Good day and welcome to the OMA Fourth Quarter 2015 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Vicsaly Torres, Chief Financial Officer. Please go ahead.

Thank you. Good morning. Welcome to OMA’s fourth quarter 2015 earnings conference call. My name is Vicsaly Torres, OMA’s Chief Financial Officer. Joining me this morning is the IR team made up by Emmanuel Camacho, Manuel de Leon and Laury Franc as well as our Chief Accounting Officer, [indiscernible]. OMA has excellent results in the fourth quarter, giving us record operating and financial performance for the full year 2015. 12-month passenger traffic reached a new record of 16.9 million passengers. We set annual record for full year adjusted EBITDA and adjusted EBITDA margin. Our cash flow generation is stronger than ever and net income reached Ps. 1,237 million, up 20% from 2014. I will our operational performance and financial results and then discuss the new Master Development Plan approved in December for the next 5-year period and provide our outlook for 2016. After that, we will be pleased to answer your questions. Turning to our fourth quarter operational performance, we continue to demonstrate a strong momentum in all areas of the business. Passenger traffic grew 11% in the quarter to Ps. 4.4 million. Domestic traffic rose 12% and international traffic increased 10%. 12 of our 13 airports grew their passenger traffic. The fourth quarter marks the 19th quarter in a row of growth in passenger traffic. Passenger traffic volumes continued to increase as a result of the expansion of the airlines, opening of new routes and increasing load factors. For OMA, the most important benefits of the route openings are a deeper regional route network and a substantial broadening of our international destinations. Establishing Monterrey as a regional hub and increasing the connectivity of all of our airports are longstanding and strategic goals. Airlines at OMA’s 13 airports are currently flying at a total of 111 domestic routes and 56…

Thank you. [Operator Instructions] We will take our first question from Pablo Zaldivar from GBM.

Hello, Vicsaly, good morning. Thank you for taking our questions. I would just like to go back to the expected CapEx in diversification projects, what are you expecting in terms of the warehouses to be built during the year, do you have an estimate of how many new warehouses or how is that Ps. 150 million to Ps. 250 million estimation split?

Thank you, Pablo. Yes. Well, as I mentioned in the prepared remarks, we already signed two contracts to lease a warehouse. One warehouse is already built, but we have to do an expansion in this warehouse. And the second contract we need to build this warehouse. So this year, at least we will have one more warehouse and an expansion of the first warehouse that we already have built. But we continue developing and commercializing the park with our partners. So we are expecting to have at least one more warehouse in addition for the two contracts. This is in terms of the industrial park. Also, this year we have another investment, strategic investment related to the OMA Cargo Services. We will invest in a new warehouse for this business, specialized for ground cargo. So this is other investment that is included in this amount that I have mentioned.

Okay. Thank you. That’s helpful. And in terms of the warehouses that you have signed the agreements, I don’t know if you could give us a little bit more color on what is the expected revenue or profitability expected from those contracts in terms of square meters or per warehouse, I don’t know if you could just give us a little bit of color on how is – the revenue should work from those warehouses that you have already signed an agreement.

Sure. Basically, one of the agreements that we signed is for 42 months. And the other, the second one is for 40 months. Basically, we are one of the first contract is around $1 million per year. Annually, these revenues – we are generating revenues annually. And it seems like the second one is similar. It’s a little bit more because the period is four months more than the first contract.

Okay. Thank you. And do you have on expected date to finish the warehouse that is under construction, I don’t know by the first half of the year or when are you expecting to finish that warehouse?

Yes, four of them, we are expecting to receive revenues in May and June, so at the end of the first semester and the beginning of the second semester of the year.

Okay, thank you very much. That’s very helpful.

We will take our next question from Alexandre Falcao with HSBC.

Good morning. I have two questions. First, just wanted to – if you could explain how are you going to be able to expand EBITDA margins from the 58% level to 60%, 62% that you are guiding for 2016? That’s the first question. And the second one is on passengers, there is – or in revenues, non-aeronautical revenues, there has been a huge increase there. Just wanted to see if you can guide and walk us through what can be done from now on or we are reaching a point of exhaustion here or expect people to spend more in your airports? Thank you.

