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Report on operations

Commercial activities on domestic and foreign markets

In 2015, the ENAV Group registered revenues from the sale of services to third party
customers of approximately 11 million Euro of which 75% from ENAV services. The
result was influenced by the effect of the acquisitions made in 2015 and the political
situation in some countries that are strategic for business development.
The acquisition of work contracts were made mostly in the second half of the year
with a peak in the last two months which involved shifting part of the revenue
expected in 2015 to the next financial year.
In particular, the most significant activities were the ones taken over in Saudi Arabia,
Morocco and Malaysia where the controlled subsidiary, ENAV Asia Pacific, finalized a
four-year contract worth more than 10 million Euros.
In addition to these results ENAV conducted numerous commercial activities,
including:
• proposals to foreign organizations for aviation consulting projects;
• participation in international tenders;
• aviation consulting and technical assistance contracts in Italy and training and

technical services contracts with international customers;
• promotion and commercial advertising targeted to international customers by

attending fairs and industry events;
• commercial cooperation agreements with industrial partners and technical

cooperation agreements with potential customers.
The breakdown of revenue shows that the services most in demand are aviation
consulting and radio signal measurement service with interesting prospects for
engineering services.
In this last year the ENAV Group further widened its services portfolio and its client
base. To date the Group has successfully completed more than 150 projects in 28
countries around the world having established its main markets in Malaysia, the
United Arab Emirates, and Libya.

ENAV - Annual financial report 2015 35