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Report on operations

Significant events after the year-end

On 2 March 2016 the Shareholders’ Meeting of ENAV passed a resolution for a
voluntary reduction of the Company’s share capital pursuant to article 2445 of the
Italian civil code for an amount of 400 million Euros by constituting a specific equity
reserve. Following this operation, the share capital stands at € 541.7 million.

Performance Forecast

In the next four years, ENAV will have to comply with the new EU regulatory
framework in which the European Commission has identified expected performance
levels for European providers in terms of economic and operational efficiency for
2015–2019.
Therefore, taking into account the European regulatory framework and in the spirit
of providing fresh input for management policies and actions, in November 2015 the
ENAV Group started a process for the definition of a new Industrial Plan which was
then approved by the Board of Directors on 29 March 2016.
Moreover, the ENAV’s privatization listing process which started in the second
semester of 2015 is equally relevant.
As is known, the Decree of the President of the Council of Ministers (“DPCM”)of 16
May 2014 started the ENAV privatization process with the proviso that the state
maintains a stake in ENAV’s Share Capital of not less than 51%.As stated in Paragraph
2, the transfer of shares, “can be made, even in multiple stages, by means of, an Initial
Public Offering (”IPO“) available to investors in Italy, including employees of ENAV
S.p.A. and its controlled subsidiaries, and/or Italian and International institutional
investors, and/or direct negotiation to be conducted on the basis of a competitive
tender procedure addressed to entities that conform to the requirements provided in
Regulations (EU) No. 1035/2011”. In the next paragraph 3 the DPCM itself indicates
that recourse to an IPO is the method of preference for the privatization of the
company: “For the purpose of ensuring the widest possible distribution of shareholding
among investors, among the methods identified in Paragraph 2, priority is given to an
Initial Public Offering (”IPO“) available to investors in Italy and Italian and International
institutional investors”.
The Company, in co-ordination with its shareholder and supported by Global Co-
ordinators and financial, legal and accounting consultants will proceed over the next
months with activities aimed at listing the company on the Italian Stock Exchange
which is presently forecast to happen by the end of 2016.

ENAV - Annual financial report 2015 59