UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2020

Commission File Number: 001-32751

GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.
(PACIFIC AIRPORT GROUP)

(Translation of registrant's name into English)

México
(Jurisdiction of incorporation or organization)

Avenida Mariano Otero No. 1249-B
Torre Pacifico, Piso 6
Col. Rinconada del Bosque
44530 Guadalajara, Jalisco, México
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ]      Form 40-F [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

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Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2020

GUADALAJARA, Mexico, July 24, 2020 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the second quarter ended June 30, 2020 (2Q20). Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

COVID-19 Impact

During the second quarter of the year, the COVID-19 pandemic considerably affected the Company’s results, mainly with the decrease in international and domestic passenger traffic. Even though the Government of Mexico did not issue any flight restrictions during the quarter, during the months of April and May, activity for certain economic sectors did suffer restrictions. Other sectors, deemed essential, could continue operating, among them are airports. Additionally, a media campaign was implemented to incentivize the general population to stay home. Beginning in June, the Mexican Government established a plan to gradually reactivate economic activities, which permitted some domestic passenger traffic recovery. With respect Jamaican airport operations, the Government of Jamaica restricted entry of all international flights beginning on March 25. This restriction was lifted on June 15 and, as a result, airports have initiated regular operations, but with lower levels of passenger traffic.
      
The level of recovery in the Company’s operations and results will depend on the duration and containment of the pandemic by the Mexican, Jamaican and U.S. governments, as the main origin-destination. Due to the nature of the pandemic, the Company cannot completely estimate its impact on the financial situation or the operating results of the Company for the short, medium or long term.

2Q20 Company Measures:

Impact of COVID-19 on the Company’s Financial Position:

While the effects of the pandemic resulted in a significant decline in 2Q20 results, the Company generated a positive EBITDA. Controlling cost of services, the decrease in concession fees and technical assistance fees, allowed the Company to mitigate the impact of COVID-19 on revenues.

Despite the negative operating cash flow, the Company reported a solid financial position at the close of 2Q20. The balance of cash and cash equivalents on June 30, 2020 reached Ps. 15,748.8 million, compared to Ps. 10,973.9 million at the close of March 31, 2020. During 2Q20, the Company drew down on two credit lines, together representing Ps. 2.0 billion, one drew down in the Montego Bay airport for Ps. 151.3 million (US$7.0 million) and issued long-term bond certificates (Certificados Bursátiles) for a value of Ps. 4.2 billion. The cash decrease in 2Q20 was Ps. 1,576.4 million. 

During 2Q20, the Company carried out a second evaluation covering the possible adverse impacts of the pandemic on the Company’s financial condition and operating results, as well as a review of the indicators and deterioration of the larger long-term assets, expected credit losses and recovery of assets due to deferred taxes. The conclusion was that, despite the impact of COVID-19 on 2Q20 being lower than expected, the Company cannot ensure that the negative effect of the pandemic will decline in the upcoming quarters, nor can ensure that local and global economic conditions will improve. The Company can also not ensure the availability of financing, or that general credit conditions will remain favorable.

In this evaluation, the Company reviewed financial results for the short, medium and long term, concluding that a significant deterioration of the Company’s assets is not expected. As such, the Company does not foresee business interruption or closing of operations at any of its airports.

The Company will continue to monitor the pandemic’s adverse effects on the results of the operations, including the monitoring of key indicators, deterioration tests, projections, budgets, fair values, future cash flow related to the recovery of the financial and non-financial assets, as well as possible contingencies.

It is important to mention that, at the close of 2Q20, the Company satisfied all covenants in accordance with the bank loan contracts and with all the obligations established for the bond certificates.

The Company carried out the risk valuation that represents the portfolio of airlines and commercial clients in terms of liquidity. Thus, the cost of operation recognizes a Ps. 87.0 million provision as reserves for expected credit losses.

In accordance with the estimated 2020 annual results, the Company expects an asset recovery for deferred taxes recognized in the cash flow statement, even though the results declined with respect to 2019.

The Company will continue informing the market in a timely manner regarding future material updates to the airport operations, as well as measures that are adopted for preserving liquidity and business continuity.

Summary of Results 2Q20 vs. 2Q19

Passenger Traffic

During 2Q20, total terminal passengers at the Company’s 14 airports decreased by 10,543.0 thousand passengers, or 86.4%, compared to 2Q19. During 2Q20, there were no new route openings.

Domestic Terminal Passengers – 13 airports (in thousands): 
Airport 2Q19 2Q20 Change 6M19 6M20 Change
Guadalajara 2,674.0 393.8 (85.3 %) 5,094.4 2,730.3 (46.4 %)
Tijuana * 1,533.7 460.3 (70.0 %) 2,894.9 1,880.3 (35.0 %)
Los Cabos 490.9 76.1 (84.5 %) 885.5 478.8 (45.9 %)
Puerto Vallarta 479.5 34.0 (92.9 %) 831.3 401.8 (51.7 %)
Montego Bay 2.4 0.0 (100.0 %) 4.2 1.0 (77.2 %)
Guanajuato 532.3 55.9 (89.5 %) 994.3 480.5 (51.7 %)
Hermosillo 475.0 58.5 (87.7 %) 859.9 454.6 (47.1 %)
Mexicali 303.4 46.9 (84.5 %) 569.4 323.9 (43.1 %)
Morelia 115.7 46.1 (60.1 %) 225.9 171.9 (23.9 %)
La Paz 256.3 33.5 (86.9 %) 466.4 247.0 (47.0 %)
Aguascalientes 162.3 20.0 (87.7 %) 305.2 157.6 (48.4 %)
Los Mochis 103.3 10.6 (89.7 %) 187.1 97.4 (48.0 %)
Manzanillo 25.4 1.9 (92.4 %) 49.2 25.1 (49.0 %)
Total 7,154.1 1,237.6 (82.7 %) 13,367.7 7,450.2 (44.3 %)
*CBX users are classified as international passengers
             
