Grupo Aeroportuario del Pacifico SAB de CV (PAC) 2013 Q2 法說會逐字稿

Good morning. My name is Chantal and I will be your conference operator. At this time, I would like to welcome everyone to the GAP second-quarter 2013 earnings conference call. All lines have been placed on mute to prevent any background noise.

早安.我的名字是 Chantal，我將擔任您的會議操作員。此時此刻，我謹歡迎大家參加 GAP 2013 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。

Thank you. I will now turn the call over to Maria Barona of i-advize Corporate Communications. Please go ahead.

謝謝。我現在將把電話轉給 i-advize Corporate Communications 的 Maria Barona。請繼續。

Welcome to Grupo Aeroportuario del Pacifico's second quarter conference call. Today from the Company we have Mr. Fernando Bosque, Chief Executive Officer; Mr. Raul Revuelta, new Chief Financial Officer; and Mr. Miguel Aliaga, Institutional Relations Officer.

歡迎參加太平洋航空​​集團第二季電話會議。今天我們有來自公司的執行長 Fernando Bosque 先生； Raul Revuelta 先生，新任財務長；以及機構關係官員 Miguel Aliaga 先生。

Please be advised that forward-looking statements may be made during this conference call and they do not account for future economic circumstances, industry conditions, the Company's future performance or financial results. As such, these forward-looking statements 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 results, please refer to the quarterly report issued yesterday.

請注意，本次電話會議期間可能會做出前瞻性陳述，這些陳述並不考慮未來的經濟環境、產業狀況、本公司的未來業績或財務表現。因此，這些前瞻性陳述是基於一些可能改變的假設和因素，導致實際結果與目前預期有重大差異。有關前瞻性業績的完整說明，請參閱昨天發布的季度報告。

At this point, I would like to turn the call over to Mr. Bosque for his remarks. Mr. Bosque, please begin, sir.

現在我想請博斯克先生發言。博斯克先生，請開始，先生。

Good morning, and thank you for accompanying us for GAP's mid-year review. There have been a few changes since our last conference call. For one thing, we have a new CFO, Raul, who is here with me today wearing his new hat. For those of you familiar with our Company, Raul Revuelta has been our Commercial Officer since 2006, the year of our IPO.

早安，感謝您陪伴我們參加 GAP 年中回顧。自上次電話會議以來發生了一些變化。一方面，我們有了一位新任財務長勞爾，他今天戴著新帽子和我在一起。對於熟悉我們公司的人來說，Raul Revuelta 自 2006 年（我們首次公開募股的那一年）起一直擔任我們的商務官。

As Commercial Officer, he played an important role in the negotiation of passenger fees with the Undersecretary of Transport as well as various airlines and has been involved in the financial planning of the Company, all these in addition to successfully managing the commercial revenue for the Company 30 years.

作為商務官員，他在與運輸部副部長以及多家航空公司的乘客費用談判中發揮了重要作用，並參與了公司的財務規劃，此外還成功管理了公司的商業收入30年。

So we are in very capable hands and we are very fortunate to have such a capable and knowledgeable professionals on our team.

因此，我們擁有非常有能力的人，我們非常幸運，我們的團隊中有如此有能力、知識淵博的專業人士。

Moving on to the traffic of the Company, GAP is in line with projections, at 6.3% for the quarter and total traffic for the six-month period reached 5.9%. So just now, we are above the range of the annual guidance reported in the first quarter call.

至於該公司的流量，GAP 與預測一致，本季成長 6.3%，六個月期間的總流量達到 5.9%。因此，就目前而言，我們高於第一季電話會議報告的年度指引範圍。

This stable growth stems from 620,000 increase in the number of total passengers. As you can see in the table of the terminals report that determines passenger growth, 80% of that activity came from the larger airports of Guadalajara, Tijuana and Los Cabos, which tend to consistently experience the higher volumes. However, it is important to know that Los Cabos, and Guadalajara in particular, posted a record number of passengers this quarter.

