Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Announces Results for the
Third Quarter 2012
GUADALAJARA, Mexico -- October 25, 2012
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the
“Company” or “GAP”) today reported its results for the third quarter ended
September 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 third
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 3Q12 figures (the effects of adopting IFRS are
described in Exhibit “E” of this report). Consolidated financial statements at
September 30, 2012 were prepared and reported in accordance with International
Accounting Standards (“IAS”) No. 34 “Financial Information at Interim Dates.”
Summary of Third Quarter 2012 vs. Third Quarter 2011:
*The sum of aeronautical and non-aeronautical revenues increased Ps. 147.4
million (15.5%). Aeronautical revenues rose Ps. 82.9 million (11.0%) and
non-aeronautical revenues increased Ps. 64.5 million (32.6%),
(non-aeronautical revenues include revenues from checked baggage
inspection services). These increases exceeded the Company’s guidance
issued in January 2012, which did not include projections for revenues
from improvements to concession assets (IFRIC 12) due to the fact that
this is an accounting figure that does not affect the Company’s cash flow,
nor revenues for checked baggage inspection services. Total revenues, that
include improvements to concession assets (IFRIC 12), increased Ps. 31.4
million (2.6%) due to the combined increase of aeronautical and
non-aeronautical revenues, offset by a Ps. 115.9 million decline in
revenues from improvements to concession assets (IFRIC 12).
*Cost of services declined Ps. 17.8 million (6.9%), mainly as a result of a
Ps. 24.7 million decrease in other operating costs, as well as a Ps. 2.7
million decline in maintenance costs, which were offset by a Ps. 5.9
million increase in security services and insurance costs, and a Ps. 3.7
million increase in employee costs.
*Government concession taxes increased Ps. 7.3 million (15.3%). The
technical assistance fee increased Ps. 7.7 million (23.8%).
*Operating income increased Ps. 111.2 million (25.6%).
*EBITDA increased Ps. 150.2 million (24.5%), from Ps. 614.2 million in 3Q11
to Ps. 764.4 million in 3Q12. EBITDA margin increased from 50.0% in 3Q11
to 60.6% in 3Q12 (excluding the effects of IFRIC 12, the EBITDA margin
rose from 64.5% in 3Q11 to 69.5% in 3Q12).
*Net income and comprehensive income increased Ps. 98.2 million (26.5%).
For the full version of this report please visit www.aeropuertosgap.com.mx
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.
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 fourth 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.
For more information please visit www.aeropuertosgap.com.mx or contact:
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
Miguel Aliaga, Investor Relations Officer
Rodrigo Guzmán, Chief Financial Officer
52 (33) 38801100
In the U.S.
i-advize Corporate Communications
Maria Barona / Peter Majeski
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