Grupo Aeroportuario del Sureste SAB de CV (ASR) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to ASUR's second quarter 2024 results conference call. My name is Ezequiel, and I'll be operator at this time. (Operator Instructions) As a reminder, today's call is being recorded. Now I'd like to turn this 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 2024 年第二季業績電話會議。我叫 Ezequiel，此時我將擔任接線生。（操作員說明）謹此提醒，今天的通話正在錄音。現在我想把這個電話轉給執行長阿道夫·卡斯特羅先生。請繼續，先生。

Thank you, Ezequiel. 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 risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control.

謝謝你，埃澤奎爾。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。

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 before moving on to our performance for the quarter.

有關我們季度業績的更多詳細信息，請參閱我們的新聞稿，該新聞稿於昨天收市後發布，並可在我們網站的投資者關係部分找到。在我的演講結束後，我將接受問答，然後再討論我們本季的業績。

Let me provide an update on recent developments on the sustainability front. Beginning with we have complied with various ESG reporting requirements, including the Mexican Stock Exchange, the United Nations Global Compact and the Mexican register of carbon emissions.

讓我介紹一下永續發展的最新進展。首先，我們遵守了各種 ESG 報告要求，包括墨西哥證券交易所、聯合國全球契約和墨西哥碳排放登記冊。

We are also implementing a data collection process that will allow us to calculate our scope three populations. This process is approximately at 90% complete as of the end of the second quarter for the Mexican airport. We also renewed our social project with pronatura which supports local patient communities and promote sector tourism in the Yucatan Peninsula in the scope of the project will include 40 additional direct beneficiaries and approximately 100 indirect beneficiaries.

我們也正在實施一個資料收集流程，使我們能夠計算我們的三個人群範圍。截至第二季末，墨西哥機場的這一過程已完成約 90%。我們還透過 pronatura 更新了我們的社會項目，該項目支持當地患者社區並促進尤卡坦半島的旅遊業，該項目範圍內將包括 40 名額外的直接受益者和大約 100 名間接受益者。

Additionally, we have been in conversation to strengthen as we are aligned with the UNICEF and extend the activities of this agency through all airports across our group. Lastly, we are also in the final stages of establishing a strategic alliance with (inaudible) and non-governmental organization that aims to prevent human trafficking. We look forward to providing more updates as we continue to advance in our sustainability journey.

此外，我們一直在與聯合國兒童基金會進行對話，以加強我們的合作，並將該機構的活動擴展到我們集團的所有機場。最後，我們還處於與（聽不清楚）非政府組織建立策略聯盟的最後階段，旨在防止人口販運。隨著我們繼續推動永續發展之旅，我們期待提供更多更新。

Now starting with a review of the stores, operational and financial performance for the quarter. As usual, all components of this cost will be year on year unless specified otherwise, passenger traffic was up 3% year on year to nearly 18 million passengers, a record high for second quarter traffic growth in Puerto Rico and Colombia more than offset a softer performance in Mexico.

現在首先回顧本季的商店、營運和財務表現。與往常一樣，除非另有說明，該成本的所有組成部分都將同比增長，客運量同比增長3%，達到近1,800 萬人次，創下波多黎各和哥倫比亞第二季度客運量增長的歷史新高，這足以抵消客運量的疲軟。

By region Colombia posted the strongest performance with traffic of 21 year on year, driven by increases in domestic and international growth in the high 10s and high 20s traffic in Colombia continued to benefit from easier comps following the suspension of two operators in February last year, which accounted for 20% of the traffic.

按地區劃分，在國內和國際增長的推動下，哥倫比亞表現最為強勁，流量同比增長21 倍，繼去年2 月兩家運營商停駛後，哥倫比亞的高10 和高20 流量繼續受益於更輕鬆的競爭，佔流量的20%。

We expect this positive recovery trend to continue during the remaining of the year as Avianca and LATAM airlines regain some loss routes. Puerto Rico delivered a 9% increase in traffic, driven by growth in high single digits. And in domestic traffic and double digit in international traffic. As anticipated, we are seeing a normalization in the traffic to Puerto Rico as last year benefited from the increased operations by Frontier Airlines.

我們預計，隨著阿維安卡航空公司和拉丁美洲航空公司恢復一些虧損航線，這種積極的復甦趨勢將在今年剩餘時間內持續下去。在高個位數成長的推動下，波多黎各的流量成長了 9%。國內流量和國際流量均達兩位數。正如預期的那樣，我們看到前往波多黎各的交通量正常化，因為去年受益於邊疆航空公司營運量的增加。

Lastly, traffic in Mexico declined close to 5%, reflecting single digit contractions in both international and domestic traffic. In terms of international traffic, we saw declines from all the regions except Canada in the quarter. In turn, domestic traffic remains impacted by the interim effects of (inaudible) engine problems experienced in the past few quarters as well as the capacity reduction of air traffic movements of Mexico City Airport since early this year.

