MONTERREY, Mexico, May 2, 2011 (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 first quarter of 2011 today.
OMA elected early adoption of International Financial Reporting Standards (IFRS) for the year that will end December 31, 2011, and considers 2010 as the transition year. The financial statements for the first quarters of 2010 and 2011 have been prepared in accordance with IAS 34 "Interim Financial Reporting." The financial statements for 2010 have been reformulated to assist comparison.
The Company's accounting policies now include a policy for provisioning for the maintenance of concessioned assets; this provision represents the obligation for future disbursements resulting from wear and tear to or deterioration of the fixed assets used in operations, including runways, platforms, taxiways, and terminal buildings. The provision is increased periodically for the wear and tear to the assets and the Company's estimates of the disbursements it needs to make. The use of the provision corresponds to the outflows made for the conservation of these operational assets. This provision is recorded in the balance sheet as part of Other long-term liabilities. Additions to the provision are recorded in the Maintenance line item in cost of services. It should be noted that the maintenance provision does not represent a cash outflow, and accordingly it is excluded in the calculation of Adjusted EBITDA.
- Passenger traffic decreased 3.7% to 2.7 million in 1Q11; domestic traffic decreased 1.4% and international traffic decreased 12.1%. Passenger traffic was affected by the suspension of operations of the Grupo Mexicana airlines in August 2010 and the timing of the Holy Week vacation travel period, which began in March in 2010. The total number of flight operations (takeoffs and landings) decreased 3.8%.
- Total revenue increased 2.4% to Ps. 632 million in 1Q11. The sum of aeronautical and non-aeronautical revenues grew 3.9%. The most noteworthy increase was the 22.5% growth in non-aeronautical revenues as the result of actions to diversify revenue and the opening of Terminal B in Monterrey last September.
- The NH Terminal 2 hotel (the "NH T2 hotel") in the Mexico City International Airport had an occupancy rate of 80.5%, as compared to 42.2% in 1Q10.
- Three new commercial spaces and one new passenger service opened in our terminals.
- Aeronautical revenues per passenger increased 2.6% and non-aeronautical revenues per passenger grew 27.3%. The Monterrey airport contributed 43.2% of aeronautical and non-aeronautical revenues.
- Costs and general and administrative expenses increased 23.9% to Ps. 261 million, principally as a result of the increased maintenance provision and to a lesser extent the costs and expenses from operating Terminal B in Monterrey and higher variable expenses at the NH T2 hotel.
- Operating income was Ps. 192 million, below the 1Q10 level principally as a result of the maintenance provision; this provision was Ps. 41 million in 1Q11 and Ps. 16 million in 1Q10. The operating margin was 30.4%.
- EBITDA was Ps. 231 million, compared to Ps. 260 million in 1Q10. The EBITDA margin in 1Q11 was 36.6%. Adjusted EBITDA was Ps. 273 million in 1Q11, compared to Ps. 276 million in 1Q10, with an Adjusted EBITDA margin of 51.5%. OMA'S efforts to sustain cash flow generation, even with the additional costs of operating Terminal B since it opened in September 2010, resulted in keeping the level of Adjusted EBITDA almost unchanged. OMA is providing an analysis of Adjusted EBITDA margin, which adjusts for the maintenance provision and construction revenue and expense, in the corresponding section of the report and in the Notes.
- Consolidated net income decreased 41.0% to Ps. 116 million, principally because of a higher provision for both cash taxes and deferred taxes and the increase in maintenance provision. Earnings per share were Ps. 0.29, or U.S.$0.19 per American Depositary Share (ADS).
- Capital expenditures were Ps. 194 million in 1Q11.
OMA's complete earnings report is available at
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on May 2, 2011 at 10:00 am Eastern time, 9:00 am Mexico City time.
The conference call is accessible by calling 877-941-2069 toll-free from the U.S. or +1 480-629-9713 from outside the U.S. The conference ID is 4436258. A taped replay will be available through May 9, 2011 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 .
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 third 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 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 Aeroports de Paris Management, subsidiary of Aeroports de Paris, the third 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:
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CONTACT: Jose Luis Guerrero Cortes OMA, CFO +52.81.8625.4300 ext.308 jlguerrero@oma.aero Daniel Wilson Zemi Communications +1.212.689.9560 ext. 264 dbmwilson@zemi.com