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ENAV Group Consolidated Financial Statements

1. General information

ENAV is a limited company with a sole shareholder, wholly owned by the Ministry
of the Economy and Finance (the MEF) and exercises its rights as a shareholder in
agreement with the Ministry of Infrastructure and Transport (the MIT), which carries
out the role as the Ministry supervising the civil aviation sector. ENAV S.p.A. was
established in 2001 following the conversion under Law No. 665/1996 of Ente
Nazionale di Assistenza al Volo (the National Agency for Flight Assistance), a public
undertaking, that was formerly known as Azienda Autonoma di Assistenza al Volo
per il Traffico Generale (A.A.A.V.T.A.G. – Autonomous Company providing Flight
Assistance for General Traffic).
ENAV provides air traffic management and control services, and other essential
services for air navigation within Italian air space and national civil airports where it
has jurisdiction, whilst guaranteeing the highest technical and systematic standards
in flight safety, and the enhancement of the technology and infrastructure of flight
assistance systems. This infrastructure requires constant maintenance and ongoing
development to ensure operational safety, punctuality and continuity. The above is
set out clearly in the EU regulations issued by the Single European Sky, which on the
one hand defines the air traffic management structure and on the other, sets targets
in terms of technology, quality, economics and the environment that all service
providers must adhere to.
The Company has its registered office at No. 716 Via Salaria in Rome, as well as other
branches and operational facilities throughout Italy.
The Group handles the operational management, support and maintenance of
national air traffic control equipment and systems through its subsidiary Techno Sky
S.r.l., acquired at the end of 2006, and engineering activities carried out through the
SICTA Consortium.
The subsidiary ENAV Asia Pacific, a company incorporated under Malaysian law,
manages the ENAV Group’s commercial development in Asia and Oceania, whereas
the subsidiary Enav North Atlantic, established as an LLC (Limited Liability Company)
and governed by the laws in the State of Delaware (USA), holds a stake in Aireon LLC
that will introduce the first global satellite surveillance system for air traffic control.
These financial statements were approved by the Company’s Board of Directors at its
meeting held on 29 March 2016, and have been audited by the firm Reconta Ernst
& Young S.p.A.

74 ENAV - Annual financial report 2015