Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2023 Q4 法說會逐字稿

Greetings, and welcome to Grupo Aeroportuario del Centro Norte OMA fourth-quarter 2023 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Grupo Aeroportuario del Centro Norte OMA 2023 年第四季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係官伊曼紐爾·卡馬喬（Emmanuel Camacho）。謝謝。你可以開始了。

Thank you, Doug, and hello, everyone. Welcome to OMA's fourth-quarter 2023 earnings conference call. We're delighted to have you join us today as we discuss our company's performance and financial results for the past quarter. Participating today are CEO, Ricardo Duenas; and CFO, Ruffo Perez Pliego.

謝謝你，道格，大家好。歡迎參加 OMA 2023 年第四季財報電話會議。我們很高興您今天加入我們，我們將討論我們公司上一季的業績和財務表現。今天出席的有執行長 Ricardo Duenas；和財務長魯弗·佩雷斯·普列戈。

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 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.

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有重大差異，包括可能超出我們控制範圍的因素。

With that, I'll turn the call over to Ricardo Duenas for his opening remarks.

接下來，我將把電話轉給里卡多·杜納斯 (Ricardo Duenas)，讓他致開幕詞。

Thank you, Emmanuel. Good morning, everyone. We appreciate your presence on this call today. This morning, Ruffo and I will review our annual operational and financial results, and then we will be pleased to answer your questions. I will start by discussing our full-year 2023 highlights and then I will move on to our main fourth-quarter results.

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。今天早上，魯福和我將回顧我們的年度營運和財務業績，然後我們將很高興回答您的問題。我將首先討論我們 2023 年全年的亮點，然後我將討論我們第四季的主要業績。

OMA achieved another exceptional financial and operational performance, setting new records for the full-year 2023. We achieved record-breaking results in passenger traffic, revenues, adjusted EBITDA with an impressive adjusted EBITDA margin of 78.4%, and then consolidated net income. Our full-year performance was propelled by a robust increase in both aeronautical and non-aeronautical revenues, underpinned by our successful cost control strategy.

OMA 再次取得了出色的財務和營運業績，創下了 2023 年全年的新紀錄。我們在客運量、收入、調整後 EBITDA 方面均取得了破紀錄的成績，調整後 EBITDA 利潤率高達 78.4%，綜合淨利潤也令人印象深刻。在我們成功的成本控制策略的支撐下，航空和非航空收入的強勁成長推動了我們的全年業績。

During 2023, the airport that contributed most to the growth of passenger traffic was Monterrey, which grew by almost 22% during the year. The performance of passenger traffic from Monterrey to the metropolitan area of Mexico City, including Mexico City, AIFA, and Toluca airports, is notable.

2023年，對客運量成長貢獻最大的機場是蒙特雷機場，該機場年內成長了近22%。從蒙特雷到墨西哥城大都會區（包括墨西哥城機場、AIFA 機場和托盧卡機場）的客運表現引人注目。

During the year, traffic in the market represented 15% of our total passenger traffic and grew collectively by almost 600,000 passengers, an increase of 18% as compared to 2022.

年內，市場客運量佔客運總量的 15%，旅客總數成長近 60 萬人次，較 2022 年成長 18%。

It is also important to highlight the positive performance on routes from Monterrey to Queretaro, Cancun, Guadalajara, Houston, and Tijuana, which collectively add almost 700,000 passengers in the year and grew by 19%. As a result of our performance, 12-month passenger traffic stood at a new record level of 26.8 million passengers, which represents a 15% growth as compared to 2022.

同樣重要的是要強調從蒙特雷飛往克雷塔羅、坎昆、瓜達拉哈拉、休斯頓和蒂華納的航線的積極表現，這些航線今年總共增加了近70 萬名乘客，增長了19 %。由於我們的業績，12 個月的客運量達到了 2680 萬人次的新紀錄，與 2022 年相比增長了 15%。

Regarding our financial performance, aeronautical and non-aeronautical revenues reached again record levels in 2023, growing 27% and 18%, respectively, versus 2022. As a result, our adjusted EBITDA for the year was MXN9.1 billion, an increase of 28%. And we set a new record of our adjusted EBITDA margin at 78.4%. Consolidated net income for the year reached a record of MXN5 billion and increased by 28% compared to 2022.

就我們的財務表現而言，航空和非航空收入在 2023 年再次創下歷史新高，與 2022 年相比分別成長 27% 和 18%。因此，我們今年調整後的 EBITDA 為 91 億墨西哥比索，成長 28%。我們的調整後 EBITDA 利潤率創下了 78.4% 的新紀錄。全年綜合淨利達到創紀錄的 50 億墨西哥比索，較 2022 年成長 28%。

In reviewing the significant events of the past year, it is true that we face both challenges and opportunities. We have remained consistent in our commitment to transparency, sustainability, and operational excellence, reflecting our dedication to generating long-term shareholder value.

回顧過去一年發生的大事，我們確實面臨挑戰，也面臨機會。我們始終如一地致力於透明度、永續性和卓越運營，這體現了我們致力於創造長期股東價值。

Throughout 2023, we achieved notable milestones, including the opening in June of Wing 1 in the Monterrey airport as part of the major expansion project to enhance our capacity to serve passengers and accommodate growth in the airport.

2023 年全年，我們取得了顯著的里程碑，包括 6 月啟用蒙特雷機場 1 號翼樓，這是重大擴建項目的一部分，旨在增強我們服務乘客的能力並適應機場的發展。

We also made significant investments in improving and expanding our diversification activities, such as the completion of the remodeling of the NH Terminal 2 Hotel at Mexico City Airport; and the construction of six industrial warehouses at our industrial park in Monterrey, of which, we have completed two. In addition, we opened three new OMA premium lounges facilities at Tampico, Reynosa, and Durango airports.

我們也大力投資改善和擴大我們的多元化活動，例如完成墨西哥城機場 NH 2 號航站樓酒店的改建；在我們位於蒙特雷的工業園區建造了六個工業倉庫，其中我們已經完成了兩個。此外，我們還在坦皮科、雷諾薩和杜蘭戈機場開設了三個新的 OMA 高級休息室設施。

Furthermore, in 2023, we effectively managed regulatory adjustments as shown by our proactive approach and respond to changes in our basis for tariff regulation. Despite challenges such as Hurricane Otis that impacted Acapulco Airport, we demonstrated agility and determination, ensuring minimal disruption to our operations. As we move forward, we remain focused on delivering value to our shareholders, while maintaining our commitment to sustainability and operational excellence.

此外，2023年，我們積極主動地應對了監管調整，並因應了關稅監管基礎的變化。儘管奧蒂斯颶風等挑戰影響了阿卡普爾科機場，但我們表現出了敏捷性和決心，確保將對我們的營運的干擾降至最低。在我們前進的過程中，我們仍然專注於為股東創造價值，同時保持對永續發展和卓越營運的承諾。

We are aware of the challenges posed by the capacity reductions in aircraft due to the Pratt & Whitney engine recall program, affecting two of the most relevant Mexican airlines. However, opportunities persist, particularly in terms of nearshoring in Northern Mexico and the potential for increased commercial revenue per passenger.

我們意識到普惠公司發動機召回計畫導致飛機運力減少所帶來的挑戰，影響了兩家最相關的墨西哥航空公司。然而，機會仍然存在，特別是在墨西哥北部的近岸運輸和增加每位乘客的商業收入的潛力方面。

I will now move on to our fourth-quarter performance. OMA delivered another strong financial operational performance in the quarter of 2023 -- in the fourth quarter of 2023. Adjusted EBITDA grew 16% in the quarter to MXN2.3 billion and adjusted EBITDA margin reached 77.7%, largely as a result of the increase in both aeronautical and non-aeronautical revenues, as well as our continuous cost efficiencies.

我現在將繼續討論我們第四季的業績。OMA 在 2023 年第四季再次實現了強勁的財務營運表現。本季調整後 EBITDA 成長 16%，達到 23 億墨西哥比索，調整後 EBITDA 利潤率達到 77.7%，這主要歸功於航空和非航空收入的成長以及我們持續的成本效率。

In the fourth quarter, OMA's passenger traffic reached 6.8 million, an increase of 5.2% versus the fourth quarter of '22. It is worth noting that excluding Acapulco, passenger growth in the quarter was 7.1%. Outstanding results in the quarter were guided by the performance in Monterrey, which contributed with 96% of OMA's total passenger growth as compared to the fourth quarter of '22.

第四季，OMA的客運量達到680萬人次，比2020年第四季成長5.2%。值得注意的是，不包括阿卡普爾科，該季度客運量成長為7.1%。本季的優異業績得益於蒙特雷的業績，與 2022 年第四季相比，蒙特雷貢獻了 OMA 總乘客成長的 96%。

The routes were Monterrey that experienced the highest growth in terms of passenger volume were Querétaro, [Tlaquepaque], Tijuana, Mexicali, Tapachula, Toluca, and Cancun, which collectively accounted to 47% of the traffic growth during the quarter and grew by 20%. Primarily as a result of the strong passenger traffic performance, our aeronautical revenues grew by 13% in the quarter to MXN2.2 billion.

蒙特雷的客運量成長最快的航線是克雷塔羅、[特拉克帕克]、蒂華納、墨西卡利、塔帕丘拉、托盧卡和坎昆，這些航線合計佔本季客運量成長的47%，成長了20%。主要由於強勁的客運業績，我們的航空收入在本季度增長了 13%，達到 22 億墨西哥比索。

Commercial revenues increased 14% as compared to the fourth quarter of '22, driven by restaurants, parking, and VIP lounges. The restaurant line item benefitted from the operating of new food and beverage shops across our airports as we have sought to optimize and increase the revenues from leased commercial space, as well as from participation of sales.

在餐廳、停車場和貴賓休息室的推動下，商業收入比 20 年第四季成長了 14%。餐廳專案受益於我們機場內新餐飲店的經營，因為我們一直在尋求優化和增加租賃商業空間以及銷售參與的收入。

Additionally, as part of our strategy to directly operate and renovate our existing OMA preview lounge facilities, we have also increased the number of lounges available at our airports. In the fourth quarter of '23, revenues benefit from three openings that occurred during the year.

