Financial statements

1. Consolidated balance sheets as of December 31, 2016, 2015 and 2014

		Millions of Euros
ASSETS	Notes	2016	2015 (*)	2014 (*)
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS	9	40,039	29,282	27,719
FINANCIAL ASSETS HELD FOR TRADING	10	74,950	78,326	83,258
Derivatives		42,955	40,902	44,229
Equity instruments		4,675	4,534	5,017
Debt securities		27,166	32,825	33,883
Loans and advances to central banks		-	-	-
Loans and advances to credit institutions		-	-	-
Loans and advances to customers		154	65	128
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	11	2,062	2,311	2,761
Equity instruments		1,920	2,075	2,024
Debt securities		142	173	737
Loans and advances to central banks		-	-	-
Loans and advances to credit institutions		-	62	-
Loans and advances to customers		-	-	-
AVAILABLE-FOR-SALE FINANCIAL ASSETS	12	79,221	113,426	94,875
Equity instruments		4,641	5,116	7,267
Debt securities		74,580	108,310	87,608
LOANS AND RECEIVABLES	13	465,977	471,828	376,086
Debt securities		11,209	10,516	6,659
Loans and advances to central banks		8,894	17,830	5,429
Loans and advances to credit institutions		31,373	29,317	25,342
Loans and advances to customers		414,500	414,165	338,657
HELD-TO-MATURITY INVESTMENTS	14	17,696	-	-
HEDGING DERIVATIVES	15	2,833	3,538	2,551
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK	15	17	45	121
INVESTMENTS IN SUBSIDARIES, JOINT VENTURES AND ASSOCIATES	16	765	879	4,509
Joint ventures		229	243	4,092
Associates		536	636	417
INSURANCE OR REINSURANCE ASSETS	23	447	511	559
TANGIBLE ASSETS	17	8,941	9,944	7,820
Property, plants and equipment		8,250	8,477	6,428
For own use		7,519	8,021	5,985
Other assets leased out under an operating lease		732	456	443
Investment properties		691	1,467	1,392
INTANGIBLE ASSETS	18	9,786	10,052	7,371
Goodwill		6,937	6,915	5,697
Other intangible assets		2,849	3,137	1,673
TAX ASSETS	19	18,245	17,779	12,426
Current		1,853	1,901	2,035
Deferred		16,391	15,878	10,391
OTHER ASSETS	20	7,274	8,565	8,094
Insurance contracts linked to pensions		-	-	-
Inventories		3,298	4,303	4,443
Rest		3,976	4,263	3,651
NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE	21	3,603	3,369	3,793
TOTAL ASSETS		731,856	749,855	631,942

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the consolidated balance sheet as of December 31, 2016.

2. Consolidated balance sheets as of December 31, 2016, 2015 and 2014.

		Millions of Euros
LIABILITIES AND EQUITY	Notes	2016	2015 (*)	2014 (*)
FINANCIAL LIABILITIES HELD FOR TRADING	10	54,675	55,202	56,798
Trading derivatives		43,118	42,149	45,052
Short positions		11,556	13,053	11,747
Deposits from central banks		-	-	-
Deposits from credit institutions		-	-	-
Customer deposits		-	-	-
Debt certificates		-	-	-
Other financial liabilities		-	-	-
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	11	2,338	2,649	2,724
Deposits from central banks		-	-	-
Deposits from credit institutions		-	-	-
Customer deposits		-	-	-
Debt certificates		-	-	-
Other financial liabilities		2,338	2,649	2,724
FINANCIAL LIABILITIES AT AMORTIZED COST	22	589,210	606,113	491,899
Deposits from central banks		34,740	40,087	28,193
Deposits from credit institutions		63,501	68,543	65,168
Customer deposits		401,465	403,362	319,334
Debt certificates		76,375	81,980	71,917
Other financial liabilities		13,129	12,141	7,288
HEDGING DERIVATIVES	15	2,347	2,726	2,331
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK	15	-	358	-
LIABILITIES UNDER INSURANCE CONTRACTS	23	9,139	9,407	10,460
PROVISIONS	24	9,071	8,852	7,444
Provisions for pensions and similar obligations	25	6,025	6,299	5,970
Other long term employee benefits		69	68	62
Provisions for taxes and other legal contingencies		418	616	262
Provisions for contingent risks and commitments		950	714	381
Other provisions		1,609	1,155	769
TAX LIABILITIES	19	4,668	4,656	4,157
Current		1,276	1,238	980
Deferred		3,392	3,418	3,177
OTHER LIABILITIES	20	4,979	4,610	4,519
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE		-	-	-
TOTAL LIABILITIES		676,428	694,573	580,333

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the consolidated balance sheet as of December 31, 2016.

