6-K 1 f6k_102122.htm FORM 6-K
 

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 October 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 Third Quarter of 2022

GUADALAJARA, Mexico, Oct. 21, 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 third quarter ended September 30, 2022 (3Q22) (tables are presented at the end of this report comparing passenger traffic and consolidated results for 2022 to 2019, in order to illustrate the recovery and trend of these metrics). Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 3Q22 vs. 3Q21 (and 3Q19 for purposes of illustrating the recovery trend):

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,425.6 million, or 32.7% (Ps. 2,261.4 million, or 64.3%, as compared to 3Q19). Total revenues increased by Ps. 1,459.2 million, or 27.6% (Ps. 2,436.6 million, or 56.5%, as compared to 3Q19).

  • Cost of services increased by Ps. 221.7 million, or 29.2% (as compared to 3Q19, cost of services increased Ps. 310.6 million, or 46.3%).

  • Income from operations increased by Ps. 917.0 million, or 35.5% (Ps. 1,495.0 million, or 74.7%, as compared to 3Q19).

  • EBITDA increased by Ps. 986.6 million, or 31.8% (Ps. 1,643.0 million, or 67.3%, as compared to 3Q19), going from Ps. 3,098.4 million in 3Q21 to Ps. 4,085.0 million in 3Q22. EBITDA margin (excluding the effects of IFRIC 12) went from 71.3% in 3Q21 to 70.7% in 3Q22 (EBITDA margin (excluding the effects of IFRIC 12) was 69.5% in 3Q19).

  • Comprehensive income increased Ps. 642.0 million, or 31.9% (as compared to 3Q19, it increased Ps. 1,200.8 million, or 82.5%), from income of Ps. 2,014.7 million in 3Q21 to income of Ps. 2,656.7 million in 3Q22.

Company’s Financial Position:

During 3Q22, results were significantly better as compared to 3Q21 because of a 27.6% increase in total revenues. The Company generated positive EBITDA of Ps. 4,085.0 million, an increase of 31.8% as compared to 3Q21.

In 3Q22, operating activities continued generating positive cash flow of Ps. 3,748.6 million. The Company reported a financial position of cash and cash equivalents as of September 30, 2022, of Ps. 16,157.6 million (51.7% higher than the balance as of September 30, 2021). During 3Q22, the Company issued Ps. 2,757.6 million in long-term debt securities (Certificados Bursátiles) to finance the committed investments for our Mexican airports and to pay our “GAP 17-2” debt securities that will mature on November 3. Additionally, Ps. 924.3 million in share repurchases were made during the 3Q22.

Passenger Traffic

During 3Q22, total passengers at the Company’s 14 airports increased by 2,885.8 thousand passengers, an increase of 24.6%, compared to 3Q21 (as compared to 3Q19, total passengers increased by 2,750.4 thousand passengers, or 23.2%).

During 3Q22, the following new routes were opened:

Domestic:

Airline Departure Arrival Opening date Frequencies
Volaris Guadalajara Toluca July 1, 2022 7 weekly
Volaris Puerto Vallarta Toluca July 1, 2022 7 weekly
Volaris Los Cabos Toluca July 1, 2022 7 weekly
Volaris Tijuana Toluca July 1, 2022 7 weekly
Volaris Tijuana Puerto Escondido July 1, 2022 2 weekly 
Aeromexico Guadalajara Felipe Angeles August 15, 2022 3 weekly 
Volaris Mexicali Felipe Angeles August 15, 2022 7 weekly 
Aeromar Aguascalientes  Mexico City September 5, 2022 7 weekly 
Calafia La Paz Puerto Peñasco September 5, 2022 2 weekly 
Calafia La Paz Chihuahua September 6, 2022 3 weekly 
Volaris Guadalajara Felipe Angeles September 15, 2022 7 weekly 
Volaris La Paz Felipe Angeles September 15, 2022 3 weekly 
Volaris Puerto Vallarta Felipe Angeles September 15, 2022 7 weekly 
Volaris Los Cabos Felipe Angeles September 16, 2022 4 weekly 
Aeromexico Morelia Mexico City September 19, 2022 14 weekly 
         

Note: Frequencies can vary without prior notice.

International:

Airline Departure Arrival Opening date Frequencies
Iberojet Los Cabos Madrid July 18, 2022 1 weekly

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport 3Q21 3Q22 Change 9M21 9M22 Change
Guadalajara 2,246.8 2,935.3 30.6% 5,998.2 7,969.4 32.9%
Tijuana * 1,837.2 2,151.2 17.1% 5,021.2 5,973.1 19.0%
Los Cabos 558.0 725.5 30.0% 1,445.4 1,869.8 29.4%
Puerto Vallarta 540.6 753.4 39.4% 1,294.2 1,944.0 50.2%
Montego Bay  0.0 0.0 0.0% 0.0 0.0 N/A
Guanajuato 401.8 491.5 22.3% 1,082.7 1,300.7 20.1%
Hermosillo 389.8 479.0 22.9% 1,008.3 1,343.6 33.2%
Kingston 0.3 0.5 96.2% 1.0 1.0 1.5%
Mexicali 300.9 327.8 8.9% 764.1 918.7 20.2%
Morelia 138.4 160.8 16.2% 394.1 474.3 20.4%
La Paz 237.2 274.0 15.5% 634.9 786.7 23.9%
Aguascalientes 162.3 171.2 5.5% 404.7 524.8 29.7%
Los Mochis 89.4 103.4 15.7% 252.0 307.5 22.0%
Manzanillo 20.8 25.5 22.6% 61.0 74.0 21.2%
Total 6,923.6 8,599.2 24.2% 18,361.9 23,487.5 27.9%

*Cross Border Xpress (CBX) users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport 3Q21 3Q22 Change 9M21 9M22 Change
Guadalajara 1,098.9 1,165.2 6.0% 2,643.2 3,232.8 22.3%
Tijuana * 738.5 1,113.5 50.8% 1,901.1 3,063.3 61.1%
Los Cabos 944.3 1,001.1 6.0% 2,462.1 3,310.5 34.5%
Puerto Vallarta 529.7 653.0 23.3% 1,457.9 2,587.6 77.5%
Montego Bay  799.6 1,136.8 42.2% 1,761.0 3,225.8 83.2%
Guanajuato 198.5 210.5 6.0% 447.3 567.7 26.9%
Hermosillo 30.7 20.1 (34.8%) 76.6 58.5 (23.6%)
Kingston 266.2 498.3 87.2% 565.0 1,128.4 99.7%
Mexicali 1.8 1.7 (4.2%) 3.6 4.6 28.1%
Morelia 116.1 130.7 12.6% 292.9 364.2 24.3%
La Paz 5.4 5.4 (0.6%) 13.7 19.2 39.9%
Aguascalientes 63.4 65.2 2.9% 152.0 170.2 12.0%
Los Mochis 3.1 2.1 (32.8%) 7.1 5.8 (18.0%)
Manzanillo 8.2 11.1 35.0% 29.7 52.3 76.1%
Total 4,804.5 6,014.7 25.2% 11,813.1 17,790.9 50.6%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport 3Q21 3Q22 Change 9M21 9M22 Change
Guadalajara 3,345.7 4,100.5 22.6% 8,641.5 11,202.2 29.6%
Tijuana * 2,575.7 3,264.7 26.7% 6,922.3 9,036.4 30.5%
Los Cabos 1,502.3 1,726.5 14.9% 3,907.5 5,180.3 32.6%
Puerto Vallarta 1,070.3 1,406.4 31.4% 2,752.1 4,531.7 64.7%
Montego Bay  799.6 1,136.8 42.2% 1,761.0 3,225.8 83.2%
Guanajuato 600.3 702.0 16.9% 1,530.0 1,868.4 22.1%
Hermosillo 420.6 499.1 18.7% 1,084.9 1,402.1 29.2%
Kingston 266.4 498.9 87.2% 565.9 1,129.4 99.6%
Mexicali 302.7 329.5 8.8% 767.8 923.3 20.3%
Morelia 254.5 291.5 14.6% 687.0 838.5 22.1%
La Paz 242.6 279.4 15.2% 648.6 805.9 24.3%
Aguascalientes 225.7 236.4 4.7% 556.7 695.0 24.8%
Los Mochis 92.5 105.5 14.0% 259.1 313.3 20.9%
Manzanillo 29.0 36.6 26.1% 90.7 126.3 39.2%
Total 11,728.1 14,613.9 24.6% 30,175.0 41,278.4 36.8%

