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Ardagh Group S.A. – First Quarter 2020 Results

Published: April 23, 2020

Ardagh Group S.A. (NYSE: ARD) today announced its results for the first quarter ended March 31, 2020.

Highlights

Paul Coulson, Chairman and Chief Executive, said “First quarter results were in line with our expectations, with no material impact from COVID-19. The commitment and dedication of our teams during this challenging period has been outstanding, enabling all our production facilities to continue to serve the beverage and food supply chain. It is too early to assess the macroeconomic impact of the pandemic and, accordingly, we are withdrawing our 2020 financial guidance. However, our defensive end markets, proven operating model and $1.5 billion in liquidity position us to successfully manage this uncertain environment.”

  • Revenue for the quarter of $1,622 million was unchanged on the prior year at constant currency, with growth of 1% in Metal Beverage Packaging offset by a 1% reduction in Glass Packaging.
  • Volume/mix for the Group was in line with the prior year, as growth of 3% in Metal Beverage Packaging was largely offset by a 2% reduction in Glass Packaging.
  • Adjusted EBITDA of $273 million was in line with the prior year and ahead of the guided $270 million.
  • Earnings per share of $0.35 (2019:$0.06), with Adjusted earnings per share decrease of 11% to $0.31 (2019: $0.35).
  • Metal Beverage Packaging shipments increased by 1%, with 3% growth in the Americas and a stable performance in Europe. Specialty can shipments increased by 6% and represented 42% of total volumes.
  • Metal Beverage Packaging Adjusted EBITDA decreased by 3% at constant currency, with growth of 20% in Metal Beverage Packaging Americas. Metal Beverage Packaging Europe Adjusted EBITDA declined by 19%, due to a pension credit in the prior year.
  • Glass Packaging Adjusted EBITDA increased by 3% at constant currency, with growth of 7% in Europe driven by a strong operational and commercial performance. Adjusted EBITDA in North America fell 3%, as volume softness continued to moderate.
  • Cash and committed available liquidity was $1.1 billion at March 31, 2020, and was increased to $1.5 billion after the period end. No debt maturities arising before September 2022.
  • Financial guidance: 2020 financial guidance withdrawn due to current macroeconomic uncertainty.


1 Continuing Operations results unless stated otherwise. For a reconciliation to the most comparable GAAP measures, see page 3 and 10.
2 Adjusted earnings per share and Adjusted profit for the period for the current period include the results for the three months ended March 31, 2020 in relation to the Group’s share of post-tax result of the equity accounted joint venture, Trivium Packaging B.V.. Adjusted earnings per share and Adjusted profit for the period for the comparative period, which are unchanged from those previously reported, include the results for the three months ended March 31, 2019 in relation to the divested Food & Specialty business which have been presented as a Discontinued Operation in accordance with IFRS 5.
3 Payable on June 17, 2020 to shareholders of record on June 3, 2020.

Click here to see the full Ardagh Group S.A. Earnings Release Q1 2020