EX-99.1 2 ss53025_ex9901.htm EARNINGS PRESS RELEASE
 

 
Ardagh Group S.A. – Second Quarter 2017 Earnings Release

Ardagh Group S.A. (NYSE: ARD) today announced its financial results for the second quarter ended June 30, 2017.
 
Highlights

     
Three months ended
(in €m except per share and ratio data)
                
   
June 30,
2017
    
June 30,
2016
    
Change
%
    
Change PF1
%
    
 Revenue
    
2,021
      
1,281
      
58
%
    
1
%
 
 Adjusted EBITDA2
    
379
      
256
      
48
%
    
6
%
  
 Operating cash flow
    
237
      
184
      
29
%
          
 Adjusted free cash flow
    
77
      
59
      
31
%
          
 Adjusted earnings per share (€)
    
0.49
      
0.10
                    
 Net debt to LTM Adjusted EBITDA3
    
5.1
x
    
5.7
x
                  
 Dividend per share declared ($)4
    
0.14
      
-
                    
                                   

·
Revenue increased by 58% to €2,021 million with pro forma growth of 1% at actual and constant currency;
·
Adjusted EBITDA increased by 48% to €379 million, with pro forma growth of 6%;
·
Adjusted EBITDA margin of 18.8%, an increase of 100bps on a pro forma basis;
·
Earnings per share €0.13 (2016: loss per share €0.34);
·
Adjusted earnings per share of €0.49, up from €0.10 in the prior year;
·
Net debt to LTM Adjusted EBITDA reduced from 5.3x to 5.1x during the quarter;
·
10-year GBP400 million Senior Notes issuance, further improving debt maturities to almost 7 years;
·
$750 million of available cash and IPO proceeds used or allocated to repay debt to date in 2017;
·
Quarterly cash dividend of $0.14 per common share, payable on August 31, 2017;
·
Prior guidance for 2017 Adjusted EBITDA of €1.4 billion ($1.5 billion) was based on then prevailing exchange rates. At current exchange rates this guidance becomes €1.37 billion ($1.6 billion) due entirely to currency. Targeted leverage of approximately 4.75x Adjusted EBITDA at December 31, 2017 is unchanged.



1 Change pro forma reflects the Beverage Can Acquisition completed June 30, 2016.
2 Adjusted EBITDA is defined on page 5 of this release.
3 2016 reflects LTM Adjusted EBITDA on a pro forma basis.
4 Payable on August 31, 2017 to shareholders of record on August 17, 2017.
 
 
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Summary Financial Information

   
Three months ended
    
Six months ended
    
   
(in € millions, except EPS, ratios and percentages)
    
   
June 30,
2017
    
June 30,
2016
    
June 30,
2017
    
June 30,
2016
    
                           
Revenue
    
2,021
      
1,281
      
3,865
      
2,499
    
Profit/(loss) for the period
    
30
      
(69
)
    
(29
)
    
(55
)
  
Adjusted profit for the period
    
116
      
21
      
177
      
59
    
Adjusted EBITDA
    
379
      
256
      
678
      
473
    
Adjusted EBITDA margin
    
18.8
%
    
20.0
%
    
17.5
%
    
18.9
%
  
Earnings per share (€)
    
0.13
      
(0.34
)
    
(0.13
)
    
(0.27
)
  
Adjusted earnings per share (€)
    
0.49
      
0.10
      
0.79
      
0.29
    
LTM Adjusted EBITDA
                    
1,363
      
-
    
 
                                  
Net debt5
                    
6,964
      
7,365
    
Cash and available liquidity6
                    
988
      
819
    
Net debt to LTM Adjusted EBITDA
                    
5.1
x
    
5.7
x
  
 
                                  
Cash generated from operations
    
309
      
243
      
416
      
322
    
Operating cash flow
    
237
      
184
      
243
      
213
    
Adjusted free cash flow
    
77
      
59
      
(6
)
    
16
    
                                   
 
Operating and Adjusted Free Cash Flow
 
 
  
Three months ended
    
Six months ended
    
 
  
June 30,
    
June 30,
    
June 30,
    
June 30,
    
 
  
2017
    
2016
    
2017
    
2016
    
 
  
