Ardagh Glass Finance plc - Irish Stock Exchange

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. Financial assets and liabilities (Continued)
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on
remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the
table are the contracted undiscounted cash flows. Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant.
Less than Between Between Over
At 31 December 2007 1 year 1 and 2 years 2 and 5 years 5 years
E’000 E’000 E’000 E’000
Borrowings ................................. 95,455 91,850 420,112 837,287
Derivative financial instruments .................. 215 400 1,200 302
Trade and other payables ...................... 204,745 — — —
Less than Between Between Over
At 31 December 2006 1 year 1 and 2 years 2 and 5 years 5 years
E’000 E’000 E’000 E’000
Borrowings ................................. 69,138 36,703 88,735 253,339
Derivative financial instruments .................. — — — —
Trade and other payables ...................... 138,006 — — —
The carrying amount and fair value of the non-current borrowings are as follows:
Carrying Value
Fair Value
2007 2006 2007 2006
8 7 ⁄8% Senior Notes due 2013 ......................... 170,488 168,179 167,504 150,100
7.125% Senior Notes due 2017 ........................ 297,143 — 252,572 —
Bank loans, overdrafts and revolving credit facilities ........ 407,310 94,146 352,863 93,859
Invoice discounting facilities .......................... 3,172 25,150 3,172 25,150
Finance leases .................................... 29,952 37,924 29,952 37,924
908,065 325,399 806,063 307,033
The following is a brief summary of our principal financing arrangements. The following
summaries do not purport to describe all of the applicable terms and conditions of such arrangements
and are qualified in their entirety by reference to the actual agreements.
7.125% Senior Notes due 2017
In June 2007, Ardagh Glass Finance plc issued A310 million 7.125% senior notes due 2017.
The notes are the general unsecured obligations of Ardagh Glass Finance plc and rank senior in
right of payment to any and all of its existing and future unsecured debt that is subordinated in right of
payment to the notes. The notes also rank equally in right of payment with all of Ardagh Glass
Finance plc’s existing and future unsecured debt that is not subordinated in right of payment to the
notes, and effectively subordinated to all existing and future secured debt of Ardagh Glass Finance plc
to the extent of the assets securing such debt. Ardagh Glass Holdings Ltd and certain of its direct and
indirect wholly owned subsidiaries have guaranteed payment under the notes on a senior and on a
senior subordinated basis, respectively. In addition, the senior guarantee from Ardagh Glass
Holdings Ltd is effectively subordinated to all existing and future obligations of its direct and indirect
wholly owned subsidiaries.
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