6-K 1 oma-6k_021623.htm CURRENT REPORT OF FOREIGN ISSUER

 

 

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 2023

 

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-             .)

 

 
 

 

 

 

OMA Announces Fourth Quarter 2022

Operating and Financial Results

 

Mexico City, Mexico, February 16, 2023— 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 2022 (4Q22).

 

Full year 2022 Summary

 

■Passenger traffic reached 23.2 million during 2022, surpassing by 0.2% prepandemic levels of 2019; and increased 28.8%, compared to 2021.

 

■In 2022, Adjusted EBITDA was Ps.7,088 million surpassing Adjusted EBTIDA of 2019 and 2021 by 27.4% and 38.7%, respectively. In 2022, the Adjusted EBITDA margin was of 76.3%.

 

■The capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments in 2022 reached Ps.3,277 million.

 

■During the year, OMA distributed dividends for Ps.6,616 million; the leverage level measured by Net Debt/Adjusted EBITDA was of 1.0x as of December 31, 2022.

 

4Q22 Summary

 

■Passenger traffic increased 20.7% during 4Q22, as compared to 4Q21, reaching 6.5 million passengers, and increased 8.7% as compared to 4Q19. The airports with the highest traffic growth compared to 4Q21 were Monterrey, Ciudad Juárez, Culiacán, Chihuahua and Mazatlán.

 

■Adjusted EBITDA increased 27.5% to Ps.1,939 million, which compares to Ps.1,521 million in 4Q21, and was 38.2% higher than 4Q19.

 

■Adjusted EBITDA margin reached 75.8%, compared to 74.9% in 4Q21 and 73.2% in 4Q19.

 

■Capital investments and major maintenance works included in the Master Development Plans (MDPs) plus strategic investments were Ps.1,244 million in the quarter.

 

 

Chief Financial Officer
Ruffo Pérez Pliego del Castillo
+52 (81) 8625 4300
rperezpliego@oma.aero		 Investor Relations:
Luis Emmanuel Camacho Thierry
+52 (81) 8625 4308
ecamacho@oma.aero

 

 

 

www.oma.aero

 

 

 

 

(Thousand Passengers and Million Pesos) 4Q19 4Q21 4Q22 %Var
vs4Q19		 %Var
vs 4Q21		 2019 2021 2022 %Var
vs 2019		 %Var
vs 2021
Passenger Traffic 5,952 5,359 6,469 8.7 20.7 23,168 18,025 23,221 0.2 28.8
Aeronautical Revenues 1,442 1,552 1,956 35.6 26.0 5,753 5,278 7,056 22.6 33.7
Non-Aeronautical Revenues 473 479 604 27.6 26.0 1,820 1,653 2,230 22.5 34.9
Aeronautical + Non-Aeronautical Revenues 1,915 2,031 2,559 33.6 26.0 7,572 6,931 9,285 22.6 34.0
Construction Revenues 348 648 1,106 218.1 70.6 955 1,789 2,649 177.5 48.1
Total Revenues 2,263 2,680 3,666 62.0 36.8 8,527 8,720 11,935 40.0 36.9
Adjusted EBITDA 1,402 1,521 1,939 38.2 27.5 5,563 5,110 7,088 27.4 38.7
Adjusted EBITDA Margin (%) 73.2% 74.9% 75.8%     73.5% 73.7% 76.3%    
Income from Operations 1,165 1,275 1,749 50.2 37.1 4,855 4,110 6,064 24.9 47.5
Operating Margin (%) 51.5% 47.6% 47.7%     56.9% 47.1% 50.8%    
Consolidated Net Income 761 1,016 1,135 49.1 11.8 3,227 2,864 3,917 21.4 36.8
Net Income of Controlling Interest 758 1,013 1,130 49.1 11.5 3,220 2,857 3,901 21.2 36.5
EPS (Ps.) 1.94 2.62 2.93 51.1 11.5 8.20 7.35 10.10 23.2 37.4
EPADS (US$) 0.82 1.03 1.20 46.5 17.2 3.48 2.87 4.15 19.4 44.4
MDP and Strategic Investments 491 752 1,244 153.4 65.4 1,357 2,117 3,277 141.5 54.8

 

OMA will hold its 4Q22 earnings conference call on February 17, 2023 at 08:00 a.m. Eastern time, 07:00 a.m. Mexico City time.

 

Call +1-877-407-9208 toll-free from the U.S. or +1-201-493-6784 from outside the U.S. The conference ID is 13735525. The conference call will also be available by webcast at http://ir.oma.aero/en/calendario-de-eventos.

 

4Q22 Operating Results

 

Operations, Passengers, and Cargo

The number of seats offered increased 19.1% compared to 4Q21 and increased 5.3%, compared to 4Q19.

 

During the quarter, 10 new routes, started operations, of which 8 were international and 2 domestic.

 

Airline Opened
# Routes Origin Destination Type
    Domestic Routes    
Aeroméxico 2 Monterrey
Monterrey		 Guanajuato
Querétaro		 Regular
Regular
    International Routes    
Aeroméxico 2 Monterrey
Monterrey		 Los Angeles
Detroit		 Regular
Regular
Spirit Airlines 2 Monterrey
Monterrey		 Houston
Austin		 Regular
Regular
American Airlines 1 Monterrey New York Regular
Sunwing 3 Mazatlán
Mazatlán
Mazatlán		 Winnipeg
Montreal
Kelowna		 Seasonal
Seasonal
Seasonal

 

 

2

 

 

Total passenger traffic reached 6.5 million passengers, an increase of 20.7% as compared to 4Q21 and an increase of 8.7% versus 4Q19. During the quarter, of total traffic, 87.5% was domestic and 12.5% was international.

 

Domestic passenger traffic increased 20.9%, compared to 4Q21, while international traffic increased 19.7%. Compared to 4Q19, domestic passenger traffic and international passenger traffic increased 7.8% and 15.0%, respectively.

 

The airports with the largest passenger traffic growth in volume terms as compared to 4Q21, were:

 

■Monterrey (+26.5%), on its Mexico City, Felipe Angeles (AIFA), Cancún, Toluca, Tijuana and Guadalajara routes.

■Ciudad Juárez (+23.0%), on its Cancún, Guadalajara, Mexico City and Monterrey routes.

■Culiacán (+17.8%), on its Tijuana, San José del Cabo, Mexicali, Guadalajara, Cancún and Monterrey routes.

■Chihuahua (+19.7%), on its Guadalajara, Cancún, Monterrey and Tijuana routes.

