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Guarantees, commitments and risks (Tables) | 12 Months Ended
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Dec. 31, 2019
Guarantees, commitments and risks |
Schedule of guarantees |
(€ million) |  | December 31, 2019 |  | December 31, 2018
Consolidated subsidiaries |  | 4,323 |  | 5,082
Unconsolidated subsidiaries |  | 197 |  | 196
Joint ventures and associates |  | 4,075 |  | 4,056
Others |  | 267 |  | 163
|  | 8,862 |  | 9,497
Schedule of commitments and risks |
(€ million) |  | December 31, 2019 |  | December 31, 2018
Commitments |  | 74,338 |  | 54,611
Risks |  | 676 |  | 673
|  | 75,014 |  | 55,284
Schedule of expected payments for finance debts and lease liabilities | The tables below summarize the Group main contractual obligations for finance debt and lease liability repayments, including expected payments for interest charges and derivatives.
|  | Maturity year
|  |  |  |  |  |  |  |  |  |  |  | 2025 and |  |
(€ million) |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | thereafter |  | Total
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current financial liabilities (including the current portion) |  | 2,908 |  | 1,704 |  | 1,259 |  | 2,743 |  | 1,785 |  | 11,521 |  | 21,920
Current financial liabilities |  | 2,452 |  |  |  |  |  |  |  |  |  |  |  | 2,452
Lease liabilities |  | 884 |  | 632 |  | 487 |  | 434 |  | 424 |  | 2,761 |  | 5,622
Fair value of derivative instruments |  | 2,704 |  | 2 |  | 14 |  |  |  |  |  | 34 |  | 2,754
|  | 8,948 |  | 2,338 |  | 1,760 |  | 3,177 |  | 2,209 |  | 14,316 |  | 32,748
Interest on finance debt |  | 594 |  | 452 |  | 353 |  | 342 |  | 269 |  | 1,667 |  | 3,677
Interest on lease liabilities |  | 341 |  | 302 |  | 263 |  | 233 |  | 206 |  | 1,015 |  | 2,360
|  | 935 |  | 754 |  | 616 |  | 575 |  | 475 |  | 2,682 |  | 6,037
Financial guarantees |  | 926 |  |  |  |  |  |  |  |  |  |  |  | 926
|  | Maturity year
|  |  |  |  |  |  |  |  |  |  |  | 2024 and |  |
(€ million) |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | thereafter |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current financial liabilities (including the current portion) |  | 3,301 |  | 2,958 |  | 1,541 |  | 1,253 |  | 2,714 |  | 11,723 |  | 23,490
Current financial liabilities |  | 2,182 |  |  |  |  |  |  |  |  |  |  |  | 2,182
Fair value of derivative instruments |  | 1,445 |  | 13 |  | 1 |  | 21 |  |  |  | 5 |  | 1,485
|  | 6,928 |  | 2,971 |  | 1,542 |  | 1,274 |  | 2,714 |  | 11,728 |  | 27,157
Interest on finance debt |  | 655 |  | 545 |  | 436 |  | 330 |  | 320 |  | 1,677 |  | 3,963
Financial guarantees |  | 668 |  |  |  |  |  |  |  |  |  |  |  | 668
Schedule of trade and other payables by maturity |
|  | Maturity year
|  |  |  |  |  | 2025 and |  |
(€ million) |  | 2020 |  | 2021 – 2024 |  | thereafter |  | Total
December 31, 2019 |  |  |  |  |  |  |  |
Trade payables |  | 10,480 |  |  |  |  |  | 10,480
Other payables and advances |  | 5,065 |  | 54 |  | 100 |  | 5,219
|  | 15,545 |  | 54 |  | 100 |  | 15,699
|  | Maturity year
|  |  |  |  |  | 2024 and |  |
(€ million) |  | 2019 |  | 2020 – 2023 |  | thereafter |  | Total
December 31, 2018 |  |  |  |  |  |  |  |
Trade payables |  | 11,645 |  |  |  |  |  | 11,645
Other payables and advances |  | 5,102 |  | 59 |  | 96 |  | 5,257
|  | 16,747 |  | 59 |  | 96 |  | 16,902
Schedule of principal contractual obligations |
|  | Maturity year
|  |  |  |  |  |  |  |  |  |  |  | 2025 and |  |
(€ million) |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | thereafter |  | Total
Decommissioning liabilities(a) |  | 331 |  | 325 |  | 163 |  | 179 |  | 424 |  | 12,052 |  | 13,474
Environmental liabilities |  | 403 |  | 368 |  | 319 |  | 238 |  | 198 |  | 1,065 |  | 2,591
Purchase obligations(b) |  | 9,938 |  | 9,912 |  | 9,467 |  | 9,530 |  | 9,722 |  | 77,914 |  | 126,483
- Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |
. take-or-pay contracts |  | 7,117 |  | 9,140 |  | 8,912 |  | 9,100 |  | 9,410 |  | 77,239 |  | 120,918
. ship-or-pay contracts |  | 1,070 |  | 532 |  | 454 |  | 412 |  | 296 |  | 646 |  | 3,410
- Other purchase obligations |  | 1,751 |  | 240 |  | 101 |  | 18 |  | 16 |  | 29 |  | 2,155
Other obligations |  | 7 |  | 1 |  |  |  |  |  |  |  | 106 |  | 114
- Memorandum of intent - Val d’Agri |  | 7 |  | 1 |  |  |  |  |  |  |  | 106 |  | 114
Total |  | 10,679 |  | 10,606 |  | 9,949 |  | 9,947 |  | 10,344 |  | 91,137 |  | 142,662
| (a) |  | Represents the estimated future costs for the decommissioning of oil and natural gas production facilities at the end of the producing lives of fields, well-plugging, abandonment and site restoration.