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport 3Q21 3Q22 Change 9M21 9M22 Change
Tijuana 725.5 1,103.9 52.1% 1,878.2 3,038.5 61.8%


Consolidated Results for the Third Quarter of 2022 (in thousands of pesos):

   3Q21   3Q22   Change 
Revenues      
Aeronautical services 3,316,240 4,449,504 34.2%
Non-aeronautical services 1,037,416 1,329,793 28.2%
Improvements to concession assets (IFRIC-12) 939,145 972,743 3.6%
Total revenues 5,292,801 6,752,040 27.6%
       
Operating costs      
Costs of services: 759,323 980,978 29.2%
Employee costs 276,236 357,283 29.3%
Maintenance 136,477 147,757 8.3%
Safety, security & insurance 124,716 146,102 17.1%
Utilities 111,739 136,726 22.4%
Other operating expenses 110,155 193,110 75.3%
       
Technical assistance fees 146,706 189,598 29.2%
Concession taxes 353,984 525,291 48.4%
Depreciation and amortization 518,005 587,686 13.5%
Cost of improvements to concession assets (IFRIC-12) 939,145 972,743 3.6%
Other (income) (4,735) (1,610) (66.0%)
Total operating costs 2,712,428 3,254,686 20.0%
Income from operations 2,580,373 3,497,354 35.5%
Financial Result (214,047) (227,340) 6.2%
Income before income taxes  2,366,325 3,270,014 38.2%
Income taxes  (586,599) (607,303) 3.5%
Net income  1,779,726 2,662,711 49.6%
Currency translation effect 60,978 (7,235) (111.9%)
 Cash flow hedges, net of income tax 164,213 1,152 (99.3%)
Remeasurements of employee benefit – net income tax 9,777 106 (98.9%)
Comprehensive income  2,014,694 2,656,734 31.9%
Non-controlling interest (45,769) (58,841) 28.6%
Comprehensive income attributable to controlling interest 1,968,925 2,597,893 31.9%
       
       
   3Q21   3Q22  Change
EBITDA 3,098,378 4,085,040 31.8%
Comprehensive income  2,014,694 2,656,734 31.9%
Comprehensive income per share (pesos) 3.8742 5.2245 34.9%
Comprehensive income per ADS (US dollars) 1.9260 2.5973 34.9%
       
Operating income margin  48.8% 51.8% 6.2%
Operating income margin (excluding IFRIC-12) 59.3% 60.5% 2.1%
EBITDA margin  58.5% 60.5% 3.4%
EBITDA margin (excluding IFRIC-12) 71.3% 70.7% (0.8%)
Costs of services and improvements / total revenues  32.1% 28.9% (9.8%)
Cost of services / total revenues  (excluding IFRIC-12) 17.4% 17.0% (2.7%)
       

- Net income and comprehensive income per share for 3Q22 were calculated based on 505,277,464 shares outstanding as of September 30, 2022 and for 3Q21 were calculated based on 514,705,326 shares outstanding as of September 30, 2021. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.1150 per U.S. dollar (the noon buying rate on September 30, 2022, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 20.2403 per U.S. dollar for the three months ended September 30, 2022 was used.

Revenues (3Q22 vs. 3Q21)

  • Aeronautical services revenues increased by Ps. 1,133.3 million, or 34.2%.
  • Non-aeronautical services revenues increased by Ps. 292.4 million, or 28.2%.
  • Revenues from improvements to concession assets increased by Ps. 33.6 million, or 3.6%.
  • Total revenues increased by Ps. 1,459.2 million, or 27.6%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 857.1 million or 30.0% compared to 3Q21, mainly due to the 21.7% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.

    2. Revenues from the Montego Bay airport increased by Ps. 134.3 million, or 43.6%, compared to 3Q21. This was mainly due to the 42.2% increase in passenger traffic. During 3Q22, there was a 1.2% depreciation of the peso versus the U.S. dollar, which went from an average exchange rate of Ps. 20.0092 in 3Q21 to Ps. 20.2403 in 3Q22.

    3. Revenues from the Kingston airport increased by Ps. 141.9 million, or 91.2% compared to 3Q21, mainly due to an 87.2% increase in passenger traffic.

  • The change in non-aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 218.6 million, or 25.2%, compared to 3Q21. Revenues from businesses operated by third parties increased by Ps. 109.9 million, or 18.3%. Mainly due to the recovery of passenger traffic. The business lines that increased the most were food and beverage, retail, car rentals, duty-free stores, time shares and ground transportation, which jointly increased by Ps. 92.5 million, or 18.1%. Revenues from businesses operated directly by us increased by Ps. 103.0 million, or 44.5%, while the recovery of costs increased by Ps. 5.7 million, or 15.7%.

    2. Revenues from the Montego Bay airport increased by Ps. 58.2 million, or 46.7%, compared to 3Q21. Revenues in U.S. dollars increased US$ 2.8 million, or 50.0%.

    3. Revenues from the Kingston airport increased by Ps. 15.6 million, or 34.1%, compared to 3Q21. Revenues in U.S. dollars increased US$ 0.7 million, or 30.1%.

  3Q21 3Q22 Change
Businesses operated by third parties:      
Duty-free  153,166 194,142 26.8%
Food and beverage  163,585 203,903 24.6%
Retail  119,901 154,788 29.1%
Car rentals  112,400 136,692 21.6%
Leasing of space 65,596 82,646 26.0%
Time shares  54,657 59,598 9.0%
Ground transportation 36,733 41,213 12.2%
Communications and financial services  22,325 27,200 21.8%
Other commercial revenues 24,357 29,440 20.9%
Total 752,719 929,623 23.5%
       
Businesses operated directly by us:      
Car parking  106,057 142,543 34.4%
VIP lounges 60,774 94,392 55.3%
Advertising  11,813 20,344 72.2%
Convenience stores 59,391 86,073 44.9%
Total 238,034 343,353 44.2%
Recovery of costs 46,662 56,815 21.8%
Total Non-aeronautical Revenues  1,037,415 1,329,793 28.2%

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets1
    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 33.6 million, or 3.6%, compared to 3Q21. The change was composed primarily of:
  1. The Company’s Mexican airports, which increased by Ps. 31.2 million, or 3.4%, as a result of the increase in committed investments in the Master Development Program for the 2020-2024 period.

