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OMA Announces Second Quarter 2015 Operating and Financial Results

20:00 EDT 21 Jul 2015 | Globe Newswire

MONTERREY, Mexico, July 22, 2015 (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 2015 today.

Second quarter 2015 Summary

OMA recorded solid results in the second quarter, as a result of its initiatives to develop passenger traffic, commercial services, and diversification projects. There were double-digit increases in passenger traffic (+16.6%), aeronautical revenues (+17.9%), non-aeronautical revenues (+30.1%), Adjusted EBITDA (+29.1%), and consolidated net income (+29.3%).

The principal results of the second quarter include:

(Million Passengers and Million Pesos) 2Q14 2Q15 % Var 6M14 6M15 % Var
Passenger Traffic 3.6 4.2 16.6  6.8  8.0  17.0
Aeronautical Revenues  638  751  17.9  1,196  1,427  19.3
Non-Aeronautical Revenues  203  263  30.1  403  502  24.8
Aeronautical Revenues + Non-Aeronautical Revenues  840  1,015  20.8  1,598  1,929  20.7
Construction Revenues  49  84  72.2  123  191  55.4
Total Revenues   889  1,099  23.6  1,721  2,120  23.2
Income from Operations  362  452  24.8  672  887  31.9
Operating Margin (%) 40.7% 41.1%   39.1% 41.8%  
Adjusted EBITDA  457  590  29.1  861  1,126  30.7
Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical Revenues + Non-Aeronautical Revenues, %) 54.4% 58.2%   53.9% 58.4%  
Consolidated Net Income  214  277  29.3  472  535  13.4
Net Income of Controlling Interest  214  276  29.1  471  533  13.1
EPS* (Ps.)  0.54  0.70    1.19  1.35  
EPADS* (US$)  0.33  0.36    0.73  0.70  
MDP and Strategic Investments  152  195  28.3  290  390  34.5
*Based on weighted average shares outstanding
  • Total terminal passenger traffic increased 16.6% to 4.2 million in 2Q15, and all 13 airports recorded passenger traffic growth. Domestic traffic increased 15.6%; international traffic increased 23.6%. Interjet, Volaris, and Grupo Aeroméxico contributed the most to traffic growth, and accounted for 90% of the traffic increase.
    • One new domestic and one new international route opened in the quarter.
  • Aeronautical revenues increased 17.9%, principally as a result of the growth in passenger traffic.
    • Aeronautical revenues per passenger were Ps. 180.1.
  • Non-aeronautical revenues increased 30.1%, principally as a result of OMA Carga, parking, advertising, and checked baggage screening services.
    • Non-aeronautical revenues per passenger increased 11.6% to Ps. 63.1.
  • Adjusted EBITDA increased 29.1% to Ps. 590 million as a result of the continuing efforts to increase revenues and control cost of services and general and administrative expense (+6.7%), with an Adjusted EBITDA margin of 58.2%.
  • Consolidated net income increased 29.3% to Ps. 277 million. Earnings were Ps. 0.70 per share, or US$ 0.36 per American Depositary Share (ADS).
  • Total investment expenditures for Master Development Plan (MDP) and strategic investments were Ps. 195 million.
  • OMA made a capital reimbursement payment to shareholders of Ps. 1,200 million, or Ps. 3.00 per share, on May 29, 2015.
  • On May 14, 2015, OMA signed an amendment to its Technical Assistance and Technology Transfer Agreement dated June 14, 2000 with its strategic partner, extending the agreement for 5 years and reducing the payment from 5% to 4% of EBITDA for the first three years and to 3% of EBITDA for the final two years. The changes became effective on June 14, 2015.

Revised 2015 Outlook

As a result of the growth in passenger traffic volumes during the first half of the year, and taking into account the maturation of the new routes that operate in the Group's airports, OMA is updating its full year outlook for 2015.

OMA estimates that total passenger traffic growth for 2015 will be between 10% and 12% (previously 6% to 8%). The growth in the sum of aeronautical and non-aeronautical revenues is estimated to be between 13% and 15% (previously 7% to 9%), and non-aeronautical revenues are expected to increase between 18% and 20% (previously 13% to 16%). 

The Adjusted EBITDA margin is expected to be between 56% and 58% (previously 53% to 55%). 

Master Development Plan investments are expected to be in the range of Ps. 500 to 700 million (unchanged), net of the recognition of land purchases made in prior years (Ps. 131 million in 2015). In addition, strategic investments, principally for diversification projects, are expected to be in the range of Ps. 100 to 200 million (unchanged).

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 2Q15 earnings conference call on July 23, 2015 at 11 am Eastern time, 10 am Mexico City time.

The conference call is accessible by calling 1-888-417-8533 toll-free from the U.S. or 1-719-325-2362 from outside the U.S. The conference ID is 6521862. A taped replay will be available through July 30, 2015 at 1-877-870-5176 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 fourth 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 fourth 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
         +1.212.689.9560
         
         Investor Relations in Mexico
         Vicsaly Torres / vtorres@oma.aero / +52 81 8625 4309
         Emmanuel Camacho / ecamacho@oma.aero / +52 81 8625 4308
         Manuel Higinio de Leon / mdeleon@oma.aero / +52 81 8625 4334
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