■Mazatlán (+15.3%), on its Tijuana, Dallas, Mexico City and Phoenix routes.

 

The airports with the largest passenger traffic recovery in volume terms as compared to 4Q19, were:

 

■Monterrey (+10.6%), on its Cancún, Felipe Angeles (AIFA), Dallas, Guadalajara and Tijuana routes.

■Ciudad Juárez (+36.4%), on its Mexico City, Cancún, Guadalajara and Monterrey routes.

■Mazatlán (+22.2%), on its Tijuana, Mexico City, Phoenix, Dallas and Chihuahua routes.

■Chihuahua (+10.0%), on its Guadalajara and Cancún routes.

■Culiacán (+4.6%), on its Tijuana, San José del Cabo, Mexicali and Cancún routes.

 

    4Q19     4Q21     4Q22     %Var
vs4Q19		    %Var
vs 4Q21		    2019    2021    2022    %Var
vs 2019		    %Var
vs 2021		 
Available Seats   8,050,523    7,118,561    8,478,381    5.3    19.1    31,189,588    24,618,267    30,871,950    (1.0)   25.4 
Passenger Traffic:                                                  
Domestic   5,251,473    4,685,837    5,663,166    7.8    20.9    20,416,764    15,723,316    20,506,631    0.4    30.4 
International   700,029    672,946    805,355    15.0    19.7    2,751,296    2,301,848    2,714,115    (1.4)   17.9 
Total Passenger Traffic   5,951,502    5,358,783    6,468,521    8.7    20.7    23,168,060    18,025,164    23,220,746    0.2    28.8 
Commercial Aviation (Regular and Charter)   5,909,850    5,316,655    6,430,243    8.8    20.9    22,999,049    17,867,259    23,069,727    0.3    29.1 
General Aviation   41,652    42,128    38,278    (8.1)   (9.1)   169,011    157,905    151,019    (10.6)   (4.4)
Cargo Units   248,675    361,324    330,856    33.0    (8.4)   976,203    1,230,997    1,344,476    37.7    9.2 
Workload Units   6,200,177    5,720,107    6,799,377    9.7    18.9    24,144,263    19,256,161    24,565,222    1.7    27.6 
Flight Operations (Takeoffs and Landings):                                                  
Domestic   73,044    65,846    67,146    (8.1)   2.0    294,154    237,735    258,912    (12.0)   8.9 
International   11,735    11,381    10,729    (8.6)   (5.7)   45,926    41,622    40,190    (12.5)   (3.4)
Total Flight Operations   84,779    77,227    77,875    (8.1)   0.8    340,080    279,357    299,102    (12.0)   7.1 

 

 

3

 

 

 

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 93.5% as of December 31, 2022.

 

Freight Logistics Services

■OMA Carga’s revenues increased by 20.0%, compared to 4Q21 due to an increase in handling of higher commercial value cargo in handling, storage and custody services related to ground and air import cargo. Total tonnage handled was 8,627 metric tons, 14.0% lower than 4Q21.

 

Hotel Services

■The NH Collection Terminal 2 Hotel had a 81.5% occupancy rate, compared to 78.3% in 4Q21, with an 21.5% increase in the average room rate to Ps.2,850 per night.

 

■Hilton Garden Inn had a 75.1% occupancy rate, compared to 60.1% in 4Q21, with a 10.1% increase in the average room rate to Ps.2,224 per night.

 

Industrial Services

■OMA VYNMSA Aero Industrial Park: Revenues reached Ps.19.4 million, an increase of 10.1% versus 4Q21. The increase is explained by a higher number of leased warehouses as compared to 4Q21. Construction of one warehouse with an area of 10,436 m2 started during the quarter.

 

Consolidated Financial Results

 

Revenues

Aeronautical revenues increased 26.0% mainly due to an increase in passenger traffic, compared to 4Q21, as well as the increase in aeronautical tariffs during 1Q22.

 

(Ps. Thousands)   4Q21     4Q22     % Var    2021    2022    % Var 
Domestic Passenger Charges   1,035,733    1,336,913    29.1    3,422,714    4,791,166    40.0 
International Passenger Charges   323,764    375,387    15.9    1,169,292    1,375,479    17.6 
Other Aeronautical Services, Regulated Leases and Access Rights   192,996    243,379    26.1    685,721    888,898    29.6 
Aeronautical Revenues   1,552,492    1,955,680    26.0    5,277,728    7,055,543    33.7 
Aeronautical Revenues/Passenger (Ps.)   289.7    302.3    4.4    292.8    303.8    3.8 

 

Non-aeronautical revenues increased 26.0%.

 

Commercial revenues increased 34.6%. The line items with the largest increases were:

 

■Parking, +46.4%, as a result of an increase in passenger traffic, as well as higher penetration in the Chihuahua, Monterrey and Culiacán airports.

 

 

4

 

 

 

■Car Rentals, Restaurants and Retail, +58.3%, +27.8% and +22.5%, respectively, as a result of an increase in revenue share and the start of operations of new initiatives implemented.

■VIP Lounges, +48.1%, as a result of the transition to a direct operation of the OMA Premium Lounges and an increase in number of users of these lounges.

 

(Ps. Thousands)   4Q21    4Q22    % Var    2021    2022    % Var 
Commercial Activities:                              
Parking   66,458    97,275    46.4    217,728    340,095    56.2 
Advertising   21,222    17,702    (16.6)   70,338    73,579    4.6 
Retail   28,371    34,744    22.5    86,128    124,726    44.8 
Duty Free   3,067    3,521    14.8    10,318    15,183    47.2 
Restaurants   38,331    48,968    27.8    120,148    176,844    47.2 
Car Rentals   39,915    63,193    58.3    142,651    205,019    43.7 
Passenger Services   1,065    2,137    100.7    3,561    5,232    46.9 
Time Shares & Hotel Promotion   3,776    4,422    17.1    13,557    16,960    25.1 
Communications and Networks   4,531    4,649    2.6    18,137    16,350    (9.9)
VIP Lounges   15,512    22,966    48.1    49,381    80,933    63.9 
Financial Services   2,252    3,128    38.9    8,355    13,013    55.8 
Other Services   10,046    12,913    28.5    39,275    43,970    12.0 
Total Revenues from Commercial Activities   234,547    315,619    34.6    779,577    1,111,903    42.6 

 

Diversification revenues increased 24.1%, mainly due to higher revenues from Hotel Services and OMA Carga.

