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Report on operations

In this context, during the year the Company was particularly engaged in revising
and negotiating its five-year economic plan which became an integral part of the
new Performance Plan submitted to the European Commission in July 2015. After an
initial feedback which was received at the end of 2015 from the Performance Review
Body, the technical body providing technical support to the European Commission,
during the last Single Sky Committee meeting held in February 2016 the European
Commission expressed a definitive positive opinion on the economic performance
submitted by Italy in the performance plan sent in July 2015.
Such event is even more relevant considering that to date some of the major
European States are still under evaluation inasmuch as the above mentioned EU
body returned a negative opinion on their respective economic plans.
The significant commitment during the year of the ENAV Group engaged in
preliminary activities mandated by ENAV’s privatization is equally relevant. In
particular, in order to be aligned with the requirements for companies listed on the
Italian stock exchange, the Group started the process of preparing the Industrial
Plan, updated the management control system and its relative internal procedures,
assessed company risks and optimized the accounting information systems.
Undoubtedly, the commitment of the company in the new performance plan, together
with the effect of particularly dynamic and turbulent traffic, demanded an even
more significant effort from the Company in controlling costs through the adoption
of a series of management initiatives aimed on the one hand at guaranteeing the
fulfilment of the levels of efficiency as provided in the community scheme and on
the other hand to mitigate the partial negative effects on operations generated by
the fall in the volume of traffic.

ENAV - Annual financial report 2015 21