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54 ENAV – 2014 Financial Statements

The net financial position is a negative ¤113.6 million, ¤33.4 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 111,089 92,344 18,745
Net current financial position 1,480 0 1,480
Non-current financial receivables 1,326
Non-current debt (44,743) (46,069) 21,551
Non-current debt 67,826 46,275
Net financial position 383 0 383
(55,351)
(181,766) (126,415) (54,968)
(181,383) (126,415) (33,417)
(113,557) (80,140)

The current net financial position shows an improvement of ¤21.5 million
following the greater liquidity received 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 during the year.

Information on enav Group companies

The operations and economic performance of ENAV Group companies at
31 December 2014 are described below.

Techno Sky

The company is wholly-owned by ENAV and deals with the operational
management, support and maintenance of national air traffic control plants
and systems, ensuring their complete and uninterrupted availability and
operational efficiency. Techno Sky closed 2014 with a positive net result
of ¤2.2 million thanks to careful management of external costs (linked to
greater use of internal personnel for order development), which decreased
by 3.6% against revenues that were basically unchanged compared to 31
December 2013. The annual result was positively influenced by financial
management, which improved by 40% compared to 2013 following the
payback of bank credit lines.

In 2014, Techno Sky maintained high technical performance levels with
reference to its global maintenance contract for ENAV plants, which
calls for management and maintenance of hardware for ATC technology
infrastructures and maintenance of various types of software (corrective,
adaptive, and evolutive).