Central North Airport Group Files 20-F Annual Report

TL;DR

<b>Central North Airport Group has submitted its 20-F annual report for the fiscal year 2023.</b>

AI Summary

Central North Airport Group (GAERF) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. Central North Airport Group filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's business address is Aeropuerto Internacional de Monterrey, Carretera Miguel Alemán, Km. 24 S/N, Apodaca, Nuevo León, 66600. The filing is made under the Securities Exchange Act of 1934. The company's IRS number is 000000000.

Why It Matters

For investors and stakeholders tracking Central North Airport Group, this filing contains several important signals. This 20-F filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023, crucial for investors to assess its current standing. The detailed information within the filing, including business operations and financial data, is essential for understanding the company's strategic direction and potential risks.

Risk Assessment

Risk Level: low — Central North Airport Group shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or material adverse events.

Analyst Insight

Review the detailed financial statements and operational highlights within the 20-F filing to understand Central North Airport Group's performance and outlook for the upcoming year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-29 — Filing Date (Date the 20-F was filed)
• 1934 Act — SEC Act (The act under which the filing is made)
• 001-33168 — SEC File Number (SEC file number for the company)

Key Players & Entities

• Central North Airport Group (company) — Filer of the 20-F report
• 0001378239 (company) — Central Index Key for Central North Airport Group
• Aeropuerto Internacional de Monterrey (company) — Business and mailing address location
• Apodaca, Nuevo León (company) — City and State of business address
• 66600 (company) — ZIP code of business address
• Securities Exchange Act of 1934 (regulator) — Act under which the 20-F is filed
• 001-33168 (company) — SEC File Number
• 20231231 (date) — Conformed period of report

FAQ

Industry Context

The company operates in the airport services industry, providing infrastructure and related services.

Regulatory Implications

The filing is made in accordance with the requirements of the Securities Exchange Act of 1934 for foreign private issuers.

What Investors Should Do

1. Analyze the financial statements and disclosures in the 20-F for the fiscal year ended December 31, 2023.
2. Identify any new business developments or strategic initiatives mentioned in the report.
3. Assess the company's operational performance and any disclosed risks or uncertainties.

Key Dates

• 2024-04-29: Filing Date — Submission of the 20-F annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — The period covered by the annual report.

Year-Over-Year Comparison

This is the 20-F filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $1.00 — proximately 5.0%, from Ps.20.51 per U.S.$1.00 on December 31, 2021 to Ps.19.50 per U.

Filing Documents

• omab-20231231x20f.htm (20-F) — 9223KB
• omab-20231231xex2db.htm (EX-2.B) — 5KB
• omab-20231231xex2dd.htm (EX-2.D) — 81KB
• omab-20231231xex4d9.htm (EX-4.9) — 211KB
• omab-20231231xex12d1.htm (EX-12.1) — 11KB
• omab-20231231xex12d2.htm (EX-12.2) — 11KB
• omab-20231231xex13d1.htm (EX-13.1) — 7KB
• omab-20231231xex97.htm (EX-97) — 64KB
• omab-20231231xex4d9001.jpg (GRAPHIC) — 9KB
• omab-20231231xex4d9002.jpg (GRAPHIC) — 4KB
• omab-20231231xex4d9003.jpg (GRAPHIC) — 7KB
• omab-20231231xex4d9004.jpg (GRAPHIC) — 3KB
• omab-20231231xex4d9005.jpg (GRAPHIC) — 6KB
• omab-20231231xex4d9006.jpg (GRAPHIC) — 3KB
• omab-20231231xex4d9007.jpg (GRAPHIC) — 4KB
• omab-20231231xex4d9008.jpg (GRAPHIC) — 4KB
• omab-20231231xex4d9009.jpg (GRAPHIC) — 1KB
• omab-20231231xex4d9010.jpg (GRAPHIC) — 4KB
• 0001558370-24-006069.txt (&nbsp;) — 29418KB
• omab-20231231.xsd (EX-101.SCH) — 159KB
• omab-20231231_cal.xml (EX-101.CAL) — 102KB
• omab-20231231_def.xml (EX-101.DEF) — 455KB
• omab-20231231_lab.xml (EX-101.LAB) — 941KB
• omab-20231231_pre.xml (EX-101.PRE) — 724KB
• omab-20231231x20f_htm.xml (XML) — 7284KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes No Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act ( 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). Table of Contents TABLE OF CONTENTS Page ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1

