Ardagh Glass Finance plc - Irish Stock Exchange

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. Financial assets and liabilities (Continued)
Derivative financial instruments:
2007 2006
Assets Liabilities Assets Liabilities
E’000 E’000 E’000 E’000
Current
Interest rate swaps—cash flow hedges ......................... 116 — 287 —
Non-current
Interest rate swaps—cash flow hedges ......................... — (850) — —
The full fair value of a hedging derivative is classified as a non-current asset or liability if the
remaining maturity of the hedged item is more than 12 months and, as a current asset or liability, if the
maturity of the hedged item is less than 12 months.
Interest rate swaps
The notional principal amounts of the outstanding interest rate swap contracts at 31 December
2007 were A241,000,000. (2006: A44,000,000).
At 31 December 2007, the fixed interest rates vary from 4.515% to 5.15% and the main floating
rates are EURIBOR and LIBOR.
15. Deferred income tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred income taxes relate to the
same fiscal authority. The offset amounts are as follows:
2007 2006
E’000 E’000
Deferred tax assets
Deferred tax asset to be recovered after more than 12 months ............... 12,513 9,232
Deferred tax liability
Deferred tax liability to be recovered after more than 12 months ............. (103,843) (17,669)
(91,330) (8,437)
The gross movement on the deferred income tax account is as follows:
2007 2006
E’000 E’000
At 1 January .................................................... (8,437) (12,578)
Acquired ....................................................... (94,334) —
Income statement credit ............................................ 12,008 9,373
Tax (credited) to equity ............................................ (1,155) (4,952)
Exchange movement .............................................. 588 (280)
At 31 December ................................................. (91,330) (8,437)
F-101