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108 ENAV – 2014 Financial Statements

recognized as “balance” in prior years and in 2014 which will reverse in
future years until 2020, as discussed 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 international accounting
standards, starting from the date of first-time adoption on 1 January
2011,and fiscal criteria,for which the date offirst-time adoption of IFRSs was
1 January 2014. The measurement of the employees’ leaving entitlement
(TFR) in accordance with IAS 19 led to an actuarial loss, resulting in the
recognition of a deferred tax asset net of the reversal of the deferred tax
liabilities recognized in the previous year for the actuarial gain. The item
others includes the deferred tax effect of the elimination of intragroup
margins.

Deferred tax liabilities amount to ¤3,280 thousand, and in addition to
the items already discussed concerning the transition to IFRSs relate to
prior year arrears interest that has not yet been received and hence not
yet taxed. The measurement of the derivative at fair value led to a gain of
¤1,863 thousand and accordingly the recognition of a deferred tax liability,
compared to the previous year when a loss, and hence also a deferred tax
asset, was recognized.

10. Current and non-current tax receivables

Non-current tax receivables, unchanged compared to 31 December 2013,
amount to ¤25,232 thousand and arise from the excess corporate income
tax (IRES) paid by the Group in the years 2007/2011 arising from taxable
profits from which the regional production tax (IRAP) charged on add-
backs for personnel and similar costs was not deducted for IRES purposes.
More specifically, the entitlement to a refund arises from article 2 of Decree
Law no. 201/2011 which permits the analytical deduction of IRAP from
business income for 2012, previously only allowed to the extent of 10% of
the tax paid, a decree subsequently supplemented by article 4, paragraph
12 of Decree Law no. 16 of 2012 in order to extend this possibility to prior
tax periods starting from 2007. Regarding the timescale for receiving the
refund, given that the Tax Revenue Office is envisaging making payment
starting from the earliest tax years and on the basis of the order in which
the electronic flows are transmitted, and establishes criteria in the cases
in which it does not have fully available funds, the receivable has prudently
been classified as a non-current asset.