Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) 2024 Q2 法說會逐字稿

Greetings. Welcome to the Grupo Aeroportuario del Centro Norte, OMA, second quarter 2024 earnings conference call. (Operator Instructions)

問候。歡迎參加 Grupo Aeroportuario del Centro Norte, OMA 2024 年第二季財報電話會議。（操作員說明）

I will now turn the conference over to your host, Emmanuel Camacho, you may begin.

現在我將把會議交給東道主伊曼紐爾·卡馬喬（Emmanuel Camacho），您可以開始了。

Thank you, [Matt], and hello, everyone. Welcome to OMA's second quarter 2024 earnings conference call. We're delighted to have you join us today to discuss our company's performance and financial results for the past quarter. Participating today are CEO, Ricardo Dueñas; and CFO, Ruffo Pérez Pliego.

謝謝你，[馬特]，大家好。歡迎參加 OMA 2024 年第二季財報電話會議。我們很高興您今天加入我們，討論我們公司上一季的業績和財務表現。今天參加會議的有執行長 Ricardo Dueñas；財務長 Ruffo Pérez Pliego。

Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management 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出現重大差異，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 Dueñas for his opening remarks.

接下來，我將把電話轉給里卡多·杜尼亞斯（Ricardo Dueñas）進行開場白。

Thanks, Emmanuel. Hello, everyone, and thank you for joining us today. This morning, I will review our operational performance and financial results. Then I will briefly comment on recent CapEx milestones occurred during the quarter. And finally, we will be pleased to answer some questions.

謝謝，伊曼紐。大家好，感謝您今天加入我們。今天早上，我將回顧我們的營運表現和財務表現。然後我將簡要評論本季最近發生的資本支出里程碑。最後，我們很樂意回答一些問題。

In the second quarter of 2024, OMA's passenger traffic reached 6.5 million, a decrease of 2.4% versus the second quarter of last year. Domestic passenger decreased 4.3%, excluding Acapulco, our tourist infrastructure continues to recover from the impact of hurricane of these in October '23, our domestic passenger traffic declined by 3.1%. This was primarily due to the Pratt & Whitney engine recall affecting the fleet of Mexican low-cost carriers. The most impacted air awards were Monterrey and Culiacán, particularly on routes such as Monterrey to Cancun and Mexico City and Culiacán to Mexicali and Tijuana.

2024年第二季度，OMA的客運量達到650萬人次，較去年第二季下降2.4%。國內客運量下降了4.3%，不包括阿卡普爾科，我們的旅遊基礎設施繼續從颶風的影響中恢復，23年10月，我們的國內客運量下降了3.1%。這主要是由於普拉特惠特尼發動機召回影響了墨西哥廉價航空公司的機隊。受影響最嚴重的航空獎勵是蒙特雷和庫利亞坎，特別是蒙特雷飛往坎昆和墨西哥城以及庫利亞坎飛往墨西卡利和蒂華納等航線。

Despite a 10% decline in our routes to the Mexico City International Airport during the quarter, mainly due to the reduction of movements per hour announced by the Mexican government at the beginning of the year, our connectivity to the Mexico City metropolitan area, including also Toluca and Santa Lucia airports increased by 2.8%. This demonstrating that demand for flights to Mexico City remains robust, with airlines responding by adding capacity to these alternate airports.

儘管本季度我們飛往墨西哥城國際機場的航線減少了 10%（主要是由於墨西哥政府年初宣布的每小時航班量減少），但我們與墨西哥城大都市區的連接，包括托盧卡和聖盧西亞機場成長了2.8%。這表明對飛往墨西哥城的航班的需求仍然強勁，航空公司透過增加這些備用機場的運力來應對。

There has been a clear trend towards maintaining capacity within the Mexico City airport system, while also utilizing available capacity to enhance international coverage connectivity to the US, strengthening existing routes and introducing new ones.

墨西哥城機場系統的明顯趨勢是維持容量，同時利用現有容量增強與美國的國際覆蓋連接，加強現有航線並引入新航線。

International passenger traffic achieved a strong performance in the second quarter with a 12% increase compared to the second quarter of last year. This growth was primarily driven by the Monterrey Airport with significant increase on routes to Atlanta, Las Vegas, Toronto, and Orlando. These routes, along with Mazatlán to Los Angeles route accounted for approximately 60% of international passenger traffic increase during the quarter. Additionally, in the first half of the year, we launched six new international routes, four of which were based on the Monterrey Airport, further strengthening our international connectivity.

