Page 194 - ENAV eng_Relazione_Finanziaria_Annuale_2014

192 ENAV – 2014 Financial Statements

7. Current and non-current financial assets
This item consists entirely of a derivative contract entered by ENAV in
December 2013 for the forward purchase of US dollars in four successive
tranches of which two purchases were made in 2014 for a total of ¤28,088
thousand. The other two will be made in 2015 and 2017. The fair value of
the derivative at 31 December 2014 was equivalent to an asset of ¤1,863
thousand of which the non-current portion was ¤383 thousand. This
contract is fully effective from a hedging standpoint and is accounted for as
a cash flow hedge. Reference should be made to note 32 for the disclosures
required by IFRS 7.