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ENAV S.p.A. Financial Statement

Airports, which in 2014 was only included for six months of the year; ii) the charges
applied for the charge categories, being Euro 195.57 for category 1 remains stable
compared to the previous period (Euro 195.79 in 2014), Euro 214.72 for the second
category that is essentially unchanged (Euro 214.15 in 2014) and Euro 260.96 for
the third category, marking an increase compared to the previous year of € 246.05
and a portion covered by ENAV with the contribution resulting from the charge
stabilization. In fact, the supplementary charge stabilization contribution of € 20,304
thousand corresponds to what was attributed when determining the third category
terminal charge, an intervention for the purposes of supporting the market during
the current crisis.
Revenues associated with en-route and terminal exemptions for € 11,327 thousand
(€ 10,940 thousand at 31 December 2014) and € 3,079 thousand (€ 3,296 thousand
at 31 December 2014) respectively appear largely stable compared to the previous
period and refer to exempt flights, which are mainly military flights.
Third party market revenues stand at € 9,791 thousand and record an overall
decrease of € 727 thousand being the net effect between the different types of
services rendered in 2015. In particular, we note the increase of revenues for radio-
measurement services for € 936 thousand associated with the services rendered in
Saudi Arabia, Abu Dhabi, Uganda and Albania, and a drop in aeronautical consulting
projects compared to 2014, due to the completion of the projects in Libya and Dubai,
in addition to the drop in revenues from the project in Malaysia, where the contract
is nearing completion.
The Balance component, which is also part of ENAV’s operations amounts to €
17,708 thousand and comprises the items shown in the table below:

Balance charge adjustment for the year 31.12.2015 31.12.2014 Change
Discounting effect 24.713 41.321 (16.608)
Balance variations (389) (4.064)
Utilization of the balance 1.564 0 3.675
Total (8.180) 1.564
17.708 (53.273) 45.093
(16.016) 33.724

The item Balance for the year represents the additional charge arising from charge
addition comparing the actual traffic volumes and/or costs as compared with the
planned amounts used in determining the charge prior to charge before adjustment
to fair value through discounting and the en-route charge difference derived from
the difference applied for the route between the first performance plan submitted
and the new approved performance plan, of which € 23,264 thousand refers to routes
and for € 1,449 thousand refers to terminals. More specifically, the en-route balance
recorded for the period refers to: i) the balance associated with lower revenue in 2015
related to the different en-route charges applied, connected to the first performance
plan submitted (Euro 78.80), and the charge that should have been used to comply

ENAV - Annual financial report 2015 223