Business Context and Reporting Period
Company: Central North Airport Group (Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.), trading as OMA (NASDAQ: OMAB).
Reporting Period: November 2010 (with year-to-date data through November 2010).
Filing Date: December 10, 2010.
Business Overview: OMA operates 13 international airports in nine states of central and northern Mexico, serving major metropolitan areas like Monterrey and tourist destinations including Acapulco, Mazatlán, and Zihuatanejo. The company also operates a hotel at Mexico City's Terminal 2.
Key Operational Metrics
Note: This filing reports operational traffic data. It does not contain financial statements regarding revenue, profit, cash flow, margins, debt, or liquidity.
| Metric | Nov 2009 | Nov 2010 | Change % | Jan-Nov 2009 | Jan-Nov 2010 | Change % |
|---|---|---|---|---|---|---|
| Total Passengers | 923,834 | 915,315 | (0.9)% | 10,559,001 | 10,610,804 | 0.5% |
| Domestic Passengers | 778,561 | 762,281 | (2.1)% | 8,922,940 | 8,866,912 | (0.6)% |
| International Passengers | 145,273 | 153,034 | 5.3% | 1,636,061 | 1,743,892 | 6.6% |
| Flight Operations | N/A | N/A | (4.4)% | N/A | N/A | N/A |
| Domestic Flights | N/A | N/A | (5.9)% | N/A | N/A | N/A |
| International Flights | N/A | N/A | 7.3% | N/A | N/A | N/A |
Traffic Composition (Nov 2010): 96.7% Commercial Aviation; 3.3% General Aviation.
Material Changes and Drivers
- Domestic Traffic Decline: Driven primarily by the suspension of operations by Grupo Mexicana airlines since August 28, 2010. This negatively impacted airports in Acapulco, Culiacán, Torreón, and Reynosa.
- Domestic Growth Areas: Increases were recorded at Monterrey (routes to Mexico City, Cancún, and new Aeromar route to Piedras Negras), Chihuahua, Ciudad Juárez, and Zihuatanejo.
- International Traffic Growth: Significant increases occurred at Monterrey (Houston, Atlanta), San Luis Potosí (Dallas, Houston), and Mazatlán (charter flights from Phoenix, Calgary).
- International Declines: Zacatecas and Acapulco saw decreases due to the suspension of Mexicana de Aviación and Click Mexicana operations, respectively.
Outlook, Risks, and Management Commentary
Forward-Looking Statements: The filing contains standard disclaimers regarding forward-looking statements, noting that actual results may differ due to risks and uncertainties.
Risk Factors: The company references risks detailed in its most recent Form 20-F annual report. Specific operational risks highlighted in this text include the volatility caused by airline suspensions (e.g., Grupo Mexicana).
Management Commentary: Management attributes specific traffic shifts to route changes, new airline entries (Aeromar), and the cessation of major carrier operations.
Investor Verification Checklist
- Financial Impact: Verify the financial impact of the 0.9% passenger decline and the suspension of Grupo Mexicana on revenue and EBITDA in the upcoming quarterly or annual reports (Form 20-F).
- Airline Partnerships: Confirm the status of new routes (e.g., Aeromar to Piedras Negras) and whether they offset the loss of Grupo Mexicana capacity.
- Charter Volatility: Assess the sustainability of the 7.3% increase in international flights, which was driven significantly by charter operations at Mazatlán.
- Debt and Liquidity: Review the latest Form 20-F for debt levels and liquidity positions, as this 6-K filing does not provide financial statement data.