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Report of the Board of Statutory Auditors on the Separate Financial Statements  245

                                  ENAV S.p.A.
                       Via Salaria, 716 - 00138 Rome
               Share capital € 1,121,744,385.00 fully paid

                         Rome Companies Register
                  Tax code and Chamber of Commerce

                      no. 97016000586 – REA 965162
                    Company with a Sole Shareholder
               Report of the Board of Statutory Auditors
 on the financial statements for the year ended 31 December 2014
          (Article 2429, paragraph 2 of the Italian civil code)
To the Shareholders’ Meeting of ENAV S.p.A.
Shareholders,
For the first time ENAV S.p.A. has, on a voluntary basis, prepared its
own annual financial statements and the Group’s consolidated
financial statements at 31 December 2014 in accordance with
International Financial Reporting Standards (IFRS).
More specifically, the ENAV Group’s consolidated financial
statements for the years ended 31 December 2011, 2012 and 2013
were restated during 2014 in accordance with International Financial
Reporting Standards and were approved by the Board of Directors on
24 October 2014; the ENAV Group’s date of transition to
International Financial Reporting Standards was accordingly 1
January 2011.
On the other hand the annual financial statements of ENAV S.p.A. for
the year ended 31 December 2014 were the first set of financial
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