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ENAV S.p.A. Financial Statement

amounts due for € 816 thousand was recorded relating to projects that while having
initially received funding, could not be recognised because they were not paid and
completed by the final date (31 December 2015) set by the Management Authority.
The receivable for € 3,773 thousand relates to two projects financed by the Action
and Cohesion Plan (ACP), where the relevant accounting period ends in March 2017.
Due from personnel refers to advances for travel expenses to staff on transfer and
not yet completed at the end of the financial period, of which the most significant
part (€ 3,085 thousand) relates to travel expense advances paid to former company
employees, which are being investigated by the judicial authorities and prudently
written down in previous periods. Following sentences numbered 745/2011 and
966/2012 issued by the Italian Court of Accounts, which ordered the defendants
to pay back the money, € 104 thousand has been collected with a corresponding
reduction in the allowance, and recovery plans set up to recover the outstanding
amount. As security for the amount an attachment order was served on the persons
involved freezing one fifth of their pensions and TFR and TFS termination indemnity
as well as their bank accounts and in certain cases properties.
Due from public bodies for financed projects for € 4,138 thousand refers mainly to the
co-financing portion relating to the period for the SESAR project, the final report of
which will be due in 2016 for an amount of € 3,366 thousand, of which the amounts
recorded in 2014 for € 4,252 thousand were received during the financial period.
The remaining amount refers to other European projects and training financed by
Fondimpresa.
Deferred expenses amounting to € 714 thousand refer largely to insurance premiums
relating to the financial period for € 496 thousand.

15. Cash and cash equivalents

The details relating to cash and cash equivalents at 31 December 2015 are shown
below.

Bank and post office deposits 31.12.2015 31.12.2014 Change
Cash and valuables on hand 156.539 111.051 45.488
Total 34 38
156.573 111.089 (4)
45.484

Cash and cash equivalents held at banks and the Central Treasury (Tesoreria Centrale)
amount to € 156,573 thousand, and record an increase compared to the previous
period of € 45,484 thousand, mainly resulting from the higher collections received
for the terminal charge, the payment postponed to 2016 regarding the debt held by
the MEF for € 38.2 million and the receipt of the VAT credit.
There are no restrictions on cash and cash equivalents that may limit their availability

ENAV - Annual financial report 2015 209