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ENAV Group Consolidated Financial Statements

Financial income increased by € 4,885 thousand in total attributable mainly to the
income from the reversal of discounting of the balance following the adjustment to
the present value on the related receivables recorded for the changes to the charge
recovery plan, in accordance with the performance plan 2015–2019. This change
amounts to € 2,111 thousand, whereas the remaining amount of € 2,332 thousand
refers to the portion of financial income relating to 2015. Other interest income
largely refers to default interest applicable to airline companies for late payment
charges.
The income from investments in other companies refers to the dividend paid by the
French investee, ESSP, as was the case in the previous period.
Financial expenses amount to € 5,962 thousand and are detailed in the table below:

Interest expense on bank loans 31.12.2015 31.12.2014 Changes
Interest payable on bond issue 2,990 3,669 (679)
Interest expense on employee benefits 1,414 0 1,414
Interest expense from discounting the “balance” 1,022 1,689 (667)
Other interest expense 0 3,059
Total financial expense 536 658 (3,059)
5,962 9,075 (122)

(3,113)

The net decrease of € 3,113 thousand is mainly due to the nil balance on balance
discounting, which in 2014 led to an adjustment to the present value of the related
receivables associated with the longer estimated recovery time on such; this effect
was changed in 2015, as shown above, following the forecasts contained in the new
performance plan. Financial expenses also recorded an increase of € 1,414 thousand
due to interest payable on the 2015 bond issue and a decrease in interest on bank
loans as a result of both lower debt and reduced interest rates.

30. Income taxes

Income taxes total € 29,641 thousand and comprise the items shown in the table
below:

IRES corporate income tax charge 31.12.2015 31.12.2014 Changes
IRAP regional production tax charge 23,428 6,168 17,260
Prior year taxes 4,202
Total current taxes 6 22,958 (18,756)
Advance tax 27,636 (126) 132
Deferred tax 1,588
Total deferred tax assets and liabilities 417 29,000 (1,364)
29,641 (2,060) 3,648
(107)
524 2,177
27,464

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