Business Context and Reporting Period
Company: Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (Pacific Airport Group)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: August 27, 2024
Context: The Company operates 12 airports in Mexico's Pacific region and holds concessions for two airports in Jamaica. This filing announces the conclusion of the ordinary review process for the Master Development Program (MDP) and Maximum Tariffs for its Mexican airports for the 2025-2029 period, approved by the Ministry of Infrastructure, Communications and Transportation (SICT) via the Federal Civil Aviation Agency (AFAC).
Key Financial Metrics and Regulatory Data
Revenue and Profit: The filing does not provide current period revenue, profit, cash flow, or margin figures. It focuses on regulatory approvals for future pricing and investment.
Debt and Liquidity: The filing does not disclose current debt levels or liquidity positions.
Maximum Tariffs (2025-2029): Maximum tariffs per workload unit (in Mexican pesos as of Dec 31, 2023) were established for all 12 Mexican airports. Tariffs are adjusted annually by an efficiency factor of 0.8% and updated per the National Producer Price Index (NPPI), excluding petroleum.
| Airport | 2025 Tariff | 2029 Tariff |
|---|---|---|
| Guadalajara | 349.44 | 338.39 |
| Tijuana | 266.45 | 258.02 |
| Los Cabos | 524.20 | 507.63 |
| Puerto Vallarta | 522.06 | 505.55 |
| Guanajuato | 349.61 | 338.56 |
| Mexicali | 252.45 | 244.47 |
| La Paz | 287.13 | 278.05 |
| Morelia | 412.49 | 399.45 |
| Hermosillo | 261.29 | 253.03 |
| Aguascalientes | 270.36 | 261.81 |
| Los Mochis | 296.10 | 286.74 |
| Manzanillo | 357.18 | 345.88 |
Committed Capital Investments (2025-2029): Total committed investments for the 12 Mexican airports are approximately 43.2 billion pesos (in thousands of pesos as of Dec 31, 2022). These figures will be updated per the NPPI (construction sector) upon execution.
| Airport | Total Investment (Thousands of Pesos) |
|---|---|
| Guadalajara | 18,884,469 |
| Tijuana | 7,970,578 |
| Los Cabos | 5,614,145 |
| Puerto Vallarta | 2,917,739 |
| Guanajuato | 2,359,711 |
| Mexicali | 1,318,108 |
| La Paz | 863,296 |
| Morelia | 852,239 |
| Hermosillo | 851,620 |
| Aguascalientes | 676,843 |
| Los Mochis | 487,072 |
| Manzanillo | 389,139 |
| TOTAL | 43,184,959 |
Material Changes and Outlook
Regulatory Framework: The tariffs and investments are based on parameters established in Annex 7 of the Concession Agreements, containing Rules for Tariff Regulation in force since October 19, 2023.
Outlook: The approval of the MDP and tariffs provides a defined regulatory framework for the 2025-2029 period. The Company expects to execute significant capital expenditures, particularly in Guadalajara, Tijuana, and Los Cabos, which account for the majority of the total committed investment.
Management Commentary: The filing includes standard forward-looking statement disclaimers, noting that actual results may differ materially from expectations due to economic conditions, industry trends, and operating factors.
Investor Verification Checklist
- Tariff Adjustments: Verify how the 0.8% annual efficiency factor and NPPI updates will impact actual revenue per workload unit in future quarters.
- Capital Expenditure Execution: Monitor the timing and actual spend of the 43.2 billion pesos in committed investments, noting they are indexed to construction sector inflation.
- Regulatory Compliance: Confirm ongoing adherence to the new tariff rules established under Annex 7 of the Concession Agreements.
- Forward-Looking Risks: Review subsequent filings for updates on the assumptions regarding traffic projections and operating costs used to determine the approved tariffs.
- Financial Impact: Assess the impact of the approved investment plan on future debt levels and liquidity, as this filing does not provide current balance sheet data.