這一穩定成長源自於旅客總數增加62萬人次。正如您在決定旅客成長的航站樓報告表中看到的那樣，80% 的活動來自瓜達拉哈拉、蒂華納和洛斯卡沃斯等較大的機場，這些機場的客流量往往持續較高。然而，重要的是要知道洛斯卡沃斯，特別是瓜達拉哈拉，本季的旅客數量創下了紀錄。

Non-aeronautical revenue rose 18% for the quarter and nearly 20% for the first half, fueled by both third-party operations, which grew by nearly MXN62 million, as well as the GAP operated businesses, which show increases of MXN38 million at the first half. Non-aeronautical revenue already comprises 24.6% of total revenue, a trend which we have since maintained, developing for many quarters now.

在第三方業務（成長近 6,200 萬墨西哥比索）和 GAP 營運業務（全年成長 3,800 萬墨西哥比索）的推動下，本季非航空收入成長 18%，上半年成長近 20%。非航空收入已佔總收入的 24.6%，此後我們一直保持這一趨勢，並持續發展了多個季度。

The VIP lounges, parking, advertising and convenience stores has been the star in the commercial revenue performance and the ones that have been strongest in terms of the GAP-managed businesses. We are very excited about these lines as they continue growing at a rapid pace and they contribute to improving passengers' experience as well as slightly adding value to the bottom line.

貴賓休息室、停車場、廣告和便利商店一直是商業收入表現的明星，也是 GAP 管理業務中表現最強的。我們對這些線路感到非常興奮，因為它們繼續快速增長，有助於改善乘客的體驗並略微增加利潤。

For GAP these are an essential part of our businesses and in line with our strategy of maximizing profitability while maintaining margins. At this point, these particular businesses at GAP in turn jointly comprise one-third of non-aeronautical. So overall, we are very positive regarding the Company's performance and the indicators in terms of traffic demand and revenue support our position.

對 GAP 來說，這些是我們業務的重要組成部分，符合我們在維持利潤率的同時最大化獲利能力的策略。此時，GAP 的這些特定業務又合計佔非航空業務的三分之一。因此，總的來說，我們對公司的業績非常樂觀，流量需求和收入方面的指標也支持了我們的立場。

As a result, we are focusing on two particular areas; capacity, which directly related to the capital expenditure program and development of the commercial areas. As we have discussed a bit about commercial, so let me touch briefly on the achievement in the capital expenditure plan as per the master development program's goals.

因此，我們專注於兩個特定領域；能力，這直接關係到資本支出計劃和商業領域的發展。由於我們已經討論了一些有關商業的問題，所以讓我簡要談談根據總體開發計劃目標在資本支出計劃中取得的成就。

First, we are aiming to increase the capacity of the Guadalajara Airport. On the one hand, expanding it for the growth we have been seeing and that we expect for the future, and, on the other, to maximize the customer experience and thus the commercial business.

首先，我們的目標是增加瓜達拉哈拉機場的容量。一方面，為了我們已經看到的成長和我們對未來的期望而擴大它，另一方面，為了最大限度地提高客戶體驗，從而最大限度地提高商業業務。

First, we expanded the international section of Terminal I, which attends 90% of the passengers and is the main terminal in that airport in terms of commercial revenue due to the sheer size and quality of the retail spaces. This expansion includes nearly doubling the arrivals and departure capacity of international. I will go more into why this expansion is so significant and timely (inaudible).

首先，我們擴建了I 號航站樓的國際部分，該航站樓接待了90% 的旅客，由於零售空間的規模和質量，就商業收入而言，該航站樓是該機場的主要航站樓樓。此次擴建包括將國際航班的抵達和出發容量增加近一倍。我將更多地探討為什麼這次擴張如此重要且及時（聽不清楚）。

Part of the reconfiguration of Terminal I will include the centralization of all of Aeromexico's operation at this building. Currently, Aeromexico uses Terminal I and II in order to process passengers. By moving all of Aeromexico to one location it will greatly enhance the customer's experience for 400,000 passengers and, more importantly, contribute to the increase in commercial area sales.

