Page 121 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 119

Provisions for other risks remain unchanged compared to 31 December
2013 and relate to the liability that could emerge with respect to the
rescission of the agreement for the modernization of the flight assistance
systems at Parma airport, from which the parent company withdrew in
early 2013.

17. Tfr and other employee benefits

This item, amounting to ¤60,049 thousand, consists of the liability for the
Italian employees’ leaving entitlement (TFR) which is governed by article
2120 of the Italian civil code, and represents the estimate of the ENAV
Group’s obligation determined using actuarial techniques for the amounts
to be paid to its employees on termination of the employment relationship.

Changes during the year in the liability for the TFR and other employee
benefits were as follows:

Liability for employee 31.12.2014 31.12.2013
benefits at the beginning 53,655 58,288
of the year 1,689 1,560
6,994 (2,426)
Interest cost (2,289) (3,767)

Actuarial (gains)/losses 60,049 53,655
on defined benefits

Advances. settlements
and other changes

Liability for employee
benefits at the end
of the year

Advances, settlements and other changes amounting to ¤2,289 thousand
consist of balances paid to leavers during the year and advances made to
personnel making a request for such.

The difference between the previous balance on this account calculated
on the basis of the previous assumptions and the balance recalculated at
period end on the basis of the updated assumptions represents actuarial
gains (losses). This calculation led to actuarial losses of ¤6,994 thousand
in 2014 compared to actuarial profits of ¤2,426 thousand in 2013.