Financial Statements

Consolidated balance sheets as of December 31, 2017, 2016 and 2015

ASSETS (Millions of Euros)

Notes 2017 2016(*) 2015(*)
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS 9 42,680 40,039 29,282
FINANCIAL ASSETS HELD FOR TRADING 10 64,695 74,950 78,326
Derivatives 35,265 42,955 40,902
Equity instruments 6,801 4,675 4,534
Debt securities 22,573 27,166 32,825
Loans and advances to central banks - - -
Loans and advances to credit institutions - - -
Loans and advances to customers 56 154 65
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS 11 2,709 2,062 2,311
Equity instruments 1,888 1,920 2,075
Debt securities 174 142 173
Loans and advances to central banks - - -
Loans and advances to credit institutions - - 62
Loans and advances to customers 648 - -
AVAILABLE-FOR-SALE FINANCIAL ASSETS 12 69,476 79,221 113,426
Equity instruments 3,224 4,641 5,116
Debt securities 66,251 74,580 108,310
LOANS AND RECEIVABLES 13 431,521 465,977 471,828
Debt securities 10,339 11,209 10,516
Loans and advances to central banks 7,300 8,894 17,830
Loans and advances to credit institutions 26,261 31,373 29,317
Loans and advances to customers 387,621 414,500 414,165
HELD-TO-MATURITY INVESTMENTS 14 13,754 17,696 -
HEDGING DERIVATIVES 15 2,485 2,833 3,538
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK 15 (25) 17 45
JOINT VENTURES, ASSOCIATES AND UNCONSOLIDATED SUBSIDIARIES 16 1,588 765 879
Joint ventures 256 229 243
Associates 1,332 536 636
INSURANCE AND REINSURANCE ASSETS 23 421 447 511
TANGIBLE ASSETS 17 7,191 8,941 9,944
Property, plants and equipment 6,996 8,250 8,477
For own use 6,581 7,519 8,021
Other assets leased out under an operating lease 415 732 456
Investment properties 195 691 1,467
INTANGIBLE ASSETS 18 8,464 9,786 10,052
Goodwill 6,062 6,937 6,915
Other intangible assets 2,402 2,849 3,137
TAX ASSETS 19 16,888 18,245 17,779
Current 2,163 1,853 1,901
Deferred 14,725 16,391 15,878
OTHER ASSETS 20 4,359 7,274 8,565
Insurance contracts linked to pensions - - -
Inventories 229 3,298 4,303
Other 4,130 3,976 4,263
NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE 21 23,853 3,603 3,369
TOTAL ASSETS 690,059 731,856 749,855
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendices I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated balance sheets as of December 31, 2017, 2016 and 2015

LIABILITIES AND EQUITY (Millions of Euros)

Notes 2017 2016(*) 2015(*)
FINANCIAL LIABILITIES HELD FOR TRADING 10 46,182 54,675 55,202
Trading derivatives 36,169 43,118 42,149
Short positions 10,013 11,556 13,053
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 2,222 2,338 2,649
Deposits from central banks - - -
Deposits from credit institutions - - -
Customer deposits - - -
Debt certificates - - -
Other financial liabilities 2,222 2,338 2,649
Of which: Subordinated liabilities - - -
FINANCIAL LIABILITIES AT AMORTIZED COST 22 543,713 589,210 606,113
Deposits from central banks 37,054 34,740 40,087
Deposits from credit institutions 54,516 63,501 68,543
Customer Deposits 376,379 401,465 403,362
Debt certificates 63,915 76,375 81,980
Other financial liabilities 11,850 13,129 12,141
Of which: Subordinated liabilities 17,316 17,230 16,109
HEDGING DERIVATIVES 15 2,880 2,347 2,726
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK 15 (7) - 358
LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS 23 9,223 9,139 9,407
PROVISIONS 24 7,477 9,071 8,852
Provisions for pensions and similar obligations 25 5,407 6,025 6,299
Other long term employee benefits 67 69 68
Provisions for taxes and other legal contingencies 756 418 616
Provisions for contingent risks and commitments 578 950 714
Other provisions 669 1,609 1,155
TAX LIABILITIES 19 3,298 4,668 4,656
Current 1,114 1,276 1,238
Deferred 2,184 3,392 3,418
OTHER LIABILITIES 20 4,550 4,979 4,610
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE 17,197 - -
TOTAL LIABILITIES 636,736 676,428 694,573
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated balance sheets as of December 31, 2017, 2016 and 2015

