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Finance debts | 12 Months Ended
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Dec. 31, 2021
Finance debts |
Finance debts | 19 Finance debts ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​ | December 31, 2020
​ | ​ | ​ | ​ | Current |  | ​ | ​ | ​ | ​ | ​ | ​ | Current |  | ​ | ​ | ​
​ | ​ | ​ | ​ | portion of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | portion of | ​ | ​ | ​ | ​
​ | ​ | Short-term | ​ | long-term | ​ | Long-term | ​ | ​ | ​ | Short-term | ​ | long-term | ​ | Long-term | ​ | ​
(€ million) |  | debt |  | debt |  | debt |  | Total |  | debt |  | debt |  | debt |  | Total
Banks |  | 362 |  | 347 |  | 4,650 |  | 5,359 |  | 337 |  | 759 |  | 3,193 |  | 4,289
Ordinary bonds |  | — |  | 913 |  | 18,049 |  | 18,962 |  | — |  | 1,140 |  | 18,280 |  | 19,420
Convertible bonds |  | — |  | 399 |  | — |  | 399 |  | — |  | — |  | 396 |  | 396
Sustainability-Linked Bond | ​ | — | ​ | 2 | ​ | 996 | ​ | 998 | ​ | — | ​ | — | ​ | — | ​ | —
Commercial papers |  | 836 |  | — |  | — |  | 836 |  | 2,233 |  | — |  | — |  | 2,233
Other financial institutions |  | 1,101 |  | 120 |  | 19 |  | 1,240 |  | 312 |  | 10 |  | 26 |  | 348
​ |  | 2,299 |  | 1,781 |  | 23,714 |  | 27,794 |  | 2,882 |  | 1,909 |  | 21,895 |  | 26,686
​ Finance debts increased by €1,108 million is disclosed in table "Changes in liabilities arising from financing activities" detailed at the end of this paragraph. Commercial papers were issued by the Group’s financial subsidiaries. As of December 31, 2021, finance debts include sustainability-linked financial contracts with leading banking institutions which provide for an adjustment mechanism of the funding cost linked to the achievement of certain sustainability targets for €1,300 million (this amount does not consider the undrawn committed borrowing facilities as of December 31, 2021). Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the retention 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. At December 31, 2021, debts subjected to restrictive covenants amounted to €899 million (€1,051 million at December 31, 2020). Eni was in compliance with those covenants. Ordinary bonds consisted of bonds issued within the Euro Medium Term Notes Program for a total of €15,542 million and other bonds for a total of €3,420 million. The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Discount on bond | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ |  | issue and accrued | ​ | ​ | ​ | ​ | ​ | Maturity | ​ | Rate %
(€ million) |  | Amount |  | expense |  | Total |  | Currency |  | from |  | to |  | from |  | to
Issuing entity |  |  |  |  |  |  |  |  |  |  | ​ | ​ | ​ | ​ |  |
Euro Medium Term Notes |  |  |  |  |  |  |  |  |  |  | ​ | ​ | ​ | ​ |  |
Eni SpA |  | 1,000 |  | 29 |  | 1,029 |  | EUR | ​ | ​ |  | 2029 | ​ | ​ |  | 3.625
Eni SpA |  | 1,200 |  | 15 |  | 1,215 |  | EUR | ​ | ​ |  | 2025 | ​ | ​ |  | 3.750
Eni SpA |  | 1,000 |  | 13 |  | 1,013 |  | EUR | ​ | ​ |  | 2023 | ​ | ​ |  | 3.250
Eni SpA |  | 1,000 |  | 10 |  | 1,010 |  | EUR | ​ | ​ |  | 2026 | ​ | ​ |  | 1.500
Eni SpA |  | 1,000 |  | 10 |  | 1,010 |  | EUR | ​ | ​ |  | 2031 | ​ | ​ |  | 2.000
Eni SpA |  | 1,000 |  | 3 |  | 1,003 |  | EUR | ​ | ​ |  | 2030 | ​ | ​ |  | 0.625
Eni SpA |  | 1,000 |  | 1 |  | 1,001 |  | EUR | ​ | ​ |  | 2026 | ​ | ​ |  | 1.250
Eni SpA |  | 900 |  | (1) |  | 899 |  | EUR | ​ | ​ |  | 2024 | ​ | ​ |  | 0.625
Eni SpA |  | 800 |  | 1 |  | 801 |  | EUR | ​ | ​ |  | 2028 | ​ | ​ |  | 1.625
Eni SpA |  | 750 |  | 11 |  | 761 |  | EUR | ​ | ​ |  | 2024 | ​ | ​ |  | 1.750
Eni SpA |  | 750 |  | 7 |  | 757 |  | EUR | ​ | ​ |  | 2027 | ​ | ​ |  | 1.500
Eni SpA |  | 750 |  | (4) |  | 746 |  | EUR | ​ | ​ |  | 2034 | ​ | ​ |  | 1.000
Eni SpA |  | 700 |  | 3 |  | 703 |  | EUR | ​ | ​ |  | 2022 | ​ | ​ |  | 0.750
Eni SpA |  | 650 |  | 4 |  | 654 |  | EUR | ​ | ​ |  | 2025 | ​ | ​ |  | 1.000