最後，墨西哥的交通量下降了近 5%，反映出國際和國內交通量都出現個位數萎縮。就國際流量而言，本季除加拿大外的所有地區均出現下降。反過來，國內交通仍然受到過去幾季出現的（聽不清楚）引擎問題以及今年年初以來墨西哥城機場空中交通運輸能力減少的臨時影響。

As a reminder, Mexico City airport accounted for 45% of ASUR's domestic traffic in 2023 and we expect the situation to continue to negatively impact domestic traffic this year, which post a small decline in the year.

需要提醒的是，墨西哥城機場 2023 年佔 ASUR 國內運輸量的 45%，我們預計這種情況將繼續對今年的國內運輸量產生負面影響，國內運輸量將在今年小幅下降。

Now moving on to P&L. As a reminder, all references to revenue and costs or excluding construction, total revenues increased nearly 18% to MXN7 billion business in the quarter. Columbia stood out with the top line growth in 30s, mainly benefiting from the pickup in international traffic with Mexico delivered revenue growth in the high teens and Puerto Rico in the middle single digits.

現在轉向損益表。提醒一下，所有提到的收入和成本或不包括建築業務，本季總收入成長了近 18%，達到 70 億墨西哥比索。哥倫比亞以 30 多歲的收入增長脫穎而出，主要受益於國際流量的回升，其中墨西哥的收入增長高達十幾歲，波多黎各的收入增長為中等個位數。

Mexico accounted for 74% of the total revenues posted an 18% top line increase even as passenger traffic declined 5%. Revenue was leaving high 20s growth note at a large services reflecting the adjustment systems in the recent months within our plan and the impact of the weaker peso taking into account that the international tariffs are based in US dollars.

墨西哥佔總收入的 74%，儘管客運量下降了 5%，但收入仍增加了 18%。大型服務的收入保持了 20 多歲的高增長，這反映了我們計劃中最近幾個月的調整系統以及考慮到國際關稅以美元為基礎的比索疲軟的影響。

In train, non-aeronautical revenues increased low single digits. Puerto Rico accounted for 15% of the total revenues and delivered 5% growth in the top line, reflecting high single-digit increase in non-aeronautical while aeronautical revenue increased by low single digits.

在火車方面，非航空收入成長了低個位數。波多黎各佔總收入的 15%，營收成長 5%，反映出非航空收入的高個位數成長，而航空收入的低個位數成長。

In turn, Colombia, which represented 11% of revenues, posted a 35% increase in top line, reflecting a good performance in both aeronautical and non-aeronautical revenues, which benefited from international traffic growth.

反過來，佔收入 11% 的哥倫比亞的收入成長了 35%，反映出受益於國際運輸量成長的航空和非航空收入的良好表現。

As we continued to execute our strategy of expanding our commercial offering, we opened 45 new commercial spaces opened over the past 12 months of these 17 were opened in Mexico, 4 in Puerto Rico and 33 in Colombia. As a result, commercial revenues were up 7%, more than double the growth in passenger traffic, main restricting increases of 4% in Mexico, 9% in Puerto Rico, an impressive 40% in Colombia.

隨著我們繼續執行擴大商業產品的策略，我們在過去 12 個月內新開了 45 個商業空間，其中 17 個在墨西哥，4 個在波多黎各，33 個在哥倫比亞。結果，商業收入成長了 7%，是客運量成長的兩倍多，主要限制了墨西哥成長 4%、波多黎各成長 9%、哥倫比亞成長 40%。

On a per passenger basis, commercial revenue increased 5% year on year to nearly MXN128 in the quarter. This performance was mainly driven by growth of 16%. In Colombia, 9% was in Mexico and Puerto Rico was relatively flat. Mexico reported record high commercial revenues per passenger at MXN154.5 million beyond the typical levels achieved during the pandemic, benefiting from a strong US dollar.

以每位乘客計算，本季商業收入年增 5%，達到近 128 墨西哥比索。這一業績主要是由 16% 的成長推動的。在哥倫比亞，墨西哥佔 9%，波多黎各則相對持平。受益於美元走強，墨西哥報告稱，每名乘客的商業收入創歷史新高，達到 1.545 億墨西哥比索，超出了大流行期間的典型水平。

Moving down to the P&L. Cost and expenses increased nearly 30% year-on-year on a comparable basis, excluding the MXN252 million recovery in expenses in Puerto Rico following the Coronavirus Response and relief supplemental applications act in the second quarter of last year.

