OMA Announces Third Quarter 2021
Operating and Financial Results
Mexico City, Mexico, October 26, 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 third quarter 2021 (3Q21).
Summary
- Passenger traffic increased 121% during 3Q21, as compared to 3Q20, reaching 5.1 million passengers, and decreased 16.9% as compared to 3Q19. The airports with the highest traffic recovery compared to 3Q19 were Ciudad Juárez, Mazatlán, Reynosa, Zacatecas, and San Luis Potosí.
- Adjusted EBITDA was Ps.1,473 million, which compares to Ps.432 million in 3Q20, and was 1.6% higher than in 3Q19.
- Adjusted EBITDA margin reached 75.2%, as compared to 52.3% in 3Q20 and 74.1% in 3Q19.
- Capital investments and major maintenance works included in the Master Development Plans (MDPs) plus strategic investments were Ps.524 million in the quarter.
(Thousand Passengers and Million Pesos) | 3Q19 | 3Q20 | 3Q21 | %Var | %Var | 9M19 | 9M20 | 9M21 | %Var | %Var |
vs 3Q19 | vs 3Q20 | vs 9M19 | vs 9M20 | |||||||
Passenger Traffic | 6,145 | 2,311 | 5,105 | (16.9) | 120.9 | 17,217 | 7,758 | 12,666 | (26.4) | 63.3 |
Aeronautical Revenues | 1,491 | 594 | 1,504 | 0.8 | 153.0 | 4,310 | 2,023 | 3,725 | (13.6) | 84.1 |
Non-Aeronautical Revenues | 465 | 230 | 456 | (2.0) | 98.1 | 1,347 | 864 | 1,175 | (12.8) | 35.9 |
Aeronautical + Non-Aeronautical Revenues | 1,956 | 825 | 1,960 | 0.2 | 137.7 | 5,657 | 2,887 | 4,900 | (13.4) | 69.7 |
Construction Revenues | 199 | 389 | 417 | 109.7 | 7.3 | 607 | 858 | 1,140 | 87.9 | 33.0 |
Total Revenues | 2,155 | 1,213 | 2,377 | 10.3 | 95.9 | 6,264 | 3,745 | 6,040 | (3.6) | 61.3 |
Adjusted EBITDA | 1,450 | 432 | 1,473 | 1.6 | 241.3 | 4,160 | 1,696 | 3,589 | (13.7) | 111.6 |
Adjusted EBITDA Margin (%) | 74.1% | 52.3% | 75.2% | 73.5% | 58.8% | 73.3% | ||||
Income from Operations | 1,286 | 255 | 1,187 | (7.8) | 365.0 | 3,691 | 1,189 | 2,835 | (23.2) | 138.4 |
Operating Margin (%) | 59.7% | 21.0% | 49.9% | 58.9% | 31.8% | 46.9% | ||||
Consolidated Net Income | 858 | 69 | 812 | (5.4) | 1,070.0 | 2,466 | 859 | 1,848 | (25.1) | 115.2 |
Net Income of Controlling Interest | 856 | 70 | 809 | (5.5) | 1,055.4 | 2,462 | 855 | 1,844 | (25.1) | 115.6 |
EPS (Ps.) | 2.18 | 0.18 | 2.08 | (4.4) | 1,061.2 | 6.26 | 2.19 | 4.74 | (24.4) | 116.1 |
EPADS (US$) | 0.89 | 0.06 | 0.81 | (8.2) | 1,166.6 | 2.55 | 0.78 | 1.85 | (27.4) | 135.8 |
MDP and Strategic Investments | 357 | 438 | 524 | 46.8 | 19.6 | 867 | 1,034 | 1,366 | 57.6 | 32.1 |
Chief Financial Officer
Ruffo Pérez Pliego del Castillo +52 (81) 8625 4300 rperezpliego@oma.aero
Investor Relations:
Luis Emmanuel Camacho Thierry +52 (81) 8625 4308 ecamacho@oma.aero
www.oma.aero
OMA will hold its 3Q21 earnings conference call on October 27, 2021 at 11:00 a.m. Eastern time, 10:00 a.m. 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 13723634. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.
3Q21 Operating Results
Operations, Passengers, and Cargo
The number of seats offered increased 86.0% compared to 3Q20 and decreased 14.9%, compared to the third quarter of 2019, mainly due to the number of routes suspended by the airlines.
