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ENAV S.p.A. Financial Statement

Financial expenses also recorded an increase of € 1,414 thousand due to the
recognition of the interest payable on the 2015 bond issue and the drop in interest
for bank funding both as a result of the lower debt and the reduced interest rates.

29. Income taxes

Income taxes total € 27,492 thousand and comprise the items shown in the table
below:

IRES corporate income tax charge 31.12.2015 31.12.2014 Change
IRAP regional production tax charge 21.946 4.768 17.178
Prior year taxes 3.886 (17.034)
Total current taxes 6 20.920
Advance tax 25.838 (126) 132
Deferred tax 1.237 276
Total Deferred tax assets and liabilities 417 25.562 2.569
27.492 (1.332) (105)
2.740
522
24.752

Reference should be made to note 9 for further details on the recognition of deferred
tax assets and liabilities.
The tax rate for the 2015 period stood at 28.1% compared to 40.4% 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.

230 ENAV - Annual financial report 2015