€m
    
€m
    
€m
    
€m
    
 Adjusted EBITDA
    
379
      
256
      
678
      
473
    
 Movement in working capital
    
(42
)
    
(3
)
    
(223
)
    
(125
)
  
 Capital expenditure
    
(98
)
    
(65
)
    
(207
)
    
(129
)
  
 Exceptional restructuring
    
(2
)
    
(4
)
    
(5
)
    
(6
)
  
 Operating Cash Flow
    
237
      
184
      
243
      
213
    
 Interest
    
(133
)
    
(99
)
    
(209
)
    
(165
)
  
 Income tax
    
(27
)
    
(26
)
    
(40
)
    
(32
)
  
 Adjusted Free Cash Flow
    
77
      
59
      
(6
)
    
16
    
     



5 Net debt at June 30, 2016, excludes Senior PIK Notes due 2019, redeemed in September 2016.
6 Included within cash and available liquidity at June 30, 2017 are net IPO proceeds of €303 million which are intended to be used to redeem in full the principal amount outstanding of the €405 million 4.250% First Priority Senior Secured Notes due 2022, on August 1, 2017.
 
The non-GAAP information in the above tables has been derived from the Consolidated Interim Financial Statements and related notes. Interest included in the calculation of Adjusted Free Cash Flow excludes exceptional interest paid.
 
 
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Financial Performance Review

Bridge of 2016 reported revenue to 2017 reported revenue
 
 
                                
   
Three months ended June 30
    
         
 
  
Metal Packaging Europe
    
Metal Packaging
Americas
    
Glass Packaging
Europe
    
Glass Packaging North America
    
Group
    
 
  
€m
    
€m
    
€m
    
€m
    
€m
    
                                 
  Reported revenue 2016
    
398
      
83
      
371
      
429
      
1,281
    
  Acquisition
    
385
      
332
      
-
      
-
      
717
    
  Pro forma revenue 2016
    
783
      
415
      
371
      
429
      
1,998
    
  Organic
    
11
      
4
      
5
      
(4
)
    
16
    
  Reclassification
    
-
      
-
      
-
      
(4
)
    
(4
)
  
  FX translation
    
(8
)
    
15
      
(10
)
    
14
      
11
    
  Reported revenue 2017
    
786
      
434
      
366
      
435
      
2,021
    
 
                                          

Bridge of 2016 reported Adjusted EBITDA to 2017 reported Adjusted EBITDA

 
                                
   
Three months ended June 30
    
         
 
  
Metal Packaging Europe
    
Metal Packaging
Americas
    
Glass Packaging Europe
    
Glass Packaging North America
    
Group
    
 
  
€m
    
€m
    
€m
    
€m
    
€m
    
                                 
  Reported Adjusted EBITDA 2016
    
68
      
13
      
79
      
96
      
256
    
  Acquisition
    
58
      
42
      
-
      
-
      
100
    
  Pro forma Adjusted EBITDA 2016
    
126
      
55
      
79
      
96
      
356
    
  Organic
    
9
      
12
      
3
      
(2
)
    
22
    
  FX translation
    
(1
)
    
1
      
(2
)
    
3
      
1
    
  Reported Adjusted EBITDA 2017
    
134
      
68
      
80
      
97
      
379
    
 
                                          
  Reported Adjusted EBITDA 2017 margin
    
17.0
%
    
15.7
%
    
21.9
%
    
22.3
%
    
18.8
%
  
  Pro forma Adjusted EBITDA 2016 margin
    
16.1
%
    
13.3
%
    
21.3
%
    
22.4
%
    
17.8
%
  
                                           






 
 
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Bridge of 2016 reported revenue to 2017 reported revenue
 
 
                                
   
Six months ended June 30
    
         
 
  
Metal Packaging Europe
    
Metal Packaging
Americas
    
Glass Packaging
Europe
    
Glass Packaging North America
    
Group
    
 
  
€m
    
€m
    
€m
    
€m
    
€m
    
                                 
  Reported revenue 2016
    
782
      
174
      
692
      
851
      
2,499
    
  Acquisition
    
680
      
621
      
-
      
-
      
1,301
    
  Pro forma revenue 2016
    
1,462
      
795
      
692
      
851
      
3,800
    
  Organic
    
30
      
14
      
14
      
6
      
64
    
  Reclassification
    
-
      
-
      
-
      
(15
)
    
