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Report on operations

charged at 78.80 Euros, a charge that is practically the same as that of the previous
year. Terminal earnings on the other hand registered a 4.8% increment due to the
processing of 0.6% more units of service in 2015 with a different trend in the three
charge bands. In particular: i) Rome Fiumicino Airport registered +1.4% more assisted
traffic expressed in service units maintaining the same charge (195.57 Euros); ii)
the second charge band registered an 24% increase in the number of service units
due to more traffic during the year and also because the Bergamo Orio al Serio
Airport which was in the third charge band in 2014 was admitted to the second
charge band. The charge that was applied remained the same with respect to 2014
at 214.72 Euros; iii) the third charge band on the other hand registered a 12.6% fall
in terms of service units, also due to Bergamo Airport being reclassified in the second
charge band, mitigated by the Parent Company acquiring the services of two military
airports, Treviso and Brindisi, which are now open to civilian traffic. The third charge
band was 260.96 Euros with a portion that continues to be borne by the parent
company and covered by the contribution for charge stabilization which amounts to
20.3 million Euros.
The balance has a positive effect on earnings for an amount of 17.7 million Euros
represented by the balance booked in 2015 for an overall amount of 26.3 million
Euros reduced by the effect of discounting of the above mentioned credits and the
release of the balance booked in the two preceding years for an amount of 8.2 million
Euros which in 2014 was 53.2 million Euros, a contributing factor in determining a 16
million Euros negative balance.
Operational costs were 606.6 million Euros, which represent a net 0.9% fall with
respect to the previous year. In particular, the personnel costs increased by 2.1%
mainly due to the fixed part of remuneration for: i) remuneration increments in
accordance with the provisions of the National Collective Labour Agreement starting
from October 2014 and therefore effecting the whole year; ii) Changes in professional
warrant qualifications and rises in individual “superminimo” (i.e. the “above minimum”
portion of salaries over and above the collective agreement minimum for a specific
grade), due to a salary restructuring exercise for Air Traffic Controllers; iii) natural
remuneration increments; iv) hiring of operational personnel. The variable part of
the remuneration registers an overall 1.2% increment with a reduction of overtime
both from operational personnel and office personnel and an increment in transfer
allowance since the beginning of the low traffic airports project. Moreover, the cost
of personnel includes the incentives for voluntary resignations from employees and
management executives leaving the Company in 2015 for an overall amount of 4.9
million Euros. The other costs register a net 10.2% fall due to a general reduction
of operational costs thanks to contract renewals and renegotiations as well as the
absence of the effect, generated in 2014, of having professional services booked as
a cost inasmuch as they lack the essential requirements to be classified as tangible
or intangible assets. An increase in capitalized costs on investment initiatives in
addition to those implemented internally amounting to a positive 29.7 million Euros
compared to 24.7 million Euro in 2014 also contributed towards this result.

ENAV - Annual financial report 2015 49