Good day, ladies and gentlemen, and welcome to ASUR's first quarter 2022 results conference call. My name is Orlando, and I will be your operator. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of today's conference. If you would like to ask a question, please press star followed by one. If you want to withdraw your question at any time, please press star followed by two. If you are using a speakerphone, please lift the handset before making a selection. As a reminder, today's call is being recorded. Now I'd like to turn the call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.
Thank you, Orlando, and good morning, everyone. I hope you enjoyed the recent holidays with your family and friends, and you're looking forward for more such occasions now the pandemic appears to be ending. Additional details about the quarter results can be found in our press release, which was issued yesterday after market close and is available on our website in Investor Relations section. Let me remind you that certain statements made during the call may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control, including the impact from COVID-19. Starting with the annual ASUR shareholders meeting, two dividends were approved last week.
In addition to an ordinary cash dividend of MXN 9.03 per share, we are also paying holders of ASUR's Series B and BB shares an extraordinary dividend of MXN 6. Both dividends will be paid in a single installment on or after June 3 this year. This represents MXN 4.5 billion payment. Before we move on to a review of our results, let me also note that we recently published our 20th report and the 2021 sustainability report. Through the COVID-19 pandemic, we used the time as an opportunity to reflect and determine where we could best improve ASUR's ESG performance for the benefit of the company and all of our shareholders. We decided that the most significant group-level strategic objectives that should be implemented in the short and medium term as follows. Establish a board-level sustainability committee.
Setting a target for emission reductions and energy efficiency, including the installation on both on-site and off-site solar panel generation. Supplement our water consumption with systems that capture and use rainwater. Promote greater diversity on our workforce and on the company's board. Ensure equal compensation between genders. It's important to note that all of these objectives were presented and approved by ASUR's board. To help ensure that incentives are aligned with the ESG goals and commitments, 5%-15% of the annual performance bonus of the executive officers who have ESG responsibilities is based on them meeting their ESG targets. Our long-term objectives include achieving carbon neutrality by 2030, with 95% of energy sourced from clean, renewable sources. Notable improvements to ASUR's governance includes the above board. These are just few meaningful ESG improvements we are making.
I invite you to read our sustainability report to learn about many others. Now moving on to a review of our operational financial results, together with some color on traffic demand during the quarter. Starting with passenger traffic, total traffic was up over 70% year-over-year and surpassed first quarter 2019 levels by nearly 9%, reaching close to 15 million passengers driven by growth across the three geographies. While the Omicron variant mainly impacted traffic in Mexico, Puerto Rico, and has slowed the pace of recovery in January, we saw better performance starting in the second half of February. Again, this quarter, Colombia posted the strongest recovery, exceeding first quarter 2019 traffic by 30%, with similar growth rates for domestic and international travel.
Puerto Rico also performed well with traffic up nearly 4% against first quarter 2019, mainly driven by 7% increase in domestic traffic, while international traffic continued to improve gradually, reaching 17% of the first quarter 2019 levels. Traffic in Mexico first quarter 2019 beating levels by slightly over 3%, driven by similar growth rates in both international traffic and domestic traffic. Domestic traffic at Cancún Airport increased nearly 10%, while international traffic was up middle single digits, supported by the harsh winter season in North America and continued recovery in the European passenger traffic, particularly in the second half of the quarter as concerns of Omicron subsided. We are also seeing a recovery in European passengers, although somewhat damped by the Omicron variant.
However, it remains to be seen how the war in Ukraine will impact Europe's economy and the rest of the world. Although the rate at which Mexico's economy recovers is low at this time, we expect domestic traffic to continue its gradual recovery. The lifting of other countries' travel restrictions and their own economies' recovery also expected to benefit our Mexican airports. As noted in prior calls, business travel is expected to lag the recovery in leisure. Therefore, we expect traffic at our Mérida, Veracruz, Minatitlán, and Villahermosa airports, which were an average of 18% below 2019 traffic levels this quarter, to recover at a slower pace.
In short, we remain cautiously optimistic about global travel demand, and if travel is not hindered by a fourth wave or higher jet fuel prices or other forms of inflation, we expect passenger traffic to reach 2019 levels by the second quarter this year. Looking at our balance sheet, we maintain a strong capital structure and a healthy debt maturity profile. We ended the quarter with cash and cash equivalents of MXN 9.7 billion, nearly 14% above December 2021 levels. Mexico and Colombia contributed with MXN 1.7 billion and MXN 328 million in cash, while Puerto Rico reported an MXN 824 million decline in cash position.
