21. Deferred tax liabilities
Deferred tax liabilities of €388 million (€513 million at 31 December 2014) are stated net of offsettable prepaid tax assets of €515 million (€596 million at 31 December 2014).
There are no prepaid tax assets which cannot be offset.
| Download XLS (23 kB) |
(€ million) |
31.12.2014 |
Provisions |
Utilisations |
Other changes |
31.12.2015 |
Deferred tax liabilities |
1,109 |
2 |
(54) |
(154) |
903 |
Prepaid tax assets |
(596) |
(52) |
33 |
100 |
(515) |
|
513 |
(50) |
(21) |
(54) |
388 |
Deferred tax liabilities and prepaid tax assets break down as follows, based on the most significant temporary differences:
| Download XLS (25 kB) |
|
31.12.2015 |
||||||||
|
Opening balance |
Provisions |
Utilisations |
Significant impacts on shareholders’ equity |
Changes in consolidation scope |
Other changes |
Final balance |
of which: |
|
(€ million) |
IRES |
IRAP |
|||||||
Deferred tax liabilities |
1,109 |
2 |
(54) |
|
2 |
(156) |
903 |
861 |
42 |
Depreciation and amortisation exclusively for tax purposes |
775 |
|
(26) |
|
1 |
(87) |
663 |
652 |
11 |
Revaluation of property, plant and equipment |
165 |
|
(8) |
|
|
(16) |
141 |
120 |
21 |
Capital gains subject to deferred taxation |
36 |
1 |
(18) |
|
|
(1) |
18 |
18 |
|
Site dismantling and restoration |
108 |
|
|
|
|
(51) |
57 |
49 |
8 |
Capitalisation of financial expenses |
12 |
|
(1) |
|
|
(1) |
10 |
9 |
1 |
Impairment losses on receivables in excess of tax deductibility |
4 |
|
|
|
|
|
4 |
4 |
|
Other temporary differences |
9 |
1 |
(1) |
|
1 |
|
10 |
9 |
1 |
|
|
|
|
|
|
|
|
|
|
Prepaid tax assets |
(596) |
(52) |
33 |
2 |
(2) |
100 |
(515) |
(466) |
(49) |
Site dismantling and restoration |
(204) |
(4) |
3 |
|
|
61 |
(144) |
(123) |
(21) |
Provision for risks and charges and other non-deductible provisions |
(136) |
(16) |
18 |
|
|
15 |
(119) |
(108) |
(11) |
Non-repayable and contractual grants |
(117) |
|
3 |
|
(2) |
12 |
(104) |
(90) |
(14) |
Non-deductible amortisation and depreciation |
(104) |
(27) |
6 |
|
|
8 |
(117) |
(116) |
(1) |
Employee benefits |
(20) |
(2) |
1 |
2 |
|
3 |
(16) |
(14) |
(2) |
Other temporary differences |
(15) |
(3) |
2 |
|
|
1 |
(15) |
(15) |
|
Net deferred tax liabilities |
513 |
(50) |
(21) |
2 |
|
(56) |
388 |
395 |
(7) |
Other changes, amounting to €56 million, mainly relate to the use, recognised under profit in the income statement, of the provision for deferred taxes due to the reduction, from 1 January 2017, of the IRES rate from 27.5% to 24% (€57 million), after the fiscal measures introduced by the 2016 Financial Stability Law (Article 1, paragraph 61).
Prepaid tax assets and deferred tax liabilities are considered to be long term.
Note 30 “Income taxes” provides information about taxes for the year.