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14 ENAV – 2014 Financial Statements

important were the actions taken to support the Company’s financial
strategy, which in 2014 reduced financial burdens related to bank debt by
¤1.8 million, and the opening of a line of credit by the European Investment
Bank (EIB) at an extremely favorable rate for financing the parent company’s
Investment Plan.

Therefore, based on the above-described factors regarding the trend for
the year, the net result of ¤40 million for 2014 may be considered, along
with the result for 2013, one of the best ever achieved by the ENAV Group.

In conclusion, the Group’s efforts in terms of strategic, economic, and
operational planning, and the actions taken by management achieved a
significant profit for the year, offsetting effects on the income statement
linked to restrictions of the Community regulatory framework, as well as
purely external effects linked to the negative economic situation and the
crisis in north Africa.

Charge policy

ENAV’s 2014 charge policy took account of the changes made to European
and Italian regulations related to the new Community performance scheme
and to Italian Stability Law 183/2011, which essentially abrogated the
state contribution system for national airports, as well as of the uncertain
situation in the air transport industry, which has not yet allowed Italy to
recover traffic volumes that decreased in previous years.

In this highly complex context, ENAV managed to set a charge level that
guaranteed its economic-financial stability and that also took account
of market demands, in a situation where, more than in the past, airline
companies view the charge for air navigation services as a fundamental
element to be considered when defining business strategies.

With regard to the en-route charge, in 2014 the Company guaranteed the
same charge level applied in the previous two years (¤78.83 per service
unit), in line with accounting standards and European regulations, as
well as in conformity to the provisions of the National Performance Plan
presented in June 2011.

With regard to the terminal charge, in line with Community regulations
and choices made by Italy, three charge bands were identified for terminals
based on movements at national airports. This differentiation, which ENAC
communicated to the European Commission by letter dated 28 January
2014, defined as of 1 January 2014 the following bands, which remain
subject to the cost recovery system for 2014.

l IT01, which includes Fiumicino Airport in Rome, with an average
annual number of IFR movements exceeding 225 thousand in the last
three years, to which a charge of ¤195.79 is applied;

l IT02, which includes airports above 70 thousand IFR movements,
Milan Malpensa, Milan Linate and Venice Tessera, with a charge of
¤214.15;