Grupo Aeroportuario del Pacífico Q4 2023 Earnings Call Transcript

Quartr
Provided by Quartr
February 28, 2024

There are 12 speakers on the call.

Operator

Good morning, and welcome to Gap's 4th Quarter 2023 Conference Call. Thank you for joining us. Please note that all lines have been placed on mute to prevent any background noise during the presentation. At this time, I am pleased to turn the call over to GAAP so that the presentation may begin. Please go ahead.

Speaker 1

Thank you, and welcome to the Lupo Deportuario del Pacifico's 4th quarter 2023 conference call. I am pleased to have from the company today Mr. Raul de Abuelca, Chief Executive Officer and Mr. Zaldia Rael, Chief Financial Officer. Any forward looking statements made during this conference call do not account for future economic circumstances, industry conditions, company performance or financial results.

Speaker 1

Please keep in mind that any statements or assumptions made are based on current factors and information that could materially change, causing results to differ from current expectations. For a complete note on forward looking statements, please refer to the quarterly report issued earlier this week. Thank you all for your attention. Mr. La Huerta, please begin with your opening remarks.

Speaker 2

Hello, everyone, and thank you for your attendance today. As we reflect on the year 2023, we reached the highest EBITDA level in the history of the company even though we faced several challenges. In the end of the overcame them, the year started at a varying currency rate as we reached historic levels in terms of passenger traffic numbers, revenues and expansion for airport areas. However, the positive start was offset by 2 main macroeconomic factors. 1 was the exchange rate fluctuation and second was the low inflation rate applicable to maximum tariff.

Speaker 2

To begin, the appreciation of Mexican pesos impacted the American airport revenue, which are in U. S. Dollars. That percentage also affected certain commercial revenues in Mexico as well as international passenger fee. In total, this affected around 20% of our total consolidated revenue.

Speaker 2

At the same time, the national producer price index, excluding petroleum, which is used to update tariffs in Mexico, remained mainly flat throughout this year. The state and state and state are below a 1% increase for the previous year compared to the inflation rates of around 6% during 2022. Cash success has increased during 2023 despite our greatest effort to remain within strict budget parameters, mainly we saw cost increases regarding maintenance, personnel, cleaning and electricity. And with passengers traffic at a record 64,000,000 passengers, we had a high expenses to maintain the quality level of service than higher number of passengers. In addition, the consumer price index in real terms has been sustainably increasing, together with a a higher minimum wage and changes in labor level, consequently, we are facing a growing challenge concerning cost, thus directly impacting our profits.

Speaker 2

By the end of 2023, we faced various challenges, starting with the passenger traffic deceleration due to the pattern within preventive engines inspections. In addition, the major challenge we faced was due to the regulatory changes and concession fee adjustments, which affected our market balance. Nevertheless, we have prioritized this issue and have engaged in strategic negotiations with our relevant regulatory bodies to navigate these changes and preserve shareholders' value to the best of our ability. It is important to mention that despite these considerable headwinds, we achieved remarkable milestones during 2020 3. Adjusted EBITDA reaches another record of ARS17.7 billion, up 9.7% compared to 2024.

Speaker 2

Commercially, 2023 was a groundbreaking year and one which we reached the highest commercial revenue in our history. Our strategic focus in the area of food and beverage, parking, retail and expansion projects is evidence of our commitment to improve the passenger experience and continue sustainable growth. We are constantly working to recognize market trends, adapt to them and make them our own. Currently, we have several expansion projects underway as part of our strategic growth initiative. This includes new layouts in the Guadalajara, Los Cabos and Puerto Vallarta airports as well as the additional mixed use building That includes a hotel, commercial spaces and corporate office in the Onehungry Airport.

Speaker 2

Furthermore, we conclude the year with a strong balance sheet, reaching ARS 10,000,000,000 in cash at the end of the year as well as a comfortable debt maturity profile with a net debt to EBITDA ratio to 1.7x. During 2023, we raised funds for capital expenses mainly aimed at the airport expansion and infrastructure improvement as well as for refinancing of the debt maturity. A maturity payment of ARS 3,000,000,000 will be due during the Q1 of 2024, corresponding to the CAP 19 bond certificate, which will be refinancing through our sustainable linked bond issuance in the coming weeks. Throughout 2023, we continue to focus on our long term 2030 sustainability strategy. The terminal processor building at the Tijuana airport obtained a Go Lead Certification, which was the first time one of our efforts was granted with this distinction.

