MONTERREY, Mexico, Oct. 22, 2010 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), announced that it will make early adoption of International Financial Reporting Standards (IFRS) and provided information on the estimated effects of the change.
On January 27, 2009, the National Banking and Securities Commission (CNBV) published amendments to its General Requirements for Issuers of Securities and Other Participants in the Securities Market (Circular Unica de Emisoras) in the Official Gazette of the Federation to make mandatory the presentation of financial statements prepared in accordance with International Financial Reporting Standards starting with the year ending December 31, 2012, but allowing for early adoption for the years 2008-2011, subject to prior notification to the CNBV and the Mexican Stock Exchange (BMV). The U.S. Securities and Exchange Commission (SEC) allows foreign issuers that present their financial statements in accordance with IFRS to eliminate the reconciliation with U.S. GAAP.
The interpretation of Mexican Financial Reporting Standards INIF-19, "Changes derived from the adoption of International Financial Reporting Standards," requires that issuers adopting IFRS make timely disclosure of the date of the adoption of the same and provide estimates of the effect of the change in the principal line items of the financial statements.
In order to comply with this obligation, OMA informs that its Board of Directors approved the early adoption of IFRS for the year ending December 31, 2011, and will consider 2010 as the transition year. Following are the unaudited estimated effects of the change on the opening balance sheet as of January 1, 2010 as a result of the differences between the two accounting standards. The Company will continue its process of quantification, and the estimated figures may change until this process has been concluded and has been reviewed by the Company's external auditors.
This press release may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's third largest metropolitan area, the tourist destinations of Acapulco, Mazatlan, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates a hotel and commercial areas inside Terminal 2 of the Mexico City airport. OMA employs over 1,000 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2008. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and Aeroports de Paris Management, subsidiary of Aeroports de Paris, the second largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). For more information, please visit us at:
CONTACT: Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Jose Luis Guerrero Cortes, CFO +52.81.8625.4300 ext.308 email@example.com Zemi Communications Daniel Wilson +1.212.689.9560 firstname.lastname@example.org