OMA Announces First Quarter 2021
Operating and Financial Results
Mexico City, Mexico, April 27, 2021- 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 first quarter 2021.
Summary
- Passenger traffic decreased 37.8%, reaching 3.0 million passengers. The airports with the lowest decline in passengers, in percentage terms, compared to 1Q20 were Culiacán, Ciudad Juárez and Reynosa.
- Capital investments and major maintenance included in the Master Development Plans (MDPs) plus strategic investments were Ps.360 million for the quarter.
- OMA becomes the first airport operator to place a Green Bond in the Mexican market and the only one with an outstanding Green Bond in Latin America. On April 16, 2021, OMA completed its issuance of Ps.3,500 million in long-termnotes (certificados bursátiles) in the Mexican market through two tranches. One of the tranches was issued as a Green Bond. On April 19, OMA prepaid the Ps.3,000 million Notes (ticker: OMA14).
(Thousand Passengers and Million Pesos) | 1Q20 | 1Q21 | % Var |
Passenger Traffic | 4,864 | 3,025 | (37.8) |
Aeronautical Revenues | 1,275 | 872 | (31.6) |
Non-Aeronautical Revenues | 440 | 318 | (27.8) |
Aeronautical + Non-Aeronautical Revenues | 1,716 | 1,190 | (30.7) |
Construction Revenues | 181 | 293 | 62.0 |
Total Revenues | 1,896 | 1,483 | (21.8) |
Adjusted EBITDA | 1,239 | 808 | (34.8) |
Adjusted EBITDA Margin (%) | 72.2% | 67.9% | |
Income from Operations | 1,084 | 612 | (43.6) |
Operating Margin (%) | 57.2% | 41.3% | |
Consolidated Net Income | 970 | 416 | (57.1) |
Net Income of Controlling Interest | 966 | 415 | (57.0) |
EPS (Ps.) | 2.47 | 1.06 | (56.9) |
EPADS (US$) | 0.84 | 0.41 | (50.8) |
MDP and Strategic Investments | 220 | 360 | 63.2 |
Chief Financial Officer | Investor Relations: |
Ruffo Pérez Pliego del Castillo +52 (81) 8625 4300 rperezpliego@oma.aero
Luis Emmanuel Camacho Thierry +52 (81) 8625 4308 ecamacho@oma.aero
www.oma.aero
OMA will hold its 1Q20 earnings conference call on April 28, 2021 at 11 am Eastern time, 10 am Mexico City time.
Call 1-877-407-9208toll-free from the U.S. or 1-201-493-6784 from outside the U.S. The conference ID is 13719107. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.
1Q21 Operating Results
Operations, Passengers, and Cargo
During the quarter, there were no new route openings or definitive cancellations. The number of seats offered decreased 37.5% compared to the same quarter of the previous year, due mainly to the number of routes suspended by the airlines.
Total passenger traffic decreased 37.8%. Of total traffic, 89.0% was domestic and 11.0% was international.
Domestic passenger traffic decreased 35.4% and international passenger traffic decreased 52.4%, which reflects restrictions on air travel in the international market.
The airports with the largest contribution to passenger traffic decline were:
- Monterrey (-41.4%), on its Mexico City, Guadalajara, and Querétaro routes.
- Culiacán (-25.8%), on its Mexico City, Guadalajara and Tijuana routes.
- Zihuatanejo (-56.6%), on its Mexico City, Calgary, Los Angeles and Vancouver routes.
- Chihuahua (-30.4%), mainly on its Mexico City, Monterrey and Guadalajara routes.
However, the Culiacán, Ciudad Juárez and Reynosa airports showed a better performance in percentage terms than the rest of the airports compared to 1Q20.
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1Q20 | 1Q21 | % Var | |
Available Seats | 7,341,559 | 4,588,918 | (37.5) |
Passenger Traffic: | |||
Domestic | 4,163,451 | 2,691,250 | (35.4) |
International | 700,762 | 333,739 | (52.4) |
Total Passenger Traffic | 4,864,213 | 3,024,989 | (37.8) |
Commercial Aviation (Regular and Charter) | 4,823,590 | 2,984,419 | (38.1) |
General Aviation | 40,623 | 40,570 | (0.1) |
Cargo Units | 218,383 | 270,510 | 23.9 |
Workload Units | 5,082,596 | 3,295,499 | (35.2) |
Flight Operations (Takeoffs and Landings): | |||
Domestic | 65,874 | 51,286 | (22.1) |
International | 11,727 | 9,104 | (22.4) |
Total Flight Operations | 77,601 | 60,390 | (22.2) |
Commercial Operations
The commercial space occupancy rate in the passenger terminals was 87.1% as of March 31, 2021. During the quarter, a total of 224.8 m2 in commercial spaces were vacated.
Freight Logistics Services
- OMA Carga's revenues increased by 29.9% due to higher handling, storage and custody activity related to air import cargo during the quarter. Total tonnage handled increased 26.6% to 8,976 metric tons.
