Grupo Aeroportuario del Pacifico SAB de CV (PAC) 2024 Q2 法說會逐字稿

Good morning, and welcome to GAP's Second Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions and at that time, instructions will be given if you would like to ask a question.

早上好，歡迎參加 GAP 2024 年第二季電話會議。所有線路均已靜音，以防止任何背景噪音。演示結束後，我們將開始提問，屆時，如果您想提問，我們將給出說明。

It is now my pleasure to turn the conference over to GAP's Investor Relations team. Please go ahead.

現在我很高興將會議交給 GAP 投資者關係團隊。請繼續。

Thank you, and welcome to the Grupo Aeroportuario del Pacifico second quarter 2024 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer. Please be advised that forward-looking statements may be made during this conference call.

謝謝，歡迎參加太平洋航空​​集團 2024 年第二季電話會議。今天，我們在公司迎來了 GAP 執行長 Raul Revuelta 先生；以及財務長 Saul Villarreal 先生。請注意，本次電話會議期間可能會做出前瞻性陳述。

These do not account for future economic circumstances, industry conditions, the company's performance or financial results. As such, statements made are based on several assumptions and factors that could change causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report.

這些並未考慮未來的經濟環境、產業狀況、公司業績或財務表現。因此，所做的陳述是基於若干假設和因素，這些假設和因素可能會發生變化，導致實際結果與目前預期有重大差異。有關前瞻性陳述的完整說明，請參閱季度報告。

At this point, I'd like to turn the call over to Mr. Revuelta for his opening remarks. Please begin, sir.

現在，我想將電話轉交給 Revuelta 先生致開幕詞。請開始吧，先生。

Thank you, Maria, and thank you to our audience for joining us today. As always, we appreciate your continued support and interest in GAP. I will briefly review operational and financial figures before taking your questions.

謝謝你，瑪麗亞，也謝謝我們的觀眾今天加入我們。一如既往，我們感謝您對 GAP 的持續支持和關注。在回答你們的問題之前，我將簡要回顧一下營運和財務數據。

During this quarter, the total number of passengers reached 15.3 million, which was a 3.9% decrease compared to 2023. The continued passenger traffic deceleration, was due to the preventive inspection carried out (technical difficulty) on the A320neo and A321neo airplane engine. This is a process that began in September of last year, and is expected to continue for the remainder of this year into 2025. Despite this setback, we have continued to expand our strength of our network.

本季度，旅客總數達1,530萬人次，較2023年下降3.9%。客運量持續減速，是由於對 A320neo 和 A321neo 飛機引擎進行預防性檢查（技術困難）所致。這項過程於去年 9 月開始，預計將在今年剩餘時間內持續到 2025 年。儘管遭遇挫折，我們仍持續擴大我們的網路實力。

During the second quarter, we added three international and two domestic routes, bringing the total number of routes added to our network to 13, just during the first half of this year. We anticipate adding around 11 international routes during the second half of the year, including the recently resumed Tijuana to Beijing route, which will start on July 12. These efforts are aligned with our air development and strategy.

第二季度，我們新增了 3 條國際航線和 2 條國內航線，使我們網路中新增的航線總數達到 13 條（僅在今年上半年）。我們預計下半年將增加約 11 條國際航線，其中包括最近恢復的蒂華納至北京航線，該航線將於 7 月 12 日開通。這些努力與我們的空氣發展和策略一致。

As of you're probably aware, last Friday morning on July 19, air travel all over the world experienced disruption related to a Microsoft outage for a customer of the 365 app, which includes many major airlines. While Gap's are perhaps non-internal system complications, as a result of the airline system outages, we have 274 delays and 23 cancellations in our Mexican network.

您可能已經知道，7 月 19 日上週五早上，由於 Microsoft 365 應用程式客戶（其中包括許多主要航空公司）的服務中斷，世界各地的航空旅行都受到了乾擾。雖然 Gap 問題可能是非內部系統併發症，但由於航空公司係統中斷，我們的墨西哥航線網路出現了 274 次延誤和 23 次取消。

Moving on to the financial performance. We experienced a convenient revenue decrease for aeronautical and non-aeronautical services of MXN213 million or 3.3% lower compared to last year. Lower aeronautical revenues were attributed to the decline in passenger traffic and reaches only 95% of the maximum tariffs.

接下來是財務業績。我們的航空和非航空服務收入下降了 2.13 億墨西哥比索，比去年下降了 3.3%。航空收入下降是由於客運量下降，僅達到最高運價的 95%。

However, there was an almost 11% increase in commercial revenues, driven mainly by the food and beverage, car rentals and VIP lounges. A little further detail of these commercial revenues, I just mentioned, in terms of the car rental increase, these were mainly driven by the new bidding process carried out in Guadalajara, Los Cabos.

然而，商業收入成長了近 11%，主要由餐飲、汽車租賃和 VIP 休息室推動。關於這些商業收入的更多細節，我剛才提到，就汽車租賃成長而言，這主要是由洛斯卡沃斯瓜達拉哈拉進行的新招標流程推動的。

Food and beverage stood out -- at the Guadalajara airports, mainly due to the opening of the new tariff and the layout renovation carryout that result in a better brand mix offer. Furthermore, the priority pass fee for the use of the VIP lounges increases leading to a rise in the business line. Specifically in the Guadalajara and Los Cabos airports, which experienced the best performance related to our VIP lounge revenues.

食品和飲料在瓜達拉哈拉機場表現突出，主要是由於新關稅的啟用和佈局改造的實施，帶來了更好的品牌組合。此外，貴賓室使用優先通行證費用增加，導致業務量增加。特別是在瓜達拉哈拉和洛斯卡沃斯機場，我們的貴賓休息室收入表現最佳。

On July 9, we opened a second VIP lounge at the Vallarta airport. This will help us in the more adequately meeting in the high demand in this airport. Additionally, the hotel at the Vallarta airport during this quarter generate MXN18.6 million with an occupancy rate of 51% as of June.

7 月 9 日，我們在巴亞爾塔機場開設了第二個 VIP 休息室。這將有助於我們更充分地滿足該機場的高需求。此外，巴亞爾塔機場的飯店本季營收為 1,860 萬墨西哥比索，截至 6 月的入住率為 51%。

We are expecting to close this year approximately of 62% occupancy. New commercial opportunities and partnerships to drive the further commercial revenue growth are always top in the mind for us, and we continue exploring options.