I 號航站樓重新配置的一部分將包括將墨西哥航空的所有業務集中在這棟大樓內。目前，墨西哥航空公司使用 I 號和 II 號航站樓來處理乘客。透過將所有墨西哥航空公司遷至一處，將大大提升 40 萬名乘客的客戶體驗，更重要的是，有助於增加商業區銷售額。

For Aeromexico, it will enhance efficiency and improve its performance as all the operation will be in one place. The removing of Terminal I will occur in two phases. One is expected for the fourth quarter of the year, while the second phase will be completed in the second quarter of 2014.

對於墨西哥航空公司來說，由於所有操作都將集中在一個地方，因此將提高效率並改善其績效。 I 號航站樓的拆除將分兩個階段進行。第一期工程預計今年第四季完工，第二期工程將於 2014 年第二季完工。

The reason that this expansion is so significant to Guadalajara is that it prepares the airport for the increase in traffic that we expect due to the Mexican Federal Aviation Department's new regulation, which goes into effect in October.

這次擴建對瓜達拉哈拉如此重要的原因是，它為機場做好了準備，以應對墨西哥聯邦航空部將於 10 月生效的新規定所帶來的交通量增加。

Some of you may already be familiar with this fact. Just to recap, in an effort to alleviate flight congestion and to control the circulation of flights during the peak hours at this airport, the agency has requested that the increases in fleet and subsequent roads be revolved to other airports that can accommodate them more efficiently and more safely. This mainly affects domestic carriers, as Interject, Volaris and Aeromexico, who have been growing their fleets and schedules at a rapid pace.

你們中的一些人可能已經熟悉這個事實。回顧一下，為了緩解航班擁堵並控制該機場高峰時段的航班流通，該機構已要求將增加的機隊和後續道路轉移到其他能夠更有效地容納它們的機場更安全。這主要影響到 Interject、Volaris 和 Aeromexico 等國內航空公司，這些航空公司一直在快速擴大機隊和航班時刻。

The airport of Toluca will be one of the most benefited due to its proximity to the Mexico City Airport. However, for GAP, there is also significant upside as we are expecting that several new flights to Guadalajara will go back as the carriers have to repeat their new flights after the Mexico City Airport, and will look then to other main airports before the October 2013 deadline, as well as the delivery of the new planes.

由於靠近墨西哥城機場，托盧卡機場將成為受益最大的機場之一。然而，對於GAP 來說，也有顯著的好處，因為我們預計飛往瓜達拉哈拉的幾個新航班將返回，因為航空公司必須在墨西哥城機場之後重複其新航班，並將在2013 年10 月之前考慮其他主要機場截止日期以及新飛機的交付。

There are under development a 3,000 meter expansion of the waiting and commercial areas of Terminal II in Los Cabos. These areas located near the departure gates will be fully operational by November 1st.

洛斯卡沃斯 II 號航站樓的候機區和商業區正在擴建 3,000 公尺。這些位於登機口附近的區域將於 11 月 1 日全面開放。

Regarding Tijuana and the cross-border projects, which we have been discussing for a while now, we have positive news. The international arrivals area will be adapted to accommodate the expected passenger flow right from the cross-border bridge project that will easily link Tijuana Airport to the city of San Diego.

關於蒂華納和跨境項目，我們已經討論了一段時間，我們有積極的消息。國際抵達區將進行調整，以適應跨境橋樑計畫的預期客流，該計畫將輕鬆連接蒂華納機場和聖地牙哥市。

If you recall, the starting of this project was estimated for June 2013 in order for it to be operational after one year. Now, we are continuing that schedule.

