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Derivative financial instruments and hedge accounting (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative financial instruments and hedge accounting |
Schedule of derivative financial instruments |
|  | December 31, 2019 |  | December 31, 2018
|  | Fair value |  | Fair value |  | Level of Fair |  | Fair value |  | Fair value |  | Level of Fair
(€ million) |  | asset |  | liability |  | value |  | asset |  | liability |  | value
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on exchange rate |  |  |  |  |  |  |  |  |  |  |  |
- Currency swap |  | 97 |  | 43 |  | 2 |  | 99 |  | 46 |  | 2
- Interest currency swap |  | 26 |  |  |  | 2 |  | 14 |  | 71 |  | 2
- Outright |  | 8 |  | 5 |  | 2 |  | 3 |  | 5 |  | 2
|  | 131 |  | 48 |  |  |  | 116 |  | 122 |  |
Derivatives on interest rate |  |  |  |  |  |  |  |  |  |  |  |
- Interest rate swap |  | 13 |  | 34 |  | 2 |  | 18 |  | 6 |  | 2
|  | 13 |  | 34 |  |  |  | 18 |  | 6 |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |
- Future |  | 192 |  | 181 |  | 1 |  | 1,060 |  | 1,107 |  | 1
- Over the counter |  | 89 |  | 58 |  | 2 |  | 306 |  | 284 |  | 2
- Other |  | 12 |  |  |  | 2 |  | 1 |  | 5 |  | 2
|  | 293 |  | 239 |  |  |  | 1,367 |  | 1,396 |  |
|  | 437 |  | 321 |  |  |  | 1,501 |  | 1,524 |  |
Trading derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  | 2,387 |  | 1,953 |  | 2 |  | 992 |  | 1,031 |  | 2
- Future |  | 348 |  | 313 |  | 1 |  | 367 |  | 263 |  | 1
- Options |  | 21 |  | 22 |  | 2 |  | 80 |  | 71 |  | 2
|  | 2,756 |  | 2,288 |  |  |  | 1,439 |  | 1,365 |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  | 1 |  | 596 |  | 2 |  | 311 |  | 196 |  | 2
- Future |  | 34 |  | 148 |  | 1 |  |  |  |  |  |
- Options |  |  |  | 2 |  | 2 |  | 26 |  | 15 |  | 1
|  | 35 |  | 746 |  |  |  | 337 |  | 211 |  |
Option embedded in convertible bonds |  | 11 |  | 11 |  | 2 |  | 21 |  | 21 |  | 2
Gross amount |  | 3,239 |  | 3,366 |  |  |  | 3,298 |  | 3,121 |  |
Offsetting |  | (612) |  | (612) |  |  |  | (1,636) |  | (1,636) |  |
Net amount |  | 2,627 |  | 2,754 |  |  |  | 1,662 |  | 1,485 |  |
Of which: |  |  |  |  |  |  |  |  |  |  |  |
- current |  | 2,573 |  | 2,704 |  |  |  | 1,594 |  | 1,445 |  |
- non-current |  | 54 |  | 50 |  |  |  | 68 |  | 40 |  |
Schedule of hedging derivative instruments | Hedging derivative instruments are disclosed below:
|  | December 31, 2019 |  | December 31, 2018
|  | Nominal |  |  |  | Change in fair |  | Nominal |  |  |  | Change in fair
|  | amount of the |  | Change in fair |  | value |  | amount of the |  | Change in fair |  | value
|  | hedging |  | value |  | (ineffective |  | hedging |  | value |  | (ineffective
(€ million) |  | instrument |  | (effective hedge) |  | hedge) |  | instrument |  | (effective hedge) |  | hedge)
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodity |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  | 2,179 |  | (1,357) |  | (2) |  | 3,528 |  | 404 |  | 2
- Future |  | 1,245 |  | (61) |  |  |  | 71 |  | (6) |  | (2)
|  | 3,424 |  | (1,418) |  | (2) |  | 3,599 |  | 398 |  |
Schedule of breakdown of underlying asset or liability under cash flow hedge | The breakdown of the underlying asset or liability by type of risk hedged under cash flow hedge is provided below:
|  | December 31, 2019 |  | December 31, 2018
|  | Change of the underlying |  |  |  |  |  | Change of the underlying |  |  |  |
|  | asset used for the |  |  |  |  |  | asset used for the |  |  |  |
|  | calculation of |  |  |  | Reclassification |  | calculation of |  |  |  | Reclassification
(€ million) |  | hedging ineffectiveness |  | CFH reserve |  | adjustments |  | hedging ineffectiveness |  | CFH reserve |  | adjustments
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |
Commodity price risk |  |  |  |  |  |  |  |  |  |  |  |
- Planned sales |  | 1,444 |  | (656) |  | (739) |  | (389) |  | (13) |  | 642
|  | 1,444 |  | (656) |  | (739) |  | (389) |  | (13) |  | 642
Schedule of effects recognized in other operating profit (loss) | Other operating profit (loss) related to derivative financial instruments on commodity was as follows:
(€ million) |  | 2019 |  | 2018 |  | 2017
Net income (loss) on cash flow hedging derivatives |  | (2) |  |  |  | 12
Net income (loss) on other derivatives |  | 289 |  | 129 |  | (44)
|  | 287 |  | 129 |  | (32)
Schedule of effects recognized in finance income (loss) | Finance income (loss) on derivative financial instruments consisted of the following:
(€ million) |  | 2019 |  | 2018 |  | 2017
Derivatives on exchange rate |  | 9 |  | (329) |  | 809
Derivatives on interest rate |  | (23) |  | 22 |  | 28
|  | (14) |  | (307) |  | 837

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