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
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
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)||4Q12||4Q13||% Var||2012||2013||% Var|
|Aeronautical Revenues + Non-Aeronautical Revenues||742||787||6.0||2,820||3,065||8.7|
|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 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|
|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,
• 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
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
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
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.