Grupo Aeroportuario del Sureste SAB de CV (ASR) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to ASUR's Third Quarter 2023 Results Conference Call. My name is Ryan, and I will be your operator. (Operator Instructions) As a reminder, today's call is being recorded. I'd now turn the call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.

女士們、先生們，美好的一天，歡迎參加 ASUR 2023 年第三季業績電話會議。我的名字是 Ryan，我將是您的接線生。 （操作員說明）謹此提醒，今天的通話正在錄音。我現在將電話轉給執行長阿道夫·卡斯特羅先生。請繼續，先生。

Thank you, Ryan, 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 current management expectations and beliefs and are subject to several risk and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control. As usual, additional details about our quarterly results can be found in our press release, which was issued yesterday after market closed, and is available on our website, Investor Relations sector.

謝謝瑞安，大家早安。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，這些陳述基於當前管理層的預期和信念，並受到多種風險和不確定性的影響，可能導致實際結果有重大差異，包括可能超出我們公司控制範圍的因素。與往常一樣，有關我們季度業績的更多詳細資訊可以在我們昨天收盤後發布的新聞稿中找到，也可以在我們的網站投資者關係部分找到。

Following my presentation, I will be available for Q&A. Before getting into a discussion of the quarterly results, let me start today's call with a recap of the recent developments in connection with the concession agreements of our Mexican operations as recently announced. On October 4, ASUR we received a notification from the Mexican Federal Civil Aviation Agency, that it has decided to amend with immediate effect that terms of the Tariff Base Regulation. These terms were laid out in exhibit 7 of the concession agreements established in 1998 and then amended in 1999. On October 19, ASUR receive a notification from the Mexican Federal civil aviation agency, which modified the document received on October 4. The full tax of the amended exhibit 7 was filed with the Mexican Bolsa and the Securities and Exchange Commission.

演講結束後，我將接受問答。在討論季度業績之前，讓我先回顧一下與我們最近宣布的墨西哥業務特許權協議有關的最新進展。 10 月 4 日，ASUR 我們收到墨西哥聯邦民航局的通知，決定立即修改關稅基礎條例的條款。這些條款列於1998 年簽訂的特許經營協議的附件7 中，並於1999 年進行了修訂。10 月19 日，ASUR 收到墨西哥聯邦民航局的通知，該局修改了10 月4 日收到的文件。修訂後的附件 7 已向墨西哥證券交易所和證券交易委員會備案。

On October 18, the lower house of the Mexican Congress, approved the initiative to increase the concession fee from 5% to 9%, which is now under review by the senate. We do not know when this may be approved and when the change in the case will be effective. ASUR is currently evaluating the charges -- the changes implemented by the Mexican Federal Civil Aviation Agency and the potential impact that it may have on its business, including its financials.

10月18日，墨西哥國會下議院批准將特許權費從5%提高到9%的倡議，目前正在參議院審議。我們不知道何時會獲得批准，也不知道案件的變更何時會生效。 ASUR 目前正在評估這些指控——墨西哥聯邦民航局實施的變更以及可能對其業務（包括財務）的潛在影響。

Now moving on to ASUR's operating and financial performance for the quarter. Before starting, Note that all comparisons are year-on-year unless otherwise noted. Starting with traffic. On a consolidated basis, 17.3 million passengers traveled to our airports in the third quarter, a record high for the third quarter. We accomplished this even if the pro-rated is [lowered] to 3.4%. Additional traffic trends by country were mixed. As in the prior quarter, the suspension of 2 Colombian Airlines earlier in the year, together with increase in the value-added taxes resulted in a contraction of nearly 15% in total traffic in Colombia. By contrast, Puerto Rico again delivered the fastest growth of nearly 25%, driven by a solid performance in both domestic and international traffic.

現在我們來看看 ASUR 本季的營運和財務表現。在開始之前，請注意，除非另有說明，所有比較均為同比。從流量開始。綜合來看，第三季機場旅客量為 1,730 萬人次，創第三季歷史新高。即使按比例[降低]至 3.4%，我們也實現了這一目標。按國家/地區劃分的其他流量趨勢好壞參半。與上一季一樣，今年稍早有 2 家哥倫比亞航空公司停飛，加上增值稅上調，導致哥倫比亞總運輸量收縮近 15%。相較之下，在國內和國際交通穩健表現的推動下，波多黎各再次實現了近 25% 的最快成長。

Lastly, traffic in Mexico was up close to 6%, driven by domestic traffic that offset a 0.6% decline in the threshold traffic. This was primarily due to a slight year-over-year decrease in the passenger traffic to and from Europe, South America, offset by higher traffic from the U.S. and Canada. Moving into the P&L. As a reminder, all reference to revenue costs exclude construction and cost revenues. Also note that Puerto Rico, Colombia figures reflect the strong Mexican peso, which appreciated over 13% and 3% versus the U.S. dollar and the Colombian peso since the end of the third quarter 2022, through the end of the third quarter of this year, respectively. With this, revenues increased over 3% to just over MXN 6 billion in the third quarter mainly driven by growth in aeronautical and Non-aeronautical revenues in Mexico, while Puerto Rico and Colombia posted declines of nearly 1% and 16%, respectively.