| (b) |  | Represents any agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms.
Schedule of committed projects | The amounts shown in the table below include committed expenditures to execute certain environmental projects.
|  | Maturity year
|  |  |  |  |  |  |  |  |  | 2024 and |  |
(€ million) |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | thereafter |  | Total
Committed projects |  | 5,570 |  | 4,054 |  | 2,611 |  | 1,544 |  | 2,669 |  | 16,448
Schedule of carrying amount of financial instruments and relevant economic and equity effect | The carrying amount of financial instruments and the relevant economic and equity effect consisted of the following:
|  | 2019 |  | 2018
|  |  |  | Finance income (expense) |  |  |  | Finance income (expense)
|  |  |  | recognized in |  |  |  | recognized in
|  |  |  | Profit |  | Other |  |  |  | Profit |  | Other
|  | Carrying |  | and loss |  | comprehensive |  | Carrying |  | and loss |  | comprehensive
(€ million) |  | amount |  | account |  | income |  | amount |  | account |  | income
Financial instruments at fair value with effects recognized in profit and loss account |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading(a) |  | 6,760 |  | 127 |  |  |  | 6,552 |  | 32 |  |
Non-hedging and trading derivatives(b) |  | (125) |  | 273 |  |  |  | 177 |  | (178) |  |
Other investments valued at fair value(c) |  | 929 |  | 247 |  | (3) |  | 919 |  | 231 |  | 15
Receivables and payables and other assets/liabilities valued at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables and other(d) |  | 12,926 |  | (409) |  |  |  | 14,145 |  | (343) |  |
Financing receivables(e) |  | 1,503 |  | 110 |  |  |  | 1,489 |  | (139) |  |
Securities(a) |  | 55 |  |  |  |  |  | 64 |  |  |  |
Trade payables and other(a) |  | 15,699 |  | 33 |  |  |  | 16,902 |  | (28) |  |
Financing payables(f) |  | 24,518 |  | (802) |  |  |  | 25,865 |  | (615) |  |
Net assets (liabilities) for hedging derivatives(g) |  | (2) |  | (739) |  | (679) |  |  |  | 642 |  | (243)
| (a) |  | Income or expense were recognized in the profit and loss account within "Finance income (expense)".
| (b) |  | In the profit and loss account, economic effects were recognized as income within "Other operating income (loss)" for €287 million (income for €129 million in 2018) and as loss within "Finance income (expense)" for €14 million (loss for €307 million in 2018).
| (c) |  | Income or expense were recognized in the profit and loss account within "Income (expense) from investments - Dividends".
| (d) |  | Income or expense were recognized in the profit and loss account as net impairment losses within "Net (impairment losses) reversal of trade and other receivables" for €432 million (net impairment losses for €415 million in 2018) and as income within "Finance income (expense)" for €23 million (income for €69 million in 2018), including interest income calculated on the basis of the effective interest rate of €26 million (interest income for €38 million in 2018).
| (e) |  | In the profit and loss account, income or expense were recognized as income within "Finance income (expense)", including interest income calculated on the basis of the effective interest rate of €99 million (income for €129 million in 2018) and net revaluations for €4 million (net impairment losses for €275 million in 2018).
| (f) |  | In the profit and loss account, income or expense were recognized as expense within "Finance income (expense)", including interest expense calculated on the basis of the effective interest rate of €647 million (interest expense for €605 million in 2018).
| (g) |  | In the profit and loss account, income or expense were recognized within "Sales from operations" and "Purchase, services and other".