             
International Terminal Passengers – 13 airports (in thousands):
Airport 2Q19 2Q20 Change 6M19 6M20 Change
Guadalajara 1,088.6 159.9 (85.3 %) 2,076.7 1,117.7 (46.2 %)
Tijuana * 736.1 140.7 (80.9 %) 1,394.2 825.0 (40.8 %)
Los Cabos 963.1 28.2 (97.1 %) 2,019.3 975.2 (51.7 %)
Puerto Vallarta 713.7 25.0 (96.5 %) 1,970.6 1,111.3 (43.6 %)
Montego Bay 1,179.9 16.7 (98.6 %) 2,516.2 1,149.6 (54.3 %)
Guanajuato 173.8 16.9 (90.3 %) 345.1 165.1 (52.2 %)
Hermosillo 17.4 1.9 (89.2 %) 34.5 20.6 (40.2 %)
Mexicali 1.9 0.1 (95.1 %) 3.3 1.3 (61.1 %)
Morelia 105.8 9.3 (91.2 %) 207.1 108.9 (47.4 %)
La Paz 3.1 0.4 (85.5 %) 6.6 3.8 (43.2 %)
Aguascalientes 54.8 6.9 (87.5 %) 99.3 55.3 (44.3 %)
Los Mochis 1.9 0.1 (96.4 %) 3.5 1.3 (62.0 %)
Manzanillo 15.2 1.1 (93.0 %) 52.3 29.5 (43.5 %)
Total 5,055.2 407.0 (91.9 %) 10,728.8 5,564.8 (48.1 %)
*CBX users are classified as international passengers
             
             
Total Terminal Passengers – 13 airports (in thousands):
Airport 2Q19 2Q20 Change 6M19 6M20 Change
Guadalajara 3,762.6 553.7 (85.3 %) 7,171.1 3,848.1 (46.3 %)
Tijuana * 2,269.8 600.9 (73.5 %) 4,289.1 2,705.3 (36.9 %)
Los Cabos 1,453.9 104.3 (92.8 %) 2,904.8 1,454.0 (49.9 %)
Puerto Vallarta 1,193.2 59.0 (95.1 %) 2,801.9 1,513.1 (46.0 %)
Montego Bay 1,182.3 16.7 (98.6 %) 2,520.4 1,150.6 (54.3 %)
Guanajuato 706.2 72.8 (89.7 %) 1,339.4 645.6 (51.8 %)
Hermosillo 492.4 60.3 (87.7 %) 894.5 475.2 (46.9 %)
Mexicali 305.3 47.0 (84.6 %) 572.7 325.2 (43.2 %)
Morelia 221.5 55.4 (75.0 %) 433.0 280.8 (35.1 %)
La Paz 259.4 33.9 (86.9 %) 473.0 250.8 (47.0 %)
Aguascalientes 217.1 26.9 (87.6 %) 404.6 212.9 (47.4 %)
Los Mochis 105.2 10.7 (89.9 %) 190.6 98.7 (48.2 %)
Manzanillo 40.5 3.0 (92.6 %) 101.5 54.6 (46.2 %)
Total 12,209.3 1,644.6 (86.5 %) 24,096.5 13,015.0 (46.0 %)
*CBX users are classified as international passengers
             
             
CBX Users (in thousands):
Airport 2Q19 2Q20 Change 6M19 6M20 Change
Tijuana 723.6 140.4 (80.6 %) 1,370.9 817.7 (40.4 %)
             
Kingston Airport (in thousands):
Passengers 2Q19 2Q20 Change 6M19 6M20 Change
Domestic N/A 0.0 N/A N/A 1.3 N/A
Internacional N/A 21.6 N/A N/A 375.1 N/A
Total N/A 21.6 N/A N/A 376.4 N/A
             
Total Passengers – 14 airports (in thousands): 
Passengers 2Q19 2Q20 Change 6M19 6M20 Change
Domestic 7,154.1 1,237.6 (82.7 %) 13,367.7 7,451.5 (44.3 %)
Internacional 5,055.2 428.6 (91.5 %) 10,728.8 5,939.9 (44.6 %)
Total 12,209.2 1,666.2 (86.4 %) 24,096.5 13,391.4 (44.4 %)


       
Consolidated Results for the Second Quarter of 2020 (in thousands of pesos):
  2Q19 2Q20 Change
Revenues      
Aeronautical services 2,577,773   551,875   (78.6 %)
Non-aeronautical services 957,275   331,641   (65.4 %)
Improvements to concession assets (IFRIC 12) 122,363   601,542   391.6 %
Total revenues 3,657,411   1,485,058   (59.4 %)
       
Operating costs      
Costs of services: 705,304   643,554   (8.8 %)
Employee costs 228,793   239,260   4.6 %
Maintenance 148,362   97,402   (34.3 %)
Safety, security & insurance 102,312   104,079   1.7 %
Utilities 92,489   79,692   (13.8 %)
Other operating expenses 133,348   123,121   (7.7 %)
       
Technical assistance fees 113,644   8,777   (92.3 %)
Concession taxes 292,887   94,721   (67.7 %)
Depreciation and amortization 425,839   505,174   18.6 %
Cost of improvements to concession assets (IFRIC 12) 122,363   601,542   391.6 %
Other income (5,025 ) (58 ) (98.8 %)
Total operating costs 1,655,012   1,853,710   12.0 %
Income (loss) from operations 2,002,399   (368,652 ) (118.4 %)
       
