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ENAV Group Consolidated Financial Statements

The fair value of unlisted instruments is measured by reference to financial valuation
techniques.
Financial assets and liabilities measured at fair value are classified over the three
levels detailed below, based on the relevance of the information used in the fair value
calculation. More specifically:
• Level 1: fair value is determined with reference to quoted prices (unadjusted) in

active markets for identical financial instruments;
• Level 2: fair value is determined using evaluation techniques with reference to

variables observable on active markets;
• Level 3: fair value is determined using evaluation techniques with reference to

non-observable variables.

Loans, trade payables and other financial liabilities

Financial liabilities that include loans, bonds and other financial liabilities are initially
recorded at fair value, less any directly attributable transaction costs, and are
subsequently measured at amortised cost, using the effective interest method, net
of loan repayments already made.
Loans, trade payables and other financial liabilities are classified as current liabilities
unless they have a contractual due date exceeding twelve months from the balance
sheet date, which are consequently classified as non-current liabilities.
Financial liabilities are derecognised when the contract is extinguished or when the
specific contract obligation has been fulfilled.

Treasury shares

As required by IAS 32, when equity instruments are reacquired, these are defined as
treasury shares and are deducted directly from equity under the caption Treasury
shares.
No gain or loss is recorded in the Income Statement on the purchase, sale or
cancellation of treasury shares. Any charge paid or received, including any direct
costs incurred that are attributable to an equity transaction, net of any associated
tax benefit, are recorded directly in equity.

ENAV - Annual financial report 2015 85