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ENAV Group Consolidated Financial Statements

Due to banks at 31 December 2015 decreased in total by € 45,678 thousand
subsequent to the repayments made during the period and the effects related to the
amortised cost. Specifically, repayments were made on the following loans:
• the repayment of € 8,000 thousand of two semi-annual instalment tranches on

the loan with Unicredit S.p.A., with final due date 30 November 2018;
• the repayment of € 20,000 thousand of two semi-annual instalment tranches on

the loan with Unicredit S.p.A., with final due date 30 June 2018;
• the repayment of the last portion of the loan for 15,000 € thousand with Intesa

San Paolo resulting in the loan being extinguished;
• the repayment of a semi-annual instalment tranche on the loan with Medio

Credito Centrale fo € 1,667 thousand, with final due date 31 May 2018.
The current portion of the loans amounts to € 31,155 thousand and includes the
instalments to be repaid in 2016 in accordance with the amortisation plans, and
incorporates the effects related to the amortised cost. Current liabilities further
include the utilisation of an overdraft facility for € 219 thousand.
Due to other lenders retuned to a nil balance after payments were made. The Group
does not accept discounting without recourse on invoices.
At 31 December 2015, the ENAV Group had available committed and uncommitted
short-term credit lines for a total of 240 million, in addition to the portion of EIB
funding for 80 million that had been contracted but not yet utilised, resulting in
available funding of 320 million. The agreements for these facilities provide that
interest will be charged at normal market rates, with non-use commitment charges
that are not significant.
The following table provides an analysis of the Group’s loans including the general
conditions for each of its relationships with the lender concerned.

Drawn down Carrying

Lender Type Ceiling(nominal value) Availability amount Interest rate

BNL-Bnp Paribas Credit line - overdraft 52.000 - 51.781 219 Euribor + 1,90

Medio Credito Centrale Medium/long-term - 5 years 10.000 10.000 - 8.265 Euribor + 1,90

Credito Valtellinese Credit line - overdraft 5.000 - 5.000 - Euribor + 1,85

BNL-Bnp Paribas 13 months - 1 day 50.000 - 50.000 - Euribor + 1,90
Unicredit
Unicredit Current account advances - 10.000 - 10.000 - Euribor + 1,80
Unicredit Csuuprprelinetrsaccount advances - on
Intesa San Paolo iLnevnodiicnegs aisdsvuaendces (no restriction 15.000 - 15.000 - Euribor + 1,80
on use)
46.000 - 46.000 - Euribor + 1,80
Advances on invoices
60.000 - 60.000 - Euribor + 0,25

Intesa San Paolo Credit line - overdraft 2.500 2.500 Euribor + 1,50

Unicredit Medium/long-term - 5 years 40.000 40.000 - 23.889 Euribor + 0,34

Unicredit Medium/long-term - 5 years 100.000 100.000 - 49.773 Euribor + 0,34
EIB - European Medium/long-term - 15 years 180.000 100.000 80.000 100.051
Investment Bank 570.500 250.000 320.281 182.197 Fixed rate +
Totale 1,515

122 ENAV - Annual financial report 2015