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Ardagh Group S.A. – Second Quarter 2018 Results

Ardagh Group S.A. (NYSE: ARD) today announced its financial results for the second quarter ended June 30, 2018.

Highlights

Paul Coulson, Chairman and Chief Executive, said “Second quarter results reflected good performances in three of our four divisions. This was offset by a reduction in Glass Packaging North America, where multiple initiatives to improve profitability are expected to deliver benefits on a more gradual basis than previously expected. We also completed two significant investment projects in Metal Packaging and have called a further $440 million of debt for redemption. Entering the seasonally more cash generative second half, we remain focused on further de-leveraging.”

  • Revenue of $2,347 million increased by 6% and 1% on a reported and constant currency basis respectively;
  • Adjusted EBITDA of $392 million, declined by 6%, primarily driven by Glass Packaging North America;
  • Group volume/mix declined by 1% in the quarter and increased by 1% in the half year to June 30;
  • Earnings per share growth of 79% to $0.25 (2017: $0.14);
  • Adjusted earnings per share declined by 6% to $0.51 (2017: $0.54);
  • Quarterly cash dividend of $0.14 per common share, payable on August 31, 2018;
  • Investment projects at Rugby, UK and Manaus, Brazil, completed on schedule during the quarter;
  • $440 million 2021 Senior Notes called for redemption in July, $1.2 billion of cash/liquidity used to repay fixed term debt since January 2017;
  • No debt maturing before September 2022, over 90% of gross debt at fixed rates;
  • 2018 outlook: Full year Adjusted EBITDA of approximately $1.5 billion3, with Adjusted free cash flow of approximately $500 million4 and Adjusted earnings per share of $1.70 – $1.80.


1 For a reconciliation to the most comparable GAAP measures, see page 11.
2 Payable on August 31, 2018 to shareholders of record on August 17, 2018.
3 After a currency translation headwind of approximately $50 million, compared with previous guidance.
4 Before short payback capex projects.

Click here to see the full Ardagh Group S.A. Earnings Release Q2 2018

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