如果您還記得的話，該專案預計於 2013 年 6 月啟動，以便在一年後投入運作。現在，我們正在繼續這個計劃。

In previous presentations, we highlighted that at least 50% of the passengers that use Tijuana Airport are expected to take advantage of this cross-border facility. This is estimated to generate traffic increase over the next three years of approximately 15%; so from approximately 4 million passengers that use Tijuana Intentional Airport to 4.6 million, of over 600,000 additional passengers.

在先前的演示中，我們強調指出，預計至少 50% 使用蒂華納機場的旅客將利用這項跨境設施。預計這將在未來三年內帶來約 15% 的流量成長；因此，使用蒂華納意向機場的旅客人數從約 400 萬人減少到 460 萬人，另外還有超過 60 萬名乘客。

If you have been -- if you have ever flown in our -- out of the San Diego airport, you have seen how busy it is. It is also nearly saturated in terms of flight and [with that airport], plan consider ways to rise capacity. Right now the opportunity for Tijuana is that it can handle much more capacity at this time, which makes it a win-win for everyone.

如果您曾經——如果您曾經乘坐我們的——離開聖地亞哥機場，您會看到它有多繁忙。它的航班數量也接近飽和，[該機場]計劃考慮增加容量的方法。目前蒂華納的機會是它可以處理更多的容量，這對每個人來說都是雙贏的。

Passengers can easily fly throughout Mexico by using the Tijuana airport instead of San Diego and utilize the cross-border facility to move back and forward between the two cities.

旅客可以使用蒂華納機場（而不是聖地牙哥）輕鬆飛越整個墨西哥，並利用跨境設施在兩個城市之間往返。

These value efforts added to the development and modernization of the Puerto Vallarta, Las Paz, Mexicali, Aguascalientes and Guanajuato terminal buildings will bring the Group's commercial effort to a new level.

這些為巴亞爾塔港、拉斯巴斯、墨西卡利、阿瓜斯卡連特斯和瓜納華托航站樓的開發和現代化所做的增值努力將把集團的商業努力提升到一個新的水平。

This translates into great non-aeronautical income, particularly when it comes to the third business as combination on the stores and the prices.

這轉化為巨大的非航空收入，特別是當涉及到商店和價格的第三項業務時。

(Inaudible) supported that we see as a strong airline industry as evidenced by the growing passenger numbers, fleet and route increases that we are seeing at the peak season for the next two years, which we grab business of. But we are also (inaudible) on the economy in terms of how it affect the industry as whole, certainly increasing the aeronautical revenue as well.

（聽不清楚）支持我們認為航空業強勁，這一點可以從我們在未來兩年的旺季看到的乘客數量、機隊和航線的增加得到證明，我們從中搶佔了業務。但我們也（聽不清楚）關注經濟如何影響整個產業，當然也會增加航空收入。

Thank you for your attention. At this point, I will turn the call over to Raul Revuelta for his comments. Raul, please go ahead.

感謝您的關注。此時，我將把電話轉給 Raul Revuelta，徵求他的意見。勞爾，請繼續。

Thank you, Fernando. Good morning, everyone. My name is Raul Revuelta. I'm GAP's new Chief Financial Officer. I will briefly review the financial highlights for this quarter.

謝謝你，費爾南多。大家，早安。我叫勞爾‧雷韋爾塔。我是 GAP 新任財務長。我將簡要回顧本季的財務亮點。

Total revenues for the period increased over 3.5%, mainly due to a decrease of 26.5% on improvements to concessions assets; a 5% increase in aeronautical services revenue and a 15% increase in non-aeronautical services revenue.

期內總收入成長超過3.5%，主要是因為特許權資產改善下降26.5%；航空服務收入成長 5%，非航空服務收入成長 15%。

Fernando went into the non-aeronautical and aeronautical revenue increases in detail, so I will move on the total operating costs, which increased 2% compared to the second quarter of 2012. During the quarter, cost of services increased more than 5% compared to the same quarter last year, mainly due to the higher operating expenses which rose MXN16.5 million or 55.2% due to the fact that the second quarter of 2013 the Company posted a MXN7.9 million increase in the reserve for total accounts and MXN4.5 million increase for professional fees, MXN9.9 million for supplies in our convenience stores and MXN1.2 million for the other supplies among others.

