Company Quick10K Filing
Pacific Airport Group
20-F 2019-12-31 Filed 2020-05-28
20-F 2018-12-31 Filed 2019-04-17
20-F 2017-12-31 Filed 2018-04-20
20-F 2016-12-31 Filed 2017-04-12
20-F 2015-12-31 Filed 2016-04-20
20-F 2014-12-31 Filed 2015-04-16
20-F 2013-12-31 Filed 2014-04-16
20-F 2012-12-31 Filed 2013-04-15
20-F 2011-12-31 Filed 2012-03-30
20-F 2010-12-31 Filed 2011-06-15
20-F 2009-12-31 Filed 2010-06-29

PAC 20F Annual Report

Item 17 ☐ Item 18 ☐
Part I
Item 1. Identity of Directors, Senior Management and Advisers
Item 2. Offer Statistics and Expected Timetable
Item 3. Key Information
Item 4. Information on The Company
Item 4A. Unresolved Staff Comments
Item 5. Operating and Financial Review and Prospects
Item 6. Directors, Senior Management and Employees
Item 7. Major Shareholders and Related Party Transactions
Item 8. Financial Information
Item 9. The Offer and Listing
Item 10. Additional Information
Item 11. Quantitative and Qualitative Disclosures About Market Risk
Item 12. Description of Securities Other Than Equity Securities
Item 12A. Debt Securities
Item 12B. Warrants and Rights
Item 12C. Other Securities
Item 12D. American Depositary Shares
Part II
Item 13. Defaults, Dividend Arrearages and Delinquencies
Item 14. Material Modifications To The Rights of Security Holders and Use of Proceeds
Item 15. Controls and Procedures
Item 16. Reserved
Item 16A. Audit Committee Financial Expert
Item 16B. Code of Ethics
Item 16C. Principal Accountant Fees and Services
Item 16D. Exemptions From The Listing Standards for Audit Committees
Item 16E. Purchases of Equity Securities By The Issuer and Affiliated Purchasers
Item 16F. Change in Registrant's Certifying Accountant.
Item 16G. Corporate Governance
Part III
Item 17. Financial Statements
Item 18. Financial Statements
Item 19. Exhibits
EX-1.1 pac-ex11_11.htm
EX-8.1 pac-ex81_10.htm
EX-11.1 pac-ex111_9.htm
EX-12.1 pac-ex121_8.htm
EX-12.2 pac-ex122_6.htm
EX-13.1 pac-ex131_7.htm

Pacific Airport Group Earnings 2019-12-31

Balance SheetIncome StatementCash Flow

20-F 1 pac-20f_20191231.htm 20-F pac-20f_20191231.htm

Table of Contents

 

  

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 20-F

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

Commission File Number: 001-32751

 

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

(Exact name of registrant as specified in its charter)

 

 

Pacific Airport Group

 

United Mexican States

(Translation of registrant’s name into English)

 

(Jurisdiction of incorporation or organization)

Avenida Mariano Otero No. 1249-B

Torre Pacífico, Piso 6

Col. Rinconada del Bosque

44530 Guadalajara, Jalisco

Mexico

(Address of principal executive offices)

 

Saúl Villarreal García

Chief Financial Officer

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

Avenida Mariano Otero No. 1249-B

Torre Pacífico, Piso 6

Col. Rinconada del Bosque

44530 Guadalajara, Jalisco

Mexico

Telephone: + 52 (33) 38801100 ext. 20151

svillarreal@aeropuertosgap.com.mx

(Name, telephone, e-mail and/or facsimile number and address of company contact person)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Series B Shares

 

GAP B

 

New York Stock Exchange, Inc.*

American Depositary Shares (ADSs),

each representing ten Series B Shares

 

PAC

 

New York Stock Exchange, Inc.

 

 

*Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: N/A

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

 

Title of each class:

 

Number of Shares

Series B Shares

 

476,850,000

Series BB Shares

 

84,150,000

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes               No  

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.  Yes               No  

Note: Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes               No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). N/A

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

 

 

 

 

Emerging growth company

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards* provided pursuant to Section 13(a) of the Exchange Act.  

 

*The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP     

International Financial Reporting Standards as issued by the International Accounting Standards Board

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

 

Item 17

 

 

Item 18

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes                   No 

 

 

 

 

 

 

 

 

 

 


Table of Contents

 

EXPLANATORY NOTE

 

As previously reported by Grupo Aeroportuario del Pacifico, S.A.B de C.V. in its current report on Form 6-K as filed with the U.S. Securities and Exchange Commission on April 24, 2020, the filing of this annual report on Form 20-F for the period ended December 31, 2019 was delayed due to circumstances related to COVID-19. As a result of the COVID-19 pandemic, has caused severe disruptions in travel and transportation, as well as limited access to the Company’s facilities, resulting in limited support from its staff. This has, in turn, delayed the Company’s ability to complete the 2019 Annual Report and the 20-F Report, as a result, the Company included the risk factors section in the report.

 

The Company is relying on the U.S. Securities and Exchange Commission Order Under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder (SEC Release No. 34-88318) dated March 4, 2020, as amended, on March 25, 2020 (SEC Release No. 34-88465) to file this annual report on the date hereof.

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

Forward-Looking Statements

 

1

 

 

 

 

 

Item 1.

 

Identity of Directors, Senior Management and Advisers

 

2

 

 

 

 

 

Item 2.

 

Offer Statistics and Expected Timetable

 

2

 

 

 

 

 

Item 3.

 

Key Information

 

2

 

 

 

 

 

 

 

Selected Financial and Other Data

 

2

 

 

 

 

 

 

 

Risk Factors

 

5

 

 

 

 

 

Item 4.

 

Information on the Company

 

25

 

 

 

 

 

 

 

History and Development of the Company

 

25

 

 

 

 

 

 

 

Business Overview

 

32

 

 

 

 

 

 

 

Regulatory Framework

 

62

 

 

 

 

 

 

 

Organizational Structure

 

80

 

 

 

 

 

 

 

Property, Plant And Equipment

 

80

 

 

 

 

 

Item 4A.

 

Unresolved Staff Comments

 

81

 

 

 

 

 

Item 5.

 

Operating and Financial Review and Prospects

 

81

 

 

 

 

 

Item 6.

 

Directors, Senior Management and Employees

 

114

 

 

 

 

 

Item 7.

 

Major Shareholders and Related Party Transactions

 

122

 

 

 

 

 

 

 

Major Shareholders

 

122

 

 

 

 

 

 

 

Related Party Transactions

 

123

 

 

 

 

 

Item 8.

 

Financial Information

 

125

 

 

 

 

 

 

 

Legal Proceedings

 

125

 

 

 

 

 

 

 

Dividends

 

128

 

 

 

 

 

Item 9.

 

The Offer and Listing

 

129

 

 

 

 

 

 

 

Trading Markets

 

129

 

 

 

 

 

Item 10.

 

Additional Information

 

130

 

 

 

 

 

 

 

Corporate Governance

 

130

 

 

 

 

 

 

 

Material Contracts

 

137

 

 

 

 

 

 

 

 

 

 

 

 

Taxation

 

137

 

 

 

 

 

 

 

Documents On Display

 

140

 

 

 

 

 

Item 11.

 

Quantitative and Qualitative Disclosures About Market Risk

 

140

 

 

 

 

 

Item 12.

 

Description of Securities Other Than Equity Securities

 

142

 

 

 

 

 

Item 12A.

 

Debt Securities

 

142

 

 

 

 

 

Item 12B.

 

Warrants and Rights

 

143

 

 

 

 

 

Item 12C.

 

Other Securities

 

143

 

 

 

 

 

Item 12D.

 

American Depositary Shares

 

144

 

 

 

 

 

Item 13.

 

Defaults, Dividend Arrearages and Delinquencies

 

145

 

 

 

 

 

Item 14.

 

Material Modifications to the Rights of Security Holders and Use of Proceeds

 

145

 

 

 

 

 

Item 15.

 

Controls and Procedures

 

145

i


Table of Contents

 

 

 

 

 

 

Item 16.

 

Reserved

 

147

 

 

 

 

 

Item 16A.

 

Audit Committee Financial Expert

 

147

 

 

 

 

 

Item 16B.

 

Code of Ethics

 

147

 

 

 

 

 

Item 16C.

 

Principal Accountant Fees and Services

 

147

 

 

 

 

 

Item 16D.

 

Exemptions from the Listing Standards for Audit Committees

 

147

 

 

 

 

 

Item 16E.

 

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

147

 

 

 

 

 

Item 16F.

 

Change in Registrant’s Certifying Accountant.

 

148

 

 

 

 

 

Item 16G.

 

Corporate Governance

 

148

 

 

 

 

 

Item 17.

 

Financial Statements

 

151

 

 

 

 

 

Item 18.

 

Financial Statements

 

151

 

 

 

 

 

Item 19.

 

Exhibits

 

152

 

 

 

ii


Table of Contents

 

FORWARD-LOOKING STATEMENTS

This annual report on Form 20-F contains forward-looking statements. We may from time to time make forward-looking statements in our reports to the Securities and Exchange Commission, or the SEC, on Forms 20-F and 6-K, in our annual reports to shareholders, in offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to financial analysts, institutional investors, representatives of the media and others. Examples of such forward-looking statements include:

 

projections of revenues, income from operations, net income (loss), net income (loss) per share, capital expenditures, dividends, capital structure or other financial items or ratios;

 

statements of our plans or objectives;

 

changes in our regulatory environment;

 

statements about our future economic performance or that of the countries in which we operate or the countries to and from which the passengers who use our airports arrive and depart; and

 

statements of assumptions underlying such statements.

Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the projections, plans, objectives, expectations, estimates and intentions expressed in forward-looking statements. These factors, some of which are discussed below under “Risk Factors,” include material changes in the performance or terms of our concessions, developments in legal proceedings, economic and political conditions and government policies in Mexico, Jamaica or elsewhere, inflation rates, exchange rates, regulatory developments, customer demand and competition. We caution you that the foregoing list of factors is not exclusive and that eventualities related to other risks and uncertainties, including the duration and severity of the recent coronavirus (“COVID-19”) outbreak and its impacts on our business; may cause actual results to differ materially from those expressed in forward-looking statements.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments.

1


Table of Contents

 

PART I

Item 1.

Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.

Offer Statistics and Expected Timetable

Not applicable.

Item 3.

Key Information

SELECTED FINANCIAL AND OTHER DATA

The following tables present selected financial and other data for each of the periods indicated. This data should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements referred to in Item 18 hereof and included elsewhere in this document, including the notes thereto. Our audited consolidated financial statements are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB.

References in this annual report on Form 20-F to “U.S. dollars” or “U.S.$” are to the lawful currency of the United States of America. References in this annual report on Form 20-F to “pesos,” “Mexican pesos” or “Ps.” are to the lawful currency of Mexico. References in this annual report on Form 20-F to “Jamaican dollars” or “J$” are to the lawful currency of Jamaica. We publish our audited consolidated financial statements in Mexican pesos.

This annual report on Form 20-F contains translations of certain peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, U.S. dollar amounts have been translated from Mexican pesos at an exchange rate of Ps.18.8600 to U.S.$1.00, the noon buying rate for pesos on December 31, 2019, as published by the U.S. Federal Reserve Board. On May 22, 2020, the exchange rate for pesos as published by the U.S. Federal Reserve Board was Ps.22.7380 to U.S.$1.00.

This annual report on Form 20-F contains references to “workload units,” which are units measuring an airport’s passenger traffic volume and cargo volume. A workload unit currently is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo. When we refer to “terminal passengers,” we mean the sum of all arriving and departing passengers on commercial and general aviation flights, other than transit passengers. “Transit passengers” are those who are generally not required to change aircraft while on a multiple-stop itinerary and who generally do not disembark from their aircraft to enter the terminal building. When we refer to “total passengers,” we mean the sum of terminal passengers and transit passengers. When we refer to “commercial aviation passengers,” we mean the sum of terminal and transit passengers, excluding general aviation passengers, such as those on private, non-commercial aircraft. This annual report on Form 20-F contains references to “air traffic movements,” which represent the sum of all aircraft arrivals and departures of any kind at an airport.

In reviewing this annual report, you should take into account the fact that certain margin and ratio calculations that utilize “total revenues” or “total operating costs” will reflect the effects of International Financial Reporting Interpretation Committee 12 Service Concession Arrangements (“IFRIC 12”), which provides the accounting treatment to be followed for service concession contracts for services considered to be public in nature. We recognize revenues and the associated costs of improvements to concession assets that we are obligated to perform at the airports as established by our Master Development Programs for our Mexican airports and by our Capital Development Programs for our Jamaican airports. The amount of revenues for these services are equal to the amount of costs incurred, as we do not obtain any profit margin for these construction services. The amounts paid are set at market value. As a result, revenues from improvements to concession assets do not have a cash impact on our results and do not represent a cash inflow. Furthermore, they are not directly related to our passenger traffic, which is the main driver of our revenues.

