Page 49 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Report on Operations 47

(NOP) for the Transport Sectorgrantsin line withthe depreciation of
the investments to which they refer, as well as to the definancing
of an investment project by the NOP Networks and Mobility
Authority. The other items show a general reduction linked, with
regard to property, plant and equipment and intangible assets, to
smaller investments in progress compared to the amortization and
depreciation of the year. In addition, there was an increase in the
liability linked to the liability for employee benefitsdue to the actuarial
loss recorded by the Group in 2014;
l net working capital was ¤90.3 million, presenting a net decrease
of ¤17.1 million following the reduction of trade receivables due to
the collection of receivables owed by the Ministry of Economy and
Finance and the Ministry of Infrastructure and Transport, in addition
to the classification of non-current receivables exceeding the
balances in 2013. The calculation of working capital was also affected
by a ¤14.3 million decrease in trade payables and by a change in
other current assets and liabilities linked to the larger VAT credit
generated in 2014, for which a ¤19 million refund was requested in
2015.

Shareholders’ equity amounted to ¤1,234.1 million, presenting a net
decrease of ¤7.8 million due to the parent company’s payment of dividends
for ¤31.5 million, the allocation of ¤16.5 million to the charge stabilization
provision in accordance with the resolution of the Shareholders’ Meeting
held to approve ENAV’s 2013 financial statements, the negative incidence
of the employee benefits reserve for ¤5.1 million, the positive contribution
of the fair value measurement of derivatives for ¤1.8 million, the change in
consolidation scope with the recognition of a translation reserve in foreign
currency for a positive ¤3.5 million and the positive consolidated year-end
result of ¤40 million.