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Notes to the Consolidated Financial Statements of the Enav Group 99

beginning on or after 1 January 2016. These amendments have not yet been
adopted by the European Union and the Group does not envisage significant
accounting effects to arise on the application of the amendments.

Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture. On 11 September 2014 the IASB
issued amendments to IFRS 10 Consolidated Financial Statements and IAS
28 Investments in Associates and Joint Ventures in order to coordinate the
accounting treatment of the sale or contribution of assets between an
investor and its associates or joint ventures. The amendments introduced
have the aim of clarifying the accounting treatment of gains and losses
deriving from transactions with joint ventures or associates accounted for
using the equity method. The IASB requires these amendments to apply
to financial statements beginning on 1 January 2016. These amendments
have not yet been adopted by the European Union and the Group does not
envisage significant accounting effects to arise on their application.

Amendments to IAS 27 -Equity Method in Separate Financial Statements.
The amendments allow entities to use the equity method to account for
investments in subsidiaries, joint ventures and associates in their separate
financial statements. The amendments are effective for years beginning
on or after 1 January 2016; early application is permitted. The Group does
not envisage significant accounting effects to arise on the application of
the amendments.

Amendments to IAS 1 – Disclosure Initiative. The amendments proposed
principally regard the materiality of disclosures, the requirements for
using subtotals, the possibility of separating out items, the structure
of the notes and the presentation of the share of OCI of associates and
joint ventures accounted for using the equity method. The amendments
are applicable from 1 January 2016 but early application is permitted. The
amendments are currently being reviewed by the European Union. As they
regard amendments to information to be provided there is no effect on the
consolidated financial statements.

Amendments to IFRS 10, IFRS 12 and IAS 28 – Investments Entities: Applying
the Consolidation Exception. The amendments clarify that if the parent
company prepares financial statements in accordance with IFRS 10, the
exemption from preparing consolidated financial statements extends to
the subsidiaries of an investment entity, in turn qualified as investment
entities. It is not expected that the application of these amendments
will lead to any effects on the preparation of the consolidated financial
statements.

IFRIC 21 Levies. This interpretation establishes when an entity must
recognize a liability in its financial statements for an obligation to pay a
levy, other than income taxes, due to the government or, more generally, to
local or international bodies. More specifically, the interpretation requires
a liability to be recognized when the event that gives rise to the obligation
to pay a levyas determined by legislation (for example reaching a certain
threshold of revenues) occurs. If the event that triggers the obligation
occurs over a specific period of time, the liability must be recognized
progressively. The standard is applicable retrospectively for years that