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Consolidated statements of cash flows

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Notes Millions of Euros 
2011 2010 (*) 2009 (*)
CASH FLOW FROM OPERATING ACTIVITIES (1) 53 19,811 8,503 2,567
Net income for the year
3,485 4,995 4,595
Adjustments to obtain the cash flow from operating activities:
3,090 (534) (591)
Depreciation and amortization
847 761 697
Other adjustments
2,243 (1,295) (1,288)
Net increase/decrease in operating assets
17,340 6,452 (9,781)
Financial assets held for trading
7,319 (6,450) (3,566)
Other financial assets designated at fair value through profit or loss
203 437 582
Available-for-sale financial assets
1,131 (7,064) 15,741
Loans and receivables
6,461 18,590 (23,377)
Other operating assets
2,226 939 839
Net increase/decrease in operating liabilities
30,291 9,067 (12,359)
Financial liabilities held for trading
14,090 4,383 (10,179)
Other financial liabilities designated at fair value through profit or loss
218 240 334
Financial liabilities at amortized cost
16,265 5,687 (3,564)
Other operating liabilities
(282) (1,243) 1,050
Collection/Payments for income tax
285 1,427 1,141
CASH FLOWS FROM INVESTING ACTIVITIES (2) 53 (6,622) (7,078) (643)
Investment
8,524 8,762 2,396
Tangible assets
1,313 1,040 931
Intangible assets
612 464 380
Investments
430 1,209 2
Subsidiaries and other business units
4,653 77 7
Non-current assets held for sale and associated liabilities
1,516 1,464 920
Held-to-maturity investments
- 4,508 156
Other settlements related to investing activities
- - -
Divestments
1,902 1,684 1,753
Tangible assets
175 261 793
Intangible assets
1 6 147
Investments
- 1 1
Subsidiaries and other business units
18 69 32
Non-current assets held for sale and associated liabilities
870 1,347 780
Held-to-maturity investments
838 - -
Other collections related to investing activities
- - -
CASH FLOWS FROM FINANCING ACTIVITIES (3) 53 (1,269) 1,148 (74)
Investment
6,282 12,410 10,012
Dividends
1,031 1,218 1,567
Subordinated liabilities
230 2,846 1,667
Common stock amortization
- - -
Treasury stock acquisition
4,825 7,828 6,431
Other items relating to financing activities
196 518 347
Divestments
5,013 13,558 9,938
Subordinated liabilities
- 1,205 3,103
Common stock increase
- 4,914 -
Treasury stock disposal
5,013 7,439 6,835
Other items relating to financing activities
- - -
EFFECT OF EXCHANGE RATE CHANGES (4)
(960) 1,063 (161)
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (1+2+3+4)
10,960 3,636 1,689
CASH OR CASH EQUIVALENTS AT BEGINNING OF THE YEAR
19,967 16,331 14,642
CASH OR CASH EQUIVALENTS AT END OF THE YEAR
30,927 19,967 16,331
COMPONENTS OF CASH AND EQUIVALENT AT END OF THE YEAR Notes Millions of Euros
2011 2010 (*) 2009 (*)
Cash
4,611 4,284 4,218
Balance of cash equivalent in central banks
26,316 15,683 12,113
Other financial assets
- - -
Less: Bank overdraft refundable on demand
- - -
TOTAL CASH OR CASH EQUIVALENTS AT END OF THE YEAR 9 30,927 19,967 16,331
Of which:
     
Held by consolidated subsidiaries but not available for the Group
- - -
(*) Presented for comparison purposes only.

The accompanying Notes 1 to 59 and Appendices I to XII are an integral part of the consolidated statement of cash flows for the year ended December 31, 2011.

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