 

(Ps. Thousands)   4Q21    4Q22    % Var    2021    2022    % Var 
Diversification Activities:                              
Hotel Services   72,646    92,132    26.8    221,728    325,495    46.8 
OMA Carga (Freight Logistics Service)   63,036    75,621    20.0    257,210    329,793    28.2 
Real Estate Services   5,996    6,980    16.4    19,721    26,364    33.7 
Industrial Services   17,585    19,369    10.1    63,737    73,760    15.7 
Other Services   1,437    5,302    269.0    6,889    10,858    57.6 
Total Revenues from Diversification Activities   160,700    199,405    24.1    569,285    766,270    34.6 
Complementary Activities:                              
Checked Baggage Screening   43,942    54,066    23.0    150,238    198,336    32.0 
Other Leases   28,809    25,199    (12.5)   122,639    118,851    (3.1)
Access Rights   8,041    7,044    (12.4)   21,316    24,892    16.8 
Other Services   2,803    2,197    (21.6)   10,324    9,551    (7.5)
Total Revenues from Complementary Activities   83,595    88,506    5.9    304,517    351,629    15.5 
Non-Aeronautical Revenues   478,842    603,530    26.0    1,653,379    2,229,802    34.9 
Non-Aeronautical Revenues/Passenger (Ps.)   89.4    93.3    4.4    91.7    96.0    4.7 

 

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.

 

 

5

 

 

(Ps. Thousands)   4Q21    4Q22    % Var    2021    2022    % Var 
Aeronautical Revenues   1,552,492    1,955,680    26.0    5,277,728    7,055,543    33.7 
Non-Aeronautical Revenues   478,842    603,530    26.0    1,653,379    2,229,802    34.9 
Aeronautical + Non-Aeronautical Revenues   2,031,334    2,559,210    26.0    6,931,107    9,285,345    34.0 
Construction Revenues   648,432    1,106,348    70.6    1,788,903    2,649,423    48.1 
Total Revenues   2,679,766    3,665,558    36.8    8,720,010    11,934,768    36.9 
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.)   379.1    395.6    4.4    384.5    399.9    4.0 

 

Costs and Operating Expenses

The sum of cost of airport services and general and administrative expenses (G&A) increased 15.9%, mainly due to higher payroll costs, contracted services, and insurance.

 

(Ps. Thousands)   4Q21    4Q22    % Var    2021    2022    % Var 
Payroll   146,517    195,475    33.4    537,278    667,580    24.3 
Contracted Services (Security, Cleaning and Professional Services)   59,011    65,536    11.1    247,266    252,249    2.0 
Minor Maintenance   42,605    42,965    0.8    138,773    140,792    1.5 
Basic Services (Electricity, Water, Telephone)   22,166    20,607    (7.0)   80,127    84,633    5.6 
Materials and Supplies   10,085    8,217    (18.5)   34,258    41,188    20.2 
Insurance and Bonding   8,152    11,537    41.5    35,663    34,271    (3.9)
Other costs and expenses   49,095    46,886    (4.5)   163,187    180,232    10.4 
Cost of Airport Services + G&A   337,631    391,223    15.9    1,236,552    1,400,946    13.3 
Cost of Hotel Services   38,776    58,000    49.6    124,961    181,673    45.4 
Cost of Industrial Park Services   1,527    2,042    33.7    7,135    8,619    20.8 
Subtotal (Cost of Services + G&A)   377,935    451,265    19.4    1,368,649    1,591,238    16.3 
Subtotal (Cost of Services + G&A) / Passenger (Ps.)   70.5    69.8    (1.1)   75.9    68.5    (9.8)

 

The major maintenance provision was Ps.42 million. The outstanding balance of the maintenance provision as of December 31, 2022 was Ps.1,991 million.

 

The airport concession tax was Ps.118 million and the technical assistance fee was Ps.52 million.

 

Total operating costs and expenses increased 36.5%.

 

(Ps. Thousands)   4Q21    4Q22    % Var    2021    2022    % Var 
Cost of Services   227,478    264,229    16.2    782,107    923,638    18.1 
Administrative Expenses (G&A)   150,457    187,036    24.3    586,542    667,600    13.8 
Subtotal (Cost of Services + G&A)   377,935    451,265    19.4    1,368,649    1,591,238    16.3 
Major Maintenance Provision   117,863    41,786    (64.5)   512,653    472,077    (7.9)
Construction Cost   648,432    1,106,348    70.6    1,788,903    2,649,423    48.1 
Concession Taxes   92,318    117,718    27.5    319,906    428,717    34.0 
Technical Assistance Fee   40,729    51,610    26.7    133,558    177,667    33.0 
Depreciation & Amortization   127,699    147,917    15.8    487,230    551,200    13.1 
Other (Income) Expense - Net   (606)   (1)   (99.8)   (1,278)   (40)   (96.9)
Total Operating Costs and Expenses   1,404,370    1,916,643    36.5    4,609,621    5,870,282    27.3 

 

Operating Income and Adjusted EBITDA

Operating Income was Ps.1,749 million, with an operating margin of 47.7%.

 

6

 

 

Adjusted EBITDA was Ps.1,939 million, with a margin of 75.8%.

 

(Ps. Thousands)   4Q21    4Q22    % Var    2021    2022    % Var 
Consolidated Net Income   1,015,553    1,135,022    11.8    2,863,630    3,917,305    36.8 
-    Financing (Expense) Income   (29,638)   (204,653)   590.5    (274,580)   (771,661)   181.0 
+   Income Taxes   230,205    409,240    77.8    972,179    1,375,520    41.5 
Operating Income   1,275,396    1,748,915    37.1    4,110,389    6,064,486    47.5 
Operating Margin (%)   47.6%   47.7%        47.1%   50.8%     
+   Depreciation and Amortization   127,699    147,917    15.8    487,230    551,200    13.1 
EBITDA   1,403,095    1,896,832    35.2    4,597,619    6,615,686    43.9 
EBITDA Margin (%)   52.4%   51.7%        52.7%   55.4%     
-   Construction Revenue   648,432    1,106,348    70.6    1,788,903    2,649,423    48.1 
+   Construction Cost   648,432    1,106,348    70.6    1,788,903    2,649,423    48.1 
+   Major Maintenance Provision   117,863    41,786    (64.5)   512,653    472,077    (7.9)
Adjusted EBITDA   1,520,958    1,938,618    27.5    5,110,272    7,087,763    38.7 
Adjusted EBITDA Margin: Adjusted EBITDA/(Aeronautical Revenue + Non-Aeronautical Revenue) (%)   74.9%   75.8%        73.7%   76.3%     

 

Financing Income and Net Income

Financing Expense was Ps.205 million, compared to Ps.30 million during 4Q21. The increase was mainly due to a higher interest expense as a result of a higher level of indebtedness and an increase in financing costs; and an exchange loss compared to an exchange gain in 4Q21.

