Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 86

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 86
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84 |   |

| (*) | Information subject to rounding given that Banco Sabadell’s publicly-available financial                                  
 information is expressed in thousands of euros and the pro forma financial information is expressed in millions of euros. |

59

Notes on the pro forma adjustments to the combined unaudited condensed consolidated pro forma income statement for the year ended December 31, 2024:

| (a) | Valuation of assets and liabilities recorded at amortized cost: |

As a consequence of the change in the valuation of assets and liabilities recorded at amortized cost, the accrual of interest is impacted by adjustments similar to those described in (a) and (d) above under “Notes on the pro forma adjustments to the combined unaudited condensed consolidated pro forma balance sheet as of December 31, 2024 for fair value”, resulting in higher or lower net interest income, as applicable.

| (b) | Amortization: |

The derecognition of software from the consolidated balance sheet would result in a lower amortization expense for the year.

| (c) | Negative goodwill (badwill) resulting from the exchange offer: |

Based on financial information as of and for the year ended December 31, 2024, and taking into account the pro forma adjustments described herein, the difference between the consideration offered and total equity as of December 31, 2024 would provisionally result in negative goodwill (badwill) of €1,858 million and €929 million in the event of completion of the exchange offer under the Full Acquisition Scenario and the Minimum Acceptance Scenario, respectively, in each case reflected in the combined unaudited condensed consolidated pro forma income statement. The amount of goodwill at the time of completion of the exchange offer may differ, both in amount and in sign (i.e., positive or negative goodwill), depending on the trading price of the BBVA shares at such time, which will determine the value of the consideration paid in the context of the exchange offer, the evolution of the Banco Sabadell Group’s results of operations and assets, as well as changes in the value of Banco Sabadell’s assets and liabilities resulting from, among others, changes in market conditions.

| (d) | Tax impacts: |

The adjustments described above (other than negative goodwill (badwill)) would result in corresponding tax impacts, calculated on the basis of the general corporate income tax rate currently in effect in Spain (30%).

| (e) | Basic and diluted earnings (losses) per share from continuing operations: