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Finance debt | 12 Months Ended
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Dec. 31, 2023
Finance debts |
Finance debt | 1 9 Finance debt
| December 31, 2023 |  |  | December 31, 2022 |
| 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 | 2,810 |  |  | 600 |  |  | 1,116 |  |  | 4,526 |  |  | 3,645 |  |  | 851 |  |  | 1,999 |  |  | 6,495 |
Ordinary bonds |  |  |  | 1,956 |  |  | 19,535 |  |  | 21,491 |  |  |  |  |  | 2,142 |  |  | 17,368 |  |  | 19,510 |
Sustainability-linked convertible bonds |  |  |  | 9 |  |  | 917 |  |  | 926 |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial institutions | 1,282 |  |  | 356 |  |  | 148 |  |  | 1,786 |  |  | 801 |  |  | 104 |  |  | 7 |  |  | 912 |
| 4,092 |  |  | 2,921 |  |  | 21,716 |  |  | 28,729 |  |  | 4,446 |  |  | 3,097 |  |  | 19,374 |  |  | 26,917 |
Finance debt in creased by €1,812 million as disclosed in table “Changes in liabilities arising from financing activities” detailed at the end of this paragraph. As of December 31, 202 3, finance debt include d €701 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, which are disclosed in the comment of ordinary bonds. 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, 202 3, debts subjected to restrictive covenants amounted to €732 million (€862 million at December 31, 202 2). 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 €16.8 billion were drawn as of December 31, 202 3. The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 20 2 3:
(€ million) | Amount |  |  | Discount on bond issue and accrued expense |  |  | Total |  |  | Currency |  |  | Maturity |  |  | Rate % |
Issuing entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro Medium Term Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA | 1,250 |  |  | 22 |  |  | 1,272 |  |  | EUR |  |  | 2033 |  |  | 4.250 |
Eni SpA | 1,200 |  |  | 14 |  |  | 1,214 |  |  | EUR |  |  | 2025 |  |  | 3.750 |
Eni SpA | 1,000 |  |  | 31 |  |  | 1,031 |  |  | EUR |  |  | 2029 |  |  | 3.625 |
Eni SpA | 1,000 |  |  | 12 |  |  | 1,012 |  |  | EUR |  |  | 2026 |  |  | 1.500 |
Eni SpA | 1,000 |  |  | 4 |  |  | 1,004 |  |  | EUR |  |  | 2030 |  |  | 0.625 |
Eni SpA | 1,000 |  |  | 4 |  |  | 1,004 |  |  | EUR |  |  | 2026 |  |  | 1.250 |
Eni SpA | 1,000 |  |  | 10 |  |  | 1,010 |  |  | EUR |  |  | 2031 |  |  | 2.000 |
Eni SpA | 900 |  |  | 1 |  |  | 901 |  |  | EUR |  |  | 2024 |  |  | 0.625 |
Eni SpA | 800 |  |  | 3 |  |  | 803 |  |  | EUR |  |  | 2028 |  |  | 1.625 |
Eni SpA | 750 |  |  | 13 |  |  | 763 |  |  | EUR |  |  | 2024 |  |  | 1.750 |
Eni SpA | 750 |  |  | 8 |  |  | 758 |  |  | EUR |  |  | 2027 |  |  | 1.500 |
Eni SpA | 750 |  |  | (3 | ) |  | 747 |  |  | EUR |  |  | 2034 |  |  | 1.000 |
Eni SpA | 679 |  |  | 10 |  |  | 689 |  |  | USD |  |  | 2027 |  |  | variable |
Eni SpA | 650 |  |  | 5 |  |  | 655 |  |  | EUR |  |  | 2025 |  |  | 1.000 |
Eni SpA | 600 |  |  | (2 | ) |  | 598 |  |  | EUR |  |  | 2028 |  |  | 1.125 |
Eni SpA | 500 |  |  | 3 |  |  | 503 |  |  | EUR |  |  | 2025 |  |  | 1.275 |
Eni SpA | 452 |  |  |  |  |  | 452 |  |  | USD |  |  | 2026 |  |  | variable |
Eni SpA | 452 |  |  | (1 | ) |  | 451 |  |  | USD |  |  | 2026 |  |  | variable |
Eni SpA | 100 |  |  | 4 |  |  | 104 |  |  | EUR |  |  | 2028 |  |  | 5.441 |
Eni SpA | 75 |  |  | 2 |  |  | 77 |  |  | EUR |  |  | 2043 |  |  | 3.875 |
Eni SpA | 70 |  |  | 1 |  |  | 71 |  |  | EUR |  |  | 2032 |  |  | 4.000 |
Eni SpA | 50 |  |  | (1 | ) |  | 49 |  |  | EUR |  |  | 2031 |  |  | 4.800 |
Eni SpA – Sustainability-linked | 1,000 |  |  | (1 | ) |  | 999 |  |  | EUR |  |  | 2028 |  |  | 0.375 |
