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Financial Instruments | 6 Months Ended
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Jun. 30, 2019
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Financial Instruments | 8 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.
€ million |  | Fair value |  |  | Carrying amount |
| As at 30 June 2019 |  |  | As at 31 December 2018 Restated(a) |  |  | As at 30 June 2018 Restated(a) |  |  | As at 30 June 2019 |  |  | As at 31 December 2018 Restated(a) |  |  | As at 30 June 2018 Restated(a) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 3,911 |  |  |  | 3,230 |  |  |  | 3,991 |  |  |  | 3,911 |  |  |  | 3,230 |  |  |  | 3,991 |
Amortised cost |  |  | 499 |  |  |  | 629 |  |  |  | 632 |  |  |  | 499 |  |  |  | 629 |  |  |  | 632 |
Fair value through other comprehensive income |  |  | 327 |  |  |  | 329 |  |  |  | 288 |  |  |  | 327 |  |  |  | 329 |  |  |  | 288 |
Financial assets at fair value through profit and loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | 412 |  |  |  | 194 |  |  |  | 209 |  |  |  | 412 |  |  |  | 194 |  |  |  | 209 |
Other |  |  | 381 |  |  |  | 364 |  |  |  | 379 |  |  |  | 381 |  |  |  | 364 |  |  |  | 379 |
|  |  | 5,530 |  |  |  | 4,746 |  |  |  | 5,499 |  |  |  | 5,530 |  |  |  | 4,746 |  |  |  | 5,499 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans and overdrafts |  |  | (1,044 | ) |  |  | (816 | ) |  |  | (1,131 | ) |  |  | (1,041 | ) |  |  | (814 | ) |  |  | (1,128 | )
Bonds and other loans |  |  | (26,787 | ) |  |  | (23,691 | ) |  |  | (27,842 | ) |  |  | (25,390 | ) |  |  | (23,391 | ) |  |  | (27,426 | )
Lease liabilities |  |  | (1,967 | ) |  |  | (1,981 | ) |  |  | (2,112 | ) |  |  | (1,967 | ) |  |  | (1,981 | ) |  |  | (2,112 | )
Derivatives |  |  | (464 | ) |  |  | (402 | ) |  |  | (542 | ) |  |  | (464 | ) |  |  | (402 | ) |  |  | (542 | )
Other financial liabilities |  |  | (123 | ) |  |  | (150 | ) |  |  | (390 | ) |  |  | (123 | ) |  |  | (150 | ) |  |  | (390 | )
|  |  | (30,385 | ) |  |  | (27,040 | ) |  |  | (32,017 | ) |  |  | (28,985 | ) |  |  | (26,738 | ) |  |  | (31,598 | )
(a) | Restated following adoption of IFRS 16. Refer note 1 and note 9.
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
€ million |  | As at 30 June 2019 |  |  | As at 31 December 2018 |  |  | As at 30 June 2018 |
Assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income(a) |  |  | 116 |  |  |  | 4 |  |  |  | 207 |  |  |  | 160 |  |  |  | 5 |  |  |  | 164 |  |  |  | 143 |  |  |  | 4 |  |  |  | 141 |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives(a) |  |  | – |  |  |  | 448 |  |  |  | – |  |  |  | – |  |  |  | 276 |  |  |  | – |  |  |  | – |  |  |  | 366 |  |  |  | – |
Other |  |  | 155 |  |  |  | – |  |  |  | 226 |  |  |  | 145 |  |  |  | – |  |  |  | 219 |  |  |  | 185 |  |  |  | – |  |  |  | 194 |
Liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives(b) |  |  | – |  |  |  | (530 | ) |  |  | – |  |  |  | – |  |  |  | (542 | ) |  |  | – |  |  |  | – |  |  |  | (588 | ) |  |  | – |
Contingent Consideration |  |  | – |  |  |  | – |  |  |  | (156 | ) |  |  | – |  |  |  | – |  |  |  | (142 | ) |  |  | – |  |  |  | – |  |  |  | (199 | )
(a) | Includes €36 million (December 2018: €82 million) derivatives, reported within trade receivables, that hedge trading activities.
(b) | Includes €(66) million (December 2018: €(140) million) derivatives, reported within trade payables, that hedge trading activities.
There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2018. There were also no significant movements between the fair value hierarchy classifications since 31 December 2018. 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 2018.

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