向下移動到損益表。成本和費用以可比基礎年增近 30%，不包括去年第二季冠狀病毒應對和救濟補充申請法案後波多黎各收回的 2.52 億墨西哥比索費用。

Total costs were up 16%, slightly below revenue growth by geography, cost in Mexico were up 18%, resulting from increases of 80% in the concession fees established by the Mexican government and 20% in minimum wages, mainly in cleaning and security both effective January 1. This was partially offset by a 50% reduction in the technical assistance fee.

總成本上漲16%，略低於各地區的收入成長，墨西哥的成本上漲18%，這是由於墨西哥政府規定的特許權費增加了80%，最低工資增加了20%，主要是在清潔和保安方面1 月 1 日生效。這被技術援助費減少 50% 部分抵銷。

On a comparable basis, Puerto Rico reported a 10% increase in cost, which was below revenue growth. While Colombia were up 19% above revenue growth. Consolidated EBITDA was up 18% year-on-year to MXN5 billion in the quarter. While adjusted EBITDA margin, which excludes construction, was relatively unchanged at 69%.

在可比較基礎上，波多黎各的成本成長了 10%，低於收入成長。而哥倫比亞的收入成長則高出 19%。本季綜合 EBITDA 較去年同期成長 18%，達到 50 億墨西哥比索。調整後的 EBITDA 利潤率（不包括建築業）相對穩定，為 69%。

Note that on a comparable basis, excluding the recovery expenses in Puerto Rico in the second quarter of last year, EBITDA would have increased 26% and the adjusted EBITDA margin was expanded by 435 basis points year-on-year. This good performance was driven by a solid profitability across our three regions of operation with public represented the strongest performance, with comparable EBITDA up over 90%, Colombia for the way, 49% increase, while Mexico posted an 18% increase in EBITDA.

請注意，在可比較基礎上，剔除去年第二季波多黎各的回收費用，EBITDA 將成長 26%，調整後的 EBITDA 利潤率較去年同期擴大 435 個基點。這一良好的業績得益於我們三個營運地區的穩健盈利能力，其中公眾表現最為強勁，可比 EBITDA 增長了 90% 以上，哥倫比亞增長了 49%，而墨西哥的 EBITDA 增長了 18%。

Turning to the balance sheets, we maintain a healthy financial position with cash and cash equivalents of nearly MXN15 billion. After taking into account the dividend payments totaling of MXN6.3 billion during the quarter, equivalent to a cash and cash dividend of MXN10.926 per share and an extraordinary cash dividend of MXN10 per share.

就資產負債表而言，我們保持健康的財務狀況，擁有近 150 億墨西哥比索的現金和現金等價物。考慮到本季總計 63 億墨西哥比索的股息支付，相當於每股 10.926 墨西哥比索的現金和現金股息以及每股 10 墨西哥比索的特別現金股息。

Lastly, in terms of CapEx, we made investments of nearly MXN650 million during the quarter and close to MXN820 million in the first half of the year. We are currently in the process of project planning and carving out the bidding process to select contractors. Key projects include a Canaun airport. The expansion of Terminal four and reconstruction and expansion of Terminal one. And finally, the expansion of the terminal in Riohacha. Note that all construction works will take place outside the operating area and does not affect the pace of these efforts.

最後，就資本支出而言，我們本季投資了近 6.5 億墨西哥比索，上半年投資了近 8.2 億墨西哥比索。我們目前正在進行專案規劃並制定招標流程以選擇承包商。重點項目包括卡農機場。第四航廈擴建及第一航廈改擴建。最後，擴建裡奧阿查航站樓。請注意，所有建設工程都將在作業區域外進行，不會影響這些工作的進度。

Wrapping up, we delivered a solid second quarter with net majority income up 50% year on year to MXN3.7 billion. This good performance also benefited from the foreign exchange gain of nearly MXN950 million this quarter, resulting from the 10% quarter and depreciation of the Mexican peso against the US dollar compared with a MXN350 million FX loss reported in the same quarter last year.

總而言之，我們第二季的業績表現強勁，多數股東淨收入年增 50%，達到 37 億墨西哥比索。這一良好業績還得益於本季近 9.5 億墨西哥比索的外匯收益，這是由於季度增長 10% 以及墨西哥比索兌美元貶值所致，而去年同期報告的外匯損失為 3.5 億墨西哥比索。

This quarter was not without its challenges. Notably, the ongoing issues of Pratt & Whitney engines and reduction of capacity in Mexico City Airport, but we navigated through these and delivered strong results in the quarter.

