All derivative financial instruments held for currency risk hedging purposes have a maturity of less than 18 months at inception and break down as follows:
| Nominal | Market value | |||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Currency futures | ||||||
| Purchase of EURO against foreign currencies | 2,292.6 | 2,940.2 | 2,959.1 | -139.8 | 95.4 | -75.8 |
| EUR/CNY | 540.7 | 937.5 | 678.8 | -91.3 | 7.0 | -5.7 |
| EUR/USD | 502.4 | 343.5 | 370.5 | -26.3 | 30.2 | -3.1 |
| EUR/RUB | 241.4 | 186.3 | 268.2 | -8.2 | 10.2 | -12.9 |
| EUR/JPY | 201.3 | 47.5 | -13.6 | 3.3 | 0.1 | -0.4 |
| EUR/GBP | 162.9 | 308.9 | 241.1 | -6.8 | 1.1 | -16.4 |
| EUR/MXN | 148.3 | 137.7 | 196.6 | -4.8 | -4.1 | -6.4 |
| EUR/BRL | 117.5 | 70.9 | 85.4 | -0.7 | 0.6 | - |
| EUR/AUD | 88.5 | 89.5 | 93.9 | -1.9 | -3.9 | -1.4 |
| EUR/CLP | 57.9 | 50.2 | 48.7 | 5.5 | -1.8 | 2.8 |
| EUR/TWD | 56.8 | 52.6 | 49.5 | -1.2 | 3.7 | -1.0 |
| EUR/SAPMENA currencies | 63.8 | 175.8 | 208.5 | -3.9 | 0.6 | -6.0 |
| EUR/North Asia currencies | - | 259.3 | 218.3 | - | 53.8 | -13.7 |
| EUR/Europe currencies | 47.2 | 158.0 | 313.2 | -1.6 | -2.0 | -6.7 |
| EUR/Latin America currencies | 28.4 | 22.3 | 29.6 | -0.2 | 0.2 | -0.4 |
| EUR/SSA currencies | 21.0 | 28.7 | 30.3 | 0.5 | -2.2 | -1.5 |
| EUR/Other currencies | 14.5 | 71.5 | 140.0 | -2.2 | 1.8 | -3.0 |
| Purchase of USD against foreign currencies | 418.6 | 373.1 | 517.7 | 13.2 | -18.2 | - |
| USD/SAPMENA currencies | 238.9 | 232.6 | 256.7 | 2.7 | -6.3 | -1.3 |
| USD/Latin America currencies | 130.7 | 68.3 | 132.9 | 9.9 | -5.7 | 4.0 |
| USD/CAD | 49.0 | 51.4 | 92.2 | 0.6 | -3.6 | -1.0 |
| USD/Europe currencies | - | 19.3 | 28.6 | - | -2.2 | -1.4 |
| USD/SSA currencies | - | 1.4 | 7.3 | - | -0.4 | -0.3 |
| USD/Other currencies | - | - | - | - | - | - |
| Sale of USD against foreign currencies | 508.8 | 242.7 | 303.4 | -5.6 | -10.0 | 0.5 |
| USD/North Asia currencies | 495.6 | 242.7 | 303.4 | -6.5 | -10.0 | 0.5 |
| USD/Other currencies | 13.2 | - | - | 0.9 | - | - |
| Other currency pairs | 551.8 | 481.2 | 727.2 | -4.1 | 2.7 | -4.2 |
| CURRENCY FUTURES TOTAL | 3,791.9 | 4,037.1 | 4,507.3 | -172.7 | 70.0 | -79.5 |
| Currency options | ||||||
| EUR/CNY | - | 101.1 | 63.5 | - | 3.6 | 1.7 |
| EUR/RUB | - | 62.2 | - | - | 7.4 | - |
| EUR/USD | 69.4 | 37.7 | 40.9 | - | 2.9 | 0.7 |
| EUR/BRL | 11.1 | 26.0 | 9.9 | 0.1 | 2.1 | 0.8 |
| EUR/MXN | 7.7 | 21.8 | - | - | 0.5 | - |
| EUR/TRY | - | 9.4 | 19.7 | - | 1.5 | 1.2 |
| EUR/GBP | - | - | 33.3 | - | - | 0.3 |
| EUR/HKD | 70.4 | - | - | -0.1 | - | - |
| Other currency pairs | - | 18.6 | 7.8 | - | 0.6 | 0.6 |
| CURRENCY OPTIONS TOTAL | 158.5 | 276.7 | 175.1 | -0.1 | 18.6 | 5.3 |
| Of which total options purchased | 158.5 | 276.7 | 175.1 | -0.1 | 18.6 | 5.3 |
| TOTAL | 3,950.3 | 4,313.7 | 4,682.4 | -172.4 | 88.6 | -74.2 |
The market values by type of hedging are as follows:
| € millions | 2021 | 2020 | 2019 |
|---|---|---|---|
| Fair value hedges (1) |
Fair value hedges (1)2021-38.6 |
Fair value hedges (1)202020.4 |
Fair value hedges (1)2019-25.6 |
| Cash flow hedges |
Cash flow hedges 2021-133.9 |
Cash flow hedges 202068.2 |
Cash flow hedges 2019-48.6 |
| TOTAL | TOTAL2021-172.5 | TOTAL202088.6 | TOTAL2019-74.2 |
(1)Fair value hedges relate to currency risks on operating receivables and payables as well as on foreign currency investments and financing.
The fair value of the derivatives is their market value.
The Group has no significant foreign currency exposures that are not hedged in the balance sheet.
