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UNITED STATES SECURITIES and EXCHANGE COMMISSION Grupo Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2015 Commission File Number: 1-33168 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (Exact name of registrant as specified in its charter) Central North Airport Group United Mexican States (Translation of registrant’s name into English) (Jurisdiction of incorporation or organization) Torre Latitud, L501, Piso 5 Av. Lázaro Cárdenas 2225 Col. Valle Oriente, San Pedro Garza García Nuevo León, Mexico (Address of principal executive offices) Vicsaly Torres Ruiz Torre Latitud, L501, Piso 5 Av. Lázaro Cárdenas 2225 Col. Valle Oriente, San Pedro Garza García Nuevo León, Mexico + 52 81 8625 4300 [email protected] (Name, Telephone, E-mail and/or facsimile number and address of Company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered American Depositary Shares (ADSs) each representing 8 Series B shares The NASDAQ Stock Market LLC Series B shares The NASDAQ Stock Market LLC* * Not for trading, but only in connection with the registration of ADSs, pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: N/A Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: Title of each class: Number of Shares Series B shares 350,234,000 Series BB shares 49,766,000 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ; No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934. Yes No ; Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ; No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No ; Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer ; Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP IFRS ; Other Indicate by check mark which financial statement item the registrant has elected to follow: 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 ; 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 Selected Financial Data 1 Exchange Rates 7 Risk Factors 8 Forward-Looking Statements 24 ITEM 4. INFORMATION ON THE COMPANY 25 History And Development Of The Company 25 Business Overview 29 Regulatory Framework 53 Organizational Structure 67 Property, Plant And Equipment 69 ITEM 4A. UNRESOLVED STAFF COMMENTS 69 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 69 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 101 ITEM 7. MAJOR SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS 108 Major Shareholders 108 Related-Party Transactions 110 ITEM 8. FINANCIAL INFORMATION 111 Legal Proceedings 112 Dividends And Capital Stock Reimbursements 115 ITEM 9. THE OFFER AND LISTING 117 Share Price History 117 Trading On The Mexican Stock Exchange 117 ITEM 10. ADDITIONAL INFORMATION BYLAWS 118 Material Contracts 130 Exchange Controls 130 Taxation 130 Documents On Display 133 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 133 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 133 ITEM 12A. DEBT SECURITIES 133 ITEM 12B. WARRANTS AND RIGHTS 133 ITEM 12C. OTHER SECURITIES 133 ITEM 12D. AMERICAN DEPOSITARY SHARES 133 i Table of Contents ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 135 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 135 ITEM 15. CONTROLS AND PROCEDURES 135 ITEM 16. [RESERVED] 136 ITEM 16A. AUDIT COMMITTEE’S FINANCIAL EXPERT 136 ITEM 16B. CODE OF ETHICS 137 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES AUDIT AND NON-AUDIT FEES 137 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 137 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 137 ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT 138 ITEM 16G. CORPORATE GOVERNANCE 138 ITEM 16H. MINE SAFETY DISCLOSURES 141 ITEM 17. FINANCIAL STATEMENTS 141 ITEM 18. FINANCIAL STATEMENTS 141 ITEM 19. EXHIBITS 142 ii Table of Contents PART I Item 1. Identity of Directors, Senior Management and Advisers Not applicable. Item 2. Offer Statistics and Expected Timetable Not applicable. Item 3. Key Information SELECTED FINANCIAL DATA Our consolidated financial statements included in this annual report are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB. We publish our consolidated financial statements in thousands of Mexican pesos. References in this annual report on Form 20-F to “dollars,” “U.S. dollars” or “U.S.$” are to the lawful currency of the United States. References in this annual report on Form 20-F to “pesos” or “Ps.” are to the lawful currency of Mexico. This Form 20-F contains translations of certain peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, U.S. dollar amounts have been translated from Mexican pesos at an exchange rate of Ps. 17.3398 to U.S.$ 1.00, the FIX exchange rate as reported by the Mexican Central Bank (Banco de México) on December 31, 2015. This annual report on Form 20-F contains references to “workload units,” which are units measuring an airport’s passenger traffic volume and cargo volume. A workload unit currently is equivalent to one terminal passenger or 100 kilograms (220 pounds) of cargo. The discussion in this annual report of aeronautical and non-aeronautical revenues in relation to our total revenues is not in accordance with IFRS because it excludes our construction revenues from such amounts. Therefore, in reviewing this annual report, you should be aware that in several sections of this annual report we take into account only revenues that resulted in actual cash inflows for the year (which we categorize as aeronautical and non-aeronautical revenues) for ratios or comparative calculations. Both of these categories of revenues are dependent, either directly or indirectly, on passenger traffic, while revenues from construction services under IFRS Interpretations Committee (“IFRIC”) 12, “Service Concession Arrangements,” are not dependent upon passenger traffic, but from the level of capital expenditures carried out at each airport. Information reported using only revenues that generated cash inflows may be more useful for readers of this annual report because those revenues are driven by the key elements of our business: passenger traffic and our maximum tariffs. The use of aeronautical and non-aeronautical revenues is more common in our industry, as they represent the revenues generated from our core operations, which are services provided to passengers, airlines and other third parties based on passenger traffic at our airports. Additionally, management regularly reviews our aeronautical and non-aeronautical revenues as they provide representative information regarding our passenger traffic and cash flows, which allows us to compare such revenues over comparative periods as well as make projections about our expected future cash flows. Finally, management reviews non-aeronautical revenues per terminal passenger excluding hotel services because hotel services are not necessarily driven by passenger traffic and therefore may not provide representative information with respect to passenger traffic. This metric is not considered to be an IFRS metric, given its exclusion of certain revenues. We indicate each instance in which we use only aeronautical and non-aeronautical revenues and non-aeronautical revenues excluding hotel services by indicating the category of revenues used. The following tables present a reconciliation of our aeronautical and non-aeronautical revenues to our total revenues per our consolidated statement of income and other comprehensive income: For the Year Ended December 31, 2015 Total Aeronautical and Non- Aeronautical Total Revenues Aeronautical as a Non- and Non- Percentage Aeronautical Aeronautical Aeronautical of Total Construction Total Revenues Revenues Revenues Revenues Revenues Revenues (in thousands of pesos) Metropolitan Monterrey Ps.
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