Connect with us

Globe NewsWire

Grupo Aeroportuario del Pacifico Announces Results for the First Quarter of 2021

Avatar

Published

on

GUADALAJARA, Mexico, April 29, 2021 (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 first quarter ended March 31, 2021 (1Q21). 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 first quarter of the year, the COVID-19 pandemic continued to affect the Company’s results, mainly due to the decrease in domestic and international passenger traffic compared to 1Q20. Containment steps, such as those taken by the United States government which expanded the requirement for negative COVID-19 testing for all air passengers entering the United States beginning January 26, 2021 also affected passenger traffic. As of January 7, 2021, there were similar testing requirements for air passengers traveling to Canada, and subsequently, the Canadian government suspended flights between Mexico and the Caribbean, further contributing to a decrease in passenger traffic levels compared to 1Q20.

As previously mentioned, the degree of recovery of 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 fully estimate the impact on its financial situation or operating results in the short, medium or long term. However, the rate of vaccination by the U.S. government may aid in a sooner than expected recovery in international traffic, mainly at the Company’s airports in tourist destinations.

Company measures during 1Q21:

  • The Company continued to offer support to airlines and its commercial clients. For commercial contracts, the Company granted discounts on guaranteed minimum rental amounts in accordance with the percentage decrease in passenger traffic at each airport compared to the 1Q21, thereby maintaining the Company’s percentage of participation in revenues. With regards to the airlines, the Company continued its incentive program in accordance with the reactivation of routes and frequencies that were held prior to the pandemic.
  • Operating cost control measures were maintained throughout most of the expense line items; however, in the 1Q21 there was an increase in the expense line items compared to the previous quarter driven by the increase in passenger traffic at each airport.

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

Despite pandemic-related effects causing a significant decline in 1Q21 revenue, the Company continues generating positive EBITDA. Controlling cost of services and negotiating a decrease in concession taxes and technical assistance fees, enabled the Company to mitigate the impact of the COVID-19 pandemic on revenues.

During 1Q21, the Company generated a positive cash flow in operating activities, even though it was significantly lower than the cash flow for 1Q20. The Company reported a solid financial position at the close of 1Q21, cash and cash equivalents on March 31, 2021 were Ps. 14,728.4 million (a 34.2% increase as compared to 1Q20). During 1Q21, the Company completed the refinancing of the US$ 191.0 million, that were due in January and February 2021.

During 1Q21, the Company continued evaluating the possible adverse impacts of the pandemic on its financial condition and operating results. The Company also reviewed key indicators and impairment tests of significant long-term assets, expected credit losses and recovery of assets due to deferred taxes. 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 a business interruption or closing operations at any of its airports. However, the Company cannot ensure that the negative effect of the pandemic will be less in the coming quarter, nor can it ensure that local and global economic conditions will improve. The Company can also not predict the availability of financing, or what general credit conditions will be.

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

During 1Q21, the Company performed a risk evaluation of accounts receivable from airlines and commercial clients in terms of liquidity. As a result, the Company is recognizing an allowance for credit losses of Ps. 23.5 million in operating costs.

The Company will continue informing the market in a timely manner regarding future material updates on airport operations and the measures adopted for preserving liquidity and going concern.

Summary of Results 1Q21 vs. 1Q20

  • The sum of aeronautical and non-aeronautical services revenues decreased by Ps. 1,436.9 million, or 34.7%. Total revenues decreased by Ps. 1,330.8 million, or 26.8%.
  • Cost of services decreased by Ps. 83.9 million, or 11.4%.
  • Income from operations decreased by Ps. 1,087.5 million, or 46.4%.
  • EBITDA decreased by Ps. 1,066.8 million, or 37.8%, going from Ps. 2,824.0 million in 1Q20 to Ps.1,757.2 million in 1Q21. EBITDA margin (excluding the effects of IFRIC 12) decreased from 68.2% in 1Q20 to 65.0% in 1Q21.
  • Net comprehensive income decreased Ps. 1,848.0 million, from Ps. 3,165.2 million in 1Q20 to Ps. 1,317.2 million, or (58.4%) in 1Q21.

Passenger Traffic

During 1Q21, total terminal passengers at the Company’s 14 airports decreased by 4,318.1 thousand passengers, a decrease of 36.8%, compared to 1Q20. During 1Q21, there were no new route openings. On March 31, 2020, the Mexican government declared a national health emergency due to COVID-19 pandemic, suspending non-essential activities until May 31, 2020, therefore the effects of the pandemic on passenger traffic were reflected significantly from that date.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport 1Q20 1Q21 Change
Guadalajara 2,336.5 1,573.6 (32.7 %)
Tijuana * 1,420.1 1,410.7 (0.7 %)
Los Cabos 402.7 366.9 (8.9 %)
Puerto Vallarta 367.8 300.4 (18.3 %)
Guanajuato 424.6 286.0 (32.6 %)
Montego Bay 1.0 0.0 (100.0 %)
Hermosillo 396.1 257.6 (35.0 %)
Mexicali 277.0 190.2 (31.3 %)
Morelia 125.8 109.9 (12.7 %)
La Paz 213.5 169.1 (20.8 %)
Aguascalientes 137.6 97.7 (29.0 %)
Kingston 1.3 0.1 (90.8 %)
Los Mochis 86.8 70.9 (18.3 %)
Manzanillo 23.2 17.1 (26.2 %)
Total 6,213.9 4,850.4 (21.9 %)

*CBX users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport 1Q20 1Q21 Change
Guadalajara 957.8 595.0 (37.9 %)
Tijuana * 684.3 424.8 (37.9 %)
Los Cabos 947.1 534.4 (43.6 %)
Puerto Vallarta 1,086.3 352.5 (67.6 %)
Guanajuato 148.2 85.4 (42.4 %)
Montego Bay 1,132.9 304.7 (73.1 %)
Hermosillo 18.8 19.9 5.8 %
Mexicali 1.2 0.7 (42.7 %)
Morelia 99.6 75.1 (24.6 %)
La Paz 3.3 4.0 19.3 %
Aguascalientes 48.4 33.9 (30.0 %)
Kingston 353.5 115.4 (67.4 %)
Los Mochis 1.3 1.6 23.7 %
Manzanillo 28.5 9.4 (67.0 %)
Total 5,511.2 2,556.5 (53.6 %)

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport 1Q20 1Q21 Change
Guadalajara 3,294.4 2,168.5 (34.2 %)
Tijuana * 2,104.3 1,835.5 (12.8 %)
Los Cabos 1,349.8 901.3 (33.2 %)
Puerto Vallarta 1,454.1 652.9 (55.1 %)
Guanajuato 572.9 371.4 (35.2 %)
Montego Bay 1,133.9 304.7 (73.1 %)
Hermosillo 414.9 277.4 (33.1 %)
Mexicali 278.2 190.9 (31.4 %)
Morelia 225.4 184.9 (18.0 %)
La Paz 216.9 173.1 (20.2 %)
Aguascalientes 186.0 131.7 (29.2 %)
Kingston 354.8 115.5 (67.4 %)
Los Mochis 88.0 72.5 (17.7 %)
Manzanillo 51.7 26.5 (48.7 %)
Total 11,725.0 7,406.9 (36.8 %)

