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Guarantees, commitments and risks (Tables) | 12 Months Ended
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Dec. 31, 2020
Guarantees, commitments and risks |
Schedule of guarantees |
(€ million) |  | December 31, 2020 |  | December 31, 2019
Consolidated subsidiaries |  | 4,758 |  | 4,323
Unconsolidated subsidiaries |  | 176 |  | 197
Joint ventures and associates |  | 3,800 |  | 4,075
Others |  | 150 |  | 267
|  | 8,884 |  | 8,862
Schedule of commitments and risks |
(€ million) |  | December 31, 2020 |  | December 31, 2019
Commitments |  | 69,998 |  | 74,338
Risks |  | 600 |  | 676
|  | 70,598 |  | 75,014
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
|  |  |  |  |  |  |  |  |  |  |  | 2026 and |  |
(€ million) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | thereafter |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current financial liabilities (including the current portion) |  | 1,697 |  | 1,518 |  | 3,469 |  | 2,049 |  | 2,730 |  | 12,232 |  | 23,695
Current financial liabilities |  | 2,882 |  |  |  |  |  |  |  |  |  |  |  | 2,882
Lease liabilities |  | 815 |  | 593 |  | 503 |  | 442 |  | 413 |  | 2,218 |  | 4,984
Fair value of derivative instruments |  | 1,609 |  | 26 |  | 13 |  | 50 |  |  |  | 73 |  | 1,771
|  | 7,003 |  | 2,137 |  | 3,985 |  | 2,541 |  | 3,143 |  | 14,523 |  | 33,332
Interest on finance debt |  | 502 |  | 473 |  | 461 |  | 387 |  | 360 |  | 1,164 |  | 3,347
Interest on lease liabilities |  | 295 |  | 252 |  | 219 |  | 192 |  | 165 |  | 748 |  | 1,871
|  | 797 |  | 725 |  | 680 |  | 579 |  | 525 |  | 1,912 |  | 5,218
Financial guarantees |  | 1,072 |  |  |  |  |  |  |  |  |  |  |  | 1,072
|  | 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
Schedule of trade and other payables by maturity |
|  | Maturity year
|  |  |  |  |  | 2026 and |  |
(€ million) |  | 2021 |  | 2022 – 2025 |  | thereafter |  | Total
December 31, 2020 |  |  |  |  |  |  |  |
Trade payables |  | 8,679 |  |  |  |  |  | 8,679
Other payables and advances |  | 4,257 |  | 111 |  | 94 |  | 4,462
|  | 12,936 |  | 111 |  | 94 |  | 13,141
|  | 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
Schedule of principal contractual obligations |
|  | Maturity year
|  |  |  |  |  |  |  |  |  |  |  | 2026 and |  |
(€ million) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | thereafter |  | Total
Decommissioning liabilities(a) |  | 400 |  | 237 |  | 202 |  | 425 |  | 276 |  | 10,433 |  | 11,973
Environmental liabilities |  | 383 |  | 323 |  | 267 |  | 255 |  | 196 |  | 839 |  | 2,263
Purchase obligations(b) |  | 8,041 |  | 7,644 |  | 7,342 |  | 8,150 |  | 8,613 |  | 63,864 |  | 103,654
- Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |
. take-or-pay contracts |  | 6,196 |  | 6,852 |  | 6,809 |  | 7,691 |  | 8,392 |  | 63,477 |  | 99,417
. ship-or-pay contracts |  | 893 |  | 519 |  | 480 |  | 439 |  | 212 |  | 359 |  | 2,902
- Other purchase obligations |  | 952 |  | 273 |  | 53 |  | 20 |  | 9 |  | 28 |  | 1,335
Other obligations |  | 2 |  |  |  |  |  |  |  |  |  | 106 |  | 108
- Memorandum of intent - Val d’Agri |  | 2 |  |  |  |  |  |  |  |  |  | 106 |  | 108
Total |  | 8,826 |  | 8,204 |  | 7,811 |  | 8,830 |  | 9,085 |  | 75,242 |  | 117,998
