GUADALAJARA, Mexico, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the fourth quarter ended December 31, 2019. Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). On October 10, 2019, the Company took control and began to operate the Kingston airport, therefore figures corresponding to 4Q19 and fiscal year 2019 include information of this airport as of that date.

Summary of Results 4Q19 vs. 4Q18

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 419.5 million, or 12.7%. Total revenues increased by Ps. 834.1 million, or 22.3%.
     
  • Cost of services increased by Ps. 67.9 million, or 9.6%.
     
  • Operating income increased by Ps. 72.7 million, or 3.9%.
     
  • EBITDA increased by Ps. 155.8 million, or 6.9%. EBITDA margin (excluding the effects of IFRIC 12) decreased from 68.4% in 4Q18 to 65.0% in 4Q19.
     
  • Net income and comprehensive income decreased by Ps. 376.4 million, or 26.7%, mainly due to the currency translation effect, as well as the cash flow reserve. Net income increased by Ps. 235.6 million, or 19.7%.

Operating Results

During 4Q19, total terminal passengers at the Company’s 14 airports increased by 1,283.1 thousand passengers, or 11.2%, compared to 4Q18. Over the same period, domestic passenger traffic increased by 529.7 thousand passengers, while international passenger traffic increased by 750.2 thousand passengers.

In the traffic tables below, we have reflected the users of the Cross Border Xpress (CBX) under the international passenger numbers for the Tijuana airport.

During 4Q19, the following routes opened: 

Domestic Routes:    
     
AirlineDepartureArrivalOpening dateFrequencies
VolarisTijuanaTapachulaOctober 27, 20192 weekly frequencies
VolarisLos CabosMonterreyOctober 29, 20192 weekly frequencies
TARAguascalientesMonterreyNovember 4, 20193 weekly frequencies
Viva AerobusTijuanaPuerto VallartaDecember 13, 20193 weekly frequencies
Viva AerobusPuerto VallartaTijuanaDecember 13, 20193 weekly frequencies
AeroméxicoPuerto VallartaMonterreyDecember 19, 20191 daily frequency
AeroméxicoTijuanaQuerétaroDecember 19, 20191 daily frequency
Note: The frequency of flights on these routes is subject to change without prior notice. 
     
International Routes:    
     
AirlineDepartureArrivalOpening dateFrequencies
SwoopPuerto VallartaEdmontonOctober 19, 20192 weekly frequencies
VolarisGuanajuatoFresnoOctober 28, 20192 weekly frequencies
SwoopLos CabosEdmontonNovember 2, 20193 weekly frequencies
West JetLos CabosVictoriaNovember 5, 20191 weekly frequency
TUI AirwaysLos CabosLondres - GatwickNovember 14, 20191 weekly frequency
SwoopLos CabosWinnipegNovember 17, 20192 weekly frequencies
AmericanMontego BayNew York (JFK)November 21, 20191 daily frequency
LATAMMontego BayLimaDecember 2, 20193 weekly frequencies
VivaAerobusGuadalajaraChicago O´hareDecember 7, 20191 daily frequency
VivaAerobusMoreliaChicago O´hareDecember 8, 20193 weekly frequencies
VivaAerobusGuanajuatoChicago O´hareDecember 9, 20192 weekly frequencies
SwoopPuerto VallartaWinnipegDecember 10, 20191 weekly frequency
Caribbean AirlinesKingstonOwen Roberts IntlDecember 17, 20192 weekly frequencies
Sun CountryLos CabosPortlandDecember 18, 20192 weekly frequencies
Note: The frequency of flights on these routes is subject to change without prior notice.


        
Domestic Terminal Passengers – 13 airports (in thousands):    
Airport4Q184Q19Change12M1812M19Change 
Guadalajara2,687.62,730.01.6%10,313.510,495.81.8% 
Tijuana*1,367.51,528.711.8%5,501.85,979.78.7% 
Los Cabos415.4468.212.7%1,672.21,915.714.6% 
Puerto Vallarta388.9468.220.4%1,605.31,839.314.6% 
Montego Bay1.72.437.0%8.59.29.0% 
Guanajuato467.0534.614.5%1,654.32,056.924.3% 
Hermosillo428.4488.113.9%1,674.91,803.87.7% 
Mexicali305.5320.85.0%1,132.61,191.95.2% 
La Paz236.8255.07.7%914.9995.48.8% 
Morelia114.1136.019.2%369.2478.829.7% 
Aguascalientes171.1169.6(0.8%)676.8635.2(6.1%) 
Los Mochis88.8101.614.4%338.5384.413.5% 
Manzanillo25.224.9(1.2%)97.295.3(1.9%) 
Total6,698.17,228.07.9%25,959.827,881.67.4% 
*CBX users are classified as international passengers     
        
        
International Terminal Passengers – 13 airports (in thousands):     
Airport4Q184Q19Change12M1812M19Change 
Guadalajara1,012.71,116.010.2%4,038.04,350.57.7% 
Tijuana*689.5810.017.5%2,333.32,946.126.3% 
Los Cabos868.5928.76.9%3,576.83,693.43.3% 
Puerto Vallarta776.7794.32.3%3,161.73,212.51.6% 
Montego Bay1,076.81,083.20.6%4,474.04,698.55.0% 
Guanajuato165.8170.83.0%684.5698.92.1% 
Hermosillo17.618.65.7%68.870.22.1% 
Mexicali1.61.811.8%5.96.917.1% 
La Paz3.23.45.8%11.412.811.8% 
Morelia89.6106.118.4%360.4418.916.2% 
Aguascalientes47.558.923.9%191.7223.216.4% 
Los Mochis1.51.52.5%6.36.910.2% 
Manzanillo16.318.614.0%75.379.45.4% 
Total4,767.15,111.87.2%18,988.120,418.47.5% 
*CBX users are classified as international passengers     
        