(15
)
  
  FX translation
    
(18
)
    
30
      
(21
)
    
25
      
16
    
  Reported revenue 2017
    
1,474
      
839
      
685
      
867
      
3,865
    
 
                                          

Bridge of 2016 reported Adjusted EBITDA to 2017 reported Adjusted EBITDA

 
                                
   
Six months ended June 30
    
         
 
  
Metal Packaging Europe
    
Metal Packaging
Americas
    
Glass Packaging
Europe
    
Glass Packaging North America
    
Group
    
 
  
€m
    
€m
    
€m
    
€m
    
€m
    
                                 
  Reported Adjusted EBITDA 2016
    
127
      
23
      
142
      
181
      
473
    
  Acquisition
    
104
      
71
      
-
      
-
      
175
    
  Pro forma Adjusted EBITDA 2016
    
231
      
94
      
142
      
181
      
648
    
  Organic
    
10
      
16
      
6
      
(3
)
    
29
    
  FX translation
    
(3
)
    
3
      
(4
)
    
5
      
1
    
  Reported Adjusted EBITDA 2017
    
238
      
113
      
144
      
183
      
678
    
 
                                          
  Reported Adjusted EBITDA 2017 margin
    
16.1
%
    
13.5
%
    
21.0
%
    
21.1
%
    
17.5
%
  
  Pro forma Adjusted EBITDA 2016 margin
    
15.8
%
    
11.8
%
    
20.5
%
    
21.3
%
    
17.1
%
  
                                         
 

 
 
 
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Group
Revenue in the quarter ended June 30, 2017 increased by 58% to €2,021 million, compared with the same period last year. Revenue growth principally reflected the Beverage Can Acquisition, completed on June 30, 2016, as well as organic growth of 1%.  Second quarter Adjusted EBITDA of €379 million increased by 48%, compared with the same period last year. Growth reflected the Beverage Can Acquisition, as well as pro forma growth of 6% compared with the same period last year.

Metal Packaging Europe
Revenue increased by 97%, to €786 million in the three month period ended June 30, 2017, compared with the same period last year. Growth reflected the inclusion of the Beverage Can Acquisition, as well as 1% organic growth, partly offset by €8 million currency translation effects. Adjusted EBITDA increased by 97% to €134 million, compared with the same period last year. Growth in Adjusted EBITDA reflected the Beverage Can Acquisition, as well as 7% organic growth, partly offset by €1 million adverse currency translation effects.

Metal Packaging Americas
Revenue increased by 423% to €434 million in the second quarter of 2017, compared with the same period last year. Revenue growth reflected the Beverage Can Acquisition, a 1% organic increase, as well as positive currency translation effects of €15 million. Adjusted EBITDA increased by €55 million to €68 million, compared with the same period last year. Growth primarily reflected the Beverage Can Acquisition, 22% organic Adjusted EBITDA growth and positive currency translation effects of €1 million.

Glass Packaging Europe
Revenue declined by 1% to €366 million in the three month period ended June 30, 2017, compared with the same period last year, as organic growth of 1% was more than offset by €10 million currency translation effects. Adjusted EBITDA for the quarter increased by 1% to €80 million, compared with the same period last year, with growth of 4% at constant currency rates.

Glass Packaging North America
Revenue increased by 1% to €435 million in the second quarter, compared with the same period last year including a €14 million positive currency translation effect. Constant currency revenue was 2% lower, due mainly to continued soft mass beer markets. Adjusted EBITDA increased by 1% to €97 million in the second quarter, compared with the same period in 2016. Excluding a positive currency translation effect of €3 million, Adjusted EBITDA was 2% lower than the same period last year.

Financing Activity
In June, the Group issued £400 million, 10-year sterling notes, representing the longest debt maturity issued to date and its first in sterling. Proceeds, together with available cash, were used to redeem in full the $500 million Senior Secured Floating Rate Notes due 2021.

Following the redemption of the €405 million 4.250% First Priority Senior Secured Notes due 2022 on August 1, the Group will have used over $750 million of available cash and IPO proceeds to repay debt.
 
Net debt at June 30, 2017 was €7.0 billion.
 
