Grupo Aeroportuario del Pacifico(PAC)
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Grupo Aeroportuario del Pacifico(PAC) - 2023 Q1 - Earnings Call Transcript
2023-04-19 18:31
Note that for a comparison purpose, when we look at January and February of 2022, the impact of the Omicron variant did affect passenger traffic, which was not the case in 2023. As a result, aeronautical revenues increased by 31%, driven by a passengers traffic recovery throughout GAP's network, as well as the maximum tariff increases, which fulfill almost 99% of the maximum tariff in our Mexican airports. It is important to note, that the benefit of the Jamaican airport consolidation is not fully reflected ...
Grupo Aeroportuario del Pacifico(PAC) - 2022 Q4 - Annual Report
2023-04-13 18:22
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-32751 GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V. (PACIFIC AIRPORT GROUP) (Translation of registrant's name into English) México (Jurisdiction of incorporation or organization) Avenida Mariano Otero No. 1249-B Torre Pacifico, Piso 6 Col. Rinconada del Bosque 445 ...
Grupo Aeroportuario del Pacifico(PAC) - 2022 Q4 - Annual Report
2023-04-13 11:42
Revenue Sources - Approximately 25.3%, 27.3%, and 28.1% of total revenues in 2020, 2021, and 2022, respectively, were derived from passenger charges for international passengers [1098]. Currency Exposure - As of December 31, 2022, 21% of aeronautical and non-aeronautical revenues were denominated in U.S. dollars, while approximately 17.3% of consolidated costs and expenses were also in U.S. dollars [1098]. - Approximately 60.5%, 35.5%, and 57.0% of cash and marketable securities were denominated in U.S. dollars as of December 31 for the years 2020, 2021, and 2022, respectively [1099]. Debt Management - The company had U.S.$252.5 million in U.S. dollar-denominated debt as of December 31, 2022, down from U.S.$268.5 million in 2020 [1100]. - As of December 31, 2022, approximately Ps.19.3 billion of total debt was variable rate, while Ps.15.0 billion was fixed rate, indicating that 62% of total debt is fixed [1102]. - Interest expense for variable rate loans in 2022 was Ps.1,393.2 million, with an average TIIE-28 rate of 8.1% and an average Libor rate of 1.88% [1112]. - The company contracted interest rate swaps covering Ps.6.9 billion worth of risk for increased interest rates related to long-term debt securities [1102]. - The company expects to continue funding capital investments through debt issuances on the Mexican capital markets, subject to market conditions [1102]. Financial Instruments - The company recognized a gain of Ps.130.6 million in the reserve for the gain on cash flow hedges for the year ended December 31, 2022 [1114]. - As of December 31, 2022, the company had no outstanding forward foreign exchange contracts [1101].
Grupo Aeroportuario del Pacifico(PAC) - 2022 Q4 - Earnings Call Transcript
2023-02-22 23:34
Financial Data and Key Metrics Changes - Total revenues increased by 57% compared to 2019, supported by continued passenger traffic growth and a strong commercial revenue increase [105] - Net comprehensive income rose by MXN 2.2 billion compared to 2021, reflecting a 34% increase, while net income increased by 52% [12] - The effective tax rate increased from 23% in 2021 to 25% in 2022, primarily due to high inflation affecting the net financial liability position [13] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by almost 65% versus 2019, driven by passenger traffic growth and increased maximum tariff inflation [115] - Commercial revenue increased by almost 30% compared to 2019, attributed to additional commercial spaces in Montego Bay, Los Cabos, and Guadalajara [107] - The company reported the highest EBITDA margin in its history, with expectations of maintaining around a 70% margin for 2023 [12][118] Market Data and Key Metrics Changes - The company transported almost 57 million passengers in 2022, a 60.4% increase over 2019, positioning it as the largest airport operator in Mexico [105] - The recovery of passenger traffic in Jamaica showed strong signs compared to 2019, with the company working closely with airlines to secure additional routes [114] Company Strategy and Development Direction - The company plans to expand airport capacity to accommodate additional flights, routes, and frequencies, including reopening all routes from China by the end of 2023 [5] - Committed CapEx for 2023 amounts to MXN 10 billion, with MXN 7.5 billion for mandatory CapEx and MXN 2.5 billion for commercial investments [89] - The company is focusing on commercial projects, including the construction of a mixed-use building in Guadalajara and expansions in various airports [42][108] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the growth of leisure destinations, particularly in Cabos and Vallarta, driven by increased hotel room availability [70][78] - The company anticipates sustainable passenger growth across its network of airports, expecting a 6% to 8% increase compared to the previous year [26] - Management noted the impact of nearshoring on operations, particularly in automotive areas, indicating potential for increased passenger traffic [99] Other Important Information - The company faced increased operating costs due to inflation, minimum wage increases, and additional concession fees, particularly in Jamaica [3][128] - The company is committed to maintaining a healthy leverage level, with a net debt to EBITDA ratio of 1.4 times [25] Q&A Session Summary Question: What are the expectations regarding the potential upgrade for maximization interests? - Management indicated that the federal government has a schedule for recovery in the first half of the year, with expectations for completion possibly in the third to fourth quarter [28] Question: Can you elaborate on the cost pressures faced in the fourth quarter? - Management acknowledged that the cost of services increased due to the opening of new operational areas and inflation-related pressures, particularly in maintenance and security [19][32] Question: What is the expected dividend payment considering CapEx commitments? - Management stated that they aim for optimal use of fiscal resources and will release specific numbers in the coming weeks [34] Question: Can you provide details on the CapEx deployment for 2022 and expectations for 2023? - Management confirmed that MXN 8.4 billion was deployed in 2022, with expectations to deploy around MXN 10 billion in 2023, focusing on both mandatory and commercial investments [86][89] Question: How is nearshoring impacting operations? - Management expressed optimism about the potential impact of nearshoring, particularly in automotive sectors, indicating a gradual increase in passenger traffic [99]
Grupo Aeroportuario del Pacifico(PAC) - 2022 Q3 - Earnings Call Transcript
2022-10-25 21:08
Grupo Aeroportuario del PacÃfico, S.A.B. de C.V. (NYSE:PAC) Q3 2022 Earnings Conference Call October 25, 2022 11:00 AM ET Company Participants Maria Barona - IR Raul Revuelta - CEO Saul Villarreal - CFO Conference Call Participants Rodolfo Ramos - Bradesco BBI Alejandro Zamacona - Credit Suisse Pablo Monsivais - Barclays Filipe Nielsen - Citi Gabriel Himelfarb - Scotiabank Alan Macias - Bank of America Guilherme Mendes - JPMorgan Operator Good morning and welcome to GAP's Third Quarter 2022 Conference Call. ...
