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ENAV Group Consolidated Financial Statements

10. Current and non-current financial assets

Non-current financial assets amount to € 15,687 thousand (€ 15,886 thousand at 31
December 2014), whereas current financial assets recorded a nil balance during the
year. Financial assets consist of the following:

Non-current financial assets 31.12.2015 31.12.2014 Change
Financial receivables
Derivative 14.354 15.143 (789)
Others 968 383 585
Total 365 360 5
current financial assets
Derivative 15.687 15.886 (199)
Total
0 1.480 (1.480)
0 1.480 (1.480)

Financial receivables refer entirely to the receivable from the company from which
the business unit contributed to Techno Sky was purchased. This shows a balance of
€ 14,354 thousand, recording a reduction during the year as a result of the payments
received, which are in proportion to settlements and advances on the employees’
termination indemnity paid to Techno Sky’s employees. This receivable corresponds
to the termination indemnity paid to employees included in the business unit
transferred by the seller to the subsidiary Techno Sky, and is payable at the simple
request of the subsidiary should employees end their employment, or requests for
advances or in a lump sum payment 15 years from the contract date, corresponding
to 28 December 2021.The receivable is interest-bearing at the three-month 360-day
Euribor rate, increased by a spread of 0.05 percentage points, and is supported by a
first demand bank guarantee.
Non-current financial assets also include the derivative contract entered into in
December 2013 by the Parent Company for the forward currency purchase of US
dollars, subdivided into four tranches. Two of these were made in the previous year,
and one tranche was settled in 2015 for € 12,398 thousand. The last tranche will be
exercised in 2017; consequently, the fair value measurement for the derivative at 31
December 2015 for € 968 thousand was classified under non-current financial assets.
The current assets item amounts with only the last tranche outstanding.
The derivative contract represents a perfectly effective hedging instrument, accounted
for as in accordance with the cash flow hedge method. Reference is made to Note 33
in the consolidated financial statements for all the information required by IFRS 7.

106 ENAV - Annual financial report 2015