Grupo Aeroportuario del Sureste SAB de CV (ASR) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to ASUR's fourth-quarter 2024 results conference call.

女士們、先生們，大家好，歡迎參加 ASUR 2024 年第四季業績電話會議。

My name is Melissa, and I'll be your operator.

我叫梅麗莎，我將擔任您的接線生。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員指示）提醒一下，今天的通話正在錄音。

And now I'd like to turn the call over to Mr. Adolfo Castro, Chief Executive Officer.

現在我想把電話轉給執行長阿道夫·卡斯特羅先生。

Please go ahead, sir.

先生，請繼續。

Thank you, Melissa, and good morning, everyone.

謝謝你，梅麗莎，大家早安。

Before I begin discussing our results, let me remind you that certain statements made during the call today may constitute forward-looking statements, which are based on current management's 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.

在我開始討論我們的結果之前，讓我提醒您，今天電話會議上所作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期望和信念，並受到若干風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果大不相同，其中包括可能超出我們公司控制範圍的因素。

Additional details about our quarterly and full 2024 year, 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.

有關我們季度和 2024 年全年業績的更多詳細信息，請參閱我們的新聞稿，該新聞稿於昨日收盤後發布，並可在我們網站的“投資者關係”部分查閱。

Following my presentation, I will be available for Q&A.

演講結束後，我將回答大家的提問。

As usual, all comparisons discussed on this call will be year on year and figures are expressed in Mexican pesos, unless specified otherwise.

與往常一樣，本次電話會議中討論的所有比較均為同比比較，且數字以墨西哥比索表示，除非另有說明。

Let me start with a review of ASUR's operational performance for the quarter.

首先，我來回顧一下 ASUR 本季的營運表現。

Passenger traffic was basically flat year over year, down 0.3% at 17.7 million passengers.

客運量與去年同期基本持平，下降0.3%至1,770萬人次。

This brought our full year to close at 71 million passengers traveling through our airports in 2024.

這意味著，到 2024 年，我們機場的全年旅客吞吐量將達到 7,100 萬人次。

Sustained growth in Colombia and Puerto Rico largely offset weaker passenger traffic in Mexico.

哥倫比亞和波多黎各的持續成長在很大程度上抵消了墨西哥客運量的疲軟。

Now taking a deeper look at our geography.

現在更深入地了解我們的地理。

Colombia remained our strongest performance market with passenger traffic increasing in the mid-teens year on year, supported by the favorable comps following the suspension of two local carriers in early 2023.

哥倫比亞仍然是我們業績最強勁的市場，客運量年增了 15% 左右，這得益於 2023 年初兩家當地航空公司停飛後業績的良好表現。

Travel demand remained solid with international traffic up 29% and domestic traffic rising 7% as Avianca and LATAM Airlines continued to be selling routes lost last year.

由於哥倫比亞航空和拉丁美洲航空持續出售去年失去的航線，旅遊需求仍保持強勁，國際客運量成長 29%，國內客運量成長 7%。

Looking ahead, we expect traffic trends to be normalized in the first quarter on the year towards the more sustainable levels of 2023.

展望未來，我們預計交通趨勢將在今年第一季恢復正常，並於 2023 年達到更永續的水平。

Puerto Rico was the next best market and similar to past quarters, maintained its positive trend with total traffic up nearly 10%, supported by a strong growth in international traffic, up 29%, while domestic traffic was up 7%.

波多黎各是第二好的市場，與前幾季類似，維持了正面趨勢，總流量成長近 10%，這得益於國際流量的強勁成長，成長了 29%，而國內流量成長了 7%。

We expect traffic in this market also normalize after benefiting from increasing operations by Frontier Airlines a year ago.

我們預計，受惠於一年前邊疆航空的營運增加，該市場的客運量也將恢復正常。

Lastly, performance in Mexico remained soft as anticipated, declining 8% year on year with both international and domestic traffic down in the high single digits.

最後，墨西哥的表現一如預期般疲軟，年減 8%，國際和國內客運量都下降了個位數。

Moving next to more details on the performance.

接下來我們將詳細討論演出的細節。

International traffic continued to experience year-on-year declines from all regions during the quarter.

本季度，所有地區的國際客運量持續年減。

Specifically, traffic from Europe decreased 6.4%; from Canada, 0.6%; from the US, 8.8%; and from South America, by 11.1%.

具體而言，來自歐洲的客流量減少了6.4%；來自加拿大，0.6%；來自美國，8.8%；來自南美洲的人數增加了 11.1%。

With respect to domestic traffic, the ongoing Pratt & Whitney engine restrictions, together with the air traffic capacity constraints at Mexico City Airport in effect since early 2024 are constraining traffic flows.

對於國內交通而言，目前普惠發動機的限制，加上自 2024 年初起生效的墨西哥城機場空中交通容量限制，正在限制交通流量。

In addition, Cancun Airport is slightly impacted by the initial ramp-up phase of new Tulum Airport.

此外，坎昆機場也受到新圖盧姆機場初期升級階段的輕微影響。

Tulum Airport captured around 1.2 million passengers from Cancun last year and is expected to capture another 1.7 million this year compared to the 30.4 million passengers that traveled through Cancun Airport last year.

