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(€ million) |
2010 |
2011 |
2012 |
Change |
% change |
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|
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Expense on financial debt |
188 |
262 |
401 |
139 |
53.1 |
||
- Expense on short- and long-term financial debt |
188 |
262 |
401 |
139 |
53.1 |
||
Expense (income) on IRS contracts (*) |
102 |
69 |
404 |
335 |
|
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Other net financial expense |
18 |
19 |
27 |
8 |
42.1 |
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- Accretion discount |
15 |
12 |
11 |
(1) |
(8.3) |
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- Other net financial (income) expense |
3 |
7 |
16 |
9 |
|
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Financial expense capitalised |
(37) |
(37) |
(38) |
(1) |
2.7 |
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|
271 |
313 |
794 |
481 |
|
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Net financial expense (€794 million) rose by €481 million compared with 2011, due mainly to: (i) expense arising from the early extinguishment of 12 IRS contracts in place with eni (-€335 million); and (ii) the increase in financial expense related to debt (-€139 million), which was affected by costs (-€41 million) connected with the early extinguishment of bank bridge loans signed as part of the debt refinancing programme, made possible thanks to the success achieved in the recent bond issues, the higher average cost of debt and the higher average debt for the period.
Financial expense of €38 million was capitalised in 2012 (€37 million in 2011).
