Grupo Aeroportuario Del Pacifico Announces Results for the Fourth Quarter of 2024

GUADALAJARA, Mexico, Feb. 24, 2025 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the fourth quarter ended December 31, 2024 (4Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 4Q24 vs. 4Q23

• The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,002.2 million, or 16.4%. Total revenues increased by Ps. 496.1 million, or 5.4%.

• Cost of services increased by Ps.346.6 million, or 29.0%.

• Income from operations increased by Ps. 378.6 million, or 11.0%.

• EBITDA increased by Ps. 615.4 million, or 14.9%, from Ps. 4,141.6 million in 4Q23 to Ps. 4,757.0 million in 4Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 67.8% in 4Q23 to 66.9% in 4Q24.

• Comprehensive income increased by Ps. 317.7 million, or 16.2%, from Ps. 1,956.7 million in 4Q23 to Ps. 2,274.3 million in 4Q24.

Company’s Financial Position:

During 4Q24, aeronautical revenues increased compared to 4Q23, mainly driven by the recovery in passenger traffic due to the opening of new routes. Additionally, part of Volaris and Viva’s aircraft fleet, which had been under inspection due to preventive measures on Pratt & Whitney’s A320neo and A321neo engines, has resumed operations, contributing to passenger growth. Similarly, non-aeronautical revenues increased by 32.7%, driven by the consolidation of the cargo and free trade zone business at Guadalajara Airport starting in July 2024, as well as the 14.1% depreciation of the peso against the dollar, which resulted in higher revenues from the consolidation of Jamaica’s airports.
As of December 31, 2024, the Company reported a cash and cash equivalents position of Ps. 13,466.0 million. During 4Q24, it also refinanced its credit line with Santander for a total of Ps. 1,500.0 million.

Passenger Traffic
During 4Q24, total passengers at the Company’s 14 airports increased by 223.4 thousand passengers, an increase of 1.4%, compared to 4Q23.

During 4Q24, the following new routes were opened:

Domestic:

Note: Frequencies can vary without prior notice.

International:

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

*Cross Border Xpress (CBX) users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

*CBX users are classified as international passengers.

CBX Users (in thousands):

Consolidated Results for the Fourth Quarter of 2024 (in thousands of pesos):

– Net income and comprehensive income per share for 4Q24 and 4Q23 were calculated based on 505,277,464 shares outstanding as of December 31, 2024, and December 31, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.8857 per U.S. dollar (the noon buying rate on December 31, 2024, as published by the U.S. Federal Reserve Board).

For purposes of consolidating our Jamaican airports, the average three-month exchange rate of Ps. 20.0691 per U.S. dollar for the three months ended December 31, 2024, was used. 

Revenues (4Q24 vs. 4Q23)

• Aeronautical services revenues increased by Ps. 472.7 million, or 10.5%.
• Non-aeronautical services revenues increased by Ps. 529.6 million, or 32.7%.
• Revenues from improvements to concession assets decreased by Ps. 506.1 million, or 16.7%.
• Total revenues increased by Ps. 496.1 million, or 5.4%.

• The change in aeronautical services revenues was primarily due to the following factors:
  1. Revenues at our Mexican airports increased by Ps. 354.3 million or 9.2% compared to 4Q23, mainly due to a 1.9% increase in passenger traffic.
  2. Revenues at our Jamaican airports increased by Ps. 118.4 million, or 18.9%, compared to 4Q23. This growth was primarily driven by the depreciation of the peso against the dollar, which went from an average exchange rate of Ps. 17.5814 in 4Q23 to Ps. 20.0691 in 4Q24, representing a 14.1% variation. Revenues in U.S. dollars increased by USD$2.2 million or 5.4%. In contrast, passenger traffic decreased by 2.8%.