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport 1Q20 1Q21 Change
Tijuana 677.3 421.0 (37.8 %)

 

Consolidated Results for the First Quarter of 2021 (in thousands of pesos):

  1Q20 1Q21 Change
Revenues      
Aeronautical services 3,123,782   2,072,767   (33.6 %)
Non-aeronautical services 1,021,842   635,987   (37.8 %)
Improvements to concession assets (IFRIC 12) 823,215   929,243   12.9 %
Total revenues 4,968,839   3,637,996   (26.8 %)
       
Operating costs      
Costs of services: 736,558   652,698   (11.4 %)
Employee costs 247,206   243,634   (1.4 %)
Maintenance 114,403   94,439   (17.5 %)
Safety, security & insurance 125,326   123,826   (1.2 %)
Utilities 91,627   77,173   (15.8 %)
Other operating expenses 157,996   113,626   (28.1 %)
       
Technical assistance fees 132,265   88,356   (33.2 %)
Concession taxes 443,706   213,840   (51.8 %)
Depreciation and amortization 482,057   502,745   4.3 %
Cost of improvements to concession assets (IFRIC 12) 823,215   929,243   12.9 %
Other income 9,080   (3,350 ) (136.9 %)
Total operating costs 2,626,881   2,383,532   (9.3 %)
Income from operations 2,341,958   1,254,464   (46.4 %)
       
Financial Result (15,094 ) (79,304 ) 425.4 %
Share of loss of associates 86   1   98.8 %
Income before income taxes 2,326,950   1,175,161   (49.5 %)
Income taxes (518,887 ) (137,581 ) (73.5 %)
Net income 1,808,063   1,037,580   (42.6 %)
Currency translation effect 1,417,364   61,729   (95.6 %)
Cash flow hedges, net of income tax (60,108 ) 216,794   (460.7 %)
Remeasurements of employee benefit – net income tax (147 ) 1,102   (849.7 %)
Comprehensive income 3,165,172   1,317,205   (58.4 %)
Non-controlling interest (193,754 ) (12,895 ) 93.3 %
Comprehensive income attributable to controlling interest 2,971,419   1,304,310   (56.1 %)
       
       
  1Q20 1Q21 Change
EBITDA 2,824,015   1,757,209   (37.8 %)
Comprehensive income 3,165,172   1,317,205   (58.4 %)
Comprehensive income per share (pesos) 6.0223   2.5136   (58.3 %)
Comprehensive income per ADS (US dollars) 2.9462   1.2297   (58.3 %)
       
Operating income margin 47.1 % 34.5 % (26.8 %)
Operating income margin (excluding IFRIC 12) 56.5 % 46.3 % (18.0 %)
EBITDA margin 56.8 % 48.3 % (15.0 %)
EBITDA margin (excluding IFRIC 12) 68.2 % 65.0 % (4.9 %)
Costs of services and improvements / total revenues 31.4 % 43.5 % 38.5 %
Cost of services / total revenues (excluding IFRIC 12) 17.8 % 24.1 % 35.6 %
       

– Net income and comprehensive income per share for the 1Q21 were calculated based on 524,038,200 outstanding shares and for the 1Q20 were calculated based on 525,575,547 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.4410 per U.S. dollar (the noon buying rate on March 31, 2021, as published by the U.S. Federal Reserve Board).
– For purposes of the consolidation of the Montego Bay and Kingston airports, the average three-month exchange rate of Ps. 20.3190 per U.S. dollar for the three months ended March 31, 2021 was used.

Revenues (1Q21 vs. 1Q20)

  • Aeronautical services revenues decreased by Ps. 1,051.0 million, or 33.6%.
  • Non-aeronautical services revenues decreased by Ps. 385.9 million, or 37.8%.
  • Revenues from improvements to concession assets increased by Ps. 106.0 million, or 12.9%.
  • Total revenues decreased by Ps. 1,330.8 million, or 26.8%.
  • The change in aeronautical services revenues was composed primarily of the following factors:
    1. Revenues at the Company’s Mexican airports decreased by Ps. 671.3 million or 26.6% compared to 1Q20, mainly as a result of the decrease in passenger traffic of 31.7%, partially offset by the increase in maximum tariff applicable to 2021 pursuant to the adjustments to our Master Development Program as a result of the Extraordinary Review. Even though the increase approved to the maximum tariff was not reached in this quarter, it is expected to be reached by the end of 2021. As international passenger traffic picks up, the Company will be closer to the cap of the maximum tariff.
    2. Revenues from the Montego Bay airport decreased by Ps. 321.1 million, or 70.3%, compared to 1Q20. This was mainly due to the 73.1% decrease in passenger traffic. The passenger traffic decline was partially offset by the 2.3% depreciation of the peso versus the U.S. dollar during 1Q21, which went from an average exchange rate of Ps. 19.8551 in 1Q20 to Ps. 20.3190 in 1Q21.
    3. Revenues from the Kingston airport declined by Ps. 58.6 million, or 41.6% compared to 1Q20, mainly due to a 67.4% decrease in passenger traffic. The increase in passenger fees beginning April 2020, as well as the depreciation of the peso versus the dollar, partially offset the decrease in passenger traffic.
  • The change in non-aeronautical services revenues was composed primarily of the following factors:
    1. The Mexican airports decreased by Ps. 292.6 million, or 35.5%, compared to 1Q20. Revenues from businesses operated by third parties decreased by Ps. 175.0 million. This was mainly due to a decrease in revenues from time shares, food and beverage, duty-free stores, retail and car rentals, which jointly decreased by Ps. 172.8 million, or 37.5%. Revenues from businesses operated directly by the Company decreased by Ps. 100.5 million, or 42.9%, while the recovery of costs decreased by Ps. 17.2 million, or 34.8%.
    2. Revenues from the Montego Bay airport decreased by Ps. 68.4 million, or 47.0%, compared to 1Q20. Revenues in U.S. dollars decreased by US$ 3.5 million, or 48.2%. However, the 2.3% depreciation of the peso versus the dollar partially offset the revenue decrease in 1Q21.
    3. Revenues from the Kingston airport declined by Ps. 24.9 million, or 47.6%, compared to 1Q20. Revenues in U.S. dollars decreased by US$ 1.3 million, or 48.4%.
  1Q20 1Q21 Change
Businesses operated by third parties:      
Duty-free 152,027 81,342 (46.5 %)
Food and beverage 144,746 81,489 (43.7 %)
Retail 106,421 65,476 (38.5 %)
Car rentals 110,376 80,707 (26.9 %)
Leasing of space 55,710 49,030 (12.0 %)
Time shares 52,458 30,364 (42.1 %)
Ground transportation 38,260 26,641 (30.4 %)
Communications and financial services 31,108 16,351 (47.4 %)
Other commercial revenues 25,516 26,894 5.4 %
Total 716,622 458,295 (36.0 %)
       
Businesses operated directly by us:      
Car parking 78,105 69,344 (11.2 %)
VIP lounges 81,286 31,771 (60.9 %)
Advertising 33,934 10,443 (69.2 %)
Convenience stores 50,270 25,193 (49.9 %)
Total 243,595 136,751 (43.9 %)
Recovery of costs 61,624 40,940 (33.6 %)
Total Non-aeronautical Revenues 1,021,842 635,987 (37.8 %)
       

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets1
    Revenues from improvements to concession assets (IFRIC 12) increased by Ps. 106.0 million, or 12.9%, compared to 1Q20, mainly in:
    1. The Company’s Mexican airports, which increased by Ps. 102.3 million, or 12.7%, as a result of the adjusted Master Development Program for the 2020-2024 period.
    2. Improvements to concession assets at the Montego Bay airport increased Ps. 3.7 million, or 23.2%. During 1Q21 no investments in improvements to concession assets were made at the Kingston airport.

Total operating costs decreased by Ps. 243.3 million, or 9.3%, compared to 1Q20, mainly due to a Ps. 273.8 million, or 47.5%, decrease in concession taxes and technical assistance fees, and a Ps. 83.9 million, or 11.4% decrease in cost of services. This decrease was partially offset by a Ps. 106.0 million, or 12.9%, increase in the cost of improvements to the concession assets (IFRIC 12). Excluding the cost of improvements to concession assets, operating costs decreased Ps. 349.4 million, or 19.4%. This was composed primarily of the following factors:

Mexican Airports:

  • Operating costs decreased by Ps. 10.8 million or 0.5%, compared to 1Q20, despite the Ps. 102.3 million, or 12.7%, increase in the cost of improvements to the concession assets (IFRIC 12) (excluding this cost, operating costs decreased by Ps. 113.1 million or 9.4%), primarily due to the Ps. 32.2 million, or 6.0%, decrease in cost of services, the Ps. 91.4 million, or 30.6%, decrease in technical assistance fees and concession taxes, as a result of the decrease in revenues. These decreases were also partially offset by a Ps. 15.2 million, or 4.1%, increase in depreciation and amortization.

The decline in the cost of services was mainly due to the cost containment program during 1Q21:

  • Other operating expenses decreased by Ps. 20.0 million, or 17.1%, compared to 1Q20, mainly due to a Ps. 34.4 million, or 44.7% decrease in professional service fees, travel costs, marketing expenses, cost of sales in the VIP lounges and convenience stores, and expenses for FBO services. This decrease was partially offset by a Ps. 15.0 million increase in the allowance for expected credit losses.
  • Maintenance costs decreased by Ps. 10.1 million, or 11.6%, compared to 1Q20.
  • Utilities decreased by Ps. 8.9 million, or 16.3%, compared to 1Q20, mainly due to a decrease in electric energy and water consumption which saved Ps. 7.6 million.

Montego Bay Airport:

Operating costs decreased by Ps. 152.1 million, or 36.6% compared to 1Q20, mainly due to the decrease in concession taxes of Ps. 134.4 million, or 82.3%, cost of services of Ps. 18.5 million, or 16.6%, and cost of improvements to the concession assets (IFRIC 12) of Ps. 3.7 million, or 23.1%, which were partially offset by a Ps. 4.9 million, or 4.2%, increase in depreciation and amortization. Operating costs in U.S. dollars declined by US$ 7.4 million.

Kingston Airport:

Operating costs decreased by Ps. 80.5 million, or 39.3% in 1Q21 compared to 1Q20, mainly due to a Ps. 48.0 million, or 42.0%, decrease in concession taxes and a Ps. 33.1 million, or 37.4%, decrease in the cost of services. Operating costs in U.S. dollars declined by US$ 3.9 million.

Operating margin for 1Q21 declined by 1,260 basis points, from a margin of 47.1% in 1Q20 to a margin of 34.5% in 1Q21. Excluding the effects of IFRIC 12, operating margin declined by 1,020 basis points, from 56.5% to 46.3% in 1Q21. Operating income decreased by Ps. 1,087.5 million, or 46.4%, compared to 1Q20.

EBITDA margin decreased by 850 basis points, from 56.8% in 1Q20 to 48.3% in 1Q21. Excluding the effects of IFRIC-12, EBITDA margin decreased by 320 basis points, from 68.2% in 1Q20 to 65.0% in 1Q21. The nominal value of EBITDA was Ps. 1,757.2 million in 1Q21, compared to Ps. 2,824.0 million in 1Q20, representing a decrease of 37.8%.

Financial cost increased by Ps. 64.2 million, from a net expense of Ps. 15.1 million in 1Q20 to a net expense of Ps. 79.3 million in 1Q21. This increase was mainly the result of:

  • Foreign exchange rate fluctuations, which went from income of Ps. 236.4 million in 1Q20 to income of Ps. 219.9 million in 1Q21, generated a decrease in the foreign exchange gain of Ps. 16.5 million. The currency translation effect represented a decrease of Ps. 1,355.6 million, compared to 1Q20.
  • An increase in interest expenses of Ps. 38.7 million, or 11.2%, compared to 1Q20, mainly due to higher debt as a result of the issuance of long-term bonds and bank debt disbursed during 2020.
  • Interest income declined by Ps. 8.7 million, or 9.2%, compared to 1Q20, mainly due to the decline in interest rates.

In 1Q21, comprehensive income decreased Ps. 1,848.0 million, or 58.4% compared to 1Q20. This effect was mainly the result of a decrease in the currency translation effect gain of Ps. 1,355.6 million, mainly due to a 24.8% depreciation of the Mexican peso against the U.S. dollar in 1Q20 as compared to a depreciation of 2.3% in 1Q21, as well as the substantial decrease in passenger traffic, which generated lower revenues for 1Q21.

During 1Q21, net income decreased by Ps. 770.5 million, or 42.6% compared to 1Q20. Income taxes decreased by Ps. 381.1 million, or 73.5%, due to a decline of Ps. 301.6 million in income taxes and a Ps. 79.7 million increase in the benefit for deferred tax, mainly due to a higher inflation rate, that went from 1.21% in 1Q20 to 2.34% in 1Q21.

Statement of Financial Position

Total assets as of March 31, 2021 increased by Ps. 4,602.1 million as compared to March 31, 2020, primarily due to the following items: (i) cash and equivalents of Ps. 3,754.5 million; (ii) improvements to concession assets of Ps. 1,040.2 million; and (iii) recoverable tax on assets and other assets of Ps. 679.5 million. This was partially offset by a Ps. 910.2 million decrease in the value of concession assets, among others.

