Grupo Aeroportuario del Pacifico Announces Results for the Fourth Quarter of 2023

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GUADALAJARA, Mexico, Feb. 26, 2024 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC, BMV:GAP) (“the Company” or “GAP”) reports its consolidated results for the fourth quarter ended December 31, 2023 (4Q23). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 4Q23 vs. 4Q22

The sum of aeronautical and non-aeronautical services revenues increased by Ps. 16.5 million, or 0.3%. Total revenues increased by Ps. 1,126.0 million, or 14.1%.
Cost of services increased by Ps. 49.6 million, or 4.3%.
Income from operations decreased by Ps. 199.4 million, or 5.5%.
EBITDA decreased by Ps. 110.7 million, or 2.6%, a decrease from Ps. 4,252.4 million in 4Q22 to Ps. 4,141.6 million in 4Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 69.8% in 4Q22 to 67.8% in 4Q23.
Comprehensive income increased by Ps. 296.6 million, or 17.9%, from Ps. 1,660.1 million in 4Q22 to Ps. 1,956.7 million in 4Q23.

Company’s Financial Position:

4Q23 results were positive compared to 4Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 10.7% appreciation of the peso versus the U.S. dollar in the quarter, generating positive net cash flow from operating activities, which amounted to Ps. 3,054.2 million, a decrease of 8.5%. The Company reported a financial position of cash and cash equivalents as of December 31, 2023, of Ps. 10,055.2 million. During 4Q23, the Company drew down a credit line of Ps. 1,500.0 million from Banco Santander México, S.A. The proceeds were used to refinance the credit with Scotiabank Inverlat for the same amount.

Passenger Traffic

During 4Q23, total passengers at the Company’s 14 airports increased by 380.9 thousand passengers, an increase of 2.5%, compared to 4Q22.

During 4Q23, the following new routes were opened:

Domestic:
 
 
 
 

 
 
 
 
 

Airline
Departure
Arrival
Opening date
Frequencies

Aeromexico
Aguascalientes
Felipe Angeles
October 5, 2023
1 daily

Aeromexico
Guanajuato
Felipe Angeles
October 5, 2023
1 daily

Viva Aerobus
Tijuana
Puebla
October 20, 2023
5 weekly

Viva Aerobus
Guadalajara
Felipe Angeles
December 9, 2023
2 daily

Viva Aerobus
Guadalajara
Tulum
December 16, 2023
3 weekly

Viva Aerobus
Tijuana
Tulum
December 17, 2023
3 weekly

Viva Aerobus
La Paz
Monterrey
December 23, 2023
2 weekly

Note: Frequencies can vary without prior notice.
 
 

 
 
 
 
 

 
 
 
 
 

International
 
 
 
 

Airline
Departure
Arrival
Opening date
Frequencies

Southwest
Montego Bay
Kansas City
October 7, 2023
1 weekly

Southwest
Los Cabos
Kansas City
October 7, 2023
1 weekly

Flair
Puerto Vallarta
Toronto
October 29, 2023
4 weekly

Flair
Puerto Vallarta
Calgary
November 1, 2023
6 weekly

United Airlines
Montego Bay
Denver
November 4, 2023
1 weekly

WestJet
Los Cabos
Victoria
November 9, 2023
1 weekly

Air Canada
Los Cabos
Montreal
December 1, 2023
1 weekly

Norse Atlantic UK
Montego Bay
London Gatwick
December 1, 2023
4 weekly

WestJet
Los Cabos
Abbotsford
December 4, 2023
1 weekly

Viva Aerobus
Bajío
Dallas Fort Worth
December 8, 2023
3 weekly

WestJet
Puerto Vallarta
Abbotsford
December 9, 2023
1 weekly

Jetlines Canada
Montego Bay
Toronto
December 9, 2023
3 weekly

Alaska
Puerto Vallarta
Las Vegas
December 14, 2023
4 weekly

Alaska
Los Cabos
Las Vegas
December 15, 2023
4 weekly

WestJet
Puerto Vallarta
Prince George
December 16, 2023
1 weekly

Flair
Puerto Vallarta
Kitchener-Waterloo
December 16, 2023
3 weekly

Note: Frequencies can vary without prior notice.
 

