Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Grupo Aeroportuario del Centro Norte OMA First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you, Emmanuel. You may begin.

您好，歡迎來到 Grupo Aeroportuario del Centro Norte OMA 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，投資者關係官 Emmanuel Camacho。謝謝你，伊曼紐爾。你可以開始了。

(technical difficulty) and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may contribute forward-looking statements, which are based on current management 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. With that, I'll turn the call over to Ricardo Duenas for his opening remarks.

（技術難度）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會構成前瞻性陳述，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。有了這個，我將把電話轉給 Ricardo Duenas 的開場白。

Thank you, Emmanuel. Good morning, everyone. This morning, I will briefly comment on several events occurred during the quarter. Then I will review our operational performance and financial results. And finally, we will be pleased to answer your questions.

謝謝你，伊曼紐爾。大家，早安。今天上午，我將簡要評論本季度發生的幾件事。然後我將審查我們的運營績效和財務結果。最後，我們很樂意回答您的問題。

Last Friday, we held our 2023 Annual Shareholders Meeting, where shareholders approved among other matters, the declaration and payment of an ordinary cash dividend to shareholders of MXN 2.3 billion in 2 installments, the first one of MXN 1.8 billion no later than June 30, and the second one, MXN 500 million, no better than September 30.

上週五，我們召開了 2023 年年度股東大會，股東們批准了分兩期向股東宣派和支付 23 億墨西哥比索的普通現金股息，第一筆不遲於 6 月 30 日為 18 億墨西哥比索，第二個，5億墨西哥比索，不比9月30日好多少。

In addition, on March 10, we successfully completed our MXN 3.2 billion issuance in long-term sustainability linked notes in the Mexican market. Pursuant to the framework of the notes, we have set an ambitious carbon footprint reduction target. Proceeds were used to amortize our OMA 13 notes for MXN 1.5 billion and to repay MXN 1.2 billion in short-term loans. The remaining MXN 500 million will be used for general corporate purposes, including the funding of future investments.

此外，3 月 10 日，我們在墨西哥市場成功發行了 32 億墨西哥比索的長期可持續發展掛鉤票據。根據說明的框架，我們設定了雄心勃勃的碳足跡減少目標。收益用於攤銷 15 億墨西哥比索的 OMA 13 票據，並償還 12 億墨西哥比索的短期貸款。剩餘的 5 億墨西哥比索將用於一般企業用途，包括為未來投資提供資金。

Moving on to our main first quarter of 2023 results. OMA delivered solid financial and operating results in the first quarter of this year. Adjusted EBITDA grew 41% in the quarter to MXN 2 billion, and adjusted EBITDA margin reached 77.5%, largely as a result of the increase in both aero and non-aero revenues.

繼續我們 2023 年第一季度的主要業績。 OMA 在今年第一季度取得了穩健的財務和運營業績。本季度調整後的 EBITDA 增長 41% 至 20 億墨西哥比索，調整後的 EBITDA 利潤率達到 77.5%，這主要是由於航空和非航空收入的增長。

In the first quarter, OMA passenger traffic reached 6 million, an increase of 30% versus the first quarter of last year. The airport that led passenger traffic growth during the quarter were Monterrey, Ciudad Juarez, Chihuahua and Culiacan. And the route with the strongest traffic growth compared to the first quarter of last year, most of them considered mainly business routes where the Monterrey to Mexico City, Guadalajara, Santa Lucia, Toluca and Cancun routes, and the Ciudad Juarez to Guadalajara route. On aggregate, these 6 routes added 470,000 additional passengers in the quarter, an increase of 42% versus the first quarter of last year. Primarily as a result of the strong passenger traffic performance, our Aero revenue grew 40% in the quarter to MXN 2 billion.

一季度，OMA客運量達到600萬人次，較去年同期增長30%。本季度引領客運量增長的機場是蒙特雷、華雷斯城、奇瓦瓦和庫利亞坎。而與去年一季度相比客流量增長最為強勁的航線，大多以商務航線為主，其中蒙特雷至墨西哥城、瓜達拉哈拉、聖盧西亞、托盧卡和坎昆航線，以及華雷斯城至瓜達拉哈拉航線。總的來說，這 6 條航線在本季度新增了 470,000 名乘客，比去年第一季度增長了 42%。主要由於強勁的客運表現，本季度我們的航空收入增長了 40%，達到 20 億墨西哥比索。

On the commercial front, revenues increased 36% compared to the first quarter of last year, driven by parking, restaurants, retail and car rentals. Occupancy rate for commercial space stood at 93.6% at the end of the quarter. Diversification revenues increased 22%. Our hotel services and OMA Cargo contributed most to this growth. In the first quarter of this year, occupancy rate at our Terminal 2 NH Collection Hotel was 80.3%, while the Hilton Garden Inn Hotel had an occupancy rate of 73.4% signaling a further recovery of business travel.

