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ENAV Group Consolidated Financial Statements

The consolidated financial statements have been prepared under the historical cost
convention, except for those items for which fair value measurement is obligatory.
Comparative figures for the previous year are provided for each item of the
consolidated financial statements.

3. Scope and basis of Consolidation

The ENAV Group’s consolidated financial statement include the financial statement
of ENAV S.p.A. and the companies over which the Parent Company directly or
indirectly exercises control, from the date on which control is obtained until the date
on which control in no longer held by the Group.
The Group controls an entity when it is exposed, or has rights to, variable returns
from its involvement with the investee and at the same time has power over the
investee and has the ability to influence those return through its power over the
investee.
More specifically, the Group controls an investee if and only if it has:
• power over the investee (or it holds valid rights that give it the present capacity to

manage the significant activities of the investee);
• exposure, or rights, to variable returns from its involvement with the investee;
• the ability to use its power over the investee to affect the amount of its returns.
• Generally, there is an assumption that the majority of voting rights results in

control. In support of this assumption, when the Group holds less than the majority
of voting rights or similar rights, the Group considers all the relevant facts and
circumstances to establish whether it effectively controls the investee, including:
• contractual agreements with other holders of voting rights;
• rights deriving from contractual agreements;
• the Groups voting rights and potential voting rights.
The Group reassesses whether it has control of a subsidiary if the facts and
circumstances have undergone changes to one or more of the three significant
criteria for the purposes of defining control. The consolidation of a subsidiary begins
when the Group gains control, and ends when the Group loses control. The assets,
liabilities, revenue and costs of the subsidiary acquired or sold during the financial
year are included in the consolidated financial statements from the date on which
the Group takes control up until the date when the Group no longer has control over
the company.

76 ENAV - Annual financial report 2015