BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

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IFRIC 17 – Distributions of non-cash assets to owners This new interpretation stipulates that all distributions of non-cash assets to owners must be valued at fair value, clarifying that: • The dividend payable should be recognized when the dividend is appropriately authorized and is no longer at the discretion of the entity. • An entity should recognize the difference between the dividend paid and the carrying amount of the net assets distributed in profit or loss. IFRIC 18 –Transfer of assets from customers This clarifies the requirements for agreements in which an entity receives an item of property, plant, and equipment from a customer which the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services, or both. The basic principle of IFRIC 18 is that when the item of property, plant and equipment meets the definition of an asset from the perspective of the recipient, the recipient must recognize the asset at its fair value on the date of the transfer with a balancing entry in ordinary income in accordance with IAS 18. b) STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE GROUP AS OF JUNE 30, 2010 New International Financial Reporting Standards together with their interpretations (IFRIC) had been published at the date of close of these consolidated financial statements. These were not obligatory as of June 30, 2010. Although in some cases the IASB permits early adoption before they enter into force, the Group has not done so as of this date. The future impacts that the adoption of these standards could have not been analyzed to date. IAS 24 Revised – Related party disclosures This amendment to IAS 24 refers to the disclosures of related parties in the financial statements. There are two main new features. One of them introduces a partial exemption for some disclosures when the relationship is with companies that depend on or are related to the State (or an equivalent governmental institution) and the definition of related party is revised, establishing some relations that were not previously explicit in the standard. This amendment will apply for years beginning after January 1, 2011. Early adoption is permitted. IAS 32 - Classification of preferred subscription rights The amendment to IAS 32 clarifies the classification of preferred subscription rights (instruments that entitle the holder to acquire instruments from the entity at a fixed price) when they are in a currency other than the issuer's functional currency. The proposed amendment establishes that the rights to acquire a fixed number of own equity instruments for a fixed amount will be classified as equity regardless of the currency of the exercise price and whether the entity gives the tag-along rights to all of the existing shareholders (in accordance with current standards they must be posted as liability derivatives). This amendment will apply for years beginning after February 1, 2010. Early adoption is permitted. IFRIC 14 Amended – Prepayment of Minimum Funding Contributions The IASB issued an amendment to IFRIC 14 to correct the fact that, under the current IFRIC 14, in certain circumstances it is not permitted to recognize some prepayments of minimum funding contributions as assets. This amendment will apply for years beginning after January 1, 2011. Early adoption is permitted. IFRIC 19- Settlement of financial liabilities through equity instruments In the current market situation, some entities are renegotiating conditions regarding financial liabilities with their creditors. There are cases in which creditors agree to receive equity instruments that the debtor has issued to cancel part or all of the financial liabilities. IFRIC 19 has issued an interpretation that clarifies the posting of these transactions from the perspective of the instruments issuer, and states that these securities must be valued at fair value. If this value cannot be calculated, they will be valued at the fair value of the 38
cancelled liability. The difference between the cancelled liability and the issued instruments will be recognized in the income statement. This amendment will apply for years beginning after July 1, 2010. Early adoption is permitted. IFRS 9 - Financial Instruments On November 12, 2009, the IASB published IFRS 9 – Financial Instruments as the first stage of its plan to replace IAS 39 – Financial Instruments: Recognition and Valuation. IFRS 9, which introduces new requirements for the classification and valuation of financial assets, is compulsory from January 1, 2013 onwards, although voluntary adoption is permitted from December 31, 2009 onwards. The European Commission has decided not to adopt IFRS 9 for the time being. The possibility of early adoption of this first part of the standard ended for European entities. The IASB intends to extend IFRS 9 during 2010 to add new requirements for the classification and valuation of financial liabilities, derecognize financial instruments, impairment methodology and hedge accounting. By the end of 2010 IFRS 9 will have completely replaced IAS 39. Third annual improvements project for the IFRS The IASB has published its third annual improvements project, which includes small amendments in the IFRS. These will mostly be applicable for annual periods starting after January 1, 2011. The amendments are focused mainly on eliminating inconsistencies between some IFRS and on clarifying terminology. 3. BANCO BILBAO VIZCAYA ARGENTARIA GROUP The BBVA Group is an international diversified financial group with a significant presence in retail banking, wholesale banking, asset management and private banking. The Group also engages in business activity in other sectors, such as insurance, real estate and operational leasing. The following table sets forth information related to the Group’s total assets as of June 30, 2010 and December 31, 2009 the Group's income attributed to parent company for the six months ended June 30, 2010 and year ended December 31, 2009, broken down by the companies in the group according to their activity: Contribution to Consolidated Group. Entities by Main Activities June 2010 Total Assets Contributed to the Group Millions of Euros/Percentages % of the Total Assets of the Group Net Income Attributed to Parent Company % of the Net Income Attributed to Parent Company Banks 528,189 92.85% 2,196 86.91% Financial services 8,618 1.51% 136 5.39% Portfolio, securities dealers and mutual funds management companies 11,903 2.09% (216) (8.55%) Insurance and pension fund managing company 17,598 3.09% 410 16.23% Real Estate, services and other entities 2,609 0.46% 1 0.02% Total 568,917 100.00% 2,527 100.00% Millions of Euros/ Percentage Contribution to Consolidated Group. Entities by Main Activities Total Assets Contributed to the Group December 2009 % of the Total Assest of the Group December 2009 Net Income Attributed to Parent Company June 2009 % of the Net Income Attributed to Parent Company June 2010 Banks 505,398 94.46% 2,566 91.68% Financial services 7,980 1.49% 135 4.82% Portfolio, securities dealers and mutual funds management companies 3,053 0.57% (252) (9.00%) Insurance and pension fund managing company 16,168 3.02% 373 13.32% Real Estate, services and other entities 2,466 0.46% (23) (0.82%) Total 535,065 100.00% 2,799 100.00% 39
Page 1: BANCO BILBAO VIZCAYA ARGENTARIA, S.