Total passenger traffic reached 5.1 million passengers, representing an increase of 121% as compared to 3Q20 and decreased 16.9% versus 3Q19. During the quarter, of total traffic, 87.2% was domestic and 12.8% was international.
Domestic passenger traffic increased 106%, compared to 3Q20, while international traffic increased 329%. Compared to 3Q19, domestic passenger traffic and international passenger traffic decreased 18.9% and 0.4%, respectively.
The airports with the largest contribution to passenger traffic recovery, in volume terms as compared to 3Q19, were:
- Ciudad Juárez (+7.7%), on its Guadalajara, Mexico City and Cancún routes.
- Mazatlán (+3.2%), on its Tijuana and Chihuahua routes.
- Reynosa (-1.9%), on its Tapachula and Villahermosa routes.
- Zacatecas (-9.0%), on its Tijuana, Chicago and Dallas routes.
- San Luis Potosí (-9.8%), on its Cancún and Houston routes.
2
3Q19 | 3Q20 | 3Q21 | %Var | %Var | 9M19 | 9M20 | 9M21 | %Var | %Var | |
vs 3Q19 | vs 3Q20 | vs 9M19 | vs 9M20 | |||||||
Available Seats | 8,127,223 | 3,720,633 | 6,919,783 | (14.9) | 86.0 | 23,139,065 | 12,237,515 | 17,499,706 | (24.4) | 43.0 |
Passenger Traffic: | ||||||||||
Domestic | 5,488,464 | 2,158,513 | 4,450,345 | (18.9) | 106.2 | 15,165,291 | 6,870,461 | 11,037,479 | (27.2) | 60.7 |
International | 656,510 | 152,503 | 654,176 | (0.4) | 329.0 | 2,051,267 | 887,320 | 1,628,902 | (20.6) | 83.6 |
Total Passenger Traffic | 6,144,974 | 2,311,016 | 5,104,521 | (16.9) | 120.9 | 17,216,558 | 7,757,781 | 12,666,381 | (26.4) | 63.3 |
Commercial Aviation (Regular and Charter) | 6,106,776 | 2,281,775 | 5,067,628 | (17.0) | 122.1 | 17,089,199 | 7,668,677 | 12,550,604 | (26.6) | 63.7 |
General Aviation | 38,198 | 29,241 | 36,893 | (3.4) | 26.2 | 127,359 | 89,104 | 115,777 | (9.1) | 29.9 |
Cargo Units | 238,977 | 232,544 | 311,465 | 30.3 | 33.9 | 727,528 | 622,880 | 869,673 | 19.5 | 39.6 |
Workload Units | 6,383,951 | 2,543,560 | 5,415,986 | (15.2) | 112.9 | 17,944,086 | 8,380,661 | 13,536,054 | (24.6) | 61.5 |
Flight Operations (Takeoffs and Landings): | ||||||||||
Domestic | 73,639 | 43,122 | 62,136 | (15.6) | 44.1 | 221,110 | 132,175 | 171,889 | (22.3) | 30.0 |
International | 11,046 | 4,942 | 10,288 | (6.9) | 108.2 | 34,191 | 19,482 | 30,241 | (11.6) | 55.2 |
Total Flight Operations | 84,685 | 48,064 | 72,424 | (14.5) | 50.7 | 255,301 | 151,657 | 202,130 | (20.8) | 33.3 |
Commercial Operations
The commercial space occupancy rate in the passenger terminals was 85.1% as of September 30, 2021. During the quarter, a total of 596 m2 in commercial spaces were occupied.
Freight Logistics Services
- OMA Carga's revenues increased by 51.8%, compared to 3Q20 due to higher handling, storage and custody activity related to air import cargo, as well as handling of high-end cargo during the quarter. Total tonnage handled was 10,887 metric tons, 72.9% higher than 3Q20.
Hotel Services
- The NH Collection Terminal 2 Hotel had a 69.5% occupancy rate, as compared to 35.8% in 3Q20. The average room rate was Ps.2,200 per night during the quarter.
- Hilton Garden Inn had a 51.0% occupancy rate, compared to 18.6% in 3Q20. The average room rate was Ps.1,903 per night during the quarter.
