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Notes to the Consolidated Financial Statements of the Enav Group 97

the equity method, which must be used in consolidated financial statements
to account for investments in associates and joint ventures. The application
of this standard had no effect on these consolidated financial statements.

IFRS 12 Disclosure of Interests in Other Entities. This standard governs the
disclosures that entities must provide for interests in subsidiaries, joint
operations and joint ventures, associates and structured entities. The
application of this standard had no effect on these consolidated financial
statements.

Amendments to IAS 32- Offsetting Financial Assets and Financial Liabilities.
IAS 32 states that a financial asset and a financial liability must be offset
and the net amount presented in the balance sheet when and only when
an entity:

l currently has a legally enforceable right to set off the recognized
amounts; and

l intends either to settle on a net basis or to realize the asset and settle
the liability simultaneously.

The amendments introduced clarify certain essential requirements for of-
fsetting financial assets and liabilities.

The application of this standard, on a retrospective basis, had no effect on
these consolidated financial statements.

Amendments to IAS 36- Recoverable Amount Disclosures for Non-Financial
Assets. The amendments made to this standard consist of eliminating the
disclosures introduced by IFRS 13 and requiring specific disclosures on the
measurement of fair value to be made when the recoverable amount of
the impaired assets is based on fair value less costs to sell. In addition, the
amendments require disclosures on the recoverable value of the assets or
CGU for which an impairment loss has been recognized or reversed during
the period. The application of this standard, on a retrospective basis, had
no effect on these consolidated financial statements.

Amendments to IAS 39 Novation of Derivatives and Continuation of
Hedge Accounting. The aim of the amendments is to enable companies,
when specific conditions are met, not to discontinue hedge accounting
in circumstances when a hedging instrument is novated with a central
counterparty (CPP) as a result of laws and regulations. The amendments
are applicable retrospectively for years beginning on 1 January 2014. The
future application of the new requirements will have no effect for the
Group. The application of this standard had no effect on these consolidated
financial statements.

New accounting standards, interpretations and amendments for
periods beginning on 1 January 2015 not adopted by the Group

Amendments to IAS 19- Defined Benefit Plans: Employee Contributions. The
aim of the amendments, issued in November 2013, is to clarify how to
recognize the contributions paid by employees as part of a defined benefit
plan. More specifically, when contributions are linked to service they must