XXV. Equity

The share capital of Autogrill S.p.A., fully subscribed and paid in, amounts to €132,288k and consists of 254,400,000 ordinary shares of par value €0.52 each.
The shares are 59.28% owned by Schematrentaquattro S.r.l., a wholly-owned subsidiary of Edizione Holding S.p.A. At Autogrill S.p.A.'s annual general meeting of 30 April 1999, the shareholders voted to increase the share capital by issuing up to 33,500,000 new shares to service the convertible bond loan of €471,055k issued in June 1999 by the
subsidiary Autogrill Finance S.A., which generated proceeds of €350m net of implicit interest and gross of issuing expense. Following redemptions of €432,304k in 2004, the loan was paid off in advance on 22 December 2008.

Movements in equity items during the year are detailed in the statement of changes in equity.
The more important movements were as follows:

  • decrease of €76,320k for the dividend payment approved by the AGM of 23 April 2008 (€0.30 per share) and liquidated on 24 July 2008;
  • decrease of €60,183k for the translation of foreign currency financial statements, net of the effects of recognising hedges of net investments (+€60,609k);
  • reduction of €20,491k in "Other reserves and undistributed profits" due to the tax effect arising from the recognition of hedges of net investments;
  • decrease of €944k for the purchase of 125,141 treasury shares. No treasury shares were sold in 2008;
  • net decrease of €42,163k for the change in the cash flow hedge reserve (-€58,432k), net of the tax effect (+€16,269k);
  • increase for the consolidated net profit of €123,158k.

Information on earnings per share is given at the end of the income statement. In calculating this ratio, the numerator is the Group's share of profit for the year (€123,158k in 2008 and €158,081k in 2007), while the denominator is the number of ordinary shares issued net of treasury shares for the duration of their possession (basic earnings per
share), or that same number adjusted to include the pro-rata portion of the 2,478,000 shares that could be used for conversion under the Autogrill Finance convertible bond loan, redeemed in advance on 22 December 2008 (diluted earnings per share).