Grupo Aeroportuario del Sureste SAB de CV (ASR) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to ASUR's Second Quarter 2023 Results Conference Call. My name is Kevin, and I'll be your operator. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，美好的一天，歡迎參加 ASUR 2023 年第二季度業績電話會議。我叫凱文，我是你的接線員。 （操作員說明）謹此提醒，今天的通話正在錄音。

Now I would like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.

現在我想把這個電話轉給首席執行官阿道夫·卡斯特羅先生。請繼續，先生。

Thank you, Kevin, and good morning, everyone. Before I begin discussing our results, let me remind you that certain statements made during this call may constitute forward-looking statements, which are based on management's expectations subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control.

謝謝你，凱文，大家早上好。在開始討論我們的結果之前，請允許我提醒您，本次電話會議中做出的某些陳述可能構成前瞻性陳述，這些陳述基於管理層的預期，受到多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果出現重大差異，包括可能導致實際結果出現重大差異的因素。超出我們公司的控制範圍。

As usual, additional details about our quarterly results can be found in our press release, which was issued yesterday after market close, and is available on our website in the investor Relations section. Following my presentation, I will be available for Q&A.

與往常一樣，有關我們季度業績的更多詳細信息可以在我們昨天收盤後發布的新聞稿中找到，也可以在我們網站的投資者關係部分找到。演講結束後，我將接受問答。

Before getting into a discussion of the quarterly results, let me start today's quote with recent developments in terms of capital allocation. Through a U.S. subsidiary, as we recently entered into a joint business investment agreement with Grupo Abrisa and CVC. One, built a private international airport in Bavaro, Dominican Republic. This entailed an initial investment by a sum of $17.8 million that was paid in June, funded by internal generated fund. Once the construction of this airport is finalized, we expect to maintain a 25% ownership stake in venture, representing a total estimated investment for ASUR of $66 million. The remaining $48.2 million to be invested by ASUR will be applied to the construction of the airport.

在討論季度業績之前，讓我先介紹一下資本配置方面的最新進展。通過一家美國子公司，我們最近與 Grupo Abrisa 和 CVC 簽訂了聯合業務投資協議。一、在多米尼加共和國巴瓦羅修建私人國際機場。這需要 1,780 萬美元的初始投資，並於 6 月支付，由內部產生的資金資助。一旦該機場建設完成，我們預計將維持 Venture 25% 的股權，這意味著 ASUR 的總投資預計為 6600 萬美元。 ASUR 剩餘的 4820 萬美元投資將用於機場建設。

The Abrisa group is a well-respected and diversified business group based in Dominican Republic with a leading market position in construction, real estate development, health and education. Since its foundation, Abrisa Group has been committed to helping people acquire basic goods and services, such as housing, health care and education. Abrisa groups were the founders of AERODOM in 2002, which operated 6 airports in Dominican ,Republic among them Las America's Airport in Santo Domingo that were sold to Advent International in 2008.

Abrisa 集團是一家備受尊敬的多元化商業集團，總部位於多米尼加共和國，在建築、房地產開發、健康和教育領域處於領先的市場地位。自成立以來，Abrisa Group 一直致力於幫助人們獲得住房、醫療保健和教育等基本商品和服務。 Abrisa 集團於 2002 年創立了 AERODOM，該公司在多米尼加共和國運營 6 個機場，其中位於聖多明各的美洲機場於 2008 年出售給 Advent International。

Today, Punta Cana is a second most important tourism market in Latin America after Cancun and presenting a very attractive growth opportunity. To put this in perspective, lodging capacity of Punta Cana is around 47,000 hotel rooms and is expected to double by 2040. This compared with 120,000 hotel rooms in Cancun region.

