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ENAV S.p.A. Financial Statement

9. Deferred tax assets and liabilities

Details of deferred tax assets and liabilities are provided in the following table, which
shows those items recognized in profit or loss and those recognized in equity.

31.12.2014 Increase/decrease through Economic Increase/decrease through 31.12.2015
profit or loss effect of equity
IRES aliquota
Temporary Deferred Temporary Deferred Temporary Deferred tax Temporary Deferred
differences tax assets/ differences tax assets/ change differencesassets/liabilities differences tax assets/

liabilities liabilities liabilities

Deferred tax assets 49.759 13.683 8.130 1.883 (1.460) 0 0 57.889 14.106
Taxed provisions 8.499 2.337 627 173 (319) 0 0 9.126 2.191
Inventory write-
downs 9.094 2.735 (4.087) (1.255) (88) 0 0 5.007 1.392

Discounting of 957 309 (621) (200) 0 0 0 336 109
receivables 1.749 481 0 0 0 (1.619) (449) 130 32
1.344 370 (47) 1.469
Tax effect of IFRS 125 30 0 0 0 353
conversion 5 1 0 0 0 0 0 5 1
Discounting of the 36 10 (1.914) 0 0 205
TFR 71.443 19.926 169 46 (1.619) (449) 74.167 56
Non-deductible 4.343 677 18.240
portion of the TFR
Fair value derivative

Other

Total

Deferred tax liabilities

Other 6.006 1.652 2.041 561 0 0 0 8.047 2.213
0 0 107 30
Discounting of 140 39 (33) (9) 0 0 0 3.100
payables 941
339 3.548
Tax effect of IFRS 3.333 1.076 (233) (75) (60) 339 14.802 851
conversion 4.035

Fair Value Derivative 1.863 512 0 0 0 1.685

Total 11.342 3.279 1.775 477 (60) 1.685

Deferred tax assets amount to € 18,240 thousand and refer mainly to taxed
provisions, such as impairment losses on the bad debt and risks provisions, where the
changes in the year refer to advances and utilisations made for the reasons stated
in Notes 11 and 17, with the relevant tax deduction. The discounting of receivables
referred both to the balance recorded in previous years, where the present value
was subject to review during the year subsequent to the new charge recovery plan,
as well as the balance recorded in 2015, and which will be reversed in subsequent
years up until 2018, as stated in Note 11. The tax effect arising from the transition
to international accounting standards relates to a series of items that will continue
to have exclusively a fiscal effect arising from the difference between the accounting
treatment followed in the financial statements consistent with the requirements of

ENAV - Annual financial report 2015 201