Net debt to last twelve months EBITDA was 0.3 times at close of the quarter, with interest coverage at 9.2 times. Only 3.4% of the principal debt payments are due later this year. Accounts receivables were up 22% year-on-year, an increase over 100% in Mexico reflects increased business traffic activity, and partially offset by declines of around 90% and 10% in Puerto Rico and Colombia. Moving now to the P&L, starting with our top line. Revenues ex construction increased 90% year-on-year, reaching MXN 5.2 billion in the first quarter, and were up 31% when compared to first quarter 2019. Driven by growth in aeronautical and non-aeronautical revenues.
We saw improved performance across geographies, with Mexico accounting 71% of the total ex-construction revenues in the quarter, Puerto Rico 17%, and Colombia 12%. Commercial revenues increased 92% year-over-year, driven mainly by the 87% recovery in passenger traffic, with increases of 180% in Mexico, 53% in Puerto Rico, and nearly 82% in Colombia. Commercial revenues per passenger reached MXN 121 in the first quarter, out of the MXN 108 reported in the first quarter 2021 and MXN 105 in first quarter 2019. By geography, commercial revenues were in the range of MXN 146-MXN 149 in Mexico and Puerto Rico and MXN 41 in Colombia.
We also saw an improvement in traffic mix this quarter, with a share of higher-spending Europeans back to levels observed in 2019 and with the continued growth in the U.S. tourism. The share of domestic traffic returned to 2019 levels, but the major difference is that the number of Canadian travelers is still far below pre-pandemic levels. Operating expenses and ex-construction were up 30% year-over-year and just 5% higher when we compare with first quarter 2019 levels. This was significantly below that of the 91% and 31% increase in revenues ex-construction when compared with first quarter 2021 and first quarter 2019. In Mexico, ex-construction increased 37% year-over-year, mainly due to the higher technical assistance and concession fees resulting from higher revenues and EBITDA, along with the higher cost of services.
Higher cost of sales from directly operating stores are also contributing to the increase in costs, as many passengers are buying meals to go at our convenience stores instead of going to the restaurants. Compared to first quarter 2019, operating costs and expenses ex-construction were up 26%, with revenues ex-construction up 33%. In Puerto Rico, costs were up 21%. The quarter benefited from a MXN 9.5 million higher reimbursement of expenses on the Coronavirus Response and Relief Supplemental Appropriations Act when compared to the recovery in expenses under the CARES Act in the same quarter last year. When compared to the first quarter 2019, comparable costs were down 20%, while revenues increased 12%. Finally, expenses in Colombia increased 23% year-on-year, mainly driven by higher concession fees from higher travel activity.
Compared to the first quarter 2019, revenues were up 39%, while costs declined 9%, both ex-construction. With regards to profitability, consolidated EBITDA was up 130% to MXN 3.7 billion, with increases across countries' operations. Mexico posted a 149% increase in EBITDA, reaching MXN 2.8 billion, while EBITDA increased 41% to MXN 502 million in Puerto Rico. EBITDA increased 239% to MXN 253 million in Colombia. Compared to the first quarter 2019, EBITDA increased 38%, with increases of 38% in Mexico, 19% in Puerto Rico, and 95% in Colombia. Driven by passenger traffic growth, increased commercial revenue per passenger, higher fares, and operational leverage.
Adjusted EBITDA margin ex-fuel reached 71% this year, above the 59 posted in the first quarter 2021, and the 68 achieved in the first quarter 2019. By country of operations compared to the first quarter 2019, adjusted EBITDA margin expanded 119 basis points in Mexico to nearly 76%, and by 18 percentage points to 62% in Puerto Rico, while Colombia saw a 30 basis points contraction to a slightly over 57%. In terms of CapEx, we invested a total of MXN 316 million in the quarter, mainly in Mexico, to a lesser extent in Puerto Rico and Colombia. Let me provide an update of the key projects. Expansion of the terminal building in Mérida remains on schedule with the third phase of the project that we expect to conclude by the year end.
