OMA Announces Fourth Quarter and Full Year 2015 Operating and Financial Results

MONTERREY, Mexico, Feb. 29, 2016 -- 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 2015 today.

Fourth quarter 2015 Summary

The sum of aeronautical and non-aeronautical revenues rose 26.6%, as a result of OMA’s initiatives to develop passenger traffic, commercial services, and diversification projects.  The increase in costs and operating expenses was below revenue growth, enabling the company to generate positive results and increase its Adjusted EBITDA margin, operating income, and net income. 

The principal results of the fourth quarter include:

• Total terminal passenger traffic increased 11.3% to 4.4 million in 4Q15. Domestic traffic increased 11.6%; international traffic increased 9.5%. Volaris, Interjet, VivaAerobus, and TAR contributed the most to traffic growth.
  • Twenty new routes opened in the quarter, including 16 domestic and four international routes, reflecting the joint efforts of the airlines and OMA to increase connectivity and passenger traffic volumes.
• Aeronautical revenues increased 24.5%, principally as a result of the growth in passenger traffic.
  • Aeronautical revenues per passenger increased 11.8% to Ps. 184.5.
• Non-aeronautical revenues increased 32.4%, principally as a result of diversification initiatives and the development and continuous improvement in commercial services.
  • Non-aeronautical revenues per passenger increased 18.9% to Ps. 75.5.
• Total operating costs and expenses decreased 3.6% mainly due to a decrease in the maintenance provision as a consequence of the definition of the Master Development Plan (MDP) for the period 2016-2020.
• Adjusted EBITDA increased 39.6% to Ps. 651 million. The Adjusted EBITDA margin reached 57.2%, up 531 basis points.
• Consolidated net income increased 39.3% to Ps. 396 million. Earnings were Ps. 1.01 per share, or US$ 0.46 per American Depositary Share (ADS).
• Total investment expenditures for MDP and strategic investments were Ps. 196 million.
• On December 30, 2015, the 2016-2020 MDPs for OMA’s 13 airports were approved, with total investment spending of Ps. 4,446 million.  In addition, the new maximum rates for each airport were approved.

Annual Summary

OMA recorded record operating and financial results in 2015.  Passenger traffic increased 15.2% to a record 16.9 million in 2015.  Aeronautical revenues rose 19.8% and non-aeronautical revenues grew 24.9%, bringing the sum of aeronautical and non-aeronautical revenues to Ps. 4,145 million, an increase of 21.1%.  At the same time, disciplined management kept the increase in total operating costs and expenses to 8.6%.   Adjusted EBITDA generation also continued to increase.  Adjusted EBITDA increased 30.8%, and the Adjusted EBITDA margin was 59.1%.  Operating income rose 38.6%. The effective tax rate was 29.3%. Net income rose 20.4% to Ps. 1,237 million.   Earnings per share were Ps. 3.14, or US$ 1.45 per ADS.  Investment expenditures were Ps. 739 million, in accordance with the terms of the concessions, the Master Development Plan, and the development of other strategic projects; the return on capital was 20.8% in 2015.

2016 Outlook

OMA estimates that total passenger traffic growth for 2016 will be between 6% and 8%. The growth in aeronautical revenues is estimated to be between 22% and 24%, and non-aeronautical revenues are expected to increase between 13% and 15%. 

The Adjusted EBITDA margin is expected to be between 60% and 62%. 

As a result of the new Master Development Plan for the 2016-2020 period, OMA is committed to a level of investments significantly higher than the previous five year period.  As a result, investment expenditures for 2016 are expected to be in the range of Ps. 1,500 to 1,700 million, principally for the increases in passenger terminal and aircraft platform capacity, major maintenance, and acquisition of operating and security equipment included in the MDP.  In addition, strategic investments, principally for diversification projects, are expected to be in the range of Ps. 150 to 250 million.

OMA is providing this outlook based on internal estimates. A number of factors could have a significant effect on these estimates. These include changes in airline expansion plans, ticket prices and other factors affecting traffic volumes, the evolution of commercial and diversification projects, and economic conditions including oil prices, among others. OMA can provide no assurance that the Company will achieve these results.

OMA’s complete earnings report is available at http://ir.oma.aero.

OMA (NASDAQ:OMAB) (BMV:OMA) will hold its 4Q15 earnings conference call on March 1, 2016 at 11 am Eastern time, 10 am Mexico City time.

The conference call is accessible by calling 1-888-523-1228 toll-free from the U.S. or 1-719-325-2448 from outside the U.S. The conference ID is 9645098. A taped replay will be available through March 8, 2016 at 1-877-870-5176 toll free or + 1-858-384-5517, using the same ID.

The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.

This report may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target,” or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption “Risk Factors.” OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

About OMA

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA’s airports serve Monterrey, Mexico’s fourth largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates a hotel and commercial areas inside Terminal 2 of the Mexico City airport and the Hilton Garden Inn at the Monterrey airport. OMA employs over 1,000 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2008. OMA’s strategic shareholder members are ICA, Mexico’s largest engineering, procurement, and construction company, and Aéroports de Paris Management, subsidiary of Aéroports de Paris, the fourth largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, please visit us at:

• Website:   http://www.oma.aero
• Twitter:  http://twitter.com/OMAeropuertos
• Facebook:   http://www.facebook.com/OMAeropuertos

CONTACT: 
Chief Financial Officer 
Vicsaly Torres Ruiz 
+52 (81) 8625 4300 
[email protected] 

Investor Relations 
In Mexico 
Luis Emmanuel Camacho Thierry 
+52 (81) 8625 4308 
[email protected] 

Manuel Higinio de Leon Diaz 
+52 (81) 8625 4334 
[email protected]

In the United States: 
Daniel Wilson / Zemi Communications 
+1 (212) 689 9560 
[email protected] 

Media Relations: 
Paola Fernandez 
+52 (81) 8625 4300 
[email protected]