最後，在國內流量的推動下，墨西哥的流量成長了近 6%，抵消了 0.6% 的門檻流量下降。這主要是由於往返歐洲、南美的客運量較去年同期略有下降，但被來自美國和加拿大的客運量增加所抵銷。進入損益表。提醒一下，所有提到的收入成本都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 2022 年第三季末到今年第三季末，墨西哥比索相對於美元和哥倫比亞比索分別升值了 13% 和 3%，分別。由此，第三季營收成長超過 3%，達到略高於 60 億墨西哥比索，這主要是由墨西哥航空和非航空收入成長推動的，而波多黎各和哥倫比亞分別下降了近 1% 和 16%。

However, measuring local currencies revenues increased 18.6% in Puerto Rico and 3.4% in Colombia. Overall, Mexico represented 73% of the total revenues, while Puerto Rico and Colombia accounted for nearly 16% and 11%, respectively. Commercial revenues were up 3%, in line with passenger traffic growth, driven by increases of 2% in Mexico, 8% in Puerto Rico partially offset by a 1% decline in Colombia. On a per passenger basis, commercial revenue remained flat at MXN 116.5 with Mexico and Puerto Rico contracting MXN 236 and MXN 139 per passenger, respectively, while Colombia posted a midterm increase to MXN 43.

然而，以當地貨幣計算的收入在波多黎各增長了 18.6%，在哥倫比亞增長了 3.4%。總體而言，墨西哥佔總收入的 73%，而波多黎各和哥倫比亞分別佔近 16% 和 11%。商業收入成長了 3%，與客運量成長一致，墨西哥成長 2%，波多黎各成長 8%，部分被哥倫比亞下降 1% 所抵銷。以每位乘客計算，商業收入保持不變，為 116.5 墨西哥比索，其中墨西哥和波多黎各分別為每位乘客 236 墨西哥比索和 139 墨西哥比索，而哥倫比亞則中期增長至 43 墨西哥比索。

In local currency, Puerto Rico, Colombia posted increases in commercial revenue per passenger, approximately 2.5% and 27.3%, respectively. These increases were partially driven by actions we have undertaken to further engage our passenger traffic experience. This includes 6 new commercial spaces open across all our airport network during the last 12 months. Of these, 16% of them in Mexico, 4% in Puerto Rico and [46%] in Colombia. Consolidated EBITDA for the quarter increased year-over-year 3% to MXN 4.2 billion in Mexico, remain in the main contributor to profitability, posting a 3% increase to MXN 3.3 billion, followed by a recovery in Puerto Rico with EBITDA up 8% to just over MXN 500 million. Performance in Colombia also improved with EBITDA of MXN 411 million. Although this represented a decline of nearly 10%, it was better than the 20% decrease reported in the second quarter '23. In turn, consolidated adjusted EBITDA margin, which excludes construction remained relatively flat to 69.6% year-over-year. Our strong performance in Puerto Rico, which delivered a 400 basis points margin increase offset declines of 90 and [300] basis points in Mexico and Colombia, respectively.

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成長約 2.5% 和 27.3%。這些成長的部分原因是我們為進一步提升客運體驗所採取的行動。其中包括過去 12 個月在我們整個機場網路中開放的 6 個新商業空間。其中，16% 在墨西哥，4% 在波多黎各，[46%] 在哥倫比亞。墨西哥本季綜合 EBITDA 年成長 3%，達到 42 億墨西哥比索，仍是獲利的主要貢獻者，成長 3%，達到 33 億墨西哥比索，隨後波多黎各出現復甦，EBITDA 成長 8%略高於5 億墨西哥比索。哥倫比亞的業績也有所改善，EBITDA 達到 4.11 億墨西哥比索。儘管這意味著下降了近 10%，但好於 23 年第二季報告的 20% 的下降。反過來，不包括建築業的綜合調整後 EBITDA 利潤率仍相對持平，為 69.6%。我們在波多黎各的強勁表現，利潤率成長了 400 個基點，抵消了墨西哥和哥倫比亞分別下降 90 和 [300] 個基點的影響。

In summary, we delivered another good quarter despite the strong peso good results in Mexico were further supported by a strong performance in Puerto Rico and improving profitability in Colombia, reflecting the suspension of operations of the Columbian airlines early in the year and higher value-added taxes. We remain a strong and healthy balance sheet with cash and cash equivalents over MXN 16.9 billion and a healthy debt profile. Our strong financial position enables to return cash to shareholders in the form of dividends. Specifically in May, we pay an ordinary dividend that amounted of nearly MXN 3 billion. And in November, we will be paying an extraordinary cash dividend of MXN 10 per share, equivalent to approximately another MXN 3 billion. Finally, capital expenditures in the quarter totaled MXN 367 million of which 64% was allocated to Mexico, 34% to Puerto Rico and the remainder in Colombia. This ends my presentation, Brian, please open the for the floor for questions.

