UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of July 2019

 

 

GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.

(CENTRAL NORTH AIRPORT GROUP)

 
  (Translation of Registrant’s Name Into English)  

 

  México  
  (Jurisdiction of incorporation or organization)  

 

 

Torre Latitud, L501, Piso 5

Av. Lázaro Cárdenas 2225

Col. Valle Oriente, San Pedro Garza García

Nuevo León, México

 
  (Address of principal executive offices)  

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

  Form 20-F  ☒     Form 40-F  ☐

 

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

 

  Yes  ☐     No  ☒  

 

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             .)

 

 

 

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OMA Announces Second Quarter 2019

Operating and Financial Results

 

Monterrey, Mexico, July 24, 2019 — 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 financial and operating results for the second quarter 2019.

 

2Q19 Results Summary

 

Passenger traffic grew 10.7%, reaching 6.0 million passengers.

 

Capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments amounted Ps. 269 million for the quarter.

 

Aeronautical revenues increased 17.9% and Non-Aeronautical revenues grew 13.7%

 

Adjusted EBITDA grew 22.4% to Ps. 1,441 million and Net Income increased 19.6% to Ps. 848 million.

 

(Thousand Passengers and Million Pesos)  2Q18  2Q19  % Var  6M18  6M19  % Var  
Passenger Traffic  5,385  5,958  10.7  10,286  11,072  7.6  
Aeronautical Revenues  1,269  1,496  17.9  2,473  2,819  14.0  
Non-Aeronautical Revenues  401  455  13.7  776  881  13.5  
Aeronautical + Non-Aeronautical Revenues  1,670  1,951  16.9  3,250  3,701  13.9  
Construction Revenues  318  216  (32.2) 670  408  (39.1 )
Total Revenues  1,987  2,167  9.0  3,919  4,109  4.8  
Adjusted EBITDA  1,178  1,441  22.4  2,250  2,711  20.5  
Adjusted EBITDA Margin (%)  70.5%  73.9%     69.2%  73.3%     
Income from Operations  1,038  1,276  22.9  1,983  2,404  21.2  
Operating Margin (%)  52.2%  58.9%     50.6%  58.5%     
Consolidated Net Income  709  848  19.6  1,320  1,609  21.9  
Net Income of Controlling Interest  705  849  20.5  1,313  1,605  22.3  
EPS (Ps.)  1.79  2.16  20.5  3.34  4.08  22.3  
EPADS (US$)  0.72  0.90  24.8  1.34  1.70  26.7  
MDP and Strategic Investments  436  269  (38.3) 859  509  (40.7 )

 

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Chief Financial Officer

Ruffo Pérez Pliego del Castillo

+52 (81) 8625 4300

rperezpliego@oma.aero

 

 

www.oma.aero

Investor Relations:

Luis Emmanuel Camacho Thierry

+52 (81) 8625 4308

ecamacho@oma.aero

 

 

 

 

 

 

OMA will hold its 2Q19 earnings conference call on July 25, 2019 at 12 pm Eastern time, 11 am Mexico City time.

 

Call 1-877-407-9208 toll-free from the U.S. or 1-201-493-6784 from outside the U.S. The conference ID is 13692969. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.

 

2Q19 Operating Results

 

Operations, Passengers, and Cargo

 

11 routes were opened during the quarter, including 7 domestic routes and 3 international routes, while 1 route was cancelled. The number of available seats offered increased 8.2% compared to 2Q18.

 

Airline     Opened         Closed    
# Routes Origin Destination Origin Destination # Routes Origin Destination Origin Destination
          Domestic Routes        
Vivaaerobus 4 MTY Los Mochis ZIH Monterrey          
    MTY Zihuatanejo MZT Tijuana          
Volaris 3 CUU Querétaro DGO Mexico City          
    DGO Guadalajara              
Interjet           1 CUL Tijuana    
          International Routes        
Vivaaerobus 2 MTY Los Angeles MTY Las Vegas          
Volaris 1 DGO Dallas              
American 1 DGO Dallas              

 

Total passenger traffic increased 10.7%. Of total traffic, 89.1% was domestic and 10.9% was international.

 

Domestic passenger traffic increased 10.5%. Ten airports increased traffic. The airports with the largest increases were:

 

Monterrey (+6.8%), mainly on the Cancún, Mexico City, Guadalajara, and Tijuana routes.

 

Ciudad Juárez (+22.1%), on its Mexico City, Bajío, and Cancún routes.

 

Culiacán (+11.8%), on its Tijuana, Mexico City, and Guadalajara routes.

 

Acapulco (+27.3%), on its Mexico City route.

 

International passenger traffic increased 11.7%. Eleven airports recorded increases in international traffic, led by Monterrey (+13.2%), as a result of increased traffic on its Houston route.

 

 

 

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   2Q18  2Q19  % Var  6M18  6M19  % Var  
Available Seats  7,243,564  7,837,398  8.2  14,059,519  15,011,842  6.8  
Passenger Traffic:                    
Domestic  4,801,954  5,307,291  10.5  8,965,044  9,676,827  7.9  
International  582,583  650,792  11.7  1,320,716  1,394,757  5.6  
Total Passenger Traffic  5,384,537  5,958,083  10.7  10,285,760  11,071,584  7.6  
Commercial Aviation (Regular and Charter)  5,325,481  5,914,843  11.1  10,172,044  10,982,423  8.0  
General Aviation  59,056  43,240  (26.8) 113,716  89,161  (21.6 )
Cargo Units  252,718  248,955  (1.5) 486,497  488,551  0.4  
Workload Units  5,637,255  6,207,038  10.1  10,772,257  11,560,135  7.3  
Flight Operations (Takeoffs and Landings):                    
Domestic  77,324  75,796  (2.0) 150,727  147,471  (2.2 )
International  10,808  11,134  3.0  22,905  23,145  1.0  
Total Flight Operations  88,132  86,930  (1.4)  173,632  170,616  (1.7 )

 

Commercial Operations

 

OMA implemented 16 commercial initiatives in the quarter. The commercial space occupancy rate in the passenger terminals was 99.2%.