Financial Result (235,742 ) (311,089 ) 32.0 %
Share of loss of associates (3 ) (83 ) (2666.7 %)
Income (loss) before income taxes 1,766,654   (679,824 ) (138.5 %)
Income taxes (503,081 ) 97,616   (119.4 %)
Net (loss) income 1,263,573   (582,208 ) (146.1 %)
Currency translation effect (45,788 ) (66,233 ) 44.7 %
Cash flow hedges, net of income tax -   (287,997 ) 100.0 %
Remeasurements of employee benefit – net income tax (146 ) (9,558 ) 6446.6 %
Comprehensive income (loss) 1,217,639   (945,996 ) (177.7 %)
Non-controlling interest (19,763 ) 29,645   250.0 %
Comprehensive income (loss) attributable to controlling interest 1,197,876   (916,351 ) (176.5 %)
       


  2Q19 2Q20 Change
EBITDA 2,428,238   136,522   (94.4 %)
Comprehensive income (loss) 1,217,639   (945,996 ) (177.7 %)
Comprehensive income (loss) per share (pesos) 2.1705   (2   (177.7 %)
Comprehensive income (loss) per ADS (US dollars) 0.9403   (0.73   (177.7 %)
       
Operating income (loss) margin 54.7 % (24.8 %) (145.3 %)
Operating income (loss) margin (excluding IFRIC 12) 56.6 % (41.7 %) (173.7 %)
EBITDA margin 66.4 % 9.2 % (86.2 %)
EBITDA margin (excluding IFRIC 12) 68.8 % 15.6 % (77.5 %)
Costs of services and improvements / total revenues 22.6 % 83.8 % 270.5 %
Cost of services / total revenues (excluding IFRIC 12) 20.0 % 72.8 % 265.1 %
       
- Net (loss) income and comprehensive income (loss) per share were calculated based on 561,000,000 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 23.0821 per U.S. dollar (the noon buying rate on June 30, 2020, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the Montego Bay airport and the Kingston airport, the average monthly exchange rate of Ps. 23.3631 per U.S. dollar for the three months ended June 30, 2020 was used.
       
       

Revenues (2Q20 vs. 2Q19)

  2Q19
2Q20
Change
Businesses operated by third parties:          
Duty-free 129,089   25,647   (80.1 %)
Food and beverage 122,173   32,575   (73.3 %)
Retail operations 94,941   36,812   (61.2 %)
Car rentals 92,074   46,340   (49.7 %)
Leasing of space 61,672   49,487   (19.8 %)
Time shares 55,019   1,085   (98.0 %)
Ground transportation 35,746   12,414   (65.3 %)
Communications and financial services 22,153   5,820   (73.7 %)
Other commercial revenues 16,688   13,548   (18.8 %)
Total 629,555   223,727   (64.5 %)
           
Businesses operated directly by us:          
Car parking 95,417   23,130   (75.8 %)
VIP lounges 70,906   19,401   (72.6 %)
Advertising 59,941   23,739   (60.4 %)
Convenience stores 42,167   8,542   (79.7 %)
Total 268,431   74,811   (72.1 %)
Recovery of costs 59,289   33,103   (44.2 %)
Total Non-aeronautical Revenues 957,275   331,641   (65.4 %)
           
Figures expressed in thousands of Mexican pesos.

____________
[1] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


Total operating costs increased by Ps. 198.7 million, or 12.0%, compared to 2Q19, mainly due to the increase in the cost for improvements to concession assets (IFRIC-12) of Ps. 479.2 million. Not including this cost, total operating costs declined by Ps. 280.5 million, or 18.3%. This was comprised in the following manner:

Mexican Airports:

The decline in the cost of services was mainly due to the partial closure of underutilized operating areas during 2Q20, implemented to reduce expenses:

Montego Bay Airport:

Kingston Airport:

Operating margin for 2Q20 weakened, from a margin of 54.7% in 2Q19 to a margin of (24.8%) in 2Q20. Excluding the effects of IFRIC-12, operating margin went from 56.6% in 2Q19 to a margin of (41.7%) in 2Q20. Operating losses for the 2Q20 were Ps. 368.7 million, representing a decline of Ps. 2,371.1 million, or (118.4%) compared to 2Q19.

EBITDA margin went from 66.4% in 2Q19 to 9.2% in 2Q20. Excluding the effects of IFRIC-12, EBITDA margin went from 68.8% in 2Q19 to 15.6% in 2Q20. The nominal value of EBITDA was Ps. 136.5 million in 2Q20, compared to Ps. 2,428.2 million in 2Q19, a change of (94.4%).

The net financial result increased by Ps. 75.3 million, from a net expense of Ps. 235.7 million in 2Q19 to a net expense of Ps. 311.1 million in 2Q20. This decrease was mainly the result of:

In 2Q20, there was comprehensive loss of Ps. 946.0 million, compared to a net income and comprehensive gain of Ps. 1,217.6 million in 2Q19. This effect was mainly derived by the substantial passenger traffic decline, which also impacted revenues for 2Q20.

In 2Q20, the Company experienced a net loss of Ps. 582.2 million, while in 2Q19, the Company experienced a net gain of Ps. 1,263.6 million. Income taxes decreased by Ps. 600.7 million, or 119.4%, as a result of a decline of  Ps. 638.9 million in income tax incurred, which was offset by the decline of Ps. 38.2 million in the benefit from deferred income tax, resulting from the increase in  the 2Q20 deflation, that went from 0.1% in 2Q19 to 0.6% in 2Q20.


Consolidated Results for the First Six Months of 2020 (in thousands of pesos):
  6M19 6M20 Change
Revenues      
Aeronautical services 5,209,098   3,675,657   (29.4 %)
Non-aeronautical services 1,858,600   1,353,482   (27.2 %)
Improvements to concession assets (IFRIC 12) 268,850   1,424,757   429.9 %
Total revenues 7,336,548   6,453,897   (12.0 %)
       
Operating costs      
Costs of services: 1,300,943   1,380,112   6.1 %
Employee costs 423,116   486,466   15.0 %
Maintenance 260,802   211,805   (18.8 %)
Safety, security & insurance 204,443   229,405   12.2 %
Utilities 165,258   171,319   3.7 %
Other operating expenses 247,324   281,117   13.7 %
       
Technical assistance fees 229,218   141,041   (38.5 %)
Concession taxes 618,154   538,427   (12.9 %)
Depreciation and amortization 847,440   987,231   16.5 %
Cost of improvements to concession assets (IFRIC 12) 268,850   1,424,757   429.9 %
Other income (8,933 ) 9,022   (201.0 %)
Total operating costs 3,255,672   4,480,591   37.6 %
Income from operations 4,080,876   1,973,306   (51.6 %)
       
Financial Result (318,347 ) (326,183 ) 2.5 %
Share of loss of associates (7 ) 3   142.9 %
Income before income taxes 3,762,522   1,647,126   (56.2 %)
Income taxes (1,101,400 ) (421,271 ) (61.8 %)
Net income 2,661,122   1,225,855   (53.9 %)
Currency translation effect (139,739 ) 1,351,131   (1066.9 %)
Cash flow hedges, net of income tax -   (348,105 ) 100.0 %
Remeasurements of employee benefit – net income tax (293 ) (9,705 ) 3208.0 %
Comprehensive income 2,521,090   2,219,176   (12.0 %)
Non-controlling interest (44,929 ) (164,109 ) (265.3 %)
Comprehensive income attributable to controlling interest 2,476,161   2,055,067   (17.0 %)
       


  6M19 6M20 Change
EBITDA 4,928,315   2,960,536   (39.9 %)
Comprehensive income 2,521,091   2,219,176   (12.0 %)
Comprehensive income per share (pesos) 4.4939   3.9558   (12.0 %)
Comprehensive income per ADS (US dollars) 1.9469   1.7138   (12.0 %)
       
Operating income margin 55.6 % 30.6 % (45.0 %)
Operating income margin (excluding IFRIC 12) 57.7 % 39.3 % (31.9 %)
EBITDA margin 67.2 % 45.9 % (31.7 %)
EBITDA margin (excluding IFRIC 12) 69.7 % 58.9 % (15.6 %)
Costs of services and improvements / total revenues 21.4 % 43.5 % 103.1 %
Cost of services / total revenues (excluding IFRIC 12) 18.4 % 27.4 % 49.1 %
       
- Net income and comprehensive income per share were calculated based on 561,000,000 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 23.0821 per U.S. dollar (the noon buying rate on June 30, 2020, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the Montego Bay airport and the Kingston airport, the average monthly exchange rate of Ps. 21.6091 per U.S. dollar for the six months ended June 30, 2020 was used.
       
       

Revenues (1H20 vs. 1H19)

  6M19
6M20
Change
Businesses operated by third parties:          
Duty-free 260,140   177,674   (31.7 %)
Food and beverage 234,568   177,321   (24.4 %)
Retail operations 186,767   143,233   (23.3 %)
Car rentals 184,247   156,716   (14.9 %)
Leasing of space 124,174   105,197   (15.3 %)
Time shares 107,846   53,543   (50.4 %)
Ground transportation 72,747   50,674   (30.3 %)
Communications and financial services 43,242   36,927   (14.6 %)
Other commercial revenues 32,943   39,064   18.6 %
Total 1,246,674   940,349   (24.6 %)
           
Businesses operated directly by us:          
Car parking 181,000   101,234   (44.1 %)
VIP lounges 134,518   100,687   (25.1 %)
Advertising 94,868   57,673   (39.2 %)
Convenience stores 76,282   58,812   (22.9 %)
Total 486,668   318,406   (34.6 %)
Recovery of costs 125,257   94,727   (24.4 %)
Total Non-aeronautical Revenues 1,858,600   1,353,482   (27.2 %)
           
Figures expressed in thousands of Mexican pesos.

____________
[1] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


Total operating costs increased by Ps. 1,224.9 million, or 37.6%, compared to 1H19, mainly due to the increase of Ps. 1,155.9 million in the cost of improvements to the concession assets (IFRIC-12). Excluding this line item, operating costs declined by Ps. 69.0 million in 1H20.

Mexican Airports:

The decline in the cost of services was mainly due to the following:

Montego Bay Airport:

Kingston Airport:

Operating margin went from 55.6% in 1H19 to 30.6% in 1H20. Excluding the effects of IFRIC 12, operating margin went from 57.7% in 1H19 to 39.3% in 1H20.

EBITDA margin went from 67.2% in 1H19 to 45.9% in 1H20. Excluding the effects of IFRIC-12, EBITDA margin went from 69.7% in 1H19 to 58.9% in 1H20. The nominal value of EBITDA was Ps. 2,960.5 million in the first half of 2020.

The net financial result increased by Ps. 7.8 million, from a net expense of Ps. 318.3 million in 1H19 to a net expense of Ps. 326.1 million in 1H20. This decrease was mainly the result of:

Comprehensive income decreased by Ps. 301.9 million, or 12.0%, compared to 1H19. This was mainly due to the substantial decline in passenger traffic, which also impacted revenues for the period.

