Page 118 - ENAV eng_Relazione_Finanziaria_Annuale_2014

116 ENAV – 2014 Financial Statements

to other reserves in the previous year.

The translation reserve consists of exchange differences arising on the
translation of the financial statements of foreign subsidiaries and amounts
to ¤3,428 thousand. The increase of ¤3,445 thousand is mainly due to the
change inconsolidation scope following the entry of ENAV North Atlantic
and the positive effect of the euro/dollar exchange rate at year end with
respect to that in force on the establishment of the company.

TheIFRS first-time adoption (FTA) reserve consists of the differences
arising on the recognition of assets and liabilities on the first-time adoption
of IFRSs.

Thereserve for actuarial gains/(losses) on employee benefitsconsists of
the effects of changes in actuarial estimates for post employment benefits
(TFR), stated net of the tax effect. There was a deficit balance of ¤9,683
thousand in this reserve at 31 December 2014.

The cash flow hedge reservearises on the fair value measurement fair value
of derivatives. There was an increase in this reserve of ¤1,834 thousand
during the year, net of the tax effect.

Retained earnings/(accumulated losses) consist of the results achieved
by the companies in previous years and the consolidation adjustments
recognized in those years.

The following table provides a reconciliation between the parent company’s
equity and consolidated equity.