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76 ENAV – 2014 Financial Statements
The consolidated financial statements are presented in euros, the functional
currency of the ENAV Group and the currency of the country where the
Group mainly carries out its activities. All the 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
consolidated financial statements.
The classification of certain items has been changed with respect to the
previous year, and in order to ensure comparability the corresponding item
in the consolidated financial statements for the year ended 31 December
2013 has been reclassified, as required by IAS 1. More specifically, in this
respect the main items involved are a reclassification of ¤23.6 million from
property, plant and equipment to intangible assets to ensure a more suitable
presentation of the items involved, a reduction of ¤1.8 million in current
trade receivables and other current liabilities followingthe discounting to
net present value of the “balance” receivables,which is presented as a direct
reduction in those items, anda separation of the fair value of the derivative
into its current and non-current portions, which areclassified in provisions
for risks and charges and financial liabilities.
3. Consolidation scope and criteria
The consolidated financial statements include the financial statements of
ENAV SpA and its subsidiaries as of and for the year ended 31 December
2014.
More specifically, entities are consolidated when the parent company
exercises control, either by way of the direct or indirect ownership of shares
having the majority of the votes to be exercised at a general meeting of
shareholders or by exercising a dominant interest expressed by the power
to govern the financial and operating decisions of the entity so as to obtain
benefits from its activities, regardless of shareholding relationships.
Control is obtained when the Group is exposed to or has the right to
variable returns from its involvement with the investee and at the same
time has the ability to use its power over the investee to affect the amount
of its returns.
More specifically, the Group controls an investee if and only if it has:
l power over the investee, meaning it has existing rights that give it the
current ability to direct the relevant activities of the investee;
l exposure, or rights, to variable returns from its involvement with the
investee;
l the ability to use its power over the investee to affect the amount of
its returns.