        
Total Terminal Passengers – 13 airports (in thousands):    Table III 
Airport4Q184Q19Change12M1812M19Change 
Guadalajara3,700.33,846.13.9%14,351.614,846.33.4% 
Tijuana *2,057.02,338.613.7%7,835.18,925.913.9% 
Los Cabos1,283.91,396.98.8%5,249.05,609.16.9% 
Puerto Vallarta1,165.51,262.68.3%4,767.15,051.96.0% 
Montego Bay1,078.61,085.60.7%4,482.44,707.75.0% 
Guanajuato632.7705.311.5%2,338.82,755.817.8% 
Hermosillo446.0506.713.6%1,743.81,874.17.5% 
Mexicali307.2322.65.0%1,138.51,198.85.3% 
La Paz240.0258.47.6%926.31,008.18.8% 
Morelia203.7242.118.8%729.6897.823.0% 
Aguascalientes218.6228.54.5%868.5858.4(1.2%) 
Los Mochis90.3103.114.2%344.8391.313.5% 
Manzanillo41.543.54.8%172.5174.71.3% 
Total11,465.512,339.67.6%44,947.948,299.97.5% 
*CBX users are classified as international passengers    
        
CBX Users (in thousands):       
Airport4Q184Q19Change12M1812M19Change 
Tijuana675.4797.018.0%2,261.52,897.928.1% 
        
        
Kingston Airport(in thousands):       
Passengers4Q184Q19Change12M1812M19Change 
DomesticN/A3.2N/AN/A3.2N/A 
InternationalN/A405.5N/AN/A405.5N/A 
TotalN/A408.7N/AN/A408.7N/A 
        
Total Passengers – 14 airports (in thousands):       
Passengers4Q184Q19Change12M1812M19Change 
Domestic6,698.17,231.28.0%25,959.827,884.87.4% 
International4,767.15,517.315.7%18,988.120,823.99.7% 
Total11,465.512,748.511.2%44,947.948,708.68.4% 
        


Consolidated Results for the Fourth Quarter of 2019 (in thousands of pesos): 
 4Q184Q19Change
Revenues   
Aeronautical services2,463,008 2,771,105 12.5%
Non-aeronautical services851,166 962,547 13.1%
Improvements to concession assets (IFRIC 12)425,757 840,402 97.4%
Total revenues3,739,931 4,574,055 22.3%
    
Operating costs   
Costs of services:705,634 773,571 9.6%
Employee costs188,514 248,330 31.7%
Maintenance186,767 176,241 (5.6%)
Safety, security & insurance101,706 118,108 16.1%
Utilities93,440 110,737 18.5%
Other operating expenses135,207 120,155 (11.1%)
    
Technical assistance fees107,773 116,536 8.1%
Concession taxes274,274 402,758 46.8%
Depreciation and amortization405,887 489,007 20.5%
Cost of improvements to concession assets (IFRIC 12)425,757 840,402 97.4%
Other expenses (income)(40,708)17,751 (143.6%)
Total operating costs1,878,617 2,640,025 40.5%
Income from operations1,861,314 1,934,030 3.9%
    
Financial Result(128,150)(183,924)43.5%
Share of profit (loss) of associates(100)91 191.0%
Income before income taxes 1,733,065 1,750,197 1.0%
Income taxes(537,798)(319,297)(40.6%)
Net income 1,195,266 1,430,900 19.7%
Currency translation effect216,170 (223,078)(203.2%)
Cash flow hedges, net of income tax- (172,094)100.0%
Remeasurements of employee benefit – net income tax(303)(964)218.2%
Comprehensive income1,411,133 1,034,764 (26.7%)
Non-controlling interest(48,923)3,458 107.1%
Comprehensive income attributable to controlling interest1,362,210 1,038,222 (23.8%)
    
 4Q184Q19Change
EBITDA2,267,200 2,423,037 6.9%
Comprehensive income1,411,133 1,034,764 (26.7%)
Comprehensive income per share (pesos)2.5154 1.8445 (26.7%)
Comprehensive income per ADS (US dollars)1.3337 0.9780 (26.7%)
    
Operating income margin49.8%42.3%(15.0%)
Operating income margin (excluding IFRIC 12)56.2%51.8%(7.8%)
EBITDA margin60.6%53.0%(12.6%)
EBITDA margin (excluding IFRIC 12)68.4%65.0%(5.1%)
Costs of services and improvements / total revenues30.3%35.3%16.6%
Cost of services / total revenues (excluding IFRIC 12)21.3%20.7%(2.7%)
    

- Net income and comprehensive income per share were calculated based on 561,000,000 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.8600 per U.S. dollar (the noon buying rate on December 31, 2019, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the Montego Bay airport and the Kingston airport, the average monthly exchange rate of Ps. 19.2819 per U.S. dollar for the three months ended December 31, 2019 was used.

Revenues (4Q19 vs. 4Q18)

  • Aeronautical services revenues increased by Ps. 308.1 million, or 12.5%
  • Non-aeronautical services revenues increased by Ps. 111.4 million, or 13.1%
  • Revenues from improvements to concession assets increased by Ps. 414.6 million, or 97.4%
  • Total revenues increased by Ps. 834.1 million, or 22.3%

- Aeronautical services revenues include:

i. Revenues from the Mexican airports increased by Ps. 168.5 million, or 7.9%, compared to 4Q18, generated mainly by an increase of Ps. 86.1 million in revenues from passenger charges, as result of the 8.3% growth in total passenger traffic, as well as an increase of revenues from aircraft landing and aircraft parking charges of Ps. 73.4 million. Inflation applicable to the passenger charges for 4Q19 decreased by 0.2%.

ii. Revenues from the Montego Bay airport decreased by Ps. 2.1 million, or 0.6%, compared to 4Q18. This was mainly due to a 2.8% appreciation of the Mexican peso against the U.S. dollar, from an average exchange rate of Ps. 19.8333 in 4Q18 to an average exchange rate of Ps. 19.2819 in 4Q19.  Despite this decrease in revenues, dollar-generated revenues increased by 2.2% due to an increase in passenger traffic of 0.6%, as well as an increase in passenger charges due to inflation effects.

iii. The consolidation of aeronautical revenues from the Kingston airport contributed Ps. 141.7 million to revenues.

- Non-aeronautical services revenues include:

i. The Mexican airports contributed an increase of Ps. 74.2 million, or 10.4%, compared to 4Q18, mainly driven by an increase of Ps. 57.0 million in revenues from businesses operated by third parties. This was mainly due to the opening of commercial spaces at the Aguascalientes, Guadalajara, Puerto Vallarta and Tijuana airports, as well as the increase in revenues from car rentals, food and beverages, commercial spaces, timeshares and duty-free stores.

