Page 218 - enav_27052016

ENAV S.p.A. Financial Statement

• 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 for € 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.
At 31 December 2015, ENAV had committed and uncommitted short-term credit
lines for a total of € 217 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 € 297 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 Company’s loans, including the
general conditions for each of its relationships with the lender concerned.

Lender Type Drawn down Carrying
Ceiling (nominal value) Availability amount Interest rate

BNL-Bnp Paribas Credit line - overdraft 37.000 - 37.000 - Euribor + 1,90

Medio Credito Medium/long-term - 5 10.000 10.000 - 8.265 Euribor + 1,90
Centrale years 5.000 - 5.000 - Euribor + 1,85
Credito Valtellinese
Credit line - overdraft

BNL-Bnp Paribas 13 months - 1 day 50.000 - 50.000 - Euribor + 1,90
Unicredit 10.000 - 10.000 - Euribor + 1,80
Unicredit Current account 15.000 - 15.000 - Euribor + 1,80
advances - suppliers
Unicredit 40.000 - 40.000 - Euribor + 1,80
Current account
Intesa San Paolo advances - on invoices 60.000 - 60.000 - Euribor + 0,25
Unicredit issued 40.000 40.000 - 23.889 Euribor + 0,34
Unicredit Lending advances (no 100.000 100.000 -
EIB - European restriction on use) 180.000 100.000 49.773 Euribor + 0,34
Investment Bank 80.000
Total Advances on invoices 547.000 100.051 Tasso fisso +
181.978 1,515
Medium/long-term - 5
years

Medium/long-term - 5
years

Medium/long-term - 15
years

250.000 297.000

The average interest rate on bank loans for the reference period stood at 1.65%,

ENAV - Annual financial report 2015 217