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Financial liabilities | 12 Months Ended
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Dec. 31, 2018
Disclosure of financial liabilities [abstract] |
Disclosure of financial liabilities [text block] | 18 Financial liabilities
|  | December 31, 2018 |  | December 31, 2017
(€ million) |  | Short-term debt |  | Current portion of long-term debt |  | Long-term debt |  | Total |  | Short-term debt |  | Current portion of long-term debt |  | Long-term debt |  | Total
Banks |  |  | 383 |  |  |  | 768 |  |  |  | 2,710 |  |  |  | 3,861 |  |  |  | 201 |  |  |  | 801 |  |  |  | 3,200 |  |  |  | 4,202 |
Ordinary bonds |  |  |  |  |  |  | 2,781 |  |  |  | 16,923 |  |  |  | 19,704 |  |  |  |  |  |  |  | 1,445 |  |  |  | 16,520 |  |  |  | 17,965 |
Convertible bonds |  |  |  |  |  |  |  |  |  |  | 390 |  |  |  | 390 |  |  |  |  |  |  |  |  |  |  |  | 387 |  |  |  | 387 |
Commercial papers |  |  | 915 |  |  |  |  |  |  |  |  |  |  |  | 915 |  |  |  | 1,664 |  |  |  |  |  |  |  |  |  |  |  | 1,664 |
Other financial institutions |  |  | 884 |  |  |  | 52 |  |  |  | 59 |  |  |  | 995 |  |  |  | 377 |  |  |  | 40 |  |  |  | 72 |  |  |  | 489 |
|  |  | 2,182 |  |  |  | 3,601 |  |  |  | 20,082 |  |  |  | 25,865 |  |  |  | 2,242 |  |  |  | 2,286 |  |  |  | 20,179 |  |  |  | 24,707 |
Financial liabilities included an increase of €1,158 million driven by: (i) new issuances net of repayments made of € 320 million; (ii) currency translation differences relating to companies having debt denominated in currency other than the functional currency for € 314 million (iii) the de-recognition of Eni Norge AS cash and cash equivalents for € 494 million due to the loss of control on the former subsidiary, which were deposited at the Group’s financial companies. Commercial papers were issued by the Group’s financial subsidiaries. The following table reflects long-term debt and current portion of long-term debt as of December 31, 2018 by maturity:
|  |  | Long-term debt
(€ million) |  |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | After |  | Total
Banks |  |  |  | 556 |  |  |  | 345 |  |  |  | 393 |  |  |  | 829 |  |  |  | 587 |  |  |  | 2,710 |
Ordinary bonds |  |  |  | 2,391 |  |  |  | 921 |  |  |  | 698 |  |  |  | 1,858 |  |  |  | 11,055 |  |  |  | 16,923 |
Convertible bonds |  |  |  |  |  |  |  |  |  |  |  | 390 |  |  |  |  |  |  |  |  |  |  |  | 390 |
Other financial institutions |  |  |  | 9 |  |  |  | 10 |  |  |  | 9 |  |  |  | 11 |  |  |  | 20 |  |  |  | 59 |
|  |  |  | 2,956 |  |  |  | 1,276 |  |  |  | 1,490 |  |  |  | 2,698 |  |  |  | 11,662 |  |  |  | 20,082 |
Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the maintenance of a minimum level of credit rating. According to the agreements, should the Company lose the minimum credit rating, new guarantees could be required to be agreed upon with the European Investment Bank. In addition, Eni entered into long and medium-term facilities subject to the maintenance of certain financial ratios based on the Consolidated Financial Statements of Eni with Citibank Europe Plc, whose non-compliance allows the bank to request an early repayment. At December 31, 2018, debts subjected to restrictive covenants amounted to €1,337 million (€1,664 million at December 31, 2017). Eni was in compliance with those covenants. Ordinary bonds consisted of bonds issued within the Euro Medium Term Notes Program for a total of € 16,904 million and other bonds for a total of  € 2,800 million. The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2018:
|  |  |  | Discount on bond issue and |  |  |  |  |  | Maturity |  | Rate %
(€ million) |  | Amount |  | accrued expense |  | Total |  | Currency |  | from |  | to |  | from |  | to
