Financial Statements

Consolidated balance sheets as of December 31, 2021, 2020 and 2019

ASSETS (MILLONS OF EUROS)

Notes 2021 2020(*) 2019(*)
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS 9 67,799 65,520 44,303
FINANCIAL ASSETS HELD FOR TRADING 10 123,493 105,878 99,469
Derivatives 30,933 40,183 32,232
Equity instruments 15,963 11,458 8,892
Debt securities 25,790 23,970 26,309
Loans and advances to central banks 3,467 53 535
Loans and advances to credit institutions 31,916 18,317 19,020
Loans and advances to customers 15,424 11,898 12,482
NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS 11 6,086 5,198 5,557
Equity instruments 5,303 4,133 4,327
Debt securities 128 356 110
Loans and advances to customers 655 709 1,120
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS 12 1,092 1,117 1,214
Debt securities 1,092 1,117 1,214
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 13 60,421 69,440 61,183
Equity instruments 1,320 1,100 2,420
Debt securities 59,074 68,308 58,731
Loans and advances to credit institutions 27 33 33
FINANCIAL ASSETS AT AMORTIZED COST 14 372,676 367,668 439,162
Debt securities 34,781 35,737 38,877
Loans and advances to central banks 5,681 6,209 4,275
Loans and advances to credit institutions 13,276 14,575 13,649
Loans and advances to customers 318,939 311,147 382,360
DERIVATIVES - HEDGE ACCOUNTING 15 1,805 1,991 1,729
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK 15 5 51 28
JOINT VENTURES AND ASSOCIATES 16 900 1,437 1,488
Joint ventures 152 149 154
Associates 749 1,288 1,334
INSURANCE AND REINSURANCE ASSETS 23 269 306 341
TANGIBLE ASSETS 17 7,298 7,823 10,068
Properties, plant and equipment 7,107 7,601 9,816
For own use 6,874 7,311 9,554
Other assets leased out under an operating lease 233 290 263
Investment properties 191 222 252
INTANGIBLE ASSETS 18 2,197 2,345 6,966
Goodwill 818 910 4,955
Other intangible assets 1,379 1,435 2,010
TAX ASSETS 19 15,850 16,526 17,083
Current tax assets 932 1,199 1,765
Deferred tax assets 14,917 15,327 15,318
OTHER ASSETS 20 1,934 2,513 3,800
Insurance contracts linked to pensions — — —
Inventories 424 572 581
Other 1,510 1,941 3,220
NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE 21 1,061 85,987 3,079
TOTAL ASSETS 3,6 662,885 733,797 695,471
  • (*) Presented for comparison purposes only (See Note 1.3).

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The Notes and Appendices are an integral part of the consolidated balance sheet as of December 31, 2021.

Consolidated balance sheets as of December 31, 2021, 2020 and 2019

LIABILITIES AND EQUITY (MILLONS OF EUROS)

Notes 2021 2020(*) 2019(*)
FINANCIAL LIABILITIES HELD FOR TRADING 10 91,135 84,109 86,414
Derivatives 31,705 41,680 34,066
Short positions 15,135 12,312 12,249
Deposits from central banks 11,248 6,277 7,635
Deposits from credit institutions 16,176 14,377 22,704
Customer deposits 16,870 9,463 9,761
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS 12 9,683 10,050 10,010
Customer deposits 809 902 944
Debt certificates 3,396 4,531 4,656
Other financial liabilities 5,479 4,617 4,410
Memorandum item: Subordinated liabilities — — —
FINANCIAL LIABILITIES AT AMORTIZED COST 22 487,893 490,606 516,641
Deposits from central banks 47,351 45,177 25,950
Deposits from credit institutions 19,834 27,629 28,751
Customer deposits 349,761 342,661 384,219
Debt certificates 55,763 61,780 63,963
Other financial liabilities 15,183 13,358 13,758
Memorandum item: Subordinated liabilities 14,808 16,488 18,018
DERIVATIVES - HEDGE ACCOUNTING 15 2,626 2,318 2,233
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK 15 — — —
LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS 23 10,865 9,951 10,606
PROVISIONS 24 5,889 6,141 6,538
Pensions and other post employment defined benefit obligations 3,576 4,272 4,631
Other long term employee benefits 632 49 61
Provisions for taxes and other legal contingencies 623 612 677
Commitments and guarantees given 691 728 711
Other provisions 366 479 457
TAX LIABILITIES 19 2,413 2,355 2,808
Current tax liabilities 644 545 880
Deferred tax liabilities 1,769 1,809 1,928
OTHER LIABILITIES 20 3,621 2,802 3,742
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE 21 — 75,446 1,554
TOTAL LIABILITIES 614,125 683,777 640,546
  • (*) Presented for comparison purposes only (See Note 1.3).

