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GRUPO AEROPORTUARIO DEL PACÍFICO, S.A.B. DE C.V.

   
May 14, 2010
 
VIA EDGAR TRANSMISSION
 
Mr. Lyn Shenk
Division of Corporation Finance
Securities and Exchange Commission
CF/AD5
100 F Street NE
Washington, D.C.  20549-3561
 
Dear Mr. Shenk:
 
In response to additional comments from the staff of the Securities and Exchange Commission (the “Staff”) received on April 15, 2010 to the annual report on Form 20-F filed on June 29, 2009 (the “20-F”) by Pacific Airport Group (Grupo Aeroportuario del Pacífico, S.A.B. de C.V. or “GAP”) and to GAP’s responses dated February 26, 2010 and March 25, 2010, attached please find the detail requested by the Staff regarding credit lines among our subsidiaries.
 
In addition, we confirm that we treat our intercompany lines of credit in the same manner as financings from unrelated third parties, except for our elimination of these transactions in consolidation.  Furthermore, these lines of credit are periodically evaluated and audited for transfer pricing purposes.

We are providing this information in order to assist the Staff with its review of our disclosure filings, however, we would like to request that this level of information not be required in future filings.

If you have any questions or require any additional information with respect to the above, please do not hesitate to contact our U.S. counsel Jorge Juantorena at Cleary Gottlieb Steen & Hamilton LLP at (212) 225-2758.

[signature page follows]
 
 
 

Av. Mariano Otero No. 1249 ala B piso 6
Condominio WTC Torre Pacífico
Guadalajara, Jalisco C.P. 44530
 
 
  

 
1
 


Sincerely,
 
 
 
/s/Rodrigo Guzmán Perera      
Rodrigo Guzmán Perera
Chief Financial Officer


cc:
Aamira Chaudry
Securities and Exchange Commission

Jorge U. Juantorena
Cleary Gottlieb Steen & Hamilton LLP

 
Ramón Alvarez Cisneros
Galaz, Yamazaki, Ruiz Urquiza, S. C.
Member of Deloitte Touche Tohmatsu
 
 
 
 
 
 

 

Av. Mariano Otero No. 1249 ala B piso 6
Condominio WTC Torre Pacífico
Guadalajara, Jalisco C.P. 44530
 
 
 
 
  

 
2
 


Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
For the year 2006
(000 of pesos)
Affiliate/Subsidiary
Initial Balance
Debit  (Credit)
-Net -
Loans Received
Loans
Given
Loan
Payments
Loan
Collections
Accrued Interest income
Accrued Interest Expense
Interest Collections
Interest
Payments
Ending Balance
Debit (Credit)
-Net-
Eliminations
Consolidated
Balances
GRUPO AEROPORTUARIO DEL PACIFICO, S.A.B. DE C.V. (GAP)
197,901
367,581
143,826
289,763
62,629
21,031
7,801
20,614
7,345
201,240
-201,240
0
SERVICIOS A LA INFRAESTRUCTURA AEROPORTUARIA
  DEL PACIFICO
-208
29,575
23,755
29,783
23,755
89
185
89
185
0
0
0
AEROPUERTO DE AGUASCALIENTES, S.A. DE C.V.
-27,775
14,416
0
12,887
0
0
2,197
0
2,220
-29,280
29,280
0
AEROPUERTO DEL BAJIO, S.A. DE C.V.
0
0
0
0
0
0
0
0
0
0
0
0
AEROPUERTO DE GUADALAJARA, S.A. DE C.V.
95,290
14,246
111,712
14,246
127,054
9,403
1,882
9,251
1,882
80,100
-80,100
0
AEROPUERTO DE HERMOSILLO, S.A. DE C.V.
0
6,463
0
6,463
0
0
20
0
20
0
0
0
AEROPUERTO DE LA PAZ, S.A. DE C.V.
-68,355
31,558
0
22,051
0
0
8,266
0
8,109
-78,019
78,019
0
AEROPUERTO DE LOS MOCHIS, S.A. DE C.V.
-60,226
33,204
0
8,907
0
0
5,063
0
4,831
-84,754
84,754
0
AEROPUERTO DE MEXICALI, S.A. DE C.V.
-35,550
33,558
0
19,225
0
0
3,140
0
3,027
-49,995
49,995
0
AEROPUERTO DE MANZANILLO, S.A. DE C.V.
-101,077
35,109
0
6,274
0
0
7,316
0
7,274
-129,954
129,954
0
AEROPUERTO DE MORELIA, S.A. DE C.V.
0
1,740
0
1,740
0
0
808
0
789
-19
19
0
AEROPUERTO DE PUERTO VALLARTA, S.A. DE C.V.
0
18,495
0
13,482
0
0
3,443
0
3,359
-5,096
5,096
0
AEROPUERTO DE SAN JOSE DEL CABO, S.A. DE C.V.
0
351
233,241
0
233,241
9,178
0
9,178
0
-351
351
0
AEROPUERTO DE TIJUANA, S.A. DE C.V.
0
23,755
97,515
23,755
1,896
508
89
0
89
96,128
-96,128
0
CORPORATIVO DE SERVICIOS AEROPORTUARIOS, S.A. DE C.V.
0
0
0
0
0
0
0
0
0
0
0
0
 