Net income decreased by Ps. 1,435.3 million, or 53.9% in 1H20, due to a lower operating revenue of Ps. 2,107.6 million, which was offset by lower income taxes of Ps. 680.1 million, or 61.8%,  as a result of a decrease of Ps. 528.5 million in the income tax incurred, as well as the increase of Ps. 151.6 million in the benefit from deferred income tax, due to the decline in accumulated inflation, that went from 1.1% in 1H19 to 0.6% in 1HQ20.

Statement of Financial Position

Total assets as of June 30, 2020 increased by Ps. 8,874.9 million compared to 2019, primarily due to the following items: (i) cash and equivalents of Ps. 5,524.4 million; (ii) improvements to concession assets of Ps. 1,844.0 million; (iii) an increase in deferred taxes of Ps. 465.8 million; (iv) tax accounts receivable of Ps. 444.1 million; and (v) airport concessions of Ps. 337.9 million (due to the valuation of the concessions in Jamaica in U.S. dollars and the depreciation of the Mexican peso),  among others.
               
Total liabilities as of June 30, 2020 increased by Ps. 4,261.6 million compared to the same period of 2019. This increase was primarily due to the following items: (i) Payment and issuance of Ps. 5.0 billion (net) in long-term bond certificates (Certificados bursátiles), (ii) bank loans of Ps. 2,151.3 million; (iii) derivative financial instruments of Ps. 823.1 million, and iv) Accounts payable of Ps. 570.2 million. This was offset by: (i) dividends payable for Ps. 4,425.4 million, among others.

Recent Events

On June 25, the Company successfully completed the issuance of 42 million long-term bond certificates (Certificados bursátiles) in Mexico for a total value of Ps. 4.2 billion. The amount of the issuance was up to Ps. 3.0 billion with a greenshoe option of up to 40%, which was reached at the closing of the issuance: i) Ps. 602.0 million of these bonds certificates are at a variable rate of TIIE-28 plus 85 basis points, with principal due at maturity on June 22, 2023; ii) Ps. 3.598 billion at a fixed rate of 8.14%, with principal due at maturity on June 17, 2027.

- On June 30, Aeromexico announced the initiation of a voluntary restructuring process under Chapter 11 of the United States Bankruptcy Code, which will be carried out while the airline continues its operations. Currently, Aeromexico represents 10% of passenger traffic in the Company’s airport network and does not have any past due debts.

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 contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.

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 www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.


Exhibit A: Operating results by airport (in thousands of pesos):

Airport 2Q19
2Q20 Change 6M19
6M20 Change
Guadalajara                
Aeronautical services 697,161   170,144   (75.6 %) 1,389,142   975,551   (29.8 %)
Non-aeronautical services 244,078   83,201   (65.9 %) 463,117   302,391   (34.7 %)
Improvements to concession assets (IFRIC 12) 10,394   258,940   2391.2 % 20,788   517,880   2391.2 %
Total Revenues 951,631   512,285   (46.2 %) 1,873,045   1,795,821   (4.1 %)
Operating income (loss) 598,018   (12,121 ) (102.0 %) 1,188,218   667,015   (43.9 %)
EBITDA 687,455   79,807   (88.4 %) 1,362,259   849,966   (37.6 %)
                 
Tijuana                
Aeronautical services 400,004   128,227   (67.9 %) 758,237   508,525   (32.9 %)
Non-aeronautical services 117,233   46,017   (60.7 %) 208,954   163,218   (21.9 %)
Improvements to concession assets (IFRIC 12) 5,586   143,260   2464.8 % 11,171   286,520   2464.8 %
Total Revenues 522,822   317,503   (39.3 %) 978,362   958,263   (2.1 %)
Operating income 318,809   1,084   (99.7 %) 600,362   305,299   (49.1 %)
EBITDA 372,321   62,999   (83.1 %) 704,165   429,375   (39.0 %)
                 
Los Cabos                
Aeronautical services 356,629   44,404   (87.5 %) 710,960   474,805   (33.2 %)
Non-aeronautical services 201,824   37,445   (81.4 %) 396,433   252,977   (36.2 %)
Improvements to concession assets (IFRIC 12) 61,775   162,350   162.8 % 123,550   324,699   162.8 %
Total Revenues 620,228   244,198   (60.6 %) 1,230,943   1,052,482   (14.5 %)
Operating income (loss) 362,039   (58,947 ) (116.3 %) 739,548   392,276   (47.0 %)
EBITDA 422,210   7,720   (98.2 %) 856,160   524,268   (38.8 %)
                 
Puerto Vallarta                
Aeronautical services 279,770   29,989   (89.3 %) 660,954   484,538   (26.7 %)
Non-aeronautical services 118,166   29,183   (75.3 %) 247,268   170,709   (31.0 %)
Improvements to concession assets (IFRIC 12) 2,972   113,707   3725.5 % 5,945   227,413   3725.5 %
Total Revenues 400,908   172,878   (56.9 %) 914,167   882,660   (3.4 %)
Operating income (loss) 242,091   (49,519 ) (120.5 %) 607,339   387,502   (36.2 %)
EBITDA 282,693   (7,701 ) (102.7 %) 686,428   469,982   (31.5 %)
                 
Montego Bay                
Aeronautical services 379,769   50,229   (86.8 %) 818,696   506,791   (38.1 %)
Non-aeronautical services 145,815   58,020   (60.2 %) 297,603   203,673   (31.6 %)
Improvements to concession assets (IFRIC 12) 16,927   63,390   274.5 % 57,977   79,377   36.9 %
Total Revenues 542,511   171,639   (68.4 %) 1,174,276   789,841   (32.7 %)
Operating income (loss) 169,775   (136,422 ) (180.4 %) 377,807   67,090   (82.2 %)
EBITDA 269,869   517   (99.8 %) 573,775   320,634   (44.1 %)
                 