Page 4 and 5: 27. COMMON STOCK...................
Page 6 and 7: Translation of consolidated financi
Page 8 and 9: Millions of Euros LIABILITIES AND E
Page 10 and 11: Millions of Euros June June Notes 2
Page 16 and 17: BANCO BILBAO VIZCAYA ARGENTARIA, S.
Page 18 and 19: The BBVA Group ICFR Model is summar
Page 20 and 21: 2.2. ACCOUNTING POLICIES AND VALUAT
Page 22 and 23: - Other financial instruments The f
Page 24 and 25: In the case of unsecured transactio
Page 26 and 27: 2.2.2. TRANSFERS AND DERECOGNITION
Page 28 and 29: The fair value of non-current asset
Page 30 and 31: 2.2.7. BUSINESS COMBINATIONS The re
Page 32 and 33: insurees, as the case may be, based
Page 34 and 35: • The discount rate used is deter
Page 36 and 37: 2.2.16. FOREIGN CURRENCY TRANSACTIO
Page 38 and 39: 2.2.22. CONSOLIDATED STATEMENTS OF
Page 42 and 43: The Group’s activity is mainly lo
Page 44 and 45: Changes in the Group The most signi
Page 46 and 47: - In the denominator, the average n
Page 48 and 49: The breakdown of the consolidated n
Page 50 and 51: Management & Asset Allocation, Risk
Page 52 and 53: Maximum exposure to credit risk The
Page 54 and 55: debtors includes mortgages, cash gu
Page 56 and 57: Policies and procedures for prevent
Page 58 and 59: December 2009 Less than 6 Months Pa
Page 60 and 61: 7.2 MARKET RISK a) Market Risk Mark
Page 62 and 63: Below are the average interest rate
Page 64 and 65: 7.4. RISK CONCENTRATIONS Below is p
Page 66 and 67: Determining the fair value of finan
Page 68 and 69: Financial Instruments LEVEL 2 Valua
Page 70 and 71: The changes in the six months ended
Page 72 and 73: 10.2. DEBT SECURITIES The breakdown
Page 74 and 75: 11. OTHER FINANCIAL ASSETS DESIGNAT
Page 76 and 77: 12.3. EQUITY INSTRUMENTS The breakd
Page 78 and 79: 13.2. LOANS AND ADVANCES TO CREDIT
Page 80 and 81: Millions of Euros December 2009 Amo
Page 82 and 83: December 2009 Currency Risk Interes
Page 84 and 85: 17.1. ASSOCIATES The following tabl
Page 86 and 87: 17.3. INFORMATION ABOUT ASSOCIATES
Page 88 and 89: The main activity of the Group is c
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21.3 RECONCILIATION The reconciliat
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23. FINANCIAL LIABILITIES AT AMORTI
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Millions of Euros December 2009 Dem
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The item “Subordinated Liabilitie
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The breakdown of the commitments pe
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June 30, 2010 and December 31, 2009
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Post-employments Benefits in Spain
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Post-Employment Actuarial Hypothesi
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during which to increase the common
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Reserves Assigned to the Consolidat
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Millions of Euros Valuation Adjustm
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on equity (ROE) by each business; a
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39. INTEREST, INCOME AND SIMILAR EX
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39.3. AVERAGE RETURN ON INVESTMENTS
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41. SHARE OF PROFIT OR LOSS OF ENTI
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45. OTHER OPERATING INCOME AND EXPE
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linked to the movement of the Total
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48. PROVISIONS (NET) The net allowa
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The table below breaks down the mai
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The amount disposed of the loans gr
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BBVA executive team. It is to end o
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Commission (CNMV) announced the lif
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APPENDIX I. FINANCIAL STATEMENTS OF
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Millions of Euros LIABILITIES AND E
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Page 142 and 143:
Millions of Euros (Continued) June
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APPENDIX II. Additional information
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APPENDIX III. Additional informatio
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APPENDIX V. Changes and notificatio
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APPENDIX VI. Fully consolidated sub
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APPENDIX VIII. Breakdown of the mos
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Outsanding as of June 30, 2010 of S
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APPENDIX IX. Consolidated balance s
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Diluted earnings per share Early re
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Other financial assets/liabilities
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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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The explanations of the changes in
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4. SUMMARIZED INTERIM CONSOLIDATED
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Spain and Portugal Millions of Euro
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Mexico Millions of Euros Mexico Jun
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South America Millions of Euros Sou
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The United States Millions of Euros
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Wholesale Banking and Asset Managem
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The changes in the principal headin
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Aggregating Tier I and Tier II, as
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

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