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ENAV Group Consolidated Financial Statements

20. Current and non-current financial liabilities

Current and non-current financial liabilities include: i) amounts due to banks for
medium – long term loans with current portion classified as current financial
liabilities together with the accrued interest for the period; ii) the bond issued on
04 August 2015 by the Parent Company recognised in the current liabilities for the
interest expense as at 31 December 2015.
The table below shows the figures at 31 December 2015 compared to 2014, and the
relevant changes:

31.12.2015 31.12.2014 Changes

Current Non-current Current Non-current Current Non-current

portion portion portion portion portion portion

Due to banks 31.374 150.823 46.109 181.766 (14.735) (30.943)
Bond loans
Due to other lenders 1.414 180.000 00 1.414 180.000
Total
00 27 0 (27) 0

32.788 330.823 46.136 181.766 (13.348) 149.057

The table below illustrates the composition of net financial debt at 31 December
2015, compared with the previous period, according to the Consob Communication
dated 28 July 2006, and pursuant to the provisions under the recommendation
ESMA/2013/319 of 20 March 2013.

(A) Cash 31.12.2015 31.12.2014
(B) Cash and cash equivalents 174.141 118.253
(C) Securities held for trading 0 0
(D) Cash and cash equivalents (A)+(B)+(C) 0 0
(E) Current financial receivables 174.141 118.253
(F) Current financial liabilities 0 0
(G) Current part of non-current liabilities (219) (1.366)
(H) Other financial liabilities (32.569) (44.743)
(I) Current financial debt (F)+(G)+(H) 0 (27)
(J) Net current financial debt / (Cash and cash equivalents) (D)+(E)+(I) (32.788) (46.136)
(K) Non current bank liabilities 141.353 72.117
(L) Bonds issued
(M) Other non-current payables (150.823) (181.766)
(N) Non-current financial debt (K)+(L)+(M) (180.000) 0
(O) CONSOB Net financial position (J)+(N) 0
(P) current and non-current derivative instruments 0
(Q) ENAV Group net financial debt (O)+(P) (330.823) (181.766)
(189.470) (109.649)

968 1.863
(188.502) (107.786)

ENAV - Annual financial report 2015 121