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ENAV Group Consolidated Financial Statements

17.Shareholders’ equity

At 31 December 2015, shareholders’ equity amounts to € 1,090,550 thousand and
the changes occurring during the period are detailed in the statement following the
balance sheets and income statement.
The table below provides details of the individual items:

Share capital 31.12.2015 31.12.2014 Changes
Legal reserve 941.744 1.121.744 (180.000)
Other reserves 15.877 13.935
Translation reserve 36.359 36.359 1.942
IFRS First-time Adoption (FTA) reserve 7.532 3.428 0
Reserve for actuarial gains/(losses) on employee benefits (727) (727)
Cash flow hedge reserve (8.728) (9.683) 4.104
Retained earnings/(accumulated losses) 2.693 1.348 0
Net income for the year 29.717 27.652
Total equity attributable to equity holders of the parent 66.083 40.006 955
Capital and reserves attributable to non-controlling interests 1.234.062 1.345
Net income attributable to non-controlling interests 1.090.550 0 2.065
Total equity attributable to non-controlling interests 0 0 26.077
Total equity 0 0 (143.512)
0 1.234.062
0
1.090.550 0
0
(143.512)

Share capital, which is fully subscribed and paid by the sole shareholder, the Ministry
of the Economy and Finance, comprises 941,744,385 ordinary shares with a nominal
value of 1 euro. On 13 April 2015, the shareholders’ meeting resolved a voluntary
reduction to the share capital pursuant to Article 2445 of the Italian Civil Code, in
an amount of 180 million, by repaying share capital to shareholders. This resolution
became effective on 21 July 2015, bringing the share capital to € 941,744 thousand.
The funding required to implement the resolution to reduce share capital was made
available through a bond issued on 04 August 2015, and subsequently payment was
made to shareholders for 180 million resulting from the reduction in share capital.
The legal reserve amounts to € 15,877 thousand, with a difference of € 1,942
thousand arising from the 5% allocation from ENAV S.p.A. 2014 results as resolved
by the shareholders’ meeting approving the financial statements, which took place
on 30 June 2015.

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