Speaker 2

We also participate in the EDGE Certification for Gender Equality and hosted our first ever gala to benefit our educational foundation, Fundacion Gap. And during the year, we raised around ARS 9,300,000 to benefit our schools. In line with that, we extend our education program to high school grades in Guadalajara under our Tech of Monterrey program, committing to provide excellent education to our students. Moving ahead in our 2025 guidance. We anticipate a 3% to 5% slowdown in passenger traffic across our airport network due to the challenge brought on by the review of the P and W engines.

Speaker 2

With the ACS figures in our view of the aircraft that is scheduled to grounded due to the accelerated preventive inspection as well as the flight frequency and seats offerings on the various airlines. This decrease in passengers' traffic will directly lead to lower aeronautical revenues. Thus, we foresee a decrease from 2% to 4% versus 2023. However, on a more positive note, non aeronautical revenues are expected to grow from 12% to 14%. Despite the passenger traffic decrease, we are considering the development of additional business area such as the start of operation of the mixed use building in Guadalajara.

Speaker 2

The building includes a hotel, corporate office and commercial spaces. This is in addition to the opening of around 1100 parking spots. The tariffs in Guadalajara additional commercial spaces in Los Cabos and in Puerto Vallarta and in the changes in the terms of the existing contracts. We expect a 65% EBITDA margin plus or minus 1%. The contractions comes mainly from a higher concession fees in Mexican airports from 5% to 9% beginning January 2024, plus labor cost increase in Mexico of around 20% and at 40% for Jamaica.

Speaker 2

In terms of CapEx, we expect to reach around ARS 9,000,000,000 in the coming year. Along with the annual committed investment in Mexico of ARS 3,800,000,000, we are also allocating ARS 1,500,000,000 for the commercial projects, including the final phase of the mixed use building in Guadalajara, parking lot expansions and the opening of additional business lines operated directly by GAAP. Additionally, we will purchase additional line in Guadalajara to be allocated to our future expansions, which will cost approximately MXN 1,500,000,000. We also have around MXN700 1,000,000 of CapEx deployed in 2023, but that will be paid in 2024. Lastly, we plan to invest around ARS 1,500,000,000 in the projects related to the Jamaican airports.

Speaker 2

I would like to conclude by emphasizing that despite the challenge, we remain steadfast in our commitment to manage regulatory changes and sustain growth, ensuring our continued success and value creation for all stakeholders. We at Gap remain confident that the underlying fundamentals of our business remain strong. With this, I want to thank you all for your attention. We are now ready to answer your questions. Operator, please open the line for questions.

Operator

We'll take our first question from Juan Ponce of Bradesco BBI.

Speaker 3

Hi, Gatine. Thank you for taking my question. I have a question 2 questions actually on traffic and on the MDP. The first one on traffic, how are you seeing the airlines cope with this revision of Pratt and Whitney engines at least in January, December? And also, what do you think is the impact from the slot reduction in Mexico City on your airports?

Speaker 3

And on the international side, are you seeing bookings strong from the U. S. And Mexico or have you seen a moderation in this market? That's my first question. The second question would be on the MVP negotiation.

Speaker 3

I mean, I know you can't share a lot, it's still in progress, but is there any chance that it gets completed ahead of schedule because of the transition in administration? Thank you very much.

Speaker 2

Thank you, Juan. This is Raul. I mean, in terms of the traffic, one of the things that we are seeing just for these changes on the available seats due to the inspections of engines is that the airlines are looking for the more profitable routes. And what we are seeing in all our airports and in all the countries is in some way that they are moving some of the operations from domestic market to international market. For instance, if you see Guadalajara airport, for instance, on the international side, we are seeing a really remarkable increase on passengers on January.

Speaker 2

That in a big part is related with better yields and for sure the, I would say, smarter allocation the fleet of airlines taking account the lack of seats. The other part related with Mexico City Airport and the capacity for sure is an additional change that is an additional, I would say, ingredient or variable in all the things that are happening right now in the Mexican market. For sure, taking into account that some of their lands at Volales or Rivarobos are changing their biggest fleet or the fleet with a bigger number of seats Mexico City Airport and changing some of the fleet of other airports. Airports. But what we are seeing right now in our in the airports of CAP is for sure a decrease on the capacity and in the passengers' number for the routes that come or goes to Mexico City airport.

