Company: BCDRF
Filing Date: 2025-01-02
Form Type: 6-K
Source: 0000891478-25-000002
Chunk: 11

Company: Banco Santander, S.A.
Filing Date: 2025-01-02
Form: 6-K
Chunk 11
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 The fair value of the identifiable assets acquired and the liabilities assumed in business combinations in accordance with IFRS 3.

To update the previous estimates, the Group's management has taken into account the current macroeconomic scenario resulting from the complex geopolitical situation, the levels of inflation and interest rates, as well as the resilience of the labour market being a priority monitoring focus due to the potential uncertainty generated in the Group's estimates.

The Group's management has evaluated in particular the uncertainties caused by the current environment in relation to credit, liquidity and market risks, taking into account the best available information, to estimate the impact on the credit portfolio's impairment provision, and in the debt instruments' interest rates and valuation.

| January - September 2024 |     | 13 |

In addition, the Group has applied in the interim financial statements a new theoretical exchange rate for the Argentine peso (1,618 pesos on 30 September 2024 ). This decision is due to the significant divergence that has been observed between the official exchange rate and other macroeconomic magnitudes, mainly inflation. The new theoretical exchange rate also reflects the implicit exchange rate observed in certain transactions ordered between market participants under the prevailing economic conditions, such as the repatriation of dividends from businesses in Argentina. This matter has not had a material impact in the Group’s interim financial statements.

During the nine-month period ended 30 September 2024, there have been no additional significant changes in the estimates made at the end of 2023, other than those indicated in these interim financial statements.

#### d) Contingent assets and liabilities
Note 25 to Grupo Santander's consolidated annual accounts for the year ended 31 December 2023 includes information on the contingent assets and liabilities at that date. There were no significant changes in Grupo Santander's contingent assets and liabilities from 31 December 2023 to the date of formal preparation of these interim financial statements.

#### e) Comparative information
The information for the year 2023 contained in these interim financial statements is only presented for comparison purposes with the information relating to the nine-month period ended 30 September 2024.

The information in Note 12 related to segment information for September 2023 has been restated, in accordance with the new organizational structure of Grupo Santander, as required by IFRS 8 (see note 12).

In order to interpret the changes in the balances with respect to 31 December 2023, it is necessary to take into consideration the exchange rate effect arising from the volume of foreign currency