去年，圖盧姆機場接待了約 120 萬名來自坎昆的旅客，預計今年將再接待 170 萬名來自坎昆機場的旅客，而去年坎昆機場的旅客人數為 3,040 萬人次。

Looking ahead, we expect to normalize in 2026, as Pratt & Whitney effect is reduced and Tulum initial ramp-up concludes.

展望未來，隨著普惠效應的減弱和圖盧姆初期產能提升的結束，我們預計 2026 年將實現正常化。

From that point, we anticipate passenger traffic at Cancun Airport and Tulum Airport to grow at a pace consistent with each region dynamics.

從那時起，我們預計坎昆機場和圖盧姆機場的客運量將以與各自地區動態一致的速度成長。

Now as we turn to the P&L, recall that all reference to revenue and cost figures are excluding construction.

現在我們來看看損益表，回想一下，所有提及的收入和成本數字都不包括建築費用。

Total revenues for the quarter increased 19% year on year to MXN7.4 billion, reflecting a strong performance across all three regions.

本季總營收年增 19% 至 74 億墨西哥比索，反映出三個地區的強勁表現。

Colombia once again led growth, posting a 30% increase in top line revenue, supported by rising passenger traffic.

哥倫比亞再次引領成長，受客流量增加的推動，其營收成長了 30%。

Mexico and Puerto Rico also delivered solid results with revenue growth in the low teens.

墨西哥和波多黎各也取得了穩健的業績，收入成長率都達到百分之十幾。

Mexico, which accounted for 72% of total revenues, posted a mid-teen increase in top line performance. Growth was primarily driven by a low 20% increase in aeronautical revenues following the recent tariff adjustments, while non-aeronautical revenues rose in the low single digits.

墨西哥佔總收入的 72%，其營收表現實現了中等幅度的成長。成長主要得益於近期關稅調整後航空收入低幅成長 20%，而非航空收入則僅成長個位數。

Puerto Rico represented 15% of total revenues and delivered high 20% growth, supported by a strong increase in both aeronautical and non-aeronautical revenue, further boosted by the foreign exchange benefit from the weaker peso.

波多黎各佔總收入的 15%，實現了 20% 的高成長，這得益於航空和非航空收入的強勁增長，而比索貶值帶來的外匯收益則進一步推動了這一增長。

Colombia contributing 12% of the total revenues recorded a robust 31% increase in top line revenue.

哥倫比亞貢獻了總收入的 12%，其營收強勁成長了 31%。

This growth was fueled by strong performance in both aeronautical and non-aeronautical segments.

這一成長主要得益於航空和非航空領域的強勁表現。

With revenues rising in the low 30s, both segments benefited from continued recovery in the domestic and international traffic.

兩個部門的收入均成長了30%左右，受益於國內和國際客運量的持續復甦。

Colombia, as part of the strategy to expand commercial offerings, we opened 45 new commercial spaces over the last 12 months.

哥倫比亞，作為擴大商業服務策略的一部分，我們在過去 12 個月內開設了 45 個新的商業空間。

This included 12 locations in Mexico, 5 in Puerto Rico, and 28 in Colombia.

其中包括墨西哥的 12 家、波多黎各的 5 家以及哥倫比亞的 28 家。

As a result, total commercial revenues grew in the high single digits, with Puerto Rico posting a 26% increase.

結果，總商業收入實現了高個位數成長，其中波多黎各的收入成長了 26%。

Colombia is delivering a strong year-over-year growth of 31%.

哥倫比亞經濟年增 31%，表現強勁。

In Mexico, commercial revenues show a low single-digit increase, marking a positive shift from the previous trend.

在墨西哥，商業收入呈現出低個位數成長，這與先前的趨勢相比出現了積極轉變。

On a per passenger basis, commercial revenue grew in the high single digits year on year, reaching MXN130 in the quarter.

以每位乘客計算，商業收入年增了個位數，本季達到了 130 墨西哥比索。

This solid performance was supported by the growth across all three markets.

這一穩健表現得益於三個市場的成長。

In Puerto Rico and Colombia, commercial revenues per passenger rose in the mid-teens with Puerto Rico benefited from a stronger US dollar and Colombia from new openings.

在波多黎各和哥倫比亞，每位乘客的商業收入增加了 15% 左右，其中波多黎各受益於美元走強，哥倫比亞則受益於新航線的開通。

Mexico also posted solid growth in the low single digits to MXN158 per passenger, also benefiting from the FX impact.

墨西哥的客運收入也實現了低個位數的穩定成長，達到每位乘客 158 墨西哥比索，這也受益於外匯的影響。

On the cost front, total expenses increased 13% year on year.

成本方面，總支出較去年同期成長13%。

In Mexico, costs were up 12%, primarily reflecting the 80% increase in the concession fees mandated by the Mexican government and a 20% in minimum wages, mainly affecting cleaning and security services, both effective since January 1 last year.

在墨西哥，成本上漲了 12%，主要反映了墨西哥政府規定的特許經營費上漲 80% 以及最低工資上漲 20%，這主要影響到清潔和保安服務，這兩項規定均自去年 1 月 1 日起生效。

These impacts were partially offset by a 50% reduction in technical assistance fees.

這些影響被技術援助費用減少 50% 部分抵銷。

In Puerto Rico, cost increased in the high teens, driven mainly by the depreciation of the Mexican peso against the US dollar, while Colombia cost rose just 7%, benefiting from a reversal in the provision for maintenance and consolidation, which helped to mitigate overall cost pressures.

