Page 76 - ENAV eng_Relazione_Finanziaria_Annuale_2014

74 ENAV – 2014 Financial Statements

1. General information

ENAV is a joint stock company with a sole shareholder which is wholly
owned by the Ministry of Economy and Finance (MEF) which exercises
its shareholder’s rights in agreement with the Ministry of Infrastructure
and Transport (MIT), which is also the monitoring ministry in charge of
civil aviation. ENAV SpA was established in 2001 following the conversion,
under Law no. 665/1996, of the “Ente Nazionale di Assistenza al Volo
(the National Agency for Flight Assistance)”, a public undertaking, that
was formerly known as “Azienda Autonoma di Assistenza al Volo per il
Traffico Generale” (A.A.A.V.T.A.G. – Autonomous Company providing
Flight Assistance for General Traffic).

ENAV provides air traffic and management services and other essential
navigation services in Italian airspace and to civil national airports for
which it has competence, ensuring the highest technological and systemic
standards in flight safety and the enhancement of the technology and
infrastructure of flight assistance systems. In common with its other
logistical infrastructures, the country’s “airspace infrastructure” needs
constant maintenance and continuous development to guarantee safety,
punctuality and operational continuity. This is moreover clearly stated in
the European Union’s Single European Sky regulations that on the one
hand have been introduced to design the future structure of the air traffic
management system and on the other set the technological, qualitative,
economic and environmental targets that all service providers must meet.

ENAV has its registered office in Via Salaria 716, Rome and operating
facilities throughout the country.

The Group handles the operational management, support and maintenance
of national air traffic control equipment and systems through its subsidiary
Techno Sky Srl, acquired at the end of 2006, and engineering activities
carried out through the SICTA Consortium.

The subsidiary ENAV Asia Pacific, a Malaysian registered company, carries
out commercial activities for the ENAV Group in Asia and Oceania, while
the subsidiary ENAV North Atlantic founded in January under US law in the
legal form of a limited liability company (LLC) organized under the laws of
the State of Delaware (USA) holds the investment in Aireon LLC which will
produce the first global satellite surveillance system for air traffic control.

These financial statements were approved by the Company’s Board of
Directors on 29 May 2015 and have been audited by Reconta Ernst &
Young SpA.