Business Context and Reporting Period
Company: Central North Airport Group (Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., or OMA)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: August 2009 traffic data, reported September 7, 2009.
Operations: OMA operates 13 international airports in nine states of central and northern Mexico, serving major metropolitan areas like Monterrey and tourist destinations including Acapulco and Mazatlán.
Key Financial and Operational Metrics
Note: This filing reports operational traffic volumes only. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this document.
| Metric (Thousands) | Aug 2008 | Aug 2009 | MoM Change % | Jan-Aug 2008 | Jan-Aug 2009 | YTD Change % |
|---|---|---|---|---|---|---|
| Domestic Passengers | 1,006.5 | 896.0 | (11.0)% | 8,226.3 | 6,641.1 | (19.3)% |
| International Passengers | 174.8 | 132.7 | (24.1)% | 1,717.3 | 1,271.4 | (26.0)% |
| Total Passengers | 1,181.2 | 1,028.7 | (12.9)% | 9,943.5 | 7,912.5 | (20.4)% |
Material Changes vs. Prior Period
- Traffic Decline: Total terminal passenger traffic decreased 12.9% in August 2009 compared to August 2008. The year-to-date decline for January-August was 20.4%.
- Deceleration: The rate of decline in August was slower than any prior month in 2009, driven principally by domestic traffic performance.
- Domestic Drivers: Growth was seen in Culiacán (+15.7%), Durango (+23.2%), and Mazatlán (+2.6%) due to new routes by Mexicana Link and Aeroméxico Connect. However, overall domestic volume was negatively impacted by the suspension of Aviacsa (since July 6) and the exit of carriers Alma, Aladia, and Avolar.
- International Drivers: Significant reductions were caused by route cancellations by Mexicana and Aeroméxico, Aviacsa's suspension, Delta's departure from most OMA airports, and reduced frequencies by Continental.
- Most Affected Airports: Monterrey, Acapulco, and Ciudad Juárez experienced the largest traffic reductions.
Guidance, Outlook, and Risks
Management Commentary: Management noted that the slowing rate of decline in August is a positive signal, primarily attributed to domestic traffic stabilization.
Risks and Contingencies: The filing includes standard forward-looking statement disclaimers. Risks include airline suspensions, carrier departures, route cancellations, and frequency reductions, which are often beyond OMA's control. Actual results may differ materially from projections due to these uncertainties.
Unusual Items: The temporary suspension of Aviacsa and the market exit of several smaller carriers (Alma, Aladia, Avolar) are cited as specific unusual items affecting volume.
Investor Verification Checklist
- Verify the financial impact of the 20.4% year-to-date traffic decline on revenue and EBITDA in the next quarterly or annual report.
- Monitor the operational status of Aviacsa and the potential for its return to service.
- Assess the long-term impact of Delta's departure from OMA airports on international traffic recovery.
- Review the performance of the newly opened routes (Acapulco-Guadalajara, Guadalajara-Mazatlán-San José del Cabo, Zacatecas-Mexico City) in subsequent months.
- Check for updates on the strategic relationship with shareholders ICA and Aéroports de Paris Management regarding capital support or strategic shifts.