Revenues from businesses operated directly by the Company increased by Ps. 15.2 million, or 7.0%, mainly due to an increase in revenues from VIP lounges and convenience stores, which increased as a result of the openings that took place during 2019.

ii. Revenues from the Montego Bay airport in 4Q19 decreased by Ps. 0.8 million, or 0.6%, mainly driven by the 2.8% appreciation of the Mexican peso against the U.S. dollar during the quarter. However, revenues in 4Q19 increased by 2.2%, mainly due to an increase in revenues from food and beverages, commercial spaces and duty-free stores.

iii. The consolidation of the Kingston airport contributed Ps. 38.0 million to non-aeronautical revenue. 

     
 4Q184Q19Change 
Businesses operated by third parties:    
Duty-free operations124,625138,93911.5% 
Food and beverage operations87,411121,49939.0% 
Retail operations85,69698,47614.9% 
Car rentals89,06197,7729.8% 
Leasing of space61,17961,3520.3% 
Time shares operations50,85857,82713.7% 
Ground transportation34,23337,0688.3% 
Communications and financial services21,58521,237(1.6%) 
Other commercial revenues14,85219,52731.5% 
Total569,500653,69814.8% 
     
Businesses operated directly by us:    
Car parking81,00985,1475.1% 
VIP lounges67,57371,5845.9% 
Advertising53,33448,698(8.7%) 
Convenience stores29,15145,86757.3% 
Total231,067251,2968.8% 
Recovery of costs50,59957,55313.7% 
Total Non-aeronautical Revenues 851,166962,54713.1% 
Figures expressed in thousands of Mexican pesos.    

- Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC 12) increased by Ps. 414.6 million, or 97.4%, compared to 4Q18, mainly due to an increase in committed investments under the Master Development Program for the Mexican airports for 2019, which resulted in an increase of Ps. 595.4 million, or 308.7% that was offset by a decrease in revenues from improvements to concession assets at the Montego Bay airport of Ps. 180.7 million, or 77.6%.

Total operating costs increased by Ps. 761.4 million, or 40.5%, compared to 4Q18, comprised of the following:

Mexican Airports:

- Operating costs increases of Ps. 743.9 million, or 57.4%, compared to 4Q18, mainly due to an increase in the cost of improvements to the concession assets (IFRIC 12) for Ps. 595.4 million, technical assistance fees and cost of rights over the concession assets of Ps. 20.8 million, or 8.4%, jointly, depreciation and amortization of Ps. 70.2 million, or 22.3%. This was offset by a decrease in other revenues of Ps. 58.3 million and a decrease in the cost of services of Ps. 1.0 million.

The decrease in the cost of services was mainly due to:

  • A decrease in maintenance expenses of Ps. 18.9 million, or 11.4%, compared to 4Q18, mainly due to lower maintenance costs with respect to the operational areas of the terminal buildings, documented baggage inspection equipment, road developments, and license renewals, which costs jointly decreased by Ps. 15.5 million, or 9.3%.
  • A decrease in other operating expenses of Ps. 16.0 million, or 13.0%, compared to 4Q18, mainly due to lower legal service fees, which decreased by Ps. 11.5 million, or 9.9%.
  • An increase in employee costs of Ps. 34.6 million, or 22.2%, compared to 4Q18, due to salary raises, and an increase in personnel count.

Montego Bay Airport:

- Operating costs decreased by Ps. 166.3 million, or 28.6%, compared to 4Q18, mainly due to a decrease in improvements to concession assets (IFRIC 12) of Ps. 180.7 million, and a decrease in cost of services of Ps. 5.2 million, which was offset by an increase in depreciation and amortization of Ps. 10.8 million or 11.8%, and higher cost of rights over the concession assets of Ps. 8.8 million.

Kingston Airport:

- The consolidation of the Kingston airport resulted in an increase in expenses of Ps. 183.8 million in 4Q19, mainly due to costs for rights over concession assets of Ps. 107.6 million, employee costs of Ps. 23.8 million, utility costs of Ps. 21.8 million, security and insurance costs of Ps. 15.7 million and maintenance expenses of Ps. 7.8 million.

Operating margin for 4Q19 decreased by 750 basis points, from 49.8% in 4Q18 to 42.3% in 4Q19. Excluding the effects of IFRIC 12, operating margin decreased by 440 basis points, from 56.2% in 4Q18 to 51.8% in 4Q19. Operating income increased by Ps. 72.7 million, or 3.9%, compared to 4Q18.

EBITDA margin decreased by 760 basis points from 60.6% in 4Q18 to 53.0% in 4Q19. Excluding the effects of IFRIC 12, EBITDA margin decreased by 340 basis points from 68.4% in 4Q18 to 65.0% in 4Q19. The decrease was mainly due to the consolidations of the Kingston airport. The nominal value of EBITDA increased by Ps. 155.8 million, or 6.9%, compared to 4Q18.

The net financial result increased by Ps. 55.8 million, from a net expense of Ps. 128.1 million in 4Q18 to a net expense of Ps. 183.9 million in 4Q19. This increase was mainly the result of:

  • Foreign exchange rate fluctuations, which went from a Ps. 10.5 million expense in 4Q18 to Ps. 39.8 million in 4Q19, mainly due to an 4.7% depreciation of the Mexican peso against the U.S. dollar in 4Q18, compared to an appreciation of 4.0% in 4Q19, thereby generating an increase in the foreign exchange expense of Ps. 29.2 million. The currency translation effect represented a higher loss of Ps. 435.1 million, compared to 4Q18 and is reflected in the consolidated income.
     
  • An increase in interest expenses of Ps. 3.7 million compared to 4Q18, mainly due to a the decline in the fair value of hedging instruments, which was offset by higher debt derived from the issuance of long-term bond certificates (Certificados Bursátiles) and bank debt for Ps. 3,095.1 million, and an increase in interest rates.
     
  • A decrease in interest income of Ps. 22.9.4 million, or 13.9%, mainly due to the decline in the fair value of the hedging instruments for Ps. 30.5 million, and offset by an increase in interest of Ps. 7.6 million due to an increase in the average monthly treasury amount during 4Q19.

Comprehensive income decreased by Ps. 376.4 million, or 26.7%, compared to 4Q18.

This decrease was mainly the result of an exchange rate loss resulting from the foreign exchange conversion effects of Ps. 435.1 million, or 203.2%, as well as the valuation of the fair value of the hedging instruments for cash flow coverage for Ps. 172.1 million. Net income rose by Ps. 235.6 million, or 19.7% in 4Q19.