 
 
 
 
 
 
 
 

Domestic Terminal Passengers – 14 airports (in thousands):
 

Airport
4Q22
4Q23
Change
2022
2023
Change
 

Guadalajara
3,185.9
3,107.8
(2.5
%)
11,155.2
12,502.9
12.1
%
 

Tijuana *
2,129.8
2,118.8
(0.5
%)
8,102.9
8,870.4
9.5
%
 

Los Cabos
708.0
721.5
1.9
%
2,577.8
2,965.7
15.0
%
 

Puerto Vallarta
710.5
663.0
(6.7
%)
2,654.5
2,860.1
7.7
%
 

Montego Bay
0.0
0.2
0.0
%
0.0
0.2
0.0
%
 

Guanajuato
528.0
616.1
16.7
%
1,828.7
2,345.6
28.3
%
 

Hermosillo
523.7
561.9
7.3
%
1,867.2
2,114.3
13.2
%
 

Kingston
0.4
0.5
19.3
%
1.4
1.8
31.0
%
 

Mexicali
373.8
421.9
12.9
%
1,292.5
1,596.7
23.5
%
 

Morelia
198.9
186.7
(6.1
%)
673.2
795.8
18.2
%
 

La Paz
267.2
287.8
7.7
%
1,053.9
1,102.0
4.6
%
 

Aguascalientes
170.0
161.1
(5.2
%)
694.8
639.7
(7.9
%)
 

Los Mochis
109.2
127.5
16.8
%
416.6
463.8
11.3
%
 

Manzanillo
23.9
32.7
37.0
%
97.9
112.8
15.2
%
 

Total
8,929.2
9,007.6
0.9
%
32,416.7
36,371.7
12.2
%
 

*Cross Border Xpress (CBX) users are classified as international passengers.
 
 

 
 
 
 
 
 
 
 

InternationalTerminal Passengers – 14 airports (in thousands):
 
 

Airport
4Q22
4Q23
Change
2022
2023
Change
 

Guadalajara
1,218.5
1,358.5
11.5
%
4,451.3
5,207.4
17.0
%
 

Tijuana *
1,158.4
1,070.0
(7.6
%)
4,221.7
4,324.5
2.4
%
 

Los Cabos
1,131.0
1,146.8
1.4
%
4,441.5
4,749.9
6.9
%
 

Puerto Vallarta
966.6
1,066.2
10.3
%
3,554.2
3,930.0
10.6
%
 

Montego Bay
1,130.3
1,248.5
10.5
%
4,356.1
5,211.7
19.6
%
 

Guanajuato
206.9
229.7
11.1
%
774.5
875.2
13.0
%
 

Hermosillo
19.6
20.5
4.6
%
78.1
75.5
(3.3
%)
 

Kingston
432.3
407.3
(5.8
%)
1,560.7
1,746.3
11.9
%
 

Mexicali
1.7
1.6
(4.2
%)
6.3
6.9
9.6
%
 

Morelia
135.3
144.4
6.7
%
499.6
588.5
17.8
%
 

La Paz
6.6
3.5
(46.8
%)
25.8
13.9
(46.2
%)
 

Aguascalientes
64.3
74.0
15.0
%
234.5
288.3
22.9
%
 

Los Mochis
1.6
1.6
1.7
%
7.4
6.9
(5.6
%)
 

Manzanillo
15.6
18.6
19.0
%
67.9
67.7
(0.2
%)
 

Total
6,488.7
6,791.2
4.7
%
24,279.7
27,092.8
11.6
%
 

*CBX users are classified as international passengers.
 