2. Consolidated balance sheets as of December 31, 2016, 2015 and 2014. (Continued)

		Millions of Euros
LIABILITIES AND EQUITY (Continued)	Notes	2016	2015 (*)	2014 (*)
SHAREHOLDERS’ FUNDS		52,821	50,639	49,446
Capital	26	3,218	3,120	3,024
Paid up capital		3,218	3,120	3,024
Unpaid capital which has been called up		-	-	-
Share premium	27	23,992	23,992	23,992
Equity instruments issued other than capital		-	-	-
Other equity	44.1.1	54	35	67
Retained earnings	28	23,688	22,588	20,280
Revaluation reserves	28	20	22	23
Other reserves	28	(67)	(98)	633
Reserves or accumulated losses of investments in subsidaries, joint ventures and associates		(67)	(98)	633
Other		-	-	-
Less: Treasury shares	29	(48)	(309)	(350)
Profit or loss attributable to owners of the parent		3,475	2,642	2,618
Less: Interim dividends	4	(1,510)	(1,352)	(841)
ACCUMULATED OTHER COMPREHENSIVE INCOME	30	(5,458)	(3,349)	(348)
Items that will not be reclassified to profit or loss		(1,095)	(859)	(777)
Actuarial gains or (-) losses on defined benefit pension plans		(1,095)	(859)	(777)
Non-current assets and disposal groups classified as held for sale		-	-
Share of other recognised income and expense of investments in subsidaries, joint ventures and associates		-	-
Other adjustments		-	-
Items that may be reclassified to profit or los		(4,363)	(2,490)	429
Hedge of net investments in foreign operations (effective portion)		(118)	(274)	(373)
Foreign currency translation		(5,185)	(3,905)	(2,173)
Hedging derivatives. Cash flow hedges (effective portion)		16	(49)	(46)
Available-for-sale financial assets		947	1,674	3,816
Non-current assets and disposal groups classified as held for sale		-	-	-
Share of other recognised income and expense of investments in subsidaries, joint ventures and associates		(23)	64	(796)
MINORITY INTERESTS (NON-CONTROLLING INTEREST)	31	8,064	7,992	2,511
Valuation adjustments		(2,246)	(1,333)	(53)
Rest		10,310	9,325	2,563
TOTAL EQUITY		55,428	55,282	51,609
TOTAL EQUITY AND TOTAL LIABILITIES		731,856	749,855	631,942

		Millions of Euros
MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES)	Notes	2016	2015 (*)	2014 (*)
Financial guarantees given	33	50,540	49,876	33,741
Contingent commitments	33	117,573	135,733	106,252

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the consolidated balance sheet as of December 31, 2016.

2. Consolidated income statements for the years ended December 31, 2016, 2015 and 2014.

		Millions of Euros
Consolidated income statements	Notes	2016	2015 (*)	2014 (*)
Interest income	37	27,708	24,783	22,838
Interest expenses	37	(10,648)	(8,761)	(8,456)
NET INTEREST INCOME		17,059	16,022	14,382
Dividend income	38	467	415	531
Share of profit or loss of entities accounted for using the equity method	39	25	174	343
Fee and commission income	40	6,804	6,340	5,530
Fee and commission expenses	40	(2,086)	(1,729)	(1,356)
Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net	41	1,375	1,055	1,439
Gains or (-) losses on financial assets and liabilities held for trading, net	41	248	(409)	11
Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net	41	114	126	32
Gains or (-) losses from hedge accounting, net	41	(76)	93	(47)
Exchange differences (net)	41	472	1,165	699
Other operating income	42	1,272	1,315	959
Other operating expenses	42	(2,128)	(2,285)	(2,705)
Income on insurance and reinsurance contracts	43	3,652	3,678	3,622
Expenses on insurance and reinsurance contracts	43	(2,545)	(2,599)	(2,714)
GROSS INCOME		24,653	23,362	20,725
Administration costs	44	(11,366)	(10,836)	(9,414)
Personnel expenses		(6,722)	(6,273)	(5,410)
Other administrative expenses		(4,644)	(4,563)	(4,004)
Depreciation	45	(1,426)	(1,272)	(1,145)
Provisions or (-) reversal of provisions	46	(1,186)	(731)	(1,142)
Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss	47	(3,801)	(4,272)	(4,340)
Financial assets measured at cost		-	-
Available- for-sale financial assets		(202)	(23)	(35)
Loans and receivables		(3,597)	(4,248)	(4,304)
Held to maturity investments		(1)	-	-
NET OPERATING INCOME		6,874	6,251	4,684
Impairment or (-) reversal of impairment of investments in subsidaries, joint ventures and associates		-	-	-
Impairment or (-) reversal of impairment on non-financial assets	48	(521)	(273)	(297)
Tangible assets		(143)	(60)	(97)
Intangible assets		(3)	(4)	(8)
Other assets		(375)	(209)	(192)
Gains (losses) on derecognized of non financial assets and subsidiaries, net	49	70	(2,135)	46
Negative goodwill recognised in profit or loss	18	-	26	-
Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations	50	(31)	734	(453)
OPERATING PROFIT BEFORE TAX		6,392	4,603	3,980
Tax expense or (-) income related to profit or loss from continuing operation	19	(1,699)	(1,274)	(898)
PROFIT FROM CONTINUING OPERATIONS		4,693	3,328	3,082
Profit from discontinued operations (net)		-	-	-
PROFIT		4,693	3,328	3,082
Attributable to minority interest [non-controlling interests]	31	1,218	686	464
Attributable to owners of the parent		3,475	2,642	2,618