 

Detail of Commercial Initiatives Implemented
Airport Type Quantity
Monterrey and Mazatlán Bank services 7
Tampico, Mazatlán and Durango Hotel Promotion 3
Monterrey, Zihuatanejo and Chihuahua Car rental 3
Chihuahua Restaurant 1
Ciudad Juárez Passenger Services 1
Acapulco Retailer 1

 

Hotel Services

 

The NH Collection Terminal 2 Hotel had an 83.4% occupancy rate, an increase of 5.1 percentage points compared to 2Q18. The average room rate was Ps. 2,239 per night.

 

The Hilton Garden Inn had a 77.9% occupancy rate, an increase of 0.6 percentage points, with an average room rate of Ps. 2,226 per night.

 

Freight Logistics Services

 

OMA Carga’s freight handled decreased 14.1% to 8,050 metric tons, mainly as a result of a reduction in ground cargo operations due to a decreased dynamism in this segment, as well as increased competition from other fiscal warehouses.

 

 

 

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Industrial Services

 

OMA VYNMSA Aero Industrial Park: Rental income reached Ps. 9.4 million, an increase of 63.3%, as a result of the six warehouses on lease compared to three warehouses on lease during 2Q18.

 

Consolidated Financial Results

 

Revenues

 

Aeronautical revenues increased 17.9%.

 

(Ps. Thousands)  2Q18  2Q19  % Var  6M18  6M19  % Var  
Domestic Passenger Charges  854,135  1,010,188  18.3  1,588,389  1,818,106  14.5  
International Passenger Charges  241,441  294,091  21.8  542,189  624,064  15.1  
Other Aeronautical Services, Regulated Leases and Access Rights  173,547  191,526  10.4  342,457  376,934  10.1  
Aeronautical Revenues  1,269,123  1,495,805  17.9  2,473,035  2,819,104  14.0  
Aeronautical Revenues/Passenger (Ps.)  235.7  251.1  6.5  240.4  254.6  5.9  

 

Non-aeronautical revenues increased 13.7%. Non-aeronautical revenues per passenger was Ps. 76.4.

 

Commercial revenues increased 19.9%. The line items with the largest increases were:

 

Parking, +17.8%, as a result of growth in the number of users and a higher average ticket, mainly in the Monterrey, Ciudad Juárez and Chihuahua airports.

 

Restaurants, +24.6%, due to higher revenues from royalties in the Monterrey, Ciudad Juárez and Mazatlán airports, as well as the beginning of operations of restaurants in airports with new and/or renewed commercial spaces, such as Monterrey, San Luis Potosí and Acapulco

 

Car rental, +17.5%, due to the leasing of 17 new locations in the last 12 months and improved contractual terms.

 

VIP lounges, +53.8%, because of a higher number of users, as well as the openings in Acapulco, San Luis Potosí and Terminal B of the Monterrey airport.

 

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(Ps. Thousands)  2Q18  2Q19  % Var  6M18  6M19  % Var
Commercial Activities:                  
Parking  60,026  70,690  17.8  111,363  131,763  18.3
Advertising  15,377  19,037  23.8  28,143  38,629  37.3
Retail  23,932  26,431  10.4  45,934  51,554  12.2
Duty Free  3,752  4,437  18.3  10,206  10,280  0.7
Restaurants  28,905  36,020  24.6  55,405  67,246  21.4
Car Rentals  34,288  40,298  17.5  63,365  74,384  17.4
Passenger Services  578  1,205  108.5  1,149  2,230  94.2
Time Shares & Hotel Promotion  3,358  3,928  17.0  7,138  8,108  13.6
Communications and Networks  3,890  3,788  (2.6)  7,527  7,536  0.1
VIP Lounges  7,945  12,223  53.8  15,559  22,519  44.7
Financial Services  2,314  2,442  5.5  4,518  4,823  6.8
Other Services (incl. marketing and cost recoveries)  8,285  10,489  26.6  16,079  20,565  27.9
Total Revenues from Commercial Activities  192,652  230,990  19.9  366,385  439,638  20.0

 

Diversification revenues grew 6.8%, mainly due to increased revenues from hotel services, as well as the contribution of the industrial park.

 

(Ps. Thousands)  2Q18  2Q19  % Var  6M18  6M19  % Var
Diversification Activities:                  
Hotel Services  82,131  87,161  6.1  170,468  177,236  4.0
OMA Carga (Freight Logistics Service)  49,048  49,381  0.7  88,292  95,105  7.7
Real Estate Services  4,103  4,355  6.1  7,991  8,871  11.0
Industrial Services  5,761  9,411  63.3  11,329  18,578  64.0
Other Services (incl. marketing and cost recoveries)  869  1,242  43.0  1,823  2,278  25.0
Total Revenues from Diversification Activities  141,911  151,550  6.8  279,902  302,069  7.9
Complementary Activities:                  
Checked Baggage Screening  38,316  45,307  18.2  73,499  84,115  14.4
Other Leases  18,767  20,471  9.1  37,296  41,263  10.6
Access Rights  4,783  4,484  (6.3)  10,957  9,230  (15.8)
Other Services (incl. marketing and cost recoveries)  4,093  2,660  (35.0)  8,452  5,161  (38.9)
Total Revenues from Complementary Activities  65,958  72,922  10.6  130,204  139,768  7.3
Non-Aeronautical Revenues  400,522  455,462  13.7  776,491  881,474  13.5
Non-Aeronautical Revenues/Passenger (Ps.)  74.4  76.4  2.8  75.5  79.6  5.5

 

Construction revenues represent the value of improvements to concessioned assets. They are equal to construction costs and generate neither a gain nor a loss. Construction revenues and costs are determined based on the advance in the execution of projects in accordance with the airports’ Master Development Programs (MDP), and variations depend on the rate of project execution.

