Page 168 - ENAV eng_Relazione_Finanziaria_Annuale_2014

166 ENAV – 2014 Financial Statements

1. General information

ENAV is a joint stock company with a sole shareholder which is wholly
owned by the Ministry of Economy and Finance (MEF) and which exercises
its shareholder’srights in agreement with the Ministry of Infrastructure and
Transport (MIT), which is also the monitoring ministry in charge of civil
aviation. ENAV SpA 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 and management services and other essential
navigation services in Italian airspace and to the civil national airports
for which it has competence, ensuring the highest technological and
systemic standards in flight safety and the enhancement of the technology
and infrastructure of flight assistance systems. In common with its other
logistical infrastructures, the country’s “airspace infrastructure” needs
constant maintenance and continuous development to guarantee safety,
punctuality and operational continuity. This is moreover clearly stated in
the European Union’s Single European Sky regulations that on the one
hand have been introduced to design the future structure of the air traffic
management system and on the other set the technological, qualitative,
economic and environmental targets that all service providers must meet.

ENAV has its registered office in Via Salaria 716, Rome and operating
facilities throughout the country.

ENAV has significant subsidiaries and as a consequence prepares
consolidated financial statements, which are published together with
these separate financial statements.

These financial statements were approved by the Company’s Board of
Directors on 29 May 2015 and have been audited by Reconta Ernst & Young
SpA pursuant to article 2409-bis of the Italian civil code as amended by
article 14 of Legislative Decree no. 39/2010.