Banco Sabadell Group Financial bulletin Third quarter of 2001 Number 6 Third quarter of 2001 Page 1
Introduction At the end of the third quarter of this year, attributable consolidated profits for the Banco Sabadell Group amounted to 162.53 million euros (27,043 million pesetas), 12.5% more than at September 30 of last year. At September 30, 2001, the consolidated balance sheet for the Group totalled 25,153.57 million euros (4,180,000 million pesetas), with a year-on-year increase of 35.1 %. Total net lending to customers increased by 44.0 % to 18,075 million euros (3,060,000 million pesetas) with customer deposits rising to 18,692 million euros (3,110,000 million pesetas) up by 32.8 %. This figure rises to 24,663 million euros (4,100,000 million pesetas) if the total volume of assets under management, including such off-balance sheet items as investment funds and pensions, is taken into account. Margins and profits Net interest income at the end of the third quarter stood at 514.71 million euros (85,638 million pesetas), an accumulated increase of 42.0%. Income from basic operations, which includes net fee and commission income and reflects the Group s performance in its core commercial activities, improved by 32.4% and reached 723.01 million euros (120,310 million pesetas). This was largely due to the satisfactory performance of incomes from recurrent banking activities and services which increased by 13.3 %. Profits on financial operations rose to 32.41 million euros (5,390 million pesetas) up 3.5%, in comparison with the same period of the previous year. In consequence, gross operating income, as of September 30, stood at 755.42 million euros (125,690 million pesetas), with a year-on-year increase of 30,8 %. The significant increase in income from other products contributed to a growth in profits on transactions (net operating income), which rose to 309.96 million euros (51,573 million pesetas), up by 31.3 %, The income for this quarter from the equity accounted consolidated companies rose by 40.2 %. In spite of the quality of customer lending and the favourable performance of bad and doubtful debts, the traditional Group policy of caution and stringency continued to be applied in risk management and in the allocation of provisions, thus contributing to the strength of the balance sheet. In this regard, provisions made in respect of doubtful assets rose 132.6 % and included the allocation of 51.49 million euros (8,567 million pesetas) to the new Statistics Insolvency Fund as required by the Bank of Spain which, at September 30, had increased to 359.9 % if compared with the same quarter last year. The total income from Group transactions and the non operating profits, after deducting amortizations, bad debt write offs, provisions and taxes and profits attributable to minority Number 6 Third quarter of 2001 Page 2
shareholders interests, showed a growth in the net Group profits of 12.5% more than at September 30 of the year 2000. As a result, from November 2 onwards, an interim dividend payment for the financial year 2001 will be made to the value of 0.24 euros (40 pesetas per share), which is 20% more than last year. At September 30, the PER of the BS share was 13.42. Other highlights In relation to the third quarter of last year, the Group s operating cost/basic income ratio showed an improvement of 0.74%, reaching 53.82 %. During the third quarter, share quality remained practically at the same level as a year ago and loan loss ratio (bad and doubtful debts over total risk) fell slightly: 0.55 % with respect to 0.59 % of September of the previous year. The loan loss reserve ratio rose above the 300 % mark and now stands at 303.17 %, or 322.24 % if mortgage securities are taken into account. Quarterly profit attributable to the Group (in thousands of euros) 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 2001 2000 1999 1998 1997 MARCH JUNE SEPT. DEC. Number 6 Third quarter of 2001 Page 3
