Reconciliation between parent and consolidated equity

(€k) Equity at 31.12.2012 revised   Changes in equity   Effect of Demerger (Travel Retail & Duty Free) ***   Profit (loss) for 2013   Equity at 31.12.2013  
Autogrill S.p.A. separate financial statements    679,851   5,367   (421,537)   110,401   374,081 
Effect of the consolidation of subsidiaries’  financial statements and related deferred taxation   109,128   (6,699)   (35,637)   (22,543)*   44,250 
Translation reserve    4,417   (38,408)   29,243   -   (4,749) 
Hedging reserve **    (5,710)   3,677   2,033   -   - 
Group consolidated financial statements    787,686   (36,063)   (425,898)   87,858   413,583 
Equity attributable to non-controlling interests    26,351   (343)   (6,363)   11,530   31,175 
Total consolidated equity    814,036   (36,405)   (432,261)   99,388   444,758 

* The amount includes the combined effect of the subsidiaries contribution to consolidated profit (€ 142,842k), the elimination of dividends paid by subsidiaries to the parent (€ 221,285k) and the impairment losses on investments (€ 55,900k)

** Net of tax effect

*** The item includes the effect on treasury shares and the share based payments reserve