LIABILITIES AND EQUITY (Continued) (Millions of Euros)

Notes 2017 2016(*) 2015(*)
SHAREHOLDERS’ FUNDS 55,136 52,821 50,639
Capital 26 3,267 3,218 3,120
Paid up capital 3,267 3,218 3,120
Unpaid capital which has been called up - - - - -
Share premium 27 23,992 23,992 23,992
Equity instruments issued other than capital - - -
Other equity instruments 54 54 35
Retained earnings 28 25,474 23,688 22,588
Revaluation reserves 28 12 20 22
Other reserves 28 (44) (67) (98)
Reserves or accumulated losses of investments in subsidiaries, joint ventures and associates (44) (67) (98)
Other - - -
Less: Treasury shares 29 (96) (48) (309)
Profit or loss attributable to owners of the parent 3,519 3,475 2,642
Less: Interim dividends 4 (1,043) (1,510) (1,352)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 30 (8,792) (5,458) (3,349)
Items that will not be reclassified to profit or loss (1,183) (1,095) (859)
Actuarial gains or (-) losses on defined benefit pension plans (1,183) (1,095) (859)
Non-current assets and disposal groups classified as held for sale - - -
Share of other recognized income and expense of investments in subsidiaries, joint ventures and associates - - -
Other adjustments - - -
Items that may be reclassified to profit or loss (7,609) (4,363) (2,490)
Hedge of net investments in foreign operations [effective portion] 1 (118) (274)
Foreign currency translation (9,159) (5,185) (3,905)
Cash flow hedges [effective portion] (34) 16 (49)
Available-for-sale financial assets 1,641 947 1,674
Non-current assets and disposal groups classified as held for sale (26) - -
Share of other recognized income and expense of investments in subsidiaries, joint ventures and associates (31) (23) 64
MINORITY INTERESTS (NON-CONTROLLING INTEREST) 31 6,979 8,064 7,992
Valuation adjustments (3,378) (2,246) (1,333)
Other 10,358 10,310 9,325
TOTAL EQUITY 53,323 55,428 55,282
TOTAL EQUITY AND TOTAL LIABILITIES 690,059 731,856 749,855

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MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES) (Millions of Euros)

Notes 2017 2016(*) 2015(*)
Guarantees given 33 47,671 50,540 49,876
Contingent commitments 33 108,881 117,573 135,733
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated income statements for the years ended December 31, 2017, 2016 and 2015

CONSOLIDATED INCOME STATEMENTS (MILLIONS OF EUROS)