Total liabilities as of March 31, 2021 increased by Ps. 4,604.9 million compared to March 31, 2020. This increase was primarily due to the following items: (i) issuance of Ps. 4,200.0 million in long-term bonds and (ii) bank loans of Ps. 1,995.4 million. This was partially offset by decreases of: (i) Ps. 460.5 million in guaranteed deposits, (ii) Ps. 449.7 million in concession taxes and (iii) Ps. 231.8 million in deferred taxes, among others.

Recent events

On March 1, 2021, the Company began repurchasing its Series “B” shares, in accordance with the approval in the Ordinary General Shareholders’ Meeting held on July 1, 2020. As of the date of this report, the Company has repurchased 2,439,196 shares at an average price of Ps. 217.81 per share, for a total of Ps. 531.3 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 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 1Q20   1Q21 Change
Guadalajara        
Aeronautical services 805,407   626,719   (22.2 %)
Non-aeronautical services 219,189   161,949   (26.1 %)
Improvements to concession assets (IFRIC 12) 258,940   281,771   8.8 %
Total Revenues 1,283,535   1,070,439   (16.6 %)
Operating income 679,135   481,125   (29.2 %)
EBITDA 770,159   584,062   (24.2 %)
         
Tijuana        
Aeronautical services 380,298   332,362   (12.6 %)
Non-aeronautical services 117,202   86,762   (26.0 %)
Improvements to concession assets (IFRIC 12) 143,260   405,221   182.9 %
Total Revenues 640,760   824,345   28.7 %
Operating income 304,215   230,867   (24.1 %)
EBITDA 366,375   299,333   (18.3 %)
         
Los Cabos        
Aeronautical services 430,401   324,257   (24.7 %)
Non-aeronautical services 215,532   129,069   (40.1 %)
Improvements to concession assets (IFRIC 12) 162,350   98,748   (39.2 %)
Total Revenues 808,283   552,073   (31.7 %)
Operating income 451,222   270,708   (40.0 %)
EBITDA 516,548   334,819   (35.2 %)
         
Puerto Vallarta        
Aeronautical services 454,549   225,766   (50.3 %)
Non-aeronautical services 141,526   69,041   (51.2 %)
Improvements to concession assets (IFRIC 12) 113,707   77,359   (32.0 %)
Total Revenues 709,782   372,166   (47.6 %)
Operating income 437,021   163,360   (62.6 %)
EBITDA 477,683   210,087   (56.0 %)
         
Montego Bay        
Aeronautical services 456,561   135,424   (70.3 %)
Non-aeronautical services 145,653   77,238   (47.0 %)
Improvements to concession assets (IFRIC 12) 15,987   19,696   23.2 %
Total Revenues 618,202   232,357   (62.4 %)
Operating income (loss) 203,512   (30,306 ) (114.9 %)
EBITDA 320,116   91,315   (71.5 %)
         

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

Airport 1Q20   1Q21 Change
Guanajuato        
Aeronautical services 141,747   99,876   (29.5 %)
Non-aeronautical services 46,977   26,520   (43.5 %)
Improvements to concession assets (IFRIC 12) 32,469   3,094   (90.5 %)
Total Revenues 221,193   129,489   (41.5 %)
Operating income 122,887   69,180   (43.7 %)
EBITDA 140,270   87,722   (37.5 %)
         
Hermosillo        
Aeronautical services 82,969   60,789   (26.7 %)
Non-aeronautical services 24,291   15,851   (34.7 %)
Improvements to concession assets (IFRIC 12) 4,347   4,341   (0.1 %)
Total Revenues 111,607   80,981   (27.4 %)
Operating income 47,684   22,385   (53.1 %)
EBITDA 66,701   42,673   (36.0 %)
         
Others (1)        
Aeronautical services 371,849   267,575   (28.0 %)
Non-aeronautical services 109,734   68,675   (37.4 %)
Improvements to concession assets (IFRIC 12) 92,155   39,014   (57.7 %)
Total Revenues 573,739   375,263   (34.6 %)
Operating income 80,573   15,540   (80.7 %)
EBITDA 139,389   81,749   (41.4 %)
         
Total        
Aeronautical services 3,123,782   2,072,767   (33.6 %)
Non-aeronautical services 1,020,105   635,104   (37.7 %)
Improvements to concession assets (IFRIC 12) 823,215   929,243   12.9 %
Total Revenues 4,967,102   3,637,114   (26.8 %)
Operating income (loss) 2,326,250   1,222,859   (47.4 %)
EBITDA 2,797,241   1,731,761   (38.1 %)
         

(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 March 31 (in thousands of pesos):

  2020  2021  Change %
Assets        
Current assets        
Cash and cash equivalents 10,973,890   14,728,391   3,754,501   34.2 %
Trade accounts receivable – net 1,838,539   1,318,636   (519,903 ) (28.3 %)
Other current assets 482,747   1,162,282   679,535   140.8 %
Total current assets 13,295,176   17,209,309   3,914,133   29.4 %
         
Advanced payments to suppliers 396,717   466,306   69,589   17.5 %
Machinery, equipment and improvements to leased buildings – net 1,923,125   2,307,962   384,837   20.0 %
Improvements to concession assets – net 12,806,135   13,846,300   1,040,165   8.1 %
Airport concessions – net 11,570,119   10,659,934   (910,185 ) (7.9 %)
Rights to use airport facilities – net 1,336,849   1,263,452   (73,397 ) (5.5 %)
Deferred income taxes 5,788,002   6,063,843   275,841   4.8 %
Other non-current assets 210,448   111,566   (98,882 ) (47.0 %)
Total assets 47,326,570   51,928,672   4,602,103   9.7 %
         
Liabilities        
Current liabilities 2,522,435   4,992,770   2,470,335   97.9 %
Long-term liabilities 20,969,520   23,104,100   2,134,581   10.2 %
Total liabilities 23,491,955   28,096,870   4,604,915   19.6 %
         
Stockholders’ Equity        
Common stock 6,185,082   6,185,082     0.0 %
Legal reserve 1,592,551   1,592,551     0.0 %
Net income 1,776,946   1,050,154   (726,792 ) (40.9 %)
Retained earnings 9,940,034   11,908,890   1,968,856   19.8 %
Reserve for share repurchase 3,283,374   3,283,374     0.0 %
Repurchased shares (1,733,374 ) (2,071,558 ) (338,184 ) 19.5 %
Foreign currency translation reserve 1,780,720   1,073,704   (707,016 ) (39.7 %)
Remeasurements of employee benefit – Net 6,459   (8,950 ) (15,409 ) (238.6 %)
Cash flow hedges- Net (232,202 ) (254,312 ) (22,110 ) 9.5 %
Total controlling interest 22,599,590   22,758,935   159,345   0.7 %
Non-controlling interest 1,235,024   1,072,867   (162,157 ) (13.1 %)
Total stockholders’ equity 23,834,614   23,831,802   (2,812 ) (0.0 %)
         
Total liabilities and stockholders’ equity 47,326,570   51,928,672   4,602,103   9.7 %
         

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): 

  1Q20 1Q21 Change
Cash flows from operating activities:      
Consolidated net income (loss) 1,808,063   1,037,580   (42.6 %)
       
Postemployment benefit costs 4,618   8,900   92.7 %
Allowance expected credit loss 45,967   23,525   (48.8 %)
Depreciation and amortization 482,057   502,745   4.3 %
(Gain) loss on sale of machinery, equipment and improvements to leased assets (3,052 ) 596   (119.5 %)
Interest expense 314,181   381,139   21.3 %
Share of profit of associate (86 ) (1 ) (98.8 %)
Provisions (2,230 ) (12,312 ) 452.1 %
Income tax expense 518,887   137,581   (73.5 %)
Unrealized exchange loss 764,683   163,039   (78.7 %)
Net loss on derivative financial instruments 28,442     (100.0 %)
  3,961,530   2,242,792   (43.4 %)
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable (329,389 ) (73,688 ) (77.6 %)
Recoverable tax on assets and other assets 159,593   (56,433 ) (135.4 %)
Increase (decrease) in      
Concession taxes payable 35,282   (43,092 ) (222.1 %)
Accounts payable 222,349   41,644   (81.3 %)
Cash generated (used) by operating activities 4,049,365   2,111,221   (47.9 %)
Income taxes paid (476,789 ) (302,349 ) (36.6 %)
Net cash flows provided by operating activities 3,572,576   1,808,872   (49.4 %)
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets (638,038 ) (829,935 ) 30.1 %
Cash flows from sales of machinery and equipment 165   651   294.5 %
Other investment activities (14,384 ) 3,205   (122.3 %)
Net cash used by investment activities (652,257 ) (826,079 ) 26.6 %
       
Cash flows from financing activities:      
Debt securities 3,000,000     (100.0 %)
Payment from Debt securities (2,200,000 )   (100.0 %)
Bank loans   (1,889,706 ) 100.0 %
Repurchase of shares   (338,184 ) 100.0 %
Interest paid (351,298 ) (339,197 ) (3.4 %)
Bank Loans   1,889,706   100.0 %
Interest paid on lease (717 ) (502 ) (30.0 %)
Payments of obligations for leasing (3,652 ) (3,059 ) (16.2 %)
Net cash flows used in financing activities 444,333   (680,942 ) (253.3 %)
       
Effects of exchange rate changes on cash held 109,045   (18,009 ) (116.5 %)
Net increase in cash and cash equivalents 3,473,698   283,842   (91.8 %)
Cash and cash equivalents at beginning of year 7,500,193   14,444,549   92.6 %
Cash and cash equivalents at the end of year 10,973,890   14,728,391   34.2 %
       

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

  1Q20 1Q21 Change
Revenues      
Aeronautical services 3,123,782   2,072,767   (33.6 %)
Non-aeronautical services 1,021,842   635,987   (37.8 %)
Improvements to concession assets (IFRIC 12) 823,215   929,243   12.9 %
Total revenues 4,968,839   3,637,996   (26.8 %)
       
Operating costs      
Costs of services: 736,558   652,698   (11.4 %)
Employee costs 247,206   243,634   (1.4 %)
Maintenance 114,403   94,439   (17.5 %)
Safety, security & insurance 125,326   123,826   (1.2 %)
Utilities 91,627   77,173   (15.8 %)
Other operating expenses 157,996   113,626   (28.1 %)
       
Technical assistance fees 132,265   88,356   (33.2 %)
Concession taxes 443,706   213,840   (51.8 %)
Depreciation and amortization 482,057   502,745   4.3 %
Cost of improvements to concession assets (IFRIC 12) 823,215   929,243   12.9 %
Other income 9,080   (3,350 ) (136.9 %)
Total operating costs 2,626,881   2,383,532   (9.3 %)
Income from operations 2,341,958   1,254,464   (46.4 %)
       
Financial Result (15,094 ) (79,304 ) 425.4 %
Share of loss of associates 86   1   98.8 %
Income before income taxes 2,326,950   1,175,161   (49.5 %)
Income taxes (518,887 ) (137,581 ) (73.5 %)
Net income 1,808,063   1,037,580   (42.6 %)
Currency translation effect 1,417,364   61,729   (95.6 %)
Cash flow hedges, net of income tax (60,108 ) 216,794   (460.7 %)
Remeasurements of employee benefit – net income tax (147 ) 1,102   (849.7 %)
Comprehensive income 3,165,172   1,317,205   (58.4 %)
Non-controlling interest (193,754 ) (12,895 ) 93.3 %
Comprehensive income attributable to controlling interest 2,971,419   1,304,310   (56.1 %)
       

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 Reserve   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, 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         1,776,946     1,776,946   31,117   1,808,063  
Foreign currency translation reserve           1,254,726   1,254,726   162,637   1,417,364  
Remeasurements of employee benefit – Net           (147 ) (147 )   (147 )
Reserve for cash flow hedges – Net of income tax           (60,108 ) (60,108 )   (60,108 )
Balance as of March 31, 2020 6,185,082   1,592,551   3,283,374   (1,733,374 ) 11,716,981   1,554,976   22,599,590   1,235,024   23,834,614  
                           
Balance as of January 1, 2020 6,185,082   1,592,551   3,283,374   (1,733,374 ) 11,908,890   556,287   21,792,811   1,059,972   22,852,783  
Repurchase of share       (338,184 )     (338,184 )   (338,184 )
Comprehensive income:                          
Net income         1,050,154     1,050,154   (12,575 ) 1,037,580  
Foreign currency translation reserve           36,259   36,259   25,470   61,729  
Remeasurements of employee benefit – Net           1,102   1,102     1,102  
Reserve for cash flow hedges – Net of income tax           216,794   216,794     216,794  
Balance as of March 31, 2021 6,185,082   1,592,551   3,283,374   (2,071,558 ) 12,959,044   810,442   22,758,934   1,072,867   23,831,802  
                           

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 December 31, 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:

  1Q20 1Q21 Change
Total passengers 11,725.2 7,406.9 (36.8 %)
Total cargo volume (in WLUs) 553.0 668.2 20.8 %
Total WLUs 12,278.2 8,075.1 (34.2 %)
       
Aeronautical & non aeronautical services per passenger (pesos) 353.6 365.7 3.4 %
Aeronautical services per WLU (pesos) 254.4 256.7 0.9 %
Non aeronautical services per passenger (pesos) 87.1 85.9 (1.5 %)
Cost of services per WLU (pesos) 60.0 80.8 34.7 %
       

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).