28 Contractual obligations related to employee benefits are indicated in note 21 - Provisions for employee benefits.
| (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
|  |  |  |  |  |  |  |  |  | 2025 and |  |
(€ million) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | thereafter |  | Total
Committed projects |  | 4,264 |  | 3,983 |  | 2,890 |  | 2,204 |  | 1,334 |  | 14,675
Schedule of carrying amount of financial instruments and relevant economic and equity effect |
|  | 2020 |  | 2019
|  |  |  | Finance income (expense) |  |  |  | Finance income (expense)
|  |  |  | recognized in |  |  |  | recognized in
|  |  |  | Profit |  |  |  |  |  | Profit |  |
|  | Carrying |  | and loss |  |  |  | Carrying |  | and loss |  |
(€ million) |  | amount |  | account |  | OCI |  | amount |  | account |  | OCI
Financial instruments at fair value with effects recognized in profit and loss account |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading(a) |  | 5,502 |  | 31 |  |  |  | 6,760 |  | 127 |  |
Non-hedging and trading derivatives(b) |  | (19) |  | (415) |  |  |  | (125) |  | 273 |  |
Other investments valued at fair value(c) |  | 957 |  | 150 |  | 24 |  | 929 |  | 247 |  | (3)
Receivables and payables and other assets/liabilities valued at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables and other(d) |  | 10,955 |  | (213) |  |  |  | 12,926 |  | (409) |  |
Financing receivables(e) |  | 1,207 |  | 99 |  |  |  | 1,503 |  | 110 |  |
Securities(a) |  | 55 |  |  |  |  |  | 55 |  |  |  |
Trade payables and other(a) |  | 13,141 |  | (31) |  |  |  | 15,699 |  | 33 |  |
Financing payables(f) |  | 26,686 |  | (632) |  |  |  | 24,518 |  | (802) |  |
Net assets (liabilities) for hedging derivatives(g) |  | (52) |  | (941) |  | 661 |  | (2) |  | (739) |  | (679)
| (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 expense within "Other operating income (loss)" for €766 million (income for €287 million in 2019) and as income within "Finance income (expense)" for €351 million (loss for €14 million in 2019).
| (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 €226 million (net impairment losses for €432 million in 2019) and as income within "Finance income (expense)" for €13 million (income for €23 million in 2019), including interest income calculated on the basis of the effective interest rate of €22 million (interest income for €26 million in 2019).
| (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 €92 million (income for €99 million in 2019) and net impairment losses for €1 million (net revaluations for €4 million in 2019).
| (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 €531 million (interest expense for €647 million in 2019).
| (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, 2020 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Trade and other receivables |  | 11,681 |  | 755 |  | 10,926
Other current assets |  | 3,719 |  | 1,033 |  | 2,686
Financial liabilities |  |  |  |  |  |
Trade and other liabilities |  | 13,691 |  | 755 |  | 12,936
Other current liabilities |  | 5,905 |  | 1,033 |  | 4,872
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
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 2020 (compared with 2019) 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%)
|  | 2020 |  | 2019
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Interest rate(a) |  | 7.39 |  | 1.18 |  | 2.93 |  | 1.34 |  | 5.19 |  | 2.44 |  | 3.80 |  | 3.00
Exchange rate(a) |  | 0.48 |  | 0.10 |  | 0.28 |  | 0.18 |  | 0.41 |  | 0.07 |  | 0.17 |  | 0.15
| (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 | (Value at risk — Historic simulation method; holding period: 1 day; confidence level: 95%)
|  | 2020 |  | 2019
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Commercial exposures – Management Portfolio(a) |  | 16.10 |  | 3.02 |  | 8.50 |  | 3.02 |  | 23.03 |  | 7.74 |  | 11.22 |  | 9.11
Trading (b) |  | 1.57 |  | 0.10 |  | 0.52 |  | 0.25 |  | 1.60 |  | 0.25 |  | 0.51 |  | 0.31
| (a) |  | Refers to the Gas & LNG Marketing Power business line (risk exposure from Refining & Marketing business line and Global Gas & LNG Portfolio), 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 Global Gas & LNG Portfolio 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 GGP 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 | (Sensitivity — Dollar value of 1 basis point — DVBP)
|  | 2020 |  | 2019
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Strategic liquidity(a) |  | 0.37 |  | 0.29 |  | 0.32 |  | 0.30 |  | 0.37 |  | 0.31 |  | 0.35 |  | 0.33
| (a) |  | Management of strategic liquidity portfolio starting from July 2013.
(Sensitivity — Dollar value of 1 basis point — DVBP)
|  | 2020 |  | 2019
($ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Strategic liquidity(a) |  | 0.07 |  | 0.03 |  | 0.05 |  | 0.05 |  | 0.05 |  | 0.02 |  | 0.04 |  | 0.05
| (a) |  | Management of strategic liquidity portfolio in $ currency starting from August 2017.

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