Financial highlights Financial Highlights (in millions): Variation 30/9/01 30/9/01 30/9/00 Absolute Relative pesetas euros euros euros % Shareholders' equity 374.859 2.252,95 1.529,74 723,21 47,3 Total assets 4.185.204 25.153,58 18.772,05 6.381,53 34,0 Net lending to clients 3.007.395 18.074,81 12.556,07 5.518,74 44,0 Deposits and issued securities (on balance sheet) 3.110.070 18.691,90 14.074,56 4.617,34 32,8 Of which: customer deposits 2.782.152 16.721,07 12.129,19 4.591,88 37,9 Assets held in investment funds 781.226 4.695,26 4.355,28 339,98 7,8 Assets held in pension funds 205.833 1.237,08 1.155,66 81,42 7,0 Deposits and funds under management 4.103.505 24.662,56 19.400,18 5.262,38 27,1 Profit and Loss Account (in millions): Net interest income 85.640 514,71 362,46 152,25 42,0 Income from basic operations 120.298 723,01 546,25 176,76 32,4 Gross operating income 125.690 755,42 577,55 177,87 30,8 Net operating income 51.574 309,96 236,09 73,87 31,3 Profit before tax 43.460 261,20 249,10 12,11 4,9 Profit attributable to Group 27.043 162,53 144,44 18,09 12,5 Ratios Efficiency and cost/income ratios (%): ROA (net profit/average total assets) 0,93 1,22 ROA (net profit attributable to the Group/average shareholder's equity) 9,58 14,47 ROE adjusted (BCP and "la Caixa" goodwill effect) 15,50 17,07 Basic efficiency (total expenses/income from basic operations) 56,24 57,68 Cost/income (total and other operating costs/gross operating income) 58,97 59,12 BIS capital ratios (%): Total 11,49 11,16 TIER I capital 8,58 9,86 Risk management: Bad and doubtful debts (in millions) 18.881 113,48 84,94 28,54 33,6 Provisions for bad and doubtful debts (in millions) 57.242 344,03 221,19 122,84 55,5 Bad and doubtful debts/total lending ( %) 0,55 0,59-0,04 Provisions /bad and doubtful debts (%) 303,17 260,42 42,75 Provisions/bad and doubtful debts (incl. mortgages) (%) 322,24 285,40 36,84 Resources: Branches 925 704 221 31,4 Employees 7.768 6.634 1.134 17,1 Shares: Number of shares 204.002.736 148.630.560 (*) 55.372.176 37,3 Number of shareholders 50.619 39.935 10.684 26,8 (*) Number of shares at 30 September 2000, adjusted on the basis of the 6:1 split carried out on 20 December 2000. All the figures in this financial report include the figures from the Herrero Group, which merged with the Banco Sabadell Group on 1 January 2001. Number 6 Third quarter of 2001 Page 4
Consolidated balance sheet 30/9/01 30/9/01 30/9/00 In millions pesetas euros euros % change Assets: Cash and deposits with central banks 48.952 294,21 243,58 20,8 Government securities 67.152 403,59 382,36 5,6 Financial institutions 558.641 3.357,50 3.456,95-2,9 Loans and advances to clients 2.937.583 17.655,23 12.191,22 44,8 Bonds and other fixed-income securities 128.392 771,65 635,27 21,5 Shares and other variable-income securities 36.498 219,36 254,77-13,9 Equity investment 25.354 152,38 154,08-1,1 Equity investment in Group companies 26.432 158,86 53,79 195,3 Intangible assets 7.284 43,78 13,94 214,1 Goodwill on consolidation 112.414 675,62 298,36 126,4 Tangible assets 72.070 433,15 346,88 24,9 Treasury shares 1.211 7,28 0,00 *** Other assets 120.086 721,73 561,23 28,6 Accrued income 30.405 182,74 140,26 30,3 Losses of Group companies 12.729 76,50 39,36 94,4 Total 4.185.204 25.153,58 18.772,05 34,0 Liabilities: Financial institutions 348.755 2.096,06 1.526,57 37,3 Customer deposits 2.734.138 16.432,50 12.211,60 34,6 Liabilities on negotiable securities 325.316 1.955,19 1.862,96 5,0 Other liabilities 128.929 774,88 611,22 26,8 Accrued income 56.308 338,42 279,93 20,9 Provisions for liabilities and charges 44.565 267,84 127,37 110,3 General reserve 21.532 129,41 126,17 2,6 Negative difference on consolidation 507 3,05 2,80 8,9 Profits for the year (consolidated) 27.640 166,12 152,40 9,0 Subordinated liabilities 50.616 304,21 0,00 *** Minority interests 58.097 349,17 301,93 15,6 Issued capital 16.971 102,00 74,32 37,2 Share premium account 185.803 1.116,70 471,62 136,8 Reserves 152.195 914,71 822,50 11,2 Revaluation reserves 5.807 34,90 34,90 0,0 Reserves on Group companies 28.023 168,42 165,76 1,6 Total 4.185.204 25.153,58 18.772,05 34,0 Memorandum accounts: Contingent liabilities 441.128 2.651,23 2.019,18 31,3 Commitments 1.031.362 6.198,61 4.508,25 37,5 Total 1.472.489 8.849,84 6.527,43 35,6 The assets on the consolidated balance sheet on 30 September were 34.0% higher than the same period last year, reaching 25,153.58 million euros (4,185,204 million pesetas). The items which have contributed most to the increase on the balance sheet are Customer Loans and Deposits, which constitute a commercial bank's most typical business. Number 6 Third quarter of 2001 Page 5
Loans and advances to customers 30/9/01 30/9/01 30/9/00 In millions pesetas euros euros % change Loans to public bodies 35.459 213,11 36,02 491,7 Commercial loans 336.679 2.023,48 1.740,57 16,3 Mortgage loans 1.091.737 6.561,47 3.942,13 66,4 Personal loans 484.493 2.911,86 2.038,57 42,8 Loan and Credit accounts 400.205 2.405,28 1.862,15 29,2 Other secured loans 22.279 133,90 89,24 50,0 Overdrafts and sundry debit accounts 97.828 587,96 447,24 31,5 Leasing 240.617 1.446,14 1.240,95 16,5 Factoring 57.114 343,26 125,49 173,5 Loans to resident sector 2.730.952 16.413,35 11.486,34 42,9 Loans to non-resident sector 204.598 1.229,66 774,09 58,9 Doubtful assets 16.855 101,30 74,35 36,2 TOTAL GROSS LOANS AND ADVANCES TO CUSTOMERS 2.987.863 17.957,42 12.370,80 45,2 Provisions for bad and doubtful debts 50.280 302,19 179,58 68,3 TOTAL NET LOANS AND ADVANCES TO CUSTOMERS 2.937.583 17.655,23 12.191,22 44,8 Securitised mortgages 69.812 419,58 364,85 15,0 TOTAL NET LENDING TO CUSTOMERS 3.007.395 18.074,81 12.556,07 44,0 Year-on-year growth from net client loans over this last quarter account for 44.0%. There was a large increase in the number of mortgage loans, both as absolute and relative values (2,619.34 million euros, 66.4%) and the increase in factoring operations (173.5%) and loans to the non-resident sector (58.9%). Personal loans and others 32% Loans to resident sector on 30/9/2001 Leasing 9% Overdrafts and sundry debit accounts 4% Mortgage loans 41% Personal loans and others 34% Loans to resident sector on 30/9/2000 Leasing 11% Overdrafts and sundry debit accounts 4% Mortgage loans 35% Factoring 2% Commercial loans 12% Factoring 1% Commercial loans 15% Number 6 Third quarter of 2001 Page 6
20.000 Net lending to customers (in millions of euros) 19.000 18.000 17.000 +2,2% s/ D-00 +7,7% s/ M-01 +3,7% s/ J-01 16.000 15.000 14.000 13.000 +2,6% s/ J-00 +4,7% s/ S-00 16.177 17.429 18.075 12.000 11.000 12.556 13.151 10.000 Sept. 2000 Dec. 2000 March 2001 June 2001 Sept. 2001 Number 6 Third quarter of 2001 Page 7
Risk management Variation 30/9/01 30/9/01 30/9/00 Absolute Relative In millions pesetas euros euros euros % Bad and doubtful debts: Opening balance (1 January) 14.035 84,35 105,71-21,36-20,2 Increase due to new loan defaults 17.544 105,44 59,76 45,68 76,4 Recoveries -8.745-52,56-60,02 7,46 12,4 Amounts written off -3.952-23,75-20,51-3,24-15,8 TOTAL BAD AND DOUBTFUL DEBTS 18.881 113,48 84,94 28,54 33,6 Total gross loans and advances to customers 2.987.863 17.957,42 12.370,80 5.586,62 45,2 Contingent liabilities 441.128 2.651,23 2.019,18 632,05 31,3 Total bad and doubtful debts 18.881 113,48 84,94 28,54 33,6 BAD AND DOUBTFUL DEBTS AS % OF TOTAL LENDING 0,55 0,59-0,04 Provisions for specific coverage for bad 9.952 59,81 52,39 7,42 14,2 and doubtful debts Provisions for general coverage for bad 29.332 176,29 132,21 44,08 33,3 and doubtful debts Provisions for statistical insolvency fund 13.371 