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ENAV S.p.A. Financial Statement

The reserve for actuarial gains/(losses) for employees benefits incorporates the
effects of the actuarial estimates for post employment benefits (TFR), stated net of
the tax effect, which at 31 December 2015 was in the negative for € 5,805 thousand.
The cash flow hedge reserve, for € 2,693 thousand, includes the fair value change of
derivative financial instruments, which recorded an increase during the year for an
amount net of taxes of € 1,345 thousand. This difference is partly due to recording
the exchange rate gains relating to the payment made by ENAV to the subsidiary
ENAV North Atlantic LLC to purchase the dollars needed to pay the third tranche for
the investment in Aireon.
Retained earnings/(accumulated losses) include the results recorded in previous
years. It increased in 2015 by € 886 thousand following the allocation of the residual
portion of the 2014 result, subsequent to the resolution taken by the shareholders’
meeting on 30 June 2015 to pay a dividend of € 36 million in favour of shareholders
and to make an allocation to the legal reserve.
The gains for the financial period amount to € 49,817 thousand.
The following table provides a summary of the purposes for which the equity reserves
may be used in accordance with the requirements of article 2427 of the Italian Civil
Code and IAS 1.

Capital reserves Amount Possible use

Other reserves 36.359 A, B, C

Revenue reserves 15.877 unavailable
(3.045) unavailable
Legal reserve (5.805)
B
IAS initial adoption reserve (FTA) 2.693 B
Reserve for actuarial gains/(losses) on 82.365 A, B, C
employee benefits 128.444
Cash flow hedge reserve

Retained earnings/(accumulated losses)

Total reserves

A: increase in share capital; B: absorption of losses C: distribution to shareholders.

Capital management
The objective of ENAV in terms of capital management is to maximise value for
Shareholders and support future developments. The Company manages its financing
structure and makes adjustments on the basis of economic conditions and the
requirements of covenants. ENAV has also set itself the objective of maintaining
adequate capital levels, which will allow access to external funding, while at the same
time reducing the cost of debt, and adequately support the Company’s development
activity.
No changes were made to the objectives, policies and procedures for managing
capital during the periods ended 31 December 2015 and 2014.

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