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Yahoo
2 days ago
- Business
- Yahoo
Industrias Unidas, S.A. de C.V. Consolidated Results of Operations for Q1 2025
MEXICO CITY, June 04, 2025--(BUSINESS WIRE)--Industrias Unidas, S.A. de C.V. ("IUSA" or the "Company") has announced its unaudited results for the three months ended March 31 of 2025. Figures are unaudited and have been prepared in accordance with Mexican Financial Reporting Standards ("MFRS"), which are different in certain respects from Generally Accepted Accounting Principles in the United States ("U.S. GAAP"). The results from any interim period are not necessarily indicative of the results that may be expected for a full fiscal year. Unless stated otherwise, reference herein to "Pesos", "pesos", or "Ps." are to pesos, the legal currency of Mexico and references to "U.S. dollars", "dollars", "U.S. $" or "$" are to United States dollars, the legal currency of the United States of America. Except as otherwise indicated, all peso amounts are presented herein in pesos with purchasing power as of March 31, 2025, and in pesos with their historical value for other dates cited. The dollar translations provided in this document are calculated solely for the convenience of the reader using an exchange rate of Ps. 20.46 per U.S. dollar, the exchange rate published by Banco de Mexico, the country's central bank, on March 31, 2025. Three months ended March 31, 2025, compared to three months ended March 31, 2024. The following table summarizes our results of operations for the three months ending March 31, 2025, and 2024: (Figures in Millions of Pesos) For the year ended March31, 2024 2025 Revenues 6,236.3 8,876.0 Cost of Sales 4,803.3 6,922.3 Gross Profit 1,433.0 1,953.7 Selling and Administrative Expenses 630.8 805.4 Operating Income (Loss) 802.2 1,148.3 Other Expenses - Net 51.2 21.8 Comprehensive Financing Result 63.8 34.9 Taxes and Statutory Employee Profit Sharing 180.9 290.4 Equity in Income (Loss) of Associated Companies (16.0) (2.8) Consolidated Net Income (Loss) 720.3 911.8 D&A 71.5 82.2 EBITDA 1/ 873.7 1,230.5 1/ EBITDA for any period is defined as consolidated net income (loss) excluding i) depreciation and amortization, ii) total net comprehensive financing result (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other Financing costs), iii) other expenses net, iv) income tax and statutory employee profit sharing and v) equity in income (loss) of associated companies. EBITDA should not be considered as an alternate measure of net income or operating income, as determined on a consolidated basis using amounts derived from statements of operations prepared in accordance with MFRS, or as an indicator of operating performance or to cash flows from operating activity as a measure of liquidity. EBITDA is not a recognized term under MFRS or U.S. GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activity as a measure of liquidity. Our consolidated net income for the three months ended March 31, 2025, was Ps.911.8 million (U.S.$44.6 million), compared to a net income of Ps.720.3 million in the same period of 2024. This represented a 26.6% increase, quarter over quarter (Q/Q). This change is primarily due to an increase in sales and hence Gross Profit. Revenues Our net revenues for the three months of 2025 increased 42.3% to Ps.8,876.0 million (U.S.$433.82 million) from Ps.6,236.3 million in the same period of 2024. This increase was driven in part by higher copper prices, combined with an increase in volume of sales. Our costs and revenues follow copper prices very closely since the market practice is to pass on to the buyer changes in raw material prices. Our sales are primarily for customers engaged in commercial, industrial and residential construction, and their related maintenance and renovation activities. We also sell to customers engaged in electrical power generation, transmission and distribution and to the sectors of gas, water and air conduction in Heating, Ventilation, Air conditioning and Refrigeration (HVACR). Our revenues consist mainly of sales of copper-based products (tubing, wire, cable and alloys) and electrical products. By country of production, approximately 61.3% of our revenues in the three months ended March 31, 2025, came from products manufactured in Mexico and the remaining 38.7% from products manufactured in the U.S. In terms of sales by region during the three months ended March 31, 2025, we derived approximately 44.0% of our revenues from sales to customers in the United States, 51.7% from customers in Mexico and 4.3% from the rest of the world ("ROW"). Cost of sales Our cost of sales in the three months ended March 31, 2025, increased by 44.1% to Ps.6,922.3 million (U.S.