OMA Announces Second Quarter 2021
Operating and Financial Results
Mexico City, Mexico, July 27, 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 second quarter 2021 (2Q21).
Summary
- Passenger traffic increased 679% as compared to 2Q20, reaching 4.5 million passengers, and decreased 23.9% as compared to 2Q19. The airports with the highest traffic recovery compared to 2Q19 were Mazatlán, Durango, Reynosa, Ciudad Juárez and Culiacán.
- Adjusted EBITDA was Ps.1,308 million, which compares to Ps.25 million in 2Q20, and was 9.2% lower than in 2Q19.
- Adjusted EBITDA margin reached 74.7%, as compared to 7.3% in 2Q20 and 73.9% in 2Q19.
- Capital investments and major maintenance works included in the Master Development Plans (MDPs) plus strategic investments were Ps.482 million for the quarter.
(Thousand Passengers and Million Pesos) | 2Q19 | 2Q20 | 2Q21 | %Var | %Var | 6M19 | 6M20 | 6M21 | %Var | %Var |
vs 2Q19 | vs 2Q20 | vs 6M19 | vs 6M20 | |||||||
Passenger Traffic | 5,958 | 583 | 4,537 | (23.9) | 678.8 | 11,072 | 5,447 | 7,562 | (31.7) | 38.8 |
Aeronautical Revenues | 1,496 | 154 | 1,350 | (9.8) | 778.0 | 2,819 | 1,429 | 2,222 | (21.2) | 55.5 |
Non-Aeronautical Revenues | 455 | 193 | 401 | (12.0) | 107.3 | 881 | 634 | 719 | (18.5) | 13.4 |
Aeronautical + Non-Aeronautical Revenues | 1,951 | 347 | 1,750 | (10.3) | 404.3 | 3,701 | 2,063 | 2,940 | (20.6) | 42.5 |
Construction Revenues | 216 | 288 | 430 | 99.6 | 49.5 | 408 | 469 | 723 | 77.3 | 54.3 |
Total Revenues | 2,167 | 635 | 2,181 | 0.6 | 243.5 | 4,109 | 2,531 | 3,663 | (10.8) | 44.7 |
Adjusted EBITDA | 1,441 | 25 | 1,308 | (9.2) | 5,065.6 | 2,711 | 1,265 | 2,116 | (21.9) | 67.3 |
Adjusted EBITDA Margin (%) | 73.9% | 7.3% | 74.7% | 73.3% | 61.3% | 72.0% | ||||
Income from Operations | 1,276 | (150) | 1,037 | (18.8) | n.a. | 2,404 | 934 | 1,648 | (31.4) | 76.5 |
Operating Margin (%) | 58.9% | -23.6% | 47.5% | 58.5% | 36.9% | 45.0% | ||||
Consolidated Net Income | 848 | (181) | 620 | (26.9) | n.a. | 1,609 | 789 | 1,036 | (35.6) | 31.3 |
Net Income of Controlling Interest | 849 | (180) | 620 | (27.0) | n.a. | 1,605 | 785 | 1,035 | (35.5) | 31.8 |
EPS (Ps.) | 2.16 | (0.46) | 1.59 | (26.3) | n.a. | 4.08 | 2.01 | 2.65 | (35.0) | 31.9 |
EPADS (US$) | 0.90 | (0.16) | 0.64 | (28.8) | n.a. | 1.70 | 0.70 | 1.07 | (37.1) | 54.0 |
MDP and Strategic Investments | 269 | 376 | 482 | 79.1 | 28.1 | 509 | 596 | 842 | 65.3 | 41.2 |
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 2Q21 earnings conference call on July 28, 2021 at 9:30 a.m. Eastern time, 8:30 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 13721149. The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.
2Q21 Operating Results
Operations, Passengers, and Cargo
The number of seats offered increased 410% as compared to 2Q20 and decreased 23.6% as compared to the second quarter of 2019, mainly due to the number of routes suspended by the airlines.
Total passenger traffic reached 4.5 million passengers, representing an increase of 679% as compared to 2Q20 and decreased 23.9% versus 2Q19. During the quarter, of total traffic, 85.9% was domestic and 14.1% was international.
