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ENAV S.p.A. Financial Statement

project for new technology and procedures associated with air transport, where
ENAV plays a coordinating role. The decrease for the period relates to the portion
reversed to the Income Statement regarding the amortisations of the investments
that the grant referred to for € 105 thousand and the portion classified under other
current liabilities for € 128 thousand.

22. Tax and social security payables

Tax and social security payables amount to € 40,192 thousand and consist of the
following items:

Tax payables 31.12.2015 31.12.2014 Change
Social security payables 19.146 6.240 12.906
Total 21.046
40.192 19.722 1.324
25.962 14.230

Taxes payable shows an increase of € 12,906 thousand mainly due to the IRES payable
of € 11,946 thousand, as the net debt between the tax related to the period for €
21,946 thousand less the credit recorded in 2014 and the advances paid for a total
of € 9,934 thousand and the withholding tax paid for € 66 thousand. The remaining
portion refers to employee withholding taxes and was paid in January 2016.
The social security payables include both the employee portion social security costs
for the month of December and paid the following month, and the employer portion
of the contributions on personnel costs recorded for the period for a total of € 12,351
thousand.

ENAV - Annual financial report 2015 221