Business Context and Reporting Period
This Form 6-K filing by Central North Airport Group (OMA) covers the period ending August 31, 2010. OMA operates 13 international airports in central and northern Mexico, including major hubs in Monterrey and tourist destinations like Acapulco and Mazatlán. The filing primarily addresses the indefinite suspension of operations by Grupo Mexicana airlines (Mexicana de Aviación, Click Mexicana, and Mexicana Link) effective August 28, 2010.
Key Financial Metrics and Exposure
The filing provides specific data regarding OMA's financial exposure to the suspended airlines for the period of January through July 2010:
- Revenue Contribution: Mexicana de Aviación contributed 5.9%, Click Mexicana 5.0%, and Mexicana Link 1.6% to OMA's consolidated revenues.
- Accounts Receivable (Airport Services/Rents): Mexicana de Aviación owed Ps. 3.6 million; Click Mexicana owed Ps. 2.8 million; Mexicana Link owed Ps. 1.1 million.
- Unremitted Passenger Charges: The three airlines failed to remit a total of Ps. 123.0 million in passenger charges collected from travelers.
- Liquidity and Debt: The filing text does not provide clear values for OMA's overall cash flow, total debt, or liquidity ratios.
Material Changes and Operational Impact
The suspension of Grupo Mexicana operations represents a material change in OMA's operational environment. In July 2010, these airlines operated 24 routes at OMA airports. Of these, 18 routes were also served by other carriers (e.g., Aeroméxico, VivaAerobus, Interjet). However, six routes were operated exclusively by Mexicana de Aviación, including international flights to Chicago, New York, Los Angeles, and Oakland, as well as domestic routes to Bajío and Puebla. OMA stated it cannot assure when other carriers will fill the capacity on these exclusive routes.
Outlook, Risks, and Contingencies
OMA has not received notification as a creditor in the Mexican bankruptcy proceedings for Mexicana de Aviación. The company faces the risk of unrecovered receivables totaling approximately Ps. 129.5 million (combining airport fees and unremitted passenger charges). Management cautions that forward-looking statements regarding the recovery of these amounts or the restoration of route capacity are subject to significant uncertainty. Passengers holding tickets with the suspended airlines are advised to contact the airlines directly.
Investor Verification Checklist
- Verify the status of the Ps. 123.0 million in unremitted passenger charges and the likelihood of recovery.
- Monitor the timeline for other carriers to assume the six routes previously operated exclusively by Mexicana de Aviación.
- Confirm OMA's official standing as a creditor in the Grupo Mexicana bankruptcy proceedings.
- Review the impact of the 12.5% combined revenue loss (from the three airlines) on Q3 and full-year 2010 earnings guidance.