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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, 2023

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. 20294

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

429,485,845

Series BB Shares

75,791,619

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 whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 

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

 

 

 

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

 

28

 

 

 

 

 

 

History and Development of the Company

 

28

 

 

 

 

 

 

Business Overview

 

35

 

 

 

 

 

 

Regulatory Framework

 

68

 

 

 

 

 

 

Organizational Structure

 

88

 

 

 

 

 

 

Property, Plant And Equipment

 

88

 

 

 

 

 

Item 4A.

Unresolved Staff Comments

 

89

 

 

 

 

 

Item 5.

Operating and Financial Review and Prospects

 

89

 

 

 

 

 

Item 6.

Directors, Senior Management and Employees

 

119

 

 

 

 

 

Item 7.

Major Shareholders and Related Party Transactions

 

129

 

 

 

 

 

 

Major Shareholders

 

129

 

 

 

 

 

 

Related Party Transactions

 

130

 

 

 

 

 

Item 8.

Financial Information

 

132

 

 

 

 

 

 

Legal Proceedings

 

132

 

 

 

 

 

 

Dividends

 

134

 

 

 

 

 

Item 9.

The Offer and Listing

 

135

 

 

 

 

 

 

Trading Markets

 

135

 

 

 

 

 

Item 10.

Additional Information

 

136

 

 

 

 

 

 

Corporate Governance

 

136

 

 

 

 

 

 

Material Contracts

 

143

 

 

 

 

 

 

Taxation

 

143

 

 

 

 

 

 

Documents On Display

 

147

 

 

 

 

 

Item 11.

Quantitative and Qualitative Disclosures About Market Risk

 

147

 

 

 

 

 

Item 12.

Description of Securities Other Than Equity Securities

 

150

 

 

 

 

 

Item 12A.

Debt Securities

 

150

 

 

 

 

 

Item 12B.

Warrants and Rights

 

150

 

 

 

 

 

Item 12C.

Other Securities

 

150

 

 

 

 

 

Item 12D.

American Depositary Shares

 

151

 

 

 

 

 

Item 13.

Defaults, Dividend Arrearages and Delinquencies

 

152

 

 

 

 

 

i


Item 14.

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

 

152

 

 

 

 

 

Item 15.

Controls and Procedures

 

152

 

 

 

 

 

Item 16.

Reserved

 

154

 

 

 

 

 

Item 16A.

Audit Committee Financial Expert

 

154

 

 

 

 

 

Item 16B.

Code of Ethics

 

154

 

 

 

 

 

Item 16C.

Principal Accountant Fees and Services

 

154

 

 

 

 

 

Item 16D.

Exemptions from the Listing Standards for Audit Committees

 

154

 

 

 

 

 

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

154

 

 

 

 

 

Item 16F.

Change in Registrant’s Certifying Accountant.

 

155

 

 

 

 

 

Item 16G.

Corporate Governance

 

155

 

 

 

 

 

Item 16H.

 

Mine Safety Disclosure

 

157

 

 

 

 

 

Item 16I.

 

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 

157

 

 

 

 

 

Item 16J.

 

Insider trading policies

 

157

 

 

 

 

 

Item 16K.

 

Cybersecurity

 

158

 

 

 

 

 

Item 17.

Financial Statements

 

160

 

 

 

 

 

Item 18.

Financial Statements

 

160

 

 

 

 

 

Item 19.

Exhibits

 

161

 

 

 

ii


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; may cause actual results to differ materially from those expressed in forward-looking statements. Additionally, we have approximated certain numbers in this annual report to their closest round numbers or a given number of decimal places. Due to rounding, figures shown as totals in tables may not be arithmetic aggregations of the figures preceding them.

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


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 contain 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 to them. Our audited consolidated financial statements are prepared following International Financial Reporting Standards, issued by the International Accounting Standards Board (IFRS).

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

This annual report on Form 20-F contains translations of specific peso amounts into U.S. dollars at specified rates solely for readers' convenience. These translations are for convenience only and should not be construed as representations that the peso amounts 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.16.8998 to U.S.$1.00, the noon buying rate for pesos on December 31, 2023, as published by the U.S. Federal Reserve Board. On April 19, 2024, the exchange rate published by the U.S. Federal Reserve Board was Ps.17.2062 to U.S.$1.00.

This annual report on Form 20-F contains references to “workload units,” which measure an airport’s passenger traffic volume and cargo volume. A workload unit equals a 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 typically not required to change aircraft while on a multiple-stop itinerary and who typically do not disembark from their aircraft to enter the terminal building. When we allude to “total passengers,” we include terminal passengers and transit passengers. When we refer to “commercial aviation passengers,” we include 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 all aircraft arrivals and departures 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. These improvements are 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 is 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 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.

On October 10, 2019, our Jamaican subsidiary, PAC Kingston Airport Limited (“PACKAL”), took over the operation, management, and administration of Norman Manley International Airport (“NMIA”) in Kingston, Jamaica. This was done under a concession agreement signed with the Jamaican Government on October 10, 2018. Our consolidated financial and operating data for the fiscal year ended December 31, 2019, includes PACKAL’s financial and operating data from October 10, 2019. However, it is important to note that financial and operating data for the fiscal year ending December 31, 2019, may not be directly comparable with data from other fiscal years. PACKAL uses the U.S. dollar as its functional currency, and its financial statements are prepared following IFRS.

