Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Grupo Aeroportuario del Centro Norte OMA Fourth Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.

您好，歡迎來到 Grupo Aeroportuario del Centro Norte OMA 2022 年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把會議轉交給你的主持人，投資者關係官 Emmanuel Camacho。謝謝。你可以開始了。

Thank you, Melissa, and good morning, everyone. Welcome to OMA's Fourth Quarter 2022 Earnings Conference Call. Joining me this morning are CEO, Ricardo Duenas and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management's expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. And with that, I will turn the call over to Ricardo Duenas for his opening remarks.

謝謝你，梅麗莎，大家早上好。歡迎來到 OMA 2022 年第四季度收益電話會議。今天早上加入我的是首席執行官 Ricardo Duenas 和首席財務官 Ruffo Perez Pliego。請注意，在我們今天的討論過程中所做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，並受到許多可能導致實際結果大不相同的風險和不確定性的影響，包括可能超出我們控制範圍的因素。就此，我將把電話轉給里卡多·杜埃納斯 (Ricardo Duenas)，讓他發表開場白。

Thank you, Emmanuel. Good morning, everyone. We appreciate you joining us today. This morning, I will highlight several reporting events and milestones, then I will briefly review our operational performance and financial results. Finally, we will be pleased to answer your questions.

謝謝你，伊曼紐爾。大家，早安。感謝您今天加入我們。今天上午，我將重點介紹幾個報告事件和里程碑，然後我將簡要回顧我們的運營業績和財務業績。最後，我們很樂意回答您的問題。

First of all, in December 2022, VINCI Airports finalized the process for the acquisition of 29.99% of Series B and Series BB shares of OMA, which made VINCI Airports, our largest shareholder. As part of the process prior to the closing of the transaction, OMA held a shareholder meeting in which 6 new proprietary members for the Board -- of the Board. All of them part of the VINCI Group were appointed and the resignation of the 6 former proprietary members of our Board was accepted.

首先，2022年12月，VINCI Airports敲定了收購OMA 29.99%的B系列和BB系列股份的流程，VINCI Airports成為我們的第一大股東。作為交易結束前流程的一部分，OMA 召開了一次股東大會，董事會中有 6 名新的專有成員。 VINCI 集團的所有成員均已被任命，我們董事會的 6 名前所有權成員的辭職被接受。

I would like to express my gratitude to our former Board members, and I would also like to welcome our 6 new Board members, which I am certain will contribute to OMA's value creation across the Board. VINCI Airports is the world's largest private airport operator, managing 65 airports in 12 countries and served 255 million passengers in 2019. Some of the assets management of VINCI airports include London Gatwick and Lisbon airports.

我要感謝我們的前董事會成員，我還要歡迎我們的 6 位新董事會成員，我相信他們將為 OMA 在整個董事會創造價值做出貢獻。 VINCI Airports 是全球最大的私營機場運營商，管理著 12 個國家的 65 個機場，2019 年為 2.55 億人次提供服務。VINCI 機場的部分資產管理包括倫敦蓋特威克機場和里斯本機場。

At OMA, we expect to leverage from VINCI Board expertise in managing and development in port infrastructure and to adopt best practice to provide a world-class service to our passengers. In other news, in January, OMA was recognized for the second year in a row as 1 of the 12 Mexican companies to be part of the 2023 Bloomberg gender equality index. We are proud to be recognized as a company committed to fostering gender equality, inclusion and diversity across our different teams within the company.

在 OMA，我們希望利用 VINCI 董事會在港口基礎設施管理和開發方面的專業知識，並採用最佳實踐為我們的乘客提供世界一流的服務。在其他新聞中，1 月份，OMA 連續第二年被評為 2023 年彭博社性別平等指數的 12 家墨西哥公司之一。我們很自豪被公認為致力於在公司內部不同團隊中促進性別平等、包容和多元化的公司。

Finally, last Monday, we held an ordinary shareholders' meeting where shareholders approved the declaration and payment of ordinary cash dividend to shareholders up to MXN 1.45 billion and delegated to the Board the power to (inaudible) the amount and dates of payments.

最後，上週一，我們召開了普通股東大會，股東批准向股東宣派和支付高達 14.5 億墨西哥比索的普通現金股息，並授權董事會（聽不清）支付金額和日期。

Yesterday, we published a press release announcing that we will distribute an extraordinary dividend of MXN 1.45 billion to shareholders on March 2 of this year. Payment of this dividend reinforces our objective of optimizing our capital structure.

