Grupo Aeroportuario del Pacifico Announces Growth Guidance for the Full Year 2024
GUADALAJARA, Mexico, Jan. 19, 2024 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announced today its growth guidance for the full year 2024 compared to 2023.
| Traffic | (5%) – (3%) | ||
| Aeronautical revenues | (4%) – (2%) | ||
| Non-aeronautical revenues | 12% – 14% | ||
| Total revenues | 0% – 2% | ||
| EBITDA | (7%) – (5%) | ||
| EBITDA Margin | 65% + – 1% | ||
| CAPEX | Ps. 9.0 billion |
• Passenger traffic estimates are based on the consolidation of the routes developed to date, the estimated load factors, and the aircrafts expected to be grounded due to the accelerated GTF engine preventive inspections.
• The revenues are based on traffic performance, applicable passenger fees, inflation, contract terms, and current commercial agreements, as well as the development of other business lines operated directly by the Company.
• The increase in the cost of services reflects operating requirements needed to meet airport service demand, infrastructure expansion and quality service improvements, inflation, increase in minimum wages, increase in the concession taxes, and the hiring of additional personnel for the operations, maintenance, security, and cleaning.
• CAPEX reflects committed investments for GAP airports under the Master Development Program as well as investments in commercial spaces, parking lots, and the final stage of the Mixed-use Building at Guadalajara airport.
These figures are based on the Company’s current expectation of domestic and international aeronautical industry growth during 2024, as supported by GAP’s strategy of focusing on medium- and long-term business fundamentals.
These figures are estimates based on current assumptions that management believes are reasonable. Many of the factors affecting these current assumptions and the estimates on which they are based are outside of the Company’s control. They are subject to change over the year based on various external factors including, but not limited to, airline performance, domestic and international economic conditions, and government regulations. For a more extensive list of risk factors that could affect our business, please refer to GAP’s annual report on Form 20-F for the year ended December 31, 2022, published in April 2023.
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 Concessioner 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 Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
| 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 involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| Alejandra Soto, Investor Relations and Social Responsibility Officer | asoto@aeropuertosgap.com.mx |
| Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294 |