Issuing entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro Medium Term Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA |  |  | 1,500 |  |  | 17 |  |  | 1,517 |  |  |  | EUR |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |  |  | 4.125 |
Eni SpA |  |  | 1,200 |  |  | 16 |  |  | 1,216 |  |  |  | EUR |  |  |  |  |  |  |  | 2025 |  |  |  |  |  |  |  | 3.750 |
Eni SpA |  |  | 1,000 |  |  | 38 |  |  | 1,038 |  |  |  | EUR |  |  |  |  |  |  |  | 2020 |  |  |  |  |  |  |  | 4.250 |
Eni SpA |  |  | 1,000 |  |  | 27 |  |  | 1,027 |  |  |  | EUR |  |  |  |  |  |  |  | 2029 |  |  |  |  |  |  |  | 3.625 |
Eni SpA |  |  | 1,000 |  |  | 19 |  |  | 1,019 |  |  |  | EUR |  |  |  |  |  |  |  | 2020 |  |  |  |  |  |  |  | 4.000 |
Eni SpA |  |  | 1,000 |  |  | 9 |  |  | 1,009 |  |  |  | EUR |  |  |  |  |  |  |  | 2023 |  |  |  |  |  |  |  | 3.250 |
Eni SpA |  |  | 1,000 |  |  | 8 |  |  | 1,008 |  |  |  | EUR |  |  |  |  |  |  |  | 2026 |  |  |  |  |  |  |  | 1.500 |
Eni SpA |  |  | 900 |  |  | (5 | ) |  | 895 |  |  |  | EUR |  |  |  |  |  |  |  | 2024 |  |  |  |  |  |  |  | 0.625 |
Eni SpA |  |  | 800 |  |  | 2 |  |  | 802 |  |  |  | EUR |  |  |  |  |  |  |  | 2021 |  |  |  |  |  |  |  | 2.625 |
Eni SpA |  |  | 800 |  |  | (1 | ) |  | 799 |  |  |  | EUR |  |  |  |  |  |  |  | 2028 |  |  |  |  |  |  |  | 1.625 |
Eni SpA |  |  | 750 |  |  | 14 |  |  | 764 |  |  |  | EUR |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |  |  | 3.750 |
Eni SpA |  |  | 750 |  |  | 8 |  |  | 758 |  |  |  | EUR |  |  |  |  |  |  |  | 2024 |  |  |  |  |  |  |  | 1.750 |
Eni SpA |  |  | 750 |  |  | 5 |  |  | 755 |  |  |  | EUR |  |  |  |  |  |  |  | 2027 |  |  |  |  |  |  |  | 1.500 |
Eni SpA |  |  | 700 |  |  | 1 |  |  | 701 |  |  |  | EUR |  |  |  |  |  |  |  | 2022 |  |  |  |  |  |  |  | 0.750 |
Eni SpA |  |  | 650 |  |  | 2 |  |  | 652 |  |  |  | EUR |  |  |  |  |  |  |  | 2025 |  |  |  |  |  |  |  | 1.000 |
Eni SpA |  |  | 600 |  |  | (5 | ) |  | 595 |  |  |  | EUR |  |  |  |  |  |  |  | 2028 |  |  |  |  |  |  |  | 1.125 |
Eni Finance International SA |  |  | 335 |  |  | 15 |  |  | 350 |  |  |  | GBP |  |  |  | 2019 |  |  |  | 2021 |  |  |  | 4.750 |  |  |  | 5.000 |
Eni Finance International SA |  |  | 295 |  |  | 4 |  |  | 299 |  |  |  | EUR |  |  |  | 2028 |  |  |  | 2043 |  |  |  | 3.875 |  |  |  | 5.441 |
Eni Finance International SA |  |  | 167 |  |  |  |  |  | 167 |  |  |  | YEN |  |  |  | 2019 |  |  |  | 2037 |  |  |  | 1.955 |  |  |  | 2.810 |
Eni Finance International SA |  |  | 1,528 |  |  | 5 |  |  | 1,533 |  |  |  | USD |  |  |  | 2026 |  |  |  | 2027 |  |  |  |  |  |  |  | variable |
|  |  | 16,725 |  |  | 179 |  |  | 16,904 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA |  |  | 873 |  |  | 2 |  |  | 875 |  |  |  | USD |  |  |  |  |  |  |  | 2023 |  |  |  |  |  |  |  | 4.000 |
Eni SpA |  |  | 873 |  |  | 1 |  |  | 874 |  |  |  | USD |  |  |  |  |  |  |  | 2028 |  |  |  |  |  |  |  | 4.750 |
Eni SpA |  |  | 393 |  |  | 4 |  |  | 397 |  |  |  | USD |  |  |  |  |  |  |  | 2020 |  |  |  |  |  |  |  | 4.150 |
Eni SpA |  |  | 305 |  |  | 1 |  |  | 306 |  |  |  | USD |  |  |  |  |  |  |  | 2040 |  |  |  |  |  |  |  | 5.700 |
Eni USA Inc |  |  | 349 |  |  | (1 | ) |  | 348 |  |  |  | USD |  |  |  |  |  |  |  | 2027 |  |  |  |  |  |  |  | 7.300 |
|  |  | 2,793 |  |  | 7 |  |  | 2,800 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 19,518 |  |  | 186 |  |  | 19,704 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2018, ordinary bonds maturing within 18 months amounted to € 4,596 million. During 2018, new bonds issued amounted to € 2,844 million. The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2018:
