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Financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Cash Resources and Other Financial Assets | 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.
Summary of Fair Values of Financial Assets and Financial 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)
Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category |
€ 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.

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