Speaker 2

But in the other hand, we are seeing really interesting trends on Guadalajara airport related with international passengers. It is important to mention that, for instance, the whole line, Coraline has their more important hub for international passengers and specifically the ones related with California market South California market from Guadalajara. So one of the things that we are seeing in Guadalajara is an increase on passengers, domestic passengers on connections to international flights in Guadalajara airport, mainly from Volaris. So that is one of the things that we are seeing. So when we talk about international markets, the ones related with VFR markets are growing really in a great pace on this Q1 of the year.

Speaker 2

Also, on leisure markets as Vallarta and Caboz, we are beginning to see that some of the new routes will come for the 2nd and third quarter. And in the first quarter, we are seeing more a flatter increase on passengers. But overall, I will remind you that, for instance, on the first month of the year, in January, we saw a 5.3% increase on international passengers, and it was really important to vote that Guadalajara airport in terms of international passengers grow 20.5%. The last part of your question related with the master development plan and the negotiation of the PMD. For sure, the Air Force Law is really clear.

Speaker 2

The authority has until the last day of the year to give an answer. We are working really together with the authority. We are working together with the airlines to get their comments about our master plan. But we could not and we will make our best effort trying to get as fast as possible the authorization, but we could not assure that the authority will take all the time that the airport loans give them to release the authorization. So I mean, we are working really close with them, but we don't have a complete assurance about how QuickCast could be that.

Operator

We'll take our next question from Stephen Trent of Citi.

Speaker 4

Good morning, gentlemen, and thanks very much for taking my question. I was curious, given your experience with Jamaica, and I know you guys have a long knowledge in that market from your visavis your Spanish strategic investor. Are you looking at any opportunities to invest outside of Mexico? Your competitor seems to be having a bit of trouble in the Dominican Republic. Would just love to get your view on high level opportunities ex Mexico.

Speaker 4

Thank you.

Speaker 5

Hi, Steve. This is Saul Villareal. As you know, we are following opportunities and we attend different meetings and conference looking for opportunities right now. We have well middle of one process for 1 airport in Caicos Island. We were already pre qualified as a bidder.

Speaker 5

So we will compete with another 4 other airport operators. That's the only active opportunity that we are now in the middle of and we will be looking for other opportunities. We are really open to see and explore any kind of opportunity. Right now it's only one.

Speaker 4

Okay. Appreciate that, Saul. And just one other question, just to help get our arms around the New Mexican Airport regulation, the way that we read the text back in October is that the government was potentially going to be more interventionist in terms of looking at tariffs and responding to concerns about tariffs. Have you seen any increased communication from the government at this juncture? Or does it and I know it hasn't been that much time, but or does it seem that the amount of inquiries and communication that you receive from the SAT is about the same as it was before?

Speaker 4

Thank you.

Speaker 2

Thank you, Steve. This is Saul. I mean, in general, I will say that the communication with the DCT still be the same than in the past. And talking about, I will say, the tariffs, we exactly are the same as the market. We could say that the LTT take for the first time the new amendment of the Annex 7 of tariffs, and they apply it just as the formula is right in the case of Fazur.

Speaker 2

So I will say that we are not seeing any kind of additional intervention or any kind of different change in the way that we communicate with the authority. But what is important to in some way evolve is that on the first time that the new annex is in place, for the case of Atur, the authority applied it and obtained an important increase on tariffs that was related with the just the full appliance of the new formula. So I would say that, that is the most important thing, that for the first time that the new formula is induced, the authority just respect

Operator

We'll take our next question from Alberto Valerio of UBS.

Speaker 6

Hi, thanks, Saul, Saul for taking my question.

Speaker 7

I have 2 on my side. The first one about tariffs, we see a discount in November December last year, 10% discount for all the 3 airports. Should we see these discounts removed from January on? And what should we expect in terms of tariff for 2024? Inflation taking inflation as a proxy would be okay?

Speaker 7

And my second question is about the MDP for the end of the year. We saw Aso closing the gap of CapEx per passenger to you guys and OMA to close to MXN 100, MXN 110 per passenger on CapEx. What should we expect for GAAP? Is there room to increase further the CapEx per passenger or should we see the same ratio that we saw in the past MDP? Thank you very much.

Speaker 2

Thank you, Alberto. First, in terms of the discounts for this year of 2024, what we you're going to see is 6% of discount in 9 of our airports that will continue, related with the package of discounts that we have for airlines, and we used to have it. But now we have made it more public, I will say that. But what we do not see is a discount of 6% in 9 of our airports in terms of the passenger fee. It is important to mention that the rest of our tariff will increase in terms of the control be applied from March 15.

Speaker 2

That implies the rest of our tariffs in Mexico. In terms of the CapEx for the next MDP, I will say that we are in line with the our historical CapEx. That will be around the MXN 100 ARS 100 per passenger. So our view today of the master airport, the top tariff airport,

Speaker 7

so if airport, the top tariff airport with the most expensive tariff airport, those ones that will remain with discount?

Speaker 5

Hi, Alberto. This is Sol. We don't have the most expensive airport so far and we are not expecting to have with the new tariff review that we will conclude at the end of the year. So we do not expect to have the most expensive airports. I think in terms of market volatility or in terms of passenger charges.

Speaker 7

No, pardon me, I expressed myself wrongly. I was talking about inside we've seen your airports, the airports of gas, those ones that will remain with the discount should be the most expensive tariffs because you have different tariffs among your airports, right? So those one with most the highest tariffs inside GAAP should be those one with discounts that we will keep for this year?

Speaker 2

Yes. In terms of the discounts, I mean, on 9 of the airports, we don't have the 6% of the discount the passenger seat, and the only one that will not have any kind of discounts will be Mexicali, Morelli and Manzanillo.

Operator

We'll take our next question from Pablo Montalffy of Barclays.

Speaker 8

Hi. Thanks for taking my question. Kind of a follow-up on previous question. In summary, what is your expectations on how close you expect to be this year relative to your maximum target? So you're expecting to be 97%, 96% having in mind all the discounts that you are talking about?

Speaker 8

Thank you.

Speaker 5

Hi, Paolo. This is Saul. It's fairly early to know. Obviously, the discounts offer in positive charges will affect the fulfilling of the maximum tariff. It will depend also in terms of inflation regarding the tariffs, which is the producer price index less petroleum.

Speaker 5

So we have a range of between 94% to 97% for this year.

Speaker 2

So depends a lot also, Pablo, this is Saul. As Saul mentioned, for sure the inflation, but also the exchange rate for international passengers. And in the other part that is important that also give us a bigger fulfillment is in the case where the domestic market grows in a lower pace than the international market, we could get a better fulfillment because, as you remember, the passenger fees for international market are higher than the domestic markets. So we are really early in the year to have like all these macroeconomic trends in the blend. So for the moment, we are seeing this, the rates that Saul mentioned.

Speaker 2

But I mean, we should be really keep a nice, really close to these macro trends to see if the fulfillment could be higher than we expected.

Speaker 8

Okay. And just sort of a follow-up. Can you tell us what is your inflation expectations that you are incorporating in the specific tariffs that are not from Dua?

Speaker 5

Yes, Pablo, the inflation applicable for specific tariffs is, as Raul explained is consumer price index is 4%, for the maximum tariff that we are expecting is 1.5%.

Speaker 8

Okay. Awesome. Thank you very much.

Operator

We'll take our next question from Juan Maccayso of GBM.

Speaker 6

Hi, guys. Thanks for taking my questions. My first question is regarding capital allocation. You mentioned in your report that you have proposed extraordinary capital reimbursement. Should we see this as the annual dividend or is there room for us a dividend?

Speaker 6

And also buybacks, are you planning a new buyback for 2024?

Speaker 5

Hi, Juan. This is Saul. As we announced in our press release, we the Board of Directors approved a payment of MXN 13.86 per tonne share as a capital reduction in favor of our shareholders, and it will be submitted to the approval of the extraordinary general shareholders meeting that will be held in April 2024.

Speaker 6

Yes. Should we see this as annual dividend or is there maybe another dividend?

Speaker 5

No. That's for now, it's the only amount approved by the Board of Directors and that's the only payment to be distributed to the shareholders.

Speaker 6

All right. That's great. Thank you. And just one quick question. We saw ASEUR decrease both technical and SME along with its MDT.

Speaker 6

Has this been part of any of your conversations in any way so far?

Speaker 9

We couldn't understand you. Can you repeat the question, please?

Speaker 6

Yes. We saw Azure, the 3 year technical occupancy along with its MVP. Have you been in talks of this option in any way?