本季並非沒有挑戰。值得注意的是，普拉特惠特尼引擎的持續問題以及墨西哥城機場容量的減少，但我們克服了這些問題並在本季度取得了強勁的業績。

This ends my prepared remarks. Ezequiel, please open the floor for questions.

我準備好的發言到此結束。Ezequiel，請開始提問。

Thank you. (Operator Instruction) Rodolfo Ramos, Bradesco BBI.

謝謝。（操作員指令）Rodolfo Ramos，Bradesco BBI。

Good morning. Thanks for taking my question. Just a couple from my side. The first one is on traffic. I wanted to get your sense of where we stand in the recalls on Pratt & Whitney on your one of the least exposed. What just wanted to get your thoughts on where we stand there and on traffic as well, if you would expect, given the rhetoric that we've seen so far from the US election campaign, whether we can expect a similar impact from what we saw and last time around in terms of the US international bound traffic So that's my first one on traffic.

早安.感謝您提出我的問題。我這邊只有幾個。第一個是關於交通。我想讓您了解我們在普惠公司的召回事件中處於什麼位置，這是您接觸最少的產品之一。只是想了解一下您對我們的立場以及交通狀況的看法，如果您願意的話，鑑於我們迄今為止在美國競選活動中看到的言論，我們是否可以預期我們所看到的類似影響上次是關於美國國際航線的交通量所以這是我關於交通量的第一個。

And secondly, if you can just give us a sense of pricing of where you are where you currently stand. You had mentioned in the previous call you increased prices in April. So just wanted to see where do you stand versus your maximum tariffs and what to expect there going forwardk? Thank you.

其次，您能否讓我們了解您目前所處的定價情況。您在上次電話中提到您在四月提高了價格。所以只是想看看您對最高關稅的立場以及未來的預期是什麼？謝謝。

Hi Rodolfo. Good morning. Well in the case of Pratt & Whitney, of course, I do not have the exact and precise data. But what I understand the most affected is blades, they sent 19 airplanes up during the fourth quarter and 26 during the first quarter. And you know, the time of the call is around 300 days. So we will see those planes coming back to production I would say at the end of September this year. So from now, until the September, the things are not going to improve. And after that, I will -- I believe they will stabilize up to first quarter next year and then they should improve.

嗨，魯道夫。早安.當然，就普惠公司而言，我沒有確切的數據。但據我了解，受影響最大的是槳葉飛機，他們在第四季度派出了 19 架飛機，在第一季派出了 26 架飛機。而且你知道，打電話的時間大約是300天。所以我們會看到這些飛機在今年九月底恢復生產。所以從現在開始，直到九月份，情況都不會改善。在那之後，我相信他們會穩定到明年第一季度，然後他們應該會有所改善。

In the case of what you have mentioned, because of the elections in the US. Yes, I do expect and you can see that very clear in Mexico, the Mexican situation will be there in all the candidates and they will be blaming all the problems we have here and that may affect traffic during the fourth quarter.

就你提到的情況來說，是因為美國的選舉。是的，我確實預計，而且您可以在墨西哥非常清楚地看到，墨西哥的情況將出現在所有候選人中，他們將歸咎於我們這裡遇到的所有問題，這可能會影響第四季度的流量。

In terms of pricing, we have adjusted our prices. So we are working towards to have a maximum tied compliance of close to 99% for the year.

在定價方面，我們對價格進行了調整。因此，我們正在努力使今年的最大捆綁合規性接近 99%。

Thank you.

謝謝。

Thank you. Guilherme Mendes, JPMorgan.

謝謝。吉列爾梅·門德斯，摩根大通。

Hi Adolfo, good morning. Thanks for taking my question. I was wondering in terms of the commercial revenues has been surprising to the upside on a per passenger basis. And I mentioned about opening a bunch of new commercial spaces into three regions. How should we think about this segment going forward, meaning in addition to the investments I think going to make in Cancun airport, should we expect additional openings or ramp-up on the commercial front?

嗨，阿道夫，早安。感謝您提出我的問題。我想知道，就每位乘客而言，商業收入的成長令人驚訝。我提到要在三個地區開設一些新的商業空間。我們應該如何看待這一領域的未來，這意味著除了我認為將在坎昆機場進行的投資之外，我們是否應該期望在商業方面有更多的開放或增加？

And my second question is on traffic, following up on the previous one, but think about Puerto Rico and Colombia. You mentioned in the past conference call about a normalization on the trend of both Colombia and Puerto Rico accelerating and decelerating. Just wanted to double check if that's still your base case expectation. Thank you.

