OMA Announces Second Quarter 2012 Earnings
MONTERREY, Mexico, July 25, 2012 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), reported its unaudited results for the second quarter of 2012 today.
OMA recorded solid results in the second quarter of 2012, with significant growth from the three lines of business: aeronautical operations, commercial activities, and diversification projects. Adjusted EBITDA increased 19.1%, and Consolidated Net Income rose 23.7%.
The 4.3% increase in passenger traffic drove a 15% increase in aeronautical revenues. Commercial initiatives included new stores and passenger services in all 13 airports, the expansion of commercial areas, alternative advertising, and the start of operations of checked baggage screening. Diversification projects also contributed, with continued revenue growth of the NH Terminal 2 Hotel in Mexico City and the lease out of space in the first phase of the Monterrey airport cargo and logistics hub. All ten non-aeronautical categories grew, and total non-aeronautical revenue increased 17%. The Adjusted EBITDA margin increased to 51.6%.
|(Million passengers and million pesos)||2Q11||2Q12||% Var||6M11||6M12||% Var|
|Aeronautical revenues + Non-Aeronautical revenues||592||685||15.7||1,121||1,318||17.5|
|Adjusted EBITDA margin (Adjusted EBITDA/Aeronautical revenues + Non-aeronautical revenues, %)||50.1%||51.6%||50.8%||53.4%|
|Income from operations (Ps. million)||213||266||24.6||405||530||30.7|
|Consolidated net income (Ps. million)||130||161||23.7||246||345||40.2|
|Net income of majority interest (Ps. million)||130||160||23.0||246||344||40.0|
|Capital Expenditures (Ps. million)||195||139||(28.7)||389||303||(22.1)|
|*Based on weighted average shares outstanding|
The principal developments of the quarter included:
- Passenger traffic increased 4.3% to 3.0 million in 2Q12; domestic traffic increased 4.5%, and international traffic increased 3.3%. Six of our airline clients had traffic growth in the quarter.
- Aeronautical revenues increased 15.3%, principally as the result of the growth in passenger traffic and the increase in passenger charges and aeronautical services tariffs in October 2011 and April 2012.
Non-aeronautical revenues increased 17.1%, principally as the result of increased use of parking lots, an increase in rates at the NH Terminal 2 Hotel, and alternative advertising in the airports.
-- The NH T2 hotel in the Mexico City International Airport increased revenues 13.1%, principally as a result of higher room rates and increased restaurant revenues.
- The sum of aeronautical and non-aeronautical revenues per passenger increased 10.9% to Ps. 225.4.
- Three new domestic routes and one new international route opened, as a result of route development efforts.
- 48 new retail, advertising, restaurant, passenger service, telecommunications, and time share locales opened in the 13 airports, as part of the commercial strategy.
- Adjusted EBITDA increased 19.1% to Ps. 353 million in 2Q12. The Adjusted EBITDA margin reached 51.6%, an increase of 150 basis points, reflecting OMA'S efforts to sustain cash flow generation.
- Consolidated net income increased 23.7% to Ps. 161 million. Earnings per share were Ps. 0.40, or US$0.24 per American Depositary Share (ADS).
- Capital expenditures were Ps. 139 million in 2Q12.
Revised 2012 Outlook
Based on the first six months 2012 results, which have exceeded expectations, OMA is revising its full year outlook.
OMA estimates that passenger traffic growth in 2012 will be between 3.5% and 4.5%. The sum of aeronautical and non-aeronautical revenues is expected to increase between 10% and 13%. The Adjusted EBITDA margin is expected to be in the range of 48.5% to 51.0%. Capital expenditures under the Master Development Plan will be approximately Ps. 840 million.
OMA is providing this outlook based on internal estimates. A number of factors could have a significant effect on the estimates of traffic, revenue growth, Adjusted EBITDA, and Capex. These include changes in airline expansion plans, ticket prices and other factors affecting traffic volumes, the evolution of commercial and diversification projects, and economic conditions, among others. OMA can provide no assurance that the Company will achieve these results.
OMA's complete earnings report is available at: http://ir.oma.aero .
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on July 26, 2012 at 10:00 am Eastern time, 9:00 am Mexico City time.
The conference call is accessible by calling 1-888-846-5003 toll-free from the U.S. or 1-480-629-9856 from outside the U.S. The conference ID is 4552207. A taped replay will be available through August 2, 2012 at 877-870-5176 toll free or + 1-858-384-5517, using the same ID.
The conference call will also be available by webcast at http://ir.oma.aero/events.cfm .
This report contains forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
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 a hotel and commercial areas inside Terminal 2 of the Mexico City airport. OMA employs over 1,000 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2008. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and Aéroports de Paris Management, subsidiary of Aéroports de Paris, the second largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, please visit us at:
- Website: http://www.oma.aero
- Twitter: http://twitter.com/OMAeropuertos
- Facebook: http://www.facebook.com/pages/OMA/137924482889484
CONTACT: Jose Luis Guerrero Cortes OMA, CFO +52.81.8625.4300 ext.308 email@example.com Daniel Wilson Zemi Communications +1.212.689.9560 firstname.lastname@example.orgSource: Grupo Aeroportuario del Centro Norte S.A.B. de C.V (OMAB). 2012 GlobeNewswire, Inc.