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ENAV S.p.A. Financial Statement

-- a change of control clause that entitles EIB to ask for the early repayment of the
funding in the event that any party or group of parties take control of ENAV or
the Republic of Italy no longer has control of the Issuer.

In addition, the loans also requires that certain financial covenants are adhered to,
which are verified on an annual and six-monthly basis and calculated according to
the Group’s consolidated results: i) the gross financial debt and EBITDA ratio must
not be less than 3 times ; ii) the EBITDA and financial expenses ratio must be lower
than 6 times;
• the bond issued by ENAV in August 2015 for € 180 million, with interest calculated
at a fixed annual rate of 1.93% and a single capital repayment on 04 August 2022,
which includes:
-- a negative pledge clause, in other words, an undertaking by the Company not

to establish or provide third parties with guarantees on the debt or additional
privileges in respect of those guaranteed by the bond issued, unless there are
duly authorised by a bondholders’ meeting;
-- across default clause that entitles the bondholders to ask for the early repayment
of the bond in the event that ENAV or its subsidiaries do not punctually meet
their financial obligations relating to financial debt other than the bond, for an
amount above € 15 million;
-- a change of control clause, which entitles the bondholders to ask for early
repayment on the bond issue n the event that a party other than the Republic
of Italy, its ministries (including the Ministry of the Economy and Finance) or
the entities and companies directly or indirectly controlled by the latter or its
ministries, takes control of the Issuer.
In addition, the bonds also requires that financial covenants are adhered to, such as
: i) the net financial debt/EBITDA ratio must not be higher than 3 times ; ii) the net
financial debt/shareholders’ equity ratio must not be higher than 0.7 times.
ENAV has always adhered to the covenants provided for in each funding agreement,
including in previous financial periods.At 31 December 2015, there were no elements
that would lead one to believe that the Company could not adhere to its covenants.

Interest rate risk
The main sources of ENAV’s exposure to interest rate risk relate to the volatility
of interest rates associated with funding indexed at a variable rate, and changes in
economic market conditions when negotiating new debt instruments. In this regard,
there is a risk that increases in the interest rate could negatively impact the level of
net financial expenses recorded in the Income Statement and future cash flows, as
well as having a significant impact on financial assets and liabilities measured at fair
value (typically, fixed rate debt instruments).
At 31 December 2015, around 23% of the Company’s gross financial debt was
represented by variable rates. Current corporate policies to manage interest rate risk
do not envisage the use of derivative financial instruments.
In order to limit the potential adverse effects of rate fluctuations, ENAV adopts

240 ENAV - Annual financial report 2015