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ENAV S.p.A. Financial Statement

If the plans for the recovery of the balance in the charges are changed, the Group
adjusts the balance receivable/payable to reflect the effective and recalculated
estimated cash flows. The carrying amount is then recalculated, finding the current
value of future cash flows recalculated by determining the present value of the
future cash flows using the original interest rate; in addition to adjusting the charge
receivable and payable, the difference arising is also recognized in profit or loss as
financial income or expense. A change in the plan of recovery of the balance, which
is considered as being a change in estimate arising from the fact that the Group
has obtained new or more accurate information, does not lead to an adjustment to
previous financial statements and any changes are applied prospectively.

Dividends

The dividends received from investments not consolidated on a line-by-line basis
are recognised in the Income Statement at the time the right arises to receive
the relevant payment that normally corresponds with the shareholders’ meeting
resolution to distribute dividends.

Costs

Costs are recognised when these relate to goods and services sold or consumed
during the financial period, or based on a systematic allocation, or when there is no
identifiable future use of the same.

Financial income and expense

Financial income and expense are recognized on an accrual basis on the basis of
the interest earned or due on the relative financial assets and liabilities, using the
effective interest rate and, where envisaged, the legal interest rate.

Income taxes

Current income taxes, IRES and IRAP, are calculated on the basis of the best estimate
of taxable income for the financial period, in accordance with the tax regulations
applicable in the countries where the Group carries out its activities, applying current
tax rates. Current tax liabilities are recognized in the balance sheet net of any taxes
paid on account.

ENAV - Annual financial report 2015 187