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ENAV Group Consolidated Financial Statements

The financing contracts shown above entail general commitments and covenants for
the Parent Company that may also be negative. While in line with market practices
for financing contracts for similar amounts and types, these could limit the Group’s
operations. Specifically, some contracts envisage early repayment if certain default
events should arise. If this should occur, the Parent Company could be obliged to pay
back the relevant financing in full and with immediate effect.
More specifically, we note:
• the financing contract signed in 2013 between the Parent Company and Banca del

Mezzogiorno - Medio Credito Centrale S.p.A. for an amount of € 10 million, with
half-yearly repayment instalments in arrears starting in November 2015 up until
May 2018, and an interest rate at the Euribor rate plus a spread of 1.9% contains
a cross-default clause that entitles the Bank to request early repayment of the
loan in the event that ENAV does not comply with its financial obligations other
than those contained in the financing contract, as well as guarantees undertaken
in respect of banks or financial institutions, referring to amounts in excess of € 2
million, unless the situation has been remedied within 10 working days after the
relevant due date;
• the two financing contracts signed in 2008 between the Parent Company and
Unicredit, which were extended in accordance with the contractual conditions
up to 2018, for an original amount of € 100 million and € 40 million, respectively,
entail a repayment plan with half-yearly instalments in arrears and interest at the
Euribor rate plus a spread of 0.34%. They also include:
-- cross-default clauses that become applicable in the event that ENAV or any

other company in the Group does not comply with its financial obligations
other than those contained in the financing contracts, as well as guarantees
undertaken in respect of banks or financial institutions;
-- a change of control clause that entitles Unicredit to request early repayment
of the financing in the event that the Ministry of the Economy and Finance no
longer has control of the Company.
In addition, the two loans referred to above require that certain financial covenants
are to be adhered to, including: i) the net financial debt/EBITDA ratio must not
be higher than 1.5 times for the original € 40 million; ii) the net financial debt/
EBITDA ratio must not be higher than 3 times for the original funding of € 100
million; iii) the ratio between net financial debt/shareholders’ equity must not be
higher than 0.7;
• the financing contract signed in 2014 between Enav and the European Investment
Bank (EIB) for € 180 million to finance the investment programmes associated with
4-Flight and other projects of which at 31 December 2015, the Parent Company
had utilised a tranche for a total of € 100 million, with a half-yearly repayment
instalments in arrears starting in December 2018 and expiring in December 2029,
and an interest rate fixed at 1.515%, which makes provides for:

148 ENAV - Annual financial report 2015