在波多黎各，成本上漲了百分之十幾，主要原因是墨西哥比索兌美元貶值，而哥倫比亞的成本僅上漲了 7%，這得益於維護和整合準備金的逆轉，這有助於緩解整體成本壓力。

Consolidated EBITDA was up 23% year on year to over MXN5 billion in the quarter, while the adjusted EBITDA margin, which excludes construction, improved 200 basis points to 69.7%.

本季度，綜合 EBITDA 年成長 23%，達到 50 億墨西哥比索以上，不包括建築費用的調整後 EBITDA 利潤率提高 200 個基點，達到 69.7%。

Driven by solid profitability across the three regions, Colombia reported the strongest performance with EBITDA up 61%, followed by Puerto Rico with a 39% increase, while Mexico posted an increase of 70% in EBITDA.

在三個地區穩健獲利能力的推動下，哥倫比亞表現最為強勁，EBITDA 成長 61%，其次是波多黎各，成長 39%，而墨西哥的 EBITDA 成長了 70%。

Our balance sheet remains robust, closing the quarter with cash and cash equivalent over $1 billion with debt to last 12 months adjusted to EBITDA remaining at the negative of 0.3 times. During the quarter, capital expenditure accelerated, reaching MXN2.5 billion and accounting for half of the full year of total MXN4.4 billion in 2024.

我們的資產負債表依然強勁，本季末的現金和現金等價物超過 10 億美元，調整後 12 個月的債務仍為負 0.3 倍。本季度，資本支出加速，達到 25 億墨西哥比索，佔 2024 年全年總額 44 億墨西哥比索的一半。

Main projects during the quarter included the construction and expansion of Terminal 1 at Cancun Airport as well as the expansion of Terminal Oaxaca Airport.

本季度的主要項目包括坎昆機場 1 號航站樓的建設和擴建以及瓦哈卡機場航站樓的擴建。

In Puerto Rico, expansion works at Terminal B and runway remodeling remain on track.

在波多黎各，B 航站樓的擴建工程和跑道改造工程仍在進行中。

As a reminder, all the construction activities will take place outside the operational areas to ensure no disruption to airport operations.

提醒一下，所有施工活動都將在營運區域外進行，以確保不影響機場運作。

We expect investments to gradually ramp up CapEx through this year as we advance in the key infrastructure projects.

我們預計，隨著重點基礎建設項目的推進，今年的投資將逐步增加資本支出。

Those projects include the construction and expansion of Terminal 1 at Cancun Airport with estimated completion in 2026, while Terminal 4 is scheduled for completion by 2028.

這些項目包括坎昆機場 1 號航站樓的建設和擴建，預計於 2026 年完工，4 號航站樓預計於 2028 年完工。

Terminal 2 is expected to see operational improvements once Terminal 1 is completed, helping to alleviate bottlenecks on the non-aeronautical side of the business.

一號航廈竣工後，二號航廈的營運狀況可望得到改善，有助於緩解非航空業務方面的瓶頸。

This enhancement will also optimize the processing of traffic to and from South America, further supporting revenue generation opportunities.

此次改善也將優化往返南美洲的交通處理，進一步支持創收機會。

Wrapping up, we closed 2024 with another strong quarter, a solid full year performance despite the navigating industry challenges such as Pratt & Whitney engine issue and capacity reductions in Mexico City.

總而言之，儘管面臨普惠引擎問題和墨西哥城產能削減等行業挑戰，我們仍以另一個強勁的季度結束了 2024 年，全年業績穩健。

Net majority income for the year rose 33% year on year to MXN13.6 billion, supported by a resilient operational performance and a disciplined execution.

得益於強勁的營運業績和嚴謹的執行力，全年淨多數收入年增 33% 至 136 億墨西哥比索。

Our results also benefited from a MXN2 billion foreign exchange gain driven by the depreciation of the Mexican peso against the US dollar compared to the FX gain nearly of MXN840 million in 2023.

我們的業績也受惠於墨西哥比索兌美元貶值帶來的 20 億墨西哥比索外匯收益，而 2023 年的外匯收益接近 8.4 億墨西哥比索。

We remain focused on strengthening our airport network through strategic infrastructure investments that enhance the passenger experience, expand commercial opportunities, support long-term traffic growth, and create value for shareholders. We achieved substantial progress on our strategic objectives and have a solid foundation in place, which positions ASUR for continued success in 2025 and beyond.

我們將繼續致力於透過策略基礎設施投資來加強我們的機場網絡，以提升乘客體驗、擴大商業機會、支持長期客流量成長並為股東創造價值。我們在策略目標上取得了實質進展，並擁有堅實的基礎，這使 ASUR 能夠在 2025 年及以後繼續取得成功。

This ends my presentation remarks.

我的演講到此結束。

Melissa, please open the floor for questions.

梅麗莎，請大家提問。

(Operator Instructions) Rodolfo Ramos, Bradesco BBI.

（操作員指令） Rodolfo Ramos，Bradesco BBI。

I have a couple, if I may.

如果可以的話，我有幾個。

Can you share with us your traffic growth expectation for this year and whether you're seeing any pickup in route openings or network development by airlines, specifically on the Mexico side?