Income taxes decreased by Ps. 218.5 million, or 40.6% in 4Q19. This was a result of a lower incurred tax of Ps. 164.4 million and the decline in the benefit from deferred income tax of Ps. 54.1 million, due to lower accumulated inflation that went from 2.3% in 4Q18 to an inflation of 1.9% in 4Q19. 

Consolidated Results for the Twelve Months of 2019 (in thousands of pesos):    
 12M1812M19Change 
Revenues    
Aeronautical services9,499,154 10,547,720 11.0% 
Non-aeronautical services3,183,532 3,771,500 18.5% 
Improvements to concession assets (IFRIC 12)1,440,204 1,906,801 32.4% 
Total revenues14,122,890 16,226,021 14.9% 
     
Operating costs    
Costs of services:2,453,722 2,744,864 11.9% 
Employee costs773,630 877,068 13.4% 
Maintenance528,929 578,510 9.4% 
Safety, security & insurance386,079 428,208 10.9% 
Utilities334,994 380,370 13.5% 
Other operating expenses430,090 480,708 11.8% 
     
Technical assistance fees411,477 461,549 12.2% 
Concession taxes1,076,350 1,318,220 22.5% 
Depreciation and amortization1,569,637 1,776,137 13.2% 
Cost of improvements to concession assets (IFRIC 12)1,440,204 1,906,801 32.4% 
Other (income) expense(73,152)1,212 (101.7%) 
Total operating costs6,878,238 8,208,783 19.3% 
Income from operations7,244,652 8,017,238 10.7% 
     
Financial Result(236,033)(671,132)184.3% 
Share of (loss) profit of associates(947)79 108.3% 
Income before income taxes 7,007,672 7,346,185 4.8% 
Income taxes(1,869,041)(1,891,443)1.2% 
Net income 5,138,631 5,454,742 6.2% 
Currency translation effect(103,569)(269,440)160.2% 
Cash flow hedges, net of income tax- (172,094)100.0% 
Remeasurements of employee benefit – net income tax(161)(1,404)770.8% 
Comprehensive income5,034,901 5,011,804 (0.5%) 
Non-controlling interest(98,375)(74,777)24.0% 
Comprehensive income attributable to controlling interest4,936,526 4,937,027 0.0% 
     
 12M1812M19Change 
EBITDA8,814,289 9,793,374 11.1% 
Comprehensive income5,034,902 5,011,804 (0.5%) 
Comprehensive income per share (pesos)8.9749 8.9337 (0.5%) 
Comprehensive income per ADS (US dollars)4.7587 4.7368 (0.5%) 
     
Operating income margin51.3%49.4%(3.7%) 
Operating income margin (excluding IFRIC 12)57.1%56.1%(1.8%) 
EBITDA margin62.4%60.4%(3.3%) 
EBITDA margin (excluding IFRIC 12)69.5%68.4%(1.6%) 
Costs of services and improvements / total revenues27.6%28.7%4.0% 
Cost of services / total revenues (excluding IFRIC 12)19.3%19.2%(0.9%) 
     

- Net income and comprehensive income per share were calculated based on 561,000,000 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.8600 per U.S. dollar (the noon buying rate on December 31, 2019, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the Montego Bay airport and the Kingston airport, the average monthly exchange rate of Ps. 19.2616 per U.S. dollar for the twelve months ended December 31, 2019 was used.

Revenues (12M19 vs 12M18)

  • Aeronautical services revenues increased by Ps. 1,048.6 million, or 11.0%.
  • Non-aeronautical services revenues increased by Ps. 588.0 million, or 18.5%.
  • Revenues from improvements to concession assets increased by Ps. 466.6 million, or 32.4%.
  • Total revenues increased by Ps. 2,103.1 million, or 14.9%.

- Aeronautical services revenues include:

i. Revenues from the Mexican airports in 12M19 increased by Ps. 814.4 million, or 10.1%, compared to 12M18, generated primarily by an increase of Ps. 589.9 million in revenues from passenger charges, as result of the 7.7% increase in total passenger traffic, as well as an increase of revenues from aircraft landing, aircraft parking fees and other airport services, which jointly increased by Ps. 205.1 million. Inflation applicable to the passenger charges for the 12M19 was 0.7%.

ii. Revenues from the Montego Bay airport increased by Ps. 92.5 million, or 6.5%, compared to 12M18. This was primarily due to a 5.0% increase in passenger traffic and the adjustment in passenger charges as a result of an inflation rate of 2.3%.

iii. The consolidation of the Kingston airport contributed Ps. 141.7 million to non-aeronautical revenue. 

- Non-aeronautical services revenues include:

i. The Mexican airports contributed an increase of Ps. 508.5 million, or 19.3%, compared to 12M18, driven mainly by a Ps. 310.6 million increase in revenues from third-party operated businesses. This was mainly due to the expansions of the terminal buildings and contract renegotiations at the Aguascalientes, Guanajuato, Guadalajara, Hermosillo, Puerto Vallarta and Tijuana airports. The business lines that experienced the most growth were food and beverage, car rentals, duty-free stores, retail stores, timeshares and commercial spaces, which jointly increased by Ps. 283.7 million.

Revenues from businesses operated directly by the Company increased by Ps. 168.2 million or 20.6%, mainly due to an increase in car parking revenues, convenience stores and VIP lounges. The latter two categories increased as a result of the openings that took place during 2019.

The recovery of cost increase by Ps. 29.7 million compared to 12M18.

ii. Montego Bay airport revenues increased by Ps. 41.5 million, or 7.6% in 12M19, compared to 12M18, mainly due to a 7.2% increase in revenues from duty-free stores, retail stores, leasing of space and food and beverages, as well as to the 0.1% depreciation of the peso versus the U.S. dollar during 12M19.

iii. The consolidation of the Kingston airport contributed Ps. 38.0 million to non-aeronautical revenue.

     
 12M1812M19Change 
Businesses operated by third parties:     
Duty-free operations468,311527,33712.6% 
Food and beverage operations336,962482,50843.2% 
Retail operations344,994380,87910.4% 
Car rentals310,254378,58322.0% 
Leasing of space229,121246,0557.4% 
Time shares operations196,517222,42313.2% 
Ground transportation129,535143,23110.6% 
Communications and financial services81,74787,6087.2% 
Other commercial revenues56,82865,83315.8% 
Total2,154,2672,534,45717.6% 
     
Businesses operated directly by us:     
Car parking320,575368,75015.0% 
VIP lounges222,736273,11622.6% 
Advertising177,917193,7378.9% 
Convenience stores107,148165,46554.4% 
Total828,3761,001,06820.8% 
Recovery of costs200,889235,97517.5% 
Total Non-aeronautical Revenues 3,183,5323,771,50018.5% 
Figures expressed in thousands of Mexican pesos.    