我們預計今年的入住率將達到約 62%。推動商業收入進一步成長的新商業機會和合作夥伴關係始終是我們的首要考慮，我們將繼續探索各種選擇。

Regarding the acquisition of the cargo company, GWTC, we expect to begin to consolidate the results carry in the third quarter of 2024. In 2023, GWTC generated revenue above MXN1 billion with an EBITDA margin of around 40% and without financial debt. On the other hand, the purchase price allocation will be done in the second half of the year.

關於收購貨運公司 GWTC，我們預計將於 2024 年第三季開始合併業績。2023 年，GBTC 的收入超過 10 億墨西哥比索，EBITDA 利潤率約為 40%，且沒有財務債務。另一方面，採購價格分配將在下半年完成。

As for the cost of service, this increases by MXN179 million or 17.3% mainly due to the higher operational expenses, such as employee costs, security, insurance and maintenance. While these rising costs do bring challenge, they also indicate our continued dedication to upholding high service standards, and operational excellence. Despite enforcing strict cost controls, we do anticipate higher expenses related to expansion and inflationary effects to continue.

至於服務成本，增加了 1.79 億墨西哥比索，即 17.3%，主要是由於員工成本、安全、保險和維護等營運費用增加。雖然這些不斷上漲的成本確實帶來了挑戰，但它們也表明我們繼續致力於維護高服務標準和卓越營運。儘管實施了嚴格的成本控制，但我們預計與擴張和通膨影響相關的費用將繼續增加。

EBITDA decreased MXN378.7 million, or 8.3% as a result of the higher cost and slightly lower revenues. Looking ahead, we remain committed to driving growth and deliver value to our stakeholders. Our focus will continue to be on enhancing operational efficiency while at the same time optimizing our services to meet the evolving needs of our customers.

由於成本上升和收入略有下降，EBITDA 減少了 3.787 億墨西哥比索，即 8.3%。展望未來，我們仍然致力於推動成長並為利害關係人創造價值。我們的重點將繼續是提高營運效率，同時優化我們的服務，以滿足客戶不斷變化的需求。

Moving on to the balance sheet. Cash and cash equivalents decreased by 15.7%, reaching MXN12.6 billion. On the debt front, this figure reached MXN41.8 billion. We continue keeping healthy leverage levels, reaching a net debt-to-EBITDA ratio of 1.7 times for the trailing 12 months. Thereby complying with all our debt covenants.

繼續看資產負債表。現金和現金等價物減少 15.7%，達到 126 億墨西哥比索。在債務方面，這一數字達到了 418 億墨西哥比索。我們繼續保持健康的槓桿水平，過去 12 個月的淨債務與 EBITDA 比率達到 1.7 倍。從而遵守我們所有的債務契約。

CapEx continued to follow the committed Master Development Programs reaching approximately MXN3.1 billion in the first half of the year. This positions us well to the comply with the current and challenging MDP goals we have in place. I want to mention that yesterday we opened the second runway at the Guadalajara Airport, which was one of the key projects for this contingent.

資本支出繼續遵循已承諾的整體開發計劃，今年上半年資本支出達到約 31 億墨西哥比索。這使我們能夠很好地遵守我們現有的當前且具有挑戰性的 MDP 目標。我想提一下，昨天我們在瓜達拉哈拉機場開通了第二跑道，這是部隊的重點項目之一。

This second runway will offer us the capacity to have between 50% to 70% of additional operations in the long-term and give us more flexibility to continue developing risk and connectivity throughout the region. This is another important step in meeting the growing needs of this airport, as I mentioned before.

從長遠來看，第二條跑道將為我們提供 50% 至 70% 的額外營運能力，並使我們能夠更靈活地繼續在整個地區發展風險和連結性。正如我之前提到的，這是滿足該機場不斷增長的需求的另一個重要步驟。

Regarding distributions, yesterday, GAP has paid the first portion of the capital reduction for a total of MXN3.5 billion per the resolution made at our extraordinary shareholders meeting. The second portion will be paid later in this year.

關於分配，昨天，根據特別股東大會的決議，GAP 已支付了第一部分減資，總額為 35 億墨西哥比索。第二部分將於今年稍後支付。

Now just an update on the Turks and Caicos airport bidding process. As you know, we are committing to exploring new markets and revenue streams in an effort to further diversify our network. Therefore, as we announced before, we were prequalified to bid for the Turks and Caicos airports, an airport mainly focused on international leisure traffic, which handled 1.4 million passengers in 2023.

現在只是特克斯和凱科斯機場招標流程的最新情況。如您所知，我們致力於探索新的市場和收入來源，以進一步實現我們的網路多元化。因此，正如我們先前宣布的，我們獲得了特克斯和凱科斯機場投標資格預審，該機場主要以國際休閒運輸為主，2023年旅客吞吐量為140萬人次。

Most of the revenues come from the aeronautical side, but there is room for the improvements in terms of non-aeronautical activity. At this point in the bidding process, we are analyzing capital investment needs. Their criteria for the evaluation of the airports will be 70% for technical proposal, an investment plan and 30% financial evolution - evaluation based on proposal revenue share. The tender submission deadline is October 23, 2024, and the process is expected to be concluded in December of this year.

大部分收入來自航空方面，但非航空活動方面仍有改進的空間。在招標過程中，我們正在分析資本投資需求。他們對機場的評估標準為 70% 為技術提案、投資計劃和 30% 為財務進展——根據提案收入份額進行評估。投標截止日期為2024年10月23日，預計流程將於今年12月結束。

Before I finish, I want to provide revised guidance for 2024. Passenger traffic and aeronautical revenue remain as was originally stated at the beginning of the year, whereas non-aeronautical revenues are updated with the performance of the commercial activities and the consolidation of GWTC.

在結束之前，我想提供修訂後的 2024 年指南。客運量和航空收入維持年初時的預期，而非航空收入則隨著商業活動的表現和 GWTC 的合併而更新。

On the other hand, the EBITDA and EBITDA margin considering the aforementioned issue and the capitalization of the purchase percent of the concession fee, to be paid over Mexican airports, due to the recent change in law.

另一方面，考慮到上述問題以及由於最近法律變化而透過墨西哥機場支付的特許經營費購買百分比的資本化，EBITDA 和 EBITDA 利潤率。

With that, I conclude my comments and ask the operator to open the call for your questions.

至此，我結束了我的評論，並要求接線員打開電話詢問您的問題。

(Operator Instructions)

（操作員說明）

Guilherme Mendes, JPMorgan.