Consequently, changes in total revenues, total operating costs, operating margin, total revenues per terminal passenger and other ratios included in this annual report, as well as other ratios potentially useful to investors, may not be comparable between periods. In such instances we have included a parenthetical notation with comparable amounts or measures. Nominal results for amounts used in calculating certain margins, such as income from operations, are not affected by the adoption of IFRIC 12 and are therefore comparable. See “Item 5, Operating and Financial Review and Prospects – Critical Accounting Policies.”

As a result of our acquisition of Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) in April 2015, our selected consolidated financial and operating data for the fiscal year ended December 31, 2015 includes the consolidation of DCA’s financial and operating data from April 1, 2015. Therefore, financial and operating data for the fiscal year ended December 31, 2015 may not be directly comparable with financial and operating data for prior or subsequent fiscal years. DCA has a 74.5% stake in MBJ Airports Limited (“MBJA”), the entity that holds the concession to operate the Sangster International Airport in Montego Bay, Jamaica (the “Montego Bay International Airport” or “Montego Bay airport”). MBJA uses the U.S. dollar as its functional currency, and its financial statements are prepared in accordance with IFRS. As a result, consolidation of MBJA’s financial statements with GAP’s financial statements do not require any substantial accounting changes.

2


Table of Contents

 

On October 10, 2019, we took control of the operation, management and administration of the Norman Manley International Airport (“NMIA”) located in Kingston, Jamaica, pursuant to a concession agreement that we signed with the Government of Jamaica on October 10, 2018 (the “NMIA Concession Agreement”). PAC Kingston Airport Limited (“PACKAL”), our wholly owned Jamaican subsidiary incorporated in September 2018, holds the concession for the operation of NMIA. As a result of taking over the operation and management of NMIA in October 2019, our selected consolidated financial and operating data for the fiscal year ended December 31, 2019 includes the consolidation of PACKAL’s financial and operating data from October 10, 2019. Therefore, financial and operating data for the fiscal year ended December 31, 2019 may not be directly comparable with financial and operating data for prior fiscal years. PACKAL uses the U.S. dollar as its functional currency, and its financial statements are prepared in accordance with IFRS. As a result, consolidation of PACKAL’s financial statements with GAP’s financial statements do not require any substantial accounting changes.

 

 

 

 

Year ended December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

 

2018

 

 

2019 (1) (13)

 

 

2019 (1)

 

 

 

 

(thousands of pesos, except per share and per ADS data)

 

 

(thousands of U.S.

dollars; except

per share and per

ADS data) (1)

 

Profit or loss and other comprehensive income data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical services (2)

 

Ps.

 

5,419,022

 

 

Ps.

 

7,037,920

 

 

Ps.

 

8,280,522

 

 

Ps.

 

9,499,154

 

 

Ps.

 

10,547,720

 

 

U.S.$

 

 

559,264

 

Non-aeronautical services (3)

 

 

 

1,849,252

 

 

 

 

2,393,604

 

 

 

 

2,772,905

 

 

 

 

3,183,532

 

 

 

 

3,771,500

 

 

 

 

 

199,973

 

Improvements to concession assets (4)

 

 

 

838,635

 

 

 

 

1,676,037

 

 

 

 

1,312,491

 

 

 

 

1,440,204

 

 

 

 

1,906,801

 

 

 

 

 

101,103

 

Total revenues

 

 

 

8,106,909

 

 

 

 

11,107,561

 

 

 

 

12,365,918

 

 

 

 

14,122,890

 

 

 

 

16,226,021

 

 

 

 

 

860,340

 

Operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee costs

 

 

 

502,794

 

 

 

 

584,560

 

 

 

 

663,360

 

 

 

 

773,630

 

 

 

 

877,068

 

 

 

 

 

46,504

 

Maintenance

 

 

 

302,203

 

 

 

 

346,805

 

 

 

 

505,352

 

 

 

 

528,929

 

 

 

 

578,510

 

 

 

 

 

30,674

 

Safety, security & insurance

 

 

 

249,752

 

 

 

 

282,310

 

 

 

 

317,023

 

 

 

 

386,079

 

 

 

 

428,208

 

 

 

 

 

22,705

 

Utilities

 

 

 

192,158

 

 

 

 

222,891

 

 

 

 

278,895

 

 

 

 

334,994

 

 

 

 

380,370

 

 

 

 

 

20,168

 

Other

 

 

 

311,351

 

 

 

 

345,805

 

 

 

 

345,777

 

 

 

 

430,090

 

 

 

 

480,708

 

 

 

 

 

25,488

 

Total costs of services

 

 

 

1,558,258

 

 

 

 

1,782,371

 

 

 

 

2,110,407

 

 

 

 

2,453,722

 

 

 

 

2,744,864

 

 

 

 

 

145,539

 

Technical assistance fees (5)

 

 

 

236,507

 

 

 

 

301,820

 

 

 

 

357,451

 

 

 

 

411,477

 

 

 

 

461,549

 

 

 

 

 

24,472

 

Concession taxes (6)

 

 

 

483,086

 

 

 

 

764,349

 

 

 

 

944,197

 

 

 

 

1,076,350

 

 

 

 

1,318,220

 

 

 

 

 

69,895

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation (7)

 

 

 

206,724

 

 

 

 

300,880

 

 

 

 

324,460

 

 

 

 

400,205

 

 

 

 

446,517

 

 

 

 

 

23,675

 

Amortization (8)

 

 

 

949,711

 

 

 

 

1,047,507

 

 

 

 

1,119,102

 

 

 

 

1,169,432

 

 

 

 

1,329,620

 

 

 

 

 

70,499

 

Total depreciation and amortization

 

 

 

1,156,435

 

 

 

 

1,348,387

 

 

 

 

1,443,562

 

 

 

 

1,569,637

 

 

 

 

1,776,137

 

 

 

 

 

94,175

 

Other (income) expense

 

 

 

(254,612

)

 

 

 

(295

)

 

 

 

(83,921

)

 

 

 

(73,152

)

 

 

 

1,212

 

 

 

 

 

64

 

Cost of improvements to concession assets (4)

 

 

 

838,635

 

 

 

 

1,676,037

 

 

 

 

1,312,491

 

 

 

 

1,440,204

 

 

 

 

1,906,801

 

 

 

 

 

101,103

 

Total operating costs

 

 

 

4,018,309

 

 

 

 

5,872,669

 

 

 

 

6,084,187

 

 

 

 

6,878,238

 

 

 

 

8,208,783

 

 

 

 

 

435,248

 

Income from operations

 

 

 

4,088,600

 

 

 

 

5,234,892

 

 

 

 

6,281,731

 

 

 

 

7,244,652

 

 

 

 

8,017,238

 

 

 

 

 

425,092

 

Finance cost - net

 

 

 

(456,810

)

 

 

 

(603,032

)

 

 

 

(99,389

)

 

 

 

(236,033

)

 

 

 

(671,132

)

 

 

 

 

(35,585

)

Share of loss of associates

 

 

 

(13,704

)

 

 

 

(11,728

)

 

 

 

(10,620

)

 

 

 

(947

)

 

 

 

79

 

 

 

 

 

4

 

Income before income taxes

 

 

 

3,618,086

 

 

 

 

4,620,132

 

 

 

 

6,171,722

 

 

 

 

7,007,672

 

 

 

 

7,346,185

 

 

 

 

 

389,511

 

Income tax expense

 

 

 

847,309

 

 

 

 

1,266,573

 

 

 

 

1,440,641

 

 

 

 

1,869,041

 

 

 

 

1,891,443

 

 

 

 

 

100,289

 

Profit for the year

 

 

 

2,770,777

 

 

 

 

3,353,559

 

 

 

 

4,731,081

 

 

 

 

5,138,631

 

 

 

 

5,454,742

 

 

 

 

 

289,223

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translating foreign operations

 

 

482394

 

 

 

 

773,453

 

 

 

 

(226,494

)

 

 

 

(103,569

)

 

 

 

(269,440

)

 

 

 

 

(14,286

)

Remeasurements of employee benefit – net of income taxes

 