您能否與我們分享今年的客運成長預期，以及航空公司的航線開通或網路建設是否有所回升，特別是在墨西哥方面？

And then the second question is on the commercial revenue per passenger.

第二個問題是關於每位乘客的商業收入。

I mean the Mexican peso depreciation certainly helps on that front.

我的意思是墨西哥比索貶值肯定有助於這方面。

But all else constant, do you expect the traffic Tulum, these 3 million passengers that you expect now this year on a full annualized basis, to cannibalize your commercial revenue per passenger? I don't know if you see a higher spend per passenger on that particular passenger that was cannibalized from Tulum? Thank you.

但在其他條件不變的情況下，您是否預期圖盧姆的客流量，即您預計今年全年將有 300 萬人次的客流量，會蠶食您每位乘客的商業收入？我不知道您是否看到從圖盧姆撤出的那位特定乘客的每位乘客花費更高？謝謝。

Thank you, Rodolfo.

謝謝你，羅道夫。

Good morning.

早安.

In the case of the Mexican traffic, we will continue suffering from the restriction in capacity of Mexico City and the problem of Pratt & Whitney.

就墨西哥交通而言，我們將繼續受到墨西哥城運力限制和普惠公司問題的困擾。

I'm sure that you have heard what Volaris has said yesterday.

我確信你已經聽到了 Volaris 昨天說的話。

And basically, they are expecting to have or to continue with the Pratt & Whitney engine problem during next year.

基本上，他們預計普惠引擎問題明年仍將存在或繼續存在。

Of course, they have been receiving airplanes in accordance with the requested airplanes they have done in the past.

當然，他們一直是按照過去對飛機的要求來接收飛機的。

So it's true that we will suffer from some aircrafts to be on ground as a result of Pratt & Whitney, but the situation is improving.

因此，受普惠公司的影響，我們的一些飛機確實會停飛，但情況正在改善。

I would say, yes, we will be affected, but not as we were affected last year.

我想說，是的，我們會受到影響，但不會像去年那樣受到影響。

I hope that by the end of the third quarter, situation will improve in that front, as well in the case of the restriction of Mexico City Airport.

我希望到第三季末，這方面的情況會有所改善，墨西哥城機場的限制情況也會有所改善。

In terms of commercial revenues, as I said during the initial remarks, we are still suffering in the case of Terminal 2.

在商業收入方面，正如我在最初的發言中所說，我們仍然因 2 號航站樓的情況而受到影響。

We know that we are losing some commercial opportunities there, and we are expecting those to improve once we open Terminal 1.

我們知道我們正在失去那裡的一些商業機會，我們預計一旦 1 號航站樓開放，這些情況將會改善。

We expect to open Terminal 1 at the end of the second quarter 2026.

我們預計將於 2026 年第二季末開放 1 號航站樓。

So for the moment, we don't see a decrease, but we know that we are losing commercial opportunities.

因此，目前我們並沒有看到下降，但我們知道我們正在失去商業機會。

Pablo Ricalde, Itau.

帕布羅·里卡爾德 (Pablo Ricalde)，伊塔烏。

I have two questions.

我有兩個問題。

One is a follow-up to Rodolfo's.

其中一個是 Rodolfo 的後續作品。

We have seen some press that the capacity of the Mexico City Airport should increase this year.

我們看到一些媒體報導墨西哥城機場的容量今年應該會增加。

I don't know if you heard something on that front.

我不知道您是否聽過這方面的事。

And the other one is on dividends. I don't know if you have some expectations on what to propose at the next shareholders' meeting.

另外一個是關於股息。我不知道您對下次股東會要提出的提案有什麼期待嗎？

In the case of the capacity of the restriction in the capacity of Mexico City Airport from 52 to 43 ATMs per hour.

在容量限制的情況下，墨西哥城機場的提款能力將從每小時52台降至43台。

What I have seen in the news recently is that the Mexico City airport manager is open to eliminate this restriction and probably to go back to the 52.

最近我在新聞中看到，墨西哥城機場經理願意取消這項限制，並可能將航班數量恢復到 52 個。

Remember that we are coming from the 63.

請記住，我們是從 63 號過來的。

So that's why I'm expecting this to be lifted by the end of third quarter.

這就是為什麼我預計這個限制將在第三季末解除。

Also, remember that next year Mexico City will receive some passengers due to the World Cup that will take place in June next year.

另外，請記住，明年墨西哥城將會因明年 6 月舉行的世界盃而接待一些乘客。

So I hope that the government will change this restriction by the third quarter.

所以我希望政府能在第三季改變這個限制。

And also as Volaris has more planes, I'm sure that they will put some pressure on this front.

而且由於 Volaris 擁有更多飛機，我相信他們會在這方面施加一些壓力。

In the case of dividends, I have prepared my proposal, and it will be sent to the Board of Directors.

對於股息，我已經準備好提案，並將提交給董事會。

And I'm sure that you will hear from these on March 14.

我相信您會在 3 月 14 日聽到這些消息。

That's what I can say for the moment.

目前我能說的就這麼多。

Stephen Trent, Citi.

花旗銀行的史蒂芬‧特倫特 (Stephen Trent)。

I know that certainly, there's a lot of political rhetoric at the moment in North America.

