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ENAV S.p.A. Financial Statement

24. Other operating income

Other operating income amounts to € 48,463 thousand, representing a decrease of
€ 1,377 thousand over the figure for the year ended 31 December 2014. The item
may be analysed as follows:

Capital grants 31.12.2015 31.12.2014 Change
Revenue grants 9.312 12.339 (3.027)
European funding 31.623
Other revenues and income 30.660 3.038 (963)
Total 4.290 2.840 1.252
4.201 49.840 1.361
(1.377)
48.463

Capital grants relate to the entry in the Income Statement for part of the deferred
income corresponding to the depreciations made on the assets that the grant refers
to, as detailed under Note No. 20.
Revenue grants include € 30 million consisting of the amount awarded to ENAV
pursuant to article 11-septies of Law No. 248/05 to offset the costs incurred to
ensure the safety of its systems and equipment and operational safety.The remaining
portion for € 660 thousand refers to training funded by Fondimpresa.
European funding relates to the portion relevant to ENAV for having participated
in various European projects, of which the SESAR Joint Undertaking represents
the predominant portion (€ 2,607 thousand). The increase during the period is
attributable to new projects recognised, including free solution, medale, racoon sesar
deployment manager.
Other revenues and income consist mainly of cost recoveries for personnel seconded
within the ENAV Group and at third parties, rental income for premises at Naples
airport and the penalties charged to suppliers for delays compared to contractually
agreed deadlines, as well as the reimbursement of claims. Specifically, the increase
in this item is mainly linked to the amount received from insurance companies for
damages caused by third parties to the Company in the perimeter of the airports
during previous financial periods, for an amount of € 1,566 thousand recovered
during the year.
The composition of the item revenue for the financial periods ended 31 December
2015 and 2014 is shown below, subdivided according to geographic area:

Revenues 31.12.2015 % of revenue 31.12.2014 % of revenue
Italy 847.378 98,9% 835.738 99,0%
EU 5.310 0,6% 4.058 0,5%
Extra EU 4.045 0,5% 4.279 0,5%
Total revenues 856.733 844.075

ENAV - Annual financial report 2015 225