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Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) Announces Implementation Plan for the Adoption of IFRS

Dépèche transmise le 29 juin 2011 par Business Wire

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) Announces Implementation Plan for the Adoption of IFRS

GUADALAJARA, Mexico--(BUSINESS WIRE)--Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) today announced its implementation plan for the adoption of International Financial Reporting Standards (“IFRS”), which will be used by GAP to report financial information beginning on January 1, 2012.

“First-time Adoption of International Financial Reporting Standards”

GAP hereby gives a detailed progress update of its adoption of IFRS for the preparation and reporting of its financial statements and related information to financial markets beginning January 1, 2012.

On May 13, 2011 the National Banking and Securities Commission in Mexico (CNBV) sent all companies listed on the Mexican Stock Exchange a request for the companies to present progress reports of their implementation plans for the adoption of IFRS. The CNBV letter requests answers to specific questions and provides items that should be addressed by the companies in their responses. The items and questions from the CNBV’s letter have been set forth in the paragraphs below to provide structure for the reader. GAP’s responses and comments follow each item or question.

It is important to mention that in January 2011, the Company concluded a conceptual analysis of the effects that IFRS will have on its financial statements. The Company has identified the available criteria according to IFRS 1 “First-time Adoption of International Financial Reporting Standards”, and the Company has determined which criteria would be adopted. Nevertheless, the Company is in the process of determining the economic impact on its financial statements. GAP expects to conclude this process during July 2011. These results will subsequently be audited by the Company’s external auditor. As a result, the Company is not yet prepared to report the quantitative impact information.

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