  2. Improvements to concession assets at the Montego Bay airport increased Ps. 2.4 million, or 16.5%. During 3Q22, no improvements to concession assets were made at the Kingston airport.

Total operating costs increased by Ps. 542.3 million, or 20.0%, compared to 3Q21, mainly due to a combined increase of Ps. 214.2 million, or 42.8%, in concession taxes and technical assistance fees, a Ps. 221.7 million, or 29.2%, increase in cost of services, a Ps. 69.7 million, or 13.5%, increase in depreciation and amortization and a Ps. 33.6 million, or 3.6% increase in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to concession assets, operating costs increased Ps. 508.7 million, or 28.7%).

This increase in total operating costs was composed primarily of the following factors:
  
Mexican Airports:

  • Operating costs increased by Ps. 370.4 million, or 16.5%, compared to 3Q21, primarily due to a Ps. 187.9 million, or 31.8%, increase in cost of services, a combined Ps. 90.1 million, or 27.5%, increase in technical assistance fees and concession taxes, a Ps. 63.3 million, or 15.9%, increase in depreciation and amortization, and a Ps. 31.2 million, or 3.4%, increase in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 339.3 million or 25.8%).

The change in the cost of services during 3Q22 was mainly due to:

  • Employee costs increased Ps. 78.3 million, or 34.3%, compared to 3Q21, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
  • Safety, security and insurance costs increased Ps. 16.2 million, or 17.9%, compared to 3Q21, mainly due to an increase in the number of security staff and the opening of operational areas.
  • Utility costs increased Ps. 11.2 million, or 14.8%, compared with 3Q21, primarily because of the increase in the consumption of electricity due to the opening of new operational areas, fuels and the increase in the cost of water.
  • Other operating expenses increased Ps. 79.6 million, or 95.1%, compared to 3Q21, mainly due to a combined increase of Ps. 71.6 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, FBO services, professional fees, allowance for credit losses and travel expenses.

Montego Bay Airport:

  • Operating costs increased by Ps. 61.0 million, or 22.2%, compared to 3Q21, mainly due to a Ps. 27.6 million, or 55.4%, increase in concession taxes, a Ps. 20.1 million, or 20.9%, increase in the cost of services, a Ps. 5.8 million, or 4.9%, increase in depreciation and amortization and a Ps. 2.4 million, or 16.5%, increase in the cost of improvements to concession assets (IFRIC-12).

Kingston Airport:

  • Operating costs increased by Ps. 110.8 million, or 56.1%, compared to 3Q21, mainly due to a Ps. 96.5 million, or 78.5%, increase in concession taxes, and a Ps. 13.7 million, or 19.0%, increase in the cost of services.

Operating margin went from 48.8% in 3Q21 to 51.8% in 3Q22. Excluding the effects of IFRIC-12, operating margin went from 59.3% in 3Q21 to 60.5% in 3Q22. Operating income increased Ps. 917.0 million, or 35.5%, compared to 3Q21.

EBITDA margin went from 58.5% in 3Q21 to 60.5% in 3Q22. Excluding the effects of IFRIC-12, EBITDA margin went from 71.3% in 3Q21 to 70.7% in 3Q22. The nominal value of EBITDA increased Ps. 986.7 million, or 31.8%, compared to 3Q21.

Financial cost increased by Ps. 13.3 million, or 6.2%, from a net expense of Ps. 214.0 million in 3Q21 to a net expense of Ps. 227.3 million in 3Q22. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 87.6 million in 3Q21 to income of Ps. 208.1 million in 3Q22. This generated an increase in the foreign exchange gain of Ps. 120.5 million. Currency translation effect income decreased Ps. 68.2 million, compared to 3Q21.

  • Interest expenses increased by Ps. 236.3 million, or 58.5%, compared to 3Q21, mainly due to higher debt as a result of the issuance of long-term debt securities and the increase in interest rates.

  • Interest income increased by Ps. 102.5 million, or 100.4%, compared to 3Q21, mainly due to an increase in the reference interest rates.

In 3Q22, comprehensive income increased Ps. 642.0 million, or 31.9%, compared to 3Q21. This increase was mainly due to a Ps. 903.7 million increase in profit before taxes derived from the increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 20.7 million, a Ps. 68.2 million decrease in currency translation effect income and a Ps. 163.1 million decrease in cash flow hedges.

During 3Q22, net income increased by Ps. 883.0 million, or 49.6%, compared to 3Q21. Income taxes increased by Ps. 161.9 million and were partially offset by a Ps. 141.2 million increase in the benefit for deferred taxes, mainly due an increase in the inflation rate, from 1.5% in 3Q21 to 2.2% in 3Q22.

Consolidated Results for the Nine Months of 2022 (in thousands of pesos):

   9M21   9M22   Change 
Revenues      
Aeronautical services 8,412,610 12,626,702 50.1%
Non-aeronautical services 2,584,554 3,815,830 47.6%
Improvements to concession assets (IFRIC-12) 2,829,371 2,932,191 3.6%
Total revenues 13,826,535 19,374,723 40.1%
       
Operating costs      
Costs of services: 2,107,665 2,634,969 25.0%
Employee costs 809,698 996,556 23.1%
Maintenance 339,953 434,004 27.7%
Safety, security & insurance 373,147 408,919 9.6%
Utilities 284,503 352,376 23.9%
Other operating expenses 300,364 443,114 47.5%
       
Technical assistance fees 370,504 553,970 49.5%
Concession taxes 871,641 1,398,515 60.4%
Depreciation and amortization 1,531,129 1,715,333 12.0%
Cost of improvements to concession assets (IFRIC-12) 2,829,371 2,932,191 3.6%
Other (income) (5,372) (20,082) 273.8%
Total operating costs 7,704,938 9,214,895 19.6%
Income from operations 6,121,597 10,159,828 66.0%
Financial Result (699,551) (788,404) 12.7%
Income before income taxes  5,422,049 9,371,424 72.8%
Income taxes  (1,180,768) (2,016,627) 70.8%
Net income  4,241,281 7,354,797 73.4%
Currency translation effect (24,246) (346,786) 1330.3%
 Cash flow hedges, net of income tax 404,240 138,539 (65.7%)
Remeasurements of employee benefit – net income tax 11,614 311 97.3%
Comprehensive income  4,632,889 7,146,861 54.3%
Non-controlling interest (45,120) (129,498) 187.0%
Comprehensive income attributable to controlling interest 4,587,769 7,017,363 53.0%
       
   9M21   9M22  Change
EBITDA 7,652,727 11,875,161 55.2%
Comprehensive income  4,632,889 7,146,861 54.3%
Comprehensive income per share (pesos) 8.9090 14.0545 57.8%
Comprehensive income per ADS (US dollars) 4.4290 6.9871 57.8%
       
Operating income margin  44.3% 52.4% 18.4%
Operating income margin (excluding IFRIC-12) 55.7% 61.8% 11.0%
EBITDA margin  55.3% 61.3% 10.7%
EBITDA margin (excluding IFRIC-12) 69.6% 72.2% 3.8%
Costs of services and improvements / total revenues  35.7% 28.7% (19.5%)
Cost of services / total revenues  (excluding IFRIC-12) 19.2% 16.0% (16.4%)
       

- Net income and comprehensive income per share for period ended September 30, 2022 were calculated based on 505,277,464 shares outstanding as of that date and for the period ended September 30, 2021 were calculated based on 514,705,326 shares outstanding as of that date. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.1150 per U.S. dollar (the noon buying rate on September 30, 2022, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of our Jamaican airports, the average exchange rate of Ps. 20.2682 per U.S. dollar for the nine months ended September 30, 2022 was used.

