Reconciliation between parent and consolidated equity

(k)

Equity at

31.12.2010

Changes  in equity Profit for 2011

Equity at

31.12.2011

Autogrill S.p.A. separate financial statements 774,055 (36,178) 31,926 769,804
Effect of the consolidation of subsidiaries' financial statements and related deferred taxation (69,421) (313) 94,378 * 24,644
Translation reserve (16,902) 20,782 3,880
Hedging reserve ** 2,300 (20,851) (18,551)
Group consolidated financial statements 690,032 (36,560) 126,304 779,776
Equity attributable to non- controlling interests 21,335 (14,514) 12,821 19,642
Total consolidated equity 711,367 (51,073) 139,124 799,418
* The amount includes the combined effect of the subsidiaries contribution to consolidated profit (€ 226,855k) and the elimination of dividends paid by subsidiaries to the parent (€ 132,477k) ** Net of tax effect