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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Financial Instruments [Abstract]  
Disclosure of financial instruments [text block]
Categories of financial instruments
The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'.
 
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
2019
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
143.6

 
—

 
—

 
—

 
—

 
143.6

Derivative financial instruments
—

 
—

 
1.0

 
20.4

 
—

 
21.4

Cash and cash equivalents
747.4

 
78.7

 
—

 
—

 
—

 
826.1

Short - term investments
—

 
25.0

 
—

 
—

 
—

 
25.0

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(483.4
)
 
(483.4
)
Derivative financial instruments
—

 
—

 
—

 
(44.9
)
 
—

 
(44.9
)
Loans and borrowings (1)
—

 
—

 
—

 
—

 
(1,884.2
)
 
(1,884.2
)
Total
891.0

 
103.7

 
1.0

 
(24.5
)
 
(2,367.6
)
 
(1,396.4
)

(1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21.
Financial instruments
 
Categories of financial instruments
The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'.
 
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
2019
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
143.6

 
—

 
—

 
—

 
—

 
143.6

Derivative financial instruments
—

 
—

 
1.0

 
20.4

 
—

 
21.4

Cash and cash equivalents
747.4

 
78.7

 
—

 
—

 
—

 
826.1

Short - term investments
—

 
25.0

 
—

 
—

 
—

 
25.0

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(483.4
)
 
(483.4
)
Derivative financial instruments
—

 
—

 
—

 
(44.9
)
 
—

 
(44.9
)
Loans and borrowings (1)
—

 
—

 
—

 
—

 
(1,884.2
)
 
(1,884.2
)
Total
891.0

 
103.7

 
1.0

 
(24.5
)
 
(2,367.6
)
 
(1,396.4
)

(1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21.
 
 
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
2018
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
98.3

 
—

 
—

 
—

 
—

 
98.3

Derivative financial instruments
—

 
—

 
4.6

 
44.5

 
—

 
49.1

Cash and cash equivalents
297.0

 
30.6

 
—

 
—

 
—

 
327.6

Liabilities


 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(534.9
)
 
(534.9
)
Derivative financial instruments
—

 
—

 
(0.3
)
 
(36.6
)
 
—

 
(36.9
)
Loans and borrowings (2)
—

 
—

 
—

 
—

 
(1,775.2
)
 
(1,775.2
)
Total
395.3

 
30.6

 
4.3

 
7.9

 
(2,310.1
)
 
(1,872.0
)

(2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21.

Fair values
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Nomad uses various methods including market, income and cost approaches. Based on these approaches, Nomad utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs.  The fair value hierarchy ranks the quality and reliability of the information used to determine fair values.
Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
Level 1—Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.
Level 2—Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. 
Level 3—Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for non binding single dealer quotes not corroborated by observable market data. Where market information is not available to support internal valuations, reviews of third party valuations are performed.
While Nomad believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
The following is a description of the valuation methodologies and assumptions used for estimating the fair values of financial instruments held by the Company.

(i)
Derivative financial instruments
Derivative financial instruments are held at fair value. There is no difference between carrying value and fair value. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 ‘Fair value measurement’.

(ii)
Trade and other payables/receivables
The notional amount of trade and other payables/receivables are deemed to be carried at fair value, short term and settled in cash.
 
(iii)
Cash and cash equivalents
The carrying value of cash and cash equivalents is deemed to equal fair value.

(iv)
Short-term investments
Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”.

(v)
Interest bearing loans and liabilities
The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the year end’s prevailing interest rates. They are classified as level 2 instruments. There is no requirement to determine or disclose the fair value of lease liabilities.
 
Fair value
 
Carrying value
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
 
€m
 
€m
 
€m
 
€m
Senior EUR/USD loans
1,396.9

 
1,347.2

 
1,371.9

 
1,372.2

Other external debt
3.3

 
3.0

 
3.3

 
3.0

2024 fixed rate senior secured notes
411.3

 
395.2

 
400.0

 
400.0

Less deferred borrowing costs
—

 
—

 
(8.9
)
 
(10.9
)
 
1,811.5

 
1,745.4

 
1,766.3

 
1,764.3



Derivatives
 
As at December 31, 2019
 
As at December 31, 2018
 
€m
 
€m
Cross Currency Interest Rate Swaps
17.5

 
35.7

Forward foreign exchange contracts
3.9

 
13.4

Total assets
21.4

 
49.1

Cross Currency Interest Rate Swaps
(32.8
)
 
(35.4
)
Forward foreign exchange contracts
(12.1
)
 
(1.5
)
Total liabilities
(44.9
)
 
(36.9
)
Total
(23.5
)
 
12.2


Offsetting of derivatives
Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default.
The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements.
 
Gross amount
of financial
instruments as
presented upon
balance sheet
 
Related
financial
instruments
that are offset
 
Net amount
As at Dec 31, 2019
€m
 
€m
 
€m
Derivatives - assets
21.4

 
(21.4
)
 
—

Derivatives - liabilities
(44.9
)
 
21.4

 
(23.5
)

 
Gross amount
of financial
instruments as
presented upon
balance sheet
 
Related
financial
instruments
that are offset
 
Net amount
As at Dec 31, 2018
€m
 
€m
 
€m
Derivatives - assets
49.1

 
(29.8
)
 
19.3

Derivatives - liabilities
(36.9
)
 
29.8

 
(7.1
)
Disclosure of Financial Assets
The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'.
 