第二季國際客運量表現強勁，較去年第二季成長12%。這一成長主要由蒙特雷機場推動，飛往亞特蘭大、拉斯維加斯、多倫多和奧蘭多的航線大幅增加。這些航線以及馬薩特蘭至洛杉磯航線約佔本季國際客運量成長的 60%。此外，上半年我們新開6條國際航線，其中4條以蒙特雷機場為基地，國際互聯互通進一步加強。

Moving on to OMA's financial performance. Aeronautical revenue decreased by 2.5%, primarily driven by the performance of our domestic passenger traffic. Aeronautical revenue per passenger remained flat compared to the second quarter of last year. Despite the decline in passenger traffic, non-aeronautical revenues grew by 13.8%, underscoring the successful execution and consolidation of several strategic projects throughout the year.

接下來是 OMA 的財務表現。航空收入下降 2.5%，主要受到國內客運表現的推動。與去年第二季相比，每位乘客的航空收入保持不變。儘管客運量下降，非航空收入成長了13.8%，凸顯了全年多個策略項目的成功執行和整合。

Commercial revenues increased 12%, compared to the second quarter of last year, primarily driven by VIP lounges and parking revenues, along with several other categories. VIP lounges saw significant benefit this quarter due to higher access rates and the effect of the previously opened lounges in Reynosa, Tampico, and Durango.

與去年第二季相比，商業收入成長了 12%，這主要是由 VIP 休息室和停車收入以及其他幾個類別的收入推動的。由於更高的使用率以及先前在雷諾薩、坦皮科和杜蘭戈開設的休息室的影響，貴賓休息室在本季度取得了顯著的效益。

In addition, leases of third-party lounges in Monterrey were renewed under improved terms. Parking revenues increased primarily due to an overall optimization of tariffs across our 13 airports. Revenue from restaurants, car rentals, and retail grew driven by the contribution of commercial spaces opened during the previous quarters.

此外，蒙特雷第三方休息室的租約也根據改進的條款進行了續約。停車收入的成長主要得益於我們 13 個機場的收費整體優化。餐廳、汽車租賃和零售收入的成長得益於前幾季開設的商業空間的貢獻。

Finally, duty-free revenue increased due to our strategy of relocating international flights among terminals in Monterrey, boosting passenger exposure to commercial spaces, and increased revenues per passenger. The occupancy rate of commercial space stood at 95.3% at the end of the quarter.

最後，由於我們在蒙特雷航站樓之間重新安排國際航班的策略，增加了乘客接觸商業空間的機會，並增加了每位乘客的收入，免稅收入增加。季末商業空間出租率為95.3%。

On the diversification front, revenues increased 27%. OMA cargo contributed most of this quarter's growth with an increase of 35%, mainly due to higher revenues from ground and air cargo operations in Monterrey. In addition, during May, we began operations with our new client, Lufthansa Cargo, which did not operate previously in Monterrey, offering air cargo transport services with an initial frequency of one flight per week between Mexico City, Monterrey, and Frankfurt. This renewed route is part of our strategy to establish our airport as a key logistics hub. In addition, we will soon begin expansion of our OMA cargo Monterrey warehouse capacity by almost 50%, allowing us to capitalize on nearshoring opportunities.

在多元化方面，收入成長了 27%。OMA 貨運貢獻了本季成長的大部分，成長了 35%，這主要是由於蒙特雷地面和航空貨運業務的收入增加。此外，五月，我們開始與新客戶漢莎航空貨運公司合作，該客戶之前並未在蒙特雷運營，提供航空貨運服務，初始頻率為每週一班，往返於墨西哥城、蒙特雷和法蘭克福之間。這條新航線是我們將機場打造成重要物流樞紐的策略的一部分。此外，我們很快將開始將 OMA 貨運蒙特雷倉庫容量擴大近 50%，使我們能夠利用近岸外包機會。

Hotel services grew by 16%, mainly as a result of an increase in operations in both hotels. In the second quarter of this year, occupancy rate of our terminal 2 NH was 85%, while the Hilton Garden Inn Hotel had an occupancy rate of 79%. Additionally, we recorded a double-digit increase in average room rate per night on both hotels.