		Euros
	Notes	2016	2015 (*)	2014 (*)
EARNINGS PER SHARE	5	0.50	0.37	0.40
Basic earnings per share from continued operations		0.50	0.37	0.40
Diluted earnings per share from continued operations		0.50	0.37	0.40
Basic earnings per share from discontinued operations		-	-	-
Diluted earnings per share from discontinued operation		-	-	-

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the consolidated income statement corresponding to the year ended December 31, 2016.

3. Consolidated statements of recognized income and expenses for the years ended December 31, 2016, 2015 and 2014.

	Millions of Euros
	2016	2015 (*)	2014 (*)
PROFIT RECOGNIZED IN INCOME STATEMENT	4,693	3,328	3,082
OTHER RECOGNIZED INCOME (EXPENSES)	(3,022)	(4,280)	3,359
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT	(240)	(74)	(346)
Actuarial gains and losses from defined benefit pension plans	(303)	(135)	(498)
Non-current assets available for sale	-	-	-
Entities under the equity method of accounting	-	8	(5)
Income tax related to items not subject to reclassification to income statement	63	53	157
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT	(2,782)	(4,206)	3,705
Hedge of net investments in foreign operations (effective portion)	166	88	(273)
Valuation gains or (-) losses taken to equity	166	88	(273)
Transferred to profit or loss	-	-	-
Other reclassifications	-	-	-
Foreign currency translation	(2,167)	(2,911)	760
Valuation gains or (-) losses taken to equity	(2,120)	(3,154)	761
Transferred to profit or loss	(47)	243	(1)
Other reclassifications	-	-	-
Cash flow hedges (effective portion)	80	4	(71)
Valuation gains or (-) losses taken to equity	134	47	(71)
Transferred to profit or loss	(54)	(43)	-
Transferred to initial carrying amount of hedged items	-	-	-
Other reclassifications	-	-	-
Available-for-sale financial assets	(694)	(3,196)	4,306
Valuation gains or (-) losses taken to equity	438	(1,341)	5,706
Transferred to profit or loss	(1,248)	(1,855)	(1,400)
Other reclassifications	116	-	-
Non-current assets held for sale	-	-	(4)
Valuation gains or (-) losses taken to equity	-	-	(4)
Transferred to profit or loss	-	-	-
Other reclassifications	-	-	-
Entities accounted for using the equity method	(89)	861	338
Income tax	(78)	948	(1,351)
TOTAL RECOGNIZED INCOME/EXPENSES	1,671	(952)	6,441
Attributable to minority interest (non-controlling interests)	305	(594)	341
Attributable to the parent company	1,366	(358)	6,100

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the consolidated statement of recognized income and expenses for the years ended December 31, 2016, 2015 and 2014.

