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ENAV S.p.A. Financial Statement

The IRAP receivable amounts to € 17,025 thousand and consists of the receivable
recorded in 2014 and the instalments paid in 2015 for a total of € 20,911 thousand
reduced by the IRAP for the period for € 3,886 thousand. As it is known, the 2015
Stability Law No. 190/2014 introduced significant amendments to the IRAP
regulations referred to under Legislative Decree 446/1997 relating especially to the
deductibility of expenses incurred for staff employed with a permanent contract
for IRAP purposes and the consequent change to the IRAP portion that needs to
be reduced for IRES purposes. As this was the first year that the regulation became
applicable, and so as not to incur any sanctions, payment was made in November on
a historic basis resulting in the above credit, net of the tax for the period.
The item receivables for other current taxes includes the receivable for taxes paid
abroad for € 429 thousand and the receivable for the IRAP refund application
pursuant to Article 6 of Legislative Decree 185/2008 referring to the tax periods from
2004 to 2007, for a total of € 1,225 thousand, which was reduced during the period
by € 437 thousand following the receipt of a portion referring to 2005.

11. Current and non-current trade receivables

Current trade receivables amount to € 225,362 thousand and non-current receivables
referring entirely to the receivable for balance amounts to € 124,278 thousand
recording during the period the changes shown in the table below.

Current trade receivables 31.12.2015 31.12.2014 Change
Due from Eurocontrol
Due from the Ministry of Economy and Finance 169.184 184.194 (15.010)
Due from the Ministry of Infrastructure and Transport 14.366 14.212 154
Due from other customers 30.000 30.000 0
Balance receivables 34.390 34.348 42
29.029 6.564
Bad debts allowance 22.465
Total 276.969 269.318 7.651
Non-current trade receivables (51.607) (44.787) (6.820)
Balance receivables 225.362 224.531
Total 831
124.278 119.499
124.278 119.499 4.779
4.779

The receivable from Eurocontrol refers to the charges arising from the en-route and
terminal revenues not yet received at 31 December 2015 for € 115,564 thousand
(€ 124,281 thousand at 31 December 2014) and € 53,620 thousand (€ 59,913
thousand at 31 December 2014), respectively.The decrease for the period of € 15,010

204 ENAV - Annual financial report 2015