Page 126 - enav_27052016

ENAV Group Consolidated Financial Statements

22. Other current and non-current liabilities

Other liabilities consist of the items shown in the following table, broken down
between the current and the non-current portion:

31.12.2015 31.12.2014 Changes

Current Non-current Current Non-current Current Non-current

portion portion portion portion portion portion

Charge Stabilization Provision 0 0 0 20.304 0 (20.304)
Amounts on account 80.223 0 67.014 0 13.209 0
Other payables 95.240 0 55.287 0 39.953 0
Grants 112.788
Total 8.848 112.788 9.721 122.225 (873) (9.437)
184.311 132.022 142.529 52.289 (29.741)

The Charge Stabilization Provision was created in 2003, with the approval of the 2002
financial statements by the Parent Company’s Shareholders’ Meeting held on 09
May 2003, with the allocation of the Tax receivable settlement reserve (Law 289/02)
for € 72,697 thousand. This was increased in subsequent periods with the allocation
from the Parent Company’s results and utilised for business purposes, as resolved
by the Shareholders’ Meeting. With the Shareholders’ Meeting held in August 2013,
the provision’s validity was extended to the period 2013/2015 with the aim of
supporting the market by introducing a price control mechanism for the costs to be
borne by carriers for flight assistance services.
In 2015, the Charge Stabilization Provision came to a nil balance, when the entire
amount of € 20,304 thousand was utilised, to reduce the third category terminal
charge as decided at the time of calculating the relevant charge.
The item deposits totals € 80,223 thousand and refers for € 71,499 thousand to the
balance payable to the Italian Air Force (Aeronautica Militare Italiana (AMI)) for the
its portion collections in 2015 for en-route and terminal services and for € 8,724
thousand for the payable to ENAC on the relevant collections relating to the same
services.
The payable to AMI for en-route services amounts to € 61,579 thousand (€ 52,413
thousand at 31 December 2014) and will offset the receivable due from the Ministry
of the Economy and Finance (MEF) to the full extent of the amount, and with
the remaining portion charged to other current liabilities and subject to payment
after the approval of the financial statements. The payable to AMI for terminal
services amounts to € 9.920 thousand (€ 10,415 thousand at 31 December 2014)
and in accordance with Law 183/2011 that came into effect on 1 July 2012, the
portion referring to terminal charges revenue is paid to the Air Force in two annual
instalments. In 2015, a total of € 21,062 thousand was paid with reference to the
second half of 2014 and the first half of 2015.The liability represents the portion due
for the second half of 2015 which will be paid by the end of April 2016.

ENAV - Annual financial report 2015 125