Airport 2Q19   2Q20 Change 6M19   6M20 Change
Guanajuato                
Aeronautical services 154,357   21,967   (85.8 %) 285,782   163,714   (42.7 %)
Non-aeronautical services 44,241   16,977   (61.6 %) 83,462   63,953   (23.4 %)
Improvements to concession assets (IFRIC 12) 817   32,469   3875.8 % 1,633   64,939   3875.8 %
Total Revenues 199,415   71,413   (64.2 %) 370,877   292,606   (21.1 %)
Operating income (loss) 130,734   (8,907 ) (106.8 %) 244,541   113,980   (53.4 %)
EBITDA 148,596   9,224   (93.8 %) 279,606   149,494   (46.5 %)
                 
Hermosillo                
Aeronautical services 88,219   17,314   (80.4 %) 161,699   100,283   (38.0 %)
Non-aeronautical services 24,422   11,519   (52.8 %) 45,757   35,810   (21.7 %)
Improvements to concession assets (IFRIC 12) 832   4,347   422.5 % 1,664   8,695   422.5 %
Total Revenues 113,474   33,180   (70.8 %) 209,121   144,788   (30.8 %)
Operating income (loss) 48,615   (15,892 ) (132.7 %) 85,910   31,792   (63.0 %)
EBITDA 68,346   3,022   (95.6 %) 124,613   69,723   (44.0 %)
                 
Others (1)                
Aeronautical services 221,864   89,602   (59.6 %) 423,629   461,452   8.9 %
Non-aeronautical services 61,496   49,280   (19.9 %) 116,006   160,751   38.6 %
Improvements to concession assets (IFRIC 12) 23,061   92,155   299.6 % 46,121   184,310   299.6 %
Total Revenues 306,421   231,037   (24.6 %) 585,756   806,513   37.7 %
Operating income (loss) 91,351   (96,136 ) (205.2 %) 164,712   (15,563 ) (109.4 %)
EBITDA 142,203   (36,625 ) (125.8 %) 263,909   102,764   (61.1 %)
                 
Total                
Aeronautical services 2,577,773   551,875   (78.6 %) 5,209,098   3,675,657   (29.4 %)
Non-aeronautical services 957,275   331,641   (65.4 %) 1,858,600   1,353,482   (27.2 %)
Improvements to concession assets (IFRIC 12) 122,363   870,618   611.5 % 268,850   1,693,833   530.0 %
Total Revenues 3,657,410   1,754,134   (52.0 %) 7,336,548   6,722,974   (8.4 %)
Operating income (loss) 1,961,431   (376,860 ) (119.2 %) 4,008,436   1,949,390   (51.4 %)
EBITDA 2,393,692   118,965   (95.0 %) 4,850,913   2,916,205   (39.9 %)
                 
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia and Kingston airports. 


Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):

  2019 2020 Change %
Assets        
Current assets        
Cash and cash equivalents 10,224,400   15,748,829   5,524,429   54.0 %
Trade accounts receivable - net 1,091,287   1,060,950   (30,337 ) (2.8 %)
Other current assets 376,954   821,097   444,143   117.8 %
Total current assets 11,692,641   17,630,876   5,938,235   50.8 %
         
Advanced payments to suppliers 170,011   367,078   197,067   115.9 %
Machinery, equipment and improvements to leased buildings - net 1,834,010   1,999,903   165,893   9.0 %
Improvements to concession assets - net 11,134,421   12,978,449   1,844,028   16.6 %
Airport concessions - net 11,088,915   11,426,767   337,852   3.0 %
Rights to use airport facilities - net 1,391,921   1,318,500   (73,421 ) (5.3 %)
Deferred income taxes 5,389,576   5,855,337   465,761   8.6 %
Other non-current assets 213,331   212,791   (540 ) (0.3 %)
Total assets 42,914,825   51,789,700   8,874,875   20.7 %
         
Liabilities        
Current liabilities 8,262,415   6,079,799   (2,182,616 ) (26.4 %)
Long-term liabilities 16,377,011   22,821,284   6,444,273   39.3 %
Total liabilities 24,639,426   28,901,083   4,261,657   17.3 %
         
Stockholders' Equity        
Common stock 6,185,082   6,185,082   -   0.0 %
Legal reserve 1,592,551   1,592,551   -   0.0 %
Net income 2,600,089   1,227,550   (1,372,539 ) (52.8 %)
Retained earnings 4,579,883   9,940,035   5,360,152   117.0 %
Reserve for share repurchase 3,283,374   3,283,374   -   0.0 %
Repurchased shares (1,733,374 ) (1,733,374 ) -   0.0 %
Foreign currency translation reserve 651,985   1,711,320   1,059,335   162.5 %
Remeasurements of employee benefit – Net 7,717   (3,099 ) (10,816 ) (140.2 %)
Cash flow hedges- Net -   (520,200 ) (520,200 ) 100.0 %
Total controlling interest 17,167,307   21,683,239   4,515,932   26.3 %
Non-controlling interest 1,108,093   1,205,379   97,286   8.8 %
Total stockholder’s equity 18,275,401   22,888,618   4,613,218   25.2 %
         
Total liabilities and stockholders' equity 42,914,825   51,789,700   8,874,875   20.7 %
         
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).


