Page 215 - enav_27052016

ENAV S.p.A. Financial Statement

A summary is provided below of the main assumptions made for the actuarial
estimate of the TFR provision at 31 December 2015, compared to the figures used
at 31 December 2014:

Discount rate 31.12.2015 31.12.2014
2,03% 1,49%
Inflation rate 1,50%
1,50% for 2016
Rate of annual increase in employee’s 1,80% for 2017 2,63%
leaving entitlement 1,70% for 2018 4,00%
Forecast turnover rate 1,60% for 2019 2,50%
Forecast advance rate 2,00% from 2020 onwards
2,625% for 2016
2,850% for 2017
2,775% for 2018
2,700% for 2019
3,00% from 2020 onwards

4,00%
2,50%

The discount rate used to calculate the present value of the obligation was
determined, pursuant to par. 83 of IAS 19, was based on the 10+ IBoxx Corporate AA
Index at the Due to the current economic situation with high volatility levels in most
of the economic indicators, the inflation rate curve was drawn from the Economy
and Finance Document 2015 issued by the MEF, and the medium-long term trends
for the pension and socio-health system document, published by the State General
Accounting Office. The annual rate of increase for the TFR is 75% of the inflation rate
plus 1.5 percentage points, in accordance with Article 2120 of the Italian Civil Code.

214 ENAV - Annual financial report 2015 214