Banco Bilbao Vizcaya Argentaria SA Adjustment Goodwill Group investment in the USA (5623X)
19 Diciembre 2019 - 11:48AM
UK Regulatory
TIDMBVA
RNS Number : 5623X
Banco Bilbao Vizcaya Argentaria SA
19 December 2019
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with
the Securities Market legislation, hereby communicates the
following:
PRICE SENSITIVE INFORMATION
In accordance with International Accounting Standard 36, BBVA
Group carries out an annual evaluation of goodwills held within the
Group through the corresponding impairment tests.
Taking into account the available data and latest forecasted
profits by December 31, 2019, the outcome of the aforementioned
test shows a potential negative adjustment in the goodwill for the
BBVA Group investment in the USA business unit. This adjustment is
caused mainly by the negative evolution of interest rates, in
particular during the second half of the year, which together with
the slowdown of the economy, result in a lower forecasted evolution
in future profits as compared to the previous estimates.
The estimated negative impact on the financial statements due to
the goodwill adjustment for this business unit is approximately USD
1,500 million. This impact in an amount in Euros, calculated using
the applicable exchange rate as of December 31, 2019, will be
recorded in the profit and loss account of the financial statements
for the BBVA Group as of December 31, 2019, which will be
submitted, in due course, to the Board of Directors in order to
prepare the annual accounts.
This adjustment has no effect on the tangible net equity, the
capital or the liquidity of the BBVA Group. This adjustment will
not have any impact neither on the ability to distribute dividends
nor in the amount of the dividend payment which will be proposed to
the Board of Directors for its approval.
Madrid, December 19(th) , 2019
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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