Page 221 - ENAV eng_Relazione_Finanziaria_Annuale_2014
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Notes to the Financial Statements of ENAV SpA 219
27. Financial income and expense
Financial income amounted to ¤3,401 thousand and may be analyzed as
follows:
Income from investments 31.12.2014 31.12.2013 Change
in other companies 250 250 0
Interest income from 0 1,814 (1,814)
discounting the "balance"
684 719 (35)
Interest income on VAT 2,467 2,069 398
receivable awaiting refund 3,401 4,852 (1,451)
Other interest income
Total financial income
This item decreased by ¤1,451 thousand due mainly to the financial income
arising from discounting the “balance” item, for which financial expense
of ¤3,059 thousand was recognized in 2014 as shown in the table below.
Other interest income relates mainly to arrears interest charged to air
carriers for the late payment of charges.
Financial expense amounted to ¤8,369 thousand and may be analyzed as
follows:
Interest expense on bank 31.12.2014 31.12.2013 Change
loans 3,538 4,937 (1,399)
Interest expense on 1,117 1,034 83
employee benefits
3,059 0 3,059
Interest expense from 655 889 (234)
discounting the "balance" 6,860 1,509
8,369
Other interest expense
Total financial expense
The net increase of ¤1,509 thousand is mainly due to the financial expense
arising from discounting the “balance” item to net present value and refers
to the adjustment of the present value of the related receivable, recognized
following the revision of the charge recovery plans. On the other hand the
main decrease is due to the fall in interest expense on bank loans as the
result of a reduced use of short-term credit lines and a drop in interest rates.
