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ENAV Group Consolidated Financial Statements

treatment followed in the financial statements consistent with the requirements of
international accounting standards. The discounting of the TFR recorded an actuarial
gain with an adjustment of the relevant deferred tax. The item others includes the
deferred tax arising from the elimination of the margins for transactions carried out
within the Group.
Subsequent to the Stability Law of 2016 No. 248/2015 that brought a reduction in
the IRES tax rate from the current 27.5% to 24% with effect from 2017, deferred taxes
were adjusted to this new rate for all differences that will presumably be reversed
from 2017. This adjustment had a negative impact on the income statement related
to deferred tax assets for € 2,470 thousand, and for € 4 thousand in the deferred tax
assets affecting equity.
Liabilities for deferred taxes show a balance of 4,036 thousand and refer in addition
to the tax effect related to the transition to IFRS for the same reasons stated above,
default interest related to 2015 and previous years that had not yet been received
and recognised for tax. The item regarding the derivative’s fair value refers to the fair
value adjustment, increased by the higher amount arising from the exchange rate on
the date that currency was purchased compared to the fixed rate in the derivative
contract for € 2,580 thousand, giving rise to the recognition of deferred taxes payable
for € 619 thousand. The adjustment of the IRES tax rate to 24% resulted in a positive
effect in the Income Statement for € 60 thousand and € 34 thousand on equity.

12. Current and non-current tax receivables

Non-current tax receivables are unchanged compared to the previous year and
amount to € 25,232 thousand. They refer to the higher IRES tax paid in the years
2007/2011 by the Group due to the non-deduction of Irap relating to expenses
incurred for employees and similar costs. Specifically, the entitlement to a refund is
based on Article 2 of Legislative Decree 201/2011 that permits IRAP to be deductible
analytically from corporate taxable income, which had previously only been permitted
to the extent of 10 percent of the tax paid; this Decree was subsequently integrated
with Decree-Law No. 16 of 2012 under Article 4, paragraph 12, in order to extend
this possibility to prior tax periods, starting from the 2007 tax period. Regarding
the timescale for receiving the refund, given that the Tax Revenue Office envisions
making payment starting from the earliest tax years and on the basis of the order
in which the electronic flows are transmitted, and it establishes criteria in the cases
in which it does not have fully available funds, the receivable has been prudently
classified as a non-current asset.
Current tax receivables amount to € 90,455 thousand and comprise the receivables
detailed in the table below.

108 ENAV - Annual financial report 2015