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80 ENAV – 2014 Financial Statements

The Group recognized a consolidation difference on the acquisition of
Techno Sky Srl since the price for the company exceeded the book value of
its equity, an excess that could not be allocated to specific items and which
is accounted for as goodwill. This excess has been tested for impairment
as discussed below.

Discretional assessments and significant accounting estimates

The preparation of the Group’s consolidated financial statements
requires the directors to make discretional assessments, estimates and
assumptions that affect the values of revenues, costs, assets and liabilities
and the disclosures relating to these items, and an indication of contingent
liabilities. The uncertainty inherent in these assessments and estimates
could lead to results that in the future may require a significant adjustment
to be made to the carrying amount of these assets and liabilities.

Discretional assessments

In applying the Group’s accounting principles and policies the directors
have taken decisions based on the following discretional assessments,
excluding those that require estimates to be made, which have a significant
effect on the carrying amounts of items in the financial statements.

Presentation of revenues

The presentation of revenues forms part of management’s discretion, in
particular as far as the “balance” and related discounting effect are concerned:
this item consists ofcharge adjustments arising from the difference between
forecast service units and actual service units and is calculated pursuant to
Community Regulations.

Definition of CGUs

Management has identified the following two cash-generating units
(CGUs) on the basis of the Group’s current structure:

l Air navigation services: the CGU coincides with the legal entity ENAV,
the parent company, whose core business is the provision of air traffic
and management services as well as the provision of other services
essential for navigation, in the Italian skies and at the national civil
airports under its jurisdiction, ensuring the maximum technical
and systemic standards in flight safety and the enhancement of the
technology and infrastructure of flight assistance systems.

l Maintenance services: the CGU coincides with the subsidiary Techno
Sky Srl, whose core business is the technical management and
maintenance of air traffic control systems.