text: **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
  
  **NOTE 33 – FINANCIAL RISK MANAGEMENT continued**
  
  The Group’s interest rate risk arises from its borrowings. Interest rate risk is the risk that the fair value of future 
  cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s 
  exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt 
  obligations with floating interest rates. 
  
  During the year ended 31 December 2013, the Group entered into US dollar denominated interest rate swaps 
  which fix the interest rate associated with the credit facilities to protect against the floating LIBOR rates through 
  2017. As at 31 December 2014 the Group had interest rate swaps with a notional contract amount of $15.0 
  million (2013: $15.0 million). 
  
  The net fair value of interest rate swaps at 31 December 2014 was relatively immaterial, comprising long-term 
  assets of $0.1 million (2013: $0.2 million) and current liabilities of $0.1 million (2013: 0.1 million). These 
  amounts were recognised as Level 2 fair value derivatives. (See Note 14) 