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Financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2019
Financial Instruments [Abstract] |
Disclosure of Financial Assets |
| Financial assets at amortized cost |  | Financial Assets at Fair Value through profit or loss |  | Derivatives at fair value through profit or loss |  | Derivatives used for hedging |  | Financial liabilities at amortized cost |  | Total
September 30, 2019 | €m |  | €m |  | €m |  | €m |  | €m |  | €m
Assets |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | 2.8 |  |  | 46.8 |  |  | — |  |  | 49.6 |
Trade receivables | 77.7 |  |  | 6.5 |  |  | — |  |  | — |  |  | — |  |  | 84.2 |
Cash and cash equivalents | 646.1 |  |  | 75.4 |  |  | — |  |  | — |  |  | — |  |  | 721.5 |
Short-term investments | — |  |  | 25.0 |  |  | — |  |  | — |  |  | — |  |  | 25.0 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | — |  |  | (22.3 | ) |  | — |  |  | (22.3 | )
Trade and other payables excluding non-financial liabilities | — |  |  | — |  |  | — |  |  | — |  |  | (453.1 | ) |  | (453.1 | )
Loans and borrowings | — |  |  | — |  |  | — |  |  | — |  |  | (1,906.4 | ) |  | (1,906.4 | )
Total | 723.8 |  |  | 106.9 |  |  | 2.8 |  |  | 24.5 |  |  | (2,359.5 | ) |  | (1,501.5 | )
Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €191.5 million. Following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now includes €110.5 million relating to lease liabilities. The Company entered into facilities with third-party banks in which the Company may sell qualifying trade debtors on a non-recourse basis. Under the terms of the agreements, the Company has transferred substantially all the credit risks and control of the receivables, which are subject to this agreement, and accordingly €43.5 million (December 31, 2018: €51.0 million) of trade receivables has been derecognized at the period end. Loans and borrowings are stated gross of capitalized deferred borrowing costs.
| Financial assets at amortized cost |  | Financial Assets at Fair Value through profit or loss |  | Derivatives at fair value through profit or loss |  | Derivatives used for hedging |  | Financial liabilities at amortized cost |  | Total
December 31, 2018 | €m |  | €m |  | €m |  | €m |  | €m |  | €m
Assets |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | 4.6 |  |  | 44.5 |  |  | — |  |  | 49.1 |
Trade receivables | 98.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98.3 |
Cash and cash equivalents | 297.0 |  |  | 30.6 |  |  | — |  |  | — |  |  | — |  |  | 327.6 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | (0.3 | ) |  | (36.6 | ) |  | — |  |  | (36.9 | )
Trade and other payables excluding non-financial liabilities | — |  |  | — |  |  | — |  |  | — |  |  | (534.9 | ) |  | (534.9 | )
Loans and borrowings | — |  |  | — |  |  | — |  |  | — |  |  | (1,775.2 | ) |  | (1,775.2 | )
Total | 395.3 |  |  | 30.6 |  |  | 4.3 |  |  | 7.9 |  |  | (2,310.1 | ) |  | (1,872.0 | )
Disclosure of Financial Liabilities |
| Fair value |  | Carrying value
| September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
| €m |  | €m |  | €m |  | €m
Senior EUR/USD loans | 1,414.2 |  |  | 1,347.2 |  |  | 1,392.6 |  |  | 1,372.2 |
Other external debt | 3.2 |  |  | 3.0 |  |  | 3.2 |  |  | 3.0 |
2024 fixed rate senior secured notes | 413.6 |  |  | 395.2 |  |  | 400.0 |  |  | 400.0 |
Less deferred borrowing costs | — |  |  | — |  |  | (9.4 | ) |  | (10.9 | )
| 1,831.0 |  |  | 1,745.4 |  |  | 1,786.4 |  |  | 1,764.3 |
| Financial assets at amortized cost |  | Financial Assets at Fair Value through profit or loss |  | Derivatives at fair value through profit or loss |  | Derivatives used for hedging |  | Financial liabilities at amortized cost |  | Total
September 30, 2019 | €m |  | €m |  | €m |  | €m |  | €m |  | €m
Assets |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | 2.8 |  |  | 46.8 |  |  | — |  |  | 49.6 |
Trade receivables | 77.7 |  |  | 6.5 |  |  | — |  |  | — |  |  | — |  |  | 84.2 |
Cash and cash equivalents | 646.1 |  |  | 75.4 |  |  | — |  |  | — |  |  | — |  |  | 721.5 |
Short-term investments | — |  |  | 25.0 |  |  | — |  |  | — |  |  | — |  |  | 25.0 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | — |  |  | (22.3 | ) |  | — |  |  | (22.3 | )
Trade and other payables excluding non-financial liabilities | — |  |  | — |  |  | — |  |  | — |  |  | (453.1 | ) |  | (453.1 | )
Loans and borrowings | — |  |  | — |  |  | — |  |  | — |  |  | (1,906.4 | ) |  | (1,906.4 | )
Total | 723.8 |  |  | 106.9 |  |  | 2.8 |  |  | 24.5 |  |  | (2,359.5 | ) |  | (1,501.5 | )
Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €191.5 million. Following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now includes €110.5 million relating to lease liabilities. The Company entered into facilities with third-party banks in which the Company may sell qualifying trade debtors on a non-recourse basis. Under the terms of the agreements, the Company has transferred substantially all the credit risks and control of the receivables, which are subject to this agreement, and accordingly €43.5 million (December 31, 2018: €51.0 million) of trade receivables has been derecognized at the period end. Loans and borrowings are stated gross of capitalized deferred borrowing costs.
| Financial assets at amortized cost |  | Financial Assets at Fair Value through profit or loss |  | Derivatives at fair value through profit or loss |  | Derivatives used for hedging |  | Financial liabilities at amortized cost |  | Total
December 31, 2018 | €m |  | €m |  | €m |  | €m |  | €m |  | €m
Assets |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | 4.6 |  |  | 44.5 |  |  | — |  |  | 49.1 |
Trade receivables | 98.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98.3 |
Cash and cash equivalents | 297.0 |  |  | 30.6 |  |  | — |  |  | — |  |  | — |  |  | 327.6 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | — |  |  | — |  |  | (0.3 | ) |  | (36.6 | ) |  | — |  |  | (36.9 | )
Trade and other payables excluding non-financial liabilities | — |  |  | — |  |  | — |  |  | — |  |  | (534.9 | ) |  | (534.9 | )
Loans and borrowings | — |  |  | — |  |  | — |  |  | — |  |  | (1,775.2 | ) |  | (1,775.2 | )
Total | 395.3 |  |  | 30.6 |  |  | 4.3 |  |  | 7.9 |  |  | (2,310.1 | ) |  | (1,872.0 | )

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