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90

Every Note Counts

N otes to the Financial Statements

Year ended 31 December 2010

Carrying amount

Contractual cash flows

Within 1 year

Within 1 to 5 years

More than 5 years

$’000

$’000

$’000

$’000

$’000

Cash flows

3,021,886 403,632

3,938,129 403,632

741,175 403,632

429,925 -

2,767,029 -

2,266,987 380,046

2,996,727 380,046

120,954 380,046

1,043,722 -

1,832,051 -

Company

2010 Interest-bearing liabilities Trade and other payables

2009 Interest-bearing liabilities Trade and other payables

The table above indicates the periods in which the swap hedging instruments that are cash flow hedges are expected to impact the income statement.

Market risk

Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates, equity prices and fuel prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.

(i)

Interest rate risk

The Group’s exposure to changes in interest rates relates primarily to the Group’s interest-earning financial assets and interest-bearing financial liabilities. The Group’s objective is to maintain a balance of fixed and floating rate exposures as well as a balanced maturity period.

At the reporting date, the interest rate profile of the interest-bearing financial assets and liabilities was:

Fixed rate Cash and cash equivalents Borrowings

Floating rate Other non-current assets Cash and cash equivalents Borrowings

1,680,034

1,507,697

1,063,749

916,580

(4,098,838)

(3,559,546)

(2,893,092)

(2,266,987)

(2,418,804)

(2,051,849)

(1,829,343)

(1,350,407)

2010

2009

2010

2009

$’000

$’000

$’000

$’000

21,699

21,132

-

-

355,664

289,254

31,352

85,088

(4,134,805)

(5,810,610)

(128,794)

-

(3,757,442)

(5,500,224)

(97,442)

85,088

Group

Company

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