Grupo Aeroportuario del Pacifico SAB de CV
BMV:GAPB
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Grupo Aeroportuario del Pacifico SAB de CV
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Good morning, and welcome to GAP's Fourth Quarter 2021 Conference Call. [Operator Instructions]
It is now my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.
Thank you, and welcome to the Grupo Aeroportuario del Pacífico Fourth Quarter 2021 Conference Call. Presenting from the company today, we have Mr. Raul Revuelta, 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 cause actual results to materially differ from current expectations. For a complete note on forward-looking statements, please refer to the quarterly report issued on Tuesday. Thank you.
At this point, I will turn the call over to Mr. Revuelta for his opening remarks. Please go ahead, sir.
Thank you, Maria. Good morning, everyone, and welcome to today's call.
2021 was one of the most significant years of GAP trajectory. Not only did we navigate through one of the most challenging periods in the industry, we did it while, at the same time, achieving the best result in the history of GAP.
Traffic across our operations continued to recover during the last quarter of the year, reaching almost 43 million passengers in 2021, 57% up compared to the 2020 and down only 12% versus 2019. For the second year in a row, GAP was the largest airport operator in Mexico with a traffic decrease of only 9%, representing around 32% of total market. This performance was mainly driven by the outstanding growth experienced in the Tijuana and Los Cabos Airport. The Guadalajara Airport has had a slow recovery that was mainly due to the business travel market. It is important to note that the Guadalajara to Mexico City route is the one that has faced the most challenging recovery of all our routes in addition to routes to other metropolitan airports, for example, Guanajuato and Hermosillo.
The passengers' traffic at our Jamaican airports also remaining heavily impacted during 2021 driven by governmental traffic travel restrictions related to COVID-19 virus. Our aim is to mitigate the impact. Therefore, we continue working closely with the airlines, trying to secure additional routes on purpose.
As evidence of this, during the fourth quarter, GAP launched 12 new international routes and 4 domestic ones. We are happy to announce that during December of 2021, for the first time in the history of Guadalajara, we opened a direct route to Europe, the Guadalajara to Madrid with 3 frequencies per week. GAP also announced that looking forward to 2022, we will be opening new routes to Europe, including Puerto Vallarta to Manchester, Puerto Vallarta to Gatwick and Los Cabos to Madrid.
Moving on to the revenue performance, excluding IFRIC during 2021, the revenue increased about 9% compared to 2019, reaching MXN 15.6 billion in 2021. Aeronautical revenues increased by 14% versus 2019, driven mainly by the recovery in passenger traffic as well as increase in maximum tariffs.
On the commercial side, we continue supporting our tenants via discounts over the minimum rental fee, which have been discussed in the past calls. These discounts are now more the through back fees as passenger traffic at most of our airports has recovered to about 2019 levels. What this mean is that we see that the end of the discount programs in the near future, which will signify that we will be going back to the revenue share fees as per the regional tenant contract.
Additional spaces and the renegotiation of past-due contracts have offset commercial revenue decline by only 2%, which is minimal compared to 2019. Food and beverage revenue and duty-free stores accounted for most of the recovery, both surpassing 2019 levels. This was offset by the lagging revenue from VIP lounges and advertising, which have been impacted since the beginning of the pandemic and have been struggling to retain their COVID levels.
In 2021, EBITDA was MXN 10.9 billion, which was the result of various factors, including an outstanding passengers traffic recovery, the tariff increase and higher commercial areas spending per passenger. This was partially offset by the increase of cost of service, mainly due to the full consolidation of the Kingston Airport. Considering that there were only 13 airports in the [ networks ] in 2019 versus 2021, increase in the cost of service will be only 3.6%. The cost of service also rose to the opening of new commercial spaces in Los Cabos airports as well as the new VIP lounge.
The personnel headcount also increased as a result of the size of the construction projects we've planned to execute during 2021 and the following years as well as the minimum wage increase in Mexico that affects cost for maintaining janitorial and security services. In addition to the change in the revenue, the tight cost control measures implemented during 2020 were rather used during 2021 in accordance with the passengers' traffic recovery experienced in each airport in order to maintain quality of service as traffic is creeping.
It is important to mention that EBITDA figures represent an 11% increase comparing to 2019, reaching an EBITDA margin of 69.7% despite the limited recovery of total passengers.