酒店服務增長了 16%，主要是由於兩家酒店業務的增長。今年第二季度，我們NH 2號航站樓的入住率為85%，而希爾頓花園酒店的入住率為79%。此外，兩家飯店每晚的平均房價均出現了兩位數的成長。

Moving on to capital expenditure front, I would like to highlight that during the quarter, we achieved a significant milestone in our long-term infrastructure development at the Monterrey Airport. As part of our expansion and remodeling project, we successfully inaugurated the terminal A East public area expansion. Covering over 6,000 square meters, this new area of features double documentation counters, commercial outlets, airport services, and other facilities. These enhancements contribute to improving our services and increasing airport capacity.

在資本支出方面，我想強調的是，在本季度，我們在蒙特雷機場的長期基礎設施發展方面實現了一個重要的里程碑。作為擴建和改造計畫的一部分，我們成功啟動了 A 航站樓東公共區域擴建。新區佔地6000多平方米，設有雙證櫃檯、商業網點、機場服務等設施。這些改進有助於改善我們的服務並增加機場容量。

This completion marks third phase of our initial expansion project following the earlier openings of the West public area of terminal A and the wing 1 building. As a result of this initiatives, Monterrey's current terminal capacity has grown to 13.9 million passengers annually. Additionally, during the quarter, we invested MXN816 million in MDP investments, major maintenance, and strategic projects. Notably, we are actively working on expanding and remodeling terminal buildings in Monterey, Ciudad Juárez, Torreon, Culiacán, Durango, and Mazatlán. This projects reflect our commitment to enhancing airport facilities and services for passengers and stakeholders.

此次竣工標誌著繼 A 航站樓西公共區域和 1 號翼樓早期開放之後，我們初步擴建項目的第三階段。由於這些舉措，蒙特雷目前的航站容量已增至每年 1,390 萬人次。此外，本季我們在 MDP 投資、主要維護和戰略項目上投資了 8.16 億墨西哥比索。值得注意的是，我們正在積極致力於擴建和改造蒙特雷、華雷斯城、托雷翁、庫利亞坎、杜蘭戈和馬薩特蘭的航站樓。這些項目體現了我們致力於為乘客和利害關係人增強機場設施和服務的承諾。

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

我現在想將電話轉給 Ruffo Pérez 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, and then we'll open the call for your questions.

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

Aeronautical revenues decreased 2.5% relative to the second quarter of 2023, driven primarily by lower passenger traffic with a 4.3% decrease in domestic passenger traffic, partially offset by a 12.4% growth in international passenger traffic.

航空收入較 2023 年第二季下降 2.5%，主要是由於客運量下降，其中國內客運量下降 4.3%，但被國際客運量 12.4% 的成長部分抵銷。

Non-aero revenues increased 13.8%. Commercial revenues increased 11.9% with the categories with the highest growth being VIP lounges, parking, and restaurants. Diversification activities increased 26.5%, mainly due to higher revenues from OMA Carga and hotel services. As a result, total aeronautical and non-aeronautical revenues grew 1.1% to MXN2.9 billion in the quarter.

非航空收入成長 13.8%。商業收入成長11.9%，其中成長最快的類別是貴賓休息室、停車場和餐廳。多元化活動成長了 26.5%，主要是由於 OMA Carga 和飯店服務的收入增加。因此，本季航空和非航空總收入成長 1.1%，達到 29 億墨西哥比索。

Construction revenues amounted to MXN556 million in the second quarter, a decrease of 22% as a result of lower MDP investment execution speed. The cost of services and G&A expense increased 16.5% compared to 2Q '23. The rise is primarily due to the expansion of the new operational areas in previous quarters, primarily in the Monterrey Airport, coupled with higher unit costs.

第二季建築收入為 5.56 億墨西哥比索，由於 MDP 投資執行速度下降，下降了 22%。與 2023 年第二季相比，服務成本和一般管理費用增加了 16.5%。這一增長主要是由於前幾季新營運區域（主要是蒙特雷機場）的擴張，以及單位成本的上升。

Consequently, several of our costs and expenses such as electricity, contracted services, and maintenance have increased as compared to the same period of last year. Concession tax increased 71% to MXN239.3 million as a result of the rate increase from 5% to 9% applied on the revenues generated by OMA's airport concessions.

