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financial statements 2015

29. 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
2015 2014 2013
Available-for-sale financial assets 12.4 1,674 3,816 851
Cash flow hedging
(49) (46) 8
Hedging of net investments in foreign transactions
(274) (373) (100)
Exchange differences
(3,905) (2,173) (3,023)
Non-current assets held for sale
- - 3
Entities accounted for using the equity method
64 (796) (1,130)
Other valuation adjustments (Remeasurements)
(859) (776) (440)
Total
(3,349) (348) (3,831)

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

Changes in 2015 in the table above are in “Available for sale financial assets” mainly due to negative market evolution and in “Exchange differences” by the currencies depreciation and exchange rates change in Venezuela (see note 2.2.16).

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