Ardagh Glass Finance plc - Irish Stock Exchange

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. Financial assets and liabilities (Continued)
resources are available either from cash balances, cash flows or undrawn committed bank facilities, to
ensure all obligations can be met as they fall due.
To achieve this objective, the Group:
• maintains cash balances and liquid investments with highly-rated counterparties;
• limits the maturity of cash balances; and
• borrows the bulk of its debt needs under committed bank lines or other term financing.
Capital Risk
One of the Group’s key metrics is the ratio of consolidated net borrowings as a multiple of
EBITDA (earnings before interest, taxation, depreciation and amortisation). At 31 December 2008 the
ratio for the Group was 3.3 times.
The Group has entered into a series of borrowing arrangements in order to facilitate its liquidity
needs in this regard and the key terms of those arrangements are described within certain tables set out
below. At each year end, the Group’s rolling liquidity reserve (which comprises cash and undrawn
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