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Grupo Aeroportuario Del Pacifico, S.A. de C.V. (PAC -1.27%)
Q1 2020 Earnings Call
Apr 30, 2020, 1:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to GAP's First Quarter 2020 Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Maria Barona of i-advize Corporate Communications. Please go ahead.
Maria Barona-Squilanti -- Managing Director at i-advize
Thank you, and welcome to the Grupo Aeroportuario del Pacifico's first quarter 2020 conference call. Today, from the Company, 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. These do not account for future economic circumstances, industry conditions, the Company's future 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 issued yesterday.
Please note, that unless stated otherwise all comparisons in this call are versus GAP's results for the comparable period of 2019.
At this point, I would like to turn the call over to Mr. Revuelta for his opening remarks.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Thank you, Maria, and thank you to everyone who took the time to join us for today's conference call. I hope you and your families are healthy and safe during these challenging times. Today, I will start by addressing the impact of the COVID outbreak on our operation. After that, I will discuss some of the initiatives we are taking to protect both, passengers and employees. I will also discuss the measures we have implemented to lessen the financial and operational impact of the pandemic in our business. And then, I will briefly review financial highlights for the first quarter of the year.
As you all know, this pandemic is an extraordinary situation and one that is evolving rapidly each day. As such, we must remain flexible and open to making changes to our operations, taking on new measures and listening to others. Like any other health crisis in the past, the aviation industries are hit. In the past, we have seen that it could have take longer than other industries to recover, due to the fear of traveling and being in large groups of people or family together. But at GAP we are committing to doing our part to not only lessen the spread and protect employees and passengers, but once operations reinitiate more normally to ensure that we're following the proper protocols and guidelines per the proper health authorities.
As it stands now, as a company and as an industry, we have no clear picture of the severity and the length of the pandemic. However, we are trying to mitigate the impact as much as we can. Potential scenarios from aviation consultants and financial experts seems to indicate for now that we are unlikely to reinitiate normal traffic operations before the third quarter of 2020. And while there is a lot of data and prediction in the market, there are specific factors that could delay air traffic recovery. As a result of the effect of COVID, the International Monetary Fund estimates GDP reduction of minus 6.6% for Mexico and minus 5.9% for the US in 2020, which is our main international destination. High unemployment will be one of the most detrimental variables affecting the medium- and long-term recovery of this occurrence.
According to the Mexican and Jamaican health authorities, the peak of infection will likely occur by early May. The restarting of operations will be delayed more than expected. Mobility restrictions are in place until the end of May in both countries. These impacts may delay air travel spending for both, VFR and leisure travelers based on two factors; disposable income and travel confidence. And while business travelers are expected to return more rapidly, they are not expected to come back at the same rates as before. Airlines have significantly lowered capacity, some even are scrapping older planes. They are also expected to slowly bring back some of their currently grounded planes, and either slowing down or rejecting the delivery of new aircraft they previously had on orders.
Prior to the pandemic, 2020 was shaping up to be one of the strongest years ever. If we take a look at the first quarter results, you can still see the positive traffic trend that we have been experiencing until the 15 days before the quarter ended, when the pandemic really began to affect GAP. Thus, for the first quarter, we transported 11.7 million passengers throughout our 14 airports. This amount represent a total decrease of minus 1.4% year-over-year.
In terms of the performance on individual airports, Guadalajara traffic decreased 3.1% during this quarter. The most affected domestic routes were Monterey and Tijuana, which both saw a decrease of more than 65%. The international routes [Indecipherable] for Los Angeles, Atlanta, San Francisco registered the most significant decrease. Tijuana is of the few airports in our networks that demonstrated growth during the first quarter, a 4.2% increase. CBX continues to be an essential component of our airport growth with 32% market share and 5% growth during the first quarter of 2020.
Routes such as Tijuana to Guadalajara, to [Indecipherable] and to Mexico City experienced significant declines in terms of passengers and aviation moving during this quarter. In Los Cabos and in Puerto Vallarta, international traffic led the decline due to very strong international passengers position with minus 10.3% and minus 13.6% respectively. It is not a surprise that the US and Canadian market made the most significant impact to this decline, especially as international travel bans were put in place. On the other hand, the domestic markets grew during the first quarter. In Jamaica, Montego Bay was our most affected airport, reaching minus 15.3% passenger traffic as a result of flight cancellations by leading airlines including American Airlines, Delta, West Jet, JetBlue and American Air.