 

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(Ps. Thousands)  2Q18  2Q19  % Var  6M18  6M19  % Var  
Aeronautical Revenues  1,269,123  1,495,805  17.9  2,473,035  2,819,105  14.0  
Non-Aeronautical Revenues  400,522  455,462  13.7  776,491  881,474  13.5  
Aeronautical + Non-Aeronautical Revenues  1,669,645  1,951,267  16.9  3,249,526  3,700,579  13.9  
Construction Revenues  317,842  215,597  (32.2) 669,897  408,021  (39.1 )
Total Revenues  1,987,487  2,166,864  9.0  3,919,423  4,108,600  4.8  
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.)  310.1  327.5  5.6  315.9  334.2  5.8  

 

Costs and Operating Expenses

 

The sum of cost of airport services and general and administrative expenses (G&A) grew 3.0%, mainly due to an increase in professional services and general expenses, which were partially offset by a lower cost of electricity, water and insurance. Additionally, adoption of IFRS 16 (“Leases”) generated a decrease of Ps.2.0 million for rents included in other costs and expenses, as well as a decrease of Ps.6.7 million in cost of hotel services.

 

(Ps. Thousands)  2Q18 2Q19  % Var  6M18  6M19  % Var 
Payroll  121,716  124,258  2.1  252,907  247,030  (2.3)
Contracted Services (Security, Cleaning and Professional Services)  66,180  74,615  12.7  145,241  143,101  (1.5)
Minor Maintenance  48,513  51,755  6.7  89,008  95,814  7.6 
Basic Services (Electricity, Water, Telephone)  30,119  19,454  (35.4) 56,662  46,447  (18.0)
Materials and Supplies  5,053  7,723  52.9  12,512  14,391  15.0 
Insurance  7,440  6,670  (10.4) 15,372  14,468  (5.9)
Other costs and expenses  41,867  45,966  9.8  84,922  82,745  (2.6)
Cost of Airport Services + G&A  320,887  330,441  3.0  656,625  643,996  (1.9)
Cost of Hotel Services  51,950  46,320  (10.8) 105,963  94,707  (10.6)
Cost of Industrial Park Services  (3,083) 1,111  n.a.  1,106  1,908  72.5 
Subtotal (Cost of Services + G&A)  369,754  377,871  2.2  763,695  740,611  (3.0)
Subtotal (Cost of Services + G&A) / Passenger (Ps.)  68.7  63.4  (7.6) 74.2  66.9  (9.9)

 

The major maintenance provision was Ps. 61 million. The outstanding balance of the maintenance provision was Ps. 987 million.

 

The airport concession tax increased 17.8% as a result of the growth in revenues, while the technical assistance fee decreased 8.5%. Effective January, 2019, technical assistance fee is equal to 3% of EBITDA from airport concessions before technical assistance, compared to the 4% applicable during 2018.

 

As a result of the foregoing, total operating costs and expenses decreased 6.2%. Excluding construction costs, total costs and operating expenses increased 6.9%.

 

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(Ps. Thousands)  2Q18  2Q19  % Var   6M18   6M19  % Var 
Cost of Services  250,028  239,320   (4.3)  488,972    475,408   (2.8)
Administrative Expenses (G&A)  119,726  138,551   15.7   274,723    265,203   (3.5)
Subtotal (Cost of Services + G&A)  369,754  377,871   2.2   763,695    740,611   (3.0)
Major Maintenance Provision  53,248  60,519   13.7   99,110    102,156   3.1 
Construction Cost  317,842  215,597   (32.2)  669,897    408,021   (39.1)
Concession Taxes  79,269  93,406   17.8   153,240    175,567   14.6 
Technical Assistance Fee  43,113  39,444   (8.5)  82,565    74,263   (10.1)
Depreciation & Amortization  86,022  104,307   21.3   167,576    204,394   22.0 
Other (Income) Expense - Net    (686)  n.a.   187    (738)  n.a. 
Total Operating Costs and Expenses  949,248  890,458   (6.2)  1,936,270    1,704,274   (12.0)

 

Operating Income and Adjusted EBITDA

 

Operating income rose 22.9% to Ps. 1,276 million, with an operating margin of 58.9%.

 

Adjusted EBITDA increased 22.4%, with an Adjusted EBITDA margin of 73.9%.

 

(Ps. Thousands)  2Q18  2Q19  % Var   6M18   6M19  % Var 
Consolidated Net Income  709,444  848,243   19.6   1,319,508    1,608,727   21.9 
- Financing (Expense) Income  2,260  (57,356)  n.a.   (88,860)   (101,629)  14.4 
+ Income Taxes  331,055  370,807   12.0   574,785    693,970   20.7 
Operating Income  1,038,239  1,276,406   22.9   1,983,153    2,404,326   21.2 
Operating Margin (%)  52.2%  58.9%       50.6%    58.5%     
+ Depreciation and Amortization  86,022  104,307   21.3   167,576    204,394   22.0 
EBITDA  1,124,261  1,380,713   22.8   2,150,729    2,608,720   21.3 
EBITDA Margin (%)  56.6%  63.7%       54.9%    63.5%     
- Construction Revenue  317,842  215,597   (32.2)  669,897    408,021   (39.1)
+ Construction Cost  317,842  215,597   (32.2)  669,897    408,021   (39.1)
+ Major Maintenance Provision  53,248  60,519   13.7   99,110    102,156   3.1 
Adjusted EBITDA  1,177,509  1,441,232   22.4   2,249,839    2,710,876   20.5 
Adjusted EBITDA Margin: Adjusted EBITDA/(Aeronautical Revenue + Non-Aeronautical Revenue) (%)  70.5%  73.9%       69.2%    73.3%     

 

Financing Income, Taxes, and Net Income

 

Financing Expense was Ps. 57 million.

 

(Ps. thousand)  2Q18 2Q19  % Var    6M18  6M19  % Var 
Interest Income  37,261  43,923   17.9    72,148   98,781   36.9 
Interest (Expense)  (77,681) (86,864)  11.8    (167,962)  (175,262)  4.3 
Exchange Gain (Loss), net  42,680  (14,415)  n.a.    6,954   (25,148)  n.a. 
Total Financing Income (Expense)  2,260  (57,356)  n.a.    (88,860)  (101,629)  14.4 

 

Taxes were Ps. 371 million, and the effective tax rate was 30.4%.

 

Consolidated net income increased 19.6% to Ps. 848 million.

 

Earnings per share, based on net income of the controlling interest, increased 20.5% to Ps. 2.16; earnings per ADS increased 24.8% to US$0.90. Each ADS represents eight Series B shares.

 

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(Ps. thousand)  2Q18 2Q19  % Var   6M18  6M19  % Var 
Consolidated Net Income  709,444  848,243   19.6   1,319,508   1,608,727   21.9 
Net income margin %  35.7% 39.1%      33.7%   39.2%    
Non-controlling interest  4,782  (628)  n.a.   6,491   3,268   (49.7)
Net income of controlling Interet  704,662  848,871   20.5   1,313,017   1,605,459   22.3 
Earnings per Share, Ps.  1.79  2.16   20.5   3.34   4.08   22.3 
Earnings per ADS, US$  0.72  0.90   24.8   1.34   1.70   26.7 

 

MDP and Strategic Investments

 

Capital investments and major maintenance works in the MDPs and strategic investments totaled Ps. 269 million, comprised of Ps. 216 million in improvements to concessioned assets, Ps. 29 million in major maintenance, Ps. 22 million in strategic investments and Ps. 2 million in other concepts.

 

The most important investment expenditures included:

 

Airport Project Status
MDP Investments
Culiacán Expansion of commercial platform and taxiways Started
Monterrey Expansion of Terminal C Started
Monterrey Expansion of public area in Terminal A - first phase Started
Tampico Expansion and remodeling of terminal building Started
Zihuatanejo Modernization of terminal building Started
Chihuahua Major rehabilitation of runway In Process
Tampico Minor rehabilitation of runway In Process
Chihuahua Expansion and remodeling of terminal building In Process
San Luis Potosí Expansion and remodeling of terminal building In Process
Reynosa Construction of new terminal building In Process
Monterrey Major and minor rehabilitation of runway and taxiways In Process
Monterrey Construction of remote platforms In Process
Strategic Investments
Monterrey Expansion of existing warehouse OMA VYNMSA In Process
Monterrey Construction of Warehouse VI of the OMA VYNMSA Industrial Park Finished

 

Expansion and remodeling works at the Chihuahua and San Luis Potosí terminal buildings will be completed in August 2019.

 

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Debt

 

(Ps. Thousands) Maturity Interest Rate June 30,
2018
  December 31,
2018
  June 30,
2019
 
Total Short-Term Debt        
Long-Term Debt                
10-yr Bond, Ps. 1,500 mm: OMA13 2023 6.47% 1,500,000   1,500,000   1,500,000  
Finance CAPEX and Refinance Debt Bullet              
7-yr Bond, Ps. 3,000 mm: OMA14 2021 6.85% 3,000,000   3,000,000   3,000,000  
Finance CAPEX and Refinance Debt Bullet              
10-yr Term Loan - Private Export Funding Corporation 2021 3M Libor + 125 pb 110,562   90,156   69,128  
Finance Security Equipment Qtly. Amort.              
5-yr Term Loan 2019 3M Libor + 95 bp 9,297   3,067    
Finance Safety Equipment Qtly. Amort.              
Subtotal Long-Term Debt     4,619,859   4,593,223   4,569,128  
Less: Current Portion of Long-Term Debt     (46,505 ) (41,425 ) (35,906 )
Less: Commissions and Financing Expenses     (9,893 ) (8,629 ) (7,321 )
Total Long-Term Debt     4,563,461   4,543,169   4,525,901  
Plus: Current Portion of Long-Term Debt     46,505   41,425   35,906  
Total Debt     4,609,966   4,584,594   4,561,807  
Mexican peso denominated debt     97%   98%   98%  
U.S. dollar denominated debt     3%   2%   2%  
Net Debt     2,986,237   1,625,692   1,953,852  
Net Debt / Adjusted EBITDA (x)     0.70   0.34   0.39  

 

Derivatives

 

As of the date of this report, OMA has no financial derivatives exposure.

 

Cash Flow Statement

 

In the first six months of 2019, cash flows from operating activities increased 6.9% to Ps. 1,713 million, compared to same period of 2018.

 

Investing activities used cash of Ps. 247 million in the first six months. Outflows included Ps. 325 million for improvements to concessioned assets and Ps. 39 million for acquisition of equipment.

 

Financing activities generated an outflow of Ps. 1,792 million, mainly due to the dividend paid of Ps.1,599 million, as well as interest payments totaling Ps. 164 million.

 

Cash decreased Ps. 327 million during the first semester, to Ps. 2,608 million as of June 30, 2019.

 

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   As of June 30,   
(Ps. Thousands)  2018    2019    % Var  
Income Before Taxes   1,894,293    2,302,697    21.6 
Items not affecting Operating Activities, net   367,024    406,419    10.7 
Changes in operational assets and liabilities, net   (658,854)   (996,384)   51.2 
Net Flow from Operating Activities   1,602,464    1,712,732    6.9 
Net Flow from Investing Activities   (575,506)   (247,161)   (57.1)
Net Flow from Financing Activities   (1,731,983)   (1,792,257)   3.5 
Net Increase (Reduction) in Cash and Cash Equivalents   (705,026)   (326,686)   (53.7)
Effect of change for fair value of cash and equivalents   (4,252)   (24,261)   470.6 
Cash and Equivalents at Beginning of Period   2,333,007    2,958,902    26.8 
Cash and Equivalents at End of Period   1,623,729    2,607,955    60.6 

 

Material Events

 

Ps. 1,600 million dividend payment made. On May 17, 2019, we paid a cash dividend of Ps. 1,600 million, approved at the Annual Shareholders’ Meeting held on April 29, 2019.

 

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

Passenger Traffic

(Terminal Passengers - Excludes Transit Passengers)

 

Total Passengers  2Q18  2Q19  % Var  6M18  6M19  % Var 
Acapulco  174,468  221,043  26.7  381,070  436,256  14.5 
Ciudad Juárez  350,732  428,716  22.2  646,173  764,010  18.2 
Culiacán  574,972  644,774  12.1  1,122,185  1,211,097  7.9 
Chihuahua  393,165  438,002  11.4  732,780  787,383  7.5 
Durango  105,828  122,400  15.7  200,949  217,999  8.5 
Mazatlán  248,947  274,901  10.4  545,464  585,917  7.4 
Monterrey  2,697,736  2,902,266  7.6  4,976,219  5,271,934  5.9 
Reynosa  115,334  126,002  9.2  209,978  229,421  9.3 
San Luis Potosí  160,220  160,408  0.1  302,787  297,639  (1.7)
Tampico  190,553  192,783  1.2  357,645  360,613  0.8 
Torreón  170,695  183,320  7.4  320,105  340,462  6.4 
Zacatecas  89,261  122,968  37.8  164,820  219,017  32.9 
Zihuatanejo  112,626  140,500  24.7  325,585  349,836  7.4 
                    
Total  5,384,537  5,958,083  10.7  10,285,760  11,071,584  7.6 
                    
Domestic Passengers  2Q18  2Q19  % Var  6M18  6M19  % Var 
Acapulco  165,411  210,628  27.3  340,088  394,980  16.1 
Ciudad Juárez  349,466  426,848  22.1  643,936  761,082  18.2 
Culiacán  567,644  634,634  11.8  1,108,410  1,193,143  7.6 
Chihuahua  362,501  403,631  11.3  674,447  725,450  7.6 
Durango  92,552  102,984  11.3  175,893  184,782  5.1 
Mazatlán  190,966  218,884  14.6  356,352  388,806  9.1 
Monterrey  2,372,233  2,533,727  6.8  4,345,743  4,602,960  5.9 
Reynosa  114,311  124,985  9.3  208,283  227,723  9.3 
San Luis Potosí  116,818  113,860  (2.5) 220,425  211,123  (4.2)
Tampico  177,315  178,695  0.8  332,934  334,234  0.4 
Torreón  156,517  165,026  5.4  292,390  307,169  5.1 
Zacatecas  55,062  86,464  57.0  100,776  150,710  49.5 
Zihuatanejo  81,158  106,925  31.7  165,367  194,665  17.7 
                    
Total  4,801,954  5,307,291  10.5  8,965,044  9,676,827  7.9 
                    
International Passengers  2Q18  2Q19  % Var  6M18  6M19  % Var 
Acapulco  9,057  10,415  15.0  40,982  41,276  0.7 
Ciudad Juárez  1,266  1,868  47.6  2,237  2,928  30.9 
Culiacán  7,328  10,140  38.4  13,775  17,954  30.3 
Chihuahua  30,664  34,371  12.1  58,333  61,933  6.2 
Durango  13,276  19,416  46.2  25,056  33,217  32.6 
Mazatlán  57,981  56,017  (3.4) 189,112  197,111  4.2 
Monterrey  325,503  368,539  13.2  630,476  668,974  6.1 
Reynosa  1,023  1,017  (0.6) 1,695  1,698  0.2 
San Luis Potosí  43,402  46,548  7.2  82,362  86,516  5.0 
Tampico  13,238  14,088  6.4  24,711  26,379  6.8 
Torreón  14,178  18,294  29.0  27,715  33,293  20.1 
Zacatecas  34,199  36,504  6.7  64,044  68,307  6.7 
Zihuatanejo  31,468  33,575  6.7  160,218  155,171  (3.2)
                    
Total  582,583  650,792  11.7  1,320,716  1,394,757  5.6 

 

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

Unaudited Consolidated Balance Sheet 

(Thousands of Pesos)

 

   June 30,   December 31,   June 30,   % Var   % Var  
   2018   2018   2019   Jun19/Jun18   Jun19/Dec18  
Assets 
Current Assets                
Cash and Cash Equivalents  1,623,729  2,958,902  2,607,955  60.6  (11.9)
Other Investments Held to Maturity    19,657    n.a.  (100.0)
Trade Accounts Receivable - Net  717,867  696,566  834,814  16.3  19.8 
Trade Accounts Receivable from Related Parties  64,584  38,347  25,082  (61.2) (34.6)
Recoverable Taxes  145,541  112,665  121,088  (16.8) 7.5 
Advances to Contractors  151,299  93,169  119,540  (21.0) 28.3 
Other Current Assets  57,022  40,261  48,718  (14.6) 21.0 
Total Current Assets  2,760,042  3,959,567  3,757,197  36.1  (5.1)
                 
Land, Buildings, Machinery and Equipment - Net  2,683,930  2,670,262  2,642,682  (1.5) (1.0)
Investments in Airport Concessions - Net  8,212,321  8,566,656  8,849,785  7.8  3.3 
Rights of use of leased assets, net      229,189  n.a.  n.a. 
Other Assets - Net  90,666  77,060  59,175  (34.7) (23.2)
Deferred Taxes  299,929  316,939  296,723  (1.1) (6.4)
Total Assets  14,046,888  15,590,484  15,834,751  12.7  1.6 
                 