80,36 11,19 69,17 *** TOTAL COVERAGE REQUIRED 52.655 316,46 195,79 120,67 61,6 Other additional coverage 4.587 27,57 25,40 2,17 8,5 TOTAL PROVISION FOR BAD & DOUBT. DEBTS 57.242 344,03 221,19 122,84 55,5 PROVISIONS /BAD AND DOUBTFUL DEBTS (%) 303,17 260,42 42,75 PROVISIONS /BAD AND DOUBTFUL DEBTS (%) 322,24 285,40 36,84 (including mortgage guarantees) The ratio of bad and doubtful debt (which measures the percentage of bad debt risk over loan investment) fell with regard to the previous year, and is now 0.55%. The current balance for loan loss provisions stands at 316.46 million euros (52,655 million pestas), 61.6% higher than in September of the previous year. The ratio of cover for bad and doubtful debt has also improved in comparison to the previous year, reaching the figure of 303.17% (322.24% including mortgage guarantees). The statistical insolvency fund, for which provisions were initially made in July 2001 has had a marked influence on this increase. Number 6 Third quarter of 2001 Page 8
Bad and doubtful debts as % of total lending Total provisions as % of bad & doubtful debts 0,70 350 340 338,19 0,65 330 320 317,46 322,24 0,60 0,59 0,56 0,55 0,55 0,56 0,50 0,51 0,45 Sept. 2000 Dec. 2000 March 2001 June 2001 Sept. 2001 310 300 290 280 270 260 250 285,40 260,42 298,02 279,86 303,18 281,38 Sept. 2000 Dec. 2000 March 2001 303,17 June 2001 Sept. 2001 Provisions Provisions with mortgages Number 6 Third quarter of 2001 Page 9
Total on-balance sheet deposits and issued securities 30/9/01 30/9/01 30/9/00 In millions pesetas euros euros % change Creditors, public bodies 19.074 114,64 96,11 19,3 Current accounts 927.454 5.574,11 4.374,63 27,4 Savings accounts 202.434 1.216,65 698,73 74,1 Fixed-term deposits 984.657 5.917,91 3.909,54 51,4 Temporary asset sales 325.331 1.955,28 1.925,12 1,6 Creditors, resident sector 2.439.876 14.663,95 10.908,02 34,4 Creditors, non-resident sector 275.187 1.653,91 1.207,47 37,0 Debt securities and other negotiable instruments 325.316 1.955,19 1.862,96 5,0 Subordinated liabilities 50.616 304,21 0,00 *** TOTAL ON-BALANCE SHEET DEP.S & ISSUED SEC.S 3.110.070 18.691,90 14.074,56 32,8 Of which: customer deposits 2.782.152 16.721,07 12.129,19 37,9 As of 30 September, the total client deposits on the balance sheet was 18,691.90 million euros (3,110,070 million pesetas). In terms of resource type, fixed-term deposits are those which saw the largest increase in volume, around 2,008.37 million (334,165 million pesetas), an increase of 51.4%. Resources for investment (resources on the balance sheet excluding temporarily assigned assets) increased over the year by 37.9%, reaching a figure of 16,721.07 million euros (2,782,152 million pesetas). Resident sector resources on 30/9/2001 Resident sector resources on 30/9/2000 Temporary asset sales 13% Current accounts 38% Temporary asset sales 18% Current accounts 40% Fixed-term deposits 41% Savings accounts 8% Fixed-term deposits 36% Savings accounts 6% Number 6 Third quarter of 2001 Page 10
Deposits and funds under management 30/9/01 30/9/01 30/9/00 In millions pesetas euros euros % change On-balance total customer deposits and funds 3.110.070 18.691,90 14.074,56 32,8 Investment funds 781.226 4.695,26 4.355,28 7,8 Pension funds 205.833 1.237,08 1.155,66 7,0 Insurance (actuarial reserves) 269.564 1.620,11 1.169,06 38,6 Other deposits 112.316 675,03 737,72-8,5 Consolidated adjustments -375.503-2.256,82-2.092,10-7,9 TOTAL DEPOSITS & FUNDS UNDER MANAGE. 4.103.505 24.662,56 19.400,18 27,1 The most important element not included on the balance sheet are investment funds, which witnessed a lower relative increase than that for the total client funds on the balance sheet. This is as a result of general market trends. Even so, the increase in the total volume of funds under management is 27.1%, with a volume of 24,662.56 million euros (4,103,505 million pesetas). Deposits and funds under management (in millions of euros) 27.000 25.000 +2,3% s/ D-00 +4,9% s/ M-01 +0,4% s/ J-01 23.000 21.000 19.000 +5,9% s/ J-00 +0,8% s/ S-00 23.538 24.696 24.806 17.000 19.400 19.555 15.000 Sept. 2000 Dec. 2000 March 2001 June 2001 Sept. 2001 Number 6 Third quarter of 2001 Page 11
