LUXEMBOURG, Oct. 26, 2017 /PRNewswire/ -- Ardagh Group S.A.
(NYSE: ARD) today announced its financial results for the third
quarter ended September 30, 2017.
Highlights
|
|
|
|
|
|
Three months
ended
(in €m except per
share and ratio data)
|
|
|
|
|
|
|
September
30,
2017
|
|
September 30,
2016
|
|
Change
%
|
|
Change
CCY %
|
|
Revenue
|
1,990
|
|
2,020
|
|
(1%)
|
|
2%
|
|
Adjusted EBITDA
1
|
377
|
|
379
|
|
(1%)
|
|
2%
|
|
Adjusted earnings per
share
|
0.49
|
|
0.52
|
|
(6%)
|
|
(2%)
|
|
Operating cash
flow
|
343
|
|
299
|
|
15%
|
|
|
|
Adjusted free cash
flow
|
254
|
|
216
|
|
18%
|
|
|
|
LTM Adjusted
EBITDA
|
1,361
|
|
1,319
|
|
|
|
|
|
Net debt to LTM
Adjusted EBITDA 2
|
4.9x
|
|
5.5x
|
|
|
|
|
|
Dividend per share
declared ($) 3
|
0.14
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paul Coulson, Executive Chairman,
said, "Third quarter results demonstrated the benefits of our
geographic, substrate and end-market diversity, with growth in
three of our four segments offsetting a weak outturn in Glass
Packaging North America. Constant currency Adjusted EBITDA growth
of 2% has been converted into strong cash generation and resulted
in further de-leveraging during the quarter".
- Continued strong free cash generation, with Adjusted Free Cash
Flow increasing by 18% to €254 million;
- Adjusted EBITDA margin of 18.9%, an increase of 10bps, with
growth in three of our four segments;
- Net debt to LTM Adjusted EBITDA reduced from 5.1x to 4.9x
during the quarter and from 5.5x in the past year;
- Constant currency results showed continued growth, with revenue
and Adjusted EBITDA both increasing by 2%;
- Revenue decreased by 1% to €1.99 billion, but increased by 2%
at constant currency;
- Adjusted EBITDA decreased by 1% to €377 million, but increased
by 2% at constant currency;
- Earnings per share €0.22 (2016: loss per share €0.03);
- Adjusted earnings per share of €0.49, a 2% constant currency
reduction, reflecting a higher share count post IPO;
- 2017 Adjusted EBITDA expected of €1.34 billion (US$1.58 billion) which was previously €1.37
billion (US$1.59 billion), which
reflects further currency headwinds and a lowered outlook in Glass
Packaging North America arising from weaker demand in beer and wine
and the impact of hurricane-related elevated freight costs. Net
debt at year end is expected to be approximately $7.6 billion.
Summary Financial
Information
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
(in € millions,
except EPS, ratios and percentages)
|
|
|
September
30,
2017
|
September
30,
2016
|
September
30,
2017
|
September
30,
2016
|
|
|
|
|
|
|
|
Revenue
|
1,990
|
2,020
|
5,855
|
4,519
|
|
Profit/(loss) for the
period
|
53
|
(6)
|
24
|
(61)
|
|
Adjusted profit for
the period
|
116
|
105
|
302
|
164
|
|
Adjusted
EBITDA
|
377
|
379
|
1,055
|
852
|
|
Adjusted EBITDA
margin
|
18.9%
|
18.8%
|
18.0%
|
17.6%
|
|
Earnings per share
(€)
|
0.22
|
(0.03)
|
0.11
|
(0.30)
|
|
Adjusted earnings per
share (€)
|
0.49
|
0.52
|
1.33
|
0.81
|
|
LTM Adjusted
EBITDA
|
|
|
1,361
|
1,319
|
|
|
|
|
|
|
|
Net debt
|
|
|
6,713
|
7,219
|
|
Cash and available
liquidity
|
|
|
748
|
965
|
|
Net debt to LTM
Adjusted EBITDA
|
|
|
4.9x
|
5.5x
|
|
|
|
|
|
|
|
Cash generated from
operations
|
427
|
284
|
843
|
606
|
|
Operating cash
flow
|
343
|
299
|
586
|
512
|
|
Adjusted free cash
flow
|
254
|
216
|
248
|
232
|
|
|
Operating and
Adjusted Free Cash Flow
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
2017
|
|
September
30,
2016
|
|
September
30,
2017
|
|
September
30,
2016
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
Adjusted
EBITDA
|
377
|
|
379
|
|
1,055
|
|
852
|
|
Movement in working
capital
|
62
|
|
(6)
|
|
(161)
|
|
(131)
|
|
Capital
expenditure
|
(95)
|
|
(71)
|
|
(302)
|
|
(200)
|
|
Exceptional
restructuring
|
(1)
|
|
(3)
|
|
(6)
|
|
(9)
|
|
Operating Cash
Flow
|
343
|
|
299
|
|
586
|
|
512
|
|
Interest
4
|
(71)
|
|
(70)
|
|
(280)
|
|
(235)
|
|
Income tax
|
(18)
|
|
(13)
|
|
(58)
|
|
(45)
|
|
Adjusted Free Cash
Flow
|
254
|
|
216
|
|
248
|
|
232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Performance Review
Bridge of 2016
reported revenue to 2017 reported revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30
|
|
|
Metal
Packaging
Europe
|
|
Metal
Packaging
Americas
|
|
Glass
Packaging
Europe
|
|
Glass
Packaging
North
America
|
|
Group
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Reported revenue
2016
|
796
|
|
448
|
|
361
|
|
415
|
|
2,020
|
|
Organic
|
22
|
|
18
|
|
3
|
|
(13)
|
|
30
|
|
FX
translation
|
(9)
|
|
(26)
|
|
(6)
|
|
(19)
|
|
(60)
|
|
Reported revenue
2017
|
809
|
|
440
|
|
358
|
|
383
|
|
1,990
|
|
|
|
|
|
|
|
|
|
|
Bridge of 2016
reported Adjusted EBITDA to 2017 reported Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30
|
|
|
Metal
Packaging
Europe
|
|
Metal
Packaging
Americas
|
|
Glass
Packaging
Europe
|
|
Glass
Packaging
North
America
|
|
Group
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
Reported Adjusted
EBITDA 2016
|
141
|
|
59
|
|
88
|
|
91
|
|
379
|
|
Organic
|
15
|
|
8
|
|
3
|
|
(18)
|
|
8
|
|
FX
translation
|
(1)
|
|
(3)
|
|
(2)
|
|
(4)
|
|
(10)
|
|
Reported Adjusted
EBITDA 2017
|
155
|
|
64
|
|
89
|
|
69
|
|
377
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Adjusted
EBITDA 2017
margin
|
19.2%
|
|
14.5%
|
|
24.9%
|
|
18.0%
|
|
18.9%
|
|
Reported Adjusted
EBITDA 2016
margin
|
17.7%
|
|
13.2%
|
|
24.4%
|
|
21.9%
|
|
18.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridge of 2016
reported revenue to 2017 reported revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30
|
|
|
Metal Packaging
Europe
|
|
Metal
Packaging
Americas
|
|
Glass
Packaging
Europe
|
|
Glass
Packaging
North
America
|
|
Group
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Reported revenue
2016
|
1,578
|
|
622
|
|
1,053
|
|
1,266
|
|
4,519
|
|
Acquisition
|
679
|
|
622
|
|
-
|
|
-
|
|
1,301
|
|
Pro forma revenue
2016
|
2,257
|
|
1,244
|
|
1,053
|
|
1,266
|
|
5,820
|
Organic
|
53
|
|
31
|
|
17
|
|
(7)
|
|
94
|
Reclassification
|
-
|
|
-
|
|
-
|
|
(15)
|
|
(15)
|
|
FX
translation
|
(27)
|
|
4
|
|
(27)
|
|
6
|
|
(44)
|
|
Reported revenue
2017
|
2,283
|
|
1,279
|
|
1,043
|
|
1,250
|
|
5,855
|
|
|
|
|
|
|
|
|
|
|
Bridge of
2016 reported Adjusted EBITDA to 2017 reported Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30
|
|
|
Metal
Packaging
Europe
|
|
Metal
Packaging
Americas
|
|
Glass
Packaging
Europe
|
|
Glass
Packaging
North
America
|
|
Group
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
Reported Adjusted
EBITDA 2016
|
268
|
|
82
|
|
230
|
|
272
|
|
852
|
|
Acquisition
|
104
|
|
71
|
|
-
|
|
-
|
|
175
|
|
Pro forma Adjusted
EBITDA 2016
|
372
|
|
153
|
|
230
|
|
272
|
|
1,027
|
|
Organic
|
25
|
|
24
|
|
9
|
|
(21)
|
|
37
|
|
FX
translation
|
(4)
|
|
-
|
|
(6)
|
|
1
|
|
(9)
|
|
Reported Adjusted
EBITDA 2017
|
393
|
|
177
|
|
233
|
|
252
|
|
1,055
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Adjusted
EBITDA 2017
margin
|
17.2%
|
|
13.8%
|
|
22.3%
|
|
20.2%
|
|
18.0%
|
|
Pro forma Adjusted
EBITDA 2016
margin
|
16.5%
|
|
12.3%
|
|
21.8%
|
|
21.5%
|
|
17.6%
|
|
Group
Revenue of €1,990 million for the quarter ended
September 30, 2017 represented a
decrease of 1% at actual exchange rates and, at constant currency,
increased by 2% compared with the same period last year. The
decline in revenue was driven by €60 million currency translation
effects, partly offset by 1% organic growth. Third quarter Adjusted
EBITDA of €377 million decreased by 1% at actual exchange rates,
compared with the same period last year. On a constant currency
basis, Adjusted EBITDA increased by 2% and Adjusted EBITDA margin
was 18.9%, an increase of 10 basis points compared with the third
quarter of 2016.
Metal Packaging Europe
Revenue increased by 2%, to
€809 million in the three month period ended September 30, 2017, compared with the same period
last year. Growth reflected 3% organic growth, partly offset by €9
million currency translation effects. Adjusted EBITDA increased by
10% to €155 million, compared with the same period last year.
Growth in Adjusted EBITDA reflected synergy realization and reduced
operating costs, including a reduction of €9 million in
pension-related expense.
Metal Packaging Americas
Revenue decreased by 2% to
€440 million in the third quarter of 2017, compared with the
same period last year. Lower revenue reflected negative currency
translation effects of €26 million, partly offset by 4% organic
growth as a result of favorable volume/mix and the pass through of
higher input costs. Adjusted EBITDA increased by €5 million to
€64 million, compared with the same period last year and by
14% on a constant currency basis. Growth primarily reflected
synergy realization and higher volumes partly offset by negative
currency translation effects of €3 million.
Glass Packaging Europe
Revenue declined by 1% to
€358 million in the three month period ended September 30, 2017, compared with the same period
last year, as organic growth of 1% was more than offset by €6
million currency translation effects. Adjusted EBITDA for the
quarter increased by 1% to €89 million, compared with the same
period last year, with growth of 3% at constant currency rates.
Glass Packaging North America
Revenue decreased by 8%
to €383 million in the third quarter, compared with the same
period last year including a €19 million negative currency
translation effect. Constant currency revenue was 3% lower, due
mainly to weaker volume/mix, in particular in beer and wine end
markets. Adjusted EBITDA decreased by 24% to €69 million in
the third quarter, compared with the same period in 2016. Constant
currency Adjusted EBITDA was €18 million, or 21% lower than the
prior year, as a result of lower volumes, increased freight costs
in the aftermath of hurricanes in the southeastern United States and higher payroll costs
compared with the same period last year, which benefitted from
lower pension-related costs of €10 million.
Financing Activity
On August 1,
2017, the Group redeemed in full the €405 million 4.250%
First Priority Senior Secured Notes, due 2022. Following this
redemption, the Group will have used over $750 million of available cash and IPO proceeds
to repay debt in 2017.
Conference Call Details
Ardagh Group S.A. (NYSE: ARD) will hold its third quarter 2017
earnings call for investors at 3 p.m.
BST (10 a.m. ET) on
October 26, 2017. Please use the
following link to register for this call:
http://event.onlineseminarsolutions.com/r.htm?e=1507682&s=1&k=A54AAA5EC65206CD4768DFE20F01ADDA
About Ardagh Group
The Ardagh Group is a global leader in metal and glass packaging
solutions, producing packaging for the world's leading food,
beverage and consumer brands. It operates 109 facilities in 22
countries, employing approximately 23,500 people and has global
sales of approximately €7.7 billion.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond our
control. We caution you that the forward-looking information
presented in this press release is not a guarantee of future
events, and that actual events may differ materially from those
made in or suggested by the forward-looking information contained
in this press release. Any forward-looking information presented
herein is made only as of the date of this press release, and we do
not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
Condensed Consolidated Interim Financial Statements
Consolidated
Interim Income Statement for the three months ended September 30,
2017
|
|
|
Three months ended
September 30, 2017
|
|
Three months ended
September 30, 2016
|
|
|
|
Before
exceptional
items
€m
Unaudited
|
|
Exceptional
items
€m
Unaudited
|
|
Total
€m
Unaudited
|
|
Before
exceptional
items
€m
Unaudited
|
|
Exceptional
items
€m
Unaudited
|
|
Total
€m
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,990
|
|
-
|
|
1,990
|
|
2,020
|
|
-
|
|
2,020
|
|
Cost of
sales
|
|
(1,628)
|
|
(6)
|
|
(1,634)
|
|
(1,642)
|
|
(10)
|
|
(1,652)
|
|
Gross
profit/(loss)
|
|
362
|
|
(6)
|
|
356
|
|
378
|
|
(10)
|
|
368
|
|
Sales, general and
administration expenses
|
|
(81)
|
|
(10)
|
|
(91)
|
|
(97)
|
|
(19)
|
|
(116)
|
|
Intangible
amortization
|
|
(56)
|
|
-
|
|
(56)
|
|
(42)
|
|
-
|
|
(42)
|
|
Operating
profit/(loss)
|
|
225
|
|
(16)
|
|
209
|
|
239
|
|
(29)
|
|
210
|
|
Finance
expense
|
|
(118)
|
|
-
|
|
(118)
|
|
(129)
|
|
(58)
|
|
(187)
|
|
Profit/(loss)
before tax
|
|
107
|
|
(16)
|
|
91
|
|
110
|
|
(87)
|
|
23
|
|
Income tax
(charge)/credit
|
|
(41)
|
|
3
|
|
(38)
|
|
(35)
|
|
6
|
|
(29)
|
|
Profit/(loss) for
the period
|
|
66
|
|
(13)
|
|
53
|
|
75
|
|
(81)
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss)
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
parent
|
|
|
|
|
|
53
|
|
|
|
|
|
(6)
|
|
Non-controlling
interests
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
Profit/(loss)
for the period
|
|
|
|
|
|
53
|
|
|
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic profit/(loss)
for the period attributable to
ordinary equity holders of the parent
|
|
|
|
|
|
€0.22
|
|
|
|
|
|
(€0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Interim Income Statement for the nine months ended September
30, 2017
|
|
|
|
|
Nine months ended
September 30, 2017
|
|
Nine months ended
September 30, 2016
|
|
|
|
Before
exceptional
items
€m
Unaudited
|
|
Exceptional
items
€m
Unaudited
|
|
Total
€m
Unaudited
|
|
Before
exceptional
items
€m
Unaudited
|
|
Exceptional
items
€m
Unaudited
|
|
Total
€m
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
5,855
|
|
-
|
|
5,855
|
|
4,519
|
|
-
|
|
4,519
|
|
Cost of
sales
|
|
(4,802)
|
|
(14)
|
|
(4,816)
|
|
(3,689)
|
|
(4)
|
|
(3,693)
|
|
Gross
profit/(loss)
|
|
1,053
|
|
(14)
|
|
1,039
|
|
830
|
|
(4)
|
|
826
|
|
Sales, general and
administration expenses
|
|
(278)
|
|
(28)
|
|
(306)
|
|
(217)
|
|
(102)
|
|
(319)
|
|
Intangible
amortization
|
|
(178)
|
|
-
|
|
(178)
|
|
(96)
|
|
-
|
|
(96)
|
|
Operating
profit/(loss)
|
|
597
|
|
(42)
|
|
555
|
|
517
|
|
(106)
|
|
411
|
|
Finance
expense
|
|
(348)
|
|
(123)
|
|
(471)
|
|
(337)
|
|
(157)
|
|
(494)
|
|
Finance
income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78
|
|
78
|
|
Profit/(loss)
before tax
|
|
249
|
|
(165)
|
|
84
|
|
180
|
|
(185)
|
|
(5)
|
|
Income tax
(charge)/credit
|
|
(93)
|
|
33
|
|
(60)
|
|
(82)
|
|
26
|
|
(56)
|
|
Profit/(loss) for
the period
|
|
156
|
|
(132)
|
|
24
|
|
98
|
|
(159)
|
|
(61)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/ (loss)
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
parent
|
|
|
|
|
|
24
|
|
|
|
|
|
(61)
|
|
Non-controlling
interests
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
Profit/(loss) for
the period
|
|
|
|
|
|
24
|
|
|
|
|
|
(61)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss for the
period attributable to ordinary
equity holders of the parent
|
|
|
|
|
|
€0.11
|
|
|
|
|
|
(€0.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Interim Statement of Financial Position
|
|
|
September 30,
2017
€m
Unaudited
|
|
December 31,
2016
€m
Audited
|
|
Non-current
assets
|
|
|
|
|
|
Intangible
assets
|
|
3,503
|
|
3,904
|
|
Property, plant and
equipment
|
|
2,768
|
|
2,911
|
|
Derivative financial
instruments
|
|
5
|
|
124
|
|
Deferred tax
assets
|
|
269
|
|
259
|
|
Other non-current
assets
|
|
20
|
|
20
|
|
|
|
6,565
|
|
7,218
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
|
1,087
|
|
1,125
|
|
Trade and other
receivables
|
|
1,389
|
|
1,164
|
|
Derivative financial
instruments
|
|
12
|
|
11
|
|
Restricted
cash
|
|
28
|
|
27
|
|
Cash and cash
equivalents
|
|
466
|
|
745
|
|
|
|
2,982
|
|
3,072
|
|
TOTAL
ASSETS
|
|
9,547
|
|
10,290
|
|
|
|
|
|
|
|
Equity
attributable to owners of the parent
|
|
|
|
|
|
Issued
capital
|
|
22
|
|
-
|
|
Share
premium
|
|
1,090
|
|
136
|
|
Capital
contribution
|
|
431
|
|
431
|
|
Other
reserves
|
|
(326)
|
|
(324)
|
|
Retained
earnings
|
|
(2,383)
|
|
(2,313)
|
|
|
|
(1,166)
|
|
(2,070)
|
|
Non-controlling
interests
|
|
1
|
|
2
|
|
TOTAL
EQUITY
|
|
(1,165)
|
|
(2,068)
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Borrowings
|
|
7,009
|
|
8,142
|
|
Employee benefit
obligations
|
|
843
|
|
905
|
|
Deferred tax
liabilities
|
|
647
|
|
694
|
|
Derivative financial
instruments
|
|
197
|
|
-
|
|
Related party
borrowings
|
|
-
|
|
673
|
|
Provisions
|
|
37
|
|
57
|
|
|
|
8,733
|
|
10,471
|
|
Current
liabilities
|
|
|
|
|
|
Borrowings
|
|
2
|
|
8
|
|
Interest
payable
|
|
97
|
|
81
|
|
Derivative financial
instruments
|
|
3
|
|
8
|
|
Trade and other
payables
|
|
1,646
|
|
1,539
|
|
Income tax
payable
|
|
182
|
|
182
|
|
Provisions
|
|
49
|
|
69
|
|
|
|
1,979
|
|
1,887
|
|
TOTAL
LIABILITIES
|
|
10,712
|
|
12,358
|
|
TOTAL EQUITY and
LIABILITIES
|
|
9,547
|
|
10,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Interim Statement of Cash Flows
