Page 208 - ENAV eng_Relazione_Finanziaria_Annuale_2014

206 ENAV – 2014 Financial Statements

The discount rate used to determine the present value of the obligation
in both 2014 and 2013 was based on the IBoxx Eurozone Corporate AA
duration 10+ index, calculated with reference to companies similar to
ENAV and corresponding to the average liability duration. The decrease
in the rate is due to the present financial and economic situation which is
causing a constant fall in interest rates.

The IP55 tables arranged by gender were used for the annual probability
assumptions for mortality rates while retirement rates take account of the
most recently enacted legislation.

18. Current and non-current financial liabilities

Current and non-current financial liabilities consist of: i) amounts due
to banks for medium/long-term loans, with the current portion being
classified as current financial liabilities together with the accrued interest
expense; ii) the balance due to the factoring company to which suppliers
have sold their receivables from ENAV on a non-recourse basis; iii) the fair
value of hedging derivatives, for which reference should be made to note
32 of the consolidated financial statements.

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
44,743 181,766 (694) 55,671
Due to banks 0 0 45,437 126,095 (280) 0
280 0
Due to other lenders 0 0 (351) (320)
351 320
Hedging instruments - 44,743 181,766 (1,325) 55,351
derivatives 46,068 126,415

Total

Financial liabilities at 31 December 2014 consist solely of medium/long-
term loans, including an amount of ¤44,743 thousand repayable within
12 months. The net increase of ¤54,977 in these loans arises 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,
changes during the year regard the following:

l a repayment of ¤8,000 thousand being the two six-monthly tranches
of the loan taken out with UniCredit SpA, having final due date 30
November 2018;