Net financial expense
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|
(€ million) |
2011 |
2012 |
2013 |
Change |
% Change |
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Expense on financial debt |
262 |
401 |
489 |
88 |
21.9 |
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- Expense on short- and long-term financial debt |
262 |
401 |
489 |
88 |
21.9 |
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Losses (Gains) on hedging derivatives |
69 |
404 |
6 |
(398) |
(98.5) |
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- Interest rate swaps (IRS) (*) |
69 |
404 |
|
(404) |
(100.0) |
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- Cross currency swaps (CCS) (**) |
|
|
6 |
6 |
|
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Other net financial expense |
19 |
27 |
11 |
(16) |
(59.3) |
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- Accretion discount |
12 |
11 |
13 |
2 |
18.2 |
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- Other net financial expense (income) |
7 |
16 |
(2) |
(18) |
|
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Financial expense capitalised |
(37) |
(38) |
(34) |
4 |
(10.5) |
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|
|
313 |
794 |
472 |
(322) |
(40.6) |
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Net financial expense (€472 million) decreased by €322 million compared with 2012, mainly reflecting the recognition, in the third quarter of 2012, of charges relating to the early extinguishment of 12 IRS contracts between Snam and its subsidiaries and Eni (€335 million), giving rise to contractual provisions in the event of Eni losing control of Snam. Excluding this effect, net financial expense increased by €13 million, due mainly to higher average debt. The average cost of debt, partly due to the rationalisation of the Group’s financial structure that took place in 2013, was mainly in line with 2012.
Financial expense of €34 million was capitalised in 2013 (€38 million in 2012).