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ENAV S.p.A. Financial Statement

Amendments to IAS 16 and IAS 38 - Clarification ofAcceptable Methods of Depreciation
and Amortization. On 12 May 2014, the IASB published certain amendments to IAS
16 and IAS 38. The amendments aim to clarify which depreciation and amortisation
methodologies are acceptable within the scope of the standard. In particular, the
amendments clarify that a method of depreciation or amortization based on the
revenues that may be generated by the tangible or intangible asset is not considered
suitable. The amendments are to be applied as from the financial periods starting 1
January 2016, and early application is permitted. These amendments have not yet
been adopted by the European Union and the Company does not envisage significant
accounting effects to arise on their application.
Amendments to IFRS 11 - recognition of the acquisition of an interest in a joint
arrangement.The amendments refer to clarification on the recognition of acquisitions
of an interest in a joint arrangement. The IASB requires these amendments to apply
to financial statements beginning on or after 1 January 2016. These amendments
have not yet been adopted by the European Union and ENAV does not envisage
significant accounting effects to arise on their application.
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor
and itsAssociate or JointVenture. On 11 September 2014 the IASB issued amendments
to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates
and Joint Ventures in order to coordinate the accounting treatment of the sale or
contribution of assets between an investor and its associates or joint ventures. The
amendments introduced have the aim of clarifying the accounting treatment of gains
and losses deriving from transactions with joint ventures or associates accounted for
using the equity method. The IASB requires these amendments to apply to financial
statements beginning on 1 January 2016. These amendments have not yet been
adopted by the European Union and the Company does not envisage significant
accounting effects to arise on their application.
Amendments to IAS 27 -Equity Method in Separate Financial Statements. The
amendments allow entities to use the equity method to account for investments
in subsidiaries, joint ventures and associates in their separate financial statements.
The amendments are effective for years beginning on or after 1 January 2016; early
application is permitted. ENAV does not envisage significant accounting effects to
arise on the application of the amendments.
Amendments to IFRS 10, IFRS 12 and IAS 28 – Investments Entities: Applying the
Consolidation Exception. The amendments clarify that if ENAV prepares financial
statements in accordance with IFRS 10, the exemption from preparing consolidated
financial statements extends to the subsidiaries of an investment entity, in turn
qualified as investment entities. It is not expected that the application of these
amendments will lead to any effects on the preparation of the separate financial
statements.

192 ENAV - Annual financial report 2015