• The change in non-aeronautical services revenues was primarily driven by the following factors:
  1. Revenues at our Mexican airports increased by Ps. 507.5 million or 37.1% compared to 4Q23. Revenues from businesses operated directly by us grew by Ps. 442.5 million or 90.8%, mainly driven by the consolidation of cargo and free trade zone business revenues starting in July, which contributed Ps. 345.6 million during the quarter. Additionally, recovery of costs increased by Ps. 3.3 million or 7.3%. Meanwhile, revenues from businesses operated by third parties increased by Ps. 61.6 million or 7.4%, due to the opening of new commercial spaces and contract renegotiations. The fastest-growing business lines included food and beverage, car rentals, retail, and duty-free stores, which together increased by Ps. 55.2 million or 9.1%.
  2. Revenues from the Jamaican airports increased by Ps. 22.1 million or 8.8% compared to 4Q23, mainly driven by the 14.1% depreciation of the peso against the dollar compared to the same period last year. In U.S. dollar terms, revenue decreased by USD$0.7 million or 4.9%.

^{Figures are expressed in thousands of Mexican pesos.}

– Revenues from improvements to concession assets ¹

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 506.1 million, or 16.7%, compared to 4Q23. The change was composed of:

1. Improvements to concession assets at the Company’s Mexican airports decreased by Ps. 673.3 million, or 23.6%, following investments under the Master Development Program for the 2020-2024 period.
2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 167.2 million, or 100.1%.

Total operating costs increased by Ps. 117.5 million, or 2.1%, compared to 4Q23, mainly due to: i) an increase in the cost of services by Ps. 346.6 million, or 29.0%, driven by the consolidation of the cargo and free trade zone business, which contributed Ps. 151.1 million, and an increase in the depreciation and amortization of Ps. 236.7 million, or 34.4%, resulting from the recognition of fair values of the cargo and free trade zone business, ii) this effect was partially offset by a decrease in the cost of improvements to concession assets (IFRIC12) by Ps. 506.1 million, or 16.7%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 623.6 million, or 23.5%.

This increase in total operating costs was primarily due to the following factors:

Mexican airports:

• Operating costs decreased by Ps. 152.9 million, or 3.2%, compared to 4Q23, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 673.3 million, or 23.6%. This effect was offset by an increase in the cost of services by Ps. 292.3 million, or 29.5%, an increase in depreciation and amortization by Ps. 213.4 million, or 37.8%, and a combined increase in technical assistance fees and concession taxes by Ps. 74.1 million, or 16.8%. Excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 520.4 million or 26.4%.

The change in the cost of services at our Mexican airports during 4Q24 was mainly due to:

• Employee costs increased by Ps. 138.6 million or 34.9% compared to 4Q23, mainly due to the consolidation of the cargo and free trade zone business, which contributed Ps. 92.1 million, as well as the hiring of 143 employees in 2024 and salary adjustments resulting from changes in the Labor Law.
• Maintenance expenses increased by Ps. 39.4 million or 19.5% compared to 4Q23, primarily due to the opening of additional operational areas and the consolidation of the cargo and free trade zone business, which contributed Ps. 4.1 million.
• Safety, security, and insurance increased by Ps. 27.8 million or 19.9% compared to 4Q23, mainly due to the expansion of the security workforce, increase in minimum wages changes in the Labor Law, the opening of additional operational areas, and the consolidation of the cargo and free trade zone business, which contributed Ps. 5.1 million.
• Other operating expenses increased by Ps. 67.0 million or 34.4% compared to 4Q23, mainly due to higher service and consulting fees, as well as travel expenses, which increased by Ps. 18.4 million, and the consolidation of the cargo and free trade zone business, which contributed Ps. 31.5 million. These effects were partially offset by a decrease in the allowance for expected credit losses by Ps. 3.6 million.

Jamaican Airport:

• Operating costs increased by Ps. 270.4 million, or 31.8%, compared to 4Q23, mainly due to a Ps. 167.2 million, or 100.1%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 54.3 million, or 26.3%, and an increase in the concession taxes by Ps. 25.1 million, or 7.1%.

Operating income margin went from 37.8% in 4Q23 to 39.8% in 4Q24. Excluding the effects of IFRIC-12, the operating income margin went from 56.6% in 4Q23 to 53.9% in 4Q24. Income from operations increased by Ps. 378.6 million, or 11.0%, compared to 4Q23.

EBITDA margin went from 45.4% in 4Q23 to 49.4% in 4Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 67.8% in 4Q23 to 66.9% in 4Q24. The nominal value of EBITDA increased by Ps. 615.4 million, or 14.9%, compared to 4Q23.

