EX-99.1 2 ex-99d1.htm EX-99.1 ard_Ex99_1

 

 

Exhibit 99.1

Picture 2

Change in presentation currency – additional conversion information

In February 2018, Ardagh Group S.A. (the “Group”) announced that with effect from January 1, 2018 the Group will change the currency in which it presents its financial statements from euro to U.S. dollar. This is principally as a result of the Group’s assessment that this change will help provide a clearer understanding of the Group’s financial performance and improve comparability of our performance following the Group’s IPO on the New York Stock Exchange.

Consequently, selected unaudited financial information for the financial years ended December 31, 2017 and 2016 is provided in U.S. dollar for informational purposes in the attached appendix. The consolidated financial statements of Ardagh Group S.A. for the financial years ended December 31, 2017, 2016 and 2015, re-presented in U.S. dollar will be provided in due course.

About Ardagh Group

Ardagh Group (www.ardaghgroup.com) is a global leader in metal and glass packaging solutions, producing packaging for most of 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 $8.6 billion.

Non-GAAP Financial Measures

This release contains certain consolidated financial measures such as Adjusted EBITDA that are not calculated in accordance with IFRS or US GAAP. Non-GAAP financial measures may be considered in addition to GAAP financial information, but should not be used as substitutes for the corresponding GAAP measures. The non-GAAP financial measures used by Ardagh may differ from, and not be comparable to, similarly titled measures used by other companies.

March 28, 2018


 

 

 

Appendix

The change in presentation currency from euro to U.S. dollar in the consolidated financial statements of the Group, will be treated as a change in accounting policy with retrospective application in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” and will be affected by the procedures outlined below, in accordance with the requirements set out in IAS 21 “The Effects of Changes in Foreign Exchange Rates”:

·

the consolidated statement of financial position will be translated at the foreign exchange rate at the balance sheet date;

·

the consolidated income statement, consolidated statement of comprehensive income and consolidated statement of cash flows will be translated at an average exchange rate for the period;

·

Historical equity transactions will be translated at the foreign exchange rate on the date of transaction and subsequently carried at historical value;

·

Foreign exchange differences arising on translation to presentation currency will be recognized in other comprehensive income and all exchange rates used have been extracted from the Group’s underlying financial records.

The exchange rates used are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

Year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

- Closing rate

    

1.0691

 

1.1412

 

1.1806

 

1.1993

 

1.1993

- Average rate

 

1.0631

 

1.0947

 

1.1655

 

1.1764

 

1.1249

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

- Closing rate

 

1.1385

 

1.1102

 

1.1161

 

1.0541

 

1.0541

- Average rate

 

1.0898

 

1.1314

 

1.1116

 

1.0914

 

1.1061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On a reported basis

 

Year ended/as at December 31, 2017

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

 

US$'m

 

US$'m

 

US$'m

 

US$'m

 

US$'m

Revenue by Segment

 

 

 

 

 

 

 

 

 

 

Metal Packaging Europe

    

731

 

860

 

943

 

805

 

3,339

Metal Packaging Americas

 

431

 

475

 

513

 

512

 

1,931

Glass Packaging Europe

 

339

 

401

 

417

 

392

 

1,549

Glass Packaging North America

 

459

 

476

 

446

 

396

 

1,777

Total Revenue

 

1,960

 

2,212

 

2,319

 

2,105

 

8,596

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA by segment 1:

 

 

 

 

 

 

 

 

 

 

Metal Packaging Europe

 

111

 

147

 

181

 

115

 

554

Metal Packaging Americas

 

48

 

74

 

75

 

68

 

265

Glass Packaging Europe

 

68

 

88

 

104

 

80

 

340

Glass Packaging North America

 

91

 

106

 

80

 

72

 

349

Total Adjusted EBITDA

 

318

 

415

 

440

 

335

 

1,508

 

 

 

 

 

 

 

 

 

 

 

 

 


1 Adjusted EBITDA consists of profit/(loss) for the year before income tax expense/(credit), net finance expense, depreciation and amortization and exceptional operating items. 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 ours. Adjusted EBITDA is not  a measurement of financial performance under IFRS and should not be considered an alternative to profit/(loss) as an indicator of operating performance or any other measure of performance derived in accordance with IFRS.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

On a reported basis

 

Year ended/as at December 31, 2016

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

 

US$'m

 

US$'m

 

US$'m

 

US$'m

 

US$'m

Revenue by Segment

 

 

 

 

 

 

 

 

 

 

Metal Packaging Europe

    

418

 

450

 

885

 

717

 

2,470

Metal Packaging Americas

 

99

 

94

 

498

 

477

 

1,168

Glass Packaging Europe

 

350

 

420

 

401

 

370

 

1,541

Glass Packaging North America

 

460

 

485

 

461

 

429

 

1,835

Total Revenue

 

1,327

 

1,449

 

2,245

 

1,993

 

7,014

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA by segment:

 

 

 

 

 

 

 

 

 

 

Metal Packaging Europe

 

64

 

77

 

156

 

107

 

404

Metal Packaging Americas

 

11

 

15

 

66

 

62

 

154

Glass Packaging Europe

 

69

 

89

 

98

 

72

 

328

Glass Packaging North America

 

93

 

108

 

101

 

93

 

395

Total Adjusted EBITDA

 

237

 

289

 

421

 

334

 

1,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On a pro forma basis 2

 

Year ended/as at December 31, 2016

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

 

US$'m

 

US$'m

 

US$'m

 

US$'m

 

US$'m

Revenue by Segment

 

 

 

 

 

 

 

 

 

 

Metal Packaging Europe

    

740

 

886

 

885

 

717

 

3,228

Metal Packaging Americas

 

414

 

470

 

498

 

477

 

1,859

Glass Packaging Europe

 

350

 

420

 

401

 

370

 

1,541

Glass Packaging North America

 

460

 

485

 

461

 

429

 

1,835

Total Revenue

 

1,964

 

2,261

 

2,245

 

1,993

 

8,463

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA by segment:

 

 

 

 

 

 

 

 

 

 

Metal Packaging Europe

 

114

 

143

 

156

 

107

 

520

Metal Packaging Americas

 

42

 

62

 

66

 

62

 

232

Glass Packaging Europe

 

69

 

89

 

98

 

72

 

328

Glass Packaging North America

 

93

 

109

 

101

 

93

 

396

Total Adjusted EBITDA

 

318

 

403

 

421

 

334

 

1,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


2 On June 30, 2016, the Group completed the acquisition of certain beverage can manufacturing assets from Ball Corporation and Rexam PLC (“the Beverage Can Acquisition”). Pro forma revenue and Adjusted EBITDA for the year ended December 31, 2016 is presented as if the Beverage Can Acquisition had occurred on 1 January 2016.