Speaker 2

Thank you, Juan. I mean, right now, as you know, we have an agreement with our strategic parent. For the moment, we will continue with that with the agreement that we have. But for sure, we will continue evaluating which are the best options for the company. But for the moment, I could tell you that we are evaluating the options for the company.

Operator

We'll move next to Isabella Salazar with GBM.

Speaker 10

Hello. Thank you for taking my question. I was wondering if you could give us some details about the Jamaican concession regarding the economic rebalancing. Has it already been done? And also in terms of commercial projects, how are these contributing to the overall results or when did they start contributing?

Speaker 10

Thank you.

Speaker 5

Hi, Sabella, this is Saul. Well, we are continuing with conversations with Jamaican authorities. We have a very well agreement, but the process in Jamaica is very long. They will have to pass through the Parliament for different approvals. So we wait.

Speaker 5

We are expecting to have this rebalancing process to conclude at the end of this year. They announced that as probably in the second half of this year. That second half could be from July to December. So we are we don't have any certainty about this. So we will have to wait and to see if it's possible to pass through these approvals, pass through the Parliament.

Speaker 5

Well, regarding your second questions about commercial projects, as we mentioned, we will have the opening of the mixed use building in Guadalajara, which is very interesting integrating the hotel, 180 rooms of hotel, corporate offices and retail area, commercial area integrate to the airport, to the terminal and to the parking lot. We are also opening additional spaces, spots in the parking lot. So that will be ready and it will start in April 1. In the other hand, we already have the Terras in the Guadalajara airport, which is a very nice and very large area of commercial food and beverage that will contribute with the commercial revenue increase as we announced in our guidance, even though that decrease is expected in terms of passengers, we will have a relevant increase in terms of commercial revenues.

Speaker 2

And just about the timing of these openings, as I will mention, the hotel, the mixed use building will be being operation on April 1. But then the parking lots on we're going to have some opening in Guadalajara, we have an opening in the summer and a second stage for the end of the year. But at the end of the year, we will have at least 11,000 additional spots for Guadalajara. That means an increase of almost 100% of spots. So for sure, that will give us an important boost on the parking lots revenue for mainly for the coming year, but it is really something important to have in mind.

Speaker 2

And the last, in terms of the tariffs, today, we have an important number of food and beverage companies that are already operating. We did all the area and all the different spots are already begin to build. Around 70% of the spaces are already operating from this January. But the area or all the new commercial layout of Guadalajara airport will be fully put it in place and fully deployed for August of this year. For that moment, we will begin to see in our revenues the all the full impact or the full additional revenues that will come from that additional layout.

Speaker 2

But I will say that what we are expecting for the coming months is that the trend that we have of the last quarter of the year that was an increase of commercial revenues in a high double digit will continue for the next quarters. And as we say on the call, our guidance for the full year of the non aeronautical revenues will be to close with that increase of revenue from 12% to 14%.

Operator

We'll take our next question from Federico Gallaase of TSG.

Speaker 11

Hello, guys. Saul, Raul, Alex. Congrats for the results. Just two questions. The first one is related continue with the commercial revenues.

Speaker 11

In the line of car rental, you have a big increase. This is a number if you want that should maintain, there is more room to grow here. And this is a fair question.

Speaker 2

Thank you, Federico. I mean, for sure, we have a really interesting growth on commercial revenue in the line of the car rentals and was due mainly to the bidding process of Los Cabos Airport. But I will tell you that for this year also, we have a possible excellent news that we are expecting an increase also related with the bidding process for our Guadalajara airport. So at the end of the year, we are expecting for that specific line that double digit growth will continue for this 2024.

Speaker 11

Great. Thanks, Saul. And the second question is more related to the COGS side, in particular, in the cost of employees and maintenance that's again a big chunk year over year, in particular if we see against revenues. What can we expect for this year in particular, we have the increasing minimum wage in January. There are people or the government talking about the increase change in the labor hours.

Speaker 11

How should you view in these two topics?

Speaker 5

Hi, Federico. This is Saul. Obviously, we have faced a lot of pressure in terms of the increase in salaries, not only in our general airports in middle of the country, but also in the Board, airports like Mexicali and Tijuana, the 20% increase in minimum wages is affecting in general the contributions, the social security and also in terms of benefits to the employees. So it also affects the security and cleaning that is related with the personnel hired by the 3rd party suppliers and it's also affecting in terms of maintenance. We will try to look for our cost control in all the year in 2024, but there are some effects that will be impossible to control.

