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ENAV S.p.A. Financial Statement

12.Inventories

Inventories, which consist mainly of spare parts, amount to € 61,988 thousand net of
the allowance for inventory losses. Changes over the year were as follows:

Fiduciary inventory 31.12.2014 Increases Decreases 31.12.2015
Direct inventory 64.849 3.521 (2.479) 65.891
Radio-electric 4.552 547 (619) 4.480
measurement inventory
743 0 0 743
Allowance for inventory
losses 70.144 4.068 (3.098) 71.114
Total (8.499) (1.344) 717 (9.126)

61.645 2.724 (2.381) 61.988

The increase of € 2,724 thousand, net of the allowance, refers mostly to the fiduciary
inventory for the purchase of spare parts for the air navigation operating systems,
including the spare parts for radars and luminous visual aids. A small portion of the
increase for € 174 thousand refers to spare parts reclassified under this item from
plants, property and equipment net of the parts charged to assets. The decrease of
€ 3,098 thousand, gross of the allowance, relates to the utilisation of spare parts in
operating systems.
The inventories allowance increased by € 1,344 thousand due to spare parts becoming
obsolete because they refer to systems that are no longer used, and decreased by
€ 717 thousand following the disposal of spare parts that had already been written
down in previous years.
The spare parts in the fiduciary inventory are held by the subsidiary Techno Sky,
which manages them on ENAV’s behalf.

13. Receivables and payables with group companies

Receivables from Group companies amount to € 12,783 thousand and record a
decrease of € 1,143 thousand compared to 31 December 2014, referring mainly to
the subsidiary Techno Sky. The receivable mainly relates to the subsidiary Techno
Sky (€ 12,175 thousand) and refers for € 11,867 thousand to the intercompany
current account, containing the advances made to the company during the year
and subsequently used to offset the invoices received from Techno Sky. The account
decreased by € 1,550 thousand due to the higher number of positions offset during
the period.

ENAV - Annual financial report 2015 207