昨天，我們發布了一份新聞稿，宣布我們將於今年 3 月 2 日向股東派發 14.5 億墨西哥比索的特別股息。該股息的支付加強了我們優化資本結構的目標。

Moving on to annual performance. OMA delivered a strong performance in the fourth quarter and for the full year 2022. For the full year, we served records for passenger traffic, revenues, adjusted EBITDA, adjusted EBITDA margin and consolidated net income. I will start by discussing our full year 2022 highlights, and then I will move on to our main 4Q '21 results.

繼續年度業績。 OMA 在第四季度和 2022 年全年表現強勁。全年，我們在客運量、收入、調整後的 EBITDA、調整後的 EBITDA 利潤率和綜合淨收入方面創下了記錄。我將首先討論我們 2022 年全年的亮點，然後我將繼續討論我們 21 年第四季度的主要業績。

In 2022, our positive passenger traffic performance reflects the external recovery in volumes from business-related routes as compared to 2021. The routes were the largest passenger in were Monterrey to Mexico City, Monterrey to Guadalajara and Ciudad Juárez to Mexico City. All of them business-oriented groups. Also, posting strong increases in 2022 were the Monterrey-Tijuana and the Monterrey-Cancún routes. In total, these 5 routes jointly added a total of 1.9 million additional passengers, representing 36% of the total 5.2 million passenger increase during the year.

2022 年，我們積極的客運量表現反映了與 2021 年相比，商務相關航線的客運量外部復甦。客運量最大的航線是蒙特雷至墨西哥城、蒙特雷至瓜達拉哈拉和華雷斯城至墨西哥城。他們都是以業務為導向的團體。此外，蒙特雷-蒂華納和蒙特雷-坎昆航線在 2022 年實現強勁增長。合計，這5條航線共新增旅客190萬人次，佔年內新增旅客總數520萬人次的36%。

Additionally, during the year, we opened 31 new routes, of which 20 were international. We believe there is room for strong and continued passenger traffic growth prospects as business opportunities in Mexico continue to expand. As a result of our solid performance, 12-month passenger traffic stood at a new record level of 23.2 million passengers, which represents a 29% growth as compared to 2021 and has outpaced by 0.2% our 2019 levels.

此外，年內我們新開航線 31 條，其中國際航線 20 條。我們相信，隨著墨西哥的商機不斷擴大，客運量的強勁和持續增長前景仍有空間。由於我們的穩健表現，12 個月的客運量創下了 2320 萬人次的新紀錄，與 2021 年相比增長了 29%，比 2019 年的水平高出 0.2%。

I am proud to say that the effects of the pandemic and traffic performance are clearly behind this. On the financial performance front, aeronautical and non-aeronautical revenues reached record levels in 2022, growing each by 22% versus 2019. As a result, our adjusted EBITDA for the year was MXN 7.1 billion, 27% above 2019, and we set a new record for our adjusted EBITDA margin, which expanded to 76.3%, aided importantly by our continued efficiency in our cost and expense structure.

我可以自豪地說，大流行病和交通性能的影響顯然是這背後的原因。在財務業績方面，航空和非航空收入在 2022 年達到創紀錄水平，與 2019 年相比分別增長 22%。因此，我們當年調整後的 EBITDA 為 71 億墨西哥比索，比 2019 年增長 27%，我們設定了我們調整後的 EBITDA 利潤率創下新紀錄，擴大到 76.3%，這主要得益於我們在成本和費用結構方面的持續效率。

Consolidated net income for the year stood at MXN 3.9 billion, an increase of 21% versus 2019. During the year, we distributed value to our shareholders by paying out an aggregate of MXN 6.7 billion in dividend throughout the year and disbursed a total of MXN 3.3 billion in our master development program commitments and on our strategic CapEx.

全年綜合淨收入為 39 億墨西哥比索，比 2019 年增長 21%。在這一年中，我們通過全年支付總計 67 億墨西哥比索的股息向股東分配價值，共支付了 MXN 33 億美元用於我們的主開發計劃承諾和我們的戰略資本支出。

I will now review our fourth quarter operational performance. In fourth quarter of '22, OMA's passenger traffic reached 6.5 million, an increase of 20.7% versus fourth quarter of '21 and was 8.7% above the same quarter of 2019. The airports that led passenger traffic growth during the quarter were Monterrey, Ciudad Juárez, Culiacán, and Chihuahua. And the route for the strongest traffic growth compared to fourth quarter of '21, all considered mainly business routes were Monterrey to Mexico City, Toluca, Tijuana, Guadalajara routes.

我現在將回顧我們第四季度的經營業績。在 22 年第四季度，OMA 的客運量達到 650 萬人次，比 21 年第四季度增長 20.7%，比 2019 年同期增長 8.7%。本季度引領客運量增長的機場是蒙特雷、Ciudad華雷斯、庫利亞坎和奇瓦瓦州。與 21 年第四季度相比，客運量增長最強勁的航線，所有考慮的主要商業航線是蒙特雷至墨西哥城、托盧卡、蒂華納、瓜達拉哈拉航線。

On the aggregate, these routes added 349,000 additional passengers in the quarter, an increase of 33% versus fourth quarter of '21. Performance in fourth quarter '22 confirms the current positive momentum of business travel segment in OMA's portfolio. Primarily as a result of the strongest passenger traffic performance, our aeronautical revenue grew by 26% in the quarter versus the fourth quarter of '21 to MXN 2 billion.

總的來說，這些航線在本季度增加了 349,000 名乘客，與 2021 年第四季度相比增長了 33%。 22 年第四季度的業績證實了 OMA 投資組合中商務旅行部門目前的積極勢頭。主要由於最強勁的客運表現，本季度我們的航空收入比 21 年第四季度增長了 26%，達到 20 億墨西哥比索。

On the commercial front, revenues increased 35% compared to the fourth quarter of '21, driven by parking, car rental, restaurants, VIP lounges and retail. Occupancy rate for commercial space stood at 93.5% at the end of the year. Diversification revenues increased 24%. Our hotel services and OMA Carga contributed most to this growth.

在商業方面，在停車、汽車租賃、餐廳、貴賓休息室和零售的推動下，收入比 21 年第四季度增長了 35%。年末商業用房出租率為93.5%。多元化收入增長了 24%。我們的酒店服務和 OMA Carga 對這一增長貢獻最大。

In the fourth quarter of 2022, occupancy rate of our Terminal 2 NH collection was 81.5%, while the Hilton Garden Inn Hotel had an occupancy rate of 75.1%. OMA Carga delivered strong results went more as revenues increased 20% versus fourth quarter of '21, mainly driven by the strong operation of air and ground import cargo.

2022 年第四季度，我們 2 號航站樓 NH 系列的入住率為 81.5%，而希爾頓花園酒店的入住率為 75.1%。 OMA Carga 取得了強勁的業績，收入比 21 年第四季度增長了 20%，這主要是由於航空和地面進口貨物的強勁運營。

On the capital expenditure front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN 1.2 billion. During the quarter, some of the most relevant projects we're working are we expand modeling of the Monterrey Airport Terminal A building as well as the Ciudad Juárez and Culiacán terminal buildings.

在資本支出方面，本季度的總投資（包括 MDP 投資、主要維護和戰略投資）為 12 億墨西哥比索。在本季度，我們正在進行的一些最相關的項目是我們擴展了蒙特雷機場 A 航站樓以及 Ciudad Juárez 和 Culiacán 航站樓的模型。

Reconfiguration of the Mazatlán terminal building, major rehabilitations of platforms and taxi ways in several airports and platform reconfiguration at the Monterrey Airport. And with that, I will now turn the call over Ruffo Perez Pliego for more detail on our financial highlights for the quarter.

馬薩特蘭航站樓的重新配置，幾個機場的站台和滑行道的重大修復以及蒙特雷機場的站台重新配置。有了這個，我現在將把電話轉給 Ruffo Perez Pliego，以了解有關本季度財務亮點的更多詳細信息。

Thank you, Ricardo, and good morning to everyone. I will briefly review our financial results, and then we'll open the call for your questions. Turning to OMA's fourth quarter financial results. Aeronautical revenues increased 26% versus Fourth quarter of 2021, driven by the 21% increase in passenger traffic and increase in our aeronautical tariffs implemented in the first quarter of last year.