0
610,049
610,049
448,574
448,574
40,209
40,209
39,132
39,132
0
0
0

 
Note: During 2006, the loans given by Guadalajara and San José del Cabo airports to GAP, were paid by GAP in the same year ($111,712 and $233,241, respectively).


Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
For the year 2007
(000 of pesos)
Affiliate/Subsidiary
Initial Balance
Debit (Credit)
-Net -
Loans Received
Loans Given
Loan
Payments
Loan
Collections
Accrued Interest income
Accrued Interest Expense
Interest Collections
Interest Payments
Ending Balance
Debit (Credit)
-Net-
Eliminations
Consolidated Balances
GRUPO AEROPORTUARIO DEL PACIFICO, S.A.B. DE C.V.
201,240
39,936
28,125
81,926
329,727
3,940
7,811
8,580
7,029
-63,794
63,794
0
SERVICIOS A LA INFRAESTRUCTURA AEROPORTUARIA
  DEL PACIFICO
0
3,540
0
3,540
0
0
1
0
1
0
0
0
AEROPUERTO DE AGUASCALIENTES, S.A. DE C.V.
-29,280
49,234
4,147
78,006
0
15
2,972
0
2,828
3,510
-3,510
0
AEROPUERTO DEL BAJIO, S.A. DE C.V.
0
0
9,535
0
0
33
0
0
0
9,568
-9,568
0
AEROPUERTO DE GUADALAJARA, S.A. DE C.V.
80,100
412
38,152
412
86,549
5,247
1
6,777
1
30,172
-30,172
0
AEROPUERTO DE HERMOSILLO, S.A. DE C.V.
0
0
4,761
0
0
17
0
0
0
4,777
-4,777
0
AEROPUERTO DE LA PAZ, S.A. DE C.V.
-78,019
9,143
3,393
71,747
0
12
5,164
0
6,704
-10,469
10,469
0
AEROPUERTO DE LOS MOCHIS, S.A. DE C.V.
-84,754
6,487
5,017
89,910
0
18
1,165
0
2,496
5,034
-5,034
0
AEROPUERTO DE MEXICALI, S.A. DE C.V.
-49,995
4,548
4,380
52,619
1,938
20
665
12
1,445
1,307
-1,307
0
AEROPUERTO DE MANZANILLO, S.A. DE C.V.
-129,954
32,570
3,794
160,559
0
13
1,668
0
3,632
3,807
-3,807
0
AEROPUERTO DE MORELIA, S.A. DE C.V.
-19
0
6,803
0
170
30
0
10
19
6,651
-6,651
0
AEROPUERTO DE PUERTO VALLARTA, S.A. DE C.V.
-5,096
13,482
5,688
18,494
0
20
69
0
153
5,708
-5,708
0
AEROPUERTO DE SAN JOSE DEL CABO, S.A. DE C.V.
-351
0
6,560
351
0
23
0
0
0
6,583
-6,583
0
AEROPUERTO DE TIJUANA, S.A. DE C.V.
96,128
1,938
119,414
1,938
141,116
10,415
12
8,941
12
75,901
-75,901
0
CORPORATIVO DE SERVICIOS AEROPORTUARIOS, S.A. DE C.V.
0
78,481
0
0
0
0
275
0
0
-78,756
78,756
0
 
0
239,768
239,768
559,500
559,500
19,801
19,801
24,320
24,320
0
0
0

** On December 2007 and in connection with Corporativo de Servicios Aeroportuarios start-up operation, the airports sold fixed assets of this company, which will be paid during the following years, thus the corresponding accrued interest and payments are included as part of this analysis.

