A net loss of EUR 3,122,307,528 was posted for the year, with consolidated net losses amounting to EUR 3,170,334,574. The correction of errors, described in the section "Restatement of prior period accounts in compliance with IAS 8 (Accounting policies, changes in accounting estimates and errors)", additionally resulted in negative effects being posted to equity for an amount of EUR 817,673,924.

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Shareholders have resolved to cover the loss for the year amounting to EUR 3,122,307,528 and losses for prior years from restatement under IAS 8 amounting to EUR 817,673,924, by drawing:

  • EUR 667,175 from the Merger Surplus Reserve (unrestricted portion);
  • EUR 1,298,466,138 from the Statutory Reserve;
  • EUR 163,793,855 from the Special Reserve under Law no. 218/90;
  • EUR 112,315,775 from the Reserve under Legislative Decree no. 185/2008, art. 15, para. 16 et seq.;
  • EUR 45,379,016 from the Reserve under Law no. 266/2005;
  • EUR 575,027,160 from the Reserve pursuant to art. 19 of Leg. Decree no. 87/92;
  • EUR 669,747,765 from the Merger Surplus Reserve (portion restricted under legal reserve requirements);
  • EUR 572,054,346 from the Legal Reserve;
  • EUR 255,099,524 from the Share Premium Reserve (portion restricted under legal reserve requirements);
  • EUR 159,194,641 from the Reserve under art. 6, letter a) of Legislative Decree no. 38/2005 (subject to reconstitution).

Subsequent to the use of the afore-mentioned reserves, the loss carried over amounts to – EUR 88,236,057. As at 31.12.2012, negative reserves under art. 6, para. 1, letter b) of Legislative Decree no. 38/2005 are recognised for an amount of EUR 2,256,616,296.

The meeting saw the election of Mr. Pietro Giovanni Corsa as Deputy Chairman of the Board of Directors and approval of the Sharehoders’ Meeting regulations and Remuneration Report, pursuant to art. 123-ter of the Consolidated Law on Finance.

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