29. Shareholders’ equity - €52,839 million

29.1 Equity pertaining to the shareholders of the Parent - €35,941 million

Share capital - €9,403 million

At December 31, 2013 (as at December 31, 2012), the share capital of Enel SpA – considering that no options were exercised as part of stock option plans in 2013 – amounted to €9,403,357,795 fully subscribed and paid up, represented by 9,403,357,795 ordinary shares with a par value of €1.00 each. At the same date, based on the shareholders register and the notices submitted to CONSOB and received by the Company pursuant to Article 120 of Legislative Decree 58 of February 24, 1998, as well as other available information, no shareholders held more than 2% of the total share capital, apart from the Ministry for the Economy and Finance, which holds 31.24%, and Natixis SA, which holds a 2.64% stake, held as June 27, 2013 for asset management purposes.

Other reserves - €7,084 million

Share premium reserve - €5,292 million

Legal reserve - €1,881 million

The legal reserve is formed of the part of net income that, pursuant to Article 2430 of the Italian Civil Code, cannot be distributed as dividends.

Other reserves - €2,262 million

These include €2,215 million related to the remaining portion of the value adjustments carried out when Enel was transformed from a public entity to a joint-stock company.

Pursuant to Article 47 of the Uniform Tax Code, this amount does not constitute taxable income when distributed.

Reserve from translation of financial statements in currencies other than euro - €(1,100) million

The further decrease in this aggregate for the year is attributable to the net depreciation of the functional currency against the foreign currencies used by subsidiaries.

Reserve from measurement of financial instruments - €(1,490) million

This item includes net losses recognized directly in equity resulting from the measurement of cash flow hedging derivatives, as well as net unrealized losses arising in respect of the fair value measurement of financial assets.

Reserve from disposal of equity interests without loss of control - €721 million

This item reports the gain posted on the public offering of Enel Green Power shares, net of expenses associated with the disposal and the related taxation. The change for the period reflects the sale of minority interests recognized as a result of the Enersis capital increase.

Reserve from transactions in non-controlling interests - €62 million

The reserve reports the amount by which equity acquired following purchases by third parties of additional stakes in companies already controlled in Latin America (Ampla Energia e Serviços, Ampla Investimentos e Serviços and Eléctrica Cabo Blanco) exceeds the purchase prices. On June 17, 2013 the agreement for the sale of the entire share capital of Enel. si by Enel Green Power to Enel Energia was ratified. Accordingly, the change for the period largely regards the difference between the disposal price acquired by third parties of Enel Green Power and the associated share of equity of Enel.si.

Reserve from equity investments accounted for using the equity method - €(16) million

The reserve reports the share of comprehensive income to be recognized directly in income for companies accounted for using the equity method.

Reserve for employee benefits - €(528) million

Following application as from January 1, 2013 of IAS 19 Revised, the reserve includes all actuarial gains and losses, net of tax effects. The change is attributable to the increase in actuarial gains recognized during the period.

The table below shows the changes in gains and losses recognized directly in other comprehensive income, including noncontrolling interests, with specific reporting of the related tax effects

Millions of euro             
 at Dec. 31, 2012 restated Change at Dec. 31, 2013 
 Total Of which shareholders of Parent Company Of which non-controlling interests Gains/ (Losses) recognized in equity for the year Released to income statement Taxes Total Of which shareholders of Parent Company Of which non-controlling interests Total Of which share-holders of Parent Company Of which non-controlling interests 
Reserve from translation of financial statements in currencies other than euro  682  92  590  (3,197)  - - (3,197)  (1,290)  (1,907)  (2,515)  (1,198)  (1,317) 
Reserve from measurement of financial instruments  (1,350)  (1,253)  (97)  (697)  499  (81)  (279)  (237)  (42)  (1,629)  (1,490)  (139) 
Share of OCI of equity investments accounted for using the equity method  - (29)  - - (29)  (24)  (5)  (21)  (16)  (5) 
Remeasurement of net liabilities (assets) for defined-benefit plans  (440)  (362)  (78)  (262)  - 74  (188)  (170)  (18)  (628)  (532)  (96) 
Total gains/(losses) recognized in equity  (1,100)  (1,515)  415  (4,185)  499  (7)  (3,693)  (1,721)  (1,972)  (4,793)  (3,236)  (1,557) 

Capital management

The Group’s objectives for managing capital comprise safeguarding the business as a going concern, creating value for stakeholders and supporting the development of the Group. In particular, the Group seeks to maintain an adequate capitalization that enables it to achieve a satisfactory return for shareholders and ensure access to external sources of financing, in part by maintaining an adequate rating.

In this context, the Group manages its capital structure and adjusts that structure when changes in economic conditions so require. There were no substantive changes in objectives, policies or processes in 2013.

To this end, the Group constantly monitors developments in the level of its debt in relation to equity. The situation at December 31, 2013 and 2012 is summarized in the following table.

Millions of euro    
 at Dec. 31, 2013 at Dec. 31, 2012 restated Change 
Non-current financial position  51,113  55,959  (4,846) 
Net current financial position  (6,300)  (9,435)  3,135 
Non-current financial receivables and long-term securities  (4,951)  (3,576)  (1,375) 
Net financial debt  39,862  42,948  (3,086) 
Equity pertaining to the shareholders of the Parent Company  35,941  35,775  166 
Non-controlling interests  16,898  16,312  586 
Shareholders’ equity 52,839  52,087  752 
Debt/Equity ratio  0.75  0.82  (0.07) 

29.2 Non-controlling interests - €16,898 million

The following table reports the composition of non-controlling interests by division.

Millions of euro    
  at Dec. 31, 2013 at Dec. 31, 2012 restated Change 
Iberia and Latin America  12,017  11,690  327 
International  2,361  2,257  104 
Renewable Energy  2,306  2,161  145 
Generation and Energy Management  214  204  10 
Total  16,898  16,312  586