Page 107 - 2board23full

The amortised cost of the long term financial liabilities at fixed interest rates (i.e. EIB Loan) is determined
using the effective interest rate method, by discounting the future contractual cash flows with the effective
interest rate applied to those liabilities. The fair of the financial liabilities at fixed interest rates is determined
by discounting the future contractual cash flows with the current mid-swap interest rate for the average
loan life period of such liabilities.

Fair value of the borrowings 2007 2006

Carrying amount 865.718.445 906.087.898

Fair value 97.518.071 1.00.777.055

Excess of fair value over carrying amount (71.799.626) (114.689.157)

The amortised cost of the long term financial liabilities at floating interest rate (i.e. for Commercial & Cargo
Loan) is determined using the effective interest rate method, by discounting the future contractual cash
flows with the effective interest rate applied to those liabilities.

Consequently, the fair value of long term loans at floating interest rates equals their carrying amount as
the impact of discounting is not significant.

All borrowings are denominated in the functional currency.

55