Exhibit C: Consolidated statement of cash flows (in thousands of pesos):

  2Q19 2Q20 Change 6M19 6M20 Change
Cash flows from operating activities:            
Consolidated net income (loss) 1,263,573   (582,208 ) (146.1 %) 2,661,122   1,225,855   (53.9 %)
             
Postemployment benefit costs 2,071   2,048   (1.1 %) 6,929   6,666   (3.8 %)
Allowance expected credit loss (5,172 ) 41,084   (894.4 %) (25,087 ) 87,051   (447.0 %)
Depreciation and amortization 425,839   505,174   18.6 % 847,440   987,231   16.5 %
(Gain) loss on sale of machinery, equipment and improvements to leased assets 1,173   (11,147 ) (1050.3 %) 2,062   (14,199 ) (788.5 %)
Interest expense 311,170   312,080   0.3 % 547,517   626,261   14.4 %
Share of profit of associate 3   89   2866.7 % 7   3   (55.1 %)
Provisions 1,770   885   (50.0 %) 3,390   (1,345 ) (139.7 %)
Income tax expense 503,081   (97,616 ) (119.4 %) 1,101,404   421,271   (61.8 %)
Unrealized exchange loss (19,176 ) (111,964 ) 483.9 % (70,464 ) 652,719   (1026.3 %)
Net loss on derivative financial instruments 88,164   30,312   (65.6 %) 98,859   58,754   (40.6 %)
  2,572,495   88,737   (96.6 %) 5,173,178   4,050,265   (21.7 %)
Changes in working capital:            
(Increase) decrease in            
Trade accounts receivable 146,456   711,733   386.0 % 319,498   382,344   19.7 %
Recoverable tax on assets and other assets (64,829 ) (617,650 ) 852.7 % (102,168 ) (458,057 ) 348.3 %
Increase (decrease) in            
Concession taxes payable (209,778 ) (411,611 ) 96.2 % (150,118 ) (376,329 ) 150.7 %
Accounts payable (145,152 ) (565,673 ) 289.7 % (149,296 ) (343,322 ) 130.0 %
Cash generated (used) by operating activities 2,299,193   (794,464 ) (134.6 %) 5,091,094   3,254,902   (36.1 %)
Income taxes paid (543,418 ) (152,568 ) (71.9 %) (1,066,816 ) (629,357 ) (41.0 %)
Net cash flows provided by operating activities 1,755,774   (947,032 ) (153.9 %) 4,024,277   2,625,544   (34.8 %)
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (395,736 ) (606,257 ) 53.2 % (844,627 ) (1,244,295 ) 47.3 %
Cash flows from sales of machinery and equipment 332   28   (91.6 %) 707   193   (72.7 %)
Other investment activities (27,166 ) (40,617 ) 49.5 % (25,574 ) (55,001 ) 115.1 %
Acquisition business 9,586   -   0.0 % 9,586   -   0.0 %
Net cash used by investment activities (412,985 ) (646,846 ) 56.6 % (859,908 ) (1,299,104 ) 51.1 %
             
Cash flows from financing activities:            
Capital distribution (1,592,494 ) -   (100.0 %) (1,592,494 ) -   (100.0 %)
Debt securities -   4,200,000   100.0 % 3,000,000   7,200,000   140.0 %
Payment from Debt securities -   -   0.0 % -   (2,200,000 ) 100.0 %
Interest paid (249,009 ) (257,118 ) 3.3 % (546,295 ) (608,416 ) 11.4 %
Bank Loans 95,862   2,151,264   2144.1 % 95,862   2,151,264   2144.1 %
Interest paid on lease (671 ) (675 ) 0.6 % (1,988 ) (1,392 ) (30.0 %)
Payments of obligations for leasing (3,074 ) (3,163 ) 2.9 % (7,981 ) (6,815 ) (14.6 %)
Net cash flows used in financing activities (1,749,386 ) 6,090,308   (448.1 %) 947,105   6,534,640   590.0 %
             
Effects of exchange rate changes on cash held (25,594 ) 278,509   (1188.2 %) (38,531 ) 387,554   (1105.8 %)
Net increase in cash and cash equivalents (432,189 ) 4,774,939   (1204.8 %) 4,072,944   8,248,636   102.5 %
Cash and cash equivalents at beginning of year 10,656,588   10,973,890   3.0 % 6,151,457   7,500,193   21.9 %
Cash and cash equivalents at the end of year 10,224,400   15,748,829   54.0 % 10,224,400   15,748,829   54.0 %
             


Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

  2Q19 2Q20 Change 6M19 6M20 Change
Revenues            
Aeronautical services 2,577,773   551,875   (78.6 %) 5,209,098   3,675,657   (29.4 %)
Non-aeronautical services 957,275   331,641   (65.4 %) 1,858,600   1,353,482   (27.2 %)
Improvements to concession assets (IFRIC 12) 122,363   601,542   391.6 % 268,850   1,424,757   429.9 %
Total revenues 3,657,411   1,485,058   (59.4 %) 7,336,548   6,453,897   (12.0 %)
             
Operating costs            
Costs of services: 705,304   643,554   (8.8 %) 1,300,943   1,380,112   6.1 %
Employee costs 228,793   239,260   4.6 % 423,116   486,466   15.0 %
Maintenance 148,362   97,402   (34.3 %) 260,802   211,805   (18.8 %)
Safety, security & insurance 102,312   104,079   1.7 % 204,443   229,405   12.2 %
Utilities 92,489   79,692   (13.8 %) 165,258   171,319   3.7 %
Other operating expenses 133,348   123,121   (7.7 %) 247,324   281,117   13.7 %
             
Technical assistance fees 113,644   8,777   (92.3 %) 229,218   141,041   (38.5 %)
Concession taxes 292,887   94,721   (67.7 %) 618,154   538,427   (12.9 %)
Depreciation and amortization 425,839   505,174   18.6 % 847,440   987,231   16.5 %
Cost of improvements to concession assets (IFRIC 12) 122,363   601,542   391.6 % 268,850   1,424,757   429.9 %
Other income (5,025 ) (58 ) (98.8 %) (8,933 ) 9,022   (201.0 %)
Total operating costs 1,655,012   1,853,710   12.0 % 3,255,672   4,480,591   37.6 %
Income from operations 2,002,399   (368,652 ) (118.4 %) 4,080,876   1,973,306   (51.6 %)
             
