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Derivative financial instruments and hedge accounting (Tables)

12 Months Ended

Dec. 31, 2023

Derivative financial instruments and hedge accounting

Schedule of derivative financial instruments

	December 31, 2023									December 31, 2022
(€ 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	70			168			2			110			132			2
- Interest currency swap				84			2			1			144			2
- Outright										3			12			2
	70			252						114			288
Derivatives on interest rate
- Interest rate swap	62			34			2			137			58			2
	62			34						137			58
Derivatives on commodities
- Over the counter	2,902			2,103			2			9,571			8,663			2
- Future	3,027			2,905			1			6,886			5,764			1
- Options	106			114			2						2			1
- Other	11						2						80			2
	6,046			5,122						16,457			14,509
	6,178			5,408						16,708			14,855
Cash flow hedge derivatives
Derivatives on commodities
- Over the counter	80			13			2
- Future										339			192			1
	80			13						339			192
Derivatives on interest rate
- Interest rate swap	6						1			21						2
	6									21
	86			13						360			192
Options
- Other options				41			2						144			3
				41									144
Gross amount	6,264			5,462						17,068			15,191
Offsetting	(2,895	)		(2,895	)					(5,863	)		(5,863	)
Net amount	3,369			2,567						11,205			9,328
Of which:
- current	3,323			2,414						11,076			9,042
- non-current	46			153						129			286

Schedule of hedging derivative instruments

	December 31, 2023									December 31, 2022
(€ 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	310			147			6			83			(4	)
- Future				(23	)					1,350			(3,912	)		275
- Other													9
	310			124			6			1,433			(3,907	)		275
Derivatives on interest rate
- Interest rate swap	128			(19	)					127			24
	128			(19	)					127			24
	438			105			6			1,560			(3,883	)		275

Schedule of breakdown of underlying asset or liability under cash flow hedge

	December 31, 2023									December 31, 2022
(€ 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	(169	)		56			(436	)		4,059			(499	)		(4,666	)
	(169	)		56			(436	)		4,059			(499	)		(4,666	)
Derivatives on interest rate
- hedged flows	(19	)		(6	)					(15	)		16			(11	)
	(19	)		(6	)					(15	)		16			(11	)
	(169	)		50			(436	)		4,044			(483	)		(4,677	)

Schedule of effects recognized in other operating profit (loss)

(€ million)	2023			2022			2021
Net income (loss) on cash flow hedging derivatives	6			275			(51	)
Net income (loss) on other derivatives	472			(2,011	)		954
	478			(1,736	)		903

Schedule of effects recognized in finance income (loss)

(€ million)	2023			2022			2021
Derivatives on exchange rate	(63	)		(70	)		(322	)
Derivatives on interest rate	2			81			16
Options				2
	(61	)		13			(306	)

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