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ENAV Group Consolidated Financial Statements

of leases as either operating leases or finance leases as required by IAS 17 and,
instead, introduces a single accounting model for all leasing contracts. Based on this
new model, the lessee must recognise: i) assets and liabilities in the balance sheet for
all leases with a term of more than 12 months, unless the underlying asset is of low
value; ii) the depreciation of leased assets separately from interest on lease liabilities
in the Income Statement.
With regard to the lessor, IFRS 16 essentially replicates the accounting requirements
of IAS 17.The lessor must consequently continue classifying and recognising operating
and financial leases differently in the balance sheet. Subject to endorsement, the
standard will be applicable as from the financial periods starting 1 January 2019. The
Group is assessing the potential effects of applying this new standard in the future.
Amendments to IAS 1 - Disclosure initiative, issued in December 2014. The
amendments that form part of a broader initiative to improve the presentation and
disclosure of financial statements, include updates in several areas:
• materiality: it was clarified that the concept of materiality applies to the financial

statements as a whole, and that the inclusion of immaterial information could
obscure the useful financial information;
• disaggregation and subtotals: it was clarified that the specific items in the Income
Statement, statement of financial position and other comprehensive income
for the period can be disaggregated. New requirements were also introduced
regarding the use of subtotals;
• structure of the notes: it was clarified that companies had some flexibility
regarding the order in which the notes to the financial statements were presented.
It was emphasised that when establishing this order, the company must be
cognisant of the requirement that the financial statements are understandable
and comparable;
• equity interests measured using the equity method: the portion of items in the
comprehensive Income Statement relating to equity interests in associates and
joint ventures measured using the equity method must be divided between the
part that can be reclassified and not reclassified to the Income Statement; these
parts must be presented as independent items, in the scope of the respective
sections of the Statement of comprehensive income.
The amendments will be applicable from the financial periods beginning 1 January
2016 or later. The Group does not envisage any impacts from the future application
of these new regulations.
Amendments to IAS 7 - Disclosure Initiative, issued in January 2016. The amendments
apply to liabilities and assets derived from financing activities, defined as the
liabilities and assets whose cash flows were or will be classified in the statement of
cash flows as financing activities.

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