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Borrowings and leases (Tables)
 12 Months Ended
Dec. 31, 2021
Financial Instruments [Abstract]  
Disclosure of borrowings
The following table summarises the carrying value of the Group’s borrowings as at the dates presented:
31 December 202131 December 2020
€ million€ million
Non-current:
Euro denominated bonds:
€700 million 0.75% Notes 2022
— 699 
€350 million 2.625% Notes 2023
349 349 
€500 million 1.125% Notes 2024
497 497 
€350 million 2.375% Notes 2025
348 347 
€250 million 2.750% Notes 2026
249 248 
€600 million 1.75% Notes 2026
594 592 
€400 million 1.50% Notes 2027
397 396 
€250 million 1.50% Notes 2027
261 263 
€500 million 1.75% Notes 2028
495 494 
€750 million 0.20% Notes 2028
743 742 
€500 million 1.125% Notes 2029
494 494 
€500 million 1.875% Notes 2030
496 496 
€500 million 0.70% Notes 2031
496 496 
€800 million —% Notes due 2025(C)
797 — 
€700 million 0.50% Notes due 2029(C)
694 — 
€1,000 million 0.875% Notes due 2033(C)
990 — 
€750 million million 1.50% Notes due 2041(C)
746 — 
Foreign currency bonds (swapped into Euro)(D):
$850 million 0.50% Notes due 2023(C)
747 — 
$650 million 0.80% Notes due 2024(C)
571 — 
$500 million 1.50% Notes due 2027(C)
439 — 
31 December 202131 December 2020
€ million€ million
Australian dollar denominated bonds(E):
A$100 million 3.50% Notes2024
68 — 
A$30 million 4.166% Notes 2025
21 — 
A$20 million 4.25% Notes 2025
14 — 
A$30 million 4.125% Notes 2026
21 — 
A$50 million 4.155% Notes 2028
36 — 
A$133 million 2.45% Notes 2029
87 — 
A$50 million 4.20% Notes 2031
37 — 
A$187 million 4.20% Notes 2031
138 — 
A$13 million 4.20% Notes 2031
10 — 
Foreign currency bonds (swapped into Australian Dollar or New Zealand Dollar)(D) (E):
US$25 million 4.34% Notes 2023
23 — 
US$25 million 4.34% Notes 2023
23 — 
NOK1 billion 3.04% Notes 2028
105 — 
NOK750 million 2.75% Notes 2030
77 — 
US$50 million 2.653% Notes 2030
45 — 
JPY10 billion 4.15% Notes 2036
90 — 
JPY12.3 billion billion 1.06% Notes 2037
83 — 
Lease obligations509 269 
Total non-current borrowings11,790 6,382 
31 December 202131 December 2020
€ million€ million
Current:
Euro denominated bonds:
€700 million 0.75% Notes 2022
700 — 
€350 million Floating Rate Note 2021(A)
— 350 
Foreign currency bonds (swapped into Euro)(D):
US$250 million 3.25% Notes 2021(B)
— 156 
US$300 million 4.50% Notes 2021(B)
— 203 
Australian dollar denominated bonds(D) (E):
A$200 million 3.34% Notes 2022
129 — 
A$30 million 5.06% Notes 2022
20 — 
A$125 million 3.13% Notes 2022
81 — 
EUR commercial paper285 — 
Bank overdraft1 — 
Lease obligations134 96 
Total current borrowings1,350 805 
(A)In November 2021, the Group repaid at maturity €350 million Floating Rate Notes. Interest rate was 3 months EURIBOR plus 18 basis points with a minimum 0%.
(B)In June 2021, the Group repaid prior to maturity the outstanding amount related to the $300 million 4.5% Notes due September 2021 and $250 million 3.25% Notes due August 2021.
(C)In May 2021, and in connection with the Acquisition, the Group received net proceeds from new borrowings in the period of €4,877 million issuing the following bonds: €800 million 0% Notes due 2025, €700 million 0.5% Notes due 2029, €1,000 million 0.875% Notes due 2033, €750 million 1.5% Notes due 2041 and $850 million 0.5% Notes due 2023, $650 million 0.8% Notes due 2024, $500 million 1.5% Notes due 2027.
(D)Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
(E)Included within the Group's borrowings as at 31 December 2021 are the bonds acquired as part of the Acquisition. These bonds are either denominated in A$ or swapped back to A$ or NZ$ using cross currency swaps.
Note: During the period, the Group repaid A$100 million 4.63% Notes, A$45 million 6.65% Notes, JPY3 billion 2.54% Notes, A$100 million 4.25% Notes and A$30 million 5.95% Notes. These were acquired as part of the API acquisition and were repaid after the acquisition date but before year end.
Disclosure of reconciliation of liabilities arising from financing activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities:
Current portion of borrowingsBorrowings, less current portionTotal
€ million€ million€ million
As at 31 December 2019799 5,622 6,421 
Changes from financing cash flows
Proceeds from third party borrowings, net— 1,598 1,598 
Changes in short-term borrowings(221)— (221)
Repayments on third party borrowings(A)
(467)(102)(569)
Payment of principal and interest on lease obligations(120)— (120)
Other non-cash changes
Amortisation of discount, premium and issue costs— 8 8 
Lease additions(7)108 101 
Currency translation— (31)(31)
Reclassifications821 (821)— 
Total changes6 760 766 
Current portion of borrowingsBorrowings, less current portionTotal
€ million€ million€ million
As at 31 December 2020805 6,382 7,187 
Acquisition of API381 1,251 1,632 
Changes from financing cash flows
Proceeds from third party borrowings, net— 4,877 4,877 
Changes in short-term borrowings276 — 276 
Repayments on third party borrowings(A)
(950)— (950)
Payment of principal and interest on lease obligations(149)— (149)
Other non-cash changes
Amortisation of discounts, premium, issue costs and fair value adjustments— (3)(3)
Lease additions and other non-cash movements39 83 122 
Movement as a result of fair value hedges6 9 15 
Currency translation33 100 133 
Reclassifications909 (909)— 
Total changes545 5,408 5,953 
As at 31 December 20211,350 11,790 13,140 
(A) This line item includes the impact of the cross currency swap hedge from USD to EUR.