Revenues (9M22 vs. 9M21)

  • Aeronautical services revenues increased by Ps. 4,214.1 million, or 50.1%.
  • Non-aeronautical services revenues increased by Ps. 1,231.3 million, or 47.6%.
  • Revenues from improvements to concession assets increased by Ps. 102.8 million, or 3.6%.
  • Total revenues increased by Ps. 5,548.2 million, or 40.1%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 3,287.6 million or 44.6% compared to 9M21, mainly due to the 32.6% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.

    2. Revenues from the Montego Bay airport increased by Ps. 585.7 million, or 84.8%, compared to 9M21. This was mainly due to the 83.2% increase in passenger traffic.

    3. Revenues from the Kingston airport increased by Ps. 340.8 million, or 95.9% compared to 9M21, mainly due to a 99.6% increase in passenger traffic.

  • The change in non-aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 981.7 million, or 45.5%, compared to 9M21. Revenues from businesses operated by third parties increased by Ps. 602.5 million, or 40.5%. This was mainly due to the recovery of passenger traffic. The business lines that increased the most were food and beverage, retail, car rentals, duty-free stores, time shares and other revenues, which jointly increased by Ps. 539.1 million, or 44.9%. Revenues from businesses operated directly by us increased by Ps. 361.6 million, or 63.9%, while the recovery of costs increased by Ps. 17.6 million, or 16.5%.

    2. Revenues from the Montego Bay airport increased by Ps. 196.4 million, or 61.8%, compared to 9M21. Revenues in U.S. dollars increased US$ 9.6 million, or 60.7%.

    3. Revenues from the Kingston airport increased by Ps. 53.1 million, or 49.5%, compared to 9M21. Revenues in U.S. dollars increased US$ 2.6 million, or 48.5%.

  9M21 9M22 Change
Businesses operated by third parties:      
Duty-free  375,606 535,938 42.7%
Food and beverage  367,414 577,652 57.2%
Retail  285,563 451,440 58.1%
Car rentals  288,053 398,902 38.5%
Leasing of space 175,840 225,799 28.4%
Time shares  134,677 178,968 32.9%
Ground transportation 97,805 126,464 29.3%
Communications and financial services  61,200 78,151 27.7%
Other commercial revenues 82,678 125,793 52.1%
Total 1,868,836 2,699,108 44.4%
       
Businesses operated directly by us:      
Car parking  273,322 394,652 44.4%
VIP lounges 145,184 269,458 85.6%
Advertising  33,669 57,585 71.0%
Convenience stores 128,436 229,063 78.3%
Total 580,611 950,758 63.8%
Recovery of costs 135,107 165,964 22.8%
Total Non-aeronautical Revenues  2,584,554 3,815,830 47.6%
       

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2
    Revenues from improvements to concession assets (IFRIC12) increased by Ps. 102.8 million, or 3.6%, compared to 9M21. The change was composed primarily of:
  1. The Company’s Mexican airports, which increased by Ps. 88.6 million, or 3.2%, as a result of the increase in committed investments in the Master Development Program for the 2020-2024 period.
  1. Improvements to concession assets at the Montego Bay airport increased Ps. 14.3 million, or 25.5%. During 9M22, no improvements to concession assets were made at the Kingston airport.

Total operating costs increased by Ps. 1,510.0 million, or 19.6%, compared to 9M21, mainly due to a combined Ps. 710.3 million, or 57.2%, increase in concession taxes and technical assistance fees, a Ps. 527.3 million, or 25.0%, increase in cost of services, a Ps. 184.2 million, or 12.0%, increase in depreciation and amortization and a Ps. 102.8 million, or 3.6% increase in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to concession assets, operating costs increased Ps. 1,407.1 million, or 28.9%).

This increase in total operating costs was composed primarily of the following factors:  

Mexican Airports:

  • Operating costs increased by Ps. 1,064.4 million, or 16.6%, compared to 9M21, primarily due to a combined Ps. 372.3 million, or 44.4%, increase in technical assistance fees and concession taxes, a Ps. 429.1 million, or 26.2%, increase in cost of services, a Ps. 178.0 million, or 15.3%, increase in depreciation and amortization, and a Ps. 88.6 million, or 3.2%, increase in the cost of improvements to the concession assets (IFRIC-12), (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 975.8 million or 26.8%).

The change in the cost of services during 9M22 was mainly due to:

  • Employee costs increased Ps. 174.5 million, or 26.2%, compared to 9M21, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic.
  • Maintenance costs increased by Ps. 66.0 million, or 23.7%, compared to 9M21.
  • Safety, security and insurance costs increased Ps. 33.3 million, or 12.5%, compared to 9M21, mainly due to an increase in the number of security staff.
  • Utility costs increased Ps. 23.1 million, or 12.5%, compared with 3Q21, primarily because of the increase in the consumption of electricity due to the opening of new operational areas, fuels and the increase in the cost of water.
  • Other operating expenses increased Ps. 132.2 million or 54.1%, compared to 9M21, mainly due to a combined increase of Ps. 119.9 million in the cost of goods and services for our VIP lounges and convenience stores, FBO services, professional fees, the allowance for credit losses and travel expenses.

Montego Bay Airport:

  • Operating costs increased by Ps. 167.1 million, or 20.4%, compared to 9M21, mainly due to a Ps. 95.8 million, or 79.8%, increase in concession taxes and a Ps. 61.7 million, or 21.9%, increase in the cost of services.

Kingston Airport:

  • Operating costs increased by Ps. 278.4 million, or 58.5%, compared to 9M21, mainly due to a Ps. 242.2 million, or 86.1%, increase in concession taxes, and a Ps. 36.4 million, or 19.6%, increase in the cost of services.

Operating margin went from 44.3% in 9M21 to 52.4% in 9M22. Excluding the effects of IFRIC-12, operating margin went from 55.7% in 9M21 to 61.8% in 9M22. Operating income increased Ps. 4,038.2 million, or 66.0%, compared to 9M21.

EBITDA margin went from 55.3% in 9M21 to 61.3% in 9M22. Excluding the effects of IFRIC-12, EBITDA margin went from 69.6% in 9M21 to 72.2% in 9M22. The nominal value of EBITDA increased Ps. 4,222.4 million, or 55.2%, compared to 9M21.

