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.
Millions of Euros
(Continued) Notes 2010 2009 (*)
CASH FLOWS FROM FINANCING ACTIVITIES (3) 47 2,121 (1,118)
Investment 7,622 7,785
Dividends 1,237 1,638
Subordinated liabilities 1,524 1,682
Common stock amortization - -
Treasury stock acquisition 4,828 4,232
Other items relating to financing activities 33 233
Divestments 9,743 6,667
Subordinated liabilities - 2,927
Common stock increase 4,914 -
Treasury stock disposal 4,829 3,740
Other items relating to financing activities - -
EFFECT OF EXCHANGE RATE CHANGES (4) (1) 1
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS
(1+2+3+4) 879 599
CASH OR CASH EQUIVALENTS AT BEGINNING OF THE YEAR 3,286 2,687
CASH OR CASH EQUIVALENTS AT END OF THE YEAR 4,165 3,286
Millions of Euros
COMPONENTS OF CASH AND EQUIVALENT AT END OF THE
YEAR
Notes 2010 2009 (*)
Cash 616 650
Balance of cash equivalent in central banks 3,549 2,636
Other financial assets - -
Less: Bank overdraft refundable on demand - -
TOTAL CASH OR CASH EQUIVALENTS AT END OF THE YEAR 7 4,165 3,286
(*) Presented for comparison purposes only.
The accompanying Notes 1 to 53 and Appendices I to XV are an integral part of the cash flow statement
for the year ended December 31, 2010.
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