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Report on operations

Corporate Governance 10

Reference scenario and results of operations 20

2015–2019 Performance Plan 23

Market and air traffic trends 25

Safety and quality indicators 31

International activities 34

Commercial activities on domestic and foreign markets 35

Investments 36

Human Resources 39

Environment 41

Other information 44

Economic performance and financial position of the ENAV Group 48

Economic performance and financial position of ENAV 53

Information on ENAV Group companies 57

Significant events after the year-end 59

Performance forecast 59

Proposal for allocation of net profit of ENAV S.p.A. 60

ENAV Group Consolidated financial statements for the year ended 31 62
December 2015

Separate financial statements of ENAV S.p.A. at 31 December 2015 162

ENAV - Annual financial report 2015 9