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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:
 
 
 
Held at
fair
value
through
profit or
loss
 
 
Held at
fair  value
through
other
comprehensive
income
 
 
Amortised
cost
 
 
Carrying
value
 
 
 
£m
 
 
 
 
 
£m
 
 
£m
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other investments
 
 
255.7
 
 
 
242.6
 
 
 
–
 
 
 
498.3
 
Cash and short-term deposits
1
 
 
–
 
 
 
–
 
 
 
11,305.7
 
 
 
11,305.7
 
Bank overdrafts, bonds and bank loans
1
 
 
–
 
 
 
–
 
 
 
(8,798.0
) 
 
 
(8,798.0
) 
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
2
 
 
(22.7
) 
 
 
–
 
 
 
–
 
 
 
(22.7
) 
Payments due to vendors (earnout agreements) (note 20)
2
 
 
(243.7
) 
 
 
–
 
 
 
–
 
 
 
(243.7
) 
Liabilities in respect of put options
2
 
 
(204.5
) 
 
 
–
 
 
 
–
 
 
 
(204.5
) 
 
 
 
(213.8
) 
 
 
242.6
 
 
 
(4,143.7
) 
 
 
(4,114.9
) 

 
 
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
1
 
 
–
 
 
 
–
 
 
 
–
 
 
 
11,065.8
 
 
 
11,065.8
 
Bank overdrafts, bonds and bank loans
1
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(9,447.7
) 
 
 
(9,447.7
) 
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
 
 
–
 
 
 
9.7
 
 
 
–
 
 
 
–
 
 
 
9.7
 
Derivative liabilities
 
 
(14.2)
 
 
 
(2.6
) 
 
 
–
 
 
 
–
 
 
 
(16.8
) 
Payments due to vendors (earnout agreements) (note 20)
2
 
 
–
 
 
 
(400.8
) 
 
 
–
 
 
 
–
 
 
 
(400.8
) 
Liabilities in respect of put options
2
 
 
–
 
 
 
(208.0
) 
 
 
–
 
 
 
–
 
 
 
(208.0
) 
 
 
 
(14.2)
 
 
 
(282.1
) 
 
 
347.1
 
 
 
(6,048.5
) 
 
 
(5,997.
7
) 
 
Notes
1
 
 
Figures have been restated to be in accordance with IAS 32 Financial Instruments: Presentation, as described in the accounting policies.
2
 
 
Figures have been restated to be in accordance with IAS 39 Financial Instruments: Recognition and Measurement, as described in the accounting policies.
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
1

£m
 
 
Level  3
1

£m
 
2019
  
 
 
 
  
 
 
 
 
 
 
 
Held at fair value through profit or loss
  
 
 
 
  
 
 
 
 
 
 
 
Other investments
  
 
–
 
  
 
–
 
 
 
255.7
 
Derivative assets
  
 
–
 
  
 
1.4
 
 
 
–
 
Derivative liabilities
  
 
–
 
  
 
(22.7
) 
 
 
–
 
Payments due to vendors (earnout agreements) (note 20)
  
 
–
 
  
 
–
 
 
 
(243.7
) 
Liabilities in respect of put options
  
 
–
 
  
 
–
 
 
 
(204.5
) 
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 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)
  
 
–
 
  
 
–
 
 
 
(400.8
) 
Liabilities in respect of put options
  
 
–
 
  
 
–
 
 
 
(208.
0
) 
Held at fair value through other comprehensive income
  
 
 
 
  
 
 
 
 
 
 
 
Other investments
  
 
128.1
 
  
 
–
 
 
 
219.0
 
 
Note
1
 
 
Figures have been restated to be in accordance with IAS 39 Financial Instruments: Recognition and Measurement, as described in the accounting policies
 
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
2
 
 
Other
investments
£m
 
1 January 2018
  
 
(221.7
) 
 
 
820.3
 
Gains recognised in the income statement
  
 
26.0
 
 
 
61.1
 
Losses recognised in other comprehensive income
  
 
–
 
 
 
(140.6
) 
Exchange adjustments
  
 
1.1
 
 
 
–
 
Additions
  
 
(37.4
) 
 
 
35.0
 
Disposals
  
 
–
 
 
 
(237.3
) 
Cancellations
  
 
2.2
 
 
 
–
 
Reclassifications from other investments to interests in associates
  
 
–
 
 
 
(0.3
) 
Settlements
  
 
21.8
 
 
 
–
 
31 December 2018
  
 
(208.0
) 
 
 
538.2
 
(Losses)/gains recognised in the income statement
  
 
(30.1
) 
 
 
9.1
 
Losses recognised in other comprehensive income
  
 
–
 
 
 
(55.4
) 
Exchange adjustments
  
 
6.9
 
 
 
–
 
Additions
  
 
(34.8
) 
 
 
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
  
 
(204.5
) 
 
 
456.1
 
 
Note
s
1
 
 
The reconciliation of payments due to vendors (earnout agreements) is presented in note 20.
2
 
 
Figures have been restated, as described in the accounting policies.