21 Deferred tax liabilities
Deferred tax liabilities of €513 million (€727 million at 31 December 2013) are stated net of offsettable prepaid tax assets of €596 million (€575 million at 31 December 2013).
There are no prepaid tax assets which cannot be offset.
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|
(€ million) |
31.12.2013 |
Provisions |
Utilisations |
Other |
31.12.2014 |
|
Deferred tax liabilities |
1,302 |
1 |
(69) |
(125) |
1,109 |
|
Prepaid tax assets |
(575) |
(78) |
44 |
13 |
(596) |
|
|
727 |
(77) |
(25) |
(112) |
513 |
Deferred tax liabilities and prepaid tax assets break down as follows, based on the most significant temporary differences:
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|
|
31.12.2014 |
|||||||||
|
(€ million) |
Opening balance |
Provisions |
Utilisations |
Significant impacts on shareholders’ equity |
Changes in consolidation scope |
Reclassifications |
Other changes |
Final balance |
of which: IRES |
of which: IRAP |
|
Deferred tax liabilities |
1,302 |
1 |
(69) |
|
26 |
53 |
(204) |
1,109 |
1,061 |
48 |
|
Excess and advance amortisation and depreciation |
958 |
|
(35) |
|
|
|
(148) |
775 |
765 |
10 |
|
Revaluation of property, plant and equipment |
183 |
|
(10) |
|
26 |
1 |
(35) |
165 |
144 |
21 |
|
Capital gains subject to deferred taxation |
67 |
|
(24) |
|
|
|
(7) |
36 |
36 |
|
|
Site dismantling and restoration |
63 |
|
|
|
|
53 |
(8) |
108 |
94 |
14 |
|
Capitalisation of financial expenses |
14 |
|
|
|
|
|
(2) |
12 |
10 |
2 |
|
Impairment losses on receivables in excess of tax deductibility |
5 |
|
|
|
|
|
(1) |
4 |
4 |
|
|
Other temporary differences |
12 |
1 |
|
|
|
(1) |
(3) |
9 |
8 |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid tax assets |
(575) |
(78) |
44 |
(5) |
(13) |
(53) |
84 |
(596) |
(536) |
(60) |
|
Site dismantling and restoration |
(158) |
(4) |
2 |
|
|
(53) |
9 |
(204) |
(177) |
(27) |
|
Provision for risks and charges and other non-deductible provisions |
(146) |
(40) |
26 |
|
|
|
24 |
(136) |
(121) |
(15) |
|
Non-repayable and contractual grants |
(135) |
|
3 |
|
(10) |
|
25 |
(117) |
(102) |
(15) |
|
Non-deductible amortisation and depreciation |
(104) |
(28) |
9 |
|
(3) |
(1) |
23 |
(104) |
(104) |
|
|
Employee benefits |
(16) |
(3) |
3 |
(5) |
|
|
1 |
(20) |
(17) |
(3) |
|
Other temporary differences |
(16) |
(3) |
1 |
|
|
1 |
2 |
(15) |
(15) |
|
|
Net deferred tax liabilities |
727 |
(77) |
(25) |
(5) |
13 |
|
(120) |
513 |
525 |
(12) |
The other changes of €120 million relate to the use, for the benefit of the income statement, of the deferred tax liabilities provision that became redundant following Ruling 10/2015 of the Constitutional Court declaring the unconstitutionality of Article 81, paragraphs 16, 17 and 18 of Decree Law No. 112 of 25 June 2008, “Urgent provisions for economic development, simplification, competitiveness, stabilisation of the public finances and tax standardisation”, converted into law, with amendments, by Article 1, paragraph 1 of Law No. 133 of 6 August 2008, as subsequently amended (the additional corporation tax known as the “Robin Hood Tax”).
Prepaid tax assets and deferred tax liabilities are considered to be long term.
Note 30 – “Income taxes” provides information about taxes for the year.