Grupo Aeroportuario del Pacifico(PAC) - 2022 Q1 - Earnings Call Transcript
2022-04-27 17:52
Financial Data and Key Metrics Changes - The company reported solid results in Q1 2022, reflecting a recovery in the Mexican travel industry, with nearly 30 million passengers served [6]. Business Line Data and Key Metrics Changes - Specific data on individual business lines was not provided in the available content. Market Data and Key Metrics Changes - The overall recovery in the Mexican travel industry positively impacted the company's performance, although detailed market data was not disclosed [6]. Company Strategy and Development Direction and Industry Competition - The company is focused on capitalizing on the recovery trend in the travel industry, indicating a strategic alignment with market conditions [6]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery in the travel sector, which is expected to continue benefiting the company's operations [6]. Other Important Information - Forward-looking statements were made, cautioning that actual results may differ due to various factors affecting future performance [4]. Q&A Session Summary - No specific questions and answers were provided in the available content.
Grupo Aeroportuario del Pacifico(PAC) - 2021 Q4 - Annual Report
2022-04-22 15:23
Commission File Number: 001-32751 GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V. (PACIFIC AIRPORT GROUP) (Translation of registrant's name into English) México (Jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2022 Avenida Mariano Otero No. 1249-B Torre Pacifico, Piso 6 Col. Rinconada del Bosque 445 ...
Grupo Aeroportuario del Pacifico(PAC) - 2021 Q4 - Annual Report
2022-04-22 11:32
Revenue Sources - Approximately 27.4%, 25.3%, and 27.3% of total revenues in 2019, 2020, and 2021, respectively, were derived from passenger charges for international passengers[1083] Currency Exposure - As of December 31, 2021, approximately 20.2% of aeronautical and non-aeronautical revenues were denominated in U.S. dollars, while about 17.2% of consolidated costs and expenses were also in U.S. dollars[1083] - As of December 31, 2021, 55.2%, 60.5%, and 35.5% of cash and marketable securities were denominated in U.S. dollars for the years 2019, 2020, and 2021, respectively[1084] Debt Structure - The company had U.S.$260.5 million in U.S. dollar-denominated debt as of December 31, 2021, after restructuring U.S.$191.0 million in existing debt[1085] - As of December 31, 2021, the company had approximately Ps.15.6 billion in variable rate debt and Ps.12.3 billion in fixed rate debt, totaling Ps.27.9 billion[1088] Interest Expenses and Financial Instruments - Interest expenses for variable rate loans were Ps.1,019.0 million in 2021, with an average TIIE-28 rate of 4.67%[1098] - The company recognized a gain of Ps.51.6 million within finance cost for the year ended December 31, 2021, due to the value of the premium paid for hedges[1101] - The company entered into interest rate swaps covering Ps.9.8 billion worth of risk for increased interest rates related to long-term debt securities[1088] - The company had no outstanding forward foreign exchange contracts as of December 31, 2021[1086] Capital Investment Funding - The company expects to continue funding capital investments primarily through debt issuances on the Mexican capital markets, subject to market conditions[1088]
Grupo Aeroportuario del Pacifico(PAC) - 2021 Q4 - Earnings Call Transcript
2022-02-24 23:09
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q4 2021 Earnings Conference Call February 24, 2022 11:00 AM ET Company Participants Maria Barona - IR Raul Revuelta - CEO Saul Villarreal - CFO Alejandra Soto - IRO Conference Call Participants Guilherme Mendes - JPMorgan Pablo Monsivais - Barclays Alan Macias - Bank of America Gabriel Himelfarb - Scotiabank Naoki Otsuka - GBM Filipe Nielsen - Citibank Alejandro Zamacona - Credit Suisse Operator Good morning and welcome to GAP's Fourth Quarter 2021 ...
Grupo Aeroportuario del Pacifico(PAC) - 2021 Q3 - Earnings Call Transcript
2021-11-02 17:30
Grupo Aeroportuario del PacÃfico, S.A.B. de C.V. (NYSE:PAC) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Paulina Sanchez – Investor Relations Raul Revuelta – Chief Executive Officer Saul Villarreal – Chief Financial Officer Conference Call Participants Alejandro Zamacona – Credit Suisse Guilherme Mendes – JPMorgan Stephen Trent – Citibank Naoki Otsuka – GBM Gabriel Himelfarb – Scotiabank Manuel Barra – Barclays Operator Good morning, and welcome to GAPÂ's Third Quarter ...