|
|
Three months
ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2017
€m
Unaudited
|
|
2016
€m
Unaudited
|
|
2017
€m
Unaudited
|
|
2016
€m
Unaudited
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Cash generated from
operations
|
427
|
|
284
|
|
843
|
|
606
|
|
Interest paid –
excluding cumulative PIK interest paid
|
(71)
|
|
(72)
|
|
(282)
|
|
(246)
|
|
Cumulative PIK
interest paid
|
-
|
|
(184)
|
|
-
|
|
(184)
|
|
Income tax
paid
|
(18)
|
|
(13)
|
|
(58)
|
|
(45)
|
|
Net cash from
operating activities
|
338
|
|
15
|
|
503
|
|
131
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchase of business,
net of cash acquired
|
-
|
|
(113)
|
|
-
|
|
(2,684)
|
|
Purchase of property,
plant and equipment
|
(92)
|
|
(69)
|
|
(294)
|
|
(194)
|
|
Purchase of software
and other intangibles
|
(4)
|
|
(3)
|
|
(10)
|
|
(8)
|
|
Proceeds from
disposal of property, plant and equipment
|
1
|
|
1
|
|
2
|
|
2
|
|
Net cash used
in investing activities
|
(95)
|
|
(184)
|
|
(302)
|
|
(2,884)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from
borrowings
|
-
|
|
-
|
|
3,507
|
|
3,950
|
|
Repayment of
borrowings
|
(415)
|
|
(882)
|
|
(4,071)
|
|
(2,195)
|
|
Proceeds from
borrowings with related parties
|
-
|
|
673
|
|
-
|
|
673
|
|
Receipt of borrowings
issued to related parties
|
-
|
|
404
|
|
-
|
|
404
|
|
Contribution from
parent
|
-
|
|
431
|
|
-
|
|
431
|
|
Net (costs)/proceeds
from share issuance
|
(3)
|
|
6
|
|
307
|
|
6
|
|
Dividend
paid
|
(27)
|
|
(270)
|
|
(120)
|
|
(270)
|
|
Early redemption
premium paid
|
(9)
|
|
(45)
|
|
(85)
|
|
(104)
|
|
Deferred debt issue
costs paid
|
(3)
|
|
(4)
|
|
(25)
|
|
(54)
|
|
Proceeds from the
termination of derivative financial instruments
|
-
|
|
-
|
|
42
|
|
-
|
|
Net cash
(outflow)/inflow from financing activities
|
(457)
|
|
313
|
|
(445)
|
|
2,841
|
|
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents
|
(214)
|
|
144
|
|
(244)
|
|
88
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
721
|
|
539
|
|
772
|
|
553
|
|
Exchange
(losses)/gains on cash and cash equivalents
|
(13)
|
|
1
|
|
(34)
|
|
43
|
|
Cash and cash
equivalents at end of period
|
494
|
|
684
|
|
494
|
|
684
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
profit/(loss) to Adjusted EBITDA
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
2017
€m
|
|
September
30,
2016
€m
|
|
September
30,
2017
€m
|
|
September
30,
2016
€m
|
Profit/(loss) for the period
|
53
|
|
(6)
|
|
24
|
|
(61)
|
Income
tax charge
|
38
|
|
29
|
|
60
|
|
56
|
Net
finance expense
|
118
|
|
187
|
|
471
|
|
416
|
Depreciation and amortization
|
152
|
|
140
|
|
458
|
|
335
|
Exceptional operating items
|
16
|
|
29
|
|
42
|
|
106
|
Adjusted EBITDA
|
377
|
|
379
|
|
1,055
|
|
852
|
|
Reconciliation of profit/(loss) to Adjusted
profit
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September 30,
2017
€m
|
|
September 30,
2016
€m
|
|
September 30,
2017
€m
|
|
September 30,
2016
€m
|
Profit/(loss) for the period
|
53
|
|
(6)
|
|
24
|
|
(61)
|
Total
exceptional items 5
|
16
|
|
87
|
|
165
|
|
185
|
Tax
credit associated with exceptional items
|
(3)
|
|
(6)
|
|
(33)
|
|
(26)
|
Intangible amortization
|
56
|
|
42
|
|
178
|
|
96
|
Tax
credit associated with intangible amortization
|
(16)
|
|
(12)
|
|
(51)
|
|
(30)
|
Loss on derivatives
|
10
|
|
-
|
|
19
|
|
-
|
Adjusted profit for the period
|
116
|
|
105
|
|
302
|
|
164
|
Weighted
average ordinary shares
|
236.3
|
|
202.0
|
|
227.3
|
|
202.0
|
Adjusted earnings per share (€)
|
0.49
|
|
0.52
|
|
1.33
|
|
0.81
|
|
Cash generated
from operations
|
|
Three months
ended
|
|
Six
months ended
|
|
September 30,
2017 €m
|
|
September 30,
2016
€m
|
|
September 30,
2017
€m
|
|
September 30,
2016
€m
|
Profit/(loss) for the period
|
53
|
|
(6)
|
|
24
|
|
(61)
|
Income tax
charge
|
38
|
|
29
|
|
60
|
|
56
|
Net finance
expense
|
118
|
|
187
|
|
471
|
|
416
|
Depreciation
and amortization
|
152
|
|
140
|
|
458
|
|
335
|
Exceptional
operating items
|
16
|
|
29
|
|
42
|
|
106
|
Movement in
working capital
|
62
|
|
(6)
|
|
(161)
|
|
(131)
|
Acquisition-related, IPO, plant start-up and other
exceptional costs paid
|
(11)
|
|
(86)
|
|
(45)
|
|
(106)
|
Exceptional
restructuring paid
|
(1)
|
|
(3)
|
|
(6)
|
|
(9)
|
Cash
generated from operations
|
427
|
|
284
|
|
843
|
|
606
|
_________________
|
1 Adjusted
EBITDA is defined as profit/(loss) for the period before income tax
expense/(credit), net finance expense, depreciation and
amortization and exceptional operating items. We use Adjusted
EBITDA to evaluate and assess our segment performance. Adjusted
EBITDA is presented because we believe that it is frequently used
by securities analysts, investors and other interested parties in
evaluating companies in the packaging industry. However, other
companies may calculate Adjusted EBITDA in a manner different from
us. Adjusted EBITDA is not a measure of financial performance under
IFRS and should not be considered an alternative to profit/(loss)
as indicators of operating performance or any other measures of
performance derived in accordance with IFRS. Reconciliation of the
profit/(loss) for the period to Adjusted EBITDA can be found at the
back of this press release.
|
2 2016
reflects LTM Adjusted EBITDA on a pro forma basis.
|
3 Payable
on November 30, 2017 to shareholders of record on November 16,
2017.
|
4 Interest
paid in the nine months ended September 30, 2017, excludes €2
million of interest paid in lieu of notice, relating to the 6.750%
Senior Notes due 2021. Interest paid in the nine months ended
September 30, 2016, excludes €2 million in respect of notes held in
escrow for the period between their issuance and the completion of
the acquisition of the Beverage Can Business. Interest paid in the
nine months ended September 30, 2016, excludes a further €9 million
of interest, paid in lieu of notice, relating to the 9.250% and
9.125% Senior Notes due 2020 repaid in full in May 2016. Interest
paid excludes cumulative PIK interest paid.
|
5 Total
exceptional items for the nine months ended September 30, 2017
include debt refinancing and settlement costs of €123 million.
Further, total exceptional items for the three and nine
months ended September 30, 2017 include costs directly attributable
to the acquisition and integration of the Beverage Can Business and
IPO and other transaction related costs of €10 million and €28
million respectively.
|
View original
content:http://www.prnewswire.com/news-releases/ardagh-group-sa--third-quarter-2017-earnings-release-300543854.html
SOURCE Ardagh Group S.A.