Page 231 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 229

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

Total fees of ¤695 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 ¤290 thousand payable to the directors and statutory
auditors may be analyzed as follows:

Directors 31.12.2014 31.12.2013 Change
Statutory auditors
Total 227 468 (241)
63 73 (10)
290 541 (251)

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.

34. 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 and relative terms, and the operation should benefit the valuation
of the Company and the Shareholder’s related expectations.

In terms of the selection of the most suitable financial instrument for
acquiring the funds required to service the operation, given the present
particularly favorable momentum in the debt market due to the combined
effect of interest rates at historical lows and narrowing lending spreads, on
8 May 2015 the Board of Directors approved the issue of a bond pursuant
to article 2410 of the Italian civil code, to be placed with institutional
investors, for an amount equal to the above reduction in share capital, up
to ¤180 million, with a ten-year term and bullet redemption.