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78 ENAV – 2014 Financial Statements
Subsidiaries are consolidated on a line-by-line basis as follows:
l like items of assets and liabilities, income and expenses of the
companies consolidated are combined line by line in the financial
statements
l the carrying amount of investments is eliminated against the
corresponding portion of the equity of investees, with fair value
being allocated to the individual assets and liabilities at the date of
acquisition of control;
l any gains or losses not yet realized by the Group because they arise
from intragroup transactions are eliminated, together with the entries
that give rise to receivables and payables and income and expense
between the consolidated companies;
l consolidation adjustments take into account their deferred tax effect.
Current/non-current classification
The Group’s assets and liabilities are classified on a current/non-current
basis.
An asset is current if:
l it is expected to be realized in, or is intended for sale or consumption
in, the Group’s normal operating cycle;
l it is held primarily for the purpose of being traded;
l it is expected to be realized within twelve months after the balance
sheet date; or
l it is a cash or cash equivalent unless it is restricted from being exchan-
ged or used to settle a liability for at least twelve months after the
balance sheet date.
All other assets are classified as non-current.
A liability is current if:
l it is expected to be settled in the Group’s normal operating cycle;
l it is held primarily for the purpose of being traded;
l it is due to be settled within twelve months after the balance sheet
date; or
l the Group does not have an unconditional right to defer settlement of
the liability for at least twelve months after the balance sheet date.
All other liabilities are classified as non-current.
