Page 243 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 241

Statement of Cash Flows

The Company presented a statement of cash flows in its last set of financial
statements prepared under Italian GAAP on a voluntary basis. This was
prepared using the indirect method, adjusting net income for the year for
items of a non-monetary nature. This statement presents the cash from
and cash used in operating, investing and financing activities respectively.
The combined effect of these cash flows leads to the total cash produced
by or used during the year and represents the difference between opening
and closing cash and cash equivalents.

The statement of cash flows presented by the Company in accordance
with IAS 7 is not substantially different from that presented in accordance
with previous accounting standards.

The main adjustments made to cash flows were as follows:

l the reclassification of cash flows arising from the transfer of trade
payables for investing activities from “cash from operating activities”
to “cash from investing activities”;

l the separate presentation of cash flows from the payment of taxes
and interest as part of “cash flows from operating activities”.