Table of Contents

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 20-F

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

 

Commission File Number:  1-33168

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

(Exact name of registrant as specified in its charter)

 

Central North Airport Group

 

United Mexican States

(Translation of registrant’s name into English)

 

(Jurisdiction of incorporation or organization)

 

Torre Latitud, L501, Piso 5

Av. Lázaro Cárdenas 2225

Col. Valle Oriente, San Pedro Garza García

Nuevo León, Mexico
(Address of principal executive offices)

 

José Luis Guerrero

Torre Latitud, L501, Piso 5

Av. Lázaro Cárdenas 2225

Col. Valle Oriente, San Pedro Garza García

Nuevo León, Mexico

+ 52 81 8625 4327

jlguerrero@oma.aero

(Name, Telephone, E-mail and/or facsimile number and address of Company contact person)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

 

Title of each class:

 

Name of each exchange
on which registered

American Depositary Shares (ADSs) each representing 8 Series B shares

 

The NASDAQ Stock Market LLC

Series B shares

 

The NASDAQ Stock Market LLC*

 

*            Not for trading, but only in connection with the registration of ADSs, pursuant to the requirements of the Securities and Exchange Commission.

 

Securities registered or to be registered pursuant to Section 12(g) of the Act:

 

None

 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

 

N/A

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

 

Title of each class:

 

Number of Shares

Series B shares

 

341,200,000

Series BB shares

 

58,800,000

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 

Yes þ No o

 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934.

 

Yes o No þ

 

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

 

Yes þ No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes o No þ

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):

 

Large accelerated filer o Accelerated filer þ Non-accelerated filer o

 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP

o

IFRS

þ

Other

o

 

 

Indicate by check mark which financial statement item the registrant has elected to follow:

 

Item 17 o Item 18 þ

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).

 

Yes o No þ

 

 

 



Table of Contents

 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

1

 

 

 

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

1

 

 

 

ITEM 3.

KEY INFORMATION

1

 

 

 

 

Selected Financial Data

1

 

 

 

 

Exchange Rates

10

 

 

 

 

Risk Factors

11

 

 

 

 

Forward-Looking Statements

34

 

 

 

ITEM 4.

INFORMATION ON THE COMPANY

35

 

 

 

 

History and Development of the Company

35

 

 

 

 

Business Overview

40

 

 

 

 

Regulatory Framework

75

 

 

 

 

Organizational Structure

95

 

 

 

 

Property, Plant and Equipment

97

 

 

 

ITEM 4A.

UNRESOLVED STAFF COMMENTS

98

 

 

 

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

98

 

 

 

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

143

 

 

 

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS

153

 

 

 

 

Major Shareholders

153

 

 

 

 

Related-Party Transactions

156

 

 

 

ITEM 8.

FINANCIAL INFORMATION

158

 

 

 

 

Legal Proceedings

159

 

 

 

 

Dividends and Capital Stock Reimbursements

166

 

 

 

ITEM 9.

THE OFFER AND LISTING

168

 

 

 

 

Share Price History

168

 

 

 

 

Trading on the Mexican Stock Exchange

169

 

 

 

ITEM 10.

ADDITIONAL INFORMATION

170

 

 

 

 

Material Contracts

187

 

 

 

 

Exchange Controls

187

 

 

 

 

Taxation

187

 

 

 

 

Documents On Display

191

 

 

 

ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

192

 

 

 

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

192

 

 

 

ITEM 12A.

DEBT SECURITIES

192

 

i



Table of Contents

 

TABLE OF CONTENTS

(continued)

 

 

 

Page

 

 

 

ITEM 12B.

WARRANTS AND RIGHTS

192

 

 

 

ITEM 12C.

OTHER SECURITIES

192

 

 

 

ITEM 12D.

AMERICAN DEPOSITARY SHARES

192

 

 

 

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

195

 

 

 

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

195

 

 

 

ITEM 15.

CONTROLS AND PROCEDURES

195

 

 

 

ITEM 16.

[RESERVED]

197

 

 

 

ITEM 16A.

AUDIT COMMITTEE’S FINANCIAL EXPERT

197

 

 

 

ITEM 16B.

