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 February 2021

 

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  X    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  X  

 

(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 Fourth Quarter 2020 

Operating and Financial Results

 

Mexico City, Mexico, February 15, 2021— 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 fourth quarter 2020.

 

Full year 2020 Summary

 

Ps.1,506 in Capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments in 2020.

 

Passenger traffic decreased 52.3%, reaching 11.1 million passengers in 2020, as a consequence of the contingency generated by the outbreak of COVID-19.

 

In 2020, Adjusted EBITDA was Ps.2,549 million and the Adjusted EBITDA margin was 62.0%.

 

4Q20 Summary

 

Passenger traffic decreased 44.5%, reaching 3.3 million passengers. Passenger traffic showed a recovery during the fourth quarter compared to the decrease of 62.4% during 3Q20. The airports with the lowest decline in passengers, in percentage terms, compared to 4Q19 were Mazatlán, Culiacán, Reynosa and Zacatecas.

 

Capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments were Ps.472 million for the quarter.

 

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(Thousand Passengers and Million Pesos)  4Q19  4Q20  % Var   2019   2020   % Var 
Passenger Traffic  5,952  3,305  (44.5)  23,168   11,063   (52.3)
Aeronautical Revenues  1,442  919  (36.3)  5,753   2,943   (48.8)
Non-Aeronautical Revenues  473  307  (35.1)  1,820   1,171   (35.6)
Aeronautical + Non-Aeronautical Revenues  1,915  1,226  (36.0)  7,572   4,114   (45.7)
Construction Revenues  348  396  13.9   955   1,254   31.3 
Total Revenues  2,263  1,623  (28.3)  8,527   5,367   (37.1)
Adjusted EBITDA  1,402  853  (39.2)  5,563   2,549   (54.2)
Adjusted EBITDA Margin (%)  73.2%  69.6%      73.5%   62.0%     
Income from Operations  1,165  532  (54.3)  4,855   1,721   (64.5)
Operating Margin (%)  51.5%  32.8%      56.9%   32.1%     
Consolidated Net Income  761  239  (68.6)  3,227   1,098   (66.0)
Net Income of Controlling Interest  758  239  (68.5)  3,220   1,094   (66.0)
EPS (Ps.)  1.94  0.61  (68.4)  8.20   2.80   (65.8)
EPADS (US$)  0.82  0.25  (70.0)  3.48   1.13   (67.6)
MDP and Strategic Investments  491  472  (3.8)  1,357   1,506   11.0 

   

OMA will hold its 4Q20 earnings conference call on February 16, 2021 at 11:00 am Eastern time, 10:00 am Mexico City time.

 

Conference call registration is available here. Upon registration, you will receive an email with all details to connect to the conference call. 

  

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4Q20 Operating Results

 

Operations, Passengers, and Cargo

 

During the quarter, there were no new route openings or definitive cancellations. The number of seats offered decreased 36.4% compared to the same quarter of the previous year, due mainly to the number of routes suspended by the airlines.

 

Total passenger traffic decreased 44.5%. Of total traffic, 91.0% was domestic and 9.0% was international.

 

Domestic passenger traffic decreased 42.7% and international passenger traffic decreased 57.5%, which reflects restrictions on air travel in the international market.

 

The airports with the largest contribution to passenger traffic decline were:

 

Monterrey (-47.6%), on its Mexico City, Guadalajara, and Tijuana routes.

Culiacán (-32.2%), on its Mexico City, Guadalajara and Tijuana routes.

Chihuahua (-45.0%), on its Mexico City, Monterrey and Guadalajara routes.

Ciudad Juárez (-43.0%), mainly on its Mexico City and Guadalajara routes.

 

However, the Mazatlán, Culiacán, Reynosa, San Luis Potosí and Zacatecas airports showed a better performance in percentage terms than the rest of the airports compared to 4Q19.

 

   4Q19 4Q20 % Var   2019   2020   % Var 
Available Seats  8,050,523  5,120,419  (36.4)  31,189,588   17,357,934   (44.3)
Passenger Traffic:                      
Domestic  5,251,473  3,007,236  (42.7)  20,416,764   9,877,697   (51.6)
International  700,029  297,671  (57.5)  2,751,296   1,184,991   (56.9)
Total Passenger Traffic  5,951,502  3,304,907  (44.5)  23,168,060   11,062,688   (52.3)
Commercial Aviation (Regular and Charter)  5,909,850  3,267,069  (44.7)  22,999,049   10,935,746   (52.5)
General Aviation  41,652  37,838  (9.2)  169,011   126,942   (24.9)
Cargo Units  248,675  309,539  24.5   976,203   932,419   (4.5)
Workload Units  6,200,177  3,614,446  (41.7)  24,144,263   11,995,107   (50.3)
Flight Operations (Takeoffs and Landings):                      
Domestic  73,044  55,064  (24.6)  294,154   187,239   (36.3)
International  11,735  7,435  (36.6)  45,926   26,917   (41.4)
Total Flight Operations  84,779  62,499  (26.3)  340,080   214,156   (37.0)

  

Commercial Operations

 

The commercial space occupancy rate in the passenger terminals was 89.9% as of December 31, 2020. During the quarter, a total of 53 m2 in commercial spaces were vacated.

 

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Hotel Services

 

The NH Collection Terminal 2 Hotel had a 41.6% occupancy rate. The average room rate was Ps.1,901 per night, during the quarter.

 

Hilton Garden Inn had a 24.8% occupancy rate. The average room rate was Ps.1,833 per night during the quarter.

 

Freight Logistics Services

 

OMA Carga’s revenues increased by 6.0% due to higher handling, storage and custody activity related to air import cargo, as well as handling activity related to air export cargo during the quarter. Total tonnage handled increased 4.4% to 7,938 metric tons.

 

Industrial Services

 

OMA VYNMSA Aero Industrial Park: Revenues reached Ps.16 million, an increase of 43.1% compared to 4Q19. The increase is due to additional revenues generated from three warehouses rented during 2020, which started generating revenues in the quarter.

 

Consolidated Financial Results

 

Revenues

 

Aeronautical revenues decreased 36.3%.

 

(Ps. Thousands)  4Q19  4Q20  % Var   2019   2020   % Var 
Domestic Passenger Charges  954,657  633,240  (33.7)  3,776,401   1,857,559   (50.8)
International Passenger Charges  290,381  142,923  (50.8)  1,207,989   542,933   (55.1)
Other Aeronautical Services, Regulated Leases and Access Rights  197,287  143,023  (27.5)  768,272   542,065   (29.4)
Aeronautical Revenues  1,442,325  919,186  (36.3)  5,752,662   2,942,558   (48.8)
Aeronautical Revenues/Passenger (Ps.)  242.3  278.1  14.8   248.3   266.0   7.1 

  

Non-aeronautical revenues decreased 35.1%.

 

Commercial revenues decreased 37.7%. The line items with the largest variations were:

 

Parking, -53.5%, due to the reduction in short and long stay operations. The decrease in mostly driven by a slower passenger traffic recovery in Monterrey Airport compared to the average of our airports.

 

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Restaurants and Retail, -37.2% and -38.8%, respectively, given that the majority of revenues in the quarter was related to fixed or minimum rental levels as no participation on sales was generated. Additionally, we applied certain support programs for our tenants during the quarter.

 

(Ps. Thousands)  4Q19  4Q20  % Var   2019   2020   % Var 
Commercial Activities:                      
Parking  70,900  32,945  (53.5)  279,463   126,815   (54.6)
Advertising  18,718  11,010  (41.2)  76,200   59,695   (21.7)
Retail  28,165  17,246  (38.8)  106,084   64,486   (39.2)
Duty Free  4,988  2,100  (57.9)  18,470   9,640   (47.8)
Restaurants  40,026  25,156  (37.2)  144,374   87,499   (39.4)
Car Rentals  37,477  33,599  (10.3)  149,454   111,037   (25.7)
Passenger Services  1,126  374  (66.8)  4,127   3,281   (20.5)
Time Shares & Hotel Promotion  4,177  2,282  (45.4)  16,663   12,683   (23.9)
Communications and Networks  4,177  4,229  1.2   16,006   17,800   11.2 
VIP Lounges  15,148  10,009  (33.9)  51,176   36,538   (28.6)
Financial Services  2,821  1,917  (32.1)  10,367   7,853   (24.3)
Other Services (incl. marketing and cost recoveries)  11,926  8,515  (28.6)  43,542   34,659   (20.4)
Total Revenues from Commercial Activities  239,648  149,383  (37.7)  915,927   571,987   (37.6)

  

Diversification revenues decreased 33.3%, mainly due to lower revenues from hotel services.

 

(Ps. Thousands)  4Q19  4Q20  % Var   2019   2020   % Var 
Diversification Activities:                      
Hotel Services  90,956  31,493  (65.4)  357,032   141,678   (60.3)
OMA Carga (Freight Logistics Service)  49,763  52,746  6.0   194,936   183,382   (5.9)
Real Estate Services  4,996  3,447  (31.0)  18,181   16,711   (8.1)
Industrial Services  10,960  15,681  43.1   39,451   51,272   30.0 
Other Services (incl. marketing and cost recoveries)  1,336  1,988  48.7   4,966   8,038   61.9 
Total Revenues from Diversification Activities  158,010  105,355  (33.3)  614,565   401,082   (34.7)
Complementary Activities:                      
Checked Baggage Screening  44,616  25,791  (42.2)  175,006   86,491   (50.6)
Other Leases  21,328  20,578  (3.5)  83,477   85,729   2.7 
Access Rights  6,580  3,911  (40.6)  19,709   15,819   (19.7)
Other Services (incl. marketing and cost recoveries)  2,771  2,035  (26.6)  10,922   9,932   (9.1)
Total Revenues from Complementary Activities  75,294  52,315  (30.5)  289,113   197,971   (31.5)
Non-Aeronautical Revenues  472,953  307,053  (35.1)  1,819,605   1,171,039   (35.6)
Non-Aeronautical Revenues/Passenger (Ps.)  79.5  92.9  16.9   78.5   105.9   34.8 

 

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)  4Q19  4Q20  % Var   2019   2020   % Var 
Aeronautical Revenues  1,442,325  919,186  (36.3)  5,752,662   2,942,558   (48.8)
Non-Aeronautical Revenues  472,953  307,053  (35.1)  1,819,605   1,171,039   (35.6)
Aeronautical + Non-Aeronautical Revenues  1,915,278  1,226,239  (36.0)  7,572,267   4,113,597   (45.7)
Construction Revenues  347,839  396,331  13.9   954,834   1,253,869   31.3 
Total Revenues  2,263,117  1,622,570  (28.3)  8,527,101   5,367,466   (37.1)
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.)  321.8  371.0  15.3   326.8   371.8   13.8 

 

Costs and Operating Expenses

 

The sum of cost of airport services and general and administrative expenses (G&A) decreased 17.7%, mainly due to lower payroll expenses as a result of the reduction of headcount applied during 3Q20, as well as to a decrease in electricity and subcontracted services expenses, as a result of the cost reduction initiatives implemented by the company during 2020.

 

(Ps. Thousands)  4Q19  4Q20  % Var   2019   2020   % Var 
Payroll  141,421  123,716  (12.5)  514,092   511,117   (0.6)
Contracted Services (Security, Cleaning and Professional Services)  67,377  57,273  (15.0)  276,119   226,989   (17.8)
Minor Maintenance  32,909  26,777  (18.6)  174,019   125,671   (27.8)
Basic Services (Electricity, Water, Telephone)  26,993  16,640  (38.4)  101,012   65,946   (34.7)
Materials and Supplies  9,721  8,378  (13.8)  32,338   32,876   1.7 
Insurance  9,105  9,110  0.1   29,640   32,792   10.6 
Other costs and expenses  43,606  30,732  (29.5)  168,765   176,680   4.7 
Cost of Airport Services + G&A  331,133  272,627  (17.7)  1,295,984   1,172,070   (9.6)
Cost of Hotel Services  50,867  24,878  (51.1)  194,869   104,133   (46.6)
Cost of Industrial Park Services  1,691  2,069  22.4   6,019   7,813   29.8 
Subtotal (Cost of Services + G&A)  383,691  299,574  (21.9)  1,496,871   1,284,016   (14.2)
Subtotal (Cost of Services + G&A) / Passenger (Ps.)  64.5  90.6  40.6   64.6   116.1   79.6 

 

The major maintenance provision was Ps.208 million, which reflects an update to such provision as a result of the approval of the Master Development Program for the period 2021-2025. The outstanding balance of the maintenance provision as of December 31, 2020 was Ps. 1,318 million.

 

The airport concession tax decreased 40.4% as a result of the decrease in revenues; technical assistance fee decreased 49.6%.

 

As a result of the foregoing, total operating costs and expenses decreased 0.7%.

 

(Ps. Thousands)  4Q19 4Q20 % Var   2019   2020   % Var 
Cost of Services  237,965  170,524  (28.3)  954,207   765,958   (19.7)
Administrative Expenses (G&A)  145,726  129,050  (11.4)  542,664   518,058   (4.5)
Subtotal (Cost of Services + G&A)  383,691  299,574  (21.9)  1,496,871   1,284,016   (14.2)
Major Maintenance Provision  133,812  208,316  55.7   292,324   392,531   34.3 
Construction Cost  347,839  396,331  13.9   954,834   1,253,869   31.3 
Concession Taxes  93,164  55,496  (40.4)  363,561   199,202   (45.2)
Technical Assistance Fee  36,076  18,198  (49.6)  150,108   81,164   (45.9)
Depreciation & Amortization  104,019  112,476  8.1   415,252   435,344   4.8 
Other (Income) Expense - Net  (103) (7) (93.2)  (1,155)  (128)  (88.9)
Total Operating Costs and Expenses  1,098,498  1,090,384  (0.7)  3,671,795   3,645,998   (0.7)

 

 

 

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Operating Income and Adjusted EBITDA

Operating Income was Ps.532 million, with an operating margin of 32.8%.

 

Adjusted EBITDA was Ps.853 million, with an Adjusted EBITDA margin of 69.6%.

 

(Ps. Thousands)  4Q19 4Q20 % Var   2019   2020   % Var 
Consolidated Net Income  761,026  239,291  (68.6)  3,227,434   1,097,879   (66.0)
-   Financing (Expense) Income  (117,799) (269,549) 128.8   (255,650)  (229,088)  (10.4)
+  Income Taxes  285,794  23,346  (91.8)  1,372,222   394,501   (71.3)
Operating Income  1,164,619  532,186  (54.3)  4,855,306   1,721,468   (64.5)
Operating Margin (%)  51.5%  32.8%      56.9%   32.1%     
+  Depreciation and Amortization  104,019  112,476  8.1   415,252   435,344   4.8 
EBITDA  1,268,638  644,662  (49.2)  5,270,558   2,156,812   (59.1)
EBITDA Margin (%)  56.1%  39.7%      61.8%   40.2%     
-   Construction Revenue  347,839  396,331  13.9   954,834   1,253,869   31.3 
+  Construction Cost  347,839  396,331  13.9   954,834   1,253,869   31.3 
+  Major Maintenance Provision  133,812  208,316  55.7   292,324   392,531   34.3 
Adjusted EBITDA  1,402,450  852,978  (39.2)  5,562,882   2,549,343   (54.2)
Adjusted EBITDA Margin: Adjusted EBITDA/(Aeronautical Revenue + Non-Aeronautical Revenue) (%)  73.2%  69.6%      73.5%   62.0%     

 

Financing Income, Taxes, and Net Income

 

Financing Expense was Ps.270 million, mainly due to foreign exchange loss and interest expense recorded in the quarter.

 

(Ps. thousand)  4Q19 4Q20 % Var   2019   2020   % Var 
Interest Income  41,468  18,177  (56.2)  171,236   111,889   (34.7)
Interest (Expense)  (95,721) (104,730) 9.4   (376,008)  (420,499)  11.8 
Exchange Gain (Loss), net  (63,546) (182,996) 188.0   (50,878)  79,522   n.a. 
Total Financing Income (Expense)  (117,799) (269,549) 128.8   (255,650)  (229,088)  (10.4)

 

Taxes were Ps.23 million, and the effective tax rate was 8.9%, mainly due to the impact in deferred taxes resulting from the update to the major maintenance provision.

 

Consolidated net income in the quarter was Ps.239 million.

 

Earnings per share, based on net income of the controlling interest, was Ps.0.61; earnings per ADS was US$0.25. Each ADS represents eight Series B shares.

 

(Ps. thousand)  4Q19 4Q20 % Var   2019   2020   % Var 
Consolidated Net Income  761,026  239,291  (68.6)  3,227,434   1,097,879   (66.0)
Net income margin %  33.6%  14.7%      37.8%   20.5%     
Non-controlling interest  2,974  235  (92.1)  7,636   3,521   (53.9)
Net income of controlling Interet  758,052  239,056  (68.5)  3,219,798   1,094,358   (66.0)
Earnings per Share, Ps.  1.94  0.61  (68.4)  8.20   2.80   (65.8)
Earnings per ADS, US$  0.82  0.25  (70.0)  3.48   1.13   (67.6)

 

 

 

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MDP and Strategic Investments

 

In 4Q20, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.472 million, comprised of Ps.396 million in improvements to concessioned assets, Ps.46 million in major maintenance, and Ps.30 million in strategic investments.

 

The most important investment expenditures included:

             
Airport   Project   Status  
      MDP Investments      
Zacatecas   Minor rehabilitation of runway (02-20)     In Process  
Reynosa   Rehabilitation and expansion of commercial aviation platform     In Process  
Monterrey   Expansion of Terminal C     In Process  
Monterrey   Expansion of public area in Terminal A - first phase     In Process  
Tampico   Expansion and remodeling of terminal building     In Process  
Zihuatanejo   Modernization of terminal building     In Process  
Monterrey   Major and minor rehabilitation of runway and taxiways     In Process  
Monterrey   Construction of cargo platform and expansion of taxiway     In Process  
Tampico   Minor rehabilitation of runway     Finished  
             
      Strategic Investments      
Monterrey   Industrial park - Construction of industrial warehouse     In Process  
Ciudad Juárez   Long-stay parking expansion     In Process  
Monterrey   Industrial park - Expansion of industrial warehouse     Finished  
Monterrey   Industrial park - Expansion of industrial warehouse     Finished  

 

Debt

 

(Ps. Thousands)    Maturity      Interest Rate      December 31, 2019      December 31, 2020  
Total Short-Term Debt                 
Long-Term Debt                    
10-yr Bond, Ps. 1,500 mm: OMA13   2023    6.47%    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 
Finance CAPEX and Refinance Debt   Bullet                
10-yr Term Loan - Private Export Funding Corporation   2021    3M Libor + 125 pb    49,575    13,503 
Finance Security Equipment   Qtly. Amort.                
Subtotal Long-Term Debt             4,549,575    4,513,503 
Less: Current Portion of Long-Term Debt             (36,851)   (3,013,502)
Less: Commissions and Financing Expenses             (5,967)   (3,114)
Total Long-Term Debt             4,506,758    1,496,886 
Plus: Financial leases             220,860    194,763 
Plus: Current Portion of Long-Term Debt             36,851    3,013,502 
Total Debt + Financial leases             4,764,469    4,705,151 
Mexican peso denominated debt             98.9%    99.7% 
U.S. dollar denominated debt             1.1%    0.3% 
Net Debt (Includes financial leases)             1,334,596    1,746,347 
Net Debt / Adjusted EBITDA (x)             0.24    0.69 

 

Derivatives

 

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

 

 

 

 8

 

 

 

 

Cash Flow Statement

 

In 4Q20, cash flows from operating activities generated cash of Ps.602 million, compared to a cash generation of Ps.954 million in the same period of 2019. The decrease in cash generation was mainly due to the lower income before taxes.

 

Investing activities used cash of Ps.366 million in the fourth quarter. Outflows are mainly related to construction works executed during 3Q20. Financing activities generated an outflow of Ps.104 million, mainly due to interest paid of Ps.80 million.

 

The net increase in cash resulting from operating, investing and financing activities was Ps. 132 million. However, due to the effect of the appreciation of the Mexican peso against the U.S. dollar in the quarter, which resulted in an impact of Ps.195 million, the Cash and Cash Equivalents balance at December 31, 2020 was Ps.2,959 million.

 

   From October 1 to December 31,     From January 1 to December 31,    
(Ps. Thousands)  2019  2020  %Var  2019  2020  %Var 
Income Before Taxes  1,046,820   262,637   (74.9)  4,599,656   1,492,380   (67.6)
Items not affecting Operating Activities, net  350,102   596,630   70.4   954,951   1,076,590   12.7 
Changes in operational assets and liabilities, net  (443,147)  (257,454)  (41.9)  (1,838,084)  (1,265,493)  (31.2)
Net Flow from Operating Activities  953,776   601,813   (36.9)  3,716,523   1,303,477   (64.9)
Net Flow from Investing Activities  (443,022)  (366,320)  (17.3)  (952,227)  (1,324,430)  39.1 
Net Flow from Financing Activities  (141,118)  (103,588)  (26.6)  (2,246,461)  (528,888)  (76.5)
Net Increase (Reduction) in Cash and Cash Equivalents  369,636   131,905   (64.3)  517,835   (549,840)  n.a. 
Effect of change for fair value of cash and equivalents  (60,584)  (194,857)  221.6   (46,865)  78,771   n.a. 
Cash and Equivalents at Beginning of Period  3,120,821   3,021,756   (3.2)  2,958,902   3,429,873   15.9 
Cash and Equivalents at End of Period  3,429,873   2,958,804   (13.7)  3,429,873   2,958,804   (13.7)

 

COVID-19 Update

 

During 4Q20, passenger traffic had a gradual recovery compared to 2Q20 and 3Q20, line with the reactivation level of economic activities allowed during the quarter, according to the epidemiological risk traffic light system established by the Mexican Federal Government, as well as the different international restrictions established during 4Q20. Economic activities and domestic travel, mainly to regional and tourist destinations continued to gradually reactivate during the quarter. Total passenger traffic reached 3.3 million during 4Q20, an increase of 43% versus 3Q20. As of December 31, 2020, OMA had 140 origin-destination routes in operation, compared to 117 origin-destination routes in operation as of September 30, 2020 and 183 as of December 31, 2019.

 

The uncertainty generated from a second wave of worldwide contagions from COVID-19 and the return to red (maximum risk) by the end of 2020 and early 2021 in several states of the country, including Nuevo León and Mexico City, resulted in a deceleration in passenger traffic recovery. Beginning in February, the level of contagions has begun to recede, and the epidemiological risk light system has been adjusted downwards. As of the date of this report, 1 state in which OMA operates remained in red, 4 states are in orange and 4 in yellow.

 

 

 

 9

 

 

 

 

Additionally, as a result of the measures implemented by the United States with respect to the mandatory application of COVID-19 tests for all inbound flights, OMA has installed COVID-19 testing modules in 11 of our airports with international flight operations.

 

OMA expects passenger traffic to resume its recovery path in the following months, as contagion levels decrease and epidemiological risk traffic light in the states where we operate allow for increased mobility and economic activity.

 

It is important to mention that our airports continue to apply and communicate the health measures that have been implemented and we work in coordination with the health and aeronautical authorities of the country, in order to look after the health of passengers, our personnel and service providers, and in that way, support the recovery of passenger confidence.

 

Relevant Events in the Quarter

 

Approval of Master Development Program (MDP) for the 2021-2025 period. On November 30, 2020, OMA announced that it received approval from the Ministry of Communications and Transportation (SCT), through the Federal Civil Aviation Agency (AFAC), of the Master Development Program for each of its thirteen airports, corresponding to the 2021-2025 period. The committed investment amounts were Ps.11,980 million, expressed in pesos of December 31, 2019.

 

 

 

 10

 

 

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

(Terminal Passengers - Excludes Transit Passengers)

 

Total Passengers   4Q19   4Q20   % Var    2019    2020    % Var 
Acapulco   220,707    104,509    (52.6)   875,315    395,948    (54.8)
Ciudad Juárez   402,805    229,408    (43.0)   1,597,471    790,009    (50.5)
Culiacán   628,215    425,823    (32.2)   2,458,863    1,373,102    (44.2)
Chihuahua   437,418    240,633    (45.0)   1,699,816    818,151    (51.9)
Durango   150,179    79,725    (46.9)   527,004    271,231    (48.5)
Mazatlán   319,450    231,186    (27.6)   1,161,155    740,306    (36.2)
Monterrey   2,858,718    1,496,738    (47.6)   11,176,555    4,994,170    (55.3)
Reynosa   118,821    76,158    (35.9)   480,524    229,058    (52.3)
San Luis Potosí   172,181    98,712    (42.7)   643,224    309,311    (51.9)
Tampico   184,997    79,060    (57.3)   739,143    270,835    (63.4)
Torreón   181,997    96,138    (47.2)   708,563    320,820    (54.7)
Zacatecas   124,182    72,309    (41.8)   475,241    232,352    (51.1)
Zihuatanejo   151,832    74,508    (50.9)   625,186    317,395    (49.2)
                               
Total   5,951,502    3,304,907    (44.5)   23,168,060    11,062,688    (52.3)
                               
Domestic Passengers   4Q19   4Q20   % Var    2019    2020    % Var 
Acapulco   209,918    100,008    (52.4)   814,636    361,029    (55.7)
Ciudad Juárez   400,925    228,901    (42.9)   1,590,968    787,955    (50.5)
Culiacán   619,441    421,959    (31.9)   2,422,274    1,359,403    (43.9)
Chihuahua   403,317    218,137    (45.9)   1,565,183    752,693    (51.9)
Durango   123,349    63,068    (48.9)   432,766    215,713    (50.2)
Mazatlán   234,703    201,059    (14.3)   847,269    565,842    (33.2)
Monterrey   2,489,169    1,358,128    (45.4)   9,756,566    4,488,172    (54.0)
Reynosa   117,974    75,181    (36.3)   476,890    226,977    (52.4)
San Luis Potosí   124,794    70,677    (43.4)   454,076    221,102    (51.3)
Tampico   171,951    72,344    (57.9)   684,821    250,838    (63.4)
Torreón   164,751    87,282    (47.0)   637,638    293,986    (53.9)
Zacatecas   86,168    48,659    (43.5)   327,830    160,670    (51.0)
Zihuatanejo   105,013    61,833    (41.1)   405,847    193,317    (52.4)
                               
Total   5,251,473    3,007,236    (42.7)   20,416,764    9,877,697    (51.6)
                               
International Passengers   4Q19   4Q20   % Var    2019    2020    % Var 
Acapulco   10,789    4,501    (58.3)   60,679    34,919    (42.5)
Ciudad Juárez   1,880    507    (73.0)   6,503    2,054    (68.4)
Culiacán   8,774    3,864    (56.0)   36,589    13,699    (62.6)
Chihuahua   34,101    22,496    (34.0)   134,633    65,458    (51.4)
Durango   26,830    16,657    (37.9)   94,238    55,518    (41.1)
Mazatlán   84,747    30,127    (64.5)   313,886    174,464    (44.4)
Monterrey   369,549    138,610    (62.5)   1,419,989    505,998    (64.4)
Reynosa   847    977    15.3    3,634    2,081    (42.7)
San Luis Potosí   47,387    28,035    (40.8)   189,148    88,209    (53.4)
Tampico   13,046    6,716    (48.5)   54,322    19,997    (63.2)
Torreón   17,246    8,856    (48.6)   70,925    26,834    (62.2)
Zacatecas   38,014    23,650    (37.8)   147,411    71,682    (51.4)
Zihuatanejo   46,819    12,675    (72.9)   219,339    124,078    (43.4)
                               
Total   700,029    297,671    (57.5)   2,751,296    1,184,991    (56.9)

 

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 11

 

 

(GRAPHIC) 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Consolidated Balance Sheet

(Thousands of Pesos)

 

   December 31,
2019
   December 31,
2020
   % Var
Dec20/Dec19
 
Assets            
Current Assets               
Cash and Cash Equivalents   3,429,873    2,958,804    (13.7)
Trade Accounts Receivable - Net   757,756    777,952    2.7 
Trade Accounts Receivable from Related Parties   181,989    214,209    17.7 
Recoverable Taxes   295,768    542,365    83.4 
Advances to Contractors   102,776    115,233    12.1 
Other Current Assets   42,742    66,575    55.8 
Total Current Assets   4,810,904    4,675,138    (2.8)
Land, Buildings, Machinery and Equipment - Net   2,647,101    2,700,469    2.0 
Investments in Airport Concessions - Net   9,267,111    10,229,656    10.4 
Rights of use of leased assets, net   210,788    178,247    (15.4)
Other Assets - Net   44,053    34,621    (21.4)
Deferred Taxes   297,004    317,758    7.0 
Total Assets   17,276,961    18,135,889    5.0 
                
Liabilities and Stockholder’s Equity               
Current Liabilities               
Current Portion of Long-Term Debt   36,851    3,013,502    8,077.5 
Current Portion of Major Maintenance Provision   151,554    443,570    192.7 
Current Portion of Financial Leases   72,320    25,732    (64.4)
Trade Accounts Payable   196,791    148,357    (24.6)
Taxes and Accrued Expenses   590,263    370,188    (37.3)
Accounts Payable to Related Parties   187,515    167,704    (10.6)
Total Current Liabilities   1,235,294    4,169,053    237.5 
                
Long-Term Debt   4,506,758    1,496,886    (66.8)
Guarantee Deposits   387,656    350,738    (9.5)
Employee Benefits   106,159    115,691    9.0 
Major Maintenance Provision   802,342    874,415    9.0 
Financial Leases   148,540    169,031    13.8 
Deferred Taxes   202,717    133,828    (34.0)
Total liabilities   7,389,466    7,309,642    (1.1)
                
Common Stock   301,739    300,822    (0.3)
Additional paid-in capital   29,786    29,786     
Retained Earnings   8,121,937    8,824,666    8.7 
Share Repurchase Reserve   1,257,454    1,500,000    19.3 
Labor Obligations   4,194    (4,933)   n.a. 
Non-Controlling Interest   172,385    175,906    2.0 
Stockholders’ Equity   9,887,495    10,826,247    9.5 
Total Liabilities and Stockholder’s Equity   17,276,961    18,135,889    5.0 

 

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 12

 

 

(GRAPHIC) 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Consolidated Statement of Comprehensive Income

(Thousands of Pesos)

 

    4Q19   4Q20   % Var    2019    2020    % Var 
Revenues                              
Aeronautical Revenues   1,442,325    919,186    (36.3)   5,752,662    2,942,558    (48.8)
Non-Aeronautical Revenues   472,953    307,053    (35.1)   1,819,605    1,171,039    (35.6)
Aeronautical Revenues + Non-Aeronautical Revenues   1,915,278    1,226,239    (36.0)   7,572,267    4,113,597    (45.7)
Construction Revenues   347,839    396,331    13.9    954,834    1,253,869    31.3 
Total Revenues   2,263,117    1,622,570    (28.3)   8,527,101    5,367,466    (37.1)
Operating Costs                              
Cost of Services   237,965    170,524    (28.3)   954,207    765,958    (19.7)
Administrative Expenses   145,726    129,050    (11.4)   542,664    518,058    (4.5)
Major Maintenance Provision   133,812    208,316    55.7    292,324    392,531    34.3 
Construction Costs   347,839    396,331    13.9    954,834    1,253,869    31.3 
Concession Taxes   93,164    55,496    (40.4)   363,561    199,202    (45.2)
Technical Assistance Fee   36,076    18,198    (49.6)   150,108    81,164    (45.9)
Depreciation and Amortization   104,019    112,476    8.1    415,252    435,344    4.8 
Other expenses (Revenues) - Net   (103)   (7)   (93.2)   (1,155)   (128)   (88.9)
Total Operating Costs and Expenses   1,098,498    1,090,384    (0.7)   3,671,795    3,645,998    (0.7)
Operating Income   1,164,619    532,186    (54.3)   4,855,306    1,721,468    (64.5)
Operating Margin (%)   51.5%   32.8%        56.9%   32.1%     
Financing (Expense) Income:                              
Interest Income   41,468    18,177    (56.2)   171,236    111,889    (34.7)
Interest (Expense)   (95,721)   (104,730)   9.4    (376,008)   (420,499)   11.8 
Exchange Gain (Loss) - Net   (63,546)   (182,996)   188.0    (50,878)   79,522    n.a. 
Total Financing (Expense) Income   (117,799)   (269,549)   128.8    (255,650)   (229,088)   (10.4)
Income before Taxes   1,046,820    262,637    (74.9)   4,599,656    1,492,380    (67.6)
Taxes - Cash   290,199    71,913    (75.2)   1,329,867    480,232    (63.9)
Taxes - Deferred   (4,405)   (48,567)   1,002.5    42,355    (85,731)   n.a. 
Income Tax   285,794    23,346-    (91.8)   1,372,222-    394,501-    (71.3)
Consolidated Net Income   761,026    239,291    (68.6)   3,227,434    1,097,879    (66.0)
Other Comprehensive Income:                              
Actuarial Gains (Losses)   (12,834)   (13,038)   2    (12,834)   (13,038)   2 
Deferred Tax Effect   3,850    3,911    2    3,850    3,911    2 
Consolidated Comprehensive Income   752,042    230,164    (69.4)   3,218,450    1,088,752    (66.2)
Consolidated Net Income attributable to:                              
Non-Controlling Interest   2,974    235    (92.1)   7,636    3,521    (53.9)
Controlling Interest   758,052    239,056    (68.5)   3,219,798    1,094,358    (66.0)
Consolidated Comprehensive Income attributable to:                              
Non-Controlling Interest   2,974    235    (92.1)   7,636    3,521    (53.9)
Controlling Interest   749,068    229,929    (69.3)   3,210,814    1,085,231    (66.2)
Weighted Average Shares Outstanding   391,493,584    390,111,556         392,736,827    390,313,970      
EPS (Ps.)   1.94    0.61    (68.4)   8.20    2.80    (65.8)
EPADS (US$)   0.82    0.25    (70.0)   3.48    1.13    (67.6)
EBITDA   1,268,638    644,662    (49.2)   5,270,558    2,156,812    (59.1)
EBITDA Margin (%)   56.1%   39.7%        61.8%   40.2%     
Adjusted EBITDA   1,402,450    852,978    (39.2)   5,562,882    2,549,343    (54.2)
Adjusted EBITDA Margin (%)   73.2%   69.6%        73.5%   62.0%     