在商業方面，在停車、餐廳、零售和汽車租賃的推動下，收入比去年第一季度增長了 36%。季末商業空間出租率為93.6%。多元化收入增長了 22%。我們的酒店服務和 OMA Cargo 對這一增長貢獻最大。今年一季度，我們的2號航站樓NH Collection酒店入住率為80.3%，希爾頓花園酒店入住率為73.4%，商旅進一步復甦。

OMA Cargo revenues increased 14%, mainly driven by the handling of air and ground import cargo. On the capital investment -- on the capital expenditure front, total investment in the quarter, including MDP investments, major maintenance and strategic investments were MXN 757 million. During the quarter, some of the most relevant projects we are working on are the expansion and remodeling of the Monterrey Airport Terminal A building as well as the Ciudad Juarez, Culiacan and Durango terminal buildings, reconfiguration of the Mazatlán terminal building, and major rehabilitation and reconfiguration of platforms and taxiways was in several airports.

OMA 貨運收入增長 14%，主要受空運和陸運進口貨物處理的推動。在資本投資方面——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 7.57 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包括蒙特雷機場 A 航站樓以及 Ciudad Juarez、Culiacan 和 Durango 航站樓的擴建和改造、馬薩特蘭航站樓的重新配置以及重大修復和改造。幾個機場對平台和滑行道進行了重新配置。

I would now like to turn the call over to Ruffo Perez Pliego, who will discuss our financial highlights for the quarter.

我現在想把電話轉給 Ruffo Perez Pliego，他將討論我們本季度的財務亮點。

Thank you, Ricardo, and good morning to everyone. I will briefly review our financial results, and then we will open the call for your questions. Turning to OMA's first quarter financial results. Analytical revenues increased 40% relative to the first quarter of 2022, driven primarily by the 29% increase in passenger traffic. Non-aero revenues increased 25.7% with commercial revenues increasing 35.5%. The categories with the highest growth were our parking, restaurants, retail and car rentals.

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 第一季度的財務業績。與 2022 年第一季度相比，分析收入增長了 40%，這主要是由於客運量增長了 29%。非航空收入增長 25.7%，商業收入增長 35.5%。增長最快的類別是我們的停車、餐廳、零售和汽車租賃。

Parking revenues increased 58% due to increased penetration in the Monterrey, Chihuahua and Reynosa airports as well as higher turnover in short-term space in most of our airports. Increased activity in our parking revenues is the result of an overall higher business dynamism at our airports. Restaurants, retail and car rentals rose 49%, 43% and 20%, respectively, due to higher revenue sharing and the impact of the different initiatives that were implemented throughout 2020.

由於蒙特雷、奇瓦瓦和雷諾薩機場的滲透率提高以及我們大多數機場的短期停車位營業額增加，停車收入增長了 58%。我們的停車收入活動增加是我們機場整體業務活力增強的結果。由於更高的收入分成以及整個 2020 年實施的不同舉措的影響，餐廳、零售和汽車租賃分別增長了 49%、43% 和 20%。

Diversification activities increased 21.5%, reflecting strong hotel revenue growth and to a lesser extent, continued OMA Carga. Total aero and non-aero revenues grew 36% to MXN 2.6 billion in the quarter. Construction revenues amounted to $664 million as a result of the higher MDP investment (inaudible) execution. The cost of airport services and G&A expense increased 14.9% relative to the first quarter of 2022 and before an increase in payroll expense result primarily of increased headcount and higher labor costs versus last year. Other increases came at the minor maintenance and contracted services line items, which grew overall, due to overall higher activity in our airports as well as inflationary adjustments.

多元化活動增長 21.5%，反映了酒店收入的強勁增長，並在較小程度上反映了 OMA Carga 的持續增長。本季度航空和非航空總收入增長 36%，達到 26 億墨西哥比索。由於更高的 MDP 投資（聽不清）執行，建築收入達到 6.64 億美元。與 2022 年第一季度相比，機場服務成本和 G&A 費用增加了 14.9%，在此之前工資費用增加主要是由於員工人數增加和勞動力成本高於去年。其他增長來自小型維護和合同服務項目，由於我們機場的整體活動增加以及通貨膨脹調整，整體增長。

Major maintenance provision was MXN 77 million as compared to MXN 82 million in the first quarter of 2022. OMA's strong quarter adjusted EBITDA reached MXN 2.0 billion and the adjusted EBITDA margin reached 77.5%. Our financing expense was MXN 229 million, mainly due to a higher interest expenses result of additional debt issuances and the higher cost of debt. Our consolidated net income was $1.1 billion in the quarter, which presented an increase of 43.5% relative to 1Q '22.

