UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2023
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B.
DE C.V.
(CENTRAL NORTH AIRPORT GROUP)
(Translation of Registrant’s Name Into
English)
México
(Jurisdiction of incorporation or organization)
Torre Latitud, L501, Piso 5
Av. Lázaro Cárdenas 2225
Col. Valle Oriente, San Pedro Garza García
Nuevo León, México
(Address of principal executive offices)
(Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.)
(Indicate by check mark whether the registrant
by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.)
(If “Yes” is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
OMA
Announces Third Quarter 2023
Operating
and Financial Results
Mexico
City, Mexico, October 27, 2023— 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 2023 (3Q23).
3Q23
Summary
| ● | Passenger
traffic increased 18.6% during 3Q23, as compared to 3Q22, reaching 7.4 million passengers.
The airports with the highest traffic growth compared to
3Q22 were Monterrey, Culiacán, Ciudad Juárez, Acapulco and Torreón.
|
| ● | Adjusted
EBITDA increased 32.7% to Ps.2,532 million, which compares
to Ps.1,907 million in 3Q22. |
| ● | Capital
investments and major maintenance works included in
the Master Development Plans (MDPs) plus strategic investments were
Ps.964 million in the quarter. |
OMA
will hold its 3Q23 earnings conference call on October 30, 2023 at 12:00 p.m. Eastern time, 10:00 a.m. Mexico City time.
Call
+1-877-407-9208 toll-free from the U.S. or +1-201-493-6784 from outside the U.S. The conference ID is 13741571. The conference call will
also be available by webcast at http://ir.oma.aero/en/calendario-de-eventos.
3Q23
Operating Results
Operations,
Passengers, and Cargo
The
number of seats offered increased 15.5% compared to 3Q22.
During
the quarter, 37 domestic routes started operations.
*Routes
that started operations and were suspended during the quarter.
Total
passenger traffic reached 7.4 million passengers, an increase of 18.6% as compared to 3Q22. During the quarter, of total traffic,
88.8% was domestic and 11.2% was international.
Domestic
passenger traffic increased 18.1%, compared to 3Q22, while international traffic increased 22.8%.
The
airports with the largest passenger traffic growth in volume terms as compared to 3Q22, were:
| ● | Monterrey
(+23.9%), on its Toluca, Querétaro, Cancún, Santa Lucía (AIFA),
Ciudad de México and Houston routes. |
| ● | Culiacán
(+16.8%), on its Los Cabos, Tijuana and Monterrey routes. |
| ● | Ciudad
Juárez (+12.9%), on its Monterrey, Guadalajara and Santa Lucía (AIFA) routes. |
| ● | Acapulco
(+30.4%), on its Santa Lucía (AIFA), Guadalajara, Mexico City and Tijuana routes. |
| ● | Torreón
(+28.9%), on its Mexico City, Guadalajara, Tijuana and Los Cabos routes. |
Commercial
Operations
The
commercial space occupancy rate in the passenger terminals was 94.7% as of September 30, 2023.
Freight
Logistics Services
| ● | OMA
Carga’s revenues decreased by 3.0%, compared to 3Q22 due to a decrease in revenues
from storage and custody services related to ground import cargo. Total tonnage handled was
10,041 metric tons, 1.9% higher than 3Q22. |
Hotel
Services
| ● | The
NH Collection Terminal 2 Hotel had an 86.3% occupancy rate, compared to 78.5% in 3Q22,
with a 2.5% decrease in the average room rate to Ps.2,387 per night. |
| ● | Hilton
Garden Inn had a 73.3% occupancy rate, compared to 76.6% in 3Q22, with a 17.6% increase
in the average room rate to Ps.2,535 per night. |
Industrial
Services
| ● | OMA
VYNMSA Aero Industrial Park: Revenues reached Ps.20.5 million, an increase of 13.0% versus
3Q22. The increase is explained by a higher number of square meters leased as compared to
3Q22. |
Consolidated
Financial Results
Revenues
Aeronautical
revenues increased 31.0% mainly due to an increase in passenger traffic, compared to 3Q22, as well as increases in aeronautical tariffs
during the first quarter of the current year.
