ENI SPA | CIK:0001002242 | 3

  • Filed: 4/13/2018
  • Entity registrant name: ENI SPA (CIK: 0001002242)
  • Generator: Unknown
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1002242/000117494718000616/0001174947-18-000616-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1002242/000117494718000616/e-20171231.xml
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    • ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory

    34 Derivative financial instruments

        December 31, 2017   December 31, 2016
    (€ 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     170       86       2       188       268       2  
    - Interest currency swap     41       45       2       38       83       2  
    - Outright     3       5       2       17       15       2  
          214       136               243       366          
    Derivatives on interest rate                                                
    - Interest currency swap     9       5       2       10       12       2  
          9       5               10       12          
    Derivatives on commodities                                                
    - Future     796       771       1       624       611       1  
    - Over the counter     81       97       2       133       120       2  
    - Options                                     1       2  
    - Other     1       2       2       4       5       2  
          878       870               761       737          
          1,101       1,011               1,014       1,115          
    Trading derivatives                                                
    Derivatives on commodities                                                
    - Over the counter     683       829       2       1,495       1,490       2  
    - Future     395       390       1       561       574       1  
    - Options     133       114       2       211       157       2  
          1,211       1,333               2,267       2,221          
    Cash flow hedge derivatives                                                
    Derivatives on commodities                                                
    - Over the counter     227       21       2       309       150       2  
    - Future     35               1       1       18       1  
          262       21               310       168          
    Option embedded in convertible bonds     16       16       2       46       46       2  
    Gross amount     2,590       2,381               3,637       3,550          
    Offsetting     (1,279 )     (1,279 )             (1,281 )     (1,281 )        
    Net amount     1,311       1,102               2,356       2,269          
    Of which:                                                
    - current     1,231       1,011               2,248       2,108          
    - non-current     80       91               108       161          

    Derivative fair values were estimated on the basis of market quotations provided by primary info-provider or, alternatively, appropriate valuation techniques generally adopted in the marketplace.

    Fair values of non-hedging derivatives consisted of derivatives that did not meet the formal criteria to be designated as hedges under IFRS because they were entered into in order to manage net exposures to foreign currency exchange rates, interest rates and commodity prices. Therefore, such derivatives did not relate to specific trade or financing transactions.

    Fair values of trading derivatives consisted of derivatives entered for trading purposes and proprietary trading.

    Fair value of cash flow hedge derivatives related to the hedges entered by the Gas & Power segment. These derivatives were entered into to hedge variability in future cash flows associated with highly probable future sale transactions of gas or electricity or on already contracted sales due to different indexation mechanism of supply costs versus selling prices. A similar scheme applies to exchange rate hedging derivatives. The effects of the measurement at fair value of cash flow hedge derivatives are given in note 36 — Shareholders’ equity and in note 40 — Operating expenses. Information on hedged risks and hedging policies is disclosed in note 38 — Guarantees, commitments and risks — Risk factors.

    Options embedded in convertible bonds of  €16 million as of December 31, 2017, related to equity-linked cash settled bonds (€46 million at December 31, 2016). More information is disclosed in note 29 — Long-term debt and current portion of long-term debt.

    The offsetting of financial derivatives of  €1,279 million (€1,281 million) related to Eni Trading & Shipping SpA for €1,144 million (€1,145 million at December 31, 2016) and Eni Trading & Shipping Inc for €135 million (€136 million at December 31, 2016).

    During the 2017, there were no transfers between the different hierarchy levels of fair value.