Grupo Aeroportuario del Pacifico Announces Conclusion of Extraordinary Review Process of the Master Development Program for the Mexican Airports


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November 27, 2020 17:55 ET

| Source: Grupo Aeroportuario del Pacifico, S.A.B. de C.V.

GUADALAJARA, Mexico, Nov. 27, 2020 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) announced that it has concluded the Extraordinary Review Process for the Master Development Program for the Mexican airports for the 2020 to 2024 period.

During the month of August, the Company filed a proposal for the adjustment of the Master Development Program (MDP) to the Aeronautical Authority, thus postponing investments by approximately 20 months. As such, certain investments that were scheduled to conclude in 2024 will now conclude in 2026.

In the new MDP, the same projects that were previously agreed upon with the authorities will remain, however, the initiation and termination timeframes will change; the scope of the projects will essentially remain the same.

The mandatory investment amounts of the Master Development Program that resulted from the Extraordinary Review were the following:

Airport 2020 2021 2022 2023 2024 TOTAL
Guadalajara 1,095,712 1,148,523 1,843,155 1,063,267 1,180,132 6,330,791
Tijuana 796,943 1,465,857 438,001 161,784 118,382 2,980,967
Los Cabos 395,869 496,216 272,952 236,278 177,928 1,579,243
Puerto Vallarta 205,956 450,956 660,397 901,625 807,678 3,026,612
Guanajuato 57,390 88,614 33,273 69,521 53,081 301,879
Hermosillo 57,959 93,970 53,066 29,849 56,805 291,649
La Paz 115,819 92,343 40,968 24,129 20,773 294,032
Mexicali 32,385 47,818 46,077 57,672 23,755 207,708
Aguascalientes 78,883 98,106 53,676 26,339 23,040 280,044
Morelia 32,716 51,576 35,098 50,682 19,510 189,582
Los Mochis 40,426 40,980 11,069 53,338 31,097 176,911
Manzanillo 26,439 48,629 30,176 21,757 15,670 142,671
TOTAL 2,936,500 4,123,588 3,517,909 2,696,240 2,527,851 15,802,088
Figures are expressed in thousands of Mexican pesos with acquisition power as of December 31, 2017; as such these will be updated based on the National Producer Price Index (NPPI), construction sector, upon execution.

As a result of the change in committed investments, as well as the remaining assumptions included in the Extraordinary Review, the new Maximum Tariffs that are applicable per workload unit are the following:

Airport 2021 2022 2023 2024
Guadalajara 216.86 215.34 213.83 212.33
Tijuana 165.57 164.41 163.26 162.12
Los Cabos 304.93 302.80 300.68 298.58
Puerto Vallarta 303.71 301.58 299.47 297.37
Guanajuato 226.89 225.30 223.72 222.15
Hermosillo 169.49 168.30 167.12 165.95
La Paz 186.65 185.34 184.04 182.75
Mexicali 162.06 160.93 159.80 158.68
Aguascalientes 175.50 174.27 173.05 171.84
Morelia 265.85 263.99 262.14 260.31
Los Mochis 192.76 191.41 190.07 188.74
Manzanillo 232.02 230.40 228.79 227.19
These passenger charges have been adjusted at an annual efficiency rate of 0.7% and are expressed in Mexican pesos as of December 31, 2017, as such, they will be updated per the National Producer Price Index (NPPI), excluding petroleum.

Company Description:

Grupo Aeroportuario del Pacifico, 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 the Norman Manley International Airport in Kingston, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of the Norman Manley International Airport 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 June involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is GAP’s Audit Committee will be notified of all complaints for immediate investigation.

IR Contacts:
Saul Villarreal, Chief Financial Officer
Alejandra Soto, IR, Finance and Financial Planning Manager
Gisela Murillo, Investor Relations / +52-33-3880-1100 ext.20294
Maria Barona, i-advize Corporate Communications

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