OMA Announces Third Quarter 2012 Earnings
MONTERREY, Mexico, Oct. 24, 2012 (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 results for the third quarter
of 2012 today.
OMA recorded solid results in the third quarter of 2012, with significant
growth from the three lines of business: aeronautical operations, commercial
activities, and diversification projects. Adjusted EBITDA increased 25.4%, and
Consolidated Net Income rose 56.9%.
The 9.1% increase in passenger traffic drove a 17% increase in aeronautical
revenues and an 18% increase in non-aeronautical revenues. The Adjusted EBITDA
margin increased 360 bp to reach 56.0%.
(Million passengers and million 3Q11 3Q12 % Var 9M11 9M12 % Var
Terminal passengers 3.2 3.4 9.1 8.8 9.4 7.0
Aeronautical revenues 497 583 17.4 1,343 1,586 18.1
Non-aeronautical revenues 149 176 17.7 425 491 15.6
Aeronautical revenues + 646 759 17.5 1,768 2,077 17.5
Construction revenues 40 39 (2.3) 248 147 (40.8)
Total revenues 686 798 16.3 2,016 2,224 10.3
Adjusted EBITDA 339 425 25.4 908 1,129 24.3
Adjusted EBITDA margin (Adjusted
EBITDA/Aeronautical revenues + 52.4% 56.0% 51.4% 54.3%
Non-aeronautical revenues, %)
Income from operations (Ps. million) 257 338 31.4 662 868 31.0
Consolidated net income (Ps. million) 139 218 56.9 385 563 46.2
Net income of majority interest (Ps. 139 218 56.7 385 562 46.0
EPS* (Ps.) 0.35 0.55 0.96 1.41
EPADS* (US$) 0.22 0.34 0.60 0.87
Capital Expenditures (Ps. million) 114 130 14.0 503 433 (13.9)
*Based on weighted average shares outstanding
The principal developments of the quarter included:
*Passenger traffic increased 9.1% to 3.4 million in 3Q12; domestic traffic
increased 9.3%, and international traffic increased 7.8%. Nine of our
airline clients had traffic growth in the quarter.
*Aeronautical revenues increased 17.4%, principally as a result of the
growth in passenger traffic.
*Non-aeronautical revenues increased 17.7%. Commercial initiatives included
new stores and passenger services in all 13 airports and the expansion of
commercial areas. Diversification projects included an 8.9% increase in
revenues of the NH Terminal 2 hotel in the Mexico City Airport and the
leasing of space for the first phase of the Monterrey Airport Cargo City.
*The sum of aeronautical and non-aeronautical revenues per passenger
increased 7.7% to Ps. 220.3.
*Two new domestic routes and two new international routes opened, as a
result of route development efforts.
*Sixty new retail, advertising, restaurant, passenger service, car rental,
ATMs, telecommunications, and time share marketing locales opened in the
13 airports, as part of our commercial strategy.
*Adjusted EBITDA increased 25.4% to Ps. 425 million in 3Q12. The Adjusted
EBITDA margin reached 56.0%, an increase of 360 basis points, reflecting
OMA's efforts to increase cash flow generation.
*Consolidated net income increased 56.9% to Ps. 218 million. Earnings per
share were Ps. 0.55, or US$0.34 per American Depositary Share (ADS).
*Capital expenditures were Ps. 130 million.
Revised 2012 Outlook
Based on the first nine months 2012 results, which have exceeded expectations,
OMA is revising its full year outlook.
OMA estimates that passenger traffic growth in 2012 will be between 6.0% and
7.5%, as a result of the recovery of the air transport industry. The sum of
aeronautical and non-aeronautical revenues is expected to increase between 11%
and 14%.The Adjusted EBITDA margin is expected to be in the range of 52.0% to
54.0%. Capital expenditures under the Master Development Plan will be in the
range of Ps. 600 to 700 million. This amount is expected to be financed by
additional bank debt of approximately Ps. 150 to 300 million in 4Q12.OMA
expects that its debt coverage ratio (Net Debt/Adjusted EBITDA) will be in the
range of 0.7 to 1.0 for the full year.
OMA is providing this outlook based on internal estimates. A number of factors
could have a significant effect on the estimates of passenger 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,
among others. OMA can provide no assurance that the Company will achieve these
The complete earnings report is available at http://ir.oma.aero
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on October 25, 2012 at
11:00 am Eastern time, 10:00 am Mexico City time.
The conference call is accessible by calling 1-888-846-5003 toll-free from the
U.S. or 1-480-629-9856 from outside the U.S. The conference ID is 4569674. A
taped replay will be available through November 1, 2012 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
This press release contains 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.
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 second
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:
CONTACT: Jose Luis Guerrero Cortes
+1.212.689.9560 ext. 264
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