 

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 13

 

 

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Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Consolidated Cash Flow Statement
(Thousands of Pesos)

 

   From October 1 to December 31,       From January 1 to December 31,     
   2019   2020   % Var.   2019   2020   % Var. 
Operating Activities                              
Income Before Taxes   1,046,820    262,637    (74.9)   4,599,656    1,492,380    (67.6)
Depreciation and Amortization   104,018    112,476    8.1    415,252    435,344    4.8 
Major Maintenance Provision   133,812    208,316    55.7    292,324    392,531    34.3 
Doubtful Accounts Provision   68    3,816    5,501.3    (241)   17,738    n.a. 
(Profit) / Loss on Sales of Machinery and Equipment - Net   (102)   (5,260)   5,039.4    (1,162)   (5,380)   362.9 
Interest Income   (41,468)   (18,177)   (56.2)   (171,236)   (111,889)   (34.7)
Items in Results Related to Financing Activities                              
Present Value of Major Maintenance Provision   7,053    18,029    155.6    23,157    75,262    225.0 
Interest Expense   88,668    86,701    (2.2)   352,851    345,237    (2.2)
Non-Paid Exchange Fluctuation   58,054    190,729    228.5    44,007    (72,253)   n.a. 
    1,396,922    859,267    (38.5)   5,554,607    2,568,970    (53.8)
Changes in:                              
Trade Accounts Receivable - Net   (1,783)   92,027    n.a.    (60,949)   (37,934)   (37.8)
Recoverable Taxes   (81,743)   (92,211)   12.8    (183,103)   (246,597)   34.7 
Other Accounts Receivable   19,456    5,709    (70.7)   (25,156)   (16,576)   (34.1)
Accounts Payable   25,671    11,995    (53.3)   (26,880)   (48,307)   79.7 
Taxes and Accrued Expenses   (33,560)   (93,442)   178.4    41,367    48,472    17.2 
Taxes Paid   (320,416)   (108,960)   (66.0)   (1,324,834)   (747,867)   (43.6)
Accounts Payable to Related Parties   (6,124)   (150,178)   2,352.3    (42,276)   (72,554)   71.6 
Major Maintenance Payments   (118,446)   (45,788)   (61.3)   (305,133)   (103,704)   (66.0)
Other Long-Term Liabilities   73,798    123,393    67.2    88,880    (40,425)   n.a. 
Net Flow from Operating Activities   953,776    601,813    (36.9)   3,716,523    1,303,477    (64.9)
Investment Activities                              
Acquisition of Property, Plant and Equipment   (22,175)   (14,262)   (35.7)   (57,103)   (157,992)   176.7 
Investment in Airport Concessions   (462,417)   (375,430)   (18.8)   (1,086,426)   (1,283,642)   18.2 
Other Long-Term Assets       (65)   n.a.    (753)   (65)   (91.4)
Proceeds from Sale of Land, Machinery and Equipment   102    5,260    5,039.4    1,162    5,380    362.9 
Interest income   41,468    18,177    (56.2)   171,236    111,889    (34.7)
Other Investments Held to Maturity           n.a.    19,657        (100)
Net Flow from Investing Activities   (443,022)   (366,320)   (17.3)   (952,227)   (1,324,430)   39.1 
                               
Cash Flow before Financing Activities   510,754    235,493    (53.9)   2,764,296    (20,953)   n.a. 
Financing Activities                              
Repurchase of Shares   (33,982)       (100.0)   (244,201)   (150,000)   (38.6)
Loans - Disbursed           n.a.    14,700    41,895    185.0 
Loans - Paid   (9,367)   (9,750)   4.1    (40,790)   (42,592)   4.4 
Interest Expense   (82,168)   (79,812)   (2.9)   (327,309)   (320,866)   (2.0)
Payment of loans related to financial leases   (15,600)   (14,025)   (10.1)   (50,180)   (57,325)   14.2 
Net Cash Flow from Financing Activities   (141,118)   (103,588)   (27)   (2,246,461)   (528,888)   (76)
                               
Net Increase (Reduction) in Cash and Cash Equivalents   369,636    131,905    (64)   517,835    (549,840)   n.a. 
Effect of change for fair value of cash and equivalents   (60,584)   (194,857)   n.a.    (46,865)   78,771    n.a. 
Cash and Equivalents at Beginning of Period   3,120,821    3,021,756    (3.2)   2,958,902    3,429,873    15.9 
                               
Cash and Equivalents at End of Period   3,429,873    2,958,804    (13.7)   3,429,873    2,958,804    (13.7)

 

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(GRAPHIC) 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Statement of Changes in Stockholders’ Equity
As of December 31, 2019 (Thousand Pesos)

 

   Number of
Shares
   Capital stock
Nominal
   Additional
Paid-In
Capital
   Retained
Earnings
   Share
Repurchase
Reserve
   Labor
Obligations
   Non-
Controlling
Interest
   Total
Stockholder’s
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 
                                         
Reissuance (Repurchase) of Shares - Net   (2,145,651)   (1,655)           (242,546)           (244,201)
Dividends Paid               (1,598,681)               (1,598,681)
Increase in the Share Purchase Reserve               (33,984)   33,984             
Comprehensive Income (Loss)               3,219,798        (8,984)   7,636    3,218,450 
                                         
Balance as of December 31, 2019   391,300,815    301,739    29,786    8,121,937    1,257,454    4,194    172,385    9,887,495 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Statement of Changes in Stockholders’ Equity
As of December 31, 2020 (Thousand Pesos)

 

   Number of
Shares
   Capital stock
Nominal
   Additional
Paid-in
Capital
   Retained
Earnings
   Share
Repurchase
Reserve
   Labor
Obligations
   Non-
Controlling
Interest
   Total
Stockholder’s
Equity
 
