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ENAV S.p.A. Financial Statement

27 Costs for capitalised internal work

The costs for capitalised internal work amount to € 5,978 thousand (€ 5,437
thousand at 31 December 2014), and refer entirely to the capitalisation costs for
employees on work carried out on the investment projects underway. The increase
for the period is attributable to the higher number of hours worked on these projects
compared to the previous year.

28. Financial income and expense

Financial income amount to € 8,324 and include the items detailed in the table
below:

Income from investments in other companies 31.12.2015 31.12.2014 Change
Interest income from discounting the “balance” 250 250 0
Interest income on VAT receivable awaiting refund 0
Other interest income 4.443 684 4.443
Total financial income 796 112
2.467 368
2.835 3.401
8.324 4.923

This increased by € 4,923 thousand in total attributable mainly to financial income
from discounting on charges following the adjustment to the current value on the
related receivables recorded for the change to the charges recovery plan, in accordance
with the performance plan 2015–2019. This change amounts to € 2,111 thousand,
whereas the remaining amount of € 2,332 thousand refers to the portion of financial
income relating to the discounting for 2015. Other interest income relates mainly
to default interest applicable to airline companies for the late payment of charges.
Financial expenses come to € 5,580 thousand and are detailed in the table below:

Interest expense on bank loans 31.12.2015 31.12.2014 Change
Negative interest on bond loans 2.955 3.538 (583)
Interest expense on employee benefits 1.414 0 1.414
Interest expense from discounting the “balance” 690 1.117 (427)
Other interest expense 0 3.059
Total financial expense 521 655 (3.059)
5.580 8.369 (134)

(2.789)

The net decrease of € 2,789 thousand is mainly due to the nil balance on financial
expenses as a result of the balance discounting, which in 2014 led to an adjustment
to the current value of the related receivables associated with the longer estimated
recovery time on these; this effect was changed in 2015, as shown above, following
the forecasts contained in the new performance plan.

ENAV - Annual financial report 2015 229