此外，作為我們直接營運和翻新現有 OMA 預覽休息室設施策略的一部分，我們還增加了機場的休息室數量。23 年第四季度，收入受惠於年內發生的三個空缺職位。

Today, we operate 12 lounges in 10 of our airports. Occupancy rate for commercial space stood at 95% at the end of the quarter.

如今，我們在 10 個機場營運 12 個休息室。截至本季末，商業空間出租率為95%。

On the diversification front, revenues increased 15%. OMA Cargo contributed most to this growth, mainly as a result of an increase in the number of tonnage handled, particularly for service related to storage and custody in both ground and air import cargo.

在多元化方面，收入成長了 15%。OMA Cargo 對此成長的貢獻最大，主要是由於處理的噸位數量增加，特別是與地面和空運進口貨物的儲存和保管相關的服務。

In the fourth quarter of '23, occupancy rate of our Terminal 2 NH was 92%, while the Hilton Garden Inn Hotel had an occupancy rate of 68%. Regarding the industrial park in Monterrey, we have initiated the construction of two new warehouses for 6,000 and 9,000 square meters, respectively. These warehouses are projected to begin generating revenues in the second half of '24. With the addition of these warehouses, the lease area will expand to approximately 131,000 square meters, representing 95% of the total leasable capacity of the industrial park.

2023 年第四季度，我們 NH 2 號航站樓的入住率為 92%，而希爾頓花園酒店的入住率為 68%。蒙特雷工業園區已啟動興建兩座新倉庫，面積分別為6000平方公尺和9000平方公尺。這些倉庫預計將於 2024 年下半年開始產生收入。隨著這些倉庫的增加，租賃面積將擴大至約131,000平方米，佔工業園區總可租賃容量的95%。

On the capital expenditure front, total investments in the quarter, including MDP investments, major maintenance, strategic investments, were MXN1 billion. During the quarter, some of the most relevant projects we're working on are: the expansion and remodeling of the Monterrey Airport Terminal A building, as well as the Ciudad Juarez, Torreon, Culiacan, and Durango terminal buildings; reconfiguration of the Mazatlan terminal building; major rehabilitation and reconfiguration of platforms and taxiways in several airports; and construction of four industrial warehouses.

在資本支出方面，本季的總投資（包括 MDP 投資、主要維護、策略投資）為 10 億墨西哥比索。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 航站樓以及華雷斯城、托雷翁、庫利亞坎和杜蘭戈航站樓的擴建和改建；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；並建造四個工業倉庫。

Finally, I'm delighted to share that we have achieved Airport Carbon Accreditation Level 2 Certification in our 13 airports. This achievement signifies not only our commitment to reducing our carbon footprint, but also aligning with global sustainability goals and maintaining our role as a leader in the aviation industry efforts to combat climate change.

最後，我很高興與大家分享，我們的 13 個機場已獲得機場碳認證 2 級認證。這項成就不僅表明我們致力於減少碳足跡，而且也與全球永續發展目標保持一致，並保持我們在航空業應對氣候變遷方面的領導者地位。

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

我現在想將電話轉給 Ruffo Perez Pliego，他將討論我們本季的財務亮點。

Thank you, Ricardo, and good morning, everyone. I will briefly review our financial results for the quarter, and then we'll 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 fourth-quarter financial results. Aeronautical revenues increased 13.4% relative to 4Q '22, driven primarily by the 5.2% increase in passenger traffic and higher revenue per passage. OMA revenues increased 13.9%, with commercial revenues increasing 14.3% and the categories with the highest growth were restaurants, car parking, VIP lounges, and retail.

轉向 OMA 第四季財務業績。航空收入較 2022 年第四季成長 13.4%，主要是由於客運量成長 5.2% 和每次航次收入增加所致。OMA收入成長13.9%，其中商業收入成長14.3%，成長最高的類別是餐廳、停車場、貴賓休息室和零售。

Restaurants rose 38%, mainly due to the opening of spaces that Ricardo mentioned earlier in the Monterrey and Tampico airports, as well as higher revenue sharing. Parking increased 10.4% as a result of an increase in passengers and higher penetration in Monterrey, Culiacan, San Luis Potosi, and Torreon airports.

餐廳成長了 38%，主要是由於里卡多之前提到的蒙特雷和坦皮科機場開設了空間，以及更高的收入分成。由於蒙特雷、庫利亞坎、聖路易斯波托西和托雷翁機場的乘客數量增加和滲透率提高，停車位增加了 10.4%。

VIP lounges increased 25.6% as a result of the increase in passenger traffic and the opening of the Durango lounge during the quarter, as well as the Tampico lounge opened in May of 2023 and the Reynosa one opened in August of 2023. Diversification activities increased 14.9%, mainly due to higher revenues from OMA Carga and hotel services.

由於客流量增加以及本季度杜蘭戈休息室、坦皮科休息室於 2023 年 5 月開業和雷諾薩休息室於 2023 年 8 月開業，貴賓休息室增長了 25.6%。多元化活動成長 14.9%，主要是由於 OMA Carga 和飯店服務的收入增加。

Total aeronautical and non-aeronautical revenues grew 13.5% to MXN2.9 billion in the quarter. Construction revenues amounted to MXN805 million in the fourth quarter, a decrease of 27% relative to the same quarter of last year, as a result of lower MDP investments in the quarter.