 

n/a

 

 

 

10773

 

 

 

 

(2,602

)

 

 

 

(161

)

 

 

 

(1,404

)

 

 

 

 

(74

)

Cash flow hedges, effective portion of changes in fair value, net of income tax

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

 

(172,094

)

 

 

 

 

(9,125

)

Total comprehensive income for the year

 

 

 

3,253,171

 

 

 

 

4,137,785

 

 

 

 

4,501,985

 

 

 

 

5,034,901

 

 

 

 

5,011,804

 

 

 

 

 

265,737

 

Profit for the year attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlling interest

 

 

 

2,726,020

 

 

 

 

3,281,884

 

 

 

 

4,649,120

 

 

 

 

5,037,368

 

 

 

 

5,360,152

 

 

 

 

 

284,207

 

Non-controlling interest

 

 

44757

 

 

 

 

71,675

 

 

 

 

81,961

 

 

 

 

101,263

 

 

 

 

94,590

 

 

 

 

 

5,015

 

Profit for the year

 

 

 

2,770,777

 

 

 

 

3,353,559

 

 

 

 

4,731,081

 

 

 

 

5,138,631

 

 

 

 

5,454,742

 

 

 

 

 

289,223

 

Total comprehensive income for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlling interest

 

 

 

3,141,513

 

 

 

 

3,948,323

 

 

 

 

4,451,659

 

 

 

 

4,936,526

 

 

 

 

4,937,027

 

 

 

 

 

261,772

 

Non-controlling interest

 

 

111658

 

 

 

 

189,462

 

 

 

 

50,326

 

 

 

 

98,375

 

 

 

 

74,777

 

 

 

 

 

3,965

 

Total comprehensive income for the year

 

 

 

3,253,171

 

 

 

 

4,137,785

 

 

 

 

4,501,985

 

 

 

 

5,034,901

 

 

 

 

5,011,804

 

 

 

 

 

265,737

 

Basic and diluted earnings per share (9)

 

Ps.

5.1867

 

 

Ps.

6.2443

 

 

Ps.

8.8457

 

 

Ps.

9.5845

 

 

Ps.

10.1986

 

 

U.S.$

 

 

0.5408

 

Dividends per share (10)

 

Ps.

3.32

 

 

Ps.

 

4.0700

 

 

Ps.

 

5.7200

 

 

Ps.

 

7.6200

 

 

Ps.

 

8.4200

 

 

U.S.$

 

 

5.4075

 

Basic and diluted earnings per ADS (9)

 

Ps.

51.867

 

 

Ps.

 

62.4430

 

 

Ps.

 

88.4577

 

 

Ps.

 

95.8448

 

 

Ps.

101.9863

 

 

U.S.$

 

 

0.4464

 

Dividends per ADS (10)

 

Ps.

 

33.2000

 

 

Ps.

 

40.7000

 

 

Ps.

 

57.2000

 

 

Ps.

 

76.2000

 

 

Ps.

 

84.1954

 

 

U.S.$

 

 

4.4642

 

Other operating data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total terminal passengers (thousands of passengers) (11)

 

 

 

30,319

 

 

 

 

36,549

 

 

 

 

40,709

 

 

 

 

44,948

 

 

 

 

48,709

 

 

 

 

 

 

 

Total air traffic movements (thousands of movements)

 

 

 

462

 

 

 

 

513

 

 

 

 

527

 

 

 

 

552

 

 

 

 

557

 

 

 

 

 

 

 

Total revenues per terminal passenger (12)

 

Ps.

 

267

 

 

Ps.

 

304

 

 

Ps.

 

304

 

 

Ps.

 

314

 

 

Ps.

 

333

 

 

U.S.$

 

 

18

 

Aeronautical and non-aeronautical services per terminal passenger

 

Ps.

 

240

 

 

Ps.

 

258

 

 

Ps.

 

272

 

 

Ps.

 

282

 

 

Ps.

 

294

 

 

U.S.$

 

 

16

 

Statement of financial position data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

Ps.

 

2,996,499

 

 

Ps.

 

5,188,138

 

 

Ps.

 

7,730,143

 

 

Ps.

 

6,151,457

 

 

Ps.

 

7,500,193

 

 

U.S.$

 

 

397,677

 

Total current assets

 

 

 

3,386,683