因此，我們的一些成本和費用，例如電力、合約服務和維護等，與去年同期相比有所增加。由於 OMA 機場特許權產生的收入稅率從 5% 提高到 9%，特許權稅增加了 71%，達到 2.393 億墨西哥比索。

On the tariff regulation basis effective as of October 20, 2023, payments made to the government related to aeronautical revenues in excess of those, including the most recent tariff revision will be added to the reference value to be used in the next maximum tariff revision. Therefore, starting January 2026, these excess concession tax amounts paid will begin to be recovered through maximum tariffs.

根據自2023 年10 月20 日起生效的運價監管基礎，向政府支付的與航空收入相關的超出部分（包括最近一次運價調整）的款項將添加到下一次最高運價調整時使用的參考值中。因此，從2026年1月開始，這些超額繳納的優惠稅額將開始透過最高關稅回收。

In the second quarter of 2024, the 4% surplus of concession tax over aeronautical revenues amounted to MXN92.9 million, equivalent to 3.2% of the sum of OMA's aero and non-aero revenues. This surplus is included in the EUR239.3 million recorded as concession tax expense for the quarter.

2024年第二季度，航空收入4%的特許權稅盈餘達到9,290萬墨西哥比索，相當於OMA航空和非航空收入總和的3.2%。該盈餘包含在本季記錄為優惠稅支出的 2.393 億歐元中。

Major maintenance provision was MXN43 million as compared to MXN82 million in the second quarter of last year. The decrease is a result of the variation in the present value of the major maintenance provision caused by an increase in discount rates for its calculation. OMA's second quarter adjusted EBITDA was MXN2.2 billion and the adjusted margin was 73.3%.

主要維護費用為 4,300 萬墨西哥比索，而去年第二季為 8,200 萬墨西哥比索。減少的原因是主要維修準備金的現值因計算貼現率增加而改變。OMA 第二季調整後 EBITDA 為 22 億墨西哥比索，調整後利潤率為 73.3%。

Excluding the MXN92.9 million surplus of concession tax and its impact on financials results, our adjusted EBITDA would have been MXN2.3 billion with a margin of 76.3%. For the six months ended on June 30, 2024, adjusted EBITDA would have been MXN4.4 billion with a margin of 77.0%.

剔除 9,290 萬墨西哥比索的優惠稅盈餘及其對財務表現的影響，我們調整後的 EBITDA 將為 23 億墨西哥比索，利潤率為 76.3%。截至 2024 年 6 月 30 日的六個月，調整後 EBITDA 為 44 億墨西哥比索，利潤率為 77.0%。

Our financing expense amounted to MXN834 million. This figure includes the effect resulting from changes in the present value of the major maintenance provision due to an increase in the discount rates used for its calculation. Consolidated net income was MXN1.3 billion in the quarter, which increased by 1.5% as compared to the second quarter of last year.

我們的融資費用為 8.34 億墨西哥比索。此數字包括由於用於計算的折現率增加而導致主要維修準備金現值變化所產生的影響。本季綜合淨利為 13 億墨西哥比索，比去年第二季成長 1.5%。

Turning to our cash position. Cash generated from operating activities in the second quarter amounted to MXN1 billion and cash at the end of the quarter stood at MXN1.6 billion. During the quarter, we paid the first installment of the dividend declared by our -- in our previous shareholder meeting. At June 30, 2024, total debt amounted to MXN10.9 billion, and we ended the quarter with a healthy net debt to adjusted EBITDA ratio of 1 times.

轉向我們的現金狀況。第二季經營活動產生的現金為 10 億墨西哥比索，季末現金為 16 億墨西哥比索。在本季度，我們支付了我們在上次股東大會上宣布的第一期股息。截至 2024 年 6 月 30 日，總債務達 109 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 倍。

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

我們準備好的演講到此結束。Schimalee，請打開電話提問。

(Operator Instructions)

（操作員說明）

Pablo Ricalde, with Santander Mexico.

巴勃羅·里卡爾德 (Pablo Ricalde)，效力於墨西哥桑坦德銀行。

Hello, OMA team. Congrats on the results.

你好，OMA 團隊。祝賀結果。

I was just wondering if you can provide your expectations for traffic for the second half of the year in Mexico. We have seen slightly better expectations from low-cost carriers, but I wanted to see your thoughts for traffic for the second half.

我只是想知道您是否可以提供對墨西哥下半年交通的期望。我們看到廉價航空公司的預期稍好一些，但我想了解一下您對下半年流量的看法。

We remain with the same projection we had in the previous call, which we believe we're going to be in the low-single digit decrease in traffic as a result of the Pratt & Whitney issue.

我們仍然保持與上次電話會議相同的預測，我們相信由於普惠公司問題，我們的流量將出現低個位數的下降。

Rodolfo Ramos, Bradesco BBI.

魯道夫·拉莫斯，布拉德斯科 BBI。

Good morning, Ricardo, Ruffo, Emmanuel. Congratulations on the impressive growth on the non-aeronautical business side.

早安，里卡多、魯福、伊曼紐。祝賀非航空業務方面取得的令人矚目的成長。

A couple of questions on my side. First one is wanted to get a sense of how do you look at the potential for non-aeronautical revenue per passenger in more in the medium to long term? I mean, your structure is unique in the sense that you have the industrial business, the cargo, the hotel, which might make it more difficult to draw comparisons there. But what benchmarking have you done with perhaps other airports that advance these portfolios, just to get a sense of the current MXN114 per passenger and non-aero can go from this level.

我這邊有幾個問題。第一個問題是想了解您如何看待中長期內每位乘客非航空收入的潛力？我的意思是，你們的結構是獨一無二的，因為你們擁有工業業務、貨運、酒店，這可能會讓在那裡進行比較變得更加困難。但是，您對可能推進這些投資組合的其他機場進行了哪些基準測試，只是為了了解目前每位乘客的 MXN114 和非航空可以從這個水平上升。

So that's the first one and then second, it was interesting your comments around the metropolitan area. The Mexico City, their slot restriction has been something that has been a concern for us and these bottlenecks. So how relevant -- my question is how relevant do you think Toluca can be to serve as an alternative to Felipe Ángeles and the [AIFA]?

這是第一個，然後是第二個，您對大都市區的評論很有趣。墨西哥城的航班時刻限制一直是我們和這些瓶頸所關注的問題。那麼，我的問題是，您認為托盧卡作為費利佩·安赫萊斯和[艾法]？

Thank you.

謝謝。

So in terms of non-aero revenue, the way we view it is we separate what's commercial to other diversification activities. On the commercial side, we are around MXN58 per passenger revenue. I think that's sustainable for the next six months, and that's consistent with our expectations for full year. And going forward, we would expect that number to increase at least with inflation and be maintained in real terms.

因此，就非航空收入而言，我們看待它的方式是將商業活動與其他多元化活動分開。在商業方面，我們的每位乘客收入約為 58 墨西哥比索。我認為這在未來六個月內是可持續的，並且與我們對全年的預期一致。展望未來，我們預計該數字至少會隨著通貨膨脹而增加，並以實際價值計算保持不變。

As for other diversification activities there, performance does not necessarily relate to passenger growth. So obviously right now, we are with 85% capacity -- occupancy ratio in the NH Hotel as well as the 79% occupancy ratio in Hilton in the Monterrey Airport. They are basically at full capacity in the main business days of the week. So we would expect some improvement in tariff going forward, but they would not be correlated to passenger growth.

至於那裡的其他多元化活動，業績並不一定與乘客成長有關。顯然，現在我們的 NH 酒店的入住率達到了 85%，蒙特雷機場希爾頓酒店的入住率為 79%。他們在一周的主要工作日基本上都是滿載運轉。因此，我們預計未來運價會有所改善，但與乘客成長無關。

And OMA cargo also continues to perform very strongly. We saw very good first half results, which we think they are consistent with what we would expect for the second half of the year. But also the revenues would not be correlated to passengers. So therefore, we don't necessarily have this MXN114 per passenger target for the upcoming quarters or years as a target.

