Pacific Airport Group Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Pacific Airport Group has submitted its 20-F annual report for FY2023, detailing financial activities and operational segments.</b>

AI Summary

Pacific Airport Group (GPAEF) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. Pacific Airport Group filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key entities mentioned include Desarrollo De Concesiones Aeroportuarias SL (DCA) and Abertis. The report details various financial instruments and assets, including interest rate swaps, derivatives, and trade receivables. Specific airport operations in Jamaica (Montego Bay) and Mexico (Guadalajara, Mexicali, Tijuana) are referenced.

Why It Matters

For investors and stakeholders tracking Pacific Airport Group, this filing contains several important signals. This filing provides a comprehensive overview of Pacific Airport Group's financial performance and operational status for the fiscal year 2023, crucial for investors assessing the company's health and future prospects. The 20-F report is a mandatory filing for foreign private issuers like Pacific Airport Group, offering detailed financial information and disclosures required by the SEC for public investors.

Risk Assessment

Risk Level: medium — Pacific Airport Group shows moderate risk based on this filing. The filing is a standard annual report (20-F) for a foreign private issuer, indicating routine disclosure rather than immediate significant events, but it contains extensive financial data that requires careful analysis for specific risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F filing to understand the company's performance and potential risks in its airport operations.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-04-29 — Filing Date (Filed As Of Date)
• 193 — Public Document Count (Total number of documents in the filing)
• 001-32751 — SEC File Number (SEC File Number for Pacific Airport Group)

Key Players & Entities

• Pacific Airport Group (company) — Filer of the 20-F report
• Desarrollo De Concesiones Aeroportuarias SL (DCA) (company) — Mentioned entity
• Abertis (company) — Mentioned entity
• Scotiabank (company) — Mentioned in relation to a member
• The Bank of Nova Scotia (company) — Mentioned in relation to a member
• Jamaica (location) — Country where AAJAirportMember operates
• Mexico (location) — Country where several entities and operations are based
• 2023-12-31 (date) — Fiscal year end date

FAQ

Risk Factors

• Financial Instruments and Derivatives [medium — financial]: The filing references various financial instruments including interest rate swaps, derivatives, and variable rate instruments, indicating potential exposure to market fluctuations.
• Airport Operations [medium — operational]: The company operates airports in Jamaica and Mexico, exposing it to country-specific economic, political, and regulatory risks.
• Debt and Financing [medium — financial]: References to unsecured debt and loan agreements suggest financial leverage and associated repayment obligations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-29: Filing Date — Date the 20-F report was officially submitted to the SEC.

Key Financial Figures

• $1 — t an exchange rate of Ps.16.8998 to U.S.$1.00, the noon buying rate for pesos on D
• $1.00 — ral Reserve Board was Ps.17.2062 to U.S.$1.00. This annual report on Form 20-F cont
• $0.4464 — (12) Dollar amounts per share were U.S.$0.4464 in 2019, U.S.$0.1883 in 2020, U.S.$ 0.5
• $0.1883 — per share were U.S.$0.4464 in 2019, U.S.$0.1883 in 2020, U.S.$ 0.5629 in 2021, U.S.$0.9
• $0.9093 — 1883 in 2020, U.S.$ 0.5629 in 2021, U.S.$0.9093 in 2022 and U.S.$1.1176 in 2023. Per AD
• $1.1176 — 29 in 2021, U.S.$0.9093 in 2022 and U.S.$1.1176 in 2023. Per ADS were U.S.$4.4642 in 20
• $4.4642 — d U.S.$1.1176 in 2023. Per ADS were U.S.$4.4642 in 2019, U.S.$1.8832 in 2020, U.S.$ 5.6
• $1.8832 — . Per ADS were U.S.$4.4642 in 2019, U.S.$1.8832 in 2020, U.S.$ 5.6291 in 2021, U.S.$9.0
• $9.0939 — 8832 in 2020, U.S.$ 5.6291 in 2021, U.S.$9.0939 in 2022 and U.S.$11.1755 in 2023. Per-s
• $11.1755 — 91 in 2021, U.S.$9.0939 in 2022 and U.S.$11.1755 in 2023. Per-share dollar amounts are e

Filing Documents

• pac-20231231.htm (20-F) — 12234KB
• pac-ex1_1.htm (EX-1.1) — 332KB
• pac-ex2_d.htm (EX-2.D) — 97KB
• pac-ex4_1.htm (EX-4.1) — 3870KB
• pac-ex4_5.htm (EX-4.5) — 232KB
• pac-ex8_1.htm (EX-8.1) — 52KB
• pac-ex11_1.htm (EX-11.1) — 121KB
• pac-ex12_1.htm (EX-12.1) — 13KB
• pac-ex12_2.htm (EX-12.2) — 13KB
• pac-ex13_1.htm (EX-13.1) — 10KB
• pac-ex97_1.htm (EX-97.1) — 79KB
• img221430347_0.jpg (GRAPHIC) — 1KB
• img221430347_1.jpg (GRAPHIC) — 1KB
• 0000950170-24-050071.txt (&nbsp;) — 48556KB
• pac-20231231.xsd (EX-101.SCH) — 3696KB
• pac-20231231_htm.xml (XML) — 11591KB

Forward-Looking Statements

Forward-Looking Statements 1 Item 1. Identity of Directors, Senior Management and Advisers 2 Item 2. Offer Statistics and Expected Timetable 2 Item 3. Key Information 2 Selected Financial and Other Data 2

Risk Factors

Risk Factors 5 Item 4. Information on the Company 28 History and Development of the Company 28 Business Overview 35 Regulatory Framework 68 Organizational Structure 88 Property, Plant And Equipment 88 Item 4A. Unresolved Staff Comments 89 Item 5. Operating and Financial Review and Prospects 89 Item 6. Directors, Senior Management and Employees 119 Item 7. Major Shareholders and Related Party Transactions 129 Major Shareholders 129 Related Party Transactions 130 Item 8. Financial Information 132

Legal Proceedings

Legal Proceedings 132 Dividends 134 Item 9. The Offer and Listing 135 Trading Markets 135 Item 10. Additional Information 136 Corporate Governance 136 Material Contracts 143 Taxation 143 Documents On Display 147 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 147 Item 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 150 Item 12A. Debt Securities 150 Item 12B. Warrants and Rights 150 Item 12C. Other Securities 150 Item 12D. American Depositary Shares 151 Item 13. Defaults, Dividend Arrearages and Delinquencies 152 i Table of Contents Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 152 Item 15.

Controls and Procedures

Controls and Procedures 152 Item 16. Reserved 154 Item 16A. Audit Committee Financial Expert 154 Item 16B. Code of Ethics 154 Item 16C. Principal Accountant Fees and Services 154 Item 16D. Exemptions from the Listing Standards for Audit Committees 154 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 154 Item 16F. Change in Registrant's Certifying Accountant. 155 Item 16G. Corporate Governance 155 Item 16H. Mine Safety Disclosure 157 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 157 Item 16J. Insider trading policies 157 Item 16K. Cybersecurity 158 Item 17.

Financial Statements

Financial Statements 160 Item 18.

Financial Statements

Financial Statements 160 Item 19. Exhibits 161 ii Table of Contents FORWARD-LOOKIN G STATEMENTS This annual report on Form 20-F contains forward-looking statements. We may from time to time make forward-looking statements in our reports to the Securities and Exchange Commission, or the SEC, on Forms 20-F and 6-K, in our annual reports to shareholders, in offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to financial analysts, institutional investors, representatives of the media and others. Examples of such forward-looking statements include: projections of revenues, income from operations, net income (loss), net income (loss) per share, capital expenditures, dividends, capital structure or other financial items or ratios; changes in our regulatory environment; Words such as "believe," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "should" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the projections, plans, objectives, expectations, estimates and intentions expressed in forward-looking statements. These factors, some of which are discussed below under "Risk Factors," include material changes in the performance or terms of our concessions, developments in legal proceedings, economic and political conditions and government policies in Mex

Identity of Directors, S enior Management and Adviser s

Item 1. Identity of Directors, S enior Management and Adviser s Not applicable.

Offer Statistics and Expected Timetabl e

Item 2. Offer Statistics and Expected Timetabl e Not applicable.

Key I nformatio n

Item 3. Key I nformatio n SELECTED FIN ANCIAL AND OTHER DAT A The following tables contain selected financial and other data for each of the periods indicated. This data should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements referred to in Item 18 hereof and included elsewhere in this document, including the notes to them. Our audited consolidated financial statements are prepared following International Financial Reporting Standards, issued by the International Accounting Standards Board (IFRS). References in this annual report on Form 20-F to "U.S. dollars" or "U.S.$" are to the lawful currency of the United States of America. References in this annual report on Form 20-F to "pesos," "Mexican pesos" or "Ps." are to Mexico's lawful currency. References in this annual report on Form 20-F to "Jamaican dollars" or "J$" are to Jamaica's lawful currency. We publish our audited consolidated financial statements in Mexican pesos. This annual report on Form 20-F contains translations of specific peso amounts into U.S. dollars at specified rates solely for readers' convenience. These translations are for convenience only and should not be construed as representations that the peso amounts represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, U.S. dollar amounts have been translated from Mexican pesos at an exchange rate of Ps.16.8998 to U.S.$1.00, the noon buying rate for pesos on December 31, 2023, as published by the U.S. Federal Reserve Board. On April 19, 2024, the exchange rate published by the U.S. Federal Reserve Board was Ps.17.2062 to U.S.$1.00. This annual report on Form 20-F contains references to "workload units," which measure an airport's passenger traffic volume and cargo volume. A workload unit equals a terminal passenger or 100 kilograms (220 pounds) of cargo. When we refer to "terminal passengers," w

View Full Filing

View this 20-F filing on SEC EDGAR