 

 
 
 
 
 
 
 
 

Total Terminal Passengers– 14 airports(in thousands):
 
 

Airport
4Q22
4Q23
Change
2022
2023
Change
 

Guadalajara
4,404.4
4,466.3
1.4
%
15,606.5
17,710.2
13.5
%
 

Tijuana *
3,288.2
3,188.8
(3.0
%)
12,324.6
13,194.9
7.1
%
 

Los Cabos
1,839.0
1,868.3
1.6
%
7,019.3
7,715.6
9.9
%
 

Puerto Vallarta
1,677.0
1,729.2
3.1
%
6,208.7
6,790.1
9.4
%
 

Montego Bay
1,130.3
1,248.6
10.5
%
4,356.1
5,211.9
19.6
%
 

Guanajuato
734.8
845.8
15.1
%
2,603.2
3,220.8
23.7
%
 

Hermosillo
543.3
582.4
7.2
%
1,945.4
2,189.9
12.6
%
 

Kingston
432.7
407.8
(5.8
%)
1,562.1
1,748.1
11.9
%
 

Mexicali
375.5
423.5
12.8
%
1,298.8
1,603.6
23.5
%
 

Morelia
334.2
331.1
(0.9
%)
1,172.7
1,384.3
18.0
%
 

La Paz
273.8
291.3
6.4
%
1,079.7
1,115.8
3.3
%
 

Aguascalientes
234.3
235.1
0.3
%
929.3
928.0
(0.1
%)
 

Los Mochis
110.7
129.1
16.6
%
424.0
470.7
11.0
%
 

Manzanillo
39.5
51.3
29.9
%
165.8
180.5
8.9
%
 

Total
15,417.9
15,798.8
2.5
%
56,696.4
63,464.4
11.9
%
 

*CBX users are classified as international passengers.
 
 

 
 
 
 
 
 
 
 

CBX Users (in thousands):
 
 

Airport
4Q22
4Q23
Change
2022
2023
Change
 

Tijuana
1,148.0
1,061.2
(7.6
%)
4,186.5
4,288.0
2.4
%
 

 
 
 
 
 
 
 
 

Consolidated Results for the Fourth Quarter(in thousands of pesos):
 
 
 
 
 

 
4Q22
4Q23
Change
 

Revenues
 
 
 
 

Aeronautical services
4,710,033
 
4,486,752
 
(4.7
%)
 

Non-aeronautical services
1,381,408
 
1,621,181
 
17.4
%
 

Improvements to concession assets (IFRIC-12)
1,914,213
 
3,023,696
 
58.0
%
 

Total revenues
8,005,654
 
9,131,629
 
14.1
%
 

 
 
 
 
 

Operating costs
 
 
 
 

Costs of services:
1,146,085
 
1,195,635
 
4.3
%
 

Employee costs
376,708
 
451,452
 
19.8
%
 

Maintenance
296,564
 
250,557
 
(15.5
%)
 

Safety, security & insurance
168,203
 
188,135
 
11.8
%
 

Utilities
121,656
 
121,268
 
(0.3
%)
 

Business operated directly by us
49,759
 
70,254
 
41.2
%
 

Other operating expenses
133,195
 
113,969
 
(14.4
%)
 

 
 
 
 
 

Technical assistance fees
202,678
 
199,494
 
(1.6
%)
 

Concession taxes
496,667
 
594,877
 
19.8
%
 

Depreciation and amortization
597,987
 
686,722
 
14.8
%
 

Cost of improvements to concession assets (IFRIC-12)
1,914,213
 
3,023,696
 
58.0
%
 

Other (income)
(6,344
)
(23,713
)
273.8
%
 

Total operating costs
4,351,286
 
5,676,711
 
30.5
%
 

Income from operations
3,654,368
 
3,454,918
 
(5.5
%)
 

Financial Result
(750,104
)
(650,398
)
(13.3
%)
 

Income before income taxes
2,904,263
 
2,804,520
 
(3.4
%)
 

Income taxes
(1,073,585
)
(547,436
)
(49.0
%)
 

Net income
1,830,678
 
2,257,084
 
23.3
%
 

Currency translation effect
(141,530
)
(237,991
)
68.2
%
 

Cash flow hedges, net of income tax
(37,573
)
(45,552
)
21.2
%
 

Remeasurements of employee benefit – net income tax
8,491
 
(16,849
)
(298.4
%)
 