- Revenues from improvements to concession assets2
Revenues from improvements to concession assets (IFRIC 12) increased by Ps. 466.6 million, or 32.4%, compared to 12M18, mainly due to an increase of Ps. 876.2 million or 98.0% in committed investments under the Master Development Program for the Mexican airports for the year 2019, compared to the year 2018. This result was offset by a decrease in revenues from improvements to concession assets at the Montego Bay airport of Ps. 409.6 million, or 75.0%, compared to 2018.

Total operating costs during 12M19 increased by Ps. 1,330.5 million, or 19.3%, compared to 12M18, and included the following:

Mexican Airports:

- Operating Costs increased by Ps. 1,408.7 million, or 28.1%, mainly due to an increase in the cost of improvements to concession assets (IFRIC 12) of Ps. 876.2 million, or 98.0%, an increase in the cost of services of Ps. 202.2 million, or 10.1%, an increase in technical assistance fees and the cost of rights to concession assets of Ps. 115.6 million, or 12.2%, and depreciation and amortization of Ps. 159.6 million, or 13.1%.

The increase in the cost of services was mainly due to:

  • An increase in employee costs of Ps. 71.1 million, or 10.9%, mainly due to an increase in personnel count and salary raises.

  • Other operating expenses increased by Ps. 50.4 million or 13.7%, mainly due to an increase of Ps. 45.1 million, or 41.0%, in cost of sales in VIP lounges, convenience stores, as well as professional service fees.
  • Maintenance costs increased by Ps. 37.6 million, or 8.3%, mainly due to maintenance of operating areas, terminal buildings, cleaning services and documented baggage inspection equipment.
  • Utility costs increased by Ps. 30.0 million, or 13.0%, due to the additional square meters in terminal buildings as a result of the expansions and higher energy prices during 2019.

Montego Bay Airport:

- Operating costs decreased by Ps. 262.0 million, or 14.0% compared to 2018, mainly due to a decrease in improvements to concession assets (IFRIC12) of Ps. 409.6 million, which was offset by an increase in the concession assets rights of Ps. 68.7 million, or 12.7%, depreciation and amortization of Ps. 44.8 million or 12.6%, as well as, cost of services of Ps. 14.9 million, or 3.4%.

Kingston Airport:

- The consolidation of the Kingston airport resulted in an increase in expenses of Ps. 183.8 million during 4Q19, mainly due to costs for rights over concession assets of Ps. 107.6 million, employee costs of Ps. 23.8 million, utility costs of Ps. 21.8 million, security and insurance costs of Ps. 15.7 million and maintenance expenses of Ps. 7.8 million.

Operating margin decreased by 190 basis points from 51.3% in 12M18 to 49.4% in 12M19. Operating margin, excluding the effects of IFRIC 12, decreased by 100 basis points, from 57.1% to 56.1% in 12M19. Operating income increased by Ps. 772.6 million, or 10.7%, compared to 12M18.

EBITDA margin decrease by 200 basis points from 62.4% in 12M18 to 60.4% in 12M19. EBITDA margin, excluding the effects of IFRIC 12, decreased by 110 basis points from 69.5% in 12M18 to 68.4% in 12M19. The nominal value of EBITDA increased by Ps. 979.1 million, or 11.1%, compared to 12M18.

The net financial result increased by Ps. 435.1 million, from a net expense of Ps. 236.0 million in 12M18 to a net expense of Ps. 671.1 million in 12M19. This increase was mainly the result of:

  • The foreign exchange gain decreased from a gain of Ps. 199.7 million in 12M18 to a gain of Ps. 88.8 million in 12M19, due to a 0.3% appreciation of the Mexican peso against the U.S. dollar in 12M18 compared to an appreciation of 4.3% in 12M19, which generated a decrease in foreign exchange gain of Ps. 110.9 million. In addition, the effect in foreign currency translation effect resulted in an increase in net loss of Ps. 161.7 million compared to 12M18. This result is reflected in the comprehensive income line item.
     
  • Interest expenses increased by Ps. 419.7 million compared to 12M18, mainly due to an increase in debt derived from the issuance of long-term bond certificates (Certificados Bursátiles) of Ps. 3,095.1 million, as well as an increase in interest rates compared to 12M18.
     
  • Interest income increased by Ps. 95.5 million, due to the increase in the Company’s cash position during 2019 and higher average interest rates.

Comprehensive income decreased by Ps. 23.1 million, or 0.5%, compared to 12M18.

This decline was mainly the result of higher foreign exchange conversion effects of Ps. 165.9 million and the fair value variation of free cash flow hedging instruments of Ps. 172.1 million. Net Income increased by Ps. 316.1 million or 6.2% in 12M19.

Income taxes increased by Ps. 22.4 million, or 1.2%, due to a decline in the benefit from deferred income tax of Ps. 84.1 million, derived from a lower inflation rate, which went from an inflation rate of 4.8% in 12M18 to an inflation of 2.8% in 2019, as well as the decrease in taxes incurred of Ps. 61.7 million.

Statement of Financial Position

Total assets as of December 31, 2019 increased by Ps. 2,027.3 million compared to December 31, 2018, primarily due to the following items, among others: (i) cash and cash equivalents of Ps. 1,348.7 million, (ii) improvements to concession assets of Ps. 1,080.5 million, and (iii) an increase in deferred taxes of Ps. 176.7 million. This result was offset by a decrease in airport concessions of Ps. 590.5 million.

Total liabilities as of December 31, 2019 increased by Ps. 3,129.6 million compared to the same period of 2018. This increase was primarily due to the following items, among other: (i) an increase in long-term bond certificates (Certificados Bursátiles) of Ps. 3.0 billion and (ii) an increase in derivative instruments of Ps. 265.9 million.

Recent Events

On February 13, 2020 the Company issued 30 million long-term bond certificates (Certificados Bursátiles) in Mexico under the ticker symbol “GAP20”, at a nominal value of Ps. 100 each, for a total value of Ps. 3.0 billion. These bond certificates were issued under the following terms, among others, (i) interest will be payable every 28 days at a variable rate of TIIE-28 plus 17 basis points and (ii) principal will be due at maturity on February 6, 2025. The proceeds from the issuance will be allocated towards the payment of the bond certificates that were issued on February 20, 2015 under the ticker symbol “GAP15” and towards initiating the capital investments set forth in the Company’s Master Development Plan for 2020.