主要維護準備金為 7700 萬墨西哥比索，而 2022 年第一季度為 8200 萬墨西哥比索。OMA 強勁的季度調整後 EBITDA 達到 20 億墨西哥比索，調整後的 EBITDA 利潤率達到 77.5%。我們的融資費用為 2.29 億墨西哥比索，主要是由於額外發行債務導致利息支出增加以及債務成本增加。本季度我們的綜合淨收入為 11 億美元，比 22 年第一季度增長 43.5%。

Turning to our cash position. Cash generated from operating activities in the first quarter amounted to MXN 1.3 billion and cash at the end of the quarter stood at MXN 2.8 billion, which already reflects the payment of a special dividend of MXN 1.45 billion made during the month of March. At the end of the quarter, total debt amounted to MXN 10.7 billion, and we have a healthy net debt to adjusted EBITDA ratio of 1.1x.

轉向我們的現金狀況。第一季度經營活動產生的現金為 13 億墨西哥比索，季度末現金為 28 億墨西哥比索，這已經反映了 3 月份支付的 14.5 億墨西哥比索的特別股息。本季度末，總債務達到 107 億墨西哥比索，淨債務與調整後 EBITDA 之比為 1.1 倍，處於健康水平。

This concludes our prepared remarks. Allisa, please open the call for questions.

我們準備好的發言到此結束。 Allisa，請打開電話提問。

(Operator Instructions) Our first question comes from Carlos Peyrelongue with BoA.

（操作員說明）我們的第一個問題來自 BoA 的 Carlos Peyrelongue。

Congratulations on the strong results. Two questions, if I may. First one is related to passenger traffic, very strong, obviously, on the quarter. If you could give us some idea of your expectations for the remainder of the year. It looks like business traveling is coming back strongly. What should we expect in terms of the remainder of the year? That would be the first. And the second is related to margins. Again, a very solid expansion there. If you could provide some color as to whether that is sustainable or you expect some headwinds over the remainder of the year in terms of additional costs?

祝賀你取得了優異的成績。兩個問題，如果可以的話。第一個與客運量有關，顯然在本季度非常強勁。如果您能告訴我們您對今年剩餘時間的期望。看起來商務旅行正在強勢回歸。就今年剩餘時間而言，我們應該期待什麼？那將是第一個。第二個與利潤率有關。同樣，那裡的擴張非常穩固。您是否可以提供一些關於這是否可持續的顏色，或者您預計今年剩餘時間在額外成本方面會遇到一些不利因素？

Yes. Passenger traffic, remember that we're comparing to the first quarter of last year when we have the Omicron variant COVID. So we had an easier comp base. Obviously, it's going to become more challenging as the year moves along. But we're comfortable that something in the high single digits is achievable. And then in terms of margin, we believe we're consistent, as mentioned before, between 76% and 77% EBITDA margin is attainable.

是的。客運量，請記住，我們正在與去年第一季度進行比較，當時我們有 Omicron 變體 COVID。所以我們有一個更容易的補償基礎。顯然，隨著時間的推移，它會變得更具挑戰性。但我們很高興可以實現高個位數的目標。然後就利潤率而言，我們相信我們是一致的，如前所述，可以實現 76% 至 77% 的 EBITDA 利潤率。

Our next question comes from Josh Milberg with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Milberg。

I was hoping you could give your perspective on the outlook for return to Category 1 later this year, just with the latest legislative developments? And also, if you could just give a little bit of your take on what that could mean for OMA on the international side in terms of route additions by Mexican carriers to U.S. destinations from Monterrey or your other airports thinking about next year? And then related to that, I just wanted to ask if you think eventually a postponement of that return could actually help OMA in that it might compel the local carriers to direct more of their fleet capacity to the domestic market where you guys obviously have more exposure? That's my first question.

我希望您能就今年晚些時候回歸第 1 類的前景發表您的看法，以及最新的立法進展？而且，如果你能就墨西哥航空公司從蒙特雷或你的其他機場考慮明年增加到美國目的地的航線而言，在國際方面對 OMA 意味著什麼？然後與此相關，我只想問你是否認為最終推遲返回真的可以幫助 OMA，因為它可能會迫使當地承運人將更多的機隊運力引導到你們顯然有更多機會的國內市場？這是我的第一個問題。

Sure. Well, yes, Category 1, as you know, this week, one of the prerequisites to call back to Category 1 is that the approval of the airport law is going to be -- it's already approved in the Deputies Chamber, it's going to the Senate. It's going to be approved either today and tomorrow.

當然。好吧，是的，第 1 類，如你所知，本週，回撥第 1 類的先決條件之一是機場法的批准將是——它已經在眾議院獲得批准，它將提交給參議院。它將在今天和明天獲得批准。

Yes, with respect to -- and then -- I mean -- so we would expect a return to Category 1 towards the end of the year once the FAA conducts its audit. In terms of new route development, as you know, Category 1 does affect messaging couriers, but it has not affected U.S. carriers. So in the past couple of years, we have seen new airlines coming into our airports from the U.S. to serve the demand of international travel. So I do not think that (inaudible) turn to Category 1 (inaudible) OMA will have a significant impact or a delay in the obtention of this regaining of the Category 1.

