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18. Equity

The equity broken down by available and distributable reserves is shown in Appendix no. 7 to these Notes.

The composition of the share capital is as follows:

 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 net of the portion 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 cash flow hedge 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.

The revaluation reserve includes the effects of the valuation of actuarial gains and losses with reference to severance pay.