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Interest rates used for <strong>de</strong>termining fair value<br />
The interest rates used to discount estimated cash flows, where applicable, are based on the government yield<br />
curve at the reporting date plus an a<strong>de</strong>quate spread and were as follows:<br />
%<br />
2009 2008<br />
Derivatives 2.0% 2.8%<br />
Finance leases 5.0% 5.1%<br />
6.3 Operating leases<br />
Operating lease and rentals as at December 31 are payable as follows:<br />
EUR’000<br />
2009 2008<br />
Less than one year 21,440 10,385<br />
Between one and five years 46,213 29,866<br />
More than five years 4,254 0<br />
71,907 40,251<br />
The Group leases buildings, equipment and cars. During 2009, EUR 20,016,000 was recognized as expense in<br />
the income statement in respect of operating leases and rentals (2008: EUR 16,654,000).<br />
6.4 Purchase and investment commitments<br />
The composition as at December 31 was as follows:<br />
EUR’000<br />
Total<br />
Less than<br />
1 year 1-5 years<br />
More than<br />
5 years Total 2008<br />
Property, plant & equipment or<strong>de</strong>red 7,334 7,334 0 0 8,803<br />
Raw material purchase contracts 146,145 141,979 3,929 237 28,359<br />
153,479 149,313 3,929 237 37.162<br />
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