50. Consolidated statements of cash flows
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Cash flows from operating activities increased in the year ended December 31, 2015 by €23,101 million (compared with a decrease of €6,188 million and €500 million in 2014 and 2013, respectively). The most significant reason for the change occurred under the heading “Financial liabilities at amortized cost”.
The variances in cash flows from investing activities decreased in the year ended December 31, 2015 by €4,411 million (€1,115 million decrease in 2014). The most significant impact corresponds to “Investments”.
The variances in cash flows from financing activities are not material.
The table below shows the breakdown of the main cash flows related to investing activities as of December 31, 2015, 2014 and 2013:
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|
|
Millions of euros | |
|---|---|---|
| Main Cash Flows in Investing Activities 2015 |
Cash Flows in Investment Activities | |
| Investments (-) | Divestments (+) | |
| Tangible assets | (2,171) | 224 |
| Intangible assets | (571) | 2 |
| Investments | (41) | 1 |
| Subsidiaries and other business units | (3,633) | 9 |
| Non-current assets held for sale and associated liabilities | - | 1,683 |
| Held-to-maturity investments | - | - |
| Other settlements related to investment activities | - | 86 |
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|
|
Millions of euros | |
|---|---|---|
| Main Cash Flows in Investing Activities 2014 |
Cash Flows in Investment Activities | |
| Investments (-) | Divestments (+) | |
| Tangible assets | (1,419) | 167 |
| Intangible assets | (467) | - |
| Investments | - | 118 |
| Subsidiaries and other business units | (98) | - |
| Non-current assets held for sale and associated liabilities | - | 548 |
| Held-to-maturity investments | - | - |
| Other settlements related to investment activities | - | - |
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|
|
Millions of euros | |
|---|---|---|
| Main Cash Flows in Investing Activities 2013 |
Cash Flows in Investment Activities | |
| Investments (-) | Divestments (+) | |
| Tangible assets | (1,252) | 101 |
| Intangible assets | (526) | - |
| Investments | (547) | 944 |
| Subsidiaries and other business units (Note 3) | - | 3,299 |
| Non-current assets held for sale and associated liabilities | - | 571 |
| Held-to-maturity investments | - | 431 |
| Other settlements related to investment activities | - | - |