. 44.2 million increase in the benefit for deferred taxes, mainly due an increase in the inflation rate, from 2.3% in 1Q21 to 2.5% in 1Q22.
Statement of Financial Position
Total assets as of March 31, 2022 increased by Ps. 6,981.4 million as compared to March 31, 2021, primarily due to
the following items: (i) a Ps. 2,685.7 million increase in improvements to concession assets; (ii) a Ps. 2,171.5 million increase in cash
and cash equivalents; (iii) a Ps. 1,519.8 million increase in machinery, equipment and leasehold improvements and advances to suppliers;
and (iv) a Ps. 518.4 million increase in accounts receivable from customers, among others.
Total
liabilities as of March 31, 2022 increased by Ps. 8,643.1 million compared to March 31, 2021. This increase was primarily due to the following
items: (i) issuance of Ps. 9,000.0 million in long-term debt securities; (ii) Ps. 1,049.9 million in accounts payable, iii) income taxes
of Ps. 621.7 million and (iv) concession taxes of Ps. 111.5 million. This was partially offset by decreases of: (i) Ps. 2,323.8 million
in bank loans and (ii) Ps. 410.8 million in derivative financial instruments, among others.
Recent Events
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):
Exhibit B: Consolidated statement of financial position as of March 31 (in thousands of pesos):
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
1Q21 | 1Q22 | Change | ||
Cash flows from operating activities: | ||||
Consolidated net income | 1,037,580 | 2,327,450 | 124.3% | |
Postemployment benefit costs | 8,900 | 8,605 | (3.3%) | |
Allowance expected credit loss | 23,525 | (1,684) | (107.2%) | |
Depreciation and amortization | 502,745 | 564,533 | 12.3% | |
(Gain) loss on sale of machinery, equipment and improvements to leased assets | 596 | 290 | (51.3%) | |
Interest expense | 381,139 | 475,407 | 24.7% | |
Provisions | (12,313) | 7,487 | (160.8%) | |
Income tax expense | 137,581 | 543,489 | 295.0% | |
Unrealized exchange loss | 163,039 | (124,319) | 176.3% | |
Net (gain) on derivative financial instruments | - | (6,765) | 100.0% | |
2,242,797 | 3,794,494 | 69.2% | ||
Changes in working capital: | ||||
(Increase) decrease in | ||||
Trade accounts receivable | (73,688) | (121,464) | 64.8% | |
Recoverable tax on assets and other assets | (56,433) | 125,736 | (322.8%) | |
(Decrease) increase | ||||
Concession taxes payable | (43,092) | (37,490) | (13.0%) | |
Accounts payable | 41,644 | (192,770) | 562.9% | |
Cash generated by operating activities | 2,111,228 | 3,568,506 | 69.0% | |
Income taxes paid | (302,349) | (1,399,856) | 363.0% | |
Net cash flows provided by operating activities | 1,808,879 | 2,168,650 | 19.9% | |
Cash flows from investing activities: | ||||
Machinery, equipment and improvements to concession assets | (829,935) | (1,117,599) | 34.7% | |
Cash flows from sales of machinery and equipment | 651 | 107 | (83.6%) | |
Other investment activities | 3,205 | (22,674) | (807.5%) | |
Net cash used by investment activities | (826,079) | (1,140,166) | 38.0% | |
Cash flows from financing activities: | ||||
Debt securities | - | 5,000,000.00 | 100.0% | |
Payment from Debt securities | - | (1,500,000) | 100.0% | |
Bank loans payments | (1,889,706) | (3,878,004) | (105.2%) | |
Bank loans | 1,889,706 | 3,872,783 | 104.9% | |
Repurchase of shares | (338,184) | (499,473) | (47.7%) | |
Interest paid | (339,197) | (360,255) | 6.2% | |
Interest paid on lease | (502) | (1,194) | 137.8% | |
Payments of obligations for leasing | (3,059) | (3,486) | 14.0% | |
Net cash flows used in financing activities | (680,942) | 2,630,371 | (486.3%) | |
Effects of exchange rate changes on cash held | (18,009) | (91,845) | 410.0% | |
Net increase in cash and cash equivalents | 283,842 | 3,567,010 | 1156.7% | |
Cash and cash equivalents at beginning of the period | 14,444,549 | 13,332,877 | (7.7%) | |
Cash and cash equivalents at the end of the period | 14,728,391 | 16,899,886 | 14.7% | |
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands
of pesos):
Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):
As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial Reporting Standards (MFRS) through December 31, 2007 were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue being prepared in accordance with IFRS, as issued by the IASB.
