Page 191 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 189

relate to the following investment projects: i) the NOAS (New Operational
Area System) program regarding the optimization of systems already
developed by ENAV with the Airnas and Athena programs aimed at
maintaining Single European Sky certification and the integration of the
Ais and Meteo data banks; ii) the new SAPERE airborne control planning
and management system.The net decrease over the year of ¤13,852
thousand relates for ¤16,167 thousand to projects completed and entering
service during the year which are classified under the item to which they
relate, ¤3,062 thousand to a reclassification to this item of projects initially
classified as tangible assets and ¤747 thousand expensed during the year
as the items do not qualify for classification as intangible assets.

Amortization of ¤16,420 thousand was charged during the year (¤12,949
thousand in the year ended 31 December 2013).

6. Investments

Investments amount to ¤142,909 thousand representing an increase of
¤28,083 thousand as shown by the following table:

31.12.2013 Increases Decreases 31.12.2014

Investments 114,659 28,083 0 142,742
167 0 0 167
l subsidiaries 0 142,909
114,826 28,083
l other
companies

Total

The increase for the year of ¤28,083 thousand regards the 100%
investment in ENAV North Atlantic, a United States registered limited
liability company established in January 2014 and governed by the laws of
the State of Delaware. The company was assigned the obligations under
the Subscription Agreement signed in December 2013 for the purchase of
12.5% of the quotas of Aireon, a United States registered limited liability
company belonging to the Iridium group whose business is the supply of
services required for air navigation surveillance activities through the use
of a payload system installed on board the 66 operating satellites which
Iridium will launch between 2015 and 2017 and which will enable it to
make the first global satellite surveillance system available to air traffic
with a surveillance coverage of points not currently covered by radar. This
investment is being acquired by payment in four instalments, the last of
which in 2017, for a total price of US$61.2 million, which are synchronized
with the payments made by the company’s major shareholder, NAV
Canada, holding 51% of its capital and tied to the realization of the same
milestones identified with such. The first two instalments were paid in
2014 for a total of ¤26,264 thousand, corresponding to US$31.8 million
and cash has been provided to the subsidiary for the difference in order to