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financial statements 2012

53. Consolidated statements of cash flows

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Cash flows from operating activities increased in 2012 by €13,429 million (€19,811 million in 2011). The most significant reasons for the change occurred under the headings “Financial liabilities at amortized cost”, “Available-for-sale financial assets” and “Financial instruments held for trading”.

The most significant variations in cash flows from investment activities in 2012 corresponded to "Non-current assets held for sale", “Tangible assets" and “Held-to-maturity investments”, due to amortization of the portfolio (Note 14).

Cash flows from financing activities decreased in 2012 by €3,492 million (€1,269 million down in 2011), with the most significant changes corresponding to the acquisition and amortization of own equity instruments, "Subordinated liabilities", and dividend payments.

The table below shows the breakdown of the main cash flows related to investing activities as of December 31, 2012, 2011 and 2010:

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Main Cash Flows in Investing Activities
2012
Millions of Euros
Cash Flows in Investment Activities
Investments (-) Divestments (+)
Tangible assets 1,707 -
Intangible assets 780 -
Investments - 19
Subsidiaries and other business units - -
Non-current assets held for sale and associated liabilities 3,220 977
Held-to-maturity investments 60 853
Other settlements related to investment activities - -
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Main Cash Flows in Investing Activities
2011
Millions of Euros
Cash Flows in Investment Activities
Investments (-) Investments (-)
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 investment activities - -
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Main Cash Flows in Investing Activities
2010
Millions of Euros
Cash Flows in Investment Activities
Investments (-) Investments (-)
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 investment activities - -

The heading “Non-current assets held for sale and associated liabilities” includes transactions of a non-cash nature related to the foreclosed assets received as payment for past-due loans.

The net cash flows attributable to the operating, investment and finance activities for discontinued operations are not significant.

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