Registers form 6-K

Banco Comercial Portugues S.A. 02 September 2002 30 AUGUST, 2002 FOR IMMEDIATE RELEASE BANCO COMERCIAL PORTUGUES REGISTERS FORM 6-K FOR THE 1ST SEMESTER OF 2002 WITH THE SECURITIES AND EXCHANGE COMMISSION Lisbon, August 30 2002 - Banco Comercial Portugues (BCP, NYSE:BPC, BCPPRA), announced today that it has registered the Form 6-K with the interim results for the 1st Semester of 2002, in compliance with the Securities and Exchange Commission regulations for listed companies. This is consistent with the disclosure practices followed by BCP since its listing in the NYSE in 1992. The Financial Statements registered with the SEC correspond to the accounts prepared in accordance with the Portuguese GAAP, presented in the format defined by SEC's Regulation S-X. Considering the existence of different accounting criteria and practices in Portugal and in the United States, the registered information includes explanatory notes reconciling the consolidated net income and the consolidated shareholder's equity presented in accordance with the Portuguese GAAP and the USGAAP. 1. Consolidated Net Income Regarding this caption the most significant differences are the following: a) - € 300,000 thousand, related to the impairment test of goodwill capitalized according to USGAAP. Until 31st of December 2001, according to the USGAAP goodwill was capitalized and amortized in a 5-year period, whereas according to local Portuguese regulation was written-off against reserves. Effective 1st of January 2002, according to the FAS 142, goodwill is not amortised but subject to impairment test. b) - € 109,856 thousand, related to the impairment value of the available for sale portfolio (non-consolidated financial participations and investment securities), accounted at cost in the local accounts net of provision requirements introduced as of 30th of June 2002 by regulation Aviso 4/2002 issued by the Bank of Portugal. The Net Income under USGAAP is a loss of € 60,882 thousand, which compares to a profit of € 320,873 thousand registered in the local accounts. 2. Consolidated Shareholder's Equity Consolidated shareholder's equity under USGAAP is € 5,314,954 thousand, which compares to € 1,863,710 thousand under local rules. The most significant differences are the following: a) Total amount of + € 4,157,271 thousand, related to the unamortized goodwill adjusted by the impaired amount, which according to the local accounting principles was totally written-off against reserves. b) - € 759,927 thousand, related to the impairment of the available for sale portfolio (non-consolidated financial participations and investment securities) accounted at cost in the local accounts net of provision requirements introduced as of 30th of June 2002 by regulation Aviso 4/2002 issued by the Bank of Portugal. The differences herein arise exclusively from distinct accounting rules and are not due to any correction in financial statements formerly disclosed. The following table summarises the consolidated income and consolidated shareholder's equity reported locally and per USGAAP: According to the Portuguese According to USGAAP accounting rules Consolidated Net Income 30th June 2002 € 320.9 million - € 60.9 million 30th June 2001 € 353.8 million - € 624.3 million Consolidated Shareholder's Equity 30th June 2002 € 1,863.7 million € 5,315.0 million 30th June 2001 € 2,232.9 million € 6,765.6 million Banco Comercial Portugues August 30, 2002 This information is provided by RNS The company news service from the London Stock Exchange