Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2023 Q3 法說會逐字稿

Greetings, and welcome to the OMA Third Quarter Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Emmanuel Camacho, Investor Relations. Thank you. You may begin.

您好，歡迎參加 OMA 第三季電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係部的伊曼紐爾·卡馬喬。謝謝。你可以開始了。

Thank you, Doug. Hello, everyone, and welcome to OMA's Third Quarter 2023 Earnings Conference Call. Participating today are CEO, Ricardo Duenas, and CFO, Ruffo Pérez Pliego. Please are reminded that certain statements made during the course of our discussion today may constitute 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 done our control.

謝謝你，道格。大家好，歡迎參加 OMA 2023 年第三季財報電話會議。今天參加會議的有執行長 Ricardo Duenas 和財務長 Ruffo Pérez Pliego。請注意，我們今天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，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果出現重大差異，包括我們可以控制的因素。

And with that, I'll turn the call over to Ricardo lines for his opening remarks.

接下來，我將把電話轉接給里卡多熱線，讓其致開場白。

Thank you, Emmanuel. Good morning, everyone. We appreciate your presence on this call today. I will begin by discussing the impact that Hurricane Otis had in our Acapulco Airport and then we'll comment on recent developments in the regulatory landscape of our airport concessions. Afterwards, we will move on to our quarterly results. On the 9th of October '25, Hurricane Otis struck Acapulco City with Category 5 intensity. The hurricane caused some damage to the terminal building of the Acapulco Airport. However, the airport remains operational and is currently focused on humanitarian operations. We are working closely with local and federal authorities to fully restore the regular operations of the airport, which we expect to be relatively soon.

謝謝你，伊曼紐。大家，早安。我們感謝您今天出席本次電話會議。我將首先討論奧蒂斯颶風對我們阿卡普爾科機場的影響，然後我們將評論我們機場特許權監管環境的最新發展。之後，我們將繼續公佈季度業績。 25 年 10 月 9 日，奧蒂斯颶風襲擊了阿卡普爾科市，強度為 5 級。颶風對阿卡普爾科機場航站樓造成部分損壞。然而，該機場仍在運營，目前專注於人道主義行動。我們正在與地方和聯邦當局密切合作，以全面恢復機場的正常運營，我們預計這將相對較快。

In 2022, Acapulco contributed with 3.6% our total passenger traffic and 3.4% of OMA's total aeronautical and non-aeronautical revenues. Regarding recent regulatory changes, on October 4, 2023, the Civil Aviation Agency and Autonomous body under Ministry of Communication and Transportation notified us about immediate modification established in [Annex 7] of the tariff regulation basis of our airport concessions. Over the 2 weeks that followed, we conducted a thorough review of these new guidelines and engaged in closed and constructive communication with the Ministry and the AFAC to clarify certain points.

2022 年，阿卡普爾科占我們總客運量的 3.6%，佔 OMA 航空和非航空總收入的 3.4%。關於最近的監管變化，2023年10月4日，交通運輸部民航局和自治機構通知我們，立即修改[附件7]中規定的我機場特許經營權的運價監管基礎。在接下來的兩週內，我們對這些新指南進行了徹底審查，並與該部和 AFAC 進行了密切和建設性的溝通，以澄清某些要點。

During these interactions, the Mexican government was open to dialogue leading to agreements finally reflected in the modified basis that we received on October 19. And subsequently made public to the market, we don't expect significant impact from this.

在這些互動過程中，墨西哥政府對對話持開放態度，最終達成的協議反映在我們10月19日收到的修改後的基礎上。隨後向市場公開，我們預計這不會產生重大影響。

Another matter that I would like to mention concerns the concession tax. On October, 25 the Senate approved the new 2025 federal duties law. This law includes provisions to increase the concession tax from 5% to 9% based on airport revenues effective January '24. It is worth mentioning that under new tariff regulation, the increase in the concession tax affecting the '24 and '25 period will be recognized in the next tariff negotiation of '26 to '30 period through the reference value. It is also essential to understand that the concession tax is part of the calculation variables for determining maximum tariff. This new basis did not change this relative to the original basis.

我想提的另一件事是優惠稅。 10月25日，參議院批准了新的2025年聯邦關稅法。該法律包括根據機場收入將特許稅從 5% 提高到 9% 的規定，自 24 月 24 日起生效。值得一提的是，在新的關稅規定下，影響「24」和「25」期間的優惠稅的增加將透過參考值在下一個「26」至「30」期間的關稅談判中得到確認。同樣重要的是要了解，優惠稅是確定最高關稅的計算變數的一部分。這個新的基礎相對於原來的基礎並沒有改變這一點。

After all these events, we anticipate that OMA will uphold its commitment to adaptability, resilience and the sustained and successful track record of its financial and operational results. Turning to our main third quarter of this year results. OMA continued to deliver solid financial and operating results during the third quarter.

在所有這些事件之後，我們預計 OMA 將恪守其對適應性、彈性以及財務和營運績效的持續成功記錄的承諾。轉向我們今年第三季的主要業績。 OMA 在第三季持續提供穩健的財務和營運績效。

Adjusted EBITDA grew 33% in the quarter to MXN 2.5 billion, and adjusted EBITDA margin reached 79.4% and largely as a result of the increase in both aeronautical and non-aeronautical revenues on our successful cost control strategy. In the third quarter, OMA's passenger traffic reached a record number of 7.4 million, an increase of 19% versus the third quarter of last year. Outstanding results were guided by the performance in Monterrey, which accounted for 62% of OMA's total passenger growth as compared to the third quarter of last year. The main destinations approved traffic growth were to Toluca, Queretaro, Cancun, Santa Lucia and Mexico City. Most of them consider business routes. On aggregate, these 5 routes added 255,000 additional passengers in the quarter, an increase of 17% versus the third quarter of last year.

本季調整後 EBITDA 成長 33%，達到 25 億墨西哥比索，調整後 EBITDA 利潤率達到 79.4%，這主要是由於我們成功的成本控制策略導致航空和非航空收入增加。第三季度，OMA的客運量達到創紀錄的740萬人次，比去年第三季成長19%。出色的業績得益於蒙特雷的表現，與去年第三季相比，蒙特雷佔 OMA 客運總量成長的 62%。批准客流量成長的主要目的地是托盧卡、克雷塔羅、坎昆、聖露西亞和墨西哥城。他們中的大多數都考慮商業路線。總的來說，這 5 條航線本季新增乘客 25.5 萬人次，比去年第三季成長 17%。

Primarily as a result of the star passenger traffic performance, our aeronautical revenue grew by 31% in the quarter to MXN 2.5 billion. On the commercial front, revenues increased 24% compared to third quarter of last year, driven by restaurants, parking, car rentals and VIP lounges. Occupancy rate for commercial space stood at 94.7% at the end of the quarter. Diversification revenues increased 8%. Our hotel services contributed most to this growth. In the second quarter of this year, occupancy rate of our Terminal 2 NH was 86.3%, while the Hilton Garden Inn Hotel had an occupancy rate of 73.3%.

主要由於出色的客運表現，我們的航空收入在本季度增長了 31%，達到 25 億墨西哥比索。在商業方面，在餐廳、停車場、汽車租賃和貴賓休息室的推動下，營收比去年第三季成長了 24%。截至季末，商業空間入住率為94.7%。多元化收入增長 8%。我們的酒店服務對此成長貢獻最大。今年第二季度，我們NH 2號航站樓的入住率為86.3%，而希爾頓花園酒店的入住率為73.3%。

On the capital expenditure front, total investment in the quarter, including MDP investments, major maintenance and strategic investments were MXN 964 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 Ciudad Juarez, Torreón, Culiacan and Durango terminal buildings. Reconfiguration of the Mazatlán terminal building, Major rehabilitation and reconfiguration of platforms and taxiways in several airports and construction of 4 industrial warehouses. I would now like to turn the call over to Ruffo Perez del Castillo, who will discuss our financial highlights of the quarter.

在資本支出方面，本季總投資（包括 MDP 投資、主要維護和策略投資）為 9.64 億墨西哥比索。本季度，我們正在進行的一些最相關的項目是蒙特雷機場航站樓的擴建和改建，以及華雷斯城、托雷翁、庫利亞坎和杜蘭戈航站樓的擴建和改造。重新配置馬薩特蘭航站樓，對幾個機場的平台和滑行道進行重大修復和重新配置，並建造 4 個工業倉庫。我現在想將電話轉給魯福·佩雷斯·德爾·卡斯蒂略，他將討論我們本季的財務亮點。

Thank you, Ricardo. Good morning, everyone. I will briefly review our financial results for the quarter, and then we will open the call for your questions.

謝謝你，里卡多。大家，早安。我將簡要回顧我們本季的財務業績，然後我們將開始電話詢問您的問題。

Turning to OMA's third quarter financial results. Aeronautical revenues increased 31% relative to the third quarter of '22, driven primarily by the 18.6% increase in passenger traffic and higher revenue per passenger. Non-aero revenues increased 17.6%. Commercial revenues increased 23.6%. The categories with the largest growth were restaurants, parking, car rentals and VIP lounges. Restaurants and car rentals rose 40% and 28%, respectively, mainly due to higher revenue sharing and the impact of the opening of new spaces and improved contractual conditions on renewals.

轉向 OMA 第三季財務業績。航空收入較 20 年第三季增長 31%，這主要是由於客運量增長 18.6% 以及每位乘客的收入增加所致。非航空收入成長 17.6%。商業收入成長23.6%。成長最大的類別是餐廳、停車場、汽車租賃和貴賓休息室。餐廳和汽車租賃分別增加了 40% 和 28%，主要是由於收入分成增加以及開設新空間和改善續約合約條件的影響。

Parking increased 16.4% as a, result of an increase in passengers and higher penetration rates in Ciudad Juarez, Chihuahua, Culiacan, Monterrey and Reynosa Airports. VIP lounges increased 31.5% as a result of the increase in passenger traffic and the opening of the Reynosa lounge in August 2023 as well as the Tampico launch in May 2023 and Ciudad Juarez in November 2022. Diversification activities increased 8.3% as strong hotel revenue growth was partially offset by a decline in OMA Carga which was affected by a decline in revenues related to our ground import cargo. Total aeronautical and non-aeronautical revenues grew 27.9% to MXN 3.2 billion in the quarter.

由於華雷斯城、奇瓦瓦、庫利亞坎、蒙特雷和雷諾薩機場的乘客數量增加和普及率提高，停車位增加了 16.4%。由於客流量增加、雷諾薩休息室於2023 年8 月開業、坦皮科休息室於2023 年5 月開業和華雷斯城於2022 年11 月開業，貴賓休息室增長了31.5%。隨著酒店收入強勁增長，多元化活動增長了8.3% OMA Carga 的下降部分抵消了 OMA Carga 的下降，這是受到與我們的地面進口貨物相關的收入下降的影響。本季航空和非航空總收入成長 27.9%，達到 32 億墨西哥比索。

Construction revenues amounted to MXN 719 million in the third quarter, an increase of 10% as a result of higher MDP investment execution. The cost of airport services and G&A expense increased 2.8% relative to the third quarter of last year, mainly due to an increase in minor maintenance, contract service and basic services caused as a result of higher activity in our airports and inflationary effects. Major maintenance provision was MXN 95 million compared to MXN 51 million in 2Q, '22. Almost third quarter adjusted EBITDA was MXN 2.5 billion and the adjusted EBITDA margin was 79.4%. Our financing expense was MXN 272 million, mainly due to a higher interest expense as a result of additional debt issuance and the higher cost of debt. Consolidated net income was MXN 1.3 billion in the quarter, an increase of 28% versus 3Q '22.

第三季建築收入達 7.19 億墨西哥比索，由於 MDP 投資執行力度加大，成長了 10%。機場服務成本和一般管理費用較去年第三季增加 2.8%，主要是由於機場活動增加和通貨膨脹影響導緻小型維護、合約服務和基本服務增加。主要維護費用為 9,500 萬墨西哥比索，而 2022 年第二季為 5,100 萬墨西哥比索。第三季調整後 EBITDA 為 25 億墨西哥比索，調整後 EBITDA 利潤率為 79.4%。我們的融資費用為 2.72 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上升。本季綜合淨利為 13 億墨西哥比索，較 2022 年第三季成長 28%。

Turning to our cash position. Cash generated from operating activities in the third quarter amounted to MXN 1.3 billion, and cash at the end of the quarter stood at MXN 2 billion. On September 20, we made the payment for the second installment of the ordinary dividend amounting to MXN 500 million. In accord with the resolutions of our shareholder meetings in April. At the end of the quarter, total debt amounted to MXN 10.7 billion, and we ended the quarter with a healthy net debt to adjusted EBITDA ratio of 1.0x.

轉向我們的現金狀況。第三季經營活動產生的現金為 13 億墨西哥比索，季末現金為 20 億墨西哥比索。 9月20日，我們支付了第二期普通股息，金額為5億墨西哥比索。根據4月份股東會決議。截至本季末，總負債達到 107 億墨西哥比索，本季結束時，我們的淨負債與調整後 EBITDA 的比率為 1.0 倍。

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

我們準備好的演講到此結束。現在，請撥打電話詢問您的問題。

(Operator Instructions) Our first question comes from the line of Pablo Monsivais with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的巴勃羅·蒙西瓦 (Pablo Monsivais)。

Ricardo, Ruffo, Emmanuel. I have 2 questions. The first 1 is if you have done a quick calculation of what could be your discount rate under these new rules? And how does it compare to the previous discount rate on the previous rules? And the second question is about what the media has been published on the 10% decrease of the TUA. Can you please confirm whether this increase in the TUA is in any way related to the new tariff methodology?

里卡多、魯福、伊曼紐。我有 2 個問題。第一個問題是，您是否已快速計算出在這些新規則下您的折扣率可能是多少？與之前規則下的折扣率相比如何？第二個問題是媒體對TUA下降10%的報道是怎麼樣的？您能否確認 TUA 的增加是否與新的關稅方法有任何關係？

This is Ruffo. I will answer your first question. The components for the calculation of the discount rate used in the maximum tariff are now clearly stated and less subjective to interpretation. As you know, before the discount rate was based on the yield of Mexican government bonds plus a premium that was to be defined by the ministry, and now the new bases establish clearly the variables to be used to determine the discount rate. Based on our calculations, we do not assess a significant impact on the discount rate as a result of the changes that were made in the new tariff basis.

這是魯福。我會回答你的第一個問題。現在明確規定了最高關稅中使用的折現率計算的組成部分，並且解釋的主觀性較小。如您所知，先前貼現率是基於墨西哥政府債券的收益率加上由財政部確定的溢價，而現在新的基準明確規定了用於確定貼現率的變數。根據我們的計算，我們認為新關稅基礎的變化不會對貼現率產生重大影響。

And regarding your second point, Pablo, the discounts are totally unrelated from the new basis. There as unrelated to the aforementioned new regulatory guidelines, there are other agreements we have made with regulatory bodies. These agreements entail a general 10% extraordinary discount in real terms for our passenger charges on TUA starting November and December of '23, applicable to 10 of our airports. After application of discount this discount in '23, we expect to apply annual inflation adjustments on TUA. Other aeronautical tariffs in addition to TUA are not subject to the discounts. It is also important to mention that as a result of the discount package previously mentioned and unrelated to the changes in the Annex, we will have an MDP CapEx referral for 24 months. This MDP CapEx deferral amounts to MNX 1.2 billion in the aggregate. And as a percentage of the original CapEx commitment represents about 25% in '24 and 13% in '25. These deferments do not compromise the operations, quality and safety standards of our airports.

關於你的第二點，巴勃羅，折扣與新的基礎完全無關。除上述新監管指南外，我們還與監管機構達成了其他協議。這些協議規定，從 2023 年 11 月和 12 月開始，我們的 TUA 旅客收費可享 10% 的實際特別折扣，適用於我們的 10 個機場。在 23 年應用此折扣後，我們預計將對 TUA 進行年度通膨調整。除 TUA 之外的其他航空運價不享有折扣。另外值得一提的是，由於之前提到的折扣套餐且與附件中的更改無關，我們將獲得 24 個月的 MDP 資本支出推薦。本次 MDP 資本支出延期總額達 12 億墨西哥比索。佔原始資本支出承諾的百分比在 24 年約為 25%，在 25 年約為 13%。這些延期不會影響我們機場的營運、品質和安全標準。

Next question comes from the line of Guilherme Mendes with JPMorgan.

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

I have 2 as well. The first 1 is on margins. It's -- and congrats on the very strong margins reported during the third quarter. The question is, how should we think about margins going forward, especially thinking in terms of the increase in the concession fees? And if it's that will be fully compensated on the aeronautical part of the business. And the second question is regarding to the impact brought by the hurricane. If you can provide a little bit more color in terms of what should be the actual impact thinking on fourth quarter numbers and potentially early 2024 numbers as well, maybe in terms of traffic or in terms of revenue impact?

我也有2個。第一個 1 位於邊緣。恭喜第三季報告的非常強勁的利潤率。問題是，我們應該如何考慮未來的利潤率，尤其是特許權費用的增加？如果是的話，航空業務部分將獲得全額補償。第二個問題是關於颶風帶來的影響。如果您可以提供更多關於第四季度數字和 2024 年初數字的實際影響的信息，也許是流量或收入影響？

Sure. Thank you. For the hurricane, it's too early to assess the amount of the impact. What we can say is that the runway, the platform, the taxi ways are in perfect state. The terminal has suffered some damages, however, it is operational. It's important to remind you that Acapulco represents only 3.4% of the total revenues of the company. We still have intermittent communication with Acapulco and we will know the impact of the damages in the next coming days. And regarding to margins, we expect the next year, some -- around 4% impact as a result of the concession tax increase. However, this concession tax increase, the amount for '24 and '25 will be recognized as reference value for the next MDP negotiation in '26.

當然。謝謝。對於颶風來說，現在評估影響程度還為時過早。我們可以說的是，跑道、月台、滑行道都處於完美狀態。該航站樓遭受了一些損壞，但仍可運行。需要提醒您的是，阿卡普爾科僅占公司總收入的 3.4%。我們仍然與阿卡普爾科保持著斷斷續續的溝通，我們將在未來幾天內了解損失的影響。至於利潤率，我們預計明年由於優惠稅增加，利潤率將受到約 4% 的影響。不過，這次優惠稅的增加，'24和'25的金額將被確認為'26年下一次MDP談判的參考值。

Just one quick follow-up on the margins in addition to the concession fees. Do you expect any potential inflationary pressures that should alone drop your margins from the current 75%, 76% levels. So in addition to this, is there any other impact that should bring margins down?

除了特許經營費之外，只需對利潤進行快速跟進。您是否預期任何潛在的通膨壓力都會導致您的利潤率從目前的 75%、76% 水平下降？那麼除此之外，是否有其他影響會導致利潤率下降？

I mean, we're still finalizing our budgets for next year, we'll have to -- obviously, we're incorporating the increase in the concession tax, which will trim close to 4 percentage points of margin. And with respect to other inflationary pressures, I think that they could be compensated with inflationary increases in our tariffs.

我的意思是，我們仍在敲定明年的預算，我們必須——顯然，我們將增加特許稅，這將削減近 4 個百分點的利潤。至於其他通膨壓力，我認為可以透過提高關稅來彌補通貨膨脹。

Our next question comes from the line of Rodolfo Ramos with Bradesco BBI.

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

Just a clarification on the previous 1 before I go into a couple of questions I have. So the hit you're expecting on the concession fee, you're expecting it to be reflected now in an upcoming MDP, but will it be a kind of a backward-looking adjustment? Or is it just going forward you'll be able to compensate that to the tariff. So just a quick follow-up first.

在回答我的幾個問題之前，先對前一個問題進行澄清。因此，您期望特許權費受到的影響現在會反映在即將到來的 MDP 中，但這會是向後看的調整嗎？或者只是今後您將能夠補償關稅。所以先快速跟進一下。

Just for the next 2 years -- for the next 2 years, that amount will be recognized in the reference value for the next negotiation. And going forward, that will be reflected as an OpEx expense as it has been in the past.

只是在接下來的兩年裡——在接下來的兩年裡，這個金額將被確認為下一次談判的參考值。展望未來，這將像過去一樣反映為營運支出。

Okay. So it is backward looking. Okay. And just another follow-up on the regulatory side. I mean perhaps it's difficult to say precisely. But just wanted to get a sense of how do you see these regulatory changes and particularly on the cap of excess surplus, this 3% cap. I'm not sure if you're able to quantify or just give us an idea of how much revenues or income this has generated over the last maybe 20 years, you've had the concession. So yes, that would be my first one. Any color there would be helpful?

好的。所以這是向後看的。好的。這只是監管方面的另一個後續行動。我的意思是也許很難準確地說。但只是想了解您如何看待這些監管變化，特別是超額盈餘上限，即 3% 的上限。我不確定你是否能夠量化或只是讓我們了解在過去也許 20 年裡，你已經獲得了讓步，這產生了多少收入或收入。所以是的，那將是我的第一個。任何顏色都會有幫助嗎？

I think the new basis what they are trying to establish is to have a more precise traffic vector when we negotiate tariffs with them. So starting in the negotiation of 2031, what will happen is there will be a look back for the -- the previous 5-year period. So in our case, it would be the '26 to 2030 period. And according to that to the traffic -- actually to the revenues from that 5-year plan, everything that was collected in excess of 3% will be recognized will be carried forward for the reference value for the next negotiation. In the past, just to give you some -- in the past, 4 MDP negotiations, 2 of them, we have been above the negotiated traffic, 2 times we have been below the negotiated traffic. So there's not necessarily certainty or we will always be above the negotiated traffic. And I think that this (inaudible) traffic that gives more clarity and more transparency as to the traffic vector that we will negotiate on our tariff revisions.