總而言之，儘管比索強勁，但我們在墨西哥取得了良好的業績，這進一步受到波多黎各的強勁表現和哥倫比亞盈利能力改善的支撐，反映出哥倫比亞航空公司在年初暫停運營以及更高的附加值稅。我們的資產負債表依然強勁、健康，現金和現金等價物超過 169 億墨西哥比索，債務狀況也良好。我們強大的財務狀況使我們能夠以股息的形式向股東返還現金。具體來說，我們在 5 月支付了近 30 億墨西哥比索的普通股息。 11 月份，我們將支付每股 10 墨西哥比索的特別現金股息，相當於另外約 30 億墨西哥比索。最後，本季的資本支出總計 3.67 億墨西哥比索，其中 64% 分配給墨西哥，34% 分配給波多黎各，其餘分配給哥倫比亞。我的演講到此結束，布萊恩，請開始提問。

(Operator Instructions) Our first question comes from Juan Ponce with Bradesco BBI.

（操作員說明）我們的第一個問題來自 Bradesco BBI 的 Juan Ponce。

Considering that the MDP negotiation is a long process, and the fact that you are now in the last stretch of the tariff negotiation. What are the implications from the regulatory changes on your MDP negotiating process? That's my first question. And my second question would be, do you agree that perhaps the initial tariff impact to be around 10%, which is what some members of the [SCT] I've mentioned. And if the impact -- if the financial impact is unknown or we get an even greater negative impact, are there any legal avenues you can take to criticize these measures?

考慮到MDP談判是一個漫長的過程，而且現在正處於關稅談判的最後階段。監管變化對您的 MDP 談判流程有何影響？這是我的第一個問題。我的第二個問題是，您是否同意最初的關稅影響可能在 10% 左右，這正是我提到的 [SCT] 的一些成員。如果影響——如果財務影響未知，或者我們受到更大的負面影響，你可以採取任何法律途徑來批評這些措施嗎？

In the case of the MDP process, as you have mentioned, this is almost 2 years process. We were almost at the end of the process, and now with these document, we will have to restart again in terms of the document that we will have to present to the authorities in the coming days, I would say. As we speak, we are adjusting the document in accordance with the new regulation that we have received last week. So we are now in the process to evaluate what the impact may be on this respect.

就 MDP 流程而言，正如您所提到的，這幾乎是 2 年的過程。我想說，我們的流程已接近尾聲，現在有了這些文件，我們將不得不重新開始提交未來幾天向當局提交的文件。正如我們所說，我們正在根據上週收到的新規定調整該文件。因此，我們現在正在評估這方面可能產生的影響。

In terms of what you're saying of the 10% tariff reduction, et cetera, is not something that we are, at the moment, available to answer. We will have to see and wait until this new basis of regulations are applied in the numbers of the company. And that I believe is going to be towards the end of the year, probably the first week of January when we are going to be able to say what was the implication of this new base tariff regulation on the on the numbers of the company.

至於你所說的關稅降低10%等問題，目前我們無法回答。我們必須拭目以待，直到這項新的法規基礎在公司數量中得到應用。我相信將在今年年底，可能是一月的第一周，屆時我們將能夠說出這項新的基本關稅法規對公司數量的影響。

Okay. Adolfo, and regarding the any legal avenues you can take to curtail these measures is the possibility or not at all, not in the cards?

好的。阿道夫，關於您可以採取的任何法律途徑來限制這些措施是可能還是根本不可能？

For the moment, we are not considering any legal action on this respect.

目前，我們不考慮就此採取任何法律行動。

Our next question comes from the line of Guilherme Mendes with JPMorgan.

我們的下一個問題來自吉爾赫姆門德斯 (Guilherme Mendes) 與摩根大通 (JPMorgan) 的對話。

I have a follow-up on the MDP and the regulatory changes, which is related to the concession fees. On the old contract, there used to be a compensation on tariffs regarding any potential increase in concession fees. Just wondering how should we think about this going forward? So this increase from 9 -- 5% to 9% on tier concession fee should be fully incorporated by companies? Or there may be some kind of compensation on the new contract? And the second question is regarding to the investment on the Dominican Republic, if there's any updates on that front, if you could share any details in terms of timing or potentially the financials of the project.