At Cancún Airport, we are working on the first phase of the Terminal 4 expansion that is scheduled to be completed by year-end. This phase entails adding two boarding gates on the international front. Finally, in Mexico, the terminal expansion at Tapachula should be completed during the second quarter. In Puerto Rico, we continue with major maintenance repairs to runways and taxiways and the remodeling of Terminal B. This concludes my remarks of the first quarter results. Orlando, please open the lines for questions.
Thank you. Again, to the audience, it is star then one for questions. Again, please make sure your mute function is turned off or the handset is picked up before pressing the corresponding digits. All right, we'll take our first question from Alan Macías with Bank of America. Please go ahead.
Hi, good morning, Adolfo. Thank you for the call. Just one question on EBITDA, adjusted EBITDA margin. Do you see these levels as sustainable going forward? If I may, just another question on the new Mexico City airport. Are you seeing more activity seeking new routes to ASUR's airports? Thank you.
Hi, Alan Macías, and good morning, and thank you for your questions. Well, in terms of EBITDA margin, you know, we don't like to talk about margins because costs and revenues are independent. If we believe that the recovery process is in progress and we will have more passengers going forward with the same base cost as we have for last year, of course, margins will expand. It is clear for everybody that inflation is going up. Mexico is not the exception. The inflation here is really strong. Of course, we will have to adjust some of our costs going forward. In terms of the new Mexico City, as of today, we have three routes with that airport. That is the case of Villahermosa, Mérida, and Cancún.
Mérida and Cancún are working really well in terms of load factor, which is not the case of Villahermosa. Apart from these, I do not expect any other in the short term.
Thank you.
You're welcome.
Okay. Our next question will come from Alejandro Zamacona with Credit Suisse. Please go ahead.
Hi, Adolfo. Thank you for the call. Quick question. Looking at the capacity plan by airlines, it seems that for this year there is still a pent-up demand from international market for Cancún, mostly from U.S. and Canada. I was wondering how airlines or leisure travelers, at least you have been seeing they are reacting to the safety issues that we have recently seen in Cancún.
Hi, Alejandro. Well, so far we have seen a very strong demand from the U.S. and Europe. In the case of Canadians, as I said before, I believe we lost them for this winter season, and I believe they're gonna be back to the first quarter to the 2019 levels up to the next winter season, which will be November, April, next year. That is the only region that is still pending. In terms of the others, we are seeing very strong demand.
Okay. You haven't seen any drawback from capacity plan amid these safety issues, right?
No. You just have to see the numbers.
Okay. On the MDP negotiation, I know it's kind of early, but do you have any expected timing for the outcome? Mostly assuming that the last negotiation in 2018-
It was finished six months earlier. Also in the MDP, if you have any preliminary expectations for the regulated return, I mean assuming the recent increase in rates?
Well, it's, you know, it's too early to tell anything about this. We're in the process of constructing the proposal that we will deliver to the government at the end of this year. Negotiation will be in progress next year.
Okay. Thank you, Adolfo.
You're welcome.
All right, up next, we will hear from Francisco Suarez with Scotiabank. Please go ahead.
Thank you for the call. Adolfo, good morning. Two questions on your balance sheet. One, what triggered the increase in restricted cash in the quarter was considerably high. Secondly, on your accounts receivables, any write-offs on accounts receivables that have been implemented in the quarter or that you may expect or perhaps the way around, I mean, potential reversals to provisions? Thank you so much.
Okay. The restricted cash increased significantly. Well, significantly means $50 million of these were some guarantees that had to be in place for the bonds of Puerto Rico since 2013. These guarantees now are supported by the company, so that is why you saw that increase of around $50 million. In terms of the accounts receivable, we are not concerned about that. The only problem, as I have mentioned several times, is the case of Interjet. I don't believe they're gonna pay us, they owe around 33 million MXN, which all of it has been discounted.
Okay. Thank you so much. Take care.
You too.
Up next, we'll hear from Guilherme Mendes with JP Morgan. Please go ahead.
Adolfo, good morning, and thanks for taking my question. A follow-up question in terms of traffic, if you could provide a little more color in terms of what you expect in Puerto Rico and Colombia, having seen some different trends in these two regions. If you could provide some additional information on what to expect going forward.
