Solicited ratings, namely ratings requested by Eni, are provided below.
Long term | Short term | Outlook | Outlook Date | |
---|---|---|---|---|
Standard & Poor's | A- | A-2 | Stable | 29-Oct-2021 |
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- | 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, 2022 | December 31, 2021 | Change |
---|---|---|---|
Total finance debt | 26,917 | 27,794 | (877) |
- Short-term debt | 7,543 | 4,080 | 3,463 |
- Long-term debt | 19,374 | 23,714 | (4,340) |
Cash and cash equivalents | (10,155) | (8,254) | (1,901) |
Securities held for trading | (8,251) | (6,301) | (1,950) |
Financing receivables held for non-operating purposes | (1,485) | (4,252) | 2,767 |
Net borrowings before lease liabilities ex IFRS 16 | 7,026 | 8,987 | (1,961) |
Lease Liabilities | 4,951 | 5,337 | (386) |
- of which Eni working interest | 4,457 | 3,653 | 804 |
- of which Joint operators' working interest | 494 | 1,684 | (1,190) |
Net borrowings post lease liabilities ex IFRS 16 | 11,977 | 14,324 | (2,347) |
Shareholders' equity including non-controlling interest | 55,230 | 44,519 | 10,711 |
Leverage before lease liability ex IFRS 16 | 0.13 | 0.20 | 0.07 |
Leverage after lease liability ex IFRS 16 | 0.22 | 0.32 | 0.10 |
All of the information and figures on this page are correct to December 31, 2022, 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, 2022, including current portions thereof, are indicated below with their relative maturities. Long-term financial liabilities and current portion of long-term financial liabilities
(€ million) | Short-term debt | Current portion of long-term debt | Long-term debt | Total |
---|---|---|---|---|
Banks | 3,645 | 851 | 1,999 | 6,495 |
Ordinary bonds | 2,140 | 16,372 | 18,512 | |
Convertible bonds | ||||
Sustainability-Linked Bond | 2 | 996 | 998 | |
Commercial papers | 34 | 34 | ||
Other financial institutions | 767 | 104 | 7 | 878 |
4,446 | 3,097 | 19,374 | 26,917 |
Maturity year
(€ million) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and thereafter | Total |
---|---|---|---|---|---|---|---|
December 31, 2022 | |||||||
Non-current financial liabilities (including the current portion) | 2,883 | 2,339 | 2,640 | 3,298 | 1,927 | 9,246 | 22,333 |
Current financial liabilities | 4,446 | 4,446 | |||||
Lease liabilities | 851 | 584 | 445 | 365 | 347 | 2,312 | 4,904 |
Fair value of derivative instruments | 9,042 | 1 | 51 | 54 | 180 | 9,328 | |
17,222 | 2,924 | 3,136 | 3,717 | 2,274 | 11,738 | 41,011 | |
Interest on finance debt | 590 | 494 | 459 | 365 | 284 | 716 | 2,908 |
Interest on lease liabilities | 235 | 209 | 184 | 165 | 147 | 685 | 1,625 |
825 | 703 | 643 | 530 | 431 | 1,401 | 4,533 | |
Financial guarantees | 1,668 | 1,668 |
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.
All of the information and figures on this page are correct to December 31, 2022, 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 €15.8 billion were drawn as of December 31, 2022.
The issuers of the EMTN Programme, entirely guaranteed by Eni SpA, are Eni SpA and Eni Finance International SA.
Eni has in place Commercial Paper Programmes for a maximum total amount of €4 billion, entirely guaranteed by Eni SpA, with Eni SpA and Eni Finance International SA as issuers
As of December 31, 2022, Commercial Papers of € 34 million were issued by the Group’s financial subsidiaries.
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.
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 (%) |
|
---|---|---|---|---|---|---|---|---|
Issuing entity | (from) | (to) | (from) | (to) | ||||
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 | variabile | |
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 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.
(€million) | Amount | Discount on bond issue and accrued expense | Total | Currency | Maturity | Rate (%) |
---|---|---|---|---|---|---|
Eni SpA | 1,000 | (2) | 998 | EUR | 2028 | 0.375 |
In February 2023, Eni successfully finalized the placement of its first sustainability-linked bond among the retail public in Italy for a total amount of €2 billion, with orders five times higher than the initially offered amount.
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
2022 | |
---|---|
Net Debt (€ mln) | 7,026 |
Lease liabilities (€ mln) | 4,951 |
Equity (€ mln) | 55,230 |
Net Debt / Equity (Leverage) ante lease liability ex IFRS 16 | 0.13 |
Net Debt / Equity (Leverage) post lease liability ex IFRS 16 | 0.22 |
Net Debt / Equity+Net Debt (Gearing) ante lease liability ex IFRS 16 | 0.18 |