謝謝你，里卡多，大家早上好。我將簡要回顧一下我們的財務業績，然後我們將開始徵求您的問題。轉向 OMA 的第四季度財務業績。航空收入與 2021 年第四季度相比增長了 26%，這主要得益於客運量增長 21% 以及去年第一季度實施的航空關稅上調。

Non-aero revenues increased also 26.0%. Commercial revenues increased 34.6% and the categories with the highest growth were car parking, car rental, restaurants, VIP lounges and retail. Parking revenues increased 46% due to higher penetration in the Chihuahua, Monterrey and Culiacán airports as a result of improved business dynamism in those airports.

非航空收入也增長了 26.0%。商業收入增長 34.6%，增長最快的類別是停車場、汽車租賃、餐廳、貴賓休息室和零售。由於奇瓦瓦、蒙特雷和庫利亞坎機場的業務活力改善，停車收入增加了 46%。

Car rentals, restaurants and retail increased 58%, 28% and 22%, respectively, mainly due to higher revenue sharing and the opening of new commercial spaces. VIP lounges increased 48% due primarily to the recognition of revenues from a direct operation as well as an increase in number of users of the OMA Premium Lounges. Diversification activities increased 24%, reflecting the strong hotel operations OMA Carga's performance.

汽車租賃、餐飲和零售分別增長了 58%、28% 和 22%，這主要是由於更高的收入分成和新商業空間的開放。貴賓休息室增加了 48%，這主要是由於直接運營收入的確認以及 OMA 高級休息室用戶數量的增加。多元化活動增加了 24%，反映了 OMA Carga 強勁的酒店運營業績。

Total aeronautical and non aero revenues were MXN 2.6 billion in the quarter and grew 26% relative to the 4Q of '21. Construction revenues increased 71% as a result of higher MDP investment execution. The cost of airport services and G&A expense increased 15.9% relative to 4Q '21, mainly due to an increase in payroll expense as a result primarily of increased headcount, higher salaries versus last year and provisions, including statutory profit shares.

本季度航空和非航空總收入為 26 億墨西哥比索，較 2021 年第四季度增長 26%。由於更高的 MDP 投資執行，建築收入增長了 71%。機場服務成本和 G&A 費用相對於 2021 年第四季度增加了 15.9%，這主要是由於員工人數增加、工資高於去年以及包括法定利潤份額在內的準備金導致的工資費用增加。

Other increases came at the contracted services line item, which grew due to overall higher activity in our airports. And insurance, which was partially offset by lower electricity expense as a result of a higher proportion of energy supplied from green sources. During the quarter, solar panel's operating in our 13 airports generated 17% of OMA's energy consumption. And our airports were supplied more wind energy as compared to 4Q '21.

其他增長來自合同服務項目，該項目的增長是由於我們機場的整體活動增加。和保險，這部分被較低的電費所抵消，因為綠色能源供應的比例更高。本季度，我們 13 個機場的太陽能電池板產生了 OMA 能源消耗的 17%。與 21 年第四季度相比，我們的機場獲得了更多的風能。

Overall, during the quarter, 95% of our energy came from green sources. Major maintenance provision was MXN 42 million as compared to MXN 118 million in 4Q '21. OMA's fourth quarter adjusted EBITDA reached MXN 1.9 billion, and the adjusted EBITDA margin was 75.8%.

總體而言，在本季度，我們 95% 的能源來自綠色能源。主要維修準備金為 4200 萬墨西哥比索，而 2021 年第四季度為 1.18 億墨西哥比索。 OMA 第四季度調整後的 EBITDA 達到 19 億墨西哥比索，調整後的 EBITDA 利潤率為 75.8%。

Our financing expense reached MXN 204 million, mainly due to higher interest expense as a result of additional debt issuance and the higher cost of debt. Consolidated income was MXN 1.1 billion in the quarter, an increase of 11.8% relative to 4Q '21.

我們的融資費用達到 2.04 億墨西哥比索，主要是由於額外發行債務導致利息費用增加以及債務成本增加。本季度綜合收入為 11 億墨西哥比索，比 21 年第四季度增長 11.8%。

Turning to our cash position. Cash generated from operating activities in the fourth quarter amounted to MXN 1.6 billion, and cash at the end of the quarter stood at MXN 3.4 billion. At the end of the year, the total debt amounted to MXN 10.2 billion, and our net debt to adjusted EBITDA ratio stood at 1x.