是的，關於 - 然後 - 我的意思是 - 所以我們預計一旦美國聯邦航空局進行審計，我們將在今年年底恢復到第 1 類。在新路線開發方面，如您所知，第 1 類確實影響了消息傳遞者，但並未影響美國運營商。因此，在過去幾年中，我們看到新的航空公司從美國進入我們的機場，以滿足國際旅行的需求。因此，我認為（聽不清）轉向第 1 類（聽不清）OMA 不會對重新獲得第 1 類產生重大影響或延遲。

Okay. That's great. And then my second question was just if you could give a kind of high-level view on this news around the bill that's out there that could give the government an ability to revoke concessions, just your kind of high-level view again on what risk that presents or if that's really just noise and not something that we should be concerned about?

好的。那太棒了。然後我的第二個問題是，你是否可以就該法案的這一消息給出一種高層觀點，該法案可以讓政府有能力撤銷讓步，只是你對什麼風險的高層觀點那是否真的只是噪音而不是我們應該關心的事情？

I mean I think it's too early to anticipate. We know the bill is not going to be discussed in this period. It's going to move towards the end of the year. The next period is going to be September to December. We believe it's going to be discussed there. We need to wait what's going to be the final language of that bill. So it's really still too early to say what impact it could have, not in airports, but in every business that has any permit or concession regarding the government.

我的意思是我認為現在預測還為時過早。我們知道在此期間不會討論該法案。它將在年底前移動。下一個時期將是 9 月至 12 月。我們相信它將在那裡進行討論。我們需要等待該法案的最終語言。因此，現在說它可能產生什麼影響還為時過早，不是在機場，而是在每個獲得政府許可或特許權的企業中。

Our next question comes from Guilherme Mendes with JPMorgan.

我們的下一個問題來自摩根大通的 Guilherme Mendes。

First question is related to the MDP maximum tariff after the recent increase that we saw in the beginning of the year. How far are you from the maximum level? And if you do expect to achieve the maximum level by early next year? And the second question is in terms of capital allocation. You already saw the dividend announced for this year wherein OMA continues to operate with a low leverage. So how should we think about the capital allocation going forward, if you can expect some additional dividends or buybacks or potentially some M&A activities outside Mexico?

第一個問題與我們在年初看到的最近增加後的 MDP 最高關稅有關。你離最高水平還有多遠？如果您確實希望在明年初達到最高水平？第二個問題是在資本配置方面。您已經看到今年宣布的股息，其中 OMA 繼續以低杠桿運作。那麼，如果您可以期待一些額外的股息或回購或可能在墨西哥以外進行一些併購活動，我們應該如何考慮未來的資本分配？

So with respect to maximum tariff recovery last year, we were slightly lower than 90% mark. I think that for this year, we're targeting to be around 95% for the full year. And with respect to capital allocation, we in this year already (inaudible) paid a special dividend of MXN 1.45 billion. As Ricardo mentioned, dividend was approved by shareholders last Friday in total of MXN 2.3 billion. So the total distribution to shareholders would be this year of MXN 3.75 billion. And as cash flow generation permits, I mean, in future years, I mean, we'll see what the level of dividends are. But our -- we do not expect to have an increase in leverage with respect to current levels.

因此，就去年的最高關稅回收率而言，我們略低於 90% 的水平。我認為今年，我們的目標是全年達到 95% 左右。在資本配置方面，我們今年已經（聽不清）支付了 14.5 億墨西哥比索的特別股息。正如里卡多提到的那樣，上週五股東批准的股息總額為 23 億墨西哥比索。因此，今年分配給股東的總金額為 37.5 億墨西哥比索。在現金流量允許的情況下，我的意思是，在未來幾年，我的意思是，我們將看到股息水平。但是我們 - 我們預計不會增加當前水平的槓桿率。

Our next question comes from Rodolfo Ramos with Bradesco BBI.

我們的下一個問題來自 Rodolfo Ramos 和 Bradesco BBI。

I have a couple. The first one is on your non-aeronautical revenue per passenger. We're still above those levels that we saw before the pandemic struck. So I just wanted to see whether you have a normalized target that you're looking at, especially as traffic continues to recover? So that would be my first question.

我有一對。第一個是每位乘客的非航空收入。我們仍然高於大流行病爆發前的水平。所以我只是想看看您是否有一個正在查看的標準化目標，尤其是在流量繼續恢復的情況下？所以這是我的第一個問題。

And then my second question is, can you remind us -- I'm not sure if you have that information, but what would be the requirement or restrictions for a foreign company to acquire all of OMA's shares? I don't know if there's something in the regulation or something else that could make that more difficult.