Financial results decreased by Ps. 32.4 million, or 5.0%, from a net expense of Ps. 650.4 million in 4Q23 to a net expense of Ps. 618.0 million in 4Q24. This change was mainly the result of:

• Foreign exchange rate fluctuations, which went from an expense of Ps. 154.5 million in 4Q23 to an income of Ps. 83.8 million in 4Q24. This generated a foreign exchange gain of Ps. 238.3 million. This was mainly due to the depreciation of the peso. The currency translation effect increased by Ps. 350.9 million, compared to 4Q23.

• Interest expenses increased by Ps. 295.7 million, or 36.7%, compared to 4Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, offset by a decrease in the interest rates.

• Interest income increased by Ps. 89.8 million, or 31.7%, compared to 4Q23, mainly due to a decrease in the cash and cash equivalents average balance and reference rates.

In 4Q24, net and comprehensive income increased by Ps. 317.7 million, or 16.2%, compared to 4Q23, mainly due to the increase in the foreign currency translation effect by Ps. 350.9 million. Income before income taxes increased by Ps. 411.0 million, mainly due to the recovery in passenger traffic and revenues generated by the commercial strategy, including the consolidation of the cargo and free trade zone business. This increase led to a Ps. 272.2 million rise in income taxes.

During 4Q24, net income decreased by Ps. 87.9 million, or 3.9%, compared to 4Q23. Taxes for the period increased by Ps. 498.9 million, income taxes increased by Ps. 272.2 million and the benefit for deferred taxes decreased by Ps. 226.8 million, mainly due to the application of other deferred taxes of Ps. 189.8 million, a decrease in inflation, that went from an inflation rate of 1.7% in 4Q23 to 1.4% in 4Q24. This effect was offset by the application of fiscal losses of Ps. 115.2 million.

Consolidated Results for the Twelve Months of 2024 (in thousands of pesos):

– Net income and comprehensive income per share as of December 31, 2024 and December 31 2023, were calculated based on 505,277,464. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.8857 per U.S. dollar (the noon buying rate on December 31, 2024, as published by the U.S. Federal Reserve Board).
– For purposes of the consolidation of the airports in Jamaica, the average twelve-month exchange rate of Ps. 18.3001 per U.S. dollar for the twelve months ended December 31, 2024, was used.

Revenues (2024 vs 2023)

• Aeronautical services revenues decreased by Ps. 157.3 million, or 0.8%.
• Non-aeronautical services revenues increased by Ps. 1,506.3 million, or 24.4%.
• Revenues from improvements to concession assets decreased by Ps. 958.8 million, or 12.3%.
• Total revenues increased by Ps. 390.2 million, or 1.2%.

–   The change in aeronautical services revenues comprised primarily of the following factors:

1. Revenues at our Mexican airports decreased by Ps. 346.1 million, or 2.1%, compared to 2023, mainly due to a 1.0% decrease in passenger traffic, as well as 92.5% compliance with the maximum tariffs.
2. Revenues from Jamaican airports increased by Ps. 188.8 million, or 6.8%, compared to 2023. This was mainly due to the increase in revenues in U.S. dollars by US$5.8 million, or 5.1%, as well as the depreciation of the peso against the dollar compared to 2023 of 3.0%, which went from an average exchange rate of Ps. 17.7665 in 2023 to Ps. 18.3001 in 2024. Nevertheless, passenger traffic decreased by 1.8%.

–   The change in non-aeronautical services revenues was composed primarily of the following factors:

1. Revenues at our Mexican airports increased by Ps. 1,475.8 million or 28.7% in the period from January to December 2024, compared to the same period in 2023. Revenue from businesses operated directly by us grew by Ps. 1,055.4 million or 60.3%, mainly driven by the consolidation of the cargo and free trade zone business starting in July 2024, which contributed Ps. 699.7 million. Additionally, recovery of costs increased by Ps. 7.8 million or 4.5%. Revenue from businesses operated by third parties increased by Ps. 412.6 million or 12.8%, primarily due to the opening of new commercial spaces and contract renegotiations. The business lines with the highest growth were car rentals, food and beverage, retail, and other income, which together increased by Ps. 397.8 million or 19.1%.
2. Revenues from the Jamaican airports increased by Ps. 30.5 million or 3.0% in the same period, mainly due to an increase in revenue in U.S. dollars by USD$0.5 million or 1.6%, as well as the effect of the depreciation of the peso against the dollar, which was 3.0%.