OMA 貨運也持續表現強勁。我們看到上半年的業績非常好，我們認為這與我們對下半年的期望是一致的。但收入也不會與乘客有關。因此，我們不一定將未來幾季或幾年的每位乘客 114 墨西哥比索的目標作為目標。

And just to point out, we're having some strategic initiatives within OMA. We have a lot of our energies in the non-aeronautical revenues, whereas for example, cargo, we're expanding our warehouses by 50%. We're looking to expand also our industrial park. We brought a management team in place for -- to revamp all the non-aero side. So we have good expectations there.

我想指出的是，我們在 OMA 內部製定了一些策略舉措。我們將大量精力放在非航空收入上，而例如貨運，我們正在將倉庫擴大 50%。我們也希望擴大我們的工業園區。我們組建了一個管理團隊，以改造所有非航空方面。所以我們對此抱持著良好的期望。

We want to -- our objective is to capitalize on all the nearshoring activity that we're seeing in most of our airports. And relating to Toluca and AIFA, I mean, I think the government has been clear. They want to have a metropolitan system of airports composed of the Mexico City airport, Toluca, and Santa Lucia. We believe that the excess traffic will go mostly to Santa Lucia instead of Toluca. The government has very clear that that's their strategy. So we believe all that -- most of the excess will go more to Santa Lucia than to Toluca.

我們希望——我們的目標是利用我們在大多數機場看到的所有近岸活動。關於托盧卡和 AIFA，我的意思是，我認為政府已經很明確了。他們希望擁有一個由墨西哥城機場、托盧卡機場和聖露西亞機場組成的大都會機場系統。我們相信多餘的流量將主要流向聖露西亞而不是托盧卡。政府非常清楚這就是他們的策略。因此，我們相信，大部分多餘的資金將更多地流向聖露西亞，而不是托盧卡。

Just to complement that, Ricardo, in the second quarter of 2024, the AIFA represented 5.4% of total OMA's passenger traffic, while Toluca represented 1.6% of total second quarter traffic.

Ricardo 補充道，2024 年第二季度，AIFA 佔 OMA 客運總量的 5.4%，而托盧卡佔第二季客運總量的 1.6%。

[Jens Spiess], Morgan Stanley

[Jens Spiess]，摩根士丹利

Two questions. I saw that you cited the Monterrey-Cancun route has been one of the main drivers of the traffic decrease in Monterrey. What's the reason behind that? Did the airlines reduce frequencies? Or is it lower load factors? If you could get a bit more color on that, I was surprised to see this.

兩個問題。我看到您提到蒙特雷-坎昆航線是蒙特雷交通量減少的主要驅動因素之一。這背後的原因是什麼？航空公司是否減少了班次？或負載係數較低？如果你能對此有更多的色彩，我會很驚訝地看到這一點。

You already mentioned that you plan to -- or looking into expanding capacity maybe at the industrial park. What's the current capacity, roughly the capacity utilization you're having at that park? In other words, would you be able to sustain these high growth rates before investing in new capacity?

您已經提到您計劃—或考慮擴大工業園區的產能。該園區目前的容量是多少，大致的容量利用率是多少？換句話說，在投資新產能之前，您是否能夠維持這些高成長率？

So regarding the first question, yes, the Monterrey-Cancun saw a decline in traffic in the second quarter, primarily related to a cut of capacity by some of the carriers operating in that route, that was one of the routes that was most affected by the Pratt & Whitney issue. As the engine recall effect fades and is behind us, we would expect this to be one of the roads with the quickest recoveries.

因此，關於第一個問題，是的，蒙特雷-坎昆航線第二季度的客流量下降，主要與該航線上一些運營商削減運力有關，該航線是受疫情影響最嚴重的航線之一。普惠公司問題。隨著引擎召回效應逐漸減弱並成為過去，我們預計這將是恢復最快的道路之一。

And regarding the second question, can you repeat your second question, please?

關於第二個問題，你能重複一下你的第二個問題嗎？

Yes, on the industrial park, I mean, what's approximately the capacity utilization you have there? Just to assess for how long you could have these high growth rates before you invest in additional capacity -- of the industrial park.

