News Column

OMA Announces Fourth Quarter 2013 Earnings

February 24, 2014

MONTERREY, Mexico, Feb. 24, 2014 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), reported its unaudited, consolidated results for the fourth quarter of 2013 today.

Full Year 2013 Summary

For the full year 2013, OMA had a 5.5% increase in passenger traffic volumes and an 8.7% increase in the sum of aeronautical and non-aeronautical revenues. Aeronautical revenues rose 6.5% to Ps. 2,269 million as a result of increased traffic and rate adjustments. Aeronautical revenue reached Ps. 170.7 per passenger. Non-aeronautical revenues grew 15.6% to Ps. 797 million, principally as a result of revenues from checked baggage screening (+149.3%), the NH Terminal 2 hotel (+11.4%), OMA Carga (+37.5%), and car rental services (+22.2%). Non-aeronautical revenues rose 9.5% to Ps. 59.9 per passenger.

Cost of services and general and administrative expense increased 10.1%, principally as a result of increases in payroll, minor maintenance, and subcontracted services. Adjusted EBITDA rose 10.8% to Ps. 1,674 million, with an Adjusted EBITDA margin of 54.6%. Operating income rose 4.2% to Ps. 1,209 million, and consolidated net income increased 38.5% to Ps. 1,134 million. Full year earnings were Ps. 2.83 per share and US$1.73 per ADS. The return on equity was 17.9%. 

Expenditures made under the Master Development Plan (MDP) and strategic investments totaled Ps. 677 million in 2013. This included major maintenance in the MDP of Ps. 229 million, which was charged to the maintenance provision, capital expenditures of Ps. 352 million, and Ps. 4 million in minor maintenance and other. Strategic investments were Ps. 92 million.

(Million Passengers and Million Pesos)4Q124Q13% Var20122013% Var
Passenger Traffic 3.2  3.4  6.9  12.6  13.3  5.5
Aeronautical Revenues 544  569  4.6  2,131  2,269  6.5
Non-Aeronautical Revenues 198  218  9.8  689  797  15.6
Aeronautical Revenues + Non-Aeronautical Revenues 742  787  6.0  2,820  3,065  8.7
Construction Revenues 175  149  (14.8) 322  355  10.3
Total Revenues  917  935  2.0  3,141  3,420  8.9
Income from Operations (Ps. million) 294  234  (20.6) 1,160  1,209  4.2
Operating Margin (%)32.1%25.0% 36.9%35.4%  
Adjusted EBITDA 384  424  10.4  1,511  1,674  10.8
Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical Revenues + Non-Aeronautical Revenues, %)51.8%53.9% 53.6%54.6% 
Consolidated Net Income (Ps. million) 234  465  99.0  819  1,134  38.5
Net Income of Majority Interest (Ps. million) 225  462  105.2  810  1,130  39.5
EPS* (Ps.) 0.56  1.16   2.03  2.83  
EPADS* (US$) 0.35  0.71   1.25  1.73  
Capital Expenditures (Ps. million) 168  237  40.7  601  677  12.7
*Based on weighted average shares outstanding
See Notes to the Financial Information


Fourth Quarter 2013 Summary

OMA recorded solid results in the fourth quarter of 2013. Terminal passenger traffic increased 6.9% to 3.4 million in 4Q13; domestic traffic increased 8.0%, and international traffic was unchanged. The airlines with the largest increases in traffic were AeromÉxico, Volaris, and Interjet.

• Eight new domestic routes and two new international routes opened in the quarter.
• Aeronautical revenues increased 4.6%, principally as a result of the growth in passenger traffic.
• Aeronautical revenues per passenger were Ps. 165.7.
• Non-aeronautical revenues increased 9.8% as a result of growth in diversification activities and complementary services.
• Non-aeronautical revenues per passenger increased 2.8% to Ps. 63.3; this marks the 23d consecutive quarter of growth in non-aeronautical revenues per passenger.
• Adjusted EBITDA increased 10.4%. The Adjusted EBITDA margin was 53.9%, an increase of 210 basis points, as a result of initiatives to increase cash flow. • Consolidated net income rose 99.0% to Ps. 465 million. Earnings were Ps. 1.16 per share, or US$ 0.71 per American Depositary Share (ADS).• Total MDP and strategic capital expenditures were Ps. 237 million.

2014 Outlook

OMA expects that passenger traffic will increase approximately 4% to 6% in 2014. The sum of aeronautical and non-aeronautical revenues is expected to increase approximately 8% to 10%. The Adjusted EBITDA margin is expected to be in the range of 51% to 53%. Master Development Plan investments are expected to be in the range of Ps. 600 to 750 million, net of the recognition of land purchases made in prior years; the amount is Ps. 178 million in 2014. In addition, strategic investments, principally for diversification projects, are expected to be Ps. 250 to 450 million.

OMA is providing this outlook based on internal estimates. A number of factors could have a significant effect on the estimates of traffic, revenue growth, Adjusted EBITDA, and Capex. These include changes in airline expansion plans, ticket prices and other factors affecting traffic volumes, the evolution of commercial and diversification projects, and economic conditions including oil prices, among others. OMA can provide no assurance that the Company will achieve these results.

OMA's complete earnings report is available at http://ir.oma.aero.

OMA (Nasdaq:OMAB) (BMV:OMA) will hold its 4Q13 earnings conference call on February 25, 2014 at 12:00 pm Eastern time, 11:00 amMexico City time.

The conference call is accessible by calling 1-877-941-1428 toll-free from the U.S. or 1-480-629-9665 from outside the U.S. The conference ID is 4668729. A taped replay will be available through March 4, 2014 at 877-870-5176 toll free or + 1-858-384-5517, using the same ID.

The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.

This press release may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

About OMA

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's third largest metropolitan area, the tourist destinations of Acapulco, MazatlÁn, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates a hotel and commercial areas inside Terminal 2 of the Mexico City airport. OMA employs over 1,000 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2008. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and AÉroports de Paris Management, subsidiary of AÉroports de Paris, the third largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, please visit us at:

Website:http://www.oma.aeroTwitter:http://twitter.com/OMAeropuertosFacebook:http://www.facebook.com/OMAeropuertos

CONTACT: Jose Luis Guerrero Cortes OMA, CFO +52.81.8625.4300 ext.308 jlguerrero@oma.aeroDaniel WilsonZemi Communications +1.212.689.9560 dbmwilson@zemi.com

Source: Grupo Aeroportuario del Centro Norte S.A.B. de C.V.


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