如今，蓬塔卡納是拉丁美洲僅次於坎昆的第二大旅遊市場，並提供了非常有吸引力的增長機會。從長遠來看，蓬塔卡納的住宿容量約為 47,000 間酒店客房，預計到 2040 年將增加一倍。相比之下，坎昆地區的酒店客房數量為 120,000 間。

In terms of passenger traffic Punta Cana receives approximately 8 million passengers annually with traffic is expected to expand to 13 million by 2040. With capacity to serve 8 million passengers annually, Bavaro International Airport will provide modern and efficient facilities offering a superior experience to both passengers and airlines, while acting as a catalyst for local business.

就客運量而言，蓬塔卡納每年接待約800 萬名旅客，預計到2040 年將增至1300 萬人次。巴瓦羅國際機場每年可接待800 萬名旅客，將提供現代化、高效的設施，為旅客提供卓越的體驗和航空公司，同時充噹噹地業務的催化劑。

Additionally, the airport will be conveniently i located approximately 12 kilometers from the (inaudible) hotel area and 32 kilometers from Punta Cana International Airport. The airport will be situated right between Bavaro Beach and the fast-growing new tourist area to the north of Bavaro around [Playa Negra] and Uvero Alto. This area is currently experienced an increase in (inaudible) to absorb the sustained growth in tourist expected to continue over the next 3 decades in this region.

此外，機場位置便利，距（聽不清）酒店區約 12 公里，距蓬塔卡納國際機場約 32 公里。該機場將位於巴瓦羅海灘和巴瓦羅北部 [Playa Negra] 和 Uvero Alto 周圍快速發展的新旅遊區之間。該地區目前正在經歷增長（聽不清），以吸收預計該地區未來 30 年將持續增長的遊客數量。

The JV already owns the cloud of the land to develop the new airport, which was approved by the government. At the moment, it is in its initial phase of project planning and development, with the construction expected to start once the space is finalized and authorized by the government. We expect the Bavaro International Airport to begin operations approximately 3 years from now.

該合資公司已擁有開發新機場的土地，並已獲得政府批准。目前，該項目正處於項目規劃和開發的初始階段，一旦空間最終確定並獲得政府批准，預計將開始施工。我們預計巴瓦羅國際機場將在大約三年後開始運營。

Second, at the Annual General Meeting held on April 26, shareholders approved the distribution for an ordinary cash dividend of MXN 9.93 per share that was paid at the end of May and an extraordinary cash dividend of MXN 10 per share to be paid in November.

其次，在 4 月 26 日舉行的年度股東大會上，股東批准分配 5 月底支付的每股 9.93 比索的普通現金股息以及 11 月支付的每股 10 比索的特別現金股息。

Now moving on to ASUR's operating and financial performance for the quarter. Before starting, we note that all comparisons are year-on-year unless otherwise noted. As anticipated in our prior call, we saw a slowdown in total passenger traffic growth this quarter, up nearly 4%. Nevertheless, this was a record high for second quarter at 17.3 million travelers. Recall that in the first quarter '23, traffic benefited from easy comps from Omicron during the first months of 2022, while this quarter, we are experiencing the negative effects of the suspension of 2 Colombian airlines earlier in the year, which is impacting our operation in that region.

現在我們來看看 ASUR 本季度的運營和財務業績。在開始之前，我們注意到，除非另有說明，所有比較均為同比。正如我們在之前的電話會議中所預期的那樣，我們看到本季度總客運量增長放緩，增長了近 4%。儘管如此，這一數字還是第二季度的歷史新高，達到 1730 萬人次。回想一下，在23 年第一季度，2022 年頭幾個月，客流量受益於Omicron 的輕鬆補償，而本季度，我們正經歷今年早些時候2 家哥倫比亞航空公司停飛的負面影響，這影響了我們的運營在那個地區。

On a consolidated basis, the share of domestic traffic over total traffic remained stable year-on-year at 63% of the total traffic during the second quarter.

綜合來看，第二季度國內客運量佔總客運量的比重同比穩定在63%。

Moving next to a review by country. Starting with Mexico posted a 9% growth in passenger traffic. This accelerating from the double-digit levels experienced in the first quarter due to the easy comps because of Omicron in 2022. Domestic travel was up in the high teens, 17%, with traffic at Veracruz back to pre-pandemic levels. International traffic was up in the low single digits, mainly driven by Canada, which recovered pre-pandemic levels during the first quarter.

