Business Context and Reporting Period
Company: Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (Pacific Airport Group)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: December 6, 2021
Reporting Period: Preliminary terminal passenger traffic figures for November 2021 and the year-to-date period (January through November 2021).
Operations: The company operates 12 airports in Mexico's Pacific region and two international airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
Note: This filing reports operational passenger traffic metrics. It does not contain revenue, profit, cash flow, margin, debt, or liquidity figures.
Passenger Traffic (November 2021 vs. November 2019)
- Total Terminal Passengers: 4,174.7 thousand (0.1% increase vs. Nov 2019).
- Domestic Passengers: 2,413.7 thousand (1.9% increase vs. Nov 2019).
- International Passengers: 1,761.0 thousand (2.2% decrease vs. Nov 2019).
- CBX Users (Tijuana): 294.2 thousand (16.9% increase vs. Nov 2019).
Passenger Traffic (November 2021 vs. November 2020)
- Total Terminal Passengers: 52.6% increase.
- Domestic Passengers: 34.2% increase.
- International Passengers: 88.0% increase.
Year-to-Date (Jan-Nov 2021 vs. Jan-Nov 2019)
- Total Terminal Passengers: 38,240.1 thousand (13.1% decrease).
- Domestic Passengers: 23,177.6 thousand (8.9% decrease).
- International Passengers: 15,062.5 thousand (18.9% decrease).
Operational Highlights
- Seats Available: Increased 25.1% in November 2021 compared to November 2020.
- Load Factors: Increased from 66.3% (Nov 2020) to 78.9% (Nov 2021).
Material Changes and Airport Performance
Performance varied significantly by airport when comparing November 2021 to November 2019:
- Strong Growth (Nov 2021 vs. Nov 2019):
- Tijuana: +19.2% total traffic.
- Los Cabos: +16.2% total traffic.
- Puerto Vallarta: +7.8% total traffic.
- Kingston: +207.8% total traffic (driven by international recovery).
- Declines (Nov 2021 vs. Nov 2019):
- Guadalajara: -6.7% total traffic.
- Montego Bay: -22.3% total traffic.
- Guanajuato: -17.5% total traffic.
Year-to-date comparisons show a broader recovery from 2020 lows, with total traffic up 56.9% compared to the same period in 2020.
Outlook, Risks, and Unusual Items
Regulatory and Travel Restrictions
On November 26, 2021, the U.S. Government announced that starting December 6, 2021, all travelers must present a negative COVID-19 test taken no more than 24 hours prior to flight departure. This may impact passenger volumes.
New Routes
The following new routes were initiated during the period:
- Puerto Vallarta – Toronto (Swoop)
- Puerto Vallarta – Austin (American Airlines)
- Kingston – Philadelphia (American Airlines)
- Montego Bay – Atlanta, Orlando (Frontier)
- Montego Bay – Frankfurt (EW Discover)
- Montego Bay – Manchester (Virgin Atlantic)
Forward-Looking Statements
The filing contains forward-looking statements regarding future economic circumstances, industry conditions, and company performance. These are subject to risks including general economic conditions, industry trends, and operating factors. Actual results may differ materially from expectations.
Investor Verification Checklist
- Verify the impact of the new U.S. COVID-19 testing requirement (effective Dec 6, 2021) on December and Q4 2021 traffic.
- Monitor the divergence between domestic and international recovery rates, as international traffic remains 18.9% below 2019 levels year-to-date.
- Review upcoming financial reports (Form 20-F or quarterly filings) for revenue and profit data, as this 6-K filing contains only operational traffic metrics.
- Assess the sustainability of the 78.9% load factor achieved in November 2021.
- Track performance at Kingston and Montego Bay, which showed significant volatility compared to 2019 levels.