184

D

E

A C

APITAL

- A

NNUAL

F

INANCIAL

S

TATEMENTS

FOR

THE

Y

EAR

E

NDING

31 D

ECEMBER

2017

12b - Deferred tax assets and liabilities

This item came in at EUR 1,824 thousand and consists entirely of provisions made for deferred tax assets during the year,

which arose as a result of the elimination (due to available tax losses) of the tax liability recorded as a result of the valuation

of the funds.

The table below shows a reconciliation of the tax charges recorded in the Annual Financial Statements and the theoretical tax

charge calculated using the IRES rate applicable in Italy:

2017

2016

(EUR thousand)

Amount

Rate

Amount

Rate

Profit before tax

(39,360)

3,420

Tax on theoretical income

(9,446)

24.00%

941

27.50%

Tax effect of permanent differences

- Write-downs on equity investments

9,425

-23.95%

-

0.00%

- Dividends

(2,771)

7.04%

(2,671)

-78.10%

- Other changes

1,847

-4.69%

67

1.96%

Income from tax consolidation scheme

19

-0.05%

153

4.47%

Deferred tax assets

(1,823)

4.63%

(2,708)

-79.18%

Other taxes on foreign income

(11)

0.03%

64

1.87%

Income tax reported in the income

statement

(2,760)

(4,154)

13 - Profit/(loss) from assets held-for-sale/sold

At 31 December 2017, this item consisted of a capital gain of EUR 347 thousand arising from the sale of the 100% holdings

held by Sigla Luxembourg S.A. in Sigla and SiCollection to Alchemy Special Opportunities Fund.

14 - Basic earnings (loss) per share

Basic earnings per share are calculated by dividing net profit or loss for the period attributable to the Parent Company by the

weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share are calculated by dividing net profit for the period attributable to

shareholders by the weighted average number of ordinary shares outstanding during the period, including any dilutive effects

of stock options.