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56 ENAV – 2014 Financial Statements

Significant events after the year-end

On 21 January 2015, the subsidiary ENAV North Atlantic LLC paid the
balance for the second tranche required under the agreement to acquire
the stake in Aireon LLC, amounting to approximately $6.4 million.

On 13 April 2015, the Shareholders’ Meeting resolved, for purposes of
article 2445 of the Italian civil code, to voluntarily reduce the Company’s
share capital by ¤180 million. At the conclusion of the transaction
share capital will amount to ¤941.7 million. This releverage transaction,
conducted as part of the wider privatization process, should also increase
the efficiency of ENAV’s current financial structure, characterized by a
leverage level (both in absolute and comparative terms) generally lower
than similar listed and unlisted companies, to the benefit of the Company’s
rating and of the related expectations of the Shareholder.

With regard to the choice of the financial instrument deemed most
appropriate for acquiring the funds needed to service the transaction,
given the current highly favorable trend on the debt market due to the
combined effect of interest rates at all-time lows and contracting credit
spread, on 8 May 2015 the Board of Directors resolved, for purposes of
article 2410 of the Italian civil code, to issue a bonded loan to be placed
with institutional investors in an amount equal to the above-mentioned
reduction in share capital up to ¤180 million, with maturity of up to 10
years and bullet redemption.

Performance forecast

In the next five years, ENAV will have to comply with the new and more
stringent Community regulatory framework in which the European
Commission has identified expected performance levels for European
providers in terms of economic and operational efficiency for 2015-2019.

Under Community regulations, 2015 begins a new 5-year reference period
that will conclude in 2019. Therefore, considering the restrictions imposed
by this regulatory package, and to give continuity to management policies
and actions adopted to date, ENAV has defined its 2015-2019 Economic
Plan in line with the Commission’s requirements. This Plan coincides with
the Performance Plan of the Blue Med Functional Airspace Block (FAB)
composed of Italy, Malta, Cyprus, and Greece. Regarding events in the first
reference period, with the emanation of two new Community Regulations
(390/2013 (Performance Regulation) and 391/2013 (Charging Regulation)),
the Community performance regulator’s attention shifted from domestic
to FAB, although with some distinctions. We refer, for example, to the
responsibility to achieve economic efficiency targets, which has been left
to Member States and thus to providers, whereas the capacity target has
been set at the FAB level, although with the obligation of interpretation at
the national level.