是的，在工業園區，我的意思是，你們那裡的產能利用率大約是多少？只是為了評估在投資工業園區的額外產能之前，您可以保持這些高成長率多久。

So we're currently working under either on expanding a couple of existing warehouses and building also a couple of new warehouses. Once those four projects are complete, basically the park would be around 98% of its buildable area built so these warehouses would expect to be generating revenue towards the last -- some of them in the second half of the year and the other ones in the fourth quarter of this year. So after 2000 -- middle of 2025, if we need -- if we want to have still growth in this business line item, we'll need to invest in additional infrastructure -- in additional spaces in the Monterrey Airport.

因此，我們目前正在要么擴建幾個現有倉庫，要么建造幾個新倉庫。一旦這四個項目完成，基本上該園區將建成約 98% 的可建築面積，因此這些倉庫預計將在最後產生收入——其中一些在下半年，另一些在下半年今年第四季。因此，2000 年後 - 2025 年中期，如果我們需要 - 如果我們希望該業務項目仍然增長，我們將需要投資額外的基礎設施 - 蒙特雷機場的額外空間。

Perfect. Land, right? Expansion of land, right?

完美的。土地，對嗎？擴大土地吧？

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Just one from me. I noticed your competitors have done a couple of overseas projects and invested in airports outside of Mexico. Are you guys considering doing anything along those lines. And if so, is this something that you could do jointly with VINCI or is nothing like that being anticipated at the time?

只有我的一份。我注意到你們的競爭對手已經完成了幾個海外項目並投資了墨西哥以外的機場。你們是否正在考慮做一些類似的事情？如果是這樣，這是否是您可以與 VINCI 共同做的事情，或者當時沒有預料到這樣的事情？

Thank you.

謝謝。

We're always looking for opportunities to expand internationally. Obviously, that would have to be a joint decision with VINCI, but we're currently not working in any tender bidding processes internationally.

我們一直在尋找國際擴張的機會。顯然，這必須是與 VINCI 的共同決定，但我們目前尚未參與任何國際招標流程。

Isabela Salazar, GBM.

伊莎貝拉·薩拉查，GBM。

I was wondering if you could tell me how close you are to reaching your maximum tariff (inaudible)?

我想知道您是否能告訴我距離達到最高關稅還有多遠（聽不清楚）？

Yeah, we're close to 99.3% compliance with maximum tariff at this point.

是的，目前我們對最高關稅的遵守率接近 99.3%。

Andres Aguirre, GBM.

安德烈斯·阿吉雷，GBM。

Hi. Thanks for the color, and congrats on the results.

你好。感謝您的顏色，並祝賀結果。

We observed good commercial growth dynamics this quarter. Is it primarily related to the traffic mix or deployment of commercial strategies.

我們觀察到本季良好的商業成長動力。主要是和流量組合還是商業策略的部署有關。

Additionally, considering the higher mix for international passengers and commercial revenues in Acapulco, despite having fewer passengers, could this be impacting the per-passenger commercial metrics (multiple speakers)--

此外，考慮到阿卡普爾科的國際乘客和商業收入的比例較高，儘管乘客較少，但這是否會影響每位乘客的商業指標（多位發言者）——

Sorry, Andres. Could you repeat? Your line is -- it's cutting? Could you please repeat it -- your question?

對不起，安德烈斯。你能再說一次嗎？你的線是——正在切斷？您能重複一下您的問題嗎？

Yes. Sorry about that.

是的。對此感到抱歉。

We observed a good commercial growth dynamic this quarter. Is it primarily related to traffic mix or deployment of commercial strategies?

我們觀察到本季良好的商業成長動態。主要與流量組合還是商業策略部署有關？

I think the increase in commercial revenues is more related to our overall strategy. Obviously, you saw an increase in duty free that has obviously a component of benefit from higher international passengers than last year. But overall, the increases that you see in food and beverage and restaurants and car parking is part of our overall strategy to improve our commercial revenues as a whole.

我認為商業收入的成長更多的是與我們的整體策略相關。顯然，您看到免稅店數量的增加，這顯然是由於國際旅客人數比去年增加而帶來的好處。但總體而言，您在食品和飲料、餐廳和停車場看到的成長是我們提高整體商業收入的整體策略的一部分。

[Andressa Varotto], Private Investor.

[Andressa Varotto]，私人投資者。

So I have a follow-up here on the maximum tariff question. So you mentioned that you are close to 99.2% compliance rate. So just wondering how does this take into consideration the discounts that were agreed with government last year? Have any updates on that?

