Page 48 - ENAV eng_Relazione_Finanziaria_Annuale_2014

46 ENAV – 2014 Financial Statements

Taxes for the year amounted to ¤27.5 million, 32.1% lower than in 2013,
mainly due to lower corporate income taxes (IRES) in 2014.

Profit for the year waspositive for ¤40 million, lower than in the previous
year due the dynamics described above.

Property, plant and equipment Reclassified Balance Sheet 31.12.2013 Changes

Intangible assets 31.12.2014 1,173,985 (48,072)
Investments in other companies 1,125,913 131,767 (7,008)
Other non-current assets 124,759 167 26,264
and liabilities 26,431
Liability for employee benefits (31,526) 66,032
Net fixed capital 34,506
Inventories (53,655) (6,394)
Trade receivables (60,049) 1,220,738 30,822
Trade payables 1,251,560
Provision for risks and charges 61,639 52
Other current assets and liabilities 61,691 288,053 (55,666)
Net working capital 232,387 (142,261)
Net invested capital (127,986) (12,693) 14,275
Funding (12,585) (87,360) 108
Shareholders' equity (63,219) 107,378
Net financial position 90,288 1,328,116 24,141
Total funding 1,341,848 (17,090)
1,241,848
1,234,062 86,268 13,732
107,786
1,328,116 (7,786)
1,341,848 21,518
13,732
Amounts in thousands of euros

The reclassified balance sheet shows an increase in net invested capital of
¤13.7 million compared to the end of the previous year, totaling ¤1,341.8
million, mainly due to the following factors:

l net fixed capital, which increased by ¤30.8 million. This increase is
due to the change in the consolidation scope with the entry of ENAV
North Atlantic, which contributed the investment held in Aireon
LLC, a Limited Liability Company subject to United States law, to be
acquired by the payment of four tranches, after which the Company
will own a 12.5% stake. The first two tranches werepaid in 2014.
The other increase refers to the change in other non-current assets
and liabilities for ¤66 million due to increased receivables linked to
balances recorded in 2014 and in previous years, to be included in
the charge in years after 2015, and to the decrease in other liabilities
following the release to income of the National Operating Program