我認為他們試圖建立的新基礎是在我們與他們談判關稅時擁有更精確的流量向量。因此，從 2031 年的談判開始，將會發生的事情是回顧之前的 5 年期間。所以在我們的例子中，這將是 26 至 2030 年期間。根據流量－實際上是5年計畫的收入，所有收取的超過3%的費用都將被確認，將結轉為下一次談判的參考價值。過去，只是給大家一些資訊——過去，有 4 次 MDP 協商，其中 2 次我們高於協商流量，有 2 次我們低於協商流量。因此，這並不一定是確定的，否則我們將始終高於協商的流量。我認為這種（聽不清楚）流量使我們將就關稅修訂進行談判的流量向量更加清晰和透明。

Perfect. Very clear. And just more on the business and just your second question. I don't know if you can share your traffic growth expectation for next year. I mean, how -- and how much are you factoring in for an impact from the patent with the engine recall, Acapulco, of course, is still early, but just wanted to get a sense of how you're seeing things going into 2024?

完美的。非常清楚。更多關於業務和你的第二個問題。不知道您能否分享一下您對明年流量成長的預期。我的意思是，您如何以及在多大程度上考慮了發動機召回專利的影響，阿卡普爾科當然還為時過早，但只是想了解一下您如何看待 2024 年的情況？

I think for the rest of the year, Pablo, the -- I think it's already incorporated the patent with the issue. We've been working closely with airlines also with the manufacturers. There's still not much clarity as to what will be the impact on the maintenance schedule of next year. So we're waiting to hear and what will be the impact there?

我認為在今年剩下的時間裡，巴勃羅，我認為它已經將專利與該問題結合起來了。我們一直與航空公司以及製造商密切合作。目前還不清楚這對明年的維護計畫有何影響。所以我們正在等待聽聽這會產生什麼影響？

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

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

Hope everybody who works at OMA and Acapulco airport is fine today. My question is related to the regulatory framework. It's hard to us to understand that we have a very few changes on the regulatory framework and put this together is the government speech of decrease in tariffs by 10% to 15%. If you have a similar CapEx similar discount rates and tariffs decreasing by 10% to 15%. Can we assume that will be harder from now on to get maximum tariffs. It will be running close to 90% or is it something else?

希望 OMA 和阿卡普爾科機場工作的每個人今天都一切順利。我的問題與監理框架有關。我們很難理解，我們對監管框架的改變很少，加在一起就是政府關於關稅降低10%至15%的演講。如果您有類似的資本支出，類似的折扣率和關稅會降低 10% 到 15%。我們是否可以假設從現在開始獲得最高關稅將變得更加困難？它將運行接近 90% 還是其他什麼？

So yes, as you mentioned, there are a little more dedication to the tariffs. I think the main changes that we get clarity and takes away some subjectivity before relative to the previous basis. And with respect to reaching maximum tariffs, I mean I think it's going to be -- in the case of our existing MDP cycle, which, as you know, ends in 2025, we probably are going to be around 97% for this year and perhaps a similar percentage the following years. And for the next tariff review, I mean, based on the traffic vector, I mean, obviously, our goal would be to reach the 100% level in the following ordinary tariff review.

所以，是的，正如您所提到的，關稅方面有更多的投入。我認為相對於先前的基礎，我們得到了清晰的主要變化並消除了一些主觀性。至於達到最高關稅，我的意思是，我認為，就我們現有的 MDP 週期而言，如您所知，該週期將於 2025 年結束，今年我們可能會達到 97% 左右，接下來的幾年也許會有類似的百分比。對於下一次關稅審查，我的意思是，基於流量向量，我的意思是，顯然，我們的目標是在接下來的普通關稅審查中達到100％的水平。

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

我們的下一個問題來自布魯諾·阿莫林與高盛的對話。

Actually, I have 2. The first 1 is a clarification on the reduction of TUA. I understood that you mentioned that you're going to lower TUA in 10 airports. And that would be offset by CapEx postponement. Is it fair to say that from an NPV perspective, you're looking to recover 100% of the reduction in TUA, through this postponement in CapEx so that the value of the company will not be impaired. And also in that same topic, if you lower the TUA which, I guess, accounts for the majority of your revenue, and if you expect no changes to your tariffs in the MDP as a result of the ongoing discussions. This means that you are going to going forward run below the maximum tariff. So that's the first question.

其實我有2個。第1個是關於減少TUA的澄清。我了解到您提到將降低 10 個機場的 TUA。這將被資本支出推遲所抵消。公平地說，從 NPV 的角度來看，您希望透過推遲資本支出來收回 100% 的 TUA 減少，以便公司的價值不會受到損害。同樣在同一主題中，如果您降低 TUA（我猜這佔您收入的大部分），並且如果您預計 MDP 中的關稅不會因為正在進行的討論而發生變化。這意味著您將繼續以低於最高關稅的價格運行。這是第一個問題。

And the second question is, I'd like to have your help to better understand the big picture around the new set of rules for the MDP. We are talking about higher concession fee, which, as you have argued, argues for higher tariffs, all else equal. But at the same time, it seems that the agenda of the government is to lower tariffs, not to increase tariffs. So we are talking about higher concession fee, lower tariffs the expiry date of the contracts have not changed, and it will be good. You have some confirmation from your side, if you are not discussing to extend the concession. On the CapEx as well, the feedback from your peers is that the CapEx plan for the MDP will likely not change as a result of the new regulation. So if you have the same expiry date, same CapEx, more concession fee and you have lower tariffs in the next MDP. How come the returns on the regulated part of the business will not be lower? What are we missing here?

