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OMA Announces Third Quarter 2012 Earnings

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MONTERREY, Mexico, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq: OMAB) (BMV:OMA), reported its unaudited results for the third quarter of 2012 today.

OMA recorded solid results in the third quarter of 2012, with significant growth from the three lines of business: aeronautical operations, commercial activities, and diversification projects. Adjusted EBITDA increased 25.4%, and Consolidated Net Income rose 56.9%.

The 9.1% increase in passenger traffic drove a 17% increase in aeronautical revenues and an 18% increase in non-aeronautical revenues. The Adjusted EBITDA margin increased 360 bp to reach 56.0%.

 
(Million passengers and million pesos) 3Q11 3Q12 % Var 9M11 9M12 % Var
Terminal passengers   3.2  3.4  9.1  8.8  9.4  7.0
Aeronautical revenues  497  583  17.4  1,343  1,586  18.1
Non-aeronautical revenues  149  176  17.7  425  491  15.6
Aeronautical revenues + Non-Aeronautical revenues  646  759  17.5  1,768  2,077  17.5
Construction revenues  40  39  (2.3)  248  147  (40.8)
Total revenues   686  798  16.3  2,016  2,224  10.3
Adjusted EBITDA  339  425  25.4  908  1,129  24.3
Adjusted EBITDA margin (Adjusted EBITDA/Aeronautical revenues + Non-aeronautical revenues, %) 52.4% 56.0%   51.4% 54.3%  
Income from operations (Ps. million)  257  338  31.4  662  868  31.0
Consolidated net income (Ps. million)  139  218  56.9  385  563  46.2
Net income of majority interest (Ps. million)  139  218  56.7  385  562  46.0
EPS* (Ps.)  0.35  0.55    0.96  1.41  
EPADS* (US$)  0.22  0.34    0.60  0.87  
Capital Expenditures (Ps. million)  114  130  14.0  503  433  (13.9)
*Based on weighted average shares outstanding

The principal developments of the quarter included:

  • Passenger traffic increased 9.1% to 3.4 million in 3Q12; domestic traffic increased 9.3%, and international traffic increased 7.8%.  Nine of our airline clients had traffic growth in the quarter.
  • Aeronautical revenues increased 17.4%, principally as a result of the growth in passenger traffic.
  • Non-aeronautical revenues increased 17.7%. Commercial initiatives included new stores and passenger services in all 13 airports and the expansion of commercial areas. Diversification projects included an 8.9% increase in revenues of the NH Terminal 2 hotel in the Mexico City Airport and the leasing of space for the first phase of the Monterrey Airport Cargo City.
  • The sum of aeronautical and non-aeronautical revenues per passenger increased 7.7% to Ps. 220.3.
  • Two new domestic routes and two new international routes opened, as a result of route development efforts.
  • Sixty new retail, advertising, restaurant, passenger service, car rental, ATMs, telecommunications, and time share marketing locales opened in the 13 airports, as part of our commercial strategy.
  • Adjusted EBITDA increased 25.4% to Ps. 425 million in 3Q12. The Adjusted EBITDA margin reached 56.0%, an increase of 360 basis points, reflecting OMA's efforts to increase cash flow generation.
  • Consolidated net income increased 56.9% to Ps. 218 million. Earnings per share were Ps. 0.55, or US$0.34 per American Depositary Share (ADS).
  • Capital expenditures were Ps. 130 million.

Revised 2012 Outlook

Based on the first nine months 2012 results, which have exceeded expectations, OMA is revising its full year outlook. 

OMA estimates that passenger traffic growth in 2012 will be between 6.0% and 7.5%, as a result of the recovery of the air transport industry. The sum of aeronautical and non-aeronautical revenues is expected to increase between 11% and 14%. The Adjusted EBITDA margin is expected to be in the range of 52.0% to 54.0%. Capital expenditures under the Master Development Plan will be in the range of Ps. 600 to 700 million.  This amount is expected to be financed by additional bank debt of approximately Ps. 150 to 300 million in 4Q12. OMA expects that its debt coverage ratio (Net Debt/Adjusted EBITDA) will be in the range of 0.7 to 1.0 for the full year.

OMA is providing this outlook based on internal estimates. A number of factors could have a significant effect on the estimates of passenger traffic, revenue growth, Adjusted EBITDA, and Capex. 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, among others. OMA can provide no assurance that the Company will achieve these results.

The complete earnings report is available at http://ir.oma.aero

OMA (Nasdaq: OMAB) (BMV:OMA) will hold a conference call on October 25, 2012 at 11:00 am Eastern time, 10:00 am Mexico City time.

The conference call is accessible by calling 1-888-846-5003 toll-free from the U.S. or 1-480-629-9856 from outside the U.S. The conference ID is 4569674. A taped replay will be available through November 1, 2012 at 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 press release contains 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 third 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. 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 second 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:

CONTACT: Jose Luis Guerrero Cortes OMA, CFO +52.81.8625.4300 ext.308 jlguerrero@oma.aero Daniel Wilson Zemi Communications +1.212.689.9560 ext. 264 dbmwilson@zemi.com
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