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The average interest rate on bank loans for the reference period stood at 1.65%,
slightly down on the previous period, benefiting from the combined effect of
the reduced interest rate and lower spread applied, and as a result of the debt
renegotiation carried out by the Parent Company during the period.
The Parent Company issued a seven-year bond on 04 August 2015 with a par amount
of 180 million, listed with the Luxembourg Stock Exchange’s regulated market, with a
full bullet repayment on the maturity date (04 August 2022).The bond issue involves
the payment of an annual coupon in arrears at a fixed rate of 1.93% of the par value,
with the first interest payment falling due on 04 August 2016. The accrued interest
for the period of € 1,414 thousand was classified under current liabilities.
With regard to the disclosure required by IFRS 13, it is noted that the fair value of the
bond, intended as the price that would be paid to transfer the liability in the scope
of an ordinary transaction between market operators, is estimated at € 191,032
thousand at the balance sheet date.
The Group has estimated the fair value on the basis of the prices and yields based
on the market for debt instruments with similar maturities and risk profiles, using
the data provided by primary information providers to build the z-spread used in
constructing the discounting curve.

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