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financial statements 2014

2.3 Summarized consolidated balance sheets and key operational figures

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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.

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Millions of Euros
ASSETS 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.
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Millions of Euros
LIABILITIES AND EQUITY 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.


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