Deferred tax liabilities of €834 million (€901 million at 31 December 2011) are stated net of offsettable prepaid tax assets of €513 million (€551 million at 31 December 2011). There are no prepaid income tax assets which cannot be offset.
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|
(€ million) |
31.12.2011 |
Provisions |
Uses |
Other changes |
31.12.2012 |
|
Deferred tax liabilities |
1,452 |
86 |
(213) |
22 |
1,347 |
|
Prepaid tax assets |
(551) |
(73) |
67 |
44 |
(513) |
|
|
901 |
13 |
(146) |
66 |
834 |
Other changes (+€66 million) relate essentially to: (i) the use of prepaid taxes allocated to the change in fair value of hedging derivatives (-€91 million) in respect of the early resolution of derivative contracts with eni; and (ii) the entry of prepaid taxes relating to the provisions for environmental expenses, for the compensation of eni by Snam, using the contractual price adjustment mechanisms (+€27 million).
Deferred tax liabilities of €834 million are broken down as follows by type of tax:
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|
|
31.12.2011 |
31.12.2012 | ||||
|
(€ million) |
IRES |
IRAP |
Total |
IRES |
IRAP |
Total |
|
Deferred tax liabilities |
1,361 |
91 |
1,452 |
1,285 |
62 |
1,347 |
|
Prepaid tax assets |
(508) |
(43) |
(551) |
(466) |
(47) |
(513) |
|
Net deferred tax liabilities |
853 |
48 |
901 |
819 |
15 |
834 |
Deferred and prepaid taxes are broken down below according to the nature of the most significant timing differences.
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|
(€ million) |
31.12.2011 |
Provisions |
Uses |
Other changes |
31.12.2012 | ||
| |||||||
|
Deferred tax liabilities |
|
|
|
|
| ||
|
- Excess and advance amortisation and depreciation (*) |
1,061 |
|
(130) |
90 |
1,021 | ||
|
- Revaluation of property, plant and equipment (*) |
270 |
|
(56) |
(18) |
196 | ||
|
- Capitalisation of financial expenses |
17 |
|
(2) |
|
15 | ||
|
- Capital gains subject to deferred taxation |
8 |
86 |
(23) |
|
71 | ||
|
- Site dismantlement and restoration |
5 |
|
|
22 |
27 | ||
|
- Impairment losses on receivables in excess of tax deductibility |
5 |
|
|
|
5 | ||
|
- Financial leasing |
2 |
|
|
(1) |
1 | ||
|
- Other (*) |
84 |
|
(2) |
(71) |
11 | ||
|
|
1,452 |
86 |
(213) |
22 |
1,347 | ||
|
Prepaid tax assets |
|
|
|
|
| ||
|
- Provision for risks and charges and |
(109) |
(31) |
24 |
(27) |
(143) | ||
|
- Non-repayable and contractual grants |
(157) |
|
23 |
2 |
(132) | ||
|
- Site dismantlement and restoration |
(90) |
(4) |
|
(22) |
(116) | ||
|
- Derivatives |
(91) |
|
|
91 |
| ||
|
- Non-deductible amortisation and depreciation |
(67) |
(24) |
10 |
(1) |
(82) | ||
|
- Employee benefits |
(8) |
(1) |
|
|
(9) | ||
|
- Income adjustments |
(7) |
|
8 |
(2) |
(1) | ||
|
- Other |
(22) |
(13) |
2 |
3 |
(30) | ||
|
|
(551) |
(73) |
67 |
44 |
(513) | ||
|
Net deferred tax liabilities |
901 |
13 |
(146) |
66 |
834 | ||
Prepaid tax assets and deferred tax liabilities are considered to be long term.
Note 33 “Income taxes” provides information about taxes for the year.
