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Financial instruments (Tables)
 12 Months Ended
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.