Trade and other payables

6 Months Ended

Jun. 30, 2018

17.

Trade and other payables: amounts falling due within one year


	30 June 2018		30 June 2017		31 December 2017
	£m		£m		£m
Trade payables		9,611.7		9,087.5		9,893.0
Deferred income		1,284.5		1,188.3		1,212.1
Payments due to vendors (earnout agreements)		193.7		283.9		180.7
Liabilities in respect of put option agreements with vendors		50.0		36.7		38.6
Fair value of derivatives		2.2		2.8		3.5
Other creditors and accruals		2,874.5		2,829.0		2,913.2
		14,016.6		13,428.2		14,241.1

The Group considers that the carrying amount of trade and other payables approximates their fair value.

Greater than 1 year [member]

Trade and other payables

18.

Trade and other payables: amounts falling due after more than one year


	30 June 2018		30 June 2017		31 December 2017
	£m		£m		£m
Payments due to vendors (earnout agreements)		349.2		586.8		450.0
Liabilities in respect of put option agreements with vendors		211.2		232.6		219.5
Fair value of derivatives		30.4		—		3.3
Other creditors and accruals		347.0		300.0		320.0
		937.8		1,119.4		992.8

The Group considers that the carrying amount of trade and other payables approximates their fair value.

The following table sets out payments due to vendors, comprising contingent consideration and the directors’ best estimates of future earnout-related obligations:


	30 June 2018		30 June 2017		31 December 2017
	£m		£m		£m
Within one year		193.7		283.9		180.7
Between 1 and 2 years		131.4		163.0		128.3
Between 2 and 3 years		96.5		167.0		144.1
Between 3 and 4 years		61.3		148.5		58.3
Between 4 and 5 years		49.9		83.5		103.1
Over 5 years		10.1		24.8		16.2
		542.9		870.7		630.7

The Group’s approach to payments due to vendors is outlined in note 23.

The following table sets out the movements in contingent consideration during the period:


	Six months ended 30 June 2018			Six months ended 30 June 2017			Year ended 31 December 2017
	£m			£m			£m
At the beginning of the period		630.7			976.5			976.5
Earnouts paid		(38.0	)		(61.7	)		(199.1	)
New acquisitions		11.9			71.4			163.7
Revision of estimates taken to goodwill		(26.3	)		(23.2	)		(60.7	)
Revaluation of payments due to vendors (note 7)		(29.7	)		(69.4	)		(208.6	)
Exchange adjustments		(5.7	)		(22.9	)		(41.1	)
At the end of the period		542.9			870.7			630.7

The Group does not consider there to be any material contingent liabilities as at 30 June 2018.