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
2019
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
143.6

 
—

 
—

 
—

 
—

 
143.6

Derivative financial instruments
—

 
—

 
1.0

 
20.4

 
—

 
21.4

Cash and cash equivalents
747.4

 
78.7

 
—

 
—

 
—

 
826.1

Short - term investments
—

 
25.0

 
—

 
—

 
—

 
25.0

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(483.4
)
 
(483.4
)
Derivative financial instruments
—

 
—

 
—

 
(44.9
)
 
—

 
(44.9
)
Loans and borrowings (1)
—

 
—

 
—

 
—

 
(1,884.2
)
 
(1,884.2
)
Total
891.0

 
103.7

 
1.0

 
(24.5
)
 
(2,367.6
)
 
(1,396.4
)

(1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21.
 
 
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
2018
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
98.3

 
—

 
—

 
—

 
—

 
98.3

Derivative financial instruments
—

 
—

 
4.6

 
44.5

 
—

 
49.1

Cash and cash equivalents
297.0

 
30.6

 
—

 
—

 
—

 
327.6

Liabilities


 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(534.9
)
 
(534.9
)
Derivative financial instruments
—

 
—

 
(0.3
)
 
(36.6
)
 
—

 
(36.9
)
Loans and borrowings (2)
—

 
—

 
—

 
—

 
(1,775.2
)
 
(1,775.2
)
Total
395.3

 
30.6

 
4.3

 
7.9

 
(2,310.1
)
 
(1,872.0
)

(2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21.
Disclosure of Financial Liabilities
 
Fair value
 
Carrying value
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
 
€m
 
€m
 
€m
 
€m
Senior EUR/USD loans
1,396.9

 
1,347.2

 
1,371.9

 
1,372.2

Other external debt
3.3

 
3.0

 
3.3

 
3.0

2024 fixed rate senior secured notes
411.3

 
395.2

 
400.0

 
400.0

Less deferred borrowing costs
—

 
—

 
(8.9
)
 
(10.9
)
 
1,811.5

 
1,745.4

 
1,766.3

 
1,764.3

The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'.
 
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
2019
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
143.6

 
—

 
—

 
—

 
—

 
143.6

Derivative financial instruments
—

 
—

 
1.0

 
20.4

 
—

 
21.4

Cash and cash equivalents
747.4

 
78.7

 
—

 
—

 
—

 
826.1

Short - term investments
—

 
25.0

 
—

 
—

 
—

 
25.0

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(483.4
)
 
(483.4
)
Derivative financial instruments
—

 
—

 
—

 
(44.9
)
 
—

 
(44.9
)
Loans and borrowings (1)
—

 
—

 
—

 
—

 
(1,884.2
)
 
(1,884.2
)
Total
891.0

 
103.7

 
1.0

 
(24.5
)
 
(2,367.6
)
 
(1,396.4
)

(1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21.
 
 
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
2018
€m
 
€m
 
€m
 
€m
 
€m
 
€m
Assets
 
 
 
 
 
 
 
 
 
 
 
Trade receivables
98.3

 
—

 
—

 
—

 
—

 
98.3

Derivative financial instruments
—

 
—

 
4.6

 
44.5

 
—

 
49.1

Cash and cash equivalents
297.0

 
30.6

 
—

 
—

 
—

 
327.6

Liabilities


 
 
 
 
 
 
 
 
 
 
Trade and other payables excluding non-financial liabilities
—

 
—

 
—

 
—

 
(534.9
)
 
(534.9
)
Derivative financial instruments
—

 
—

 
(0.3
)
 
(36.6
)
 
—

 
(36.9
)
Loans and borrowings (2)
—

 
—

 
—

 
—

 
(1,775.2
)
 
(1,775.2
)
Total
395.3

 
30.6

 
4.3

 
7.9

 
(2,310.1
)
 
(1,872.0
)

(2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21.
Disclosure of Derivatives
 
As at December 31, 2019
 
As at December 31, 2018
 
€m
 
€m
Cross Currency Interest Rate Swaps
17.5

 
35.7

Forward foreign exchange contracts
3.9

 
13.4

Total assets
21.4

 
49.1

Cross Currency Interest Rate Swaps
(32.8
)
 
(35.4
)
Forward foreign exchange contracts
(12.1
)
 
(1.5
)
Total liabilities
(44.9
)
 
(36.9
)
Total
(23.5
)
 
12.2
Disclosure of offsetting of financial assets and financial liabilities [text block]
The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements.
 
Gross amount
of financial
instruments as
presented upon
balance sheet
 
Related
financial
instruments
that are offset
 
Net amount
As at Dec 31, 2019
€m
 
€m
 
€m
Derivatives - assets
21.4

 
(21.4
)
 
—

Derivatives - liabilities
(44.9
)
 
21.4

 
(23.5
)

 
Gross amount
of financial
instruments as
presented upon
balance sheet
 
Related
financial
instruments
that are offset
 
Net amount
As at Dec 31, 2018
€m
 
€m
 
€m
Derivatives - assets
49.1

 
(29.8
)
 
19.3

Derivatives - liabilities
(36.9
)
 
29.8

 
(7.1
)