Financial cost increased by Ps. 88.9 million, or 12.7%, from a net expense of Ps. 699.5 million in 9M21 to a net expense of Ps. 788.4 million in 9M22. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from income of Ps. 205.2 million in 9M21 to income of Ps. 342.0 million in 9M22. This generated an increase in the foreign exchange gain of Ps. 136.8 million. Currency translation effect expense increased Ps. 322.5 million, compared to 9M21.

  • Interest expenses increased by Ps. 489.4 million, or 40.3%, compared to 9M21, mainly due to higher debt as a result of the issuance of long-term debt securities and the increase in interest rates.

  • Interest income increased by Ps. 263.7 million, or 85.4%, compared to 9M21, mainly due to an increase in the reference interest rates.

In 9M22, comprehensive income increased Ps. 2,514.0 million, or 54.3%, compared to 9M21. This increase was mainly due to a Ps. 3,949.4 million increase in profit before taxes derived from the increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 835.8 million and a Ps. 1,510.0 million increase in operating costs.

During 9M22, net income increased by Ps. 3,113.5 million, or 73.4%, compared to 9M21. Income taxes increased by Ps. 1,093.5 million and were partially offset by a Ps. 257.7 million increase in the benefit for deferred taxes, mainly due to an increase in the inflation rate, from 4.8% in 9M21 to 6.2% in 9M22.

Statement of Financial Position

Total assets as of September 30, 2022 increased by Ps. 12,362.4 million as compared to September 30, 2021, primarily due to the following items: (i) a Ps. 5,506.7 million increase in cash and cash equivalents; (ii) a Ps. 4,028.0 million increase in improvements to concession assets; (iii) a Ps. 2,295.1 million increase in machinery, equipment and leasehold improvements and advances to suppliers; and (iv) a Ps. 448.4 million increase in accounts receivable from customers, among others.
        
Total liabilities as of September 30, 2022 increased by Ps. 13,340.8 million compared to September 30, 2021. This increase was primarily due to the following items: (i) issuance of Ps. 8,257.6 million in long-term debt securities, (ii) Ps. 3,675.8 million in dividends pending payment, (iii) Ps. 699.5 million in accounts payable and iv) Ps. 213.1 million in guaranteed deposits. This increase was partially offset by decreases of: (i) Ps. 162.5 million in bank loans and (ii) Ps. 79.8 million in derivative financial instruments, among others.

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  3Q21   3Q22  Change  9M21   9M22  Change
Guadalajara            
Aeronautical services 936,476 1,225,545 30.9%        2,364,802         3,296,847 39.4%
Non-aeronautical services 216,335 222,509 2.9%           588,628             644,738 9.5%
Improvements to concession assets (IFRIC 12) 281,771 499,974 77.4%           845,313         1,499,921 77.4%
Total Revenues 1,434,583 1,948,028 35.8%        3,798,742         5,441,506 43.2%
Operating income 742,786 1,068,333 43.8%        1,887,733         2,799,435 48.3%
EBITDA 839,895 1,170,722 39.4%        2,180,329         3,129,648 43.5%
             
Tijuana            
Aeronautical services 511,009 698,222 36.6%        1,345,821         1,893,773 40.7%
Non-aeronautical services 114,533 139,450 21.8%           315,577             389,554 23.4%
Improvements to concession assets (IFRIC 12) 407,033 85,505 (79.0%)        1,221,098             256,516 (79.0%)
Total Revenues 1,032,575 923,178 (10.6%)        2,882,497         2,539,843 (11.9%)
Operating income  394,096 574,981 45.9%        1,038,859         1,559,064 50.1%
EBITDA 456,547 664,549 45.6%        1,230,993         1,807,050 46.8%
             
Los Cabos            
Aeronautical services 540,223 654,908 21.2%        1,403,833         2,001,237 42.6%
Non-aeronautical services 257,178 271,777 5.7%           603,312             811,070 34.4%
Improvements to concession assets (IFRIC 12) 111,408 63,265 (43.2%)           334,223             189,796 (43.2%)
Total Revenues 908,809 989,951 8.9%        2,341,367         3,002,103 28.2%
Operating income 548,226 645,831 17.8%        1,367,260         2,011,990 47.2%
EBITDA 615,771 721,192 17.1%        1,561,092         2,236,706 43.3%
             
Puerto Vallarta            
Aeronautical services 338,057 484,214 43.2%           893,818         1,662,321 86.0%
Non-aeronautical services 108,579 125,788 15.8%           284,093             399,623 40.7%
Improvements to concession assets (IFRIC 12) 77,817 199,303 156.1%           233,450             597,909 156.1%
Total Revenues 524,452 809,305 54.3%        1,411,361         2,659,853 88.5%
Operating income 270,060 382,370 41.6%           723,078         1,477,112 104.3%
EBITDA 313,466 430,801 37.4%           855,602         1,620,906 89.4%
             
Montego Bay            
Aeronautical services 307,859 442,173 43.6%           691,064         1,276,788 84.8%
Non-aeronautical services 124,623 182,776 46.7%           317,675             514,116 61.8%
Improvements to concession assets (IFRIC 12) 14,669 17,096 16.5%            55,942               70,202 25.5%
Total Revenues 447,151 642,046 43.6%        1,064,680         1,861,107 74.8%
Operating income 173,069 392,948 127.0%           245,554             951,245 287.4%
EBITDA 291,557 491,828 68.7%           607,449         1,293,084 112.9%
             


Exhibit A: Operating results by airport (in thousands of pesos): (continued)

Airport  3Q21   3Q22  Change  9M21   9M22  Change
Guanajuato            
Aeronautical services 164,660 209,488 27.2%           413,189             548,502 32.7%
Non-aeronautical services 38,165 39,735 4.1%           100,736             113,305 12.5%
Improvements to concession assets (IFRIC 12) 3,094 10,647 244.2%             9,281               31,941 244.2%
Total Revenues 205,919 259,869 26.2%           523,205             693,748 32.6%
Operating income 120,450 172,122 42.9%           306,508             437,932 42.9%
EBITDA 139,476 191,568 37.3%           362,832             498,264 37.3%
             
Hermosillo            
Aeronautical services 91,901 118,428 28.9%           234,903             328,931 40.0%
Non-aeronautical services 17,851 20,047 12.3%          53,613               55,968 4.4%
Improvements to concession assets (IFRIC 12) 4,341 16,897 289.2%          13,024               50,690 289.2%
Total Revenues 114,093 155,371 36.2%           301,539             435,590 44.5%
Operating income 32,619 70,406 115.8%           102,965             198,014 92.3%
EBITDA 51,321 91,113 77.5%           160,427             262,040 63.3%
             
Others (1)            
Aeronautical services 426,055 616,526 44.7%        1,065,181         1,618,301 51.9%
Non-aeronautical services 99,456 112,988 13.6%           257,815             309,744 20.1%
Improvements to concession assets (IFRIC 12) 39,014 80,056 105.2%           117,041             235,217 101.0%
Total Revenues 564,525 809,570 43.4%        1,440,038         2,163,263 50.2%
Operating income 54,564 188,146 244.8%           189,062             530,818 180.8%
EBITDA 128,777 256,452 99.1%           393,287             741,532 88.5%
             
