Consolidating income statements

Their share in the profit or loss for the year is presented under the heading “Net income attributed to non-controlling interests” in the accompanying consolidated income statement (see Note 32).Note 3 includes information related to the main subsidiaries in the Group as of December 31, 2012.Assets and liabilities recognized under these headings in the accompanying consolidated balance sheets are measured at “amortized cost” using the “effective interest rate” method.This is because the consolidated entities intend to hold such financial instruments to maturity.Investments in these entities, which do not represent material amounts for the Group, are classified as “Available-for-sale financial assets.” In contrast, some investments in entities in which the Group holds less than 20% of the voting rights are accounted for as Group associates, as the Group is considered to have the ability to exercise significant influence over these entities.Appendix IV shows the most significant information related to the associates (see Note 17), which are accounted for using the equity method.Significant influence is deemed to exist when the Group owns 20% or more of the voting rights of an investee directly or indirectly.However, certain entities in which the Group owns 20% or more of the voting rights are not included as Group associates, since the Group does not have the ability to exercise significant influence over these entities.

Appendix IV shows the main figures for jointly controlled entities accounted for using the equity method.

The separate financial statements of the parent company of the Group (Banco Bilbao Vizcaya Argentaria, S.

A.) are prepared under Spanish regulations (Circular 4/2004 of the Bank of Spain, and subsequent amendments).

Since the implementation of EU-IFRS, the BBVA Group has applied the following criteria in relation to the consolidation of its jointly controlled entities: As of December 31, 2012, 20, the contribution of the proportionately consolidated jointly controlled financial entities to the BBVA Group’s consolidated financial statements is shown in the table below: Download Excel As of December 31, 2012, the most significant contribution of jointly controlled entities under the proportionate consolidation method is from Garanti (see Note 2.3).

No additional information is presented with respect to the other entities as the holdings in these cases are not significant.

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