Deferred tax liabilities of €901 million (€853 million at 31 December 2010) are stated net of offsettable prepaid tax assets of €551 million (€463 million at 31 December 2010). There are no prepaid tax assets which cannot be offset.
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|
(€ million) |
31.12.2010 |
Provisions |
Utilisations |
Other changes |
31.12.2011 |
|
Deferred tax liabilities |
1,316 |
8 |
(87) |
215 |
1,452 |
|
Prepaid tax assets |
(463) |
(52) |
63 |
(99) |
(551) |
|
|
853 |
(44) |
(24) |
116 |
901 |
Other changes (€116 million) relate essentially to: (i) the adjustment of deferred tax liabilities and prepaid tax assets at 31 December 2010 to the new IRES rates following the implementation of the additional tax of 10.5% for 2011, 2012 and 2013, and of 6.5% from 2014, applying to the natural gas transportation and distribution business segments28. This adjustment resulted in greater deferred tax liabilities, amounting to €188 million; and (ii) prepaid taxes allocated to the change in the fair value of the hedging derivatives (€73 million)29.
Deferred tax liabilities of €901 million are broken down as follows by type of tax:
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|
|
31.12.2010 |
31.12.2011 | ||||
|
(€ million) |
IRES |
IRAP |
Total |
IRES |
IRAP |
Total |
|
Deferred tax liabilities |
1,201 |
115 |
1,316 |
1,361 |
91 |
1,452 |
|
Prepaid tax assets |
(415) |
(48) |
(463) |
(508) |
(43) |
(551) |
|
Net deferred tax liabilities |
786 |
67 |
853 |
853 |
48 |
901 |
Deferred and prepaid taxes are broken down below based on the nature of the most significant timing differences that resulted in the net deferred tax liabilities:
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|
(€ million) |
31.12.2010 |
Provisions |
Utilisations |
Other changes |
31.12.2011 |
|
Deferred tax liabilities |
|
|
|
|
|
|
- Excess and advance amortisation and depreciation |
933 |
|
(69) |
197 |
1,061 |
|
- Premium paid in Eni takeover of Italgas |
231 |
|
(10) |
49 |
270 |
|
- Capitalisation of financial expenses |
14 |
|
(1) |
4 |
17 |
|
- Capital gains subject to deferred taxation |
4 |
5 |
(3) |
2 |
8 |
|
- Site dismantlement and restoration |
41 |
|
|
(36) |
5 |
|
- Impairment losses on receivables in excess of tax deductibility |
4 |
|
|
1 |
5 |
|
- Financial leasing |
2 |
|
|
|
2 |
|
- Derivatives |
4 |
|
|
(4) |
|
|
- Other |
83 |
1 |
(2) |
2 |
84 |
|
|
1,316 |
6 |
(85) |
215 |
1,452 |
|
Prepaid tax assets |
|
|
|
|
|
|
- Non-repayable and contractual grants |
(131) |
(1) |
2 |
(27) |
(157) |
|
- Provision for risks and charges and other non-deductible provisions |
(101) |
(28) |
40 |
(20) |
(109) |
|
- Site dismantlement and restoration |
(119) |
(5) |
|
34 |
(90) |
|
- Derivatives |
(22) |
|
|
(69) |
(91) |
|
- Non-deductible amortisation and depreciation |
(44) |
(17) |
5 |
(11) |
(67) |
|
- Employee benefits |
(6) |
(1) |
|
(1) |
(8) |
|
- Revenue adjustments |
(13) |
1 |
8 |
(3) |
(7) |
|
- Other |
(27) |
(1) |
8 |
(2) |
(22) |
|
|
(463) |
(52) |
63 |
(99) |
(551) |
|
Net deferred tax liabilities |
853 |
(46) |
(22) |
116 |
901 |
Prepaid tax assets and deferred tax liabilities are considered to be long term.
Note 33 “Income taxes” provides information about taxes for the year.
28 The adjustment results from the new tax measures introduced by Decree Law No. 138 of 13 August 2011 containing “Further urgent measures for financial stabilisation and development”,converted into Law No. 148 of 14 September 2011. For further information see Note 20 “Current tax liabilities”.
29 Includes the effect (€20 million) deriving from the adjustment of prepaid IRES taxes following the implementation of the Robin Hood Tax.
