31. Joint venture — Garvagh Glebe Windpower Limited.
The following disclosure represents the Group’s share of amounts included in the draft financial statements of Garvagh Glebe Windpower Limited. The Company is a joint venture between the Group and ESB Power Generation Holding Company Limited with the purpose of trading in wind energy. The Company was incorporated on 20 June 2008 and commenced construction on the wind farm in July 2008. It is included in the consolidated financial statements as a Joint Venture using the gross equity method of accounting.
| 2009 | 2008 | |
| €’000 | €’000 | |
| Share of turnover | - | - |
| Share of the loss after tax * | - | - |
| Share of fixed assets | 20,500 | 8,260 |
| Share of current assets | 2,109 | 235 |
| Share of creditors due within one year | - | - |
| Share of creditors due after one year | (22,609) | (8,495) |
| Share of net assets | - | - |
| * There was no tax charge during the period. |