Fernando 詳細介紹了非航空和航空收入的成長情況，因此我將繼續討論總營運成本，該成本與2012 年第二季度相比增加了2%。增加了5% 以上。墨西哥比索，便利商店用品增加990 萬墨西哥比索，其他用品增加120 萬墨西哥比索。

Additionally, maintenance costs increased by 30.2% or MXN12.6 million compared to the second quarter of 2012, due mainly to the postponing to the second quarter of 2013 of certain maintenance projects that had been scheduled for the first quarter of 2013, such as the maintenance of terminal buildings, equipment, machinery and (inaudible). Cost of improvements to concession assets during the period decreased 26% and was based on the construction and improvements the Company has made in the Company's master development program for each period with no cash impact.

此外，與 2012 年第二季度相比，維護成本增加了 30.2%，即 1,260 萬墨西哥比索，主要原因是原定於 2013 年第一季進行的某些維護項目推遲到 2013 年第二季度，例如航站、設備、機械和（聽不清楚）的維護。在此期間，特許資產改進成本下降了 26%，這是基於公司在每個時期的整體開發計劃中進行的建設和改進，沒有現金影響。

EBITDA margin increased 190 basis points from almost 60% in the second quarter in 2012 to 61% in the second quarter of 2013 and the nominal value of the EBITDA increased MXN48.9 million or 6.7%. Financial expenses for the period increased MXN46.5 million (inaudible) income of MXN28.9 million in the same quarter last year to an expense of MXN17.6 million in the current quarter.

EBITDA 利潤率從 2012 年第二季的近 60% 增加了 190 個基點，至 2013 年第二季的 61%，EBITDA 名義值增加了 4,890 萬墨西哥比索，即 6.7%。該期間的財務費用使去年同期的收入增加了 4,650 萬墨西哥比索（聽不清楚），從去年同期的 2,890 萬墨西哥比索增加到本季的支出 1,760 萬墨西哥比索。

Net income before taxes decreased 3.9% or MXN70.2 million. Income tax generated a net benefit of MXN15 million over the same quarter in the previous year. As a result, net income and comprehensive income decreased almost 1% versus the same quarter last year.

稅前淨利下降 3.9%，即 7,020 萬墨西哥比索。與去年同期相比，所得稅產生了 1500 萬墨西哥比索的淨利潤。因此，淨利潤和綜合收益較去年同期下降近1%。

Thanks for your attention, and I will now turn the call over to Miguel Aliaga for final comments.

感謝您的關注，我現在將電話轉給 Miguel Aliaga 以徵求最終意見。

Thank you very much, Raul. This is Miguel Aliaga, Institutional Relations Officer. I would like to reiterate our guidance figures, which are unchanged from January 2013.

非常感謝你，勞爾。我是米格爾‧阿利亞加 (Miguel Aliaga)，機構關係官員。我想重申我們的指導數字，該數字與 2013 年 1 月相比沒有變化。

In terms of traffic, an increase of 4.5% to 5.5%; aeronautical revenues, an increase of 6% to 7%; non-aeronautical revenues, an increase of 10.5% to 13.5%; with an increase in commercial revenues of 11.5% to 13%. As a result, a total revenue increase of 7% to 8.5%. In terms of cost of services, we expect an increase of 8.5% to 9.5%; an EBITDA margin of 66.5% to 67.5%; an increase in EBITDA of 6% to 8.5%; cash tax of 30%; and finally, a total CapEx of MXN665 million.

流量方面，成長4.5%至5.5%；航空收入成長6%至7%；非航空收入成長10.5%至13.5%；商業收入成長11.5%至13%。結果，總收入成長了7%至8.5%。服務成本方面，我們預期成長8.5%至9.5%； EBITDA 利潤率為 66.5% 至 67.5%； EBITDA 成長 6% 至 8.5%；現金稅30%；最後，總資本支出為 6.65 億墨西哥比索。

Thank you for your attention. Operator, we may proceed with Q&A.

感謝您的關注。接線員，我們可以進行問答。

(Operator Instructions).

（操作員說明）。

[Marco Martinez, Vector].

[馬可·馬丁內斯，向量]。

Thank you for the call and congratulations on the results. Could you give us an update of the cross-border facility in the Tijuana Airport? I mean, the beginning date of 2014 year end remains unchanged? Thank you.

感謝您的來電並對結果表示祝賀。您能否向我們介紹蒂華納機場跨境設施的最新情況？我的意思是，2014年底的開始日期保持不變？謝謝。

Yes, thank you for the question. Yes, I -- we are confirming that the construction work will start just now in August and taking ten months. So the final works to be put available, the new facility at the end of June next year. And only at this time we are expecting then the other investor in the other side of the border doing the same pace the construction works. If all these things happen exactly the way I comment, beginning July, August next year we will start the operation.

是的，謝謝你的提問。是的，我 - 我們正在確認施工工作將於八月開始，需要十個月的時間。因此，最後的工程將於明年六月底投入使用，即新設施。只有在這個時候，我們才期望邊界另一邊的另一個投資者以同樣的速度進行建設工程。如果所有這些事情都按照我評論的方式發生，從明年七月、八月開始我們將開始運作。

Okay. Thank you so much, Fernando.

好的。非常感謝你，費爾南多。

Thank you.

謝謝。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

This is Kevin Kaznica on behalf of Steve Trent. Now we were wondering if you have any more color on where the government wants the new airports after that?

我是凱文·卡茲尼卡，代表史蒂夫·特倫特。現在我們想知道您是否對政府希望新機場建成後的位置有更多的了解？

So -- could you please repeat again? I was -- the vision -- you are asking about how is the expected vision of the new government about the airport policies?

那麼——您能再說一次嗎？我是——願景——你問的是新政府對機場政策的預期願景如何？

Yes, what's the government's I guess infrastructure plan? Do you know where they want those new airports to be?

是的，我猜政府的基礎建設計劃是什麼？你知道他們希望新機場建在哪裡嗎？

So my point of view -- I attended GAP presentation of the infrastructure plan, and the presentation include, from my point of view, not all the plans that was part of the few big plans in the side of the airport operators.

所以我的觀點是——我參加了 GAP 基礎設施計劃的演示，從我的角度來看，該演示並不包括機場運營商方面少數大型計劃的所有計劃。

For example, we are not seeing any news about second (inaudible) in some airports. One of that is in Guadalajara and it's clear that we are under develop of these plans with the government. And in other side, there are no news about their new airports. There are no new airports opportunities for anybody and everybody is expecting about what will happen with Cidade do Mexico airport.

例如，我們在某些​​機場沒有看到任何有關第二個（聽不清楚）的新聞。其中之一是在瓜達拉哈拉，很明顯我們正在與政府一起制定這些計劃。而另一邊，還沒有關於他們新機場的消息。任何人都沒有新機場的機會，每個人都在期待墨西哥西達德機場會發生什麼事。

That is the first thing that everybody involved in the infrastructure and also in airport business waiting to -- at the end of the year, the Secretary of Communication and Transport will announce how will be the conclusion of the study that they are conducting now.

這是每個參與基礎設施和機場業務的人等待的第一件事——在今年年底，交通和運輸部長將宣布他們現在正在進行的研究的結論如何。

So if you are talking about a new color for the airport business in Mexico, my answer will be each of the group that the operator of the airports are in the scheduling and planning, how will be the expansion of some of the terminals. And the government -- the most important news from the government will be what happened with the Mexico City Airport.