Eni SpA – Sustainability-linked | 750 |  |  | 14 |  |  | 764 |  |  | EUR |  |  | 2027 |  |  | 3.625 |
| 16,778 |  |  | 153 |  |  | 16,931 |  |  |  |  |  |  |  |  |  |
Other bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA | 905 |  |  | 7 |  |  | 912 |  |  | USD |  |  | 2028 |  |  | 4.750 |
Eni SpA | 905 |  |  | 1 |  |  | 906 |  |  | USD |  |  | 2029 |  |  | 4.250 |
Eni USA Inc | 362 |  |  | 1 |  |  | 363 |  |  | USD |  |  | 2027 |  |  | 7.300 |
Eni SpA | 317 |  |  | 1 |  |  | 318 |  |  | USD |  |  | 2040 |  |  | 5.700 |
Eni Plenitude Wind 2022 SpA | 17 |  |  |  |  |  | 17 |  |  | EUR |  |  | 2031 |  |  | variable |
Eni SpA – Sustainability-linked - Retail | 2,000 |  |  | 44 |  |  | 2,044 |  |  | EUR |  |  | 2028 |  |  | 4.300 |
| 4,506 |  |  | 54 |  |  | 4,560 |  |  |  |  |  |  |  |  |  |
| 21,284 |  |  | 207 |  |  | 21,491 |  |  |  |  |  |  |  |  |  |
During 2023, a total of €4,000 million of ordinary bond were issued. The new issues concerned, in particular, a bond of €1,250 million within the Euro Medium Term Notes program and two sustainability-linked bond, the first intended for a retail public of €2,000 million and the second as part of the Euro Medium Term Notes program of €750 million. The sustainability parameters are: (i) net carbon footprint upstream (GHG emission Scope 1 and 2) equal to or less than 5.2 million tons of CO2 equivalent by December 31, 2025; (ii) renewable energy installed capacity of at least or more than 5 GW December 31, 2025. In case the Company misses those targets, a step-up mechanism will be applied, increasing the interest cost. In addition, within the Euro Medium Term Notes program, a sustainability-linked bond was outstanding for a total nominal amount of €1,000 million which was indexed to 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. In case the Company misses those targets, a step-up mechanism will be applied, increasing the interest cost. As of December 31, 2023, ordinary bonds maturing within 18 months amounted to €2,821 million. Information relating to the senior unsecured sustainability-linked convertible bonds is as follows:
(€ million) | Amount |  |  | Discount on bond issue and accrued expense |  |  | Total |  |  | Currency |  |  | Maturity |  |  | Rate % |
Issuing entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA – Convertible senior unsecured sustainability-linked bonds | 1,000 |  |  | 5 |  |  | 1,005 |  |  | EUR |  |  | 2030 |  |  | 2.950 |
of which financial liabilities | 920 |  |  | 6 |  |  | 926 |  |  | EUR |  |  |  |  |  |  |
of which equity | 80 |  |  | (1 | ) |  | 79 |  |  | EUR |  |  |  |  |  |  |
During 2023, Eni SpA issued a sustainability-linked senior unsecured convertible bond with an aggregate nominal amount of €1,000 million. The bonds will be convertible into Eni existing ordinary shares bought under the share buyback programme approved by the Shareholders’ Meeting held on 10 May 2023. The bonds will have a maturity of 7 years, will be issued at 100% of par and will pay an annual coupon of 2.95%. The conversion price will be €17.5513, representing a premium of 20% above the reference price of €14.6261, which has been determined as the volume weighted average price of Eni ordinary shares on the regulated market of Borsa Italiana on September 7, 2023, between the opening of trading and the pricing of the offering. The b onds will be linked to the achievement of sustainability targets related to Net Carbon Footprint Upstream (Scope 1 and 2) and renewable energy installed capacity, as detailed in the relevant terms and conditions. The following table provides a breakdown by currency of finance debt and the related weighted average interest rates:
| December 31, 2023 |  |  | December 31, 2022 |
| Short term debt (€ million) |  |  | Weighted average rate (%) |  |  | Long term debt and current portion of long-term debt (€ million) |  |  | Weighted average rate (%) |  |  | Short term debt (€ million) |  |  | Weighted average rate (%) |  |  | Long term debt and current portion of long-term debt (€ million) |  |  | Weighted av erage rate (%) |
Euro | 3,469 |  |  | 3.3 |  |  | 20,293 |  |  | 2.4 |  |  | 3,994 |  |  | 0.9 |  |  | 17,171 |  |  | 1.8 |
U.S. dollar | 614 |  |  | 5.5 |  |  | 4,342 |  |  | 5.9 |  |  | 337 |  |  | 2.2 |  |  | 5,298 |  |  | 5.1 |
Other currencies | 9 |  |  | 2.5 |  |  | 2 |  |  | 5.9 |  |  | 115 |  |  |  |  |  | 2 |  |  | 2.4 |
| 4,092 |  |  |  |  |  | 24,637 |  |  |  |  |  | 4,446 |  |  |  |  |  | 22,471 |  |  |  |
As of December 31, 20 2 3, Eni retained committed borrowing facilities of €9,120 million (€8,298 million at December 31, 2022). Those facilities bore interest rates reflecting prevailing conditions i n the marketplace. The breakdown of committed borrowing facilities are as follows:
(€ million) | December 31, 2023 |  |  | December 31, 2022 |
Undrawn long-term sustainability-linked credit facilities with current portion of long-term | 9,000 |  |  | 8,100 |
Other undrawn long-term borrowing facilities | 12 |  |  | 2 |
Other drawn long-term borrowing facilities with current portion of long-term | 3 |  |  | 70 |
Long-term borrowing facilities | 9,015 |  |  | 8,172 |
Undrawn short-term borrowing facilities | 38 |  |  | 43 |
Drawn short-term borrowing facilities | 67 |  |  | 83 |
Short-term borrowing facilities | 105 |  |  | 126 |
| 9,120 |  |  | 8,298 |
As of December 31, 20 2 3, 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, 2023 |  |  | December 31, 2022 |
Ordinary bonds and sustainability-linked bonds | 21,025 |  |  | 18,167 |
Convertible sustainability-linked bonds | 1,061 |  |  |  |
Banks | 1,652 |  |  | 2,733 |
Other financial institutions | 505 |  |  | 111 |
| 24,243 |  |  | 21,011 |
Fair value of financ e debt s was calculated by discounting the expected future cash flows at discount rates ranging from 1.9% to 5.2% (1.8% and 5.1% at December 31, 202 2). 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 |
2023 |  |  |  |  |  |  |  |  |  |  |
Carrying amount - beginning of the year | 22,471 |  |  | 4,446 |  |  | 4,951 |  |  | 31,868 |
Cash flows | 1,810 |  |  | (1,495 | ) |  | (963 | ) |  | (648 | )
Currency translation differences | (144 | ) |  | 182 |  |  | (116 | ) |  | (78 | )
Changes in the scope of consolidation | 38 |  |  | 352 |  |  | 13 |  |  | 403 |
Other non-monetary changes | 462 |  |  | 607 |  |  | 1,451 |  |  | 2,520 |
Carrying amount - end of the year | 24,637 |  |  | 4,092 |  |  | 5,336 |  |  | 34,065 |
2022 |  |  |  |  |  |  |  |  |  |  |
Carrying amount - beginning of the year | 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 - end of the year | 22,471 |  |  | 4,446 |  |  | 4,951 |  |  | 31,868 |
Changes in the scope of consolidation referred to the acquisition of Novamont for €211 million and to the acquisitions in relation to renewables activities of the Plenitude business line for €33 million. Other non-monetary changes include lease liabilities assumptions for €1,584 million and €1,047 million of trade payables on which payment term extensions have been negotiated, resulting in the classification of the debt as financial. Lease liabilities are described in note 1 3 – Right-of-use assets and lease liabilities. Transactions with related parties are described in note 36 – Transactions with related parties

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