17. Investments in entities accounted for using the equity method

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The breakdown of the balances of “Investments in entities accounted for using the equity method” in the accompanying consolidated balance sheets is as follows:

Investments in Entities Accounted for Using the Equity Method	Millions of Euros
	2011	2010	2009
Associate entities	5,567	4,247	2,614
Jointly controlled entities	276	300	308
Total	5,843	4,547	2,922

17.1 Associates

The following table shows the carrying amount of the most significant of the Group’s investments in associates:

Investments in Entities Accounted for Using the Equity Method	Millions of Euros
	2011	2010	2009
Grupo CITIC (*)	5,387	4,022	2,296
Tubos Reunidos, S.A. (**)	51	51	52
BBVA Elcano Empresarial II, S.C.R.R.S., S.A.	23	37	49
BBVA Elcano Empresarial, S.C.R.R.S., S.A.	23	37	49
Occidental Hoteles Management, S.L. (***)	-	-	84
Rest of associate	83	100	84
Total	5,567	4,247	2,614

(*) The goodwil amounted to €1,696 million as of December 31 2011 (**) Company that quoted in Madrid's stock exchange market. (***) Since November 2010 the company had been accounted from associated to jointly controlled entities.

Appendix IV shows the details of the associates as of December 31, 2011.

The following is a summary of the gross changes in 2011, 2010 and 2009 under this heading in the accompanying consolidated balance sheets:

Associates Enriries. Changes in the Year Breakdown of Goodwill	Millions of Euros
	2011	2010	2009
Balance at the beginning	4,247	2,614	894
Acquisitions and capital increases (*)	425	1,210	53
Disposals	(20)	(9)	(2)
Transfers and others (**)	915	432	1,669
Balance at the end	5,567	4,247	2,614
Of which:
Goodwill	1,700	1,574	844
CITIC Group	1,696	1,570	841
Rest	4	4	3

(*) The change of 2011 correspond basically to the capital increase on CNCB at which the Group attended to maintain their percentage of participation, with a payment of €425 million. The change of 2010 correspond basically to the acquisition of 4.93% of CNCB formalized in April 2010. (**) The changes of 2011 and 2010 correspond principally to the good and recurrent results in CNCB together with the positive evolution of the exchange rates. The change of 2009 correspond to the reclassification from the heading "Available-for-sale financial assets” of CNCB.

Agreement with the CITIC Group -

The BBVA Group’s investment in the CITIC Group includes the investment in Citic International Financial Holdings Limited (“CIFH”) and China National Citic Bank (“CNCB”). As of December 31, 2011, BBVA had a 29.68% holding in CIFH and 15% in CNCB.

As of December 31, 2011, the BBVA Group maintained several agreements with the CITIC Group that were strategic for both: for BBVA, as financial activity could be developed in continental China through this alliance and, for CNCB, as it allows CITIC to develop its international business. The BBVA Group has the status of “sole strategic investor” in CNCB.

17.2 Investments in jointly-controlled entities

The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

Jointly Controlled Entities	Millions of Euros
Jointly Controlled Entities	2011	2010	2009
Corporación IBV Participaciones Empresariales S.A.	78	71	157
Occidental Hoteles Management, S.L.	68	88	-
Fideicomiso F/403853-5 BBVA Bancomer SºS ZIBAT	20	22	20
I+D Mexico, S.A.	16	22	15
Fideicomiso Hares BBVA Bancomer F/47997-2 (*)	-	-	15
Fideicomiso F/70413 Mirasierra	12	14	12
Fideicomiso F/402770-2 Alamar	10	11	10
Fideicomiso F/403112-6 Dos lagos	10	11	9
Altitude Software SGPS, S.A.	10	10	9
Las Pedrazas Golf, S.L.	7	10	-
Rest	45	41	61
Total	276	300	308
Of which
Goodwill	9	9	5

(*) Since august 2010 the company had been accounted from jointly controlled entities to fully consolidated subsidiary.

If the jointly-controlled entities accounted for using equity method had been accounted for by the proportionate method, the effect on the Group's main consolidated figures as of December 31, 2011, 2010 and 2009 would have been as follows:

Jointly Controlled Entities. Effect on the Group's main figures	Millions of Euros
	2011	2010	2009
Assets	1,025	1,062	863
Liabilities	703	313	469
Net operating income	28	15	(12)

Details of the jointly-controlled entities consolidated using the equity method as of December 31, 2011 are shown in Appendix IV.

17.3 Associates and jointly-controlled entities accounted for by the equity method

The following table provides relevant information of the balance sheet and income statement of associates and jointly-controlled entities accounted for using the equity method as of December 31, 2011, 2010 and 2009, respectively (see Appendix IV).

Associates and Jointly Controlles Entities	Millions of Euros
Associates and Jointly Controlles Entities	2011 (*)		2010 (*)		2009 (*)
Financial Main figures	Associates	Jointly Controlled Entities	Associates	Jointly Controlled Entities	Associates	Jointly Controlled Entities
Current Assets	28,789	249	19,979	279	10,611	347
Non-current Assets	18,598	694	17,911	780	8,463	514
Current Liabilities	39,326	152	32,314	179	10,356	108
Non-current Liabilities	8,061	790	5,576	879	8,719	754
Net sales	1,121	158	855	168	605	84
Operating Income	575	28	450	15	244	(12)
Net Income	424	(5)	339	1	166	(14)

(*) Dates of the company’s financial statements updated at the most recent available information. Information applying the corresponding ownership and without the corresponding standardization and consolidation adjustments.

17.4 Notifications about acquisition of holdings

Appendix V provides notifications on acquisitions and disposals of holdings in associates or jointly-controlled entities, in compliance with Article 155 of the Corporations Act and Article 53 of the Securities Market Act 24/1988.

17.5 Impairment

No impairment losses on the goodwill of jointly-controlled entities and associated were recognized in 2011 or 2010.

In 2009, €3 million in impairment losses on the goodwill of jointly-controlled entities were recognized, of which most are related to Econta Gestión Integral, S.L.