|Current account overdrafts||52,989||40,426||12,563|
|Unsecured bank loans (current)||35,000||96,183||(61,183)|
|Unsecured bank loans (non-current)||280,000||333,281||(53,281)|
|Commissions on loans||(3,709)||(2,728)||(981)|
- Autogrill S.p.A. paid back a revolving credit facility of € 500m in March, before of its maturity in July 2016. Drawdowns on the facility amounted to € 308,571k at 31 December 2014;
- also in March, Autogrill S.p.A. obtained a new € 600m “term and revolving facilities agreement” maturing in March 2020, usable solely by itself. It consists of an amortizing term loan of € 200m and a revolving credit line of € 400m. The new line was used to pay back the revolving credit facility mentioned above. The amortizing term loan involves five half-yearly payments of € 30m starting in June 2017, with reimbursement of the remaining € 50m on maturity;
- the subsidiary HMSHost Corporation obtained an extension until March 2020 of the $ 250m revolving credit facility, which can be used only by itself and had an original maturity of March 2016.
The breakdown of “Unsecured bank loans” at the close of 2015 and 2014 is presented below:
|Credit lines||Expiry||Amount (k€)||Drawdowns in k€*||Amount (k€)||Drawdowns in k€*|
|Multicurrency Revolving Facility – Autogrill S.p.A.**||July 2016||-||-||500,000||308,571|
|2011 Syndicated lines||-||-||500,000||308,571|
|Revolving Facility Agreement – HMSHost Corporation ***||March 2020||229,632||-||205,914||24,710|
|Multicurrency Revolving Facility – Autogrill S.p.A.||March 2020||600,000||280,000||-||-|
|2015 Syndicated lines||600,000||280,000||-||-|
|of which current portion||-||-||20,591||-|
|Total lines of credit net of current portion||829,632||280,000||685,323||333,281|
* Drawdowns in currency are measured based on exchange rates at 31 December 2015 and 31 December 2014
** Line was early reimbursed in March 2015
*** Original line of $300m, reduced to $250m as per term agreement. On March 2015 the loan maturity was extended from March 2016 to March 2020
At 31 December 2015 the Group’s committed credit facilities had been drawn down by about 34%.
The contract for the € 600m credit facility taken out by Autogrill S.p.A. requires it to uphold certain financial ratios: a leverage ratio (net debt/EBITDA) of 3.5 or less and an interest coverage ratio (EBITDA/net financial expense) of at least 4.5, referring to the Group as a whole.
The contract for the $ 250m facility contracted by HMSHost requires it to uphold a leverage ratio (gross debt/EBITDA) of 3.5 or less and interest coverage ratio (EBITDA/net financial expense) of at least 4.5, referring solely to the companies headed up by HMSHost Corporation.
For the calculation of these ratios, net and gross debt, EBITDA and financial charges are measured according to contractual definitions and therefore differ from the amounts valid for financial reporting purposes. Thus, the final ratios are not readily apparent from the financial statements. At 31 December 2015 all of the above covenants were amply satisfied. Forecasts for 2016 confirm that they will continue to be met over the next 12 months.