Note 8 Derivatives
Current assets | Non-current assets | Short-term liabilities | Non-current liabilities | |||||
€ million | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
Foreign exchange contracts | - | - | - | - | - | 2 | - | - |
Carrying amount as at 31 December | - | - | - | - | - | 2 | - | - |
Derivatives are measured at fair value.
In 2020, the financing denominated in foreign currency raised in 2019 under the Euro Commercial Paper Programme was repaid. In order to eliminate currency risks, in 2019 the foreign currency was immediately converted into euros by means of two foreign exchange swaps. As at year-end 2020, these had a value of nil (2019: €2 million).