                                 
                                 
Balance as of December 31, 2019   391,300,815    301,739    29,786    8,121,937    1,257,454    4,194    172,385    9,887,495 
                                         
Reissuance (Repurchase) of Shares - Net   (1,189,259)   (917)           (149,083)           (150,000)
Increase in the Share Repurchase Reserve               (391,629)   391,629             
Comprehensive Income (Loss)               1,094,358        (9,127)   3,521    1,088,752 
                                         
Balance as of December 31, 2020   390,111,556    300,822    29,786    8,824,666    1,500,000    (4,933)   175,906    10,826,247 

 

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

 Unaudited Operating Results by Airport

(Thousands of Pesos)

 

Monterrey  4Q19  4Q20  2019  2020 
Total Revenues  1,016,490  796,134   3,690,771  2,560,048 
Aeronautical Revenues  667,082  419,142   2,641,052  1,278,257 
Non- Aeronatical Revenues  189,091  109,762   726,684  479,320 
Construction Revenues  160,317  267,231   323,035  802,470 
Income from Operations  117,892  28,471   473,615  445,952 
EBITDA  144,027  59,859   584,635  568,460 
               
Chihuahua              
Total Revenues  145,608  88,566   603,114  292,457 
Aeronautical Revenues  100,713  65,504   411,393  215,728 
Non- Aeronatical Revenues  17,531  12,706   67,021  46,049 
Construction Revenues  27,364  10,356   124,701  30,679 
Income from Operations  16,368  (7,619)  67,379  50,038 
EBITDA  21,913  (1,171)  85,353  75,312 
               
Mazatlán              
Total Revenues  107,632  83,924   408,744  273,318 
Aeronautical Revenues  89,272  69,402   321,313  211,184 
Non- Aeronatical Revenues  14,520  10,295   52,857  37,431 
Construction Revenues  3,840  4,227   34,573  24,704 
Income from Operations  14,332  32,685   52,627  63,103 
EBITDA  18,860  37,419   70,141  81,803 
               
Zihuatanejo              
Total Revenues  61,732  40,717   239,984  162,989 
Aeronautical Revenues  45,391  22,071   191,511  98,645 
Non- Aeronatical Revenues  6,307  4,956   25,596  18,360 
Construction Revenues  10,034  13,691   22,876  45,984 
Income from Operations  12,683  9,122   43,613  12,961 
EBITDA  17,383  13,949   62,273  32,052 
               
Consorcio Grupo Hotelero T2 (1)              
Revenues  67,317  25,439   255,613  110,525 
Income from Operations  20,742  (4,007)  77,325  (8,609)
EBITDA  30,246  6,998   116,870  31,693 
               
OMA VYNMSA Aero Industrial Park              
Revenues  11,647  16,775   41,981  56,454 
Income from Operations  4,415  7,323   15,622  24,082 
EBITDA  9,757  14,496   35,170  47,702 
Culiacán  4Q19 4Q20  2019  2020 
Total Revenues  174,595  146,603   753,225  479,436 
Aeronautical Revenues  155,581  112,096   617,978  359,562 
Non- Aeronatical Revenues  17,566  15,921   66,286  51,732 
Construction Revenues  1,448  18,586   68,960  68,142 
Income from Operations  23,887  (15,286)  96,278  92,341 
EBITDA  28,619  (10,033)  114,936  113,229 
               
Ciudad Juárez              
Total Revenues  117,851  81,845   453,919  265,370 
Aeronautical Revenues  95,800  61,906   380,271  199,685 
Non- Aeronatical Revenues  14,239  10,400   55,998  37,736 
Construction Revenues  7,812  9,540   17,650  27,949 
Income from Operations  15,171  21,927   61,376  60,241 
EBITDA  18,136  25,279   73,174  72,958 
               
Acapulco              
Total Revenues  71,979  40,021   331,298  173,787 
Aeronautical Revenues  53,519  27,694   227,954  117,218 
Non- Aeronatical Revenues  9,723  5,534   40,242  27,159 
Construction Revenues  8,737  6,793   63,102  29,409 
Income from Operations  15,326  21,228   53,812  21,587 
EBITDA  26,368  32,524   97,098  66,368 
               
Other six airports              
Total Revenues  411,920  249,702   1,457,538  833,528 
Aeronautical Revenues  239,220  150,655   978,091  486,084 
Non- Aeronatical Revenues  35,293  26,843   132,988  96,443 
Construction Revenues  137,408  72,205   346,459  251,001 
Income from Operations  43,700  64,765   171,932  112,894 
EBITDA  58,328  83,023   227,428  180,824 
               
Consorcio Hotelero Aeropuerto Monterrey (1) 
Revenues  23,701  7,041   103,285  32,949 
Income from Operations  6,414  (3,222)  32,345  (6,918)
EBITDA  9,214  (313)  43,726  4,511 

 

(1) Includes results of other equity-method subsidiaries

 


 

 

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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.” For more information, please refer to our Quarterly Financial Information submitted to the Mexican Stock Exchange (www.bmv.com.mx)

 

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.18.8727 as of December 31, 2019 and Ps. 19.9352 as of December 31, 2020.

 

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.

 

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.

 

Strategic Investments: Refers only to those capital investments additional to the Master Development Program.

 

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.

 

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.

 

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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 Montserrat Araujo 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 Alejandro Zamacona Scotiabank Francisco Suárez
       
Goldman Sachs Bruno Armorim Signum Research Lucía Tamez
       
Grupo Bursátil Mexicano (GBM) Mauricio Martínez Vallejo UBS Brasil CCTVM Rogerio Araujo
       
Vector Marco Montañez BTG Pactual Lucas Marquiori
       
Invex Giovanni Bisogno Guinea    

  

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 and security measures. 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 February 15, 2021