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Guarantees, commitments and risks (Tables) | 12 Months Ended
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Dec. 31, 2022
Guarantees, commitments and risks |
Schedule of guarantees |
(€ million) | December 31, 2022 |  |  | December 31, 2021 |
Consolidated subsidiaries | 7,082 |  |  | 6,432 |
Unconsolidated subsidiaries | 202 |  |  | 190 |
Joint ventures and associates | 9,802 |  |  | 3,358 |
Others | 477 |  |  | 180 |
| 17,563 |  |  | 10,160 |
Schedule of commitments and risks |
(€ million) | December 31,2022 |  |  | December 31,2021 |
Commitments | 77,481 |  |  | 75,201 |
Risks | 1,228 |  |  | 934 |
| 78,709 |  |  | 76,135 |
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 |
(€ million) | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 and thereafter |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current financial liabilities (including the current portion) | 2,883 |  |  | 2,339 |  |  | 2,640 |  |  | 3,298 |  |  | 1,927 |  |  | 9,246 |  |  | 22,333 |
Current financial liabilities | 4,446 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,446 |
Lease liabilities | 851 |  |  | 584 |  |  | 445 |  |  | 365 |  |  | 347 |  |  | 2,312 |  |  | 4,904 |
Fair value of derivative instruments | 9,042 |  |  | 1 |  |  | 51 |  |  | 54 |  |  |  |  |  | 180 |  |  | 9,328 |
| 17,222 |  |  | 2,924 |  |  | 3,136 |  |  | 3,717 |  |  | 2,274 |  |  | 11,738 |  |  | 41,011 |
Interest on finance debt | 590 |  |  | 494 |  |  | 459 |  |  | 365 |  |  | 284 |  |  | 716 |  |  | 2,908 |
Interest on lease liabilities | 235 |  |  | 209 |  |  | 184 |  |  | 165 |  |  | 147 |  |  | 685 |  |  | 1,625 |
| 825 |  |  | 703 |  |  | 643 |  |  | 530 |  |  | 431 |  |  | 1,401 |  |  | 4,533 |
Financial guarantees | 1,668 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,668 |
| Maturity year |
(€ million) | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 and 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 |
Schedule of trade and other payables by maturity | The table below presents the timing of the expenditures for trade and other payables.
| Maturity year |
(€ million) | 2023 |  |  | 2024 - 2027 |  |  | 2028 and thereafter |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Trade payables | 19,527 |  |  |  |  |  |  |  |  | 19,527 |
Other payables and advances | 6,182 |  |  | 77 |  |  | 110 |  |  | 6,369 |
| 25,709 |  |  | 77 |  |  | 110 |  |  | 25,896 |
| Maturity year |
(€ million) | 2022 |  |  | 2023 - 2026 |  |  | 2027 and 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 |
Schedule of principal contractual obligations |
| Maturity year |
(€ million) | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 and thereafter |  |  | Total |
Decommissioning liabilities (a) | 685 |  |  | 440 |  |  | 376 |  |  | 376 |  |  | 485 |  |  | 11,622 |  |  | 13,984 |
Environmental liabilities | 591 |  |  | 507 |  |  | 408 |  |  | 317 |  |  | 306 |  |  | 1,388 |  |  | 3,517 |
Purchase obligations (b) | 44,715 |  |  | 39,516 |  |  | 25,737 |  |  | 18,980 |  |  | 14,056 |  |  | 64,976 |  |  | 207,980 |
- Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
. take-or-pay contracts | 40,628 |  |  | 38,547 |  |  | 25,250 |  |  | 18,717 |  |  | 13,926 |  |  | 64,698 |  |  | 201,766 |
. ship-or-pay contracts | 915 |  |  | 506 |  |  | 419 |  |  | 250 |  |  | 121 |  |  | 249 |  |  | 2,460 |
- Other purchase obligations | 3,172 |  |  | 463 |  |  | 68 |  |  | 13 |  |  | 9 |  |  | 29 |  |  | 3,754 |
Other obligations | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
- Memorandum of intent - Val d’Agri | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Total | 45,992 |  |  | 40,463 |  |  | 26,521 |  |  | 19,673 |  |  | 14,847 |  |  | 77,986 |  |  | 225,482 |
(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 |
(€ million) | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 and thereafter |  |  | Total |
Committed projects | 8,080 |  |  | 6,093 |  |  | 3,845 |  |  | 2,047 |  |  | 3,785 |  |  | 23,850 |
Schedule of carrying amount of financial instruments and relevant economic and equity effect | Other information about financial instruments
| 2022 |  |  | 2021 |
| Carrying amount |  |  | Income (expense) recognized in |  |  | Carrying amount |  |  | Income (expense) recognized in |
(€ million) | Profit and loss account |  |  | OCI |  |  | Profit and loss account |  |  | OCI |
Financial instruments at fair value with effects recognized in profit and loss account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss (a) | 8,251 |  |  | (55 | ) |  |  |  |  | 6,301 |  |  | 11 |  |  |  |
Non-hedging and trading derivatives (b) | 2,006 |  |  | (1,723 | ) |  |  |  |  | (611 | ) |  | 597 |  |  |  |
Other investments valued at fair value (c) | 1,202 |  |  | 351 |  |  | 56 |  |  | 1,294 |  |  | 230 |  |  | 105 |
Receivables and payables and other assets/liabilities valued at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables and other (d) | 21,396 |  |  | 31 |  |  |  |  |  | 19,124 |  |  | (226 | ) |  |  |
Financing receivables (e) | 3,415 |  |  | (16 | ) |  |  |  |  | 6,140 |  |  | 39 |  |  |  |
Securities (a) | 56 |  |  |  |  |  |  |  |  | 53 |  |  |  |  |  |  |
Trade payables and other (a) | 25,897 |  |  | 53 |  |  |  |  |  | 21,941 |  |  | (80 | ) |  |  |
Financing payables (f) | 26,917 |  |  | (692 | ) |  |  |  |  | 27,794 |  |  | (250 | ) |  |  |
Net assets (liabilities) for hedging derivatives (g) | (129 | ) |  | (4,677 | ) |  | 794 |  |  | 96 |  |  | (215 | ) |  | (1,264 | )
(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 loss within "Other operating income (loss)" for €1,736 million (income for €903 million in 2021) and as income within "Finance income (expense)" for €13 million (expense for €306 million in 2021).
