47. Derivatives and hedge accounting

The following tables show the notional amount and the fair value of derivative financial assets and derivative financial liabilities eligible for hedge accounting or measured a FVTPL, classified on the basis of the type of hedge relationship and the hedged risk, broken down into current and non-current instruments.

The notional amount of a derivative contract is the amount on the basis of which cash flows are exchanged. This amount can be expressed as a value or a quantity (for example tons, converted into euros by multiplying the notional amount by the agreed price). Amounts denominated in currencies other than the euro are translated at the official closing exchange rates provided by the World Markets Refinitiv (WMR) Company.

Millions of euro Non-current Current
  Notional Fair value Notional Fair value
  at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019
DERIVATIVE ASSETS                
Fair value hedge derivatives:                
- on interest rates 138 12 22 7 - - - -
- on exchange rates 639 166 28 25 79 - 28 -
Total 777 178 50 32 79 - 28 -
Cash flow hedge derivatives:                
- on interest rates 161 335 21 26 - 133 - -
- on exchange rates 5,061 11,705 685 1,081 698 2,717 51 132
- on commodities 2,541 1,628 428 215 2,165 3,081 627 847
Total 7,763 13,668 1,134 1,322 2,863 5,931 678 979
Trading derivatives:                
- on interest rates 50 50 2 2 - - - -
- on exchange rates 71 - 4 - 3,430 3,399 79 34
- on commodities 379 322 46 27 21,424 17,203 2,686 3,052
Total 500 372 52 29 24,854 20,602 2,765 3,086
TOTAL DERIVATIVE ASSETS 9,040 14,218 1,236 1,383 27,796 26,533 3,471 4,065
 
Millions of euro Non-current Current
  Notional Fair value Notional Fair value
  at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019
DERIVATIVE LIABILITIES                
Fair value hedge derivatives:                
- on exchange rates - 5 - 1 - - - -
Total - 5 - 1 - - - -
Cash flow hedge derivatives:                
- on interest rates 7,201 7,704 938 779 122 65 2 1
- on exchange rates 16,310 11,049 2,491 1,560 3,766 2,573 263 115
- on commodities 1,535 601 148 47 1,466 1,613 379 457
Total 25,046 19,354 3,577 2,386 5,354 4,251 644 573
Trading derivatives:                
- on interest rates 50 62 4 6 100 100 88 79
- on exchange rates 28 2 3 - 984 1,679 41 38
- on commodities 89 154 22 14 20,910 17,650 2,758 2,864
Total 167 218 29 20 21,994 19,429 2,887 2,981
TOTAL DERIVATIVE LIABILITIES 25,213 19,577 3,606 2,407 27,348 23,680 3,531 3,554