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 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 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:
- 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%).