12. Net financial income/(expense) from derivatives - €(941) million

 

Millions of euro      
  2020 2019 Change
Income:        
- income from derivatives designated as hedging derivatives 639 1,120 (481) -42.9%
- income from derivatives at fair value through profit or loss 676 364 312 85.7%
Total income 1,315 1,484 (169) -11.4%
Expense:        
- expense from derivatives designated as hedging derivatives (1,945) (538) (1,407) -
- expense from derivatives at fair value through profit or loss (311) (604) 293 -48.5%
Total expense (2,256) (1,142) (1,114) 97.5%
NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES (941) 342 (1,283) -


Net expense from derivatives on interest and exchange rates amounted to €941 million for 2020 (compared with net income of €342 million in 2019), which can be broken down as follows:

  • net expense from derivatives designated as hedging derivatives in the amount of €1,306 million (compared with net income of €582 million in 2019), mainly in respect of cash flow hedges;
  • net income from derivatives at fair value through profit or loss in the amount of €365 million (compared with net expense of €240 million in 2019).

The net balances recognized in 2020 on both hedging and trading derivatives mainly refer to the hedging of currency risk. For more information on derivatives, see note 47 “Derivatives and hedge accounting”.