我知道，目前北美存在著許多政治言論。

And we've, of course, seen some currency movements, which you've mentioned.

當然，我們也看到了您提到的一些貨幣變動。

Are you seeing any nuances in your international traffic flow, for example, Canadians visiting Mexico more frequently than you expected, and maybe some of these folks are no longer going to Disney World or something like that?

您是否發現國際客流量出現任何細微變化，例如，加拿大人前往墨西哥的頻率比您預期的要高，也許其中一些人不再去迪士尼樂園或類似的地方了？

Any sort of pivots that you've noticed?

您注意到了什麼變化嗎？

Well, I'm sure that you have heard my initial remarks.

好吧，我相信你已經聽到我最初的評論了。

In the case of international traffic for the quarter, all the regions were negative.

就本季的國際客運量而言，所有地區都呈現負成長。

In the case of Canadians, they were negative 0.6%, which is almost flat, I would say.

就加拿大人而言，他們的成長率為-0.6%，我想說這幾乎持平。

I don't see any change due to the situation in the US during the last quarter.

我沒有看到上個季度美國的情況有任何變化。

The traffic was weaker.

交通較弱。

Of course, you need to understand that some of this traffic is going to Tulum.

當然，你需要了解其中一部分的流量是去往圖盧姆。

Tulum last year got around 1.2 million passenger traffic and 75% of this was from the US. So if you make the math, that's basically what we are losing in terms of the US traffic.

圖倫去年的客流量約 120 萬人次，其中 75% 來自美國。如果你算一下，這基本上就是我們在美國流量上的損失。

Canadians are not so much.

加拿大人則不然。

And the other, let's say, 20% it's Mexico, it's domestic traffic.

另外，大概有 20% 是墨西哥的國內交通。

But no, I have not seen any change due to the new politics in the US.

但不，我沒有看到任何因美國新政治而產生的改變。

Appreciate that, Adolfo.

非常感謝，阿道夫。

And just one other quick follow-up.

最後再簡單跟進一下。

I wasn't sure if I heard you.

我不確定我是否聽見了你的話。

But are you getting, or do you expect to get any meaningful traffic flow out of Filipe Angeles, for example, if authorities do not make any adjustment in Benito Juárez air traffic movements?

但是，如果當局不對貝尼托·胡亞雷斯的空中交通進行任何調整，您是否會獲得或預計會獲得從菲利普·安赫萊斯出發的任何有意義的交通流量？

Well, the case of the IFA is basically traffic to and from Tulum.

嗯，IFA 的情況基本上是往返圖盧姆的交通。

And I would say, in the second place, to Cancun.

其次我想說的是坎昆。

Most of the traffic is -- it's been managed by Viva Aerobus directly to Tulum.

大部分交通都由 Viva Aerobus 直達圖盧姆。

Also, Mexicana Airlines, it's having some flight there as well.

此外，墨西哥航空公司也在那裡有一些航班。

The airport, it's growing, of course, because of the restriction in Mexico City Airport. And I hope that if the restriction is lifted, we will have some benefit there from Volaris flying directly to Cancun.

當然，由於墨西哥城機場的限制，該機場正在擴建。我希望，如果限制取消，我們將從 Volaris 航空直飛坎昆的航班中獲益。

Pablo Monsivais, Barclays.

巴克萊銀行的 Pablo Monsivais。

Just wanted to learn a little bit more if you had any conversations or feedback, particularly from US carriers towards capacity expansion plans into Cancun for the second half of this year. Thank you.

如果您有任何對話或回饋，我只是想了解更多信息，特別是來自美國運營商對今年下半年坎昆產能擴張計劃的意見。謝謝。

Well, we are in the process to receive the summer season schedule.

嗯，我們正在接收夏季時間表。

So that should be received, I would say, in the coming weeks.

所以我想說，在未來幾週內應該就能收到。

So for the moment, we do not have visibility for the summer season.

因此目前我們無法預測夏季的情況。

Perfect.

完美的。

And a second question, if I may, on the commercial revenues, once you do the works that are expected to be done in the MDP, is there any target on commercial revenues per passenger that you are estimating?

第二個問題，如果可以的話，關於商業收入，一旦您完成了預計在 MDP 中完成的工作，您是否估計每位乘客的商業收入有目標？

Well, there is no specific number.

嗯，沒有具體的數字。

I would say, and we used to say internally that is a moving target.

我想說，我們內部也曾經說過，這是一個移動的目標。

We always want more.

我們總是想要更多。

And that is why we are always looking for what the passenger is looking in terms of price, product, and service.

這就是為什麼我們總是在價格、產品和服務方面關注乘客的需求。

So what we know today is that we are losing commercial opportunities due to the lack of capacity in some commercial areas, specifically in Terminal 2. And that's why we are expanding and reconstructing Terminal 1 that, as I said before, we're expecting to be open at the end of the second quarter 2026.

所以我們現在知道的是，由於某些商業區域（特別是 2 號航站樓）容量不足，我們正在失去商業機會。

Alberto Valerio, UBS.

瑞銀的 Alberto Valerio。

Two quick follow-ups on my side.

我這邊有兩個快速的後續行動。

Actually, a new one on -- we see that you have some rebalancement in Colombia and Puerto Rico.

實際上，一個新的消息——我們看到你們在哥倫比亞和波多黎各進行了一些重新平衡。

If you could provide a little bit of the details on this rebalancement?

