Page 51 - enav_27052016

Report on operations

These figures had a positive effect in the calculation of EBITDA and generated a
8.6% increment compared to the previous year, registering 243 million Euros. EBIT
was 93.4 million Euros, increasing by 27.9% with respect to 2014 due to the above-
described events as well as the decreased depreciation charges which registered a
4.6% reduction in 2015.
Financial income and expenses amounted to a positive 2.3 million Euros with an
improvement over the previous year of 7.8 million Euros mainly due to income
related to adjustment to the present value of the “balances” recognized in previous
years and adjusted to the new charge recovery plans in conformance with the 2015–
2019 Performance Plan.
Taxes for the year amounted to 29.6 million Euros, increasing by 7.9% with respect
to 2014, mainly due to more taxable income.
As a result of the above described dynamics, the profit for the year was a positive
amount of 66 million Euros, a figure that represents a decisive increase with respect
to the previous year.

Reclassified Balance Sheet 31.12.2015 31.12.2014 Changes
1.083.836 1.125.913 (42.077)
Property, plant and equipment 122.092 124.759
Intangible assets 35.314 26.431 (2.667)
Investments in other companies 66.709 34.506 8.883
Other non-current assets and liabilities (58.068) (60.049)
Liability for employee benefits 1.249.883 1.251.560 32.203
Net fixed capital 62.027 61.691 1.981
Inventories 233.547 232.387
Trade receivables (128.348) (127.986) (1.677)
Trade payables (14.151) (12.585) 336
Provision for risks and charges (123.906) (63.219)
Other current assets and liabilities 29.169 90.288 1.160
Net working capital 1.279.052 1.341.848 (362)
Net invested capital (1.566)
Funding 1.090.550 1.234.062 (60.687)
Shareholders’ equity 188.502 107.786 (61.119)
Net financial position (62.796)
Total funding 1.279.052 1.341.848
Amounts in thousands of Euros (143.512)
80.716

(62.796)

50 ENAV - Annual financial report 2015