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The Notes and Appendices are an integral part of the consolidated balance sheet as of December 31, 2021.

Consolidated balance sheets as of December 31, 2021, 2020 and 2019

LIABILITIES AND EQUITY (Continued) (MILLONS OF EUROS)

Notes 2021 2020(*) 2019(*)
SHAREHOLDERS’ FUNDS 60,383 58,904 58,950
Capital 26 3,267 3,267 3,267
Paid up capital 3,267 3,267 3,267
Unpaid capital which has been called up — — —
Share premium 27 23,599 23,992 23,992
Equity instruments issued other than capital — — —
Other equity 60 42 56
Retained earnings 28 31,841 30,508 29,388
Revaluation reserves 28 — — —
Other reserves 28 (1,857) (164) (119)
Reserves or accumulated losses of investments in joint ventures and associates (247) (164) (119)
Other (1,610) — —
Less: treasury shares 29 (647) (46) (62)
Profit or loss attributable to owners of the parent 4,653 1,305 3,512
Less: Interim dividends (532) — (1,084)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 30 (16,476) (14,356) (10,226)
Items that will not be reclassified to profit or loss (2,075) (2,815) (1,875)
Actuarial gains (losses) on defined benefit pension plans (998) (1,474) (1,498)
Non-current assets and disposal groups classified as held for sale — (65) 2
Share of other recognized income and expense of investments in joint ventures and associates — — —
Fair value changes of equity instruments measured at fair value through other comprehensive income (1,079) (1,256) (403)
Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income — — —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk 2 (21) 24
Items that may be reclassified to profit or loss (14,401) (11,541) (8,351)
Hedge of net investments in foreign operations (effective portion) (146) (62) (896)
Foreign currency translation (14,988) (14,185) (9,147)
Hedging derivatives. Cash flow hedges (effective portion) (533) 10 (44)
Fair value changes of debt instruments measured at fair value through other comprehensive income 1,274 2,069 1,760
Hedging instruments (non-designated items) — — —
Non-current assets and disposal groups classified as held for sale — 644 (18)
Share of other recognized income and expense of investments in joint ventures and associates (9) (17) (5)
MINORITY INTERESTS (NON-CONTROLLING INTERESTS) 31 4,853 5,471 6,201
Accumulated other comprehensive income (loss) (8,414) (6,949) (5,572)
Other items 13,267 12,421 11,773
TOTAL EQUITY 48,760 50,020 54,925
TOTAL EQUITY AND TOTAL LIABILITIES 662,885 733,797 695,471

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MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES) (MILLONS OF EUROS)

Notes 2021 2020 (*) 2019 (*)
Loan commitments given 33 119,618 132,584 130,923
Financial guarantees given 33 11,720 10,665 10,984
Other commitments given 33 34,604 36,190 39,209
  • (*) Presented for comparison purposes only (See Note 1.3).

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The Notes and Appendices are an integral part of the consolidated balance sheet as of December 31, 2021.

