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ENAV Group Consolidated Financial Statements

4. Accounting policies

The principal accounting policies and measurement criteria adopted in the preparation
of the consolidated financial statements are described below.

Property, plant and equipment

Property, plant and equipment is measured at acquisition or production cost, net of
accumulated depreciation and any impairment losses. The cost includes any directly
attributable costs incurred to prepare the asset for its intended use. In the event
of significant overhauls or maintenance, the cost is capitalised under the plant or
equipment’s book value, where the criteria for recognising such have been met.
All other repair and maintenance costs are expensed in the period which they are
incurred.
Depreciation is charged on a straight-line basis, from the date the asset is available
and ready for use, based on the asset’s expected useful life. The useful life is reviewed
annually, and any changes, if necessary, are accounted for on a prospective basis.
Depreciation takes into account any residual value on the property, plant and
equipment. When a depreciable asset consists of separately identifiable components
with useful lives that are significantly different from those of the other components
of the asset, each component is depreciated separately in accordance with the
component approach.

80 ENAV - Annual financial report 2015