您能否提供一些有關此次重新平衡的細節？

And also from your expectation, how Tulum has been operating so far?

另外根據您的預期，圖盧姆目前的營運狀況如何？

How has been the traffic in Tulum versus your expectations so far? Thank you very much.

到目前為止，圖盧姆的交通狀況與您的預期相比如何？非常感謝。

Well, in the case of Colombia and Puerto Rico, I would say they are working, and they are giving great results.

嗯，就哥倫比亞和波多黎各的情況而言，我想說他們正在努力，並且取得了巨大的成果。

I'm really surprised of the resilience of Puerto Rico.

波多黎各的恢復力確實令我感到驚訝。

I was expecting the traffic to become more normal.

我原本期望交通會變得更正常。

If you see the report from the case of January, it is still strong, very strong.

如果你看一月份的報告，你會發現它仍然很強勁，非常強勁。

And Colombia, of course, is in the process to -- well, it has concluded the process to recuperate the two airlines we lost at the beginning of 2023.

當然，哥倫比亞正在——嗯，它已經完成了恢復我們在 2023 年初失去的兩家航空公司的進程。

So we are back on track, and I hope that Colombia will continue with the normal growth in the coming quarters.

所以我們已經回到正軌，我希望哥倫比亞在未來幾季繼續保持正常成長。

That's basically what I can say for the two cases.

對於這兩起案件，我基本上可以這麼說。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

So just one question on capacity in Cancun.

所以我只想問一個關於坎昆的容量的問題。

Like under a hypothetical scenario where international remains weak and there's an increase in capacity that the local -- the domestic airlines want to increase to Cancun.

就像在假設情境下，國際航班仍然疲軟，而國內航空公司希望增加飛往坎昆的運力。

Are there any constraints in the terminals where you service the national carriers?

你們為國家航空公司提供服務的航站是否有什麼限制？

Or would you be able to allocate or would you need to reallocate basically your operations there?

或者您是否能夠分配或是否需要重新分配您在那裡的業務？

Any color on that? Appreciate it.

有顏色嗎？非常感謝。

Absolutely.

絕對地。

Well, today, we do not have restrictions in terms of operational capacity in Terminal 2.

嗯，今天我們在 2 號航站樓的營運容量方面沒有任何限制。

What we have is restrictions in the non-aeronautical side.

我們在非航空方面有所限制。

The capacity, I would say, in the case of the middle of the day, probably you will not find the space to have your meal.

我想說，在這種情況下，如果是中午的話，可能你就找不到地方吃飯了。

But in the case of the operational front, we do not have problems.

但在作戰方面，我們沒有遇到問題。

Of course, once Volaris recuperates its operations from the problem they have with Pratt & Whitney, we will need more capacity.

當然，一旦 Volaris 從與普惠公司之間的問題中恢復過來，我們將需要更多的產能。

And that's why we are constructing and expanding Terminal 1.

這就是我們建造和擴建 1 號航站樓的原因。

In Terminal 2, what we have is basically Viva and Volaris plus South America.

在 2 號航站樓，我們主要運營 Viva 和 Volaris 航空以及南美航空。

So what we are intending to do is to subtract South America and move that to Terminal 1, and that will leave additional space for these two airlines.

因此，我們打算刪除南美洲航線，並將其移至 1 號航站樓，這樣可以為這兩家航空公司留下更多空間。

(Operator Instructions) Alan Macias, Bank of America.

（操作員指示）美國銀行，艾倫·馬西亞斯（Alan Macias）。

Just a question on Mexican tariffs.

我只想問一下關於墨西哥關稅的問題。

Were you able to implement the increase last year?

去年你能實現這項成長嗎？

And is there any spillover that we might see for this year? Thank you.

今年我們可能會看到任何溢出效應嗎？謝謝。

Alan, I cannot hear you.

艾倫，我聽不見你說話。

Your line is cutting.

你的線路被切斷了。

So if you can repeat your question, please?

那麼您可以重複您的問題嗎？

Yes.

是的。

Can you hear me better?

你聽清楚我的話嗎？

Better.

更好的。

Yeah.

是的。

Just on Mexican tariffs, if you were able to implement the increase in 2024, and if we might expect some spillover for this year on Mexican tariffs? Thank you.

僅就墨西哥關稅而言，如果您能夠在 2024 年實施增加關稅，並且我們是否可以預期今年墨西哥關稅會產生一些溢出效應？謝謝。

It was basically implemented last year.

去年就基本實施了。

Enrique Sojo, Fundamenta Investments.

Fundamenta Investments 的 Enrique Sojo。

My question is actually related to passenger growth.

我的問題實際上與乘客增長有關。

It's a bit of a double click on some things you mentioned.

這對您提到的一些事情來說有點像雙擊。

As you referred to Volaris, they stated in the earnings call that they expect GTF issues to affect a significant portion of their fleet all throughout 2025, '26, '27.

正如您所提到的 Volaris，他們在財報電話會議上表示，預計 GTF 問題將在 2025、26、27 年影響其大部分機隊。

And the

還有

(technical difficulty).

（技術難度）。

Enrique, again, could you repeat your question, please.

恩里克，請你再重複一次你的問題。

Sorry.

對不起。

It seems that we've lost Enrique.