本季航空和非航空總收入成長 13.5%，達到 29 億墨西哥比索。由於本季 MDP 投資減少，第四季建築收入為 8.05 億墨西哥比索，較去年同期下降 27%。

The cost of airport services and G&A expense remained flat relative to the fourth quarter of '22. We had a decline in payroll, which decreased 10%, which was offset by an increase in other costs and expenses, as a result primarily of higher information technology expenses in the quarter.

機場服務成本和一般管理費用與 2022 年第四季相比保持持平。我們的總薪資下降了 10%，但被其他成本和費用的增加所抵消，這主要是由於本季度資訊科技費用增加所致。

Also, contracted services grew 13.7% due to the beginning of operations of Wing 1 in the Monterrey airport and higher unit costs charged by third-party service suppliers for cleaning and other services. Major maintenance provision was MXN95 million, as compared to MXN41 million last year.

此外，由於蒙特雷機場 Wing 1 開始運營，以及第三方服務供應商對清潔和其他服務收取的單位成本上升，合約服務增加了 13.7%。主要維修費用為 9,500 萬墨西哥比索，而去年為 4,100 萬墨西哥比索。

OMA's fourth quarter adjusted EBITDA was MXN2.3 billion and the adjusted EBITDA margin reached 77.7%. Our financing expense was MXN224 million, mainly due to a higher interest expense as a result of additional debt issuance during 2023 and the higher average cost of debt. Consolidated net income was MXN1.3 billion in the quarter, an increase of 11% versus 4Q '22.

OMA第四季調整後 EBITDA 為 23 億墨西哥比索，調整後 EBITDA 利潤率達到 77.7%。我們的融資費用為 2.24 億墨西哥比索，主要是由於 2023 年額外發行債務導致利息費用增加以及平均債務成本較高。本季綜合淨利為 13 億墨西哥比索，較 2022 年第四季成長 11%。

Turning to our cash position. Cash generated from operating activities in the fourth quarter amounted to MXN1.7 billion, and cash at the end of the quarter stood at MXN2.6 billion. At the end of the quarter, total debt amounted to MXN10.7 billion, and we ended the quarter with a healthy net debt to adjusted EBITDA ratio of 0.9 times.

轉向我們的現金狀況。第四季經營活動產生的現金為 17 億墨西哥比索，季末現金為 26 億墨西哥比索。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 0.9 倍。

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

我們準備好的演講到此結束。道格，請打開電話詢問您的問題。

Thank you. Ladies and gentlemen, at this time we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，此時我們將進行問答環節。（操作員說明）

Rodolfo Ramos, Bradesco BBI.

魯道夫·拉莫斯，布拉德斯科 BBI。

Thank you. Good morning, Ricardo and Ruffo. Thanks for taking my questions. Two questions on my side. The first one is more of a conceptual one. I'm just trying to understand what to expect from your MDP negotiation with this new tariff regulation. And now having seen how (inaudible) MDP concluded, I mean, do you expect that given your circumstances and your situation, that a similar CapEx increase would have to happen for you to see a tariff adjustment of that magnitude, and whether you see the CapEx needs at your -- in your airports -- in the current airport infrastructure that you currently have? So that's my first question.

謝謝。早安，里卡多和魯福。感謝您回答我的問題。我這邊有兩個問題。第一個比較多的是概念性的。我只是想了解你們對新關稅法規的 MDP 談判有何期望。現在已經看到了（聽不清楚）MDP 的結論，我的意思是，考慮到您的情況和情況，您是否期望類似的資本支出增加才能讓您看到如此大規模的關稅調整，以及您是否看到您的機場目前擁有的機場基礎設施​​的資本支出需求是什麼？這是我的第一個問題。

I have a second one. I don't know if I should post both or --

我有第二個。我不知道我是否應該同時發布兩個或--

Yes, please. Go ahead.

是的，請。前進。

Okay. The second one is on this private Monterrey (inaudible) airport and the military intentions to operate commercial operations there. So we had a conversation with the operations staff there. And they believe they can receive large narrow bodies aircraft, and that the approach routes don't necessarily conflict with your airport.

好的。第二個是關於這個私人蒙特雷（聽不清楚）機場以及在那裡商業運作的軍事意圖。因此我們與那裡的運營人員進行了交談。他們相信他們可以接收大型窄體飛機，並且進場航線不一定與您的機場衝突。

I mean, it will certainly need investments on the terminal building side and a lot of infrastructure investments. But what is your view on this and how could it impact your Monterrey airport? And if given the timeline, I don't know if this is something that perhaps will happen this year, but do you see you incorporating this on your -- the potential impact of this on your MDP? Thank you.

我的意思是，它肯定需要航站樓方面的投資和大量的基礎設施投資。但您對此有何看法？它會對您的蒙特雷機場產生什麼影響？如果給出時間表，我不知道這是否會在今年發生，但您是否認為您會將其納入您的——這對您的 MDP 的潛在影響？謝謝。

Thank you, Rodolfo. Starting with the second part of the question, there's nothing official. There hasn't been an announcement. Most of the headlines, actually with one headline at the end of the year was in the context of Mexicana. But there's no official announcement of a new airport being constructed.

