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ENAV S.p.A. Financial Statement

1. General information

ENAV is a limited company with a sole shareholder which is wholly owned by the
Ministry of Economy and Finance (MEF) and which exercises its shareholder’s rights
in agreement with the Ministry of Infrastructure and Transport (MIT), which is also
the monitoring ministry in charge of civil aviation. ENAV S.p.A. was established
in 2001 following the conversion under Law No. 665/1996 of Ente Nazionale di
Assistenza al Volo (the National Agency for Flight Assistance), a public undertaking,
that was formerly known as Azienda Autonoma di Assistenza al Volo per il Traffico
Generale (A.A.A.V.T.A.G. – Autonomous Company providing Flight Assistance for
General Traffic).
ENAV has its registered office in Via Salaria 716, Rome and operating facilities
throughout the country.
ENAV has significant subsidiaries and in accordance with IFRS 10, prepares
consolidated financial statements, which are published together with these separate
financial statements.
On 04 August 2015, ENAV issued a bond on the regulated Luxembourg market,
consequently acquiring the status of Public-Interest Entity (PIE), pursuant to Article
16 of Italian Legislative Decree No. 39/2010.
These financial statements were approved by the Company’s Board of Directors on
29 March 2016 and have been audited by Reconta Ernst & Young S.p.A. pursuant
to Article 14 of Italian Legislative Decree No. 39/2010, in accordance with the
appointment conferred in 2013 for the three-year period 2013, 2014 and 2015. Upon
the Company acquiring the status of an Entity of Public Interest, the auditing firm
put in place the procedures required to guarantee compliance with the independence
requirements for those appointed for the audit referring to PIEs, pursuant to the
provisions under Article 10 and 17 of Legislative Decree 39/2010.
On 22 January 2016, ENAV published the tender notice to appoint an auditor
pursuant to Article 14 and 16 of Legislative Decree 39/2010 for the nine-year period
2016–2024.

2. Format and content of the financial statements

The financial statements at 31 December 2015 were prepared in accordance with
the International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB) and endorsed by the European Union in EC
Regulation 1606/2002 of 19 July 2002, and in accordance with Legislative Decree 38
of 28 February 2005, which introduced regulations governing the adoption of IFRS
in Italian law.
The term IFRS includes all the International Financial Reporting Standards, all the
International Accounting Standards (IAS), all the interpretations of the International
Financial Reporting Interpretations Committee (IFRIC), previously known as the
Standing Interpretations Committee (SIC), adopted by the European Union and
contained in the EU Regulations published as of 29 March 2016, the date on which

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