Notes 2017 2016(*) 2015(*)
Interest income 37.1 29,296 27,708 24,783
Interest expense 37.2 (11,537) (10,648) (8,761)
NET INTEREST INCOME 6 17,758 17,059 16,022
Dividend income 38 334 467 415
Share of profit or loss of entities accounted for using the equity method 39 4 25 174
Fee and commission income 40 7,150 6,804 6,340
Fee and commission expense 40 (2,229) (2,086) (1,729)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 41 985 1,375 1,055
Gains (losses) on financial assets and liabilities held for trading, net 41 218 248 (409)
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 41 (56) 114 126
Gains (losses) from hedge accounting, net 41 (209) (76) 93
Exchange differences, net 41 1,030 472 1,165
Other operating income 42 1,439 1,272 1,315
Other operating expense 42 (2,223) (2,128) (2,285)
Income from insurance and reinsurance contracts 43 3,342 3,652 3,678
Expense from insurance and reinsurance contracts 43 (2,272) (2,545) (2,599)
GROSS INCOME 6 25,270 24,653 23,362
Administration costs 44 (11,112) (11,366) (10,836)
Personnel expenses 44.1 (6,571) (6,722) (6,273)
Other administrative expenses 44.2 (4,541) (4,644) (4,563)
Depreciation and amortization 45 (1,387) (1,426) (1,272)
Provisions or reversal of provisions 46 (745) (1,186) (731)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss 47 (4,803) (3,801) (4,248)
Financial assets measured at cost - - -
Available- for-sale financial assets (1.127) (202) (23)
Loans and receivables (3.677) (3.597) (4.248)
Held to maturity investments 1 (1) -
NET OPERATING INCOME 7,222 6,874 6,251
Impairment or reversal of impairment of investments in subsidiaries, joint ventures and associates - - -
Impairment or reversal of impairment on non-financial assets 48 (364) (521) (273)
Tangible assets (42) (143) (60)
Intangible assets (16) (3) (4)
Other assets (306) (375) (209)
Gains (losses) on derecognition of non financial assets and subsidiaries, net 49 47 70 (2,135)
Negative goodwill recognized in profit or loss 18 - - 26
Profit (loss) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 50 26 (31) 734
OPERATING PROFIT BEFORE TAX 6 6,931 6,392 4,603
Tax expense or income related to profit or loss from continuing operations 19 (2,169) (1,699) (1,274)
PROFIT FROM CONTINUING OPERATIONS 4,762 4,693 3,328
Profit from discontinued operations, net - - -
PROFIT 4,762 4,693 3,328
Attributable to minority interest [non-controlling interest] 31 1,243 1,218 686
Attributable to owners of the parent 6 3,519 3,475 2,642

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Notes 2017 2016(*) 2015(*)
EARNINGS PER SHARE (Euros) 5 0.48 0.49 0.37
Basic earnings per share from continued operations 0.48 0.49 0.37
Diluted earnings per share from continued operations 0.48 0.49 0.37
Basic earnings per share from discontinued operations - - -
Diluted earnings per share from discontinued operations - - -
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated statements of recognized income and expenses for the years ended December 31, 2017, 2016 and 2015

CONSOLIDATED STATEMENTS OF RECOGNIZED INCOME AND EXPENSES (MILLIONS OF EUROS)

2017 2016(*) 2015(*)
PROFIT RECOGNIZED IN INCOME STATEMENT 4,762 4,693 3,328
OTHER RECOGNIZED INCOME (EXPENSES) (4,467) (3,022) (4,280)
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (91) (240) (74)
Actuarial gains and losses from defined benefit pension plans (96) (303) (135)
Non-current assets available for sale - - -
Entities under the equity method of accounting - - 8
Income tax related to items not subject to reclassification to income statement 5 63 53
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (4,376) (2,782) (4,280)
Hedge of net investments in foreign operations [effective portion] 80 166 88
Valuation gains or (losses) taken to equity 112 166 88
Transferred to profit or loss - - -
Other reclassifications (32) - -
Foreign currency translation (5,110) (2,167) (2,911)
Valuation gains or (losses) taken to equity (5,119) (2,120) (3,154)
Transferred to profit or loss (22) (47) 243
Other reclassifications 31 - -
Cash flow hedges [effective portion] (67) 80 4
Valuation gains or (losses) taken to equity (122) 134 47
Transferred to profit or loss 55 (54) (43)
Transferred to initial carrying amount of hedged items - - -
Other reclassifications - - -
Available-for-sale financial assets 719 (694) (3,196)
Valuation gains or (losses) taken to equity 384 438 (1,341)
Transferred to profit or loss 347 (1,248) (1,855)
Other reclassifications (12) 116 -
Non-current assets held for sale (20) - -
Valuation gains or (losses) taken to equity - - -
Transferred to profit or loss - - -
Other reclassifications (20) - -
Entities accounted for using the equity method (13) (89) 861
Income tax 35 (78) 948
TOTAL RECOGNIZED INCOME/EXPENSES 295 1,671 (952)
Attributable to minority interest [non-controlling interests] 110 305 (594)
Attributable to the parent company 185 1,366 (358)
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated statements of changes in equity for the years ended December 31, 2017, 2016 and 2015

