Page 209 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 207

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 thousand being the portion of the three-
year loan taken out with Intesa Sanpaolo having final due date 31
December 2015;

l a new long-term loan taken out with the European Investment Bank
(EIB) on 19 December 2014 that is linked to ENAV’s investment plan
having a contractual total of ¤180 million, of which ¤100 million had
been drawn down by the balance sheet date.

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-
current financial assets and commentated upon in note 7.

At 31 December 2014 ENAV had available committed and uncommitted
credit lines totaling ¤297 million, including the portion of the EIB facility not
yet drawn. The agreements for these facilities provide that interest will be
charged at normal market rates, with no-use fees that are not significant.