Balance Sheet at 31 December 2010 of BBVA

Translation of financial statements originally issued in Spanish and prepared in accordance with generally accounting principles Spain
(See Note 1 and 54). In the event of a discrepancy, the Spanish-language version prevails.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
CASH FLOW STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 (Notes 1 to 4)
Millions of Euros
Notes 2010 2009 (*)
CASH FLOW FROM OPERATING ACTIVITIES (1) 47 5,867 2,372
Net income for the year 2,904 2,981
Adjustments to obtain the cash flow from operating activities: (1,141) 934
Depreciation and amortization 276 243
Other adjustments (1,417) 691
Net increase/decrease in operating assets (7,251) (2,022)
Financial assets held for trading (6,184) (2,455)
Other financial assets designated at fair value through profit or loss - -
Available-for-sale financial assets (9,252) 17,238
Loans and receivables 7,963 (15,759)
Other operating assets 222 (1,046)
Net increase/decrease in operating liabilities (3,656) (4,032)
Financial liabilities held for trading 3,737 (8,594)
Other financial liabilities designated at fair value through profit or
loss - -
Financial liabilities at amortized cost (6,821) 5,668
Other operating liabilities (572) (1,106)
Collection/Payments for income tax 509 467
CASH FLOWS FROM INVESTING ACTIVITIES (2) 47 (7,108) (656)
Investment 8,329 2,306
Tangible assets 222 268
Intangible assets 260 138
Investments 1,864 1,039
Other business units - -
Non-current assets held for sale and associated liabilities 1,014 436
Held-to-maturity investments 4,969 425
Other settlements related to investing activities - -
Divestments 1,221 1,650
Tangible assets - 6
Intangible assets - -
Investments 12 21
Subsidiaries and other business units - -
Non-current assets held for sale and associated liabilities 749 1,350
Held-to-maturity investments 232 257
Other collections related to investing activities 228 16
(*) Presented for comparison purposes only.
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