Grupo Aeroportuario Del Pacifico announces Approval of Master Development Programs and Passenger Tariffs for Its Airports for 2020-2024 Period

GUADALAJARA, Mexico, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announced that it has received approvals for its Master Development Programs and Passenger Tariffs for its airports in Mexico and Jamaica. The approvals were granted by the Ministry of Communications and Transportation (Secretaría de Comunicaciones y Transportes) in Mexico, as well as the Jamaica Civil Aviation Authority (JCAA), respectively, for the 2020-2024 period.

In Mexico, the maximum tariffs per work load unit for each airport were determined by the Federal Civil Aviation Agency (Agencia Federal de Aviación Civil “AFAC”), based on projections for traffic, operating costs and capital investments included in the Master Development Program, in accordance with the parameters established in the concession agreements.

The applicable maximum tariffs per work load unit for each airport were the following:

The tariffs were adjusted by an annual efficiency factor of 0.7% and are expressed in Mexican pesos as of December 31, 2017, as such they will be updated per the National Producer Price Index (NPPI), excluding petroleum.

Committed investments, in accordance with the Master Development Programs approved by the authorities, are expressed in thousands of pesos with acquisition power as of December 31, 2017. As such, these will be updated per the National Producer Price Index (NPPI), construction sector, upon execution:

The investment amounts are updated as of November 30, 2019, per the National Producer Price Index, construction sector, as outlined in the following table:

In Jamaica, the maximum tariffs per passenger were determined by the Jamaica Civil Aviation Authority, based on projections for traffic, operating costs, the regulated assets base and committed investments as included in the Master Investment Program. Maximum tariffs are expressed in U.S. dollars and will be applicable to the corresponding year, per the following table:

Investments approved by the authorities and committed in the Master Investment Program are expressed in millions of U.S. dollars and are as follows:

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis.  In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”.  In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of the Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is /gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.