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Report on operations

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.
Other operating income, which registered a net increment of 1.6 million Euros
with respect to the previous year, does not include the share of equipment grants
linked to financial investments of 9.3 million Euros, entered in direct reduction of
depreciation.
Operational costs were 607.4 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 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 6.6% 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.
These figures had a positive effect in the calculation of EBITDA and generated a
9.6% increment compared to the previous year, registering 240 million Euros. EBIT
stood at 74.64 million Euros which represents an 8.9% increment with respect to
2014 due to the events described above, the effect of depreciation which in 2015
registered a 4.6% fall and to more write-downs and impairment losses made during
the year for 26.7 million Euros which refer to 14.6 million Euros which emerged from
a comparison between the carrying amount of the investment in Techno Sky and the
relative recoverable amount calculated on the basis of the impairment test carried
out on the date of the Financial Statements, 7.9 million Euros in write-downs of
doubtful receivables and allocations to the provision for risks.
Financial income and expenses amounted to a positive 2.6 million Euros with an
improvement over the previous year of 7.6 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 27.5 million Euros, increasing by 11.1% 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

54 ENAV - Annual financial report 2015