Eni SpA |  | 600 |  | (3) |  | 597 |  | EUR | ​ | ​ |  | 2028 | ​ | ​ |  | 1.125
Eni Finance International SA |  | 1,545 | ​ | (4) |  | 1,541 |  | USD |  | 2026 |  | 2027 |  | ​ |  | variable
Eni Finance International SA |  | 795 |  | 7 |  | 802 |  | EUR |  | 2025 |  | 2043 | ​ | 1.275 |  | 5.441
​ |  | 15,440 |  | 102 |  | 15,542 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other bonds |  |  |  |  |  |  |  |  |  |  | ​ | ​ | ​ | ​ |  |
Eni SpA |  | 883 |  | 7 |  | 890 |  | USD |  | ​ | ​ | 2023 | ​ | ​ |  | 4.000
Eni SpA |  | 883 |  | 4 |  | 887 |  | USD |  | ​ | ​ | 2028 | ​ | ​ |  | 4.750
Eni SpA | ​ | 883 | ​ | — | ​ | 883 | ​ | USD | ​ | ​ | ​ | 2029 | ​ | ​ | ​ | 4.250
Eni SpA | ​ | 309 | ​ | 1 | ​ | 310 | ​ | USD | ​ | ​ | ​ | 2040 | ​ | ​ | ​ | 5.700
Eni USA Inc |  | 353 |  | — |  | 353 |  | USD |  | ​ | ​ | 2027 | ​ | ​ |  | 7.300
CEF3 Wind Energy SpA |  | 99 |  | (2) |  | 97 |  | EUR |  | ​ | ​ | 2025 | ​ | ​ |  | 2.010
​ |  | 3,410 |  | 10 |  | 3,420 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 18,850 |  | 112 |  | 18,962 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of December 31, 2021, ordinary bonds maturing within 18 months amounted to €703 million. During 2021, Eni did not issue new ordinary bonds. The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Discount on bond | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | issue and accrued | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(€ million) |  | Amount |  | expense |  | Total |  | Currency |  | Maturity |  | Rate %
Eni SpA |  | 400 |  | (1) |  | 399 |  | EUR |  | 2022 |  | 0.000
​ This is a non-dilutive equity-linked bond, which provides for a redemption value linked to the market price of Eni’s shares. The bondholders can exercise their conversion rights at certain expiry dates 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 bond conversion price is equal €17.62 and includes a 35% premium with respect to the Eni’s share reference price at the date of issuance. 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. The bond expires within the next 12 months. As part of the Euro Medium Term Notes program, during 2021 Eni issued a sustainability-linked bond for a nominal amount of €1 billion linked to the achievement of the following sustainability targets: (i) net carbon footprint upstream (GHG emission Scope 1 and 2) equal to or lower than 7.4 million tons of CO2 equivalent by 2024; (ii) renewable energy installed capacity equal to or greater than 5 GW by 2025. If one of the targets is not achieved, a step-up mechanism will be applied, increasing the interest rate. Information relating to the sustainability-linked bond is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Discount on bond |  | ​ |  | ​ |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | issue and accrued | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(€ million) | ​ | Amount | ​ | expense | ​ | Total | ​ | Currency | ​ | Maturity | ​ | Rate% | ​
Eni SpA |  | 1,000 |  | (2) |  | 998 |  | EUR |  | 2,028 |  | 0.375 | ​
​ Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €16.4 billion were drawn as of December 31, 2021. The following table provides a breakdown by currency of finance debt and the related weighted average interest rates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | Long term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Long term | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | debt and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | debt and | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | current | ​ | ​
​ | ​ | Short term | ​ | ​ | ​ | portion of long | ​ | ​ | ​ | Short term | ​ | ​ | ​ | portion of long | ​ | ​
​ | ​ | debt | ​ | Average rate | ​ | term debt | ​ | Average rate | ​ | debt | ​ | Average rate | ​ | term debt | ​ | Average rate
