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ENAV S.p.A. Financial Statement

In accordance with the National Collective Labour Agreements (CCNL), ENAV
subscribes to the Prevaer Fund, which is the National Supplementary Pension
Fund for non-executive staff in the Air Transport industry and associated sectors.
As stated under Article 14 of the Prevaer Fund’s Articles of Association, relating to
the Fund’s corporate structure consisting of: the Shareholders’ Meeting of delegated
shareholders; the Board of Directors; the Chairman and Deputy Chairman; the Board
of Statutory Auditors, representation of shareholders is based on equal participation
between workers representatives and the subscribed companies. The Fund’s Board
of Directors resolves, inter alia, on the general criteria for the distribution of risk
regarding investments and equity investments, as well as investment policies; the
selection of asset fund managers and the depositary bank.

31. Maturity analysis of assets and liabilities

Within 1 year From 2 to 5 years After 5 years Total
0 968
Non-current financial assets 0 968 0
Deferred tax assets 0 18.240
Non-current tax receivables 0 18.240 0 23.164
Non-current trade receivables 0 124.278
Total 0 23.164 166.650
Financial liabilities 259.713 363.393
Deferred tax liabilities 0 124.278 0
Other non-current liabilities 4.035
Non-current trade payables 0 166.650 91.124 112.788
Total 0
32.569 71.111 6.624
350.837 486.840
0 4.035

0 21.664

0 6.624

32.569 103.434

Financial liabilities falling due after 5 years refer to bank loans and bonds payable. In
this respect reference should be made to note 33.
Other non-current liabilities falling due after five years relate to the portion of capital
grants corresponding to the depreciation on the investment projects to which they
relate.

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