XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.23.2

Financial instruments | 6 Months Ended
--- | ---
Jun. 30, 2023
Disclosure of detailed information about financial instruments [abstract] |
Financial instruments |
9.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 2023 and 2022. The Group’s cash resources and other financial assets are shown below.
| 30 June 2023 | 31 December 2022 | 30 June 2022
| Current | Non-current | Total | Current | Non-current | Total | Current | Non-current | Total
Cash and cash equivalents |  |  |  |  |  |  |  |  |
Cash at bank and in hand | 2,790 | – | 2,790 | 2,553 | – | 2,553 | 2,730 | – | 2,730
Short-term deposits(a) | 1,804 | – | 1,804 | 1,743 | – | 1,743 | 2,481 | – | 2,481
Other cash equivalents(b) | 400 | – | 400 | 30 | – | 30 | 200 | – | 200
| 4,994 | – | 4,994 | 4,326 | – | 4,326 | 5,411 | – | 5,411
Other financial assets |  |  |  |  |  |  |  |  |
Financial assets at amortised cost(c) | 727 | 352 | 1,079 | 772 | 232 | 1,004 | 756 | 220 | 976
Financial assets at fair value through other comprehensive income(d) | – | 438 | 438 | – | 407 | 407 | – | 547 | 547
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |
Derivatives | 36 | 31 | 67 | 238 | 51 | 289 | 264 | 60 | 324
Other(e) | 613 | 399 | 1,012 | 425 | 464 | 889 | 415 | 459 | 874
| 1,376 | 1,220 | 2,596 | 1,435 | 1,154 | 2,589 | 1,435 | 1,286 | 2,721
Total financial assets(f) | 6,370 | 1,220 | 7,590 | 5,761 | 1,154 | 6,915 | 6,846 | 1,286 | 8,132
(a) Short-term deposits typically have maturity of up to 3 months. (b) Other cash equivalents include investments in overnight funds and treasury bills. (c) 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 €228 million (31 December 2022: €199 million; 30 June 2022: €195 million). (d) Included within non-current financial assets at fair value through other comprehensive income are equity investments. (e) Other financial assets at fair value through profit or loss include money market funds, marketable securities, other capital market instruments and investments in companies and financial institutions in North America, North Asia, South Asia and Europe. (f) 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.
€ million | Fair value | Carrying amount
| As at 30 June 2023 | As at 31 December 2022 | As at 30 June 2022 | As at 30 June 2023 | As at 31 December 2022 | As at 30 June 2022
Financial assets |  |  |  |  |  |
Cash and cash equivalents | 4,994 | 4,326 | 5,411 | 4,994 | 4,326 | 5,411
Financial assets at amortised cost | 1,079 | 1,004 | 976 | 1,079 | 1,004 | 976
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 | 438 | 407 | 547
Financial assets at fair value through profit and loss: |  |  |  |  |  |
Derivatives | 67 | 289 | 324 | 67 | 289 | 324
Other | 1,012 | 889 | 874 | 1,012 | 889 | 874
| 7,590 | 6,915 | 8,132 | 7,590 | 6,915 | 8,132
Financial liabilities |  |  |  |  |  |
Bank loans and overdrafts | (606) | (519) | (540) | (606) | (519) | (540)
Bonds and other loans | (26,265) | (25,136) | (30,089) | (27,599) | (26,512) | (31,007)
Lease liabilities | (1,428) | (1,408) | (1,585) | (1,428) | (1,408) | (1,585)
Derivatives | (618) | (631) | (548) | (618) | (631) | (548)
Other financial liabilities | (457) | (418) | (281) | (457) | (418) | (281)
| (29,374) | (28,112) | (33,043) | (30,708) | (29,488) | (33,961)
Notes to the condensed consolidated financial statements
(unaudited)
9.Financial instruments (continued)
€ million | As at 30 June 2023 | As at 31 December 2022 | As at 30 June 2022
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
Assets at fair value |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income | 14 | 3 | 421 | 5 | 3 | 399 | 11 | 3 | 533
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |
Derivatives(a) | – | 142 | – | – | 378 | – | – | 505 | –
Other | 613 | – | 399 | 428 | – | 461 | 420 | – | 454
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivatives(b) | – | (718) | – | – | (784) | – | – | (729) | –
Contingent consideration | – | – | (123) | – | – | (164) | – | – | (175)
(a) Includes €75 million (31 December 2022: €89 million; 30 June 2022: €181 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(100) million (31 December 2022: €(153) million; 30 June 2022: €(181) million) derivatives, reported within trade creditors, that hedge trading activities. There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2022. There were also no significant movements between the fair value hierarchy classifications since 31 December 2022. 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. The fair value of financial assets and financial liabilities (excluding listed bonds) is considered to be same as the carrying amount for 2023 and 2022. 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 2022.

X
- Definition The entire disclosure for fair value measurement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2022-03-24 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IFRS13_g91-99__IFRS13_g91-99_TI -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfFairValueMeasurementExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration