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Report on operations

amount of 49.8 million Euros, a figure that represents a 28.3% increase with respect
to the previous year.

Reclassified Balance Sheet

Property, plant and equipment 31.12.2015 31.12.2014 Changes
Intangible assets 1.103.026 1.144.055 (41.029)
Investments in other companies 55.424 57.965
Other non-current assets and liabilities 143.284 142.909 (2.541)
Liability for employee benefits 42.234 8.977 375
Net fixed capital (38.288) (40.202)
Inventories 1.305.680 1.313.704 33.257
Trade receivables 61.988 61.645 1.914
Trade payables 225.362 224.531
Provision for risks and charges (110.805) (114.552) (8.024)
Other current assets and liabilities (9.924) (8.375) 343
Net working capital (146.444) (79.722) 831
Net invested capital 20.177 83.527
Funding 1.325.857 1.397.231 3.747
Shareholders’ equity (1.549)
Net financial position 1.120.006 1.283.674 (66.722)
Total funding 205.851 113.557 (63.350)
Amounts in thousands of Euros (71.374)
1.325.857 1.397.231
(163.668)
92.294

(71.374)

The reclassified balance sheet shows a fall in net invested capital of 71.3 million
Euros compared with the end of the previous year, registering 1,325.8 million Euros.
This fall is mainly due to the following factors:
• net fixed capital which showed an overall fall of 8 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. Investments registered a minimal variation of 0.3 million Euros
but including an increment of 14.9 million Euros for the payment to subsidiary
ENAV North Atlantic of the liquidity that was necessary for the payment of the
balance of the contractually due second instalment for the purchase of shares in
Aireon LLC and a reduction in the investment in Techno Sky following impairment
for the reasons explained above for an amount of 14.6 million Euros. The variation
in the other non-current assets and liabilities balance sheet line item of 33.2 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 in line 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

ENAV - Annual financial report 2015 55