Statement of Changes In Equity

(Euro Unit) Share capital Retained earnings/(losses) carried forward Reserve for stock-grant plans Other reserves Total Shareholders’ equity
Shareholders’ equity at 1 January 2009 49,256,884 46,070,123 1,882,449 50,753,336 147,962,792
Revaluation reserve formed under Law 413/91 (former ASF) - - - 832,18 832,179
Reserve formed under Law 488/92 – 1st call for PIA  
 
 
 
 
Innovazione (former ASF) - - - 854 854,000
Reserve formed under Law 488/92 – 2nd call for PIA  
 
 
 
 
Innovazione (former ASF) - - - 145 145,000
Reserve created with ministerial grants under Law 219/81  
 
 
 
 
(former ASF) - - - 208,83 208,828
Deferred taxes recognised in equity (former ASF and ATSF) - - - 301,39 301,388
Change in reserves for SGPs (former ASF and ATSF) - - 566,268 - 566,268
Change in reserves from delivery of SGP shares (former ASF and ATSF) - - (262,760) - (262,760)
Change in reserve for SGPs relating to previous years (former ASF and ATSF) - - 187,234 - 187,234
Severance pay provision for actuarial gains (losses) - (equity  
 
 
 
 
method) (former ASF and ATSF) - (1,095,958) - - (1,095,958)
Surplus from merger through incorporation of ASF and ATSF - - - 83,236,951 83,236,951
Adjustments deriving from merger through incorporation of ASF and ATSF - - (566,268) - (566,268)
Shareholders’ equity at 1 January 2009 - Pro-forma 49,256,884 44,974,165 1,806,923 136,331,682 232,369,654
Repurchase of treasury shares, less shares sold (112,938) - - - (112,938)
Reclassification of costs for share capital increase 50,000 - - (50,000) -
Other comprehensive income (expense) for the year, net of tax - 1,253,396 - (344,684) 908,712
Change in reserves for Ansaldo STS SpA SGP - - (340,523)  
(340,523)
Change in reserves for SGPs of other companies - - - 943,03 943,028
Dividends (99,892,850 x 0.27) - (26,971,070) -  
(26,971,070)
Allocation of the period result to legal reserve - (380,063) - 380,06 -
Deficit from merger through incorporation of ASNV with effective date 1 October 2009 - - - (13,649,137) (13,649,137)
Net profit (loss) at 31 December 2009 - 56,785,285 -  
56,785,285
Shareholders’ equity at 31 December 2009 49,193,946 75,661,714 1,466,400 123,610,952 249,933,012
Use of treasury shares for delivery of SGPs 513,643 - - - 513,643
Free share capital increase with issue of no. 20,000,000 shares 10,000,000 - - (10,000,000) -
Other comprehensive income (expense) for the year, net of tax - (594,317) - 163,44 (430,880)
Change in reserves for Ansaldo STS SpA SGP - - 658,074 - 658,074
Change in reserves for SGPs of other companies - - - 824,91 824,909
Dividends (99,940,829 x 0.31) - (30,981,657) - - (30,981,657)
Allocation of the period result to legal reserve - (6,549,322) - 6,549,322 -
Allocation of the profit to the “reserve for adjustments to legal reserve” - (10,000,000) - 10,000,000 -
Net profit (loss) 31 December 2010 - 83,990,201 - - 83,990,201
Shareholders’ equity at 31 December 2010 59,707,589 111,526,619 2,124,474 131,148,620 304,507,302