Comprehensive income
1,660,066
 
1,956,692
 
17.9
%
 

Non-controlling interest
(13,212
)
(8,301
)
(37.2
%)
 

Comprehensive income attributable to controlling interest
1,646,855
 
1,948,391
 
18.3
%
 

 
 
 
 
 

 
 
 
 
 

 
4Q22
4Q23
Change
 

EBITDA
4,252,355
 
4,141,640
 
(2.6
%)
 

Comprehensive income
1,660,066
 
1,956,692
 
17.9
%
 

Comprehensive income per share (pesos)
3.2646
 
3.8725
 
18.6
%
 

Comprehensive income per ADS (US dollars)
1.9317
 
2.2915
 
18.6
%
 

 
 
 
 
 

Operating income margin
45.6
%
37.8
%
(17.1
%)
 

Operating income margin (excluding IFRIC-12)
60.0
%
56.6
%
(5.7
%)
 

EBITDA margin
53.1
%
45.4
%
(14.6
%)
 

EBITDA margin (excluding IFRIC-12)
69.8
%
67.8
%
(2.9
%)
 

Costs of services and improvements / total revenues
38.2
%
46.2
%
20.9
%
 

Cost of services / total revenues (excluding IFRIC-12)
18.8
%
19.6
%
4.0
%
 

 
 
 
 
 

 
 
 
 
 

– Net income and comprehensive income per share for 4Q23 and 4Q22 were calculated based on 505,277,464 shares outstanding as of December 31, 2023, and December 31, 2022, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at Ps. 16.8998 per U.S. dollar (the noon buying rate on December 29, 2023, as published by the U.S. Federal Reserve Board).
– For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 17.5814 per U.S. dollar for the three months ended December 31, 2023 was used.

Revenues (4Q23 vs. 4Q22)

Aeronautical services revenues decreased by Ps. 223.3 million, or 4.7%.
Non-aeronautical services revenues increased by Ps. 239.8 million, or 17.4%.
Revenues from improvements to concession assets increased by Ps. 1,109.5 million, or 58.0%.
Total revenues increased by Ps. 1,126.0 million, or 14.1%.


The change in aeronautical services revenues was primarily due to the following factors:

Revenues at our Mexican airports decreased by Ps. 207.0 million, or 5.1%, compared to 4Q22, mainly due to the 10.7% appreciation of the peso versus the U.S. dollar, compared to 4Q22, which went from an average exchange rate of Ps. 19.6969 in 4Q22 to Ps. 17.5814 in 4Q23, affecting the international tariffs, in addition to the discounts granted in the passenger fees during November and December of 2023.
Revenues from Jamaican airports decreased by Ps. 16.3 million, or 4.7%, compared to 4Q22. This was mainly due to the 10.7% appreciation of the peso versus the U.S. dollar, compared to 4Q22, which represented a decrease in revenues in pesos. Revenues in U.S. dollars increased by USD$3.0 million or 9.2%. Passenger traffic increased by 6.0%.

The change in non-aeronautical services revenues was primarily driven by the following factors:

Revenues at our Mexican airports increased by Ps. 220.0 million, or 19.2%, compared to 4Q22. Revenues from businesses operated by third parties increased by Ps. 133.6 million, or 18.2%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions that matured during 4Q23. The business lines that grew the most were food and beverage, retail, car rentals, other commercial revenues, and leasing of space, all of which increased by Ps. 139.7 million, or 27.4%, offset by a decrease in revenues from duty-free stores by Ps. 8.3 million, combined, given that these contracts are in U.S. dollars and the peso appreciated by 10.7%. Revenues from businesses operated directly by us increased by Ps. 86.5 million, or 27.5%.
Revenues from the Jamaican airports increased by Ps. 19.8 million, or 12.5%, compared to 4Q22. The business line that grew the most was duty-free stores, leasing of space, financial services, and other commercial revenues, which increased by Ps. 16.3 million, or 15.3%. Revenues in U.S. dollars increased by US$ 3.3 million, or 28.7%, offset by an appreciation of the peso by 10.7% against the U.S. dollar compared to 4Q22.

