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Notes to the Financial Statements of ENAV SpA 185

have not yet been adopted by the European Union and ENAV 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. ENAV is assessing
the effect that the adoption of the new requirements may have on the
separate financial statements.

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
Company’s 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. No effects are expected to arise on the preparation of the separate
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 levy as 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 began on 1 January 2014. The interpretation was adopted by the
European Union in 2014 and the community regulation has established
that it is applicable at the latest from the commencement date of the first
year beginning on or after 16June 2014. ENAV will accordingly apply the
interpretation from 2015 and does not expect any effects to arise from the
application of the new requirements.

Annual Improvements to IFRSs - 2010-2012 and 2011-2013 cycles. On
12 December 2013 the IASB issued these documents which contain
amendments as part of the annual improvement process for standards,
concentrating on amendments that are considered necessary but not
urgent. The amendments are of a formal nature and regard clarifications
to currently effective standards. It is not expected that the application of
these amendments will lead to any significant effects for the Company.