MONTERREY, Mexico, July 25, 2016 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ:OMAB) (BMV:OMA), today reported its unaudited, consolidated results for the second quarter of 2016.
Second quarter 2016 summary
OMA generated solid results in the second quarter of 2016. The sum of aeronautical and non-aeronautical revenues rose 26.4%, as a result of initiatives to develop passenger traffic, optimize tariffs, improve commercial services, and strengthen diversification activities. Adjusted EBITDA rose 36.8% with an Adjusted EBITDA margin of 62.5%. Operating income rose 46.3% and net income increased 60.2%.
| (Million Passengers and Million Pesos) | 2Q15 | 2Q16 | % Var | 6M15 | 6M16 | % Var | |||||||||||||
| Passenger Traffic | 4.2 | 4.5 | 8.7 | 8.0 | 8.7 | 9.2 | |||||||||||||
| Aeronautical Revenues | 751 | 955 | 27.0 | 1,427 | 1,763 | 23.6 | |||||||||||||
| Non-Aeronautical Revenues | 271 | 337 | 24.5 | 518 | 633 | 22.2 | |||||||||||||
| Aeronautical Revenues + Non-Aeronautical Revenues | 1,022 | 1,292 | 26.4 | 1,944 | 2,396 | 23.2 | |||||||||||||
| Construction Revenues | 84 | 47 | (44.1 | ) | 191 | 70 | (63.2 | ) | |||||||||||
| Total Revenues | 1,106 | 1,339 | 21.0 | 2,135 | 2,467 | 15.5 | |||||||||||||
| Adjusted EBITDA | 590 | 808 | 36.8 | 1,126 | 1,512 | 34.3 | |||||||||||||
| Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical Revenues + Non-Aeronautical Revenues, %) | 57.7 | % | 62.5 | % | 57.9 | % | 63.1 | % | |||||||||||
| Income from Operations | 452 | 660 | 46.2 | 887 | 1,253 | 41.4 | |||||||||||||
| Operating Margin (%) | 40.8 | % | 49.3 | % | 41.5 | % | 50.8 | % | |||||||||||
| Consolidated Net Income | 277 | 446 | 60.9 | 535 | 819 | 53.2 | |||||||||||||
| Net Income of Controlling Interest | 276 | 447 | 61.8 | 533 | 820 | 53.7 | |||||||||||||
| EPS* (Ps.) | 0.70 | 1.14 | 1.35 | 2.09 | |||||||||||||||
| EPADS* (US$) | 0.36 | 0.50 | 0.70 | 0.91 | |||||||||||||||
| MDP and Strategic Investments | 195 | 142 | (27.2 | ) | 390 | 212 | (45.6 | ) | |||||||||||
| *Based on weighted average shares outstanding | |||||||||||||||||||
The principal results of the second quarter include:
- Total terminal passenger traffic increased 8.7% to 4.5 million in 2Q16. Domestic traffic increased 10.4%, while international traffic decreased 2.3%. The Monterrey, Ciudad Juárez, Culiacán, Durango, and Chihuahua airports had the most growth.
- Eleven new routes opened in the quarter, including nine domestic and two international routes.
- Aeronautical revenues increased 27.0%, principally as a result of the growth in passenger traffic and an increase in specific tariffs.
- Aeronautical revenues per passenger increased 16.8% to Ps. 210.4.
- Non-aeronautical revenues increased 24.5%, as a result of diversification initiatives and the continuous improvement in commercial services.
- Non-aeronautical revenues per passenger increased 14.5% to Ps. 74.3.
- Total operating costs and expenses increased 3.6%, below the rate of revenue growth.
- Adjusted EBITDA increased 36.8% to Ps. 808 million. The Adjusted EBITDA margin reached 62.5%, up 478 basis points.
- Consolidated net income increased 60.9% to Ps. 446 million. Earnings were Ps. 1.13 per share, or US$ 0.49 per American Depositary Share (ADS).
- Total investment expenditures, including MDP investments and strategic investments, were Ps. 142 million.
Revised 2016 Outlook
As a result of the increase in traffic volumes in the first six months of 2016 above the levels expected, and taking into account the optimization of specific aeronautical tariffs at the Group’s airport, OMA is revising its outlook for 2016.
OMA estimates that total passenger traffic growth for 2016 will be between 8% and 10% (previously 6% to 8%). The growth in aeronautical revenues is estimated to be between 24% and 26% (previously 22% to 24%), and non-aeronautical revenues are expected to increase between 17% and 19% (previously 13% to 15%).
The Adjusted EBITDA margin is expected to be between 61% and 63% (previously 60% to 62%).
Estimated MDP cash investment expenditures for 2016 are unchanged, and are expected to be in the range of Ps. 1,500 to 1,700 million. In addition, cash strategic investment expenditures, principally for diversification projects, are expected to be in the range of Ps. 150 to 250 million (unchanged).
OMA is providing this outlook based on internal estimates. A number of factors could have a significant effect on these estimates. 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 2Q16 earnings conference call on July 26, 2016 at 11 am Eastern time, 10 am Mexico City time.
The conference call is accessible by calling 1-888-452-4023 toll-free from the U.S. or 1-719-325-2308 from outside the U.S. The conference ID is 5092814. A taped replay will be available through August 2, 2016 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 information and expectations and projections about future events. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target,” “estimate,” 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 update publicly 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 second largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates the NH Collection hotel inside Terminal 2 of the Mexico City airport and the Hilton Garden Inn at the Monterrey 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, visit
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