I want to take a little -- about some of the initiatives we have developed in airports to provide for passengers and employees safety, as well as preservation of the business. Regarding our flight initiative, we have implemented additional protocols to protect the health and well-being of our passengers and employees. Most of our employees are working from home. However, for the essential staff that is still working on location, we have provided protective equipment. We have also put in place a specific measures to ensure isolations between shifts.
Our second initiative is on cost controls. Approximately 85% of our cost of service is fixed. Therefore, we are temporarily closing airport areas that are not being used in order to reduce utilities, maintenance, security, and cleaning services, always offering quality and standards to provide excellent service to our passengers. We have also put in place a hiring freeze and have made significant cuts to non-critical activities and professional services. We expect that these measures will contribute to a decrease in the cost of service to around 40% for the month that our airports are operating at minimum passenger traffic levels.
Our third initiative is the preservation of liquidity. We've concluded the first quarter with MXN10.9 billion in cash and equivalents. In April, the Company drilldown a credit line from Scotiabank for MXN1 billion that will be used for corporate purpose. GAP also has access to pre-approved credit lines for MXN2.5 billion in the event if it is needed. We are currently analyzing the best options to finance the Company further, if that becomes the case. The monthly cash burn is around MXN500 million, without considering capital expenditures.
Moving on to the balance sheet. At the end of 2019, short-term debt reached MXN2.2 billion. This debt was already paid in this quarter. Additionally, in February, we issued bond certificates in Mexico for MXN3 billion. The total debt as of March 31 was MXN18.3 billion, which represents our net debt to EBITDA ratio of 0.73 times.
Now, as I mentioned, in order to preserve liquidity, we suspend all shareholder distributions. We have also canceled all non-mandatory capital investments as we have begun discussions with the Mexican and Jamaican authorities in order to request deferrals for the investments committed under the Master Development Program for the year 2020 to the six months in 2021. At this time, we are at the beginning of this process and we will be providing updates as they become available.
It is important to mention that around MXN600 million were already invested during the first quarter of this year, including expansion works and maintenance capex. These were nothing but Mexican concession agreements of length that is the Mexican GDP were to decrease by 6% or more, GAP will have the option of reopening the entire MDP and tariff determination, thus reviewing 100% of functions considering the maximum tariff. Jamaica has another provision, and GAP may delay the investments in MDP whenever it deems necessary.
Let's move on to the airlines and how GAP is trying to help our most vulnerable clients. In order to give some relief, GAP waived payments for landing, parking and overnight aircraft charges, among others, for the month of April and May. Additionally, we will grant deferrals in payments to some of our clients and tenants in order to help them preserve liquidity until they reinitiate operational activities. In order to support our tenants, we have offered them discounts over the minimum rental fee. We believe that partnering with them during times of crisis will strengthen our relationships and build goodwill, [Indecipherable] them through so they are better prepared to be up and running.
I just want to mention that we are confident in the underlying fundamentals of our business. And we believe that once the operating environment returns to more stable levels, we will be in a better position to return to this scenario we were operating in. We are confident in our diversified network that will help us to recover once all the restrictions are lift.
Now to conclude with a brief recap of the first quarter results. EBITDA grew 13%, reaching MXN2.8 billion, and EBITDA margin of 68.2%. Total revenue rose by 17%, mostly driven by a stunning traffic performance in the first two months of the year and the application of the new tariffs approved in December 2019 since January 1, 2020, as a result of the excellent performance of the commercial up in the [Phonetic] last year. Cost of service increased by 12%, driven mainly by an increase in headcount, utility costs, security and maintenance expenses; mainly due to the addition square meters in terminal buildings and higher energy price in Kingston.
That concludes my remarks and now I ask the operator to please open the floor for questions.
