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ENAV S.p.A. Financial Statement

airports; x) development maintenance on various systems; xi) upgrading the TBT
radio centres for the remote ACC sites in Rome; xii) the new electricity power
station for the ACC in Padua;
• for € 98,543 thousand to investment projects underway, minus the projects that
have become operational, these include: i) the extension of the Academy training
school in Forlì that envisages the construction of a new integrated technology hub;
ii) the updating and modernising of the airport VCS; iii) the implementation of the
data link 2000 plus system; iv) the implementation of the 4-flight programme; v)
the implementation of the Aeronautical Data Quality (ADQ) programme for the
processing of aeronautical data; vi) the development of the eATMS build 1 system;
vii) the implementation of the private virtual E-net network; viii) the restructuring
of the tower and technical block and remote sites at the airport in Reggio Calabria;
ix) the implementation of the “e-Tod new technological solution” programme
regarding the strengthening of the system and TOD for airport mapping; x) the
continuation of the Coflight project; xi) updating of the operating data networks
(lan) for the interconnection of all servers and radar displays for the ACC in Milan,
Padua and Brindisi.
Reclassifications for a total of € 114,404 thousand refer for the most part amounting
to € 111,284 thousand, to investments finalised in the period and becoming
operational as noted in the point above, and classified under the relevant item, for €
1,722 thousand to investments reclassified to the Income Statement due to a lack
of the requirements needed to keep the listing under property, plant and equipment,
for € 1,168 thousand to the reduction in investments under construction following
a dispute with a supplier reaching a settlement proposal, based on the outcome
of the technical report ordered by the Judge with a debt recognised in respect of
the Company that is lower than the supplier’s invoice, for € 173 thousand to the
reclassification of inventories for spare parts on certain components of the operating
systems and for the remaining amount to the reclassification under the items in the
intangible assets under construction.
Impairment losses for a total of € 545 thousand refer to certain parts of projects and
systems that are no longer usable and are charged to the Income Statement.
Depreciations for the period total € 135,835 thousand (€ 140,585 thousand at 31
December 2014).
It is noted that a portion of the investments, for a historic cost of € 227,008 thousand,
was financed by capital grants issued under the National Operating Programme
for the Transport Sector (PON) for 2000–2006 and 2007–2013 for the works at
airports in Southern Italy and the grants awarded by the Ministry of Infrastructure
and Transport for investments in military airports as per Law 102/09. The capital
grants financing these investments are originally recognized as other liabilities and
are released to income in proportion to the depreciation charged on the assets to
which they relate. The portion relating to the financial period amounts to € 9,312
thousand.

196 ENAV - Annual financial report 2015