Table:
|  | 2019 €m | Restated1 2018 €m |
| --- | --- | --- |
| Short-term borrowings |  |  |
| Bonds | (53) | (3,477) |
| Commercial paper | (873) | (2,712) |
| Bank loans | (1,220) | (1,159) |
| Other short-term borrowings2 | (2,124) | (1,165) |
|  | (4,270) | (8,513) |
| Long-term borrowings |  |  |
| Bonds | (44,439) | (30,473) |
| Bank loans | (1,780) | (2,157) |
| Other long-term borrowings3 | (2,466) | (278) |
|  | (48,685) | (32,908) |
| Cash and cash equivalents | 13,637 | 4,674 |
| Other financial instruments |  |  |
| Derivative financial instruments included in trade and other receivables (note 14) | 3,634 | 2,629 |
| Derivative financial instruments included in trade and other payables (note 15) | (2,444) | (2,383) |
| Short-term investments (note 13) | 11,095 | 6,870 |
|  | 12,285 | 7,116 |
| Net debt | (27,033) | (29,631) |
Paragraphs:
20. Borrowings and capital resources
The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.
This section includes an analysis of net debt, which is used to manage capital
Accounting policies
Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 21 “Capital and financial risk management”). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.
Net debt
At 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was €30.9 billion and ranged between net debt of €27.0 billion and €34.1 billion. Our consolidated net debt position at 31 March was as follows:
Notes: 1 Liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short-term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 million in respect of such liabilities.
2 At 31 March 2019 the amount includes €2,011 million (2018: €1,070 million) in relation to cash received under collateral support agreements
3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain.
The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €44,439 million (2018: €30,473 million) and a fair value of €43,616 million (2018: €29,724 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices.
Question:
Which year has the highest value of Cash and cash equivalents?
Answer: Because 13,637> 4,674, the answer is: 2019.