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 4, 2022
Reporting Period: Preliminary terminal passenger traffic figures for July 2022 and the year-to-date period (January–July 2022).
Operations: The company operates 12 airports in Mexico's Pacific region and holds concessions for two airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
Note: This filing contains operational traffic data only. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this document.
Passenger Traffic Highlights (July 2022)
- Total Terminal Passengers: 5.38 million (Increase of 20.7% vs. July 2019; Increase of 23.3% vs. July 2021).
- Domestic Passengers: 3.03 million (Increase of 15.9% vs. July 2019; Increase of 24.3% vs. July 2021).
- International Passengers: 2.35 million (Increase of 27.4% vs. July 2019; Increase of 22.0% vs. July 2021).
- Load Factor: 82.8% (Up from 77.9% in July 2021).
- Seats Available: Increased 27.4% compared to July 2021.
Year-to-Date Performance (Jan–July 2022)
- Total Terminal Passengers: 32.05 million (Increase of 12.2% vs. Jan–July 2019; Increase of 40.5% vs. Jan–July 2021).
- Top Performing Airports (vs. 2019 YTD): Tijuana (+36.2%), Puerto Vallarta (+15.1%), Los Cabos (+19.9%).
- Declining Airports (vs. 2019 YTD): Montego Bay (-15.0%), Guanajuato (-11.1%), Manzanillo (-8.2%).
Material Changes vs. Prior Periods
- Recovery vs. 2019: Total traffic in July 2022 surpassed pre-pandemic (2019) levels by 20.7%, driven primarily by international travel recovery at Tijuana (+52.6% vs. 2019) and Puerto Vallarta (+42.6% vs. 2019).
- Growth vs. 2021: Significant year-over-year growth was observed across most hubs, with Kingston showing an 83.6% increase in July 2022 compared to July 2021.
- Route Expansion: New routes were launched in July 2022, including connections between Guadalajara, Puerto Vallarta, Los Cabos, and Tijuana to Toluca (Volaris), as well as Los Cabos to Madrid (Iberojet).
- CBX Usage: Cross Border Xpress (CBX) users at Tijuana increased 53.8% in July 2022 compared to July 2019.
Outlook, Risks, and Unusual Items
- Forward-Looking Statements: The filing includes standard disclaimers that future results depend on economic conditions, industry trends, and operating factors. There is no guarantee that expected trends will materialize.
- Risks: General risks include changes in economic and market conditions, industry conditions, and operating factors affecting financial condition and liquidity.
- Unusual Items: No specific unusual items or contingencies were detailed in this traffic report. The filing notes that Kingston airport data prior to October 2019 is not comparable due to the date of control acquisition.
- Whistleblower Program: The company reaffirmed its compliance with Sarbanes-Oxley Act Section 806 regarding anonymous reporting of criminal conduct.
Investor Verification Checklist
- Verify the correlation between the reported 20.7% passenger increase and actual revenue recognition in the next quarterly financial report.
- Monitor the sustainability of the 82.8% load factor and its impact on yield per passenger.
- Assess the long-term impact of the decline in Montego Bay traffic (-15.0% YTD vs. 2019) on the company's international portfolio.
- Confirm the financial impact of new route launches (e.g., Los Cabos–Madrid) on airport concession fees and non-aeronautical revenue.
- Review upcoming Form 20-F filings for detailed debt, liquidity, and margin data not present in this 6-K.