轉向我們的現金狀況。第四季度經營活動產生的現金為 16 億墨西哥比索，季度末現金為 34 億墨西哥比索。年底，總債務達到 102 億墨西哥比索，我們的淨債務與調整後 EBITDA 的比率為 1 倍。

In February of this year, we have started the process for the refinancing of our bonds maturing in 2023. The refinancing is expected through the issuance of a new bond in the local markets and the terms and conditions are still being worked out, and we expect the issuance to close early in March. This concludes our prepared remarks. Operator, please open the call for questions.

今年 2 月，我們啟動了 2023 年到期債券的再融資程序。預計通過在當地市場發行新債券進行再融資，條款和條件仍在製定中，我們預計發行將於 3 月初結束。我們準備好的發言到此結束。接線員，請打開電話提問。

(Operator Instructions) Our first question comes from the line of Rodolfo Ramos with Bradesco BBI.

（操作員說明）我們的第一個問題來自 Rodolfo Ramos 與 Bradesco BBI 的合作。

Just a couple on my side. The first one is, can you give us a little bit of your expectation in terms of your cost and G&A for this year. There's a lot of moving parts. You have payroll increasing sharply and then you have these lower costs on the utility side. But I just wanted to see whether you expect this number to be around MXN 400 million per quarter this year. And perhaps if you can elaborate on some of the cost pressures that the companies are seeing, whether it's vacation days, pension contributions. If you can talk about that on your outlook for 2023, that would be very much appreciated.

我這邊只有一對。第一個是，你能給我們一些你對今年的成本和 G&A 的期望嗎？有很多活動部件。你的工資急劇增加，然後你在公用事業方面有這些較低的成本。但我只是想看看您是否預計今年這個數字會達到每季度 4 億墨西哥比索左右。也許你可以詳細說明公司所面臨的一些成本壓力，無論是假期還是養老金繳款。如果您能談談您對 2023 年的展望，我們將不勝感激。

And the second question is on -- and alluding to some of your initial remarks is on this value creation from having VINCI as a controller and on the Board. If you can perhaps talk a little bit or elaborate a little bit more on where are the areas of opportunity that you see? You've been a couple of months formally -- having formally closed this control -- this change in control. So just wanted to see what are the priorities, some of the -- maybe if there's any operational changes that we can expect or something more big picture there, that would be great.

第二個問題是——你最初的一些評論是關於將 VINCI 作為控制人和董事會成員所創造的價值。如果你能談談或詳細說明你看到的機會領域在哪裡？你已經正式結束幾個月了——正式關閉了這個控制——這個控制的變化。所以只是想看看優先事項是什麼，其中一些 - 也許如果有任何我們可以預期的運營變化或更大的前景，那就太好了。

Sure. Rodolfo, let me -- I'll take the second one. I'll leave Ruffo to answer the first one. As for VINCI, we expect to leverage its operational and commercial expertise to drive value creation at OMA. Some examples that have been identified on the bill of [OMA] strategy of recent years are to continue to develop air service developments and increase international passenger mix, increase non-air revenues to improve commercial offering and diversification developments, leverage VINCI expertise in planning out for growth and expansion and capital optimization, among others. And as for management, they have given a lot of confidence to their current management and we're working along with that very well. Ruffo, do you want to answer the cost structure?

當然。 Rodolfo，讓我——我要第二個。我將讓 Ruffo 回答第一個問題。至於 VINCI，我們希望利用其運營和商業專業知識來推動 OMA 的價值創造。近年來 [OMA] 戰略法案中確定的一些例子是繼續發展航空服務發展並增加國際旅客組合，增加非航空收入以改善商業服務和多元化發展，利用 VINCI 的專業知識進行規劃用於增長和擴張以及資本優化等。至於管理層，他們對他們目前的管理層給予了很大的信心，我們正在與他們合作得很好。 Ruffo，你想回答成本結構嗎？

Thank you, Ricardo. Rodolfo, in terms of cost side, I think we should expect mostly inflationary increases going forward. The big surge in passenger growth that we experienced last year only had some pressure in our operational costs. But we expect stability impacting growth in the coming months, we should also expect the same in cost side.