 

(Ps. thousand)   4Q21    4Q22    % Var    2021    2022    % Var 
Interest Income   49,535    55,529    12.1    129,479    171,312    32.3 
Interest (Expense)   (142,783)   (256,523)   79.7    (516,676)   (934,102)   80.8 
Exchange Gain (Loss), net   63,610    (3,659)   n.a.    112,617    (8,871)   n.a. 
Total Financing Expense   (29,638)   (204,653)   590.5    (274,580)   (771,661)   181.0 

 

Consolidated net income in the quarter was Ps.1,135 million, an increase of 11.8%.

 

Earnings per share, based on net income of the controlling interest was Ps.2.93, and earnings per ADS was US$1.20. Each ADS represents eight Series B shares.

 

(Ps. thousand)   4Q21    4Q22    % Var    2021    2022    % Var 
Consolidated Net Income   1,015,553    1,135,022    11.8    2,863,630    3,917,305    36.8 
Net income margin %   37.9%   31.0%        32.8%   32.8%     
Non-controlling interest   2,556    5,110    99.9    6,365    16,338    156.7 
Net income of controlling Interet   1,012,997    1,129,912    11.5    2,857,265    3,900,967    36.5 
Earnings per Share, Ps.   2.62    2.93    11.5    7.35    10.10    37.4 
Earnings per ADS, US$   1.03    1.20    17.2    2.87    4.15    44.4 

 

7

 

 

MDP and Strategic Investments

In 4Q22, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.1,224 million, comprised of Ps.1,106 million in improvements to concessioned assets, Ps.64 million in major maintenance, Ps.51 million in strategic investments and Ps.3 million in other concepts.

 

The most important investment expenditures included:

 

Airport  Project  Status
MDP Investments
Chihuahua  Major rehabilitation of taxiway and commercial platform  Started
Tampico  Minor rehabilitation of platform and mayor rehabilitation of taxiway  Started
Zihuatanejo  Minor rehabilitation of taxiway  Started
Durango  Major rehabilitation of taxiway  In Process
Durango  Remodeling and expansion of terminal building  In Process
Monterrey  Installation of baggage screening equipment  In Process
Culiacán  Expansion of terminal building  In Process
Culiacán  Minor rehabilitation of runway and major rehabilitation of platform  In Process
San Luis Potosí  Major rehabilitation of taxiway  In Process
Durango  Major rehabilitation of runway  In Process
Mazatlán  Terminal building reconfiguration  In Process
Ciudad Juárez  Rehabilitation of commercial aviation platform  In Process
Ciudad Juárez  Remodeling and expansion of terminal building  In Process
Monterrey  Platforms reconfiguration  In Process
Monterrey  Expansion of Terminal C (Wing 1)  In Process
Monterrey  Expansion of public area in Terminal A - first phase  In Process
Zihuatanejo  Modernization of terminal building  In Process
Zacatecas  Rehabilitation of commercial aviation platform  Finished
       
Strategic Investments
Monterrey  Industrial park - Construction of industrial warehouse  Started
Monterrey  Expansion of OMA Carga bonded warehouse - Ground Cargo  In Process
4 Airports  Construction of OMA Premium Lounges in Durango, Reynosa, Tampico and Zihuatanejo  In Process
5 Airports  Remodeling of OMA Premium Lounges in Monterrey (Terminal A and Terminal C), Culiacán, Acapulco, Mazatlán and San Luis Potosí  In Process
Hotel  Remodeling of NH Collection Terminal 2 Hotel  In Process
Monterrey  Design and construction of parking  In Process
Monterrey  Industrial park - Construction of industrial warehouse  In Process
Monterrey  Industrial park - Tenant improvements to industrial warehouse  In Process
Ciudad Juárez  Construction of OMA Premium Lounges  Finished

 

8

 

 

Indebtedness

(Ps. Thousands)  Scheduled
Maturity		  Interest Rate  December 31,
2021		   December 31,
2022		 
Short Term Debt                
Credit Lines payable at maturity in June 2022; Ps. 2,700 mm  June 2022  TIIE + 99.6 bp   2,700,000    — 
Subsidiaries capitalization and financing of working capital  Bullet             
Credit Lines payable at maturity in June 2023; Ps. 1,200 mm  June 2023  TIIE + 86.7 bp   —    1,200,000 
Subsidiaries capitalization and financing of working capital  Bullet             
Total Short-Term Debt         2,700,000    1,200,000 
Long-Term Debt                
10-yr Bond, Ps. 1,500 mm: OMA13  March 2023  6.47%   1,500,000    1,500,000 
Finance CAPEX and Refinance Debt  Bullet             
5-yr Bond, Ps. 1,000 mm: OMA21V  April 2026  TIIE 28 + 75 bp   1,000,000    1,000,000 
Green investments established on OMA’s Green Bond Framework  Bullet             
7-yr Bond, Ps. 2,500 mm: OMA21-2  April 2028  7.83%   2,500,000    2,500,000 
Refinance Debt  Bullet             
5-yr Bond, Ps. 1,700 mm: OMA22L  March 2027  TIIE 28 + 14 bp   —    1,700,000 
Prepayment of Short-Term Loans  Bullet             
7-yr Bond, Ps. 2,300 mm: OMA22-2L  March 2029  9.35%   —    2,300,000 
Finance CAPEX, Prepayment of Short-Term Loans and Corporate Uses  Bullet             
Subtotal Long-Term Debt         5,000,000    9,000,000 
Less: Current Portion of Long-Term Debt         —    (1,500,000)
Less: Commissions and Financing Expenses         (3,378)   (15,664)
Total Long-Term Debt         4,996,622    7,484,336 
Plus: Financial leases         224,736    208,205 
Plus: Current Portion of Long-Term Debt         —    1,500,000 
Plus: Bank Debt         2,700,000    1,200,000 
Total Debt + Financial leases         7,921,358    10,392,541 
Mexican peso denominated debt         100.0%   100.0%
U.S. dollar denominated debt         0.0%   0.0%
Net Debt (Includes financial leases)         1,934,194    7,056,121 
Net Debt / Last Twelve Months Adjusted EBITDA (x)         0.38    1.00 

 

Derivatives

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

 

Cash Flow Statement

During 4Q22, cash flows from operating activities generated cash of Ps.1,564 million.

