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ENAV S.p.A. Financial Statement

Deferred tax assets and liabilities are calculated in relation to all the temporary
differences that emerge between the tax value of an asset or liability and the relative
carrying value, on the basis of the tax rates that are expected to apply in the financial
periods when the temporary differences will be realised or extinguished. A deferred
tax asset is recognized when it is probable that taxable profit will be available against
which the underlying deductible temporary difference can be utilized, unless the
deferred tax asset arises from the initial recognition of an asset or a liability in a
transaction that: i) is not a business combination; ii) at the time of the transaction
affects neither accounting profit nor taxable profit (tax loss).
Deferred tax assets and liabilities are recognized directly in profit or loss, except
for those relating to items recognized in other comprehensive income or equity.
In these cases, the related deferred tax assets or liabilities are also recognized in
comprehensive income or equity.
The Company offsets deferred tax assets and deferred tax liabilities if, and only if,
it has a legally enforceable right to set off current tax assets against current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to the same
taxation authority.
Deferred tax assets and deferred tax liabilities are classified as non-current assets
and liabilities.
Taxes and levies not related to income are recorded under the caption “Other
operating expenses” in the Income Statement.

Related Parties

Internal related parties are entities controlled by the parent company and by
companies in the Group. External related parties are the supervisory Ministry, namely
the Ministry of Infrastructure and Transport and the controlling Ministry namely the
Ministry of the Economy and Finance (MEF), the entities under the control (including
joint control) of the MEF, and associated companies to the latter. Group Executives
with strategic responsibilities are also considered related parties.

Earnings per share

The earnings per share are calculated by dividing the net profit to the weighted
average number of shares outstanding in the period, net of the treasury shares in the
portfolio.

188 ENAV - Annual financial report 2015