Thank you, Alexandre. Answering your first question regarding the EBITDA margin expansion, as you know, we estimate that adjusted EBITDA margin can be in the range between 60% and 62% as you mentioned. This is because in this year, we have a significant event in revenues due to increases in tariffs as a result of the negotiation of the Master Development Plan. So basically, the cost structure in airports is classified fixed. So, almost 100% of these additional revenues is coming down to the margins. That is the reason that we are expecting an increase in our margins. And answering your second question about the non-aeronautical revenues increase, in this quarter, we saw a specific effect in non-aeronautical revenues. In 2015, we recorded cost recoveries, a reduction of cost of services. However, in previous years, our audited financial statements presented cost recovery as a non-aeronautical revenue, revenue in line items. To be consistent with the audited financials, our fourth quarter results present cost recovery for the entire year as additional non-aeronautical revenue in the other revenues line items. But at the same time, our cost of services got increased in the same amount. This change does not have effect on our results neither on our margins, but it’s important to say this because it’s a little bit changed in this fourth quarter versus the three quarters of 2015.

Okay, perfect. And if I can just have a follow-up question on dividend distribution, just wanted to know, what are your plans on that specifically? And if you can use part of your non-airport business, if we start generating cash – then try to distribute from there? Thank you.

Your question is related that if we can use the non-regulated business to pay more dividends or...

Yes, yes. Just wanted to know if you have more plan, because you have a fiscal...

Limitations.

Limitations, is there any around it?

Basically, we analyze as a whole, as an entire business, aeronautical and non-aeronautical as a consolidated figures. The decision on dividends is made by the Shareholders Meeting based on recommendation of Board of Directors and the management team. We are looking into the maximization of dividends based on OMA’s financial and tax situation. We estimate we could pay in 2016 a dividend similar or slightly higher than our last couple of reimbursements. Going forward, dividend payments will depend on the tax and the financial situation of the company although we estimate dividend amounts will be similar to recent years. And basically, because we have adding more business into the company, we have increased our efficiency and generate more cash flow.

Okay, perfect. Thank you.

You are welcome.

We will take our next question from Pablo [indiscernible] with Credit Suisse.

Hi, good morning Vicsaly, Emmanuel, Manuel and Laury. I have a couple of questions. My first question is regarding ICA, ICA has made a decision to sell all of its PB shares, what will be the process? Will you have to call our shareholders meeting in order to prove it or what will you follow?

Thank you, Pablo. If ICA sells their position in these shares, they don’t need to do nothing. They sell their position into the market. If they decide to sell their participation in the strategic shareholder, our strategic shareholder, SETA, this operation must be approved by the Communication and Transportation Ministry.

Okay, okay. Thank you, Vicsaly. And my other question is a follow-up on Pablo Zaldivar’s question, you mentioned that you have to make an additional investment on the warehouse you have already and new one, could you give us an estimate of CapEx from the additional and the new one, please?

Yes. Just to give you an idea, warehouse of 10,000 square meters with prior investment around Ps. 50 million. If there is – in this case, the warehouse that we are going to build is for 5,000 square meters that is the warehouse that we already have a contract. It’s 5,000 square meters. So, the investment is around Ps. 25 million. And the additional warehouse that we are expecting to build to have a warehouse in itself to commercialize will be for 10,000 square meters. So, the investment is around Ps. 50 million for this new additional warehouse.

Okay. Thank you, Vicsaly. And last question, on the warehouse that you are planning on expansion, because you are changing it to build-to-suit or something like that or what’s the reason you are expending it?

Yes, our industrial type model is a build-to-suit model, but we know that there is a lot of demand for warehouses at this moment due to the – because the airport is very close to the new plant of Kia Motors. So, it’s important to have at least one warehouse in the stock. So, that’s why now we have two contracts. We are going to build the second warehouse and we are going to build the third warehouse to have one in stock for any client that wanted the warehouse in a very short-term.

Okay. Thank you, Vicsaly. That was very helpful.

You are welcome.

The conference call ends at this point. Because of an equipment failure on the part of the call provider, OMA regrets any inconvenience and invites you to address any additional questions to the Investor Relations team.