Liabilities and Stockholder’s Equity                
Current Liabilities                
Current Portion of Long-Term Debt  46,505  41,425  35,906  (22.8) (13.3)
Current Portion of Major Maintenance Provision  231,001  224,982  223,792  (3.1) (0.5)
Current Portion of Financial Leases    12,948  45,732  n.a.  253.2 
Trade Accounts Payable  245,075  203,999  190,454  (22.3) (6.6)
Taxes and Accrued Expenses  528,960  515,160  583,234  10.3  13.2 
Accounts Payable to Related Parties  166,620  226,202  185,094  11.1  (18.2)
Total Current Liabilities  1,218,161  1,224,716  1,264,212  3.8  3.2 
                 
Long-Term Debt  4,563,461  4,543,169  4,525,901  (0.8) (0.4)
Guarantee Deposits  309,767  312,196  311,900  0.7  (0.1)
Employee Benefits  112,626  79,905  86,279  (23.4) 8.0 
Major Maintenance Provision  672,919  718,566  762,832  13.4  6.2 
Financial Leases  23,669  15,858  190,489  704.8  1,101.2 
Deferred Taxes  196,142  184,147  171,165  (12.7) (7.0)
Total liabilities  7,096,745  7,078,557  7,312,778  3.0  3.3 
                 
Common Stock  303,394  303,394  303,394     
Additional paid-in capital  29,786  29,786  29,786     
Retained Earnings  4,995,999  6,534,804  6,507,598  30.3  (0.4)
Share Repurchase Reserve  1,466,016  1,466,016  1,500,000  2.3  2.3 
Labor Obligations  (10,991) 13,178  13,178  n.a.   
Non-Controlling Interest  165,939  164,749  168,017  1.3  2.0 
Stockholders’ Equity  6,950,143  8,511,927  8,521,973  22.6  0.1 
Total Liabilities and Stockholder’s Equity  14,046,888  15,590,484  15,834,751  12.7  1.6 

 

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

Unaudited Consolidated Statement of Comprehensive Income 

(Thousands of Pesos)

 

   2Q18  2Q19  % Var   6M18  6M19  % Var 
Revenues                        
Aeronautical Revenues  1,269,123   1,495,805   17.9   2,473,035   2,819,105   14.0 
Non-Aeronautical Revenues  400,522   455,462   13.7   776,491   881,474   13.5 
Aeronautical Revenues + Non-Aeronautical Revenues  1,669,645   1,951,267   16.9   3,249,526   3,700,579   13.9 
Construction Revenues  317,842   215,597   (32.2)  669,897   408,021   (39.1)
Total Revenues  1,987,487   2,166,864   9.0   3,919,423   4,108,600   4.8 
Operating Costs                        
Cost of Services  250,028   239,320   (4.3)  488,972   475,408   (2.8)
Administrative Expenses  119,726   138,551   15.7   274,723   265,203   (3.5)
Major Maintenance Provision  53,248   60,519   13.7   99,110   102,156   3.1 
Construction Costs  317,842   215,597   (32.2)  669,897   408,021   (39.1)
Concession Taxes  79,269   93,406   17.8   153,240   175,567   14.6 
Technical Assistance Fee  43,113   39,444   (8.5)  82,565   74,263   (10.1)
Depreciation and Amortization  86,022   104,307   21.3   167,576   204,394   22.0 
Other expenses (Revenues) - Net     (686)  n.a.   187   (738)  n.a. 
Total Operating Costs and Expenses  949,248   890,458   (6.2)  1,936,270   1,704,274   (12.0)
Operating Income  1,038,239   1,276,406   22.9   1,983,153   2,404,326   21.2 
Operating Margin (%)  52.2%  58.9%      50.6%  58.5%    
Financing (Expense) Income:                        
Interest Income  37,261   43,923   17.9   72,148   98,781   36.9 
Interest (Expense)  (77,681)  (86,864)  11.8   (167,962)  (175,262)  4.3 
Exchange Gain (Loss) - Net  42,680   (14,415)  n.a.   6,954   (25,148)  n.a. 
Total Financing (Expense) Income  2,260   (57,356)  n.a.   (88,860)  (101,629)  14.4 
Income before Taxes  1,040,499   1,219,050   17.2   1,894,293   2,302,697   21.6 
Income Tax  331,055   370,807   12.0   574,785   693,970   20.7 
Consolidated Net Income  709,444   848,243   19.6   1,319,508   1,608,727   21.9 
Consolidated Net Income attributable to:                        
Non-Controlling Interest  4,782   (628)  n.a.   6,491   3,268   (49.7)
Controlling Interest  704,662   848,871   20.5   1,313,017   1,605,459   22.3 
Weighted Average Shares Outstanding  393,446,466   393,446,466       393,446,466   393,446,466     
EPS (Ps.)  1.79   2.16   20.5   3.34   4.08   22.3 
EPADS (US$)  0.72   0.90   24.8   1.34   1.70   26.7 
EBITDA  1,124,261   1,380,713   22.8   2,150,729   2,608,720   21.3 
EBITDA Margin (%)  56.6%  63.7%      54.9%  63.5%    
Adjusted EBITDA  1,177,509   1,441,232   22.4   2,249,839   2,710,876   20.5 
Adjusted EBITDA Margin (%)  70.5%  73.9%      69.2%  73.3%    

 

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

Unaudited Consolidated Cash Flow Statement

(Thousands of Pesos)

 

   As of June 30, 
   2018  2019  % Var.
Operating Activities            
Income Before Taxes  1,894,293   2,302,697   21.6 
Depreciation and Amortization  167,576   206,433   23.2 
Major Maintenance Provision  99,110   102,156   3.1 
Doubtful Accounts Provision  132   156   17.9 
(Profit) / Loss on Sales of Machinery and Equipment - Net  (1)  (746)  n.a. 
Interest Income  (72,148)  (97,097)  34.6 
Items in Results Related to Financing Activities            
Present Value of Major Maintenance Provision  6,655   (1,684)  n.a. 
Interest Expense  161,307   175,262   8.7 
Non-Paid Exchange Fluctuation  4,392   21,938   399.5 
   2,261,317   2,709,116   19.8 
Changes in:            
Trade Accounts Receivable - Net  (87,242)  (138,404)  58.6 
Recoverable Taxes  (15,336)  (8,423)  (45.1)
Other Accounts Receivable  (9,173)  (65,113)  609.8 
Accounts Payable  (66,453)  (31,153)  (53.1)
Taxes and Accrued Expenses  56,237   (15,785)  n.a. 
Taxes Paid  (490,373)  (630,423)  28.6 
Accounts Payable to Related Parties  28,921   (55,766)  n.a. 
Major Maintenance Payments  (59,469)  (57,396)  (3.5)
Other Long-Term Liabilities  (15,965)  6,078   n.a. 
Net Flow from Operating Activities  1,602,464   1,712,732   6.9 
Investment Activities            
Acquisition of Property, Plant and Equipment  (102,676)  (39,395)  (61.6)
Investment in Airport Concessions  (592,534)  (324,733)  (45.2)
Other Long-Term Assets  (1,783)  (532)  (70.2)
Proceeds from Sale of Land, Machinery and Equipment  1   746   n.a. 
Interest income  72,148   97,097   34.6 
Other Investments Held to Maturity  49,338   19,657   (60)
Net Flow from Investing Activities  (575,506)  (247,161)  (57.1)
             
Cash Flow before Financing Activities  1,026,957   1,465,571   42.7 
Financing Activities            
Loans - Disbursed  51,450   14,700   (71.4)
Loans - Paid  (24,669)  (21,772)  (11.7)
Interest Expense  (160,084)  (163,909)  2.4 
Dividends Paid  (1,598,680)  (1,598,681)  0.0 
Payment of loans related to financial leases     (22,595)  n.a. 
Net Cash Flow from Financing Activities  (1,731,983)  (1,792,257)  3 
             
Net Increase (Reduction) in Cash and Cash Equivalents  (705,026)  (326,686)  (54)
Effect of change for fair value of cash and equivalents  (4,252)  (24,261)  n.a. 
Cash and Equivalents at Beginning of Period  2,333,007   2,958,902   26.8 
             
Cash and Equivalents at End of Period  1,623,729   2,607,955   60.6 

 

 

 

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

Unaudited Statement of Changes in Stockholders’ Equity

As of June 30, 2018 (Thousand Pesos)

 

         Additional     Share     Non-  Total
   Number of  Capital Stock  Paid-In  Retained  Repurchase  Labor  Controlling  Stockholder’s
   Shares  Nominal  Capital  Earnings  Reserve  Obligations  Interest  Equity
                         
Balance as of December 31, 2017  393,446,466  303,394  29,786  5,281,662  1,466,016  (10,991)  159,448  7,229,315
Dividends Paid        (1,598,680)        (1,598,680)
Comprehensive Income (Loss)        1,313,017      6,491  1,319,508
Balance as of June 30, 2018  393,446,466  303,394  29,786  4,995,999  1,466,016  (10,991)  165,939  6,950,143

 

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

Unaudited Statement of Changes in Stockholders’ Equity

As of June 30, 2019 (Thousand Pesos)

 

         Additional     Share     Non-  Total
   Number of  Capital Stock  Paid-in  Retained  Repurchase  Labor  Controlling  Stockholder’s
   Shares  Nominal  Capital  Earnings  Reserve  Obligations  Interest  Equity
                         
Balance as of December 31, 2018  393,446,466  303,394  29,786  6,534,804  1,466,016  13,178  164,749  8,511,927
Dividends Paid        (1,598,681)        (1,598,681)
Increase in the Share Purchase Reserve             (33,984)  33,984     
Comprehensive Income (Loss)        1,605,459      3,268  1,608,727
Balance as of June 30, 2019  393,446,466  303,394  29,786  6,507,598  1,500,000  13,178  168,017  8,521,973

 

 

 

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

Unaudited Operating Results by Airport

(Thousands of Pesos)

 

Monterrey  2Q18  2Q19  6M18  6M19  Culiacán  2Q18  2Q19  6M18  6M19
Total Revenues  838,505  933,499  1,540,263  1,745,089  Total Revenues  160,009  203,930  309,712  366,969
Aeronautical Revenues  611,831  711,961  1,135,146  1,271,771  Aeronautical Revenues  135,688  162,822  267,875  305,840
Non- Aeronatical Revenues  161,219  184,246  300,425  349,392  Non- Aeronatical Revenues  13,968  16,610  27,763  31,741
Construction Revenues  65,455  37,292  104,693  123,926  Construction Revenues  10,352  24,498  14,074  29,389
Income from Operations  154,610  126,479  287,114  247,305  Income from Operations  29,928  25,137  59,128  51,495
EBITDA  180,029  154,758  337,163  303,273  EBITDA  34,223  29,783  67,702  60,730
                            
Chihuahua              Ciudad Juárez            
Total Revenues  133,973  165,815  271,967  284,309  Total Revenues  98,286  121,184  174,580  212,766
Aeronautical Revenues  91,760  108,375  169,254  196,820  Aeronautical Revenues  80,865  104,421  146,486  182,958
Non- Aeronatical Revenues  13,896  17,271  26,469  32,365  Non- Aeronatical Revenues  11,263  14,466  20,877  27,073
Construction Revenues  28,318  40,169  76,244  55,125  Construction Revenues  6,158  2,297  7,217  2,736
Income from Operations  21,131  17,704  39,145  34,960  Income from Operations  18,426  16,848  33,473  32,039
EBITDA  24,480  21,979  45,746  42,756  EBITDA  21,312  19,790  39,231  37,921
                            
Mazatlán              Acapulco            
Total Revenues  85,463  100,200  191,035  214,815  Total Revenues  112,127  106,030  352,047  184,954
Aeronautical Revenues  64,067  69,763  153,469  169,130  Aeronautical Revenues  41,924  56,503  97,108  119,380
Non- Aeronatical Revenues  11,182  12,717  24,392  26,654  Non- Aeronatical Revenues  8,125  10,004  16,471  20,332
Construction Revenues  10,214  17,720  13,174  19,031  Construction Revenues  62,078  39,522  238,468  45,242
Income from Operations  15,050  10,981  35,572  29,867  Income from Operations  10,010  9,197  22,716  21,398
EBITDA  19,145  15,286  43,730  38,454  EBITDA  18,161  19,888  36,215  42,646
                            
Zihuatanejo              Other six airports            
Total Revenues  42,626  51,945  126,964  138,446  Total Revenues  385,338  339,289  689,491  676,408
Aeronautical Revenues  30,943  37,024  105,219  112,867  Aeronautical Revenues  216,135  249,188  406,523  468,736
Non- Aeronatical Revenues  4,681  5,730  12,590  13,973  Non- Aeronatical Revenues  29,482  32,914  54,955  62,830
Construction Revenues  7,002  9,191  9,155  11,606  Construction Revenues  139,721  57,187  228,013  144,842
Income from Operations  7,125  5,334  23,562  19,348  Income from Operations  48,159  39,519  91,332  81,104
EBITDA  11,674  9,981  32,633  28,611  EBITDA  60,108  53,216  115,101  108,000
                            
Consorcio Grupo Hotelero T2 (1)           Consorcio Hotelero Aeropuerto Monterrey (1)      
Revenues  57,453  62,544  122,097  125,783  Revenues  25,497  26,043  49,432  52,688
Income from Operations  14,073  19,505  32,292  39,097  Income from Operations  7,046  8,410  13,999  17,172
EBITDA  19,269  29,701  42,713  59,224  EBITDA  10,116  11,227  19,638  22,936
                            
OMA VYNMSA Aero Industrial Park                        
Revenues  6,361  10,068  12,200  19,762  (1) Includes results of other equity-method subsidiaries
Income from Operations  6,382  4,162  5,104  8,267               
EBITDA  9,055  8,762  10,448  17,466               

 

 

 

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Notes to the Financial Information

 

Financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), and presented in accordance with IAS 34 “Interim Financial Reporting.”

 

Unless stated otherwise, all comparisons of operating or financial results are made with respect to the comparable prior year period. The exchange rates used to convert foreign currency amounts were Ps. 19.8633 as of June 31, 2018, Ps. 19.6566 as of December 31, 2018 and Ps. 19.1685 as of June 31, 2019.

 

Adjusted EBITDA and Adjusted EBITDA margin: OMA defines Adjusted EBITDA as EBITDA less construction revenue plus construction expense and maintenance provision. We calculate the Adjusted EBITDA margin as Adjusted EBITDA divided by the sum of aeronautical revenue and non-aeronautical revenue. Construction revenue and construction cost do not affect cash flow generation and the maintenance provision corresponds to capital investments. OMA defines EBITDA as net income minus net comprehensive financing income, taxes, and depreciation and amortization. Neither Adjusted EBITDA nor EBITDA should be considered as an alternative to net income as an indicator of our operating performance, or as an alternative to cash flow as an indicator of liquidity. It should be noted that neither Adjusted EBITDA nor EBITDA is defined under IFRS, and may be calculated differently by different companies.

 

Capital investments: includes investments in fixed assets (including investments in land, machinery, and equipment) and improvements to concessioned properties under the Master Development Plan (MDP) plus strategic investments.

 

Construction revenue, construction cost: IFRIC 12 “Service Concession Arrangements” addresses how service concession operators should account for the obligations they undertake and rights they receive in service concession arrangements. The concession contracts for each of OMA’s airport subsidiaries establishes that the concessionaire is obligated to carry out improvements to the infrastructure transferred in exchange for the rights over the concession granted by the Federal Government. The latter will receive all the assets at the end of the concession period. As a result the concessionaire should recognize, using the percentage of completion method, the revenues and costs associated with the improvements to the concessioned assets. The amount of the revenues and costs so recognized should be the price that the concessionaire pays or would pay in an arm’s length transaction for the execution of the works or the purchase of machinery and equipment, with no profit recognized for the construction or improvement. The application of IFRIC 12 does not affect operating income, net income, or EBITDA, but does affect calculations of margins based on total revenues.

 

Passengers and Terminal passengers: All references to passenger traffic volumes are to Terminal passengers, which includes passengers on the three types of aviation (commercial, charter, and general aviation), and excludes passengers in transit.

 

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Analyst Coverage

 

In accordance with the requirements of the Mexican Stock Exchange, the analysts covering OMA are:

 

Company Name Company Name
       
Actinver Casa de Bolsa Ramón Ortiz HSBC Alexandre Falcao
       
Bank of America Merrill Lynch Alan Macías Intercam Casa de Bolsa Alejandra Marcos
       
Banorte-IXE José Espitia Insight Investment Research Robert Crimes
       
Barclays Bank PLC Pablo Monsiváis Itaú BBA Thais Cascello
       
BBVA Bancomer Mauricio Hernández Prida J.P. Morgan Fernando Abdalla
       
Bradesco BBI Rodolfo Ramos Morgan Stanley Josh Milberg / Lucas T Barbosa
       
Citigroup Stephen Trent Santander Rubén López / Pedro Bruno
       
Credit Suisse Felipe Vinagre Scotiabank Christian Landi
       
Goldman Sachs Bruno Armorim Signum Research Lucía Tamez
       
Grupo Bursátil Mexicano (GBM) Mauricio Martínez Vallejo UBS Brasil CCTVM Rogerio Araujo
       
Vector Marco Montañez Invex Valeria Romo

 

This report 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 third 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, and ISO 9001:2008 environmental standards. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, visit:

 

Webpage http://ir.oma.aero

 

Twitter http://twitter.com/OMAeropuertos

 

Facebook https://www.facebook.com/OMAeropuertos

 

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
   
  By:  /s/ Ruffo Pérez Pliego
    Ruffo Pérez Pliego
Chief Financial Officer

  

Dated July 25, 2019