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 2014 Earnings Presentation
24 slides from Grupo Aeroportuario Del Centro Norte Sab De Cv Class B's earnings presentation, Feb 25, 2015
Slide 1: OMA Announces Fourth Quarter and Full Year 2014 Earnings
OMA Announces Fourth Quarter and Full Year 2014 Earnings Monterrey, Mexico, February 23, 2015 – Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ: OMAB; BMV: OMA), reported its unaudited, consolidated results for the fourth quarter and full year 2014
Slide 2: Fourth quarter 2014 principal results
§ Total terminal passenger traffic increased 14.3% to 3.9 million in 4Q14. Domestic traffic increased 14.1%; international traffic increased 16.1%. Volaris, VivaAerobus, Interjet, Aeroméxico, TAR, Aeromar, Delta, and US Airways accounted for 97% of the growth in total traffic. § Nineteen new routes,
Slide 3: SSS ccc CO SS — 0S yp
SSS ccc CO SS — 0S yp DB OMA Headquarters: +52. 81.8625.4300 P Chiof Financial Officer: > Investor Relations in USA: José Luis Guerrero Cortés Daniel Wilson / Zemi Communications ilguerrero@oma.aero dbmwilson@zemi.com @® EMPRESA Ext, 308. +1.212.689.9560 RESPONSABLE
Slide 4: Total passenger traffic increased
Total passenger traffic increased 14.3% (+492,059 passengers). Eleven airports recorded growth, with the most significant increases in Monterrey (+21.1%; +337,089), Tampico (+23.1%; +37,181), San Luis Potosí (+46.9%; +32,901), Chihuahua (+12.1%; +27,184), and Ciudad Juárez (+14.4%; +26,591). See Ann
Slide 5: International passenger traffic
International passenger traffic increased 16.1%. Eight airports increased international traffic. Monterrey (+20.2%; +48,785 passengers) was the largest contributor to growth, with increased traffic on its Houston route. During the quarter, eight new international routes opened.
Slide 6: Air Cargo volumes increased 1.9%
Air Cargo volumes increased 1.9%. Of total air cargo volume, 65.8% was domestic and 34.2% was international. Non-Aeronautical and Commercial Operations The continuous improvement in the commercial and services offerings and the implementation of OMA’s commercial strategy resulted in the opening of 3
Slide 7: New commercial spaces and initiatives by airport
‘Acapulco, Ciudad Juarez, Culiacdn, Chihuahua, Durango, Monterrey, Mazatlan, Reynosa, San Luis, Tampico, Torredn, Zacatecas y Zihuatanejo Fase cence at Monterrey Hotel promotion 1 Torreon, Zihuatanejo Advertising 2 Chihuahua, Monterey Food and Beverages 3 ‘Mazatlan VIP lounge 1 Acapulco, Monterrey,
Slide 8: Aeronautical and non-aeronautical revenues
Monterrey contributed 47.4% of aeronautical revenues, Culiacán, 8.6%, Chihuahua, 6.3%, and Mazatlán, 5.7%. Aeronautical revenue per passenger was Ps. 165.0. Non-aeronautical revenues increased 14.7% to Ps. 249 million, or 27.8% of the sum of aeronautical and non-aeronautical revenues. This represent
Slide 9: Commercial activities revenue
Commercial activities contributed an additional Ps. 24 million (+22.1%). The line items that contributed most to growth were: · Advertising revenues (+25.5%; +Ps. 7 million), as a result of new alternative advertising projects and direct sale of advertising space. · Parking revenues (+19.2%; +Ps. 6
Slide 10: Costs and Operating Expenses
Costs and Operating Expenses The ongoing efforts of OMA to control costs are reflected in results. Total cost of airport services and general and administrative expenses , which exclude those related to the hotel, increased 6.7%, somewhat above the rate of inflation, but well below the rate of growt
Slide 11: Costs and expenses table
(Ps. Thousands) Payroll Contracted Senices (Security, Cleaning and Professional Senices) Minor Maintenance Basic Senices (Electricity, Water, Telephone) Materials and Supplies Insurance Others Cost of Airport Services + GA Cost of Hotel Services Subtotal (Cost of Services + GA) Subtotal (Cost of Sen
Slide 12: Adjusted EBITDA and Operating Income
Adjusted EBITDA and Operating Income Adjusted EBITDA increased 13.9% to Ps. 483 million in 4Q14, with an Adjusted EBITDA margin of 53.8%. (See Notes to the Financial Information for additional discussion of Adjusted EBITDA.) Operating income increased 56.3% to Ps. 365 million, with an operating marg
Slide 13: Adjusted EBITDA reconciliation
(PS. Thousands) Net Income - Financing (Expense) come + Income Taxes Operating Income Operating Margin (%) + Depreciation and Amortization EBITDA EBITDA Margin (%) - Construction Revenue + Construction Cost +_ Major Maintenance Provision Adjusted EBITDA Adjusted EBITDA Margin: Adjusted EBITDA/(Aeron
Slide 14: Taxes
Taxes Taxes were a credit of Ps. 7 million. This includes Ps. 89 million in cash tax payments, as a result of an increase in the taxable base. Deferred taxes were a credit of Ps. 96 million. The variation in the deferred tax credit as compared to 4Q13 reflects the recognition of the benefit from the
Slide 15: MDP and Strategic Investment Expenditures
MDP and Strategic Investment Expenditures Total investment expenditures were Ps. 252 million during 4Q14, including MDP projects and strategic investments. Expenditures under the MDP included improvements to concessioned assets (Ps. 94 million), various smaller accounts (Ps. 8 million), and major ma
Slide 16: Debt
Debt As of December 31, 2014, total debt was Ps. 4,724 million and net debt was Ps. 1,916 million. The ratio of net debt to Adjusted EBITDA was 1.01.
