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ENAV Group Consolidated Financial Statements

The item Balance for the year represents the additional charge arising from the
actual traffic volumes and/or costs as compared with the planned amounts used
in determining the charge prior to adjustment to fair value through discounting
and the en-route charge difference derived from the difference between the first
performance plan submitted and the new approved performance plan, of which €
23,264 thousand refers to routes and € 1,449 thousand refers to terminals. More
specifically, the en-route balance recorded for the period refers to: i) the balance
associated with lower revenue in 2015 related to the different en-route charges
applied, connected to the first performance plan submitted (Euro 78.80), and the
charge that should have been used to comply with the latest performance plan
submitted (Euro 80.49), which amounts to € 10,395 thousand; ii) the balance for
traffic risk and the portion not recovered on the balance recognised in previous years
and entered in the 2015 charge for a total of € 12,087 thousand as a consequence
of the lower en-route service units actually produced compared to what was in the
plan (-4.5%); iii) a meteorological balance for € 629 thousand; iv) the bonus balance
related to achieving the plan target related to en-route capacity for € 5,774 thousand;
v) a negative inflation balance for € 5,621 thousand as a result of the lower inflation
effectively recorded compared to what had been provided for in the performance
plan. The terminal balance refer to: i) the bonus balance on kpi capacity for the two
terminal charge categories subject to the performance plan for € 333 thousand of
which € 138 thousand related to the first charge category and € 195 thousand to the
second category; ii) the balance associated with the lower traffic levels generated at
the year-end for the second charge category compared to the forecast figure (-0.1%)
that is determined on the basis of total recovery of the difference generated for € 55
thousand; iii) the negative inflation balance for both charge categories subject to the
performance plan for a total of € 957 thousand; iv) the meteorological balance for
category 1 for a negative figure of € 46 thousand; v) the balance associated with the
third charge category, not included in the performance plan, which still applies a cost
recovery logic and amounts to € 2,064 thousand.
The discounting effect of negative € 389 thousand arises from the separation of
the financial component from the balance mechanism, which was performed by
discounting the balance generated in the year, according to a predefined recovery
plan.
The change in balance for € 1,564 thousand consists of a positive component for
€ 5,505 thousand relating to the adjustment on the inflation balance recorded in
2014 following the communication received from Eurocontrol regarding the change
to the calculation formula used to determine actual inflation, compared to what
had been envisaged in the 2012–2014 performance plan. This change resulted in
the inflation balance being negative for € 2,439 thousand compared to the € 7,944
thousand recorded in 2014, and the consequent positive posting for the above
amount. The residual amount on the change in the balance also contains a negative
component for € 3,941 thousand relating to the difference between the Eurocontrol
costs declared in the performance plan and the actual figure for the 2014 period. As
stated by the European Commission, these costs are considered to be exempt from
the cost-sharing mechanism referred to in EU Regulation 391/2013 and as such are

130 ENAV - Annual financial report 2015