The revaluation of foreign currency receivables and payables at the exchange rates prevailing at 31 December, taking account of hedging instruments, led to the recognition of the following unrealised exchange gains and losses:
| Assets | Liabilities | |||||||
|---|---|---|---|---|---|---|---|---|
| € millions | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2021 | 31.12.2020 | 31.12.2019 | ||
| Financial receivables | - | - | - | - | - | - | ||
| Trade accounts receivable | 1.9 | 1.0 | 0.7 | 0.1 | 0.2 | - | ||
| Borrowings and debt | - | - | - | - | - | - | ||
| Trade accounts payable | 0.1 | - | - | - | 0.2 | - | ||
| Derivative financial instruments | 186.2 | 44.8 | 59.6 | 18.4 | 44.8 | 9.9 | ||
| TOTAL | 188.2 | 45.8 | 60.3 | 18.5 | 45.2 | 9.9 | ||
The overall foreign exchange position, calculated on a currency-per-currency basis at 31 December 2021, is an unrealised loss of €176.4 million. This loss is recognised as a provision for risk. At 31 December 2020, the overall foreign exchange position was an unrealised loss of €24.9 million, compared with an unrealised loss of €52.0 million at 31 December 2019.
Derivative financial instruments can be broken down as follows:
| Notional | 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 | ||||||||
| EUR/CNY | 1,455.3 | 1,015.3 | 785.0 | -130.9 | 1.0 | -8.9 | ||
| EUR/RUB | 276.3 | 205.8 | 296.2 | -10.2 | 12.4 | -15.7 | ||
| EUR/USD | 162.4 | 155.5 | 114.2 | -7.8 | 8.7 | -5.2 | ||
| EUR/BRL | 106.8 | 69.4 | 81.1 | -1.8 | 1.1 | -0.1 | ||
| EUR/KRW | 61.3 | 54.2 | 57.8 | -0.7 | -0.5 | -1.2 | ||
| EUR/TWD | 55.2 | 55.5 | 48.1 | -1.4 | 3.6 | -1.2 | ||
| EUR/THB | 51.8 | 45.0 | 45.1 | -0.7 | 0.8 | -2.3 | ||
| EUR/IDR | 45.4 | 35.6 | 42.7 | -3.7 | -0.6 | -3.4 | ||
| EUR/GBP | 44.2 | 36.5 | 36.6 | -1.0 | 0.0 | -1.8 | ||
| EUR/INR | 26.7 | 23.2 | 19.1 | -1.6 | 0.5 | -0.7 | ||
| EUR/ZAR | 20.7 | 25.7 | 26.9 | 0.2 | -2.3 | -2.2 | ||
| EUR/AUD | 19.6 | 18.3 | 19.6 | -0.4 | -0.8 | -0.4 | ||
| EUR/CAD | 16.6 | 16.1 | 25.0 | -0.5 | 0.2 | -0.8 | ||
| EUR/DKK | 15.9 | 14.8 | 4.3 | 0.0 | 0.0 | 0.0 | ||
| EUR/PEN | 11.0 | 8.1 | 10.4 | -0.7 | 0.7 | -0.3 | ||
| EUR/TRY | 1.1 | 60.6 | 61.5 | 0.3 | -0.5 | -3.8 | ||
| EUR/Other currencies | 65.0 | 53.0 | 74.0 | -0.8 | -0.4 | -1.2 | ||
| Sale of EUR against foreign currencies | ||||||||
| EUR/SGD | 98.3 | 21.3 | 22.4 | 3.6 | -0.4 | 0.3 | ||
| EUR/PLN | 36.2 | 32.2 | 37.8 | -0.6 | -0.5 | 0.6 | ||
| EUR/JPY | 8.7 | 15.2 | 22.7 | 0.1 | -0.6 | -0.1 | ||
| EUR/HKD | 0.0 | 16.5 | 9.7 | 0.0 | -1.2 | 0.0 | ||
| EUR/Other currencies | 5.6 | 3.9 | 0.0 | 0.2 | 0.1 | 0.0 | ||
| Purchase of USD against foreign currencies | ||||||||
| USD/CNY | 256.6 | 179.4 | 153.8 | -11.8 | -11.2 | -1.1 | ||
| USD/BRL | 46.3 | 26.6 | 56.4 | 1.3 | -1.4 | 0.2 | ||
| USD/THB | 31.0 | 33.9 | 34.4 | 0.9 | -1.7 | -1.4 | ||
| USD/KRW | 15.5 | 15.4 | 15.7 | 0.6 | -1.3 | -0.1 | ||
| USD/PEN | 12.9 | 11.8 | 12.7 | 0.1 | 0.2 | -0.2 | ||
| USD/TWD | 11.2 | 13.1 | 15.1 | 0.2 | -0.1 | -0.3 | ||
| USD/PHP | 9.6 | 20.4 | 9.2 | 0.3 | -0.5 | -0.3 | ||
| USD/Other currencies | 9.0 | 16.8 | 29.3 | 0.0 | -0.7 | -1.8 | ||
| Sale of USD against foreign currencies | ||||||||
| USD/IDR | 22.4 | 25.6 | 23.2 | 0.7 | 1.5 | 1.3 | ||
| USD/Other currencies | 0.6 | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 | ||
