53. Consolidated statements of cash flows
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.