然後我的第二個問題是，你能提醒我們——我不確定你是否有這些信息，但是外國公司收購 OMA 所有股份的要求或限制是什麼？我不知道法規中是否有某些內容或其他內容會使這變得更加困難。

So with respect to commercial revenue -- sorry, non-idle per pax levels, we see it separately, but this is purely commercial to what is non-aero. As you know, all of the hotel, cargo and other diversification of business do not have a specific relationship to passengers. So as passengers go -- increase going forward, it will not necessarily have an impact in the total non-aero revenue. But on the commercial revenue per pax level, we do expect to continue to see increases. We have made refurbishments and reconfigurations of the terminals in recent years. So we expect, for example, this year to open new outlets in the areas that are going to be inaugurated in the Monterrey Airport and the Ciudad Juarez Airport. So that will continue to provide a boost to our commercial revenues per pax in the next quarters.

因此，關於商業收入——抱歉，每人非閒置水平，我們單獨看到它，但這對於非航空來說純粹是商業性的。大家知道，所有的酒店、貨運等多元化業務都與旅客沒有特定的關係。因此，隨著乘客的增加 - 未來的增加，它不一定會對非航空總收入產生影響。但就每人的商業收入水平而言，我們確實預計會繼續增長。近年來，我們對航站樓進行了翻新和重新配置。因此，例如，我們預計今年將在蒙特雷機場和華雷斯城機場即將開業的地區開設新的門店。因此，這將在接下來的幾個季度繼續提高我們每人的商業收入。

And with respect to restrictions, yes, I believe the law establishes that in order for a foreign company to acquire more than 50% of the -- or 51% of the shares of concessioner, certain special permits need to be obtained by the Foreign Investment Commission. So that would be a process that would need to be carried out with that authority.

關於限制，是的，我認為法律規定，外國公司要獲得特許權人超過 50% 或 51% 的股份，外國投資需要獲得某些特別許可委員會。因此，這將是一個需要該權力機構執行的流程。

And just a next query if I may squeeze it in. You've been now with VINCI for a full quarter operating. Just wanted to get your kind of informal feedback on how is that coming in different commercial areas working together? Or any synergies that you've seen over the quarter? And how is that working out?

如果我可以擠進去，只是下一個問題。你現在已經在 VINCI 工作了一個完整的季度。只是想獲得您關於不同商業領域如何協同工作的非正式反饋？或者您在本季度看到的任何協同效應？結果如何？

Yes, it has been very positive. There's a lot of synergies where they have been adding value. Obviously, we're leveraging a lot of their platform in terms of terminal design, non-aero revenues, relationship with airlines, route development. Our DNAs in both companies are very similar. So it has been a relatively easy integration.

是的，這是非常積極的。他們在增加價值的地方有很多協同作用。顯然，我們在航站樓設計、非航空收入、與航空公司的關係、航線開發等方面充分利用了他們的平台。我們兩家公司的 DNA 非常相似。所以這是一個相對容易的整合。

Our next question comes from Alberto Valerio with UBS.

我們的下一個問題來自瑞銀的 Alberto Valerio。

I would like to know about tariffs. We just see an increase in this quarter and we also see some pressure from the press for the tariffs in the airports recently. So I mean, (inaudible) how can we expect further increase? You just mentioned 95% of maximum tariffs, the competitor is close to 99%. So I'm wondering whether we could expect some real increase in year-on-end, so if we should take this more stable in real terms? Thank you very much.

我想了解關稅。我們剛剛看到本季度有所增加，我們也看到媒體最近對機場關稅施加了一些壓力。所以我的意思是，（聽不清）我們怎麼能期望進一步增加？你剛才提到最高關稅的95%，競爭對手接近99%。所以我想知道我們是否可以預期年末會有一些實際增長，所以我們是否應該把它看得更穩定一些？非常感謝。

Alberto, so yes, as we're mentioning, we were targeting around a 95% recovery this year. Next year, I mean, we will see what the impacts are with respect to inflation. There are some factors that do affect or benefit the recovery of maximum tariff, which include, for example, the FX rate movements or the growth, the different growth in different airports that have different levels of charges. So I think that towards the end of the year, we'll make a decision towards any further adjustments. So at this time, we're thinking of this 95% recovery for the year.

阿爾貝托，所以是的，正如我們所提到的，我們今年的目標是實現 95% 左右的複蘇。明年，我的意思是，我們將看到對通貨膨脹的影響。有一些因素確實會影響或有利於最高關稅的恢復，其中包括，例如，匯率變動或增長，具有不同收費水平的不同機場的不同增長。所以我認為到今年年底，我們將做出任何進一步調整的決定。所以在這個時候，我們正在考慮今年 95% 的複蘇。

Okay. And in terms of CapEx recently, if I may do one more, what do you expect to do this year in terms of full CapEx? And if you are looking abroad Mexico airports for a potential expansion in the future. That's (inaudible) question.

好的。就最近的資本支出而言，如果我可以再做一次，你希望今年在全部資本支出方面做些什麼？而且，如果您正在尋找國外的墨西哥機場，以尋求未來的潛在擴張。這是（聽不清）問題。

So full CapEx execution, and this includes both investments in concession of the assets as well as major maintenance execution should be around MXN 3.5 billion level. And with respect to potential M&A activity, I think that any expansion outside Mexico will be first analyzed by VINCI Airports and not necessarily to be performed through OMA.

