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%).