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ENAV S.p.A. Financial Statement

Cash flows statement

A. Cash and cash equivalents at the beginning of the year Notes 31.12.2015 31.12.2014
Cash flows from operating activities 15 111.089 92.344
Net income for the year
Amortization charge 5e6 49.817 38.827
Net change in liabilities for employee benefits 18 147.958 157.005
Capital losses from property, plant and equipment and impariment of
property, plant and equipment and intangible assets 5e6 (294) (276)
Allocations to/releases of provisions for risks and charges 17 15.752 2.287
Net change in deferred tax assets and liabilities 9 (415)
(Increase)/decrease in inventories and work in progress 12 1.548 (810)
Decrease/(increase) Current and non-current trade receivables 11 1.654
Decrease/(increase) Tax credits and tax and social security liabilities (170) (31)
Change in other current assets and liabilities 10 e 22 (4.467) 21.737
Change in other non-current assets and liabilities 14 e 21 9.015 (25.288)
Increase/(decrease) Current and non-current trade payables 14 e 21 55.603
(31.222) 420
B. Total cash from operating activities 20 18.180 (52.425)
of which taxes paid 263.374
5 (21.512) (5.221)
of which interest paid 6 (3.450) 135.810
Cash flows from investing activities (36.689)
Investments in property, plant and equipment 7
Investments in intangible assets (3.676)
Increase/(decrease) in trade payables 19
Investments in other companies 19 (98.543) (96.946)
C. Total cash used in investing activities 19 (10.502) (9.487)
Cash flows from financing activities 19 (17.330) (5.073)
Issue of medium-long-term loans (12.398)
(Reimbursement) of medium-long-term loans 16 (138.773) (28.084)
Net change in long-term financial liabilities 16 (139.590)
Issue of bond loans
Net change in short-term financial liabilities 15 0 295.159
(Increase)/decrease in current financial assets (40.667) (238.159)
(Increase)/decrease in non-current financial assets
Change in capital 9.724 (1.649)
Payment of dividends 180.000 0
D: Total cash from/(used in) financing activities (12.174)
E: Total cash flows (B+C+D) (1.325)
F: Cash and cash equivalents at the end of the year (A+E+F) 0 0
0 0
(180.000) 0
(36.000)
(79.117) (31.501)
45.484 22.525
156.573 18.745
111.089

172 ENAV - Annual financial report 2015