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Guarantees, commitments and risks (Tables) | 12 Months Ended
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Dec. 31, 2021
Guarantees, commitments and risks |
Schedule of guarantees | ​
​ | ​ | ​ | ​ | ​
(€ million) |  | December 31, 2021 |  | December 31, 2020
Consolidated subsidiaries |  | 6,432 |  | 4,758
Unconsolidated subsidiaries |  | 190 |  | 176
Joint ventures and associates |  | 3,358 |  | 3,800
Others |  | 180 |  | 150
​ |  | 10,160 |  | 8,884
Schedule of commitments and risks | ​
​ | ​ | ​ | ​ | ​
(€ million) |  | December 31, 2021 |  | December 31, 2020
Commitments |  | 75,201 |  | 69,998
Risks |  | 934 |  | 600
​ |  | 76,135 |  | 70,598
Schedule of expected payments for finance debts and lease liabilities | The table below summarizes the Group main contractual obligations for finance debt and lease liability repayments, including expected payments for interest charges and liabilities for derivative financial instruments. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturity year
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2027 and | ​ | ​
(€ million) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | thereafter |  | Total
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current financial liabilities (including the current portion) |  | 1,903 | ​ | 4,339 | ​ | 2,272 | ​ | 2,616 | ​ | 3,910 | ​ | 10,668 | ​ | 25,708
Current financial liabilities |  | 2,299 |  | — |  | — |  | — |  | — |  | — |  | 2,299
Lease liabilities | ​ | 920 |  | 688 |  | 565 |  | 508 |  | 481 |  | 2,147 |  | 5,309
Fair value of derivative instruments |  | 12,911 |  | 3 |  | 61 |  | — |  | 23 |  | 28 |  | 13,026
​ |  | 18,033 |  | 5,030 |  | 2,898 |  | 3,124 |  | 4,414 |  | 12,843 |  | 46,342
Interest on finance debt |  | 475 |  | 462 |  | 386 |  | 359 |  | 286 |  | 905 |  | 2,873
Interest on lease liabilities | ​ | 282 | ​ | 247 | ​ | 214 | ​ | 184 | ​ | 155 | ​ | 681 | ​ | 1,763
​ | ​ | 757 | ​ | 709 | ​ | 600 | ​ | 543 | ​ | 441 | ​ | 1,586 | ​ | 4,636
Financial guarantees |  | 1,599 |  | — |  | — |  | — |  | — |  | — |  | 1,599
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of trade and other payables by maturity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturity year
​ |  | ​ |  | ​ |  | 2027 and |  | ​
(€ million) | ​ | 2022 | ​ | 2023 – 2026 | ​ | thereafter | ​ | Total
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade payables |  | 16,795 | ​ | — | ​ | — | ​ | 16,795
Other payables and advances |  | 4,925 | ​ | 112 | ​ | 109 | ​ | 5,146
​ |  | 21,720 | ​ | 112 | ​ | 109 | ​ | 21,941
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of principal contractual obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturity year
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​ | 2027 and |  | ​
(€ million) | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | thereafter | ​ | Total
Decommissioning liabilities(a) |  | 370 |  | 298 |  | 448 |  | 377 |  | 436 | ​ | 10,594 |  | 12,523
Environmental liabilities |  | 376 |  | 346 |  | 297 |  | 245 |  | 178 | ​ | 706 |  | 2,148
Purchase obligations(b) |  | 28,862 |  | 20,394 |  | 17,062 |  | 13,873 |  | 11,157 | ​ | 67,751 |  | 159,099
- Gas |  |  |  |  |  |  |  |  |  | ​ | ​ |  |  | ​
. take-or-pay contracts |  | 25,874 |  | 19,547 |  | 16,344 |  | 13,483 |  | 10,934 | ​ | 67,377 |  | 153,559
. ship-or-pay contracts |  | 866 |  | 487 |  | 443 |  | 379 |  | 217 | ​ | 351 |  | 2,743
- Other purchase obligations |  | 2,122 |  | 360 |  | 275 |  | 11 |  | 6 | ​ | 23 |  | 2,797
Other obligations |  | 2 |  | — |  | — |  | — |  | — | ​ | 104 |  | 106
- Memorandum of intent - Val d’Agri |  | 2 |  | — |  | — |  | — |  | — | ​ | 104 |  | 106
Total (c) |  | 29,610 |  | 21,038 |  | 17,807 |  | 14,495 |  | 11,771 | ​ | 79,155 |  | 173,876
(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.
(c) | Total future payments for contractual commiments includes obligations of companies held for sale for €67 million.
