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 2013 Earnings Presentation
23 slides from Grupo Aeroportuario Del Centro Norte Sab De Cv Class B's earnings presentation, Feb 25, 2014
Slide 1: OMA Announces Fourth Quarter 2013 Earnings
OMA Announces Fourth Quarter 2013 Earnings Monterrey, Mexico, February 24, 2013 – 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 of 2013 today. [1] Full Year 2013
Slide 2: Fourth Quarter 2013 Summary
____________________ Unless otherwise stated, all references are to the fourth quarter of 2013 (4Q13) and all percentage changes are with respect to the same period of the prior year. The exchange rates used to convert foreign currency amounts were Ps. 12.9658 per U.S. dollar as of December 31, 2012
Slide 3: Total passenger traffic increased
Total passenger traffic increased 6.9% (+220,919 passengers). All thirteen airports in the group recorded growth, with the most significant increases in Monterrey (+3.7%), Culiacán (+17.0%), Reynosa (+31.1%), and Torreón (+24.9%). (See Annex Table 1, Passenger Traffic for more detail.) Of total pass
Slide 4: International passenger traffic
International passenger traffic was unchanged. Five airports increased international traffic. The most significant increases were in Zihuatanejo (+16.6%) as a result of increases on the routes to Los Angeles, Minneapolis, and Calgary; and Zacatecas (+26.7%) as a result of increased traffic on the Da
Slide 5: NH Terminal Hotel Operations
NH Terminal 2 Hotel Operations
Slide 6: Aeronautical and non-aeronautical revenues
Monterrey contributed 45.2% of aeronautical revenues, Culiacán, 10.1%, Chihuahua, 6.2%, and Mazatlan, 6.1%. Aeronautical revenue per passenger decreased 2.2% to Ps. 165.7. Non-aeronautical revenues increased 9.8%, principally because of growth in revenues from diversification (+23.1%), and complemen
Slide 7: Non-aeronautical revenues
Monterrey contributed 42.1% of non-aeronautical revenues, the NH T2 hotel 21.9%, Culiacán 4.1%, Mazatlán 3.9% and Chihuahua 3.7%. Non-aeronautical revenues per passenger increased 2.8% to Ps. 63.3; non-aeronautical revenues per passenger have increased for 23 consecutive quarters. Non-aeronautical r
Slide 8: Construction revenues and total revenues
Construction revenues were Ps. 149 million. Construction revenues represent the value of improvements to concessioned assets made during the quarter, and are equal to construction costs recognized, and do not generate either a gain or a loss. (See Notes to the Financial Information.) Total revenues
Slide 9: The major maintenance provision
The major maintenance provision increased 241.3%, as a result of new estimates of major maintenance requirements in all 13 airports for the concessioned assets, taking into account their useful lives, in both the short and long term. Construction costs are equal to construction revenues and do not g
Slide 10: Adjusted EBITDA and Operating Income
Adjusted EBITDA and Operating Income Adjusted EBITDA increased 10.4% to Ps. 424 million in 4Q13. The Adjusted EBITDA margin was 53.9%. (See Notes to the Financial Information for additional discussion of Adjusted EBITDA.) Operating income decreased 20.6% to Ps. 234 million, principally as a result o
Slide 11: Comprehensive Financing Expense
Comprehensive Financing Expense Comprehensive financing expense was Ps. 56 million in 4Q13. The increase was principally the result of increased interest expense due to a higher debt level, a larger exchange loss, and recognition of a loss on the fair value of the maintenance provision. The latter h
Slide 12: Comprehensive financing expense table (Ps. Thousands)
(Ps. Thousands) Interest income Interest (Expense) Exchange Gain (Loss) - Net Loss for Changes in Fair Value Financing (Expense) Income 4012 9,437 (28,687) (1,060) (20,310) 4a13 18,639 (45,985) (6,424) (23,305) (56,075) % Var 42.4 A117 AT na 176.1 2012 27,764 (103,846) 23,168 (52,914) 2013 72,650 (1
Slide 13: Net Income
Net Income Consolidated net income increased 99.0% to Ps. 465 million, principally as a result of the company’s initiatives to grow the various sources of revenue, control costs and expenses, and the tax credit. Earnings per share, based on net income of the controlling interest, were Ps. 1.16, and
Slide 14: MDP and Strategic Investment Expenditures
MDP and Strategic Investment Expenditures Total investment expenditures were Ps. 237 million during 4Q13, including Master Development Plan projects at the 13 airports and strategic investments. Expenditures under the MDP also included improvements to concessioned assets for Ps. 141 million, various
Slide 15: Debt
Debt The ratio of net debt to Adjusted EBITDA was 0.94 as of December 31, 2013.
Slide 16: Cash Flow Statement
Cash Flow Statement For the full year 2013, operating activities generated cash of Ps. 1,021 million compared to Ps. 1,260 million during 2012. The decrease was principally the result of outflows related to the tax deconsolidation of OMA in the accounts of Empresas ICA, S.A.B. de C.V., a reduction i
Slide 17: Passenger Traffic
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Passenger Traffic (Terminal Passengers - Excludes Transit Passengers) Total Passengers 4012 4013 % Var 2012 2013 %Var ‘Acapulco 137,261 151,760 106 36,951 ei7,07s 128 (Ciudad Jusrez 179,668 185,040 3.0 639,394 702,904 05 Culiacén 309,995 362,639 4
Slide 18: Unaudited Consolidated Balance Sheet
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Consolidated Balance Sheet (Thousands of Pesos) ‘Asof December 31st, evar 2012 2013 Reet Current Assets Cash and Cash Equivalents 41,152,433 1,534,008 34 ‘Trade Accounts Receivable - Net 287,808 251,911 (125) Recoverable Taxes 202,947 30
Slide 19: Unaudited Consolidated Statement of Income
‘Grupo Aeroportuario del Centro Norte, SAB. de CV. ‘Unaudited Consolidated Statement of Income (Theusands of Pesos) 4012 4013 Var 20 2019 ‘evar ‘Revenues ‘Aeronautical Revenues se420 ates «40 tases 28880) as tweets Toots aoa stata 41376 47548 tHBa7e TTS 114 Nor-Aeronautieal Revenues tonne 217500 a8
Slide 20: Unaudited Consolidated Cash Flow Statement
‘Grupo Aeroportuatio del Centro Nore, SAB. de CV. ‘Unaudited Consolidated Cash Flow Statement (Thousands of Peses) ‘Asof December 15 212 2019 s#var. ating Aces Consolidated Net Income sigs amar sas ‘rem in Results Related ro Invesing Actives Income Tax 235.172 (67.888) na, Depreciation and Amortizat
Slide 21: 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 31st, 2012 (Thousand Pesos) ‘Additional Reserve for Total Number of Capital stock Paid in Retained Repurchase Stockholder's Shares __Nominal___Capital__—_—Eamings __of shares E
Slide 22: Unaudited Operating Results by Airport
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. ‘Unaudited Operating Results by Airport ‘Thousand Passengers and Thousand Pesos Monterrey 40124013 2012 2013 __Culiacan 40124013, 20122013 Total Passengers T)5d2.4 1,596.7 6,105.9 6,417.8 Total Passengers 310.0 362.6 1,108.8 1,252.2 Total Revenues
Slide 23: Analyst coverage
Company Actimer Casa de Bolsa Bank of America Merill Lynch Barclays Bank PLC BBVA Bancomer Citigroup Credit Suisse Deutsche Bank Goldman Sachs Grupo Bursatil Mexicano (GBM) Grupo Financiero Interacciones HSBC Intercam Casa de Bolsa inex J.P. Morgan Morgan Stanley Santander Scotiabank UBS Brasil CCTV
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