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ENAV S.p.A. Financial Statement

The table below shows the figures at 31 December 2015 compared to 2014, and the
relevant changes:

31.12.2015 31.12.2014 Change

Current Non-current Current Non-current Current Non-current

portion portion portion portion portion portion

Due to banks 31.155 150.823 44.743 181.766 (13.588) (30.943)
Bond loan
Totale 1.414 180.000 00 1.414 180.000

32.569 330.823 44.743 181.766 (12.174) 149.057

The table below illustrates the composition of net financial debt at 31 December
2015, compared with the previous period, according to the Consob Communication
dated 28 July 2006, and pursuant to the provisions under the recommendation
ESMA/2013/319 of 20 March 2013.

(A) Cash 31.12.2015 31.12.2014
(B) Other cash equivalents 156.573 111.089
(C) Securities held for trading 0 0
(D) Cash and cash equivalents (A)+(B)+(C) 0 0
(E) Current financial receivables 156.573 111.089
(F) Current financial liabilities 0 0
(G) Current part of non-current financial debt 0 0
(H) Other current financial debt (32.569) (44.743)
(I) Current financial debt (F)+(G)+(H) 0 0
(J) Net current financial debt / (cash and cash equivalents) (D)+(E)+(I) (32.569) (44.743)
(K) Non-current bank debts 124.004 66.346
(L) Bonds issued
(M) Other non-current payables (150.823) (181.766)
(N) Non-current financial debt (K)+(L)+(M) (180.000) 0
(O) CONSOB net financial position (J)+(N) 0
(P) Current and non-current derivative instruments 0
(Q) ENAV net financial debt (O)+(P) (330.823) (181.766)
(206.819) (115.420)

968 1.863
(205.851) (113.557)

Due to banks at 31 December 2015 decreased in total by € 44,531 thousand
subsequent to the repayments made during the period and the effects related to the
amortised cost. Specifically, repayments were made on the following loans:
• the repayment of € 8,000 thousand of two semi-annual instalment tranches on the

loan with Unicredit S.p.A., with final due date 30 November 2018;

216 ENAV - Annual financial report 2015