CODE OF ETHICS

197

 

 

 

ITEM 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

198

 

 

 

ITEM 16D.

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

198

 

 

 

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

198

 

 

 

ITEM 16F.

CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

199

 

 

 

ITEM 16G.

CORPORATE GOVERNANCE

200

 

 

 

ITEM 16H.

MINE SAFETY DISCLOSURES

204

 

 

 

ITEM 17.

FINANCIAL STATEMENTS

205

 

 

 

ITEM 18.

FINANCIAL STATEMENTS

205

 

 

 

ITEM 19.

EXHIBITS

205

 

ii



Table of Contents

 

PART I

 

Item 1.                         Identity of Directors, Senior Management and Advisers

 

Not applicable.

 

Item 2.                         Offer Statistics and Expected Timetable

 

Not applicable.

 

Item 3.                         Key Information

 

SELECTED FINANCIAL DATA

 

Our consolidated financial statements included in this annual report are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB.  We publish our consolidated financial statements in Mexican pesos.

 

References in this annual report on Form 20-F to “dollars,” “U.S. dollars” or “U.S.$” are to the lawful currency of the United States.  References in this annual report on Form 20-F to “pesos” or “Ps.” are to the lawful currency of Mexico.  This Form 20-F contains translations of certain peso amounts into U.S. dollars at specified rates solely for the convenience of the reader.  These translations should not be construed as representations that the peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.  Unless otherwise indicated, U.S. dollar amounts have been translated from Mexican pesos at an exchange rate of Ps. 14.7348 to U.S.$ 1.00, the FIX exchange rate as reported by the Mexican Central Bank (Banco de México) on December 31, 2014.

 

This annual report on Form 20-F contains references to “workload units,” which are units measuring an airport’s passenger traffic volume and cargo volume.  A workload unit currently is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo.

 

The discussion in this annual report of aeronautical and non-aeronautical revenues in relation to our total revenues is not in accordance with IFRS because it excludes our construction revenues from such amounts.  Therefore, in reviewing this annual report, you should be aware that in several sections of this annual report we take into account only revenues that resulted in actual cash inflows for the year (which we categorize as aeronautical and non-aeronautical revenues) for ratios or comparative calculations.  Both of these categories of revenues are dependent, either directly or indirectly, on passenger traffic, while revenues from construction services under IFRS Interpretations Committee (“IFRIC”) 12, “Service Concession Arrangements,” are not dependent upon passenger traffic, but from the level of capital expenditures carried out at each airport.  Information reported using only revenues that generated cash inflows may be more useful for readers of this annual report because those revenues are driven by the key elements of our business: passenger traffic and our maximum tariffs.  The use of aeronautical and non-aeronautical revenues is more common in our industry, as they represent the revenues generated from our core operations, which are services provided to passengers, airlines and other third parties based on passenger traffic at our airports.  Additionally, management regularly reviews our aeronautical and non-aeronautical revenues as they provide representative information regarding our passenger traffic and cash flows, which allows us to compare such revenues over comparative periods as well as make projections about our expected future cash flows.  Finally, management reviews non-aeronautical revenues per terminal passenger excluding hotel services because hotel services are not necessarily driven by passenger traffic and therefore may not provide representative information with respect to passenger traffic.  This metric is not considered to be an IFRS metric, given its exclusion of certain revenues.  We indicate each instance in which we use only aeronautical and non-aeronautical

 

1



Table of Contents

 

revenues and non-aeronautical revenues excluding hotel services by indicating the category of revenues used. The following tables present a reconciliation of our aeronautical and non-aeronautical revenues to our total revenues per our consolidated statement of comprehensive income:

 

 

 

For the Year Ended December 31, 2014

 

 

 

Aeronautical
Revenues

 

Non-
Aeronautical
Revenues

 

Total
Aeronautical

and Non-
Aeronautical
Revenues

 

 

Total
Aeronautical
and Non-
Aeronautical Revenues
as a
Percentage
of Total
Revenues

 

Construction
Revenues

 

Total
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands of pesos)

 

Metropolitan

 

 

 

 

 

 

 

 

 

 

 

 

 

Monterrey

 

 Ps.

1,167,807

 

 

 Ps.

360,228

 

 

 Ps.