 
 
  

 
3
 

Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
For the year 2008
(000 of pesos)
Affiliate/Subsidiary
Initial Balance
Debit (Credit)
-Net -
Loans Received
Loans Given
Loan
Payments
Loan
Collections
Accrued Interest income
Accrued Interest Expense
Interest Collections
Interest Payments
Ending Balance
Debit (Credit)
-Net-
Eliminations
Consolidated Balances
GRUPO AEROPORTUARIO DEL PACIFICO, S.A.B. DE C.V.
-63,794
13,954
0
18,478
0
0
7,070
0
6,566
-59,774
59,774
0
SERVICIOS A LA INFRAESTRUCTURA AEROPORTUARIA
  DEL PACIFICO
0
626
0
626
0
0
1
0
1
0
0
0
AEROPUERTO DE AGUASCALIENTES, S.A. DE C.V.
3,510
48
0
48
789
346
0
267
652
3,452
-3,452
0
AEROPUERTO DEL BAJIO, S.A. DE C.V.
9,568
0
0
0
1,723
804
0
618
0
8,032
-8,032
0
AEROPUERTO DE GUADALAJARA, S.A. DE C.V.
30,172
0
101,743
0
119,486
1,939
0
1,625
0
12,743
-12,743
0
AEROPUERTO DE HERMOSILLO, S.A. DE C.V.
4,777
0
0
0
1,494
375
0
295
0
3,363
-3,363
0
AEROPUERTO DE LA PAZ, S.A. DE C.V.
-10,469
7,676
0
21,076
1,079
274
414
214
395
1,892
-1,892
0
AEROPUERTO DE LOS MOCHIS, S.A. DE C.V.
5,034
22,983
0
4,992
985
419
449
323
112
-14,183
14,183
0
AEROPUERTO DE MEXICALI, S.A. DE C.V.
1,307
0
0
1,144
1,184
176
1
143
22
1,320
-1,320
0
AEROPUERTO DE MANZANILLO, S.A. DE C.V.
3,807
1,339
0
315
841
312
1
242
0
2,011
-2,011
0
AEROPUERTO DE MORELIA, S.A. DE C.V.
6,651
0
0
0
4,276
377
0
336
0
2,416
-2,416
0
AEROPUERTO DE PUERTO VALLARTA, S.A. DE C.V.
5,708
0
0
0
3,547
381
0
321
0
2,220
-2,220
0
AEROPUERTO DE SAN JOSE DEL CABO, S.A. DE C.V.
6,583
0
0
0
2,214
499
0
396
0
4,473
-4,473
0
AEROPUERTO DE TIJUANA, S.A. DE C.V.
75,901
93,898
38,781
93,898
27,254
8,437
198
8,046
198
87,819
-87,819
0
CORPORATIVO DE SERVICIOS AEROPORTUARIOS, S.A. DE C.V.
-78,756
0
0
24,297
0
0
6,205
0
4,882
-55,783
55,783
0
 
0
140,524
140,524
164,873
164,873
14,339
14,339
12,826
12,826
0
0
0

 
** On December 2007 and in connection with Corporativo de Servicios Aeroportuarios start-up operation, the airports sold fixed assets of this company, which will be paid during the following years, thus the corresponding accrued interest and payments are included as part of this analysis.


Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
 
EXAMPLES OF JOURNAL ENTRIES
CONCEPT / G/L ACCOUNT
DEBIT
CREDIT
LOANS RECEIVED/LOAN COLLECTIONS/INTEREST COLLECTION
 
BANKS
LOANS TO/FROM SUBSIDIARIES/AFFILIATES
 
 
XXX
XXX
 
LOANS GIVEN/LOAN PAYMENTS/INTEREST PAYMENTS
 
LOANS TO/FROM SUBSIDIARIES/AFFILIATES
BANKS
 
 
 
XXX
XXX
 
ACCRUED INTEREST INCOME
 
LOANS TO/FROM SUBSIDIARIES/AFFILIATES
INTEREST INCOME
 
 
 
XXX
XXX
 
ACCRUED INTEREST EXPENSE
 
INTEREST EXPENSE
LOANS TO/FROM SUBSIDIARIES/AFFILIATES
 
 
 
XXX
XXX