26 Other current liabilities
|
(€ million) |
December 31, 2012 |
December 31, 2013 |
|
Fair value of cash flow hedge derivatives |
32 |
213 |
|
Fair value of other derivatives |
893 |
783 |
|
Other liabilities |
512 |
452 |
|
|
1,437 |
1,448 |
Derivative fair values were estimated on the basis of market quotations provided by primary info-provider, or alternatively, appropriate valuation techniques commonly used on the marketplace.
The fair value of cash flow hedge derivatives amounted to €213 million (€32 million at December 31, 2012) and essentially pertained to hedges entered by the Gas & Power segment. Those derivatives were designated to hedge exchange rate and commodity risk exposures as described in Note 14 – Other current assets. Fair value of contracts expiring by end of 2014 is disclosed in Note 14 – Other current assets; fair value of contracts expiring beyond 2014 is disclosed in Note 31 – Other non-current liabilities and in Note 21 – Other non-current receivables. The effects of the evaluation at fair value of cash flow hedge derivatives are disclosed in Note 33 – Shareholders’ equity and in Note 37 – Operating expenses. The nominal value of cash flow hedge derivatives referred to purchase and sale commitments for €3,689 million and €1,393 million, respectively (€341 million and €271 million at December 31, 2012, respectively).
The fair value of other derivative contracts is presented below:
|
|
December 31, 2012 |
December 31, 2013 |
||||
|
(€ million) |
Fair value |
Purchase commitments |
Sale commitments |
Fair value |
Purchase commitments |
Sale commitments |
|
Derivatives on exchange rate |
|
|
|
|
|
|
|
Currency Swap |
180 |
7,531 |
1,291 |
177 |
6,963 |
893 |
|
Outright |
1 |
102 |
|
102 |
1,983 |
|
|
|
181 |
7,633 |
1,291 |
279 |
8,946 |
893 |
|
Derivatives on interest rate |
|
|
|
|
|
|
|
Interest rate swap |
1 |
|
88 |
1 |
|
121 |
|
|
1 |
|
88 |
1 |
|
121 |
|
Derivatives on commodities |
|
|
|
|
|
|
|
Over the counter |
688 |
8,311 |
2,969 |
489 |
6,187 |
995 |
|
Future |
12 |
382 |
67 |
12 |
181 |
37 |
|
Other |
11 |
|
2 |
2 |
|
2 |
|
|
711 |
8,693 |
3,038 |
503 |
6,368 |
1,034 |
|
|
893 |
16,326 |
4,417 |
783 |
15,314 |
2,048 |
Fair values of other derivatives of €783 million (€893 million at December 31, 2012) consisted of: (i) €377 million (€538 million at December 31, 2012) of derivatives that lacked the formal criteria to be designated as hedges under IFRS because they were entered into in order to manage net exposures to movements in foreign currencies, interest rates or commodity prices; (ii) €405 million (€349 million at December 31, 2012), of commodity derivatives entered for trading purposes and proprietary trading; (iii) €1 million (€5 million at December 31, 2012) related to fair value hedge derivatives; and (iv) €1 million as of 31 December 2012 of derivatives embedded in the pricing formulas of certain long-term supply contracts of gas in the Exploration & Production segment.
Information on hedged risks and hedging policies is disclosed in Note 35 – Guarantees, commitments and risks – Risk factors.
The decrease in other current liabilities of €60 million included advances recovered from gas customers who off-took lower volumes than the contractual minimum take provided by the relevant long-term supply contract (€142 million).
Transactions with related parties are described in Note 43 – Transactions with related parties.
