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ENAV Group Consolidated Financial Statements

At 31 December 2015, the Group held cash and cash equivalents for € 174 million,
and has short-term credit lines available for a total of € 240 million, of which i) short-
term committed credit lines amount to € 50 million and ii) short-term uncommitted
lines amount to € 190 million.
Over the longer term, liquidity risk is mitigated by implementing a strategy of
managing debt, based on a diversified structure of funding sources, in terms of the
nature of the loans and the counterparties involved that recourse is made in order
to cover the Group’s financial requirements, and by having a balanced debt maturity
profile.
On the basis of general guidelines set by senior management, the administration,
finance and control department establishes the short-term and medium/long-
term financial structure and the manner in which the relative cash flows will be
managed. The Department has made choices that are mainly directed at: i) ensuring
that adequate financial resources are available to cover expected short-term
commitments, which are systematically monitored through treasury planning; ii)
maintaining a prudent liquidity buffer that is sufficient to cover any unexpected
commitments; iii) ensuring a level of flexibility in the Group’s medium to long-term
investment contracts for the technology and infrastructure upgrading on flight
assistance systems.
The Group’s gross financial exposure at 31 December 2015 stood at € 364 million,
and is represented by debt in respect of banks for medium to long-term funding for
€ 182 million, and subscribers of the bond issued on 04 August 2015, maturing on 04
August 2022, for a principal amount of € 180 million.
The table below shows the maturity analysis for medium to long-term bank financing
and the bond represented at nominal value, without the effect resulting from the
amortised cost method.

Lender Type Outstanding Between 1 Between 3 > 5 years
Medio Credito Medium/long-term - 5 years balance at <1 year and 2 years and 5 years
Centrale Medium/long-term - 5 years 31.12.2015
Unicredit Medium/long-term - 5 years 3,333 3,333 1,667 0
8,333 8,000 8,000 8,000 0
Unicredit Medium/long-term - 15 years 24,000 20,000 20,000 10,000 0
EIB - European 50,000
Investment Bank Medium/long-term - 7 years 0 0 20,287 79,713
100,000
Bond loan 0 0 0 180,000
180,000 31,333 31,333 39,954 259,713
Totale
362,333

ENAV - Annual financial report 2015 147