Debt & ratings
Liabilities are split into two categories: liabilities linked to operating activities (consolidated financial liabilities related to specific balance sheet items) and liabilities linked to financing activities (including the other consolidated financial liabilities, including subordinated liabilities, bond issued and other loans obtained).
|Liabilities linked to operating activities||30,501||28,445|
|Liabilities linked to financing activities||11,815||12,669|
|Other non subordinated liabilities linked to financing activities||426||526|
The weighted average cost of liabilities linked to financing activities at 31 December 2017 amounted to 5.71%, basically unchanged compared to the 5.67% of December 2016.
Average cost & maturity of financial debt (%)
|Average maturity (years)||6.22||6.72|
Total financial debt
(1) The amount of financial debt as of 2016 December, 31, includes the subordinated bond issued in June 2016, for a nominal amount of Euro 850 m, to refinance 2017 callable hybrid bond