Schedule of committed projects | The amounts shown in the table below include committed expenditures to execute certain environmental projects.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturity year
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | 2026 and |  | ​
(€ million) | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | thereafter | ​ | Total
Committed projects |  | 5,107 |  | 3,712 |  | 2,273 |  | 1,420 |  | 2,336 |  | 14,848
​
Schedule of carrying amount of financial instruments and relevant economic and equity effect | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | Income (expense) | ​ | ​ | ​ | 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) |  | 6,301 |  | 11 |  | — |  | 5,502 |  | 31 |  | —
Non-hedging and trading derivatives(b) |  | (611) |  | 597 |  | — |  | (19) |  | (415) |  | —
Other investments valued at fair value(c) |  | 1,294 |  | 230 |  | 105 |  | 957 |  | 150 |  | 24
Receivables and payables and other assets/liabilities valued at amortized cost |  | ​ |  |  |  |  |  |  |  |  |  |
Trade receivables and other(d) |  | 19,124 |  | (226) |  | — |  | 10,955 |  | (213) |  | —
Financing receivables(e) |  | 6,140 |  | 39 |  | — |  | 1,207 |  | 99 |  | —
Securities(a) |  | 53 |  | — |  | — |  | 55 |  | — |  | —
Trade payables and other(a) |  | 21,941 |  | (80) |  | — |  | 13,141 |  | (31) |  | —
Financing payables(f) |  | 27,794 |  | (250) |  | — |  | 26,686 |  | (632) |  | —
Net assets (liabilities) for hedging derivatives(g) |  | 96 |  | (215) |  | (1,264) |  | (52) |  | (941) |  | 661
(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 €903 million (expense for €766 million in 2020) and as expense within “Finance income (expense)" for €306 million (income for €351 million in 2020).
(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 €279 million (net impairment losses for €226 million in 2020) and as income within "Finance income (expense)" for €53 million (income for €13 million in 2020), including interest income calculated on the basis of the effective interest rate of €18 million (interest income for €22 million in 2020).
(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 €53 million (income for €92 million in 2020) and net impairment losses for €25 million (net impairment losses for €1 million in 2020).
(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 €487 million (interest expense for €531 million in 2020).
(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, 2021 | ​ | ​ | ​ | ​ | ​ | ​
Financial assets |  | ​ |  | ​ |  | ​
Trade and other receivables |  | 20,461 | ​ | 1,611 | ​ | 18,850
Other current assets |  | 20,791 | ​ | 7,157 | ​ | 13,634
Other non-current assets | ​ | 1,031 | ​ | 2 | ​ | 1,029
Financial liabilities |  | ​ | ​ | ​ | ​ | ​
Trade and other liabilities |  | 23,331 | ​ | 1,611 | ​ | 21,720
Other current liabilities |  | 22,913 | ​ | 7,157 | ​ | 15,756
Other non-current liabilities | ​ | 2,248 | ​ | 2 | ​ | 2,246
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Trade and other receivables |  | 11,681 |  | 755 |  | 10,926
Other current assets |  | 3,719 |  | 1,033 |  | 2,686
Other non-current assets | ​ | 1,253 | ​ | — | ​ | 1,253
Financial liabilities |  | ​ |  |  |  |
Trade and other liabilities |  | 13,691 |  | 755 |  | 12,936
Other current liabilities |  | 5,905 |  | 1,033 |  | 4,872
Other non-current liabilities | ​ | 1,877 | ​ | — | ​ | 1,877
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 2021 (compared with 2020), relating to interest rate and exchange rate risks in the first section and commodity risk (aggregated by type of exposure). Regarding the management of strategic liquidity, the table reports the sensitivity to changes in interest rate. (Value at risk - parametric method variance/covariance; holding period: 20 days; confidence level: 99%) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Interest rate(a) |  | 11.04 |  | 1.29 |  | 3.32 |  | 3.66 |  | 7.39 |  | 1.18 |  | 2.93 |  | 1.34
Exchange rate(a) |  | 0.28 |  | 0.11 |  | 0.18 |  | 0.12 |  | 0.48 |  | 0.10 |  | 0.28 |  | 0.18
(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%) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Commercial exposures – Management Portfolio(a) | ​ | 42.76 | ​ | 2.91 | ​ | 23.80 | ​ | 2.91 | ​ | 16.10 | ​ | 3.02 | ​ | 8.50 | ​ | 3.02
Trading (b) | ​ | 1.03 | ​ | 0.12 | ​ | 0.37 | ​ | 0.20 | ​ | 1.57 | ​ | 0.10 | ​ | 0.52 | ​ | 0.25
(a) | Refers to Global Gas & LNG Portfolio business area, Power Generation & Marketing, Green\Traditional Refining & Marketing, Eni gas e luce, Eni Trading & Biofuels, Eni Global Energy Markets (commercial portfolio). 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, Power G&M, GTR&M and EGL during the year presents a decreasing trend following the progressive reaching of the maturity of the positions within the annual horizon.
(b) | Cross-commodity proprietary trading, through financial instruments, refers to Eni Trading & Biofuels and Eni Global Energy Markets (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) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Strategic liquidity(a) |  | 0.40 |  | 0.29 |  | 0.33 |  | 0.30 |  | 0.37 | ​ | 0.29 |  | 0.32 |  | 0.30
(a) | Management of strategic liquidity portfolio starting from July 2013.
(Sensitivity — Dollar value of 1 basis point — DVBP) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
(€ million) |  | High |  | Low |  | Average |  | At year end |  | High |  | Low |  | Average |  | At year end
Strategic liquidity(a) |  | 0.14 |  | 0.05 |  | 0.11 |  | 0.13 |  | 0.07 |  | 0.03 |  | 0.05 |  | 0.05
(a) | Management of strategic liquidity portfolio in $ currency starting from August 2017.

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