接下來是按國家/地區進行審查。從墨西哥開始，客運量增長了 9%。由於 2022 年 Omicron 帶來的輕鬆補償，這一數字比第一季度的兩位數水平有所加速。國內旅行增長了 17%，韋拉克魯斯州的交通量回到了大流行前的水平。國際客流量以低個位數增長，主要由加拿大推動，該國在第一季度恢復了大流行前的水平。

Next, Puerto Rico value-added factors grow up 15% with domestic traffic up 12% and international up by 44%.

接下來，波多黎各的附加值因素增長了 15%，其中國內運輸量增長了 12%，國際運輸量增長了 44%。

Lastly total passenger traffic in Colombia contracted nearly 18%, with declines of 20% and 3% in domestic and international passenger equity. As mentioned in our prior call, this reflects the suspension of operations of Viva Air and Ultra Air in the first quarter, which represented 17.4% and 1.9% of 2022 passenger traffic in Colombia, respectively. The increase in value-added taxes from 5% to 19% at the beginning of the year also impacted traffic trends.

最後，哥倫比亞的總客運量收縮了近 18%，國內和國際客運資產分別下降了 20% 和 3%。正如我們在之前的電話會議中提到的，這反映了 Viva Air 和 Ultra Air 第一季度的暫停運營，這兩家航空公司分別佔哥倫比亞 2022 年客運量的 17.4% 和 1.9%。增值稅從年初的 5% 提高到 19% 也影響了交通趨勢。

Turning to the P&L. We call all references to revenues and costs exclude construction and cost revenues. Also note that Puerto Rico and Colombia figures reflect the strong Mexican peso, which appreciated 15% and 18% versus the U.S. dollar and the Colombian peso since the end of the second quarter last year through the end of the second quarter this year, respectively.

轉向損益表。我們稱所有提及的收入和成本均不包括建築和成本收入。另請注意，波多黎各和哥倫比亞的數據反映了墨西哥比索的強勢，自去年第二季度末到今年第二季度末，墨西哥比索相對於美元和哥倫比亞比索分別升值了 15% 和 18%。

Now starting with the top line. Revenues increased 5% to MXN 6 billion in the quarter, mainly driven by growth in aeronautical and non-aeronautical services in Mexico while Puerto Rico and Colombia posted declines of nearly 1% and 16%, respectively. Overall, Mexico represented 74% of total revenues while Puerto Rico, Colombia accounted 16% and 10%, respectively.

現在從頂行開始。本季度收入增長 5%，達到 60 億墨西哥比索，主要受到墨西哥航空和非航空服務增長的推動，而波多黎各和哥倫比亞的收入分別下降近 1% 和 16%。總體而言，墨西哥佔總收入的 74%，而波多黎各和哥倫比亞分別佔 16% 和 10%。

Note that in local currency revenues were up nearly 13% and 6% in Puerto Rico and Colombia, respectively. Commercial revenues were up 6%, doubling passenger traffic growth, driven by increases of 8% in Mexico, 6% in Puerto Rico, more than offsetting the 15% decline in Colombia. On a per passenger basis, commercial revenues increased to MXN 122, up from nearly MXN 120 in the year ago quarter.

請注意，以當地貨幣計算，波多黎各和哥倫比亞的收入分別增長了近 13% 和 6%。商業收入增長 6%，客運量增長一倍，墨西哥增長 8%，波多黎各增長 6%，抵消了哥倫比亞 15% 的下降。按每位乘客計算，商業收入從去年同期的近 120 墨西哥比索增至 122 墨西哥比索。

By region figures range from MXN 142 in Mexico to MXN 146 in Puerto Rico and MXN 41 in Colombia. In local currency, Puerto Rico and Colombia posted increases in commercial revenues per passenger of 5.1% and 31.3%, respectively. This proposal reflects our sustained focus on expanding our commercial offerings to further increase the travel experience of our passengers across our airport network. In this respect, during the last 12 months, we opened 20 new commercial spaces to Mexico, 4 in Puerto Rico and 4 in Colombia.

