Snam.it

Income taxes

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(€ million)

2009

2010

2011

Change

Change %

Current taxes

402

616

786

170

27.6

(Prepaid) deferred taxes

 

 

 

 

 

Deferred taxes

(44)

(74)

(79)

(5)

6.8

Prepaid taxes

(11)

(10)

11

21

 

 

(55)

(84)

(68)

16

(19.0)

Deferred tax adjustment at 31.12.2010 (special item)

 

188

188

 

Tax rate (%)

32.2

32.5

53.4

20.9

64.3

 

347

532

906

374

70.3

Income taxes (€906 million) rose by €374 million, or 70.3%, compared with 2010, owing mainly to higher expenses from applying the Robin Hood Tax to the natural gas distribution and transportation segments (€344 million, of which €169 million in higher current taxes and €175 million in higher deferred taxes, owing mainly to the deferred tax adjustment at 31 December 2010).

The tax rate was 53.4%. The difference between the effective tax rate (53.4%) and the theoretical tax rate (33.0%), equal to 20.4 percentage points, is due mainly to the effects of applying additional IRES to the natural gas distribution and transportation segments (+20.3%), and to the increased impact of regional production tax (IRAP) rates applied in certain regions above the normal rate (+0.6%), offset partially by the effects of valuing equity investments using the equity method (-0.7%).

The adjusted tax rate, calculated as the ratio between taxes for the year net of special items and pre-tax profit, was 42.3% (32.5% in 2010).

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