吉列爾梅·門德斯，摩根大通。

Good morning, Raul, Saul. Thanks for taking my question. First question is on the MDP negotiation. What is the latest there to post-elections, if there's any changes on when do you expect it for it to be announced? It's more towards the end of the year or could potentially be announced in the near term? And if the assumptions that you guys mentioned on the previous calls on the Investor Day, it's still valid in terms of tariffs and CapEx. And just one follow-up on the commercial side. The upward revision on the guidance, it's only related to the GWTC, or is there something else that has been surprising to the upside? Thank you.

早安，勞爾，索爾。感謝您提出我的問題。第一個問題是關於MDP談判的。選舉後的最新情況是什麼？是在年底還是有可能在短期內宣布？如果你們在投資者日之前的電話會議上提到的假設，那麼它在關稅和資本支出方面仍然有效。而這只是商業方面的一個後續行動。指引的上調，只是與GWTC有關，還是有其他令人驚訝的上行因素？謝謝。

Hi, Guilherme, this is Raul. In terms of the MDP negotiation, we are in the, I would say, in the same time line that we expect. We are trying to close the new MDP with this administration. So in that way, we expect to have the authorization of the Master MDP in September of this year.

嗨，吉列爾梅，我是勞爾。就 MDP 談判而言，我想說，我們正處於我們預期的同一時間線上。我們正在努力與本屆政府結束新的民主黨。因此，我們預計在今年 9 月獲得 Master MDP 的授權。

For the moment, we are -- we don't see -- or we are -- at the moment, we are not seeing any kind of change on that, and we are aligned with the government, to trying and to get the authorization in this administration.

目前，我們沒有看到，或者我們目前沒有看到任何變化，我們與政府保持一致，努力並獲得授權在本屆政府中。

Guilherme, this is Saul. Regarding your questions about the new guidance. Yes, it is only GWTC. As we mentioned last year, we have MXN1 billion of revenues with a 40% of EBITDA margin. And we are expecting to improve a little the EBITDA margin for this year. But at the end, it's already included in the guidance.

吉列爾梅，這是索爾。關於您對新指南的疑問。是的，只有 GTC。正如我們去年提到的，我們的收入為 10 億墨西哥比索，EBITDA 利潤率為 40%。我們預計今年的 EBITDA 利潤率將略有提高。但最終，它已經包含在指南中。

Also, as we mentioned, the commercial performing, and also the capitalization of the 4% of the concession fee for the Mexican airports. That was at nine in the guidance release in January this year. So, those are only the three issues that were included in this new guidance.

另外，正如我們所提到的，商業表演，以及墨西哥機場 4% 特許權費的資本化。今年 1 月發布的指導意見中該數字為 9。因此，這些只是本新指南中包含的三個問題。

Very clear. Thank you both. Just one follow-up on the MDP. If the assumptions that you guys mentioned about the zero to mid-single-digit increase on tariffs and 110 roughly CapEx per passenger, if that's to the base case? Or there something different?

非常清楚。謝謝你們倆。這只是 MDP 的一項後續行動。如果你們提到的關於關稅零到中個位數成長以及每位乘客資本支出約 110 的假設，這是否符合基本情況？或是有什麼不一樣的地方？

Guilherme, we are in the process of that. As you may know, this, we released our proposal to the authorities on June. We are now reviewing with them additional investments. We are revising different assumptions. And that's the hard part of the process.

Guilherme，我們正在這個過程中。如您所知，我們在六月向當局發布了我們的建議。我們現在正在與他們一起審查額外的投資。我們正在修正不同的假設。這是這個過程中最困難的部分。

So right now, we are in that. We cannot provide more information, as you may know. But probably it will be a little bit higher, the CapEx, because we have additional requests from the authority that we have to analyse and define. So for now, we cannot release more detail, but it's close to what we have and released and announced in that update.

所以現在，我們正處於其中。如您所知，我們無法提供更多資訊。但資本支出可能會更高一點，因為我們必須分析和定義來自權威機構的額外要求。因此，目前我們無法發布更多細節，但它與我們在該更新中發布和宣布的內容很接近。

Very clear. Thank you both.

非常清楚。謝謝你們倆。

Rodolfo Ramos, Bradesco BBI.

魯道夫·拉莫斯，布拉德斯科 BBI。

Thank you, everybody. Thanks for taking my question. A couple from my side. The first one is, it doesn't seem that airport is a big priority for the upcoming administration, but I wanted to get your thoughts on the new team that was announced for the Ministry of Transportation. If you have any thoughts there or have any approaches with members of the new elected President's team?

謝謝大家。感謝您提出我的問題。我這邊有一對。第一個是，機場似乎不是下一屆政府的首要任務，但我想了解您對交通部宣布的新團隊的看法。您對此有何想法或與新當選的總統團隊成員有什麼接觸？

And secondly, I wanted to get your thoughts on the Mexico City bottlenecks? And just to see whether the bottlenecks that we're seeing there. How do those impact, and at the same time, how do you intend to benefit those to strengthen Guadalajara?

其次，我想了解您對墨西哥城瓶頸的看法？只是為了看看我們是否在那裡看到了瓶頸。這些有何影響，同時，您打算如何使那些加強瓜達拉哈拉的人受益？

Like how can -- how much traffic can encompass from the -- its geographical area of influence from Mexico City, and kind of bypass Mexico cities in terms of this bottleneck that it had seen, because of the slot restrictions? Thanks.

例如，有多少流量可以涵蓋來自墨西哥城影響的地理區域，並且由於時段限製而繞過墨西哥城市所遇到的瓶頸？謝謝。

Thank you, Rodolfo, this is Raul. I will say that in the first view, what we are seeing on the new government or and the new minister already announced if someone that comes from the construction. I would say, alive and it's clearly that has a well-recognized career in terms of the development of the infrastructure in Mexico City. If for the moment, we are focused on all the relationships with the today's administration.

謝謝你，魯道夫，這是勞爾。我要說的是，在第一種觀點中，我們所看到的新政府或新部長已經宣布，如果有人來自建設。我想說的是，他還活著，而且顯然在墨西哥城的基礎設施發展方面有著廣受認可的職業生涯。目前，我們的重點是與當今政府的所有關係。

Because we are just in the middle of the negotiation of the MDP. As soon as we have the results on the negotiation of MDP, we will begin to have -- I would say a closer time or meetings with the new administration. But in general terms, I could tell you that, today, we are really focused on the MDP. And -- on the other hand, one of the partners say -- how important are going to be the airports on the new administration?

