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ENAV Group Consolidated Financial Statements

Non-current financial assets falling due after five years consist of the receivable due
from the company from whom the Techno Sky business unit was acquired in respect
of the employees’ termination indemnity (TFR) which is assumed to still be in the
company in the reference period.
Financial liabilities falling due after 5 years refer to bank loans and bonds payable. In
this respect reference should be made to note 36.
Other non-current liabilities falling due after five years relate to the portion of capital
grants corresponding to the depreciation on the investment projects to which they
relate.

35. Guarantees and commitments

Guarantees refer to sureties provided to third parties in our interest for € 3,338
thousand (€ 3,303 thousand at 31 December 2014), and show a net increase of € 35
thousand between the surety commitments issued in previous financial periods and
the newly issued sureties in 2015, which include the sureties issued to participate in
the tender in Dubai.
As stated in this document and detailed under Note 9, through the subsidiary ENAV
North Atlantic, the Parent Company has committed to an investment to purchase a
12.5% interest in the share capital of AIREON LLC by the year 2017. At 31 December
2015, two tranches had been paid and the shareholding currently stands at 5.41%.

36. Basic earnings per share

The basic earnings per share are shown at the bottom of the Income Statement, and are
calculated by dividing the net income for the year attributable to the Parent Company
Shareholder by the weighted average number of ordinary shares issued during the year.
We note that on 21 July 2015, the resolution to voluntarily reduce the share capital took
effect, with the consequent cancellation of 180,000,000 shares with a par value of € 1.
Subsequent to this reduction, the share capital comprises 941,744,385 ordinary shares
with a par value of € 1.
The table below summarises the relative calculation.

Profit attributable to Shareholders of the parent group 31.12.2015 31.12.2014
Weighted average number of ordinary shares 66,083,249 40,005,989
Profit/(loss) base per share 1,040,867,673 1,121,744,385

0,06 0,04

It is noted that on 02 March 2016, an extraordinary Shareholders’ Meeting was held
to voluntarily reduce the share capital pursuant to Art, 2445 of the Italian Civil Code
by constituting a specific equity reserve for € 400 million. This reduction will take
effect once the 90 days required by the law have lapsed, namely on 02 June 2016.

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