按地區劃分，數字範圍從墨西哥的 142 墨西哥比索到波多黎各的 146 墨西哥比索和哥倫比亞的 41 墨西哥比索。以當地貨幣計算，波多黎各和哥倫比亞的每位旅客商業收入分別增長了 5.1% 和 31.3%。該提案反映了我們持續致力於擴大我們的商業產品，以進一步改善機場網絡中乘客的旅行體驗。在這方面，在過去 12 個月裡，我們在墨西哥開設了 20 個新的商業空間，在波多黎各開設了 4 個，在哥倫比亞開設了 4 個。

Turning to cost. Total comparable operating expenses were up 8% compared to 5% revenue growth in the quarter. Note that comparable costs exclude the effect of MXN 252 million expense recovery this quarter, resulting from the application of the CRRSAA Act in Puerto Rico, compared to a benefit of MXN 175 million in the same quarter last year.

轉向成本。與本季度 5% 的收入增長相比，總可比運營費用增長了 8%。請注意，可比成本不包括本季度由於波多黎各實施 CRRSAA 法案而產生的 2.52 億墨西哥比索費用回收的影響，而去年同期的收益為 1.75 億墨西哥比索。

In Mexico, expenses rose 16%, above 10% revenue growth, while we maintained a tight controller expenses. The increase was primarily driven by the higher cost of services reflected the effect of 20% increase in the minimum wage at the beginning of the year. In turn, strong capital investments last year drove higher amortization expenses.

在墨西哥，支出增長了 16%，高於收入增長 10%，同時我們保持了嚴格的支出控制。這一增長主要是由於年初最低工資上漲 20%，導致服務成本上升。反過來，去年強勁的資本投資推高了攤銷費用。

In Puerto Rico, cost declined 15% benefited from a higher expense recovery under the CRRSAA Act this quarter compared to the second quarter. Excluding this recovery in both periods, expenses wound have increased 11% as higher professional fees and maintenance more than offset savings in personnel and energy cost.

在波多黎各，與第二季度相比，本季度根據 CRRSAA 法案回收的費用較高，成本下降了 15%。排除這兩個時期的複蘇，費用傷口增加了 11%，因為更高的專業費用和維護費用足以抵消人員和能源成本的節省。

Cost in Colombia declined 8% as provisions for per account in connection with the suspension of 2 local airlines were more than compensated by declined cost across most of the (inaudible).

哥倫比亞的成本下降了 8%，因為與 2 家當地航空公司停飛相關的每個賬戶的準備金被大多數航空公司成本下降所補償（聽不清）。

Consolidated EBITDA for the quarter was up 3%, reaching MXN 4.2 billion, mainly driven by higher profitability in Mexico, up 9% to MXN 3.3 billion. This good performance was partially offset by declines of 8% in Puerto Rico to over MXN 530 million and 24% in Colombia to over MXN 300 million. In turn, consolidated adjusted EBITDA margin declined 140 basis points to 69%, reflecting contractions of 200 basis points in Mexico to 74.3%, 430 basis points in Puerto Rico to 54.5% and 530 basis points in Colombia to 52.6%.

本季度綜合 EBITDA 增長 3%，達到 42 億墨西哥比索，主要是由於墨西哥盈利能力提高，增長 9% 達到 33 億墨西哥比索。波多黎各下降 8%，至超過 5.3 億墨西哥比索，哥倫比亞下降 24%，至超過 3 億墨西哥比索，部分抵消了這一良好表現。反過來，綜合調整後 EBITDA 利潤率下降 140 個基點至 69%，其中墨西哥收縮 200 個基點至 74.3%，波多黎各收縮 430 個基點至 54.5%，哥倫比亞收縮 530 個基點至 52.6%。

To recap, we delivered another good quarter in Mexico, affected by the strong peso and the effects of the 2 Colombian airlines that has stopped operations during the quarter.

