Balance Sheet at 31 December 2010 of BBVA
Balance Sheet at 31 December 2010 of BBVA
Balance Sheet at 31 December 2010 of BBVA
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In <strong>2010</strong> and 2009, a total <strong>of</strong> €113 and €<strong>31</strong> million, respectively, were registered to the enclosed income<br />
st<strong>at</strong>ement for income from rents (Note 40.2) corresponding to said lease contracts.<br />
The sale agreements also established call options for each <strong>of</strong> the properties <strong>at</strong> the termin<strong>at</strong>ion <strong>of</strong> each <strong>of</strong> the<br />
lease agreements so th<strong>at</strong> the Bank can repurchase these properties The repurchasing price <strong>of</strong> these call<br />
options will be the market value as determined by an independent expert. For this reason, these transactions<br />
have been considered as firm sales. Therefore, the Bank made a gross pr<strong>of</strong>it <strong>of</strong> 273 and €914 million euros,<br />
recognized under the heading “Gains (losses) in non-current assets held for sale not classified as<br />
discontinued oper<strong>at</strong>ions" in the accompanying income st<strong>at</strong>ements for <strong>2010</strong> and 2009 (see Note 46).<br />
The current value <strong>of</strong> the future minimum payments the Bank will incur in the mand<strong>at</strong>ory period, as <strong>of</strong><br />
<strong>December</strong> <strong>31</strong>, <strong>2010</strong>, is €106 million in 1 year, €349 million between 2 and 5 years and €649 million in more<br />
than 5 years.<br />
14.2. FROM FORECLOSURES OR RECOVERIES<br />
As <strong>of</strong> <strong>December</strong> <strong>31</strong>, <strong>2010</strong> and 2009, the changes in the heading “Non-current assets held for sale -<br />
Proceeding from foreclosures or recoveries”, in accordance with the type <strong>of</strong> asset, were as follows:<br />
Millions <strong>of</strong> Euros<br />
Non-Current Assets Held for Sale<br />
From Foreclosures or Recoveries<br />
<strong>2010</strong> 2009<br />
Residential assets 733 287<br />
Industrial assets 98 30<br />
Agricultural assets 8 2<br />
Total 839 <strong>31</strong>9<br />
The following table shows the period <strong>of</strong> ownership <strong>of</strong> the main assets held on the balance sheet as <strong>of</strong><br />
<strong>December</strong> <strong>31</strong>, <strong>2010</strong> and 2009:<br />
Millions <strong>of</strong> Euros<br />
Non-Current Assets Held for Sale<br />
Period <strong>of</strong> Ownership<br />
<strong>2010</strong> 2009<br />
Up to one year 598 245<br />
From 1 to 3 years 232 64<br />
From 3 to 5 years 6 5<br />
Over 5 years 3 5<br />
Total 839 <strong>31</strong>9<br />
In <strong>2010</strong>, some <strong>of</strong> the sales oper<strong>at</strong>ions <strong>of</strong> these assets were financed by the Bank. The amount <strong>of</strong> the loans<br />
granted to the buyers <strong>of</strong> these assets in <strong>2010</strong> was €175 million, with an average percentage financed <strong>of</strong><br />
90.5% <strong>of</strong> the price <strong>of</strong> sale (aggreg<strong>at</strong>e €360 million).<br />
As a result <strong>of</strong> the financed sale <strong>of</strong> assets, the unrecognized gains as <strong>of</strong> <strong>December</strong> <strong>31</strong>, <strong>2010</strong> amounted to €<strong>31</strong><br />
million.<br />
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