我對 MDP 和監管變化進行了跟踪，這與特許權費有關。在舊合約中，曾經對任何可能增加的特許權費用進行關稅補償。只是想知道我們未來該如何思考這個問題？那麼，從 9% 到 5% 到 9% 的層級特許經營費增加應該由公司完全納入嗎？或者新合約可能會有某種補償？第二個問題是關於對多明尼加共和國的投資，這方面是否有任何更新，您是否可以分享該項目的時間或潛在財務方面的任何細節。

In the case of the 5% to 9%, as I have mentioned you in the initial remarks. This has not been approved yet on the first place, is subject to senate approval and second, we can know when this is going to be applicable for us from one in the case senate approves. So in that sense, we don't know yet how the new document of the new types of regulations are going to treat these charts. In the case of your second question, could you repeat that again?

就 5% 到 9% 而言，正如我在最初的評論中提到的那樣。首先，這還沒有獲得批准，需要參議院批准；其次，如果參議院批准，我們可以知道這何時適用於我們。因此，從這個意義上說，我們還不知道新型法規的新文件將如何處理這些圖表。關於你的第二個問題，你能再說一次嗎？

Yes, sure. It's regarding the investments on the Dominican Republic that you announced on the previous quarter, if there is any update on this project or if you could share something in terms of timing or the financials of the investment?

是的，當然。這是關於您上季度宣布的對多明尼加共和國的投資，該項目是否有任何更新，或者您可以分享投資的時間或財務方面的資訊？

Yes, we are in the process today, as we speak, finalizing the design of the buildings. And we believe that we will initiate construction in the first half of next year.

是的，正如我們所說，我們今天正在完成建築物的設計。我們相信明年上半年就能動工。

Our next question comes from the line of Fernanda Recchia with BTG Pactual.

我們的下一個問題來自 Fernanda Recchia 和 BTG Pactual 的線路。

I have two. First, on the (inaudible) issue that we saw that might impact the Volaris and Viva will face. Just wondering how are you expecting the impact on ASUR? I know it maybe could be early, but we know that Cancun has a great exposure to Volaris. So if you could give us your preliminary thoughts if you expect this capacity to be absorbed by other airlines or it could impact us? And second, on traffic evolution, as you mentioned in your remarks, Puerto Rico is doing very well. So just wondering your forecast for Puerto Rico going forward. In Colombia, they are down by more than 10%, more or less. I think the last time we spoke, you mention a 20% of fall that you were expecting. Just wondering if your is still projecting this number? And when should we start to see growth [pressure] normalize?

我有兩個。首先，關於我們看到的可能影響 Volaris 和 Viva 將面臨的（聽不清楚）問題。只是想知道您預計對 ASUR 的影響如何？我知道可能還為時過早，但我們知道坎昆對 Volaris 的影響很大。那麼，如果您預計這些運力會被其他航空公司吸收，或者可能會影響我們，您能否給我們您的初步想法？其次，關於流量演變，正如您在演講中提到的，波多黎各做得很好。所以只是想知道您對波多黎各未來的預測。在哥倫比亞，下降幅度超過 10%，或多或少。我想上次我們交談時，您提到了您預期的 20% 的跌幅。只是想知道您是否仍在預測這個數字？我們什麼時候應該開始看到成長[壓力]正常化？

Well, in the case of your first question, that has to do with Pratt & Whitney engines. It is not just on the Volaris, this is all around the world. It's 3,000 engines that not be recalled that 1,500 airplanes. And that accounts for many other airlines. I know that JetBlue has some Spirit had some, American airlines, very few of them. So to be honest, today, we do not have enough information to say what the implication is going to be in the traffic of the world.

嗯，就你的第一個問題而言，這與普惠引擎有關。不僅在 Volaris 上，全世界都是如此。 1,500 架飛機中有 3,000 台發動機不被召回。許多其他航空公司也是如此。我知道捷藍航空有一些，精神航空有一些，美國航空公司有一些，但很少。所以說實話，今天我們沒有足夠的資訊來說明它對世界交通的影響。

In the case of Viva, Volaris, Viva has said to us that they do not see a major implication with this situation. In the case of Volaris, what I understand is that around 60% of the fleet has this kind of engine. So we are expecting a major impact from Volaris. And I agree with you that, Cancun has a lot of flights with these airline. So the best way to evaluate this situation will be to hear Volaris and to see what they're going to say during their conference. But just we do expect some effects of this next year. And that will, of course, depend on how fast and how the manufacturer recalls the engines of Volaris that has to do with the cycles they have in their engines, and it's something that we don't know yet. In the case of Colombia, the 20% was what we have said that these 2 airlines meant 20% of our traffic last year.