我的第二個問題是關於交通的，是繼上一個問題之後，但想想波多黎各和哥倫比亞。您在上次電話會議中提到哥倫比亞和波多黎各加速和減速趨勢正常化。只是想仔細檢查這是否仍然是您的基本期望。謝謝。

Thank you. And well, in the case of commercial revenues, what you saw for the quarter, it was parking and also car rental, those were the two winners for the quarter. I have to say that of course, in the case of Mexico, which has reached a record high of MXN154 per passenger. We were positively affected by the Mexican peso depreciation. In the case of the traffic to Puerto Rico and Colombia?

謝謝。好吧，就商業收入而言，您在本季看到的是停車和汽車租賃，這是本季的兩個贏家。不得不說，當然以墨西哥為例，每位乘客達到了154墨西哥比索的歷史新高。我們受到墨西哥比索貶值的正面影響。前往波多黎各和哥倫比亞的交通狀況如何？

Yes, I do believe that Puerto Rico should normalize during the remaining of the year. And in the case of Colombia, what I do expect is the recovery process towards the end of the year for what we have lost last year with the ground of this, the two airlines that represented 20% of the traffic during 2022.

是的，我確實相信波多黎各應該在今年剩餘時間內實現正常化。就哥倫比亞而言，我確實期望在今年年底前恢復我們去年損失的航班，這兩家航空公司佔 2022 年運輸量的 20%。

Okay. Thank you so much. Have a good day.

好的。太感謝了。祝你有美好的一天。

Thank you. Jens Spiess, Morgan Stanley Investment.

謝謝。Jens Spiess，摩根士丹利投資公司。

I'd also thank you for taking the time for the questions. I wanted to ask on the realized tariff. I think you reported MXN326 and doing some math here, we get that it represents around 95% of your maximum tariff. If we weighted by traffic of the individual airports Does that sound about right, or are we missing anything and a follow up to that, are you worried about the depreciation and the Mexican peso or and I think better said, further depreciation of the Mexican peso, which could maybe result in a high-end risk of you exceeding the maximum tariff and potentially having to give some discounts towards the end of the year?

我還要感謝您抽空回答問題。我想問一下實際的關稅。我認為您報告了 MXN326 並在這裡做了一些數學計算，我們發現它代表了您最高關稅的 95% 左右。如果我們按各個機場的交通量進行加權，這聽起來是否正確，或者我們是否遺漏了任何內容和後續行動，您是否擔心貶值和墨西哥比索，或者我認為更好地說，墨西哥比索的進一步貶值，這可能會導致您超出最高關稅並可能在年底前提供一些折扣的高端風險？

Well, in the case of the Mexican tariff, there is a clear part of our Mexican section that says what was the weighted average maximum rate obtained well, implicate obtained during the quarter. What I was saying last year, yes, we reached 95% and what we are expecting? It's close to 99% of course, that will depend on what you just mentioned in terms of the Mexican peso, Mexican peso devaluation will help us two to get these objectives. The studies for the international franchise base in US Dollars. So that's remember that maximum rate is in pesos. So that will help us to reach the objective.

好吧，就墨西哥關稅而言，我們的墨西哥部分有一個明確的部分，說明了本季獲得的加權平均最高稅率是多少。我去年說過，是的，我們達到了 95%，我們的預期是什麼？當然接近99%，這取決於你剛才提到的墨西哥比索的情況，墨西哥比索貶值將幫助我們兩個實現這些目標。以美元為單位的國際特許經營基礎研究。所以請記住，最高利率是以比索為單位。這將有助於我們實現目標。

Okay, perfect. But if I may just one follow up in terms of traffic, I mean, comparing it to what you forecasted within your tariff review, I think I mean, we're not even close to getting to this 3% [cross] back, aren't we? Or any color on that?

好的，完美。但如果我可以就流量進行一次跟進，我的意思是，將其與您在關稅審查中的預測進行比較，我想我的意思是，我們甚至還沒有接近實現3% [交叉] 的回歸，是嗎？或是上面有什麼顏色嗎？

Well, in terms of traffic, what I would say is the what we were expecting from Pratt & Whitney and the decrease in international traffic has been higher in compliance with what which what we were expecting at the end of last year. It has been higher in comparison with what were expecting at the end of the last year. (inaudible)

嗯，就流量而言，我想說的是我們對普惠公司的預期，國際流量的下降幅度更大，符合我們去年年底的預期。與去年年底的預期相比，這一數字有所提高。（聽不清楚）

Okay. Higher but not close to 3% clawback?

