Shareholders' equity

[27] Shareholders’ equity attributable to the Group

The Shareholders' Meeting of Benetton Group S.p.A. resolved on April 20, 2009 to pay a dividend of Euro 0.28 per share, totaling Euro 48,253 thousand; the shares went ex-div on April 27, 2009.

Changes in shareholders' equity during the period are detailed in the statement of changes contained in the "Consolidated financial statements" section.

Share capital

The fully paid-in share capital of Benetton Group S.p.A. amounts to Euro 237,482,715.60 at December 31, 2009 and consists of 182,679,012 shares with a par value of Euro 1.30 each.

Treasury shares

Following on from program authorized in 2008, the Shareholders' Meeting of April 20, 2009 renewed the authority for the Board of Directors to buy back and dispose of the Company's ordinary shares, having revoked, with effect from April 20, 2009, the unexecuted part of the previous authority granted on April 24, 2008. The authority has been granted for a period of 18 months and refers to the purchase of a maximum number of shares representing no more than 10% of share capital, including those shares already held. The minimum purchase price may not be 30% below the official share price reported in the trading session prior to each individual transaction, while the maximum purchase price may not be 20% above such official share price; the disposal price may not be less than 90% of the official share price reported in the trading session prior to each individual transaction. Between the date the buy-back program commenced on May 14, 2008, under a resolution adopted by the Board of Directors, and December 31, 2009, Benetton Group S.p.A. bought 10,345,910 treasury shares, corresponding to 5.663% of share capital, for Euro 71,734 thousand (including commissions), of which 462,998 shares were purchased in 2009 at a corresponding purchase cost of Euro 2,626 thousand (including commissions).

Fair value and hedging reserve

This reserve presents a debit balance of Euro 280 thousand at December 31, 2009, which is stated net of Euro 125 thousand in related tax, and reports the changes in the effective hedging component of derivatives measured at fair value.

Other reserves and retained earnings

These reserves amount to Euro 1,084,525 thousand (Euro 980,069 thousand at December 31, 2008) and include:

-Euro 47,500 thousand relating to the Parent Company's legal reserve;

-Euro 563,600 thousand relating to other reserves of the Parent Company (Euro 541,072 thousand at December 31, 2008);

-Euro 21,452 thousand relating to monetary revaluation reserves in compliance with Italian Law no. 72 of March 19, 1983, and Law no. 413 of December 30, 1991, and, in the case of a Spanish subsidiary, in compliance with Royal Decree no. 2607/96;

-Euro 488,706 thousand relating to the reserves of consolidated subsidiaries, net of consolidation adjustments;

-Euro 4,807 thousand relating to share-based payments, valued at fair value on the grant date, and recognized in the statement of income on a straight-line basis with a matching increase in this reserve;

-the debit balance of Euro 41,540 thousand relating to translation differences arising from the line-by-line consolidation of the financial statements of certain subsidiaries expressed in a foreign currency.

The first of the schedules below is a reconciliation of the shareholders' equity and net income reported in the separate financial statements of Benetton Group S.p.A. with the corresponding consolidated amounts; the second lists the percentage of shareholders' equity in consolidated subsidiaries attributable to minority shareholders.

Reconciliation of shareholders' equity and net income of Benetton Group S.p.A. with the corresponding consolidated amounts

Minority interests

The following consolidated companies have portions of their shareholders' equity attributable to minority shareholders: