Page 137 - enav_27052016

ENAV Group Consolidated Financial Statements

Reference should be made to note 11 for further details on the recognition of
deferred tax assets and liabilities.
The tax rate for the 2015 period stood at 28.9% compared to 43.2% in the previous
period, benefiting from the amendments to the IRAP calculation with the introduction
of the 2015 Stability Law, regarding the deductibility of expenses incurred for staff
employed with a permanent contract for IRAP purposes and the consequent change
to the IRAP portion that can be deducted for IRES purposes.
The IRES and IRAP tax rates for the 2015 and 2014 consolidated financial periods are
detailed in the tables below:

Income before income taxes IRES FY 2015 IRES FY 2014
Theoretical rate 95,724 % effect 67,470 % effect
26,324 18,554
Effect of increases/(decreases) compared to ordinary tax 27.5% 27.5%

Non-deductible contingent liabilities 340 0.4% 287 0.4%
Deduction IRES for IRAP paid on labour costs (140) -0.1% (6,235) -9.2%
Use of stabilisation tariffs (5,584) -5.8% (6,705) -9.9%
Other 0.5% 1.1%
Temporary differences for risk, loan and inventory impariment 518 733
provisions and other positions 2.1% -0.7%
Actual IRES 1,970 (467)
24.5% 9.1%
23,428 6,168

Income before income taxes IRAP FY 2015 IRAP FY 2014
Theoretical rate 95,724 % effect 67,470 % effect

Effect of increases/(decreases) compared to ordinary tax 4,576 4.78% 3,137 4.65%

Non-deductible labour costs 0 -1.0% 21,318 31.6%
Use of stabilisation tariffs (971) 0.8% (1,134) -1.7%
Other -0.9%
Temporary differences for risk, loan and inventory impariment 741 -0.2% (620)
provisions and other positions 4.4% 0.4%
Financial income and expense (144) 0 34.0%
Actual IRAP 4,202
257
22,958

136 ENAV - Annual financial report 2015