謝謝你，魯道夫。從問題的第二部分開始，沒有任何官方消息。還沒有公告。大多數頭條新聞，實際上年底有一個頭條新聞都是以墨西哥為背景的。但目前還沒有正式宣布興建新機場。

As you know, the Aeropuerto Del Norte have been there for decades. It has been for private operations. It was taking now [Micerena]. They would have to extend the runway. They would have to build a new terminal. They would have to buy -- acquire additional land.

如您所知，北方機場已經存在了幾十年。它一直用於私人運營。現在需要[米切雷納]。他們必須延長跑道。他們必須建造一個新航站樓。他們必須購買額外的土地。

We don't -- there's no budget allocation for an airport at this point in time. So we will be monitoring the situation. But there's nothing official on that front.

我們沒有——目前還沒有機場的預算分配。因此我們將密切關注事態發展。但在這方面還沒有任何官方消息。

Now the regulatory model allows you to obviously adjust your tariffs accordingly to the traffic that you would eventually lost. So that financial returns remain the same, but it's too early to assess.

現在，監管模式允許您明顯地根據最終損失的流量來調整您的資費。因此財務回報保持不變，但現在評估還為時過早。

And regarding the MDP, we're still working. As you know, we're presenting our MDP at the end of next year. So we have still two years' work ahead. We're looking for an optimized CapEx. We're looking for efficiencies.

關於 MDP，我們仍在努力。如您所知，我們將在明年年底推出我們的 MDP。所以我們還有兩年的工作要做。我們正在尋找優化的資本支出。我們正在尋找效率。

The fact that VINCI is working very closely with us is going to help us have a very optimized MDP. But we're still working on it. It is too early to give some indication of where we believe it's going to end.

VINCI 與我們密切合作這一事實將幫助我們擁有非常優化的 MDP。但我們仍在努力。現在就我們認為它會在哪裡結束給出一些指示還為時過早。

Thank you and appreciate it.

謝謝並感激。

Guilherme Mendes, JPMorgan.

吉列爾梅·門德斯，摩根大通。

Good morning, Ricardo, Ruffo, Emmanuel. Thanks for taking my question. My first question is on the traffic front. So take into account the Pratt & Whitney impact on the low-cost carriers in Mexico, what is your current base case for traffic performance domestically and internationally during 2024?

早安，里卡多、魯福、伊曼紐。感謝您提出我的問題。我的第一個問題是關於交通方面的。因此，考慮到普惠公司對墨西哥廉價航空的影響，您目前對 2024 年國內和國際運輸績效的基本情況是什麼？

And the second question is kind of related to the previous one in terms of tariffs. So we saw the discounts implemented during the fourth quarter. And the understand is that there shouldn't be any price increase in real terms until the next MDP. Just wanted to make clear that it is the case. Or if you have room to get closer to the 100% level of your current MDP before 2025. Thank you.

第二個問題與上一個關稅問題有關。所以我們看到第四季實施了折扣。人們的理解是，在下一次 MDP 之前，實際價格不應出現任何上漲。只是想澄清事實確實如此。或者，如果您有空間在 2025 年之前接近當前 MDP 的 100% 水平。謝謝。

Hi, Guilherme. This is Ruffo. With respect to tariffs in 10 of our airports, in the passenger charge, we implemented discounts starting November, the first for November and December. In January, we applied inflationary increases to all of our tariffs, including those that were discounted.

嗨，吉列爾梅。這是魯福。在我們10個機場的運價方面，在旅客收費方面，我們從11月份開始實施折扣，首先是11月和12月。一月份，我們對所有關稅（包括折扣關稅）進行了通膨上調。

And we'll also apply inflationary increases in January of 2025. And then, we'll have to see what the impact is of the MDP negotiation. And we'll have to adjust our tariffs accordingly based on that outcome.

我們也將在 2025 年 1 月應用通膨成長。然後，我們必須看看 MDP 談判的影響是什麼。我們必須根據這一結果相應地調整我們的關稅。

With respect to traffic performance for 2024, yes, two of our main airlines are subject to the recalls of Pratt & Whitney. I think based on what we know at this time and we have a little visibility of what the recall calendar is going to be for the rest of the year, at this time, we would be expecting flattish traffic as compared to last year.

就 2024 年的運輸表現而言，是的，我們的兩家主要航空公司都受到了普惠公司的召回。我認為，根據我們目前所了解的情況，以及我們對今年剩餘時間的召回日曆有一些了解，目前我們預計交通量將與去年持平。

Perfect, Ruffo. Many thanks.

完美，魯福。非常感謝。

Thank you.

謝謝。

Filipe Nielsen, Citi.

菲利佩·尼爾森，花旗銀行。

Hi, guys. Thanks for taking my question. And the first one was already answered. I'll keep only on the second one. To what extent do you see government -- the government's new airline or new foreign airlines starting to service your airport installations? And how do you see that impacting your traffic going forward? Thank you.

嗨，大家好。感謝您提出我的問題。第一個問題已經得到解答。我只保留第二個。您在多大程度上認為政府—政府的新航空公司或新的外國航空公司開始為您的機場設施提供服務？您如何看待這對您未來流量的影響？謝謝。

Hi, Felipe. At this time, the impact has been marginal. There are destinations served by Mexican planes to Acapulco, Zihuatanejo, Monterrey, and one other destination. And the traffic impact last -- it started operating in December 26.

