Business Context and Reporting Period
This Form 6-K filing by Central North Airport Group (OMA) covers the month of January 2009, with the report dated February 9, 2009. OMA operates 13 airports in central and northern Mexico, including major hubs in Monterrey and tourist destinations like Acapulco and Mazatlán. The filing primarily reports on passenger traffic volumes rather than full financial statements.
Key Operational Metrics
The filing provides specific data on terminal passenger traffic (excluding transit passengers) for January 2009 compared to January 2008. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this specific document.
| Category | Jan 2008 (Thousands) | Jan 2009 (Thousands) | Change % |
|---|---|---|---|
| Domestic | 922.9 | 788.0 | (14.6%) |
| International | 251.7 | 212.3 | (15.7%) |
| Total Passengers | 1,174.6 | 1,000.3 | (14.8%) |
Monterrey Airport Performance: As OMA's principal airport, Monterrey served 417,830 passengers in January 2009, a 16.4% decrease year-over-year. Domestic traffic fell 15.0%, while international traffic dropped 24.0%.
Material Changes and Drivers
Total passenger traffic declined significantly across the portfolio, driven by the following factors:
- Airline Exits: The departure of domestic carriers Aerocalifornia, Avolar, Aladia, and Alma in late 2008.
- Route Reductions: Cancellations and frequency reductions by Aviacsa, VivaAerobus, Continental, American, American Eagle, Delta, Alaska, and Frontier.
- Regional Impact: Most airports saw declines, with Monterrey, Ciudad Juárez, Culiacán, Mazatlán, and Durango being the most affected domestically. Internationally, Monterrey, Acapulco, Zihuatanejo, Torreón, San Luis Potosí, and Culiacán were heavily impacted.
- Exceptions: Zihuatanejo was the only airport to record an increase in domestic traffic (11.7%).
Subsequent Events and Outlook
New Airline Launch: On February 4, 2009, the Ministry of Communications and Transportation granted a concession to Grupo Mexicana to launch "Mexicana Inter S.A. de C.V." This new carrier will operate 13 Bombardier CRJ-200 regional jets (50 seats each) with an initial investment of US$7 million. It is designed to serve as a feeder for Mexicana and Click Mexicana, operating at four OMA airports: Monterrey, Chihuahua, Ciudad Juárez, and Torreón.
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. No specific financial guidance or revenue projections were provided in this text.
Investor Verification Checklist
- Verify the correlation between the 14.8% drop in passenger traffic and the impact on Q1 2009 revenue and operating margins in the next quarterly report.
- Monitor the operational launch timeline and route performance of the new "Mexicana Inter" airline to assess potential traffic recovery.
- Review the Form 20-F for detailed risk factors regarding airline bankruptcies and route cancellations.
- Confirm if the traffic decline at Monterrey (the primary revenue driver) disproportionately affects overall group profitability compared to smaller regional airports.