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ENAV S.p.A. Financial Statement

Payables to Group companies amount to € 37,172 thousand, recording an increase
of € 2,439 thousand over 31 December 2014. These figures in terms of both the
balances and the change over the year mainly relate to the subsidiary Techno Sky
with whom ENAV had a liability of € 34,873 thousand (€ 31,397 thousand at 31
December 2014); this relates to the charges for last two months for the maintenance
of operating and non-operating systems, the maintenance of luminous visual aids
and activities connected with ENAV’s investment projects. These projects include the
activities at Rome Ciampino and Verona Airports, the secondary radar in Brindisi, the
technological upgrade to the ACC operational rooms in Brindisi, Milan and Padua. The
other payables of € 2,299 thousand (€ 3,336 thousand at 31 December 2014) consist
of open positions with the SICTA Consortium, mainly for specialized support activities
provided for various projects, also funded by the European Union, amounting to €
2,108 thousand and a balance of € 191 thousand due to ENAV Asia Pacific.

14. Other current assets

Other current assets amounts to € 15,490 thousand and records a decrease of €
2,621 thousand compared to the previous period. The item is made up as follows:

Due from public bodies for capital grants 31.12.2015 31.12.2014 Change
Due from personnel 7.401 10.434 (3.033)
Due from public bodies for financed projects 3.491 3.447
Guarantee deposits 4.138 4.754 44
Deferred expenses 224 298 (616)
Sundry receivables 714 486
2.607 1.881 (74)
Impairment fund, other loans 21.300 228
Total 18.575 (3.189) 726
(3.085) 18.111 (2.725)
15.490 104
(2.621)

Due from public bodies for capital grants refers entirely to the National Network
and Mobility Operating Programme (NOP) grants for 2007/2013 that have been
approved, but not yet received at 31 December 2015. The net decrease for €
3,033 thousand compared to the balance at 31 December 2014 refers to a series
of transactions that took place during the year, and specifically: i) two resolutions
from the Management Authority for NOP networks and Mobility 2007/2013
dated 30 June 2015 and 31 December 2015 respectively, which in terms of the
first resolution recognised a higher grant contribution for the project related to
the Naples Capodichino Airport for € 2,096 thousand, and the second resolution,
definanced part of the project referring to the ACC in Brindisi for € 2,262 thousand;
ii) € 2,051 thousand was received in relation to past projects; iii) a reduction in the

208 ENAV - Annual financial report 2015