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In 2014, the global economy recovered, but with a diverged behavior among geographical areas: sustained improvements in the United States, reduced growth in Europe and Japan and moderation in China and other large emerging economies. The above has had an impact on stock market indices, both in the general and sectorial indices (the banking sector performed, in general, weaker than that of its respective general indices).

Year-on-year evolution of the main stock market indices

Chart 1: Year-on-year evolution of the main stock market indices

The performance of the different stock market indices diverged notably in 2014

Of note with respect to the Group’s situation at the close of 2014 is the sound capital and balance sheet position. BBVA is one of the European entities that have passed the comprehensive assessment conducted by the ECB with greatest ease, even under the most adverse scenario of the stress tests. Also notable in 2014 was the announcement, previously mentioned, of several corporate operations. However, the performance of the BBVA share in 2014 was affected by the significant gain in 2013.

The BBVA share and share performance ratios

31-12-14 31-12-13 31-12-12
Number of shareholders 960,397 974,395 1,012,864
Number of shares issued 6,171,338,995 5,785,954,443 5,448,849,545
Daily average number of shares traded 48,760,861 55,515,852 68,701,401
Daily average trading (million euros) 437 411 406
Maximum price (euros) 9.99 9.40 7.35
Minimum price (euros) 7.45 6.18 4.31
Closing price (euros) 7.85 8.95 6.96
Book value per share (euros) 8.01 8.00 8.00
Market capitalization (million euros) 48,470 51,773 37,924
Price/book value (times) 1.0 1.1 0.9
PER (price/earnings; times) 17.3 23.2 21.5
Yield (dividend/price; %) 4.5 4.1 6.0

The ECB ratified BBVA’s solvency and capacity to generate earnings

BBVA maintains an attractive shareholder remuneration for 2014, with a cash dividend and the rest by the implementation of the shareholder remuneration system called the “dividend-option”, which offers shareholders the chance to choose between receiving all or part of the corresponding amount in either new BBVA shares or in cash. In the occasions in which this system was carried out in 2014, the holders of more than 85% of the free allocation rights chose to receive new shares. This high percentage confirms, once more, the excellent acceptance of this system of remuneration and the confidence felt by shareholders in the future performance of the share.

BBVA’s shareholder remuneration remains attractive

BBVA Group. Shareholder structure (31-12-2014)

Chart 5: BBVA Group. Shareholder structure

The participation by foreign investors in BBVA’s capital has increased. This demonstrates the confidence and recognition of the BBVA brand

Main sustainability indices with BBVA presence
(Data as of December 31, 2014)

Weighting (%)
djsi DJSI World 0.66
DJSI Europe 1.55
DJSI Eurozone 3.30
djsi MSCI World ESG 0.35
MSCI AC Europe ESG 1.38
djsi FTSE4Good Global 0.33
FTSE4Good Global 100 0.48
FTSE4Good Europe 0.90
FTSE4Good Europe 50 1.58
djsi Euronext-Vigeo Europe 120 0.67
Euronext-Vigeo Eurozone 120 0.70
djsi STOXX Global ESG Environmental Leaders 0.42
STOXX Global ESG Social Leaders 0.42
EURO STOXX ESG Leaders 50 2.01
STOXX Europe ESG Leaders 50 1.99
STOXX Global ESG Leaders 0.28

BBVA is listed on the main stock market indices (Ibex 35, Euro Stoxx 50, Stoxx Banks y Euros Stoxx Banks) and sustainability indices