Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) today reported its consolidated results for the fourth quarter ended December 31, 2012. Figures are
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 as of December 31, 2011, which were informed in 4Q11 and prepared in accordance with Mexican Financial Reporting Standards (“MEX NIF”), were adjusted according to IFRS transition rules and are comparable with 4Q12 figures (the effects of adopting IFRS are described in Exhibit “E” of this report).
Summary of Fourth Quarter 2012 vs. Fourth Quarter 2011:
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- The sum of aeronautical and non-aeronautical revenues increased Ps. 76.8 million (7.3%). Aeronautical revenues rose Ps. 45.3 million (5.6%) and non-aeronautical revenues increased by Ps. 31.4 million (13.4%), (non-aeronautical revenues include revenues from checked baggage inspection services), these increases exceeded the Company’s guidance issued in January 2012; the guidance did not include revenues for checked baggage inspection services. Total revenues, that include improvements to concession assets (IFRIC 12), declined Ps. 41.5 million (3.3%) due to the fact that the combined increase of aeronautical and non-aeronautical revenues was offset by a Ps. 118.2 million decrease in revenues from improvements to concession assets (IFRIC 12).
- Cost of services rose Ps. 61.8 million (25.4%), mainly as a result of a Ps. 26.3 million increase in maintenance costs, a Ps. 15.5 million increase in personnel costs, a Ps. 7.8 million increase in other operating costs, a Ps. 7.6 increase in services costs, and a Ps. 4.6 million increase in security services costs.
- Government concession taxes and the technical assistance fee increased Ps. 4.2 million (8.1%) and Ps. 0.9 million (2.5%), respectively.
- Operating income increased Ps. 7.9 million (1.5%).
- EBITDA increased Ps. 10.6 million (1.5%), from Ps. 715.4 million in 4Q11 to Ps. 726.0 million in 4Q12. EBITDA margin increased from 57.0% in 4Q11 to 59.8% in 4Q12 (excluding the effects of IFRIC 12, the EBITDA margin declined from 68.1% in 4Q11 to 64.4% in 4Q12).
- Net income and comprehensive income decreased Ps. 62.7 million (10.6%).
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.