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ENAV S.p.A. Financial Statement

The demographic fundamentals used for the assessment are provided below.

Dead 31.12.2015 31.12.2014
Unable to work IPS55 IPS55
Pension
INPS table by age and gender INPS table by age and gender

100% reached obligatory General Insurance100% reached obligatory General Insurance

requirements requirements

Turnover rate + 1% A sensitivity analysis is shown below, referring to the impacts in respect of liabilities
Turnover rate - 1% for employee benefits at 31 December 2015, following the changes to the main
Inflation rate + 0,25% assessment parameters.
Inflation rate - 0,25%
Discount rate + 0,25% Liabilities for employee defined-benefit plans 31.12.2015
Discount rate - 0,25% 38.190
38.476
Within 1 year 38.957
Between 1 and 2 years 37.705
Between 2 and 3 years 37.337
Between 3 and 4 years 39.352
Between 4 and 5 years
The average duration for the financial obligation in terms of the defined benefit plans
is 11.2 years.
The table below illustrates the payments envisaged in future years for the TFR
provision.

Expected issues
2.440
2.222
2.167
2.009
1.982

19. Current and non-current financial liabilities

Current and non-current financial liabilities include: i) amounts due to banks for
medium – long term loans with the current portion classified as current financial
liabilities together with the accrued interest for the period; ii) the bond issued on
04 August 2015 recognised in the current liabilities for the interest expense as at 31
December 2015.

ENAV - Annual financial report 2015 215