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OMA Announces Second Quarter 2014 Earnings

MONTERREY, Mexico, July 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 second quarter of 2014 today.

Second Quarter 2014 Summary

OMA's second quarter results reflect our successful strategy for revenue development, as well as the growth in passenger traffic – with both growing at double-digit rates. The Company continues to increase its generation of Adjusted EBITDA.

The principal results of the second quarter are:

(Million Passengers and Million Pesos) 2Q13 2Q14 % Var 2013 2014 % Var
Passenger Traffic 3.2 3.6 11.5 6.2 6.8 9.3
Aeronautical Revenues 572 638 11.4 1,089 1,196 9.8
Non-Aeronautical Revenues 189 210 11.3 372 417 12.0
Aeronautical Revenues + Non-Aeronautical Revenues 761 847 11.4 1,462 1,613 10.3
Construction Revenues 67 49 (27.2) 154 123 (20.0)
Total Revenues 828 896 8.3 1,615 1,736 7.4
Income from Operations 314 362 15.3 616 672 9.1
Operating Margin (%) 37.9% 40.4% 38.1% 38.7%
Adjusted EBITDA 405 457 12.8 798 861 8.0
Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical Revenues + Non-Aeronautical Revenues, %) 53.2% 53.9% 54.6% 53.4%
Consolidated Net Income 216 214 (0.8) 442 472 6.8
Net Income of Controlling Interest 215 214 (0.5) 440 471 7.0
EPS* (Ps.) 0.54 0.54 1.10 1.19
EPADS* (US$) 0.33 0.33 0.68 0.73
MDP and Strategic Investments 145 152 4.8 314 290 (7.6)
*Based on weighted average shares outstanding

  • Total terminal passenger traffic increased 11.5% to 3.6 million in 2Q14. Domestic traffic increased 12.3%, and international traffic increased 6.9%.Volaris, VivaAerobus, Aeroméxico, Aeromar, Interjet, and TAR accounted for 95% of the increase in total traffic.
    • Fourteen new domestic routes opened in the quarter, as a result of the combined efforts of the airlines and OMA to develop passenger traffic.
  • Aeronautical revenues increased 11.4%, principally as a result of the growth in passenger traffic.
    • Aeronautical revenues per passenger were Ps. 178.2.
  • Non-aeronautical revenues increased 11.3% as a result of growth in diversification and commercial initiatives.
    • Non-aeronautical revenues per passenger were Ps. 58.6.
  • Total costs and operating expenses increased 4.0%. Cost of services and general and administrative expenses increased 0.2%.
  • Adjusted EBITDA increased 12.8% to Ps. 457 million. The Adjusted EBITDA margin increased 70 basis points to 53.9%.
  • Consolidated net income decreased 0.8% to Ps. 214 million, as a result of an increase in deferred taxes. Earnings were Ps. 0.54 per share, or US$ 0.33 per American Depositary Share (ADS).
  • Total Master Development Plan (MDP) and strategic investment expenditures were Ps. 152 million.

Revised 2014 Outlook

As a result of the growth in passenger traffic volumes during the first half of the year, and taking into account the route expansion plans of airline clients, OMA is updating its full year outlook for 2014.

OMA estimates that total passenger traffic growth for 2014 will be between 6% and 8% (previously 4% to 6%). The growth in the sum of aeronautical and non-aeronautical revenues is estimated to be between 9% and 11% (previously 8% to 10%).

The Adjusted EBITDA margin is expected to be between 52% and 54% (previously 51% to 53%).

Master Development Plan investments are expected to be in the range of Ps. 600 to 750 million (unchanged), net of the recognition of land purchases made in prior years (Ps. 178 million in 2014). In addition, strategic investments, principally for diversification projects, are expected to be Ps. 250 to 300 million (previously 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 2Q14 earnings conference call on July 25, 2014 at 11 am Eastern time, 10 am Mexico City time.
The conference call is accessible by calling 1-877-870-5176 toll-free from the U.S. or 1-858-384-5517 from outside the U.S. The conference ID is 6318683. A taped replay will be available through August 1, 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:

CONTACT: OMA Headquarters: +52.81.8625.4300 Chief Financial Officer Jose Luis Guerrero Cortes jlguerrero@oma.aero Ext.308 Investor Relations in USA: Daniel Wilson / Zemi Communications dbmwilson@zemi.com +1.212.689.9560Source:Grupo Aeroportuario del Centro Norte S.A.B. de C.V.