1,528,035

 

 

97.7%

 

 

 Ps.

36,618

 

 Ps.

1,564,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tourist

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acapulco

 

117,573

 

 

22,779

 

 

140,352

 

 

74.4%

 

 

 

48,313

 

 

188,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mazatlán

 

148,781

 

 

37,002

 

 

185,783

 

 

73.6%

 

 

 

66,475

 

 

252,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zihuatanejo

 

102,780

 

 

19,990

 

 

122,770

 

 

89.4%

 

 

 

14,504

 

 

137,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chihuahua

 

162,469

 

 

34,792

 

 

197,261

 

 

92.6%

 

 

 

15,719

 

 

212,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Culiacán

 

223,423

 

 

35,022

 

 

258,445

 

 

88.3%

 

 

 

34,097

 

 

292,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Durango

 

48,937

 

 

7,784

 

 

56,721

 

 

80.7%

 

 

 

13,598

 

 

70,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Luis Potosí

 

84,498

 

 

17,508

 

 

102,006

 

 

87.4%

 

 

 

14,772

 

 

116,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tampico

 

124,312

 

 

18,183

 

 

142,495

 

 

91.7%

 

 

 

12,981

 

 

155,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Torreón

 

98,985

 

 

15,671

 

 

114,656

 

 

90.2%

 

 

 

12,444

 

 

127,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zacatecas

 

56,872

 

 

7,535

 

 

64,407

 

 

82.1%

 

 

 

14,036

 

 

78,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Border

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ciudad Juárez

 

124,252

 

 

24,784

 

 

149,036

 

 

91.5%

 

 

 

13,782

 

 

162,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reynosa

 

85,018

 

 

10,988

 

 

96,006

 

 

90.6%

 

 

 

9,988

 

 

105,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

 

 

195,742

 

 

195,742

 

 

100%

 

 

 

 

 

195,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other(1) 

 

 

 

2,441,636

 

 

2,441,636

 

 

100%

 

 

 

 

 

2,441,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

2,545,707

 

 

3,249,644

 

 

5,795,351

 

 

95.0%

 

 

 

307,327

 

 

6,102,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations(2) 

 

(13,041

)

 

(2,359,950

)

 

(2,372,991

)

 

N/A

 

 

 

 

 

(2,372,991

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

 Ps.

2,532,666

 

 

 Ps.

889,694

 

 

 Ps.

3,422,360

 

 

91.8%

 

 

 Ps.

 307,327

 

 Ps.

3,729,687

 

 

(1)          Represents our subsidiaries Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Operadora de Aeropuertos del Centro Norte, S.A. de C.V., Servicios Aero Especializados del Centro Norte, S.A. de C.V., OMA Logística, S.A. de C.V., Holding Consorcio Grupo Hotelero T2, S.A. de C.V. and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (on an individual basis).

 

(2)          Eliminations consist of operations and balances between our subsidiaries, as well as reclassifications.

 

2



Table of Contents

 

 

 

For the Year Ended December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical
Revenues

 

Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues
as a
Percentage
of Total
Revenues

 

Construction
Revenues

 

Total
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands of pesos)

 

Metropolitan

 

 

 

 

 

 

 

 

 

 

 

 

 

Monterrey

 

 Ps.

1,046,621

 

 

 Ps.

320,774

 

 

 Ps.

1,367,395

 

 

94.8%

 

 Ps.

74,722

 

 

 Ps.

1,442,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tourist

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acapulco

 

108,420

 

 

20,266

 

 

128,686

 

 

74.6%

 

 

43,861

 

 

172,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mazatlán

 

136,063

 

 

34,719

 

 

170,782

 

 

92.3%

 

 

14,173

 

 

184,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zihuatanejo

 

91,203

 

 

17,843

 

 

109,046

 

 

81.7%

 

 

24,348

 

 

133,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chihuahua

 

148,028

 

 

30,461

 

 

178,489

 

 

95.1%

 

 

9,127

 

 

187,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Culiacán

 

211,588

 

 

32,504

 

 

244,092

 

 

93.0%

 

 

18,294

 

 

262,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Durango

 

44,341

 

 

7,144

 

 

51,485

 

 

69.0%

 

 

