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Guarantees, commitments and risks (Tables)

12 Months Ended

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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