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 — Q2 2011 Earnings Presentation
25 slides from Grupo Aeroportuario Del Centro Norte Sab De Cv Class B's earnings presentation, Jul 25, 2011
Slide 1: Passenger traffic increased 1.1% to 2.9 million in 2Q11
§ Passenger traffic increased 1.1% to 2.9 million in 2Q11; domestic traffic increased 2.1% and international traffic decreased 4.4%. § Total revenue increased 9.4% to Ps. 698 million in 2Q11. The sum of aeronautical and non-aeronautical revenues grew 11.6%. § Aeronautical revenues increased 9.3%, as
Slide 2: Investor relations contacts
# > José Luis Guerrero Cortés — » Daniel Wilson eS Q) OMA, CFO Zemi Communications +52.81.8625.4300 ext. 308 +1.212.689.9560 ext. 264 Is MAB jlguerrero @oma.aero dbmwilson@zemi.com ICAI _ye @ Bursa QMAB iy SOCIALMENTE NASDAQ Atnovoiis pe paris SOOALMENTE NASDAQ
Slide 3: Total passenger traffic increased 1.1%
Total passenger traffic increased 1.1% (+32,250) terminal passengers). Traffic increased in the airports of Monterrey (+5.0%), Tampico (+19.6%), Torreón (+14.0%), Ciudad Juárez (+4.9%), and San Luis Potosí (+13.5%). (See Annex Table 1, Passenger Traffic ). Interjet, Magnicharter, Delta, American Air
Slide 4: International traffic decreased 4.4%
International traffic decreased 4.4%. Six airports had increases in international traffic. The most significant increases were in Monterrey (+15.0%) and Durango (+29.3%). Monterrey benefited from higher traffic on the Houston and Dallas routes, and Durango benefited from higher volumes on the Chicag
Slide 5: Terminal Hotel Operations
Terminal 2 Hotel Operations The NH T2 hotel in Mexico City had an average occupancy rate of 82.6%, as compared to 59.3% in the prior year period. The occupancy rate of the hotel continued to increase as a result of advertising and marketing initiatives. The hotel also benefited from an increase in p
Slide 6: Aeronautical revenues increased 9.3%
Aeronautical revenues increased 9.3% to Ps. 453 million. Domestic passenger charges increased 17.0% as a result of tariff increases and increased traffic. However, international passenger charges decreased as a result of lower traffic and the appreciation of the peso. Aeronautical revenue per passen
Slide 7: Non-aeronautical revenues increased 20.0%
Non-aeronautical revenues increased 20.0%, largely because of an increase in NH T2 hotel revenues, commercial and advertising initiatives in the 13 airports, and the opening of commercial spaces in Terminal B in Monterrey. NH T2 hotel revenues increased 51.6% to Ps. 34 million. The composition of ho
Slide 8: Costs and operating expenses
Costs and operating expenses
Slide 9: Total cost of services and G&A expenses increased 24.5%
Total cost of services and general and administrative expenses increased 24.5%, principally because of the increase in the maintenance provision (+160%), and which accounted for 44% of the increase of costs of services and administrative expenses. The increase also reflects, to a lesser extent, the
Slide 10: Construction costs, concession tax, technical assistance fee, depreciation
Construction costs are equal to construction revenue, and represent improvements and additions to concessioned properties that were carried out during the quarter. The Airport concession tax increased from 2Q10 because of the growth in revenues; this tax is equal to 5% of gross revenues, in accordan
Slide 11: Operating income and operating margin
Operating income was Ps. 213 million, and the operating margin was 30.5%. Financing expense, and taxes
Slide 12: Comprehensive financing expense and income tax
Comprehensive financing expense was Ps. 28 million. The increase as compared to 2Q10 is principally because of increased debt which increased interest expense. Income tax provision increased as compared to 2Q10. At the end of 2010, the Company had new projections for future earnings for estimating t
Slide 13: Consolidated net income and capital expenditures
