Page 212 - ENAV eng_Relazione_Finanziaria_Annuale_2014

210 ENAV – 2014 Financial Statements

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 thousand at 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 ¤36,068
thousand, consisting of a balance of ¤13,222 thousand for vacation
accrued but not taken, essentially in line with that at the previous year end,
and an accrual of ¤22,292 thousand for the variable portion of personnel
costs relating to the year, representing a slight decrease of ¤280 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 Company’s pension funds such as Prevaer and
Previndai and the funds selected by employees.

The increase in other payables over the year mainly relates to the
reclassification of an amount of ¤1,857 thousand to this item from the non-
current portion of deferred income, which will be refunded to the European
Commission in 2015 following the failure to obtain recognition of part of
the pre-financing for the ADS-B project.

Grants consist of the following: i) the 2000/2006 and 2007/2013 Networks
and Mobility National Operating Program (NOP) grants regarding specific
investments made in the south of Italy amounting to ¤56,976 thousand
(¤79,454 thousand at 31 December 2013). Of the decrease of ¤22,478
thousand in this balance over the year, ¤11,350 thousand regards the release
to income of the portion relating to 2014, referring to the depreciation of the
investments to which the grants refer, and ¤11,128 thousand regards the de-
financing of the “Brindisi Area Control Center – 4 Flight” project as per the
resolution of the supervisory Authority. The current portion totals ¤8,586
thousand and consists i) of the amount that will be released to income
over the next 12 months; ii) the capital grants awarded for investments
at military airports pursuant to Law no. 102/09, amounting to ¤67,596
thousand (¤68,550 thousand at 31 December 2013), a balance which
decreased by ¤954 thousand over the year following the release to income
of the portion relating to 2014 for the modernization of the technological
systems of Verona Villafranca airport and the work performed at Comiso
and Ciampino airports. The current portion amounts to ¤993 thousand; iii)
other investment grants amounting to ¤7,337 thousand (¤15,717 thousand
at 31 December 2013) mainly relating to European funding obtained as part
of the TEN-T program. More specifically, the net decrease over the year
of ¤8,380 thousand refers to gross decreases totaling ¤11,667 thousand,