Slide 17: Debt table
(Ps. Thous ands) Maturity Interest Rate 31/03/2013 31/03/2014 Short Term Debt Short Term Bond 28 days 3.64% 99,421 - Working Capital Total Short Term Debt 99,424 : Long Term Debt 5-yr Bond, Ps. 1,300 mat OMA11 2016 TIE+ 70 pb 1,300,000 - Finance CAPEX and Refinance Debt Bullet 40-yr Bond, Ps. 1.500
Slide 18: Passenger Traffic
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Passenger Traffic (Terminal Passengers - Excludes Transit Passengers) Total Passengers 4013 4014 % Var 2013 201% Var ‘Acapulco 754,780 168,155 85 air.078 31,570 23 Cludad Juarez 185,040 211,631 144 702,904 769,028 o4 Culiacdn 362,638 338,123, (6.8
Slide 19: Unaudited Consolidated Balance Sheet
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Consolidated Balance Sheet (Thousands of Pesos) As of December 31st, evar 2013 2014 Taxis Current Assets ‘Cash and Cash Equivalents 4,534,006 2,808,150 3.4 ‘Trade Accounts Receivable - Net 304,763 319,693, 49 Recoverable Taxes 311,398 21
Slide 20: Unaudited Consolidated Statement of Income
Grupo Aeroportuario del Centro Norte, $.A.B. de C.V. ‘Unauslted Consolidated Statement of income (Thousands of Pesos) 4013 sou Var ors 20 *Var Revenues ‘Aeronautioal Revenues soo.tee 45,1571 0a82sa2ee7 118 Non-Aeronautioal Revenues 27505 2aa.amz 147 Toso enon ‘Reronautioal Revenues + Non-Aeronautica
Slide 21: Unaudited Consolidated Cash Flow Statement
Grupo Aeroportuario del Centro Norte, SAB de CV. ‘Unaudited Consolidated Cash Flow Statement (Thousands of Pesos) ‘As of December 3tst, 2013 2014 evar. ‘Dperaiing Actives Consolidated Net income 1z01364 1025960 (145) brooms Tax (i34a7e)—-249602——(285.4) Doubtful Accounts Provision (rm) 1208 (1348) I
Slide 22: Statement of Changes in Stockholders' Equity
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Statement of Changes in Stockholders’ Equity As of December 31, 2013 (Thousand Pesos) Additional Share Non- Total Number of Capital stock Paid-In. Retained Repurchase Labor Controlling Stockholder’s Shares __Nominal__Capital_Earnings _Re
Slide 23: Unaudited Operating Results by Airport
Grupo Aeroportuario del Centro Norte, S.A.B. de CV. Unaudited Operating Results by Airport ‘Thousand Passenger: and Thousand Pesos Monterrey avis atta 2013 2014 Culiacin 4m atta 20122018 Total Passengers T5087 1958 6ai78 7,108.5 Total Passengers 36338142822 —4,3077 Total Revenues 361,140 420,672 1,4
Slide 24: Analyst coverage
Company Actinver Casa de Bolsa Bank of America Mentill Lynch Barclays Bank PLC BBVA Bancomer Citigroup Credit Suisse Deutsche Bank Grupo Bursatil Mexicano (GBM) Grupo Financiero interacciones HSBC Intercam Casa de Bolsa Invex Ita BBA JP. Morgan Morgan Stanley Santander Scotiabank Signum Research UBS
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