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Information on net borrowings | 12 Months Ended
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Dec. 31, 2020
Information on net borrowings |
Information on net borrowings | 19 Information on net borrowings In assessing its capital structure, Eni uses net borrowings before the accounting effects of IFRS 16 (lease obligations), which is a non-GAAP financial measure. Eni calculates net borrowings as total finance debt (short-term and long-term debt) derived from its Consolidated Financial Statements prepared in accordance with IFRS less: cash and cash equivalents, held-for-trading securities and certain highly liquid investments not related to operations including, among others, non-operating financing receivables. Held-for-trading securities are part of a strategic reserve of liquidity that management has established by reinvesting proceeds from the Group disposal plans and is intended to provide a certain degree of financial flexibility in case of a prolonged price downturn, tight financial markets or in view of other Company’s purposes. Non-operating financing receivables consist mainly of deposits with banks and other financing institutions and deposits in escrow. These assets are generally intended to absorb temporary surpluses of cash as part of the Company’s ordinary management of financing activities. Management believes that net borrowings is a useful measure of Eni’s financial condition as it provides insight about the soundness of Eni’s capital structure and the ways by which Eni’s operating assets are financed.
|  | December 31, 2020 |  | December 31, 2019
(€ million) |  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total
A. Cash and cash equivalents |  | 9,413 |  |  |  | 9,413 |  | 5,994 |  |  |  | 5,994
B. Financial assets held for trading |  | 5,502 |  |  |  | 5,502 |  | 6,760 |  |  |  | 6,760
C Liquidity (A+B) |  | 14,915 |  |  |  | 14,915 |  | 12,754 |  |  |  | 12,754
D. Financing receivables |  | 203 |  |  |  | 203 |  | 287 |  |  |  | 287
E. Short-term debt towards banks |  | 337 |  |  |  | 337 |  | 187 |  |  |  | 187
F. Long-term debt towards banks |  | 759 |  | 3,193 |  | 3,952 |  | 504 |  | 2,341 |  | 2,845
G. Bonds |  | 1,140 |  | 18,676 |  | 19,816 |  | 2,642 |  | 16,530 |  | 19,172
H. Short-term financial debt towards related parties |  | 52 |  |  |  | 52 |  | 46 |  |  |  | 46
I. Other short-term financial liabilities |  | 2,493 |  |  |  | 2,493 |  | 2,219 |  |  |  | 2,219
J. Other long-term financial liabilities |  | 10 |  | 26 |  | 36 |  | 10 |  | 39 |  | 49
K. Total borrowings before lease liabilities (E+F+G+H+I+J) |  | 4,791 |  | 21,895 |  | 26,686 |  | 5,608 |  | 18,910 |  | 24,518
L. Net borrowings before lease liabilities (K-C-D) |  | (10,327) |  | 21,895 |  | 11,568 |  | (7,433) |  | 18,910 |  | 11,477
M. Lease liabilities |  | 795 |  | 4,057 |  | 4,852 |  | 884 |  | 4,751 |  | 5,635
N. Lease liabilities towards related parties |  | 54 |  | 112 |  | 166 |  | 5 |  | 8 |  | 13
O. Total borrowings including lease liabilities (K+M+N) |  | 5,640 |  | 26,064 |  | 31,704 |  | 6,497 |  | 23,669 |  | 30,166
P. Net borrowings including lease liabilities (O-C-D) |  | (9,478) |  | 26,064 |  | 16,586 |  | (6,544) |  | 23,669 |  | 17,125
Cash and cash equivalent are disclosed in note 5 – Cash and cash equivalent. Financial assets held for trading are disclosed in note 6 – Financial assets held for trading. Financing receivables are disclosed in note 16 – Other financial assets. Finance debts are disclosed in note 18 – Finance debts. Lease liabilities related for €1,652 million (€1,976 million at December 31,2019) to the share of joint operators in upstream projects operated by Eni which will be recovered through a partner cash-call billing process. More information is reported in note 12 – Right-of-use assets and lease liabilities.

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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