Yes, of course. In the case of Colombia, again, I'm really surprised at what we are seeing. Colombia has been extremely strong over the last five months. Of course, it's important to remember that Colombia was closed, the whole country was closed for aviation during six months. I don't know if what we're seeing today is the effect of those six months that were closed. For the moment, we're happy to see these numbers, and it continues to be very strong, even though some of this traffic is business traffic. In the case of Puerto Rico, I have said that before. We should be expecting a normalization in the future. Of course, for the moment, we're happy to see that they are surpassing what we were expecting in terms of the first quarter 2019 levels.
Going back to Puerto Rico, they should be growing between 1.5%-2% a year. By now, they should be 106, 107, and they are better than that.
Okay, pretty clear. And just another follow-up question on your MDP. Based on your current MDP, just to double-check, if you have already fully implemented the tariffs, already in the first quarter of this year, should we expect additional increase over the coming quarters?
The average maximum tariff during the quarter was MXN 245, which is the lowest in the case of the Mexican airports. We have not been able to recover the MXN 99.8 maximum tariff compliance yet. We will expect to capture some of these in the coming quarters.
Okay. Very clear. Thanks, Adolfo.
You're welcome.
Our next question will come from Rodolfo Ramos with Bradesco BBI. Please go ahead.
Good morning, Adolfo. Thank you for taking my question. It's a follow-up on the MDP question. Just wanted to see whether, you know, you're expecting in this preliminary submission or this early in the process, are you expecting to incorporate the potential impact of Tulum. I mean, we will really not know the full extent of the impact until probably after your MDP is concluded. But just I wanted to see how are you expected to approach the potential impact for Tulum. Then I have a second question if I may.
Okay. We are constructing, again, our draft that has to be delivered by the year-end to the government. Of course, we are expecting the airport of Tulum to be concluded by the end of 2023, as that's what the government has said. Some of the effect of these, of course, will have to be seen in the next MDP.
Okay. Thank you. Just a follow-up on your ESG efforts, and you mentioned that you have installed solar panels across several of your airports. I just wanted to see how the recent moves on the energy sector could impact either operationally or the profitability of these panels. I'm not sure if you hooked up to the CFE's line and if you have to buy back or how does that work? Thank you.
Well, Rodolfo, what we are installing in our airports and actually in the case of Cancún and Mérida will not have any impact on what you have seen in terms of the initiatives or the electricity law.
Okay. Just a last one, if I may, on traffic recovery. I mean, as we've gone out of the holiday season in Mexico, how are you seeing the more business-oriented routes behaving? I don't know if you can quantify that. You know, perhaps what you anecdotally think is perhaps more business-driven, even at Cancún, whether it's expos, conferences. I mean, as we come out of this more leisure-intensive season, how are you seeing the outlook for more business-oriented travel?
Well, the business traffic that we have in the company is basically related to the airports I mentioned. As you can see there in the quarter, those were 18% below first quarter 2019 levels. It's improving, but the improvement is really low. That is why I believe those are gonna be able to recuperate the pre-pandemic level up to the year end of maybe next year. It's better, but it's really low.
Thank you, Adolfo.
You're welcome.
Next, we'll hear from Felipe Nielsen with Citigroup. Please go ahead.
Hello, everyone. Thanks for taking my question. I'd like to have a follow-up. I have a follow-up question about the concerns on traffic in southern Mexico that was already asked before. I wanted to understand better how is the mix of leisure travelers profile in this region, and if it has changed in this quarter, and how is it going to be looking forward?
Felipe, thank you for your question. If you want to see the passenger mix results, you can go to the 20th report and you will see how it was for last year. In the case of the first quarter in comparison of pre-pandemic levels, the only missing part is the case of Canadians. Apart from that, everything is working really well. With, I would say extraordinary growth from the case of the U.S. probably going forward once everything is open, or we can say if the pandemic is over, probably the U.S. will use some other places in the world, and we will see a decrease in the case of the traffic. So far it has been very strong or still very strong, and that's why we believe that we will have a nice summer.
Great. Regarding the travelers profile, do you see more, like families and family with children, going to those places? Or do you see any changes in the profile, like other kinds of people, like single people or other profiles, going to those places?
The only change we have seen is less older people and that is resulted from COVID-19 concerns.
Okay. Thank you very much.
You're welcome.
Our next question will come from Juan Pablo Macedo with GBM. Please go ahead.
Hi. Thanks for taking my question, and congrats on the results. My question is regarding the new commercial spaces you opened in Puerto Rico and Colombia. Do you expect to maintain the pace of these expansions, and do you have an estimate of the impact it could have in commercial revenues?
