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Report on operations

Information on Enav Group Companies

The operations and economic performance of ENAV Group companies at 31
December 2015 are described below.

Techno Sky

The company is wholly-owned (100%) by ENAV and deals with the operational
management, support and maintenance of national air traffic control plants and
systems, ensuring their complete and uninterrupted availability and operational
efficiency. The Company closed 2015 with a net positive result of 2.8 million Euros,
28.9% higher than the previous year. The results show an EBITDA of 5.8 million
Euros, a 24.4% fall with respect of the previous year following an 5.9% increase in
the cost of orders for which there was a 3.3% increase in earnings for investment
projects commissioned by the Parent Company.The lower impact of depreciation and
impairment losses in 2015 determined an EBIT of 4.9 million Euros. 15% lower than
the previous year. The results benefited from financial management and a change in
the determination of IRAP tax (regional corporate tax) that led to a reduction of tax
dues of 1.4 million Euros with respect to 2014.
From the point of view of technical results in 2015, Techno Sky maintained a high
level of technical performance in servicing the global contract for the maintenance
of ENAV plants in relation to both the management and maintenance of the
hardware in the ATC technology infrastructure and software maintenance covering
the correction of errors, software modification and software evolution.

ENAV Asia Pacific Sdn Bhd

ENAV Asia Pacific is a Malaysian company established in March 2013 for purposes
of developing the Group’s commercial activities in countries in Asia and Oceania.
Wholly-owned by ENAV, the company closed 2015 with a net positive result of 15.8
thousand Euros, on the increase with respect to the previous year (4 thousand Euros
as of 31 December 2014). In December 2015, the Company signed a contract with
the Malaysian Department of Civil Aviation worth 10 million Euros for aeronautical
consulting services to be carried out over the next four years.
The company is administered by a Chief Executive Officer appointed by the Board
of Directors and designated by the parent company, and is subject to legal auditing

ENAV - Annual financial report 2015 57