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ENAV Group Consolidated Financial Statements

21. Current and non-current trade payables

Current trade payables amount to € 128,348 thousand (€ 127,987 thousand at 31
December 2014) and include payables to suppliers for the goods and services needed
for the Group’s business for € 115,111 thousand, which shows a decrease of € 6,270
thousand compared to the previous year as a result of the net effect of higher
payments and lower payables recognised for the period. The item also includes the
pre-financing contributions received on programmes funded by the EU, of which the
SESAR represents the major portion, and the Eurocontrol balance classified under
the current section for € 6,272 thousand and under non-current trade payables for
€ 6,625 thousand.
In total, the payable for balance amounts to €12,897 thousand and refers to the
following positions: i) the inflation balance recorded in 2014 that was adjusted in
2015 subsequent to the notification from Eurocontrol of the change made to the
calculation formula used to determine effective inflation, compared to what had been
planned in the 2012–2014 performance plan, and requiring the Parent Company to
adopt this new calculation. This change resulted in a positive balance being posted
for € 5,505 thousand, thus re-determining the payable for the 2014 inflation balance
to € 2,439 thousand to be repaid to carriers in 2016, and thus classified under current
payables; ii) the short-term portion balance for € 3,941 thousand relating to the
difference between the Eurocontrol costs stated in the performance plan and the
actual results. As stipulated by the European Commission, these costs are considered
to be exempt of the cost-sharing mechanism pursuant to EU Regulation 391/2013,
and as such the difference between the forecast operating costs and the effectively
incurred costs must be returned to or requested from the carriers; iii) the en-route
inflation balance for € 5,621 thousand calculated on planned costs for 2015 by taking
the difference between the inflation percentage envisaged in the plan at 1.03% and
the final inflation rate of 0.1%; iv) the terminal inflation balance calculated using the
same method as for the route, for a total of € 957 thousand; v) the meteorological
balance on the first charge category for € 46 thousand.

124 ENAV - Annual financial report 2015