 

2


 

 

 

As of and for the year ended December 31,

 

 

2019 (1)

 

2020

 

2021

 

2022

 

2023

 

2023

 

 

 

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

 

(thousands of U.S.
dollars; except
per share and per
ADS data) (2)

Profit or loss and other comprehensive income data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical services (3)

 

Ps.

10,547,720

 

Ps.

7,225,742

 

Ps.

11,983,954

 

Ps.

17,336,734

 

Ps.

19,267,395

 

U.S.$

 

1,140,096

Non-aeronautical services (4)

 

 

3,771,500

 

 

2,448,053

 

 

3,662,441

 

 

5,197,238

 

 

6,165,429

 

 

 

364,823

Improvements to concession assets (5)

 

 

1,906,801

 

 

2,192,578

 

 

3,368,511

 

 

4,846,404

 

 

7,791,320

 

 

 

461,030

Total revenues

 

 

16,226,021

 

 

11,866,373

 

 

19,014,906

 

 

27,380,376

 

 

33,224,144

 

 

 

1,965,949

Operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee cost (6)

 

 

877,068

 

 

970,481

 

 

1,115,750

 

 

1,373,264

 

 

1,724,461

 

 

 

102,040

Maintenance (6)

 

 

578,510

 

 

426,523

 

 

546,548

 

 

730,568

 

 

728,618

 

 

 

43,114

Safety, security and insurance (6)

 

 

428,208

 

 

458,316

 

 

510,440

 

 

577,122

 

 

691,155

 

 

 

40,897

Utilities (6)

 

 

380,370

 

 

355,562

 

 

391,836

 

 

474,032

 

 

485,265

 

 

 

28,714

Expected credit loss of the year (6)

 

 

5,299

 

 

86,596

 

 

15,487

 

 

41,444

 

 

29,395

 

 

 

1,739

Other operation expenses (6)

 

 

475,409

 

 

371,229

 

 

409,570

 

 

584,624

 

 

721,175

 

 

 

42,674

Technical assistance fees (7)

 

 

461,549

 

 

289,154

 

 

526,220

 

 

756,648

 

 

851,320

 

 

 

50,375

Concession taxes (8)

 

 

1,318,220

 

 

908,310

 

 

1,231,044

 

 

1,895,182

 

 

2,532,896

 

 

 

149,877

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation (9)

 

 

446,517

 

 

495,292

 

 

546,128

 

 

728,860

 

 

851,577

 

 

 

50,390

Amortization (10)

 

 

1,329,620

 

 

1,505,069

 

 

1,504,411

 

 

1,584,461

 

 

1,694,125

 

 

 

100,245

Total depreciation and amortization

 

 

1,776,137

 

 

2,000,361

 

 

2,050,539

 

 

2,313,321

 

 

2,545,702

 

 

 

150,635

Other (income) expense - net

 

 

1,212

 

 

(12,726)

 

 

(8,232)

 

 

(26,428)

 

 

(15,876)

 

 

 

(939)

Cost of improvements to concession assets (5)

 

 

1,906,801

 

 

2,192,578

 

 

3,368,511

 

 

4,846,404

 

 

7,791,320

 

 

 

461,030

Total operating costs

 

 

8,208,783

 

 

8,046,384

 

 

10,157,713

 

 

13,566,181

 

 

18,085,431

 

 

 

1,070,157

Income from operations

 

 

8,017,238

 

 

3,819,989

 

 

8,857,193

 

 

13,814,195

 

 

15,138,713

 

 

 

895,792

Finance cost - net

 

 

(671,132)

 

 

(1,434,222)

 

 

(1,027,930)

 

 

(1,538,509)

 

 

(2,377,023)

 

 

 

(140,654)

Share of profit (loss) of associates

 

 

79

 

 

3

 

 

-

 

 

-

 

 

 

 

 

 

 

Income before income taxes

 

 

7,346,185

 

 

2,385,770

 

 

7,829,263

 

 

12,275,686

 

 

12,761,690

 

 

 

755,138

Income tax expense

 

 

1,891,443

 

 

467,067

 

 

1,785,546

 

 

3,090,212

 

 

3,072,090

 

 

 

181,783

Net profit for the year

 

 

5,454,742

 

 

1,918,703

 

 

6,043,717

 

 

9,185,474

 

 

9,689,600

 

 

 

573,356

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translating foreign operations

 

 

(269,440)

 

 

580,308

 

 

30,810

 

 

(488,316)

 

 

(893,709)

 

 

 

(52,883)

Remeasurements of employee benefit – net of income taxes

 

 

(1,404)

 

 

(16,658)

 

 

15,263

 

 

8,802

 

 

(15,932)

 

 

 

(943)

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

 

 

(172,094)

 

 

(299,013)

 

 

500,765

 

 

100,966

 

 

(69,905)

 

 

 

(4,136)

Total comprehensive income for the year

 

 

5,011,804

 

 

2,183,340

 

 

6,590,555

 

 

8,806,926

 

 

8,710,054

 

 

 

515,394

Profit for the year attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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