[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.

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 / +523338801100 ext. 20294
Maria Barona, i-advize Corporate Communications mbarona@i-advize.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.globenewswire.com/news-release/2021/04/29/2219913/0/en/Grupo-Aeroportuario-del-Pacifico-Announces-Results-for-the-First-Quarter-of-2021.html

Globe NewsWire

Scatec ASA – Long term incentive programme

Avatar

Published

on

Oslo, 6 May 2021: Today, a total of 219,566 share options were granted to leading employees.

Each share option gives the right to subscribe for and be allotted one share in Scatec ASA. The strike price of the options is set to NOK 244.28 per share, which is based on the volume weighted average share price over the ten last trading days preceding 6 May 2021. The options will lapse if not exercised by 1 January 2025. The option grant is divided into three tranches whereby 1/3 vests each year over three years, with the first tranche vesting 1 January 2022. The current grant is the second of three contemplated annual grants of share options in accordance with Scatec’s share-based incentive programme.

For further information, please contact:
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364, email: ir@scatec.com

About Scatec ASA:
Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. Scatec has more than 3.5 GW in operation and under construction on four continents and more than 500 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com, or connect with us on Linkedin.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.globenewswire.com/news-release/2021/05/06/2224892/0/en/Scatec-ASA-Long-term-incentive-programme.html

Continue Reading

Globe NewsWire

Dassault Aviation Launches Falcon 10X, featuring Industry’s Largest Cabin and Most Advanced Technology on a Business Jet

Avatar

Published

on

Dassault Aviation Launches Falcon 10X, featuring Industry’s Largest Cabin and Most Advanced Technology on a Business Jet

High-speed, ultra-long-range Falcon will come with innovative safety features derived from latest fighter technology

Saint-Cloud, France, May 06, 2021 – Dassault Aviation today announced an all-new Falcon jet that will deliver a level of comfort, versatility and technology unmatched by any purpose-built business jet. Featuring a range of 7,500 nautical miles, the Falcon 10X will fly nonstop from New York to Shanghai, Los Angeles to Sydney, Hong Kong to New York or Paris to Santiago. Top speed will be Mach 0.925.

“Today we are introducing a new benchmark in business aviation,” said Dassault Chairman and CEO Eric Trappier. “The Falcon 10X will offer an unrivalled passenger experience over both short- and long-duration flights, along with breakthrough safety features from Dassault’s frontline fighter technology. We have optimized every aspect of the aircraft with the passenger in mind and established a new level of capability for ultra-long-range aircraft.”

The Falcon 10X will enter service at the end of 2025.

Taking cabin modularity to unprecedented heights

The 10X will have the biggest and most comfortable cabin on the market and offer greater modularity than any other aircraft in its class, with a selection of multiple interior configurations. The 10X is large enough to accommodate four cabin zones of equal length but owners can configure their cabin to create a truly customized interior, including for example, an expanded dining/conference area, a dedicated entertainment area with a large-screen monitor, a private stateroom with a queen-size bed or an enlarged master suite with a private stand-up shower.

“The 10X will be more than just another big step forward in business aviation. It will be absolutely the best business jet available in the ultra-long-range category, and will remain so for a long time,” said Trappier.

The 10X will have a cabin cross section larger than some regional jets. Its cabin will be 6-feet, 8-inches (2.03 m) tall and 9 feet, 1 inch wide (2.77 m). That will make it almost 8 inches (20 cm) wider and 2 inches (5 cm) taller than the widest and tallest purpose-built business jet flying today.

Pressurization will also be the best on the market, with passengers experiencing a 3,000-foot cabin pressure altitude while flying at 41,000 feet. A next-generation filtration system will provide 100-percent pure air. The aircraft will be at least as quiet as the Falcon 8X, currently the quietest business jet in service.

New structures, new materials, ultra-efficient power

The 10X will feature an entirely new fuselage with extra-large windows—nearly 50 percent larger than those on the Falcon 8X. Thirty-eight windows will line the fuselage making for the brightest cabin in business aviation.

The high-speed wing will be made of carbon fiber composites for maximum strength, reduced weight and minimum drag. Tailored for speed and efficiency, the very-high aspect ratio wing will be equipped with advanced, retractable high-lift devices offering superior maneuverability at low approach speeds.

The twin-engine aircraft will be powered by business aviation’s most advanced and efficient engine, the in-development Rolls Royce Pearl® 10X. The 10X is the latest, largest and most powerful version of the Pearl series, delivering more than 18,000 pounds of thrust.

A major advance in flight deck technology

The Falcon 10X’s flight deck will set a new standard in intuitive design, with touch screens throughout the cockpit. A next-generation Digital Flight Control System, derived directly from Dassault’s latest military technology, will provide an unprecedented level of flying precision and protection, including a revolutionary, new single-button recovery mode.

A single smart throttle will serve as the primary power control, connecting both engines to the Digital Flight Control System which will automatically manage the power of each engine as needed in different flight scenarios.

Thanks to Dassault’s breakthrough FalconEye® combined vision system—the first to offer both enhanced and synthetic vision capabilities—combined with dual HUDs able to serve as primary flight displays, the 10X will be capable of operating in essentially zero ceiling/visibility conditions.

“We have set the bar for our new Falcon incredibly high,” said Trappier. “But I can confidently say that we have put this aircraft at the top of the market.”

* * *

ABOUT DASSAULT AVIATION:

With over 10,000 military and civil aircraft (including 2,500 Falcons) delivered in more than 90 countries over the last century, Dassault Aviation has built up expertise recognized worldwide in the design, development, sale and support of all types of aircraft, ranging from the Rafale fighter, to the high-end Falcon family of business jets, military drones and space systems. In 2020, Dassault Aviation reported revenues of €5.5 billion. The company has 12,440 employees.         dassault-aviation.com

PRESS CONTACTS:

Falcon Communications
Vadim Feldzer – Tel +33 (0)1 47 11 44 13 – vadim.feldzer@dassault-aviation.com

Corporate Communications        
Stéphane Fort – Tel +33 (0)1 47 11 86 90 – stephane.fort@dassault-aviation.com
Mathieu Durand – Tel +33 (0)1 47 11 85 88 – mathieu.durand@dassault-aviation.com

HD photos: mediaprophoto.dassault-aviation.com

HD videos: mediaprovideo.dassault-aviation.com

Attachment

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.globenewswire.com/news-release/2021/05/06/2224796/0/en/Dassault-Aviation-Launches-Falcon-10X-featuring-Industry-s-Largest-Cabin-and-Most-Advanced-Technology-on-a-Business-Jet.html

Continue Reading

Globe NewsWire

Dassault Aviation Launches Falcon 10X, featuring Industry’s Largest Cabin and Most Advanced Technology on a Business Jet

Avatar

Published

on

Dassault Aviation Launches Falcon 10X, featuring Industry’s Largest Cabin and Most Advanced Technology on a Business Jet

High-speed, ultra-long-range Falcon will come with innovative safety features derived from latest fighter technology

Saint-Cloud, France, May 06, 2021 – Dassault Aviation today announced an all-new Falcon jet that will deliver a level of comfort, versatility and technology unmatched by any purpose-built business jet. Featuring a range of 7,500 nautical miles, the Falcon 10X will fly nonstop from New York to Shanghai, Los Angeles to Sydney, Hong Kong to New York or Paris to Santiago. Top speed will be Mach 0.925.