Schedule of disclosures about offsetting of financial instruments |
|  |  |  | Gross amount |  |
|  |  |  | of financial |  |
|  | Gross amount |  | assets and |  | Net amount of
|  | of financial |  | liabilities |  | financial
|  | assets and |  | subject to |  | assets and
(€ million) |  | liabilities |  | offsetting |  | liabilities
December 31, 2019 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Trade and other receivables |  | 13,773 |  | 900 |  | 12,873
Other current assets |  | 4,584 |  | 612 |  | 3,972
Financial liabilities |  |  |  |  |  |
Trade and other liabilities |  | 16,445 |  | 900 |  | 15,545
Other current liabilities |  | 7,758 |  | 612 |  | 7,146
December 31, 2018 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Trade and other receivables |  | 15,634 |  | 1,533 |  | 14,101
Other current assets |  | 4,455 |  | 1,636 |  | 2,819
Financial liabilities |  |  |  |  |  |
Trade and other liabilities |  | 18,280 |  | 1,533 |  | 16,747
Other current liabilities |  | 7,048 |  | 1,636 |  | 5,412
Interest rate risk and currency risk |
Guarantees, commitments and risks |
Schedule of market risk | The following tables show amounts in terms of VaR, recorded in 2019 (compared with 2018) relating to interest rate and exchange rate risks in the first section and commodity risk. Regarding the management of strategic liquidity, the sensitivity to changes of interest rate is expressed by values of “Dollar value per Basis Point” (DVBP). (Value at risk - parametric method variance/covariance; holding period: 20 days; confidence level: 99%)
|  | 2019 |  | 2018
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Interest rate(a) |  | 5.19 |  | 2.44 |  | 3.80 |  | 3.00 |  | 3.65 |  | 1.80 |  | 2.73 |  | 2.99
Exchange rate(a) |  | 0.41 |  | 0.07 |  | 0.17 |  | 0.15 |  | 0.57 |  | 0.09 |  | 0.28 |  | 0.25
| (a) |  | Value at risk deriving from interest and exchange rates exposures include the following finance departments: Eni Corporate Finance Department, Eni Finance International SA, Banque Eni SA and Eni Finance USA Inc.
Commodity price risk |
Guarantees, commitments and risks |
Schedule of market risk |
| (a) |  |
(Value at risk — Historic simulation method; holding period: 1 day; confidence level: 95%)
|  | 2019 |  | 2018
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Commercial exposures–Management Portfolio(a) |  | 23.03 |  | 7.74 |  | 11.22 |  | 9.11 |  | 18.60 |  | 6.79 |  | 11.04 |  | 7.50
Trading (b) |  | 1.60 |  | 0.25 |  | 0.51 |  | 0.31 |  | 2.28 |  | 0.26 |  | 0.73 |  | 0.27
| (a) |  | Refers to the LNG Marketing & Power business line (risk exposure from Refining & Marketing business line and Gas & Power Division), Eni Trading & Shipping commercial portfolio, operating branches outside Italy pertaining to the Divisions and from October 2016 the Gas e Luce business line. For the Gas & Power business lines, following the approval of the Eni’s Board of Directors on December 12, 2013, VaR is calculated on the so-called Statutory view, with a time horizon that coincides with the year considering all the volumes delivered in the year and the relevant financial hedging derivatives. Consequently, during the year the VaR pertaining to GLP and EGL presents a decreasing trend following the progressive reaching of the maturity of the positions within the annual horizon.
| (b) |  | Cross-commodity proprietary trading, both for commodity contracts and financial derivatives, refers to Eni Trading & Shipping SpA (London-Bruxelles-Singapore) and Eni Trading & Shipping Inc (Houston).
Strategic liquidity risk |
Guarantees, commitments and risks |
Schedule of market risk |
| (a) |  |
(Sensitivity — Dollar value of 1 basis point — DVBP)
|  | 2019 |  | 2018
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Strategic liquidity(a) |  | 0.37 |  | 0.31 |  | 0.35 |  | 0.33 |  | 0.35 |  | 0.25 |  | 0.29 |  | 0.25
| (a) |  | Management of strategic liquidity portfolio in € currency starting from July 2013.
(Sensitivity — Dollar value of 1 basis point — DVBP)
|  | 2019 |  | 2018
($ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Strategic liquidity(b) |  | 0.05 |  | 0.02 |  | 0.04 |  | 0.05 |  | 0.04 |  | 0.01 |  | 0.02 |  | 0.02
| (b) |  | Management of strategic liquidity portfolio in $ currency starting from August 2017.

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