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)

Non-controlling interest
2017 Capital (Note 26) Share Premium (Note 27) Equity instruments issued other than capital Other Equity Retained earnings (Note 28) Revaluation reserves (Note 28) Other reserves (Note 28) (-) Treasury shares (Note 29) Profit or loss attributable to owners of the parent Interim dividends (Note 4) Accumulated other comprehensive income (Note 30) Valuation adjustments (Note 31) Other (Note 31) Total
Balances as of January 1, 2017 3,218 23,992 - 54 23,688 20 (67) (48) 3,475 (1,510) (5,458) (2,246) 10,310 55,428
Total income/expense recognized - - - - - - - - 3,519 - (3,334) (1,133) 1,243 295
Other changes in equity 50 - - - 1,786 (8) 24 (48) (3,475) 467 - - (1,195) (2,400)
Issuances of common shares 50 - - - (50) - - - - - - - - -
Issuances of preferred shares - - - - - - - - - - - - - -
Issuance of other equity instruments - - - - - - - - - - - - - -
Settlement or maturity of other equity instruments issued - - - - - - - - - - - - - -
Conversion of debt on equity - - - - - - - - - - - - - -
Common stock reduction - - - - - - - - - - - - - -
Dividend distribution - - - - 9 - (9) - - (900) - - (290) (1,189)
Purchase of treasury shares - - - - - - (1,674) - - - - - - (1,674)
Sale or cancellation of treasury shares - - - - 1 - - 1,626 - - - - - 1,627
Reclassification of financial liabilities to other equity instruments - - - - - - - - - - - - - -
Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - - - -
Transfers within total equity - - - - 1,932 (8) 41 - (3,475) 1,510 - - - -
Increase/Reduction of equity due to business combinations - - - - - - - - - - - - - -
Share based payments - - - (22) - - - - - - - - - (22)
Other increases or (-) decreases in equity - - - 22 (107) - (7) - - (144) - - (905) (1,141)
Balances as of December 31, 2017 3,267 23,992 - 54 25,474 12 (44) (96) 3,519 (1,043) (8,792) (3,378) 10,358 53,323

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated statements of changes in equity for the years ended December 31, 2017, 2016 and 2015

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)

Non-controlling interest
2016 (*) Capital (Note 26) Share Premium (Note 27) Equity instruments issued other than capital Other Equity Retained earnings (Note 28) Revaluation reserves (Note 28) Other reserves (Note 28) (-) Treasury shares (Note 29) Profit or loss attributable to owners of the parent Interim dividends (Note 4) Accumulated other comprehensive income (Note 30) Valuation adjustments (Note 31) Other (Note 31) 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 - - - - - - - - - - - - - -
Settlement or maturity of other equity instruments issued - - - - - - - - - - - - - -
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 within total equity - - - - 1,166 (2) 126 - (2,642) 1,352 - - - -
Increase/Reduction of equity due to business combinations - - - - - - - - - - - - - -
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
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated statements of changes in equity for the years ended December 31, 2017, 2016 and 2015

COMPONENTS STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)

Non-controlling interest
2015 (*) Capital (Note 26) Share Premium (Note 27) Equity instruments issued other than capital Other Equity Retained earnings (Note 28) Revaluation reserves (Note 28) Other reserves (Note 28) (-) Treasury shares (Note 29) Profit or loss attributable to owners of the parent Interim dividends (Note 4) Accumulated other comprehensive income (Note 30) Valuation adjustments (Note 31) Other (Note 31) 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 shares 96 - - - (96) - - - - - - - - -
Issuances of preferred shares - - - - - - - - - - - - - -
Issuance of other equity instruments - - - - - - - - - - - - - -
Settlement or maturity of other equity instruments issued - - - - - - - - - - - - - -
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 instruments - - - - - - - - - - - - - -
Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - - - -
Transfers within total equity - - - - 2,423 (1) (645) - (2,618) 841 - - - -
Increase/Reduction of equity due to business combinations - - - - - - - - - - - - - -
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
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015