我在這裡對最高關稅問題進行跟進。所以你提到你的合規率接近99.2%。所以只是想知道這如何考慮到去年與政府商定的折扣？有任何更新嗎？

If you have plans to increase tariff further before your next MDP revision?

您是否計劃在下一次 MDP 修訂之前進一步提高關稅？

So the compliance ratio that we mentioned, it's already gaining effect to all the discounts that were agreed upon last year and the inflationary increase at the beginning of this year. Next year, we'd justify expect an inflationary increase in our aeronautical tariffs.

所以我們提到的合規率，已經對去年商定的所有折扣和今年年初的通膨增加產生了影響。明年，我們有理由預期我們的航空關稅將出現通貨膨脹。

Alan Macías, Bank of America.

艾倫‧馬卡斯，美國銀行。

Just one question.

只有一個問題。

At this point in time, can you give us an idea of the level of CapEx you would be expecting for the next master development plan? If it's the same level as the previous or higher or lower?

目前，您能否告訴我們您對下一個整體開發計畫的資本支出水準的期望？是和之前的水平一樣還是更高還是更低？

Thank you.

謝謝。

We're still in early stages of the MDP. We're working very closely with the VINCI team to have a very optimized CapEx but it's too early to have some numbers but what it can tell you is going to be a very optimized CapEx.

我們仍處於 MDP 的早期階段。我們正在與 VINCI 團隊密切合作，以實現非常優化的資本支出，但現在提供一些數字還為時過早，但它可以告訴您這將是一個非常優化的資本支出。

Anton Mortenkotter, GBM.

安東·莫滕科特，GBM。

My question is a bit of a follow-up on Andre's question related to the commercial revenues per passenger. If you could share some color -- have you seen like any significant impact on this metric due to having a higher share of international passengers or maybe some distortion due to the commercial revenues in Acapulco, given that you have now lower passengers? Or is this not significant?

我的問題是安德烈關於每位乘客的商業收入問題的後續問題。如果您可以分享一些顏色 - 您是否認為由於國際乘客比例較高而對該指標產生了重大影響，或者由於阿卡普爾科的商業收入造成了一些扭曲（考慮到您現在的乘客數量減少了）？或者說這並不重要？

Thank you.

謝謝。

I think the impact of Acapulco is limited. As I remember, Acapulco accounted for approximately 3.5% of our total traffic. And even though it's obviously tourism markets, which is prompt to maybe higher expenditures, especially international sites. The international component of Acapulco was very small as compared to the duty-free revenues, for example, that we have in Monterrey or Mazatlán.

我認為阿卡普爾科的影響是有限的。我記得，阿卡普爾科約占我們總流量的 3.5%。儘管這顯然是旅遊市場，這可能會導致更高的支出，尤其是國際景點。與蒙特雷或馬薩特蘭等地的免稅收入相比，阿卡普爾科的國際部分非常小。

So I wouldn't think that the mix of passengers right now, except for the duty-free line item is driven by the international passenger growth. For example, parking revenues increased and mostly -- it's primarily domestic traffic in that line item.

因此，我不認為目前的旅客結構（除了免稅品之外）是由國際旅客成長所推動的。例如，停車收入增加了，而且主要是該行項目中的國內交通量。

A lot of the VIP -- food and beverage and retail outlets don't necessarily [attract] the international market, but mostly the domestic market. So I would think that the increase in commercial revenues is driven by overall strategy and does not depend on international traffic growth.

很多貴賓－食品、飲料和零售店不一定[吸引]國際市場，但主要是國內市場。所以我認為商業收入的成長是由整體策略驅動的，並不依賴國際流量的成長。

Thank you. We have reached the end of the question-and-answer session. I'll now turn the call over to Ricardo Dueñas Espriu for closing remarks.

謝謝。我們的問答環節已經結束。現在我將電話轉給里卡多·杜尼亞斯·埃斯普魯 (Ricardo Dueñas Espriu) 致閉幕詞。

Yes, we would like to thank everyone for participating in today's call. Ruffo, Emmanuel, and I are always available to answer your questions and we hope to see you soon.

是的，我們要感謝大家參加今天的電話會議。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。

Thank you once again and have a great day.

再次感謝您，祝您有美好的一天。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。