19. Cash and cash equivalents

(in millions of euros)

December 31, 2018

December 31, 2017

Cash and bank balances



The cash and bank balances are at the free disposal of the company, with the exception of €155 million (€101 million as at 31 December 2017). The Group's interest rate risk and a sensitivity analysis for financial assets and liabilities are given in note 26.

Accounting policies

Cash and cash equivalents are stated at fair value, which is normally the same as the nominal value.