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v3.20.1

Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Analysis of Financial Assets and Liabilities | An analysis of the Group’s financial assets and liabilities by accounting classification is set out below:
|  | Derivatives in designated hedge relationships |  |  | Held at fair value through profit or loss |  |  | Held at fair value through other comprehensive income |  |  | Amortised cost |  |  | Carrying value |
|  | £m |  |  | £m |  |  |  |  |  | £m |  |  | £m |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | – |  |  |  | 255.7 |  |  |  | 242.6 |  |  |  | – |  |  |  | 498.3 |
Cash and short-term deposits |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,969.0 |  |  |  | 2,969.0 |
Bank overdrafts, bonds and bank loans |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (461.3 | ) |  |  | (461.3 | )
Bonds and bank loans |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4,047.3 | ) |  |  | (4,047.3 | )
Trade and other receivables: amounts falling due within one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 7,530.8 |  |  |  | 7,530.8 |
Trade and other receivables: amounts falling due after more than one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 59.3 |  |  |  | 59.3 |
Trade and other payables: amounts falling due within one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (10,191.6 | ) |  |  | (10,191.6 | )
Trade and other payables: amounts falling due after more than one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2.6 | ) |  |  | (2.6 | )
Derivative assets |  |  | – |  |  |  | 1.4 |  |  |  | – |  |  |  | – |  |  |  | 1.4 |
Derivative liabilities |  |  | (21.2) |  |  |  | (1.5 | ) |  |  | – |  |  |  | – |  |  |  | (22.7 | )
Payments due to vendors (earnout agreements) (note 20) |  |  | – |  |  |  | (253.8 | ) |  |  | – |  |  |  | – |  |  |  | (253.8 | )
Liabilities in respect of put options |  |  | – |  |  |  | (226.8 | ) |  |  | – |  |  |  | – |  |  |  | (226.8 | )
|  |  | (21.2) |  |  |  | (225.0 | ) |  |  | 242.6 |  |  |  | (4,143.7 | ) |  |  | (4,147.3 | )
|  | Derivatives in designated hedge relationships |  |  | Held at fair value through profit or loss |  |  | Held at fair value through other comprehensive income |  |  | Amortised cost |  |  | Carrying value |
|  | £m |  |  | £m |  |  | £m |  |  | £m |  |  | £m |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | – |  |  |  | 319.6 |  |  |  | 347.1 |  |  |  | – |  |  |  | 666.7 |
Cash and short-term deposits |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,643.2 |  |  |  | 2,643.2 |
Bank overdrafts, bonds and bank loans |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,025.1 | ) |  |  | (1,025.1 | )
Bonds and bank loans |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5,634.8 | ) |  |  | (5,634.8 | )
Trade and other receivables: amounts falling due within one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 8,545.6 |  |  |  | 8,545.6 |
Trade and other receivables: amounts falling due after more than one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 68.3 |  |  |  | 68.3 |
Trade and other payables: amounts falling due within one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (10,637.3 | ) |  |  | (10,637.3 | )
Trade and other payables: amounts falling due after more than one year |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (8.4 | ) |  |  | (8.4 | )
Derivative assets |  |  | 8.4 |  |  |  | 1.3 |  |  |  | – |  |  |  | – |  |  |  | 9.7 |
Derivative liabilities |  |  | (14.2) |  |  |  | (2.6 | ) |  |  | – |  |  |  | – |  |  |  | (16.8 | )
Payments due to vendors (earnout agreements) (note 20) |  |  | – |  |  |  | (414.7 | ) |  |  | – |  |  |  | – |  |  |  | (414.7 | )
Liabilities in respect of put options |  |  | – |  |  |  | (242.0 | ) |  |  | – |  |  |  | – |  |  |  | (242.0 | )
|  |  | (5.8) |  |  |  | (338.4 | ) |  |  | 347.1 |  |  |  | (6,048.5 | ) |  |  | (6,045.6 | )
Analysis of Financial Instruments Measured at Fair Value | The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
|  | Level 1 £m |  |  | Level 2 £m |  |  | Level 3 £m |
2019 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives in designated hedge relationships |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | – |  |  |  | – |  |  |  | – |
Derivative liabilities |  |  | – |  |  |  | (21.2 | ) |  |  | – |
Held at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | – |  |  |  | – |  |  |  | 255.7 |
Derivative assets |  |  | – |  |  |  | 1.4 |  |  |  | – |
Derivative liabilities |  |  | – |  |  |  | (1.5 | ) |  |  | – |
Payments due to vendors (earnout agreements) (note 20) |  |  | – |  |  |  | – |  |  |  | (253.8 | )
Liabilities in respect of put options |  |  | – |  |  |  | – |  |  |  | (226.8 | )
Held at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 42.2 |  |  |  | – |  |  |  | 200.4 |
|  | Level 1 £m |  |  | Level 2 £m |  |  | Level 3 £m |
2018 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives in designated hedge relationships |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | – |  |  |  | 8.4 |  |  |  | – |
Derivative liabilities |  |  | – |  |  |  | (14.2 | ) |  |  | – |
Held at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 0.4 |  |  |  | – |  |  |  | 319.2 |
Derivative assets |  |  | – |  |  |  | 1.3 |  |  |  | – |
Derivative liabilities |  |  | – |  |  |  | (2.6 | ) |  |  | – |
Payments due to vendors (earnout agreements) (note 20) |  |  | – |  |  |  | – |  |  |  | (414.7 | )
Liabilities in respect of put options |  |  | – |  |  |  | – |  |  |  | (242.0 | )
Held at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 128.1 |  |  |  | – |  |  |  | 219.0 |
There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements 1 :
|  | Liabilities in respect of put options £m |  |  | Other investments £m |
1 January 2018 |  |  | (258.1 | ) |  |  | 820.3 |
Gains recognised in the income statement |  |  | 34.5 |  |  |  | 61.1 |
Losses recognised in other comprehensive income |  |  | – |  |  |  | (140.6 | )
Exchange adjustments |  |  | 1.1 |  |  |  | – |
Additions |  |  | (43.5 | ) |  |  | 35.0 |
Disposals |  |  | – |  |  |  | (237.3 | )
Cancellations |  |  | 2.2 |  |  |  | – |
Reclassifications from other investments to interests in associates |  |  | – |  |  |  | (0.3 | )
Settlements |  |  | 21.8 |  |  |  | – |
31 December 2018 |  |  | (242.0 | ) |  |  | 538.2 |
(Losses)/gains recognised in the income statement |  |  | (19.4 | ) |  |  | 9.1 |
Losses recognised in other comprehensive income |  |  | – |  |  |  | (55.4 | )
Exchange adjustments |  |  | 11.7 |  |  |  | – |
Additions |  |  | (38.6 | ) |  |  | 18.2 |
Disposals |  |  | – |  |  |  | (53.4 | )
Cancellations |  |  | 9.7 |  |  |  | – |
Transfer to disposal group classified as held for sale |  |  | 31.0 |  |  |  | (0.6 | )
Settlements |  |  | 20.8 |  |  |  | – |
31 December 2019 |  |  | (226.8 | ) |  |  | 456.1 |
Note
1 |  | The reconciliation of payments due to vendors (earnout agreements) is presented in note 20.

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