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ENAV S.p.A. Financial Statement

Use of management' estimate and judgement

The preparation of financial statements require that Directors apply principles and
methodologies, which at times, are based on difficult and subjective evaluations
and estimates based on past experience and on assumptions, which are deemed
reasonable and realistic from time to time in relation to the relative circumstances.
The application of these estimates and assumptions impacts on the figures in the
accounts and information provided.The final figures in the balance sheet where these
estimates and assumptions were used, can differ from those in previous balance
sheets due to the uncertainty that characterises assumptions and the conditions on
which the estimates are based. Estimates and assumptions are periodically revised,
and the effects of any change are reflected in the accounts in the period when the
estimate was revised, if the revision only influences the current period, or even in
subsequent periods if the revision influences the current and future periods.
For a complete analysis of the discretional assessments and significant accounting
estimates made by management reference should be made to the consolidated
financial statements.

Translation of items in foreign currency

Assets and liabilities arising from transactions in a currency that is not ENAV’s
functional currency are recognized at the exchange rate at the date of the transaction.
At year end these assets and liabilities are translated using the exchange rate at the
balance sheet date and the relative exchange gains and losses are recognized in
profit or loss.

ENAV - Annual financial report 2015 189