UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2021

GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.

(CENTRAL NORTH AIRPORT GROUP)

_________________________________________________________________

(Translation of Registrant’s Name Into English)

México

_________________________________________________________________

(Jurisdiction of incorporation or organization)

Torre Latitud, L501, Piso 5

Av. Lázaro Cárdenas 2225

Col. Valle Oriente, San Pedro Garza García

Nuevo León, México

_________________________________________________________________

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             .)

OMA Announces Fourth Quarter 2020 

Operating and Financial Results

Mexico City, Mexico, February 15, 2021— Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ: OMAB; BMV: OMA), today reported its unaudited, consolidated financial and operating results for the fourth quarter 2020.

Full year 2020 Summary

4Q20 Summary

4Q20 Operating Results

Operations, Passengers, and Cargo

During the quarter, there were no new route openings or definitive cancellations. The number of seats offered decreased 36.4% compared to the same quarter of the previous year, due mainly to the number of routes suspended by the airlines.

Total passenger traffic decreased 44.5%. Of total traffic, 91.0% was domestic and 9.0% was international.

Domestic passenger traffic decreased 42.7% and international passenger traffic decreased 57.5%, which reflects restrictions on air travel in the international market.

The airports with the largest contribution to passenger traffic decline were:

However, the Mazatlán, Culiacán, Reynosa, San Luis Potosí and Zacatecas airports showed a better performance in percentage terms than the rest of the airports compared to 4Q19.

Commercial Operations

The commercial space occupancy rate in the passenger terminals was 89.9% as of December 31, 2020. During the quarter, a total of 53 m² in commercial spaces were vacated.

Hotel Services

Freight Logistics Services

Industrial Services

Consolidated Financial Results

Revenues

Aeronautical revenues decreased 36.3%.

Non-aeronautical revenues decreased 35.1%.

Commercial revenues decreased 37.7%. The line items with the largest variations were:

Diversification revenues decreased 33.3%, mainly due to lower revenues from hotel services.

Construction revenues represent the value of improvements to concessioned assets. They are equal to construction costs and generate neither a gain nor a loss. Construction revenues and costs are determined based on the advance in the execution of projects in accordance with the airports’ Master Development Programs (MDP), and variations depend on the rate of project execution.

Costs and Operating Expenses

The sum of cost of airport services and general and administrative expenses (G&A) decreased 17.7%, mainly due to lower payroll expenses as a result of the reduction of headcount applied during 3Q20, as well as to a decrease in electricity and subcontracted services expenses, as a result of the cost reduction initiatives implemented by the company during 2020.

The major maintenance provision was Ps.208 million, which reflects an update to such provision as a result of the approval of the Master Development Program for the period 2021-2025. The outstanding balance of the maintenance provision as of December 31, 2020 was Ps. 1,318 million.

The airport concession tax decreased 40.4% as a result of the decrease in revenues; technical assistance fee decreased 49.6%.

As a result of the foregoing, total operating costs and expenses decreased 0.7%.

Operating Income and Adjusted EBITDA

Operating Income was Ps.532 million, with an operating margin of 32.8%.

Adjusted EBITDA was Ps.853 million, with an Adjusted EBITDA margin of 69.6%.

Financing Income, Taxes, and Net Income

Financing Expense was Ps.270 million, mainly due to foreign exchange loss and interest expense recorded in the quarter.

Taxes were Ps.23 million, and the effective tax rate was 8.9%, mainly due to the impact in deferred taxes resulting from the update to the major maintenance provision.

Consolidated net income in the quarter was Ps.239 million.

Earnings per share, based on net income of the controlling interest, was Ps.0.61; earnings per ADS was US$0.25. Each ADS represents eight Series B shares.

MDP and Strategic Investments

In 4Q20, capital investments and major maintenance works in the MDPs and strategic investments totaled Ps.472 million, comprised of Ps.396 million in improvements to concessioned assets, Ps.46 million in major maintenance, and Ps.30 million in strategic investments.

The most important investment expenditures included:

Debt

Derivatives

As of the date of this report, OMA has no financial derivatives exposure.

Cash Flow Statement

In 4Q20, cash flows from operating activities generated cash of Ps.602 million, compared to a cash generation of Ps.954 million in the same period of 2019. The decrease in cash generation was mainly due to the lower income before taxes.

Investing activities used cash of Ps.366 million in the fourth quarter. Outflows are mainly related to construction works executed during 3Q20. Financing activities generated an outflow of Ps.104 million, mainly due to interest paid of Ps.80 million.

The net increase in cash resulting from operating, investing and financing activities was Ps. 132 million. However, due to the effect of the appreciation of the Mexican peso against the U.S. dollar in the quarter, which resulted in an impact of Ps.195 million, the Cash and Cash Equivalents balance at December 31, 2020 was Ps.2,959 million.

COVID-19 Update

During 4Q20, passenger traffic had a gradual recovery compared to 2Q20 and 3Q20, line with the reactivation level of economic activities allowed during the quarter, according to the epidemiological risk traffic light system established by the Mexican Federal Government, as well as the different international restrictions established during 4Q20. Economic activities and domestic travel, mainly to regional and tourist destinations continued to gradually reactivate during the quarter. Total passenger traffic reached 3.3 million during 4Q20, an increase of 43% versus 3Q20. As of December 31, 2020, OMA had 140 origin-destination routes in operation, compared to 117 origin-destination routes in operation as of September 30, 2020 and 183 as of December 31, 2019.

The uncertainty generated from a second wave of worldwide contagions from COVID-19 and the return to red (maximum risk) by the end of 2020 and early 2021 in several states of the country, including Nuevo León and Mexico City, resulted in a deceleration in passenger traffic recovery. Beginning in February, the level of contagions has begun to recede, and the epidemiological risk light system has been adjusted downwards. As of the date of this report, 1 state in which OMA operates remained in red, 4 states are in orange and 4 in yellow.

Additionally, as a result of the measures implemented by the United States with respect to the mandatory application of COVID-19 tests for all inbound flights, OMA has installed COVID-19 testing modules in 11 of our airports with international flight operations.

OMA expects passenger traffic to resume its recovery path in the following months, as contagion levels decrease and epidemiological risk traffic light in the states where we operate allow for increased mobility and economic activity.

It is important to mention that our airports continue to apply and communicate the health measures that have been implemented and we work in coordination with the health and aeronautical authorities of the country, in order to look after the health of passengers, our personnel and service providers, and in that way, support the recovery of passenger confidence.

Relevant Events in the Quarter

Approval of Master Development Program (MDP) for the 2021-2025 period. On November 30, 2020, OMA announced that it received approval from the Ministry of Communications and Transportation (SCT), through the Federal Civil Aviation Agency (AFAC), of the Master Development Program for each of its thirteen airports, corresponding to the 2021-2025 period. The committed investment amounts were Ps.11,980 million, expressed in pesos of December 31, 2019.

(Terminal Passengers - Excludes Transit Passengers)

(Thousands of Pesos)