text: **32. Additional Financial Instruments Disclosure (continued)**
  
  **(b) Interest rate risk exposure**
  
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              [html]<thead><tr><tdcolspan="9">32. Additional Financial Instruments Disclosure ( continued )</td></tr><tr><tdcolspan="9">( b ) Interest rate risk exposure</td></tr><tr><tdcolspan="9">To manage interest sate risk the Sartos Group has entered into into interest rate swap contocts with naturities tanging from one to eighteer years.</td></tr><tr><tdcolspan="9">#. 31 December 2006 the Santos Group has open interest rate swap contracts which if closed out would have resulted in a gain of $ 4 – 2 mllion ( 2003 ; gain of $ 83.3 mll / or ).</td></tr><tr><tdrowspan="3">The Santta Group ’ s exposure to interest rate risk and the effective weighted average interest rates for classes of interest - bearing financial assets and financial. Sabilities is set out below.</td><tdrowspan="3">Note</td><tdrowspan="3">Weighted average interest rate *</td><tdcolspan="4">Floating interest rateSmillion</td><tdrowspan="3">1 year or less Smillion</td></tr><tr><tdcolspan="3">Over 1 to 5 yearsSmillion</td><tdrowspan="3">More than 5 years $ million</td><tdcolspan="3">Non interest - bearing Smillion</td></tr><tr><tdcolspan="2">Total $ million</td><td>31 December 2004</td><td>Financial assets</td><td>Cash</td><td>4.55 %</td></tr><tr><tdcolspan="2">128.0</td><td>–</td><td>−</td><td>–</td><td>-</td><td>128.0</td></tr><tr><tdcolspan="9">Receivables</td></tr><tr><tdcolspan="9">7</td></tr><tr><td>N / A</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>−</td><td></td><td>–</td><td>−</td><td>–</td><td>409.1</td><td>409.1</td><td>Other financial assets</td><td>12</td></tr><tr><td>N / A</td><td>−</td><td>–</td><td>−</td><td>–</td><td>1.2</td><td>1.2</td><td>128.0</td><td>–</td></tr><tr><tdrowspan="3">−</td><tdrowspan="3">–</td><tdrowspan="3">410.3</td><td>538.3</td><td>Financial liabilities</td><td>Payables</td><td>14</td><td>N / A</td><td>−</td></tr><tr><td>–</td><td>−</td><td>–</td><td>371.6</td><td>371.6</td><td>Deferred income</td></tr><tr><tdcolspan="8">N / A</td></tr><tr><tdcolspan="8">−</td></tr><tr><td>–</td><td></td><td>−</td><td>–</td><td>22.1</td><td>22.1</td><td>Interest - bearing liabilities</td><td>15</td><td>5.50 %</td></tr><tr><td>1.0</td><td></td><td>480.6</td><td>193.4</td><td>584.4</td><td>-</td><td>1.259.4</td><td>Interest rate swaps **</td><td>−</td></tr><tr><tdrowspan="3">522.8</td><tdrowspan="3">( 98.3 )</td><tdrowspan="3">( 424.5 )</td><td>-</td><td>−</td><td>1.0</td><td>1.003.4</td><td>95.1</td><td>159.9</td></tr><tr><td>393.7</td><td>1.653.1</td><td>31 December 2003</td><td>Financial assets</td><td>Cash</td><td>4.36 %</td></tr><tr><td>111.1</td><td>–</td><td>-</td><td>–</td><td>-</td><td>111.1</td><td>Receivables</td></tr><tr><tdcolspan="9">7</td></tr><tr><tdcolspan="8">N / A</td></tr><tr><td>–</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>–</td><td></td><td>-</td><td>–</td><td>171.7</td><td>171.7</td><td>Other financial assets</td><td>12</td><td>N / A</td></tr><tr><td>–</td><td>–</td><td>-</td><td>–</td><td>11.7</td><td>11.7</td><td>111.1</td><td>–</td><td>-</td></tr><tr><tdrowspan="3">-</td><tdrowspan="3">183.4</td><tdrowspan="3">294.5</td><td>Financial liabilities</td><td>Payables</td><td>14</td><td>N / A</td><td>–</td><td>–</td></tr><tr><td>-</td><td>-</td><td>291.3</td><td>291.3</td><td>Deferred income</td><td>N / A</td></tr><tr><td>–</td><td>–</td><td>-</td><td>–</td><td>27.7</td><td>27.7</td></tr><tr><tdrowspan="3">Interest - bearing liabilities</td><tdrowspan="3">15</td><tdrowspan="3">4.72 %</td><td>–</td><td>155.4</td><td>202.9</td><td>650.4</td><td>-</td><td>1.008.7</td></tr><tr><td>Interest rate swaps **</td><td>–</td><td>525.6</td><td>( 84.2 )</td><td>( 441.4 )</td><td>-</td></tr><tr><td>–</td><td>–</td><td>681.0</td><td>118.7</td><td>209.0</td><td>319.0</td></tr></tbody>
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