Equity

Consolidated equity rose from euro 2,389.4 million at December 31, 2012 to euro 2,436.6 million at December 31, 2013.

Equity attributable to owners of Pirelli & C. S.p.A. at December 31, 2013 totalled euro 2,376.1 million (euro 4.87 per share), compared with euro 2,337.4 million at December 31, 2012 (euro 4.79 per share).

This change, whose details are illustrated in the following table, largely reflects the net income, euro 306.5 million, the payment of dividends for euro 156.7 million to the parent company dividend, the negative change resulting from changes in the translation rate of foreign equity investments (principally due to depreciation of the Brazilian, Venezuelan, Turkish, Egyptian and Argentine currencies), and the positive net effect of inflation/devaluation on the equity held in the Venezuelan subsidiary.

(in milions of euro)
 GroupNon-controlling interestsTotal
Equity at 12.31.2012 2,337.4  52.0  2,389.4 
Translation differences (226.7)  (4.1)  (230.8) 
Net income (loss) 303.6  2.9  306.5 
Adjustement to fair value of other financial assets/derivative instruments 57.4  - 57.4 
Actuarial gains/(losses) on employee benefits 22.8  - 22.8 
Dividend resolved (156.7)  (2.9)  (159.6) 
Venezuela inflation effect 49.5  1.9  51.4 
Other changes (11.1)  10.6  (0.5) 
Total changes 38.7  8.5  47.2 
Equity at 12.31.2013 2,376.1  60.5  2,436.6 

The following statement illustrates the reconciliation between the equity of the parent company and the consolidated equity attributable to owners of Pirelli & C. S.p.A. pursuant to the Consob Notice of July 28, 2006

(in milions of euro)
 Share CapitalTreasury reservesNet incomeTotal
Equity of Pirelli & C. S.p.A. at 12.31.2013 1,343.3  404.8  191.9  1,940.0 
Net income for the year of consolidated companies (before consolidation adjustments) - - 398.2  398.2 
Share capital and reserves of consolidated companies (before consolidation adjustments) - 1,218.5  - 1,218.5 
Consolidation adjustments:        
carrying value of equity investments in consolidated companies - (1,169.7)  - (1,169.7) 
intercompany dividends - 322.6  (322.6)  -
others - (47.0)  36.1  (10.9) 
Consolidated equity of Group at 12.31.2013 1,343.3  729.2  303.6  2,376.1