第二個問題是，我希望得到您的幫助，以便更好地了解 MDP 新規則的整體情況。我們正在談論更高的特許權費，正如您所說，在其他條件相同的情況下，這意味著更高的關稅。但同時，政府的議程似乎是降低關稅，而不是提高關稅。所以我們正在談論更高的特許權費，更低的關稅，合約的到期日沒有改變，這將是一件好事。如果您不討論延長讓步，您將得到您方的一些確認。在資本支出方面，同業的回饋是，MDP 的資本支出計畫可能不會因新法規而改變。因此，如果您有相同的到期日、相同的資本支出、更多的特許權費用，並且您在下一個 MDP 中的關稅更低。為什麼受監管的業務報酬率不會降低？我們在這裡缺少什麼？

Just to clarify, there's no extension of the concession has been discussed during this conversation. It's too early to say what will happen on the next negotiation. We're still 2 years away. Obviously, the concession tax will get factored into the reference value. There will be many variables that will be moving from now to the '26 negotiation, and this concession tax will be just one of them as many variables are moving. For the next year, maximum tariff compliance, we're looking to -- it's still difficult to assess what will be the percentage compliance given that these TUA discounts could have some impact on traffic as well. Luis, do you want to add something?

需要澄清的是，這次談話中沒有討論延長讓步的問題。現在判斷下一次談判會發生什麼事還為時過早。我們還有2年的時間。顯然，優惠稅將計入參考值。從現在到26年談判，將會有許多變數，而優惠稅只是其中之一，因為許多變數都在變動。對於明年的最大關稅合規性，我們希望——考慮到這些 TUA 折扣也可能對流量產生一些影響，仍然很難評估合規百分比是多少。路易斯，你想補充點什麼嗎？

Well, in preparation for the next MDP cycle, obviously, we'll have to look into how to be more efficient and how to make our investments and to extract the most value out of the infrastructure that currently is in place to maximize its utilization before increasing the size of the terminals for investing in additional infrastructure. So that's something that we'll be working closely in the next couple of years as well.

嗯，顯然，在為下一個 MDP 週期做準備時，我們必須研究如何提高效率以及如何進行投資，並從當前現有的基礎設施中提取最大價值，以最大限度地提高其利用率。擴大航站樓樓規模以投資額外的基礎設施。因此，這也是我們未來幾年將密切合作的事情。

And if I may, just 1 follow-up question on the potential impact from the grounding of aircraft as a result of the issue with the engines from Pratt and Whitney even though you mentioned you are not ready to provide a forecast for traffic next year. Are we talking about negative traffic variation? Or can traffic still grow next year? Or directionally, what do you think can happen given the extent of the exposure of the 2 main low-cost carriers in the country? Any guidelines you could provide at this point in time?

如果可以的話，我想問一個關於由於普拉特和惠特尼發動機問題導致飛機停飛的潛在影響的後續問題，儘管您提到您還沒有準備好提供明年的交通預測。我們在談論負流量變化嗎？或者明年流量還能成長嗎？或者從方向上來說，考慮到該國兩家主要廉價航空公司的曝光程度，您認為會發生什麼？您目前可以提供任何指導嗎？

It's -- as you said, it's difficult to assess right now what will be the impact with the Pratt and Whitney engine issue. But what I can tell you is we are expecting some small growth in the aero side of the business for next year.

正如你所說，現在很難評估普惠引擎問題將產生什麼影響。但我可以告訴你的是，我們預計明年航空業務將出現小幅成長。

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

我們的下一個問題來自胡安·梅爾卡多 (Juan Mercado) 與 GBM 的關係。

Congrats on the results. My question is regarding the change in the (inaudible) rate of return calculation from focus on equity returns towards WACC kind of calculation. Do you expect to change your capital structure given this change -- are you evaluating this? Or are you comfortable with the current structure?

祝賀結果。我的問題是關於（聽不清楚）回報率計算從專注於股票回報轉向 WACC 類型計算的變化。鑑於這一變化，您是否預計會改變您的資本結構—您是否對此進行評估？或者您對目前的結構感到滿意嗎？

We're still evaluating. We believe in the case of OMA, the impact of changing from return on equity to the WACC, it will be relatively small. Given that our amount of leverage at the moment is currently low -- it's currently low. So I believe we would expect to remain most in line with what we do have seen in the last couple of years.

我們還在評估中。我們認為就OMA而言，從股本報酬率改為WACC的影響會相對較小。鑑於目前我們的槓桿率很低——目前很低。因此，我相信我們期望與過去幾年所看到的情況保持最一致。

Our next question comes from the line of Jay Singh with Citi.

我們的下一個問題來自花旗銀行的傑伊·辛格 (Jay Singh)。

My first one is, would OMA ever consider investing in airports outside of Mexico?

我的第一個問題是，OMA 會考慮投資墨西哥以外的機場嗎？

We're always open to understanding -- to looking at opportunities. We don't have, at the moment, any concrete transaction in the pipeline, but we're always opening to -- for opportunities outside.

我們始終樂於理解──尋找機會。目前，我們還沒有任何具體的交易正在進行中，但我們一直在尋求外部機會。

Okay. And as a follow-up, besides the concession fee hike, until the end of 2025, do you guys see any other regulatory changes coming in?

