MONTERREY, Mexico, Feb. 23, 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 fourth quarter of 2011 today.
OMA recorded solid results in the fourth quarter 2011. The recovery of passenger traffic (+7.1%) benefited both aeronautical revenues and non-aeronautical revenues, which increased a combined 29%.
| (Million passengers and million pesos) | 4Q 10 | 4Q 11 | % Var | 12M 10 | 12M 11 | % Var |
| Terminal passengers | 2.8 | 3.0 | 7.1 | 11.6 | 11.8 | 1.6 |
| Aeronautical revenues | 397 | 527 | 32.7 | 1,653 | 1,870 | 13.2 |
| Non-aeronautical revenues | 139 | 164 | 18.3 | 492 | 589 | 19.7 |
| Aeronautical revenues + Non-Aeronautical revenues | 536 | 691 | 29.0 | 2,144 | 2,459 | 14.7 |
| Construction revenues | 108 | 82 | (23.3) | 430 | 331 | (23.1) |
| Total revenues | 643 | 774 | 20.2 | 2,574 | 2,790 | 8.4 |
| EBITDA (Ps. million) | 227 | 342 | 50.7 | 934 | 1,250 | 33.8 |
| EBITDA margin (%) | 42.3% | 49.5% | 43.6% | 50.8% | ||
| Adjusted EBITDA | 227 | 342 | 50.7 | 934 | 1,250 | 33.8 |
| Adjusted EBITDA margin (Adjusted EBITDA/Aeronautical revenues + Non-aeronautical revenues, %) | 42.3% | 49.5% | 43.6% | 50.8% | ||
| Income from operations (Ps. million) | 172 | 257 | 49.3 | 721 | 919 | 27.6 |
| Consolidated net income (Ps. million) | 184 | 231 | 25.5 | 660 | 616 | (6.6) |
| Net income of majority interest (Ps. million) | 184 | 231 | 25.5 | 661 | 616 | (6.8) |
| EPS* (Ps.) | 0.46 | 0.58 | 1.66 | 1.54 | ||
| EPADS* (US$) | 0.26 | 0.33 | 0.95 | 0.88 | ||
| Capital Expenditures (Ps. million) | 498 | 233 | (53.2) | 732 | 741 | 1.2 |
| *Based on weighted average shares outstanding | ||||||
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Passenger traffic increased 7.1% to 3.0 million in 4Q11; domestic traffic increased 9.4%, while international traffic decreased 4.7%.
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Aeronautical revenues increased 32.7% as the result of the growth in passenger traffic and the increase in passenger charges and aeronautical services tariffs.
- Non-aeronautical revenues increased 18.3% as the result of the development and implementation of commercial and diversification initiatives.
- The NH T2 hotel in the Mexico City International Airport increased revenues 9.6%, as a result of an increase in the occupancy rate and higher room rates.
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The sum of aeronautical and non-aeronautical revenues per passenger increased 20.4% to Ps. 229.6.
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Seven new international routes were opened, as a result of route development efforts.
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37 new commercial spaces, car rental, advertising, restaurant, passenger service, and time share locales opened in the 13 airports, as part of the commercial strategy.
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The sum of costs and general and administrative expenses, not including the maintenance provision or construction costs, increased 12.1% to Ps. 300 million. The increase reflected principally higher electricity charges, a new security services contract, and severance paid in the quarter.
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Adjusted EBITDA was Ps. 342 million in 4Q11, an increase of 50.7%. The Adjusted EBITDA margin of 49.5%, reflecting OMA'S efforts to sustain cash flow generation.
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Consolidated net income increased 25.5% to Ps. 231 million, principally because of the growth in revenues. Earnings per share were Ps. 0.58, or US$0.33 per American Depositary Share (ADS).
- Capital expenditures were Ps. 233 million in 4Q11.
Full Year 2011 Summary
OMA generated 14.7% growth in the sum of aeronautical and non-aeronautical revenues in 2011, with an increase of passenger traffic volumes of 1.6%. Aeronautical revenues per passenger increased 11.4% and non-aeronautical revenues per passenger increased 17.8%. The increase in non-aeronautical revenues of 19.7% was driven by the maturation of the NH Terminal 2 Hotel (+42.3% revenue growth), advertising (+61.8%), commercial leases (+10.6%), and OMA Carga (+17.2%).
The decrease of 3.6% in costs and general and administrative expenses (not including the maintenance provision, construction costs, or hotel expenses) was principally the result of the provision for doubtful accounts from the bankruptcy of Mexicana during 2010. Adjusted EBITDA increased 33.8% to Ps. 1,250 million; operating income reached Ps. 919 million, and net income was Ps. 616 million. Earnings per share were Ps.1.54 and earnings per ADS were US$ 0.88.
OMA's investment program focused on meeting its investment commitments to provide services that meet the highest standards of quality and security. The acquisition and installation of the Baggage Handling System was completed. Total Capex in 2011 was Ps. 741 million.
2012 Outlook
OMA estimates that passenger traffic growth in 2012 will be between 2.5% and 3.5%. The sum of aeronautical and non-aeronautical revenues is expected to increase between 8% and 12%. The Adjusted EBITDA margin is expected to be in the range of 48.5% to 51.0%. Capital expenditures in 2012 under the Master Development Plan will be approximately Ps. 700 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, among others. OMA can provide no assurance that the Company will achieve these results.
The full earnings report is available at http://ir.oma.aero.
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on February 24, 2012 at 11:00 am Eastern time, 10:00 am Mexico City time.
The conference call is accessible by calling 1-877-941-4774 toll-free from the U.S. or 1-480-629-9760 from outside the U.S. The conference ID is 4515795. A taped replay will be available through March 2, 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 http://ir.oma.aero/events.cfm.
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.
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, Mazatlan, 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 Aeroports de Paris Management, subsidiary of Aeroports 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: