Page 123 - ENAV eng_Relazione_Finanziaria_Annuale_2014
P. 123
Notes to the Consolidated Financial Statements of the Enav Group 121
Balances at 31 December 2014 and comparative figures at 31 December
2013 are as follows:
31.12.2014 31.12.2013 Change
Current Non-current Current Non-current Current Non-current
portion portion
portion portion portion portion
52,218 126,095
Due to banks 46,109 181,766 1,585 0 (6,109) 55,671
27 0 (1,558) 0
Due to other lenders 351 320
00 (351) (320)
Hedging instruments - 54,154 126,415
derivatives 46,136 181,766 (8,018) 55,351
Total
Payables to banks at 31 December 2014 consist of medium/long-term
loans taken out by the parent company, including an amount of ¤44,743
thousand repayable within 12 months, and current account overdrafts
of ¤1,366 thousand. The net increase of ¤49,562 thousand consists of a
decrease of ¤5,415 thousandarising from the repayment by the subsidiaries
SICTA and Techno Sky of credit facilities granted by banks, and a net
increase of ¤54,977 thousand referring to the parent company and arising
from the combined effect of the new credit line of ¤100 million granted by
the EIB in December, repayments of ¤43,000 thousand made during the
year and the settlement of a short-term credit line of ¤2,382 thousand,
and includes the effects arising from the use of the amortized cost method.
In detail, repayments made during the year regard the following:
l a repayment of ¤8,000 thousandbeing the two six-monthly
tranchesof the loan taken out with UniCredit SpA, having final due
date 30 November 2018;
l a repayment of ¤20,000 thousand being the two six-monthly
tranches of the loan taken out with UniCredit SpA, having final due
date 30 November 2018;
l a repayment of ¤15,000 thousandbeing the portion of the three-
year loan taken out with Intesa Sanpaolo having final due date 31
December 2015.
On 19 December 2014 a new long-term loan was taken out with the
European Investment Bank (EIB) linked to the parent company’s investment
plan having a contractual total of ¤180 million, of which ¤100 million had
been drawn down by the balance sheet date.
Amounts due to other lenders decreased by ¤1,558 thousand following the
payment of invoices sold without recourse and the reduction in such sales
made by suppliers.
The fair value of hedging derivatives, which at 31 December 2013 had
a negative balance of ¤670 thousand, had a positive balance of ¤1,863
thousand at 31 December 2014, which is included in current and non-