$338.3 million) from Ps.4,803.3 million in the same period of 2024. As a percentage of revenues, the cost of sales was 78.0% and 77.0% respectively. We reduce our cost base through several initiatives, including plant scheduling, raw material handling, and overall manufacturing overhead costs. According to our accounting policies, we make an inventory valuation at an average purchase price. In the case of copper cathodes, an aftermath adjustment is required due to the quotation period agreed with the suppliers (M+1). This initiative allows us to hedge purchases for 30 days at no additional cost. The adjustment is recorded to the cost of sales in the month in which it occurs. Gross Profit Our gross profit in the three months ended March 31, 2025, increased 36.3% to Ps.1,953.7 million (U.S.$95.5 million) from Ps.1,433.0 million in the same period of 2024. As a percentage of sales, gross profit in 2025 was 22.0% vs 23.0% in 2024. Selling and Administrative Expenses Our sales and administrative expenses in the three months ended March 31, 2025, increased 27.7% to Ps.805.4 million from Ps.630.8 in the same period of 2024. Operating Income Our operating income in the three months ended March 31, 2025, increased 43.1% to Ps. 1,148.3 million (U.S.$56.12 million) from an operating income of Ps. 802.2 in the same period of 2024. EBITDA In the three months ended March 31, 2025, our EBITDA increased 40.8% to Ps.1,230.5 million (or U.S.$60.1million), from Ps.873.7 million in the same period of 2024. The corresponding depreciation and amortization figures are Ps.422.3 million for January to March 2025 and Ps.337.7 million for the same period of 2024. Comprehensive Financing Result The following table shows our comprehensive financing results for the three months ending March 31, 2025, and 2024: (Figures in Millions of Pesos) For the year ended March 31, 2024 2025 Interest Expense (69.4) (78.5) Interest Income 51.3 30.6 Exchange Gain (Loss) - Net 88.7 88.9 Other Financing Costs (6.8) (6.1) Comprehensive Financing Result 63.8 34.9 Our comprehensive financing result in the three months ending March 31, 2025, was an expense of Ps.34.9 million, compared to an expense of Ps.63.8 million in the same period of 2024. Taxes and Statutory Employee Profit Sharing The provision for current and deferred income taxes and statutory employee profit sharing in the three months ended March 31, 2025, was an expense of Ps.290.4 million compared to an expense of Ps.180.9 million in the same period of 2024. Consolidated Net Income Our consolidated net income for the three months ended March 31, 2025, was Ps.911.8 million (U.S.$44.5 million), compared to a net income of Ps.720.3 million in the same period of 2024. Liquidity and Capital Resources Liquidity As of March 31, 2025, we had cash and cash equivalents for Ps.6,436.8 million (U.S.$314.6 million). Our policy is to invest available cash in short-term instruments issued by Mexican and U.S. banks as well as in securities issued by the governments of Mexico and the U.S. Our cash flow from operations and operating margins are significantly influenced by world market prices for raw copper, as quoted by COMEX and the London Metal Exchange ("LME"). Copper prices are subject to significant market fluctuations; average copper prices increased 18.4% in the three months ending March 31, 2025, to $4.57 US dollars per pound from $3.86 US dollar per pound in the same period of 2024. We obtain short-term financing from various sources, including Mexican and international banks. Short-term financing consists in part of lines of credit denominated in pesos and dollars. As of March 31, 2025, our outstanding short-term debt, including the current portion of long-term debt totaled Ps.422.2 million (U.S.$20.6 million), all of which was dollar denominated. On the same date, our outstanding consolidated long-term debt, excluding current portion thereof, totaled Ps.4,129.0 million (U.S.$201.8 million), all of which was dollar denominated. Accounts receivable from third parties as of March 31, 2025, were Ps.6,205.1 million (U.S.$303.3 million). Days outstanding in the domestic market were 31 days as of March 31, 2025. Debt Obligations The following table summarizes our debt as of March 31, 2025: Consolidated debt March 31, 2025 (In Millions of Pesos) U.S. subsidiaries debt 35.9 Mexican debt 4,515.4 Total 4,551.3 This total includes the restructured debt of the Company. Capital Expenditures For the three months ended March 31, 2025, we invested Ps.79.1 million (U.S. $3.9 million) in capital expenditure projects, mainly related to expansion of production and maintenance. In the three months ending March 31, 2025, our capital expenditures were allocated by segments as follows: 1.0% to copper tubing, 35.0% to wire and cable, 45.0% to valves and controls, 8.0% to electrical products and the remaining and 11.0% to other divisions. By geographic region 69.0% of total capital expenditures were invested in our Mexican facilities and the remaining 31.0% in the U.S. You should read this document in conjunction with the unaudited consolidated financial statements as of March 31, 2025, including the notes to those statements. View source version on Contacts Francisco Rodriguez, frodriguez@ tel. 5255 5216 4028
