53. Consolidated statements of cash flows
Cash flows from operating activities increased in 2011 by €19,811 million (€8,503 million in 2010). The most significant causes of the change in 2011 occurred under the headings of “Loans and receivables”, “Financial liabilities at amortized cost”, “Available-for-Sale Financial Assets” and “Financial instruments held for trading”.
The most significant variations in cash flows in investing activities in 2011 correspond to the headings “Subsidiaries and other business units” for the purchase of a 25.01% holding in the share capital of Turkiye Garanti Bankasi, AS (Note 3); “Tangible assets” for new property, plants and equipment for own use and finance leases granted (Note 19); “Non-current assets held for sale” for net entries in foreclosed assets (Note 16) and “Held-to-maturity” for amortizations of the portfolio (Note 14).
Cash flows from financing activities decreased in 2011 €1,269 million (€1,148 million up in 2010), corresponding to the most significant changes in 2011 in the acquisition and amortization of own equity instruments.
The table below breaks down the main cash flows related to investing activities in 2011, 2010 and 2009:
| Main Cash Flows in Investing Activities 2011 | Millions of Euros | |
|---|---|---|
| Cash Flows in Investment Activities | ||
| Investments (-) | Divestments (+) | |
| Tangible assets | 1,313 | 175 |
| Intangible assets | 612 | 1 |
| Investments | 430 | - |
| Subsidiaries and other business units | 4,653 | 18 |
| Non-current assets held for sale and associated liabilities | 1,516 | 870 |
| Held-to-maturity investments | - | 838 |
| Other settlements related to investement activities | - | - |
| Main Cash Flows in Investing Activities 2010 | Millions of Euros | |
|---|---|---|
| Cash Flows in Investment Activities | ||
| Investments (-) | Divestments (+) | |
| Tangible assets | 1,040 | 261 |
| Intangible assets | 464 | 6 |
| Investments | 1,209 | 1 |
| Subsidiaries and other business units | 77 | 69 |
| Non-current assets held for sale and associated liabilities | 1,464 | 1,347 |
| Held-to-maturity investments | 4,508 | - |
| Other settlements related to investement activities | - | - |
| Main Cash Flows in Investing Activities 2009 | Millions of Euros | |
|---|---|---|
| Cash Flows in Investment Activities | ||
| Investments (-) | Divestments (+) | |
| Tangible assets | 931 | 793 |
| Intangible assets | 380 | 147 |
| Investments | 2 | 1 |
| Subsidiaries and other business units | 7 | 32 |
| Non-current assets held for sale and associated liabilities | 920 | 780 |
| Held-to-maturity investments | 156 | - |
| Other settlements related to investement activities | - | - |