Page 122 - ENAV eng_Relazione_Finanziaria_Annuale_2014

120 ENAV – 2014 Financial Statements

The main assumptions used to calculate the actuarial estimate of the TFR
liability at 31 December 2014 and 2013 were as follows:

Discount rate 31.12.2014 31.12.2013
Inflation rate
Employee turnover rate 1.49% 3.17%
Advance rate 1.50% 1.75%
4.00% 4.00%
2.50% 2.50%

The discount rate used to determine the present value of the obligation
in both 2014 and 2013 was based on the IBoxx Eurozone Corporate AA
duration 10+ index, calculated with reference to companies similar to
the ENAV Group and corresponding to the average liability duration. The
decrease in the rate is due to the present financial and economic situation
which is causing a constant fall in interest rates.

The IP55 tables arranged by gender were used for the annual probability
assumptions for mortality rates while retirement rates take account of the
most recently enacted legislation.

18. Current and non-current financial liabilities

Current and non-current financial liabilities consist of: i) amounts due to
banks for medium/long-term loans, with the current portion being classified
as current financial liabilities together with the accrued interest expense,
and bank overdrafts; ii) the balance due to the factoring company to which
suppliers have sold their receivables from ENAV on a non-recourse basis;
iii) the fair value of hedging derivatives, for which reference should be made
to note 32.