11. Net financial income/(expense) from derivatives - €342 million

 

Millions of euro

    

20192018Change

Income:

- income from derivatives designated as hedging derivatives

1,120

1,142

(22)

-1.9%

- income from derivatives at fair value through profit or loss

364

851

(487)

-57.2%

Total income

1,484

1,993

(509)

-25.5%

Expense:

    

- expense on derivatives designated as hedging derivatives

(538)

(408)

(130)

31.9%

- expense on derivatives at fair value through profit or loss

(604)

(1,124)

520

-46.3%

Total expense

(1,142)

(1,532)

390

25.5%

TOTAL FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES

342

461

(119)

-25.8%

Net income from derivatives on interest and exchange rates amounted to €342 million for 2019 (compared with a net income balance of €461 million in 2018), which can be broken down as follows:

  • net income on derivatives designated as hedging derivatives in the amount of €582 million (compared with net income of €734 million in 2018), mainly in respect of cash flow hedges;
  • net expense on derivatives at fair value through profit or loss in the amount of €240 million (compared with net expense of €273 million in 2018).

The net balances recognized in 2019 on both hedging and trading derivatives mainly refer to the hedging of exchange risk. For more information on derivatives, see note 46 “Derivatives and hedge accounting”.