Adjusted EBITDA
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.
 
For a reconciliation of the profit/(loss) for the period to Adjusted EBITDA see page 11.
 
 
 
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Conference Call Details

Ardagh Group S.A. (NYSE: ARD) will hold its second quarter 2017 earnings call for investors at 3 p.m. BST (10 a.m. ET) on July 27, 2017. Please use the following link to register for this call:
 
http://event.onlineseminarsolutions.com/r.htm?e=1454308&s=1&k=7EDB2CFB20A388384D0D59894AA95288
 
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.


Contacts

Investors:
Email: john.sheehan@ardaghgroup.com
 
Media:

Pat Walsh, Murray Consultants
Tel.: +1 646 776 5918 / +353 87 2269345
Email: pwalsh@murrayconsult.ie


 
 
 

 

 
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Condensed Consolidated Interim Financial Statements
Consolidated Interim Income Statement
 
     
Three months ended June 30, 2017
    
Three months ended June 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
    
2,021
      
-
      
2,021
      
1,281
      
-
      
1,281
    
 
Cost of sales
    
(1,640
)
    
(8
)
    
(1,648
)
    
(1,041
)
    
9
      
(1,032
)
  
 
Gross profit/(loss)
    
381
      
(8
)
    
373
      
240
      
9
      
249
    
 
 
Sales, general and administration expenses
    
(97
)
    
(5
)
    
(102
)
    
(54
)
    
(81
)
    
(135
)
  
 
Intangible amortization
    
(59
)
    
-
      
(59
)
    
(27
)
    
-
      
(27
)
  
 
Operating profit/(loss)
    
225
      
(13
)
    
212
      
159
      
(72
)
    
87
    
 
Finance expense
    
(109
)
    
(42
)
    
(151
)
    
(125
)
    
(99
)
    
(224
)
  
 
Finance income
    
-
      
-
      
-
      
-
      
78
      
78
    
 
Profit/(loss) before tax
    
116
      
(55
)
    
61
      
34
      
(93
)
    
(59
)
  
 
Income tax (charge)/credit
    
(42
)
    
11
      
(31
)
    
(30
)
    
20
      
(10
)
  
 
Profit/(loss) for the period
    
74
      
(44
)
    
30
      
4
      
(73
)
    
(69
)
  
                                                     
 
Profit/(loss) attributable to:
                                                  
 
Owners of the parent
                    
30
                      
(69
)
  
 
Non-controlling interests
                    
-
                      
-
    
 
Profit/(loss) for the period
                    
30
                      
(69
)
  
                                                     
 
Profit/(loss) per share:
                                                  
 
Basic profit/(loss) for the period attributable to ordinary equity holders of the parent
                  
 
€0.13
                    
 
(€0.34
)
  
                                                     
 
 
 
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Consolidated Interim Income Statement
 
     
Six months ended June 30, 2017
    
Six months ended June 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
    
3,865
      
-
      
3,865
      
2,499
      
-
      
2,499
    
 
Cost of sales
    
(3,174
)
    
(8
)
    
(3,182
)
    
(2,047
)
    
6
      
(2,041
)
  
 
Gross profit/(loss)
    
691
      
(8
)
    
683
      
452
      
6
      
458
    
 
 
Sales, general and administration expenses
    
(197
)
    
(18
)
    
(215
)
    
(120
)
    
(83
)
    
(203
)
  
 
Intangible amortization
    
(122
)
    
-
      
(122
)
    
(54
)
    
-
      
(54
)
  
 
Operating profit/(loss)
    
372
      
(26
)
    
346
      
278
      
(77
)
    
201
    
 
Finance expense
    
(230
)
    
(123
)
    
(353
)
    
(208
)
    
(99
)
    
(307
)
  
 
Finance income
    
-
      
-
      
-
      
-
      
78
      
78
    
 
Profit/(loss) before tax
    
142
      
(149
)
    
(7
)
    
70
      
(98
)
    
(28
)
  
 
Income tax (charge)/credit
    
(52
)
    
30
      
(22
)
    
(47
)
    
20
      
(27
)
  
 
Profit/(loss) for the period
    
90
      
(119
)
    
(29
)
    
23
      
(78
)
    
(55
)
  
                                                     
 
