ArdaghGroup Interim Report For the three and nine months ended 30 September 2017 Ardagh Group S.A.
TABLE OF CONTENTS Unaudited Financial Statements - Consolidated Interim Income Statement for the three months ended September 30, 2017 and 2016 ................. 2 - Consolidated Interim Income Statement for the nine months ended September 30, 2017 and 2016 .................. 3 - Consolidated Interim Statement of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016 ............................................................................................................................. 4 - Consolidated Interim Statement of Financial Position at September 30, 2017 and December 31, 2016 ............. 5 - Consolidated Interim Statement of Changes in Equity for the nine months ended September 30, 2017 and 2016 .............................................................................................................................................................. 7 - Consolidated Interim Statement of Cash Flows for the three and nine months ended September 30, 2017 and 2016 .............................................................................................................................................................. 8 Notes to the Unaudited Consolidated Interim Financial Statements ............................................................................ 9 Managemen t’s Discussion and Analysis of Financial Condition and Results of Operations for the three and nine months ended September 30, 2017 ............................................................................................................................. 21 Cautionary Statement Regarding Forward-Looking Statements .................................................................................. 34 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. Ardagh Group S.A. 1
ARDAGH GROUP S.A. CONSOLIDATED INTERIM INCOME STATEMENT Three months ended September 30, 2017 Three months ended September 30, 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 1,990 - 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 6 (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 €0.22 (€0. 03) equity holders of the parent 7 The accompanying notes to the consolidated interim financial statements are an integral part of these consolidated interim financial statements. Ardagh Group S.A. 2
ARDAGH GROUP S.A. CONSOLIDATED INTERIM INCOME STATEMENT Nine months ended September 30, 2017 Nine months ended September 30, 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 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 8 (178) - (178) (96) - (96) Operating profit/(loss) 597 (42) 555 517 (106) 411 Finance expense 6 (348) (123) (471) (337) (157) (494) Finance income 6 - - - - 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 € 0.11 (€ 0.30) holders of the parent 7 The accompanying notes to the consolidated interim financial statements are an integral part of these consolidated interim financial statements. Ardagh Group S.A. 3
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME Three months ended Nine months ended September 30, September 30, 2017 2016 2017 2016 €m €m €m €m Note Unaudited Unaudited Unaudited Unaudited Profit/(loss) for the period 53 (6) 24 (61) Other comprehensive income/(expense) Items that may subsequently be reclassified to income statement Foreign currency translation adjustments: -Arising in the period (8) 18 (9) 21 (8) 18 (9) 21 Effective portion of changes in fair value of cash flow hedges: -New fair value adjustments into reserve (64) (15) (196) (17) -Movement out of reserve 61 (15) 202 (5) -Movement in deferred tax - - 1 (3) (3) (30) 7 (25) Items that will not be reclassified to income statement -Re-measurements of employee benefit obligations 12 25 (113) 35 (267) -Deferred tax movement on employee benefit obligations (5) 21 (9) 67 20 (92) 26 (200) Total other comprehensive income/(expense) for the period 9 (104) 24 (204) Total comprehensive income/(expense) for the period 62 (110) 48 (265) Attributable to: Owners of the parent 62 (110) 48 (265) Non-controlling interests - - - - Total comprehensive income/(expense) for the period 62 (110) 48 (265) The accompanying notes to the consolidated interim financial statements are an integral part of these consolidated interim financial statements. Ardagh Group S.A. 4
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION At September 30, At December 31, 2017 2016 €m €m Note Unaudited Audited Non-current assets Intangible assets 8 3,503 3,904 Property, plant and equipment 8 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 The accompanying notes to the consolidated interim financial statements are an integral part of these consolidated interim financial statements. Ardagh Group S.A. 5
ARDAGH GROUP S.A. CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (CONTINUED) At September 30, At December 31, 2017 2016 €m €m Note Unaudited Audited Equity attributable to owners of the parent Issued capital 9 22 - Share premium 9 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 10 7,009 8,142 Employee benefit obligations 843 905 Deferred tax liabilities 647 694 Derivative financial instruments 197 - Related party borrowings 11 - 673 Provisions 37 57 8,733 10,471 Current liabilities Borrowings 10 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 The accompanying notes to the consolidated interim financial statements are an integral part of these consolidated interim financial statements. Ardagh Group S.A. 6
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