Speaker 5

As you know, we try to maintain the cost per passenger very efficient, and we will try to maintain that. Considering that for this year we are expecting a decrease or at least a decrease in passenger traffic for between minus 3%, minus 5%. So it is an important point. It is complicated. It will be worse in case that change in labor law in terms of the reduced journal from 48 hours to 40 hours.

Speaker 5

That will represent around 20% to 25% increase in terms of headcount for the company. So right now, we are facing trouble, certain troubles to hire people in all our airports, in all lines of the headcount. And if that change past, we will have several problems for hire additional people.

Speaker 11

Okay. Changing the labor hours, if the project could go ahead and that could be the impact for the operations?

Speaker 2

The impact for operations, no,

Speaker 5

we do not estimate an impact of operations for this, but we will see a significant increase in terms of cost.

Speaker 2

Yes. The pressures that are related cost, not necessarily the operation. As I would say, there's a low or a change in a labor law in the table of the Congress related with the today, we have 48 hours labor week in Mexico. The proposal on the Congress is to bring it to 40 hours per week. If that happens, if that low retention level will happen, for sure, it will have an important impact in the number of the headcount of our airports that we will need for continuing our operations.

Speaker 2

But again, ESA is seeing some of the different changes that the Congress might have in the table. We don't know, we don't have the assurance that this will happen or not. But for sure, it's, I would say, a change of the structural cost of the company, not just for GAAP, but for all the companies in Mexico if that law is approved by the Congress. So we're going to keep an eye on what that on how that deal flow could move. But as Saul said, there will not be impact on the operations, but for sure, it will be additional pressure for our cost on the tariffs of personnel.

Operator

At this time, I would be happy to turn the call over to Alejandra So to.

Speaker 9

Thank you, Leo. We have a question from Itau from Alex Fush in the webcast, and he is asking 2 different questions. First, what is the company's strategy to try to mitigate some of the pressures in salaries, if you can? Yes.

Speaker 2

Thank you, Alejandro. I mean, for sure, we are as you know, some of the DNAs of GAAP has been really disciplined on the management of our cost. We are working to continue given the best possible services to our passengers and taking or bringing to the company additional technology that will give us the opportunity to bring additional efficiencies to the company and to the operation. So one of the big or the key points that we are trying to deploy on this year is that we'll not hire additional headcount with exception of the new business lines directly operated by us as could be the hotel. That will be, for sure, our first effort in some way to freeze the growing headcount for the company.

Speaker 2

And for sure, as soon as the passengers after all these prep and Grenadineas program will continue to grow in the future, Our idea will be to try to freeze all that headcount and in some way bring additional efficiencies to the company and for sure to the margins of the company. But the first idea and the way that we are working right now is to try to bring additional technology to the company, trying to avoid any additional increase on the headcount for the coming years.

Speaker 9

Thank you, Raul. And the second question from Alex Fush also. If you can share your expectation for the tariff and the CapEx for this renegotiation of the MDP.

Speaker 2

I mean, we will continue the same line that we have talked in the past that we think that the negotiation will be 0% to 5%. For sure, there are a lot of things moving in the middle. All the pressure on cost of salaries in some way should be necessary to reflect in the projections of the master plan. But also, we really need to have a fully understand what will happen in terms of the passengers, how in some way the full recovery of the market from the BMW engines problem. So I will say that we keep our original target of 0% to 5% in terms of the increase of the maximum target for the company.

Operator

Very well. We'll return to a follow-up question from Juan Ponce of Bradesco BBI.

Speaker 3

Just on the 6% discounts in the 9 airports, just wanted to confirm how long will these discounts be in place?

Speaker 2

For all the 12 months of this year, Juan.

Operator

And there are no further questions at this time.

Speaker 2

Thank you very much for your attention. Before I conclude, I want to mention that the GAAP Day 2024 event is coming up and will be held at the Guadalajara airport on April 10, 2024. We hope you can join us for a morning of management presentation and a guided tour for all our neuro innovations and expansions taking place in the airport. Please contact our Investor Relations team for more details. Thank you.

Speaker 2

Have a wonderful day.

Operator

This does conclude Gap's 4th quarter 20 23 conference call. You may now disconnect. And everyone, have a great day.

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Grupo Aeroportuario del Pacífico Q4 2023
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