Business Wire
2 days ago
- Business
- Business Wire
Industrias Unidas, S.A. de C.V. Consolidated Results of Operations for Q1 2025
MEXICO CITY--(BUSINESS WIRE)--Industrias Unidas, S.A. de C.V. ('IUSA' or the 'Company') has announced its unaudited results for the three months ended March 31 of 2025. Figures are unaudited and have been prepared in accordance with Mexican Financial Reporting Standards ('MFRS'), which are different in certain respects from Generally Accepted Accounting Principles in the United States ('U.S. GAAP'). The results from any interim period are not necessarily indicative of the results that may be expected for a full fiscal year. Unless stated otherwise, reference herein to 'Pesos', 'pesos', or 'Ps.' are to pesos, the legal currency of Mexico and references to 'U.S. dollars', 'dollars', 'U.S. $' or '$' are to United States dollars, the legal currency of the United States of America. Except as otherwise indicated, all peso amounts are presented herein in pesos with purchasing power as of March 31, 2025, and in pesos with their historical value for other dates cited. The dollar translations provided in this document are calculated solely for the convenience of the reader using an exchange rate of Ps. 20.46 per U.S. dollar, the exchange rate published by Banco de Mexico, the country's central bank, on March 31, 2025. Three months ended March 31, 2025, compared to three months ended March 31, 2024. The following table summarizes our results of operations for the three months ending March 31, 2025, and 2024: (Figures in Millions of Pesos) For the year ended March31, 2024 2025 Revenues 6,236.3 8,876.0 Cost of Sales 4,803.3 6,922.3 Gross Profit 1,433.0 1,953.7 Selling and Administrative Expenses 630.8 805.4 Operating Income (Loss) 802.2 1,148.3 Other Expenses - Net 51.2 21.8 Comprehensive Financing Result 63.8 34.9 Taxes and Statutory Employee Profit Sharing 180.9 290.4 Equity in Income (Loss) of Associated Companies (16.0) (2.8) Consolidated Net Income (Loss) 720.3 911.8 D&A 71.5 82.2 EBITDA 1/ 873.7 1,230.5 Expand 1/ EBITDA for any period is defined as consolidated net income (loss) excluding i) depreciation and amortization, ii) total net comprehensive financing result (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other Financing costs), iii) other expenses net, iv) income tax and statutory employee profit sharing and v) equity in income (loss) of associated companies. EBITDA should not be considered as an alternate measure of net income or operating income, as determined on a consolidated basis using amounts derived from statements of operations prepared in accordance with MFRS, or as an indicator of operating performance or to cash flows from operating activity as a measure of liquidity. EBITDA is not a recognized term under MFRS or U.S. GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activity as a measure of liquidity. Expand Our consolidated net income for the three months ended March 31, 2025, was Ps.911.8 million (U.S.$44.6 million), compared to a net income of Ps.720.3 million in the same period of 2024. This represented a 26.6% increase, quarter over quarter (Q/Q). This change is primarily due to an increase in sales and hence Gross Profit. Revenues Our net revenues for the three months of 2025 increased 42.3% to Ps.8,876.0 million (U.S.$433.82 million) from Ps.6,236.3 million in the same period of 2024. This increase was driven in part by higher copper prices, combined with an increase in volume of sales. Our costs and revenues follow copper prices very closely since the market practice is to pass on to the buyer changes in raw material prices. Our sales are primarily for customers engaged in commercial, industrial and residential construction, and their related maintenance and renovation activities. We also sell to customers engaged in electrical power generation, transmission and distribution and to the sectors of gas, water and air conduction in Heating, Ventilation, Air conditioning and Refrigeration (HVACR). Our revenues consist mainly of sales of copper-based products (tubing, wire, cable and alloys) and electrical products. By country of production, approximately 61.3% of our revenues in the three months ended March 31, 2025, came from products manufactured in Mexico and the remaining 38.7% from products manufactured in the U.S. In terms of sales by region during the three months ended March 31, 2025, we derived approximately 44.0% of our revenues from sales to customers in the United States, 51.7% from customers in Mexico and 4.3% from the rest of the world ('ROW'). Cost of sales Our cost of sales in the three months ended March 31, 2025, increased by 44.1% to Ps.6,922.3 million (U.S.