Net financial debt and changes in the period are detailed in the table below.
|Millions of euro|
|at Dec. 31, 2013||at Dec. 31, 2012 restated||Change|
|- bank loans||8,287||13,282||(4,995)||-37.6%|
|- bonds and preference shares||41,483||41,509||(26)||-0.1%|
|- other loans||1,343||1,168||175||15.0%|
|Long-term financial receivables and securities||(4,951)||(3,576)||(1,375)||-38.5%|
|Net long-term debt||46,162||52,383||(6,221)||-11.9%|
|- short-term portion of long-term bank debt||1,788||714||1,074||-|
|- other short-term bank debt||150||283||(133)||-47.0%|
|Short-term bank debt||1,938||997||941||94.4%|
|Bonds and preference shares (short-term portion)||2,649||3,115||(466)||-15.0%|
|Other loans (short-term portion)||253||228||25||11.0%|
|Cash collateral and other financing on derivatives||119||691||(572)||-82.8%|
|Other short-term financial payables||58||82||(24)||-29.3%|
|Other short-term debt||5,281||7,030||(1,749)||-24.9%|
|Long-term financial receivables (short-term portion)||(2,977)||(5,318)||2,341||44.0%|
|Financial receivables and cash collateral||(1,720)||(1,402)||(318)||-22.7%|
|Other short-term financial receivables||(512)||(521)||9||1.7%|
|Cash and cash equivalents and short term securities||(8,047)||(9,933)||1,886||19.0%|
|Cash and cash equivalents and short-term financial receivables||(13,519)||(17,462)||3,943||22.6%|
|Net short-term debt||(6,300)||(9,435)||3,135||33.2%|
|NET FINANCIAL DEBT||39,862||42,948||(3,086)||-7.2%|
|Net financial debt of “assets held for sale||(10)||(10)||-||-|
Net financial debt amounted to €39,862 million at December 31, 2013, a decrease of €3,086 million compared with December 31, 2012: the decrease of €6,221 million in net long-term debt was partly offset by an increase of €3,135 million in net short-term debt.
More specifically, long-term bank loans totaled €8,287 million, a decrease of €4,995 million, mainly due to:
- reduced borrowing on long-term revolving credit facilities (€341 million by Endesa and €100 million by Enel SpA);
- the reclassification to current liabilities of €650 million by Slovenské elektrárne;
- the early repayment of the 2009 credit facility in the amount of €610 million (with a nominal value of €617 million), falling due in 2014, by Enel SpA and Enel Finance International;
- the early repayment of credit lines in the amount of €345 million (with a nominal value of €350 million), maturing in 2017, by Enel Finance International;
- the early repayment of the 2012 credit facility in the amount of €3,167 million (with a nominal value of €3,200 million), maturing in 2017, by Enel Finance International.
These factors were partially offset by drawings on lines of financing by Enel Green Power Latin America in the amount of €217 million, EIB loans to Enel Distribuzione totaling €270 million and to Enel Green Power International totaling €170 million.
The €10 billion five-year revolving credit line established in April 2010 by Enel SpA and Enel Finance International was undrawn at December 31, 2013. At the same date, the committed credit lines obtained by Enel SpA and Enel Finance International were also undrawn.
Bonds and preference shares amounted to €41,483 million, a decrease of €26 million on the end of 2012, mainly attributable to private placements totaling €479 million by Enel Finance International and issues of the following hybrid financial instruments by Enel SpA:
- €1,250 million fixed-rate 6.50%, maturing January 10, 2074 with a call option exercisable at January 10, 2019;
- £400 million fixed-rate 7.75%, maturing September 10, 2075 with a call option exercisable at September 10, 2020;
- $1,250 million fixed-rate 8.75%, maturing September 24, 2073 with a call option exercisable at September 24, 2023.
These effects were partly offset by the reclassification to short term of the current portion of a bond issued by Enel SpA in 2007 in the amount of €1,000 million, a bond issued by Enel Finance International in 2009 in the amount of $1,250 million and bonds issued by Endesa in the amount of €586 million.
Net short-term debt showed a net positive position of €6,300 million at December 31, 2013, an increase of €3,135 million on the end of 2012, the result of an increase in short-term bank debt of €941 million, essentially due to an increase in the short-term portion of credit lines and bank loans in the amount of about €1,074 million, a decrease of €3,943 million in cash and cash equivalents and short-term financial receivables and a decrease in other short-term debt in the amount of 1,749 million.
Commercial paper includes issues by Enel Finance International, Endesa Latinoamérica and Endesa Capital in the total amount of €2,202 million. Finally, cash collateral paid to counterparties in over-the-counter derivatives transactions on interest rates, exchange rates and commodities totaled €1,720 million, while cash collateral received from such counterparties amounted to €119 million.
Cash and cash equivalents and short-term financial receivables came to €13,519 million, a decrease of €3,943 million on the end of 2012, mainly reflecting a decrease in liquidity held with banks and short-term securities in the amount of €1,886 million and a decrease in the current portion of long-term financial receivables in the amount of €2,341 million.
Among major transactions in 2013, on January 15, 2013, Enel SpA renegotiated a bilateral revolving credit facility in the overall amount of €500 million falling due 2014, and on February 8, 2013 Enel SpA and Enel Finance International obtained a forward starting revolving credit facility totaling about €9.4 billion falling due in April 2018. This credit facility will replace the current revolving credit line of €10 billion, starting from the expiry date of that facility, which is contractually scheduled for 2015. On July 18, 2013 Enel SpA repaid a bilateral revolving credit facility early in the amount of €500 million, maturing in 2014. The Company also renegotiated a bilateral revolving credit facility in the overall amount of €800 million into the following tranches: €400 million maturing in 2015 and €400 million maturing in 2016.