Page 53 - enav_27052016

Report on operations

The net financial position is a negative 188.5 million Euros, 80.7 million Euros higher
than in the previous year, which can be analysed as follows:

Cash and cash equivalents 31.12.2015 31.12.2014 Changes
Current financial receivables 174.141 118.253 55.888
Current financial debt 0 1.480 (1.480)
Net current financial position (32.788) (46.136) 13.348
Non-current financial receivables 141.353 73.597 67.756
Non-current debt 968 383 585
Non-current debt
Net financial position (330.823) (181.766) (149.057)
Valori in migliaia di euro (329.855) (181.383) (148.472)
(188.502) (107.786)
(80.716)

The net financial position shows a higher debt of 80.7 million Euros mainly following
the issue of Bonds by the Parent Company in August 2015 for an amount of 180
million Euros, a necessary provision in order to proceed with the return of capital
to the shareholder. In relation to bank loans on the other hand, there was an overall
reduction of 45.6 million Euros following the repayment of various Parent Company
loans. Liquidity stood at 174.1 million Euros representing an increment of 55.9
million Euros due to cashing in more funds related to terminal charges, the VAT
credit which was requested to be paid back in addition to additional liquidity of the
controlled subsidiary, ENAV North Atlantic.

52 ENAV - Annual financial report 2015