On the balance sheet front, cash and cash equivalents reached MXN 13.3 billion at the end of this year. Debt at the end of the year was a total of MXN 27.9 billion. According to this, we continue to -- with a healthy leverage level with a net debt-EBITDA ratio of 1.3x. There is a maturity payment of MXN 1.5 billion that is due during the first quarter of 2022 corresponding to the GAP 17th bond certificate, and this will be refinanced through a bond issuance in the coming weeks.
Moving on to the CapEx. In the Guadalajara Airport, we continue with the construction of the second runway as well as the new commercial mixed-use building, which will include 180 hotel rooms, corporate office as well as commercial spaces. We expect that this building will be completed during 2023 and we look forward to sharing those updates with you in the future communications.
In Tijuana, the construction of the terminal processor building progressed. We expect that it will be finalized towards the end of March of this year, and we will start operation in April of 2022. The new building is a timely and necessary project that will add around 40,000 square meters. It will completely renew the viability and success of the airport as we have seen in the past years. Not only will it bring the capacity up to welcome more flights, routes and frequencies, but it will really expand our ability to better service international markets, complementing the great functionality of cross-border bridge.
In Los Cabos, we continue to expand international terminal building that will add around 20,000 additional square meters, which will also add commercial spaces. The construction projects have reached 50% of progress. Additionally, we are currently working on the design of the second terminal building, Puerto Vallarta, which we expect to initiate construction during the third quarter of 2022.
Moving on to the ESG. We are proud to announce that GAP was included into the Bloomberg Gender Equality Index. This referring index measures gender equality across 5 pillars: female leadership and talent pipeline; equal pay and gender pay parity; inclusive culture; anti-sexual harassment policies; and pro-women initiative. The index includes 418 companies around the world, and Mexico only 10 companies were included.
Regarding the GAP Foundation, I just want to mention that during 2021, we operated 12 community centers and 1 at each of Mexican airports, where employees and their communities have access to an elementary, middle and high school as well as to technical training courses designed to strengthen their professional skill and knowledge. These tools, which provide via the Foundation, supports them in having better opportunities in the future. During 2021, we provided training and education to more than 8,000 students.
In respect of GAP schools during 2021, we operated the first middle school, and we keep the operation of the 3 elementary schools. In 2021, we have more than 1,000 full-time students.
For GAP, there is a lot to look forward. We know that talents are always on the horizon in the industry, but we are confident that the future is built here together with our team and our partners, the airlines and the passengers.
Thank you all for your support and for your attention. I will ask the operator to please open the floor for your questions.
[Operator Instructions] And we will take our first question from Guilherme Mendes with JPMorgan.
I have 2 questions. Actually, the first one is on traffic performance. What are your expectations on the -- regarding traffic, especially now post the Omicron situation? And the second one regarding the Jamaican operations. How is the discussion on a potential rebalance be involving?
Thank you, Guilherme. Let me begin with our expectations for this year in terms of traffic. First of all, it's important to remember that at least the first quarter and part of the second quarter will have some way in easy comps. So we will see a great increase on passengers on this when we compare it with 2021. After that, we're going to see a more line of recovery. I will say that we are seeing a double-digit growth on traffic, but at the end of the day, today, it's still being difficult to think if all the impact of the COVID we saw already in the past or it's something that could continue. I am -- we expect that gradually the business travelers will come back to the airports, will go back to the expositions and will come back to the different cities and continue more normality way.
But I will see that at least from the information that we have today, we expect to close this year with our record year of internal passengers for GAP. And also, we are expecting that the full recovery of almost all our airports.
In the case of Jamaica, for sure, it will depend of the time and the policies that the Jamaican government fully opened the -- full operations on the island. We will see that gradually that the policies against [indiscernible] in Jamaica, we will open again the market. So we also expect a great recovery in our Jamaican airports. But for sure, we are in discussion about any additional impact that COVID could bring to the market.
But to conclude, I will say that in general terms, we expect that the biggest part of our airports will be, in a record year, we will see a more -- a great recovery that will continue in the leisure, beaches and visit relative and friends routes, and we're still seeing gradually or a slower recovery on business for at least the first half of the year.
Okay. That's very clear. Just one quick clarification. In Jamaica, are you still discussing a rebalance with the government?
