Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) today reported its results for the first quarter ended March 31, 2012. Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”). All amounts are presented in nominal pesos.
Adoption of International Financial Reporting Standards (IFRS):
The financial information presented in this report includes the Company’s first interim financial statements that are prepared and reported in accordance with IFRS guidelines. Until December 31, 2011, the Company’s financial information was prepared in accordance with Mexican Financial Reporting Standards (“MEX NIF”). Consolidated financial statements as of March 31, 2012 have been prepared in accordance with International Financial Reporting Standards (“IAS”) No. 34 “Interim Financial Reporting”. Figures as of March 31, 2011 that were reported in 1Q11, were adjusted according to IFRS transition rules, therefore these figures are comparable with 1Q12 figures. (The effects of adopting IFRS are described in Exhibit “E” of this report).
Summary of First Quarter 2012 vs. First Quarter 2011:
- Total revenues in 1Q12 increased 0.3% (Ps. 3.4 million) (the sum of aeronautical and non-aeronautical revenues increased 12.3%, or Ps. 119.3 million), which is higher than the guidance issued by the Company in January 2012. Aeronautical revenues increased 10.2% (Ps. 78.8 million) and non-aeronautical revenues rose 20.7% (Ps. 40.5 million) (non-aeronautical revenues include revenues from checked baggage inspection systems). These increases were offset by a decline in improvements to concession assets (IFRIC 12) of Ps. 115.9 million.
- In 1Q12, cost of services increased 16.3% (Ps. 37.7 million), mainly as a result of a Ps. 37.3 million increase in the cost of electricity, security (including costs for services related to the checked baggage inspection systems), insurance, personnel and other operating costs.
- In 1Q12, government concession taxes increased 12.1% (Ps. 5.8 million). The technical assistance fee increased 20.5% (Ps. 6.4 million).
- Operating income increased 9.6% (Ps. 46.2 million).
- EBITDA increased 11.0% (Ps. 71.9 million), from Ps. 652.7 million in 1Q11 to Ps. 724.6 million in 1Q12. EBITDA margin increased from 52.5% in 1Q11 to 58.1% in 1Q12 (excluding the effects of IFRIC 12, the EBITDA margin declined slightly from 67.5% in 1Q11 to 66.7% in 1Q12, although higher than the guidance issued by the Company in January 2012).
- Net income and comprehensive income declined 1.8% (Ps. 7.7 million).