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ENAV S.p.A. Financial Statement

the Ais and Meteorological databanks; ii) the monitoring and analysis system called
AIDA; iii) Reclassifications for a net amount of € 7,928 thousand refer largely to
projects completed in the period and reclassified to specific captions for € 7,536
thousand, for € 57 thousand reclassified to this caption for projects initially classified
as property, plant and equipment and for € 449 thousand charged to the Income
Statement for projects that did not meet the requirements to be capitalised as

intangible assets.
Impairment losses totalling € 530 thousand refer to certain parts of projects that were

no longer usable and thus charged to the Income Statement.
The total for the financial period is € 12,122 thousand (€ 16,420 thousand at 31

December 2014).

7. Investments in other companies

Investments amount to € 143,284 thousand and recorded the following movements
during the period:

31.12.2014 Increases Decreases 31.12.2015

Equity investments in: 142.742 14.978 (14.603) 143.117
subsidiaries 167 0 0 167
other companies
Total 142.909 14.978 (14.603) 143.284

The increase for the period of € 14,978 thousand refers to the payment made to the
subsidiary Enav North Atlantic, a Limited Liability Company incorporated under the
laws of the State of Delaware (USA), relating to the cash needed to pay a tranche
to acquire shareholdings in Aireon, as provided in the relevant contract. Enav North
Atlantic was assigned the obligations under the Subscription Agreement signed in
December 2013 for the purchase of a 12.5% shareholding in Aireon, a United States
registered limited liability company belonging to the Iridium Group. The Group
supplies the services required for air navigation surveillance activities through the
use of a payload system installed on board the 66 operating satellites which Iridium
will launch, and which will enable it to make the first global satellite surveillance
system available to air traffic with a surveillance coverage of points not currently
covered by radar. This investment is being acquired with payment made in four
instalments, the last of which falls due in 2017, for a total price of US$ 61.2 million.
The tranches correspond to payments made by the Aireon’s major shareholder, NAV
Canada, holding 51% of its capital and tied to the realization of the same milestones
identified with the latter. At the end of 2015, the first two tranches had been paid for
a total of € 28.1 million, corresponding to US$ 38.3 million.

198 ENAV - Annual financial report 2015