Yes, Guilherme. Let me try to explain you. Thank you for your question. Yes, we continue talking with the authorities about the rebalancing proposal we submitted in November 2020. However, they have been facing some problems confirming the specialist team that will be negotiating with these rebalancing. As you may know, we have 2 independent discussions about Montego Bay and Kingston. And we are pushing and trying to meet and to try to discuss, but we haven't started yet. We have a couple of meetings next month, and we will try to push and move forward in a speedy way because, obviously, we need to have certainty about the rebalancing proposal. But we are in the middle of the process.
We'll take our next question from Pablo Monsivais with Barclays.
I just have a quick one. In terms of the maximum allowed tariff, how close are you to reach 100%? And what is your view on how inflation is evolving? I don't know if you can shed some light on that.
Pablo, thank you. Thanks for your question. Yes, you're right. We are -- we haven't reached the 100% of the tariff. 2021 have a high inflation with the tariff, where it's impossible to reach the 100%. We are expecting for 2022 to be closer to the 100% that we used to have in the previous years, but it's complicated that we have 2 times per year to adjust our specific tariffs. In '21, we couldn't adjust enough. And for 2022, we are expecting not the 100%, but just to be close to the 97%, 96% of the maximum tariff. That's our target. It depends in inflation and it depends on the exchange rate, which is an important in the formula for the maximum tariff also.
Saul, if I may. For modeling purposes, how much and when are you increasing the tariff this year?
Pablo, I will say that the first increase already occurs in all our airports at the 1st of January, and we're going to have an additional increase for just the 2 in the case of Vallarta, Cabos, Tijuana, Guadalajara that will be in place in May of this year.
And do you have a sense of the magnitude of the increases that you are expecting throughout?
Well, the magnitude, Pablo, is in order. You know that we manage the tariff adjustment for specific tariffs according to each airport. So at the end, our target is to reach the 96%, 97% of the maximum tariff. And we adjust the tariff for the airlines and the passenger charges both, and it depends on each airport. And we cannot say a specific percentage because we make a different adjustment depending on each airport.
Yes. But it's important that it will be at least the production inflation, the [ INTP ], the production product inflation rate index. It will be at least at that level, the increase of the -- of each one of our tariffs. As I will say, in some specific cases, depending on our foreseeing on the dollar exchange, it will be a little bit higher or a little bit lower. But at least, in all our tariffs, you will see an increase that will take in account the product -- the production product inflation index.
We will take our next question from Alan Macias with Bank of America.
Just one question on dividend payments. What can we really expect for this year? And any comments you might have on dividend policy?
Alan, thanks for your question. Yes, we already submitted a proposal for -- to the Board of Directors. We are going to release the agenda for the General Shareholders' Meeting for this year, and we will release it next week. Then we will continue with our policy in previous years. As you know, GAP is one of the highest dividend payment companies in Mexico, so we will continue with that trend. And we -- once we release the agenda, you'll see our dividend proposal. But in general, the comment is we will continue with our previous policy.
We'll take our next question from Gabriel Himelfarb with Scotiabank.
Congratulations on the results. Can you give us a bit of color about Tijuana's connectivity? Do you think that Tijuana could add more exposure to international routes to, for example, Asian destinations and become like a bridge point from Asia to the U.S.?
Yes. Hi, Gabriel. This is Raul. I will say that in general terms, as everybody knows, Tijuana has a really great exposure on domestic market. We have 34 direct routes from Tijuana. We are the second airport in Mexico with more direct routes, just after Mexico City Airport. So that give us a key strength for seeing a more important or to begin to build a hub for the area.
In the past, Tijuana already operates 2 routes to Asia. We used to have Shanghai and we used to have Beijing. In one of these -- one of the key factors that made us develop the new terminal building in Tijuana is to eye into attract and catch international passengers to the area. I mean we are trying to bring international planes to Tijuana Airport and, in some way, taking the advantage and leverage of the market of South California to attract those routes. So with the new terminal building, we'll be able to attract additional routes. For sure, what we think that's going to happen in the coming years. It will be a gradual composition of what could be or a gradual transformation of what could be an important hub for the country.
But at the very beginning, we will begin or we expect to see some routes to Central American markets first, then some specific hubs at the South, that could be Panama. We also are expecting to see direct connection, direct routes to some of the biggest hubs in the U.S. And after that, for sure, we will try to recover the flights that we used to have to Asia.
So in general terms, I will say that for sure, the new facilities will give us the chance to attract new passengers. International passengers in some way with the connection with South California, we know that will be in some way easier to begin some direct routes to Asia and to Central America and South America. So this will be gradual, but the great news is that we will have the correct facilities to begin to attract these specific international routes and we are opening this terminal for the Easter, for the Semana Santa in Mexico.