因為我們正處於民主黨的談判之中。一旦我們獲得 MDP 的談判結果，我們將開始與新政府進行更密切的會面。但總的來說，我可以告訴你，今天我們真正關注的是 MDP。另一方面，一位合作夥伴表示，機場對新政府來說有多重要？

I would say that for the moment, the only infrastructure plans that we have already heard are more focused on trains and passenger trains rather another thing. So, I'm not pretty clear which is going to be the, I would say, the complete plan for the development and infrastructure around the country and specifically about the airports. But in general terms, at least what we are hearing is more related to passenger trains rather than airports.

我想說，目前我們所聽到的唯一基礎設施計劃更多地集中在火車和客運列車上，而不是另一回事。因此，我不太清楚哪一個是全國各地（特別是機場）發展和基礎設施的完整計劃。但總的來說，至少我們聽到的更多是與客運列車有關，而不是與機場有關。

In terms of what is happening in Mexico City and the possible bottleneck, first of all, today, on the short-term it's difficult to analyse, which could be the impact because there is a, I would say, a lack of enough seats related for the -- on the engines of the 320s. So it's not pretty clear, which could be the impact in the future. But in general terms, what we have experienced in the last years is an increase on the strength of Guadalajara airport in terms of a hub.

就墨西哥城正在發生的事情和可能的瓶頸而言，首先，今天，短期內很難分析，這可能是影響，因為我想說，缺乏足夠的相關席位對於 - 320 的發動機。所以目前還不太清楚，這可能會對未來產生影響。但總的來說，過去幾年我們經歷的是瓜達拉哈拉機場作為樞紐的實力不斷增強。

As you know, in the last, I would say, two years, we opened for the first time routes, direct routes to Canada to Spain, to Colombia. So in general terms, what we are seeing is that Guadalajara is continuing to strengthen their capabilities to be a more important hub. So in that what I'm seeing is in the coming years, depending for sure how the economy of the central area of Mexico and the economy of specific of Jalisco, Guanajuato, Aguascalientes.

如你所知，在過去的兩年裡，我們首次開通了航線，直達加拿大、西班牙、哥倫比亞的航線。因此，總的來說，我們看到瓜達拉哈拉正在繼續增強其成為更重要樞紐的能力。因此，我所看到的是未來幾年，這取決於墨西哥中部地區的經濟以及哈利斯科州、瓜納華托州、阿瓜斯卡連特斯州特定經濟的情況。

In terms of the general performance of the area, combined with the decision of allocation of the fleet of some specific airlines as it could be Volaris in Guadalajara, we will continue to see the strength of the capabilities of hub on Guadalajara airport.

就該地區的整體表現而言，結合一些特定航空公司的機隊分配決定（可能是瓜達拉哈拉的Volaris），我們將繼續看到瓜達拉哈拉機場樞紐的能力實力。

Okay. Thank you, Raul.

好的。謝謝你，勞爾。

Thank you, Rodolfo.

謝謝你，魯道夫。

Jens Spiess, Morgan Stanley.

詹斯‧斯皮斯，摩根士丹利。

Yes, hello. Congratulations, and thank you for taking the time for the questions. I just, very briefly, on the EBITDA guidance you already alluded to, I mean, it's quite impressive that the step change that would represent versus the first half growth, which I think is closer to minus 5% and your guidance is implying that in the second half of the year, EBITDA would grow at around 5%, if I'm not mistaken. And the new acquisition, I think we went around 3% of consolidated EBITDA. So how do we get from the minus 5% current run rate to the plus 5% in the second half of the year?

是的，你好。恭喜您，並感謝您抽空回答問題。我只是非常簡單地介紹一下您已經提到的EBITDA 指導，我的意思是，與上半年的增長相比，代表的階躍變化令人印象深刻，我認為接近-5％，而您的指導意味著如果我沒記錯的話，下半年 EBITDA 將成長 5% 左右。新的收購，我認為我們佔合併 EBITDA 的 3% 左右。那麼，我們如何從目前負5%的運行率提高到下半年的正5%呢？

Sorry, Jens, sorry to interrupt. The sound is not very good. It's cutting off. So I don't know if you can write down the questions in the webcast, please. Because it sounds not very good --

抱歉，詹斯，抱歉打擾了。聲音不太好。正在切斷。所以我不知道你是否可以把網路直播中的問題寫下來。因為聽起來不太好--

Okay. Perfect. Is it better? Okay, I'll turn it back on.

好的。完美的。是不是更好了？好的，我會重新打開它。

Okay.

好的。

Fernanda Recchia, BTG.

費爾南達·雷基亞，BTG。

Hello. Can you hear me?

你好。你聽得到我嗎？

Yes, perfect.

是的，完美。

Perfect. Two from our side. The first, thinking on the commercial revenue as well, it's been impressive, the top line growth that you're targeting for this year. Thinking regarding next year, could you comment if you think this growth is sustainable? How should we think about the commercial revenues per passenger going forward?

完美的。我們這邊有兩個。首先，考慮到商業收入，您今年的目標收入成長令人印象深刻。考慮明年，您是否認為這種成長是可持續的？我們該如何考慮未來每位乘客的商業收入？

And second, on capital allocation, could you give us some color if we should expect other airports should be under analysis. You already mentioned about the one that you were selected as a preferred bidder, but thinking on other airports? And also if we could expect other deals like the GWTC that you just announced? Thank you.

其次，關於資本配置，如果我們預期其他機場應該接受分析，您能給我們一些說明嗎？您已經提到了您被選為首選投標人的機場，但考慮過其他機場嗎？另外，我們是否可以期待其他交易，例如您剛剛宣布的 GWTC？謝謝。

Thank you, Fernanda. This is Raul. In terms of the commercial revenue, we think that's going to be in terms of the ratio, going to be sustainable in the long-term. And coming year, we will see the opening of some additional areas. I mean the 100% of the results in some of the areas that has just opened on the middle of this year, for example. So, in general terms, we think that the double-digit -- the double-digit growth trend on commercial revenues will be sustainable on coming years and years forward.

謝謝你，費爾南達。這是勞爾。就商業收入而言，我們認為從長遠來看，這將是可持續的。來年，我們將看到一些額外區域的開放。我指的是今年年中剛開放的一些區域的100%的結果。因此，總的來說，我們認為商業收入的兩位數成長趨勢將在未來幾年和未來幾年持續下去。

For sure, if related or highly related with the performance of traffic. So one of the key factors to really understand how it could be on the long-term, the growth on commercial revenue is related with the bringing back of the fleet of all the fleet that is down for the engines problem. So as soon as we begin to see a coming back of the fit we think that the results on commercial revenues could be even better.

當然，如果與流量的表現有關或高度相關。因此，真正了解長期前景的關鍵因素之一是商業收入的成長與所有因引擎問題而停機的機隊的恢復有關。因此，一旦我們開始看到健康狀況恢復，我們就認為商業收入的結果可能會更好。

In terms of other opportunities, as we just say, we are just going really, really deep in the Turks and Caicos opportunity. But for sure, we are reviewing always all the different options of a possibly opportunities of investment in airports. In the region, we are reviewing all the time, any kind of opportunity there. For the moment, the only one that we have in terms of airports that we in our pipeline is the one related with Turks and Caicos.

就其他機會而言，正如我們剛才所說，我們正在非常非常深入地挖掘特克斯和凱科斯的機會。但可以肯定的是，我們始終在審查機場可能的投資機會的所有不同選項。在該地區，我們一直在審查那裡的任何機會。目前，我們正在籌建的唯一機場是與特克斯和凱科斯群島相關的機場。

In terms of other similar acquisitions could be GWTC, I would say that all the times, our new business officer is looking for different opportunities that could be in some way aligned with the kind of profit that GAP needs for the accretive in value. But it's, I would say, a continuous process that is happening in our business. So that is in general terms.

就 GWTC 等其他類似收購而言，我想說的是，我們的新業務官一直在尋找不同的機會，這些機會可能在某種程度上與 GAP 價值增值所需的利潤相一致。但我想說，這是我們業務中正在發生的一個持續的過程。這是一般情況下的情況。

Jay Singh, Citi.

傑·辛格，花旗銀行。

Thank you for taking my question. It's Jay dialing in on for Stephen Trent. I guess you already answered my question on the Turks and Caicos situation, but I also want to ask, do you have a strong preference for the dual-tool regulatory structure? Or would you also consider single-tool or inflation-based model? Thank you.

感謝您回答我的問題。是傑伊撥通史蒂芬特倫特的電話。我想你已經回答了我關於特克斯和凱科斯群島情況的問題，但我還想問，你對雙工具監管結構有強烈的偏好嗎？或者您還會考慮單一工具或基於通貨膨脹的模型嗎？謝謝。

Thank you, Jay. In general terms service model for Turks and Caicos, in terms of regulatory model, it has all the inflationary review for the next 30 years. Mainly you have some commitments on CapEx that happens on the first moment of your original proposal. And on the future, there's not like reviews of marker plans or review of tariffs, all the tariffs will be only review in terms of inflation on the future on that specific model.

謝謝你，傑伊。就特克斯和凱科斯群島的服務模式而言，就監管模式而言，它擁有未來30年的所有通膨審查。主要是你對資本支出有一些承諾，這些承諾是在你最初提案的第一時刻發生的。在未來，不會像對標記計劃或關稅審查那樣進行審查，所有關稅將僅根據該特定模型未來的通貨膨脹情況進行審查。

Yes. And I will add only that the upside or the potential upside in this airport is in the commercial revenue, and also in the cost of operation that will have some efficiencies.

是的。我只想補充一點，這個機場的好處或潛在好處在於商業收入，以及將提高一些效率的營運成本。

Yes. We -- I just say, adding of what Saul was saying, we are really comfortable about our knowledge in the Caribbean market. Just for the experience of the tour operators in Jamaica. So, we think that we could be really competitive on this bidding process, just taking into account all the experience that, we already have operating in the region.

是的。我只是說，補充一下索爾所說的，我們對我們在加勒比海市場的了解感到非常滿意。只是為了牙買加旅行社的經驗。因此，我們認為，只要考慮到我們在該地區已經擁有的所有經驗，我們就可以在招標過程中真正具有競爭力。

Great, color. Thanks, guys.

太棒了，顏色。謝謝，夥計們。

Gabriel Himelfarb, Scotiabank.

加布里埃爾·希梅爾法布，豐業銀行。

Hi, thanks for the call. Just a quick follow-up question. Can you give us a bit of color about how the Pratt & Whitney's engines have been affecting the network and the traffic? I mean, Volaris has shown a decrease in traffic. And also, what are your expectations on the new acquisitions on GWTC? What's the expected revenue payout you're expecting to receive? Thank you.

您好，感謝您的來電。只是一個快速的後續問題。您能為我們介紹一下普惠公司的引擎如何影響網路和流量嗎？我的意思是，Volaris 的流量有所下降。另外，您對 GWTC 的新收購有何期望？您預期收到的預期收入支出是多少？謝謝。

Thank you Gabriel. As you know, the impact of the -- on the engine began on September of last year. What we think on this 2024 that the worst part will be on the third quarter of the year when we want to see the full impact of all the fleet that, we grounded for the engines problem. After that, for the fourth quarter, we want to have a better comp. So in some way, we're going to begin to see some positive numbers related with two factors.

謝謝你加布里埃爾。如您所知，對引擎的影響從去年 9 月開始。我們認為，2024 年最糟糕的部分將是今年第三季度，屆時我們希望看到因引擎問題而停飛的所有機隊的全面影響。之後，在第四季度，我們希望有更好的表現。因此，在某種程度上，我們將開始看到一些與兩個因素相關的正數。

One, a better, easier comps. But second, there are some specific additional claims arriving, mainly for Volaris and Viva Aerobus, but it's some way helping for some -- we'll add some capacity. We think that gradually, all 2025, we're going to see recovery rather recovery of the fleet from mainly the both companies that be more effect Volaris and Viva Aerobus.

一，更好、更簡單的比賽。但其次，還有一些具體的額外索賠，主要是針對 Volaris 和 Viva Aerobus，但這對某些人來說是有幫助的——我們將增加一些運力。我們認為，到 2025 年，我們將逐漸看到主要是 Volaris 和 Viva Aerobus 兩家公司的機隊復甦。

So, we think that at least all the 2025 will continue affected, and we will see a full comeback of total seats much close to the half of the year of 2026. But again, it depends on the times and delivery of the already work at engines for Pratt & Whitney. But in general terms we expect that for the first half of the 2026, we will recover the full capacity in our airports. In terms of GWTC?

因此，我們認為至少 2025 年將繼續受到影響，並且我們將在接近 2026 年下半年的時候看到總座位數全面回升。但同樣，這取決於普惠公司引擎已完成工作的時間和交付。但總體而言，我們預計 2026 年上半年我們將恢復機場的全部容量。就 GWTC 而言？

In terms of GWTC? Yes. Hi, Gabriel. This is Saul. Regarding GWTC having an expected revenues above of 2023 around 10%. Obviously, we are now taking control of this new asset, and we are reviewing the potential growth of this business. For now, our estimate is around 10% above of 2023 in terms of revenues.

