Balance Sheet at 31 December 2010 of BBVA

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND COMPANIES COMPOSING THE BANCO BILBAO VIZCAYA
ARGENTARIA GROUP
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2010, 2009
AND 2008
Millions of Euros
2010 2009 (*) 2008 (*)
CASH FLOW FROM OPERATING ACTIVITIES (1) 8,503 2,567 (1,992)
Net income for the year 4,995 4,595 5,385
Adjustments to obtain the cash flow from operating activities: (534) (591) (1,112)
Depreciation and amortization 761 697 699
Other adjustments (1,295) (1,288) (1,811)
Net increase/decrease in operating assets 6,452 (9,781) 45,714
Financial assets held for trading (6,450) (3,566) 10,964
Other financial assets designated at fair value through profit or loss 437 582 588
Available-for-sale financial assets (7,064) 15,741 (800)
Loans and receivables 18,590 (23,377) 30,866
Other operating assets 939 839 4,096
Net increase/decrease in operating liabilities 9,067 (12,359) 37,908
Financial liabilities held for trading 4,383 (10,179) 23,736
Other financial liabilities designated at fair value through profit or
loss 240 334 -
Financial liabilities at amortized cost 5,687 (3,564) 20,058
Other operating liabilities (1,243) 1,050 (5,886)
Collection/Payments for income tax 1,427 1,141 1,541
CASH FLOWS FROM INVESTING ACTIVITIES (2) (7,078) (643) (2,865)
Investment 8,762 2,396 4,617
Tangible assets 1,040 931 1,199
Intangible assets 464 380 402
Investments 1,209 2 672
Subsidiaries and other business units 77 7 1,559
Non-current assets held for sale and associated liabilities 1,464 920 515
Held-to-maturity investments 4,508 156 -
Other settlements related to investing activities - - 270
Divestments 1,684 1,753 1,752
Tangible assets 261 793 168
Intangible assets 6 147 31
Investments 1 1 9
Subsidiaries and other business units 69 32 13
Non-current assets held for sale and associated liabilities 1,347 780 374
Held-to-maturity investments - - 283
Other collections related to investing activities - - 874
(*) Presented for comparison purposes only.
120