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Report on operations

Economic performance and financial position of ENAV

Income Statement

Revenues from operations 31.12.2015 31.12.2014 Valori Changes
Balance revenues 790.562 810.251 (19.689) %
Other operating income 17.708 (16.016)
Total revenues 39.151 37.501 33.724 -2,4%
Personnel costs 847.421 831.736 1.650 -210,6%
Other costs, net
Total operating costs (411.844) (403.213) 15.685 4,4%
EBITDA (195.575) (209.453) (8.631) 1,9%
Depreciation and amortization less investment grants (607.419) (612.666) 13.878 2,1%
Write-downs, impairment losses, reversals of 240.002 219.070 -6,6%
impairment losses and allocations (138.646) (144.666) 5.247 -0,9%
EBIT 20.932 9,6%
Financial income (expense) (26.704) (5.871) -4,2%
Income before income taxes 6.020
Income taxes 74.652 68.533 354,8%
Net income for the year 2.657 (4.954) (20.833)
Amounts in thousands of Euros 63.579 8,9%
77.309 (24.752) 6.119 -153,6%
(27.492) 38.827 7.611
49.817 13.730 21,6%
(2.740) 11,1%
10.990 28,3%

Earnings from operational activities amounted to 790.5 million Euros which
represents a net 2.4% fall compared to the previous year. Such result is linked to the
-1.7% reduction in en-route revenue during the year with respect to 2014 due to the
processing of fewer service units, 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 ENAV 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
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

ENAV - Annual financial report 2015 53