MONTERREY, Mexico, Feb. 24, 2010 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), reported its unaudited, preliminary results for the fourth quarter and full year 2009 today.
Highlights
In order to face the challenges created by the economic environment during 2009, OMA implemented a business strategy designed: first, to maintain aeronautical revenues; second, to increase non-aeronautical revenues through improving the commercial offering and passenger services in our airports and developing new lines of business; and third, to control costs and expenses.
OMA generated solid revenues in 4Q09, practically unchanged from 4Q08, despite the weak macroeconomic environment and a significant decrease in passenger traffic. We were able to mitigate the impact on EBITDA, while net income increased principally because of an increase in comprehensive financial income and a reversal in the provision for
taxes.
| 4Q 08 | 4Q 09 | % Var | 2008 | 2009 | % Var | |
| Terminal passengers (million) | 3.1 | 2.8 | (11.1) | 14.1 | 11.5 | (18.1) |
| Total revenues (Ps. million) | 487 | 483 | (0.8) | 1,988 | 1,896 | (4.6) |
| Income from operations (Ps. million) | 144 | 110 | (23.6) | 687 | 559 | (18.6) |
| Adjusted EBITDA (Ps. million) | 242 | 221 | (8.4) | 1,054 | 971 | (7.9) |
| Adjusted EBITDA margin | 49.7% | 45.8% | 53.0% | 51.2% | ||
| Income before taxes | 97 | 116 | 19.8 | 781 | 547 | (29.9) |
| Consolidated net income (Ps. million) | 47 | 163 | 246.5 | 542 | 470 | (13.3) |
| Net income of majority interest (Ps. million) | 47 | 164 | 248.3 | 542 | 471 | (13.1) |
| EPS* (Ps.) | 0.12 | 0.41 | 1.37 | 1.19 | ||
| EPADR* (US$) | 0.07 | 0.25 | 0.84 | 0.73 | ||
| Capital Expenditures (Ps. million) | 347 | 227 | 2,228 | 814 | ||
| *Based on weighted average shares outstanding | ||||||
| See notes and disclaimers |
- Passenger traffic decreased 11.1% to 2.8 million. Domestic traffic decreased 11.1% and international traffic decreased 10.6%. The suspension of Aviacsa operations since July 6, 2009 continued to be one of the principal factors affecting traffic during the quarter.
- Eleven new commercial operations opened in our airports, and the NH Mexico City Airport Terminal 2 Hotel had its first full quarter of operations.
- Total revenues were Ps. 483 million, a reduction of 0.8%. Aeronautical revenues per passenger increased 7.9%, and non-aeronautical revenues per passenger increased 27.6%. Monterrey, OMA's principal airport, contributed 45.0% of revenues.
- Total operating costs and general and administrative expenses increased 8.7% to Ps. 225 million in 4Q09, as a result of the additional costs from operating the hotel. OMA continues to implement cost control measures, including reductions in consumption of electricity, materials and supplies, and professional services. Excluding T2 Hotel costs, costs and operating expenses decreased 2.4%.
- Operating income decreased 23.6% to Ps. 110 million as a result of the addition of the T2 Hotel costs and higher depreciation and amortization; the operating margin was 22.7%.
- Adjusted EBITDA decreased 8.4% to Ps. 221 million, equivalent to a 45.8% margin.
- Consolidated net income was Ps. 163 million, an increase of 246.5% as compared to the prior year period. The increase was principally due to comprehensive financial income and the reversal of tax provisions taken earlier in the year. Earnings per share were Ps. 0.41, or US$0.25 per American Depositary Share (ADS).
- Capital expenditures were Ps. 227 million in 4Q09. Bank financing provided a portion of the resources used for capital expenditures.
Full Year 2009 Summary
In the full year 2009, OMA generated solid financial results despite the adverse environment for the air transport industry. Total revenues were Ps. 1,896.3 million, Adjusted EBITDA was Ps. 971.3 million, and net income reached Ps. 469.5 million.
The number of flight operations, total passenger traffic, and air cargo volumes decreased 15.6%, 18.1%, and 8.6%, respectively. The global financial crisis that began in 2008, Mexico's deep economic recession in 2009, the H1N1 flu outbreak in April and May, and the suspension of Aviacsa in July all had significant effects on operations.
In this environment, OMA launched strategic initiatives. The principal actions were steps to protect aeronautical revenues, including the termination of the special incentive program for the Monterrey airport (in September 2008); to increase and improve our commercial offering and the passenger services available in our airport terminals and to start new commercial services, such as the NH Terminal 2 Hotel in Mexico City; and to enforce a policy of strict controls on costs and expenses. With these actions, OMA was able to mitigate the impact of the reduction in passenger traffic on revenues and Adjusted EBITDA, which decreased only 4.6% and 7.9%, respectively. These actions also mitigated the impact on Adjusted EBITDA margins, with a full year margin of 51.2%, as compared to 53.0% in 2008.
Full year tax provision decreased 67.4% as a result of a reduction in the provision for income tax and IETU, with an effective tax rate of 14.2%. Earnings per share were Ps. 1.19, or US$ 0.73 per ADR.
The complete 4Q09 earnings report is available at http://ir.oma.aero
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on February 25, 2010 at 10:00 am Eastern time, 9:00 am Mexico City time.
The conference call is accessible by calling (877) 941-2322 toll-free from the U.S. or +1 (480) 629-9715 from outside the U.S. The conference ID is 4230396. A taped replay will be available through March 4, 2010 at (800) 406-7325 toll free or +1 (303) 590-3030, using the same ID.
The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.
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 expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
About OMA
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's fourth largest metropolitan area, the tourist destinations of Acapulco, Mazatlan, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates a hotel and commercial areas inside Terminal 2 of the Mexico City airport. OMA employs over 960 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2000. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and Aeroports de Paris Management, subsidiary of Aeroports de Paris, the second largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). Please visit our website, www.oma.aero.