Page 211 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 209

19. Other current and non-current liabilities

Other liabilities consist of the items shown in the following table, analyzed
between the current and the non-current portion:

31.12.2014 31.12.2013 Change

Current Non-current Current Non-current Current Non-current

portion portion portion portion portion portion

ChargeStabilization 0 20,304 0 28,184 0 (7,880)
Provision
Amounts on account 67,014 0 76,060 0 (9,046) 0
Other payables 48,901 0 46,755 0 2,146 0
Grants 122,225 12,264 152,416 (30,191)
Total 9,721 142,529 135,079 180,600 (2,543) (38,071)
125,636 (9,443)

The Charge Stabilization Provision was set up in 2003 on the approval
of the 2002 financial statements by the Shareholders’ Meeting held on
9 May 2003 by allocating the tax receivable settlement reserve (Law no.
289/02) of ¤72,697 thousand. The provision increased in subsequent
years following allocation 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 the 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.

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 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