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ENAV S.p.A. Financial Statement

been assessed by the Company’s lawyers at € 1.2 million. It is noted further that
with regard to another dispute assessed as being possible by the Company’s lawyers,
judgement is pending and the concluding statements and responses have been
filed. The case is especially complex and involved, and the legal questions under
discussion leave ample margin for the Court’s discretion. Nevertheless, the plaintiff’s
preliminary motions have not been accepted, which leads one to presume a negative
outcome for the demands by applicant (who has the burden of proof), The Company
has filed a counter-claim for an indeterminate amount.
The item “provisions for other risks” increased in the period by € 1,792 thousand
following a provision made to cover certain amounts capitalised to property, plant
and equipment under construction, referring to works that may no longer be usable
in the future.

18. Tfr and other employee benefits

The TFR and other employee benefits amounts to € 38,289 thousand (€ 40,202 at 31
December 2014) and comprises the liability for employees’ termination indemnity
(Trattamento di Fine Rapporto), governed by Article 2120 of the Italian Civil Code,
which represents the estimate of the amount payable to employees of ENAV on an
actuarial basis, upon the termination of their employment.
The changes in TFR and other employee benefits are shown in the table below:

Liability for employee benefits at the beginning of the year 31.12.2015 31.12.2014
Interest cost 40.202 35.239
Actuarial (gains)/losses on defined benefits 690 1.117
Advances. settlements and other changes (1.619) 5.239
Liability for employee benefits at the end of the year (984) (1.393)
38.289 40.202

The TFR provision was utilised for € 984 thousand following the payment made to
staff leaving during the period, advances paid to employees that applied for such and,
to a lesser extent, to the direct monthly payment of TFR as an integrative portion
of remuneration (QU.I.R.) starting from March 2015 in accordance with the 2015
Stability Law, in respect of staff that exercised the option.
The difference between the expected amount calculated on the basis of the previous
assumptions and the balance recalculated at period end on the basis of the updated
assumptions represents actuarial gains (losses). In 2015, this calculation generated
actuarial gains for € 1,619 thousand compared to the actuarial losses recorded in
2014.

ENAV - Annual financial report 2015 213