因此，完整的資本支出執行，包括資產特許權投資和主要維護執行，應該在 35 億墨西哥比索左右。關於潛在的併購活動，我認為墨西哥以外的任何擴張都將首先由 VINCI 機場進行分析，而不一定要通過 OMA 進行。

Our next question comes from Bruno Amorim with Goldman Sachs.

我們的下一個問題來自高盛的 Bruno Amorim。

I actually have 3 questions for you. The first one on the outlook on the regulatory side. The question is actually unrelated with the potential changes in regulation. Just wanted to understand where do we stand vis-a-vis the prior forecast made at the time of the last revision? Correct me if I'm wrong, but I guess your last revision happened at the end of 2020 during the pandemic, so traffic levels were pretty much depressed, saw a sharp rebound over the past couple of years. So, the question is where do we stand now? Because this what was the forecast at the moment for traffic in early 2023. Is the company running above in line or below?

我實際上有 3 個問題要問你。第一個關於監管方面的前景。這個問題實際上與監管的潛在變化無關。只是想了解與上次修訂時所做的先前預測相比，我們的立場如何？如果我錯了請糾正我，但我猜你的上一次修訂發生在 2020 年底大流行期間，因此交通水平非常低迷，在過去幾年中出現了急劇反彈。那麼，問題是我們現在站在哪裡？因為這是目前對 2023 年初交通量的預測。該公司是在隊列上方還是下方運行？

And also, could you please confirm if at the moment when you had the revision in MDP at the end of 2020, the level of rates -- interest rates that were used as a proxy for risk-free and then for the calculation of the allowed return reflected kind of the tenure rates at the moment, which, if I'm not mistaken, were well below where we are today? So that's kind of the first question.

此外，您能否確認在 2020 年底對 MDP 進行修訂時，利率水平——用作無風險代理的利率，然後用於計算允許的回報反映了目前的任期率，如果我沒記錯的話，它遠低於我們今天的水平？所以這是第一個問題。

The second question on near-shoring. Can you share with us evidence of impact on your traffic or inactivity around your main airports coming from near-shoring? Do you think it's already material impacting traffic? Should we expect more impact going forward?

第二個問題，近岸外包。您能否與我們分享近岸外包對您的主要機場周圍的交通或不活動產生影響的證據？你認為它已經對交通產生了重大影響嗎？我們應該期待更多的影響嗎？

And then the third question is just a clarification. Can you please let us know why you have not been able to run closer to the maximum tariffs. Why not running closer to 100%? What prevents the company from being, let's say, more in line with the feeling in terms of the tariffs?

然後第三個問題只是一個澄清。您能告訴我們為什麼您無法接近最高關稅嗎？為什麼不接近 100%？比方說，是什麼阻止公司更符合關稅方面的感覺？

So I'll go through your questions not necessarily in the order you presented them, but with respect to near-shoring evidence, I mean we have seen some news. There was a big announcement of a major electric vehicle manufacturer that will have a significant investment in the Monterrey area and some other announcements by other foreign companies to establish presence around the Monterrey area. So right now, that is the type of areas that it's being given and publicly, obviously, as time passes and that investment starts -- announced investments start to translate into direct foreign investment, I mean we'll probably be able to present more hard data on that.

所以我不一定按照你提出的順序來討論你的問題，但關於近岸證據，我的意思是我們已經看到了一些新聞。一家大型電動汽車製造商宣布將在蒙特雷地區進行重大投資，其他外國公司也發布了一些其他公告，將在蒙特雷地區建立業務。所以現在，這就是它正在公開的領域類型，顯然，隨著時間的推移和投資的開始——宣布的投資開始轉化為外國直接投資，我的意思是我們可能能夠展示更多的努力有關的數據。

But what we do see is an increase primarily in our Monterrey and Ciudad Juarez routes. As you know, Monterrey had the best-performing growth in the quarter in our network. And we do believe that a lot of that is linked to the renewed interest in Monterrey as a major industrial and manufacturing center. And we have seen that since the pandemic Ciudad Juarez has positioned itself as a very strong destination for Maquiladora and other type of industrial businesses. And we -- that's one of the reasons we are growing our terminal capacity in Ciudad Juarez to attend that demand. So that's with respect to near-shoring.

但我們確實看到主要是在我們的蒙特雷和華雷斯城航線上有所增加。如您所知，蒙特雷本季度在我們的網絡中實現了最佳增長。我們確實相信，這在很大程度上與人們對蒙特雷作為主要工業和製造中心的新興趣有關。我們已經看到，自大流行以來，華雷斯城已將自己定位為加工廠和其他類型工業企業的一個非常強大的目的地。而我們——這就是我們在 Ciudad Juarez 增加終端容量以滿足這種需求的原因之一。這就是關於近岸外包的問題。

With respect to the MDP negotiation, we are still early in the process. We have not started to see what the potential impacts of the different variables that affect the calculation will be, we have to submit a definitive plan to the authority in the middle of 2025. And at the end of 2025, reach a new investment program and tariff outlook for the next 5 years. So right, the current levels of interest rates to us are not -- will not be impactful. The interest rate formula takes the 24-month average before June 2025. So we'll see what the average is over that time frame, which has not yet started.

關於 MDP 談判，我們仍處於早期階段。我們還沒有開始看到影響計算的不同變量的潛在影響是什麼，我們必須在 2025 年中期向當局提交一份明確的計劃。並在 2025 年底達成新的投資計劃並未來 5 年的關稅展望。沒錯，目前的利率水平對我們沒有影響。利率公式採用 2025 年 6 月之前的 24 個月平均值。因此我們將看到該時間範圍內的平均值是多少，該時間範圍尚未開始。

And in the case of our maximum tariff, most of the reason is twofold. I think the larger than expected inflation that we had in 2021 and 2022, obviously, made us get further away from the 99% goal. And also, we had different passenger mix in some of our airports that do impact our calculation. So I think that is primarily the impact that we have had in trying to get closer to the 100% mark in the recovery of tariffs.

就我們的最高關稅而言，大部分原因是雙重的。我認為我們在 2021 年和 2022 年的通貨膨脹率高於預期，顯然使我們離 99% 的目標更遠了。而且，我們的一些機場有不同的乘客組合，這確實會影響我們的計算。所以我認為這主要是我們在試圖接近 100% 的關稅恢復大關時產生的影響。

And just a very quick follow-up. If you look at traffic now at the beginning of 2023, is it below, above or in line with the traffic curve that you and the regulator agreed on at the end of 2020?

並且只是一個非常快速的跟進。如果您現在查看 2023 年初的流量，它是低於、高於還是符合您和監管機構在 2020 年底商定的流量曲線？

It's slightly above, but it's not significantly above, yes.

略高於，但沒有明顯高於，是的。

Our next question comes from [Lucy Romes] with Compass Group.

我們的下一個問題來自 Compass Group 的 [Lucy Romes]。

It's just a quick follow-up on what you've been talking about the maximum tariff. But I just want to ask what was the year-over-year increase that you made this trimester in tariff.

這只是對你一直在談論的最高關稅的快速跟進。但我只想問一下，你們這三個月的關稅同比增長是多少？

[Lucy], the increase that we implemented in the first quarter of this year was in the double-digit area.

[露西]，我們在今年第一季度實現的增長是兩位數的。

Okay. And do -- is it fair to assume that maybe moving forward on the next quarters, we could see similar, maybe not double digits but similar increases?

好的。並且做 - 假設也許在下一個季度向前發展，我們可以看到類似的，也許不是兩位數但類似的增長，這是否公平？

I think that will depend on how inflation behaves and how far away we are from the 100%. So that decision will be taking some work around the second half of this year.

我認為這將取決於通貨膨脹的表現以及我們離 100% 的距離有多遠。因此，該決定將在今年下半年左右進行一些工作。

Our next question comes from [Anton Mortecorto with DBM].

我們的下一個問題來自 [Anton Mortecorto with DBM]。

Congrats on your results. I just have a quick follow-up on Rodolfo's question regarding VINCI's involvement in the company. Could you provide some more detail on any project initially for an example, to help us better understand how you're leveraging from VINCI's expertise and how it is expected to possibly impact the business?

祝賀你的成績。我只是快速跟進 Rodolfo 關於 VINCI 參與公司的問題。您能否提供更多有關最初項目的示例，以幫助我們更好地了解您如何利用 VINCI 的專業知識，以及它預計將如何影響業務？

Sure. I mean just to give you a few examples in the design of our new terminals, they operated 70 airports around the world. So they know what has worked in other countries, what hasn't worked. So there's a lot of information to leverage there. There's a lot of relationships that we can lever, for example, with potential suppliers. They have more purchasing power with a lot of them, we are able to get on that -- to get the benefit of that.

當然。我的意思是僅舉幾個我們新航站樓設計的例子，他們在全球運營著 70 個機場。所以他們知道什麼在其他國家行得通，什麼行不通。所以那裡有很多信息可以利用。我們可以利用很多關係，例如與潛在供應商的關係。他們中的很多人擁有更多的購買力，我們能夠做到這一點——從中獲益。

They talk -- since they have 70 airports around the world, they have conversations with basically every airline around the world or most airlines around the world. That's a great opportunity for us to have access to the right people and try to bring some attention into OMA and potentially open some new routes. Same thing in non-aero business. They also have the knowledge, and they have a team of specialized people in each field in their Paris headquarters, which is also very valuable to us.

