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Financial Instruments | 6 Months Ended
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Jun. 30, 2021
Text Block [Abstract] |
Financial Instruments | 7 FINANCIAL INSTRUMENTS The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for 2021 and 2020. The Group’s cash resources and other financial assets are shown below.
|  | 30 June 2021 |  |  | 31 December 2020 |  |  | 30 June 2020 |
€ million |  | Current |  |  | Non- current |  |  | Total |  |  | Current |  |  | Non- current |  |  | Total |  |  | Current |  |  | Non- current |  |  | Total |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash at bank and in hand |  |  | 2,625 |  |  |  | — |  |  |  | 2,625 |  |  |  | 2,764 |  |  |  | — |  |  |  | 2,764 |  |  |  | 2,672 |  |  |  | — |  |  |  | 2,672 |
Short-term deposits (a) |  |  | 1,411 |  |  |  | — |  |  |  | 1,411 |  |  |  | 2,764 |  |  |  | — |  |  |  | 2,764 |  |  |  | 2,176 |  |  |  | — |  |  |  | 2,176 |
Other cash equivalents |  |  | 146 |  |  |  | — |  |  |  | 146 |  |  |  | 20 |  |  |  | — |  |  |  | 20 |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
|  |  | 4,182 |  |  |  | — |  |  |  | 4,182 |  |  |  | 5,548 |  |  |  | — |  |  |  | 5,548 |  |  |  | 4,855 |  |  |  | — |  |  |  | 4,855 |
Other financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at amortised cost (b) |  |  | 514 |  |  |  | 148 |  |  |  | 662 |  |  |  | 468 |  |  |  | 138 |  |  |  | 606 |  |  |  | 774 |  |  |  | 129 |  |  |  | 903 |
Financial assets at fair value through other comprehensive income (c) |  |  | 9 |  |  |  | 413 |  |  |  | 422 |  |  |  | 9 |  |  |  | 361 |  |  |  | 370 |  |  |  | — |  |  |  | 304 |  |  |  | 304 |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives that relate to financial liabilities |  |  | 40 |  |  |  | 32 |  |  |  | 72 |  |  |  | 59 |  |  |  | 21 |  |  |  | 80 |  |  |  | 69 |  |  |  | 96 |  |  |  | 165 |
Other (d) |  |  | 322 |  |  |  | 367 |  |  |  | 689 |  |  |  | 272 |  |  |  | 356 |  |  |  | 628 |  |  |  | 257 |  |  |  | 286 |  |  |  | 543 |
|  |  | 885 |  |  |  | 960 |  |  |  | 1,845 |  |  |  | 808 |  |  |  | 876 |  |  |  | 1,684 |  |  |  | 1,100 |  |  |  | 815 |  |  |  | 1,915 |
Total financial assets (e) |  |  | 5,067 |  |  |  | 960 |  |  |  | 6,027 |  |  |  | 6,356 |  |  |  | 876 |  |  |  | 7,232 |  |  |  | 5,955 |  |  |  | 815 |  |  |  | 6,770 |
(a) | Short-term deposits typically have maturity of up to 3 months.
(b) | Current financial assets at amortised cost include short term deposits with banks with maturities longer than three months excluding deposits which are part of a recognised cash management process and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposits of € 107 million (31 December 2020: € 101 million, 30 June 2020: € 94 million).
(c) | Included within non-current financial assets at fair value through other comprehensive income are equity investments of € 408 million (31 December 2020: € 356 million, 30 June 2020: € 284 million).
(d) | Current other financial assets at fair value through profit or loss include A- or higher rated money and capital market instruments. Included within non-current financial assets at fair value through profit or loss are assets in a trust to fund benefit obligations in the US, an option over non-controlling interest in a subsidiary in Hong Kong and investments in a number of companies and financial institutions in North America, North Asia, South Asia and Europe.
(e) | Financial assets exclude trade and other current receivables.
