In 2016, in line with the Group's commitment to strengthening its financial position following the acquisition of ROGCI, various measures were implemented that enabled the Group to maintain its previous credit rating and to reduce its net debt by 32%.
In line with its policy of financial prudence and its commitment to maintaining a high degree of liquidity, the funds held in cash by the Group at the end of the year and available credit lines amply exceed the maturity dates of its short-term debt.
The Group's net financial debt at the end of 2016 decreased to 8,144 million euros
The Group's net financial debt at the end of 2016 decreased to 8,144 million euros, compared to 11,934 million euros at December 31, 2015.
Group liquidity, including committed and undrawn credit facilities, stood at 9,347 million euros on December 31st, 2016, which is enough to cover its short-term debt maturities by a factor of 2.3. Repsol had undrawn credit facilities amounting to 4,429 million euros and 6,360 million euros on December 31st, 2016 and 2015, respectively.
Change in Net debt