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ENAV S.p.A. Financial Statement

Specifically, the balance receivable includes the residual portion of the en-route and
terminal balance since 2011 and in subsequent years, and not yet recovered through
the charges. Regarding the balance recorded in 2015, it is noted that following
Decision No. 347 issued by the European Commission during the month of March
2015, ENAV revised the performance plan for 2015–2019, and presented this to the
European Commission in July 2015. Subsequently in October, approval was received,
albeit not official, regarding the economic and management data contained therein,
which made it possible to calculate the en-route balance on the basis of the data
from the last performance plan submitted. In February 2016, during the most recent
Single Sky Committee, the Commission gave its final approval of the economic
performance submitted by Italy. Consequently, en-route balance for € 28,885
thousand and terminal balance for € 2,454 thousand were recorded respectively.
Specifically, the en-route balance refer to: i) a balance of € 10,395 thousand for the
lower revenue recorded in 2015 due to the different en-route charges applied of Euro
78.80, associated with the first performance plan submitted, and the charge that
should have been used in accordance with the last performance plan submitted with
a charge of Euro 80.49. This entry was made based on the indications received from
Eurocontrol, because the new performance plan is effective from 1 January 2015 and
this balance will mainly be subject to recovery in the 2016 charges; ii) the balance
for the 2015 traffic risk and the portion not recovered on the balance recorded in
previous years and included in the 2015 charge for a total of € 12,087 thousand
was entered following the lower en-route service units generated compared to what
was forecast in the plan (-4.5%); iii) a meteorological balance for € 629 thousand,
calculated in accordance with EU regulations, based on a cost recovery logic; iv) the
balance on en-route kpi capacity as a bonus for having achieved the objective of
0.09 minutes delay for assisted route flights set in the performance plan, where the
Parent Company achieved a result of 0.0095 minutes/flight. Quantifying this bonus,
as determined in the plan, can reach up to 1% of en-route revenue, resulting in an
entry for a balance of € 5,774 thousand.The terminal balance refers to: i) the capacity
balance for the two terminal charge categories subject to the performance plan,
which set a target of 0.02 minutes delay in flight arrivals due to causes attributable to
ENAV. Taking the five airports as a whole, 80% of objective was achieved, translating
into € 138 thousand for the first category and € 196 thousand for the second charge
category; ii) the balance for the second charge category for € 56 thousand related to
the lower traffic levels generated at year end compared to forecasts (-0.1%), which
is calculated on the basis of the total recovery of the difference generated; iv) the
balance associated with the third charge category, not included in the performance
plan, which maintains a cost recovery logic and amounts to € 2,064 thousand as
the portion exceeding the € 20.3 million still borne by the Company and covered by
utilising the charges stabilization provision, as had already been decided during the
phase determining the charge for 2015.

206 ENAV - Annual financial report 2015