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ENAV Group Consolidated Financial Statements

Due from the tax authorities for VAT 31.12.2015 31.12.2014 Change
IRES for the year 69.972 68.876 1.096
IRAP for the year 37 9.912
Receivable for other current taxes 18.762 1.672 (9.875)
Total 1.684 2.113 17.090
90.455 82.573
(429)
7.882

The receivable due from the tax authority for VAT for € 69,972 thousand underwent a
net increase of € 1,096 thousand referring to a decrease of € 21,415 thousand for the
receipt of a VAT refund the Company requested in the month of February 2014 and
referring to the 2013 tax period including interest, the accrued interest recorded on
the VAT receivable to be refunded for the 2012 and 2014 tax periods amounting to €
765 thousand and VAT accrued for the period for € 21,746 thousand. The receivable
for the VAT refund requested refers entirely to the Parent Company and at the end
of 2015 amounted to € 40,280 thousand, including interest receivable accrued at
2% legal rate on an annual basis. It is noted that the Tax Revenue Office has advised
of the successful outcome of the audit on VAT refund for 2012, and ordered that 20
million plus interest be paid. A refund of 20.8 million was requested with the filing of
the 2015 VAT return submitted in February 2016.
The IRES receivable includes the tax receivable for the subsidiary Sicta, resulting from
the difference between the instalments paid in the period for € 55 thousand and the
tax recorded in 2015 for € 18 thousand.
The IRAP receivable amounts to € 18,762 thousand and consists of the receivable
recorded in 2014 and the instalments paid in 2015 for a total of € 22,964 thousand
reduced by the IRAP for the period for € 4,202 thousand. As it is known, the 2015
Stability Law No. 190/2014 introduced significant amendments to the IRAP
regulations referred to under Legislative Decree 446/1997 relating especially to the
deductibility of expenses incurred for staff employed with a permanent contract for
IRAP purposes and the consequent change to the portion of IRAP that may be used
as a reduction for IRES purposes. Since this was the first year that the regulation
became applicable, and so as not to incur any sanctions, an instalment payment was
made in November on a historic basis resulting in the above receivable, net of the
tax for the period.
The item receivables for other current taxes mainly refers to the receivable for taxes
paid abroad for € 445 thousand and the receivable for the IRAP refund application
pursuant to Article 6 of Legislative Decree 185/2008 referring to the tax years from
2004 to 2007, for a total of € 1,225 thousand, which was reduced during the period
by € 437 thousand following the receipt of a portion referring to 2005.

ENAV - Annual financial report 2015 109