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ENAV S.p.A. Financial Statement

the Board of Directors of ENAV S.p.A. approved the consolidated financial statements.
Starting from the year ended 31 December 2014, the Company has opted for the
provision under articles 3 and 4 of Legislative Decree No. 38 of 28 February 2005 which
governs the exercising of the options prescribed by article 5 of European Regulation
(EC) No. 1606/2002 on international accounting standards, and has applied IFRSs
in the preparation of its separate financial statements. In previous years, ENAV
prepared its separate financial statements in accordance with Italian accounting
standards pursuant to Legislative Decree No. 127 of 9 April 1991 as interpreted by
the accounting standards issued by the Italian Accounting Organisation (“Organismo
Italiano di Contabilità”).
The accounting standards used reflect the fact that ENAV will be fully operational
in the foreseeable future. They are applied on the assumption of the Company as
a going concern, and comply with the standards applied in preparing the separate
financial statements for the previous year.
The financial statements have been prepared and presented using the Euro, which
represents the functional currency for the Company. All the amounts included in the
tables in the following notes and in the comments are shown in thousands of euros
unless otherwise stated.
The consolidated financial statements used and the relevant classification criteria
used by the Company are shown below, in the context of the options provided for by
IAS 1, Presentation of Financial Statements:
• the consolidated statement of financial position has been prepared on the current/

non-current distinction Current assets include assets that are sold, consumed or
realised as part of the normal operating operating cycle, even when they are not
expected to be realised within twelve months after the reporting period. Current
liabilities are those that will be settled during the Group’s normal operating cycle
or within twelve months following the year-end.

176 ENAV - Annual financial report 2015