Okay. And how much do you think of the demand you're going to capture from, for example, the San Diego Airport or maybe a little bit operating in L.A. or in San Francisco?
I will say that it's difficult to talk about a specific proportion that we could, in some way, attract from other airports. But I will say that in other hand, for instance, San Diego Airport is completely -- packed completely full. They don't operate 24 hours per day. They only operate until 11 in the night. So we have a great opportunity to attract some additional passengers to our airport.
For sure, I will say that today, Tijuana is one of the most important windows to attract South California market that are going to the different Mexican beaches. That is something that in the past we don't used to have. I will say that the last 3 years, we completely converted that market, so we have a really important market from Tijuana to Cabos, to Vallarta, to La Paz, to different Mexican beaches in Mexico. And I will say that we almost fully attract the routes and it has an important decrease in goods from San Diego Airport to the different Mexican beaches.
So I could say that a great part inside the product that we are putting in the market of South California there is the Mexican beaches. We are really competitive airport with really competitive airlines in terms of airports, and we are really having a great success on that strategy. For sure, the long-term strategy will be, I will say, slower and gradually, but we expect to attract different long hauls and international services to the airport.
And we will take our next question from Naoki Otsuka with GBM.
Could you give us some color on the commercial front, given that the company posted strong numbers?
Yes. I will say some -- in our commercial programs, we will -- one of the key parts, for sure, is transform different layouts in our airports. A key part in our strategy is to keep fresh experience on the commercial area. So we are changing different layouts in our airports. For instance, we are just changing completing the commercial layout for the Terminal 2 at Los Cabos that will help us to increase the revenue, the commercial revenue that we will see on this year. Also, we have this change on the layout happening on Guadalajara Airport. In Montego Airport, that will be ready for this summer, for instance. But in general terms, first, we are having the chance for reviewing and changing our layouts, bringing new brands and keep the tickets as high as possible. That is, first of our strategy.
Then in the second part is how to explore to the new -- the new areas that we are developing with the growing of our terminal. In that site, for instance, we are opening for the end of this year a new food and beverage area on Guadalajara Airport. We also expand the square meters on Los Cabos Airport. On the coming 2 years, we will see a completely new offer of commercial areas that will be including a new terminal of Puerto Vallarta. Also, on the new terminal of Tijuana, the connection terminal in Tijuana, we will add additional spaces that will be put on service in a couple of months.
So I would say that in general terms, this second strategy is we need to take advantage of all the additional meters that we will develop during this 5-year period for adding commercial offering in our terminal.
And the third part is related with the directly-operated business by GAP. On that sense, we are having a great increase or we will see an increase on number of point of sales for our convenience stores, the other markets. We will increase in at least 20 point of sales in the couple 2 -- in the next 2 years that will, for sure, boost our revenue on the convenience stores.
Also in the alliance of our business directly operated by GAP, we are implementing our new strategy on the FBOs. For the case of Cabos, we think that we have a great impact on the revenue for that specific business line on during this year. And also finally, we are -- we expect that to operate a new business directly, that could be the hotel in Guadalajara, that's as we say, is under construction today, and we expect to open in 2023.
The next step in the hotels would be Tijuana. Today, we are developing the business plan and review how it's going to be the project of the hotel in that area. But in general terms, I would say that our strategy could be in these 3 great pillars that is related, first, to have better layouts to capture better consumption in the terminal. Second, related of how to develop the new spaces. And third, how can we boost the revenues in the business that are directly operated by GAP.
We'll take our next question from Filipe Nielsen with Citibank.
I have 2 questions. I'll start with the first one. Can you refresh our memory a little regarding the potential of interest in airports outside of Mexico? And outside of -- from Barbados, do you see -- do you look at anything else, anything new options interesting in terms of South America and especially in Brazil?
Filipe, thank you for your question. Yes, we are continuing in the process of the Barbados Airport. It's the only one that we are already prequalified. We are expecting only the final RFP to bid for the airport, so that's in the standby.
In the case of the Brazilian airports, right now, there are 3 [ around us ] of 3 different -- 1 [ around us ] with 3 different clusters. We reviewed these clusters, and we are not interested so far.
Okay. Great. So you're not interested. Is that -- is there any specific reason for this not to be interesting?
