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ENAV Group Consolidated Financial Statements

Due from personnel refers to advances for travel expenses to staff on transfer and not
yet completed at the end of the financial period, of which the most significant part (€
3,085 thousand) relates to travel expense advances paid to former parent company
employees, which are being investigated by the judicial authorities and prudently
written down in previous periods. Following sentences numbered. 745/2011 and
966/2012 issued by the Italian Court of Accounts, which ordered the defendants
to pay back the money, € 104 thousand has been collected with a corresponding
reduction in the allowance, and recovery plans set up to recover the outstanding
amount. As security for the amount an attachment order was served on the persons
involved freezing one fifth of their pensions and TFR and TFS termination indemnities
as well as their bank accounts and in certain cases properties.
Due from public bodies for financed projects for € 4,155 thousand refers mainly to the
co-financing portion relating to the period for the SESAR project, the final report of
which will be due in 2016 for an amount of € 3,366 thousand, of which the amounts
recorded in 2014 for € 4,252 thousand were received during the financial period.
The remaining amount refers to other European projects and training financed by
Fondimpresa.
Deferred expenses amounting to € 1,036 thousand refer largely to insurance
premiums, subscriptions and rentals relating to the subsequent financial period.

16. Cash and cash equivalents

The details relating to cash and cash equivalents at 31 December 2015 are shown below.

Bank and post office deposits 31.12.2015 31.12.2014 Change
Cash and valuables on hand 174.091 118.181 55.910
Total 50 72
174.141 118.253 (22)
55.888

Cash and cash equivalents held at banks and the Central Treasury (Tesoreria Centrale)
amount to € 174,091 thousand, and record an increase compared to the previous
period of € 55,910 thousand, resulting from the higher collections received for
the terminal charge and the receipt of the VAT receivable, as well as the liquidity
contributed by the subsidiary Enav North Atlantic.
There are no restrictions on cash and cash equivalents that may limit their availability.

114 ENAV - Annual financial report 2015