嗨，費利佩。此時，影響已經微乎其微。墨西哥飛機有飛往阿卡普爾科、芝華塔尼歐、蒙特雷和另一個目的地的航班。最後是交通影響——它於 12 月 26 日開始運營。

So last quarter, there were probably less than 500 passengers in total. And the month of January and February, the numbers are still not significant. But based on their plans for growth and acquisition of new planes, it could become a relevant player down the road. But at this time, it's little contribution to our operations.

所以上個季度，乘客總數可能不到 500 人。而一月和二月，這個數字仍然不顯著。但根據他們的成長和購買新飛機的計劃，它可能會成為未來的重要參與者。但目前來說，這對我們的營運貢獻不大。

Great. Thank you.

偉大的。謝謝。

Andressa Varotto, UBS.

安德烈莎·瓦羅托，瑞銀集團。

Hi. Good morning, everyone, and thank you for taking my questions. So I'll my first question is just a follow-up on the tariff.

你好。大家早安，感謝您回答我的問題。所以我的第一個問題只是關稅的後續問題。

So you mentioned that you've implemented fully already the TUA discounts in the fourth quarter. So just trying to understand if these are the tariffs that we saw in the first quarter already considers this discount for the whole quarter. And we can -- if we can assume just inflation dropped down from there.

您提到您已經在第四季度全面實施了 TUA 折扣。因此，只要想了解這些關稅是否是我們在第一季看到的關稅，就已經考慮了整個季度的折扣。如果我們可以假設通膨從那裡下降，我們就可以做到。

And my second question is regarding margins. I think that the company continues to show a positive efficiency gains and cost controls. What will be your margin expectations for 2024? Thank you.

我的第二個問題是關於利潤率的。我認為該公司繼續表現出積極的效率提升和成本控制。您對 2024 年的利潤率預期是多少？謝謝。

Regarding the tariff, the discounts were implemented in November and December. And in January, on the level of the discounted tariffs, we applied the inflationary increases.

資費方面，11月和12月實施了折扣。一月份，在折扣關稅水準上，我們應用了通膨成長。

The discounts were in 10 or 13 airports, so it was a 10% discount. We take away the three airports around an 8.9% for the whole OMA. And we added inflation starting January 1.

折扣是在10或13個機場，所以是10%的折扣。我們剔除三個機場，佔整個 OMA 的 8.9% 左右。我們從 1 月 1 日起加入了通貨膨脹。

And regarding margin, I think based on our current expectation of traffic and the inflationary increases that Ricardo just mentioned that applied starting January and the cost inflation pressures as well, we don't see an expansion opportunity for next year. And obviously, it'll also be an impact related to the increase concession tax.

關於利潤率，我認為根據我們目前對流量的預期以及里卡多剛剛提到的從一月份開始適用的通膨增長以及成本通膨壓力，我們看不到明年的擴張機會。顯然，這也會受到與增加優惠稅相關的影響。

Thanks.

謝謝。

Pablo Ricalde, Santander.

巴勃羅·里卡爾德，桑坦德銀行。

Hey. Hello, everybody. Congrats on the results. I have two questions. The first one is on dividends. I don't know if you can provide some color on what are you expecting for dividends this year.

嘿。大家好。祝賀結果。我有兩個問題。第一個是股息。我不知道您是否可以提供一些關於今年股息的預期。

And the second one, it's on labor costs. We saw a sharp decrease in labor costs. I know there was a provision last year. But just to understand, how should we see labor costs going forward?

第二個是勞動成本。我們看到勞動成本急劇下降。我知道去年有一項規定。但為了了解，我們該如何看待未來的勞動成本？

Hi, Pablo. So with respect to dividends, we are still assessing the right amount. Considering the capacity and traffic outlook for the year, we still don't have a proposal. But that should be presented fairly soon, at the end of March, when we call for the Shareholders Meeting for April.

嗨，巴勃羅。因此，關於股息，我們仍在評估合適的金額。考慮到今年的運力和交通前景，我們仍然沒有建議。但這應該很快就會提交，即在三月底，當我們召開四月的股東大會時。

And with respect to labor costs, the levels that you see in the fourth quarter are reflective of the current levels that we are incurring. And on top of that, you'll have to add wage adjustments for 2024.

就勞動力成本而言，您在第四季度看到的水平反映了我們當前的水平。最重要的是，您還必須添加 2024 年的薪資調整。

Okay, perfect. Thanks, and congrats.

好的，完美。謝謝，恭喜。

Thank you, Pablo.

謝謝你，巴布羅。

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

Hello. Thank you for taking my question. I actually have two. The first one is I was wondering if you could shed some light on which airport you applied the 10% TUA discount. And from this discount, what is the current percentage of the maximum tariff that you are charging derived from that?

你好。謝謝你回答我的問題。我其實有兩個。第一個是我想知道您是否可以透露您在哪個機場應用了 10% TUA 折扣。從這個折扣中，您目前收取的最高關稅的百分比是多少？

And the second question is if you have any new initiatives regarding your commercial segment as in new projects in the horizon or anything new. Hello?

