Page 137 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 135

The net increase of ¤849 thousandis mainly due to the financial expense
arising from discounting “balance” items to net present value and refers to
the adjustment of the present value of the related receivable, recognized
following the revision of the charge recovery plans. On the other hand the
main decrease is due to the fall in interest expense on bank loans as the
result of a reduced use of short-term credit lines and a drop in interest rates.

28. Income taxes

The income tax charge for the year amounts to ¤27,464 thousandand may
be analyzed as follows:

IRES corporate income tax 31.12.2014 31.12.2013 Change
charge 6,168 15,412 (9,244)

IRAP regional production 22,958 24,652 (1,694)
tax charge (126) 81 (207)

Prior year taxes 29,000 40,145 (11,145)
(2,060) (56) (2,004)
Total current taxes
524 333 191
Deferred tax assets -
(income) 27,464 40,422 (12,958)

Deferred tax liabilities -
expense

Total current and deferred
taxes

Reference should be made to note 9 for further details on the recognition
of deferred tax assets and liabilities.