 

Investing activities used cash for Ps.1,297 million in the fourth quarter. Financing activities reflect mainly the inflows received from short-term loan agreements, resulting in a net cash inflow of Ps.998 million.

 

The net increase in cash resulting from operating, investing and financing activities in 4Q22 was Ps.1,266 million. This, combined with the negative effect of changes in the value of cash of Ps.2.0 million, resulted in a Cash and Cash Equivalents balance as of December 31, 2022 of Ps.3,336 million.

 

9

 

 

   From October 1 to December 31,       From January 1 to December 31,     
(Ps. Thousands)  2021   2022   %Var   2021   2022   %Var 
Income Before Taxes   1,245,758    1,544,262    24.0    3,835,809    5,292,825    38.0 
Items not affecting Operating Activities, net   302,950    398,082    31.4    1,301,290    1,796,284    38.0 
Changes in operational assets and liabilities, net   (335,022)   (378,209)   12.9    (690,254)   (2,103,773)   204.8 
Net Flow from Operating Activities   1,213,686    1,564,135    28.9    4,446,845    4,985,336    12.1 
Net Flow from Investing Activities   (557,881)   (1,296,710)   132.4    (1,794,892)   (2,754,759)   53.5 
Net Flow from Financing Activities   613,255    998,459    62.8    292,269    (4,875,774)   n.a. 
Net Increase (Reduction) in Cash and Cash Equivalents   1,269,060    1,265,883    (0.3)   2,944,222    (2,645,197)   n.a. 
Effect of Change for Fair Value of Cash and Equivalents   34,322    (1,969)   n.a.    84,138    (5,547)   n.a. 
Cash and Equivalents at Beginning of Period   4,683,782    2,072,506    (55.8)   2,958,804    5,987,164    102.4 
Cash and Equivalents at End of Period   5,987,164    3,336,420    (44.3)   5,987,164    3,336,420    (44.3)

 

Relevant Events

 

OMA announces payment date for Ps. 1,450 million dividend. On February 16, 2023, OMA announced that in accordance with the resolutions adopted by its General Ordinary Shareholders’ Meeting, held on February 13, 2023 with regards to the approval of a cash dividend of up to Ps.1,450 million, the Board of Directors with the power delegated by the Shareholders’ Meeting, has determined the payment of a cash dividend of Ps.1,450 million with payment date on March 2, 2023.

 

OMA is included in 2023 Bloomberg Gender-Equality Index. On January 31, 2023, OMA was recognized, for the second consecutive year, as one of the 12 Mexican companies to be included in the 2023 Bloomberg Gender-Equality Index. This reference index measures gender equality across five pillars: leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, anti sexual-harassment policies, and external brand.

 

Obtaining of short-term loans. On December 26, 2022, OMA announced that it obtained short-term loans for an aggregate amount of Ps.1,200 million with HSBC México, Banco Nacional de México and Banco Santander México. Proceeds were used to capitalize the group’s subsidiaries, for working capital and to strengthen the company’s liquidity.

 

Closing of Sale of OMA Shares between Fintech Advisory and VINCI Airports. On December 7, 2022, OMA announced, following its press release (evento relevante) dated July 31, 2022, that Fintech Advisory Inc. (“Fintech”) made a public filing pursuant to the Securities Laws in the United States of America, in which it disclosed the closing of the indirect sale by several of its affiliates, of 29.99% of the shares of OMA, to a subsidiary of VINCI Airports SAS.

 

10

 

 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Passenger Traffic
(Terminal Passengers - Excludes Transit Passengers) 
  
Total Passengers  4Q21   4Q22   % Var   2021   2022   % Var 
Acapulco  190,891   220,543   15.5   670,239   838,991   25.2 
Ciudad Juárez  446,491   549,370   23.0   1,499,841   2,004,524   33.6 
Culiacán  557,843   656,954   17.8   1,970,211   2,426,003   23.1 
Chihuahua  401,931   481,275   19.7   1,363,937   1,727,006   26.6 
Durango  127,542   121,886   (4.4)  446,030   485,524   8.9 
Mazatlán  338,543   390,427   15.3   1,106,071   1,450,944   31.2 
Monterrey  2,499,697   3,161,462   26.5   8,269,834   10,943,186   32.3 
Reynosa  121,507   132,260   8.8   425,918   518,051   21.6 
San Luis Potosí  159,565   168,032   5.3   528,625   633,364   19.8 
Tampico  115,749   137,757   19.0   397,191   495,602   24.8 
Torreón  160,415   182,017   13.5   537,161   670,245   24.8 
Zacatecas  105,534   113,365   7.4   375,930   433,952   15.4 
Zihuatanejo  133,075   153,173   15.1   434,176   593,354   36.7 
Total  5,358,783   6,468,521   20.7   18,025,164   23,220,746   28.8 
Domestic Passengers  4Q21   4Q22   % Var   2021   2022   % Var 
Acapulco  176,643   206,132   16.7   623,763   773,846   24.1 
Ciudad Juárez  442,801   547,880   23.7   1,487,306   1,997,985   34.3 
Culiacán  544,645   648,446   19.1   1,920,194   2,392,946   24.6 
Chihuahua  366,253   447,133   22.1   1,233,690   1,593,272   29.1 
Durango  101,876   93,792   (7.9)  350,643   382,302   9.0 
Mazatlán  270,166   288,168   6.7   934,309   1,152,660   23.4 
Monterrey  2,137,892   2,725,372   27.5   6,975,309   9,545,231   36.8 
Reynosa  118,886   131,420   10.5   417,215   511,535   22.6 
San Luis Potosí  109,313   110,597   1.2   361,079   418,556   15.9 
Tampico  104,043   123,419   18.6   355,991   444,786   24.9 
Torreón  143,662   165,326   15.1   475,512   606,909   27.6 
Zacatecas  69,895   71,586   2.4   247,746   278,868   12.6 
Zihuatanejo  99,762   103,895   4.1   340,559   407,735   19.7 
Total  4,685,837   5,663,166   20.9   15,723,316   20,506,631   30.4 
International Passengers  4Q21   4Q22   % Var   2021   2022   % Var 
Acapulco  14,248   14,411   1.1   46,476   65,145   40.2 
Ciudad Juárez  3,690   1,490   (59.6)  12,535   6,539   (47.8)
Culiacán  13,198   8,508   (35.5)  50,017   33,057   (33.9)
Chihuahua  35,678   34,142   (4.3)  130,247   133,734   2.7 
Durango  25,666   28,094   9.5   95,387   103,222   8.2 
Mazatlán  68,377   102,259   49.6   171,762   298,284   73.7 
Monterrey  361,805   436,090   20.5   1,294,525   1,397,955   8.0 
Reynosa  2,621   840   (68.0)  8,703   6,516   (25.1)
San Luis Potosí  50,252   57,435   14.3   167,546   214,808   28.2 
Tampico  11,706   14,338   22.5   41,200   50,816   23.3 
Torreón  16,753   16,691   (0.4)  61,649   63,336   2.7 
Zacatecas  35,639   41,779   17.2   128,184   155,084   21.0 
Zihuatanejo  33,313   49,278   47.9   93,617   185,619   98.3 
Total  672,946   805,355   19.7   2,301,848   2,714,115   17.9 