看來我們失去了恩里克。

We'll move to the next question.

我們繼續討論下一個問題。

Gabriel Himelfarb, Scotiabank.

加拿大豐業銀行的 Gabriel Himelfarb。

A question on Tulum.

關於圖盧姆的一個問題。

Is there any somehow updating mechanisms or compensating mechanisms for the traffic that has been taken from the Tulum Airport to -- from Cancun? Thank you.

對於從圖盧姆機場到坎昆的交通，有沒有什麼更新機製或補償機制？謝謝。

Hi Gabriel, I will not call it compensation because at the end of the day, if you go back to the regulatory regime that was published on October 19, 2023, the formula is looking forward, it's not looking backward.

你好，加布里​​埃爾，我不會稱之為補償，因為歸根結底，如果你回到 2023 年 10 月 19 日發布的監管制度，這個公式是向前看的，而不是向後看。

Of course, the effects of Tulum Airport were included in those calculations.

當然，圖盧姆機場的影響也包含在這些計算中。

So to give you a very clear response is, yes, it has been included, the effects of Tulum, but of course, we cannot call it compensation.

因此，給您一個非常明確的答覆是，是的，它已經包括在內，圖盧姆的影響，但當然，我們不能稱之為補償。

So they were included on the MDP, on last year's MDP?

所以他們被列入了 MDP，去年的 MDP 中嗎？

Absolutely.

絕對地。

Anton Mortenkotter, GBM.

安東·莫滕科特（Anton Mortenkotter），GBM。

Congrats on the results.

恭喜你所取得的成果。

I'm sorry if this has already been asked.

如果這個問題已經有人問過了，我很抱歉。

I had some issues with my line.

我的線路出了點問題。

But my question is related to the commercial side.

但我的問題與商業方面有關。

I mean, we saw a really good performance on the non-idle per pax growth.

我的意思是，我們看到非閒置每位乘客的成長表現非常好。

I was wondering, I mean, is this a result of the mix from having maybe a stronger US dollar and maybe some pent-up demand or something?

我想知道，這是不是因為美元走強和一些被壓抑的需求等因素共同作用的結果？

Or also if there has been any strategic shift in how you renew your contracts, maybe a little bit of pricing power on that side.

或者，如果您在續約的方式上發生了任何策略轉變，也許在這方面會有一點定價權。

I'm not sure if you could provide some color there.

我不確定你是否可以提供一些顏色。

Absolutely.

絕對地。

Well, it has to do with the FX.

嗯，這與 FX 有關。

You can see it very clear during the fourth quarter results, and partially on the third quarter last year results, because we saw some kind of peso devaluation since the third quarter.

您可以在第四季度的業績中清楚地看到這一點，並且部分可以從去年第三季度的業績中看到這一點，因為我們看到自第三季度以來比索出現了一定程度的貶值。

But of course, the most important effect was in the fourth quarter.

但當然，最重要的影響是在第四季。

That's basically what we have for the fourth quarter. Some FX, good results, no question about it.

這基本上就是我們第四季的情況。一些 FX，效果良好，毫無疑問。

But I don't see any problem for the future, except that we know that we are losing commercial opportunities there.

但我看不到未來有什麼問題，只是我們知道我們正在失去那裡的商業機會。

And also a little bit of a follow-up there, Adolfo.

還有一點後續行動，阿道夫。

Roughly, what amount of your commercial contracts are due each year?

大概來說，你們每年有多少商業合約到期？

And are you able to renew them with, I mean, maybe open terms?

您是否能夠以開放的條件來續約？

Or are those getting renewed with maybe fixed terms or an automatic plus or something like that?

或者這些是透過固定期限或自動加價或諸如此類的方式進行續約？

Well, there is not a way to say that this year 20% of the contracts will expire.

那麼，今年不可能有 20% 的合約到期。

Every business line has its own term.

每個業務線都有自己的術語。

I would say it could go from seven to three years, depending on the business line.

我認為這個時間可能需要七年到三年，具體取決於業務線。

Normally, what we do is to continue with the same kind of terms.

通常，我們的做法是繼續使用相同類型的術語。

Increasing -- as you have mentioned, increasing prices, increasing the concession fee is not the way to maximize revenues. Probably in some cases, could be the opposite.

增加—正如您所提到的，提高價格、增加特許權使用費並不是實現收入最大化的方法。在某些情況下可能恰恰相反。

Remember that what we want is they to sell more and we to get more.

請記住，我們希望他們賣出更多，我們獲得更多。

So in that sense, the most important thing is to be able to get as much as we can in terms of sales, not in terms of prices.

因此從這個意義上來說，最重要的是盡可能地提高銷量，而不是提高價格。

Guilherme Mendes, JPMorgan.

摩根大通的吉列爾梅門德斯 (Guilherme Mendes)。

First one, it's a follow-up on Tulum.

第一個，這是對圖盧姆的後續。

You said it was included on the MDP.

您說它包含在 MDP 中。

But can you share how it's trending when compared to your expectations, it's going in line or not?

但是您能否分享一下與您的預期相比它的趨勢如何，它是否符合預期？

And the second one, in terms of capital allocation, there was some news on the Dominican Republican asset last year.

第二個，在資本配置方面，去年關於多明尼加共和黨資產有一些消息。

I understand it's still on hold. And if there's anything else that the company would be considering outside Mexico? Thank you.