Industrial Services
- OMA VYNMSA Aero Industrial Park: Revenues reached Ps.15 million, an increase of 24.4% versus 3Q20. The increase is explained by additional revenues generated from three warehouses rented during 2020, which started generating revenues since 4Q20. During the quarter, a lease was signed for a 4,849 m2 warehouse that will start to generate revenues in 4Q21.
Consolidated Financial Results
Revenues
Aeronautical revenues increased 153% mainly due to an increase in passenger traffic, compared to 3Q20.
3
(Ps. Thousands) | 3Q20 | 3Q21 | % Var | 9M20 | 9M21 | % Var |
Domestic Passenger Charges | 398,798 | 969,959 | 143.2 | 1,224,320 | 2,386,982 | 95.0 |
International Passenger Charges | 77,038 | 351,514 | 356.3 | 400,010 | 845,528 | 111.4 |
Other Aeronautical Services, Regulated Leases and Access Rights | 118,529 | 182,215 | 53.7 | 399,042 | 492,727 | 23.5 |
Aeronautical Revenues | 594,366 | 1,503,689 | 153.0 | 2,023,372 | 3,725,236 | 84.1 |
Aeronautical Revenues/Passenger (Ps.) | 257.2 | 294.6 | 14.5 | 260.8 | 294.1 | 12.8 |
Non-aeronautical revenues increased 98.1%.
Commercial revenues increased 125%. The line items with the largest variations were:
- Parking, +140% as a result of an increase in passenger traffic.
- Restaurants, Car Rentals and Retail, +267%, +112% and +190%, respectively, granted to our tenants during 3Q20, as well as an increase in revenues from
as a result of the supports revenue shares.
(Ps. Thousands) | 3Q20 | 3Q21 | % Var | 9M20 | 9M21 | % Var |
Commercial Activities: | ||||||
Parking | 25,895 | 62,251 | 140.4 | 93,877 | 151,270 | 61.1 |
Advertising | 8,657 | 19,916 | 130.1 | 48,685 | 49,116 | 0.9 |
Retail | 8,426 | 24,442 | 190.1 | 47,240 | 57,451 | 21.6 |
Duty Free | 1,236 | 2,969 | 140.2 | 7,540 | 7,251 | (3.8) |
Restaurants | 10,106 | 37,097 | 267.1 | 62,343 | 86,253 | 38.4 |
Car Rentals | 18,464 | 39,156 | 112.1 | 77,437 | 98,606 | 27.3 |
Passenger Services | 568 | 931 | 63.9 | 2,907 | 2,496 | (14.1) |
Time Shares & Hotel Promotion | 2,809 | 3,266 | 16.3 | 10,401 | 9,781 | (6.0) |
Communications and Networks | 5,298 | 4,499 | (15.1) | 13,571 | 13,606 | 0.3 |
VIP Lounges | 6,925 | 13,319 | 92.3 | 26,529 | 33,869 | 27.7 |
Financial Services | 1,796 | 2,225 | 23.9 | 5,936 | 6,103 | 2.8 |
Other Services | 7,651 | 10,383 | 35.7 | 26,144 | 29,229 | 11.8 |
Total Revenues from Commercial Activities | 97,832 | 220,454 | 125.3 | 422,611 | 545,031 | 29.0 |
Diversification revenues increased 70.9%, mainly due to higher revenues from hotel services and OMA Carga.
