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31. Valuation adjustments

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

Valuation Adjustments Notes Millions of Euros
2011 2010 2009
Available-for-sale financial assets 12.4 (682) 333 1,951
Cash flow hedging
30 49 188
Hedging of net investments in foreign transactions
(158) (158) 219
Exchange differences
(1,937) (978) (2,236)
Non-current assets held for sale
- - -
Entities accounted for using the equity method
188 (16) (184)
Other valuation adjustments (*)
(228) - -
Total
(2,787) (770) (62)
(*) Actuarial gains and losses (see note 2.2.12)

The balances recognized under these headings are presented net of tax.

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