Business Context and Reporting Period
This Form 6-K filing by Central North Airport Group (OMA) covers the month of July 2009, specifically reporting operational data for June 2009 and the first half of 2009 (January through June). OMA operates 13 airports in central and northern Mexico, serving major metropolitan areas like Monterrey and tourist destinations including Acapulco and Mazatlán.
Key Financial and Operational Metrics
The filing provides operational traffic data rather than financial statements (revenue, profit, or cash flow). Key metrics for June 2009 and the year-to-date period are as follows:
| Metric (Thousands) | June 2008 | June 2009 | Change % | Jan-June 2008 | Jan-June 2009 | Change % |
|---|---|---|---|---|---|---|
| Domestic Passengers | 1,008.9 | 823.3 | (18.4)% | 6,065.7 | 4,755.6 | (21.6)% |
| International Passengers | 177.6 | 120.3 | (32.3)% | 1,339.5 | 995.0 | (25.7)% |
| Total Passengers | 1,186.5 | 943.6 | (20.5)% | 7,405.2 | 5,750.7 | (22.3)% |
Note: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes Versus Prior Period
- Traffic Decline: Total passenger traffic decreased 20.5% in June 2009 compared to June 2008, with international traffic falling more sharply (32.3%) than domestic traffic (18.4%).
- Year-to-Date Impact: For the first six months of 2009, total traffic dropped 22.3% compared to the same period in 2008.
- Recovery Trend: June 2009 traffic showed significant recovery from May 2009 levels, with total traffic up 25.2%, domestic up 22.9%, and international up 44.4%.
- Airline Disruptions: Domestic declines were driven by the exit of several carriers (Aerocalifornia, Avolar, Aladia, Alma) and route reductions by others (Aviacsa, Grupo Mexicana, VivaAerobus). International declines were attributed to reductions by Grupo Mexicana, Delta, Continental, and others.
Outlook, Risks, and Unusual Items
- A(H1N1) Flu Impact: Management notes the adverse environment for the air transport industry continues to reflect residual effects of the A(H1N1) flu outbreak, which peaked in May.
- Aviacsa Suspension: On July 6, 2009, the Mexican Ministry of Communications and Transportation (SCT) suspended Aviacsa's right to use Mexican airspace due to non-payment of royalties. Aviacsa accounted for 7.0% of OMA's total passenger traffic in the first half of 2009, with 96.7% of those passengers being domestic.
- Operational Continuity: All routes previously served by Aviacsa are also served by other carriers, mitigating immediate total loss of traffic at affected airports (Monterrey, Acapulco, Ciudad Juárez, and Tampico).
- Forward-Looking Statements: The filing includes standard disclaimers that future results may differ materially from expectations due to risks discussed in the Annual Report on Form 20-F.
Key Facts for Investor Verification
- Verify the financial impact of the 22.3% year-to-date traffic decline on OMA's revenue and EBITDA, as this filing contains no financial figures.
- Monitor the resolution of Aviacsa's airspace suspension and its potential long-term effect on domestic traffic volumes at OMA's four affected airports.
- Assess the sustainability of the traffic recovery observed in June 2009 versus May 2009 as the A(H1N1) flu impact wanes.
- Review the Form 20-F for detailed risk factors regarding airline insolvencies and route cancellations affecting OMA's specific airport portfolio.