Ardagh Glass Finance plc - Irish Stock Exchange

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
20. Analysis of changes in equity
Reserves
Capital Retained Foreign Cash flow Minority
contribution profit currency hedges interest Total
E’000 E’000 E’000 E’000 E’000 E’000
Balance at 1 January 2007 .......... 100,650 (3,600) 3,209 287 2,404 102,950
Foreign currency translation adjustments — — (3,898) — — (3,898)
Pension scheme actuarial gain ........ — 3,877 — — — 3,877
Deferred taxation on actuarial gain .... — (1,155) — — — (1,155)
Cash flow hedges ................. — (1,021) — (1,021)
Net expense recognised directly in equity — 2,722 (3,898) (1,021) — (2,197)
Profit for the year ................. — 4,209 — — 367 4,576
Total recognised income for 2007 ...... — 6,931 (3,898) (1,021) 367 2,379
Dividend paid .................... — — — — (168) (168)
Balance as at 31 December 2007 ...... 100,650 3,331 (689) (734) 2,603 105,161
Balance at 1 January 2008 .......... 100,650 3,331 (689) (734) 2,603 105,161
Foreign currency translation adjustments — — (50,824) — — (50,824)
Pension scheme actuarial loss ........ — (21,936) — — — (21,936)
Deferred taxation on actuarial loss ..... — 5,925 — — — 5,925
Cash flow hedges ................. — — (10,152) — (10,152)
Net expense recognised directly in equity — (16,011) (50,824) (10,152) — (76,987)
Profit for the year ................. — 3,149 — — 326 3,475
Total recognised (expense)/income for
2008 ......................... — (12,862) (50,824) (10,152) 326 (73,512)
Dividend paid .................... — — — — (440) (440)
Balance as at 31 December 2008 ...... 100,650 (9,531) (51,513) (10,886) 2,489 31,209
The cumulative amount of translation adjustments in equity is A34.4 million as at 31 December
2008 (2007: A0.7 million).
21. Share based payments
On 1 October 2006 1,000,000 share options were granted under a new share option scheme.
Expected vesting Option Vesting periods Risk free rate of
dates exercisable (months) return Volatility Fair Value
E’000
01 October 2007 .................. 333,333 12 4.00% 25% 0.12
01 October 2008 .................. 333,333 24 4.00% 25% 0.18
01 October 2009 .................. 333,334 36 4.00% 25% 0.22
The option was exercisable in whole or in part at any time and from time to time up to and
including 30 September 2011.
The exercise price of the options awarded under the 2006 plan was fixed at A1.00.
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