 
4Q22
4Q23
Change

Businesses operated by third parties:
 
 
 

Food and beverage
200,865
254,521
26.7
%

Car rentals
142,812
182,423
27.7
%

Duty-free
175,353
177,656
1.3
%

Retail
162,571
166,464
2.4
%

Other commercial revenues
29,469
93,964
218.9
%

Leasing of space
80,042
78,138
(2.4
%)

Time shares
59,245
59,737
0.8
%

Ground transportation
45,325
46,093
1.7
%

Communications and financial services
26,616
28,272
6.2
%

Total
922,299
1,087,267
17.9
%

 
 
 
 

Businesses operated directly by us:
 
 
 

Car parking
154,210
178,918
16.0
%

Convenience stores
93,866
137,042
46.0
%

VIP lounges
104,579
112,634
7.7
%

Advertising
48,998
45,923
(6.3
%)

Total
401,654
474,516
18.1
%

Recovery of costs
57,456
59,397
3.4
%

Total Non-aeronautical Revenues
1,381,408
1,621,182
17.4
%

Figures are expressed in thousands of Mexican pesos.
 
 
 

Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,109.5 million, or 58.0%, compared to 4Q22. The change was composed of:

Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 1,001.9 million, or 54.0%, due to increased investments under the Master Development Program for the 2020-2024 period.
Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 107.6 million, or 180.8%.

Total operating costs increased by Ps. 1,325.4 million, or 30.5%, compared to 4Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 1,109.5 million, an increase of Ps. 99.2 million, or 19.8%, in concession taxes, Ps. 88.7 million, or 14.8%, increase in depreciation and amortization, and an increase in the cost of services of Ps. 49.6 million, or 4.3% (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 215.9 million, or 8.9%).

___________________________
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or 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. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs 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.

This increase in total operating costs was primarily due to the following factors:

Mexican airports:

Operating costs increased by Ps. 1,137.7 million, or 30.8%, compared to 4Q22, primarily due to a Ps. 1,101.9 million, or 54.2%, increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 95.6 million, or 20.4%, increase in depreciation and amortization, and Ps. 66.8 million, or 7.2%, increase in the cost of services. This increase was offset by a combined Ps. 8.5 million, or 1.9%, decrease in technical assistance fees and concession taxes, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 135.7 million, or 7.4%).

The change in the cost of services during 4Q23 was mainly due to:

Employee costs increased Ps. 75.8 million, or 23.6%, compared to 4Q22, mainly due to the hiring of 362 additional personnel during 2023, mainly for the operation of business lines operated directly by us, as well as the adjustments in salaries and changes in Labor Law.
Cost of business operated directly by us increased by Ps. 20.5 million or 41.2%, compared to 4Q22, derived from increased operations and income in VIP lounges and convenience stores.
Safety, security, and insurance costs increased Ps. 15.4 million, or 12.4%, compared to 4Q22, mainly due to an increase in the number of security staff, minimum wages and changes in Labor Law, and the opening of additional operational areas.
These increases were offset by the decrease in maintenance cost by Ps. 48.5 million, or 19.4%.

Jamaican Airports:

Operating costs increased by Ps. 187.7 million, or 28.3%, compared to 4Q22, mainly due to a Ps. 107.6 million, or 180.8% increase in the cost of improvements to concession assets (IFRIC-12), increase in concession taxes by Ps. 103.5 million, or 41.6%, offset by a decrease in the cost of services by Ps. 17.2 million, or 7.7%, and a decrease in the depreciation and amortization by Ps. 6.8 million, or 5.3%.

Operating income margin went from 45.6% in 4Q22 to 37.8% in 4Q23. Excluding the effects of IFRIC-12, the operating income margin went from 60.0% in 4Q22 to 56.6% in 4Q23. Income from operations decreased by Ps. 199.4 million, or 5.5%, compared to 4Q22.

