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ENAV Group Consolidated Financial Statements

After initial recognition,goodwill is measured at cost less any accumulated impairment
losses. For the purposes of impairment, goodwill acquired in a business combination
is allocated at the acquisition date to each of the Group’s cash-generating units
where the benefits from the synergies of the combination are expected, regardless of
whether the other assets or liabilities acquired are allocated to those units.
If goodwill is allocated to a cash-generating unit and the entity disposes of an
operation within that unit, the goodwill associated with the operation disposed of
is included in the carrying amount of the operation when determining the gain or
loss on disposal. The goodwill associated with the operation disposed of is measured
based on the relative value of the operation disposed of and the portion of the cash-
generating unit retained.
Each unit or group of units to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for internal management
purposes.

Translation of items in foreign currency

Transactions in currencies other than the Group’s functional currency are recognised
at the exchange rate prevailing on the date of the transaction. At year end, monetary
assets and liabilities in currencies other than the Euro are translated at the exchange
rate prevailing at the balance sheet date, with the relevant exchange rate gains and
losses recognised in the Consolidated Income Statement.

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