Page 223 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 221

Other information

29. Guarantees

Guarantees consist of suretiesof ¤2,387 thousand (¤2,125 thousand at
31 December 2013) pledged to third parties in the Company’s interest,
representing an increase of ¤262 thousand which arises from new issues
and the release of previous sureties. This difference mainly relates to
sureties issued for participating in European tenders and entering the
relative agreements.

In addition, ENAV has signed two letters of patronage totaling ¤27,200 in
the interest of its subsidiaries Techno Sky and SICTA Consortium in favor of
banks as a guarantee for the credit facilities granted for amounts of ¤22,200
thousand and ¤5,000 thousand respectively, unchanged over 2013.

30. Related party transactions

ENAV carries out related party transactions in the Company’s interest.
These form part of ordinary operations and unless otherwise stated are
conducted under market conditions. Related parties can be divided into
those outside ENAV and those inside ENAV. Outside related parties
consist of the controlling and supervising ministries, such as the Ministry
of Economy and Finance (MEF in the table below) and the Ministry of
Infrastructure and Transport (MIT in the table below), as well as the entities
under the control of the Ministry of Economy and Finance. Relationships
with the controlling and supervising ministries are dependent on the
provisions of laws and regulations and regard: i) the provision of flight
assistance services charged to the Ministry of Economy and Finance; ii)
safety services for the systems and equipment contributed by the Ministry
of Infrastructure and Transport. These relationships are described in the
notes on the individual financial statement items. Inside related parties
consist of direct and indirect subsidiaries and associates. The transactions
carried out by the Company with its subsidiaries mainly relate to the
following:

l the exchange of goods with and the provision of services to
the subsidiaries Techno Sky, ENAV Asia Pacific and the SICTA
Consortium;

l commercial relations with the subsidiary Techno Sky settled through
a non-interest bearing intercompany current account.

More specifically, Techno Sky essentially provides services to the parent
company consisting of the maintenance of flight assistance systems and
equipment, as well as the maintenance of civil infrastructure not connected
with operating functions.