EBITDA margin went from 53.1% in 4Q22 to 45.4% in 4Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 69.8% in 4Q22 to 67.8% in 4Q23. The nominal value of EBITDA decreased by Ps. 110.7 million, or 2.6%, compared to 4Q22.

Financial result decreased by Ps. 99.7 million, or 13.3%, from a net expense of Ps. 750.1 million in 4Q22 to a net expense of Ps. 650.4 million in 4Q23. This change was mainly the result of:

Foreign exchange rate fluctuations, which went from an expense of Ps. 260.6 million in 4Q22 to an expense of Ps. 154.5 million in 4Q23. This generated a foreign exchange gain of Ps. 106.1 million. This was mainly due to the appreciation of the peso. The currency translation effect income increased to Ps. 96.5 million, compared to 4Q22.
Interest expenses increased by Ps. 50.3 million, or 6.7%, compared to 4Q22, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines.
Interest income increased by Ps. 43.9 million, or 14.2%, compared to 4Q22, mainly due to an increase in the reference interest rates.

In 4Q23, comprehensive income increased by Ps. 296.6 million, or 17.9%, compared to 4Q22. Mainly due to the decrease in the income before taxes by Ps. 526.1 million, and the decrease in the financial result of Ps. 99.7 million, this was offset by the decrease in revenues in dollars due to the appreciation of the peso by 10.7%, the decrease in income from the currency translation effect in Ps. 96.5 million, among others.

During 4Q23, net income increased by Ps. 426.4 million, or 23.3%, compared to 4Q22. Taxes for the period decreased by Ps. 526.1 million, income taxes decreased by Ps. 390.1 million and the benefit for deferred taxes increased by Ps. 136.0 million, mainly due to an increase in the inflation rate, from 1.4% in 4Q22 to 1.7% in 4Q23 and the application of tax losses of Ps. 28.1 million.

Consolidated Results for the Twelve Months (in thousands of pesos):
 
 
 

 
2022
 
2023
 
Change

Revenues
 
 
 

Aeronautical services
17,336,734
 
19,267,395
 
11.1
%

Non-aeronautical services
5,197,238
 
6,165,429
 
18.6
%

Improvements to concession assets (IFRIC-12)
4,846,404
 
7,791,320
 
60.8
%

Total revenues
27,380,377
 
33,224,144
 
21.3
%

 
 
 
 

Operating costs
 
 
 

Costs of services:
3,781,054
 
4,380,069
 
15.8
%

Employee costs
1,373,264
 
1,724,461
 
25.6
%

Maintenance
730,568
 
728,618
 
(0.3
%)

Safety, security & insurance
577,122
 
691,155
 
19.8
%

Business operated directly by us
474,032
 
485,265
 
2.4
%

Utilities
161,823
 
245,496
 
51.7
%

Other operating expenses
464,245
 
505,074
 
8.8
%

 
 
 
 

Technical assistance fees
756,648
 
851,320
 
12.5
%

Concession taxes
1,895,182
 
2,532,896
 
33.6
%

Depreciation and amortization
2,313,321
 
2,545,702
 
10.0
%

Cost of improvements to concession assets (IFRIC-12)
4,846,404
 
7,791,320
 
60.8
%

Other (income)
(26,427
)
(15,875
)
(39.9
%)

Total operating costs
13,566,182
 
18,085,431
 
33.3
%

Income from operations
13,814,195
 
15,138,713
 
9.6
%

Financial Result
(1,538,510
)
(2,377,022
)
54.5
%

Income before income taxes
12,275,686
 
12,761,690
 
4.0
%

Income taxes
(3,090,212
)
(3,072,090
)
(0.6
%)

Net income
9,185,474
 
9,689,600
 
5.5
%

Currency translation effect
(488,316
)
(893,709
)
83.0
%

 Cash flow hedges, net of income tax
100,966
 
(69,905
)
(169.2
%)

Remeasurements of employee benefit – net income tax
8,802
 
(15,932
)
(281.0
%)

Comprehensive income
8,806,926
 
8,710,054
 
(1.1
%)

Non-controlling interest
(142,710
)


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