好的。更高但不接近 3% 的回撥？

High in terms of more negative. So today, the current traffic is more negative as we were expecting.

高位而言更負面。所以今天，目前的流量正如我們預期的那樣更加負面。

Okay. That's clear. Thanks.

好的。很清楚。謝謝。

Thank you. Fernanda Recchia, BTG.

謝謝。費爾南達·雷基亞，BTG。

Fernanda Recchia, you may we ask you to unmute you and please go ahead with your question. As there is no response. May I request that we move to the next participant?

Fernanda Recchia，我們可以請您取消靜音，請繼續提問。因為沒有任何反應。我可以要求我們轉到下一位參加者嗎？

The next question is from Jay Singh, Citibank.

下一個問題來自花旗銀行的 Jay Singh。

Thanks for taking my question. I guess on the first thing I wanted to ask is you mentioned earlier that Columbia and Puerto Rico traffic strength, you've seen moderating a little bit. But I also want to ask the Jetblue has been raising capacity into Puerto Rico's market. So considering that you still see some degree of moderation or do you just see it sticking around a little bit higher?

感謝您提出我的問題。我想我想問的第一件事是您之前提到的哥倫比亞和波多黎各的交通強度，您已經看到了一點緩和。但我還想問捷藍航空是否一直在增加波多黎各市場的運能。因此，考慮到您仍然看到一定程度的適度，還是您只是看到它保持在稍高一點？

Hello, Jay. I cannot hear you well. Could you speak louder.

你好，傑伊。我聽不清楚你說話。你能大聲點嗎？

Sure. So you mentioned in Colombia and Puerto Rico traffic strengthen potentially moderating in the coming quarters, but at JetBlue has been raising the capacity of Puerto Rico's market. So do you see that sticking around or do you still see it normalizing?

當然。因此，您提到哥倫比亞和波多黎各的交通量在未來幾季可能會放緩，但捷藍航空一直在提高波多黎各市場的容量。那麼你認為這種情況會持續存在還是仍然會正常化？

The most important effect in Puerto Rico last year was the entrance of from PS. They are expanding and creating a base in Puerto Rico. Of course, when you reach the comparable year-over-year, then it will not be easier to reach the 18% growth. We got last year. So that's why I'm saying that it should normalize once we reach the 12 months rollover with entrance of (inaudible).

去年對波多黎各最重要的影響是PS的進入。他們正在波多黎各擴張並建立基地。當然，當你達到可比的年成長時，那麼達到18%的成長就不會那麼容易了。我們去年就拿到了所以這就是為什麼我說一旦我們進入 12 個月的展期，它就應該正常化（聽不清楚）。

Yes, thanks. And my second question, I was asked how much CapEx can we expect on a consolidated basis? And what would the split look like between the MBP and the non-MDP.?

是的，謝謝。我的第二個問題是，有人問我，在合併的基礎上我們可以預期多少資本支出？MBP 和非 MDP 之間的分歧會是什麼樣子？

Again, I cannot hear you.

再說一遍，我聽不到你說話。

Okay. How much CapEx can we expect on a consolidated basis? And what would the split look like between the MDP and the non-MDP?

好的。我們預期合併後的資本支出是多少？MDP 和非 MDP 之間的分歧會是什麼樣子？

The MDPs for this year is around MXN3.8 billion that, of course, will have to be adjusted with the construction price index and that what we have to comply with. And I have to say that at the beginning of the five-year period, once the project had been approved at the end of last year, we have to wait until we develop the projects, make routine process and paying the contractors and then they can start constructing. So that's why you are seeing the very slow between brackets number for the first half of the year, the [MXN800 million] comparable with the MXN3.8 billion that we have to spend during the year.

今年的 MDP 約為 38 億墨西哥比索，當然，必須根據建築價格指數進行調整，也是我們必須遵守的。我必須說，在五年期開始時，一旦專案在去年年底獲得批准，我們必須等到我們開發專案、制定常規流程並向承包商付款，然後他們才能開始建造。因此，這就是為什麼您會看到上半年括號內的數字非常緩慢，[8 億墨西哥比索]與我們今年必須支出的 38 億墨西哥比索相當。

Thank you.

謝謝。

We welcome.

我們歡迎。

Thank you. Pablo Monsivais, Barclays.