我了解它仍處於擱置狀態。公司也考慮在墨西哥以外地區開展其他業務嗎？謝謝。

Yes.

是的。

In the case of Tulum, what I can say to you is as we expected basically, probably not so strong.

就圖盧姆的情況而言，我可以告訴你的是，基本上正如我們所預料的那樣，可能不會那麼強勁。

Let me say, this year, probably originally, we were expecting around 3 million.

我想說的是，今年我們最初預計的人數大概是 300 萬左右。

I'm saying 2.9 million for this year, and that will be the ramp-up for Tulum.

我認為今年的目標是 290 萬，這將是圖盧姆的成長目標。

So the ramp-up during '24 and '25. And from there, Tulum will have to grow at the dynamics of the region.

因此在 24 年和 25 年期間會出現成長。從那時起，圖盧姆就必須隨著該地區的動態而發展。

In the case of Dominican Republic, we do not have any update.

就多明尼加共和國而言，我們沒有任何最新消息。

We continue with the legal process there.

我們將繼續在那裡進行法律程序。

And I hope that we will have some results during this year.

我希望我們今年能夠取得一些成果。

Okay.

好的。

Thank you. And just to confirm, anything else outside Mexico and outside Dominican Republic that you would consider?

謝謝。只是想確認一下，除了墨西哥和多明尼加共和國以外，您還會考慮其他地方嗎？

Well, of course, we want to consider all.

嗯，當然，我們要考慮所​​有因素。

We review all the projects that are there.

我們審查了那裡的所有項目。

But for the moment, I would say I do not have any significant project in front of me in the short term.

但就目前而言，我想說的是，我短期內還沒有任何重大專案。

Enrique Sojo, Fundamenta Investments.

Fundamenta Investments 的 Enrique Sojo。

Apologies, my line dropped.

抱歉，我的線路斷了。

Were you able to listen to me?

你聽見我說話嗎？

Now I can hear you.

現在我能聽到你的聲音了。

Okay.

好的。

Thank you. My question is actually kind of a double click on some things you mentioned, more specifically Volaris, as you mentioned yesterday during the earnings call that you're going to have GTF engines for this year, next year, and possibly 2027.

謝謝。我的問題實際上是對您提到的一些事情的雙擊，更具體地說是 Volaris，正如您昨天在財報電話會議上提到的那樣，您將在今年、明年甚至可能是 2027 年推出 GTF 發動機。

And they have moreover renegotiated the aircraft deliveries with Airbus to further slow down capacity increases.

此外，他們還與空中巴士重新談判了飛機交付事宜，以進一步減緩運力成長。

Do you believe that this new information significantly hinders growth in the short to medium term?

您是否認為這些新資訊會在短期至中期內嚴重阻礙成長？

Do you think it may be indicative of a more weak domestic market and players? Thank you.

您認為這可能表明國內市場和參與者更加疲軟嗎？謝謝。

Yes, Enrique.

是的，恩里克。

Well, what is important for us is the additional capacity they are including as we speak, not just Volaris, also in the case of Viva and the case of Aeromexico.

嗯，對我們來說重要的是他們正在增加的運力，不僅僅是 Volaris，還有 Viva 和墨西哥航空。

If you see the report of Volaris, of course, I'm not so sure that what they report is the operational aircraft.

如果你看到了 Volaris 的報告，當然，我不太確定他們所報告的是否是作戰飛機。

But if you see the report, at the end of 2023, they reported 130.

但如果你看到報告，到 2023 年底，他們報告的數字是 130。

At the end of 2024, they reported 143.

截至 2024 年底，該數字為 143。

So if we just use those two numbers, we will say they have more aircraft that in comparison to what they have before Pratt & Whitney.

因此，如果我們只使用這兩個數字，我們會說他們擁有的飛機數量比普惠公司之前的數量要多。

The problem with those two numbers is that we don't know how many of those are in the shop.

這兩個數字的問題在於我們不知道商店裡有多少個這樣的數字。

Also, it has been announced yesterday by them that some of the aircraft that have already been recalled will have to go again for some additional works.

此外，他們昨天還宣布，一些已經召回的飛機將必須再次進行一些額外的維修。

So that is why I said during my remarks that next year, we will see the problem will be still there.

所以我在演講中說，明年我們會看到問題仍然存在。

Of course, in a more smaller manner.

當然，以更小的方式。

My expectation is that the first three quarters are going to be the last strong effects from Pratt & Whitney in the case of Volaris.

我預計，前三個季度將是普惠公司對 Volaris 產生最後強勁影響的時期。

(Operator Instructions) Mr. Castro, it seems there are no other questions at this time.

（操作員指示）卡斯特羅先生，目前似乎沒有其他問題。

I'll turn the floor back to you for any closing comments.

接下來我將把發言權交還給您，以便您發表最後評論。

Thank you, Melissa, and thank you all of you again for joining us today for this fourth quarter 2024 conference call.

謝謝你，梅麗莎，再次感謝大家今天參加我們的 2024 年第四季電話會議。

We wish you a good day, and goodbye.

祝您有美好的一天，再見。

Now you may disconnect.

現在您可以斷開連線了。

Thank you, ladies and gentlemen.

謝謝各位，女士們、先生們。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路了。