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124 ENAV – 2014 Financial Statements
The average interest rate charged on bank loans during the year was 1.8%,
in line with the previous year, benefiting from the combined effect of a
reduced average use of the short-term credit lines during the year and a
decrease in the spreads charged.
19. Current and non-current trade payables
Non-current trade payablesall relate to the Eurocontrol balance of ¤7,944
thousand, which less the portion of ¤141 thousand arising from discounting
the liability to present value amounted to ¤7,803 thousand at 31 December
2014. This figure relates wholly to inflation which in actual terms was 0.2%
compared to a budgeted figure of 2%. The amount will be paid to carriers
through the charge in 2016 and accordingly has been classified as non-
current.
Current trade payables amount to ¤127,987 thousand (¤142,261 thousandat
31 December 2013) and consist of a balance of ¤121,381 thousand due
to the suppliers of goods and services required for the Group’s activities
and the prefinancing received for projects financed at a European level, of
which SESAR represents the major part. The change over the year mainly
relates to a decrease in amounts due to suppliers following the payments
made during the year.
20. Other current and non-current liabilities
Other liabilities consist of the items included in the following table,
analyzed between the current and non-current portion:
31.12.2014 31.12.2013 Change
Current Non-current Current Non-current Current Non-current
portion portion portion portion portion portion
Charge Stabilization 0 20,304 0 28,184 0 (7,880)
Provision
Amounts on account 67,014 0 76,060 0 (9,046) 0
Other payables 55,287 0 53,122 0 2,165 0
Grants 122,225 12,264 152,416 (30,191)
Total 9,721 142,529 141,446 180,600 (2,543) (38,071)
132,022 (9,424)
The Charge Stabilization Provision, which relates wholly to the parent
company, was set up in 2003 on the approval of the 2002 financial
statements by the Shareholders’ Meeting held on 9 May 2003 by allocating
the tax receivable settlement reserve (Law no. 289/02) of ¤72,697
thousand. The provision increased in subsequent years following allocation
