Page 53 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Report on Operations 51

in community regulations. For the third band, with 43 airports, a lower than
normal charge was applied in order to support the air transport market
in the current crisis. This lower charge resulted in the release of ¤24.3
million to the income statement from the charge stabilization provision,
an increase of ¤4.6 million compared to the previous year. Revenues from
third party customers had a positive effect on revenues from operations,
increasing by ¤3.2 million for consulting services provided in Dubai and
Libya.

The balance reduced total revenues by ¤16 million due to smaller balances
recorded in 2014 (mainly due to inflation, which generated a negative
balance of ¤7.9 million as opposed to a positive ¤14.2 million in 2013) and
to the effect of discounting, which amounted to a negative ¤4 million, ¤3
million higher than in 2013.

Other operating income, which decreased by ¤1.1 million compared to
the previous year mainly due to fewer personnel transfers to third parties
(including the German provider DFS), does not include the share of
equipment grants linked to financial investments of ¤12.3 million, entered
in direct reduction of depreciation.

Operating costs amounted to ¤612.6 million, an increase of 1.6% compared
to the previous year deriving from an increase of ¤6.4 million in personnel
costs, attributable mainly to the fixed part of remuneration due to: i)
increased remuneration provided in the National Collective Bargaining
Agreement (CCNL), effective as of July 2013 and therefore affecting
the entire year in question as opposed to only six months in 2013, and
increased minimi and superminimi effective October 2014 in conformity to
the CCNL; ii) changes in qualification and increases in the superminimum
due to salary restructuring of CTA personnel; iii) physiological increase
in remunerations. On the other hand, the variable part of remuneration
decreased by ¤2.3 million due mainly to a smaller allocation for vacation
leave accrued but not yet taken thanks to the Company’s policy of having
both office and operating personnel take vacation leave. Other net costs
show an increase of 1.7%, of which ¤1.1 million refers to lower capitalized
costs on investment initiatives, higher maintenance costs for new
systems and operating maintenance at the Rome Ciampino airport, and to
professional services for specialist support for European projects and the
transition to international accounting standards.

These figures affected the calculation of EBITDA and generated a 6.6%
reduction compared to the previous year, to ¤219 million. EBIT was ¤68.5
million, decreasing 25.1% compared to 2013 due to the above-described
events and to the increased depreciation charged onthe investments, such
as Coflight, made in 2014.

Financial income and expenseamounted to negative ¤4.9 million, a charge
¤2.9 million higher than in 2013, referring mainly to the adjustment of the
present value of the “balances” recognized in previous years following
the change to charge recovery plans. On the other hand, there was a ¤1.4
million decrease in financial expense linked to bank debt due to decreased
use of short-term credit lines and to lower interest rates.