Page 127 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 125

by the Shareholders’ Meeting of a part of ENAV’s net income for the year
and has been used solely for business purposes. With the shareholders’
meeting held in August 2013, the provision’s validity was extended to the
period 2013/2015 with the aim of supporting the market by introducing
a price control mechanism for the costs to be borne by carriers for flight
assistance services.

The provision increased by ¤16,500 thousand in 2014 on the allocation
of a part of 2013 net income by the Shareholders’ Meeting called on 5
August 2014 to approve ENAV’s 2013 financial statements and decreased
by ¤24,380 thousand on reducing the third band terminal charge as had
already been established on determining the relative charge for 2014.

Of the total of ¤67,014 thousand of amounts on account, ¤62,829 thousand
relates to the balance payable to the Italian Air Force for its portion due of
the receipts of the year for route and terminal services and ¤4,185 thousand
to the balance payable to ENAC for its portion due of the receipts for the
same services. The payable to AMI for route services amounts to ¤52,413
thousand (¤57,404 thousand at 31 December 2013), and this will be offset
with the receivable due from the Ministry of the Economy and Finance
(MEF) up the balance available, while the remainder will be paid to the
MEF subsequent to the approval of the financial statements, as occurred
for 2013, for which the outstanding balance was paid on 31 October 2014.
The payable to AMI for terminal services amounts to ¤10,415 thousand
(¤10,399 thousand at 31 December 2013) and in compliance with Law
no. 183/2011, which came into effect on 1 July 2012, the portion due
of terminal charge revenues will be paid to the Air Force in two annual
instalments. A total of ¤19,271 thousand was paid in 2014 regarding the
second half of 2013 and the first half of 2014. The liability at 31 December
2014 represents the portion due for the second half of 2014 which will be
paid by the end of April 2015.

Starting 2011 and in compliance with community regulations, the
supervisory costs of ENAC (Ente Nazionale per l’Aviazione Civile), the
Italian civil aviation authority, are also considered when determining the
route and terminal charge. This has led to a situation whereby the portion
of the revenues due to ENAC calculated on the basis of the communicated
costs and the service units developed represents a liability for ENAV,
recognized in this item, which at 31 December 2014 amounted to ¤4,185
thousand (¤8,257 thousandat 31 December 2013). The entire payable
recognized at the end of the previous year was fully paid to ENAC in
December 2014.

Other payables mainly relate to amounts due to personnel of ¤41,927
thousand, consisting of a balance of ¤14,463 thousand for vacation
accrued but not taken, essentially in line with that at the previous year end,
and an accrual of ¤26,676 thousand for the variable portion of personnel
costs relating to the year, representing a slight decrease of ¤264 thousand
compared with the balance at 31 December 2013. This item also includes a
balance of ¤8,381 thousand payable for supplementary pensions paid over
in early 2015 to the Group’s pension funds such as Prevaer and Previndai
and the funds selected by employees.