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ENAV Group Consolidated Financial Statements

2. Form and content of consolidated financial statements

The ENAV Group consolidated financial statements at 31 December 2015 were
prepared in accordance with the International Financial Reporting Standards (IFRS)
issued by the International Accounting Standards Board (IASB) and endorsed by the
European Union in EC Regulation 1606/2002 of 19 July 2002, and in accordance with
Legislative Decree 38 of 28 February 2005, which introduced regulations governing
the adoption of IFRS in Italian law.
The term IFRS includes all the International Financial Reporting Standards, all the
International Accounting Standards (IAS), all the interpretations of the International
Financial Reporting Interpretations Committee (IFRIC), previously referred to as
the Standing Interpretations Committee (SIC), adopted by the European Union
and contained in the EU Regulations published as of 29 March 2016, the date on
which the Board of Directors of ENAV S.p.A. approved the consolidated financial
statements.
The accounting policies described below reflect the fact that the ENAV Group will
continue to be fully operational in the foreseeable future, in accordance with the
going concern assumption, and are consistent with those applied in the preparation
of the consolidated financial statements for the previous year except for the adoption
of new or amended standards and interpretation effective for the current financial
year.
The consolidated financial statements have been prepared and presented in Euro,
which represents the functional currency for the ENAV Group. All the amounts
included in the tables in the following notes and in the comments are shown in
thousands of euros unless otherwise stated.
The consolidated financial statement used and the relevant classification criteria
used by the ENAV Group are shown below, in the context of the options provided for
by IAS 1, Presentation of Financial Statements:
• the consolidated statement of financial position has been prepared on the current/

non-current distinction Current assets include assets that are sold, consumed or
realised as part of the normal operating cycle, even when they are not envisaged
that these will be realised within twelve months after the reporting period. Current
liabilities are those that will be settled during the Group’s normal operating cycle
or within twelve months following the year-end.
• the consolidated income statement is prepared using a classification based on the
nature of expenses;
• the consolidated statement of other comprehensive income which include the
result appearing from the consolidated income statement, the changes to the
items in the net consolidated changes in equity especially from the actuarial gains
and losses on employees’ benefits, the changes to the fair value of cash flow
hedging instruments and the gains and losses arising on translation of foreign
subsidiaries’ financial statements. The statement identifies the items that will be
and not be subject to recycling to the income statement;
• the consolidated statement of changes in equity;
• the consolidated statement of cash flows was prepared using the indirect method.

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