他們交談——因為他們在全球擁有 70 個機場，他們基本上與世界上每家航空公司或世界上大多數航空公司進行對話。這對我們來說是一個很好的機會，可以接觸到合適的人，並嘗試為 OMA 帶來一些關注，並有可能開闢一些新路線。非航空業務也是如此。他們也有知識，他們在巴黎總部有各個領域的專業人士組成的團隊，這對我們來說也是非常寶貴的。

Another example is, for example, tendering processes, we're currently tendering some non-aero retail space. Most of the retail companies competing for those -- for that space, they previously have relationships with them, they know and they give us a very higher, better negotiating power with them.

另一個例子是，例如，招標過程，我們目前正在招標一些非航空零售空間。大多數競爭這些的零售公司 - 對於那個空間，他們以前與他們有關係，他們知道並且他們給了我們與他們的更高，更好的談判能力。

That's pretty clear. And just another one related to that, on the low reform, the aeronautical one, I mean, I understand there's no significant impact on you guys. So just wondering if there is any impact operationally wise from the involvement of (inaudible) in the industry?

這很清楚。還有一個與此相關的，關於低改革，航空改革，我的意思是，我知道這對你們沒有重大影響。所以只是想知道（聽不清）參與該行業是否會對運營產生任何影響？

Well, the law does permit government to both operate airlines and airports at the same time, which under the previous law was provisioned. So I believe that -- from a (inaudible) standpoint, yes, some (inaudible) or the Navy could operate airlines and airports at the same time, but in our airports, there are no additional activities or oversights contemplated by (inaudible).

好吧，法律確實允許政府同時經營航空公司和機場，這是根據以前的法律規定的。所以我相信——從（聽不清）的角度來看，是的，一些（聽不清）或海軍可以同時運營航空公司和機場，但在我們的機場，沒有（聽不清）考慮的額外活動或疏忽。

Our next question comes from Fernanda Recchia with BTG.

我們的下一個問題來自 BTG 的 Fernanda Recchia。

I have 2 on my side. The first one is still on tariff. When we compare Monterrey, Juarez and other airports, Monterrey has one of the highest to us. And considering your speech regarding still increase in tariff along this year and your exposure to Viva, which is a neutral low cost per year, just wanted to understand if you are thinking of providing any kind of discount for airlines that have higher route frequencies in Monterrey? Or how do you think of this high exposure to Viva in the scenario of high to us? And my second one, regarding Monterrey Airport. Just wondering if you have any plans maybe to anticipate the build of a new runway in case your traffic remains performing strongly?

我身邊有2個。第一個仍然是關稅。當我們比較蒙特雷、華雷斯和其他機場時，蒙特雷對我們來說是最高的機場之一。考慮到你關於今年關稅仍然增加的演講以及你對 Viva 的敞口，這是每年中性的低成本，只是想了解你是否正在考慮為蒙特雷航線頻率較高的航空公司提供任何折扣？或者你如何看待 Viva 在 high to us 的情況下的這種高曝光率？我的第二個問題是關於蒙特雷機場的。只是想知道您是否有任何計劃或預計建造一條新跑道，以防您的交通仍然表現強勁？

So with respect to a potential second runway in Monterrey, yes, it is contemplated in the final stages of the development of the airport. So that's post 2035. So it's nothing that we are currently, I mean, analyzing or starting to discuss and certainly no works will be done in the next few years in that regard. But I mean, towards the latter part of the concession, yes, depending on the traffic outlook, a second runway may be needed to continue supporting the growth of Monterrey. And with respect to our

因此，關於蒙特雷潛在的第二條跑道，是的，它是在機場開發的最後階段考慮的。所以那是 2035 年後。所以我們目前沒有什麼，我的意思是，分析或開始討論，當然未來幾年在這方面也不會做任何工作。但我的意思是，在特許權的後期，是的，根據交通前景，可能需要第二條跑道來繼續支持蒙特雷的發展。關於我們

Monterrey Airport and our exposure to Viva, as you know, Viva has around a 40% market share in all of our airports. It's the highest market share that we have followed by Volaris and AeroMexico. And our incentive policy is general, so we cannot discriminate one airline versus others. And they are based on new route openings and things like that. So no specific policy with respect to an airline (inaudible) .

蒙特雷機場和我們對 Viva 的接觸，如您所知，Viva 在我們所有的機場中佔有大約 40% 的市場份額。這是我們緊隨其後的 Volaris 和 AeroMexico 的最高市場份額。而且我們的激勵政策是通用的，所以我們不能歧視一家航空公司和其他航空公司。它們是基於新的航線開放和類似的東西。因此，沒有針對航空公司的具體政策（聽不清）。

There are no further questions at this time. I would like to turn the floor back over to Ricardo Duenas, Chief Executive Officer, for closing comments.

目前沒有其他問題。我想將發言權轉回給首席執行官 Ricardo Duenas，以徵求結束意見。

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

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 teleconference. 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。