Page 55 - ENAV eng_Relazione_Finanziaria_Annuale_2014

The reclassified balance sheet shows an increase in net invested capital
of ¤22.3 million compared to the end of the previous year, amounting to
¤1,397.2 million, due mainly to the following factors:

l net fixed capital for a total increase of ¤35.7 million. ¤28 million of
this increase is linked to the item investments, regarding the 100%
holding in ENAV North Atlantic, established in Delaware (USA) in
January 2014 and to which were assigned the obligations deriving
from the agreement to acquire 12.5% of Aireon, an American
company, which will be acquired in four tranches, two of which
will be paid in 2014. The other increase refers to the change in
other non-current assets and liabilities for ¤65.4 million due to
increased receivables linked to the “balances” recognized in 2014
and in previous years, to be included in the charge in years following
2015, and to the decrease in other liabilities following the release to
income of the National Operating Program (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 amortization and depreciation in the year. In addition,
there was an increase in the liability for employee benefits due to the
actuarial loss recorded in 2014;

l net working capital was ¤83.5 million, presenting a net decrease
of ¤13.4 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 ¤14.4 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 ¤1,283.6 million, presenting a net
decrease of ¤11.1 million due to the 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 the 2013 financial statements, the negative incidence of ¤3.8
million for the employee benefits reserve, the positive contribution of
¤1.8 million for the fair value measurement of derivatives and the positive
consolidated year-end result of ¤38.8 million.