Page 107 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 105

7. Investments in other companies

Investments in other companies amount to ¤26,431 thousandand refer
for ¤167 thousandto the 16.67% interest held by the parent company in
the share capital ofthe French registered company ESSP SaS, which is held
by the main European service providers and manages the EGNOS satellite
navigation system and the provision of the related services. A dividend of
¤250 thousand was received from this company in 2014.

The increase for the year of ¤26,264 thousand regards the investment in
Aireon LLC, a United States registered limited liability company belonging
to the Iridium Group which through innovative ADS-B satellite technology
will also enable it to provide a surveillance system with the same precision
and accuracy features of terrestrial ADS-B in areas where geographical
conditions or infrastructure restrictions do not permit efficient solutions
to be achieved with conventional technologies based on land-based
installations (radar and terrestrial ADS-B), such as for example oceanic,
desert or remote areas and the open sea. This investment is being acquired
by payment in four instalments, the last of which in 2017, for a total price
of US$61.2 million, at the end of which an investment of 12.5% will be
acquired. The first two tranches were paid during the year, the first in
February at the closing and the second in July, for a total amount ofUS$31.8
million.

Aireon LLC is an unlisted company whose fair value, considered reliable, is
represented by the contractualprice estimated on the basis of valuations
carried out during the acquisition process.

8. Current and non-current financial assets

Non-current financial assets amount to ¤15,886 thousand (¤16,111
thousandat 31 December 2013) and mainly relate to a receivable of
¤15,143 thousand (¤15,748 thousand at 31 December 2013) due from
the company from which the business unit contributed to Techno Sky
was purchased. This balance relates to the leaving entitlement due to
the employees of the business unit contributed by the seller to Techno
Sky, which decreased during the year as a result of the refunds obtained,
in proportion to settlements on leaving and advances on the entitlement
paid to the subsidiary’s employees. The receivable bears interest at a
three-month 360-day basis Euribor rate plus a spread of 0.05 percentage
points and is repayable in a lump sum 15 years from the stipulation date
or at the simple request of Techno Sky if employees terminate their
employment relationship or request advances. The receivable is secured
by a first demand bank guarantee. Non-current financial assets also
include an amount of ¤383 thousand representing the portion over 12
months of the fair value of the derivative which at 31 December 2014
consisted of an asset of ¤1,863 thousand, of which ¤1,480 thousand
within 12 months. The parent company entered a derivative contract in