23,149

 

 

74,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Luis Potosí

 

65,573

 

 

14,541

 

 

80,114

 

 

52.0%

 

 

73,874

 

 

153,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tampico

 

108,330

 

 

15,504

 

 

123,834

 

 

95.3%

 

 

6,116

 

 

129,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Torreón

 

87,321

 

 

14,114

 

 

101,435

 

 

89.5%

 

 

11,887

 

 

113,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zacatecas

 

51,282

 

 

7,139

 

 

58,421

 

 

69.0%

 

 

26,264

 

 

84,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Border

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ciudad Juárez

 

112,707

 

 

22,460

 

 

135,167

 

 

93.7%

 

 

9,078

 

 

144,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reynosa

 

69,919

 

 

9,425

 

 

79,344

 

 

81.7%

 

 

17,795

 

 

97,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

 

 

176,510

 

 

176,510

 

 

100.0%

 

 

 

 

176,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other(1) 

 

 

 

2,113,785

 

 

2,113,785

 

 

100.0%

 

 

 

 

2,113,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

2,281,396

 

 

2,837,189

 

 

5,118,585

 

 

93.6%

 

 

352,688

 

 

5,471,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations(2) 

 

(12,527

)

 

(2,040,688

)

 

(2,053,215

)

 

N/A

 

 

 

 

(2,053,215

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

 Ps.

2,268,869

 

 

 Ps.

796,501

 

 

 Ps.

3,065,370

 

 

89.7%

 

 Ps.

352,688

 

 

 Ps.

3,418,058

 

 

(1)          Represents our subsidiaries Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Operadora de Aeropuertos del Centro Norte, S.A. de C.V., Servicios Aero Especializados del Centro Norte, S.A. de C.V., OMA Logística, S.A. de C.V., Holding Consorcio Grupo Hotelero T2, S.A. de C.V. and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (on an individual basis).

 

(2)          Eliminations consist of operations and balances between our subsidiaries, as well as reclassifications.

 

3



Table of Contents

 

 

 

For the Year Ended December 31, 2012

 

 

 

 

 

 

 

Aeronautical
Revenues

 

Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical

Revenues
as a
Percentage
of Total
Revenues

 

Construction
Revenues

 

Total
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands of pesos)

 

Metropolitan

 

 

 

 

 

 

 

 

 

 

 

 

 

Monterrey

 

 Ps.

989,976

 

 

 Ps.

292,169

 

 

 Ps.

1,282,145

 

 

94.7%

 

 Ps.

72,331

 

 Ps.

1,354,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tourist

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acapulco

 

 

99,498

 

 

 

18,725

 

 

118,223

 

 

85.7%

 

 

19,665

 

 

137,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mazatlán

 

 

122,061

 

 

 

34,900

 

 

156,961

 

 

92.9%

 

 

11,940

 

 

168,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zihuatanejo

 

 

89,602

 

 

 

17,401

 

 

107,003

 

 

87.2%

 

 

15,708

 

 

122,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chihuahua

 

 

139,127

 

 

 

27,259

 

 

166,386

 

 

86.2%

 

 

26,654

 

 

193,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Culiacán

 

 

194,285

 

 

 

26,605

 

 

220,890

 

 

77.0%

 

 

66,093

 

 

286,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Durango

 

 

45,051

 

 

 

6,723

 

 

51,774

 

 

98.1%

 

 

1,015

 

 

52,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Luis Potosí

 

 

63,281

 

 

 

13,836

 

 

77,117

 

 

89.2%

 

 

9,355

 

 

86,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tampico

 

 

105,275

 

 

 

14,938

 

 

120,213

 

 

93.7%

 

 

8,028

 

 

128,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Torreón

 

 

77,305

 

 

 

13,259

 

 

90,564

 

 

89.8%

 

 

10,231

 

 

100,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zacatecas

 

 

51,177

 

 

 

6,713

 

 

57,890

 

 

73.1%

 

 

21,343

 

 

79,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Border

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ciudad Juárez

 

 

110,444

 

 

 

20,563

 

 

131,007

 

 

82.5%

 

 

27,785

 

 

158,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reynosa

 

 

53,719

 

 

 

8,143

 

 

61,862

 

 

66.2%

 

 

31,570

 

 

93,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

 

 

 

 

158,477

 

 

158,477

 

 

100.0%

 

 

 

 

158,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other(1) 

 

 

 

 

 

2,123,202

 

 

2,123,202

 

 

100.0%

 

 

 

 

2,123,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

2,140,801

 

 

 

2,782,913

 

 

4,923,714

 

 

93.9%

 

 

321,718

 

 

5,245,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations(2) 

 

 

(10,138

)

 

 

(2,093,956

)

 

(2,104,094

)

 

N/A

 

 

 

 

(2,104,094

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

 Ps.

