MONTERREY, Mexico, Feb. 22, 2018 (GLOBE NEWSWIRE) -- 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 results for the fourth
quarter and full year 2017.
Fourth quarter and full year 2017 summary
OMA recorded an increase of 1.8% in passenger traffic in 4Q17, despite the deceleration of the rate of traffic
growth in Mexico, and recorded a 4.8% increase in traffic for the full year. The sum of aeronautical and non-aeronautical revenues
rose 4.6% in the quarter and 11.5% in the full year. Adjusted EBITDA rose 13.6% in 4Q17, with an Adjusted EBITDA margin of 67.5% --
the highest quarterly margin in OMA’s history. For the year, Adjusted EBITDA increased 15.2%, with an Adjusted EBITDA margin of
66.0% -- also a record. Operating income rose 13.8% in 4Q17, and consolidated net income increased 9.5%. For the full
year, operating income and net income grew 16.4% and 13.9%, respectively.
(Million Passengers and Million Pesos) |
4Q16 |
4Q17 |
% Var |
2016 |
|
2017 |
|
% Var |
Passenger Traffic |
4.9 |
|
5.0 |
|
1.8 |
18.8 |
|
19.7 |
|
4.8 |
Aeronautical Revenues |
1,054 |
|
1,090 |
|
3.4 |
3,873 |
|
4,347 |
|
12.2 |
Non-Aeronautical Revenues |
361 |
|
390 |
|
8.0 |
1,333 |
|
1,456 |
|
9.3 |
Aeronautical Revenues + Non-Aeronautical
Revenues |
1,415 |
|
1,480 |
|
4.6 |
5,205 |
|
5,803 |
|
11.5 |
Construction Revenues |
172 |
|
408 |
|
136.7 |
345 |
|
1,326 |
|
284.7 |
Total Revenues |
1,587 |
|
1,888 |
|
18.9 |
5,550 |
|
7,130 |
|
28.5 |
Adjusted EBITDA |
879 |
|
999 |
|
13.6 |
3,323 |
|
3,829 |
|
15.2 |
Adjusted EBITDA Margin (Adjusted EBITDA/Aeronautical
Revenues + Non-Aeronautical Revenues, %) |
62.2% |
|
67.5% |
|
|
63.8% |
|
66.0% |
|
|
Income from Operations |
730 |
|
830 |
|
13.8 |
2,784 |
|
3,239 |
|
16.4 |
Operating Margin (%) |
46.0% |
|
44.0% |
|
|
50.2% |
|
45.4% |
|
|
Consolidated Net Income |
570 |
|
625 |
|
9.5 |
1,877 |
|
2,137 |
|
13.9 |
Net Income of Controlling Interest |
568 |
|
621 |
|
9.4 |
1,870 |
|
2,128 |
|
13.8 |
EPS* (Ps.) |
1.44 |
|
1.58 |
|
9.5 |
4.76 |
|
5.40 |
|
13.5 |
EPADS* (US$) |
0.56 |
|
0.64 |
|
14.7 |
1.84 |
|
2.19 |
|
18.9 |
MDP and Strategic Investments |
277 |
|
590 |
|
113.0 |
623 |
|
1,684 |
|
170.3 |
*Based on weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
The principal results of the fourth quarter include:
- Total terminal passenger traffic increased 1.8% to 5.0 million. Domestic traffic increased 2.0% and international traffic
increased 0.6%. The Monterrey and Culiacán airports contributed the most to passenger growth.
- Aeronautical revenues increased 3.4%, principally as a result of traffic growth and an increase in tariffs in 2Q17.
-- Aeronautical revenues per passenger increased 1.6% to Ps. 217.6.
- Non-aeronautical revenues increased 8.0%, principally from growth in commercial activities, particularly car rental,
restaurants, and parking, as well as diversification businesses, especially hotel services.
-- Non-aeronautical revenues per passenger increased 6.1% to Ps. 77.9.
