Short-term financial liabilities of €2,787 million (€1,844 million as at 31 December 2010) are denominated entirely in Euros and relate to credit lines with Eni S.p.A..
Short-term financial liabilities include: (i) floating-rate loans (€2,287 million); and (ii) floating-rate loans of €500 million, converted into fixed-rate loans through an interest rate swap derivative contract23 for an equal notional amount. The weighted average interest rate on short-term financial debt was 1.5% (0.7% at 31 December 2010).
The market value of short-term financial liabilities is the same as their book value.
At 31 December 2011, there were no breaches of loan agreements.