回顧一下，受比索堅挺以及兩家哥倫比亞航空公司在本季度停止運營的影響，我們在墨西哥的季度業績又表現出色。

Moving to our financial position, we maintain a robust balance sheet with cash and cash equivalents over MXN 14 billion and a healthy debt profile after paying the ordinary dividend at the end of May, which amounted to a total of nearly MXN 3 billion.

就我們的財務狀況而言，我們保持著穩健的資產負債表，現金和現金等價物超過 140 億墨西哥比索，在 5 月底支付普通股息後，債務狀況保持健康，總計近 30 億墨西哥比索。

Accounts receivables increased 7%, driven by higher passenger traffic in Mexico and Puerto Rico, together with combined receivables of MXN 23 from the 2 local airlines that were suspended earlier this year.

由於墨西哥和波多黎各客運量增加，加上今年早些時候暫停運營的 2 家當地航空公司的應收賬款合計為 23 墨西哥比索，應收賬款增長了 7%。

Finally, capital expenditures in the quarter totaled MXN 153 million. Of this 50% was operated to Mexico, 46% to Puerto Rico and remaining to Colombia. So enough, we are seeing healthy passenger traffic trends. We have a solid financial position, and we are investing for the future growth.

最後，本季度的資本支出總計 1.53 億墨西哥比索。其中 50% 運營至墨西哥，46% 運營至波多黎各，其餘運營至哥倫比亞。足夠了，我們看到了健康的客運趨勢。我們擁有穩健的財務狀況，並且正在為未來的增長進行投資。

This ends my presentation. Kevin, please open the call for questions.

我的演講到此結束。凱文，請打開提問電話。

(Operator Instructions) Our first question today is coming from Rodolfo Ramos from Bradesco BBI.

（操作員說明）我們今天的第一個問題來自 Bradesco BBI 的 Rodolfo Ramos。

I have a couple. The first one is on the Bavaro airport. I mean can you please repeat the level of passenger that you're targeting over the long run? And when you expect to conclude (inaudible)? And also, if there is anything you can share on the economics, the amount of income that you expect to attain once it's stabilized? So that would be my first question.

我有一對。第一個是在巴瓦羅機場。我的意思是，您能否重複一下您的長期目標乘客數量？您預計何時得出結論（聽不清）？另外，如果您可以分享有關經濟的任何信息，那麼一旦經濟穩定下來，您預計將獲得多少收入？這是我的第一個問題。

Okay. What I have said is that we are working in a project that will have an 8 million passengers capacity, they won in the infrastructure of the airport. In terms of the economics, it's too early to tell, we are 3 years away from that moment.

好的。我所說的是，我們正在開展一個可容納800萬人次的項目，他們在機場基礎設施方面贏得了勝利。就經濟而言，現在下結論還為時過早，距離那一刻還差三年。

And the second question I had was on your MDP, I mean we have seen this administration be more confrontational with concession-based businesses. We've seen headlines about some industry players pushing back against the current level of tariffs, I mean this is not just for you, but for the industry broadly. Can you talk about your expectations on your MDP, anything that you've seen recently? And whether you've seen any changes on whether it's a process or methodology, anything versus your previous negotiations?

我的第二個問題是關於你們的 MDP，我的意思是我們已經看到本屆政府對基於特許權的企業更具對抗性。我們已經看到一些行業參與者反對當前關稅水平的頭條新聞，我的意思是這不僅針對您，而且針對整個行業。您能談談您對 MDP 的期望嗎？您最近看到了什麼？與之前的談判相比，您是否看到流程或方法方面有任何變化？

Well, so far, we have not seen anything in comparison with the previous negotiations. As of today, we have the process, we have, together with the authorities conducted the process to visit all the airports and review each one of the projects we have proposed. And during the second half of the year, we will go to the economics in terms of the passenger traffic to (inaudible) and finally, the final calculation. So far, I can say to you that I don't see any change in comparison of how it has been in the past.