Yes, yes. Go ahead, Raul.
Yes. I mean, in the sense of the Brazilian market, I would say that, first of all, we are seeing a really competitive market in terms of other [ concessionaries ] going to the billings. And if we see the past results on the billings, the multiples of -- EBITDA multiples of acquisitions was really, really high. I would say that in general terms for GAP, we always would want that any kind of acquisition would be accretive in terms of value.
So one of the key points that we are seeing, it's also our strategy, will be, first, which could be at the general terms of value and if this would add value to GAP and we are accretive of value.
The second part is related of our -- which are our main clients, which are the kind of markets that we serve. For instance, when we gave the step into Jamaica, we clearly know that all the airlines that operate over there are already clients of GAP, I would say, American, Delta, Germany, all the U.S. airlines and it was mainly operating our leisure market, for instance, on MBJA that could be exactly the same way of operating in marketing, the -- [ arrive to deal ] with airlines as could be in Cabos or Vallarta.
So in general terms, I will say that we feel more comfort on the airport that, in some way, could share market with us or would be in some way that we share clients and that in some way will give us a chance for negotiate package for new seats, for instance. So in general terms, I will say that for international expansion, we are going to these 2 lanes: the kind of the market, and second, the possible competition for other dealers that could make a really expensive deal that will not create value to the company.
Super clear. And the second one is regarding tariffs. You said already that your tariffs are -- you're expecting to reach near 100% of the maximum tariffs, and those are related to inflation. But I was wondering if you see any correlation between oil prices affecting this -- the raise of tariffs and other like interest rates and other aspects pushing your tariffs as well?
Yes. I mean, for sure, with the news of Ukraine yesterday, I will say that we are really cautious about what's going to happen with the product price index in Mexico because at the end of the day, or the news that we are seeing is that at least oil and gas to have an additional push or increase on inflation for at least in the short term. So for sure, we are beginning to see that the -- we could face an important inflation during this year that also will give us a need for, mainly, push a little more our tariff.
The part that will be in some way difficult is that in terms of our concession, we only have 2 windows to change tariff. We already used the first one in January. So we are expecting for the middle of the year to maybe change a little to adjust our tariff in line of what is happening with inflation. On the other hand, we have some kind of offset in the tariff that is related with the exchange rate.
In terms of our maximum tariff, when we have some increase on dollar, as you know, all our passengers -- international passengers fees, for instance, are in dollar, are expressed in dollars. But our concession and the way that we fulfill the maximum tariff is in pesos. So any change or increase on dollar versus pesos will give us, in some way, the chance to fulfill in a better way the maximum tariff for this year.
But I mean, we really are trying to see how it's going to be in the coming months because with the last news, I will say that some of our previous assumptions will change.
We'll take our next question from Alejandro Zamacona with Credit Suisse.
Hi, Saul, Sorry if you already discussed this, I got disconnected a couple of times. So I'm having connections -- problems with my connection. So just a quick question on the cost of service. At what extent do you believe that it could be continued to increase in 2022? Or what could be a normalized cost of service per passenger going forward?
Thank you, Alejandro. Well, we will continue adjusting the cost of service in the way we are improving the past year traffic. I think the best way to see it is in the EBITDA margin, and we will continue at the level of 69%, 68%. We had a very good margin this year, 69.7% for the full year after the year of COVID, and it was a very good result.
Then, we cannot continue pushing down the cost of services. We have to normalize the maintenance, the janitorial, the security services. In terms of headcount, we have to add more headcount. The challenging on CapEx has to be deployed, and we have a great challenge there. So we have to reinforce our headcount. So there are several issues to consider, not -- it's not only to think that the cost control that we implemented in 2020 could continue.
So I think our best approach in the cost of service is to maintain the operational of the airports, the great level of service in comfort for the passengers and, obviously, the level of security needed in our operations. So we will continue looking that the cost of service will be increasing a little bit and normalized at the level of an EBITDA margin in the range of 69% to 68% in that range.
And I will add, this is Raul, that as you know, our business is really a business of economy of scales. So each time that we open a new terminal or increase the square meters of a terminal, we have, in the first moment, a jump in terms of the cost of passengers. As we begin to capture the additional passengers, we will begin to decrease the cost per passenger.
So in general terms, always the cost arise before the passengers when you open new facilities. So I could say that we're going to have some of that trend in some of our airports or the areas that we are increasing. But the good part is always to remember that as an economy of scale, assume as the passengers begin to use these new facilities and we are beginning to gain in additional passengers that cost per passengers will begin to decrease again.
