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Derivative financial instruments and hedge accounting (Tables)
 12 Months Ended
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