Figures are expressed in thousands of Mexican pesos.

– Revenues from improvements to concession assets²

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 958.8 million, or 12.3%, compared to 2023. The change was composed of:

1. The Company’s Mexican airports decreased by Ps. 1,345.6 million, or 17.8%, following the investments under the Master Development Program for the 2020-2024 period.
2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 386.9 million, or 153.6%.

Total operating costs increased by Ps. 478.3 million, or 2.6%, compared to 2023, mainly due to an increase in the cost of services by Ps. 883.2 million, or 20.2%, an increase in the depreciation and amortization of Ps. 515.3 million, or 20.2%, and a combined increase in concession taxes and technical assistance fees by Ps. 127.8 million, or 3.7%. This effect was partially offset by a decrease in the cost of improvements to concession assets (IFRIC-12) by Ps. 958.8 million, or 12.3%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 1,437.1 million, or 14.0%.

This increase in total operating costs was composed primarily of the following factors:

Mexican Airports:

• Operating costs decreased by Ps. 50.0 million, or 0.3%, compared to 2023, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by                                  Ps. 1,345.6 million or 17.8%. This was offset by an increase in the cost of services by Ps. 746.8 million or 20.6%, increase in depreciation and amortization by Ps. 493.2 million or 24.1%, and a combined Ps. 142.7 million, or 7.6%, increase in technical assistance fees and concession taxes (mainly due to the change in the concession fee which increase from 5% to 9% in 2024, generating an increase of Ps. 148.8 million in 2024 compared to 2023). Excluding the cost of improvements to the concession assets, operating costs increased by Ps. 1,295.7 million or 17.2%.

The change in the cost of services during 2024 was mainly due to:

• Employee costs increased by Ps. 376.3 million or 24.8% compared to 2023, mainly due to salary adjustments, changes in the Labor Law, and the consolidation of the cargo and free trade zone business, which contributed Ps. 178.7 million.
• Other operating expenses increased by Ps. 89.1 million, or 19.8%, compared to 2023, mainly due to a combined increase in services, professional fees, and travel expenses of Ps. 18.5 million, and the consolidation of the cargo and free trade zone business with other operating expenses of Ps. 75.6 million.
• Maintenance increased by Ps. 100.4 million, or 17.3%, compared to 2023, primarily due to the opening of additional operational areas.
• Safety, security, and insurance costs increased by Ps. 88.2 million, or 16.8%, compared to 2023, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, the opening of additional operational areas and the consolidation of the cargo and free trade zone business by Ps. 9.9 million.

Jamaican Airports:

• Operating costs increased by Ps. 528.3 million, or 17.5%, compared to 2023, mainly due to a Ps. 386.9 million, or 153.6%, increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 136.4 million, or 18.2% increase in the cost of services, a Ps. 22.2 million or 4.5% increase in depreciation and amortization. This was offset by the decrease in concession taxes of Ps. 14.9 million, or 1.0%.

Operating margin went from 45.6% in 2023 to 44.8% in 2024. Excluding the effects of IFRIC-12, the operating margin went from 59.5% in 2023 to 56.2% in 2024. Operating income decreased Ps. 88.1 million, or 0.6%, compared to 2023.

EBITDA margin went from 53.2% in 2023 to 53.9% in 2024. Excluding the effects of IFRIC-12, EBITDA margin went from 69.5% in 2023 to 67.6% in 2024. The nominal value of EBITDA increased Ps. 427.3 million, or 2.4%, compared to 2023.

Financial costs increased by Ps. 557.9 million, or 23.5%, from a net expense of Ps. 2,377.0 million in 2023 to a net expense of Ps. 2,934.9 million in 2024. This change was mainly the result of:

• Foreign exchange rate fluctuations, which went from a loss of Ps. 340.7 million in 2023 to a loss of Ps. 119.8 million in 2024. This generated a decrease in the loss of Ps. 220.9 million, due to the peso depreciation. Currency translation effect increased Ps. 2,026.3 million, compared to 2023.

• Interest expense increased by Ps. 665.1 million, or 19.3%, compared to 2023, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans, as well as the increase in the interest rates.

