ArdaghGroup Interim Report For the three months ended 31 March 2017 Ardagh Group S.A.
TABLE OF CONTENTS Unaudited Financial Statements - Consolidated Interim Income Statement for the three months ended March 31, 2017 and 2016 ......................... 2 - Consolidated Interim Statement of Comprehensive Income for the three months ended March 31, 2017 and 2016 .................................................................................................................................... 3 - Consolidated Interim Statement of Financial Position at March 31, 2017 and December 31, 2016 ..................... 4 - Consolidated Interim Statement of Changes in Equity for the three months ended March 31, 2017 and 2016 .................................................................................................................................... 6 - Consolidated Interim Statement of Cash Flows for the three months ended March 31, 2017 and 2016 .............. 7 Notes to the Unaudited Condensed Consolidated Interim Financial Statements ......................................................... 8 Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 2017 ................................................................................................................ 18 Cautionary Statement Regarding Forward-Looking Statements .................................................................................. 28 As used herein, “AGSA” or the “Company” refer to Ardagh Group S.A. , and “we”, “our”, “us”, “Ardagh” and the “Group” refer to AGSA and its consolidated subsidiaries, unless the context requires otherwise. 1 Ardagh Group S.A.
ARDAGH GROUP S.A. CONSOLIDATED INTERIM INCOME STATEMENT Three months ended March 31, 2017 Three months ended March 31, 2016 Note Before Before exceptional Exceptional exceptional Exceptional items items Total items items Total €m €m €m €m €m €m Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Note 5 Note 5 Revenue 4 1,844 - 1,844 1,218 - 1,218 Cost of sales (1,534) - (1,534) (1,006) (3) (1,009) Gross profit/(loss) 310 - 310 212 (3) 209 Sales, general and administration expenses (100) (13) (113) (66) (2) (68) Intangible amortization 8 (63) - (63) (27) - (27) Operating profit/(loss) 147 (13) 134 119 (5) 114 Finance expense 6 (121) (81) (202) (83) - (83) Profit/(loss) before tax 26 (94) (68) 36 (5) 31 Income tax (charge)/credit (10) 19 9 (17) - (17) Profit/(loss) for the period 16 (75) (59) 19 (5) 14 (Loss)/profit attributable to: Owners of the parent (59) 14 Non-controlling interests - - (Loss)/profit for the period (59) 14 (Loss)/profit per share: Basic (loss)/profit for the year attributable to ordinary ( € 0.28) € 0.07 equity holders of the parent 7 The accompanying notes to the condensed consolidated interim financial statements are an integral part of these condensed consolidated interim financial statements. 2 Ardagh Group S.A.
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME Three months ended March 31, 2017 2016 €m €m Note Unaudited Unaudited (Loss)/profit for the period (59) 14 Other comprehensive income Items that may subsequently be reclassified to income statement Foreign currency translation adjustments: -Arising in the period 23 49 23 49 Effective portion of changes in fair value of cash flow hedges: -New fair value adjustments into reserve (4) (19) -Movement out of reserve 25 18 -Movement in deferred tax (2) - 19 (1) Items that will not be reclassified to income statement 12 -Re-measurements of employee benefit obligations 3 (63) -Deferred tax movement on employee benefit obligations (3) 20 - (43) Total other comprehensive income for the period 42 5 Total comprehensive (expense)/income for the period (17) 19 Attributable to: Owners of the parent (17) 19 Non-controlling interests - - Total comprehensive (expense)/income for the period (17) 19 The accompanying notes to the condensed consolidated interim financial statements are an integral part of these condensed consolidated interim financial statements. 3 Ardagh Group S.A.
