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Guarantees, commitments and risks (Tables)

12 Months Ended

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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