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ENAV S.p.A. Financial Statement

16. Shareholders’ equity

At 31 December 2015, shareholders’ equity amounts to € 1,120,005 thousand,
and the changes occurring during the period are detailed in the table following the
balance sheets.
The table below provides details of the individual items:

Share capital 31.12.2015 31.12.2014 Change
Legal reserve 941.744 1.121.744 (180.000)
Other reserves 15.877 13.935
IFRS First-time Adoption (FTA) reserve 36.359 36.359 1.942
Reserve for actuarial gains/(losses) on employee benefits (3.045) (3.045) 0
Cash flow hedge reserve (5.805) (6.974) 0
Retained earnings/(accumulated losses) 2.693 1.348
Net income for the year 82.365 81.479 1.169
Total equity 49.817 38.827 1.345
1.283.673
1.120.005 886
10.990
(163.668)

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 2014 results as resolved by the shareholders’
meeting approving the financial statements, which took place on 30 June 2015.
The other reserves arise from the capital grants received in 1996/2002 and originally
recognised net of deferred taxes that were paid. In this regard, the reserve became
available and was reclassified in previous periods under the item “other reserves”.
The First Time Adoption (FTA) reserve includes the measurement valuation differences
in the asset and liability items arising upon the first time adoption of international
accounting standards.

210 ENAV - Annual financial report 2015