因此，如果您正在談論墨西哥機場業務的新顏色，我的答案將是機場營運商正在調度和規劃的每個小組，而一些航站樓的擴建將如何進行。而政府—政府最重要的消息將是墨西哥城機場發生的事。

And the investment in our side -- we are at this time preparing our master plan for the period starting 2015-2019 and we are in the range -- looking a similar range that we have used in the previous year, in the previous period -- update with interaction. So we are talking in the range of the MXN5,000 billion followed by our 12 airports. In the other group, I don't know. And I don't know if that has answered your question. I think so that is just a general view.

我們這邊的投資——我們目前正在準備2015-2019年期間的總體規劃，我們在這個範圍內——看起來與我們在上一年、上一個時期使用的範圍類似—— - 互動更新。因此，我們討論的範圍是 5 兆墨西哥比索，其次是我們的 12 個機場。至於另一組，我不知道。我不知道這是否回答了你的問題。我認為這只是一般看法。

No, thank you for the additional color. It was very helpful. I think everybody is kind of waiting to see where these new airports are going to go and what the opportunities out there will be. We were just wondering if you guys had any insight into that. But also just on my final question, now on Grupo Mexico's efforts to acquire more shares, anything new on that, since it goes against your bylaws?

不，謝謝你的額外顏色。這非常有幫助。我認為每個人都在等著看這些新機場將走向何方以及那裡將會有什麼機會。我們只是想知道你們是否對此有任何見解。但我的最後一個問題是，關於墨西哥集團收購更多股份的努力，有什麼新的內容嗎，因為這違反了你們的章程？

Stephen, there are no changes. There are no new news about the situation. We don't know -- I think it's not possible to buy more shares because they are in the last declaration. As before mentioned, they are very close to the 30% now. So they have some limitation to buy shares in Mexico. So I think there are no changes.

史蒂芬，沒有任何變化。目前還沒有有關情況的新消息。我們不知道——我認為不可能購買更多股票，因為它們在最後的聲明中。正如之前提到的，現在他們已經非常接近 30%。所以他們在墨西哥買股票有一些限制。所以我認為沒有改變。

Well, talking about the legal dispute about the by-laws, there are no news. We are under the process, waiting that they defend adjusted expenses, will take a decision. I think it is only a question of time. As we have mentioned in another conference that they take minimum 12 months. That was our information in December or January, the coming year. So we are talking about at the end year. And probably, that is my feeling, we will have good news before the next General Assembly April 2014.

嗯，說起章程的法律糾紛，還沒有消息。我們正在處理中，等待他們維護調整費用，做出決定。我認為這只是時間問題。正如我們在另一次會議中提到的，它們至少需要 12 個月。這是我們在來年 12 月或 1 月的信息。所以我們正在談論年底。也許，這就是我的感覺，我們將在 2014 年 4 月召開的下屆大會之前聽到好消息。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Okay, thank you.

好的謝謝。

Neal Dihora, Morningstar.

尼爾‧迪霍拉，晨星公司。

Thanks for taking the questions. Just a couple of clarifications. One, you called out the doubtful expense are MXN7.5 million. I'm just wondering if that's kind of one-time? Is that why you called it out? Or is it you kind of expect it at some high levels like that?

感謝您提出問題。只是一些澄清。一，您所說的可疑費用為 750 萬墨西哥比索。我只是想知道這是否是一次性的？這就是你叫出來的原因嗎？還是你期望它能達到這樣的高水準？

And the same -- and then the maintenance, I know you guys talked about this last quarter expecting this increase. But is this sort of the new level for the rest of the year, or is this just a one quarter because you didn't do it in the first quarter?

同樣 - 然後是維護，我知道你們在上個季度談到了這一點，預計會有這種增長。但這是今年剩餘時間的新水平，還是只是一個季度，因為你在第一季沒有這樣做？

Then my final question is, I think year-to-date passenger traffic or -- aero service revenue is up a little bit less than the traffic numbers. Is there some inflation adjustment that's lower than what you guys experienced in the last couple of years? And that's it. Thanks.

