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FInancial Instruments | 6 Months Ended
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Jun. 30, 2018
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FInancial Instruments | 9 FINANCIAL INSTRUMENTS 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.
|  | 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.
Other than changes arising on adoption of IFRS 9, there were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2017. There were also no significant movements between the fair value hierarchy classifications since 31 December 2017. The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due to their short-term nature. Calculation of fair values The fair values of the financial assets and liabilities are defined as 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. Methods and assumptions used to estimate the fair values are consistent with those used in the year ended 31 December 2017. Adoption of IFRS 9 – Impact on measurement of financial assets On the date of initial application of IFRS 9, 1 January 2018, financial assets of €207 million previously measured at fair value through equity were reclassified as fair value through profit or loss. Fair value gains or losses on these financial assets were immaterial in 2017 and 2018. Financial assets of €6 million previously measured at fair value through profit or loss were reclassified to amortised cost under IFRS 9. Cash and cash equivalents and trade receivables, which were classified as loans and other receivables under IAS 39, will be classified as amortised cost under IFRS 9.

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- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2017-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2017-03-01&anchor=sect_Scope&doctype=Standard -URIDate 2017-03-09 + Details
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