Domestic passenger traffic increased 610% as compared to 2Q20, while international traffic increased 17.8x. As compared to 2Q19, domestic passenger traffic and international passenger traffic decreased 26.6% and 1.5%, respectively.
The airports with the largest contribution to passenger traffic recovery, in volume terms as compared to 2Q19, were:
- Mazatlán (+1.9%), on its Tijuana and Chihuahua routes.
- Durango (-6.0%), on its Dallas and Tijuana routes.
- Reynosa (-14.2%), on its Tapachula and Villahermosa routes.
- Ciudad Juárez (-16.6%), on its Cancún, Tijuana and Puerto Vallarta routes.
- Culiacán (-18.0%), on its Phoenix and Tijuana routes.
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2Q19 | 2Q20 | 2Q21 | %Var | %Var | 6M19 | 6M20 | 6M21 | %Var | %Var | |
vs 2Q19 | vs 2Q20 | vs 6M19 | vs 6M20 | |||||||
Available Seats | 7,837,398 | 1,175,323 | 5,991,005 | (23.6) | 409.7 | 15,011,842 | 8,516,882 | 10,579,923 | (29.5) | 24.2 |
Passenger Traffic: | ||||||||||
Domestic | 5,307,291 | 548,497 | 3,895,884 | (26.6) | 610.3 | 9,676,827 | 4,711,948 | 6,587,134 | (31.9) | 39.8 |
International | 650,792 | 34,055 | 640,987 | (1.5) | 1,782.2 | 1,394,757 | 734,817 | 974,726 | (30.1) | 32.6 |
Total Passenger Traffic | 5,958,083 | 582,552 | 4,536,871 | (23.9) | 678.8 | 11,071,584 | 5,446,765 | 7,561,860 | (31.7) | 38.8 |
Commercial Aviation (Regular and Charter) | 5,914,843 | 563,312 | 4,498,557 | (23.9) | 698.6 | 10,982,423 | 5,386,902 | 7,482,976 | (31.9) | 38.9 |
General Aviation | 43,240 | 19,240 | 38,314 | (11.4) | 99.1 | 89,161 | 59,863 | 78,884 | (11.5) | 31.8 |
Cargo Units | 248,955 | 171,953 | 287,699 | 15.6 | 67.3 | 488,551 | 390,336 | 558,208 | 14.3 | 43.0 |
Workload Units | 6,207,038 | 754,505 | 4,824,570 | (22.3) | 539.4 | 11,560,135 | 5,837,101 | 8,120,068 | (29.8) | 39.1 |
Flight Operations (Takeoffs and Landings): | ||||||||||
Domestic | 75,796 | 23,179 | 58,467 | (22.9) | 152.2 | 147,471 | 89,053 | 109,753 | (25.6) | 23.2 |
International | 11,134 | 2,813 | 10,849 | (2.6) | 285.7 | 23,145 | 14,540 | 19,953 | (13.8) | 37.2 |
Total Flight Operations | 86,930 | 25,992 | 69,316 | (20.3) | 166.7 | 170,616 | 103,593 | 129,706 | (24.0) | 25.2 |
Commercial Operations
The commercial space occupancy rate in the passenger terminals was 84.9% as of June 30, 2021. During the quarter, a total of 471 m2 in commercial spaces were vacated.
Freight Logistics Services
OMA Carga's revenues increased by 69.3%, as compared to 2Q20 due to higher handling, storage and custody activity related to air import cargo during the quarter. Total tonnage handled was of 9,667 metric tons, 102.2% higher than 2Q20.
Hotel Services
The NH Collection Terminal 2 Hotel had a 55.8% occupancy rate. The average room rate was Ps.2,053 per night, during the quarter.
Hilton Garden Inn had a 45.8% occupancy rate. The average room rate was Ps.1,886 per night during the quarter.
Industrial Services
OMA VYNMSA Aero Industrial Park: Revenues reached Ps.15 million, representing an increase of 25.6% versus 2Q20. The increase is due to additional revenues generated from three warehouses rented during 2020. which started generating revenues since 4Q20.
