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FInancial Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Text block1 [abstract]  
Summary of Fair Values of Financial Assets and Financial Liabilities

The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following tables summarise the fair values and carrying amounts of financial instruments and the fair value calculations by category. On transition to IFRS 9, there were no changes to the carrying values of the Group’s financial assets.

 

€ million

    Fair value     Carrying amount  
   As at
30 June
2018		     As at
31 December
2017		     As at
30 June
2017		     As at
30 June
2018		     As at
31 December
2017		     As at
30 June
2017		  

Financial assets

             

Cash and cash equivalents

      3,991       3,317       5,016       3,991       3,317       5,016  

Held-to-maturity investments(a)

      –         163       152       –         163       152  

Loans and receivables(a)

      –         463       304       –         463       304  

Available-for-sale financial assets(a)

      –         564       655       –         564       655  

Amortised cost(a)

      632       –         –         632       –         –    

Fair value through other comprehensive
income(a)

      288       –         –         288       –         –    

Financial assets at fair value through profit and loss:

             

Derivatives

      209       116       293       209       116       293  

Other

      379       139       106       379       139       106  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     5,499       4,762       6,526       5,499       4,762       6,526  

Financial liabilities

             

Preference shares

      –         –         (125 )      –         –         (68 ) 

Bank loans and overdrafts

      (1,131 )      (995 )      (829 )      (1,128 )      (992 )      (825 ) 

Bonds and other loans

      (27,842 )      (23,368 )      (19,031 )      (27,426 )      (22,709 )      (18,353 ) 

Finance lease creditors

      (151 )      (147 )      (153 )      (135 )      (131 )      (134 ) 

Derivatives

      (542 )      (421 )      (253 )      (542 )      (421 )      (253 ) 

Other financial liabilities

      (390 )      (177 )      –         (390 )      (177 )      –    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     (30,056 )      (25,108 )      (20,391 )      (29,621 )      (24,430 )      (19,633 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Classification has changed following adoption of IFRS 9. See below and note 1 for further details.
Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category
     Level 1      Level 2     Level 3     Level 1      Level 2     Level 3     Level 1      Level 2     Level 3  

€ million

    As at 30 June 2018     As at 31 December 2017     As at 30 June 2017  

Assets at fair value

                      

Available-for-sale financial assets(a)

      –          –         –         215        7       342       277        8       370  

Financial assets at fair value through other comprehensive income(a)

      143        4       141       –          –         –         –          –         –    

Financial assets at fair value through profit or loss:

                      

Derivatives(a)

      –          366       –         –          173       –         –          376       –    

Other

      185        –         194       137        –         2       –          104       2  

Liabilities at fair value

                      

Derivatives(b)

      –          (588 )      –         –          (534 )      –         –          (392 )      –    

Contingent Consideration

      –          –         (199 )      –          –         (445 )      –          –         (413 ) 

 

(a) Includes €157 million (December 2017: €57 million) derivatives, reported within trade receivables, that hedge trading activities.
(b) Includes €(46) million (December 2017: €(113) million) derivatives, reported within trade payables, that hedge trading activities.