Note 8 Derivatives
Current assets | Non-current assets | Short-term liabilities | Non-current liabilities | |||||
€ million | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 |
Foreign exchange contracts | - | - | - | - | 2 | - | - | - |
Carrying amount as at 31 December | - | - | - | - | 2 | - | - | - |
Derivatives are measured at fair value.
Financing was raised in 2017 under the Euro Commercial Paper Programme, denominated in foreign currency. In order to eliminate currency risks, the foreign currency was immediately converted into euros by means of foreign exchange swaps. The value of this short-term derivative as at year-end 2017 amounted to €2.2 million (2016: nil) and concerned three foreign exchange swaps to hedge the currency risk.