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Grupo Aeroportuario Del Pacífico, S.A.B. De C.V. Announces Results For The Second Quarter 2012

Stocks in this article: GAP PAC

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) today reported its results for the second quarter ended June 30, 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:

Beginning on January 1, 2012, the Company adopted IFRS for the preparation and reporting of its financial statements. As a result, figures for the second quarter of 2011 that were prepared in accordance with Mexican Financial Reporting Standards (“MEX NIF”) were adjusted according to IFRS transition rules and are comparable with 2Q12 figures (the effects of adopting IFRS are described in Exhibit “E” of this report). Consolidated financial statements at June 30, 2012 were prepared and reported in accordance with International Accounting Standards (“IAS”) No. 34 “Financial Information at Interim Dates.”

Summary of Second Quarter 2012 vs. Second Quarter 2011:

  • The sum of aeronautical and non-aeronautical revenues increased Ps. 128.5 million (13.8%). Total revenues, which include revenues from improvements to concession assets (IFRIC 12), increased Ps. 12.6 million (1.0%). Aeronautical revenues rose Ps. 81.1 million (11.0%) and non-aeronautical revenues increased Ps. 47.4 million (24.1%), (non-aeronautical revenues include revenues from checked baggage inspection systems). These increases exceeded the Company’s guidance issued January 2012, which did not include projections for revenues from improvements to concession assets (IFRIC 12) due to this is an accounting figure that does not affect the Company’s cash flow, neither revenues for checked baggage inspection services. These increases were offset by a decline in revenues from improvements to concession assets (IFRIC 12) of Ps. 115.9 million.
  • In 2Q12, cost of services decreased Ps. 8.7 million (3.4%), mainly as a result of a Ps. 13.5 million decline in other operating costs, which was partially offset by an increase in security and electricity costs.
  • In 2Q12, government concession taxes increased Ps. 6.2 million (13.4%). The technical assistance fee increased Ps. 6.4 million (20.0%).
  • Operating income increased Ps. 107.8 million (25.7%).
  • EBITDA increased Ps. 124.5 million (20.7%), from Ps. 601.8 million in 2Q11 to Ps. 726.3 million in 2Q12. EBITDA margin increased from 49.7% in 2Q11 to 59.4% in 2Q12 (excluding the effects of IFRIC 12, the EBITDA margin rose from 64.4% in 2Q11 to 68.3% in 2Q12).
  • Net income and comprehensive income increased Ps. 132.6 million (60.8%).

Company Description:

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. operates twelve 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 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”.

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.

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