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Derivative financial instruments and hedge accounting (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative financial instruments and hedge accounting |
Schedule of derivative financial instruments |
| December 31, 2022 |  |  | December 31, 2021 |
(€ million) | Fair value asset |  |  | Fair value liability |  |  | Level of Fair value |  |  | Fair value asset |  |  | Fair value liability |  |  | Level of Fair value |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on exchange rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Currency swap | 110 |  |  | 132 |  |  | 2 |  |  | 113 |  |  | 39 |  |  | 2 |
- Interest currency swap | 1 |  |  | 144 |  |  | 2 |  |  | 30 |  |  | 7 |  |  | 2 |
- Outright | 3 |  |  | 12 |  |  | 2 |  |  | 3 |  |  | 11 |  |  | 2 |
| 114 |  |  | 288 |  |  |  |  |  | 146 |  |  | 57 |  |  |  |
Derivatives on interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Interest rate swap | 137 |  |  | 58 |  |  | 2 |  |  | 13 |  |  | 43 |  |  | 2 |
| 137 |  |  | 58 |  |  |  |  |  | 13 |  |  | 43 |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter | 9,571 |  |  | 8,663 |  |  | 2 |  |  | 12,152 |  |  | 12,060 |  |  | 2 |
- Future | 6,886 |  |  | 5,764 |  |  | 1 |  |  | 7,158 |  |  | 5,498 |  |  | 1 |
- Options |  |  |  | 2 |  |  | 1 |  |  |  |  |  |  |  |  |  |
- Other |  |  |  | 80 |  |  | 2 |  |  | 1 |  |  | 55 |  |  | 2 |
| 16,457 |  |  | 14,509 |  |  |  |  |  | 19,311 |  |  | 17,613 |  |  |  |
| 16,708 |  |  | 14,855 |  |  |  |  |  | 19,470 |  |  | 17,713 |  |  |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  |  |  |  |  |  |  |  |  | 7 |  |  | 735 |  |  | 2 |
- Future | 339 |  |  | 192 |  |  | 1 |  |  | 193 |  |  | 1,672 |  |  | 1 |
| 339 |  |  | 192 |  |  |  |  |  | 200 |  |  | 2,407 |  |  |  |
Derivatives on interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Interest rate swap | 21 |  |  |  |  |  | 2 |  |  |  |  |  | 3 |  |  | 2 |
| 21 |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  |  |
| 360 |  |  | 192 |  |  |  |  |  | 200 |  |  | 2,410 |  |  |  |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Other options |  |  |  | 144 |  |  | 3 |  |  |  |  |  | 62 |  |  | 3 |
|  |  |  | 144 |  |  |  |  |  |  |  |  | 62 |  |  |  |
Gross amount | 17,068 |  |  | 15,191 |  |  |  |  |  | 19,670 |  |  | 20,185 |  |  |  |
Offsetting | (5,863 | ) |  | (5,863 | ) |  |  |  |  | (7,159 | ) |  | (7,159 | ) |  |  |
Net amount | 11,205 |  |  | 9,328 |  |  |  |  |  | 12,511 |  |  | 13,026 |  |  |  |
Of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- current | 11,076 |  |  | 9,042 |  |  |  |  |  | 12,460 |  |  | 12,911 |  |  |  |
- non-current | 129 |  |  | 286 |  |  |  |  |  | 51 |  |  | 115 |  |  |  |
Schedule of hedging derivative instruments | Hedging derivative instruments are disclosed below:
| December 31, 2022 |  |  | December 31, 2021 |
(€ million) | Nominal amount of the hedging instrument |  |  | Change in fair value (effective hedge) |  |  | Change in fair value (ineffective hedge) |  |  | Nominal amount of the hedging instrument |  |  | Change in fair value (effective hedge) |  |  | Change in fair value (ineffective hedge) |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter | 83 |  |  | (4 | ) |  |  |  |  | (461 | ) |  | (2,016 | ) |  | (46 | )
- Future | 1,350 |  |  | (3,912 | ) |  | 275 |  |  | (364 | ) |  | 534 |  |  | (5 | )
- Other |  |  |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |
| 1,433 |  |  | (3,907 | ) |  | 275 |  |  | (825 | ) |  | (1,482 | ) |  | (51 | )
Derivatives on interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Interest rate swap | 127 |  |  | 24 |  |  |  |  |  | 84 |  |  | 3 |  |  |  |
| 127 |  |  | 24 |  |  |  |  |  | 84 |  |  | 3 |  |  |  |
| 1,560 |  |  | (3,883 | ) |  | 275 |  |  | (741 | ) |  | (1,479 | ) |  | (51 | )
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, 2022 |  |  | December 31, 2021 |
(€ million) | Change of the underlying asset used for the calculation of hedging ineffectiveness |  |  | CFH reserve |  |  | Reclassification adjustments |  |  | Change of the underlying asset used for the calculation of hedging ineffectiveness |  |  | CFH reserve |  |  | Reclassification adjustments |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity price risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Planned sales | 4,059 |  |  | (499 | ) |  | (4,666 | ) |  | 86 |  |  | (1,272 | ) |  | (215 | )
| 4,059 |  |  | (499 | ) |  | (4,666 | ) |  | 86 |  |  | (1,272 | ) |  | (215 | )
Derivatives on interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- hedged flows | (15 | ) |  | 16 |  |  | (11 | ) |  | (3 | ) |  | 3 |  |  |  |
| (15 | ) |  | 16 |  |  | (11 | ) |  | (3 | ) |  | 3 |  |  |  |
| 4,044 |  |  | (483 | ) |  | (4,677 | ) |  | 83 |  |  | (1,269 | ) |  | (215 | )
Schedule of effects recognized in other operating profit (loss) | Other operating profit (loss) related to derivative financial instruments on commodity was as follows:
(€ million) | 2022 |  |  | 2021 |  |  | 2020 |
Net income (loss) on cash flow hedging derivatives | 275 |  |  | (51 | ) |  | (1 | )
Net income (loss) on other derivatives | (2,011 | ) |  | 954 |  |  | (765 | )
| (1,736 | ) |  | 903 |  |  | (766 | )
Schedule of effects recognized in finance income (loss) |
(€ million) | 2022 |  |  | 2021 |  |  | 2020 |
Derivatives on exchange rate | (70 | ) |  | (322 | ) |  | 391 |
Derivatives on interest rate | 81 |  |  | 16 |  |  | (40 | )
Options | 2 |  |  |  |  |  |  |
| 13 |  |  | (306 | ) |  | 351 |

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