Page 237 - enav_27052016

ENAV S.p.A. Financial Statement

32. Guarantees and commitments

Guarantees refer to sureties provided to third parties in our interest for € 2,422
thousand (€ 2,387 thousand at 31 December 2014), and show a net increase of € 35
thousand between the surety commitments issued in previous financial periods and
the newly issued sureties in 2015, which include the sureties issued to participate in
the tender in Dubai.
In addition, ENAV has signed two letters of patronage totalling € 27,200 thousand in
the interest of its subsidiaries Techno Sky and SICTA Consortium in favour of banks
as a guarantee for the credit facilities granted for amounts of € 22,200 thousand and
€ 5,000 thousand respectively, unchanged over 2014.
As stated in this document and detailed under Note 7, through the subsidiary ENAV
North Atlantic, ENAV has committed to an investment to purchase a 12.5% interest
in the share capital of AIREON LLC by the year 2017. At 31 December 2015, two
tranches had been paid and the shareholding currently stands at 5.41%.

33. Basic earnings per share

The basic earnings per share are shown at the bottom of the Income Statement,
and are calculated by dividing the net income for the year attributable to the Parent
Company Shareholder by the weighted average number of ordinary shares issued
during the year.
We note that on 21 July 2015, the resolution to voluntarily reduce the share capital
took effect, with the consequent cancellation of 180,000,000 shares with a par
value of € 1. Subsequent to this reduction, the share capital comprises 941,744,385
ordinary shares with a par value of € 1.
The table below summarises the relative calculation.

Profit attributable to Shareholders of ENAV 31.12.2015 31.12.2014
Weighted average number of ordinary shares 49.817.458 38.827.033
Profit (loss) base per share 1.040.867.673 1.121.744.385

0,05 0,03

It is noted that on 02 March 2016, an extraordinary Shareholders’ Meeting was held
to voluntarily reduce the share capital pursuant to Art, 2445 of the Italian Civil Code
by constituting a specific equity reserve for € 400 million. This reduction will take
effect once the 90 days required by the law have lapsed, namely on 02 June 2016.

236 ENAV - Annual financial report 2015