(1)Net of fixed-rate borrowings and paid arrangement fees reducing liabilities under borrowings. (2) Interest rate swap (IRS). The difference between the change in the valuation amount, when the interest rate curve moves up or down 0.11%, arises at the time of calculating and discounting future cash flows (relating to the contract settlement) as at the valuation date. The cash flows are discounted at different interest rates (in the first case the interest rate curve movement increases the interest rate by 0.11%, in the second case it reduces the interest rate by 0.11%)..
The sensitivity analysis was performed for the instruments held as at December 31st 2021 and December 31st 2020. The effect of the interest rate changes on the fair value was examined assuming that the currency exchange rates remain unchanged. In the case of derivative instruments held as at December 31st 2021 and December 31st 2020, for the purpose of interest rate sensitivity analysis the interest rate curve was moved up or down by the historical annual volatility for December 31st 2021 and December 31st 2020, calculated based on historical volatility data for interest rates on interest rate swaps expiring in one year, as published by Reuters.