​ |  | (€ million) |  | (%) |  | (€ million) |  | (%) |  | (€ million) |  | (%) |  | (€ million) |  | (%)
Euro |  | 1,356 | ​ | — |  | 20,399 |  | 1.5 |  | 1,004 | ​ | — |  | 19,142 |  | 1.7
U.S. dollar |  | 928 | ​ | 0.2 |  | 5,096 |  | 3.8 |  | 1,870 | ​ | 1.1 |  | 4,522 |  | 4.6
Other currencies |  | 15 | ​ | (0.3) |  | — |  | — |  | 8 | ​ | (0.5) |  | 140 |  | 4.3
​ |  | 2,299 | ​ | — |  | 25,495 | ​ | — |  | 2,882 | ​ | — |  | 23,804 | ​ | —
​ As of December 31, 2021, Eni retained undrawn uncommitted short-term borrowing facilities amounting to €6,207 million (€7,183 million at December 31, 2020) and undrawn committed borrowing facilities of €2,835 million, of which €2,820 million due beyond 12 months (€5,295 million at December 31, 2020, of which €4,750 million due beyond 12 months). Those facilities bore interest rates reflecting prevailing conditions in the marketplace. As of December 31, 2021, committed borrowing facilities, used and unused, include sustainability-linked contracts for €4,850 million. Borrowing facilities were used to fulfill the obligations to maintain an adequate amount of financial deposits (margin calls) to guarantee the settlement of derivative transactions on commodities in relation to the material increases in the spot and forward prices of natural gas and electricity registered in December 2021. As of December 31, 2021, Eni was in compliance with covenants and other contractual provisions in relation to borrowing facilities. Fair value of long-term debt, including the current portion of long-term debt is described below: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
(€ million) | ​ | 2021 | ​ | 2020
Ordinary bonds and Sustainability-Linked Bond |  | 23,070 |  | 22,429
Convertible bonds |  | 513 |  | 497
Banks |  | 5,029 |  | 4,008
Other financial institutions |  | 138 |  | 36
​ |  | 28,750 |  | 26,970
​ Fair value of finance debts was calculated by discounting the expected future cash flows at discount rates ranging from -0.3% to 1.7% (-0.5% and 1.4% at December 31, 2020). Because of the short-term maturity and conditions of remuneration of short-term debts, the fair value approximated the carrying amount. Changes in liabilities arising from financing activities ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Long-term debt | ​ | ​ | ​ | Long-term and current | ​ | ​
​ | ​ | and current | ​ | Short-term | ​ | portion of long-term lease | ​ | ​
(€ million) |  | portion of long-term debt |  | debt |  | liabilities |  | Total
Carrying amount at December 31, 2020 | ​ | 23,804 | ​ | 2,882 | ​ | 5,018 | ​ | 31,704
Cash flows |  | 666 |  | (910) | ​ | (939) | ​ | (1,183)
Currency translation differences |  | 255 |  | 153 | ​ | 303 | ​ | 711
Changes in the scope of consolidation | ​ | 545 | ​ | 160 | ​ | 103 | ​ | 808
Other non-monetary changes |  | 225 |  | 14 | ​ | 852 | ​ | 1,091
Carrying amount at December 31, 2021 |  | 25,495 |  | 2,299 | ​ | 5,337 | ​ | 33,131
Carrying amount at December 31, 2019 |  | 22,066 | ​ | 2,452 | ​ | 5,648 | ​ | 30,166
Cash flows | ​ | 2,178 | ​ | 937 | ​ | (869) | ​ | 2,246
Currency translation differences | ​ | (348) | ​ | (528) | ​ | (333) | ​ | (1,209)
Changes in the scope of consolidation | ​ | 64 | ​ | 22 | ​ | 4 | ​ | 90
Other non-monetary changes | ​ | (156) | ​ | (1) | ​ | 568 | ​ | 411
Carrying amount at December 31, 2020 | ​ | 23,804 | ​ | 2,882 | ​ | 5,018 | ​ | 31,704
​ Changes in the scope of consolidation referred to the Plenitude business line for €474 million and to the Refining & Marketing business line for €213 million. Other non-monetary changes include €1,102 million of lease liabilities assumptions (€808 million at December 31, 2020). Lease liabilities are described in note 13 - Right-of-use assets and lease liabilities. Transactions with related parties are described in note 36 - Transactions with related parties

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