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18. Equity

Share capital

 Number of
ordinary shares
Par valueTreasury sharesCosts incurred
(net of tax effect)
Total
Outstanding shares578,150,3952,544-(19)2,525
Treasury shares(232,450)-(3)-(3)
31 December 2015577,917,9452,544(3)(19)2,522
      
Repurchase of treasury shares less shares sold(3,506,246)-(31)-(31)
31 December 2016574,411,6992,544(34)(19)2,491
      
Broken down as follows:     
Outstanding shares578,150,3952,544-(19)2,525
Treasury shares(3,738,696)-(34)-(34)

The share capital, fully subscribed and paid-up, is divided into 578,150,395 ordinary shares with a par value of € 4.40 each, including 3,738,696 treasury shares.

At 31 December 2016 the Ministry of Economy and Finance owned around 30.204% of the share capital.

The statement of changes in other reserves and equity attributable to non-controlling interests is presented in the accounting statements section.

Cash-flow hedge reserve

This reserve includes changes in fair value of derivatives used by the Group to hedge its exposure to currency net of the effect of deferred taxes until the moment in which the “underlying position” is recognised in the income statement. When this condition is met, the reserve is recognised in the income statement to offset the economic effects of the hedged transaction.

Translation reserve

The reserve decreased as a consequence of the following changes:

 20162015
US dollar63160
Pound sterling(360)147
Other currencies7(27)
 (290)280

Overall, the reserve is negative for €mil. 215, mainly for the translation differences on the components denominated in Pound sterling partially offset by the components denominated in US Dollar, in particular DRS.

Tax effects on the gain and loss items recognised in equity

 Group - consolidated entitiesGroup - equity accounted investments
 Amount before taxesTax effectNet amountAmount before taxesTax effectNet amount
2016      
Revaluation of defined-benefit plans38(7)31(56)4(52)
Changes in cash-flow hedges(105)23(82)(6)-(6)
Foreign currency translation difference(300)-(300)10-10
Total(367)16(351)(52)4(48)
       
2015      
Revaluation of defined-benefit plans(42)19(23)32(8)24
Changes in cash-flow hedges14(8)6(3)1(2)
Foreign currency translation difference285-285(5)-(5)
Total2571126824(7)17

Below is a breakdown of the tax effects on the gain and loss items recognised in equity of Non-controlling interests:

 Non-controlling interest
 Amount before taxesTax effectNet amount
2016   
Revaluation of defined-benefit plans---
Changes in cash-flow hedges---
Foreign currency translation difference---
Total---
    
2015   
Revaluation of defined-benefit plans---
Changes in cash-flow hedges-(1)(1)
Foreign currency translation difference5-5
Total5(1)4