Page 227 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 225

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
Intesa Sanpaolo 15,000 8,000 87,920
Medium/long- 20,000 8,000 16,000 87,920
UniCredit term - 3 years 32,000 20,000 30,000
0 12,080
UniCredit Medium/long- 70,000 44,667 0 63,080
EIB - European Investment term - 5 years 31,333
Bank 100,000
Total Medium/long- 227,000
term - 5 years

Medium/long-
term - 15 years

ENAV’s principal long-term loans are based on agreements containing
covenants referring to the consolidated financial statements as of 31
December of each year. The main covenants and commitments relating to
these loans can be summarized as follows:

l a net debt/EBITDA ratio less than or equal to 1.5–3;
l a gross debt/EBITDAratio less than or equal to 3;
l a net debt/equity ratio less than or equal 0.7;
l an EBITDA/gross financial expense ratio not less than 6;
l a negative pledge clause, under which the Company will not create

or pledge to third parties any guarantees or privileges in addition to
those already governed in the individual agreements entered into by
the Company unless an equivalent guarantee is extended in the same
way to the loans in question;
l a material changes clause under which on the occurrence of a
significant event (change of control, changes to core activities, cross
default, etc.) a resulting revision is made to the agreement, in the
absence of which early repayment triggers;
l a termination clause with immediate execution on the occurrence
of certain events such as insolvency procedures and a state of
insolvency, the suspension of payments at their due date, the non-
truthfulness and incompleteness of the statements made and the
guarantees pledged.

The loan agreement covenants have always been satisfied by ENAV in
previous years. These covenants were defined on the basis of Italian
accounting standards as previously adopted. At 31 December 2014, on the
basis of the new set of accounting standards adopted by ENAV, no matters
arose that might indicate that ENAV is not satisfying the covenants.