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Finance debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Finance debts |
Finance debt | 1 9 Finance debt
| December 31, 2022 |  |  | December 31, 2021
| 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
(€ million) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banks | 3,645 |  |  | 851 |  |  | 1,999 |  |  | 6,495 |  |  | 362 |  |  | 347 |  |  | 4,650 |  |  | 5,359
Ordinary bonds |  |  |  | 2,140 |  |  | 16,372 |  |  | 18,512 |  |  |  |  |  | 913 |  |  | 18,049 |  |  | 18,962
Convertible bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 399 |  |  |  |  |  | 399
Sustainability-Linked Bond |  |  |  | 2 |  |  | 996 |  |  | 998 |  |  |  |  |  | 2 |  |  | 996 |  |  | 998
Commercial papers | 34 |  |  |  |  |  |  |  |  | 34 |  |  | 836 |  |  |  |  |  |  |  |  | 836
Other financial institutions | 767 |  |  | 104 |  |  | 7 |  |  | 878 |  |  | 1,101 |  |  | 120 |  |  | 19 |  |  | 1,240
| 4,446 |  |  | 3,097 |  |  | 19,374 |  |  | 26,917 |  |  | 2,299 |  |  | 1,781 |  |  | 23,714 |  |  | 27,794
Finance debt decreased by €877 million as disclosed in table “Changes in liabilities arising from financing activities” detailed at the end of this paragraph. As of December 31, 2022, finance debt included €1,300 million of 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. 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, 2022, debts subjected to restrictive covenants amounted to €862 million (€899 million at December 31, 2021). Eni was in compliance with those covenants. Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €15.8 billion were drawn as of December 31, 2022. Ordinary bonds consisted of bonds issued within the Euro Medium Term Notes Program for a total of €14,953 million and other bonds for a total of €3,559 million. As of December 31, 2022, ordinary bonds maturing within 18 months amounted to €2,723 million. During 2022, Eni did not issue new ordinary bonds. The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2022:
(€ million) | Amount |  |  | Discount on bond issue and accrued expense |  |  | Total |  |  | Currency |  |  | Maturity |  |  | Rate % |
|  |  |  |  |  |  |  | from |  |  | to |  |  | from |  |  | to |
Issuing entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro Medium Term Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA | 1,200 |  |  | 15 |  |  | 1,215 |  |  | EUR |  |  |  |  |  | 2025 |  |  |  |  |  | 3.750 |
Eni SpA | 1,000 |  |  | 29 |  |  | 1,029 |  |  | EUR |  |  |  |  |  | 2029 |  |  |  |  |  | 3.625 |
Eni SpA | 1,000 |  |  | 15 |  |  | 1,015 |  |  | EUR |  |  |  |  |  | 2023 |  |  |  |  |  | 3.250 |
Eni SpA | 1,000 |  |  | 11 |  |  | 1,011 |  |  | EUR |  |  |  |  |  | 2026 |  |  |  |  |  | 1.500 |
Eni SpA | 1,000 |  |  | 10 |  |  | 1,010 |  |  | EUR |  |  |  |  |  | 2031 |  |  |  |  |  | 2.000 |
Eni SpA | 1,000 |  |  | 3 |  |  | 1,003 |  |  | EUR |  |  |  |  |  | 2026 |  |  |  |  |  | 1.250 |
Eni SpA | 1,000 |  |  | 3 |  |  | 1,003 |  |  | EUR |  |  |  |  |  | 2030 |  |  |  |  |  | 0.625 |
Eni SpA | 900 |  |  |  |  |  | 900 |  |  | EUR |  |  |  |  |  | 2024 |  |  |  |  |  | 0.625 |
Eni SpA | 800 |  |  | 2 |  |  | 802 |  |  | EUR |  |  |  |  |  | 2028 |  |  |  |  |  | 1.625 |
Eni SpA | 750 |  |  | 11 |  |  | 761 |  |  | EUR |  |  |  |  |  | 2024 |  |  |  |  |  | 1.750 |
Eni SpA | 750 |  |  | 8 |  |  | 758 |  |  | EUR |  |  |  |  |  | 2027 |  |  |  |  |  | 1.500 |
Eni SpA | 750 |  |  | (3 | ) |  | 747 |  |  | EUR |  |  |  |  |  | 2034 |  |  |  |  |  | 1.000 |
Eni SpA | 650 |  |  | 4 |  |  | 654 |  |  | EUR |  |  |  |  |  | 2025 |  |  |  |  |  | 1.000 |
Eni SpA | 600 |  |  | (2 | ) |  | 598 |  |  | EUR |  |  |  |  |  | 2028 |  |  |  |  |  | 1.125 |
Eni Finance International SA | 1,639 |  |  | 6 |  |  | 1,645 |  |  | USD |  |  | 2026 |  |  | 2027 |  |  |  |  |  | variable |
Eni Finance International SA | 795 |  |  | 7 |  |  | 802 |  |  | EUR |  |  | 2025 |  |  | 2043 |  |  | 1.275 |  |  | 5.441 |
| 14,834 |  |  | 119 |  |  | 14,953 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA | 937 |  |  | 10 |  |  | 947 |  |  | USD |  |  |  |  |  | 2023 |  |  |  |  |  | 4.000 |
Eni SpA | 937 |  |  | 5 |  |  | 942 |  |  | USD |  |  |  |  |  | 2028 |  |  |  |  |  | 4.750 |
Eni SpA | 937 |  |  | 1 |  |  | 938 |  |  | USD |  |  |  |  |  | 2029 |  |  |  |  |  | 4.250 |