4. Consolidated statements of changes in equity for the years ended December 31, 2016, 2015 and 2014.

2016

	Millions of Euros
												Non-controlling interest
2016	Capital (Note 26)	Share Premium (Note 27)	Equity instruments issued other than capital	Other Equity	Retained earnings	Revaluation reserves	Other reserves	(-) Treasury shares	Profit or loss attributable to owners of the parent	Interim dividends	Accumulated other comprehensiv e income	Valuation adjustments	Rest	Total
Balances as of January 1, 2016	3,120	23,992	-	35	22,588	22	(98)	(309)	2,642	(1,352)	(3,349)	(1,333)	9,325	55,281
Total income/expense recognized	-	-	-	-	-	-	-	-	3,475	-	(2,109)	(913)	1,218	1,671
Other changes in equity	98	-	-	19	1,100	(2)	31	260	(2,642)	(158)	-	-	(233)	(1,526)
Issuances of common shares	98	-	-	-	(98)	-	-	-	-	-	-	-	-	-
Issuances of preferred shares	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of other equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Period or maturity of other issued equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of debt on equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock reduction	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend distribution	-	-	-	-	93	-	(93)	-	-	(1,301)	-	-	(234)	(1,535)
Purchase of treasury shares	-	-	-	-	-	-	-	(2,004)	-	-	-	-	-	(2,004)
Sale or cancellation of treasury shares	-	-	-	-	(30)	-	-	2,264	-	-	-	-	-	2,234
Reclassification of financial liabilities to other equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of other equity instruments to financial liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers between total equity entries	-	-	-	-	1,166	(2)	126	-	(2,642)	1,352	-	-	-	-
Increase/Reduction of equity due to business combination	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share based payments	-	-	-	(16)	3	-	-	-	-	-	-	-	-	(12)
Other increases or (-) decreases in equity	-	-	-	35	(34)	-	(2)	-	-	(210)	-	-	2	(209)
Balances as of December 31, 2016	3,218	23,992	-	54	23,688	20	(67)	(48)	3,475	(1,510)	(5,458)	(2,246)	10,310	55,428

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The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the total consolidated statement of changes in equity for the year ended December 31, 2016.

2015

	Millions of Euros
												Non-controlling interest
2015^*	Capital (Note 25)	Share Premium (Nota 26)	Equity instruments issued other than capital	Other Equity	Retained earnings	Revaluation reserves	Other reserves	(-) Treasury shares	Profit or loss attributable to owners of the parent	Interim dividends	Accumulated other comprehensiv e income	Valuation adjustments	Rest	Total
Balances as of January 1, 2015	3,024	23,992	-	66	20,281	23	633	(350)	2,618	(841)	(348)	(53)	2,563	51,609
Total income/expense recognized	-	-	-	-	-	-	-	-	2,642	-	(3,000)	(1,280)	686	(953)
Other changes in equity	96	-	-	(32)	2,308	(1)	(731)	41	(2,618)	(512)	-	-	6,075	4,626
Issuances of common share	96	-	-	-	(96)	-	-	-	-	-	-	-	-	-
Issuances of preferred shares	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of other equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Period or maturity of other issued equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of debt on equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock reduction	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend distribution	-	-	-	-	86	-	(86)	-	-	(1,222)	-	-	(146)	(1,368)
Purchase of treasury shares	-	-	-	-	-	-	-	(3,278)	-	-	-	-	-	(3,278)
Sale or cancellation of treasury shares	-	-	-	-	6	-	-	3,319	-	-	-	-	-	3,325
Reclassification of financial liabilities to other equity instrument	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of other equity instruments to financial liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers between total equity entries	-	-	-	-	2,423	(1)	(645)	-	(2,618)	841	-	-	-	-
Increase/Reduction of equity due to business combination	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share based payments	-	-	-	(48)	14	-	-	-	-	-	-	-	-	(34)
Other increases or (-) decreases in equity	-	-	-	16	(126)	-	-	-	-	(131)	-	-	6,221	5,980
Balances as of December 31, 2015	3,120	23,992	-	35	22,588	22	(98)	(309)	2,642	(1,352)	(3,349)	(1,333)	9,325	55,281

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the total consolidated statement of changes in equity for the year ended December 31, 2016.

2014

	Millions of Euros
												Non-controlling interest
2014^*	Capital (Nota 26)	Share Premium (Nota 27)	Equity instruments issued other than capital	Other Equity	Retained earnings	Revaluation reserves	Other reserves	(-) Treasury shares	Profit or loss attributable to owners of the parent	Interim dividends	Accumulated other comprehensiv e income	Valuation adjustments	Rest	Total
Saldos a 1 de enero de 2014	2,835	22,111	-	59	19,291	26	450	(66)	2,084	(765)	(3,831)	70	2,301	44,565
Total income/expense recognized	-	-	-	-	-	-	-	-	2,618	-	3,483	(123)	464	6,442
Other changes in equity	189	1,881	-	8	989	(2)	182	(284)	(2,084)	(76)	-	-	(201)	602
Issuances of common share	189	1,881	-	-	(70)	-	-	-	-	-	-	-	-	2,000
Issuances of preferred shares	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of other equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Period or maturity of other issued equity instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of debt on equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock reduction	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend distribution	-	-	-	-	91	-	(91)	-	-	(597)	-	-	(243)	(840)
Purchase of treasury shares	-	-	-	-	-	-	-	(3,770)	-	-	-	-	-	(3,770)
Sale or cancellation of treasury shares	-	-	-	-	5	-	-	3,486	-	-	-	-	-	3,491
Reclassification of financial liabilities to other equity instrument	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of other equity instruments to financial liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers between total equity entries	-	-	-	-	1,044	(2)	277	-	(2,084)	765	-	-	-	-
Increase/Reduction of equity due to business combination	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share based payments	-	-	-	(36)	7	-	-	-	-	-	-	-	-	(29)
Other increases or (-) decreases in equity	-	-	-	44	(88)	-	(4)	-	-	(244)	-	-	42	(250)
Balances as of December 31, 2014	3,024	23,992	-	67	20,280	23	633	(350)	2,618	(841)	(348)	(53)	2,563	51,609

