Grupo Aeroportuario Del Centro Norte Sab De Cv Class B · BMV:OMA/B
Grupo Aeroportuario Del Centro Norte Sab De Cv Class B — Central North Airport Group — Q4 2009 Earnings Presentation
31 slides from Grupo Aeroportuario Del Centro Norte Sab De Cv Class B's earnings presentation, Feb 25, 2010
Slide 1: Fourth Quarter 2009 Earnings Report
Fourth Quarter 2009 Earnings Report February 24, 2010 Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ: OMAB; BMV: OMA), reported its unaudited, preliminary results for the fourth quarter and full year 2009 today. 1 Highlights In order to face the c
Slide 2: Highlights: Passenger traffic and revenues
§ Passenger traffic decreased 11.1% to 2.8 million. Domestic traffic decreased 11.1% and international traffic decreased 10.6%. The suspension of Aviacsa operations since July 6, 2009 continued to be one of the principal factors affecting traffic during the quarter. § Eleven new commercial operation
Slide 3: Highlights: Costs, operating income, net income
§ Total operating costs and general and administrative expenses increased 8.7% to Ps. 225 million in 4Q09, as a result of the additional costs from operating the hotel. OMA continues to implement cost control measures, including reductions in consumption of electricity, materials and supplies, and p
Slide 4: Total passenger traffic
Total passenger traffic decreased 11.1% (-347,108 terminal passengers) as compared to 4Q08. While the year-over-year change continues to be negative, the reduction was less than in the prior four quarters. The Culiacán, Durango, and Mazatlán airports recorded traffic increases, while the Monterrey,
Slide 5: Domestic and international traffic
Of total traffic, 84.5% was domestic traffic and 15.5% was international traffic; 97.2% was commercial aviation and 2.8% was general aviation. Monterrey generated 45.1% of total passenger traffic, Culiacán 9.9%, and Mazatlán 6.7%. Domestic traffic volumes decreased 11.1% in 4Q09. Three airports had
Slide 6: Non-aeronautical and commercial operations
Non-aeronautical and commercial operations During 4Q09, we continued to increase and improve our commercial offering and the passenger services available in our airport terminals. Eleven new commercial businesses opened during the quarter, and two were remodeled.
Slide 7: Terminal Hotel Operations
Terminal 2 Hotel Operations In its first four months of operation, the occupancy rate of the NH Terminal 2 Hotel in Mexico City has shown an increasing trend as a result of advertising and marketing initiatives. The principal focus has been to negotiate with airlines for providing accommodations for
Slide 8: Financial Results: Revenues
Financial Results Revenues During 4Q09, OMA was able to offset the effect of decreasing passenger traffic on revenues principally through the growth of non-aeronautical revenues as a result of improving and expanding passenger services and the commercial offering, and the start of operations of the
Slide 9: Non-aeronautical revenues
Non-aeronautical revenues increased 13.5%, led by revenues from the T2 Hotel, parking, OMA Carga, and advertising. Hotel revenues were Ps. 11.8 million in 4Q09, of which 68.2% was room charges, 29.4% food and beverages, and 2.4% other services. The reduction in passenger traffic had negative effects
Slide 10: Non-aeronautical revenue per passenger
Non-aeronautical revenue per passenger increased 27.6% to Ps. 36.7 in 4Q09 from Ps. 28.7 in 4Q08. Non-aeronautical revenues per passenger, excluding the Hotel, increased 12.9% to Ps. 32.4 in 4Q09 from Ps. 28.7 in 4Q08.
Slide 11: Costs and operating expenses
Costs and operating expenses OMA implemented measures to control costs in order to mitigate the impact on results of the decrease in passenger traffic.
