The Group’s activities expose it to a variety of financial risks including market risk (foreign exchange risk and interest rate risk), credit risk and liquidity risk.

The financial statements do not include all financial risk management information and disclosures required in annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2021.

There have been no changes in any risk management policies since December 31, 2021.

The table below analyzes financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

The following tables present the Group’s financial instruments that are measured at fair value at September 30, 2022 and at December 31, 2021.


September 30, 2022	Level 1	Level 2	Level 3	Total
	$’000	$’000	$’000	$’000

Fair value through other comprehensive income financial assets	10	—	—	10
Embedded options within listed bonds (note 16)	—	2,150	—	2,150
Non‑deliverable forwards (NDF)/Non‑deliverable swaps (NDS) (note 16)	—	(1,971)	—	(1,971)
	10	179	—	189


December 31, 2021	Level 1	Level 2	Level 3	Total
	$’000	$’000	$’000	$’000

Fair value through other comprehensive income financial assets	11	—	—	11
Embedded options within listed bonds (note 16)	—	165,100	—	165,100
Non‑deliverable forwards (NDF)/Non‑deliverable swaps (NDS) (note 16)	—	(3,771)	—	(3,771)
	11	161,329	—	161,340

At September 30, 2022 the Group had both level 1 and level 2 financial instruments.

Financial assets in level 1

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, or

regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. Instruments included in level 1 comprise investments in marketable securities classified as fair value through other comprehensive income financial assets.

Financial assets in level 2

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments included in level 2 comprise non-deliverable forwards (NDF), non-deliverable swaps (NDS) and options embedded in the 2026 Notes, 2027 Notes and 2028 Notes. Their fair values are determined based on mark-to-market values provided by the counterparty financial institutions or valuation techniques using observable market data.

Financial instruments in level 3

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques are not based on observable market data and rely on entity or market specific estimates. If all significant inputs required to fair value an instrument are not observable, the instrument is included in level 3.

Fair value estimation


	At September 30, 2022		At December 31, 2021
	Carrying	Fair	Carrying	Fair
	Value	Value	Value	Value
	$’000	$’000	$’000	$’000

Financial liabilities
Bank and bond borrowings (note 19)	3,286,862	2,971,754	2,609,090	2,668,792
	3,286,862	2,971,754	2,609,090	2,668,792

The fair values of non-current liabilities are based on discounted cash flows using a current borrowing rate.

The fair values of current assets and current liabilities are not materially different from their carrying values.