Questions and Answers:
Operator
Thank you. At this time, we'll open the floor for your questions. First, we will take the questions from the conference call, and then the webcast questions. [Operator Instructions] And our first question comes from Mauricio Martinez with GBM. Please go ahead.
Mauricio Martinez -- GBM Grupo Bursatil Mexicano -- Analyst
Hello, good morning Raul and Saul. Thanks for taking my questions. My first question is on the cost front. I just wanted to confirm if that monthly burn rate that you said was MXN500 million, I just want to confirm that number.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Hi, Mauricio. Thank you for your call and the question. The amount is correct. It corresponds to the cost of operation for the 14 airports, including financial costs and taxes.
Mauricio Martinez -- GBM Grupo Bursatil Mexicano -- Analyst
And this is already considering the costs -- the initiatives put in place for cost containment?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Yes, it is including with a new vision of cost of operation.
Mauricio Martinez -- GBM Grupo Bursatil Mexicano -- Analyst
Great. And also, regarding the rents and the minimum guaranteed rents, maybe if you can give us more color on the agreements that you have reached with your tenants? And how much do you think is this -- the minimum guarantee rents would be over the non-aeronautical revenues that we just saw for this quarter?
Saul Villarreal Garcia -- Director of Administration and Finance
Okay. Hi Mauricio, this is Saul. In terms of the commercial revenues, we offer the tenants depending on the different business lines a discount for April and May that goes from the 50% of discount and even to the 75% of discount. It depends on the kind of business lines and some of them that are more affected with the lack of international passengers.
So, in terms of how we are seeing the future today is really difficult in terms of all the volatility to have a clear view about what's going to happen, and which cannot be the final impact on the coming years for the market. Saying that, we've seen that in some of the cases we should renegotiate some of the commercial revenues contract because at the end of the day we will have probably a completely different market, at least for the coming year. So, today we just offered this two months of discount. But for sure depending on how could be the performance of traffic for the coming months, the discounts could be -- take longer or even we should renegotiate some of the contracts.
Mauricio Martinez -- GBM Grupo Bursatil Mexicano -- Analyst
Perfect. Very clear, thanks.
Operator
And our next question comes from Alejandro Zamacona with Credit Suisse. Please go ahead. Your line is open.
Alejandro Zamacona -- Credit Suisse -- Analyst
Hello, Raul. Congratulations for the growth. And two questions from our side. The first one is on the potential deferral of investments. And, I -- so what has been the first reaction of the government? I know that their request only considers a detailed outlook, but we want to confirm that we will not be -- we are not going to modify the investment plan. And also, if they are saying possibility to reopen the MDP negotiation, I mean do you see any chance to request a revision of the whole MDP terms? That's my first question.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Thank you, Alejandro. I would say that in terms of deferrals investments, the Mexican government has declaration of emergency that don't allow us to construct on this time. For the moment, this emergency declaration goes until May 31. So, in practical terms we will lose more than 80 days on the construction of our investments. So, due to the fact that it is a majeure force, we are asking for the delaying of this investment for the coming year.
In terms of a possible review of our master plan, as you perfectly know, we have one of the clauses of our concession agreement says that in the case that the GDP of Mexico decreased for more than 5% in the last 12 months, we have the option for reviewing master plan. It means that we should review everything: the forecasting of passengers, the forecasting of OpEx, the forecasting of capex; so it will be a completely new review or a new master plan. As we are seeing in the market, it will be an important possibility that in the third quarter of -- or even the fourth quarter of the year, we will be in the assumption of the 5% of deacceleration of the GDP. So in that case we will be ready for file our asking for the review of the master plan.
Alejandro Zamacona -- Credit Suisse -- Analyst
Okay, thank you. My second question is regarding the discounts. So on the aeronautical discounts, I just want to confirm that these discounts does not apply for passenger [Indecipherable] right?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Yes, that's correct. It's only for aeronautical services, as the long-term parking. As you know, all around the places, not only Mexico in the world, there is a lot -- all the fleet that are stuck on the ground. So we give this special discount for all the long-term parking for the airplanes.