$338.3 million) from Ps.4,803.3 million in the same period of 2024. As a percentage of revenues, the cost of sales was 78.0% and 77.0% respectively. We reduce our cost base through several initiatives, including plant scheduling, raw material handling, and overall manufacturing overhead costs. According to our accounting policies, we make an inventory valuation at an average purchase price. In the case of copper cathodes, an aftermath adjustment is required due to the quotation period agreed with the suppliers (M+1). This initiative allows us to hedge purchases for 30 days at no additional cost. The adjustment is recorded to the cost of sales in the month in which it occurs. Gross Profit Our gross profit in the three months ended March 31, 2025, increased 36.3% to Ps.1,953.7 million (U.S.$95.5 million) from Ps.1,433.0 million in the same period of 2024. As a percentage of sales, gross profit in 2025 was 22.0% vs 23.0% in 2024. Selling and Administrative Expenses Our sales and administrative expenses in the three months ended March 31, 2025, increased 27.7% to Ps.805.4 million from Ps.630.8 in the same period of 2024. Operating Income Our operating income in the three months ended March 31, 2025, increased 43.1% to Ps. 1,148.3 million (U.S.$56.12 million) from an operating income of Ps. 802.2 in the same period of 2024. EBITDA In the three months ended March 31, 2025, our EBITDA increased 40.8% to Ps.1,230.5 million (or U.S.$60.1million), from Ps.873.7 million in the same period of 2024. The corresponding depreciation and amortization figures are Ps.422.3 million for January to March 2025 and Ps.337.7 million for the same period of 2024. Comprehensive Financing Result The following table shows our comprehensive financing results for the three months ending March 31, 2025, and 2024: Our comprehensive financing result in the three months ending March 31, 2025, was an expense of Ps.34.9 million, compared to an expense of Ps.63.8 million in the same period of 2024. Taxes and Statutory Employee Profit Sharing The provision for current and deferred income taxes and statutory employee profit sharing in the three months ended March 31, 2025, was an expense of Ps.290.4 million compared to an expense of Ps.180.9 million in the same period of 2024. Consolidated Net Income Our consolidated net income for the three months ended March 31, 2025, was Ps.911.8 million (U.S.$44.5 million), compared to a net income of Ps.720.3 million in the same period of 2024. Liquidity and Capital Resources Liquidity As of March 31, 2025, we had cash and cash equivalents for Ps.6,436.8 million (U.S.$314.6 million). Our policy is to invest available cash in short-term instruments issued by Mexican and U.S. banks as well as in securities issued by the governments of Mexico and the U.S. Our cash flow from operations and operating margins are significantly influenced by world market prices for raw copper, as quoted by COMEX and the London Metal Exchange ('LME'). Copper prices are subject to significant market fluctuations; average copper prices increased 18.4% in the three months ending March 31, 2025, to $4.57 US dollars per pound from $3.86 US dollar per pound in the same period of 2024. We obtain short-term financing from various sources, including Mexican and international banks. Short-term financing consists in part of lines of credit denominated in pesos and dollars. As of March 31, 2025, our outstanding short-term debt, including the current portion of long-term debt totaled Ps.422.2 million (U.S.$20.6 million), all of which was dollar denominated. On the same date, our outstanding consolidated long-term debt, excluding current portion thereof, totaled Ps.4,129.0 million (U.S.$201.8 million), all of which was dollar denominated. Accounts receivable from third parties as of March 31, 2025, were Ps.6,205.1 million (U.S.$303.3 million). Days outstanding in the domestic market were 31 days as of March 31, 2025. Debt Obligations The following table summarizes our debt as of March 31, 2025: This total includes the restructured debt of the Company. Capital Expenditures For the three months ended March 31, 2025, we invested Ps.79.1 million (U.S. $3.9 million) in capital expenditure projects, mainly related to expansion of production and maintenance. In the three months ending March 31, 2025, our capital expenditures were allocated by segments as follows: 1.0% to copper tubing, 35.0% to wire and cable, 45.0% to valves and controls, 8.0% to electrical products and the remaining and 11.0% to other divisions. By geographic region 69.0% of total capital expenditures were invested in our Mexican facilities and the remaining 31.0% in the U.S. You should read this document in conjunction with the unaudited consolidated financial statements as of March 31, 2025, including the notes to those statements.
