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Financial instruments | 6 Months Ended
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Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract] |
Financial instruments |
8.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 2024 and 2023. The Group’s cash resources and other financial assets are shown below.
| 30 June 2024 | 31 December 2023 | 30 June 2023
| Current | Non-current | Total | Current | Non-current | Total | Current | Non-current | Total
Cash and cash equivalents |  |  |  |  |  |  |  |  |
Cash at bank and in hand | 3,601 |  | – |  | 3,601 |  | 2,862 |  | – |  | 2,862 |  | 2,790 |  | – |  | 2,790 |
Short-term deposits(a) | 981 |  | – |  | 981 |  | 1,181 |  | – |  | 1,181 |  | 1,804 |  | – |  | 1,804 |
Other cash equivalents(b) | 388 |  | – |  | 388 |  | 116 |  | – |  | 116 |  | 400 |  | – |  | 400 |
| 4,970 |  | – |  | 4,970 |  | 4,159 |  | – |  | 4,159 |  | 4,994 |  | – |  | 4,994 |
Other financial assets |  |  |  |  |  |  |  |  |
Financial assets at amortised cost(c) | 835 |  | 560 |  | 1,395 |  | 961 |  | 454 |  | 1,415 |  | 727 |  | 352 |  | 1,079 |
Financial assets at fair value through other comprehensive income(d) | 61 |  | 525 |  | 586 |  | 151 |  | 458 |  | 609 |  | – |  | 438 |  | 438 |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |
Derivatives | 79 |  | 39 |  | 118 |  | 37 |  | 75 |  | 112 |  | 36 |  | 31 |  | 67 |
Other(e) | 470 |  | 382 |  | 852 |  | 582 |  | 399 |  | 981 |  | 613 |  | 399 |  | 1,012 |
| 1,445 |  | 1,506 |  | 2,951 |  | 1,731 |  | 1,386 |  | 3,117 |  | 1,376 |  | 1,220 |  | 2,596 |
Total financial assets(f) | 6,415 |  | 1,506 |  | 7,921 |  | 5,890 |  | 1,386 |  | 7,276 |  | 6,370 |  | 1,220 |  | 7,590 |
(a) Short-term deposits typically have maturity of up to 3 months. (b) Other cash equivalents include investments in overnight funds and marketable securities. (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 €212 million (31 December 2023: €227 million; 30 June 2023: €228 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.
Notes to the condensed consolidated financial statements
(unaudited)
8.Financial instruments (continued)
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 2024 | As at 31 December 2023 | As at 30 June 2023 | As at 30 June 2024 | As at 31 December 2023 | As at 30 June 2023
Financial assets |  |  |  |  |  |
Cash and cash equivalents | 4,970 |  | 4,159 |  | 4,994 |  | 4,970 |  | 4,159 |  | 4,994 |
Financial assets at amortised cost | 1,395 |  | 1,415 |  | 1,079 |  | 1,395 |  | 1,415 |  | 1,079 |
Financial assets at fair value through other comprehensive income | 586 |  | 609 |  | 438 |  | 586 |  | 609 |  | 438 |
Financial assets at fair value through profit and loss: |  |  |  |  |  |
Derivatives | 118 |  | 112 |  | 67 |  | 118 |  | 112 |  | 67 |
Other | 852 |  | 981 |  | 1,012 |  | 852 |  | 981 |  | 1,012 |
| 7,921 |  | 7,276 |  | 7,590 |  | 7,921 |  | 7,276 |  | 7,590 |
Financial liabilities |  |  |  |  |  |
Bank loans and overdrafts | (460) |  | (506) |  | (606) |  | (460) |  | (506) |  | (606) |
Bonds and other loans | (27,836) |  | (26,112) |  | (26,265) |  | (28,729) |  | (26,692) |  | (27,599) |
Lease liabilities | (1,358) |  | (1,395) |  | (1,428) |  | (1,358) |  | (1,395) |  | (1,428) |
Derivatives | (537) |  | (494) |  | (618) |  | (537) |  | (494) |  | (618) |
Other financial liabilities | (570) |  | (535) |  | (457) |  | (570) |  | (535) |  | (457) |
| (30,761) |  | (29,042) |  | (29,374) |  | (31,654) |  | (29,622) |  | (30,708) |
€ million | As at 30 June 2024 | As at 31 December 2023 | As at 30 June 2023
| 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 | 70 |  | 4 |  | 512 |  | 163 |  | 4 |  | 442 |  | 14 |  | 3 |  | 421 |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |
Derivatives(a) | – |  | 192 |  | – |  | – |  | 149 |  | – |  | – |  | 142 |  | – |
Other | 470 |  | – |  | 382 |  | 582 |  | – |  | 399 |  | 613 |  | – |  | 399 |
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivatives(b) | – |  | (586) |  | – |  | – |  | (559) |  | – |  | – |  | (718) |  | – |
Contingent consideration | – |  | – |  | (8) |  | – |  | – |  | (157) |  | – |  | – |  | (123) |
(a) Includes €74 million (31 December 2023: €37 million; 30 June 2023: €75 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(49) million (31 December 2023: €(65) million; 30 June 2023: €(100) 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 2023. There were also no significant movements between the fair value hierarchy classifications since 31 December 2023. 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 2024 and 2023. 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 2023.

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