Note 8 Derivatives
Current assets | Non-current assets | Short-term liabilities | Non-current liabilities | |||||
€ million | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 |
Foreign exchange contracts | - | - | - | - | - | 2 | - | - |
Carrying amount as at 31 December | - | - | - | - | - | 2 | - | - |
Derivatives are measured at fair value.
Financing was raised in 2018 under the Euro Commercial Paper Programme, denominated in foreign currency. In order to avoid the currency risk, the foreign currency was immediately converted into euros using FX swaps. As at year-end 2018, the derivative instruments were settled, bringing the carrying amount to nil (2017: €2.2 million).