謝謝。巴勃羅·蒙西瓦，巴克萊銀行。

Hi, Adolfo. Good morning. Thanks for taking my question. May just ask if you can provide some color on the on your perspective for US traffic to Cancun, we have seen some weakness and US carriers are saying and they are taking out the capacity. But what are your thoughts on this and especially how deep or how prolonged can this be? That's number one. And number two, I would like to have more detail on your commercial revenues plans for Colombia and Puerto Rico going forward. Thank you.

嗨，阿道夫。早安.感謝您提出我的問題。可能只是想問您是否可以提供一些關於您對美國飛往坎昆的流量的看法，我們已經看到了一些弱點，美國運營商表示他們正在取消運力。但你對此有何看法，尤其是這種情況能持續多久？這是第一名。第二，我想了解更多有關哥倫比亞和波多黎各未來商業收入計劃的詳細資訊。謝謝。

Well, in the case of the traffic of Cancun, as you have seen in the first half of the year because of the nice basically affected by the domestic situation of Pratt & Whitney and the reduction of the air traffic movements at Mexico City airport from [52 to 43]. I don't think that these two things will change so that those two things will continue affecting the traffic to the second half of the year. And also the negative effect is the reduction in the traffic from the US.

那麼就坎昆的交通情況來說,正如你在上半年看到的那樣,因為尼斯基本上受到普惠國內情況的影響以及墨西哥城機場的空中交通起降量的減少[52至43]。我認為這兩件事不會改變，因此這兩件事將繼續影響下半年的交通。負面影響是來自美國的流量減少。

As I have mentioned in my initial remarks, as it was mentioned during the call during 2018 at the end of 2018 because of the elections of the US were there was someone saying every single day that Mexico was a bad place to be. It probably will be affected from this traffic from the US. So not very high hopes on the track to Cancun over the year.

正如我在最初的演講中提到的，正如在 2018 年底的電話會議中提到的那樣，因為美國大選，有人每天都在說墨西哥是一個糟糕的地方。它可能會受到來自美國的流量的影響。因此，今年前往坎昆的賽道並沒有抱太大希望。

Okay. Thank you.

好的。謝謝。

You are welcome.

不客氣。

Thank you. Andreas Varotto, UBS.

謝謝。安德烈亞斯·瓦羅托，瑞銀集團。

Actually, it's Alberto Valerio from UBS team. Adolfo I would like to know about the new airline in Mexico. Mexico, Mexicana de Aviacion what we should expect from them who have talked to them for some new routes to your airport? And also, what should we be expecting from the industry of airlines Mexico, if you see any additional capacity. We know that we both Viva and Volaris, (inaudible) But for next year, in 2026, what should we expect from the domestic industry in 12 months?

事實上，他是瑞銀團隊的阿爾貝托·瓦萊裡奧(Alberto Valerio)。阿道夫 我想了解墨西哥的新航空公司。墨西哥，墨西哥航空公司，我們應該從他們那裡得到什麼，他們已經與他們討論了一些飛往你們機場的新航線？此外，如果您看到任何額外的運力，我們應該對墨西哥航空公司行業有何期待。我們知道我們都是 Viva 和 Volaris，（聽不清楚）但對於明年，2026 年，我們應該對 12 個月後的國內產業有何期望？

Well, in the case of Mexicana de Aviacion, when I have heard or what I have read in the news and the numbers that have been provided by the Mexican government is they have transported around 100,000 passengers during the first five months of the year. So if we compare that with the 8 million from Volaris, 9 million from Viva, and probably another 8 million from Aeromexico doesn't mean too much.

就墨西哥航空而言，當我聽到或讀到新聞以及墨西哥政府提供的數據時，他們在今年前五個月運送了大約 10 萬名乘客。因此，如果我們將其與 Volaris 的 800 萬、Viva 的 900 萬以及墨西哥航空的另外 800 萬進行比較，並沒有多大意義。

As we have seen Viva, Volaris and Aeromexico have been adding some additional planes to their fleets. This is also in the case of Volaris and Viva mitigating that partially mitigating the effect of Pratt & Whitney. And remember, that this Pratt & Whitney situation is a temporary situation. So we should see a strong recovery from these three next year.

正如我們所見，Viva、Volaris 和 Aeromexico 一直在為其機隊增加一些額外的飛機。Volaris 和 Viva 的情況也是如此，部分減輕了普惠公司的影響。請記住，普惠公司的情況只是暫時的。因此，明年我們應該會看到這三者的強勁復甦。

Okay. Thank you very much.

好的。非常感謝。

Thank you. Isabella Salazar, GBM.