Eni SpA | 328 |  |  | 1 |  |  | 329 |  |  | USD |  |  |  |  |  | 2040 |  |  |  |  |  | 5.700 |
Eni USA Inc | 375 |  |  |  |  |  | 375 |  |  | USD |  |  |  |  |  | 2027 |  |  |  |  |  | 7.300 |
PLT Wind 2022 SpA | 18 |  |  |  |  |  | 18 |  |  | EUR |  |  |  |  |  | 2031 |  |  |  |  |  | variable |
SEF Srl | 10 |  |  |  |  |  | 10 |  |  | EUR |  |  |  |  |  | 2026 |  |  |  |  |  | 7.000 |
| 3,542 |  |  | 17 |  |  | 3,559 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 18,376 |  |  | 136 |  |  | 18,512 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 less than 7.4 million tons of CO2 equivalent by 2024; (ii) renewable energy installed capacity of at least or more 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 bonds issued by Eni SpA is as follows:
(€ million) | Amount |  |  | Discount on bond issue and accrued expense |  |  | Total |  |  | Currency |  |  | Maturity |  |  | Rate % |
Eni SpA | 1,000 |  |  | (2 | ) |  | 998 |  |  | EUR |  |  | 2028 |  |  | 0.375 |
The following table provides a breakdown by currency of finance debt and the related weighted average interest rates:
| December 31, 2022 |  |  | December 31, 2021 |
| 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 | 3,994 |  |  | 0.9 |  |  | 17,171 |  |  | 1.8 |  |  | 1,356 |  |  |  |  |  | 20,399 |  |  | 1.5 |
U.S. dollar | 337 |  |  | 2.2 |  |  | 5,298 |  |  | 5.1 |  |  | 928 |  |  | 0.2 |  |  | 5,096 |  |  | 3.8 |
Other currencies | 115 |  |  |  |  |  | 2 |  |  | 2.4 |  |  | 15 |  |  | (0.3 | ) |  |  |  |  |  |
| 4,446 |  |  |  |  |  | 22,471 |  |  |  |  |  | 2,299 |  |  |  |  |  | 25,495 |  |  |  |
As of December 31, 2022, Eni retained committed borrowing facilities of €8,298 million. Those facilities bore interest rates reflecting prevailing conditions in the marketplace. The breakdown of committed borrowing facilities are as follows:
(€ million) | December 31, 2022 |  |  | December 31, 2021 |
Undrawn long-term Sustainability-Linked bonds | 8,100 |  |  | 2,800 |
Other undrawn long-term borrowing facilities | 2 |  |  | 20 |
Drawn long-term Sustainability-Linked bonds |  |  |  | 2,050 |
Other drawn long-term borrowing facilities | 70 |  |  | 162 |
Long-term borrowing facilities | 8,172 |  |  | 5,032 |
Other undrawn short-term borrowing facilities | 43 |  |  | 15 |
Other drawn short-term borrowing facilities | 83 |  |  | 67 |
Short-term borrowing facilities | 126 |  |  | 82 |
| 8,298 |  |  | 5,114 |
As of December 31, 2022, 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:
(€ million) | December 31, 2022 |  |  | December 31, 2021 |
Ordinary bonds and Sustainability-Linked Bond | 18,167 |  |  | 23,070 |
Convertible bonds |  |  |  | 513 |
Banks | 2,733 |  |  | 5,029 |
Other financial institutions | 111 |  |  | 138 |
| 21,011 |  |  | 28,750 |
Fair value of finance debts was calculated by discounting the expected future cash flows at discount rates ranging from 1.8% to 5.1% (-0.3% and 1.7% at December 31, 2021). Because of the short-term maturity and conditions of remuneration of short-term debt, the fair value approximated the carrying amount. Changes in liabilities arising from financing activities
(€ million) | Long-term debt and current portion of long-term debt |  |  | Short-term debt |  |  | Long-term and current portion of long-term lease liabilietis |  |  | Total |
Carrying amount at December 31, 2021 | 25,495 |  |  | 2,299 |  |  | 5,337 |  |  | 33,131 |
Cash flows | (3,944 | ) |  | 1,375 |  |  | (994 | ) |  | (3,563 | )
Currency translation differences | 208 |  |  | 547 |  |  | 289 |  |  | 1,044 |
Changes in the scope of consolidation | 477 |  |  | (95 | ) |  | (1,953 | ) |  | (1,571 | )
Other non-monetary changes | 235 |  |  | 320 |  |  | 2,272 |  |  | 2,827 |
Carrying amount at December 31, 2022 | 22,471 |  |  | 4,446 |  |  | 4,951 |  |  | 31,868 |
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 |
Changes in the scope of consolidation referred to the Exploration & Production segment for €2,013 million and to the Plenitude business line for €580 million. Other non-monetary changes include €2,401 million of lease liabilities assumptions (€1,102 million at December 31, 2021). 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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