13. Taxes €/000 25,787

As already indicated, published data relative to the previous year, have been restated to make them uniform with current data. The item "Income taxes" is detailed below:

2012 2011 Change
In thousands of Euros
Current taxes 31,388 39,024 (7,636)
Deferred tax liabilities (5,601) (6,712) 1,111
Total 25,787 32,312 (6,525)

Taxes for 2012 were equal to €/000 25,787, and account for 38.0% of profit before tax. In 2011, taxes were equal to €/000 32,312, and accounted for 41.1% of profit before tax.
The major decrease compared to 2011 is due to lower profit before tax and to the recognition of deferred tax assets on temporary differences that will be cancelled in future years.

Reconciliation in relation to the theoretical rate is shown below:

In thousands of Euros
Profit before tax 67,861
Theoretical rate 27.5%
Theoretical income taxes 18,662
Tax effect arising from the difference in foreign tax rates and theoretical Italian rates 8,305
Effect arising from changes in Profit before tax due to the application of tax regulations (2,082)
Tax effect arising from deferred tax assets for time changes and tax losses (3,629)
Tax effect arising from deferred tax liabilities allocated for time changes (2,031)
Tax effect arising from taxes on income produced abroad 2,632
Other differences (276)
Expenses (income) from the Consolidated Tax Convention (22)
Income taxes referred to previous years 465
Tax effect arising from tax benefits (5,935)
Tax on the distribution of dividends 6,312
Regional production tax and other local taxes 3,386
Income taxes recognised in the financial statement 25,787

Theoretical tax rates were determined applying the corporate tax rate in effect in Italy (27.5%) to profit before tax. The effect arising from the rate of regional production tax and other taxes paid abroad was determined separately, as these taxes are not calculated on the basis of profit before tax.