Alejandro Zamacona -- Credit Suisse -- Analyst
Okay. On the non-aeronautical side, are you -- those 50% to 70% discounts that you just mentioned, so is it fair to say that the minimum annual guarantees contracts are not being applying in this time for the commercial spaces located in the terminals that have been closed?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
I mean, I think that this discount would happen for this April, May, and maybe a part of June. But again, today it will be really difficult to say how it looks all the year. We are seeing that it's a great probability that we will face a completely different market in the coming months. So, I will say that we will keep really flexible in our contracts with the idea of give, in some cases, relief to our tenants. Because at the end of the day, as you know, and part of the philosophy of GAP is that we want tenants that made business because if those tenants make correct business, GAP will make a really correct business. So, we think that it's the time to give some kind of relief and support, and be ready for facing the new reality.
Alejandro Zamacona -- Credit Suisse -- Analyst
Okay. Thank you very much and stay safe.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Thank you.
Operator
And our next question comes from Pablo Monsivais with Barclays. Please go ahead.
Pablo Monsivais -- Barclays -- Analyst
Hi, Raul, Saul, and team. Thanks for taking my questions. I have two quick questions. I know this is too early to tell, but regarding your terminal processing facility in Tijuana, what are your initial views on that project? Are you delaying this process with US authorities or how are you seeing this? And my second question is just considering 2019, what is the percentage of your non-aeronautical revenues that could be considered as fixed? Thanks.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Okay. In terms of the Tijuana project and the process of [Phonetic] building, I mean, even saying that it's difficult to say how is going to be the new market. Taking account the past, I will say that the VFR market, they visit their relatives and friends market, it's always the first one that comebacks. So, we are seeing at the moment that the money that this VFR who sends to Mexico for sure will decrease in the coming months.
But we expect some kind of recovery due to the fact that the financial support and fiscal support of the US government to put in the market in some way will help them for keeping their employment. In that case, we are seeing that the VFR will be the first one that will recover. And we continue to think in our main assumption that the Tijuana airport should continue taking advantage of the South California market and trying to use this catchment area of South California bringing passengers to old Mexico.
The second part of our assumption would be that the depreciation of peso gives us some additional advantage in terms of price for Tijuana airport. So, we really think that the performance of Tijuana will be really interesting as some of the airports that will have the best and quickest recovery. In that way, we continue thinking that the process of building will happen. We think that this is our game changer and that will give us the chance to attract new markets that today we don't have. So yes, for the case of Tijuana, at least in this first view and thinking on all the volatility that it is having in this time, we think that this specific investment will continue in terms of the original plan.
Pablo Monsivais -- Barclays -- Analyst
Thank you. And my second question on the aeronautical revenue share?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
I mean, it's -- again, it's difficult in terms of the share because even the aeronautical will also have a big decrease. But in general terms, I will say that it will maintain as really close to what happened in the last 12 months. At the end of the day, it will be really similar to one year ago in terms of share between aeronautical or non-aeronautical revenues.
Pablo Monsivais -- Barclays -- Analyst
And the non-aeronautical, the part that is fixed, what percentage is roughly?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
I mean, on the last year, it was -- under the tariffs it was around 27%. So, I will say that in a roughly way to see how could be the non-aeronautical.
Saul Villarreal Garcia -- Director of Administration and Finance
And just to complement Raul, if you allow me, Pablo. About the 25%, 27% that Raul is talking about the non-aero revenue, the percentage peak is around 80%. So, it means that with the minimum guarantee that we charge to the tenants, it could be guaranteed the 80% of the non-aero revenue. However, the circumstances in today the discounts that we will provide, and Raul already explained, probably we will have a decrease in this number. So, it's something that we will have to finalize because obviously, with the different size of market, the level of the minimum guaranteed should be adjusted.
Pablo Monsivais -- Barclays -- Analyst
Perfect. Thank you very much. Very clear.
Operator
And we will take our question from Rogerio Araujo with UBS. Please go ahead.
Rogerio Araujo -- UBS -- Analyst
Hi, gentlemen. Thanks so much for the opportunity. A couple of follow-ups here. The first one is on the investments. So we noticed that in the first Q '20, about 10% of the MVP requirements for this year was concluded. And so my question is, even if there is no guarantee that government will accept the delay of the investments, does the imposed restrictions also imply that it's going to be very difficult to do the investment anyway this year? So, regardless of the government decision, we should expect lower capex versus what was expected to be the mandatory capex in MVP? That's my first question. Thank you.
