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ENAV Group Consolidated Financial Statements

The bad debts allowance amounts to € 51,872 thousand in total and showed the
following movements during 2015:

Decreases

31.12.2014 Increases Utilizations Eliminations 31.12.2015
45.052 8.285 51.872
Bad debts allowance (385) (1.080)

The increase for the period of € 8,285 thousand refers to the write-down of doubtful
debt relating to positions in respect of the en-route and terminal charges payable
by airline companies that went insolvent or that no longer operate due to their
licence being withdrawn, as well as impairment losses for management companies
and customers experiencing financial difficulties. The decreases totalling € 1,465
thousand refer for € 385 thousand to receivables prudently written down in previous
periods and collected during 2015, and for € 1,080 thousand to the write-off of
positions no longer considered collectible and referring to receivable for en-route
charges.
The utilisations are recorded in the Income Statement under impairment losses and
reversals of impairments.
The Balance receivable, referring entirely to the Parent Company, net of time
value discounting, amounts to € 153,307 thousand, classified under current trade
receivables for € 29,029 thousand for the portion that will be recovered in 2016 and
therefore to be included in charge charge for the same period, and for € 124,278
thousand classified under non-current receivables as this is subject to recovery in
financial periods after 2016 in accordance with the recovery plans referenced in the
performance plan.
Specifically, the balance receivable includes the residual portion of the en-route
and terminal balances since 2011 and in subsequent years, and not yet recovered
through the charges. Regarding the balance recorded in 2015, it is noted that
following Decision No. 347 issued by the European Commission during the month of
March 2015, the Parent Company revised the performance plan for 2015–2019, and
presented this to the European Commission in July 2015. Subsequently in October,
approval was received, albeit not official, regarding the economic and management
data contained therein, which made it possible to calculate the en-route balance
on the basis of the data from the last performance plan submitted. In February
2016, during the most recent Single Sky Committee, the Commission gave its final
approval of the economic performance submitted by Italy. Consequently, en-route
balance for € 28,885 thousand and terminal balance for € 2,454 thousand were
recorded respectively. Specifically, the en-route balance refer to: i) a balance of €
10,395 thousand for the lower revenue recorded in 2015 due to the different en-
route charges applied of Euro 78.80, associated with the first performance plan
submitted, and the charge that should have been used in accordance with the last
performance plan submitted with a charge of Euro 80.49. This entry was made based
on the indications received from Eurocontrol, because the new performance plan is
effective from 1 January 2015 and this balance will mainly be subject to recovery
in the 2016 charges; ii) the balance for the 2015 traffic risk and the portion not

ENAV - Annual financial report 2015 111