Business Context and Reporting Period
This Form 6-K filing by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) covers the period ending April 21, 2015. The report announces the completion of the acquisition of 100% of the shares of Desarrollo de Concesiones Aeroportuarias, S.L. (DCA) from Abertis Airports, S.A. for a total payment of US$ 190.8 million. DCA holds a 74.5% stake in MBJ Airports Limited (MBJA), which operates Sangster International Airport in Montego Bay, Jamaica, and a 14.77% stake in SCL Terminal Aéreo Santiago, S.A. in Chile.
Key Financial Metrics
Acquisition Target (MBJA) 2014 Performance
- Total Revenues: US$ 59.0 million (46.3% aeronautical, 53.7% non-aeronautical).
- Operating Costs: US$ 35.5 million.
- EBITDA: US$ 23.5 million (39.8% margin).
- Net Income: US$ 13.2 million.
- Net Debt (as of Dec 31, 2014): US$ 60.5 million (US$ 44.9 million in long-term shareholder loans).
- Passenger Traffic (2014): 3.6 million terminal passengers (99% international).
Acquisition Financing
The transaction was financed 100% via bridge loans from Scotiabank Inverlat and BBVA Bancomer, totaling approximately US$ 122 million in USD and Ps. 1,091 million in Mexican Pesos. These are expected to be substituted with short and long-term loans.
Material Changes and Strategic Impact
The acquisition marks GAP's first international airport operation, diversifying its geographic portfolio beyond Mexico. The filing highlights that MBJA's passenger and airline profiles are similar to GAP's existing airports in Los Cabos and Puerto Vallarta. The transaction is expected to strengthen consolidated passenger traffic, revenues, and EBITDA. No prior comparable period data for the consolidated entity including MBJA is provided as the deal closed in April 2015.
Guidance, Outlook, and Risks
Updated 2015 Guidance
Management has revised its 2015 outlook to reflect the positive effects of the acquisition:
- Traffic Growth: 18% - 20%
- Aeronautical Revenue Growth: 25% - 28%
- Non-Aeronautical Revenue Growth: 45% - 48%
- Total Revenue Growth: 31% - 34%
- EBITDA Growth: 22% - 25%
- EBITDA Margin: 65% - 66%
- Total CAPEX: Ps. 1,500 million
Risks and Contingencies
The filing includes standard forward-looking statement disclaimers, noting that actual results may differ due to airline activity, economic conditions, and government regulations. The SCL stake in Chile is held only until September 30, 2015. MBJA's concession runs for 30 years from April 3, 2003.
Investor Verification Checklist
- Verify the integration timeline and operational synergies between MBJA and GAP's existing Mexican airports.
- Confirm the terms and interest rates of the permanent debt replacing the current bridge loans.
- Monitor the performance of the 14.77% stake in SCL Terminal Aéreo Santiago prior to its expiration in September 2015.
- Assess the impact of U.S. inflation adjustments on MBJA's airport fees, which are updated annually until 2020.
- Review the 2014 annual report for a complete list of risk factors affecting traffic and financial results.