Okay. Raul. It makes sense. And then my second question, just a follow-up on the MDP negotiation to Jamaica. I understand that you are under this process. But what are the previous expectations, if there are any, on this -- on the potential outcome for these negotiations to progress in terms of CapEx?
Well, Alejandro, our intention is to adjust in terms of the CapEx. And in terms of the operating expenses, we cannot ask for adjustment in tariffs. It's almost impossible to increase tariffs and give the entire support of the rebalancing proposal in tariffs. Then, our approach is to leverage it with the authority, defer the CapEx program or defer the main projects once we reach the partial traffic before 2020, and that's the main intention.
Obviously, in middle of the negotiation, could raise some other options, but we can -- first, we have to begin with this process. As I said before, we submit our rebalancing proposal in November 2020. Therefore, we are expecting for more than 14 months for the deep conversation with the government regarding this, and they have been deferring the beginning of the negotiations. In the following weeks, we will be in Jamaica to different meetings with different instance of the government in order to try to push forward the negotiation.
Now, we will take the webcast questions. I will now turn the call over to Alejandra Soto.
We have some questions from the webcast. The first one is from Pablo Coloma from MetLife, and it says, could you give us some guidance of the CapEx that will be deployed during 2022, 2023 and 2024?
Yes. thank you, Pablo. Well, the level of CapEx, as you know, we have to fulfill the 100% of the commitment with the Government of Mexico and the Government of Jamaica. In the case of Jamaica, as we said, we are in the negotiation process. But in any case, we are doing some relevant investments in these airports for Montego Bay and for Kingston.
In the case of Mexico, we have a great challenge for this year. In general terms, we will deploy around MXN 6 billion of MDP, and we are going to make a very significant investments in terms of commercial. As Raul, said, we are under construction for a mixed-use building that will include 180 rooms, hotel, offices, corporate offices, commercial areas in the Guadalajara Airport. We are in the process of expanding Los Cabos Airport. We have the significant investment in the second runway for Guadalajara Airport and that's for 2022.
If we look for the 3 years, '22, '23 and '24, our total investment will be MXN 15 billion. It will depend on inflation, and will depend on the commercial projects also. But for this 2022, we are making some significant investments mainly in Guadalajara Airport.
Well, thank you, Saul. And the next question also from Pablo, says that, are you planning to write more debt, begin on the coming bonds that will be taking place in the following weeks?
Yes, Pablo. We are going to raise additional funds. We -- our plan is to maintain the same level of leverage. As far as our financial strategy is to leverage the 100% of CapEx and refinance all the cities. So we will continue with this strategy -- with this plan for following maturities. We have in March MXN 1.5 billion of bond debt maturity, and we have also for November MXN 2.3 billion of maturity. So we are going to finance all this, and we will continue with the same strategy of leverage.
Thank you. Then we have another question from [ Carlos Real ] from [indiscernible]. What are your margin expectations going forward, given the traffic is almost at 2019 levels?
Thank you, [ Carlos ]. Well, we are going to see the same range of EBITDA margins, 69%, 68%. 2021 was a very good year, considering the circumstances of the pandemic, and 69.7%, it was one of the highest EBITDA margins in the story of the company. For the following years, we will continue to see this range. We do not expect to reach 70% or more than 70%. We have to consider that the future expansions will bring our operational costs and additional headcount. So it will come with the most additional costs once we have more expansions.
So we have commercial revenues. We have more capacity in traffic. We have more aeronautic revenues, but we also have cost of services and all additional cost of operation for these additional areas. So to be fair, the range, 68% to 69%, up to 70% in a good year. That's enough to see it.
Thank you, Saul. And the other one was already answered. It was about the cost control. So thank you.
Thank you. Thanks a lot.
And now, I would like to turn the floor back over to Mr. Raul Revuelta for any closing or additional remarks.
Thank you very much for your attention. Before I conclude, I just want to mention that the GAP Day 2022 will be held this year in Tijuana. It will take place on March 24 at the Tijuana Airport, where we will be touring the new terminal processor building as well as the cross-border bridge. We hope you can join us for our morning of management presentation and more information of future projects and outlook. Please contact our Investor Relations team for more information. Thank you all, and have a nice day.
This does conclude today's program. Thank you for your participation. You may disconnect at any time.