Saul Villarreal Garcia -- Director of Administration and Finance
Thank you, Rogerio. Yes, you're right. We have almost 10% of the capex scheduled for this year. However, we're in middle of these talks with both governments, Mexican and Jamaica, and we will try to defer some of the investments. But what is the problem and difficult to know now how much will be deferred according to this mobility restrictions in both countries, and how we'll end this situation. So, what we can expect is a lower capex, absolutely. According to the formal communications with the governments, it's -- they are very receptive, and they are willing to provide this deferral. The other thing is what we mentioned before, and we -- Raul explained at the beginning of the Q&A about the MDP negotiation, if that's different. We right now have in front of us a deferral of investment, which is pretty sure to have it.
Rogerio Araujo -- UBS -- Analyst
Okay, very clear. Thank you. So my second question is regarding a provision that was made of MXN46 million for doubtful accounts, is this related to a Mexican airline?
Saul Villarreal Garcia -- Director of Administration and Finance
Yes. Is it referred to a Mexican airline? Yes, it is. It's not Interjet, it's hard to say it. Interjets have been very committed with the payments, and they have been -- they don't have due dates with us. We are in the process of negotiating with different airlines about the permit. But regarding the provision of these reserves, it's regarding another very small airline in Mexico, which is Calafia, which represents 1% of our passenger traffic, less than 1%, and some other payments in commercial clients.
Rogerio Araujo -- UBS -- Analyst
Okay, very clear. Thanks so much.
Operator
And we'll go to our next question from Gabriel Himelfarb with Scotiabank. Please go ahead.
Gabriel Himelfarb -- Scotiabank -- Analyst
Hi, thanks for the call. My question is related to the previous one. We saw in the balance sheet an increasing accounts receivable for about 48.5%. Does it relates with carriers, like, for example, Interjet?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Thank you, Gabriel. Yes, it is regarding Interjet, regarding Volaris, regarding Viva and regarding Aeromexico, and all the US airlines that we have in our portfolio. According to the program of payment that we have with the airlines, they stopped doing payments in the last 15 days of March. Therefore, we saw a significant increase in the receivables. But it's all other -- all the airlines that are working within our network, in the 14 airports, have the same view, stop payments until to know how long or how deep is the situation.
Right now, we are working with them about some specific arrangements and negotiating some deferral in payments. Fortunately, in the US airlines, they have firm financing from the US government, so they will be able to continue with the payments. Different case for the Mexican airlines. They don't have some credit lines or additional credit lines to support their coming payments.
Gabriel Himelfarb -- Scotiabank -- Analyst
Okay. Thank you.
Operator
And our next question comes from Ruben Lopez with Santander. Please go ahead.
Ruben Lopez -- Santander -- Analyst
Hi, Raul, Saul. Good morning, and thanks for the call. My question is from the debt profile. You clearly don't have any more amortization this year. But in 2021, you have some relevant amortizations. So, first, I wanted to know if these amortizations are -- most of them are at the beginning of the year or you still have 2021 to generate some cash to pay them toward the end of the year? And I mean, you clearly have some space for leverage, but I mean, have you had any indication of potential demand for any issuance or do you have any Plan B in case that the markets are not there? Thank you.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Thank you, Ruben, for your questions. Regarding the first one, yes, indeed we have some maturities in the beginning of 2021 which is from the debt that we have from the acquisition of Montego Bay airport in 2015, it is with Scotiabank and BBVA. We have been in talks with them about the refinancing of these two bank loans. In any case, we are expecting to have enough resources to do the payment in case we don't have or continue with this risk refinancing. But we don't foresight any problem in that line. But you are right, it's at the beginning of the year. We have another two maturities in July 2021, and we will try to have and to do the same to try to refinance that.
