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168 ENAV – 2014 Financial Statements

amounts included in the tables in the following notes and in the comments
to these notes are expressed in thousands of euros unless otherwise stated.

Comparative figures for the previous year are provided for each item of the
financial statements, and in accordance with IFRS 1a statement of financial
position is presented as of 1 January 2013.

3. Accounting standards

The most significant accounting principles and policies used in preparing
the separate financial statements are as follows. For completeness of
information reference should also be made to note 36 discussing transition
to international accounting standards.

Property, plant and equipment

Property, plant and equipment is recognized at cost, including any costs
directly attributable and necessary for the asset to be capable of operating
in the manner intended by its purchase. Costs for maintenance and repairs
which are unlikely to enhance the value of an asset or extend its useful life
are expensed in the year in which they are incurred, otherwise they are
capitalized.

Property, plant and equipment is stated net of accumulated depreciation
and any impairment losses. Depreciation is charged on a straight-line basis
over the estimated useful life of the asset for the business; this is reviewed
annually, and any changes, if necessary, are accounted for on a prospective
basis. If a depreciable asset is made up of distinctly identifiable elements
whose useful lives differ significantly from those of the other components
of the asset, depreciation is calculated for each of these components
separately using the component approach. Depreciation starts when an
asset is available for use.