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ENAV S.p.A. Financial Statement

The amendments will be applicable from the financial periods beginning 1 January
2016 or later. ENAV does not envisage any impacts from the future application of
these new regulations.
Amendments to IAS 7 - Disclosure Initiative, issued in January 2016. The amendments
apply to liabilities and assets derived from financing activities, defined as the liabilities
and assets whose cash flows were or will be classified in the statement of cash flows
as financing activities. The amendments require the disclosure of changes to these
liabilities/assets, distinguishing the monetary changes from the non-monetary ones
(for example: changes arising from obtaining or losing control of subsidiaries or other
businesses, the effect of changes in the rate of exchange and changes to fair value).
The IASB recommends providing this disclosure in the form of a table reconciling
the balances for these assets/liabilities at the start of the period with those at the
end of the period. The amendments will be applicable from the financial periods
beginning 1 January 2017 or later. ENAV does not envisage any impacts from the
future application of these new regulations.
Amendments to IAS 12 - Recognition of deferred tax assets for unrealised losses, issued
in January 2016, provide clarification on the methods for recognising deferred tax
assets relating to debt instruments measured at fair value. Briefly, the amendments
clarify the requirements for recording deferred tax assets with reference to unrealised
losses in order to eliminate different accounting practices. Subject to approval, the
amendments will be applicable from the financial periods beginning 1 January 2017
or later. Early application is permitted. ENAV is assessing the potential effects of
applying this new standard in the future.

194 ENAV - Annual financial report 2015