Short-term financial liabilities of €505 million (€2,787 million at 31 December 2011) are denominated entirely in euros and relate to: (i) credit lines with banks (€364 million); and (ii) the remaining debt to eni S.p.A. (€141 million) for the balance of the amount owed for early extinguishment of 12 IRS contracts for a combined amount of €4.2 billion23.
The reduction of €2,282 million is due mainly to repayments on loans outstanding with eni (€2,646 million), offset partly by taking out: (i) a short-term floating-rate bank loan (€251 million) falling due on 14 November 2013; and (ii) an uncommitted line of credit (€113 million).
The market value of financial payables is analysed in Note 28 “Guarantees, commitments and risks”.
At 31 December 2012, there were no breaches of loan agreements.
23 More information can be found in the section “Annual Profile - Main events - Debt refinancing” of the DIrector’s Report.
