financial statements 2013

31. Valuation adjustments

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The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Valuation Adjustments Notes Millions of Euros
2013 2012 2011
Available-for-sale financial assets 12.4 851 (238) (628)
Cash flow hedging
8 36 30
Hedging of net investments in foreign transactions
(100) (243) (159)
Exchange differences
(3,023) (1,164) (1,623)
Non-current assets held for sale
3 (104) -
Entities accounted for using the equity method
(1,130) (24) (179)
Other valuation adjustments (Remeasurements)
(440) (447) (228)
(3,831) (2,184) (2,787)

The balances recognized under these headings are presented net of tax.

Changes in 2013 in “Exchange differences” in the table above are due to the depreciation of currencies against the Euro and, in particular, the devaluation of the Venezuelan Bolivar Fuerte.

Changes in 2013 in “Entities accounted for the using equity method” in the table above are mainly due to the depreciation of the Turkish Lira.