那麼到目前為止，我們還沒有看到任何與之前談判相比的情況。截至今天，我們已經有了流程，我們已經與當局一起進行了訪問所有機場並審查我們提出的每個項目的流程。在今年下半年，我們將根據客運量（聽不清）進行經濟分析，最後進行最終計算。到目前為止，我可以告訴你，與過去相比，我沒有看到任何變化。

(Operator Instructions) Our next question is coming from Guilherme Mendez from JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 Guilherme Mendez。

My first question is a follow-up to the previous one on the Dominican Republic Airport. I understand the 8 million passengers a year. But just thinking of the ramp-up of these operations. So by the time it's concluded 3 years from now, how fast will you reach to this 8 million? And how is the competition -- you mentioned only 30 kilometers from the Punta Cana International Airport. So how should we think about the competition in the region?

我的第一個問題是關於多米尼加共和國機場的上一個問題的後續問題。我了解每年800萬旅客。但只要想想這些業務的增加就可以了。那麼，當三年後結束時，您將多快達到這 800 萬？競爭如何——您提到距離蓬塔卡納國際機場僅 30 公里。那麼我們應該如何看待區域競爭呢？

And the second one is regarding Colombia. I mean how do you see the outlook in terms of traffic performing post the broadly with the 2 airlines that went bust? I mean how fast should we expect the recovery of traffic in the region?

第二個是關於哥倫比亞的。我的意思是，您如何看待兩家破產航空公司的總體客流量前景？我的意思是，我們應該預計該地區的交通恢復速度有多快？

In (inaudible) today (inaudible) so just moving at approximately 8 million passengers, we are constructing or we will be constructing an infrastructure with a capacity of 8 million. Normally, I would say, technically speaking, you construct infrastructure, they won with a target of, let's say, between 5 to 7 years. In the case of Colombia, what I can say to you is that I don't see how the other 2 airlines, Avianca and LATAM will be able to recuperate in a fast way, but we have lost it from Ultra Air and Viva Air Colombia, so my expectation is that we will be affected for the rest of the year.

今天（聽不清）（聽不清），我們正在建設或將要建設容量為 800 萬人次的基礎設施，運載量約為 800 萬人次。通常，我會說，從技術上講，你建設基礎設施，他們贏了，目標是 5 到 7 年。就哥倫比亞而言，我可以對你說的是，我不認為其他兩家航空公司，阿維安卡航空公司和拉丁美洲航空公司將如何能夠快速恢復，但我們已經從Ultra Air 和Viva Air Columbia 手中失去了它，所以我預計今年剩餘時間我們都會受到影響。

Next question is coming from Javier Gayol from GBM.

下一個問題來自 GBM 的哈維爾·加約爾 (Javier Gayol)。

I have a follow-up on the Bavaro Airport. If you could just help us understand the regulatory framework of that venture? And is there any -- at this time in your joint venture, are there any options that you have to maybe buy 100%? Or is it anything like that structure into the concept of the joint venture that we should be aware of?

我對巴瓦羅機場有後續報導。您能否幫助我們了解該企業的監管框架？目前，在你們的合資企業中，是否有任何您必須 100% 購買的選項？或者我們應該注意的是類似於合資企業概念的結構嗎？

For the moment, that's what we have. We have been invited to this project. We will be working together with them for the design and the future operation of this airport. And as I have said to my initial remarks, what we are expecting to have is 25% of this airport, of course, in the future, it's going to grow, but we do not have any option at the moment to increase our participation in that.

目前，這就是我們所擁有的。我們已受邀參與該項目。我們將與他們共同致力於這個機場的設計和未來的運營。正如我在最初的評論中所說，我們期望擁有這個機場 25% 的份額，當然，未來它會增長，但目前我們沒有任何選擇來增加我們的參與那。

But on the regulator -- like the regulation of the airport, is it similar to what we should expect like Mexico, like Colombia, like Puerto Rico, what sort of scheme are you guys looking at?

