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ENAV Group Consolidated Financial Statements

recovered on the balance recorded in previous years and included in the 2015 charges
for a total of € 12,087 thousand was recorded following lower en-route service units
generated compared to what was forecast in the plan (-4.5%); iii) a meteorological
balance for € 629 thousand, calculated in accordance with EU regulations, based on
a cost recovery logic; iv) the balance on en-route kpi capacity as a bonus for having
achieved the objective of 0.09 minutes delay for assisted en-route flights set in the
performance plan, where the Parent Company achieved a result of 0.0095 minutes/
flight. Quantifying this bonus, as determined in the plan, can reach up to 1% of en-
route revenue, resulting in an entry for a balance of € 5,774 thousand. The terminal
balance refers to: i) the capacity balance for the two terminal charge categories
subject to the performance plan, which set a target of 0.02 minutes delay in flight
arrivals due to causes attributable to the Parent Company. Taking the five airports
as a whole, 80% of objective was achieved, translating into € 138 thousand for the
first category and € 196 thousand for the second charge category; ii) the balance
for the second charge category for € 56 thousand related to the lower traffic levels
generated at year end compared to forecasts (-0.1%), which is calculated on the
basis of the total recovery of the difference generated; iv) the balance associated with
the third charge category, not included in the performance plan, which maintains a
cost recovery logic and amounts to € 2,064 thousand as the portion exceeding the
20.3 million still borne by the Parent Company and covered by utilising the charges
stabilization provision, as had already been decided during the phase for determining
the charges to charge for 2015.

14. Inventories

Inventories that largely comprise spare parts, amount to € 62,027 thousand, net of
the allowance for inventory losses, and recorded the following movements during
the period:

Fiduciary inventory 31.12.2014 Increases Decreases 31.12.2015
Direct inventory 64.849 3.521 (2.479) 65.891
Radio-electric measurement 4.598 547 (626) 4.519
inventory 743 0 0 743
70.190 4.068 (3.105) 71.153
Allowance for inventory losses (8.499) 717 (9.126)
Total 61.691 (1.344) (2.388) 62.027
2.724

The increase of € 2,724 thousand, net of the allowance, refers mostly to the fiduciary
inventory for the purchase of spare parts for the air navigation operating systems,
including the spare parts for radars and luminous visual aids. A small portion of the
increase for € 173 thousand refers to spare parts reclassified to this item from plants,
property and equipment net of the parts charged to assets. The decrease of € 3,105
thousand, gross of the allowance, relates to the utilisation of spare parts in operating
systems.

112 ENAV - Annual financial report 2015