就 GWTC 而言？是的。嗨，加布里埃爾。這是索爾。GWTC 預計 2023 年營收將成長 10% 左右。顯然，我們現在正在控制這項新資產，我們正在審查這項業務的潛在成長。目前，我們預計營收將比 2023 年成長 10% 左右。

Okay, thank you.

好的，謝謝。

Andressa Varotto, UBS.

安德烈莎·瓦羅托，瑞銀集團。

Hi, good morning. So Raul, thank you for taking my question. I have two quick ones here on our side. First one, on traffic as well. Right now, we see that capacity is being restricted by the impact of P&W engineering inspections, but we are also increasingly seeing worldwide concerns about a weaker demand.

嗨，早安。勞爾，謝謝你回答我的問題。我這邊有兩個快速的。第一個，也是關於交通。目前，我們看到產能受到 P&W 工程檢查影響的限制，但我們也越來越多地看到全球範圍內對需求疲軟的擔憂。

So like you have like any take on that? I know probably harder to tell right now which could be the impact of demand considering the capacity constraint. And my second question is regarding costs, since you're seeing strong cost expansion in the quarter. So we know what can we expect in the coming quarters regarding costs. Thank you.

那麼你對此有什麼看法嗎？我知道，考慮到容量限制，現在可能更難判斷哪些可能是需求的影響。我的第二個問題是關於成本的，因為您會看到本季成本的強勁擴張。因此，我們知道未來幾季的成本預期如何。謝謝。

In terms of the traffic, Andressa, as you perfectly say, I mean the capacity constraint related with the Pratt & Whitney, I mean, clearly in the market. And if not, I would say, full transparency of full knowledge about what's going to be specific the time for the recovery of everything is like, I would say, a moving target of what we consider.

就交通而言，安德烈薩，正如您所說，我的意思是與普惠公司相關的容量限制，我的意思是，顯然在市場上。如果不是，我想說，關於恢復一切的具體時間的完全透明的全面了解就像我們所考慮的一個移動目標。

But also, as you know, for instance, both announced that the deliveries in the coming years will not be lower than the original expectation of new deliveries that will also bring some kind of pressure to the capacity of some of our major airlines as Volaris and Viva Aerobus, because as you remember, a couple of years ago, both airlines announce big deliveries with Airbus.

但也如大家所知，例如，雙方都宣布未來幾年的交付量不會低於最初預期的新交付量，這也會給我們一些主要航空公司如Volaris和Viva Aerobus，因為如你所知，幾年前，兩家航空公司都宣布與空中巴士進行大量交付。

So, I think that lease the coming year, there will still pressure about the capacity and the availability of additional fleet that will come to the market, mainly related with what is happening with for sure, Pratt & Whitney, but also what could happen and the times of the delivers in the future mainly from Mera Group. In general terms, our expectation is going to be that the next year in general terms, we will continually seeing some pressure in terms of capacity.

因此，我認為，明年的租賃，市場上的額外機隊的容量和可用性仍然會面臨壓力，這主要與普拉特惠特尼公司正在發生的事情有關，但也與可能發生的情況和情況有關。未來的供貨次數主要來自Mera集團。總的來說，我們的預期是，明年總體而言，我們將繼續看到產能的一些壓力。

But in some specific routes, there still be room for growing in terms of load factors in one hand. And in other hand is we are seeing different airlines flying new routes in our net. For instance, we have American Airlines that, for the first time, US carrier operates in Tijuana airport for the first in history and it's doing well with a daily service to Phoenix, but also Alaska already announced the beginning of our route from La Paz to Los Angeles that is I would say, completely a brand-new route. We also have the announcement of Aeromexico for different international routes from our airports.

但在某些特定航線上，一方面載客率仍有成長空間。另一方面，我們看到不同的航空公司在我們的網路中開通了新航線。例如，我們有美國航空公司，這是美國航空公司歷史上第一次在蒂華納機場運營，每天都有飛往菲尼克斯的航班，表現良好，而且阿拉斯加也已經宣布開始開通從拉巴斯到菲尼克斯的航線。我們也發布了墨西哥航空針對從我們機場出發的不同國際航線的公告。

So what I've seen for the moment is that it's more clear that at least an international market, we will see some increases in capacity in the coming years. That the domestic market will be more pressure for all the capacity issues at least in the coming year. But in general terms, I think that still being a, some room to grow that come from new opportunities of new routes and also some space on load factors that will bring us some growing. And for sure, the easier comps in terms year to year. But in general terms is what I'm seeing on the capacity possible growth on coming years.

因此，我目前看到的是，更清楚的是，至少在國際市場上，未來幾年我們將看到產能增加。至少在未來一年，國內市場將因所有產能問題而承受更大壓力。但總的來說，我認為仍然有一些成長空間，這來自於新航線的新機遇，以及載運率的一些空間，這將為我們帶來一些成長。當然，逐年比較比較容易。但總的來說，我所看到的是未來幾年產能可能成長的情況。

Yes, Andressa, this is Saul. Regarding your questions about the cost side. As we explained already, we have some affectation in terms of labor law, not only in Mexico, but also in Jamaica. And we are having additional cost and pressure in terms of inflation. Besides that, once we have more spaces and more areas operating we have in Guadalajara Airport with the different expansions.

是的，安德烈莎，這是索爾。關於您關於成本方面的問題。正如我們已經解釋過的，我們在勞動法方面有一些影響，不僅在墨西哥，而且在牙買加。我們在通貨膨脹方面面臨額外的成本和壓力。除此之外，一旦我們擁有更多的空間和更多的營運區域，我們就會在瓜達拉哈拉機場進行不同的擴建。

The cost will be increasing, the operation of the tail also implies a cost of operation. Just have in mind that the EBITDA margin in the hotel is around 35%. So it's different than the margin that we have. So it dilutes the margin, and we have and we have additional cost in maintenance and additional costs in terms of the electricity. So the tariffs are increasing in Mexico and also are increasing significantly in Jamaica.

成本會越來越高，尾部的運作也意味著營運成本。請記住，飯店的 EBITDA 利潤率約為 35%。所以它與我們的保證金不同。因此，它稀釋了利潤，我們有額外的維護成本和額外的電力成本。因此，墨西哥的關稅正在增加，牙買加的關稅也大幅增加。

So we have pressure for all the sites in terms of the operation. It will be normalized, let's say, once we close the year, once we finalize the tariff negotiation, and obviously, once we see that the revenue related with the expansions that we have in the different airports. So I think the point is, it is an extraordinary quarter. It's not obviously the regular quarter that we just have. So it's an extraordinary and will be recovered in the next year.