On February 14, 2020 the Company made the maturity payment of the “GAP15” issuance, equivalent to 22 million bond certificates for a value of Ps. 2.2 billion.

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 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 other 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”.  In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of the Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.

This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.

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.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

         
Exhibit A: Operating results by airport (in thousands of pesos):       
Airport4Q184Q19Change12M1812M19Change 
Guadalajara       
Aeronautical services750,204 774,941 3.3%2,824,677 2,978,617 5.4% 
Non-aeronautical services222,517 222,212 (0.1%)796,739 938,445 17.8% 
Improvements to concession assets (IFRIC 12)(19,701)161,746 (921.0%)110,415 858,807 677.8% 
Total Revenues953,020 1,158,898 21.6%3,731,830 4,775,868 28.0% 
Operating income655,621 673,143 2.7%2,454,759 2,599,316 5.9% 
EBITDA735,798 765,763 4.1%2,765,641 2,945,902 6.5% 
        
Tijuana       
Aeronautical services362,834 410,970 13.3%1,344,122 1,568,297 16.7% 
Non-aeronautical services93,537 123,541 32.1%326,214 454,098 39.2% 
Improvements to concession assets (IFRIC 12)(46,530)283,464 (709.2%)100,986 300,221 197.3% 
Total Revenues409,841 817,975 99.6%1,771,323 2,322,617 31.1% 
Operating income277,271 345,758 24.7%1,042,367 1,274,901 22.3% 
EBITDA325,496 396,121 21.7%1,223,272 1,481,884 21.1% 
        
Los Cabos       
Aeronautical services311,955 339,623 8.9%1,244,106 1,364,746 9.7% 
Non-aeronautical services182,112 199,364 9.5%698,891 787,424 12.7% 
Improvements to concession assets (IFRIC 12)130,404 113,830 (12.7%)346,956 299,155 (13.8%) 
Total Revenues624,471 652,817 4.5%2,289,954 2,451,326 7.0% 
Operating income319,275 351,725 10.2%1,272,180 1,397,328 9.8% 
EBITDA374,877 412,008 9.9%1,490,038 1,631,997 9.5% 
        
Puerto Vallarta       
Aeronautical services273,507 295,320 8.0%1,088,417 1,183,610 8.7% 
Non-aeronautical services96,661 106,914 10.6%399,427 455,699 14.1% 
Improvements to concession assets (IFRIC 12)30,022 48,780 62.5%40,330 57,697 43.1% 
Total Revenues400,190 451,014 12.7%1,528,174 1,697,007 11.0% 
Operating income227,131 258,493 13.8%942,551 1,051,669 11.6% 
EBITDA265,673 298,376 12.3%1,095,781 1,208,053 10.2% 
        
Montego Bay       
Aeronautical services337,812 335,729 (0.6%)1,419,674 1,512,164 6.5% 
Non-aeronautical services138,971 138,072 (0.6%)543,878 585,325 7.6% 
Improvements to concession assets (IFRIC 12)232,887 52,153 (77.6%)545,959 136,363 (75.0%) 
Total Revenues709,669 525,954 (25.9%)2,509,511 2,233,853 (11.0%) 
Operating income128,006 157,091 22.7%642,714 820,833 27.7% 
EBITDA219,574 211,985 (3.5%)997,677 1,028,765 3.1% 
        
Airport4Q184Q19Change12M1812M19Change 
Guanajuato       
Aeronautical services80,169 149,545 86.5%306,118 584,650 91.0% 
Non-aeronautical services24,116 48,564 101.4%82,922 180,327 117.5% 
Improvements to concession assets (IFRIC 12)45,202 30,403 (32.7%)47,541 32,853 (30.9%) 
Total Revenues149,487 228,512 52.9%436,581 797,829 82.7% 
Operating income37,608 100,945 168.4%153,575 477,317 210.8% 
EBITDA56,740 151,206 166.5%226,211 579,004 156.0% 
        
Hermosillo       
Aeronautical services134,119 91,634 (31.7%)484,799 337,380 (30.4%) 
Non-aeronautical services40,694 27,631 (32.1%)148,119 97,696 (34.0%) 
Improvements to concession assets (IFRIC 12)(24,809)836 (103.4%)16,244 3,332 (79.5%) 
Total Revenues150,005 120,101 (19.9%)649,162 438,408 (32.5%) 
Operating income112,187 62,408 (44.4%)408,037 191,079 (53.2%) 
EBITDA128,845 80,953 (37.2%)469,110 266,107 (43.3%) 
        
Others (1)       
Aeronautical services212,407 373,344 75.8%787,242 1,018,256 29.3% 
Non-aeronautical services52,558 96,249 83.1%187,340 272,485 45.4% 
Improvements to concession assets (IFRIC 12)78,283 149,190 90.6%231,771 218,371 (5.8%) 
Total Revenues343,248 618,783 80.3%1,206,354 1,509,112 25.1% 
Operating income85,659 104,703 22.2%313,021 357,454 14.2% 
EBITDA132,177 167,613 26.8%500,017 567,812 13.6% 
        
Total        
Aeronautical services2,463,008 2,771,105 12.5%9,499,154 10,547,720 11.0% 
Non-aeronautical services851,166 962,547 13.1%3,183,532 3,771,500 18.5% 
Improvements to concession assets (IFRIC 12)425,757 840,402 97.4%1,440,204 1,906,801 32.4% 
Total Revenues3,739,930 4,574,054 22.3%14,122,890 16,226,021 14.9% 
Operating income1,842,756 2,054,264 11.5%7,229,205 8,169,896 13.0% 
EBITDA2,239,179 2,484,025 10.9%8,767,746 9,709,525 10.7% 
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia and Kingston airports.  