Total             
Aeronautical services 3,316,240 4,449,504 34.2%        8,412,610       12,626,701 50.1%
Non-aeronautical services 976,722 1,115,070 14.2%        2,521,447         3,238,120 28.4%
Improvements to concession assets (IFRIC 12) 939,145 972,743 3.6%        2,829,371         2,932,191 3.6%
Total Revenues 5,232,106 6,537,318 24.9%      13,763,428       18,797,013 36.6%
Operating income 2,335,870 3,495,137 49.6%        5,861,017         9,965,609 70.0%
EBITDA 2,836,810 4,018,225 41.6%        7,352,009       11,589,230 57.6%
             

(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):

  2021 2022 Change  %
Assets        
Current assets        
Cash and cash equivalents 10,650,840 16,157,567 5,506,727 51.7%
Trade accounts receivable - Net 1,419,022 1,867,442 448,420 31.6%
Other current assets 1,196,699 751,617 (445,082) (37.2%)
Total current assets 13,266,561 18,776,626 5,510,065 41.5%
         
Advanced payments to suppliers 879,342 2,009,155 1,129,813 128.5%
Machinery, equipment and improvements to leased buildings - Net 2,542,454 3,707,712 1,165,258 45.8%
Improvements to concession assets - Net 14,496,214 18,524,228 4,028,014 27.8%
Airport concessions - Net 10,386,868 9,950,067 (436,801) (4.2%)
Rights to use airport facilities - Net 1,226,755 1,153,359 (73,396) (6.0%)
Deferred income taxes - Net 6,114,888 6,668,207 553,319 9.0%
Other non-current assets 186,772 672,900 486,128 260.3%
Total assets 49,099,854 61,462,254 12,362,400 25.2%
         
Liabilities         
Current liabilities 4,338,720 10,397,308 6,058,588 139.6%
Long-term liabilities 25,652,501 32,934,715 7,282,214 28.4%
Total liabilities 29,991,221 43,332,023 13,340,802 44.5%
         
Stockholders' Equity        
Common stock 170,381 8,197,536 8,027,155 4711.3%
Legal reserve 1,592,551 34,076 (1,558,475) (97.9%)
Net income 4,217,345 7,225,111 3,007,766 71.3%
Retained earnings 7,927,599 136,704 (7,790,895) (98.3%)
Reserve for share repurchase  5,531,293 2,499,473 (3,031,820) (54.8%)
Repurchased shares (2,362,339) (1,999,987) 362,353 (15.3%)
Foreign currency translation reserve 992,017 687,735 (304,282) (30.7%)
Remeasurements of employee benefit – Net 1,562 5,522 3,960 (253.5%)
Cash flow hedges- Net (66,867) 168,095 234,962 351.4%
Total controlling interest 18,003,541 16,954,264 (1,049,276) (5.8%)
Non-controlling interest 1,105,092 1,175,967 70,875 6.4%
Total stockholder's equity 19,108,634 18,130,231 (978,401) (5.1%)
         
Total liabilities and stockholders' equity 49,099,854 61,462,254 12,362,400 25.2%
         

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):

   3Q21   3Q22  Change  9M21   9M22  Change
Cash flows from operating activities:            
Consolidated net income   1,779,726 2,662,711 49.6% 4,241,281 7,354,797 73.4%
             
Postemployment benefit costs (3,302) 8,790 (366.2%) 13,368 25,922 93.9%
Allowance expected credit loss 11,570 29,656 156.3% 32,641 25,811 (20.9%)
Depreciation and amortization 518,005 587,686 13.5% 1,531,129 1,715,333 12.0%
Loss on sale of machinery, equipment and improvements to leased assets (2,693) 1,513 156.2% (1,358) 3,872 (385.1%)
Interest expense 427,527 613,935 43.6% 1,228,317 1,658,223 35.0%
Provisions 1,994 5,084 155.0% (3,683) 17,463 (574.2%)
Income tax expense 586,599 607,303 3.5% 1,180,768 2,016,627 70.8%
Unrealized exchange loss 44,736 (107,973) (341.4%) (19,103) (289,485) 1415.4%
Net (gain) on derivative financial instruments                       -                        -   0.0%                          -   (6,933) 100.0%
  3,364,168 4,408,705 31.0% 8,203,361 12,521,629 52.6%
Changes in working capital:            
Decrease (increase)  in            
Trade accounts receivable 133,056 71,419 (46.3%) (183,864) (179,225) (2.5%)
Recoverable tax on assets and other assets (33,545) (142,941) 326.1% (108,855) 296,101 (372.0%)
(Decrease) increase            
Concession taxes payable (3,532) (78,125) 2111.9% 57,206 (116,187) (303.1%)
Accounts payable 100,933 308,718 205.9% 317,548 245,002 (22.8%)
Cash generated  by operating activities 3,561,080 4,567,776 28.3% 8,285,396 12,767,319 54.1%
Income taxes paid (329,375) (821,292) 149.3% (714,474) (3,584,700) 401.7%
Net cash flows provided by operating activities 3,231,705 3,746,484 15.9% 7,570,922 9,182,619 21.3%
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (1,120,965) (2,396,581) 113.8% (2,799,980) (5,492,216) 96.2%
Cash flows from sales of machinery and equipment 42 1,621 3759.5% 2,988 1,904 (36.3%)
Other investment activities 12,389 (53,358) (530.7%) (11,983) (81,577) 580.8%
Net cash used by investment activities (1,108,534) (2,448,318) 120.9% (2,808,975) (5,571,889) 98.4%
             
Cash flows from financing activities:            
Dividends declared and paid  - - 0.0% - (3,675,745) (100.0%)
Dividends declared and paid non-controlling interest - - 0.0% - (155,052) (100.0%)
Capital Reduction (4,014,701) - (100.0%) (6,014,701) - 100.0%
Bond certificates issued - 2,757,588 100.0% 4,500,000 7,757,588 72.4%
Bond certificates paid (1,500,000) - (100.0%) (1,500,000) (1,500,000) 0.0%
Bank loans paid - - 0.0% (5,860,151) (3,959,077) (32.4%)
Banks loans - - - 3,779,413 3,872,783 2.5%
Repurchase of shares (1,151,265) (924,284) (19.7%) (2,362,339) (1,999,987) (15.3%)
Interest paid  (349,100) (583,027) 67.0% (1,121,336) (1,524,509) 36.0%
Interest paid on lease (401) (1,403) 249.9% (1,340) (4,065) 203.2%
Payments of obligations for leasing (2,994) (4,221) 41.0% (9,039) (11,923) 31.9%
Net cash flows used in financing activities (7,018,461) 1,244,653 (117.7%) (8,589,493) (1,199,987) (86.0%)
             
Effects of exchange rate changes on cash held 43,150 125,186 190.1% 33,839 413,947 1123.3%
Net  (decrease) increase in cash and cash equivalents (4,852,148) 2,668,005 (155.0%) (3,793,708) 2,824,691 (174.5%)
Cash and cash equivalents at beginning of the period 15,502,987 13,489,562 (13.0%) 14,444,549 13,332,877 (7.7%)
Cash and cash equivalents at the end of the period 10,650,840 16,157,567 51.7% 10,650,840 16,157,567 51.7%
             

Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

   3Q21   3Q22   Change   9M21   9M22   Change 
Revenues            
Aeronautical services 3,316,240 4,449,504 34.2% 8,412,610 12,626,702 50.1%
Non-aeronautical services 1,037,416 1,329,793 28.2% 2,584,554 3,815,830 47.6%
Improvements to concession assets (IFRIC-12) 939,145 972,743 3.6% 2,829,371 2,932,191 3.6%
Total revenues 5,292,801 6,752,040 27.6% 13,826,535 19,374,723 40.1%
             
Operating costs            
Costs of services: 759,323 980,978 29.2% 2,107,665 2,634,969 25.0%
Employee costs 276,236 357,283 29.3% 809,698 996,556 23.1%
Maintenance 136,477 147,757 8.3% 339,953 434,004 27.7%
Safety, security & insurance 124,716 146,102 17.1% 373,147 408,919 9.6%
Utilities 111,739 136,726 22.4% 284,503 352,376 23.9%
Other operating expenses 110,155 193,110 75.3% 300,364 443,114 47.5%
             
Technical assistance fees 146,706 189,598 29.2% 370,504 553,970 49.5%
Concession taxes 353,984 525,291 48.4% 871,641 1,398,515 60.4%
Depreciation and amortization 518,005 587,686 13.5% 1,531,129 1,715,333 12.0%
Cost of improvements to concession assets (IFRIC-12) 939,145 972,743 3.6% 2,829,371 2,932,191 3.6%
Other (income) (4,735) (1,610) (66.0%) (5,372) (20,082) 273.8%
Total operating costs 2,712,428 3,254,686 20.0% 7,704,938 9,214,895 19.6%
Income from operations 2,580,373 3,497,354 35.5% 6,121,597 10,159,828 66.0%
Financial Result (214,047) (227,340) 6.2% (699,551) (788,404) 12.7%
Income before income taxes  2,366,325 3,270,014 38.2% 5,422,049 9,371,424 72.8%
Income taxes  (586,599) (607,303) 3.5% (1,180,768) (2,016,627) 70.8%
Net income  1,779,726 2,662,711 49.6% 4,241,281 7,354,797 73.4%
Currency translation effect 60,978 (7,235) (111.9%) (24,246) (346,786) 1330.3%
 Cash flow hedges, net of income tax 164,213 1,152 (99.3%) 404,240 138,539 (65.7%)
Remeasurements of employee benefit – net income tax 9,777 106 (98.9%) 11,614 311 97.3%
Comprehensive income  2,014,694 2,656,734 31.9% 4,632,889 7,146,861 54.3%
Non-controlling interest (45,769) (58,841) 28.6% (45,120) (129,498) 187.0%
Comprehensive income attributable to controlling interest 1,968,925 2,597,893 31.9% 4,587,769 7,017,363 53.0%
             

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 Reseve 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, 2021 6,185,082 1,592,551 3,283,374 (1,733,374) 11,908,891 556,287 21,792,811 1,059,972 22,852,783
Capital reduction (6,014,701) - - - - - (6,014,701) - (6,014,701)
Reserve for share purchase - - 3,981,292 - (3,981,292) - - - -
Repurchased share cancellation - - (1,733,374) 1,733,374 - - - - -
Repurchased share - - - (2,362,339) - - (2,362,339) - (2,362,339)
Comprehensive income:                  
Net income - - - - 4,217,345 - 4,217,345 23,936 4,241,281
Foreign currency translation reserve - - - - - (45,430) (45,430) 21,184 (24,246)
Remeasurements of employee benefit – Net - - - - - 11,614 11,614 - 11,614
Reserve for cash flow hedges – Net of income tax - - - - - 404,240 404,240 - 404,240
Balance as of September 30, 2021 170,381 1,592,551 5,531,293 (2,362,339) 12,144,944 926,711 18,003,539 1,105,092 19,108,632
                   
Balance as of January 1, 2022 170,381 1,592,551 5,531,292 (3,000,037) 13,925,091 1,069,102 19,288,380 1,140,220 20,428,600
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)
Cancellation repurchased shares - - (3,000,037) 3,000,037 - - - - -
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 - 7,225,111 129,685 7,354,796
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 September 30, 2022 8,197,536 34,076 2,499,473 (1,999,987) 7,361,815 861,353 16,954,264 1,175,967 18,130,231
                   

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 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:

  3Q21 3Q22 Change 2021 2022 Change
Total passengers 11,729.8 14,613.9 24.6% 30,176.6 41,278.4 36.8%
Total cargo volume (in WLUs) 655.6 613.0 (6.5%) 2,012.1 1,916.6 (4.7%)
Total WLUs 12,385.3 15,226.9 22.9% 32,188.8 43,195.0 34.2%
             
Aeronautical & non aeronautical services per passenger (pesos) 371.2 395.5 6.5% 364.4 398.3 9.3%
Aeronautical services per WLU (pesos) 267.8 292.2 9.1% 261.4 292.3 11.8%
Non aeronautical services per passenger (pesos) 88.4 91.0 2.9% 85.6 92.4 7.9%
Cost of services per WLU (pesos) 61.3 64.4 5.1% 65.5 61.0 (6.8%)
             

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

Passenger Traffic and Consolidated Results compared to the same periods of 2019:

Domestic Terminal Passengers – 14 airports (in thousands):

Airport 3Q19 3Q22 Change 9M19 9M22 Change
Guadalajara 2,671.4 2,935.3 9.9% 7,765.8 7,969.4 2.6%
Tijuana * 1,556.2 2,151.2 38.2% 4,451.1 5,973.1 34.2%
Los Cabos 562.2 725.5 29.0% 1,371.2 1,869.8 36.4%
Puerto Vallarta 539.9 753.4 39.5% 1,447.7 1,944.0 34.3%
Montego Bay  2.7 0.0 (100.0%) 6.9 0.0 (100.0%)
Guanajuato 528.0 491.5 (6.9%) 1,522.3 1,300.7 (14.6%)
Hermosillo 455.7 479.0 5.1% 1,315.7 1,343.6 2.1%
Kingston 0.0 0.5 N/A 0.0 1.0 N/A
Mexicali 301.7 327.8 8.6% 871.1 918.7 5.5%
Morelia 116.9 160.8 37.6% 342.8 474.3 38.4%
La Paz 274.0 274.0 0.0% 740.4 786.7 6.3%
Aguascalientes 160.4 171.2 6.8% 465.6 524.8 12.7%
Los Mochis 95.6 103.4 8.2% 282.8 307.5 8.7%
Manzanillo 21.3 25.5 20.0% 70.5 74.0 5.0%
Total 7,286.1 8,599.2 18.0% 20,653.8 23,487.5 13.7%

*CBX users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport 3Q19 3Q22 Change 9M19 9M22 Change
Guadalajara 1,157.8 1,165.2 0.6% 3,234.5 3,232.8 (0.1%)
Tijuana * 741.9 1,113.5 50.1% 2,136.1 3,063.3 43.4%
Los Cabos 745.4 1,001.1 34.3% 2,764.7 3,310.5 19.7%
Puerto Vallarta 447.6 653.0 45.9% 2,418.2 2,587.6 7.0%
Montego Bay  1,098.9 1,136.8 3.5% 3,615.3 3,225.8 (10.8%)
Guanajuato 183.0 210.5 15.0% 528.2 567.7 7.5%
Hermosillo 17.2 20.1 16.9% 51.7 58.5 13.3%
Kingston 0.0 498.3 N/A 0.0 1,128.4 N/A
Mexicali 1.8 1.7 (1.1%) 5.1 4.6 (8.7%)
Morelia 105.8 130.7 23.5% 312.9 364.2 16.4%
La Paz 2.8 5.4 94.9% 9.4 19.2 103.9%
Aguascalientes 65.0 65.2 0.3% 164.4 170.2 3.6%
Los Mochis 1.9 2.1 8.9% 5.4 5.8 7.2%
Manzanillo 8.4 11.1 31.3% 60.8 52.3 (14.0%)
Total 4,577.4 6,014.7 31.4% 15,306.5 17,790.9 16.2%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport 3Q19 3Q22 Change 9M19 9M22 Change
Guadalajara 3,829.2 4,100.5 7.1% 11,000.3 11,202.2 1.8%
Tijuana * 2,298.1 3,264.7 42.1% 6,587.2 9,036.4 37.2%
Los Cabos 1,307.6 1,726.5 32.0% 4,212.4 5,180.3 23.0%
Puerto Vallarta 987.5 1,406.4 42.4% 3,789.4 4,531.7 19.6%
Montego Bay  1,101.5 1,136.8 3.2% 3,622.2 3,225.8 (10.9%)
Guanajuato 711.1 702.0 (1.3%) 2,050.5 1,868.4 (8.9%)
Hermosillo 472.9 499.1 5.5% 1,367.4 1,402.1 2.5%
Kingston 0.0 498.9 N/A 0.0 1,129.4 N/A
Mexicali 303.5 329.5 8.6% 876.2 923.3 5.4%
Morelia 222.7 291.5 30.9% 655.7 838.5 27.9%
La Paz 276.8 279.4 1.0% 749.8 805.9 7.5%
Aguascalientes 225.4 236.4 4.9% 630.0 695.0 10.3%
Los Mochis 97.6 105.5 8.2% 288.2 313.3 8.7%
Manzanillo 29.7 36.6 23.2% 131.2 126.3 (3.8%)
Total 11,863.5 14,613.9 23.2% 35,960.3 41,278.4 14.8%

*CBX users are classified as international passengers.

The Company took control of the operation of the Kingston airport on October 10, 2019, consequently no figures are available for comparison purposes from January to September, 2019.

CBX Users (in thousands):

Airport 3Q19 3Q22 Change 9M19 9M22 Change
Tijuana 730.0 1,103.9 51.2% 2,100.9 3,038.5 44.6%


Consolidated Results and Other Data compared with 2019 (in thousands of pesos):

   3Q19   3Q22   Change   9M19   9M22   Change 
Revenues            
Aeronautical services 2,567,517 4,449,504 73.3% 7,776,615 12,626,702 62.4%
Non-aeronautical services 950,353 1,329,793 39.9% 2,808,953 3,815,830 35.8%
Improvements to concession assets (IFRIC 12) 797,548 972,743 22.0% 1,066,398 2,932,191 175.0%
Total revenues 4,315,418 6,752,040 56.5% 11,651,966 19,374,723 66.3%
             
Operating costs            
Costs of services: 670,350 980,978 46.3% 1,971,293 2,634,969 33.7%
Employee costs 205,622 357,283 73.8% 628,738 996,556 58.5%
Maintenance 141,467 147,757 4.4% 402,269 434,004 7.9%
Safety, security & insurance 105,657 146,102 38.3% 310,100 408,919 31.9%
Utilities 104,375 136,726 31.0% 269,633 352,376 30.7%
Other operating expenses 113,229 193,110 70.5% 360,553 443,114 22.9%
             
Technical assistance fees 115,795 189,598 63.7% 345,013 553,970 60.6%
Concession taxes 297,308 525,291 76.7% 915,461 1,398,515 52.8%
Depreciation and amortization 439,691 587,686 33.7% 1,287,131 1,715,333 33.3%
Cost of improvements to concession assets (IFRIC 12) 797,548 972,743 22.0% 1,066,398 2,932,191 175.0%
Other (income) (7,605) (1,610) (78.8%) (16,538) (20,082) 21.4%
Total operating costs 2,313,087 3,254,686 40.7% 5,568,758 9,214,895 65.5%
Income from operations 2,002,331 3,497,354 74.7% 6,083,208 10,159,828 67.0%
             
Financial Result (168,866) (227,340) 34.6% (487,220) (788,404) 61.8%
Income before taxes 1,833,465 3,270,014 78.4% 5,595,987 9,371,424 67.5%
Income taxes  (470,746) (607,303) 29.0% (1,572,146) (2,016,627) 28.3%
Net income  1,362,719 2,662,711 95.4% 4,023,841 7,354,797 82.8%
Currency translation effect 93,377 (7,235) (107.7%) (46,362) (346,786) 648.0%
Cash flow hedges, net of income tax                            -   1,152 100.0%                            -   138,539 100.0%
Remeasurements of employee benefit – net income tax (147) 106 (172.1%) (440) 311 (170.7%)
Comprehensive income 1,455,949 2,656,734 82.5% 3,977,039 7,146,861 79.7%
Non-controlling interest (33,307) (58,841) (76.7%) (78,235) (129,498) (65.5%)
Comprehensive income attributable to controlling interest 1,422,642 2,597,893 82.6% 3,898,804 7,017,363 80.0%
             
             
   3Q19   3Q22   Change   9M19   9M22   Change 
EBITDA 2,442,022 4,085,040 67.3% 7,370,338 11,875,161 61.1%
Comprehensive income  1,455,949 2,656,734 82.5% 3,977,039 7,146,861 79.7%
Comprehensive income per share (pesos) 2.5953 5.2245 101.3% 7.0892 14.0545 98.3%
Comprehensive income per ADS (US dollars) 1.3511 2.5973 92.2% 3.6906 6.9871 89.3%
             
Operating income margin  46.4% 51.8% 11.6% 52.2% 52.4% 0.4%
Operating income margin (excluding IFRIC 12) 56.9% 60.5% 6.3% 57.6% 61.8% 7.3%
EBITDA margin  56.6% 60.5% 6.9% 63.3% 61.3% (3.1%)
EBITDA margin (excluding IFRIC 12) 69.5% 70.7% 1.7% 69.6% 72.2% 3.7%
Costs of services and improvements / total revenues  34.0% 28.9% (14.9%) 26.1% 28.7% 10.2%
Cost of services / total revenues  (excluding IFRIC 12) 19.1% 17.0% (10.9%) 18.6% 16.0% (13.9%)
             

[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.

[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 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.

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

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: October 21, 2022       /s/ SAÚL VILLARREAL GARCÍA    
    Saúl Villarreal García
    Chief Financial Officer