• Interest income decreased by Ps. 113.7 million, or 8.1%, compared to 2023, mainly due to a decrease in the cash and cash equivalent average balance and the decrease in the interest rates.

In 2024, net comprehensive income increased by Ps. 1,242.9 million, or 14.3%, compared to 2023, mainly due to an increase of the effect of foreign currency translation in Ps. 2,026.3 million. Income before taxes decreased by Ps. 645.9 million, mainly due to the decrease in passenger traffic and increase in operating costs, offset by the increase in non-aeronautical revenues resulting from the commercial strategy and the consolidation of the cargo and free trade zone business. Income taxes increased by Ps. 372.8 million.

During 2024, net income decreased by Ps. 814.2 million, or 8.4%, compared to 2023. Taxes for the period increased by Ps. 168.2 million, mainly due to the increase in current tax of Ps. 372.8 million. This increase was partially offset by a rise in the benefit for deferred taxes by Ps. 204.6 million, driven mainly by the application of fiscal losses by Ps. 525.7 million and the application of other deferred taxes of Ps. 189.8 million. This effect was offset by the decrease in inflation, that went from 4.7% in 2023 to 4.2% in 2024.

Statement of Financial Position

As of December 31, 2024, total assets increased by Ps. 14,208.2 million compared to the same period in 2023, mainly due to: i) Improvements to concession assets of Ps. 7,615.1 million, ii) Cash and cash equivalents of Ps. 3,410.8 million, iii) Other acquired rights of Ps. 2,074.8 million, iv) Deferred income taxes of Ps. 790.9 million, v) Airport concessions of Ps. 843.2 million, and vi) Accounts receivables of Ps. 445.6 million.

As of December 31, 2024, total liabilities increased by Ps. 10,531.1 million compared to the same period in 2023. This increase was mainly due to i) Long-term bond certificates of Ps. 5,648.1 million, ii) Bank loans of Ps. 1,774.0 million, iii) Accounts payable of Ps. 1,234.2 million, iv) Deferred liabilities of Ps. 748.6 million, and v) Income taxes of Ps. 582.3 million.

Recent events

The Company announces its growth guidance for the full year 2025 compared to 2024:

• Passenger traffic projection is based on the consolidation of routes developed to date, estimated load factors, increased frequencies and seat capacity, and the recovery of aircraft grounded due to the preventive inspection of GTF engines.

• The increase in aeronautical revenues is based on the implementation of new tariffs approved by the Authority for airports in Mexico, traffic performance, inflation and expected exchange rates.

• The increase in non-aeronautical revenues is based on the improvement in contract conditions, full-year operation of the cargo and free trade zone business, the hotel, and corporate offices, as well as the development of other business lines operated directly by the Company.

• EBITDA Margin decreased in comparison to previous years, mainly due to a change in the concession fee, which increased from 5% to 9% for the airports in Mexico.

• CAPEX includes: i) committed investments at airports in Mexico under the Master Development Programs totaling Ps. 8,800 million, ii) the continuation of the construction of a new terminal at Puerto Vallarta amounting to Ps. 1,700 million, iii) committed investments at airports in Jamaica for Ps. 1,500 million, and iv) commercial investments of Ps. 1,000 million.

These figures are based on the Company’s current expectations for the growth of the domestic and international aviation industry for 2025, 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, 2023, published in April 2024.

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 Concesiones 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 operation of Norman Manley International Airport in Kingston, Jamaica, and took control of the operation in October 2019.

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 [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Exhibit A: Operating results by airport (in thousands of pesos):

Exhibit A: Operating results by airport (in thousands of pesos):

(1)   Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.

Exhibit B: Consolidated statement of financial position as of December 31 (in thousands of pesos):

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit C: Consolidated statement of cash flows (in thousands of pesos):

Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage and the 48.5% stake in Guadalajara World Trade Center, S.A. de C.V., appears in the Stockholders’ Equity of the Company as a non-controlling interest.

As a part of the adoption of IFRS, the effects of inflation on common stock recognized under Mexican Financial Reporting Standards (MFRS) through December 31, 2007, were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For the purpose of reporting to stock exchanges, the consolidated financial statements will continue to be prepared following IFRS, as issued by the IASB.

Exhibit F: Other operating data:

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

[2] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.