就 Viva 而言，Volaris，Viva 向我們表示，他們認為這種情況不會產生重大影響。就 Volaris 而言，據我了解，大約 60% 的機隊擁有這種引擎。因此，我們預計 Volaris 會產生重大影響。我同意你的觀點，坎昆有很多這些航空公司的航班。因此，評估這種情況的最佳方法是聽聽 Volaris 的聲音，看看他們在會議期間會說些什麼。但我們確實預計明年會產生一些影響。當然，這取決於製造商召回 Volaris 引擎的速度和方式，這與他們引擎的循環有關，而這是我們還不知道的事情。就哥倫比亞而言，20%就是我們所說的這兩家航空公司意味著我們去年客流量的20%。

So whatever number is better than the 20%. That means that the other 2 airlines and the income of them are recuperating from these 2 airlines that disappear or that's went in stop operations. So the number we have recently published, is my opinion, a good number because it's lower than the 20%. Remember that these airlines were out since February this year, so as from February next year, we will see the traffic to start growing again.

所以無論什麼數字都比 20% 更好。這意味著其他兩家航空公司及其收入正在從這兩家消失或停止營運的航空公司中恢復過來。我認為我們最近發布的數字是一個很好的數字，因為它低於 20%。請記住，這些航空公司自今年 2 月起就停飛了，因此從明年 2 月開始，我們將看到客流量再次開始成長。

And just a follow-up on Puerto Rico. Do you expect to keep this double-digit growth rate going forward?

這只是波多黎各的後續行動。您預計未來能維持兩位數的成長率嗎？

The growth -- the extraordinary growth we are seeing in Puerto Rico right now has to come with a new airline and ultra local carrier that started operations in Puerto Rico, and they have increased our traffic substantially. So this is good news for Puerto Rico. We don't know how much or how long is going to last. But for the moment, we are very happy to see these 20-something percent increase year-over-year.

我們現在在波多黎各看到的非凡成長必須伴隨著一家新航空公司和在波多黎各開始營運的超本地航空公司，它們大幅增加了我們的客流量。所以這對波多黎各來說是個好消息。我們不知道會持續多久或多久。但目前，我們很高興看到這些年增率百分之二十左右。

Our next question comes from the line of Bruno Amorim with Goldman Sachs.

我們的下一個問題來自布魯諾·阿莫林與高盛的對話。

I have two. The first one, I just wanted to reconcile the big picture here. Directionally, the government is increasing the concession fee. They have stated that they want to lower tariff. So if you want to keep the contract balanced, meaning allowing for the private operators to earn the allowed return on invested capital, I guess, you could extend the life of the concession or eventually postpone CapEx. So the question is, are those the 2 levers still on the table?

我有兩個。第一個，我只是想在這裡協調一下大局。政府正在定向提高特許權費。他們表示希望降低關稅。因此，如果你想保持合約平衡，這意味著允許私人業者獲得允許的投資資本回報，我想，你可以延長特許權的期限或最終推遲資本支出。所以問題是，這兩個槓桿仍然在桌面上嗎？

And are you in talks with the government to eventually postpone CapEx or to extend the life of the concession. So that's the first question. And the follow-up on that is, if we get to a situation where it's not possible to square all those variables, if the contract is not balanced, if the concession is not earning the allowed return. Is it still an option to go to the court or not? How do you think about this trade-off going to the courts or not? What could trigger this decision?

您是否正在與政府談判以最終推遲資本支出或延長特許權期限。這是第一個問題。後續的情況是，如果我們遇到無法對所有這些變數進行平方的情況，如果合約不平衡，如果特許權沒有獲得允許的回報。是否仍可以選擇去法院？您如何看待這種權衡是否會訴諸法庭？什麼會觸發這個決定？

In the case of your first question, extending the concession or diminishing CapEx. Well, first of all, I have to say that CapEx is not because we want, the CapEx is the mathematical relation in terms of the demand. So if demand increases, of course, CapEx increases. So we will have to construct whatever is necessary to support the level of service for the demand that is coming. We are not in talks about extending the concession contract.

對於你的第一個問題，擴大讓步或減少資本支出。嗯，首先，我必須說，CapEx 不是我們想要的，CapEx 是需求的數學關係。因此，如果需求增加，資本支出當然會增加。因此，我們必須建立任何必要的東西來支援即將到來的需求的服務水準。我們沒有在討論延長特許權合約。

And in terms of the balance, I don't agree with your question about how to reduce rates if you are increasing fees? It's something that we will have to see once we apply this new regulation document in our numbers or in our MDP towards the end of the year.

就平衡而言，我不同意你關於如果增加費用如何降低費率的問題？一旦我們在年底將這份新的監管文件應用到我們的數據或 MDP 中，我們就必須看到這一點。

Thank you, Adolfo. And so if at the end of the day, there is no offset for the higher concession fee for the lower tariffs. Is it fair to say the returns would likely be lower than what they should be. And in that case, would the company go to the court?