Consolidated net income was Ps. 130 million, as compared to Ps. 190 million in 2Q10. The decrease resulted principally from higher taxes and the increased maintenance provision. Net income of controlling interest was Ps. 130 million, as compared to Ps. 191 million in 2Q10. Earnings per share were Ps
Slide 14: Passenger Traffic by airport
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Passenger Trai (Terminal passenger s-excludes transit passengers) Total Passengers 2910 2011 %Var 6M 10 omit _%Var ‘Acapulco 163,591 130,849 (20.0) 412,719. 317,686 (23.0) Ciudad Juérez 162,539 170,504 49 305,658 308,923 14 Culiacan 267,069 258,51
Slide 15: Domestic and international passengers by airport
Monterrey 1,167,280 1,207,477 3.4 2,169,141 2,238,785 3.2 Reynosa 54,267 54,833 1.0 102,249 93,869 (8.2) San Luis Potosi 36,765 44,216 20.3 69,702 80,218 15.4 Tampico 105,469 127,804 21.2 194,728 224,884 15.5 Torredn 71,572 83,116 16.1 143,509 150,724 5.0 Zacatecas 50,129 47,167 (5.9) 89,268 87,598
Slide 16: Unaudited Consolidated Balance Sheet
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Consolidated Balance Sheet (Thousands of pesos) June 30 Dec. 31 June 30 % Var % Var 2010 2010 2011 Jun-11 v Jun-10Jun-11 v Dec-10 Assets Current assets Cash and cash equivalents 297,208 312,838 262,993 (11.5) (15.9) Trade Accounts receiv
Slide 17: Liabilities and stockholders' equity
Liabilities and stockholder's equity Current liabilities Bank loans 103,220 7,840 102,357 (0.8) 1,205.6 Current portion of long-term debt 110,490 135,490 152,569 38.4 12.6 Trade accounts payable 136,457 206,350 184,423 35.2 (10.6) Taxes and acumulated expenses 97,820 96,973 100,461 LT 3.6 ‘Accounts
Slide 18: Unaudited Consolidated Statement of Income
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Consolidated Statement of Income (Thousands of pesos) 2Q10 2911 _%Var 6M 10 6M 11% Var Revenues Aeronautical services 414,270 452,614 9.3 812,841 846,210 4A Non-aeronautical services 116,055 139,219 20.0 227,012 275,183 2 Construction se
Slide 19: Operating income to EBITDA
Operating income 217,325 243,122 (1.9) 440,919 405,466 (8.0) Comprehensive financing income (expense) Interest income (expense) - net (18,755) (23,095) 23.4 (41,680) (44,742) 73 Exchange gain (loss)- net 1,154 (4,759) (512.3) 6,037 568 (90.6) Comprehensive financing income (expense) (17,601) (27,854
Slide 20: Unaudited Consolidated Cash Flow Statement
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Unaudited Consolidated Cash Flow Statement (Thousands of pesos) Through June 30, 2010 2011 % Var. Operating activities Income before taxes 405,276 361,293 (10.9) Items related to investing activities Depreciation and armortization 73,569 80,955 10
Slide 21: Cash flow statement (continued)
Statutory employee profit sharing Other long termassets Net flow from operating activities Investment activities Land, machinery and equiprrent acquisition Investrrent in airport concessions Other investment activities Interest income Net flow from investing activities Cash flow before financing act
Slide 22: Statement of Changes in Stockholders' Equity
Grupo Aeroportuario del Centro Norte, S.A.B. deC.V. Unaudited Statement of Changes in Stockholders’ Equity Fot the year and six months ending on December 31, 2010 and June 30, 2011 Restatement Additional Reservefor Accumeffect Non- Total Capital stock for inflation of —_ paid in Retained = repurchas
Slide 23: 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 2010 2011 ~—_— Acapulco 2010 2011 Total passengers 2,512.7 2,615.0 Totalpassengers 4127 317.7 TotalRevenues 284,681 312,456 —_TotalRevenues 42,421 28,393 Aeron
Slide 24: Operating Results by Airport (continued)
Chihuahua Zihuatanejo Totalpassengers, 389.1 359.0 _‘Totalpassengers 279.0 280.8 Total Revenues 43,081 35,398 -~—TotalRevenues 30,714 72,261 Aeronautical services 29,601 29,581 Aeronautical services 17,864 18,118 Non- Aeronatical services 5,512 5,817 Non- Aeronatical services 4,022 4,105 Constructio
Slide 25: Changes in accounting policies
The principal changes in accounting policies and their effects on the balance sheet and income statement are as follows. Investment in Airport Concessions:
Central North Airport Group — Q2 2011 Earnings Presentation on 6ix