2,130,663

 

 

 Ps.

688,957

 

 

 Ps.

2,819,620

 

 

89.8%

 

 Ps.

321,718

 

 Ps.

3,141,338

 

 

(1)          Represents our subsidiaries Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Operadora de Aeropuertos del Centro Norte, S.A. de C.V., Servicios Aero Especializados del Centro Norte, S.A. de C.V., OMA Logística, S.A. de C.V., Holding Consorcio Grupo Hotelero T2, S.A. de C.V. and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (on an individual basis).

 

(2)          Eliminations consist of operations and balances between our subsidiaries, as well as reclassifications.

 

4



Table of Contents

 

 

 

For the Year Ended December 31, 2011

 

 

 

Aeronautical
Revenues

 

Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues
as a
Percentage
of Total
Revenues

 

Construction
Revenues

 

Total
Revenues

 

 

 

(in thousands of pesos)

 

Metropolitan

 

 

 

 

 

 

 

 

 

 

 

 

 

Monterrey

 

 Ps.

 843,773

 

 Ps.

250,719

 

 Ps.

 1,094,492

 

85.6%

 

 Ps.

 184,574

 

 Ps.

 1,279,066

 

Tourist

 

 

 

 

 

 

 

 

 

 

 

 

 

Acapulco

 

103,695

 

21,986

 

125,681

 

96.3%

 

4,853

 

130,534

 

Mazatlán

 

122,733

 

36,440

 

159,173

 

93.0%

 

12,002

 

171,175

 

Zihuatanejo

 

77,611

 

17,537

 

95,148

 

55.9%

 

75,096

 

170,244

 

Regional

 

 

 

 

 

 

 

 

 

 

 

 

 

Chihuahua

 

122,508

 

24,910

 

147,418

 

88.5%

 

19,101

 

166,519

 

Culiacán

 

168,427

 

23,614

 

192,041

 

94.0%

 

12,156

 

204,197

 

Durango

 

38,390

 

6,046

 

44,436

 

96.3%

 

1,723

 

46,159

 

San Luis Potosí

 

51,845

 

12,018

 

63,863

 

98.2%

 

1,179

 

65,042

 

Tampico

 

92,958

 

12,587

 

105,545

 

95.0%

 

5,510

 

111,055

 

Torreón

 

65,984

 

11,471

 

77,455

 

100.0%

 

 

77,455

 

Zacatecas

 

44,698

 

6,528

 

51,226

 

95.7%

 

2,324

 

53,550

 

Border

 

 

 

 

 

 

 

 

 

 

 

 

 

Ciudad Juárez

 

101,423

 

18,345

 

119,768

 

92.5%

 

9,771

 

129,539

 

Reynosa

 

36,132

 

6,601

 

42,733

 

94.3%

 

2,571

 

45,304

 

Hotel

 

 

142,098

 

142,098

 

100.0%

 

 

142,098

 

Other(1) 

 

 

1,970,958

 

1,970,958

 

100.0%

 

3

 

1,970,961

 

Total

 

1,870,177

 

2,561,858

 

4,432,035

 

93.1%

 

330,863

 

4,762,898

 

Eliminations(2) 

 

 

(1,973,187)

 

(1,973,187)

 

N/A       

 

 

(1,973,187)

 

Total Revenues

 

 Ps.

1,870,177

 

 Ps.

588,671

 

 Ps.

2,458,848

 

88.1%

 

 Ps.

330,863

 

 Ps.