 

 

11

 

 

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

 

   December 31,    December 31,    % Var  
   2021    2022    Dec22/Dec21  
Assets     
Current Assets            
Cash and Cash Equivalents  5,987,164   3,336,420   (44.3)
Trade Accounts Receivable - Net  1,085,670   1,266,110   16.6 
Trade Accounts Receivable from Related Parties  223,498   9,602   (95.7)
Recoverable Taxes  275,600   259,118   (6.0)
Advances to Contractors  162,165   672,588   314.8 
Other Current Assets  42,333   49,639   17.3 
Total Current Assets  7,776,430   5,593,477   (28.1)
             
Land, Buildings, Machinery and Equipment - Net  2,724,296   2,566,095   (5.8)
Investments in Airport Concessions - Net  11,680,684   13,940,366   19.3 
Rights of use of leased assets, net  197,131   165,004   (16.3)
Other Assets - Net  46,196   48,127   4.2 
Deferred Taxes  464,404   756,909   63.0 
Total Assets  22,889,141   23,069,978   0.8 
             
Liabilities and Stockholder’s Equity            
Current Liabilities            
Bank Debt  2,700,000   1,200,000   n.a. 
Current Portion of Long-Term Debt  —   1,500,000   n.a. 
Current Portion of Major Maintenance Provision  692,788   949,197   37.0 
Current Portion of Financial Leases  29,332   33,446   14.0 
Trade Accounts Payable  213,207   332,287   55.9 
Taxes and Accrued Expenses  997,854   957,609   (4.0)
Accounts Payable to Related Parties  269,249   286,479   6.4 
Total Current Liabilities  4,902,430   5,259,018   7.3 
             
Long-Term Debt  4,996,622   7,484,336   49.8 
Guarantee Deposits  342,120   377,576   10.4 
Employee Benefits  129,199   121,477   (6.0)
Major Maintenance Provision  1,048,945   1,041,521   (0.7)
Financial Leases  195,404   174,759   (10.6)
Deferred Taxes  36,189   56,671   56.6 
Total liabilities  11,650,909   14,515,358   24.6 
             
Common Stock  297,782   297,782   — 
Additional paid-in capital  29,786   29,786   — 
Retained Earnings  9,702,141   6,528,698   (32.7)
Share Repurchase Reserve  1,028,188   1,500,000   45.9 
Labor Obligations  (1,936)  12,945   n.a. 
Non-Controlling Interest  182,271   185,409   1.7 
Stockholders’ Equity  11,238,232   8,554,620   (23.9)
Total Liabilities and Stockholder’s Equity  22,889,141   23,069,978   0.8 

 

 

12

 

 

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

 

   4Q21   4Q22   % Var   2021   2022   % Var 
Revenues                        
Aeronautical Revenues  1,552,492   1,955,680   26.0   5,277,728   7,055,543   33.7 
Non-Aeronautical Revenues  478,842   603,530   26.0   1,653,379   2,229,802   34.9 
Aeronautical Revenues + Non-Aeronautical Revenues  2,031,334   2,559,210   26.0   6,931,107   9,285,345   34.0 
Construction Revenues  648,432   1,106,348   70.6   1,788,903   2,649,423   48.1 
Total Revenues  2,679,766   3,665,558   36.8   8,720,010   11,934,768   36.9 
Operating Costs                        
Cost of Services  227,478   264,229   16.2   782,107   923,638   18.1 
Administrative Expenses  150,457   187,036   24.3   586,542   667,600   13.8 
Major Maintenance Provision  117,863   41,786   (64.5)  512,653   472,077   (7.9)
Construction Costs  648,432   1,106,348   70.6   1,788,903   2,649,423   48.1 
Concession Taxes  92,318   117,718   27.5   319,906   428,717   34.0 
Technical Assistance Fee  40,729   51,610   26.7   133,558   177,667   33.0 
Depreciation and Amortization  127,699   147,917   15.8   487,230   551,200   13.1 
Other expenses (Revenues) - Net  (606)  (1)  (99.8)  (1,278)  (40)  (96.9)
Total Operating Costs and Expenses  1,404,370   1,916,643   36.5   4,609,621   5,870,282   27.3 
Operating Income  1,275,396   1,748,915   37.1   4,110,389   6,064,486   47.5 
Operating Margin (%)  47.6%  47.7%      47.1%  50.8%    
Financing (Expense) Income:                        
Interest Income  49,535   55,529   12.1   129,479   171,312   32.3 
Interest (Expense)  (142,783)  (256,523)  79.7   (516,676)  (934,102)  80.8 
Exchange Gain (Loss) - Net  63,610   (3,659)  n.a.   112,617   (8,871)  n.a. 
Total Financing (Expense) Income  (29,638)  (204,653)  590.5   (274,580)  (771,661)  181.0 
Income before Taxes  1,245,758   1,544,262   24.0   3,835,809   5,292,825   38.0 
Taxes - Cash  383,442   401,486   4.7   1,217,749   1,653,920   35.8 
Taxes - Deferred  (153,237)  7,754   n.a.   (245,570)  (278,400)  13.4 
Income Tax  230,205   409,240   77.8   972,179   1,375,520   41.5 
Consolidated Net Income  1,015,553   1,135,022   11.8   2,863,630   3,917,305   36.8 
Other Comprehensive Income:                        
Actuarial Gains (Losses)  4,281   21,258   397   4,281   21,258   397 
Deferred Tax Effect  (1,284)  (6,377)  397   (1,284)  (6,377)  397 
Consolidated Comprehensive Income  1,018,550   1,149,903   12.9   2,866,627   3,932,186   37.2 
Consolidated Net Income attributable to:                        
Non-Controlling Interest  2,556   5,110   99.9   6,365   16,338   156.7 
Controlling Interest  1,012,997   1,129,912   11.5   2,857,265   3,900,967   36.5 
Consolidated Comprehensive Income attributable to:                        
Non-Controlling Interest  2,556   5,110   99.9   6,365   16,338   156.7 
Controlling Interest  1,015,994   1,144,793   12.7   2,860,262   3,915,848   36.9 
Weighted Average Shares Outstanding  386,169,425   386,169,425       388,634,783   386,169,425     
EPS (Ps.)  2.62   2.93   11.5   7.35   10.10   37.4 
EPADS (US$)  1.03   1.20   17.2   2.87   4.15   44.4 
EBITDA  1,403,095   1,896,832   35.2   4,597,619   6,615,686   43.9 
EBITDA Margin (%)  52.4%  51.7%      52.7%  55.4%    
Adjusted EBITDA  1,520,958   1,938,618   27.5   5,110,272   7,087,763   38.7 
Adjusted EBITDA Margin (%)  74.9%  75.8%      73.7%  76.3%    

