Note 8 Derivatives
Current assets | Non-current assets | Short-term liabilities | Non-current liabilities | |||||
€ million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
Foreign exchange contracts | - | - | - | - | 2 | - | - | - |
Carrying amount as at 31 December | - | - | - | - | 2 | - | - | - |
Derivatives are measured at fair value.
Financing was raised in 2019 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 two foreign exchange swaps. As at year-end 2019, these had a value of €2 million (2018: nil).