Slide 12: Cost of services and general and administrative expenses
Cost of services and general and administrative expenses increased a combined 8.7%, as a result of the addition of costs of hotel operations of Ps. 24.6 million. Excluding T2 hotel costs and expenses, cost of services and general and administrative expenses decreased 2.4% as compared to 4Q08. The ar
Slide 13: OMA
OMA
Slide 14: Airport concession tax and operating costs
Airport concession tax increased 5.9%. This tax is 5% of gross revenues, and the increase reflects a reduction in the provision for this tax made in 4Q08. The technical assistance fee decreased 18.8%. This fee is charged as the higher of US$3.0 million per year or 5% of Adjusted EBITDA before techni
Slide 15: Operating income and Adjusted EBITDA
Operating income was Ps. 109.7 million in 4Q09, a decrease of 23.6% as compared to the prior year period. The reduction reflected the decrease in revenues, the additional costs from operating the hotel, and higher depreciation and amortization. The operating margin in 4Q09 was 22.7%, 6.8 percentage
Slide 16: Other income (expense), financing expense, and taxes
Other income (expense), financing expense, and taxes
Slide 17: Comprehensive financing income and taxes
There was comprehensive financing income of Ps. 1.3 million in 4Q09, as compared to comprehensive financing expense in the prior year period. This resulted principally from an exchange gain in the 2009 period, as compared to an exchange loss the previous year. Net Interest income in 4Q09 also includ
Slide 18: Capital expenditures and Full Year 2009 Summary
§ Replacement of concrete slabs in the operating areas of the Acapulco, Mazatlán, Tampico, and Zihuatanejo airports; § Construction and reconfiguration of the general aviation buildings at the Reynosa and Durango airports; § Construction of a helicopter landing pad at the Tampico airport. Full Year
Slide 19: Subsequent developments
Subsequent developments Third quarterly payment of 2008 dividend: On January 15, 2010 the third quarterly installment of the dividend declared by the Annual Shareholders’ Meeting on April 24, 2009 was paid. The amount was Ps.0.25 per share. Increase in long-term bank credit facilities: On February 3
Slide 20: Annex Table
Annex Table 1
Slide 21: Passenger Traffic
Grupo Aeroportuario del Centro Norte, S.A.B. de C.¥. Passenger Traffic (Terminal passengers-excludes transt passengers) Total Passengers a0 09 aver 2000 209 __s6vor Acapulco oa e444 (253) Taree 89,04 22.9 Caco sre m7 tata (9) so29 ani Ga. Cutacén 29s mssT 80 ions tps Chituahua 19,08 13238263) en Tas
Slide 22: Annex Table
Annex Table
Slide 23: Unaudited Consolidated Balance Sheet
Grupo Aeroportuario del Centro Norte, S.A.B. de C.¥. Unaudited Consolidated Balance Sheet (Thousands of pesos) Through December 31, 2008 2009 Var Assets Current assets Cash and cash equivalents 257,420 267,734 40 Trade Accounts receivable- net 988,565 423,236 89 Trade Accounts receivable fram relate
Slide 24: Annex Table
Annex Table
Slide 25: Unaudited Consolidated Statement of Income
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Consolidated Statement of Income (Thousands of pesos) 4Q08 4Q09 svar 2008 oy var Revenues Aeronautica services 396,930 380,203 (41) 117,198 1,826,965 5.6) Nen-aeronautical servioes 90,229 © 102,408 «13,574,282 349,312 0.5) Totalrevenues
Slide 26: Annex Table
Annex Table
Slide 27: Unaudited Consolidated Cash Flow Statement
Grupo Aer oportuario del Centro Norte, $.A.B. de C.¥. Unaudited Consolidated Cash Flow Statement (Thousand: of ese} ‘Through December 31, 2008 2009 var. Operaingactiviies Income before taxes oye 547309 (29.9) tems related toinvesting activities Depreciation andamortization were atg% 123 Interest inc
Slide 28: Annex Table
Annex Table
Slide 29: Unaudited Operating Results by Airport
Grupo Aeroportuario del Centro Norte, 5.A.B. de CV. Unaudited Operating Results by Airport ‘Thousand passengers and theusand pesos Monterrey 400 009008009 Acapulco 4008 4009 20082009 Total passengers Tae74 12606 65862 5,199.9 Totalparsengere 276 (849 1088.0 839.0 Revenues 208,66 TIT O7 924,174 85860
Slide 30: Notes and disclaimers
Notes and disclaimers Adjusted EBITDA : OMA defines Adjusted EBITDA as net income minus net comprehensive financing income plus taxes and depreciation and amortization, and excludes other income (expense). Adjusted EBITDA is equivalent to the concept UAFIDA in Mexico. Adjusted EBITDA should not be c
Slide 31: Definitions: passengers and terms
Passengers : all references to passenger traffic volumes are to terminal passengers. Passengers that pay passenger charges (TUA , Tarifa de Uso de Aeropuerto ): departing passengers, excluding connecting passengers, diplomats, and infants. Prior period comparisons : unless stated otherwise, all comp
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