Loss attributable to:
                                                  
 
Owners of the parent
                    
(29
)
                    
(55
)
  
 
Non-controlling interests
                    
-
                      
-
    
 
Loss for the period
                    
(29
)
                    
(55
)
  
                                                     
 
Loss per share:
                                                  
 
Basic loss for the period attributable to ordinary equity holders of the parent
                  
 
(€0.13
)
                  
 
(€0.27
)
  
                                                     
 
 

 
 
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Consolidated Interim Statement of Financial Position
 
     
June 30,
2017
€m
Unaudited
    
December 31,
2016
€m
Audited
    
 
Non-current assets
              
 
Intangible assets
    
3,616
      
3,904
    
 
Property, plant and equipment
    
2,810
      
2,911
    
 
Derivative financial instruments
    
-
      
124
    
 
Deferred tax assets
    
246
      
259
    
 
Other non-current assets
    
18
      
20
    
       
6,690
      
7,218
    
 
Current assets
                  
 
Inventories
    
1,177
      
1,125
    
 
Trade and other receivables
    
1,367
      
1,164
    
 
Derivative financial instruments
    
10
      
11
    
 
Restricted cash
    
28
      
27
    
 
Cash and cash equivalents
    
693
      
745
    
       
3,275
      
3,072
    
 
TOTAL ASSETS
    
9,965
      
10,290
    
                     
 
Equity attributable to owners of the parent
                  
 
Issued capital
    
22
      
-
    
 
Share premium
    
1,090
      
136
    
 
Capital contribution
    
431
      
431
    
 
Other reserves
    
(315
)
    
(324
)
  
 
Retained earnings
    
(2,429
)
    
(2,313
)
  
       
(1,201
)
    
(2,070
)
  
 
Non-controlling interests
    
1
      
2
    
 
TOTAL EQUITY
    
(1,200
)
    
(2,068
)
  
                     
 
Non-current liabilities
                  
 
Borrowings
    
7,168
      
8,142
    
 
Employee benefit obligations
    
880
      
905
    
 
Deferred tax liabilities
    
633
      
694
    
 
Derivative financial instruments
    
112
      
-
    
 
Related party borrowings
    
-
      
673
    
 
Provisions
    
47
      
57
    
       
8,840
      
10,471
    
 
Current liabilities
                  
 
Borrowings
    
406
      
8
    
 
Interest payable
    
69
      
81
    
 
Derivative financial instruments
    
-
      
8
    
 
Trade and other payables
    
1,632
      
1,539
    
 
Amounts payable to parent companies
    
6
      
-
    
 
Income tax payable
    
156
      
182
    
 
Provisions
    
56
      
69
    
       
2,325
      
1,887
    
 
TOTAL LIABILITIES
    
11,165
      
12,358
    
 
TOTAL EQUITY and LIABILITIES
    
9,965
      
10,290
    
                     
 
 
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Consolidated Interim Statement of Cash Flows

                 
     
Three months ended June 30,
    
Six months ended June 30,
    
     
2017
€m
Unaudited
    
2016
€m
Unaudited
    
2017
€m
Unaudited
    
2016
€m
Unaudited
    
                             
 
Cash flows from operating activities
                          
 
Cash generated from operations
    
309
      
243
      
416
      
322
    
 
Interest paid
    
(135
)
    
(108
)
    
(211
)
    
(174
)
  
 
Income tax paid
    
(27
)
    
(26
)
    
(40
)
    
(32
)
  
 
Net cash from operating activities
    
147
      
109
      
165
      
116
    
                                     
 
Cash flows from investing activities
                                  
 
Purchase of business, net of cash acquired
    
-
      
(2,571
)
    
-
      
(2,571
)
  
 
Purchase of property, plant and equipment
    
(96
)
    
(63
)
    
(202
)
    
(125
)
  
 
Purchase of software and other intangibles
    
(3
)
    
(3
)
    
(6
)
    
(5
)
  
 
Proceeds from disposal of property, plant and equipment
    
1
      
1
      
1
      
1
    
 
Net cash used in investing activities
    
(98
)
    
(2,636
)
    
(207
)
    
(2,700
)
  
                                     
 
