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Report on operations

The reclassified balance sheet shows a fall in net invested capital of 62.8 million
Euros compared with the end of the previous year, registering 1,279 million Euros.
This fall is mainly due to the following factors:
• net fixed capital which showed an overall fall of 1.7 million Euros with different

trends in the various items of which it is made up. In particular, there was an overall
fall in tangible and intangible assets for the year’s amortization, greater than the
investments made. The increase in investment is related to the payment of the
balance of the second instalment as provided in the contract for the acquisition
of shares in Aireon LLC, a Limited Liability Company subject to United States law,
which provides for the payment of four instalments that will result in an ownership
stake of 12.5%. The variation in the line item for “other non-current assets and
liabilities” of 32.2 million Euros refers to 2015 “balance” receivables that will be
charged in successive years in accordance with the recovery plan defined in the
context of the performance plan and to the decrease in other liabilities following
the release to income of the “National Operating Program (NOP) for the Transport
Sector” grants associated with the depreciation of the investments to which they
refer, as well as to bringing the 20.3 million Euros charge stabilization provision
down to zero after it was used in 2015 as the Parent Company’s contribution
against the terminal third charge band;
• Net working capital, which amounts to 29.2 million Euros, registers a net fall of 61.1
million Euros, due to more debt in 2015, mainly related to the debt owed to the
Ministry of Economy and Finance of 38.2 million Euros in 2014, which represents
the balance of the en-route and terminal exemptions due by the aforementioned
ministry and the Parent Company dues for cashing in charges owed to the Italian
Air Force. The Company is waiting for instructions from the Ministry of Economy
and Finance for paying the above mentioned amount. The increase in the 2015
portion of en-route and terminal service charges due to the Italian Air Force which
amounted to 9.2 million Euros, cashed in by the Company and greater tax debts
in relation to IRES tax (Italian Corporate Tax) due by the Group also contributed to
the increase of debts.
Shareholders’ equity amounted to 1,090.5 million Euros with a net decrease of
143.5 million Euros following the voluntary reduction of the share capital by means
of a return of capital to the shareholder for an amount of 180 million Euros, the
payment of dividends for an amount of 36 million Euros by the Parent Company,
the positive incidence of the employee benefits reserve of 1 million Euros, the
positive contribution of the fair value measurement of derivatives for 1.3 million
Euros, the positive variation for an amount of 4.1 million Euros of the reserve fund
for the conversion of Financial Statements into foreign currencies and the positive
consolidated year-end result of 66.1 million Euros.

ENAV - Annual financial report 2015 51