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The following significant exchange rates were applied during the year:
Value of EUR 1
Average year-end
2010 2009 2010 2009
USD 1.32 1.40 1.34 1.44
GBP 0.86 0.89 0.86 0.89
PLN 3.99 4.33 3.97 4.10
Sensitivity analysis
A 10 percent strengthening of the Euro against the USD at December 31 would have not affected equity and profit
or loss significantly, as the Group hedges USD positions, except for the change in fair value of derivatives which
is recognized in the income statement. This analysis assumes that all other variables, particularly interest rates,
remain constant. The analysis has been performed on the same basis as for 2009.
Interest rate risk
Profile
At the reporting date the interest rate profile of the Group’s interest­bearing financial instruments was as follows:
2010
Carrying amount
2009
EUR’000
note
Fixed rate instruments
Non­current investments 4.3 1,155 1,320
Loans and borrowings 4.10 (358,854) (372,604)
Interest rate swaps floating to fixed 6.2 (13,973) (16,281)
(371,672) (387,565)
Variable rate instruments
Loans and borrowings 4.10 (201,633) (170,142)
(201,633) (170,142)
Sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and
the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge
accounting model. Therefore a change in interest rates at the reporting date would not have affected profit or loss,
with the exception of the change in fair value of the Interest rate swaps.
Sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have changed equity and profit or loss
by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates,
remain constant. The analysis is performed on the same basis as for 2009.
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