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ENAV Group Consolidated Financial Statements

The list of companies included in the consolidation has not changed compared to the
previous year. The share capital for each one is shown in thousands of Euro below:

Consolidation Share or % holding
method quota
Company name Headquarters Business Currency capital direct group
Subsidiaries

Techno Sky S.r.l. Rome Services euro Line-by line 1.600 100% 100%

ENAV Asia Pacific Kuala Lumpur Services Malaysian ringgit Line-by line 127 100% 100%

SICTA Consortium Naples Services euro Line-by line 1.033 60% 100%

ENAV North Atlantic Miami Services US dollar Line-by line 40.482 100% 100%

The financial statements of subsidiaries are prepared as of 31 December, the reference
date for the consolidated financial statements which were specifically prepared and
approved by the management bodies of individual entities, and duly adjusted where
necessary, to bring them in line with the accounting standards applied by the ENAV
Group.
Subsidiaries are consolidated on a line-by-line basis as follows:
• the assets, liabilities, expenses and revenue of consolidated entities are accounted

for on a line-by-line basis in the consolidated financial statements;
• the carrying amount of investments is eliminated against the corresponding

portion of the equity of investees, with fair value being allocated to the individual
assets and liabilities at the date of acquisition of control;
• gains and losses not yet realised by the Group, because they derive from
transactions between companies consolidated are eliminated, as are intercompany
payables together with those that give rise to reciprocal assets and liabilities and
expenses and revenue;
• consolidation adjustments take into account their deferred tax effect.

Translation of financial statements of foreign operations

The financial statements of Subsidiaries are prepared in their functional currency,
being the currency of the primary economic environment in which they operate.
For consolidation purposes, the financial statements of each foreign company are
translated into Euro, which represents the functional currency of the Group, based
on the following criteria:
• assets and liabilities are translated using the closing exchange rate at the year-end

reporting date;
• income and expenses are translated using the average exchange rate for the

reporting period/year, as this is considered to be a reliable approximation to the
result that would be obtained by using the exchange rates at the date of each
transaction;

ENAV - Annual financial report 2015 77