Page 148 - ENAV eng_Relazione_Finanziaria_Annuale_2014

146 ENAV – 2014 Financial Statements

the Ministry of the Economy and Finance in conjunction with the Director
of the Department for Transport, Navigation and Information Systems
and Statistics at the Ministry of Infrastructure and Transport ordering the
decommissioning and simultaneous transfer to the State Property Office of
a first tranche of AVL assets (as well as areas outside the airport grounds),
not additionally instrumental for the supply of ENAV’s business services in
the new sector structure, bilateral ENAC/ENAV discussions are continuing
preliminary to the issue of a further provision for the decommissioning of
other visual and lighting aids at the time contributed to ENAV and still
managed and maintained by the Company.

34. Compensation payable to the audit firm and to directors
and statutory auditors

Total fees of ¤849 thousand were payable to the audit firm, a figure which
also includes the fees for the year paid to the firm for attestation services
other than the legal audit.

Fees totaling ¤496 thousand payable to the directors and statutory
auditors may be analyzed as follows:

Directors 31.12.2014 31.12.2013 Change
Statutory auditors
Total 387 767 (380)
109 122 (13)
496 889
(393)

Directors’ fees consist of those payable to the Sole Director until
September and subsequently to the Board of Directors. The fees payable to
representatives of the Ministry of Economy and Finance and the Ministry
of Infrastructure and Transport are transferred to these ministries if such
directors are employees of these bodies.

35. Subsequent events

On 21 January 2015 the subsidiary ENAV North Atlantic LLC paid the balance
of US$6.4 million representing the second contractually provided instalment
for the purchase of the investment in Aireon LLC.

On 13 April 2015 the Shareholders’ Meeting of ENAV resolved a voluntary
reduction of ¤180 million in the Company’s share capital pursuant to article
2445 of the Italian civil code. This releveraging operation, which should be
considered as part of a broader privatization process, should in addition make
ENAV’s current financial structure more efficient; this structure is currently
characterized by having a leverage that is on the average lower than listed
and unlisted companies that are in any way comparable, in both absolute