Cash flows from financing activities
                                  
 
Proceeds from borrowings
    
458
      
3,950
      
3,507
      
3,950
    
 
Repayment of borrowings
    
(838
)
    
(1,311
)
    
(3,656
)
    
(1,313
)
  
 
Net (costs)/proceeds from share issuance
    
(3
)
    
-
      
310
      
-
    
 
Dividend paid
    
(29
)
    
-
      
(93
)
    
-
    
 
Early redemption premium paid
    
(22
)
    
(59
)
    
(76
)
    
(59
)
  
 
Deferred debt issue costs paid
    
(5
)
    
(50
)
    
(22
)
    
(50
)
  
 
Proceeds from the termination of derivative financial instruments
    
42
      
-
      
42
      
-
    
 
Net cash (outflow)/inflow from financing activities
    
(397
)
    
2,530
      
12
      
2,528
    
                                     
 
Net (decrease)/increase in cash and cash equivalents
    
(348
)
    
3
      
(30
)
    
(56
)
  
                                     
 
Cash and cash equivalents at beginning of period
    
1,082
      
488
      
772
      
553
    
 
Exchange (losses)/gains on cash and cash equivalents
    
(13
)
    
48
      
(21
)
    
42
    
 
Cash and cash equivalents at end of period
    
721
      
539
      
721
      
539
    
                                     

 

 
 
 
 
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Reconciliation of profit/(loss) to Adjusted EBITDA
   
Three months ended
    
Six months ended
  
   
June 30,
2017
€m
    
June 30,
2016
€m
    
June 30,
2017
€m
    
June 30,
2016
€m
  
Profit/(loss) for the period
    
30
      
(69
)
    
(29
)
    
(55
)
Income tax charge
    
31
      
10
      
22
      
27
  
Net finance expense
    
151
      
146
      
353
      
229
  
Depreciation and amortization
    
154
      
97
      
306
      
195
  
Exceptional operating items
    
13
      
72
      
26
      
77
  
Adjusted EBITDA
    
379
      
256
      
678
      
473
  

Reconciliation of profit/(loss) to Adjusted profit
                         
   
Three months ended
    
Six months ended
  
   
June 30,
2017
€m
    
June 30,
2016
€m
    
June 30,
2017
€m
    
June 30,
2016
€m
  
Profit/(loss) for the period
    
30
      
(69
)
    
(29
)
    
(55
)
Total exceptional items7
    
55
      
93
      
149
      
98
  
Tax credit associated with exceptional items
    
(11
)
    
(20
)
    
(30
)
    
(20
)
Intangible amortization
    
59
      
27
      
122
      
54
  
Tax credit associated with intangible amortization
    
(17
)
    
(10
)
    
(35
)
    
(18
)
Adjusted profit for the period
    
116
      
21
      
177
      
59
  
Weighted average ordinary shares
    
236.3
      
202.0
      
222.8
      
202.0
  
Adjusted earnings per share (€)
    
0.49
      
0.10
      
0.79
      
0.29
  

Cash generated from operations
   
Three months ended
    
Six months ended
  
   
June 30,
2017
€m
    
June 30,
2016
€m
    
June 30,
2017
€m
    
June 30,
2016
€m
  
Profit/(loss) for the period
    
30
      
(69
)
    
(29
)
    
(55
)
Income tax charge
    
31
      
10
      
22
      
27
  
Net finance expense
    
151
      
146
      
353
      
229
  
Depreciation and amortization
    
154
      
97
      
306
      
195
  
Exceptional operating items
    
13
      
72
      
26
      
77
  
Movement in working capital
    
(42
)
    
(3
)
    
(223
)
    
(125
)
Acquisition-related, IPO, plant start-up and other exceptional costs paid
    
(26
)
    
(6
)
    
(34
)
    
(20
)
Exceptional restructuring paid
    
(2
)
    
(4
)
    
(5
)
    
(6
)
Cash generated from operations
    
309
      
243
      
416
      
322
  



7 Total exceptional items for the three and six months ended June 30, 2017 include debt refinancing and settlement costs of €28 million and €109 million respectively.  Further, total exceptional items for the three and six months ended June 30, 2017 include costs directly attributable to the acquisition and integration of the Beverage Can Business and IPO and other transaction related costs of €5 million and €18 million respectively.
 
 
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