Consolidated income statements for the years ended December 31, 2021, 2020 and 2019

CONSOLIDATED INCOME STATEMENTS (MILLONS OF EUROS)

Notes 2021 2020 (*) 2019 (*)
Interest and other income 37.1 23,015 22,389 27,762
Interest expense 37.2 (8,329) (7,797) (11,972)
NET INTEREST INCOME 14,686 14,592 15,789
Dividend income 38 176 137 153
Share of profit or loss of entities accounted for using the equity method 39 1 (39) (42)
Fee and commission income 40 6,997 5,980 6,786
Fee and commission expense 40 (2,232) (1,857) (2,284)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 41 134 139 186
Gains (losses) on financial assets and liabilities held for trading, net 41 341 777 419
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net 41 432 208 143
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 41 335 56 (98)
Gains (losses) from hedge accounting, net 41 (214) 7 55
Exchange differences, net 41 883 359 581
Other operating income 42 661 492 639
Other operating expense 42 (2,041) (1,662) (1,943)
Income from insurance and reinsurance contracts 43 2,593 2,497 2,890
Expense from insurance and reinsurance contracts 43 (1,685) (1,520) (1,751)
GROSS INCOME 21,066 20,166 21,522
Administration costs (8,296) (7,799) (8,769)
Personnel expenses 44.1 (5,046) (4,695) (5,351)
Other administrative expenses 44.2 (3,249) (3,105) (3,418)
Depreciation and amortization 45 (1,234) (1,288) (1,386)
Provisions or reversal of provisions 46 (1,018) (746) (614)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification 47 (3,034) (5,179) (3,552)
Financial assets measured at amortized cost (3,017) (5,160) (3,470)
Financial assets at fair value through other comprehensive income (17) (19) (82)
NET OPERATING INCOME 7,484 5,153 7,202
Impairment or reversal of impairment of investments in joint ventures and associates 48 — (190) (46)
Impairment or reversal of impairment on non-financial assets 49 (221) (153) (128)
Tangible assets (161) (125) (94)
Intangible assets (19) (19) (12)
Other assets (41) (9) (23)
Gains (losses) on derecognition of non - financial assets and subsidiaries, net 24 (7) (5)
Negative goodwill recognized in profit or loss — — —
Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 50 (40) 444 23
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 7,247 5,248 7,046
Tax expense or income related to profit or loss from continuing operations 19 (1,909) (1,459) (1,943)
PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS 5,338 3,789 5,103
Profit (loss) after tax from discontinued operations 21 280 (1,729) (758)
PROFIT (LOSS) 5,618 2,060 4,345
ATTRIBUTABLE TO MINORITY INTEREST (NON-CONTROLLING INTERESTS) 31 965 756 833
ATTRIBUTABLE TO OWNERS OF THE PARENT   4,653 1,305 3,512
Notes 2021 2020 (*) 2019 (*)
EARNINGS (LOSSES) PER SHARE (Euros) 5 0.67 0.14 0.47
Basic earnings (losses) per share from continuing operations 0.63 0.40 0.58
Diluted earnings (losses) per share from continuing operations 0.63 0.40 0.58
Basic earnings (losses) per share from discontinued operations 0.04 (0.26) (0.11)
Diluted earnings (losses) per share from discontinued operations 0.04 (0.26) (0.11)
  • (*) Presented for comparison purposes only (See Note 1.3).

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The Notes and Appendices are an integral part of the consolidated income statement for the year ended December 31, 2021.

Consolidated statements of recognized income and expense for the years ended December 31, 2021, 2020 and 2019