COMPONENTS STATEMENTS OF CASH FLOWS (MILLIONS OF EUROS)

Notes 2017 2016(*) 2015(*)
A) CASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4 + 5) 51 2,055 6,623 23,101
1. Profit for the year 4,762 4,693 3,328
2. Adjustments to obtain the cash flow from operating activities: 8,526 6,784 18,327
Depreciation and amortization 1,387 1,426 1,272
Other adjustments 7,139 5,358 17,055
3. Net increase/decrease in operating assets (4,894) (4,428) (12,954)
Financial assets held for trading 5,662 1,289 4,691
Other financial assets designated at fair value through profit or loss (783) (2) 337
Available-for-sale financial assets 5,032 14,445 3,360
Loans and receivables (14,503) (21,075) (20,498)
Other operating assets (302) 915 (844)
4. Net increase/decrease in operating liabilities (3,916) 1,273 15,674
Financial liabilities held for trading (6,057) 361 (2,475)
Other financial liabilities designated at fair value through profit or loss 19 (53) 120
Financial liabilities at amortized cost 2,111 (7) 21,422
Other operating liabilities 11 972 (3,393)
5. Collection/Payments for income tax (2,423) (1,699) (1,274)
B) CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2) 51 2,902 (560) (4,411)
1. Investment (2,339) (3,978) (6,416)
Tangible assets (777) (1,312) (2,171)
Intangible assets (564) (645) (571)
Investments in joint ventures and associates (101) (76) (41)
Subsidiaries and other business units (897) (95) (3,633)
Non-current assets held for sale and associated liabilities - - -
Held-to-maturity investments - (1,850) -
Other settlements related to investing activities - - -
2. Divestments 5,241 3,418 2,005
Tangible assets 518 795 224
Intangible assets 47 20 2
Investments in joint ventures and associates 18 322 1
Subsidiaries and other business units 936 73 9
Non-current assets held for sale and associated liabilities 1,002 900 1,683
Held-to-maturity investments 2,711 1,215 -
Other collections related to investing activities 9 93 86
C) CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2) 51 (98) 1,113 127
1. Payments (5,763) (4,335) (5,717)
Dividends (1,698) (1,599) (879)
Subordinated liabilities (2,098) (502) (1,719)
Treasury stock amortization - - -
Treasury stock acquisition (1,674) (2,004) (3,273)
Other items relating to financing activities (293) (230) (146)
2. Collections 5,665 3,222 5,844
Subordinated liabilities 4,038 1,000 2,523
Treasury shares increase - - -
Treasury shares disposal 1,627 2,222 3,321
Other items relating to financing activities - - -
D) EFFECT OF EXCHANGE RATE CHANGES (4,266) (3,463) (6,781)
E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (A+B+C+D) 594 1,489 12,036
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 44,955 43,466 31,430
G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR (E+F) 51 45,549 44,955 43,466
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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Consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015

COMPONENTS OF CASH AND EQUIVALENTS AT END OF THE YEAR (MILLIONS OF EUROS)

Notes 2017 2016(*) 2015(*)
Cash 6,416 7,413 7,192
Balance of cash equivalent in central banks 39,132 37,542 36,275
Other financial assets - - -
Less: Bank overdraft refundable on demand - - -
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 51 45,549 44,955 43,466
  • (*) Presented for comparison purposes only (Note 1.3).

The accompanying Notes 1 to 57 and Appendix I to XIII are an integral part of the consolidated financial statements as of December 31, 2017.


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