謝謝。伊莎貝拉·薩拉查，GBM。

I was wondering if you could give us any update on [Punta Cana]?

我想知道你能否給我們任何最新消息[蓬塔卡納]？

We don't have any updates. The legal process has been established and that will take time. As I have said, during my previous earning conference call, and the project is put on hold for one year at least.

我們沒有任何更新。法律程序已經建立，這需要時間。正如我在先前的獲利電話會議上所說，該專案至少被擱置了一年。

Okay. Thank you.

好的。謝謝。

Thank you. [Andreas Agear, GBM].

謝謝。[安德烈亞斯·阿吉爾，GBM]。

I was wondering if you could provide an overview of expected traffic mix, I think you're not in domestic passengers for the remainder of the year? Thank you.

我想知道您是否可以提供預期交通組合的概述，我認為今年剩餘時間您不會乘坐國內乘客？謝謝。

As I have mentioned, the traffic domestic traffic for remainder of the year, it's going to be affected by these two things, starting with in Mexico City. So we shouldn't expect these to be negative in the whole system, not just in the case of (inaudible)

正如我所提到的，今年剩餘時間的國內交通將受到這兩件事的影響，首先是墨西哥城。因此，我們不應該期望這些對整個系統都是負面的，而不僅僅是在以下情況下：（聽不清楚）

Thank you.

謝謝。

Thank you. Anton Mortenkotter, GBM.

謝謝。安東·莫滕科特，GBM。

Hi Adolfo. Congrats on the results, and thank you for taking my question. I have two quick questions. One is related on your cash balances. I was wondering if you could tell us how much of that is is dollarized. And the second one is and considering the cash flow generation that you have right now and with the CapEx commitments, even though they are really high for the next coming, the next five years, seems like you will end up with a significant cash balance of around MXN20 billion. I was just wondering what are your thoughts on the possible use of that cash?

嗨阿道夫。恭喜結果，感謝您提出我的問題。我有兩個簡單的問題。其中之一與您的現金餘額有關。我想知道你能否告訴我們其中有多少是美元化的。第二個是，考慮到您現在擁有的現金流量和資本支出承諾，即使它們在未來五年內確實很高，似乎您最終將擁有大量現金餘額約200億墨西哥比索。我只是想知道您對這筆現金的可能用途有何看法？

Hello, Anton. Well, basically all of you can see the numbers, Puerto Rico is US Colombian pesos and in the case of Mexico, some of these is US dollars. And roughly speaking in Mexico, we should be around [$400] and something million dollars and the rest in pesos.

你好，安東。嗯，基本上大家都可以看到這些數字，波多黎各是美國哥倫比亞比索，而墨西哥則有些是美元。粗略地說，在墨西哥，我們應該在[400美元]左右，大約百萬美元，其餘的都是比索。

In terms of the cash flow generation, yes, of course, we have a lot of CapEx in front, very high numbers in the coming years. But as always, we will review this at the end of every year in terms of the tax situation, the cash balance, the CapEx commitments, and we will propose the dividends to the Board of Directors and then to the shareholders of (inaudible).

就現金流生成而言，是的，當然，我們前面有很多資本支出，未來幾年的數字會非常高。但與往常一樣，我們將在每年年底對稅務狀況、現金餘額、資本支出承諾進行審查，並向董事會提出股息，然後向股東提出股息建議。（聽不清楚）。

As I had mentioned during May and June, we have paid MXN6.3 billion in dividends. And it was an ordinary dividend of MXN10.926, an extraordinary dividend of MXN10 as it was done last year.

正如我在 5 月和 6 月期間提到的，我們已經支付了 63 億墨西哥比索的股息。這是 10.926 墨西哥比索的普通股息，去年的特別股息為 10 墨西哥比索。

Thank you.

謝謝。

Thank you. That concludes the question and answer portion for today's conference call. I would like to turn it back over to Mr. Castro for closing remarks.

謝謝。今天電話會議的問答部分到此結束。我想請卡斯楚先生致閉幕詞。

Thank you, Ezequiel, and thank you all of you again for joining us today for the second quarter 2024 conference call. We wish you a good day and goodbye. Now you may disconnect.

謝謝 Ezequiel，並再次感謝大家今天參加我們 2024 年第二季的電話會議。我們祝您有美好的一天並再見。現在您可以斷開連線。

Thank you. Ladies and gentlemen, that concludes our second quarter 2024 Results Conference Call. We would like to thank you again for your participation. You may now disconnect.

謝謝。女士們先生們，2024 年第二季業績電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連線。