所以我們所有的站點在營運方面都有壓力。比方說，一旦我們結束今年，一旦我們完成關稅談判，顯然，一旦我們看到收入與我們在不同機場的擴建有關，它就會正常化。所以我認為重點是，這是一個非凡的季度。這顯然不是我們剛剛經歷的常規季度。所以這是一個非凡的事情，並且會在明年恢復。

Perfect. Thank you very much.

完美的。非常感謝。

[Andreas Carrera], GBM.

[安德烈亞斯·卡雷拉]，GBM。

Can you hear? And thanks for taking my question. And can you clarify how GWTC will be consolidated in the financial statement? And will it be left side on the American economy or on an American plane?

你聽得到嗎？感謝您提出我的問題。您能否說明一下，GWTC 將如何合併到財務報表中？它會位於美國經濟或美國飛機的左側嗎？

Andres, this is Alejandra. I am so sorry, but your line is not really clear. Can you try to repeat it if we can understand better?

安德烈斯，這是亞歷杭德拉。非常抱歉，您的台詞不太清楚。如果我們能更好地理解的話，您可以嘗試重複嗎？

Yes.

是的。

Or writing the question?

還是寫問題？

Thanks. Can you hear me now?

謝謝。現在你能聽到我說話嗎？

Andreas, better.

安德烈亞斯，更好。

Sure, I will write it in the webcast. Thank you.

當然，我會把它寫在網路廣播中。謝謝。

Okay. Thank you, Andrea.

好的。謝謝你，安德里亞。

Pablo Monsivais, Barclays.

巴勃羅·蒙西瓦，巴克萊銀行。

Hi. Thanks for taking my question. Just kind of a follow-up to previous questions. What is your take on Volaris updated guidance on capacity? Have you talked to them? And if so, have they provided to you some insights on what could be the impact for the routes that Volaris is operating with you? Because it seems that they are a bit more positive for capacity for the second half of the year? Thank you.

你好。感謝您提出我的問題。只是之前問題的後續。您對 Volaris 更新的容量指南有何看法？你和他們談過嗎？如果是這樣，他們是否向您提供了一些關於 Volaris 與您合作運營的航線可能受到的影響的見解？因為他們似乎對下半年的產能更加正面？謝謝。

Thank you, Pablo. This is Raul. Yes, we are -- I mean, in a daily basis with communication with Volaris about their operations. For sure in the long term, the coming year, we're still seeing that there will not be the full recovery of the seats. But one of the parts that we are seeing that is in some way interesting to follow with Volaris they have adapted some of their routes.

謝謝你，巴布羅。這是勞爾。是的，我的意思是，我們每天都與 Volaris 就他們的運營進行溝通。可以肯定的是，從長遠來看，來年，我們仍然看到席位不會完全恢復。但我們看到的其中一個部分在某種程度上很有趣，Volaris 已經調整了一些路線。

They have, I would say, a better use of their flip some additional hours of flying, the variable seats, their ACMs are, I mean, in some way expecting to be for the last quarter, growing a little bit. So in general terms, let me put it in this way.

我想說，他們更好地利用了他們的翻轉，一些額外的飛行時間，可變座位，他們的 ACM，我的意思是，在某種程度上，預計上個季度會有所增長。所以總的來說，讓我這樣說吧。

Volaris have made the correct moves strive to support the most dense or bigger routes that have, in some way, the better possible demand. And in general terms, that gives us a little better position on the last quarter of the year in terms of traffic.

Volaris 採取了正確的舉措，努力支持最密集或更大的路線，這些路線在某種程度上可能有更好的需求。總的來說，這使我們在今年最後一個季度的流量方面處於更好的位置。

But again, on the long term, I mean as soon as the P&W engines issue, it's solved, it's not fully solved, we will continue seeing some lack of capacity, and for sure, a decrease in general terms of the capacity in our airports for at least the coming year. But yes, we are a little more positive for the second half of the year, talking about specific of Volaris.

但同樣，從長遠來看，我的意思是，一旦普惠發動機問題得到解決，它還沒有完全解決，我們將繼續看到一些容量不足的情況，當然，我們機場容量的總體下降至少在未來一年。但是，是的，我們對今年下半年的情況更加積極，尤其是 Volaris。

Perfect. Thank you.

完美的。謝謝。

Alan Macias, Bank of America.

艾倫·馬西亞斯，美國銀行。

Hi. Good morning and thank you for the call. Just at this point, can you provide a long-term sustainable EBITDA margin target that you might be looking at? Thank you.

你好。早安，感謝您的來電。此時此刻，您能否提供您可能正在考慮的長期永續 EBITDA 利潤率目標？謝謝。

Alan, this is Saul. Well, this year will be complicated. As you know, all the issues that we have ongoing, the discounts in passenger charges, the different issues related with the cost, the decrease in passenger traffic. But for 2025, and once we have in the new tariff, we will be close to 68%, 68%-plus less 1%. It will be the normalized EBITDA margin.

艾倫，這是索爾。嗯，今年會很複雜。如您所知，我們正在解決的所有問題，客運費用折扣，與成本相關的不同問題，客運量的減少。但到 2025 年，一旦我們實施新關稅，我們將接近 68%，68% 加少 1%。這將是標準化的 EBITDA 利潤率。

Thank you.

謝謝。

And now I will turn the call over to management to take the webcast questions.

現在我將把電話轉給管理層來回答網路廣播的問題。

Thank you, Nikki. And the first question we have is from Bernardo Martica from Santander. He's asking if aeronautical revenues fell 7.7%, while traffic fell 4.1%. What was the fall in aeronautical revenues worse than traffic? What is the mix, discounts?

謝謝你，妮基。我們的第一個問題來自桑坦德銀行的貝爾納多·馬蒂卡。他詢問航空收入是否下降了 7.7%，而交通量是否下降了 4.1%。航空收入下降比交通運輸更嚴重的原因是什麼？什麼是組合，折扣？

The first part is related for sure with -- it's a mix of things. The first one is the fulfilment of the maximum tariff that is related in one hand with discounts mainly. Also, we have, in general terms and a 95% of fulfilment on the maximum tariff and that is the biggest part of the explanation of the difference between revenue aeronautical revenues and passengers growth.

第一部分肯定與──它是多種事物的混合體相關。第一個是最高關稅的履行，主要與折扣有關。此外，總體而言，我們的最高關稅實現了 95%，這是解釋航空收入和乘客成長之間差異的最大部分。

Also, as you remember, Puerto Vallarta and Cabos, both airport has the most the biggest maximum tariff in our net and both of these airports has zero increase. So in general terms, it's a mix -- it's a mix between the composition of the maximum tariff in our portfolio and also the 95% on the fulfilment on the maximum tariff.