“Today we are introducing a new benchmark in business aviation,” said Dassault Chairman and CEO Eric Trappier. “The Falcon 10X will offer an unrivalled passenger experience over both short- and long-duration flights, along with breakthrough safety features from Dassault’s frontline fighter technology. We have optimized every aspect of the aircraft with the passenger in mind and established a new level of capability for ultra-long-range aircraft.”

The Falcon 10X will enter service at the end of 2025.

Taking cabin modularity to unprecedented heights

The 10X will have the biggest and most comfortable cabin on the market and offer greater modularity than any other aircraft in its class, with a selection of multiple interior configurations. The 10X is large enough to accommodate four cabin zones of equal length but owners can configure their cabin to create a truly customized interior, including for example, an expanded dining/conference area, a dedicated entertainment area with a large-screen monitor, a private stateroom with a queen-size bed or an enlarged master suite with a private stand-up shower.

“The 10X will be more than just another big step forward in business aviation. It will be absolutely the best business jet available in the ultra-long-range category, and will remain so for a long time,” said Trappier.

The 10X will have a cabin cross section larger than some regional jets. Its cabin will be 6-feet, 8-inches (2.03 m) tall and 9 feet, 1 inch wide (2.77 m). That will make it almost 8 inches (20 cm) wider and 2 inches (5 cm) taller than the widest and tallest purpose-built business jet flying today.

Pressurization will also be the best on the market, with passengers experiencing a 3,000-foot cabin pressure altitude while flying at 41,000 feet. A next-generation filtration system will provide 100-percent pure air. The aircraft will be at least as quiet as the Falcon 8X, currently the quietest business jet in service.

New structures, new materials, ultra-efficient power

The 10X will feature an entirely new fuselage with extra-large windows—nearly 50 percent larger than those on the Falcon 8X. Thirty-eight windows will line the fuselage making for the brightest cabin in business aviation.

The high-speed wing will be made of carbon fiber composites for maximum strength, reduced weight and minimum drag. Tailored for speed and efficiency, the very-high aspect ratio wing will be equipped with advanced, retractable high-lift devices offering superior maneuverability at low approach speeds.

The twin-engine aircraft will be powered by business aviation’s most advanced and efficient engine, the in-development Rolls Royce Pearl® 10X. The 10X is the latest, largest and most powerful version of the Pearl series, delivering more than 18,000 pounds of thrust.

A major advance in flight deck technology

The Falcon 10X’s flight deck will set a new standard in intuitive design, with touch screens throughout the cockpit. A next-generation Digital Flight Control System, derived directly from Dassault’s latest military technology, will provide an unprecedented level of flying precision and protection, including a revolutionary, new single-button recovery mode.

A single smart throttle will serve as the primary power control, connecting both engines to the Digital Flight Control System which will automatically manage the power of each engine as needed in different flight scenarios.

Thanks to Dassault’s breakthrough FalconEye® combined vision system—the first to offer both enhanced and synthetic vision capabilities—combined with dual HUDs able to serve as primary flight displays, the 10X will be capable of operating in essentially zero ceiling/visibility conditions.

“We have set the bar for our new Falcon incredibly high,” said Trappier. “But I can confidently say that we have put this aircraft at the top of the market.”

* * *

ABOUT DASSAULT AVIATION:

With over 10,000 military and civil aircraft (including 2,500 Falcons) delivered in more than 90 countries over the last century, Dassault Aviation has built up expertise recognized worldwide in the design, development, sale and support of all types of aircraft, ranging from the Rafale fighter, to the high-end Falcon family of business jets, military drones and space systems. In 2020, Dassault Aviation reported revenues of €5.5 billion. The company has 12,440 employees.         dassault-aviation.com

PRESS CONTACTS:

Falcon Communications
Vadim Feldzer – Tel +33 (0)1 47 11 44 13 – vadim.feldzer@dassault-aviation.com

Corporate Communications        
Stéphane Fort – Tel +33 (0)1 47 11 86 90 – stephane.fort@dassault-aviation.com
Mathieu Durand – Tel +33 (0)1 47 11 85 88 – mathieu.durand@dassault-aviation.com

HD photos: mediaprophoto.dassault-aviation.com

HD videos: mediaprovideo.dassault-aviation.com

Attachment

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.globenewswire.com/news-release/2021/05/06/2224796/0/en/Dassault-Aviation-Launches-Falcon-10X-featuring-Industry-s-Largest-Cabin-and-Most-Advanced-Technology-on-a-Business-Jet.html

Continue Reading

Globe NewsWire

Dassault Aviation lance le Falcon 10X, le plus avancé et le plus spacieux des avions d’affaires

Avatar

Published

on

Dassault Aviation lance le Falcon 10X,

le plus avancé et le plus spacieux des avions d’affaires

Falcon très rapide et à très long rayon d’action, le 10X disposera de systèmes de sécurité innovants issus des technologies militaires

Saint-Cloud, le 6 mai 2021 – Dassault Aviation a lancé ce jour un tout nouveau Falcon qui proposera un niveau de confort, de polyvalence et de technologie inégalé sur le marché des avions d’affaires. Avec une distance franchissable de 13 890 km (7 500 nm), le Falcon 10X pourra relier sans escale New York à Shanghai, Los Angeles à Sydney, Hong Kong à New York ou Paris à Santiago. Sa vitesse maximale sera de Mach 0,925.

« Aujourd’hui, nous présentons la nouvelle référence des jets d’affaires, a déclaré Éric Trappier, le président-directeur général de Dassault Aviation. Le Falcon 10X offrira une expérience passager sans équivalent sur les vols de courte comme de longue durée, ainsi que des systèmes de sécurité innovants issus des technologies utilisées sur nos avions de combat. Pour satisfaire au mieux les besoins des passagers, nous avons optimisé chaque caractéristique de l’appareil et augmenté le niveau des capacités sur le segment des avions d’affaires à très long rayon d’action. »

Le Falcon 10X entrera en service fin 2025.

