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48 ENAV – 2014 Financial Statements

The net financial position is a negative ¤107.8 Million, ¤21.5 Million higher
than in the previous year, which may be analyzed as follows:

Cash and cash equivalents 31.12.2014 31.12.2013 Changes
Current financial receivables
Current financial debt 118,253 94,301 23,952
Net current financial position 1,480 0 1,480
Non-current financial receivables 8,018
Non-current debt (46,136) (54,154)
Non-current debt 73,597 40,147 33,450
Net financial position 383 0 383

(181,766) (126,415) (55,351)
(181,383) (126,415) (54,968)
(107,786) (86,268) (21,518)

The current net financial position shows an improvement of ¤33.5 million
following the liquidity contributed by Group companies, from the payback
of lines of credit granted to subsidiary Techno Sky, plus greater liquidity
received by the parent company from the European Investment Bank credit
line opened in December for ¤100 million, which affects the increase in
non-current debt for ¤54.9 million, offset by repayments of ¤43 million in
loans made by the parent company during the year.

Risk factors

ENAV’s management identifies and assesses the types of risks related
to the Group’s activities in order to manage them in the best way and to
safeguard value for the shareholder. The Board of Directors is in charge of
defining and approving guidelines for the internal control system and the
risk management policy of the Company and the Group.

At the date of this report on operations, there are no elements of uncertainty
and risk that may have significant affects on the Company’s and Group’s
results of operations, financial position and cash flows, other than those
mentioned in the notes. With regard to the management of financial risks
(such as credit, liquidity, interest rate, and currency risks), reference is
made to note 33 of the consolidated financial statements and to note 32 of
the financial statements.

Other risk factors and the measures taken to monitor them are described
below.