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Interest rate risk<br />
Profile<br />
At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was as follows:<br />
EUR’000<br />
Carrying amount<br />
2009 2008<br />
note<br />
Fixed rate instruments<br />
Non-current investments 4.3 1,320 370<br />
Loans and borrowings 4.10 (372,604) (452,329)<br />
Interest rate swaps floating to fixed 6.2 (16,281) (10,122)<br />
(387,565) (462,081)<br />
Variable rate instruments<br />
Loans and borrowings 4.10 (170,142) (100.105)<br />
(170,142) (100.105)<br />
Sensitivity analysis for fixed rate instruments<br />
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and<br />
the Group does not <strong>de</strong>signate <strong>de</strong>rivatives (interest rate swaps) as hedging instruments un<strong>de</strong>r a fair value hedge<br />
accounting mo<strong>de</strong>l. Therefore a change in interest rates at the reporting date would not have affected profit or loss,<br />
with the exception of the change in fair value of the Interest rate swaps.<br />
Sensitivity analysis for variable rate instruments<br />
A change of 100 basis points in interest rates at the reporting date would have changed equity and profit or loss<br />
by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates,<br />
remain constant. The analysis is performed on the same basis as for 2008.<br />
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