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ENAV Group Consolidated Financial Statements

two previous years is transferred to profit or loss through the item Utilization of the
Balance.
Given that the re-charge assets and payback liabilities balances is deferred over
time, in accordance with IAS 18, the parent company measures such revenues at
fair value, discounting them using the average interest rate for which it obtains
funds on the third party market. The adjustment is recognized as a reduction in the
Balance receivable or payable to which it refers and as a reduction in revenues for the
year. This amount is released to profit or loss in subsequent years for the portion of
interest income accruing in the period.
If the plans for the recovery of the balances in the charges are changed, the Group
adjusts the balance receivable/payable to reflect the effective and recalculated
estimated cash flows. The carrying amount is then recalculated, finding the current
value of future cash flows recalculated by determining the present value of the
future cash flows using the original interest rate; in addition to adjusting the balance
receivable and payable, the difference arising is also recognized in profit or loss as
financial income or expense. A change in the plan of recovery of the balance, which
is considered as being a change in estimate arising from the fact that the Group
has obtained new or more accurate information, does not lead to an adjustment to
previous financial statements and any changes are applied prospectively.

Dividends

The dividends received from investments not consolidated on a line-by-line basis
are recognised in the Income Statement at the time the right arises to receive
the relevant payment that normally corresponds with the shareholders’ meeting
resolution to distribute dividends.

Costs

Costs are recognised when these relate to goods and services sold or consumed
during the financial period, or based on a systematic allocation, or when there is no
identifiable future use of the same.

90 ENAV - Annual financial report 2015