- Adjusted EBITDA1 increased 13.6% to Ps. 999 million. The Adjusted EBITDA margin reached 67.5%, a record for
highest margin in a quarter.
- Consolidated net income increased 9.5% to Ps. 625 million. Earnings per share increased 9.5% to Ps. 1.58, based on weighted
average shares outstanding, while earnings per American Depositary Share (ADS) rose 14.7% to US$ 0.64.
- Capex, major maintenance, and other smaller expenditures included in the Master Development Programs (MDP) and strategic
investments totaled Ps. 590 million.
Full year 2017 highlights include:
- OMA generated growth in its financial and operating results, with new records for passenger traffic, revenues, Adjusted
EBITDA, Adjusted EBITDA margin, and consolidated net income in 2017.
- Total passenger traffic increased 4.8% to 19.7 million passengers.
- Passenger volume growth contributed to a 12.2% increase in aeronautical revenues and a 9.3% increase in non-aeronautical
revenues. The sum of aeronautical and non-aeronautical revenues reached Ps. 5,803 million (+11.5%).
- Cost of services and G&A expense increased only 1.7%, as a result of strict controls on business operations. As a
result, Adjusted EBITDA reached Ps. 3,829 million (+15.2%), with an Adjusted EBITDA margin of 66.0%. Operating income
increased 13.8%. The effective tax rate was 27.6%.
- Consolidated net income increased 13.9% to Ps. 2,137 million. Earnings per share were Ps. 5.40 and earnings per ADS
were US$2.19. In order to develop passenger terminal and operating infrastructure and to improve service quality in OMA’s 13
airports, total investments in accordance with the Master Development Programs and strategic investments were Ps. 1,684 million.
The full year return on capital was 29.6%.
- OMA continued to position itself as a sustainable enterprise and a leader in the airport operation sector, with recognitions
for quality, workplace safety, environment, and social responsibility, including:
-- Selection as part of the Dow Jones Sustainability MILA Pacific Alliance Index, which includes the companies with the
highest sustainability rankings in the four Latin American countries of the Pacific Alliance: Mexico, Colombia, Peru, and
Chile.
-- Inclusion in the Dow Jones Sustainability Emerging Markets Index (“DJSI”) for the second consecutive year, and in the
Mexican Stock Exchange’s IPC Sustainable Index (“IPC Sustentable”) for the seventh consecutive year.
-- Recognition as “A Great Place to Work” for the seventh consecutive year, as being one of the 100 best companies to work
for in Mexico and ranked number 1 in northeastern Mexico. In addition OMA was certified as a Socially Responsible Company (“ESR”)
for the 10th year, by the Mexican Center for Philanthropy.
- OMA was included in the Mexican Stock Exchange’s benchmark IPC index, for the third consecutive year.
OMA’s complete earnings report is available at http://ir.oma.aero.
OMA (NASDAQ:OMAB) (BMV:OMA) will hold its 4Q17 earnings conference call on February 26, 2018 at 12 pm Eastern time,
11 am Mexico City time.
The conference call is accessible by calling 1-888-394-8218 toll-free
from the U.S. or 1-323-701-0225 from outside the U.S. The conference ID is
8312253. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm .
A taped replay will be available through March 5, 2018 at 1-844-512-2921 toll free or + 1-412-317-6671,
using the same conference ID.
This press release 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 fourth 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:
______________________________
1 Adjusted EBITDA excludes the non-cash maintenance provision, construction revenue, and construction expense.
OMA provides a full reconciliation of Adjusted EBITDA to Net Income in the corresponding section of this report; see also the Notes
to the Financial Information.
CONTACT:
Investor Relations:
Emmanuel Camacho
+52 (81) 8625 4308
ecamacho@oma.aero
In the US: Daniel Wilson /Zemi Communications
+1 (212) 689 9560
dbmwilson@zemi.com
Media Relations:
Paola Fernández
+52 (81) 8625 4300
pfernandez@oma.aero