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29 Share capital and reserves

 

Share capital
The share capital as at 31 December 2009 was Euro 1,115,013,754, fully paid-up, and represented by 1,115,013,754 ordinary shares with a par value of Euro 1 each.
The General Shareholders' Meeting of Hera Spa on 21 October 2009 approved a capital increase from Euro 1,032,737,702 to Euro 1,115,013,754, therefore, totalling Euro 82,276,052, through the issue of 82,276,052 new ordinary shares reserved exclusively for the following shareholders: Municipality of Ferrara, Holding Ferrara Servizi Spa, Con.Ami and Area Asset Spa. For a fuller description of the transaction, please see the introduction.

Reserves for treasury shares
The item "reserve for treasury shares at par value" has a negative value of Euro 2,893 thousand; it reflects the number of treasury shares in the portfolio as at 31 December 2009 and is considered a reduction of share capital. "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 positive value of Euro 209 thousand and a negative value of Euro 1,948 thousand, respectively. These reserves, established in compliance with the accounting standards of reference, reflect the treasury shares transactions carried out as at 31 December 2009. The change during the year generated losses amounting to Euro 597 thousand, attributed directly to shareholders' equity reserves.

Reserves
The item Reserves equal to Euro 472,108 thousand includes the following reserves:

  • legal for Euro 22,928 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 52,456 thousand,
  • share swap surplus for Euro 42,408 thousand,
  • IFRS3 reserve for Euro 227,008 thousand, deriving from the integrations of Agea Spa, Meta Spa, Geat Distribuzione Gas Spa, Sat Spa, Agea Reti Spa, Con.Ami and Area Assets;
  • IAS/IFRS reserve for Euro 88,432 thousand, generated after adoption of international accounting standards;
  • reserve for dividends received on treasury shares for Euro 258 thousand.

Cash Flow-Hedge Reserve
As at 31 December 2009, this reserve had a negative balance of Euro 12,995 thousand following changes determined by fair value valuation of reference derivatives.
The statement of changes in shareholders' equity is shown in section 2.01.04 of these consolidated financial statements.

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