Non-aeronautical
revenues increased 17.6%.
Commercial
revenues increased 23.6%. The line items with the largest increases were:
| ● | Restaurants
and Car Rentals, +40.1% and +28.1%, respectively, as a result of an increase in revenue
share and the consolidation of initiatives implemented in past quarters. |
| ● | Parking,
+16.4%, as a result of an increase in passenger traffic and higher penetration in the
Ciudad Juárez, Chihuahua, Culiacán, Monterrey, Mazatlán, Reynosa and
Torreón airports, as well as an increase in tariffs. |
| ● | VIP
Lounges, +31.5%, as a result of an increase in passenger traffic and the start of operations
of the OMA Premium Lounges in Tampico, Ciudad Juárez and Reynosa, which started operations
after 3Q22. |
Diversification
revenues increased 8.3%, mainly due to higher revenues from Hotel Services.
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.
Costs
and Operating Expenses
The
sum of cost of airport services and general and administrative expenses (G&A) increased 2.8%, mainly due to higher minor maintenance,
contracted services and basic services costs, partially offset by lower payroll costs.
The
major maintenance provision was Ps.94.8 million. The outstanding balance of the maintenance provision as of September 30, 2023
was Ps.2,159 million.
The
airport concession tax was Ps.151 million and the technical assistance fee was Ps.66.9 million.
Total
operating costs and expenses increased 14.4%.
Operating
Income and Adjusted EBITDA
Operating
Income was Ps.2,272 million, with an operating margin of 58.2%.
Adjusted
EBITDA was Ps.2,532 million, with a margin of 79.4%.
Financing
Income and Net Income
Financing
Expense was Ps.272 million, compared to Ps.219 million during 3Q22. The increase was mainly due to a higher interest expense as a
result of a higher level of indebtedness and an increase in financing costs.
Consolidated
net income in the quarter was Ps.1,414 million, an increase of 28.4%.
Earnings
per share, based on net income of the controlling interest was Ps.3.65, and earnings per ADS was US$1.66. Each ADS represents eight
Series B shares.
MDP
and Strategic Investments
In
3Q23, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.964 million, comprised of Ps.719
million in improvements to concessioned assets, Ps.105 million in major maintenance, Ps.139 million in strategic investments and Ps.1
million in other concepts.
The
most important investment expenditures included:
Indebtedness
Derivatives
As
of the date of this report, OMA has no financial derivatives exposure.
Cash
Flow Statement
During
3Q23, cash flows from operating activities generated cash of Ps.1,498 million.
Investing
activities used cash for Ps.505 million in the third quarter. Financing activities reflect mainly the second tranche of the
ordinary dividend payment of Ps.500 million, resulting in a net cash outflow of Ps.798 million.
The
net increase in cash resulting from operating, investing and financing activities in 3Q23 was Ps.195 million. This, combined with the
positive effect of changes in the value of cash of Ps.19.1 million, resulted in a Cash and Cash Equivalents balance as of September 30,
2023 of Ps.2,220 million.
Relevant
Events
OMA
Announces Appointment of a Provisional Board Member. On October 26, the Board of Directors approved,
among other matters, to accept the resignation submitted by José Alejandro Ortega Aguayo and Ricardo Maldonado Yáñez
as Board Members of the Company. Additionally, the Board of Directors approved the appointment of Katia Eschenbach as Provisional Independent
Board Member, until her appointment is submitted for approval at the next General Ordinary Shareholders' Meeting. The biography of Katia
Eschenbach can be found in the following link: https://ir.oma.aero/en/board-of-directors/
Notes
to the Financial Information
Financial
statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), and presented in accordance
with IAS 34 “Interim Financial Reporting.” For more information, please refer to our Quarterly Financial Information submitted
to the Mexican Stock Exchange (www.bmv.com.mx)
Unless
stated otherwise, all comparisons of operating or financial results are made with respect to the comparable period of 2022. The exchange
rates used to convert foreign currency amounts were Ps.20.1927 as of September 30, 2022, Ps.19.4715 as of December 31, 2022 and Ps.17.6195
as of September 30, 2023.
Construction
revenue, construction cost: IFRIC 12 “Service Concession Arrangements” addresses how service concession operators should
account for the obligations they undertake and rights they receive in service concession arrangements. The concession contracts for each
of OMA’s airport subsidiaries establishes that the concessionaire is obligated to carry out improvements to the infrastructure
transferred in exchange for the rights over the concession granted by the Federal Government. The latter will receive all the assets
at the end of the concession period. As a result, the concessionaire should recognize, using the percentage of completion method, the
revenues and costs associated with the improvements to the concessioned assets. The amount of the revenues and costs so recognized should
be the price that the concessionaire pays or would pay in an arm’s length transaction for the execution of the works or the purchase
of machinery and equipment, with no profit recognized for the construction or improvement. The application of IFRIC 12 does not affect
operating income, net income, or EBITDA, but does affect calculations of margins based on total revenues.
Capital
investments: includes investments in fixed assets (including investments in land, machinery, and equipment) and improvements to concessioned
properties under the Master Development Plan (MDP) plus strategic investments.
Strategic
Investments: Refers only to those capital investments additional to the Master Development Program.
Passengers
and Terminal passengers: All references to passenger traffic volumes are to Terminal passengers, which includes passengers on the
three types of aviation (commercial, charter, and general aviation), and excludes passengers in transit. The definition of terminal passengers
of OMA may differ from the definition utilized by its shareholder VINCI Airports.
Adjusted
EBITDA and Adjusted EBITDA margin: OMA defines Adjusted EBITDA as EBITDA less construction revenue plus construction expense and
maintenance provision. We calculate the Adjusted EBITDA margin as Adjusted EBITDA divided by the sum of aeronautical revenue and non-aeronautical
revenue. Construction revenue and construction cost do not affect cash flow generation and the maintenance provision corresponds to capital
investments. OMA defines EBITDA as net income minus net comprehensive financing income, taxes, and depreciation and amortization. Neither
Adjusted EBITDA nor EBITDA should be considered as an alternative to net income as an indicator of our operating performance, or as an
alternative to cash flow as an indicator of liquidity. It should be noted that neither Adjusted EBITDA nor EBITDA is defined under IFRS,
and may be calculated differently by different companies.
Analyst
Coverage
In
accordance with the requirements of the Mexican Stock Exchange, the analysts covering OMA are:
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 information and expectations and projections about future events. Forward-looking
statements may be identified by the words “believe,” “expect,” “anticipate,” “target,”
“estimate,” 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 update publicly 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 third largest metropolitan area, the tourist destinations of Acapulco, Mazatlán,
and Zihuatanejo, and nine other regional centers and border cities. OMA also operates the NH Collection Hotel inside Terminal 2 of the
Mexico City airport and the Hilton Garden Inn at the Monterrey airport. OMA employs over 1,200 persons in order to offer passengers and
clients airport and commercial services in facilities. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select
Market (OMAB). For more information, visit:
| ● | Webpage
http://ir.oma.aero |
| ● | Twitter
http://twitter.com/OMAeropuertos |
| ● | Facebook
https://www.facebook.com/OMAeropuertos |
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
Grupo Aeroportuario
del Centro Norte, S.A.B. de C.V. |
|
|
|
|
By: |
/s/
Ruffo Pérez Pliego |
|
|
|
Ruffo Pérez Pliego |
|
|
Chief Financial Officer |
Dated October 27, 2023
Grupo Aeroportuario del ... (PK) (USOTC:GAERF)
Historical Stock Chart
From May 2024 to Jun 2024
Grupo Aeroportuario del ... (PK) (USOTC:GAERF)
Historical Stock Chart
From Jun 2023 to Jun 2024