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

2021 2020 (*) 2019 (*)
PROFIT (LOSS) RECOGNIZED IN INCOME STATEMENT 5,618 2,060 4,345
OTHER RECOGNIZED INCOME (EXPENSE) (3,977) (5,375) (286)
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT 358 (822) (584)
Actuarial gains (losses) from defined benefit pension plans 218 (88) (364)
Non-current assets and disposal groups held for sale (3) 17 2
Share of other recognized income and expense of entities accounted for using the equity method — — —
Fair value changes of equity instruments measured at fair value through other comprehensive income, net 189 (796) (229)
Gains (losses) from hedge accounting of equity instruments at fair value through other comprehensive income, net — — —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk 33 4 (133)
Income tax related to items not subject to reclassification to income statement (80) 40 140
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (4,335) (4,553) 298
Hedge of net investments in foreign operations (effective portion) (117) 378 (687)
Valuation gains (losses) taken to equity (117) 378 (687)
Transferred to profit or loss — — —
Other reclassifications — — —
Foreign currency translation (2,256) (4,873) (104)
Translation gains (losses) taken to equity (2,239) (4,873) (123)
Transferred to profit or loss (17) — 1
Other reclassifications — — 18
Cash flow hedges (effective portion) (691) 230 (203)
Valuation gains (losses) taken to equity (553) 230 (193)
Transferred to profit or loss (137) — (10)
Transferred to initial carrying amount of hedged items — — —
Other reclassifications — — —
Debt securities at fair value through other comprehensive income (1,139) 460 1,131
Valuation gains (losses) taken to equity (1,082) 515 1,280
Transferred to profit or loss (57) (54) (149)
Other reclassifications — — —
Non-current assets and disposal groups held for sale (663) (492) 461
Valuation gains (losses) taken to equity (30) (472) 472
Transferred to profit or loss (633) (20) —
Other reclassifications — — (11)
Entities accounted for using the equity method 8 (13) 31
Income tax relating to items subject to reclassification to income statements 523 (243) (332)
TOTAL RECOGNIZED INCOME (EXPENSE) 1,640 (3,315) 4,060
Attributable to minority interest (non-controlling interests) (500) (606) 552
Attributable to the parent company 2,141 (2,709) 3,509
  • (*) Presented for comparison purposes only (See Note 1.3).

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The Notes and Appendices are an integral part of the consolidated statement of recognized income and expense for the year ended December 31, 2021.

Consolidated statements of changes in equity for the years ended December 31, 2021, 2020 and 2019

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLONS OF EUROS)

Non-controlling interest
2021 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 (loss)
(Note 30)		 Accumulated other comprehensive income (loss)
(Note 31)		 Other
(Note 31)		 Total
Balances as of January 1, 2021 (*) 3,267 23,992 — 42 30,508 — (164) (46) 1,305 — (14,356) (6,949) 12,421 50,020
Effect of changes in accounting policies — — — — — — — — — — — — — —
Adjusted initial balance 3,267 23,992 — 42 30,508 — (164) (46) 1,305 — (14,356) (6,949) 12,421 50,020
Total income/expense recognized — — — — — — — — 4,653 — (2,512) (1,465) 965 1,640
Other changes in equity — (393) — 17 1,333 — (1,693) (600) (1,305) (532) 391 — (119) (2,900)
Issuances of common shares — — — — — — — — — — — — — —
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 — (393) — — — — — — — (532) — — (119) (1,045)
Purchase of treasury shares — — — — — — — (1,022) — — — — — (1,022)
Sale or cancellation of treasury shares — — — — — — 17 421 — — — — — 438
Reclassification of other equity instruments to financial liabilities — — — — — — — — — — — — — —
Reclassification of financial liabilities to other equity instruments — — — — — — — — — — — — — —
Transfers within total equity — — — — 1,693 — (780) — (1,305) — 391 — — —
Increase/Reduction of equity due to business combinations — — — — — — — — — — — — — —
Share based payments — — — (11) — — — — — — — — — (11)
Other increases or (-) decreases in equity — — — 28 (360) — (930) — — — — — 1 (1,260)
Balances as of December 31, 2021 3,267 23,599 — 60 31,841 — (1,857) (647) 4,653 (532) (16,476) (8,414) 13,267 48,760
  • (*) Balances as of December 31, 2020 as originally reported in the Consolidated Financial Statements for the year 2020.

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The Notes and Appendices are an integral part of the consolidated statement of changes in equity for the year ended December 31, 2021.

