In 2013, the Corporate Center’s results were a loss of €999m, compared with earnings of €823m the previous year. These figures are heavily conditioned by the closing of several corporate operations carried out by the Group throughout the year. As already stated on several occasions in this report, with the aim of guaranteeing a homogenous comparison of the accounts, all the effects derived from these Group decisions have been transferred to a new heading, called “results from corporate operations”. In 2013, this heading registered €383m and basically includes the effects of the following items:
- Earnings from the Group’s pension business in Latin America and the capital gains from the sale of the different companies (Mexico in the first quarter, Colombia and Peru in the second, and Chile in the fourth).
- The capital gain from the sale of BBVA Panama (fourth quarter).
- The impact of the new agreement with CITIC Group (fourth quarter), basically the mark to market of BBVA’s stake in CNCB and the equity-accounted earnings from CNCB (not including dividends) from previous quarters.
In 2012, results from corporate operations amounted to €1,303m and included:
- The badwill generated in the Unnim operation.
- The earnings from the sale of BBVA Puerto Rico.
- And the figures from the pension business and the equity-accounted earnings from CNCB (not including dividends) for that year.
In 2011, this heading stood at €745m thanks to the results from the pension business and the equity-accounted earnings from CNCB (also excluding dividends).
