EX-99.1 2 ss64749_ex9901.htm PRESS RELEASE ON EARNINGS
 

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

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
    
4.9
x
    
5.5
x
                  
 
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.


1 Adjusted EBITDA is defined on page 5 of this 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.
 
 

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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
                    
4.9
x
    
5.5
x
  
                                     
 
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
    
       
 
 
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.
 
 
 
 


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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
%
  





 
 
 


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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 %   
 
 
 

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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.

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 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.

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 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
)
  
                                                   

 
 

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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
)
  

 
 
 

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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
    
                   
 
 
 


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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
    
                                   
 
 
 
 


one brandone vision
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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 items5
    
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
  


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.
 
 
 
 

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