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ENAV S.p.A. Financial Statement

thousand refers mainly to the lower turnover recorded for the en-route service, and
a higher receivable collection for the terminal service; in fact, certain receivables
were involved in the payment recovery plans that was fully adhered to by the airline
companies.
The receivable from the Ministry of the Economy and Finance (MEF) for € 14,366
thousand relates entirely to the en-route and terminal exemptions recorded in 2015,
which are in line with the figure from the previous period. The receivable in 2014 for
€ 14,212 thousand referred to an offset following the approval of the 2014 financial
statements, with the advance payments relating to the Italian Air Force (Aeronautica
Militare) for the collections referring to the en-route charges that resulted in a payable
to the MEF for € 38,201 thousand under the caption “other current payables”.
The receivable from the Ministry of Infrastructure and Transport includes the
contribution for operating expenses for € 30 thousand, aimed at offsetting the cost
incurred by ENAV to guarantee the safety of its installations and operational safety,
pursuant to Article 11 septies of Law 248/05. During the month of November, € 30
million was received in relation to the 2014 period.
The item amounts due from other customers includes both the receivable accrued
by the management companies for the services provided by ENAV and from other
customers for projects abroad under construction by the Company.
The bad debts allowance amounts to € 51,607 thousand in total and showed the
following movements during 2015:

Decreases

31.12.2014 Increases Utilizations Eliminations 31.12.2015

Bad debts allowance 44.787 8.285 (385) (1.080) 51.607

The increase for the period of € 8,285 thousand refers to the write-down of doubtful
debt relating to positions in respect of the en-route and terminal charges payable
by airline companies that went insolvent or that no longer operate due to their
licence being withdrawn, as well as impairment losses for management companies
and customers experiencing financial difficulties. The decreases totalling € 1,465
thousand refer for € 385 thousand to receivables prudently written down in previous
years and collected in 2015, and for € 1,080 thousand to the write-off of positions
that are no longer considered collectible.
The utilisations are recorded in the Income Statement under the caption impairment
losses and reversals of impairments.
The Balance receivable, net of discounting, amounts to € 153,307 thousand, classified
under current trade receivables for € 29,029 thousand for the portion that will be
recovered in 2016 and therefore included in charge charge for the same period, and
for € 124,278 thousand classified under non-current receivables as this is subject
to recovery in financial periods after 2016 in accordance with the recovery plans
referenced in the performance plan.

ENAV - Annual financial report 2015 205