 

 

13

 

 

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, 
   2021  2022  % Var.    2021  2022  % Var.  
Operating Activities                        
Income Before Taxes  1,245,758   1,544,262   24.0   3,835,809   5,292,825   38.0 
Depreciation and Amortization  127,699   147,916   15.8   487,230   551,200   13.1 
Major Maintenance Provision  117,863   41,786   (64.5)  512,653   472,077   (7.9)
Doubtful Accounts Provision  (461)  3,025   n.a.   645   4,711   630.0 
(Profit) / Loss on Sales of Machinery and Equipment - Net  (607)  (2)  (99.7)  (1,520)  (40)  (97.3)
Interest Income  (49,535)  (55,529)  12.1   (129,479)  (171,312)  32.3 
Items in Results Related to Financing Activities                        
Present Value of Major Maintenance Provision  36,192   46,983   29.8   114,137   174,870   53.2 
Interest Expense  106,591   209,540   96.6   402,538   759,232   88.6 
Exchange Fluctuation  (34,793)  4,362   n.a.   (84,916)  5,546   n.a. 
   1,548,708   1,942,344   25.4   5,137,099   7,089,109   38.0 
Changes in:                        
Trade Accounts Receivable - Net  (80,494)  (67,136)  (16.6)  (252,672)  (185,151)  (26.7)
Recoverable Taxes  (76,681)  (14,032)  (81.7)  266,765   16,482   (93.8)
Other Accounts Receivable  11,426   (191,347)  n.a.   14,175   (215,714)  n.a. 
Accounts Payable  8,095   255,675   3,058.4   (32,374)  126,296   n.a. 
Taxes and Accrued Expenses  5,809   (41,583)  n.a.   (98,515)  27,868   n.a. 
Taxes Paid  (141,277)  (324,218)  129.5   (491,542)  (1,721,967)  250.3 
Accounts Payable to Related Parties  (928)  58,789   n.a.   97,780   197,383   101.9 
Major Maintenance Payments  (71,023)  (63,921)  (10.0)  (203,042)  (397,962)  96.0 
Other Long-Term Liabilities  10,051   9,564   (4.8)  9,172   48,992   434.1 
Net Flow from Operating Activities  1,213,686   1,564,135   28.9   4,446,845   4,985,336   12.1 
Investment Activities                        
Acquisition of Property, Plant and Equipment  (28,229)  (132,838)  370.6   (101,333)  (236,468)  133.4 
Investment in Airport Concessions  (579,793)  (1,212,203)  109.1   (1,824,557)  (2,669,018)  46.3 
Other Long-Term Assets  —   (7,200)  n.a.   —   (20,625)  n.a. 
Proceeds from Sale of Land, Machinery and Equipment  607   2   (99.7)  1,520   40   (97.3)
Interest income  49,535   55,529   12.1   129,479   171,312   32.3 
Net Flow from Investing Activities  (557,881)  (1,296,710)  132.4   (1,794,892)  (2,754,759)  53.5 
                         
Cash Flow before Financing Activities  655,805   267,424   (59.2)  2,651,953   2,230,578   (15.9)
Financing Activities                        
Repurchase of Shares  —   —   n.a.   (474,852)  —   (100.0)
Debt Issuance  —   —   n.a.   3,500,000   4,000,000   14.3 
Debt Issue - Paid  —   —   n.a.   (3,000,000)  —   (100.0)
Debt Issuance Expenses  —   (3,716)  n.a.   (12,859)  (14,076)  9.5 
Related-party Loans - Received  —   24,500   n.a.   —   39,200   n.a. 
Related-party Loans - Paid  —   —   n.a.   (7,350)  —   (100.0)
Bank Loans - Received  2,700,000   1,200,000   (55.6)  2,700,000   1,200,000   (55.6)
Bank Loans - Paid  —   —   n.a.   (13,967)  (2,700,000)  19,231.3 
Interest Expense  (94,182)  (208,730)  121.6   (364,324)  (731,915)  100.9 
Dividends Paid  (1,979,790)  —   (100.0)  (1,979,790)  (6,615,798)  234.2 
Payment of Financial Leases  (12,772)  (13,595)  6.4   (54,589)  (53,185)  (2.6)
Net Cash Flow from Financing Activities  613,255   998,459   63   292,269   (4,875,774)  n.a. 
                         
Net Increase (Reduction) in Cash and Cash Equivalents  1,269,060   1,265,883   (0)  2,944,222   (2,645,197)  n.a. 
Effects of changes in the value of cash  34,322   (1,969)  n.a.   84,138   (5,547)  n.a. 
Cash and Equivalents at Beginning of Period  4,683,782   2,072,506   (55.8)  2,958,804   5,987,164   102.4 
Cash and Equivalents at End of Period  5,987,164   3,336,420   (44.3)  5,987,164   3,336,420   (44.3)

 

 

14

 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Statement of Changes in Stockholders’ Equity
As of December 31, 2021 (Thousand Pesos)

 

       Additional      Share      Non-    Total  
   Number of    Capital stock    Paid-In    Retained    Repurchase    Labor    Controlling    Stockholder’s  
   Shares    Nominal    Capital    Earnings    Reserve    Obligations    Interest    Equity  
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 
                                 