(€ million) |  | Amount |  | Discount on bond issue and accrued expense |  | Total |  | Currency |  | Maturity |  | Rate %
Eni SpA |  |  | 400 |  |  |  | (10) |  |  |  | 390 |  |  |  | EUR |  |  |  | 2022 |  |  |  | 0.000 |
The non-dilutive equity-linked bond issued provides for by a redemption value linked to the market price of Eni’s shares. The bondholders have “conversion” rights at certain times and/or in the presence of certain events, while the bonds will be cash-settled. Accordingly, to hedge its exposure, Eni purchased cash-settled call options relating to Eni shares that will be settled on a net cash basis. The convertible bond is measured at amortized cost. The conversion option, embedded in the financial instrument issued, and the call option on Eni’s shares acquired are valued at fair value with effects recognized through profit and loss. Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which € 16.7 billion were drawn as of December 31, 2018. The following table provides a breakdown by currency of long-term debt, its current portion and the related weighted average interest rates:
|  | December 31, 2018 |  | December 31, 2017
|  | Short term debt (€ million) |  | Average rate (%) |  | Long term debt and current portion of long term debt (€ million) |  | Average rate (%) |  | Short term debt (€ million) |  | Average rate (%) |  | Long term debt and current portion of long term debt (€ million) |  | Average rate (%)
Euro |  |  | 680 |  |  |  | 1.9 |  |  |  | 18,635 |  |  |  | 2.3 |  |  |  | 904 |  |  |  | 0.5 |  |  |  | 20,094 |  |  |  | 2.4 |
U.S. dollar |  |  | 1,007 |  |  |  | 2.5 |  |  |  | 4,530 |  |  |  | 4.3 |  |  |  | 1,329 |  |  |  | 1.8 |  |  |  | 1,694 |  |  |  | 4.8 |
Other currencies |  |  | 495 |  |  |  | 1.0 |  |  |  | 518 |  |  |  | 4.2 |  |  |  | 9 |  |  |  | (0.7 | ) |  |  | 677 |  |  |  | 4.7 |
|  |  | 2,182 |  |  |  |  |  |  |  | 23,683 |  |  |  |  |  |  |  | 2,242 |  |  |  |  |  |  |  | 22,465 |  |  |  |  |
As of December 31, 2018, Eni retained undrawn uncommitted borrowing facilities amounting to €12,484 million (€11,584 million at December 31, 2017) and undrawn long-term committed borrowing facilities of €5,214 million (€5,802 at December 31, 2017). Those facilities bore interest rates reflecting prevailing conditions on the marketplace. Fair value of long-term debt, including the current portion of long-term debt is described below:
(€ million) |  | December 31, 2018 |  | December 31, 2017
Ordinary bonds |  |  | 20,257 |  |  |  | 19,219 |
Convertible bonds |  |  | 399 |  |  |  | 410 |
Banks |  |  | 3,445 |  |  |  | 4,021 |
Other financial institutions |  |  | 111 |  |  |  | 114 |
|  |  | 24,212 |  |  |  | 23,764 |
Fair value of financial debt was calculated by discounting the expected future cash flows at discount rates ranging from - 0.2 % to 2.9 % (- 0.2 % and 2.5 % at December 31, 2017). Because of the short-term maturity and conditions of remuneration of short-term debts, the fair value approximated the carrying amount. Changes in borrowings are provided below:
(€ million) |  | Long-term debt and current portion of long-term debt |  | Short-term debt |  | Total
Carrying amount at December 31, 2017 |  |  | 22,465 |  |  |  | 2,242 |  |  |  | 24,707 |
Cash flows |  |  | 1,033 |  |  |  | (713 | ) |  |  | 320 |
Currency translation differences |  |  | 126 |  |  |  | 188 |  |  |  | 314 |
Changes in the scope of consolidation |  |  |  |  |  |  | 494 |  |  |  | 494 |
Other non-monetary changes |  |  | 59 |  |  |  | (29 | ) |  |  | 30 |
Carrying amount at December 31, 2018 |  |  | 23,683 |  |  |  | 2,182 |  |  |  | 25,865 |
Transactions with related parties are described in note 36 — Transactions with related parties

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