Financial Result (235,742 ) (311,089 ) 32.0 % (318,347 ) (326,183 ) 2.5 %
Share of loss of associates (3 ) (83 ) (2666.7 %) (7 ) 3   142.9 %
Income before income taxes 1,766,654   (679,824 ) (138.5 %) 3,762,522   1,647,126   (56.2 %)
Income taxes (503,081 ) 97,616   (119.4 %) (1,101,400 ) (421,271 ) (61.8 %)
Net income 1,263,573   (582,208 ) (146.1 %) 2,661,122   1,225,855   (53.9 %)
Currency translation effect (45,788 ) (66,233 ) 44.7 % (139,739 ) 1,351,131   (1066.9 %)
Cash flow hedges, net of income tax -   (287,997 ) 100.0 % -   (348,105 ) 100.0 %
Remeasurements of employee benefit – net income tax (146 ) (9,558 ) 6446.6 % (293 ) (9,705 ) 3208.0 %
Comprehensive income 1,217,639   (945,996 ) (177.7 %) 2,521,090   2,219,176   (12.0 %)
Non-controlling interest (19,763 ) 29,645   250.0 % (44,929 ) (164,109 ) (265.3 %)
Comprehensive income attributable to controlling interest 1,197,876   (916,351 ) (176.5 %) 2,476,161   2,055,067   (17.0 %)
             
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).


Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

  Common Stock Legal Reseve
Reserve for Share Repurchase
Repurchased Shares Retained Earnings Other comprehensive income Total controlling interest Non-controlling interest Total Stockholders' Equity
Balance as of January 1, 2019 7,777,576   1,345,711   2,983,374   (1,733,374 ) 9,552,070   783,628   20,708,986   1,063,164   21,772,150  
Transfer of earnings -   246,840   -   -   (246,840 ) -   -   -   -  
Dividends declared -   -   -   -   (4,425,346 ) -   (4,425,346 ) -   (4,425,346 )
Reserve for repurchase of share -   -   300,000   -   (300,000 ) -   -   -   -  
Capital distribution (1,592,494 ) -   -   -   -   -   (1,592,494 ) -   (1,592,494 )
Comprehensive income:                      
Net income -   -   -   -   2,600,089   -   2,600,089   61,033   2,661,122  
Foreign currency translation reserve -   -   -   -   -   (123,636 ) (123,636 ) (16,103 ) (139,739 )
Remeasurements of employee benefit – Net -   -   -   -   -   (293 ) (293 ) -   (293 )
Balance as of June 30, 2019 6,185,082   1,592,551   3,283,374   (1,733,374 ) 7,179,973   659,698   17,167,306   1,108,093   18,275,399  
                       
Balance as of January 1, 2020 6,185,082   1,592,551   3,283,374   (1,733,374 ) 9,940,035   360,504   19,628,172   1,041,271   20,669,443  
Comprehensive income:                      
Net income -   -   -   -   1,227,550   -   1,227,550   (1,695 ) 1,225,855  
Foreign currency translation reserve -   -   -   -   -   1,185,327   1,185,327   165,804   1,351,131  
Remeasurements of employee benefit – Net -   -   -   -   -   (9,705 ) (9,705 ) -   (9,705 )
Reserve for cash flow hedges – Net of income tax -   -   -   -   -   (348,105 ) (348,105 ) -   (348,105 )
Balance as of June 30, 2020 6,185,082   1,592,551   3,283,374   (1,733,374 ) 11,167,585   1,188,021   21,683,238   1,205,380   22,888,618  
                       

For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage appears in the Stockholders’ Equity of the Company as a non-controlling interest.

As a part of the adoption of IFRS, the effects of inflation on common stock recognized pursuant to Mexican Financial Reporting Standards (MFRS) through June 30, 2007 were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue being prepared in accordance with IFRS, as issued by the IASB.

Exhibit F: Other operating data:

  2Q19 2Q20 Change 6M19
6M20
Change
Total passengers 12,209.3   1,666.2   (86.4 %) 24,096.5   13,391.4   (44.4 %)
Total cargo volume (in WLUs) 539.9   462.2   (14.4 %) 1,079.9   1,015.0   (6.0 %)
Total WLUs 12,749.2   2,128.3   (83.3 %) 25,176.4   14,406.4   (42.8 %)
                 
Aeronautical & non aeronautical services per passenger (pesos) 289.5   530.3   83.1 % 293.3   375.6   28.0 %
Aeronautical services per WLU (pesos) 202.2   259.3   28.2 % 206.9   255.1   23.3 %
Non aeronautical services per passenger (pesos) 78.4   199.0   153.9 % 77.1   101.1   31.0 %
Cost of services per WLU (pesos) 55.3   302.4   446.6 % 51.7   95.8   85.4 %
                 
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).


     
IR Contacts:
   
Saúl Villarreal, Chief Financial Officer   svillarreal@aeropuertosgap.com.mx
Alejandra Soto, IR and Financial Planning Manager   asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations   gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294
Maria Barona, i-advize Corporate Communications   mbarona@i-advize.com.mx


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

        Grupo Aeroportuario del Pacífico, S.A.B. de C.V.    
    (Registrant)
     
   
Date: July 24, 2020       /s/ SAÚL VILLARREAL GARCÍA    
    Saúl Villarreal García
    Chief Financial Officer