第二個問題是，您是否對您的商業領域有任何新舉措，例如即將到來的新專案或任何新事物。你好？

Can you repeat, Isabela, please, your first question? We were not able to hear it completely.

伊莎貝拉，你能重複你的第一個問題嗎？我們無法完全聽到它。

Hello?

你好？

It looks like we lost her.

看來我們失去了她。

Gabriel Himelfarb, Scotiabank.

加布里埃爾·希梅爾法布，豐業銀行。

Hi, good morning. Thanks for the call. Quick question, I think a follow-up question about the (technical difficulty) --

早安.感謝您的來電。快速提問，我想有一個關於（技術難度）——

Gabriel, we cannot hear you clearly. I don't know if it's possible, if you can get closer to a microphone.

加布里埃爾，我們聽不清楚。我不知道是否可以，是否可以靠近麥克風。

Okay. Can you hear me well?

好的。你聽得清楚我說話嗎？

No.

不。

No.

不。

We lost Gabriel.

我們失去了加布里埃爾。

Fernando Recchia, BTG Pactual.

雷基亞 (Fernando Recchia)，BTG Pactual。

Hello, Ricardo, Ruffo, and Emmanuel. Thank you for taking my question. My question is more regarding the ASM airport. We know that there have been some change in terms of these loss of the airlines.

你們好，里卡多、魯福和伊曼紐。謝謝你回答我的問題。我的問題比較是關於 ASM 機場。我們知道航空公司的這些損失發生了一些變化。

Also, there were some change regarding the passenger fee. So just wondering, how do you see all these change that have been going on at the airport impacting your airport? That's it from my side. Thank you.

此外，乘客費用也有一些變化。所以我想知道，您如何看待機場發生的所有這些變化對您的機場的影響？從我這邊來說就是這樣。謝謝。

Which airport are you talking about, Fernanda?

費爾南達，你說的是哪個機場？

The Mexico City International Airport.

墨西哥城國際機場。

So as you know, starting in January of this year, hourly operations were reduced from 53 to 42 per hour. And that has caused airlines to seek alternative routes. The Mexico City airport announced that they had shown a decline of 11% in the January numbers.

如您所知，從今年 1 月開始，每小時營運次數從 53 次減少到 42 次。這導致航空公司尋求替代航線。墨西哥城機場宣布 1 月的旅客數量下降了 11%。

Actually, in the routes for OMA, it's about a 9% decline in the month of January. And if you include the effects, the growth of Toluca and AIFA, the total metropolitan market for January was about a 2% reduction in January.

事實上，OMA的航線一月下降了約9%。如果算上托盧卡和 AIFA 成長的影響，1 月的大都會市場總量大約下降了 2%。

So most of the reduction in the capacity of Mexico City is being captured either by Toluca and AIFA. And we also should expect -- although it's difficult to measure it -- some traffic that will be diverted to our Monterrey hub as well.

因此，墨西哥城容量的大部分減少都由托盧卡和 AIFA 承擔。我們也應該預期——儘管很難衡量——一些流量也將被轉移到我們的蒙特雷樞紐。

We're also starting to see an increase in load factors in the Mexico City Airport.

我們也開始看到墨西哥城機場的載客率增加。

Thank you. It's clear. And if I may, just to follow up on the traffic projections, you mentioned that you're expecting a flattish figure for this year. But just wondering, how do you see the normalization of Acapulco figures? When should we expect the airport to become positive in terms of growth trends?

謝謝。天氣晴朗。如果可以的話，為了跟進流量預測，您提到您預計今年的數字將持平。但只是想知道，您如何看待阿卡普爾科資料的正常化？我們什麼時候應該期望機場的成長趨勢變得正面？

Currently at Acapulco, we're operating around 50% of the levels of pre-pandemic. The recovery really is going to depend on the recovery of the city, which is slightly out of our control. The airport is already fully operational.

目前在阿卡普爾科，我們的營運水準約為疫情前的 50%。復甦確實取決於城市的復甦，這有點超出我們的控制範圍。該機場已經全面投入營運。

There's still some works in the next couple of months. But we're already expecting some international flights coming in May and in June. But recovery, we'll have to see how the recovery of the city behaves.

未來幾個月仍有一些工作要做。但我們已經預計五月和六月會有一些國際航班起飛。但在復甦方面，我們必須看看這座城市的復甦表現如何。

Federico Galassi, TRG.

費德里科·加拉西，TRG。

Hi, guys. Congrats for the results again. Two questions, quick question more related with Monterrey. The first one is you continue to have -- at least with the numbers of November, December and January -- well above the media of the other airport in Mexico. (technical difficulty)

嗨，大家好。再次恭喜結果。兩個問題，一個與蒙特雷更相關的快速問題。第一個是，至少 11 月、12 月和 1 月的數字仍然遠高於墨西哥其他機場的媒體。（技術難度）

We lost you also, Federico. We can't hear you. Hello?

我們也失去了你，費德里科。我們聽不到你的聲音。你好？

Federico, could you repeat your question?

費德里科，你能重複一下你的問題嗎？

Can you hear me now?

你聽得到我嗎？

Yes. Now we can hear you.

是的。現在我們可以聽到你的聲音了。

Okay. Perfect. Perfect. Thank you. No. Your view in Monterrey airport after the number that you issued in December and January for the rest of the year, in particular with the situation of Viva, when we see the international traffic continue to grow at double digit.

好的。完美的。完美的。謝謝。不。您在 12 月和 1 月發布了今年剩餘時間的數字後對蒙特雷機場的看法，特別是 Viva 的情況，當時我們看到國際運輸量繼續以兩位數增長。

So I think Monterrey for 2024 will continue to be the driver of our results. Certainly, we see a lot of the effects of the nearshoring investments as underlying demand supporting long-term growth.

因此，我認為 2024 年蒙特雷將繼續成為我們業績的驅動力。當然，我們認為近岸投資的許多影響是支持長期成長的潛在需求。

Certainly in the short run, capacity will have to take into consideration impacts that may be the result of the P&W recall. But we do believe that Monterrey will continue to be above average in the rest of our airports for this year.

當然，從短期來看，產能必須考慮 P&W 召回可能造成的影響。但我們確實相信，蒙特雷今年將繼續高於我們其他機場的平均水平。

Okay. And the second question, again, in Monterrey, after all the new space that you are increasing, the commercial space that you're increasing for this year, and the change in Carga, in particular, what do you expect for this year in the commercial side, again, in Monterrey in particular?

好的。第二個問題，在蒙特雷，在您今年增加的新空間、商業空間以及 Carga 的變化之後，您對今年的預期是什麼？商業方面，尤其是在蒙特雷？

So in the commercial side, we'll see the benefit of the new spaces that are associated to the Wing 1, which was opened in June. So this year will have full year effect on those new outlets. And also as part of our commercial strategy and not only generally for OMA, not just for Monterrey, we are doing tenders of outlets that come to expiration and renegotiate them in better commercial terms or with better proportion of participation of sales.

因此，在商業方面，我們將看到與 6 月開放的 1 號翼樓相關的新空間的好處。因此，今年將對這些新門市產生全年影響。此外，作為我們商業策略的一部分，不僅是 OMA，不僅僅是蒙特雷，我們正在對即將到期的商店進行招標，並以更好的商業條款或更高的銷售參與比例重新談判。

So we are confident that the commercial revenue per packs will continue to grow this year. And particularly in the case of Monterrey, we'll see the benefit of the new areas that we are still under construction, probably starting to reflect until mid-2025 or beginning of '26.

因此，我們有信心今年每包的商業收入將繼續成長。特別是在蒙特雷的情況下，我們將看到我們仍在建設中的新區域的好處，可能要到 2025 年中期或 26 年初才會開始體現。

And in Carga, you finish the change in the regulation that you did and it's working (multiple speakers) that is the reason of the result?

在 Carga 中，您完成了對法規的更改，並且它正在發揮作用（多個發言者），這就是結果的原因？

We are expanding the -- and we finished the expansion of one of the abundant warehouses in Monterrey. We have developed for this year a plan to target aggressively new clients and new cargo airlines to get to Monterrey.

我們正在擴建——我們已經完成了蒙特雷豐富倉庫之一的擴建。我們今年制定了一項計劃，瞄準積極的新客戶和新的飛往蒙特雷的貨運航空公司。

So yes, we are confident that Monterrey will also have growth in OMA Carga, not to the levels of the previous years, but still in the positive side.

所以，是的，我們相信蒙特雷的 OMA Carga 也會有成長，雖然不會達到前幾年的水平，但仍然是積極的。

Okay, great. Again, thank you and congrats on the results.

好的，太好了。再次感謝您並恭喜結果。

Thank you.

謝謝。

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

Hello, can you hear me? I'm so sorry, my call fell through.

你好，你聽得到我說話嗎？非常抱歉，我的電話掛斷了。

Yes, we can hear you.

是的，我們能聽到你的聲音。

Perfect. Okay. So my question is, if you could please shed some light on which airports you applied the 10% TUA discount introduced in November. And from that discount, what is the current percentage of the maximum tariff that you are charging derived from that?

完美的。好的。所以我的問題是，能否請您透露您在哪些機場應用了 11 月推出的 10% TUA 折扣。從該折扣中，您目前收取的最高關稅的百分比是多少？

Sure. So all of the airports had a decline except for three airports. And those three airports were Mexicali, Zihuatanejo, and Zacatecas. And for the full year of 2023, we ended at 97.5% of maximum tariff compliance for the whole of OMA.

當然。因此，除三個機場外，所有機場均出現下降。這三個機場分別是墨西卡利機場、錫瓦塔塔內霍機場和薩卡特卡斯機場。2023 年全年，整個 OMA 的最高關稅合規率為 97.5%。

Perfect. Thank you.

完美的。謝謝。

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。

We would like to thank everyone for participating today in today's call. We appreciate your insightful questions, engagement, and continued support. Ruffo, Emmanuel, and I are always available should you have any further inquiries or require additional information. Thank you once again. Have a great day.

我們要感謝大家參加今天的電話會議。我們感謝您富有洞察力的問題、參與和持續的支持。如果您有任何進一步的問題或需要更多信息，魯福、伊曼紐爾和我隨時可以為您服務。再一次感謝你。祝你有美好的一天。

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並度過美好的一天。