另外，正如您所記得的，巴亞爾塔港和卡沃斯，這兩個機場在我們的網絡中擁有最高的最高關稅，並且這兩個機場的增幅為零。所以總的來說，這是一個混合——它是我們投資組合中最高關稅的組成以及最高關稅履行率的 95% 之間的混合。

Thank you, Raul. Then we have another one from David Cruise from Grupo Bal. Regarding the purchase of Guadalajara WTC, how do you expect that this will change the estimate of results for 2024?

謝謝你，勞爾。然後我們還有另一款來自 Grupo Bal 的 David Cruise 的。關於購買瓜達拉哈拉世貿中心，您認為這將如何改變 2024 年結果的估計？

David, this is Saul. Well, it is already included, the expected revenue and EBITDA for this new asset. And as we mentioned, will be consolidated and integrated to our figures starting on July 1. So it is already included in the guidance. And as we mentioned, the total revenues will be around 10% above of the revenues in 2023.

大衛，這是掃羅。嗯，它已經包括了這項新資產的預期收入和 EBITDA。正如我們所提到的，將從 7 月 1 日開始合併並整合到我們的數據中。所以它已經包含在指南中。正如我們所提到的，總收入將比 2023 年的收入高出 10% 左右。

Thank you, Saul. The third one is from [Alina Sur] from Capitola. Will GAP pay concession fees and technical assistance fees over GWTC revenues?

謝謝你，索爾。第三個來自Capitola的[Alina Sur]。GAP 是否會根據 GWTC 收入支付特許權費和技術援助費？

Thank you. I mean in terms GAP will not pay additional concession fee on technical assistance over the GWTC revenues. But it's important to remember that GWTC is a concession. So they already pay a concession fee for the authority. So GAP will not pay additional concessions fee. But in the cost of WTC, they are already paying a concession fee, because it's a fiscal concession.

謝謝。我的意思是，GAP 不會在 GWTC 收入的基礎上支付額外的技術援助特許費。但重要的是要記住，GWTC 是一種讓步。所以他們已經向當局支付了特許權費。因此GAP不會支付額外的優惠費。但在世貿中心的成本中，他們已經支付了特許權費，因為這是財政特許權。

Thank you, Raul. Now we have the question from [Gens Pace] from Morgan Stanley. Thank you for writing this. It says, my question was related to your new EBITDA growth guidance which implies a roughly 5% year-over-year growth in the second half of 2024 versus minus 5% in the first half of 2024. The new acquisition adds around 2% of EBITDA growth, right? So what other variables do you see improving in second half versus first half that we need to consider?

謝謝你，勞爾。現在我們有來自摩根士丹利[Gens Pace]的問題。謝謝你寫這篇文章。它說，我的問題與你們新的 EBITDA 成長指引有關，該指引意味著 2024 年下半年年增約 5%，而 2024 年上半年為負 5%。新收購增加了約 2% 的 EBITDA 成長，對嗎？那麼，您認為下半年與上半年相比，我們還需要考慮哪些其他變數有所改善？

Hi Gens. This is Saul. We don't have any other major changes. GWTC consolidation is important. Is a new asset, will be integrated. It wasn't included during the first half in the results of the company.

嗨，Gens。這是索爾。我們沒有任何其他重大變化。GWC 整合很重要。是新資產，將被整合。它沒有包含在公司上半年的業績中。

So we don't have any other issues besides the effect of the capitalization of the 4% was already included in the first half. And I would say that probably the effect on the increase in the commercial revenues that was included in the new revised guidance.

因此，除了上半年已計入 4% 資本化的影響外，我們沒有其他問題。我想說，這可能是新修訂指南中包含的對商業收入增加的影響。

Thank you, Saul. Then we have [Alina Sur] from Capitola. The midpoint of your guidance implies a growth of 5% year over year on EBITDA on the second half of the year. How exactly will this be a shift given the decreasing tariff impacts year-over-year?

謝謝你，索爾。然後是來自 Capitola 的 [Alina Sur]。您指導的中點意味著下半年 EBITDA 年成長 5%。有鑑於關稅影響逐年下降，這種轉變究竟會如何？

Hi Ali, this is basically because the consolidation of the new of the new cargo company, GWTC that will represent around MXN300 million of EBITDA that will be integrated into the figures of the company. That's the main reason. Obviously, the performance of the commercial is helping but basically is the main reason of this increase.

你好，Ali，這基本上是因為新貨運公司 GBTC 的合併，該公司將代表大約 3 億墨西哥比索的 EBITDA，將整合到公司的數據中。這是主要原因。顯然，廣告的表現有所幫助，但基本上是造成這種成長的主要原因。

Thank you, Saul. And the last one, it is from Mauricio Buitrago from AM Advisors. When do you expect to see the full benefit in revenues from the expansion in Guadalajara?

謝謝你，索爾。最後一位來自 AM Advisors 的 Mauricio Buitrago。您預計什麼時候才能看到瓜達拉哈拉擴張帶來的全部收入效益？

Thank you, Mauricio. I mean, just -- we already just opened some of the new commercial areas on Guadalajara airport. So let me put it in this way. On August of this 2024, will be 100% of the new commercial spaces would be operating. So from that, we'll have the full year of operation of the new areas going to happen in 2020 -- August of 2025, I mean, the first full year of all the concept operating.

謝謝你，毛里西奧。我的意思是，我們剛剛在瓜達拉哈拉機場開設了一些新的商業區。那麼就讓我這樣說吧。到2024年8月，新增商業空間將100%投入營運。因此，從那時起，我們將在 2020 年（即 2025 年 8 月）實現新區域的全年運營，我的意思是，所有概念運營的第一個全年。

Perfect. Thank you, Raul. With this, we end from the webcast questions. So I will turn the call to Nikki.

完美的。謝謝你，勞爾。至此，我們的網路直播問題就結束了。所以我會把電話轉給 Nikki。

We show no further questions over the phone at this time. I will turn the call over to management for closing remarks.

目前我們沒有透過電話提出任何進一步的問題。我會將電話轉交給管理階層進行總結發言。

Thank you again, everyone, for joining us today at our second quarter results conference. On GAP's behalf we wish you a great day. Thank you.

再次感謝大家今天參加我們的第二季業績會議。我們謹代表 GAP 祝您有個愉快的一天。謝謝。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。