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ENAV S.p.A. Financial Statement

international accounting standards. The discounting of the TFR recorded an actuarial
gain with an adjustment of the relevant deferred tax. Subsequent to the Stability Law
of 2016 No. 248/2015 that brought a reduction in the IRES 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 deferred tax assets for € 1,914 thousand, and for € 4 thousand
in the deferred tax assets affecting equity.
Liabilities for deferred taxes show a balance of € 4,035 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, and the recognition of deferred tax 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.

202 ENAV - Annual financial report 2015