好的。作為後續措施，除了特許經營費上漲之外，到 2025 年底，你們認為還會有其他監管變化嗎？

We don't expect -- it was hard to say, but we don't expect any more changes from our conversations with the government, both from the treasury and the communication and transportation. They have mentioned that this has been the end of this modifications in the regulatory process.

我們不期望——很難說，但我們不期望與政府的對話發生任何更多的變化，無論是財政部還是通訊和交通。他們提到，監管流程的修改已經結束。

Our next question comes from the line of Edson Murguía with Summa Capital.

我們的下一個問題來自 Edson Murguá 與 Summa Capital 的合作。

My question, I have only 1 related to cost of services this quarter increased 22%. So could you give us a little bit more color that what happened specifically?

我的問題，我只有1個與本季服務成本增加22%有關。那麼你能給我們更多關於具體發生的事情的資訊嗎？

So most of the increase is related to maintenance and utilities expense as we have increased areas in and expanded the terminals in the last year or so. And with the increase of volume of passengers, we have seen a greater growth in maintenance. Sometimes, there is some timing issues, but I mean, the accumulated expense for the 9 months is reflective of the full -- I mean, if you annualize it would be reflective of the full year cost of maintenance.

因此，大部分增長與維護和公用事業費用有關，因為我們在去年左右增加了航站樓面積並擴大了航站樓。而且隨著旅客量的增加，我們看到維修工作也有了更大的成長。有時，存在一些時間問題，但我的意思是，這 9 個月的累積費用反映了全部費用——我的意思是，如果按年計算，它將反映全年的維護成本。

Our next question comes from the line of Gabriel from with Scotiabank.

我們的下一個問題來自豐業銀行的加布里埃爾。

Yes. Just a quick follow-up question. Considering that the 10% decrease on the increase on the concession fee and the change in the methodology for the discount rate will be somehow offset or considered for the next MDP? And also the concession fee to my understanding, it also considers the nonregulated portion of the business. How will this portion of this impact will be offset by tariffs. And also if you can clarify again the CapEx -- the CapEx movement for the next 2 years will be resulting from this amendment, I mean these regulatory changes?

是的。只是一個快速的後續問題。考慮到特許費增加 10% 的減少以及貼現率方法的變更將在下一個 MDP 中以某種方式抵消或考慮？據我了解，特許權費也考慮了業務的非監管部分。這部分影響將如何透過關稅來抵消。另外，如果您可以再次澄清資本支出 - 未來兩年的資本支出變動將由該修正案引起，我的意思是這些監管變化？

So in the next review, certainly the increase in the concession tax and the rate of 9% will be incorporated into the calculation. Now the discount of the 10% TUA is something that only affects this period. So it will not be part of the variables to be used in the negotiation of the next tariff -- maximum tariff in 2026. Now with respect to the CapEx referral in the aggregate is MXN 1.2 billion. So September 2023 purchasing power. And that's around [MXN 890 million] for 2024 and -- and the remainder around MXN 400 million for 2025 which represents roughly 25% of the regional CapEx commitment in 2024 and 13% in 2025.

所以下次檢討時，一定會把優惠稅的增加和9%的稅率納入計算。現在10% TUA 的折扣只影響這個時期。因此，它不會成為下一個關稅（2026 年最高關稅）談判中使用的變數的一部分。現在，資本支出總額為 12 億墨西哥比索。 2023 年 9 月的購買力。 2024 年約為 [8.9 億墨西哥比索]，2025 年剩餘約 4 億墨西哥比索，約佔 2024 年地區資本支出承諾的 25% 和 2025 年的 13%。

Okay. And in the case of the concession fee it does affect the commercial or the nonregulated portion of the business? And how can -- will you be able to offset it only through increasing tariffs for the next MDP? Or is there any other leeway you can negotiate there?

好的。就特許權費而言，它確實會影響業務的商業或非監管部分嗎？只能透過提高下一個 MDP 的關稅來抵消它嗎？或是有其他可以協商的空間嗎？

So -- and this hasn't changed from the previous basis. The formula for operational costs to determine the maximum tariff is just incorporates expenses related to the regulated side of the business. So yes, commercial revenues would be subject to the increase in the [TUA] in the concession tax, and we will have to see how to adjust our rates to recover some of this increase.

所以——這與之前的基礎相比沒有改變。確定最高關稅的營運成本公式僅包含與業務受監管方面相關的費用。所以，是的，商業收入將受到特許稅中 [TUA] 增加的影響，我們將不得不考慮如何調整我們的稅率以收回部分增加的費用。

As it has always been the case.

一如既往。

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

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

Just a follow-up to understand a little bit further this towards discount . This 10% extraordinary discount, it was given just to avoid you to surpass the maximum amount of the rate? Or it was to make the airfares more competitive just because you mentioned that you expect to reach 97% of maximum rate this year. So the end, you're just low.

只是後續行動，以進一步了解折扣。這10%的超常折扣，就是為了避免你超過最高額度嗎？或者只是因為你提到今年預計能達到最高票價的97%，所以為了讓機票更具競爭力。所以最後，你只是低落。

Could you repeat the first part? Could you repeat the first part, Fernanda? -- there was bad communication. Could you repeat it, please?

你能重複一下第一部分嗎？費爾南達，你能重複第一部分嗎？ ——溝通不順暢。請您重複一遍好嗎？

Yes. No, sure. I just wanted to understand the rationale of the government to up by this 10% of extraordinary discount. Was it just because if you don't apply it, we would probably surpass the maximum rate. Or it is a measure to incentivize to lower air tariffs. This is the first one. And then I make my second one.

是的。不確定。我只是想了解政府提高這10%的特別折扣的理由。是因為如果你不申請的話，我們可能會超過最高費率？或者這是一項激勵降低航空關稅的措施。這是第一個。然後我做了第二個。

I think it was hard to speak on the real, but I think that the rationale is trying to incentivize.

我認為很難說出真實的情況，但我認為這樣做的理由是試圖激勵。

All right. No, because you mentioned that you're expecting to reach 97% of maximum rate. So in the end, it's just a 3% discount on your regulated revenues, right? Is it correct to make this assessment?

好的。不，因為您提到您預計會達到最大速率的 97%。所以最終，這只是您的監管收入的 3% 折扣，對嗎？做出這樣的評價是否正確？

Yes, we will be slightly above 97%. The reason is this for this year, it will only be 2 months and that 97% accounts for the whole year.

是的，我們會略高於 97%。原因是今年只有兩個月，佔全年的97%。

Right. And second, still on this topic. We know that this is a nearly discount. Could you give us a sense of how much discount did you apply last year just for a reference for us to see if this 10% is in line with historical average?

正確的。其次，仍然是這個話題。我們知道這幾乎是折扣。您能否為我們介紹一下您去年申請了多少折扣，以供我們參考，看看這個10%是否符合歷史平均？

We, from time to time, enter into agreements for new route openings and other strategies with airlines. But we haven't had general discounts such as these for many years.

我們不時與航空公司簽訂新航線開通和其他策略的協議。但我們已經很多年沒有享受過這樣的一般折扣了。

Our next question comes from the line of Alan Macias with Bank of America.

我們的下一個問題來自美國銀行的艾倫·馬西亞斯 (Alan Macias)。

I just have, I guess, 2 questions. And 1 clarification. The TUA represents what percentage of aeronautical revenue? And the second question would be on the expected higher CapEx for the Acapulco Airport -- and would that be incorporated into the new Master Development Program or before?

我想我只有兩個問題。以及1個澄清。 TUA 佔航空收入的百分比是多少？第二個問題是阿卡普爾科機場預期更高的資本支出——這是否會納入新的整體開發計劃或之前？

On the second part, we've been in very close coordination with the government for Acapulco. We still don't know the size of the damage. We know that the core part for operating the airport is okay. Obviously, terminal has suffered some damages. On our last conversation with the government, they are very open to work closely to how can we offset the impact from the hurricane in our CapEx. And for the TUA, it represents 89% of our aeronautical revenues.

在第二部分中，我們一直與阿卡普爾科政府保持非常密切的協調。我們仍然不知道損失有多大。我們知道機場營運的核心部分是好的。顯然，終端已經受到了一些損害。在我們與政府的最後一次對話中，他們非常願意密切合作，以解決我們如何抵消颶風對資本支出的影響。對於 TUA 來說，它占我們航空收入的 89%。

And just 1 more question. On the engine recall impact, any impact you have seen as of October during October?

還有 1 個問題。關於引擎召回影響，截至 10 月您看到了哪些影響？

Yes. We have seen that (inaudible) fees in databases such as [OAT] have been trending down over the last month or so. So yes, we do believe that what is reflected right now in the system is already incorporating what's known of the recall of brand leading engines at least for the winter season.

是的。我們發現，[OAT] 等資料庫中的（聽不清楚）費用在過去一個月左右呈下降趨勢。所以，是的，我們確實相信，系統中現在反映的內容已經包含了至少在冬季召回領先品牌引擎的已知資訊。

We also -- we know that the airlines are taking a lot of measures to try to offset this impact. We know they are trying to extend leases, trying to extend the life of some of their other aircraft. So let's -- in the last couple -- in the next 2 months, we will have more clarity what will be the real impact next year.

我們也知道航空公司正在採取許多措施來試圖抵消這種影響。我們知道他們正在嘗試延長租約，試圖延長其他一些飛機的使用壽命。因此，在過去的幾個月裡，我們將更清楚地了解明年的真正影響是什麼。

Our next question is a follow-up question from the line of Bruno Amorim with Goldman Sachs.

我們的下一個問題是來自高盛布魯諾·阿莫林的後續問題。

Yes. I just wanted to clarify 1 specific point. What leverage or what that specifically will be considered for the calculation of the cost of capital is the debt at the moment of the MDP discussion, is it a 5-year average? And also, to the extent that you might have corporate that or in the event that you invest abroad and you have that attached to it. Will they look just at the debt at the asset level in Mexico? Or will they look at OMA as a whole?

是的。我只是想澄清 1 個具體點。在 MDP 討論時，債務的槓桿率或計算資本成本時具體考慮的是什麼，是 5 年平均值嗎？而且，如果您可能有這樣的公司，或者如果您在海外投資並且您有這樣的公司。他們會只關注墨西哥資產層面的債務嗎？或者他們會將 OMA 視為一個整體？

I think in the basis that we published, there are some debt to capital ratios that are averages that includes other airport groups as well. And it's only that related to assets in Mexico, and it excludes that is not funding operations in Mexico.

我認為，根據我們發布的數據，有一些債務資本比率是包括其他機場集團在內的平均值。這僅與墨西哥的資產有關，不包括與墨西哥的業務無關的資金。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉交給管理階層以供結束語。

Thank you all for participating 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。魯福、伊曼紐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，有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。