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ENAV Group Consolidated Financial Statements

Related party transactions also include those with key executives in office from
31 December 2015. Senior executives with strategic responsibilities include the
Directors of the Parent Company and first level managers identified by ENAV top
management. The relevant expenses, gross of remunerations and social security and
pension contributions, are detailed below:

Description FY 2015 FY 2014
Items with short/medium-term payment 2,032 2,104
Benefits accruing after the end of the employment relationship 140 145
Other benefits with long-term payment 0 0
Total 2,172 2,249

The Parent Company subscribes to the Prevaer Pension Fund. The Prevaer Fund is the
National Supplementary Pension Fund for non-executive staff in the Air Transport
industry and associated sectors. As stated under Article 14 of the Prevaer Fund’s
Articles of Association, relating to the Fund’s corporate structure consisting of:
the Shareholders’ Meeting of delegated shareholders; the Board of Directors; the
Chairman and Deputy Chairman; the Board of Statutory Auditors, representation
of shareholders is based on equal participation between workers representatives
and the subscribed companies. The Fund’s Board of Directors deliberates, inter alia,
on the general criteria for the distribution of risk regarding investments and equity
investments, as well as investment policies; the selection of asset fund managers and
the depositary bank.

33. Derivatives

In order to neutralise the risks resulting from fluctuations in the exchange rate
on purchasing USD for the investment in the company Aireon, on 20 December
2013, the Parent Company entered into four derivative contracts linked to the four
tranches required to purchase the share capital for a total shareholding of 12.5%.
At 31 December 2015, three of the original four transactions to purchase foreign
currency had been completed.
At the 2015 year-end, the fair value relating to the last remaining forward currency
purchase contract for around € 968 thousand, was estimated by the Group on the
basis of standard evaluation algorithms and on market quotes/contributions provided
by a leading public info-provider. In accordance with the IFRS 13 accounting standard,
the recalculated mark-to-market was adjusted to take into account the effect of the
non–performance risk (CVA), in other words, the risk that one of the parties does not
fulfil its contractual obligations due to a possible default and, from an accounting
perspective, the fair value was classified under non-current financial assets with a
maturity in 2017, with an offsetting entry to shareholders’ equity (OCI).

142 ENAV - Annual financial report 2015