In Mexico
ASUR
Lic. Adolfo Castro (52) 52-84-04-08 acastro@asur.com.mx
In the US
Breakstone Group Susan Borinelli (646) 330-5907
sborinelli@breakstone-group.com
ASUR Announces Updated Impact to Financial Information
Resulting from Adoption of IFRS
MEXICO CITY, February 2, 2012 -- Grupo Aeroportuario del
Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), the
first privatized airport group in Mexico and operator of
Cancun Airport and eight others in the southeast of Mexico,
announced an update today to the adjustments previously
published by ASUR on June 30, 2011 to the initial Balance
Sheet as of January 1,
2011 for its initial adoption of International Financial
Reporting Standards (IFRS) beginning in fiscal year 2012, as
required by the Mexican National Banking and Securities
Commission.
Background
In accordance with articles 5 and 78 of the "General
Provisions Applicable to Securities, Issuers and Other
Participants in the Stock Market," published in the Official
Gazette on March 19, 2003 and amended through a resolution
published in the same publication on January 27, 2009,
issuers of securities listed in the National Securities
Registry intending to adopt IFRS in 2012 are required to
disclose the information listed below by June 30, 2011, given
the importance of reporting to investors and the general
public on progress made in adoption of IFRS issued by the
International Accounting Standards Board:
1. Implementation plan.
2. Accounting and business impact of first-time adoption of
IFRS.
The information presented in this Implementation Plan is not
definitive and can be modified at any time.
The preliminary impact of early adoption of any applicable
IFRS or other accounting policies can be modified if new IFRS
or interpretations thereof are issued before the adoption
date.
Consequently, the Company reserves the right to modify the
information included in this document and/or to opt for a
different accounting treatment than the treatment selected as
of the date of this document.
ASUR has determined that it will not eliminate the effects of
inflation on its concessioned assets in accordance with IFRS
1. As a result, the Company is
ASUR - Page 1 of 4
updating the adjustments previously reported in the June 30,
2011 announcement entitled "ASUR Presents its Updated IFRS
Program as Requested by the CNBV." ASUR's determination is
based on its decision to apply the transition rules
applicable to IFRIC 12 as part of its initial adoption of
IFRS 1. Pursuant to these transition rules, ASUR is not
required to apply rule IFRIC 12 retrospectively if it
determines that it would be "impractical" to reconstruct the
balance of fully depreciated assets. As a result, the Company
will record as its starting asset balance the amounts
recorded as of the December 31, 2011 balance sheet prepared
under Mexican Financial Reporting Standards (MFRS), which
contain the inflationary effect.
Analysis
The most impacted line items, either in terms of accounting,
processes and/or systems, include:
1. Fixed assets (property, plant and equipment (PPE)) -
Components and valuation, including residual values.
The Company has recognized the infrastructure and operating
assets that could be subject to componentization as part of
intangibles under the concession agreement. The PPE balance
as of January 1, 2011, which includes only fixed assets such
as furniture and office equipment used for administrative
purposes, does not contain significant components, and its
residual value is estimated to be minimal.
2. Inflation - Recognition of the historical cost of (i)
shareholders' equity and (ii)
legal reserve
The Company has determined the inflationary effect that has
to be eliminated from the capital stock account and the legal
reserve in accordance with IAS 29.
3. Investment in subsidiaries with individual financial
statements - Recognition of the investment at cost or fair
value.
For the purposes of the initial balance sheet, the Company
has chosen in accordance with IFRS 1 to value its investments
in subsidiaries in the individual financial statements at
their assumed cost, which is the value determined under MFRS
as of January 1, 2011. Going forward, ASUR will value its
investments at their historic cost.
4. Deferred assets - Duality of Flat tax and income tax
bases.
The Company has decided to determine its deferred taxes by
recognizing both flat tax and income tax under the hybrid
method based on its projection of its Net Income. No related
adjustments were determined as of the transition date.
ASUR - Page 2 of 4
5. Labor liabilities.
As of the adoption date, ASUR eliminated severance
liabilities and deferred employee profit sharing as an
adjustment to the initial balance. Discount rates for
seniority premiums were revised by an independent actuary and
comply with the requirements of IAS 19.
6. Information systems.
Based on the analysis at the date of this report, the Company
estimates its information systems will not be significantly
impacted by the transition to IFRS, as they have sufficient
capacity to handle the changes required for the initial
transition balance sheet (Fiscal Year 2012) and the adoption
of IFRS starting in fiscal year 2012.
Adjustments determined by the Company for the initial transition Balance Sheet as of January 1, 2011
Effects on the initial Consolidated Balance Sheet resulting from the adoption of IFRS as of January 1, 2011 | |||||
(Figures in thousands of pesos) | |||||
Item | Description | Capital Stock | Retained Earnings | Legal Reserve | Stockholders' Equity |
Deferred Assets (income tax and flat tax) | Impact on deferred income tax and flat asset tax derived from the elimination under IFRS of inflation accounting that had been mandated under Mexican FRS-B10. | 7,000 | 7,000 | ||
Creation of a reserve for vacations | Recognition of accrued vacation rights not used by year-end. | (18,339) | (18,339) | ||
Deferred employee profit sharing | Reversal of deferred employee profit sharing as it is outside the reach of IAS 12 | (2,905) | (2,905) | ||
Labor liabilities | Elimination of severance liabilities. | 7,835 | 7,835 | ||
Capital stock | Elimination of inflation accounting | (5,031,928) | (5,031,928) | ||
Capital stock and legal reserve | reclassification of inflation accounting of capital stock and legal reserve to retained earnings | 5,054,953 | 5,054,953 | ||
Legal reserve | reclassification of inflation accounting legal reserve earnings to retained | (23,025) | (23,025) | ||
Total Effect decrease (increase) | (5,031,928) | 5,048,544 | (23,025) | (6,409) |
ASUR - Page 3 of 4
About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a
Mexican airport operator with concessions to operate,
maintain and develop the airports of Cancun, Merida, Cozumel,
Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and
Minatitlan in the southeast of Mexico. The Company is listed
both on the Mexican Bolsa, where it trades under the symbol
ASUR, and on the NYSE in the U.S., where it trades under the
symbol ASR. One ADS represents ten (10) series B shares.
Some of the statements contained in this press release
discuss future expectations or state other forward-looking
information. Those statements are subject to risks identified
in this press release and in ASUR's filings with the SEC.
Actual developments could differ significantly from those
contemplated in these forward-looking statements. The
forward-looking information is based on various factors and
was derived using numerous assumptions. Our forward-looking
statements speak only as of the date they are made and,
except as may be required by applicable law, we do not have
an obligation to update or revise them, whether as a result
of new information, future or otherwise.
- END -
ASUR - Page 4 of 4
distribué par | Ce noodl a été diffusé par ASUR - Grupo Aeroportuario del Sureste SA de CV et initialement mise en ligne sur le site http://www.asur.com.mx. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-02-02 16:10:21 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
ASUR reports on impact on adoption of International Financial Reporting Standards |