2,787,711

 

 

(1)          Represents our subsidiaries Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Operadora de Aeropuertos del Centro Norte, S.A. de C.V., Servicios Aero Especializados del Centro Norte, S.A. de C.V., OMA Logística, S.A. de C.V., Holding Consorcio Grupo Hotelero T2, S.A. de C.V. and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (on an individual basis).

 

(2)          Eliminations consist of operations and balances between our subsidiaries, as well as reclassifications.

 

5



Table of Contents

 

 

 

For the Year Ended December 31, 2010

 

 

 

Aeronautical
Revenues

 

Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues

 

Total
Aeronautical
and Non-
Aeronautical
Revenues
as a
Percentage
of Total
Revenues

 

Construction
Revenues

 

Total
Revenues

 

 

 

(in thousands of pesos)

 

Metropolitan

 

 

 

 

 

 

 

 

 

 

 

 

 

Monterrey

 

 Ps.

731,415

 

 Ps.

 209,636

 

 Ps.

941,051

 

83.1%

 

 Ps.

192,050

 

 Ps.

1,133,101

 

Tourist

 

 

 

 

 

 

 

 

 

 

 

 

 

Acapulco

 

115,417

 

22,130

 

137,547

 

75.6%

 

44,382

 

181,929

 

Mazatlán

 

117,603

 

34,947

 

152,550

 

77.1%

 

45,350

 

197,900

 

Zihuatanejo

 

78,644

 

16,528

 

95,172

 

72.9%

 

35,312

 

130,484

 

Regional

 

 

 

 

 

 

 

 

 

 

 

 

 

Chihuahua

 

115,961

 

23,250

 

139,211

 

81.4%

 

31,874

 

171,085

 

Culiacán

 

147,441

 

20,324

 

167,765

 

86.4%

 

26,391

 

194,156

 

Durango

 

30,628

 

10,785

 

41,413

 

100.0%

 

 

41,413

 

San Luis Potosí

 

43,747

 

11,512

 

55,259

 

100.0%

 

 

55,259

 

Tampico

 

68,193

 

10,863

 

79,056

 

100.0%

 

 

79,056

 

Torreón

 

52,473

 

10,805

 

63,278

 

100.0%

 

 

63,278

 

Zacatecas

 

41,917

 

5,773

 

47,690

 

72.9%

 

17,685

 

65,375

 

Border

 

 

 

 

 

 

 

 

 

 

 

 

 

Ciudad Juárez

 

80,682

 

17,369

 

98,051

 

81.0%

 

22,936

 

120,987

 

Reynosa

 

28,505

 

5,917

 

34,422

 

71.0%

 

14,049

 

48,471

 

Hotel

 

 

99,823

 

99,823

 

100.0%

 

 

99,823

 

Other(1) 

 

 

1,567,270

 

1,567,270

 

100.0%

 

 

1,567,270

 

Total

 

1,652,626

 

2,066,932

 

3,719,558

 

89.6%

 

430,029

 

4,149,587

 

Eliminations(2) 

 

 

(1,575,135)

 

(1,575,135)

 

N/A

 

 

(1,575,135

)

Total Revenues

 

 Ps.

1,652,626

 

 Ps.

491,797

 

 Ps.

2,144,423

 

83.3%

 

 Ps.

430,029

 

 Ps.

2,574,452

 

 

(1)          Represents our subsidiaries Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Operadora de Aeropuertos del Centro Norte, S.A. de C.V., Servicios Aero Especializados del Centro Norte, S.A. de C.V., OMA Logística, S.A. de C.V., Holding Consorcio Grupo Hotelero T2, S.A. de C.V., and Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (on an individual basis).

 

(2)          Eliminations consist of operations and balances between our subsidiaries, as well as reclassifications.

 

The following tables present our selected consolidated financial information for or as of each of the periods or dates indicated, and have been derived in part from our audited consolidated financial statements.  This information should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements, including the notes to our consolidated financial statements.