謝謝你，里卡多。 Rodolfo，就成本方面而言，我認為我們應該預計未來主要是通貨膨脹。我們去年經歷的客運量激增只對我們的運營成本造成了一些壓力。但我們預計未來幾個月穩定會影響增長，我們也應該預計成本方面也會出現同樣的情況。

Our next question comes from the line of [Anton Morganti] with GBM.

我們的下一個問題來自 [Anton Morganti] 與 GBM 的對話。

Congrats on the results. Just a quick one. I mean I know that Aeromar is not significant on a consolidated basis but I do know that they have strong operations in Acapulco and Zihuatanejo airports. I was just wondering if you expect to see any impacts in those airports for your operations going forward or if any airline already took that market share?

祝賀結果。只是一個快速的。我的意思是我知道 Aeromar 在綜合基礎上並不重要，但我知道他們在阿卡普爾科和芝華塔尼歐機場有強大的業務。我只是想知道您是否希望看到這些機場對您未來的運營產生任何影響，或者是否有任何航空公司已經佔據了該市場份額？

Thank you, Anton. We're going to anticipating this unfortunate event for some time. The participation of Aeromar was very small, 0.6% of the traffic. And the routes that they were covering that they didn't have any exclusivity. So that means there were other airlines covering that route. So we expect all the traffic -- or the few traffic that was covered by Aeromar will be captured very quickly by the rest of the airlines. So in short, I don't see any impact going forward as a result of this unfortunate event.

謝謝你，安東。我們將在一段時間內預料到這一不幸事件。 Aeromar 的參與度很小，佔流量的 0.6%。他們覆蓋的路線沒有任何排他性。所以這意味著還有其他航空公司覆蓋該航線。因此，我們預計所有流量 - 或者 Aeromar 覆蓋的少數流量將很快被其他航空公司捕獲。所以簡而言之，我認為這一不幸事件不會對未來產生任何影響。

Okay. And just another quick one. What are you seeing in terms of trends for business travel? Talking about all of these nearshoring boom. Are you actually seeing some? I mean, Monterrey traffic has increased, but do you see this related to that? Or if you could provide some of your color on that?

好的。還有一個快速的。您對商務旅行的趨勢有何看法？談論所有這些近岸外包熱潮。你真的看到一些嗎？我的意思是，蒙特雷的交通量增加了，但你認為這與此有關嗎？或者你是否可以提供一些你的顏色？

Yes, we're seeing the impact within the nearshoring -- that is real, is happening, and we're seeing it in our portfolio of airports. If you look at this aggregate, the traffic performance in the last few months, nearshoring destinations, for example, Ciudad Juárez are growing at a much larger percentage than the average of the other OMA airports.

是的，我們看到了近岸外包的影響——這是真實的，正在發生，我們在我們的機場組合中看到了它。如果你看一下這個總量，過去幾個月的交通表現，近岸目的地，例如 Ciudad Juárez 的增長比例遠高於其他 OMA 機場的平均水平。

Our next question comes from the line of Sally Nielsen with Citi.

我們的下一個問題來自花旗的 Sally Nielsen。

So I have 2 questions on my side, and sorry if you have already mentioned about that. But I was curious about why did electricity materials cost decline this quarter when we actually expected them to rise as everywhere else. And the second question is regarding tariffs. Like do you see any risks of Mexican airports getting tariffs cuts going forward when MDP negotiations start to resolve?

所以我這邊有 2 個問題，如果你已經提到過，我很抱歉。但我很好奇為什麼本季度電力材料成本下降，而我們實際上預計它們會像其他地方一樣上漲。第二個問題是關於關稅。當 MDP 談判開始解決時，您是否認為墨西哥機場有任何關稅削減的風險？

I'll take the first question, and then if you can repeat the second one because we can't hear competitively. But on the utility side, as you know, over the last 18 months, we invested in solar parks in all of our airports. So in the fourth quarter of the year, our solar parks generated 17% of our total energy consumption, and that contributed significantly to the savings that you're seeing in the fourth quarter relative to the fourth quarter of 2021. And with respect to your second question, if I may ask to you to rephrase then.

