Page 114 - ENAV eng_Relazione_Finanziaria_Annuale_2014

112 ENAV – 2014 Financial Statements

millionat 31 December 2013); and iii) the bonus awardedfollowing the
achievement of the performance target connected with delays in assisted
flights expressed in minutes, amounting to ¤8 million, in accordance with
the figure recognized in the previous year. Compared to 2013, the actual
inflation effect of 0.20% compared to the figure of 2% budgeted in the
performance plan was negative, leading to the recognition of a negative
balance of ¤7,944 million classified as non-current trade payables. In 2013
a positive balance of ¤14,184 million arose from the inflation effect.

The terminal balance at 31 December 2014 amounted to ¤1,845 million
(¤13,948 millionat 31 December 2013), determined on the basis of a cost–
cap logic, and is strictly connected with a negative traffic performance
compared to budget, as actual costs were lower than charge data. The
Company bore the majority of the negative traffic performance compared
to budget and this was covered by using ¤24,380 million of the charge
stabilization provision.

Transition to international accounting standards led amongst other things
to the recognition of certain expenditure in profit or loss not qualifying
for classification as intangible assets. Given that this expenditurewas not
budgeted as costs on drawing up the 2012-2014 performance plan and
that transition to international accounting standards is one of the cases of
“unplanned costs” established by community regulations, a route balance
of ¤6,292 million has been recognized for the purpose of recovering these
costs over a fifteen year period.

12. Inventories

Inventories, which consist mainly of spare parts, amount to ¤61,691
thousand net of the allowance for inventory losses. Changes over the year
were as follows:

31.12.2013 Increases Decreases 31.12.2014
65,541
Fiduciary inventory 4,445 2,177 (2,869) 64,849
Direct inventory 743 724 (571) 4,598
Radio-electric 70,729
measurement inventory 0 0 743
(9,090)
Allowance for inventory 61,639 2,901 (3,440) 70,190
losses
Total (1,313) 1,904 (8,499)

1,588 (1,536) 61,691

The increase of ¤1,588 thousand, net of the allowance, relates mainly to
fiduciary inventory and specifically to the purchase of spare parts to top up
stocks for air navigation operating systems. A small part of the increase,
¤38 thousand, regards spare parts that have been reclassified to this item