Consolidated statements of changes in equity for the years ended December 31, 2021, 2020 and 2019

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLONS OF EUROS)

Non-controlling interest
2020 (*) 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 (loss)
(Note 30)		 Accumulated other comprehensive income (loss)
(Note 31)		 Other
(Note 31)		 Total
Balances as of January 1, 2020 (**) 3,267 23,992 — 56 26,402 — (125) (62) 3,512 (1,084) (7,234) (3,527) 9,728 54,925
Effect of changes in accounting policies — — — — 2,986 — 6 — — — (2,992) (2,045) 2,045 —
Adjusted initial balance 3,267 23,992 — 56 29,388 — (119) (62) 3,512 (1,084) (10,226) (5,572) 11,773 54,925
Total income/expense recognized — — — — — — — — 1,305 — (4,014) (1,361) 755 (3,315)
Other changes in equity — — — (14) 1,120 — (45) 16 (3,512) 1,084 (116) (16) (107) (1,590)
Issuances of common shares — — — — — — — — — — — — — —
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 — — — — (1,066) — — — — — — — (124) (1,190)
Purchase of treasury shares — — — — — — — (807) — — — — — (807)
Sale or cancellation of treasury shares — — — — — — — 823 — — — — — 823
Reclassification of other equity instruments to financial liabilities — — — — — — — — — — — — — —
Reclassification of financial liabilities to other equity instruments — — — — — — — — — — — — — —
Transfers within total equity (see Note 2.2.19) — — — — 2,585 — (41) — (3,512) 1,084 (116) (16) 16 —
Increase/Reduction of equity due to business combinations — — — — — — — — — — — — — —
Share based payments — — — (22) — — — — — — — — — (22)
Other increases or (-) decreases in equity — — — 8 (399) — (4) — — — — — 1 (394)
Balances as of December 31, 2020 3,267 23,992 — 42 30,508 — (164) (46) 1,305 — (14,356) (6,949) 12,421 50,020
  • (*) Presented for comparison purposes only (See Note 1.3).
  • (**) Balances as of December 31, 2019 as originally reported in the Consolidated Financial Statements for the year 2019.

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The Notes and Appendices are an integral part of the consolidated statement of changes in equity for the year ended December 31, 2021.

Consolidated statements of changes in equity for the years ended December 31, 2021, 2020 and 2019

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLONS OF EUROS)

Non-controlling interest
2019 (*) 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 (loss)
(Note 30)		 Accumulated other comprehensive income (loss)
(Note 31)		 Other
(Note 31)		 Total
Balances as of January 1, 2019 (**) 3,267 23,992 — 50 23,017 3 (56) (296) 5,324 (975) (7,216) (3,236) 9,000 52,874
Effect of changes in accounting policies — — — — 3,046 — 19 — 76 (134) (3,007) (2,054) 2,054 —
Adjusted initial balance 3,267 23,992 — 50 26,063 3 (37) (296) 5,400 (1,109) (10,223) (5,290) 11,054 52,874
Total income/expense recognized — — — — — — — — 3,512 — (3) (282) 833 4,060
Other changes in equity — — — 6 3,325 (3) (82) 234 (5,400) 25 — — (114) (2,009)
Issuances of common shares — — — — — — — — — — — — — —
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 — — — — (1,063) — — — — (1,084) — — (142) (2,289)
Purchase of treasury shares — — — — — — — (1,088) — — — — — (1,088)
Sale or cancellation of treasury shares — — — — 13 — — 1,322 — — — — — 1,335
Reclassification of other equity instruments to financial liabilities — — — — — — — — — — — — — —
Reclassification of financial liabilities to other equity instruments — — — — — — — — — — — — — —
Transfers within total equity (see Note 2.2.19) — — — — 4,364 (3) (70) — (5,400) 1,109 — — — —
Increase/Reduction of equity due to business combinations — — — — — — — — — — — — — —
Share based payments — — — (4) — — — — — — — — — (4)
Other increases or (-) decreases in equity — — — 10 11 — (12) — — — — — 28 37
Balances as of December 31, 2019 3,267 23,992 — 56 29,388 — (119) (62) 3,512 (1,084) (10,226) (5,572) 11,773 54,925
  • (*) Presented for comparison purposes only (See Note 1.3).
  • (**) Balances as of December 31, 2018 as originally reported in the Consolidated Financial Statements for the year 2018.

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The Notes and Appendices are an integral part of the consolidated statement of changes in equity for the year ended December 31, 2021.

Consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019

CONSOLIDATED FINANCIAL STATEMENTS OF CASH FLOWS (MILLIONS OF EUROS)

Notes 2021 2020 (*) 2019 (*)
A) CASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4 + 5) (1,242) 39,349 (10,654)
1. Profit for the year 5,618 2,060 4,345
2. Adjustments to obtain the cash flow from operating activities 7,688 11,653 9,582
Depreciation and amortization 1,234 1,288 1,386
Other adjustments 6,454 10,365 8,196
3. Net increase/decrease in operating assets (38,267) (57,370) (37,127)
Financial assets held for trading (17,031) (10,351) (9,604)
Non-trading financial assets mandatorily at fair value through profit or loss (908) (241) (318)
Other financial assets designated at fair value through profit or loss 25 97 99
Financial assets at fair value through other comprehensive income 7,116 (16,649) (3,755)
Financial assets at amortized cost (28,062) (30,212) (26,559)
Other operating assets 592 (15) 3,010
4. Net increase/decrease in operating liabilities 25,266 84,961 14,148
Financial liabilities held for trading 6,479 247 6,001
Other financial liabilities designated at fair value through profit or loss (837) 647 2,680
Financial liabilities at amortized cost 19,682 84,853 8,016
Other operating liabilities (58) (787) (2,549)
5. Collection/Payments for income tax (1,546) (1,955) (1,602)
B) CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2) (1,634) (37) 97
1. Investment (12,472) (1,185) (1,494)
Tangible assets (396) (632) (852)
Intangible assets (550) (491) (528)
Investments in joint ventures and associates (50) (62) (114)
Subsidiaries and other business units — — —
Non-current assets classified as held for sale and associated liabilities 21 (11,476) — —
Other settlements related to investing activities — — —
2. Divestments 10,838 1,148 1,592
Tangible assets 78 558 128
Intangible assets — — —
Investments in joint ventures and associates 80 307 98
Subsidiaries and other business units 10 — 5
Non-current assets classified as held for sale and associated liabilities 21 10,670 283 1,198
Other collections related to investing activities — — 162
C) CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2) (4,349) (2,069) (2,703)
1. Payments (4,786) (5,316) (7,418)
Dividend distribution (shareholders remuneration) (926) (1,065) (2,147)
Subordinated liabilities (2,301) (2,820) (3,571)
Treasury stock amortization — — —
Treasury stock acquisition (1,022) (807) (1,088)
Other items relating to financing activities (538) (624) (612)
2. Collections 438 3,247 4,716
Subordinated liabilities — 2,425 3,381
Treasury shares increase — — —
Treasury shares disposal 438 822 1,335
Other items relating to financing activities — — —
D) EFFECT OF EXCHANGE RATE CHANGES (1,864) (4,658) (634)
E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (A+B+C+D) (9,089) 32,585 (13,893)
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR (**) 76,888 44,303 58,196
G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR (E+F) (***) 67,799 76,888 44,303

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COMPONENTS OF CASH AND EQUIVALENT AT END OF THE YEAR (MILLONS OF EUROS)

Notes 2021 2020 (*) 2019 (*)
Cash 9 6,877 6,447 7,060
Balance of cash equivalent in central banks 9 55,004 53,079 31,756
Other financial assets 9 5,918 5,994 5,488
Less: Bank overdraft refundable on demand — — —
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR 67,799 65,520 44,303
TOTAL CASH AND CASH EQUIVALENTS CLASSIFIED AS NON-CURRENT ASSETS AND DISPOSABLE GROUPS CLASSIFIED AS HELD FOR SALE IN THE UNITED STATES 21 — 11,368 —
  • (*) Presented for comparison purposes only (See Note 1.3).
  • (**) In 2021 it includes the balance of the Group's businesses in the United States included within the scope of the USA Sale (see Notes 1.3, 3 and 21).
  • (***) With respect to 2020 only, it includes the balance of the companies in the United States included within the scope of the USA Sale (see Notes 1.3, 3 and 21).

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The Notes and Appendices are an integral part of the consolidated statement of cash flows for the year ended December 31, 2021.

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails