Solicited ratings, namely ratings requested by Eni, are provided below.
Long term | Short term | Outlook | Outlook Date | |
---|---|---|---|---|
Standard & Poor's | A- | A-2 | Negative | 04-Jun-2024 |
Moody's | Baa1 | P-2 | Stable | 22-Nov-2023 |
Fitch | A- | F1 | Stable | 16-Apr-2019 |
Rating Date | Rating | CreditWatch / Outlook | CreditWatch / Outlook Date | |
---|---|---|---|---|
Standard & Poor's | ||||
Long-Term Rating | 30-Aug-2018 | A- | Negative | 04-Jun-2024 |
30-Aug-2018 | A- | Stable | 29-Oct-2021 | |
30-Aug-2018 | A- | Negative | 25-Mar-2020 | |
30-Aug-2018 | A- | Stable | 30-Aug-2018 | |
23-Mar-2016 | BBB+ | Positivo | 21-Dic-2017 | |
23-Mar-2016 | BBB+ | Stable | 23-Mar-2016 | |
22-Apr-2015 | A- | Watch Negative | 1-Feb-2016 | |
22-Apr-2015 | A- | Negative | 5-Oct-2015 | |
22-Apr-2015 | A- | Stable | 22-Apr-2015 | |
17-Jan-2012 | A | Watch Negative | 22-Dic-2014 | |
17-Jan-2012 | A | Negative | 20-Dic-2013 | |
17-Jan-2012 | A | Watch Negative | 16-Jul-2013 | |
17-Jan-2012 | A | Negative | 17-Jan-2012 | |
19-May-2010 | A+ | Watch Negative | 8-Dic-2011 | |
19-May-2010 | A+ | Stable | 19-May-2010 | |
19-Jun-2008 | AA- | Negative | 03-Sep-2009 | |
19-Jun-2008 | AA- | Stable | 19-Jun-2008 | |
1-Apr-1998 | AA | Negative | 04-Dic-2007 | |
1-Apr-1998 | AA | Stable | 07-May-1998 | |
1-Apr-1998 | AA | Negative | 1-Apr-1998 | |
Short-Term Rating | 22-Apr-2015 | A-2 | ||
19-May-2010 | A-1 | |||
1-Apr-1998 | A-1+ | |||
Moody's | ||||
Long Term Rating | 23-Oct-2018 | Baa1 | Stable | 22-Nov-2023 |
23-Oct-2018 | Baa1 | Negative | 09-Aug-2022 | |
23-Oct-2018 | Baa1 | Stable | 23-Oct-2018 | |
09-Mar-2018 | A3 | Rating sOcto revisione | 30-May-2018 | |
09-Mar-2018 | A3 | Negative | 9-Mar-2018 | |
24-Mar-2016 | Baa1 | Stable | 24-Mar-2016 | |
16-Jul-2012 | A3 | Rating sOcto revisione | 22-Jan-2016 | |
16-Jul-2012 | A3 | Stable | 22-Jul-2014 | |
16-Jul-2012 | A3 | Negative | 5-Oct-2011 | |
16-Feb-2012 | A2 | Negative | 5-Oct-2011 | |
5-Oct-2011 | A1 | Negative | 5-Oct-2011 | |
13-Sep-2010 | Aa3 | Rating sOcto revisione | 20-Jun-2011 | |
13-Sep-2010 | Aa3 | Stable | 13-Sep-2010 | |
23-Jun-2005 | Aa2 | Negative | 29-May-2009 | |
23-Jun-2005 | Aa2 | Stable | 23-Jun-2005 | |
25-Aug-1999 | Aa3 | 25-Aug-1999 | ||
Short-Term Rating | 16-Jul-2012 | P-2 | ||
26-Nov-1999 | P-1 | |||
Fitch | ||||
Long-Term Rating | 16-Apr-2019 | A- | Stable | 16-Apr-2019 |
Short-Term Rating | 16-May-2019 | F1 |
Ratings do not constitute a recommendation to buy, sell or hold any financial instruments issued by companies of the Eni group. As aforementioned ratings may be subject to amendment, action, suspension or withdrawal, website users are required to verify current long-term and short-term rating and current outlook.
Leverage and net borrowings
(€ million) | December 31, 2023 | December 31, 2022 | Change |
---|---|---|---|
Total finance debt | 28,729 | 26,917 | 1,812 |
- Short-term debt | 7,013 | 7,543 | (530) |
- Long-term debt | 21,716 | 19,374 | 2,342 |
Cash and cash equivalents | (10,193) | (10,155) | (38) |
Financial assets measured at fair value through profit or loss | (6,782) | (8,251) | 1,469 |
Financing receivables held for non-operating purposes | (855) | (1,485) | 630 |
Net borrowings before lease liabilities ex IFRS 16 | 10,899 | 7,026 | 3,873 |
Lease Liabilities | 5,336 | 4,951 | 385 |
- of which Eni working interest | 4,856 | 4,457 | 399 |
- of which Joint operators' working interest | 480 | 494 | (14) |
Net borrowings post lease liabilities ex IFRS 16 | 16,235 | 11,977 | 4,258 |
Shareholders' equity including non-controlling interest | 53,644 | 55,230 | (1,586) |
Leverage before lease liability ex IFRS 16 | 0.2 | 0.13 | 0.07 |
Leverage after lease liability ex IFRS 16 | 0.3 | 0.22 | 0.08 |
All of the information and figures on this page are correct to December 31, 2023, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.
Long-term financial liabilities at December 31, 2023, including current portions thereof, are indicated below with their relative maturities.
(€ million) | Short-term debt | Current portion of long-term debt | Long-term debt | Total |
---|---|---|---|---|
Banks | 2,810 | 600 | 1,116 | 4,526 |
Ordinary bonds | 1,956 | 19,535 | 21,491 | |
Sustainability-linked convertible bonds | 9 | 917 | 926 | |
Other financial institutions | 1,282 | 356 | 148 | 1,786 |
4,092 | 2,921 | 21,716 | 28,729 |
Maturity year
(€ million) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and thereafter | Total |
---|---|---|---|---|---|---|---|
December 31, 2023 | |||||||
Non-current financial liabilities (including the current portion) | 3,340 | 2,689 | 3,219 | 2,611 | 5,520 | 7,780 | 25,159 |
Lease liabilities | 4,092 | 4,092 | |||||
Passività per beni in leasing | 1,120 | 691 | 476 | 399 | 364 | 2,270 | 5,320 |
Fair value of derivative instruments | 2,414 | 21 | 40 | 5 | 37 | 50 | 2,567 |
10,966 | 3,401 | 3,735 | 3,015 | 5,921 | 10,100 | 37,138 | |
Interest on finance debt | 738 | 676 | 572 | 496 | 389 | 804 | 3,675 |
Interest on lease liabilities | 269 | 221 | 188 | 167 | 148 | 668 | 1,661 |
1,007 | 897 | 760 | 663 | 537 | 1,472 | 5,336 | |
Financial guarantees | 1,114 | 1,114 |
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, 2023, debts subjected to restrictive covenants amounted to €732 million (€862 million at December 31, 2022). Eni was in compliance with those covenants.
All of the information and figures on this page are correct to December 31, 2023, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.
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, 2023.
Eni has in place a Commercial Paper Programme for a maximum total amount of €4 billion.
All the information and data contained in these pages refer to the situation as at December 31, 2023, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments
The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2023
(€ 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.
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 buy-back 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 bonds 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.
(€ 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 | |||
of which equity | 80 | (1) | 79 |
All the information and data contained in these pages refer to the situation as at December 31, 2022, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments
2023 | |
---|---|
Net Debt (€ mln) | 10,899 |
Lease liabilities (€ mln) | 5,336 |
Equity (€ mln) | 53,644 |
Net Debt / Equity (Leverage) ante lease liability ex IFRS 16 | 0.20 |
Net Debt / Equity (Leverage) post lease liability ex IFRS 16 | 0.30 |
Net Debt / Equity+Net Debt (Gearing) ante lease liability ex IFRS 16 | 0.23 |