(Ps. Thousands) | 3Q20 | 3Q21 | % Var | 9M20 | 9M21 | % Var |
Diversification Activities: | ||||||
Hotel Services | 25,483 | 60,516 | 137.5 | 110,093 | 149,081 | 35.4 |
OMA Carga (Freight Logistics Service) | 43,635 | 66,219 | 51.8 | 130,635 | 194,174 | 48.6 |
Real Estate Services | 4,100 | 4,663 | 13.7 | 13,356 | 13,725 | 2.8 |
Industrial Services | 12,440 | 15,472 | 24.4 | 35,592 | 46,152 | 29.7 |
Other Services | 1,721 | 2,431 | 41.2 | 6,050 | 5,786 | (4.4) |
Total Revenues from Diversification Activities | 87,379 | 149,301 | 70.9 | 295,726 | 408,918 | 38.3 |
Complementary Activities: | ||||||
Checked Baggage Screening | 18,048 | 43,132 | 139.0 | 60,699 | 106,296 | 75.1 |
Other Leases | 21,337 | 36,432 | 70.7 | 65,151 | 93,830 | 44.0 |
Access Rights | 2,884 | 4,328 | 50.1 | 11,909 | 13,275 | 11.5 |
Other Services | 2,764 | 2,368 | (14.3) | 7,891 | 7,187 | (8.9) |
Total Revenues from Complementary Activities | 45,033 | 86,260 | 91.5 | 145,650 | 220,588 | 51.5 |
Non-Aeronautical Revenues | 230,244 | 456,014 | 98.1 | 863,986 | 1,174,537 | 35.9 |
Non-Aeronautical Revenues/Passenger (Ps.) | 99.6 | 89.3 | (10.3) | 111.4 | 92.7 | (16.7) |
4
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) | 3Q20 | 3Q21 | % Var | 9M20 | 9M21 | % Var |
Aeronautical Revenues | 594,366 | 1,503,689 | 153.0 | 2,023,372 | 3,725,236 | 84.1 |
Non-Aeronautical Revenues | 230,244 | 456,014 | 98.1 | 863,986 | 1,174,537 | 35.9 |
Aeronautical + Non-Aeronautical Revenues | 824,610 | 1,959,703 | 137.7 | 2,887,358 | 4,899,773 | 69.7 |
Construction Revenues | 388,850 | 417,164 | 7.3 | 857,538 | 1,140,471 | 33.0 |
Total Revenues | 1,213,460 | 2,376,867 | 95.9 | 3,744,896 | 6,040,244 | 61.3 |
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.) | 356.8 | 383.9 | 7.6 | 372.2 | 386.8 | 3.9 |
Costs and Operating Expenses
The sum of cost of airport services and general and administrative expenses (G&A) increased 4.9%, mainly due to higher costs for contracted services costs basic services, as a result of passenger traffic growth. Additionally, payroll recorded a one-timeexpense of Ps.8 million related to the organizational restructuring as a result of changes in labor regulation in Mexico.
(Ps. Thousands) | 3Q20 | 3Q21 | % Var | 9M20 | 9M21 | % Var |
Payroll | 127,718 | 147,544 | 15.5 | 387,402 | 390,762 | 0.9 |
Contracted Services (Security, Cleaning and Professional Services) | 47,057 | 58,989 | 25.4 | 169,716 | 188,255 | 10.9 |
Minor Maintenance | 31,662 | 32,133 | 1.5 | 98,894 | 96,167 | (2.8) |
Basic Services (Electricity, Water, Telephone) | 17,769 | 24,843 | 39.8 | 49,306 | 57,961 | 17.6 |
Materials and Supplies | 7,807 | 9,176 | 17.5 | 24,498 | 24,173 | (1.3) |
Insurance and Bonding | 8,687 | 8,561 | (1.5) | 23,681 | 27,511 | 16.2 |
Other costs and expenses | 65,958 | 40,321 | (38.9) | 145,947 | 114,092 | (21.8) |
Cost of Airport Services + G&A | 306,658 | 321,566 | 4.9 | 899,443 | 898,921 | (0.1) |
Cost of Hotel Services | 23,644 | 34,615 | 46.4 | 79,255 | 86,185 | 8.7 |
Cost of Industrial Park Services | 1,464 | 1,825 | 24.6 | 5,744 | 5,608 | (2.4) |
Subtotal (Cost of Services + G&A) | 331,766 | 358,006 | 7.9 | 984,442 | 990,714 | 0.6 |
Subtotal (Cost of Services + G&A) / Passenger (Ps.) | 143.6 | 70.1 | (51.1) | 126.9 | 78.2 | (38.4) |
The major maintenance provision was Ps.165 million, and reflects a higher level of future executions of major maintenance works, pursuant to the Master Development Program for the period 2021-2025. The outstanding balance of the maintenance provision as of September 30, 2021 was Ps.1,659 million.
The airport concession tax was Ps.91 million and the technical assistance fee was Ps.38 million.
As a result of the foregoing, total operating costs and expenses increased 24.2%.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Grupo Aeroportuario del Centro Norte SAB de CV published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 21:57:05 UTC.