There was an appreciation against the Euro of the dollar, Mexican peso, Colombian peso and Peruvian sol with respect December 2013. The effect of changes in these exchange rates on the half-year comparison of the consolidated balance sheet was positive. On the other hand there was a half year depreciation against the Euro of the Venezuelan Bolivar, the Argentine peso and the Chilean peso decreased with respect December 2013, resulting in a negative impact on the half-year comparison of the consolidated balance sheet.
The Group's summarized consolidated balance sheets as of December 31, 2014 and December 31, 2013 are shown below.
| ASSETS | Millions of Euros | ||
|---|---|---|---|
|
|
2014 | 2013 | % Change |
| CASH AND BALANCES WITH CENTRAL BANKS | 31,430 | 34,903 | (10.0) |
| FINANCIAL ASSETS HELD FOR TRADING | 83,258 | 72,112 | 15.5 |
| OTHER FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 2,761 | 2,413 | 14.4 |
| AVAILABLE-FOR-SALE FINANCIAL ASSETS | 94,875 | 77,774 | 22.0 |
| LOANS AND RECEIVABLES | 372,375 | 350,945 | 6.1 |
| Loans and advances to credit institutions | 27,059 | 22,862 | 18.4 |
| Loans and advances to customers | 338,657 | 323,607 | 4.7 |
| Debt securities | 6,659 | 4,476 | 48.8 |
| HELD-TO-MATURITY INVESTMENTS | - | - | n.m. |
| FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | 121 | 98 | 23.5 |
| HEDGING DERIVATIVES | 2,551 | 2,530 | 0.8 |
| NON-CURRENT ASSETS HELD FOR SALE | 3,793 | 2,880 | 31.7 |
| INVESTMENTS IN ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD | 4,509 | 4,742 | (4.9) |
| INSURANCE CONTRACTS LINKED TO PENSIONS | - | - | n.m. |
| REINSURANCE ASSETS | 559 | 619 | (9.7) |
| TANGIBLE ASSETS | 7,820 | 7,534 | 3.8 |
| INTANGIBLE ASSETS | 7,371 | 6,759 | 9.1 |
| TAX ASSETS | 12,426 | 11,704 | 6.2 |
| OTHER ASSETS | 8,094 | 7,684 | 5.3 |
| TOTAL ASSETS | 631,942 | 582,697 | 8.5 |
"Total Assets'' of this operating segment as of December 31, 2014 amounted to €631,942 million, a 8.5% increase compared with the €582,697 million recorded as of December 31, 2013.
''Loans And Receivables '' of this operating segment as of December 31, 2014 amounted to €372,375 million, a 6.1% increase compared with the €350,945 million recorded as of December 31, 2013. This increase is explained by the evolution of its main headings as follows:
''Loans And Advances To Credit Institutions'' of this operating segment as of December 31, 2014 amounted to €27,059 million, a 18.4% increase compared with the €22,862 million recorded as of December 31, 2013.
''Loans And Advances To Customers'' of this operating segment as of December 31, 2014 amounted to €338,657 million, a 4.7% increase compared with the €323,607 million recorded as of December 31, 2013. By business areas, the main trends are:
- Banking activity in Spain shows that the deleveraging process in the economy has slowed thanks to the recovery of the demand of new loans. Gross customer lending in the area is slightly up 0.2% during 2014.
- Mexico shows a favorable trend of the commercial activity, despite the macroeconomic growth has been moderate than initially expected and the level of interest rate has been reduced.
- South America continues to show a high year-on-year growth in business, in practically all the countries where the Group operates.
- United States shows a good performance in 2014, supported by the good performance of commercial loans, consumer finance and residential mortgage.
| LIABILITIES AND EQUITY | Millions of Euros | ||
|---|---|---|---|
|
|
2014 | 2013 | % Change |
| FINANCIAL LIABILITIES HELD FOR TRADING | 56,798 | 45,648 | 24.4 |
| OTHER FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 2,724 | 2,467 | 10.4 |
| FINANCIAL LIABILITIES AT AMORTIZED COST | 491,899 | 464,549 | 5.9 |
| Deposits from central banks | 28,193 | 30,893 | (8.7) |
| Deposits from credit institutions | 65,168 | 52,423 | 24.3 |
| Customer deposits | 319,060 | 300,490 | 6.2 |
| Debt certificates | 58,096 | 64,120 | (9.4) |
| Subordinated liabilities | 14,095 | 10,556 | 33.5 |
| Other financial liabilities | 7,288 | 6,067 | 20.1 |
| FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | - | - | n.m. |
| HEDGING DERIVATIVES | 2,331 | 1,792 | 30.1 |
| LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE | - | - | n.m. |
| LIABILITIES UNDER INSURANCE CONTRACTS | 10,460 | 9,834 | 6.4 |
| PROVISIONS | 7,444 | 6,853 | 8.6 |
| TAX LIABILITIES | 4,157 | 2,530 | 64.3 |
| OTHER LIABILITIES | 4,519 | 4,460 | 1.3 |
| TOTAL LIABILITIES | 580,333 | 538,133 | 7.8 |
| EQUITY | - | - | n.m. |
| STOCKHOLDERS’ FUNDS | 49,446 | 46,025 | 7.4 |
| VALUATION ADJUSTMENTS | (348) | (3,831) | (90.9) |
| NON-CONTROLLING INTEREST | 2,511 | 2,371 | 5.9 |
| TOTAL EQUITY | 51,609 | 44,565 | 15.8 |
| TOTAL LIABILITIES AND EQUITY | 631,942 | 582,697 | 8.5 |
"Financial Liabilities At Amortized Cost '' of this operating segment as of December 31, 2014 amounted to €491,899 million, a 5.9% increase compared with the €464,549 million recorded as of December 31, 2013. This increase is explained by the evolution of its main headings as follows:
''Customer Deposits'' of this operating segment as of December 31, 2014 amounted to €319,060 million, a 6.2% increase compared with the €300,490 million recorded as of December 31, 2013, mainly as a result of the growth in Government and other government agencies and in current and saving accounts, especially in the United States and, to a lesser extent, in Mexico and South America.
''Debt Certificates'' of this operating segment as of December 31, 2014 amounted to €58,096 million, a 9.4% decrease compared with the €64,120 million recorded as of December 31, 2013.
''Subordinated Liabilities'' of this operating segment as of December 31, 2014 amounted to €14,095 million, a 33.5% increase compared with the €10,556 million recorded as of December 31, 2013.