但在監管方面——比如機場的監管，是否類似於我們應該期待的，比如墨西哥、哥倫比亞、波多黎各，你們正在考慮什麼樣的計劃？

It's not equal to Mexico or to Colombia. (inaudible) has the same on the passenger fees and some of our fees, I'd say in general (inaudible) system. And of course, being a private airport is not exactly the same as what we have in Mexico. So the regulation is not so, I'd say, strict in that sense, but it is a (inaudible) system where the government has something to say in some specific tariffs.

它不等於墨西哥或哥倫比亞。 （聽不清）在乘客費用和我們的一些費用上有相同的，我想說在一般（聽不清）系統中。當然，私人機場與墨西哥的私人機場並不完全相同。因此，我想說，從這個意義上來說，監管並不嚴格，但這是一個（聽不清）系統，政府在某些具體關稅方面有發言權。

Next question today is coming from Anton Mortenkotter from GBM.

今天的下一個問題來自 GBM 的 Anton Mortenkotter。

Congrats on your results. Just 2 quick ones. One, are you seeing any -- I mean besides the Tuesday effect on your peso-denominated revenues, have you seen any impact of maybe less consumption of some of your airports or something like that?

恭喜你的結果。就2個快的。第一，您是否看到任何影響——我的意思是，除了周二對您以比索計價的收入的影響之外，您是否看到某些機場消耗量減少或類似情況帶來的任何影響？

No, I have not seen anything like that. Of course, as I have said into my initial remarks, if you can see the peso appreciation from the U.S. dollar, the Colombian peso of 15% and 18% during the last year. Of course, that has an implication -- an important implication in the results I'm presenting today when we transform all these to peso. That's what I said to my initial remarks that the commission revenues the passenger in local currency have increased significantly. We see what has happened in the case of the Colombia, it was an increase of 31%.

不，我還沒有見過這樣的事情。當然，正如我在最初的發言中所說的那樣，如果你能看到去年美元、哥倫比亞比索分別升值了 15% 和 18%。當然，這有一個含義——當我們將所有這些都轉換為比索時，這對我今天展示的結果有一個重要的含義。這就是我最初所說的，即乘客以當地貨幣計算的佣金收入大幅增加。我們看看哥倫比亞的情況，增長了 31%。

When you translate this into Mexican pesos and partly (inaudible).

當你將其翻譯成墨西哥比索時，部分（聽不清）。

Yes. Perfect. That's pretty clear. And the other one is related to the service costs. We saw an increase quarter-over-quarter, should we expect these levels to be maintained? Or if you could provide some color there?

是的。完美的。這很清楚。另一個與服務成本有關。我們看到季度環比增長，我們是否應該期望這些水平能夠維持下去？或者你可以在那裡提供一些顏色嗎？

Well, the potent effect that we saw in the case of Mexico was at the beginning of the year due to the minimum wage increase by 20%, that services basically services like cleaning and security and also some increase in costs of personnel by salary increases, of course, not big in size. But yes, we would be effective from now on in terms of the growth you are seeing during the second quarter.

嗯，我們在墨西哥的例子中看到的有效影響是在今年年初，由於最低工資上漲了 20%，服務基本上是清潔和保安等服務，而且由於工資上漲，人員成本也有所增加，當然，體積不大。但是，是的，從現在開始，我們將在第二季度看到的增長方面發揮作用。

Okay. Just another quick one. I also saw some really high cash taxes during the quarter quite different from previous quarters, you can [toss] a little bit about why?

好的。只是另一個快速的。我還看到本季度有一些非常高的現金稅，與前幾個季度截然不同，您可以[折騰]一下為什麼？

That has to do with the level of revenues in the case of Mexico, probably when you see the consolidation effect, the results are not so well in the other 2 airports, but they are in the case of Mexico, and that's why I show increase in taxes.

這與墨西哥的收入水平有關，可能當你看到整合效應時，其他兩個機場的結果不太好，但墨西哥的情況是這樣，這就是為什麼我顯示增長在稅收中。

(Operator Instructions) Our next question is coming from Jay Singh from Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Jay Singh。

This is Jay Singh from [Steve Trans team]. My first question is your Mexico CapEx was very low. Is this due to it being the final year of the master development plan or something else?

我是 [Steve Trans 團隊] 的 Jay Singh。我的第一個問題是你們的墨西哥資本支出非常低。這是因為今年是總體開發計劃的最後一年還是其他什麼原因？

As always it's the last year of the MDP, the expected amount for the year is around MXN 600 million.

一如既往，今年是 MDP 的最後一年，今年的預期金額約為 6 億墨西哥比索。

And as a follow-up, is -- so considering any expansion opportunities abroad, maybe airport acquisitions in Central America or the Caribbean?

作為後續行動，是否考慮在海外擴張的機會，也許是在中美洲或加勒比地區收購機場？

Well, the only thing there that we have today is what I just mentioned in the case of the Dominican Republic.

嗯，我們今天唯一的情況就是我剛才提到的多米尼加共和國的情況。

Next question coming from Alan Macias from Bank of America.

下一個問題來自美國銀行的艾倫·馬西亞斯。

If you could give us a little color on international traffic to Cancun, how U.S. traffic from visitors from the U.S. has been acting up -- actually has been decreasing? And what do you see behind this? And of course, the Canadian traffic has recovered quite well. But are you seeing any effect in U.S. visitors, besides a strong peso?

如果您能給我們介紹一下前往坎昆的國際客流量，來自美國的遊客在美國的客流量表現如何——實際上一直在下降？您在這背後看到了什麼？當然，加拿大的交通已經恢復得很好。但除了比索走強之外，您還看到美國遊客受到什麼影響嗎？

I don't see any decrease in the U.S. traffic. I would say, it's a more increase if we compare the second quarter to the previous year. In the case of international traffic during the quarter, as I had mentioned during my initial remarks, most of the growth came from Canada, some growth from the U.S. and a slight growth from Europe, a decrease in Latin America.

我沒有看到美國的交通量有任何減少。我想說，如果我們將第二季度與去年同期相比，增幅會更大。就本季度的國際流量而言，正如我在最初的發言中提到的，大部分增長來自加拿大，一些增長來自美國，歐洲略有增長，拉丁美洲有所下降。

Just can you give us the level or the average of Mexican flying from Cancun to the U.S. Is that a significant amount of traffic? Or has that been growing?

您能否告訴我們墨西哥從坎昆飛往美國的航班的水平或平均水平？交通量很大嗎？或者說一直在增長？

Well, if you are trying to ask about category wise, the traffic between U.S. and Cancun mostly is traveling with a U.S. carrier. If we go back in time May 2020 when Mexico, lost category 1 and it was in category 2, we issued a 6-K saying that 0.5% of our traffic to and from our airports in Mexico to the U.S. are traveling with a domestic carrier, so 99.5% is traveling the U.S. carrier.

好吧，如果您想詢問類別方面的問題，美國和坎昆之間的交通主要由美國航空公司運營。如果我們回到 2020 年 5 月，當時墨西哥失去了 1 類，進入了 2 類，我們發布了 6-K 聲明，往返於墨西哥機場和美國之間的流量中有 0.5% 是通過國內航空公司運輸的，因此99.5% 乘坐美國航空公司的航班。

(Operator Instructions) We reach the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

（操作員說明）我們的問答環節即將結束。我想重新發言以徵求進一步的意見或結束意見。

Thank you, Kevin. Thank you all of you again for participating in the second quarter results conference call. On behalf of ASUR, we wish you a good day and a good bye.

謝謝你，凱文。再次感謝大家參加第二季度業績電話會議。我們謹代表 ASUR 祝您度過美好的一天並再見。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。