Reissuance (Repurchase) of Shares - Net  (3,942,131)  (3,040)  —   —   (471,812)  —   —   (474,852)
Dividends Paid  —   —   —   (1,979,790)  —   —   —   (1,979,790)
Comprehensive Income (Loss)  —   —   —   2,857,265   —   2,997   6,365   2,866,627 
                                 
Balance as of December 31, 2021  386,169,425   297,782   29,786   9,702,141   1,028,188   (1,936)  182,271   11,238,232 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
As of December 31, 2022 (Thousand Pesos)

 

       Additional      Share      Non-    Total  
   Number of    Capital stock    Paid-in    Retained    Repurchase    Labor    Controlling    Stockholder’s  
   Shares    Nominal    Capital    Earnings    Reserve    Obligations    Interest    Equity  
Balance as of December 31, 2021  386,169,425   297,782   29,786   9,702,141   1,028,188   (1,936)  182,271   11,238,232 
                                 
Dividends Paid  —   —   —   (6,602,598)  —   —   (13,200)  (6,615,798)
Increase in the Share Repurchase Reserve  —   —   —   (471,812)  471,812   —   —   — 
Comprehensive Income (Loss)  —   —   —   3,900,967   —   14,881   16,338   3,932,186 
                                 
Balance as of December 30, 2022  386,169,425   297,782   29,786   6,528,698   1,500,000   12,945   185,409   8,554,620 

 

15

 

 

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Unaudited Operating Results by Airport
(Thousands of Pesos)
 
Monterrey 4Q21 4Q22 2021 2022   Culiacán 4Q21 4Q22 2021 2022
Total Revenues 1,200,742 1,748,808 3,831,881 5,256,440   Total Revenues 205,708 237,061 722,328 949,713
Aeronautical Revenues 704,187 920,044 2,371,178 3,142,470   Aeronautical Revenues 158,023 200,387 573,506 754,160
Non- Aeronatical Revenues 154,936 184,890 551,744 699,763   Non- Aeronatical Revenues 14,389 18,228 57,560 67,591
Construction Revenues 341,619 643,875 908,960 1,414,207   Construction Revenues 33,296 18,446 91,262 127,961
Income from Operations 101,590 543,942 505,075 1,337,766   Income from Operations 26,637 97,467 109,181 284,813
EBITDA 138,272 591,594 647,228 1,506,361   EBITDA 32,302 103,625 131,623 308,987
                     
Chihuahua   Ciudad Juárez
Total Revenues 159,994 185,060 531,015 712,122   Total Revenues 202,711 339,868 604,888 866,402
Aeronautical Revenues 126,351 151,749 419,027 546,445   Aeronautical Revenues 125,259 158,396 403,208 568,204
Non- Aeronatical Revenues 12,636 16,238 48,531 56,993   Non- Aeronatical Revenues 8,974 11,812 36,148 39,277
Construction Revenues 21,007 17,073 63,457 108,683   Construction Revenues 68,478 169,660 165,532 258,922
Income from Operations 27,114 34,872 79,272 210,624   Income from Operations 18,145 78,960 74,111 212,342
EBITDA 33,738 41,673 105,656 237,267   EBITDA 22,202 83,596 89,312 230,449
                     
Mazatlán   Acapulco
Total Revenues 125,629 199,818 408,996 672,761   Total Revenues 79,896 101,037 273,969 390,219
Aeronautical Revenues 96,722 126,561 317,004 472,741   Aeronautical Revenues 53,292 69,100 196,631 275,301
Non- Aeronatical Revenues 12,490 16,153 46,368 57,766   Non- Aeronatical Revenues 8,111 9,367 33,250 38,444
Construction Revenues 16,417 57,104 45,625 142,254   Construction Revenues 18,493 22,570 44,088 76,474
Income from Operations 12,166 65,742 57,048 182,543   Income from Operations 10,604 33,356 41,483 106,615
EBITDA 17,003 71,112 76,302 203,542   EBITDA 22,092 45,179 87,177 153,374
                     
Zihuatanejo   Other six airports
Total Revenues 86,493 90,810 289,102 342,865   Total Revenues 402,193 471,562 1,388,402 1,696,505
Aeronautical Revenues 40,022 52,230 137,018 219,411   Aeronautical Revenues 263,660 296,838 908,942 1,148,216
Non- Aeronatical Revenues 5,534 5,581 22,127 25,255   Non- Aeronatical Revenues 29,142 31,362 124,514 124,736
Construction Revenues 40,937 32,999 129,957 98,199   Construction Revenues 109,392 143,362 354,946 423,553
Income from Operations 11,578 24,219 26,664 85,484   Income from Operations 47,139 202,789 166,506 440,596
EBITDA 16,805 29,628 46,721 106,971   EBITDA 70,446 228,851 252,524 539,564
                     
Consorcio Grupo Hotelero T2 (1)   Consorcio Hotelero Aeropuerto Monterrey (1)
Revenues 56,610 72,049 173,180 239,186   Revenues 18,363 25,639 52,900 94,153
Income from Operations 14,023 15,461 35,708 66,884   Income from Operations 4,398 5,394 5,789 24,652
EBITDA 26,532 30,706 77,762 112,531   EBITDA 7,246 8,271 17,326 36,410
                     
OMA VYNMSA Aero Industrial Park            
Revenues 18,752 23,801 68,294 81,863   (1) Includes results of other equity-method subsidiaries
Income from Operations 9,624 13,564 31,222 41,608            
EBITDA 16,999 21,499 60,271 72,303            
                     

 

16

 

 

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 of 2021. The exchange rates used to convert foreign currency amounts were Ps.20.4672 as of December 31, 2021 and Ps.19.4715 as of December 31, 2022.

 

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. The definition of terminal passengers of OMA may differ from the definition utilized by its shareholder VINCI Airports.

 

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.

 

17

 

 

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 Cenk Orçan
       
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 J.P. Morgan Guilherme Mendes
       
BBVA Bancomer Montserrat Araujo Morgan Stanley Josh Milberg
       
Bradesco BBI Rodolfo Ramos Santander Giovanni Bisogno
       
Citigroup Stephen Trent Scotiabank Francisco Suárez
       
Goldman Sachs Bruno Armorim Signum Research Lucía Tamez
       
Grupo Bursátil Mexicano (GBM) Javier Gayol UBS Brasil CCTVM Alberto Valerio
       
Vector Marco Montañez BTG Pactual Lucas Marquiori
       
Monex José Solano ITAÚ BBA Alejandro Fuchs

 

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 1,100 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

 

18

 

 

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 16, 2023