(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 reversals within "Net (impairments) reversals of trade and other receivables" for €47 million (net impairments for €279 million in 2021) and as expense within "Finance income (expense)" for €16 million (income for €53 million in 2021), including interest income calculated on the basis of the effective interest rate of €15 million (interest income for €18 million in 2021).
(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 €86 million (interest income for €53 million in 2021) and net impairments for €111 million (net impairments for €25 million in 2021).
(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 €568 million (€487 million in 2021).
(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 | Disclosures about the offsetting of financial instruments
(€ million) | Gross amount of financial assets and liabilities |  |  | Gross amount of financial assets and liabilities subject to offsetting |  |  | Net amount of financial assets and liabilities |
December 31, 2022 |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Trade and other receivables | 23,546 |  |  | 2,706 |  |  | 20,840 |
Other current assets | 18,684 |  |  | 5,863 |  |  | 12,821 |
Other non-current assets | 2,236 |  |  |  |  |  | 2,236 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other liabilities | 28,415 |  |  | 2,706 |  |  | 25,709 |
Other current liabilities | 18,336 |  |  | 5,863 |  |  | 12,473 |
Other non-current liabilities | 3,234 |  |  |  |  |  | 3,234 |
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 |
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 2022 (compared with 2021), 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%)
| 2022 |  |  | 2021 |
(€ million) | High |  |  | Low |  |  | Average |  |  | At year end |  |  | High |  |  | Low |  |  | Average |  |  | At year end |
Interest rate (a) | 9.05 |  |  | 2.61 |  |  | 5.19 |  |  | 3.22 |  |  | 11.04 |  |  | 1.29 |  |  | 3.32 |  |  | 3.66 |
Exchange rate (a) | 0.95 |  |  | 0.09 |  |  | 0.29 |  |  | 0.34 |  |  | 0.28 |  |  | 0.11 |  |  | 0.18 |  |  | 0.12 |
(a) | Value at risk deriving from interest and exchange rates exposures include the following finance departments: Eni Corporate Finance Department, Eni Finance International SA and Banque Eni SA.
Commodity price risk |
Guarantees, commitments and risks |
Schedule of market risk |
(Value at Risk - Historic simulation method; holding period: 1 day; confidence level: 95%) |
| 2022 |  |  | 2021 |
(€ million) | High |  |  | Low |  |  | Average |  |  | At year end |  |  | High |  |  | Low |  |  | Average |  |  | At year end |
Commercial exposures - Management Portfolio (a) | 800.39 |  |  | 30.65 |  |  | 261.41 |  |  | 30.65 |  |  | 42.76 |  |  | 2.91 |  |  | 23.80 |  |  | 2.91 |
Trading (b) | 1.63 |  |  | 0.01 |  |  | 0.36 |  |  | 0.04 |  |  | 1.03 |  |  | 0.12 |  |  | 0.37 |  |  | 0.20 |
(a) | Refers to Global Gas & LNG Portfolio business area, Power Generation & Marketing, Green\Traditional Refining & Marketing, Plenitude, 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 Plenitude 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 SpA and Eni Global Energy Markets 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 |  |  | 2021 |
(€ million) | High |  |  | Low |  |  | Average |  |  | At year end |  |  | High |  |  | Low |  |  | Average |  |  | At year end |
Strategic liquidity - € Portfolio (a) | 0.30 |  |  | 0.16 |  |  | 0.23 |  |  | 0.16 |  |  | 0.40 |  |  | 0.29 |  |  | 0.33 |  |  | 0.30 |
(a) | Management of strategic liquidity portfolio starting from July 2013.
(Sensitivity - Dollar value of 1 basis point - DVBP) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 |  |  | 2021 |
($ million) | High |  |  | Low |  |  | Average |  |  | At year end |  |  | High |  |  | Low |  |  | Average |  |  | At year end |
Strategic liquidity - US dollar Portfolio (b) | 0.13 |  |  | 0.04 |  |  | 0.08 |  |  | 0.04 |  |  | 0.14 |  |  | 0.05 |  |  | 0.11 |  |  | 0.13 |
(a) | Management of strategic liquidity portfolio in US dollar currency starting from August 2017.

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