Consolidated Financial Results
Revenues
Aeronautical revenues increased 778% mainly due to an increase in passenger traffic as compared to 2Q20.
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(Ps. Thousands) | 2Q20 | 2Q21 | % Var | 6M20 | 6M21 | % Var |
Domestic Passenger Charges | 49,361 | 869,841 | 1,662.2 | 823,533 | 1,417,022 | 72.1 |
International Passenger Charges | 17,850 | 311,079 | 1,642.7 | 324,960 | 494,014 | 52.0 |
Other Aeronautical Services, Regulated Leases and Access Rights | 86,501 | 168,674 | 95.0 | 280,513 | 310,511 | 10.7 |
Aeronautical Revenues | 153,712 | 1,349,594 | 778.0 | 1,429,006 | 2,221,547 | 55.5 |
Aeronautical Revenues/Passenger (Ps.) | 263.9 | 297.5 | 12.7 | 262.4 | 293.8 | 12.0 |
Non-aeronautical revenues increased 107%.
Commercial revenues increased 87.8%. The line items with the largest variations were:
Parking, +580% as a result of an increase in passenger traffic.
Restaurants, Car Rentals and Retail, +104%, +63.2% and +51.2%, respectively, as a result of lower levels of discounts granted, as well as an increase in revenues from revenue shares.
(Ps. Thousands) | 2Q20 | 2Q21 | % Var | 6M20 | 6M21 | % Var |
Commercial Activities: | ||||||
Parking | 8,083 | 54,970 | 580.0 | 67,982 | 89,019 | 30.9 |
Advertising | 20,067 | 16,454 | (18.0) | 40,028 | 29,200 | (27.1) |
Retail | 11,951 | 18,069 | 51.2 | 38,814 | 33,010 | (15.0) |
Duty Free | 1,118 | 1,960 | 75.3 | 6,304 | 4,282 | (32.1) |
Restaurants | 13,811 | 28,224 | 104.4 | 52,237 | 49,156 | (5.9) |
Car Rentals | 19,754 | 32,235 | 63.2 | 58,973 | 59,450 | 0.8 |
Passenger Services | 1,249 | 802 | (35.8) | 2,339 | 1,565 | (33.1) |
Time Shares & Hotel Promotion | 3,014 | 3,601 | 19.5 | 7,592 | 6,515 | (14.2) |
Communications and Networks | 4,145 | 4,374 | 5.5 | 8,273 | 9,107 | 10.1 |
VIP Lounges | 5,338 | 11,277 | 111.2 | 19,603 | 20,550 | 4.8 |
Financial Services | 1,773 | 1,922 | 8.4 | 4,140 | 3,878 | (6.3) |
Other Services | 7,281 | 9,399 | 29.1 | 18,493 | 18,846 | 1.9 |
Total Revenues from Commercial Activities | 97,583 | 183,286 | 87.8 | 324,778 | 324,577 | (0.1) |
Diversification revenues increased 114%, mainly due to higher revenues from hotel services and OMA Carga.
