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Report on operations
2015 as ENAV’s contribution against the terminal third charge band;
• Net working capital, which amounts to 20.2 million Euros, registers a net fall of 63.3
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 ENAV’s 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
the year’s IRES tax (Italian Corporate Tax) also contributed to the increase of debts.
Shareholders’ equity amounted to 1,120 million Euros with a net decrease of 163.7
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, the positive incidence of
the employee benefits reserve of 1.2 million Euros, the positive contribution of the
fair value measurement of derivatives for 1.3 million Euros, and the positive year-end
result of 49.8 million Euros.
The net financial position is a negative 205.8 million Euros, 92.3 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 156.573 111.089 45.484
Current financial debt 0 1.480 (1.480)
Net current financial position (32.569) (44.743) 12.174
Non-current financial receivables 124.004 67.826 56.178
Current financial debt 968 383 585
Non-current debt
Net financial position (330.823) (181.766) (149.057)
Amounts in thousands of Euros (329.855) (181.383) (148.472)
(205.851) (113.557)
(92.294)
The net financial position shows a higher debt of 92.3 million Euros mainly following
the issue of Bonds 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 44.5 million Euros
following the repayment of various loans. Liquidity stood at 156.6 million Euros
representing an increment of 45.5 million Euros due to cashing in more funds related
to terminal charges, the VAT credit which was requested to be paid back and the
non-payment of the debt with the Ministry of the Economy and Finance for reasons
explained earlier in this document.
56 ENAV - Annual financial report 2015