謝謝你，阿道夫。因此，如果最終而言，較低關稅所帶來的較高特許權費並不能抵消。公平地說，回報可能會低於應有的回報嗎？那麼這種情況下，公司會告上法庭嗎？

Well, Bruno, in the case of the document, you already have the full text of the document. So in terms of discount rate, I do believe that you all have all the necessary information to calculate what is that number today. So -- it's now more than ever completely transparency for you to calculate this number.

好吧，布魯諾，就文件而言，您已經有了文件的全文。因此，就折扣率而言，我相信你們都有所有必要的資訊來計算今天的數字是多少。因此，現在計算這個數字比以往任何時候都更加完全透明。

Adolf. We can follow up offline if necessary. Thank you.

阿道夫.如有需要，我們可以線下跟進。謝謝。

Our next question comes from the line of Alberto Valerio with UBS.

我們的下一個問題來自瑞銀集團的阿爾貝托·瓦萊裡奧 (Alberto Valerio)。

My first one, I would like to -- if you could provide us some details on Mexican traffic. We see a resilient, domestic demand and soften international, this is a trend. It's something that we should see recovering next quarter in next year? And my second one, if you could give you some color as well on Mexicana de Aviación. How should we treat it? Should we see, firstly, some increase in supply. And then you might see some companies struggling to follow the price what is your color on it.

我的第一個建議是——如果您能為我們提供一些有關墨西哥交通的詳細資訊。我們看到，國內需求有彈性，國際需求疲軟，這是一個趨勢。我們應該會看到明年下個季度的復甦？我的第二個，如果你能給你一些關於墨西哥航空公司的資訊。我們該如何對待呢？首先，我們是否應該看到供應增加。然後你可能會看到一些公司努力遵循你的顏色的價格。

In the case of the Mexican traffic, as I have said, yes, we do expect some negative effects next year due to the fact of this Pratt & Whitney engines in the case of Volaris. Of course, on the other side, as you have mentioned, the government has announced that they will initiate operations with Mexicana Airlines. This -- we have heard from them is that they will initiate with 10 aircrafts. Just to give you an idea today, the Mexican fleet is around 356 aircraft. So if we add 10, it is not an important effect on the whole scenario. In the case of Pratt & Whitney engines for Volaris that means more or less 60 aircraft that could be stopped for 200 or 250 days. So the negative effect is offsetting these new additional airlines of Mexicana de Aviación. What we say -- what we know is that they have not received as of today, the license to start operations, even though they were saying that they will be initiating flights December 1, this year. So that may be -- it will take more time.

就墨西哥交通而言，正如我所說，是的，由於 Volaris 的普惠發動機，我們預計明年會產生一些負面影響。當然，另一方面，正如你所提到的，政府已經宣布將與墨西哥航空公司開展業務。我們從他們那裡得知，他們將啟動 10 架飛機。今天要跟大家介紹一下，墨西哥機隊約有 356 架飛機。所以如果我們加10，對於整個場景來說影響並不重要。就 Volaris 的普惠發動機而言，這意味著大約 60 架飛機可能會停飛 200 或 250 天。因此，負面影響正在抵消墨西哥航空這些新增航空公司的影響。我們所說的——我們所知道的是，截至今天，他們還沒有收到開始運營的許可證，儘管他們說他們將於今年 12 月 1 日開始飛行。所以可能需要更多時間。

Our next question comes from the line of Anton Mortenkotter with GBM.

我們的下一個問題來自 Anton Mortenkotter 與 GBM 的關係。

Without getting much into details, I understand you're still evaluating the effects that the regulatory change will have. But thinking on a more strategical way and knowing the most relevant changes of these amendments, what would you say are the main ways that these modifications could affect your way of looking at the path and decisions taken by ASUR going forward?

在沒有詳細說明的情況下，我知道您仍在評估監管變化將產生的影響。但是，以更具策略性的方式思考並了解這些修正案中最相關的變化，您認為這些修改可能會影響您看待 ASUR 未來路徑和決策的主要方式是什麼？

Well, again, in that sense, Anton, we are transforming or updating or adjusting our documents to these new regulatory days that we have received last Thursday, so it's too early to tell. Once they apply this new regulatory regime we will be able to say what the effects were in the case of our MDP.

好吧，從這個意義上說，安東，我們正在根據上週四收到的新監管日來轉換、更新或調整我們的文件，所以現在下結論還為時過早。一旦他們應用了這個新的監管制度，我們就能夠說出我們的 MDP 的效果如何。

Okay. And also just a quick follow-up. I didn't get -- I'm not sure if I got it right. But given that this was just -- the adjusting were so quickly and you were already at the end of the MDP, is it possible for you to delay the final outcome of the MDP or it has to be ready for the beginning of the next year?

