Page 201 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 199

The increase of ¤1,567 thousand, net of the allowance, relates mainly to
fiduciary inventory for 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 from property,
plant and equipment. The decrease of ¤3,440 thousand, gross of the
allowance, regards the withdrawal of spare parts for use in operating
systems.

The inventory allowance increased by ¤1,904 thousand due to the fact
that certain spare parts became obsolete as they relate to systems and
equipment that can no longer be used, and decreased by ¤1,313 thousand
following the disposal of spare parts that had already been written down
in previous years.

The spare parts in the fiduciary inventory are held by the subsidiary Techno
Sky, which manages them on ENAV’s behalf.

12. Receivables and payables with group companies

Receivables from Group companies amount to ¤13,926
thousandrepresenting a decrease of ¤1,782 thousandover 31 December
2013. This balance mainly relates to the intercompany account held with
the subsidiary Techno Sky which contains the advances made to the
company during the year and subsequently used to settle the invoices
received from Techno Sky. This account had a balance of ¤13,417 thousand
at 31 December 2014 representing a decrease of ¤1,763 thousand over
2013 due to the lower level of advances made during the year.

Payables to Group companies amount to ¤34,733 thousandrepresenting
a decrease of ¤3,656 thousand over 31 December 2013. These figures in
terms of both the balances and the change over the year mainly relate
to the subsidiary Techno Sky with whom ENAV had a liability of ¤31,397
thousand at 31 December 2014 (¤33,951 thousand at 31 December 2013);
this mainly relates to the fees for last two months for the maintenance
of operating and non-operating systems, the maintenance of luminous
visual aids and activities connected with ENAV’s investment projects.
The other payables of ¤3,336 thousand consist of open items with the
SICTA Consortium, mainly for specialized support activities provided for
various projects, also funded by the European Union, amounting to ¤3,151
thousand and a balance of ¤185 thousand due to ENAV Asia Pacific.