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ENAV S.p.A. Financial Statement

slightly down on the previous period, benefiting from the combined effect of the
reduced interest rate and the contraction in the spread applied, and as a result of the
debt renegotiation carried out by the Parent Company during the period.
The Parent Company issued a seven-year bond on 04 August 2015 with a par amount
of € 180 million, listed with the Luxembourg Stock Exchange’s regulated market,
with a full bullet repayment on the maturity date (04 August 2022). The bond issue
involves the payment of an annual coupon in arrears at a fixed rate of 1.93% of the
par value, with the first interest payment falling due on 04 August 2016. The accrued
interest for the period of € 1,414 thousand was classified under current liabilities.
With regard to the disclosure required by IFRS 13, it is noted that the fair value of the
bond, intended as the price that would be paid to transfer the liability in the scope
of an ordinary transaction between market operators, is estimated at € 191,032
thousand at the balance sheet date.
ENAV has estimated the fair value on the basis of the prices and yields observed
in the market for debt instruments with similar maturities and risk profiles, using
the data provided by primary information providers to build the z-spread used in
constructing the discounting curve.

20. Current and non-current trade payables

Current trade payables amount to € 110,805 thousand (€ 114,552 thousand at
31 December 2014) and include payables to suppliers for the goods and services
needed for the Group’s business for € 97,567 thousand, which shows a drop of €
10,379 thousand compared to the previous year as a result of the net effect of
higher payments and lower debt recorded for the period. The item also includes the
pre-financing contributions received on programmes funded by the EU, of which the
SESAR represents the major portion, and the Eurocontrol balance classified under
the current section for € 6,272 thousand and under non-current trade payables for
€ 6,625 thousand.
In total, the debt for balances amounts to € 12,897 thousand and refers to the
following positions: i) the inflation balance recorded in 2014 that was adjusted in
2015 subsequent to the notification from Eurocontrol of the change made to the
calculation formula used to determine effective inflation, compared to what had
been planned in the 2012–2014 performance, and asking ENAV to adopt this new
calculation. This change resulted in a positive balance being posted for € 5,505
thousand, thus re-determining the debt for the 2014 inflation balance to € 2,439
thousand to be repaid to carriers in 2016, and thus classified under current payables;
ii) the short-term portion balance for € 3,941 thousand relating to the difference
between the Eurocontrol costs stated in the performance plan and the actual result.
As stipulated by the European Commission, these costs are considered to be exempt
of the cost-sharing mechanism pursuant to EU Regulation 391/2013, and as such the
difference between the forecast operating costs and the effective stated costs must
be returned or requested from carriers; iii) the en-route inflation balance for € 5,621
thousand calculated on planned costs for 2015 by taking the difference between the
inflation percentage envisaged in the plan at 1.03% and the final inflation rate of

218 ENAV - Annual financial report 2015