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>> Consolidated Financial Statements
Part C – Consolidated Income Statement
In 2009 Income tax for the period amounts to �888 million (an increase with respect to the �465 million
recorded in the prior year, which benefited from the positive effects of goodwill deductions), with a tax rate
of 30.4% versus 9.3% of prior year.
20.1 Tax expense (income) related to profit or loss from continuing operations: breakdown (� '000)
P&L Items/Sectors 2009 2008
1. Current tax (-) (1,837,643) (3,302,102)
2. Adjustment to current tax of prior years (+/-) 218,597 185,893
3. Reduction of current tax for the year (+) 8,505 49,617
4. Changes to deferred tax assets (+/-) (307,481) 2,719,710
5. Changes to deferred tax liabilities (+/-) 1,029,715 (118,552)
6. Tax expense for the year(-) (-1+/-2+3+/-4+/-5) (888,307) (465,434)
20.2 Reconciliation of theoretical tax charge to actual tax charge (� '000)
Total profit or loss before tax from continuing operations (item 280) 2,922,927
Theoretical tax rate 27.5%
Theoretical computed taxes on income (803,805)
1. Different tax rates 286,601
2. Non-taxable income - permanent differences 629,929
3. Non-deductible expenses - permanent differences (397,992)
4. Different fiscal laws/IRAP (589,164)
a) IRAP (italian companies) (408,891)
b) other taxes (foreign companies) (180,273)
5. Prior years and changes in tax rates 253,995
a) effects on current taxes 90,545
- tax loss carryforward/unused tax credit 8,324
- other effects of previous periods 82,221
b) effects on deferred taxes 163,450
- changes in tax rates 2,080
- new taxes incurred (+) previous taxes revocation (-) 26,971
- true-ups/ adjustments of the calculated deferred taxes 134,399
6. Valuation adjustments and non-recognition of deferred taxes (243,265)
a) deferred tax assets write-down (30,199)
b) deferred tax assets recognition 68,824
c) deferred tax assets non recognition (39,577)
d) deferred taxes non-recognition according to IAS 12.39 and 12.44 (230,895)
e) other (11,418)
7. Amortization of goodwill 2,307
8. Non-taxable foreign income (85,740)
9. Other differences 58,827
Recognized taxes on income (888,307)
2009