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION At March 31, At December 31, 2017 2016 €m €m Note Unaudited Audited Non-current assets Intangible assets 8 3,800 3,888 Property, plant and equipment 8 2,916 2,927 Derivative financial instruments 95 124 Deferred tax assets 259 259 Other non-current assets 18 20 7,088 7,218 Current assets Inventories 1,230 1,125 Trade and other receivables 1,258 1,159 Derivative financial instruments 28 11 Restricted cash 28 27 Cash and cash equivalents 1,054 745 3,598 3,067 TOTAL ASSETS 10,686 10,285 The accompanying notes to the condensed consolidated interim financial statements are an integral part of these condensed consolidated interim financial statements. 4 Ardagh Group S.A.
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (CONTINUED) At March 31, At December 31, 2017 2016 €m €m Note Unaudited Audited Equity attributable to owners of the parent Issued capital 9 22 - Share premium 1,090 136 Capital contribution 431 431 Other reserves (282) (324) Retained earnings (2,424) (2,301) (1,163) (2,058) Non-controlling interests 1 2 TOTAL EQUITY (1,162) (2,056) Non-current liabilities Borrowings 10 7,900 8,142 Employee benefit obligations 906 904 Deferred tax liabilities 687 698 Related party borrowings 11 - 673 Provisions 49 55 9,542 10,472 Current liabilities Borrowings 10 390 8 Interest payable 105 81 Derivative financial instruments 5 8 Trade and other payables 1,602 1,534 Amounts payable to parent companies 6 - Income tax payable 132 169 Provisions 66 69 2,306 1,869 TOTAL LIABILITIES 11,848 12,341 TOTAL EQUITY and LIABILITIES 10,686 10,285 The accompanying notes to the condensed consolidated interim financial statements are an integral part of these condensed consolidated interim financial statements. 5 Ardagh Group S.A.
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY Attributable to the owner of the parent Foreign currency Non- Share Share translation Cash flow Retained controlling Total Capital capital premium reserve hedges earnings Total interests equity contribution €m €m €m €m €m €m €m €m €m Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2 At January 1, 2017 - 136 431 (291) (33) (2,301) (2,058) (2,056) Loss for the period - - - - - (59) (59) - (59) Other comprehensive income - - - 23 19 - - 42 42 Share re-organization (Note 9) 22 (22) - - - - - - - Share issuance (Note 9) - 303 - - - - 303 - 303 Conversion of related party loan (Note 11) - 673 - - - - 673 - 673 Dividends paid (Note 15) - - - - - (64) (64) - (64) Disposal of non-controlling interest - - - - - - - (1) (1) At March 31, 2017 22 1,090 431 (268) (14) (2,424) (1,163) 1 (1,162) At January 1, 2016 - 400 - (239) (2) (2,141) (1,982) 2 (1,980) Profit for the period - - - - - 14 14 - 14 Other comprehensive income/(expense) - - - 49 (1) (43) 5 - 5 At March 31, 2016 - 400 - (190) (3) (2,170) (1,963) 2 (1,961) The accompanying notes to the condensed consolidated interim financial statements are an integral part of these condensed consolidated interim financial statements 6 Ardagh Group S.A.
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS Three months ended March 31, 2017 2016 €m €m Note Unaudited Unaudited Cash flows from operating activities 107 79 Cash generated from operations 13 (76) (66) Interest paid (13) (6) Income tax paid Net cash from operating activities 18 7 Cash flows from investing activities (106) (62) Purchase of property, plant and equipment Purchase of software and other intangibles (3) (2) Net cash used in investing activities (109) (64) Cash flows from financing activities Proceeds from borrowings 3,049 - Repayment of borrowings (2,818) (2) Proceeds from share issuance 9 313 - Dividend paid 15 (64) - Early redemption premium costs paid (54) - Deferred debt issue costs paid (17) - 409 (2) Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and cash equivalents 318 (59) Cash and cash equivalents at the beginning of the period 772 553 Exchange losses on cash and cash equivalents (8) (6) Cash and cash equivalents at the end of the period 1,082 488 The accompanying notes to the condensed consolidated interim financial statements are an integral part of these condensed consolidated interim financial statements. 7 Ardagh Group S.A.
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