Hotel Services
- The NH Collection Terminal 2 Hotel had a 52.9% occupancy rate. The average room rate was Ps.2,049 per night, during the quarter.
- Hilton Garden Inn had a 33.6% occupancy rate. The average room rate was Ps.1,810 per night during the quarter.
Industrial Services
- OMA VYNMSA Aero Industrial Park: Revenues reached Ps.15 million, an increase of 40.2% compared to 1Q20. The increase is due to additional revenues generated from three warehouses rented during 4Q20.
Consolidated Financial Results
Revenues
Aeronautical revenues decreased 31.6%.
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(Ps. Thousands) | 1Q20 | 1Q21 | % Var |
Domestic Passenger Charges | 776,161 | 547,181 | (29.5) |
International Passenger Charges | 305,122 | 182,935 | (40.0) |
Other Aeronautical Services, Regulated Leases and Access Rights | 194,012 | 141,837 | (26.9) |
Aeronautical Revenues | 1,275,294 | 871,953 | (31.6) |
Aeronautical Revenues/Passenger (Ps.) | 262.2 | 288.2 | 9.9 |
Non-aeronautical revenues decreased 27.8%.
Commercial revenues decreased 37.8%. The line items with the largest variations were:
- Parking, -43.2%, due to the reduction in operations. The decrease is mostly driven by a slower passenger traffic recovery in Monterrey Airport compared to the average of our airports.
- Restaurants, Car Rentals and Retail, -45.5%,-30.6% and -44.4%, respectively, as a result of a decrease in fixed or minimum rents and participation on sales.
(Ps. Thousands) | 1Q20 | 1Q21 | % Var |
Commercial Activities: | |||
Parking | 59,899 | 34,050 | (43.2) |
Advertising | 19,961 | 12,746 | (36.1) |
Retail | 26,863 | 14,941 | (44.4) |
Duty Free | 5,186 | 2,322 | (55.2) |
Restaurants | 38,426 | 20,932 | (45.5) |
Car Rentals | 39,219 | 27,215 | (30.6) |
Passenger Services | 1,090 | 763 | (30.0) |
Time Shares & Hotel Promotion | 4,578 | 2,914 | (36.3) |
Communications and Networks | 4,129 | 4,732 | 14.6 |
VIP Lounges | 14,265 | 9,272 | (35.0) |
Financial Services | 2,367 | 1,956 | (17.4) |
Other Services (incl. marketing and cost recoveries) | 11,212 | 9,448 | (15.7) |
Total Revenues from Commercial Activities | 227,194 | 141,291 | (37.8) |
Diversification revenues decreased 15.8%, mainly due to lower revenues from hotel services, which were partially offset by higher revenues from OMA Carga and the OMA VYNMSA aero industrial park.
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(Ps. Thousands) | 1Q20 | 1Q21 | % Var |
Diversification Activities: | |||
Hotel Services | 77,092 | 35,608 | (53.8) |
OMA Carga (Freight Logistics Service) | 49,044 | 63,708 | 29.9 |
Real Estate Services | 4,985 | 4,334 | (13.1) |
Industrial Services | 10,984 | 15,400 | 40.2 |
Other Services (incl. marketing and cost recoveries) | 1,510 | 1,846 | 22.3 |
Total Revenues from Diversification Activities | 143,615 | 120,896 | (15.8) |
Complementary Activities: | |||
Checked Baggage Screening | 38,347 | 25,241 | (34.2) |
Other Leases | 21,906 | 23,974 | 9.4 |
Access Rights | 6,648 | 4,119 | (38.0) |
Other Services (incl. marketing and cost recoveries) | 2,646 | 2,204 | (16.7) |
Total Revenues from Complementary Activities | 69,547 | 55,539 | (20.1) |
Non-Aeronautical Revenues | 440,356 | 317,726 | (27.8) |
Non-Aeronautical Revenues/Passenger (Ps.) | 90.5 | 105.0 | 16.0 |
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.
(Ps. Thousands) | 1Q20 | 1Q21 | % Var |
Aeronautical Revenues | 1,275,294 | 871,953 | (31.6) |
Non-Aeronautical Revenues | 440,356 | 317,726 | (27.8) |
Aeronautical + Non-Aeronautical Revenues | 1,715,650 | 1,189,679 | (30.7) |
Construction Revenues | 180,847 | 292,907 | 62.0 |
Total Revenues | 1,896,497 | 1,482,586 | (21.8) |
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.) | 352.7 | 393.3 | 11.5 |
Costs and Operating Expenses
The sum of cost of airport services and general and administrative expenses (G&A) decreased 11.0%, mainly due to lower security and cleaning costs, lower payroll expenses derived from the reduction of headcount applied during 3Q20, as a result of the cost reduction initiatives implemented by the company during 2020, as well as a lower minor maintenance cost.
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Grupo Aeroportuario del Centro Norte SAB de CV published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 22:26:01 UTC.