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ENAV Group Consolidated Financial Statements

9. Investments in other companies

Investments amount to € 35,314 thousand and refer solely to the investments held
in other companies. The change during the financial period is shown in the table
below:

31.12.2014 Increases Decreases 31.12.2015

Equity investments 26.431 8.883 0 35.314
other companies 26.431 8.883 0 35.314
Total

The increase for the period of € 8,883 thousand refers to the payment made on
the second tranche, required contractually, to purchase the equity interest held in
Aireon LLC, a Limited Liability Company incorporated under the laws of the United
States, belonging to the Iridium Group, which with its innovative ADS-B satellite
technology, will make it possible to provide a surveillance system with the same
precision and accuracy characteristics as the ground ADS-B, even in areas where
geographic conditions or infrastructure constraints, such as oceans, deserts or remote
areas, open seas, do not allow for efficient solutions from traditional land-based
technologies (radar and terrestrial ADS-B). This investment is being acquired through
four instalment payments, the last of which in 2017, for a total price of US$61.2
million, at the end of which an investment interest of 12.5% will be acquired. At 31
December 2015, the first two tranches had been paid for a total of US$ 38.3 million,
corresponding to a stake of 5.41%. The third payment, which was initially required
in September 2015 will be made in 2016, and formalised with an addendum to the
purchase contract.
Aireon LLC is an unlisted company. Its fair value is deemed reliable, and is represented
by the cost as set in the contract that was estimated on the basis of the valuations
performed during the acquisition process.
Investments also include the 16.67% interest held by the Parent Company in the
share capital of the French incorporated company ESSP SaS, a company which is held
by the main European service providers. It manages the EGNOS satellite navigation
system and provides the related services. A dividend of € 250 thousand was received
in 2015, similar to the previous year.

ENAV - Annual financial report 2015 105