 

6



Table of Contents

 

 

 

For the Year Ended December 31,

 

 

 

2010

 

2011

 

2012

 

2013

 

2014

 

 

 

(in thousands of pesos, except per share and operating data)

 

(in
thousands of
dollars)
(1)

 

Statements of Income and Other Comprehensive Income data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Aeronautical services(2) 

 

1,652,626

 

1,870,177

 

2,130,663

 

2,268,869

 

2,532,666

 

171,883

 

Non-aeronautical services(3) 

 

491,797

 

588,671

 

688,957

 

796,501

 

889,694

 

60,381

 

Construction services

 

430,029

 

330,863

 

321,718

 

352,688

 

307,327

 

20,857

 

Total revenues

 

2,574,452

 

2,789,711

 

3,141,338

 

3,418,058

 

3,729,687

 

253,121

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services, excluding depreciation and amortization

 

688,381

 

603,900

 

656,217

 

725,329

 

772,946

 

52,457

 

Major maintenance provision

 

64,274

 

165,683

 

164,208

 

263,167

 

179,932

 

12,211

 

Cost of construction

 

430,029

 

330,863

 

321,718

 

352,688

 

307,327

 

20,857

 

Administrative expenses

 

380,474

 

434,531

 

457,749

 

501,233

 

536,034

 

36,379

 

Right to use airport facilities(4) 

 

103,067

 

115,979

 

137,028

 

148,159

 

171,670

 

11,651

 

Technical assistance fees(5) 

 

47,567

 

55,150

 

67,365

 

66,643

 

82,461

 

5,596

 

Depreciation and amortization(6) 

 

149,232

 

165,088

 

186,803

 

201,226

 

223,982

 

15,201

 

Other income, net

 

(9,090)

 

(751)

 

(9,924)

 

(49,782)

 

(13,654)

 

(927)

 

Total operating costs and expenses

 

1,853,934

 

1,870,443

 

1,981,164

 

2,208,663

 

2,260,698

 

153,426

 

Operating income

 

720,518

 

919,268

 

1,160,174

 

1,209,395

 

1,468,989

 

99,695

 

Interest expense

 

(87,088)

 

(98,431)

 

(103,846)

 

(209,359)

 

(264,368)

 

(17,942)

 

Interest income

 

15,791

 

16,079

 

27,764

 

72,650

 

77,147

 

5,236

 

Exchange (loss) gain, net

 

1,562

 

(38,766)

 

23,168

 

(6,198)

 

(22,463)

 

(1,524)

 

Income before income taxes

 

650,783

 

798,150

 

1,107,260

 

1,066,488

 

1,259,305

 

85,465

 

Income tax (benefit) expense

 

(8,796)

 

182,070

 

288,172

 

(134,876)

 

232,345

 

15,768

 

Consolidated net income for the year

 

659,579

 

616,080

 

819,088

 

1,201,364

 

1,026,960

 

69,696

 

Items that will not be subsequently reclassified to income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses on labor obligations

 

0

 

0

 

(11,313)

 

(2,851)

 

437

 

30

 

Income tax relating to items that will not be subsequently reclassified to profit or loss

 

0

 

0

 

3,390

 

843

 

(131)

 

(9)

 

Total comprehensive income for the year

 

659,579

 

616,080

 

811,165

 

1,199,356

 

1,027,266

 

69,717

 

Consolidated net income attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlling interest

 

660,897

 

615,823

 

818,121

 

1,199,636

 

1,024,694

 

69,542

 

Non-controlling interest

 

(1,318)

 

257

 

967

 

1,728

 

2,266

 

154

 

Consolidated comprehensive income attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlling interest

 

660,897

 

615,823

 

810,198

 

1,197,628

 

1,025,000

 

69,563

 

Non-controlling interest

 

(1,318)

 

257

 

967

 

1,728

 

2,266

 

154

 

Basic and diluted earnings per share(7) 

 

1.6565

 

1.5433

 

2.0501

 

3.0062

 

2.5844

 

0.1754

 

Basic and diluted earnings per ADS(7) 

 

13.2520

 

12.3464

 

16.4008

 

24.0496

 

20.6752

 

0.9058

 

Dividend or reimbursement of capital per share(8) 

 

1.0000

 

1.0000

 

1.2500

 

3.0000

 

3.000

 

0.2036

 

Other operating data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total terminal passengers (thousands of passengers)(9) 

 

11,588

 

11,773

 

12,594

 

13,292

 

14,695

 

 

 

Total air traffic movements (thousands of movements)

 

345

 

336

 

332

 

321