Yield and costs 30/9/01 30/9/00 Volume Type Results Volume Type Results In millions pesetas euros pesetas euros euros euros Cash and deposits with central banks 50.952 306,23 3,48 1.328 7,98 238,45 2,39 4,28 Financial institutions 541.133 3.252,27 4,99 20.195 121,38 2.661,07 5,95 118,77 Loans and advances to customers 2.754.427 16.554,44 6,83 140.608 845,07 11.276,46 6,23 526,67 Fixed income and government securities 211.835 1.273,15 4,84 7.663 46,06 1.121,54 4,03 33,90 Variable income securities 90.126 541,67 1,83 1.233 7,41 361,71 2,19 5,94 Tangible and intangible assets 184.976 1.111,73 --- --- --- 509,43 --- --- Other assets 131.966 793,13 --- --- --- 539,08 --- --- TOTAL INVESTMENT 3.965.415 23.832,62 5,77 171.028 1.027,90 16.707,75 5,50 689,56 Financial institutions 607.159 3.649,10 5,16 23.432 140,83 2.613,36 6,06 118,83 Customer Deposits 2.299.021 13.817,39 2,90 49.851 299,61 9.218,07 2,26 156,44 Temporary asset sales and others 355.470 2.136,42 4,55 12.104 72,75 2.035,19 3,40 51,83 Other liabilities 250.705 1.506,77 --- --- --- 1.253,95 --- --- Special reserves 71.679 430,80 --- --- --- 240,18 --- --- Shareholders' equity 381.381 2.292,15 --- --- --- 1.347,00 --- --- TOTAL RESOURCES 3.965.415 23.832,62 2,88 85.387 513,19 16.707,75 2,61 327,10 Differential 2,89 2,89 The yield differential between investment and expenses has remained stable over the whole year, although following general market trends, both asset and liability rates have increased. Number 6 Third quarter of 2001 Page 12
Consolidated profit and loss Variation 30/9/01 30/9/01 30/9/00 Absolute Relative In millions pesetas Euros Euros Euros % Interest income 171.028 1.027,90 689,56 338,34 49,1 Interest charges 85.387 513,19 327,10 186,09 56,9 NET INTEREST INCOME 85.640 514,71 362,46 152,25 42,0 Net fees and commissions 34.658 208,30 183,79 24,51 13,3 Commission on risk operations 10.043 60,36 53,39 6,97 13,1 Commission on services 14.154 85,07 67,85 17,22 25,4 Commission on investment and pension funds 10.461 62,87 62,55 0,33 0,5 INCOME FROM BASIC OPERATIONS 120.298 723,01 546,25 176,76 32,4 Dealing profits 5.392 32,41 31,30 1,11 3,5 GROSS OPERATING INCOME 125.690 755,42 577,55 177,87 30,8 Other operating income 1.042 6,26 3,20 3,06 95,4 General administrative expenses 67.651 406,59 315,09 91,50 29,0 Staff expenses 44.116 265,14 212,56 52,58 24,7 General expenses and taxes 23.535 141,45 102,53 38,91 38,0 Depreciation and amortization 6.119 36,78 24,30 12,48 51,3 Other operating costs 1.389 8,35 5,27 3,08 58,4 NET OPERATING INCOME 51.574 309,96 236,09 73,87 31,3 Income from equity-accounted undertakings 5.572 33,49 23,89 9,60 40,3 Amortization of goodwill on consolidation 4.332 26,04 12,17 13,87 114,0 Profits on Group transactions -412-2,48 67,17-69,65-103,7 Loan write-offs and provisions for bad & doubtful debt 13.984 84,05 36,13 47,91 132,6 Write-downs of financial fixed assets (net) 0 0,00-0,03 0,03 *** Non-operating results (net) 5.044 30,32-29,78 60,10 201,8 PROFIT BEFORE TAX 43.460 261,20 249,10 12,11 4,9 Corporation tax 15.821 95,09 96,70-1,61-1,7 CONSOLIDATED NET PROFIT 27.639 166,11 152,40 13,72 9,0 Profit attributable to minority shareholders 596 3,58 7,96-4,38-55,1 PROFIT ATTRIBUTABLE TO THE GROUP 27.043 162,53 144,44 18,09 12,5 The profit attributable to the Group as of 30 September was 162.53 million euros (27,043 million pesetas), 12.5% higher than the previous year. Net interest income has shown an accumulated increase of 42.0%. This increase is mainly attributable to the increase in business volume. Income from basic operations has grown by 32.4% with regard to last year. The accumulated increase in commission as of 30 September was 13.3%. Commission on services, with a growth of 25.4%, has compensated for the lower growth rate from Commission on investment and pension funds (+0.5). Net operating income reached 309.96 million euros (51,574 million pesetas), representing year-on-year growth of 31.3%. The lower rate of growth of general administrative expenses (29.0%) has contributed to the excellent performance of this item, which has consequently improved the efficiency ratio. Number 6 Third quarter of 2001 Page 13
The consolidated subsidiaries and companies in which the Group holds equity have contributed as a result of equity-accounting to the high increase in profits, due in great part to Banco Comercial Português and Bansabadell Vida. The high growth in the amortization of goodwill on conolidation occurred as a result of the acquisition of the Herrero Group in 2001; specifically, 14.61 million euros have been written of as of 30.09.01. The comparative effect of the sale of equity in Banco Guipuzcoano and Hidrocantábrico during the first three quarters of 2000 is worth highlighting, since it produced earnings of 67.17 million euros (11,176 million pesetas) which appear on the consolidated profit and loss account for 2000, under the "Group Operations Profit" item. Apart from the growth in investments, the increase in provisions for bad and doubtful debt this year is due to the new funds for statistical bad debt cover, which came into force in the third quarter of 2000; this means that nine months have been provided for over 2001, whereas last year, provisions were only made for three months. Number 6 Third quarter of 2001 Page 14
Shares 30/9/01 30/9/01 pesetas euros Shareholders and trading Shareholders (number) 50.619 Outstanding shares (number) 204.002.736 Average daily trading volume (number of shares) 135.997 Average daily trading volume (millions) 451 2,71 Quotations Reference price (18/4/01) 2.994,95 18,00 Maximum quote (18/4/01) 3.434,21 20,64 Minimum quote (21.09.01) 2.261,19 13,59 Latest quote (28.09.01) 2.578,98 15,50 Valuation -13,89% Stock exchange capitalisation (millions) 526.120 3.162,04 Ibex 35 (18/4/01) (points) 9.527,00 Ibex 35 (28/9/01) (points) 7.314,00 Valuation -23,23% Banking sector index (18/4/01) (points) 1.321,00 Banking sector index (28/9/01) (points) 1.048,00 Valuation -20,67% Stock exchange ratios Profits attributable to the Group per share(31-12-00) 191 1,15 PER 2001 (price / BPA 31-12-01) (calculated on the basis of estimated profits by the analysts) 13,84 NOTE: All the figures corresponding to the prior period to the increase in capital have been adjusted to the new number of shares released during the increase. The slow-down in growth in the euro zone caused by less dynamic investment and export figures, together with the slower rhythm of growth in the US economy, has caused stockmarket indices to fall since the beginning of the year. This downward trend in the stock market and the events of 11 September in the United States have had a marked effect on this month. Banco Sabadell's shares have not bucked the general trend, but have maintained the comparative advantage gained in earlier months. Between 18 April, the initial listing date, and 30 September, Banco Sabadell's share price fell 13.89% whereas over the same period, the IBEX35 index fell by 23.23%, and the banking sector index by 20.67%. Number 6 Third quarter of 2001 Page 15
120 115 110 105 100 95 90 85 80 75 70 65 17/4 21/4 25/4 29/4 3/5 7/5 11/5 15/5 19/5 23/5 27/5 31/5 4/6 8/6 12/6 16/6 20/6 24/6 28/6 2/7 6/7 10/7 14/7 18/7 22/7 26/7 30/7 3/8 7/8 11/8 15/8 19/8 23/8 27/8 31/8 4/9 8/9 12/9 16/9 20/9 24/9 28/9 BS Closure IBEX35 Closure Base 100: 17/04/01 Number 6 Third quarter of 2001 Page 16