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ENAV S.p.A. Financial Statement

Investments in other companies

Investments in subsidiaries are measured at purchase cost, including directly
attributable accessory costs, adjusted for any impairment losses that are recognized in
profit or loss. An impairment loss is reversed if the reasons underlying the recognition
of the loss no longer hold, up the amount of the write-down carried out. The reversal
of an impairment loss is recognized in profit or loss.
Subsidiaries are companies for which ENAV has the power to govern, directly or
indirectly, financial and operating policies in order to obtain the benefits deriving
from their activities.
Investments in other companies and financial assets available for sale, comprising
non-current financial assets and not destined for trading (namely investments
available for sale), are measured at cost adjusted for impairment losses, because the
fair value cannot be reliably calculated.

Financial assets (Trade and loans receivable)

Financial assets are initially recognised at fair value, and adjusted for transaction
costs, if any. They are subsequently measured at amortised cost, using the effective
interest method, and adjusted for any impairment losses.
Impairment losses consist of the difference between the carrying amount and the
present value of future cash flows discounted using the original effective interest
rate.
If the due date of trade receivables and other current assets does not fall within
normal commercial terms and the receivables or assets do not bear interest,
an analytical discounting process is carried out on the basis of assumptions and
estimates. Trade receivables whose due dates fall within normal commercial terms
are not discounted.Trade and other receivables are classified as current assets, except
for those having a due date exceeding twelve months from the balance sheet date
which are classified as non-current assets..

Cash and cash equivalents

Cash and cash equivalents include cash, bank deposits available and other forms
of short-term investments. At the reporting date, current account overdrafts are
classified among financial payables under current liabilities in the statement of
financial position. The items included in cash are measured at fair value and the
relevant charges are recorded in the Income Statement.

180 ENAV - Annual financial report 2015