Spain

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2010

Submitted by YWang on Tue, 2011-06-14 09:43
Banco Bilbao Vizcaya Argentaria SA Annual Report 2010
CR Monitor Issue: 
2011/0608
Company covered: 
Banco Bilbao Vizcaya Argentaria SA
Period End: 
31 December 2010
Report issued on 14 June 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Improvements made to risk disclosures including an enhanced age analysis of financial assets past due but not impaired and a new section addressing risk in the Spanish real estate and construction sector.
Change
Prior year earnings per share restated following a capital increase with pre-emptive subscription rights.
Change
Adjustments made to comparative segmental information to reflect issues including the hyperinflationary economy in Venezuela.
Change
Hedging derivative liabilities excluded from financial instrument fair value table but the reason for this is not clear.
Change
No explanation for restatements in relation to joint ventures.

Iberdrola Renovables SA Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-05-12 15:03
Iberdrola Renovables SA Annual Report 2010
CR Monitor Issue: 
2011/0510
Company covered: 
Iberdrola Renovables SA
Period End: 
31 December 2010
Report issued on 13 May 2011 covered the following practice issues:
No significant changes in reporting practice have been identified.

Acciona SA Period End 31 December 2009

Submitted by YWang on Wed, 2010-09-29 11:23
Acciona SA Annual Report 2009
Inappropriate presentation of discontinued operation significantly understates comparative profit by €204 million
Spanish construction company Acciona inappropriately restates its comparative income statement to exclude profit attributable to non-controlling interests in a discontinued joint venture’s subsidiaries which consequently understates profit for the year by 31%.

Industria de Diseno Textil SA Period End 31 January 2010

Submitted by Company Reporting on Wed, 2010-08-04 10:02
Industria de Diseno Textil SA Annual Report 2010
Operating cash flow calculation restated to highlight impairments on separate line
Spanish clothing retailer Industria de Diseno Textil (Inditex) revises the presentation of its calculation of €2.3 billion operating cash flows, with no net effect, and tells us why it has done so.

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2009

Submitted by Alisdair on Thu, 2010-04-22 13:48
Banco Bilbao Vizcaya Argentaria SA Annual Report 2009
Impairments heightened by write-down of goodwill
Spanish Bank Banco Bilbao Vizcaya Argentaria recognises €1.1 billion impairment of goodwill in businesses in the USA that reduces pre-tax profit by 16%, adding that reasonably possible changes to key assumptions may lead to further charges in the future.
Disclosures on contracts with resale and repurchase commitments revised and extended
Spanish bank Banco Bilbao Vizcaya Argentaria restates upwards by 2.3% the comparative amount of financial instruments purchased with resale commitments, telling us that it now includes contracts with the Bank of Spain.

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2009

Submitted by Company Reporting on Thu, 2010-04-22 13:48
Banco Bilbao Vizcaya Argentaria SA Annual Report 2009
Impairments heightened by write-down of goodwill
Spanish Bank Banco Bilbao Vizcaya Argentaria recognises €1.1 billion impairment of goodwill in businesses in the USA that reduces pre-tax profit by 16%, adding that reasonably possible changes to key assumptions may lead to further charges in the future.
Disclosures on contracts with resale and repurchase commitments revised and extended
Spanish bank Banco Bilbao Vizcaya Argentaria restates upwards by 2.3% the comparative amount of financial instruments purchased with resale commitments, telling us that it now includes contracts with the Bank of Spain.

Banco de Sabadell SA Period End 31 December 2009

Submitted by Company Reporting on Wed, 2010-04-21 08:59
Banco de Sabadell SA Annual Report 2009
Gains on preference share buy-backs and sale and leaseback transactions boost profit
Spanish bank Banco de Sabadell buys back part of its preference shares issued in 2006 and enters into sale and leaseback transactions, with €164 million gains arising that represent some 29% of pre-tax profit.
Issue of mandatorily convertible bonds increases equity by more than 10%
Spanish bank Banco de Sabadell classifies €500 million mandatorily convertible bonds as equity which increases by more than 10% but its disclosures to support this classification lack clarity.