Hi. Good morning. Well, thank you for your words. The case of Colombia, if you remember when we got the shares of this company back in 2017, we said that between 3-4 years to really explore the full potential. Now, of course, the pandemic was in the middle of these, and I have to say with what you are seeing in the report, that we didn't lose the time of the pandemic. We took advantage of this, and we made very good negotiations in the case of Colombia. That is why you are seeing a lot of new spaces there.
There are some that are still pending that are coming, but probably by year-end, we will be able to say that we have done what we expected originally in our plan back in 2017. In the case of Puerto Rico, it's business as usual. Nothing relevant to say.
Okay, great. Thanks.
You're welcome.
Next, we will hear from Gabriel Himelfarb with Scotiabank. Please go ahead.
Hi, Adolfo. Good morning. Congrats on the results. Just a quick question. I have been reading and hearing through social media and several newspapers that islands in Quintana Roo is increasing strongly. I heard that in more close to the Bacalar region and Chetumal. It's highly unsecured, even there are some communities that they drop off the police. Can you give us a bit of color of what you have been hearing, what you have seen in the Quintana Roo state, specifically about and how can it impact the traffic, the general traffic of the foreigners, international traffic? Thanks.
Well, of course, what we're seeing is not what we like to see. What I have to say is that the government, the state government and also the federal government are or have improved a lot on these events. Most of the people who have done something wrong over the last couple of months have been caught. The security there have improved in terms of the reaction of the state government and the federal government. So far, it will be in terms of numbers. We of course will not be able to find what is the real impact on our traffic, but so far the numbers are doing well.
Okay. Thank you. Just a quick follow-up question. You said that maximum tariffs were about 99.8%, and the remaining in the coming years, especially in the coming quarter. That's right?
No, what I said is that we were not able to reach the 99.8 maximum tariff compliances that we had before. No. What I'm saying is we are gonna catch up in the coming quarters. The maximum rate for the quarter was 245. If you compare that with what we had in the first quarter before the external maximum tariff process was around 220. That is improvement, so we have not reached yet the 99.8 or the 17% increase that we got last year.
Okay. Thank you. Thank you for clarifying.
You're welcome.
Up next, we'll hear from Lucila Gómez with Compass Group. Please go ahead.
Hi. Good morning. I have two questions. My first question would be, now that we're seeing a normalized traffic, should we expect to see a ramp up in costs? Meaning, is it sustainable to continue with current cost controls, or will it be necessary to increase them eventually?
Well, hi, good morning. As I said, yes, we will have to increase some of our costs due to the inflation that we are seeing in Mexico and the rest of the world. In terms of the amount of cost, yes, you will see some increase in the future.
Thank you. My second question would be, considering sales, in terms of sales, are you currently giving any incentives or discounts to stores and restaurants, now that they're improving, or are there none anymore?
I was not able to hear what your question was. Could you repeat?
Right. In terms of sales on the non-aeronautical side, are you currently giving, for example, discounts to stores and restaurants in the airports, or do you not have any anymore?
No, we are not providing any discount to them due to the way that we collect. Normally we collect a minimum, the higher between a minimum guarantee per passenger or a percentage on sales. That is why we do not have to give discounts to them. In that sense, if there is no passengers, the guarantee is zero. Also, that is why we didn't have to renegotiate all of these contracts. We are not providing any discount to them.
Got it. Thank you.
You're welcome.
Okay. Up next, we'll take a question from Javier Gayol with GBM. Please go ahead.
Hi, Adolfo. Thank you for the call and congrats on the results. I'm sorry if this question has been asked and answered, but I'll try analytically. I just wanted to understand regarding the airlines and how are you seeing them react to the tariffs increase. Is there any backlash from them? Have you seen them reluctant to opening routes? I just wanna understand, what's the-
How does the picture look for the airlines given the recent hike in fares, even though, as I understand, absolutely among the lowest of the groups? But just to get your sense on that would be very helpful.
Well, we have not seen any let's say comment or criticism from them. We are the cheapest by far in the case of Mexico. You can see that with the maximum rate of GAP and OMA, and also with what we have to pay for the case of Mexico City. We have the cheapest airports in Mexico, and I would say with high quality. In that sense, we have not seen any comment or rejection from the airlines.