Exhibit F: Other operating data (in thousands):
Passenger Traffic and Consolidated Results compared to the same periods of 2019:
Domestic Terminal Passengers – 14 airports (in thousands):
Consolidated Results and Other Data compared with 2019 (in thousands of pesos):
1Q19 | 1Q22 | Change | ||
Revenues | ||||
Aeronautical services | 2,631,325 | 3,854,232 | 46.5% | |
Non-aeronautical services | 901,324 | 1,167,912 | 29.6% | |
Improvements to concession assets (IFRIC 12) | 146,487 | 990,454 | 576.1% | |
Total revenues | 3,679,136 | 6,012,598 | 63.4% | |
Operating costs | ||||
Costs of services: | 595,639 | 753,524 | 26.5% | |
Employee costs | 194,323 | 288,518 | 48.5% | |
Maintenance | 112,440 | 125,030 | 11.2% | |
Safety, security & insurance | 102,131 | 126,174 | 23.5% | |
Utilities | 72,769 | 96,081 | 32.0% | |
Other operating expenses | 113,976 | 117,721 | 3.3% | |
Technical assistance fees | 115,574 | 174,146 | 50.7% | |
Concession taxes | 325,267 | 399,766 | 22.9% | |
Depreciation and amortization | 421,601 | 564,533 | 33.9% | |
Cost of improvements to concession assets (IFRIC 12) | 146,487 | 990,454 | 576.1% | |
Other (income) | (3,908) | (13,711) | 250.8% | |
Total operating costs | 1,600,660 | 2,868,712 | 79.2% | |
Income from operations | 2,078,476 | 3,143,885 | 51.3% | |
Financial Result | (82,609) | (272,945) | 230.4% | |
Income before taxes | 1,995,867 | 2,870,940 | 43.8% | |
Income taxes | (598,319) | (543,489) | (9.2%) | |
Net income | 1,397,549 | 2,327,450 | 66.5% | |
Currency translation effect | (93,951) | (178,331) | 89.8% | |
Cash flow hedges, net of income tax | 0 | 91,752 | 100.0% | |
Remeasurements of employee benefit – net income tax | (147) | 102.0 | (169.4%) | |
Comprehensive income | 1,303,451 | 2,240,973 | 71.9% | |
Non-controlling interest | (25,166) | (19,026) | 24.4% | |
Comprehensive income attributable to controlling interest | 1,278,285 | 2,221,946 | 73.8% | |
1Q19 | 1Q22 | Change | ||
EBITDA | 2,500,077 | 3,708,418 | 48.3% | |
Comprehensive income | 1,303,451 | 2,240,973 | 71.9% | |
Comprehensive income per share (pesos) | 2.3234 | 4.3896 | 88.9% | |
Comprehensive income per ADS (US dollars) | 1.1978 | 2.2046 | 84.1% | |
Operating income margin | 56.5% | 52.3% | (7.4%) | |
Operating income margin (excluding IFRIC 12) | 58.8% | 62.6% | 6.4% | |
EBITDA margin | 68.0% | 61.7% | (9.2%) | |
EBITDA margin (excluding IFRIC 12) | 70.8% | 73.8% | 4.3% | |
Costs of services and improvements / total revenues | 20.2% | 29.0% | 43.8% | |
Cost of services / total revenues (excluding IFRIC 12) | 16.9% | 15.0% | (11.0%) | |
IR Contacts: | |
Saúl Villarreal, Chief Financial Officer | svillarreal@aeropuertosgap.com.mx |
Alejandra Soto, IRO and Corporate Finance Director | asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294 |
[1] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | ||
(Registrant) | ||
Date: April 25, 2022 | /s/ SAÚL VILLARREAL GARCÍA | |
Saúl Villarreal García | ||
Chief Financial Officer | ||
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