24. Shareholders’ equity - 1,332,409 thousand euros

At 31 December 2012, shareholders’ equity amounted to 1,332,409 thousand euros (1,311,457 thousand euros at 31 December 2011).

Changes in shareholders’ equity during the period are shown in the appropriate statement.

 

Share capital

The share capital totals 1,098,899 thousand euros, represented by 212,964,900 ordinary shares with a par value of 5.16 euros each, as shown in the Shareholders’ Register. The share capital is subscribed and paid-up in the following manner:

  • Roma Capitale: 108,611,150 shares for a total par value of 560,433 thousand euros;
  • Market: 103,936,757 shares for a total par value of 536,314 thousand euros;
  • Treasury shares: 416,993 ordinary shares for a total par value of 2,152 thousand euros.

 

Legal reserve

This reserve reflects the allocation of 5% of net profit for previous years, in accordance with article 2430 of the Italian civil code.

This reserve has risen from 113,731 thousand euros at 31 December 2011 to 165,087 thousand euros at 31 December 2012, an increase of 51,356 thousand euros due essentially to the increase in the legal reserve of companies that reported a profit in 2011. The legal reserve of the Parent Company amounts to 74,351 thousand euros.

 

Other reserves and retained earnings

This item reported a negative figure of 86,252 thousand euros at the end of the year (61,793 thousand euros at 31 December 2011). The decrease of 24,459 thousand euros is mainly due to the change in the Cash flow hedge reserve related to financial instruments. Specifically, the item refers to (i) the swap hedging the loan granted to ACEA by Cassa Depositi e Prestiti (the change was positive by 1,306 thousand euros net of the tax effect), (ii) the cross currency on the bond loan (decreasing by 15,865 thousand euros net of the tax effect), (iii) the swaps hedging the loan obtained by Acque (with the change negative by 3,344 thousand euros), (iv) the swap hedging the loan obtained by Nuove Acque (a decrease of 238 thousand euros), and (v) the effective portion of the fair value derivatives signed by Acea Energia Holding (recording a decrease of 4,027 thousand euros).

The remainder of the change is due to the allocation of the profit from 2011 and the distribution of the advance on the 2012 dividend.

At 31 December 2012 ACEA holds 416,993 treasury shares to be used for future medium/long-term incentive schemes. At this time there are no medium/long-term share-based payment schemes planned.

 

Minority interests

Minority interests total 77,291 thousand euros, having risen 2,629 thousand euros. The difference between the two periods compared mainly reflects the combined effect of the portion of net profit attributable to minority interests, the decrease in shareholders’ equity as a result of the distribution of dividends from net profit for 2011 and the change in the basis of consolidation.

In compliance with AEEG resolution 585/2012, the FoNI tariff components posted as revenues for the consolidated companies which manage integrated water services (totalling 6,846 thousand euros) are subject to the allocation restriction established by that resolution and, therefore, they are unavailable for the distribution of dividends until the verification of the realisation of the investments financed with those components.