Business Upturn
6 days ago
- Business
- Business Upturn
Grupo Aeroportuario del Pacifico Announces Drawdown of Ps. 3,375 Million Credit Facility
By GlobeNewswire Published on May 31, 2025, 02:29 IST GUADALAJARA, Mexico, May 30, 2025 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ('the Company' or 'GAP') announces that today it drew down a credit facility with Banco Nacional de México, S.A. ('Banamex') for Ps. 3,375 million, with a five-year term. Interest will be payable monthly at a variable rate of TIIE-28 (Funding) plus 54 basis points, without fees and principal payment on May 30, 2030, The proceeds from this credit will be used to repay existing bank loans currently held with Banamex of Ps. 2,500 million and BBVA of Ps. 875 million. 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 Concessioner 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 Norman Manley International Airport operation 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 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 involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is or by email at [email protected]. GAP's Audit Committee will be notified of all complaints for immediate investigation. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
6 days ago
- Business
- Yahoo
Grupo Aeroportuario del Pacifico Announces Drawdown of Ps. 3,375 Million Credit Facility
GUADALAJARA, Mexico, May 30, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ('the Company' or 'GAP') announces that today it drew down a credit facility with Banco Nacional de México, S.A. ('Banamex') for Ps. 3,375 million, with a five-year term. Interest will be payable monthly at a variable rate of TIIE-28 (Funding) plus 54 basis points, without fees and principal payment on May 30, 2030, The proceeds from this credit will be used to repay existing bank loans currently held with Banamex of Ps. 2,500 million and BBVA of Ps. 875 million. 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 Concessioner 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 Norman Manley International Airport operation 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 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 involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is or by email at denuncia@ GAP's Audit Committee will be notified of all complaints for immediate investigation. Alejandra Soto, Investor Relations and Social Responsibility Officer asoto@ Gisela Murillo, Investor Relations gmurillo@ 33 3880 1100 ext. 20294 Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Grupo Aeroportuario del Pacifico Announces Payment Date for the First Installment of the Dividend Approved by the Annual General Ordinary Shareholders' Meeting
GUADALAJARA, Mexico, May 14, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ('the Company' or 'GAP') announces that, following the resolution adopted by the Annual General Ordinary Shareholders' Meeting held on April 24, 2025, regarding the payment of a total dividend of Ps. 16.84 (SIXTEEN PESOS 84/100 M.N.) per outstanding share, the Company decided to make the dividend payment in two installments. The first installment will be equivalent to Ps. 8.42 (EIGHT PESOS 42/100 M.N.) per outstanding share and will be paid on May 28, 2025. The dividend payment will correspond to the forty such payment. 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 Concessioner 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 Norman Manley International Airport operation 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 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 involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is or by email at denuncia@ GAP's Audit Committee will be notified of all complaints for immediate investigation. Alejandra Soto, Investor Relations and Social Responsibility Officer asoto@ Gisela Murillo, Investor Relations gmurillo@ 33 3880 1100 ext. 20294