According to the level of leverage, we are trying to continue with our health -- financial health. According to the circumstances, in any case we have a deferral of [Indecipherable], and in case we have negotiation of the MDP in Mexico and Jamaica, they -- obviously, the needs of investment will be lower and we expect to have lower commitment in business for the coming years. Therefore, the level of leverage will be lower also. So, it's in the -- for now, this is what we have in mind. Obviously, we want to continue with our strategy of how to finance the 100% of the capex. And we have also in the pipeline according to that, the new capex, the issuance of our new bond in the debt market in Mexico.
Ruben Lopez -- Santander -- Analyst
Pretty clear. Thank you.
Operator
[Indecipherable] We will now move on to the webcast questions.
Saul Villarreal Garcia -- Director of Administration and Finance
Okay, thank you. We have question from Marcos Barreto from Citi. And the question is, what percentage of your Mexico traffic comes from Interjet?
And the answer, it is around 80%, and it was decreasing during the first quarter of this year. I don't know, Raul, if you want to complement something?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
The only thing important to say is that, yes, in February -- the fact number for February before the pandemic was 7% of our market. But why it's important to know, there is non-competitive routes that has been operated by Interjet. In other words to say it, all the routes today have or that used to be operated by Interjet in the GAP's net was other airline competing there. So, there was enough room in terms of a lot of factors to absorb all the possible decrease on seats that could Interject bring to the market.
Saul Villarreal Garcia -- Director of Administration and Finance
Okay. Next question is, approximately how many different airlines have flights to our airports in Mexico and Jamaica?
Well, I can tell Marcos that the number of airlines that we have for commercial planes or commercial flights in Mexico is around 25% -- 25 airlines, and cargo airlines are around 12. And in the case of Jamaica, it is around 12 airlines in commercial flights in regular systems.
Next question is, I know there has been a long time but what is the role of a Grupo Mexico in the Board of the Company?
I don't know, Raul, if you want to answer?
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Yes. I will say that today, Grupo Mexico one -- has a Board member. He is acting as all the rest of the Board members of GAP acting for the interests of the Company. So I will say that he is really a normal and a standard position of Grupo Mexico in our day-by-day on the Board of Directors.
Saul Villarreal Garcia -- Director of Administration and Finance
Perfect. Next question is from Rodolfo Ramos from Bradesco. And the question is, what is the level of monthly operating expenses that we are expecting after the cost control plan that is fully implemented?
And I will say that we have different views. One is to operate at minimum levels, and bring in demands that we will have almost traffic zero [Indecipherable] different view that the current operation of the airports in the first quarter of 2020, what will be the operation in the second quarter with this two months of almost zero passengers? And what will be the new vision of the operation for the coming month?
And during this month of the zero passenger traffic it's around 40% of decrease in the cost of operation, and we are stuck in this in April, May and June. Obviously, we cannot assure that we will reach this amount. We are in middle of the negotiation with the current suppliers, with the service providers, and it is complicated to have it. Obviously, we are closing some areas. The cost of energy will be decreasing, but we have to consider that it's complicate to assure but our target is to reach this 40%.
After the situation and according to the opening in different level of the airports and according to the increase in the demand, we are expecting that the cost of operation on a regular basis will have 10% to 15% decrease in the cost of operation. That is a very roughly number that we are fine in line, but we will have to see what is the level of recovery of the traffic in the following months.
And that's the final question from the webcast. Operator?
Operator
And I would like to turn the program back to Mr. Revuelta for any closing remarks.
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Thank you everyone for your time and interest on GAP. Please keep safe, have a great weekend, good morning.
Operator
[Operator Closing Remarks]
Duration: 42 minutes
Call participants:
Maria Barona-Squilanti -- Managing Director at i-advize
Raul Revuelta Musalem -- General Director of the Pacific Airport Group
Saul Villarreal Garcia -- Director of Administration and Finance
Mauricio Martinez -- GBM Grupo Bursatil Mexicano -- Analyst
Alejandro Zamacona -- Credit Suisse -- Analyst
Pablo Monsivais -- Barclays -- Analyst
Rogerio Araujo -- UBS -- Analyst
Gabriel Himelfarb -- Scotiabank -- Analyst
Ruben Lopez -- Santander -- Analyst