我將回答第一個問題，然後你是否可以重複第二個問題，因為我們聽不到競爭性的聲音。但在公用事業方面，正如你所知，在過去的 18 個月裡，我們在所有機場投資了太陽能公園。因此，在今年第四季度，我們的太陽能公園產生了我們總能源消耗的 17%，這對您在第四季度看到的與 2021 年第四季度相比的節省做出了重大貢獻。關於您的第二個問題，我可以請你重新措辭嗎？

Sure, sure. The second one was regarding airport tariffs. Like are you seeing any risks of Mexican airport's tariffs getting cut during the negotiations of the next MDP developments?

一定一定。第二個是關於機場關稅。在下一個 MDP 開發談判期間，您是否看到墨西哥機場關稅被削減的任何風險？

I mean we're still -- we're 3 years for the next negotiation. We're up for the September 25, actually 2 years till too far. But the regulatory framework has been very clear. It is straightforward in the [NH7 concession] title. It has been working well, and we have no reason to believe that it would behave differently going forward.

我的意思是我們仍然 - 下一次談判還有 3 年的時間。我們為 9 月 25 日做好準備，實際上距離太遠還有 2 年。但監管框架已經非常明確。在[NH7特許權]標題中直截了當。它一直運作良好，我們沒有理由相信它在未來會有不同的表現。

Our next question comes from the line of Juan Macedo with GBM.

我們的下一個問題來自 Juan Macedo 與 GBM 的對話。

Congrats on results. I have 2 questions. My first question would be regarding M&A. Are you assessing any M&A projects? And my second question is regarding your tariff impairment. You implemented early February, if you could tell us how that went. It would be great.

祝賀結果。我有兩個問題。我的第一個問題是關於併購。您是否正在評估任何併購項目？我的第二個問題是關於你的關稅減值。你在二月初實施了，如果你能告訴我們進展如何的話。這會很棒。

So on the M&A side, we -- last year, we're still participating in the Barras process, which has been called off. After the incorporation of VINCI in our capital structure, we are not expecting to conduct M&A at the OMA level, but our expectation is that we likely be down at the VINCI Airports level.

因此，在併購方面，我們 - 去年，我們仍在參與 Barras 流程，該流程已被取消。在將 VINCI 納入我們的資本結構後，我們預計不會在 OMA 層面進行併購，但我們預計我們可能會在 VINCI 機場層面進行併購。

And after tariff goal, we're still working on the details. And we'll report as soon as we have more information.

在關稅目標之後，我們仍在研究細節。我們會在獲得更多信息後立即報告。

Great. One more question regarding tariffs. What percent of your approved tariff for 2023 have you reached?

偉大的。還有一個關於關稅的問題。您已達到 2023 年批准關稅的百分之幾？

What percentage of what, sorry?

什麼百分比，抱歉？

Of your maximum approved tariff for 2023. Are you at 100% Or are you still...

在你 2023 年批准的最高關稅中。你是 100% 還是你還在......

So for 2022, our maximum tariff was 90%. 90% maximum tariff compliance.

所以到 2022 年，我們的最高關稅是 90%。 90% 的最高關稅合規性。

Okay. So you're currently at 90%, right? Do I understand...

好的。所以你目前處於 90%，對嗎？我懂嗎...

That is correct.

那是對的。

(Operator Instructions) Our next question comes from the line of Gabriel Himelfarb with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Gabriel Himelfarb。

Two quick questions. The first one, are you seeing any shift from transit passengers that come -- well, that cross through to Mexico City airport towards your network? Like using Monterrey as a connection edge. And my second question is regard the Canadian traffic. Do you have seen an increase in Canadian traffic in coming to Mexico to either connection or destination nodes? And what percentage of the total international traffic does the Canadian traffic represent?

兩個快速問題。第一個，你是否看到從過境旅客到墨西哥城機場的任何轉移到你的網絡？就像使用蒙特雷作為連接邊緣一樣。我的第二個問題是關於加拿大的交通。您是否看到加拿大前往墨西哥的連接點或目的地節點的流量有所增加？加拿大流量佔國際總流量的百分比是多少？

In the case of the version of traffic out of the Mexico City Airport into some of our airports. It's a slow process, but it is happening. We're seeing more connections being developed at Monterrey. So you have further connectivity from that airport. We are also increasing our international presence. So with the European route that we have, there was one announced to South America earlier this week. I think that there is evidence that Monterrey is starting to become a feeder for some of these international routes. Also in the aggregate, our connection traffic is still not significant, but we do expect to gradually continue to increase and take advantage of the saturation of the Mexico City airport.

