ESPACIO PUBLICITARIO
CARACAS, Monday February 11, 2013 | Update
 
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DEVALUATION

Devaluation likely to hit Spanish bank and telephone carrier in Venezuela

The move made by the Venezuelan Government may lash income of Venezuela-based Spanish companies and undermine the dividends waiting for repatriation

EL UNIVERSAL
Monday February 11, 2013  05:11 PM

The devaluation announced by the Venezuelan authorities last Friday will have a particularly significant impact on the accounts of Spanish bank BBVA and telephone company Telefónica, whose revenues in Venezuela amount to some 6-8 percent of their total revenues. In the meantime, the impact in other Spanish companies based in Venezuela will be lower, according to estimates issued by some analysts in Madrid.

The new foreign exchange rate will enter into force next February 13, from VEB 4.30 to VEB 6.30 per US dollar. 

Brokerage firm Banesto Bolsa has stressed that BBVA yielded eight percent of the net margin in Venezuela in 2012, and its book value in Venezuela amounted to USD 1.03 billion (less than two percent of the total).

Regarding Telefónica, in addition to the impact on income (USD 3.09 billion in the first nine months, that is, 4.95 percent of total income), the telephone carrier holds USD 2.6 billion in cash and dividends that are waiting for repatriation, Banesto Bolsa explained. 

Translated by Jhean Cabrera










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What goes out of the La Yaguara industrial park

María Fernanda Astudillo is a store analyst for Alimentos Polar working at the company's facilities in La Yaguara. At only 23 years of age, she has made a career in that company where she has worked for the last six years. Now, besides her responsibilities, which include overseeing shipping/receiving and warehousing of goods, she is taking part in the roundtable discussions among the other companies operating in the La Yaguara industrial park, the Government and the workers exploring possible ways of coping with the order to expropriate the land.

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