Page 143 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 141

ensuring an adequate level of elasticity for the parent company’s medium/
long-term development programs regarding investment contracts for the
enhancement of the technology and infrastructure of flight assistance
systems. To this end the parent company manages liquidity risks by adopting
financial policies based on a diversification of lenders and by pursuing a
debt management strategy that envisages a diversified structure for the
sources of finance in terms of the nature of bank facilities, characterized by
flexibility as far repayment and renegotiation possibilities are concerned
which may be used to cover its financial needs, and a balanced repayment
profile.

At 31 December 2014 the ENAV Group has access to sources of funding
that are sufficient to meet its planned financial needs, taking into account
its ability to generate cash flows, the diversification of sources of funding
and the availability of credit lines, having at its disposal a cash reserve
estimated in ¤480 million and consisting of available cash and unused
credit lines.

The following table sets out the due dates of medium/long-term bank
loans, presented gross of the effect deriving from the use of the amortized
cost method (maturity analysis):

Lender Type Outstanding <1 year Between Between > 5 years
balance at
31.12.2014 1 and 2 years 3 and 5 years 0
0
MedioCredito Centrale Medium/long- 10,000 1,667 3,333 5,000 0
term - 5 years 15,000 0 0 0
8,000 87,920
Intesa Sanpaolo Medium/long- 15,000 20,000 8,000 16,000 87,920
term - 3 years 20,000 30,000
0 12,080
UniCredit Medium/long- 32,000 44,667 0 63,080
term - 5 years 31,333

UniCredit Medium/long- 70,000
term - 5 years

EIB - European Investment Medium/long- 100,000

Bank term - 15 years

Total 227,000