 

Exhibit B: Consolidated statement of financial position as of December 31(in thousands of pesos):     
 2018 2019 Change % 
Assets     
Current assets     
Cash and cash equivalents6,151,457 7,500,193 1,348,736 21.9% 
Trade accounts receivable - net1,395,362 1,479,410 84,048 6.0% 
Other current assets293,388 387,881 94,493 32.2% 
Total current assets7,840,207 9,367,484 1,527,277 19.5% 
      
Advanced payments to suppliers226,548 241,231 14,683 6.5% 
Machinery, equipment and improvements to leased buildings - net1,906,233 1,905,684 (549)(0.0%) 
Improvements to concession assets - net10,982,860 12,063,383 1,080,523 9.8% 
Airport concessions - net11,412,119 10,821,596 (590,523)(5.2%) 
Rights to use airport facilities - net930,296 873,598 (56,698)(6.1%) 
Deferred income taxes5,472,279 5,648,944 176,665 3.2% 
Other non-current assets779,960 655,884 (124,076)(15.9%) 
Total assets39,550,502 41,577,804 2,027,302 5.1% 
      
Liabilities      
Current liabilities2,172,523 4,676,566 2,504,043 115.3% 
Long-term liabilities15,605,829 16,231,795 625,966 4.0% 
Total liabilities17,778,352 20,908,361 3,130,009 17.6% 
      
Stockholders' Equity     
Common stock7,777,576 6,185,082 (1,592,494)(20.5%) 
Legal reserve1,345,709 1,592,551 246,842 18.3% 
Net income5,037,368 5,360,152 322,784 6.4% 
Retained earnings4,514,703 4,579,883 65,180 1.4% 
Reserve for share repurchase2,983,374 3,283,374 300,000 10.1% 
Repurchased shares(1,733,374)(1,733,374)- 0.0% 
Foreign currency translation reserve775,619 525,992 (249,627)(32.2%) 
Remeasurements of employee benefit – Net8,010 6,606 (1,404)(17.5%) 
Cash flow hedges- Net- (172,094)(172,094)100.0% 
Total controlling interest20,708,985 19,628,172 (1,080,813)(5.2%) 
Non-controlling interest1,063,164 1,041,271 (21,894)(2.1%) 
Total stockholder´s equity21,772,150 20,669,443 (1,102,707)(5.1%) 
      
Total liabilities and stockholders' equity39,550,502 41,577,804 2,027,302 5.1% 
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).  


Exhibit C: Consolidated statement of cash flows (in thousands of pesos):       
 4Q184Q19Change12M1812M19Change 
Cash flows from operating activities:       
Consolidated net income1,195,265 1,430,900 19.7%5,138,631 5,454,742 6.2% 
        
Postemployment benefit costs(7,018)13,522 (292.7%)7,465 22,733 204.5% 
Allowance expected credit loss(11,644)(18,868)62.0%(15,131)5,299 (135.0%) 
Depreciation and amortization405,887 489,007 20.5%1,569,637 1,776,137 13.2% 
Loss on sale of machinery, equipment and improvements to leased assets5,554 (597)(110.7%)5,554 586 (89.4%) 
Interest expense264,344 292,904 10.8%896,165 1,142,086 27.4% 
Share of (loss) profit of associate100 (90)(190.0%)947 (79)(108.3%) 
Provisions(7,510)1,770 (123.6%)(2,650)6,930 (361.5%) 
Income tax expense537,798 319,297 (40.6%)1,869,041 1,891,443 1.2% 
Unrealized exchange gain (loss)132,552 (149,080)(212.5%)10,827 (111,544)(1130.3%) 
Net (gain) loss on derivative financial instruments(3,610)(32,141)790.3%(29,643)149,770 (605.3%) 
 2,511,719 2,346,624 (6.6%)9,450,843 10,338,103 9.4% 
        
Changes in working capital:       
(Increase) decrease in       
Trade accounts receivable(391,157)(442,310)13.1%(383,361)(101,537)(73.5%) 
Recoverable tax on assets and other assets60,340 83,437 38.3%93,827 (28,591)(130.5%) 
Increase (decrease) in       
Concession taxes payable131,954 193,132 46.4%43,672 57,378 31.4% 
Accounts payable132,779 105,783 (20.3%)294,070 61,761 (79.0%) 
Cash generated by operating activities2,445,635 2,286,666 (6.5%)9,499,051 10,327,114 8.7% 
Income taxes paid(591,249)(535,492)(9.4%)(2,263,432)(2,163,057)(4.4%) 
Net cash flows provided by operating activities1,854,386 1,751,174 (5.6%)7,235,619 8,164,057 12.8% 
        
Cash flows from investing activities:       
Machinery, equipment and improvements to concession assets(808,007)(702,351)(13.1%)(2,501,656)(2,478,988)(0.9%) 
Cash flows from sales of machinery and equipment6,156 2,428 (60.6%)6,604 4,186 (36.6%) 
Other investment activities(7,023)(15,460)120.1%(15,039)(13,665)(9.1%) 
Cash flows by concession right(39,900)(97,628)144.7%(40,320)(97,627)142.1% 
Net cash used by investment activities(848,774)(813,011)(4.2%)(2,550,411)(2,586,095)1.4% 
        
Cash flows from financing activities:       
Dividends declared and paid(2,002,443)(2,212,673)10.5%(4,004,886)(4,425,346)10.5% 
Dividends of finance borrowings paid to non-controlling interest(2,845)(146,715)5056.9%(274,685)(146,715)(46.6%) 
Capital distribution- - 0.0%(1,250,870)(1,592,494)27.3% 
Debt securities- - 0.0%- 3,000,000 100.0% 
Proceeds from bank loans196,015 - (100.0%)534,807 96,308 (82.0%) 
Payments on bank loans(2,611)- (100.0%)(252,095)- (100.0%) 
Interest paid(178,274)(219,836)23.3%(903,728)(1,143,318)26.5% 
Interest paid on lease(3,733)(818)(78.1%)(3,733)(3,703)(0.8%) 
Payments of obligations for leasing(11,504)(4,218)(63.3%)(11,504)(16,261)41.3% 
Net cash flows used in financing activities(2,005,395)(2,584,260)28.9%(6,166,694)(4,231,529)(31.4%) 
        
Effects of exchange rate changes on cash held9,665 27,734 187.0%(97,200)2,303 (102.4%) 
Net increase in cash and cash equivalents(990,118)(1,618,363)63.5%(1,578,686)1,348,736 (185.4%) 
Cash and cash equivalents at beginning of year 7,141,575 9,118,556 27.7%7,730,143 6,151,457 (20.4%) 
Cash and cash equivalents at the end of year 6,151,457 7,500,193 21.9%6,151,457 7,500,193 21.9% 
        

 

Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):      
 4Q184Q19Change12M1812M19Change 
Revenues       
Aeronautical services2,463,008 2,771,105 12.5%9,499,154 10,547,720 11.0% 
Non-aeronautical services851,166 962,547 13.1%3,183,532 3,771,500 18.5% 
Improvements to concession assets (IFRIC 12)425,757 840,402 97.4%1,440,204 1,906,801 32.4% 
Total revenues3,739,931 4,574,055 22.3%14,122,890 16,226,021 14.9% 
        
Operating costs       
Costs of services:705,634 773,571 9.6%2,453,722 2,744,864 11.9% 
Employee costs188,514 248,330 31.7%773,630 877,068 13.4% 
Maintenance186,767 176,241 (5.6%)528,929 578,510 9.4% 
Safety, security & insurance101,706 118,108 16.1%386,079 428,208 10.9% 
Utilities93,440 110,737 18.5%334,994 380,370 13.5% 
Other operating expenses135,207 120,155 (11.1%)430,090 480,708 11.8% 
        
Technical assistance fees107,773 116,536 8.1%411,477 461,549 12.2% 
Concession taxes274,274 402,758 46.8%1,076,350 1,318,220 22.5% 
Depreciation and amortization405,887 489,007 20.5%1,569,637 1,776,137 13.2% 
Cost of improvements to concession assets (IFRIC 12)425,757 840,402 97.4%1,440,204 1,906,801 32.4% 
Other (income) expense(40,708)17,751 (143.6%)(73,152)1,212 (101.7%) 
Total operating costs1,878,617 2,640,025 40.5%6,878,238 8,208,783 19.3% 
Income from operations1,861,314 1,934,030 3.9%7,244,652 8,017,238 10.7% 
        
Financial Result(128,150)(183,924)43.5%(236,033)(671,132)184.3% 
Share of (loss) profit of associates(100)91 191.0%(947)79 108.3% 
Income before income taxes 1,733,065 1,750,197 1.0%7,007,672 7,346,185 4.8% 
Income taxes(537,798)(319,297)(40.6%)(1,869,041)(1,891,443)1.2% 
Net income 1,195,266 1,430,900 19.7%5,138,631 5,454,742 6.2% 
Currency translation effect216,170 (223,078)(203.2%)(103,569)(269,440)160.2% 
Cash flow hedges, net of income tax- (172,094)100.0%- (172,094)100.0% 
Remeasurements of employee benefit – net income tax(303)(964)218.2%(161)(1,404)770.8% 
Comprehensive income1,411,133 1,034,764 (26.7%)5,034,901 5,011,804 (0.5%) 
Non-controlling interest(48,923)3,458 107.1%(98,375)(74,777)24.0% 
Comprehensive income attributable to controlling interest1,362,210 1,038,222 (23.8%)4,936,526 4,937,027 0.0% 
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).   


Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):  
 Common StockLegal ReserveReserve for
Share
Repurchase		Repurchased
Shares		Retained
Earnings		Other
comprehensive
income		Total controlling
interest		Non-
controlling
interest		Total
Stockholders'
Equity		 
Balance as of January 1, 20189,028,446 1,119,0292,728,374(1,733,374)9,001,269 884,471 21,028,215 1,048,554 22,076,769  
Transfer of earnings- 226,680-- (226,680)- - - -  
Dividends declared- --- (4,004,886)- (4,004,886)- (4,004,886) 
Reserve for repurchase of share- -255,000- (255,000)- - - -  
Capital distribution(1,250,870)--- - - (1,250,870)- (1,250,870) 
Dividends paid non-controlling interest- --- - - - (83,764)(83,764) 
Comprehensive income:          
Net income- --- 5,037,368 - 5,037,368 101,263 5,138,631  
Foreign currency translation reserve- --- - (100,681)(100,681)(2,888)(103,569) 
Remeasurements of employee benefit – Net- --- - (161)(161)- (161) 
Balance as of December 31, 20187,777,576 1,345,7092,983,374(1,733,374)9,552,071 783,629 20,708,985 1,063,165 21,772,150  
Transfer of earnings- 246,842-- (246,842)- - - -  
Dividends declared- --- (4,425,346)- (4,425,346)- (4,425,346) 
Reserve for repurchase of share- -300,000- (300,000)- - - -  
Capital distribution(1,592,494)--- - - (1,592,494)- (1,592,494) 
Dividends paid non-controlling interest- --- - - - (96,671)(96,671) 
Comprehensive income:          
Net income- --- 5,360,152 - 5,360,152 94,590 5,454,742  
Foreign currency translation reserve- --- - (249,627)(249,627)(19,813)(269,440) 
Remeasurements of employee benefit – Net- --- - (1,404)(1,404)- (1,404) 
Reserve for cash flow hedges – Net of income tax- --- - (172,094)(172,094)- (172,094) 
Balance as of December 31, 20196,185,082 1,592,5513,283,374(1,733,374)9,940,035 360,504 19,628,172 1,041,271 20,669,443  
           

For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in the Stockholders’ Equity of the Company as a non-controlling interest.

As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial Reporting Standards (MFRS) through December 31, 2007 were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue being prepared in accordance with IFRS, as issued by the IASB. 

Exhibit F: Other operating data:     Table V 
 4Q184Q19Change12M1812M19Change 
Total passengers11,465.2 12,748.3 11.2%44,947.9 48,708.6 8.4% 
Total cargo volume (in WLUs)613.0 626.5 2.2%2,213.1 2,238.5 1.1% 
Total WLUs12,078.0 13,374.8 10.7%47,161.0 50,947.1 8.0% 
        
Aeronautical & non aeronautical services per passenger (pesos)289.1 292.9 1.3%282.2 294.0 4.2% 
Aeronautical services per WLU (pesos)203.9 207.2 1.6%201.4 207.0 2.8% 
Non aeronautical services per passenger (pesos)74.2 75.5 1.7%70.8 77.4 9.3% 
Cost of services per WLU (pesos)58.4 57.8 (1.0%)52.0 53.9 3.6% 
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).   


IR Contacts: 
Saúl Villarreal, Chief Financial and Administrative Officersvillarreal@aeropuertosgap.com.mx
Alejandra Soto, IR and Financial Planning Managerasoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relationsgmurillo@aeropuertosgap.com.mx / +523338801100 ext.20294
Maria Barona, i-advize Corporate Communicationsmbarona@i-advize.com

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[1] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

[2] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

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Source: Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

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