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29 Share capital and reserves


The statement of changes in shareholders’ equity is shown in section 2.01.04 of these consolidated financial statements.

Share capital

The share capital at 31 December 2010 was 1,115,013,754 Euro units, fully paid-up, and represented by 1,115,013,754 ordinary shares with a nominal value of Euro 1 each.

Reserves for treasury shares

The “Reserve for treasury shares” has a negative value of Euro 5,940 thousand; it reflects the number of treasury shares in the portfolio as at 31 December 2010 and is considered a reduction of share capital. Items “Reserve for gains/losses on sale of treasury shares” and “Reserve for treasury shares exceeding par value” are recorded among the shareholders’ equity reserves for a negative value of Euro 47 thousand and a negative value of Euro 3,058 thousand, respectively. These reserves, established in compliance with the accounting standards of reference, reflect the treasury shares transactions carried out as at 31 December 2010. The change during the year generated capital gains amounting to Euro 9 thousand, and a capital loss, equal to Euro 265 thousand, respectively credited and debited to the above-mentioned reserves.


The item “Reserves”, equal to Euro 514,662 thousand, includes the following reserves:

  • “legal” for Euro 25,548 thousand,
  • “extraordinary” for Euro 13,593 thousand,
  • “revaluation” for Euro 4,356 thousand,
  • “share premium reserve” for Euro 15,269 thousand,
  • “capital account payments” for Euro 5,400 thousand,
  • “retained earnings” for Euro 41,976 thousand,
  • “share swap surplus” for Euro 42,408 thousand,
  • “IFRS 3 reserve” for Euro 227,008 thousand, deriving from the integrations of Agea Spa, Meta Spa, Geat Distribuzione Gas Spa, Sat Spa, Agea Reti Srl, Con.Ami Spa and Area Assets Spa;
  • “IAS/IFRS reserve” for Euro 138,579 thousand, generated after adoption of international accounting standards;
  • “reserve for dividends received on treasury shares” for Euro 525 thousand.


Cash Flow-Hedge Reserve 

As at 31 December 2010, this reserve had a negative balance of Euro 12,407 thousand following changes determined by fair value valuation of reference derivatives.

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