Forward-Looking Statements

Forward-Looking Statements 34 ITEM 4. INFORMATION ON THE COMPANY 35 History And Development Of The Company 35 Business Overview 41 Regulatory Framework 73 Organizational Structure 94 Property, Plant And Equipment 96 ITEM 4A. UNRESOLVED STAFF COMMENTS 96 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 96 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 136 ITEM 7. MAJOR SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS 150 Major Shareholders 150 Related-Party Transactions 153 ITEM 8. FINANCIAL INFORMATION 154

Legal Proceedings

Legal Proceedings 154 Dividends And Capital Stock Reimbursements 159 ITEM 9. THE OFFER AND LISTING 160 Share Price History 160 Trading On The Mexican Stock Exchange 160 ITEM 10. ADDITIONAL INFORMATION BYLAWS 161 Material Contracts 177 Exchange Controls 177 Taxation 177 Documents On Display 182 Table of Contents ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 183 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 183 ITEM 12A. DEBT SECURITIES 183 ITEM 12B. WARRANTS AND RIGHTS 183 ITEM 12C. OTHER SECURITIES 183 ITEM 12D. AMERICAN DEPOSITARY SHARES 183 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 185 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 185 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 185 ITEM 16. [RESERVED] 188 ITEM 16A . AUDIT COMMITTEE'S FINANCIAL EXPERT 188 ITEM 16B. CODE OF ETHICS 188 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES AUDIT AND NON-AUDIT FEES 188 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 189 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 189 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 189 ITEM 16G. CORPORATE GOVERNANCE 189 ITEM 16H. MINE SAFETY DISCLOSURES 193 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 193 ITEM 16J. INSIDER TRADING POLICIES 193 ITEM 16K. CYBERSECURITY 193 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 195 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 195 ITEM 19. EXHIBITS 195 Table of Contents PART I

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information

RISK FACTORS

RISK FACTORS Risks Related to the Regulation of Our Business The Company provides a public service regulated by the Mexican government, and the flexibility in managing aeronautical activities is limited by the regulatory environment in which the Company operates. The Company's aeronautical fees charged to airlines and passengers are regulated, like most airports in other countries. In 2021, 2022 and 2023, approximately 60.5%, 59.1% and 61.8%, respectively, of the Company's total revenues, and approximately 76.1%, 76.0%, and 77.3%, respectively, of the sum of its aeronautical and non- aeronautical revenues were earned from aeronautical services, which are subject to price regulation under the Company's maximum rates. These regulations may limit the Company's flexibility in operating its aeronautical activities, which could have a material adverse effect on its business, results of operations, prospects and financial condition. In addition, several of the regulations applicable to the Company's operations that affect its profitability are authorized (as in the case of the Master Development Programs) or established (as in the case of maximum rates) by the Ministry of I nfrastructure, Communications and Transportation for five-year terms. The Company generally does not have the ability to unilaterally change its obligations (such as the investment obligations under its Master Development Programs or the obligation under its concessions to provide a public service) or increase our maximum rates applicable under those regulations should the passenger traffic or other assumptions on which the regulations were based change during the applicable term. In addition, this price regulation system may be amended in the future in a manner that would cause additional sources of the Company's revenues to be regulated. The Company's results of operations may be adversely affected by required efficiency adjustments to its maximum rates. The Company's maximum rates in Mexico

View Full Filing

View this 20-F filing on SEC EDGAR