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ENAV Group Consolidated Financial Statements

Social security contributions grew by € 1,745 thousand due to the higher taxable
base, and other costs decreased by € 359 thousand mainly attributable to the item
study bursaries and reimbursements subsequent to the completion of the CTA
courses in May. The above item also includes the incentives for voluntary redundancy
paid to outgoing employees and managers in 2015 for a total of € 4.9 million (€ 4.6
at 31 December 2014).
The table below details the Group’s personnel, subdivided according to the employee
category:

Executives 31.12.2015 31.12.2014 Change
Middle managers 72 80 (8)
White-collar workers 5
Total at 31 December 410 405 55
3,754 3,699 52
4,236 4,184

28. Costs for capitalised internal work

The costs for capitalised internal work amount to € 29,668 thousand (€ 24,660
thousand at 31 December 2014), recording an increase of € 5,008 thousand
compared to the previous period, due to the higher number of hours worked by
employees on investment projects underway and the in-house implementation of
investment projects, especially the upgrading of the meteorological systems, the
tower and technical block at Rome Ciampino and Verona Airports, the move and
upgrading of the Forlì Academy system and the developmental maintenance on the
air traffic control systems’ software.

29. Financial income and expense

This item amounts to a positive € 2,286 thousand and includes financial income for
€ 8,333 thousand, financial expenses for € 5,962 thousand and losses on currency
exchange for € 85 thousand.

Financial income is composed as follows:

Income from investments in other companies 31.12.2015 31.12.2014 Changes
Interest income from discounting the “balance” 250 250 0
Interest income from non-current financial assets 0
Interest income on VAT receivable awaiting refund 4,443 43 4,443
Other interest income 8 684 (35)
Total financial income 112
796 2,471 365
2,836 3,448
8,333 4,885

134 ENAV - Annual financial report 2015