MONTERREY, Mexico, Feb. 23, 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 fourth quarter and full year 2014 today.
Fourth Quarter 2014 Summary
OMA's fourth quarter results reflect our successful strategy to promote passenger traffic growth, improve commercial services, and diversify revenues. The sum of aeronautical and non-aeronautical revenues increased at double digit rates. As a result, OMA continued to increase its cash flow generation.
The principal results of the fourth quarter include:
| (Million Passengers and Million Pesos) | 4Q13 | 4Q14 | % Var | 2013 | 2014 | % Var |
| Passenger Traffic | 3.4 | 3.9 | 14.3 | 13.3 | 14.7 | 10.6 |
| Aeronautical Revenues | 569 | 648 | 13.9 | 2,269 | 2,533 | 11.6 |
| Non-Aeronautical Revenues | 218 | 249 | 14.7 | 797 | 890 | 11.7 |
| Aeronautical Revenues + Non-Aeronautical Revenues | 787 | 898 | 14.1 | 3,065 | 3,422 | 11.6 |
| Construction Revenues | 147 | 94 | (35.7) | 353 | 307 | (12.9) |
| Total Revenues | 933 | 992 | 6.3 | 3,418 | 3,730 | 9.1 |
| Income from Operations | 234 | 365 | 56.3 | 1,209 | 1,486 | 22.9 |
| Operating Margin (%) | 25.0% | 36.8% | 35.4% | 39.8% | ||
| Adjusted EBITDA | 424 | 483 | 13.9 | 1,674 | 1,890 | 12.9 |
| Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical Revenues + Non-Aeronautical Revenues, %) | 53.9% | 53.8% | 54.6% | 55.2% | ||
| Consolidated Net Income | 532 | 284 | (46.5) | 1,201 | 1,027 | (14.5) |
| Net Income of Controlling Interest | 531 | 284 | (46.6) | 1,200 | 1,025 | (14.6) |
| EPS* (Ps.) | 1.33 | 0.72 | 3.01 | 2.58 | ||
| EPADS* (US$) | 0.82 | 0.39 | 1.84 | 1.40 | ||
| MDP and Strategic Investments | 237 | 252 | 6.3 | 677 | 689 | 1.8 |
| *Based on weighted average shares outstanding | ||||||
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Total terminal passenger traffic increased 14.3% to 3.9 million in 4Q14. Domestic traffic increased 14.1%; international traffic increased 16.1%. Volaris, VivaAerobus, Interjet, Aeroméxico, TAR, Aeromar, Delta, and US Airways accounted for 97% of the growth in total traffic.
- Nineteen new routes, including 11 domestic and eight international routes, opened in the quarter, as a result of the combined efforts of the airlines and OMA to increase connectivity and grow passenger traffic.
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Aeronautical revenues increased 13.9%, principally as a result of the growth in passenger traffic and an increase in rates for services.
- Aeronautical revenues per passenger were Ps. 165.0.
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Non-aeronautical revenues increased 14.7% as a result of growth in diversification and commercial initiatives.
- Non-aeronautical revenues per passenger increased 0.3% to Ps. 63.5.
- Total costs and operating expenses decreased 10.5%.
- Adjusted EBITDA increased 13.9% to Ps. 483 million, with an Adjusted EBITDA margin of 53.8%.
- Consolidated net income decreased 46.5% to Ps. 284 million, principally as a result of the benefit from the repeal of the IETU tax in the 2013 period. Earnings were Ps. 0.72 per share, or US$ 0.39 per American Depositary Share (ADS).
- Total Master Development Plan (MDP) and strategic investment expenditures were Ps. 252 million.
Full Year 2014 Summary
OMA's passenger traffic reached a record 14.7 million passengers, an increase of 10.6% compared to 2013. During the year a number of important projects were carried out with the airlines to develop further the connectivity of OMA's airports. This resulted in a net increase of 46 routes (63 openings and 17 closings).
The higher volume of passenger traffic (+10.6%) resulted in an increase of aeronautical and non-aeronautical revenues of 11.6%. Total aeronautical revenues reached Ps. 2,533 million, an 11.6% increase, as a result of the growth in passenger traffic and increases in rates for aeronautical services. Aeronautical revenues per passenger reached Ps. 172.3 (+1.0%). Non-aeronautical revenues rose 11.7% to Ps. 890 million, principally as a result of increases in revenues from the NH T2 hotel (+10.9%), parking (+14.2%), and checked baggage screening (+22.9%). Non-aeronautical revenues per passenger rose 1.0% to Ps. 60.5.
The sum of cost of services and general and administrative expenses (including the hotel) were held to an increase of 6.7%, somewhat above Mexico's inflation rate of 4.08%.
Adjusted EBITDA increased 12.9% to Ps. 1,890 million, with a margin of 55.2% -- in line with OMA's guidance for the year. Operating income reached Ps. 1,486 million, an increase of 22.9%. Consolidated net income decreased 14.5% to Ps. 1,027 million; the decrease was a result of the 2013 tax benefit from the repeal of the IETU tax. Full year 2014 earnings were Ps. 2.58 per share, or US$ 1.40 per American Depositary Share (ADS). The return on equity was 16.8%, and a capital reimbursement of Ps. 1,200 million was paid to shareholders during the year, based on 2013 results.
Total Master Development Plan (MDP) and strategic investment expenditures were Ps. 689 million. The resources for these investment expenditures were provided by debt. As of year-end 2014, the ratio of net debt to Adjusted EBITDA was 1.01.
2015 Outlook
OMA estimates that total passenger traffic growth for 2015 will be between 6% and 8%. The growth in aeronautical revenues is estimated to be between 7% and 9% and growth in non-aeronautical revenues is expected to be between 13% and 16%.
The Adjusted EBITDA margin is expected to be between 53% and 55%.
Two diversification in Monterrey projects are expected to start operations during 2015: the Hilton Garden Inn and the first phase of the Industrial Park, which includes urbanization works and the first 5,000 m2 warehouse.
Master Development Plan investments are expected to be in the range of Ps. 500 to 700 million, 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.
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 4Q14 earnings conference call on February 24, 2015 at 11 am Eastern time, 10 am Mexico City time. |
| The conference call is accessible by calling 1-888-364-3108 toll-free from the U.S. or 1-719-325-2402 from outside the U.S. The conference ID is 2683020. A taped replay will be available through March 3, 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:
| - Website: | http://www.oma.aero |
| - Twitter: | http://twitter.com/OMAeropuertos |
| - Facebook: | http://www.facebook.com/OMAeropuertos |