Page 204 - ENAV eng_Relazione_Finanziaria_Annuale_2014

202 ENAV – 2014 Financial Statements

15. Hareholders’ equity

Shareholders’ equity at 31 December 2014 amounted to ¤1,283,673
thousand. Details of changes during the year can be found in the statement
of changes in equity and are in any case connected with the approval of the
2013 financial statements by shareholders in an ordinary general meeting
held on 5 August 2014..

The following table provides details of the equity accounts.

Share capital 31.12.2014 31.12.2013 Change
1,121,744 1,121,744 0
Legal reserve 13,935 11,409
36,359 36,359 2,526
Other reserves (3,045) (3,045) 0
0
IFRS First-time Adoption (6,974) (3,176)
(FTA) reserve (3,798)
1,348 (486)
Reserve for actuarial gains/ 81,479 80,827 1,834
(losses) on employee 38,827 51,180 652
benefits 1,283,673 1,294,812
(12,353)
Cash flow hedge reserve (11,139)

Retained earnings/
(accumulated losses)

Net income for the year

Total equity

Share capital, fully subscribed and paid-in by the sole shareholder, the
Ministry of Economy and Finance, consists of 1,121,744,385 ordinary shares
each of nominal value 1 euro.

The legal reserve amounts to ¤13,935 thousand, representing an increase
of ¤2,526 thousand due to the allocation of 5% of 2013 net income.

The other reserves consist of capital grants received in the period
1996/2002 and originally stated net of deferred taxes which have been
discharged. This reserve accordingly became available and was reclassified
to other reserves in the previous year.

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

The reserve for actuarial gains/(losses) on employee benefits consists
of the effects of changes in actuarial estimates for the Italian employees’
leaving entitlement (TFR), stated net of the tax effect. There was a deficit
balance of ¤6,974 thousand in this reserve at 31 December 2014.