在從墨西哥城機場進入我們的一些機場的交通版本的情況下。這是一個緩慢的過程，但它正在發生。我們看到蒙特雷正在開發更多連接。因此，您可以從該機場獲得更多連接。我們也在增加我們的國際影響力。因此，對於我們擁有的歐洲航線，本週早些時候宣布了一條前往南美的航線。我認為有證據表明蒙特雷正開始成為其中一些國際航線的支線。同樣在總體上，我們的連接流量仍然不多，但我們確實希望逐漸繼續增加並利用墨西哥城機場的飽和度。

Okay. And regarding the Canadian traffic, can you give us a color on how -- what percentage of that represents from the international traffic? And do you see a step-up in traffic coming from Canada as they opened their borders?

好的。關於加拿大的流量，您能否給我們一個顏色，說明國際流量佔多少百分比？當加拿大開放邊境時，您是否看到來自加拿大的交通量有所增加？

I will get back to you on specific Canadian traffic. What I can say is that the 2022 winter season, I mean, the ones still currently going on is yet below the pre pandemic levels. It has been significantly better than last year, but still, we are not yet at the pre-COVID levels in that specific market. But will get you back with the specific information.

我會就特定的加拿大交通情況與您聯繫。我能說的是，2022 年冬季，我的意思是，目前仍在進行的冬季仍低於大流行前的水平。它比去年好得多，但我們仍未達到該特定市場的 COVID 前水平。但是會讓您返回特定信息。

(Operator Instructions) Our next question comes from the line of Francisco Suarez with Scotiabank.

（操作員說明）我們的下一個問題來自豐業銀行的 Francisco Suarez。

Congrats on the results and the question that I have is basically on your diversification strategy, we noticed that you are adding more capacity on warehouses with being your joint venture with VINCI. The market is totally sold out. Do you see opportunities to split things up in terms of our more capital deployment to open new warehouses in your airports on the back on your footprint and the nearshoring trends for sure. And I believe that the second question that I have is on -- do you just expect that now having been -- will that may have a positive effect on your funding costs?

祝賀結果，我的問題基本上是關於你們的多元化戰略，我們注意到你們通過與 VINCI 的合資企業增加了更多的倉庫容量。市場已完全售罄。您是否看到機會在我們更多的資本部署方面進行拆分，以在您的足跡和近岸外包趨勢的背面在您的機場開設新倉庫。我相信我的第二個問題是——你是否只是希望現在已經——這會對你的融資成本產生積極影響嗎？

I'll take the first one. In terms of diversification, yes, as part of the previous question about nearshoring, nearshoring, we're not only seeing specific airport. We're also seeing in the cargo and industrial park activity. We have, especially in Monterrey, we think there's still potential to grow. We have a land area to increase the industrial part, and we will keep increasing as more tenants are looking to establish themselves in the airport.

我要第一個。在多元化方面，是的，作為上一個關於近岸外包、近岸外包問題的一部分，我們不僅看到特定的機場。我們還看到了貨運和工業園區活動。我們有，特別是在蒙特雷，我們認為仍有增長的潛力。我們有一塊土地面積可以增加工業部分，隨著越來越多的租戶希望在機場安家落戶，我們將繼續增加。

And regarding our funding strategy, remember that we primarily fund in pesos in the local market at a very competitive rate, certainly incorporation of a larger operation shareholder is a positive. And I think on the margin, it will help us. But if we -- since we are not in the international market, probably that effect would be somewhat limited.

關於我們的融資策略，請記住，我們主要以極具競爭力的價格在當地市場以比索融資，當然，合併更大的運營股東是積極的。而且我認為在邊際上，它會對我們有所幫助。但如果我們——因為我們不在國際市場上，那麼這種影響可能會有些有限。

Congrats again.

再次恭喜。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Duenas for any final comments.

女士們，先生們，我們的問答環節到此結束。最後請 Duenas 先生髮言。

Thank you. Thank you all for your participation today. Ruffo and Emmanuel and I are always available to answer your questions, and we hope to see you soon. Thank you, and have a good day.

謝謝。感謝大家今天的參與。 Ruffo、Emmanuel 和我隨時可以回答您的問題，我們希望很快能見到您。謝謝你，有一個美好的一天。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。