10. Net income/(expense) from commodity risk management - €(733) million

 

Net expense from the management of commodity risk amounted to €733 million for 2019 (compared with net income of €532 million in 2018), which can be broken down as follows:

  • net income on cash flow hedge derivatives in the amount of €177 million (compared with net income of €25 million in 2018);
  • net expense on derivatives at fair value through profit or loss in the amount of €910 million (compared with net income of €507 million in 2018);

For more information on derivatives, see note 46 “Derivatives and hedge accounting”.

Millions of euro

   
 

2019

2018

Change

Income:

    

- income from cash flow hedge derivatives

200

93

107

-

- income from derivatives at fair value through profit or loss (1)

1,311

3,910

(2,599)

-66.5%

Total income

1,511

4,003

(2,492)

-62.3%

Expense:

    

- expense on cash flow hedge derivatives

(23)

(68)

45

-66.2%

- expense on derivatives at fair value through profit or loss (1)

(2,221)

(3,403)

1,182

-34.7%

Total expense

(2,244)

(3,471)

1,227

-35.4%

NET INCOME/(EXPENSE) FROM COMMODITY RISK MANAGEMENT

(733)

532

(1,265)

-

(1) The 2018 figures have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of March 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4.3 of the consolidated financial statements).