(Ps. Thousands) | 2Q20 | 2Q21 | % Var | 6M20 | 6M21 | % Var |
Diversification Activities: | ||||||
Hotel Services | 7,519 | 52,957 | 604.3 | 84,611 | 88,566 | 4.7 |
OMA Carga (Freight Logistics Service) | 37,956 | 64,247 | 69.3 | 87,000 | 127,955 | 47.1 |
Real Estate Services | 4,270 | 4,728 | 10.7 | 9,256 | 9,062 | (2.1) |
Industrial Services | 12,168 | 15,281 | 25.6 | 23,152 | 30,680 | 32.5 |
Other Services | 2,819 | 1,509 | (46.5) | 4,329 | 3,355 | (22.5) |
Total Revenues from Diversification Activities | 64,732 | 138,721 | 114.3 | 208,347 | 259,617 | 24.6 |
Complementary Activities: | ||||||
Checked Baggage Screening | 4,305 | 37,923 | 781.0 | 42,652 | 63,164 | 48.1 |
Other Leases | 21,908 | 33,424 | 52.6 | 43,814 | 57,399 | 31.0 |
Access Rights | 2,376 | 4,827 | 103.2 | 9,024 | 8,947 | (0.9) |
Other Services | 2,482 | 2,615 | 5.4 | 5,128 | 4,819 | (6.0) |
Total Revenues from Complementary Activities | 31,070 | 78,790 | 153.6 | 100,617 | 134,329 | 33.5 |
Non-Aeronautical Revenues | 193,386 | 400,797 | 107.3 | 633,742 | 718,523 | 13.4 |
Non-Aeronautical Revenues/Passenger (Ps.) | 332.0 | 88.3 | (73.4) | 116.4 | 95.0 | (18.3) |
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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) | 2Q20 | 2Q21 | % Var | 6M20 | 6M21 | % Var |
Aeronautical Revenues | 153,712 | 1,349,594 | 778.0 | 1,429,006 | 2,221,547 | 55.5 |
Non-Aeronautical Revenues | 193,386 | 400,797 | 107.3 | 633,742 | 718,523 | 13.4 |
Aeronautical + Non-Aeronautical Revenues | 347,098 | 1,750,391 | 404.3 | 2,062,748 | 2,940,070 | 42.5 |
Construction Revenues | 287,841 | 430,400 | 49.5 | 468,688 | 723,307 | 54.3 |
Total Revenues | 634,939 | 2,180,791 | 243.5 | 2,531,436 | 3,663,377 | 44.7 |
Aeronautical Revenues + Non-Aeronautical Revenues / Passenger (Ps.) | 595.8 | 385.8 | (35.2) | 378.7 | 388.8 | 2.7 |
Costs and Operating Expenses
The sum of cost of airport services and general and administrative expenses (G&A) increased 6.9%, mainly due to higher contracted services costs and an increase to minor maintenance cost, as a result of passenger traffic growth during the quarter.
(Ps. Thousands) | 2Q20 | 2Q21 | % Var | 6M20 | 6M21 | % Var |
Payroll | 128,667 | 124,855 | (3.0) | 259,683 | 243,218 | (6.3) |
Contracted Services (Security, Cleaning and Professional Services) | 54,177 | 76,810 | 41.8 | 122,659 | 129,266 | 5.4 |
Minor Maintenance | 23,569 | 32,605 | 38.3 | 67,232 | 64,034 | (4.8) |
Basic Services (Electricity, Water, Telephone) | 13,405 | 19,187 | 43.1 | 31,537 | 33,118 | 5.0 |
Materials and Supplies | 9,535 | 7,814 | (18.1) | 16,691 | 14,997 | (10.1) |
Insurance and Bonding | 8,618 | 8,225 | (4.6) | 14,994 | 18,951 | 26.4 |
Other costs and expenses | 39,247 | 26,923 | (31.4) | 79,989 | 73,771 | (7.8) |
Cost of Airport Services + G&A | 277,218 | 296,418 | 6.9 | 592,785 | 577,355 | (2.6) |
Cost of Hotel Services | 13,140 | 29,694 | 126.0 | 55,611 | 51,570 | (7.3) |
Cost of Industrial Park Services | 2,944 | 2,040 | (30.7) | 4,279 | 3,783 | (11.6) |
Subtotal (Cost of Services + G&A) | 293,301 | 328,152 | 11.9 | 652,676 | 632,708 | (3.1) |
Subtotal (Cost of Services + G&A) / Passenger (Ps.) | 503.5 | 72.3 | (85.6) | 119.8 | 83.7 | (30.2) |
The major maintenance provision was Ps.151 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 June 30, 2021 was Ps.1,553 million.
The airport concession tax was Ps.81 million and the technical assistance fee was Ps.34 million.
As a result of the foregoing, total operating costs and expenses increased 45.8%. Excluding construction cost, total operating costs and expenses increased 43.6%
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Grupo Aeroportuario del Centro Norte SAB de CV published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 22:02:07 UTC.