Great. Thanks, Adolfo. Regarding new routes coming on, what are you seeing? Is the security level still an issue for Mexico, or is that something that airlines are not looking into?
Well, you know, as I said, we don't like to see what we are seeing. The only thing that is a positive thing is that the state government and the federal government are reacting very fast on the recent events. I hope that this will diminish the situation in the case of the southeast region.
Yeah, that's very secure. Thank you, Adolfo.
You're welcome.
Up next, we'll have a question from Pablo Monsiváis with Barclays. Please go ahead.
Hi, Adolfo. Thanks for taking my question. Just want to have more information on your take on how inflation will be reflecting more strongly on cost. I see that there is a lag to the current inflation to what we have seen in your numbers. Can you please explain to us how is the lag working, and when should we see this higher cost going forward? Thank you.
Okay. Well, let me go to the case of personnel in the case of ASUR. Once the pandemic was here, we put the brakes on all the expenses. On the case of personnel, we stopped salary increases, canceled bonus, not filling vacancies, et cetera. That has been adjusted as from this quarter. Some increases in salaries were there. We paid some bonus from the results of last year, and we start filling some vacancies. That's why I'm saying, inflation effects will have to be seen in the coming quarters.
Okay. For example, in the contract that you have with security personnel on maintenance, should we expect the inflation to hit this year or next year? How do you-
Well, that is adjusted every when the contract is finished, normally they adjust with inflation. It is not one contract for the whole company or for the nine airports in Mexico or now in Puerto Rico and Colombia. It's happening as we speak.
Oh, perfect. Thank you very much.
You're welcome.
All right. Up next, we'll hear from Alan Macias with Bank of America. Please go ahead.
Hi. Just two follow-up questions or two more questions. On Mexico's aviation safety rating, can you give us any insight into the efforts Mexico is having to recover category one and if you see any timing for this recovery? The second question would be on the people, the technical people that review and approve the master development plan. Have there been any changes in the people that do the actual technical review and approval? Thanks.
Well, Alan, to be honest, I don't have any insights in terms of the category one. I have probably the same kind of information that you have, which is the newspaper, where the Mexican government is saying that they will recover this in the second half. Volaris has announced a new flight or that they're willing to have a new flight from AIFA to L.A., and that will not occur if they do not recover the category one. That's what I can say to you. I don't have any insight there. In terms of the people that review all these, I would say more or less is the same as we had before. No major changes, we have seen on this.
Thank you. Great.
You're welcome.
Up next, we'll take a question from Giovanni Bisogno with Santander. Please go ahead.
Hi, Adolfo. Congrats on the results. Two quick questions, if I may. The first one is, could you give us a color on what the government of Quintana Roo is doing to gain control of the security of Cancún? The second question is about the traffic. We saw a couple of weeks ago that local news that Cancún is now on the top ten busiest airports considered on international passengers. Now that the travel restrictions are more flexible around the world, should we expect accelerating traffic, especially coming from the U.S. from now on? Thanks.
In terms of the security, they are improving a lot. The C-5, which is the security center in Cancun, has made a lot of investments and they have a lot of cameras all around the area. That has helped a lot on the reaction of these recent events. That Cancun was the tenth largest airport in the world last year. That was because some of the airports were affected or more affected by COVID-19. We will not remain as the tenth largest airport in the world this year. That's for sure.
Okay, thanks.
You're welcome.
Now we'll take a question from Fernanda Recchia with BTG. Please go ahead.
Hey, Adolfo. Congrats on the results. Just quickly here on my side. We saw that you closed with a very considerable leverage during this period. I was wondering if you could comment on your intention to diversify your revenues outside the region you already operate. You have Barbados airport auction in this year. Could you comment on your potential participation on this auction or any other auction? Thank you.
Hi, Fernanda. No, we do not have anything significant to tell about auctions, and we are not participating in any today.
Okay, thank you.
You're welcome.
Again, to the audience, it is star, then one for questions. That concludes the question and answer portion of today's conference call. I would like to turn it over to Mr. Castro for closing remarks.
Thank you, Orlando, and thank you everybody for participating in our first quarter results conference call. On behalf of ASUR, we wish you a good day. Goodbye.
Ladies and gentlemen, that concludes ASUR's first quarter 2022 results conference call. We would like to thank you again for your participation. You may now disconnect.