然後我的最後一個問題是，我認為今年迄今為止的客運量或航空服務收入的增幅略低於交通量的增幅。是否有一些通膨調整低於你們過去幾年經歷的水平？就是這樣。謝謝。

Hi, Neal. This is Raul. On the doubtful account is why this one-time effect -- I mean there was some clients without some -- with some accounts but have been already covered, so it's a one-time effect. In terms of the maintenance, as we said, we have some difference, building and runways maintenance that earlier was planned for the first quarter, where we put it in now for the second quarter. So what we are expecting then is that there will not be an additional increase or any kind of surprises for the maintenance in the next quarters.

嗨，尼爾。這是勞爾。在可疑帳戶上，這就是為什麼會出現這種一次性效應——我的意思是有一些客戶沒有一些——有一些帳戶但已經被覆蓋，所以這是一次性效應。在維護方面，正如我們所說，我們有一些差異，之前計劃在第一季進行的建築和跑道維護，現在我們將其安排在第二季。所以我們預計接下來幾季的維護不會有額外的增加或任何意外。

In terms of the revenue -- aeronautical revenue, as you know, the maximum tariff, it's -- we apply the national product index inflation and right now that index is almost on the 0.8% accumulated for this year. So it has an effect over our revenues. So as you can see, we are growing the aeronautical revenue just in line with the growth of the passengers. The effect of this under expected inflation accounts this growth just in line with the passengers.

就收入而言——航空收入，如你所知，最高關稅——我們應用了國民產品指數通膨，目前該指數幾乎是今年累計的 0.8%。所以它對我們的收入有影響。正如您所看到的，我們的航空收入的成長與乘客的成長保持一致。低於預期的通貨膨脹的影響使得這種增長與乘客的增長正好一致。

Okay, great. Thank you.

好的，太好了。謝謝。

(Operator Instructions). Bernardo Velez, GBM.

（操作員說明）。貝爾納多·貝萊斯，GBM。

Just a quick follow-up. You mentioned -- or we saw revenues per bags especially in the aeronautical side decreasing this quarter. To what would you attribute this effect and what can we expect going forward?

只是快速跟進。您提到過，或者我們看到本季每件行李的收入尤其是航空方面的收入有所下降。您將這種影響歸因於什麼？

Yes. This is just the effect of the inflation. As we were talking, the product price index has decreased from this quarter, so that makes up the revenue. And the way that we review our maximum tariff made it that just growth will be just in line with the passengers. That's just an inflation effect.

是的。這只是通貨膨脹的影響。正如我們所說，產品價格指數較本季有所下降，因此彌補了收入。我們審查最高關稅的方式使得成長將與乘客的需求保持一致。這只是通貨膨脹的影響。

Okay. So going forward, we could expect revenues per passenger to be growing around the inflation rate?

好的。那麼展望未來，我們可以預期每位乘客的收入將圍繞著通貨膨脹率成長嗎？

Yes -- no, the product index plus passengers, that will be the line for the growth of the aeronautical revenues.

是的——不，產品指數加上旅客，這將是航空收入成長的線。

Okay, perfect. Thank you, guys.

好的，完美。感謝你們。

Thank you very much. At this time, we have no further questions. So I would like to turn this conference back over to Mr. Bosque.

非常感謝。目前，我們沒有其他問題了。所以我想把這次會議轉交給博斯克先生。

Thank you all for your interest in GAP. We look forward to speaking with you again soon. Have a good day.

感謝大家對 GAP 的關注。我們期待很快再次與您交談。祝你有美好的一天。

Thank you very much. Ladies and gentlemen, this conference call has now concluded. You may disconnect your phone lines and have a great rest of the week. Thank you.

非常感謝。女士們、先生們，本次電話會議現已結束。您可以斷開電話線並享受本週的美好休息。謝謝。