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.
|  | Fair value |  |  | Carrying amount |
€ million |  | As at 30 June 2021 |  |  | As at 31 December 2020 |  |  | As at 30 June 2020 |  |  | As at 30 June 2021 |  |  | As at 31 December 2020 |  |  | As at 30 June 2020 |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 4,182 |  |  |  | 5,548 |  |  |  | 4,855 |  |  |  | 4,182 |  |  |  | 5,548 |  |  |  | 4,855 |
Financial assets at amortised cost |  |  | 662 |  |  |  | 606 |  |  |  | 903 |  |  |  | 662 |  |  |  | 606 |  |  |  | 903 |
Financial assets at fair value through other comprehensive income |  |  | 422 |  |  |  | 370 |  |  |  | 304 |  |  |  | 422 |  |  |  | 370 |  |  |  | 304 |
Financial assets at fair value through profit and loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | 72 |  |  |  | 80 |  |  |  | 165 |  |  |  | 72 |  |  |  | 80 |  |  |  | 165 |
Other |  |  | 689 |  |  |  | 628 |  |  |  | 543 |  |  |  | 689 |  |  |  | 628 |  |  |  | 543 |
|  |  | 6,027 |  |  |  | 7,232 |  |  |  | 6,770 |  |  |  | 6,027 |  |  |  | 7,232 |  |  |  | 6,770 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans and overdrafts |  |  | (593 | ) |  |  | (411 | ) |  |  | (851 | ) |  |  | (593 | ) |  |  | (411 | ) |  |  | (851 | )
Bonds and other loans |  |  | (26,587 | ) |  |  | (26,936 | ) |  |  | (28,206 | ) |  |  | (24,683 | ) |  |  | (24,585 | ) |  |  | (25,837 | )
Lease liabilities |  |  | (1,694 | ) |  |  | (1,771 | ) |  |  | (1,849 | ) |  |  | (1,694 | ) |  |  | (1,771 | ) |  |  | (1,849 | )
Derivatives |  |  | (224 | ) |  |  | (315 | ) |  |  | (76 | ) |  |  | (224 | ) |  |  | (315 | ) |  |  | (76 | )
Other financial liabilities |  |  | (348 | ) |  |  | (223 | ) |  |  | (192 | ) |  |  | (348 | ) |  |  | (223 | ) |  |  | (192 | )
|  |  | (29,446 | ) |  |  | (29,656 | ) |  |  | (31,174 | ) |  |  | (27,542 | ) |  |  | (27,305 | ) |  |  | (28,805 | )
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
€ million |  | As at 30 June 2021 |  |  | As at 31 December 2020 |  |  | As at 30 June 2020 |
Assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  |  | 7 |  |  |  | 3 |  |  |  | 412 |  |  |  | 5 |  |  |  | 3 |  |  |  | 362 |  |  |  | 5 |  |  |  | 4 |  |  |  | 295 |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives (a) |  |  | — |  |  |  | 187 |  |  |  | — |  |  |  | — |  |  |  | 158 |  |  |  | — |  |  |  | — |  |  |  | 268 |  |  |  | — |
Other |  |  | 323 |  |  |  | — |  |  |  | 366 |  |  |  | 300 |  |  |  | — |  |  |  | 328 |  |  |  | 260 |  |  |  | — |  |  |  | 283 |
Liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives (b) |  |  | — |  |  |  | (311 | ) |  |  | — |  |  |  | — |  |  |  | (418 | ) |  |  | — |  |  |  | — |  |  |  | (187 | ) |  |  | — |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | (159 | ) |  |  | — |  |  |  | — |  |  |  | (140 | ) |  |  | — |  |  |  | — |  |  |  | (155 | )
(a) | Includes € 115 million (31 December 2020: € 78 million, 30 June 2020: € 103 million) derivatives, reported within trade receivables, that hedge trading activities.
(b) | Includes €(87) million (31 December 2020: € (103) million, 30 June 2020: €(111) 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 2020. There were also no significant movements between the fair value hierarchy classifications since 31 December 2020. 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 2020.

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