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(*) Presented for comparison purposes only (Note 1.3).
The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the total consolidated statement of changes in equity for the year ended December 31, 2016.

5. Consolidated statements of cash flows for the years ended December 31, 2016, 2015 and 2014.

		2016
	Notes	2016	2015 (*)	2014 (*)
A) CASH FLOW FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4 + 5)	51	6,623	23,101	(6,188)
1. Profit for the year		4,693	3,328	3,082
2. Adjustments to obtain the cash flow from operating activities:		6,784	18,327	8,315
Depreciation and amortization		1,426	1,272	1,145
Other adjustments		5,358	17,055	7,170
3. Net increase/decrease in operating assets		(4,428)	(12,954)	(53,244)
Financial assets held for trading		1,289	4,691	(11,145)
Other financial assets designated at fair value through profit or loss		(2)	337	(349)
Available-for-sale financial assets		14,445	3,360	(13,485)
Loans and receivables		(21,075)	(20,498)	(27,299)
Other operating assets		915	(844)	(966)
4. Net increase/decrease in operating liabilities		1,273	15,674	36,557
Financial liabilities held for trading		361	(2,475)	11,151
Other financial liabilities designated at fair value through profit or loss		(53)	120	256
Financial liabilities at amortized cost		(7)	21,422	24,219
Other operating liabilities		972	(3,393)	931
5. Collection/Payments for income tax		(1,699)	(1,274)	(898)
B) CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2)	51	(560)	(4,411)	(1,151)
1. Investment		(3,978)	(6,416)	(1,984)
Tangible assets		(1,312)	(2,171)	(1,419)
Intangible assets		(645)	(571)	(467)
Investments in joint ventures and associates		(76)	(41)	-
Subsidiaries and other business units		(95)	(3,633)	(98)
Non-current assets held for sale and associated liabilities		-	-	-
Held-to-maturity investments		(1,850)	-	-
Other settlements related to investing activities		-	-	-
2. Divestments		3,418	2,005	833
Tangible assets		795	224	167
Intangible assets		20	2	-
Investments in joint ventures and associates		322	1	118
Subsidiaries and other business units		73	9	-
Non-current assets held for sale and associated liabilities		900	1,683	548
Held-to-maturity investments		1,215	-	-
Other collections related to investing activities		93	86	-
C) CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2)	51	(1,113)	127	3,157
1. Investmens		(4,335)	(5,717)	(5,955)
Dividends		(1,599)	(879)	(826)
Subordinated liabilities		(502)	(1,419)	(1,046)
Treasury stock amortization		-	-	-
Treasury stock acquisition		(2,004)	(3,273)	(3,770)
Other items relating to financing activities		(230)	(146)	(313)
2. Divestments		3,222	5,844	9,112
Subordinated liabilities		1,000	2,523	3,628
Treasury stock increase		-	-	2,000
Treasury stock disposal		2,222	3,321	3,484
Other items relating to financing activities		-	-	-
D) EFFECT OF EXCHANGE RATE CHANGES		(3,463)	(6,781)	725
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (A + B + C + D)		1,489	12,036	(3,457)
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR		43,466	31,430	34,887
G) CASH AND CASH EQUIVALENTS AT END OF THE PERIOD (E+F)		44,955	43,466	31,430

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		Millions of Euros
(Continued)	Notes	2016	2015 (*)	2014 (*)
Cash		7,413	7,192	6,247
Balance of cash equivalent in central banks (**)		37,542	36,275	25,183
Other financial assets		-	-	-
Less: Bank overdraft refundable on demand		-	-	-
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	9.13	44,955	43,466	31,430

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(*) Presented for comparison purposes only (Note 1.3).

(**) Balance of cash equivalent in central banks include short-term deposits at central banks under the heading "Loans and receivables "in the accompanying consolidated balance sheets (see Note 13).

The accompanying Notes 1 to 57 and Appendices I to XIV are an integral part of the consolidated statement of cash flows for the year ended December 31, 2016.