好的。並且只是快速跟進。我不明白——我不確定我是否做對了。但鑑於這只是——調整如此之快，而且MDP已經結束了，你是否可以推遲MDP的最終結果，或者必須在明年年初做好準備？

I do believe that it has to be ready by the end of the year unless they say that they are not ready. So we -- I do believe that we will deliver our document updated with this new regulatory days the coming days, and we will take it from there.

我確實相信它必須在今年年底前準備好，除非他們說還沒準備好。因此，我確實相信我們將在未來幾天提供根據新監管日更新的文件，我們將從那裡開始。

Our next question comes from the line of Stephen Trent with Citi.

我們的下一個問題來自花旗銀行的史蒂芬‧特倫特 (Stephen Trent)。

The first is actually a follow-up from Alberto Valerio and AMLO's new airline. Are you hearing anything at all pushback wise with respect to the government arguably having control of some airports and an airline in the same market.

第一個實際上是 Alberto Valerio 和 AMLO 的新航空公司的後續行動。您是否聽過任何關於政府可以控制同一市場中的某些機場和航空公司的任何反對聲音？

Well, as far as I understand, they have adjusted the law because in the past, it was not possible. There was no way that someone will have airports and airlines in both centers of more than 5% from one to the other. So I do believe that they are just at the law, that they can have this.

嗯，據我了解，他們調整了法律，因為在過去這是不可能的。不可能有人在兩個中心都擁有超過 5% 的機場和航空公司。所以我確實相信他們是正義的，他們可以擁有這個。

Wow. Okay. I appreciate that. That's awful. Just one other very quick one for me. I know that AMLO's also has this Tulum airport and that seems to be in the works. Do you have any high-level view with respect to whether the risk to charter traffic could impact your joint maximum tariff?

哇。好的。我很感激。那是糟糕的。對我來說只是另一非常快的一件事。我知道奧夫拉多爾也有這個圖盧姆機場，而且似乎正在建設中。對於包機運輸的風險是否會影響你們的聯合最高運價，你們有什麼高層看法嗎？

Well, in the case of Tulum Airport, and that's a good question. Our Mexico and Viva started to sell tickets as from December 1 from that airport. So it's something that you can see in the what page on there -- reservations page, they will start December 1. In the case of charter flights, I do believe that charter flights that have final destination, let's say, 10 kilometer south to (inaudible), they should be using Tulum as airport because their final destination is closer to an airport. That, of course, will have an impact on Tulum and that has been considered in our MDP and that typically speaking, may be shorter in the case of -- the tariff of Cancun Airport.

嗯，就圖盧姆機場而言，這是一個很好的問題。我們的墨西哥航空和 Viva 航空從 12 月 1 日起開始從該機場出售機票。所以你可以在預訂頁面上看到，他們將於 12 月 1 日開始。就包機而言，我確實相信包機的最終目的地是，比如說，向南 10 公里到（聽不清楚），他們應該使用圖盧姆作為機場，因為他們的最終目的地更靠近機場。當然，這將對圖盧姆產生影響，我們的 MDP 中已考慮到這一點，通常來說，坎昆機場的關稅可能會更短。

Our next question comes from the line of Pablo Ricalde with Santander.

我們的下一個問題來自巴勃羅·里卡爾德（Pablo Ricalde）與桑坦德銀行（Santander）的關係。

A question on the relation of (inaudible) -- and now that you add up to discount, you see at what -- which level of that we have to use, the one that already you've on Mexico charter or the one that you have consolidated. That's my question.

一個關於（聽不清楚）關係的問題——現在你加起來折扣，你會看到我們必須使用哪個等級的折扣，你已經在墨西哥憲章上使用的等級還是你已經使用的等級已合併。這就是我的問題。

Pablo, there is no way to understand what you're saying, your line is cutting in a very bad way.

巴勃羅，我無法理解你在說什麼，你的台詞切得很糟糕。

I don't know if you can hear me better now.

我不知道你現在是否能聽得更清楚。

Well, more or less.

嗯，或多或少。

I have a question on that debt to (inaudible) WACC, on the new difficult rate -- do you have to use the one in Mexico or you use the one that you have consolidated.

我對欠（聽不清楚）WACC 的債務、新的困難利率有一個疑問——您是否必須使用墨西哥的利率，還是使用您合併的利率。

Well, in the case of that, you can see a part of there in the document, we have filed last week that said that in terms of the debt, it should only be included the operations in Mexico, so if you are using consolidated in financial statements of Cancun you must exclude what is related to Puerto Rico, Colombia.

嗯，在這種情況下，你可以在文件中看到其中的一部分，我們上週提交的文件說，就債務而言，它應該只包括在墨西哥的業務，所以如果你使用合併的坎昆的財務報表必須排除與波多黎各、哥倫比亞有關的內容。

Our next question comes from the line of Pablo Monsivais with Barclays.

我們的下一個問題來自巴克萊銀行的巴勃羅·蒙西瓦 (Pablo Monsivais)。

I just have two quick questions. The first one is on the commercial revenues per passenger in Mexico. On a dollar basis, it has increased a lot and you just mentioned the opening of new spaces. But if you have more detail will be good. Also on the expectation for year-end on international travel to Cancun. I mean, international travel has decreased over the last few months. How are you seeing the final stretch of the year.

我只有兩個簡單的問題。第一個是墨西哥每位乘客的商業收入。以美元計算，它增加了很多，你剛才提到了新空間的開放。但如果能有更多細節就好了。還有年底前往坎昆的國際旅行的期望。我的意思是，過去幾個月國際旅行有所減少。您如何看待今年的最後階段？

Well, in the case of commercial revenues, we are having some effects, of course, from the Mexican strong peso. That is the case of duty free. Now that is the case of some of the activities that are related to foreign people. In the case of the traffic, as I have mentioned during the initial remarks, what we saw from the quarter on the third side, we have to understand that there should be a normalization of the numbers.

就商業收入而言，我們當然受到了墨西哥堅挺比索的一些影響。免稅就是這種情況。一些與外國人有關的活動就是這種情況。就流量而言，正如我在最初的評論中提到的，我們從第三方面的季度中看到的情況，我們必須明白數字應該正常化。

Normalization means that normal double-digit numbers, no more (inaudible) growth, but in the case of the international, the decrease was related to the traffic, to one from Europe and to one from South America. In the case of the U.S. and Canada was a slight increase that offset the negatives. But the strong peso of course, is taking some point people have from this country. That's true.

正常化意味著正常的兩位數數字，不再有（聽不見）成長，但就國際航班而言，下降與流量有關，來自歐洲的流量和來自南美的流量有關。就美國和加拿大而言，略有成長抵消了負面影響。但堅挺的比索當然正在奪走人們對這個國家的一些看法。這是真的。

Our next question comes from the line of Arthur Suelotto with APO Capital.

我們的下一個問題來自 APO Capital 的 Arthur Suelotto。

Adolfo. Just a quick follow-up, please, regarding the concessions. Are you in talks to extend the terms of your concession at this point? I know that someone asked this previously, but just I couldn't get your answer just to check if you are discussing this with the government at this point, considering all the changes that were announced recently. Thank you.

阿道夫.請快速跟進優惠的事宜。您目前是否正在就延長特許權期限進行談判？我知道之前有人問過這個問題，但考慮到最近宣布的所有變化，我無法得到你的答案，只是為了檢查你是否正在與政府討論這個問題。謝謝。

Well, we are exactly at the middle of the term. So the original term was 50 years where we have 25 in front. And as I have mentioned, we are not in talks at all about extension of the concession.

嗯，我們正處於學期中期。所以原來的期限是 50 年，前面還有 25 年。正如我所提到的，我們根本沒有就延長特許權進行談判。

Our next question comes from the line of Luis Lama with BlackRock.

我們的下一個問題來自路易斯·拉馬 (Luis Lama) 與貝萊德 (BlackRock) 的對話。

Adolfo. I'm just trying to clarify something that is a bit ambiguous in the new regulatory document. So are these changes to be applied at the end of this current MDP cycle or only for the next cycle?

阿道夫.我只是想澄清新監管文件中有些模糊的地方。那麼這些變更是在當前 MDP 週期結束時套用還是僅在下一個週期套用？

This document is enforceable as we speak. In the case of [rules], the main implications, of course, are within next MDP, that is in process to show, I would say if everything is okay in terms of time from the authorities respect, this document will be applied as well, before the year is over with -- our rates are from the first day of next year.

就我們現在而言，該文件是可執行的。就[規則]而言，主要影響當然是在下一個 MDP 內，正在展示中，我想說，如果當局方面在時間上一切順利，該文件也將適用，在今年結束之前- 我們的費率從明年的第一天開始。

(Operator Instructions) As there are no further questions, that concludes the question-and-answer portion of today's conference call. I would now like to turn the call back over to Mr. Castro for closing remarks.

（操作員說明）由於沒有其他問題，今天電話會議的問答部分就到此結束。現在我想將電話轉回給卡斯楚先生，讓其致閉幕詞。

Thank you, Ryan, and thank you, all of you, again, for participating in our third quarter results conference call. On behalf of ASUR, we wish you a good day and good bye. Now you may disconnect.

謝謝瑞安，再次感謝大家參加我們的第三季業績電話會議。我們謹代表 ASUR 祝您有個愉快的一天並再見。現在您可以斷開連線。

Ladies and gentlemen, that concludes ASUR's Third Quarter 2023 Results Conference Call. We would like to thank you again for your participation. You may now disconnect your lines.

女士們、先生們，ASUR 2023 年第三季業績電話會議到此結束。我們再次感謝您的參與。現在您可以斷開線路。