Des niveaux inédits de modularité cabine

Le Falcon 10X disposera de la cabine la plus spacieuse et la plus confortable du marché. Il offrira la plus grande modularité dans sa catégorie, avec un choix de plusieurs configurations intérieures. La cabine du 10X peut se diviser en quatre espaces de longueur égale, mais chaque client pourra la configurer pour créer un intérieur vraiment personnalisé, avec par exemple une salle à manger ou de conférence élargie, un coin détente dédié avec grand écran, une chambre avec un grand lit ou une suite privative avec une douche.

« Le Falcon 10X sera plus qu’un nouveau grand pas en avant dans l’aviation d’affaires. Il sera sans conteste le meilleur business jet dans la catégorie des appareils à très long rayon d’action, et il le restera pendant longtemps », souligne Eric Trappier.

La cabine du Falcon 10X aura un diamètre plus large que celle de certains avions régionaux. Elle mesurera 2,03 m de haut et 2,77 m de large. Elle sera donc presque 20 cm plus large et 5 cm plus haute que la cabine du plus grand des jets d’affaires en service actuellement.

La pressurisation sera la plus performante du marché : alors qu’ils voleront à 12 500 mètres d’altitude, les passagers bénéficieront d’une altitude ressentie de 900 mètres. Un système de filtration de nouvelle génération fournira un air purifié à 100 %. Le Falcon 10X sera au moins aussi silencieux que le Falcon 8X, qui est actuellement l’avion d’affaires en service le plus silencieux.

Nouvelles structures, nouveaux matériaux, motorisation ultra-efficace

Le Falcon 10X disposera d’un fuselage entièrement nouveau avec des hublots ultra-larges – près de 50 % plus grands que ceux du Falcon 8X. Avec 38 hublots, la cabine sera la plus lumineuse du marché.

La voilure sera entièrement en composites (fibres de carbone), permettant une solidité maximale, un poids réduit et une traînée minimale. Spécialement conçues pour favoriser la vitesse et la performance, ces ailes à grand allongement seront dotées de dispositifs hypersustentateurs perfectionnés, offrant une excellente maniabilité aux basses vitesses d’approche.

Ce biréacteur sera équipé du moteur le plus avancé et le plus performant de l’aviation d’affaires : le Rolls Royce Pearl® 10X, la version la plus récente, la plus grande et la plus puissante de la série Pearl, avec plus de 18 000 livres (80kN) de poussée.

Une avancée technologique majeure pour le poste de pilotage

Le poste de pilotage du Falcon 10X établira un nouveau standard en matière de conception intuitive, avec des écrans tactiles dans tout le cockpit. Un système de commandes de vol numériques de nouvelle génération, directement issu des dernières technologies militaires de Dassault Aviation, apportera un niveau de précision et de sécurité de vol sans précédent, notamment un « recovery mode » (rattrapage automatique d’urgence) totalement inédit.

Les manettes des gaz sont remplacées par une commande intelligente unique, connectée à la fois au système de commandes de vol numériques et au système de gestion de puissance numérique de chaque moteur, adaptant automatiquement la puissance nécessaire selon les besoins et les conditions de vol.

Le Falcon 10X sera capable de voler dans des conditions de visibilité quasi nulles, grâce au système de vision combinée en tête haute FalconEye® de Dassault Aviation – le premier à fusionner des capacités de vision améliorées et synthétiques – et aux deux visualisations « tête haute » pouvant servir d’écrans principaux de vol.

« Nous avons mis la barre très haut avec notre nouveau Falcon, conclut Éric Trappier. Je peux affirmer sans hésiter que nous avons placé cet avion au sommet du marché ».

* * *

À PROPOS DE DASSAULT AVIATION :

Avec plus de 10 000 avions militaires et civils livrés dans plus de 90 pays depuis un siècle (dont 2 500 Falcon), Dassault Aviation dispose d’un savoir-faire et d’une expérience reconnus dans la conception, le développement, la vente et le support de tous les types d’avion, depuis l’appareil de combat Rafale jusqu’à la famille de business jets haut de gamme Falcon en passant par les drones militaires et les systèmes spatiaux. En 2020, le chiffre d’affaires de Dassault Aviation s’est élevé à 5,5 milliards d’euros. Le Groupe compte 12 440 collaborateurs.                                                                   dassault-aviation.com

CONTACTS PRESSE :

Communication institutionnelle         
Stéphane Fort – Tél. : +33 (0)1 47 11 86 90 – stephane.fort@dassault-aviation.com
Mathieu Durand – Tél. : +33 (0)1 47 11 85 88 – mathieu.durand@dassault-aviation.com

Communication Falcon
Vadim Feldzer – Tél. : +33 (0)1 47 11 44 13 – vadim.feldzer@dassault-aviation.com

Photos HD : mediaprophoto.dassault-aviation.com

Vidéos HD : mediaprovideo.dassault-aviation.com

Pièce jointe

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.globenewswire.com/news-release/2021/05/06/2224796/0/fr/Dassault-Aviation-lance-le-Falcon-10X-le-plus-avanc%C3%A9-et-le-plus-spacieux-des-avions-d-affaires.html

Continue Reading
Blockchain4 days ago

Ethereum hits $3,000 for the first time, now larger than Bank of America

Blockchain4 days ago

Munger ‘Anti-Bitcoin’ and Buffett ‘Annoyance’ Towards Crypto Industry

Blockchain2 days ago

The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao

Aviation2 days ago

American Airlines Passenger Arrested After Alleged Crew Attack

Blockchain21 hours ago

Chiliz Price Prediction 2021-2025: $1.76 By the End of 2025

Gaming5 days ago

New Pokemon Snap: How To Unlock All Locations | Completion Guide

Blockchain4 days ago

BNY Mellon Regrets Not Owning Stocks of Companies Investing in Bitcoin

Blockchain2 days ago

Mining Bitcoin: How to Mine Bitcoin

Automotive4 days ago

Ford Mach-E Co-Pilot360 driver monitoring system needs an update ASAP

Blockchain2 days ago

Mining Bitcoin: How to Mine Bitcoin

Fintech5 days ago

Telcoin set to start remittance operations in Australia

Blockchain5 days ago

Mining Bitcoin: How to Mine Bitcoin

Blockchain4 days ago

Turkey Jails 6 Suspects Connected to the Thodex Fraud Including Two CEO Siblings

Aviation4 days ago

TV Stars Fined After Disorderly Conduct Onboard British Airways

Blockchain4 days ago

Here’s the long-term ROI potential of Ethereum that traders need to be aware of

Fintech3 days ago

Talking Fintech: Customer Experience and the Productivity Revolution

Blockchain5 days ago

Coinbase to Acquire Crypto Analytics Company Skew

AR/VR5 days ago

The dangers of clickbait articles that explore VR

Blockchain5 days ago

A Year Later: Uzbekistan Plans to Lift its Cryptocurrency Ban

Nano Technology4 days ago

Less innocent than it looks: Hydrogen in hybrid perovskites: Researchers identify the defect that limits solar-cell performance

Trending