LUXEMBOURG, April 26, 2019 /PRNewswire/ -- Ardagh Group S.A.
(NYSE: ARD) today announced its results for the first quarter ended
March 31, 2019.
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March 31,
2019
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March 31,
2018
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Change
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Change
CCY
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($m except per share
data)
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Revenue
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2,220
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2,224
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-
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4%
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Adjusted EBITDA
1
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363
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348
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4%
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9%
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Adjusted earnings per
share ($) 1
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0.35
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0.33
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6%
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9%
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Profit/(loss) for the
period
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13
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(15)
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Earnings/(loss) per
share ($)
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0.06
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(0.06)
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Adjusted free cash
flow 1
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(213)
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(242)
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Dividend per share
declared 2
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0.14
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0.14
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Paul Coulson, Chairman and Chief
Executive, said "Our first quarter performance was good, with
growth in volumes, earnings and cash generation. Demand for our
sustainable packaging solutions is generally strong and we grew
volume in both our Americas and European metal packaging divisions
notably in beverage cans, as well as in glass packaging in
Europe."
- Revenue of $2,220 million
increased by 4% on a constant currency basis;
- Adjusted EBITDA of $363 million,
increased by 9% at constant currency and by 4% at actual exchange
rates;
- Adjusted earnings per share growth of 6% to $0.35 (2018: $0.33);
- Earnings per share of $0.06
(2018: loss per share: $0.06);
- Group volume/mix growth of 2% for the quarter;
- Metal Packaging growth led by global beverage can volume growth
of 6%, with food & specialty modestly ahead in Europe;
- Glass Packaging Europe delivered further growth, with a
moderating decline in Glass Packaging North America;
- Capital expenditure of $194
million, enhanced by spending on short payback
projects;
- Full year 2019 outlook unchanged, with second quarter 2019
Adjusted EBITDA of $390-$400 million.
Summary Financial Information
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Three months ended
March 31,
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2019
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2018
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(in $ millions,
except EPS, ratios and percentages)
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Revenue
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2,220
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|
2,224
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Profit/(loss) for the
period
|
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13
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(15)
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Adjusted profit for
the period 3
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83
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79
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Adjusted EBITDA
3
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363
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348
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Adjusted EBITDA
margin
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16.4%
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15.6%
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Earnings/(loss) per
share ($)
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0.06
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(0.06)
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Adjusted earnings per
share ($) 3
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0.35
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0.33
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Cash generated
from/(used in) operations
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90
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(6)
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Operating cash flow
3
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(116)
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(149)
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Adjusted free cash
flow 3
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(213)
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(242)
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At March
31,
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At December
31,
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2019
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2018
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$m
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$m
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Net debt
4
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8,077
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7,462
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Cash and available
liquidity
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956
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1,170
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Net debt to LTM Pro
Forma EBITDA *
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5.2x
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N/A
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Supplemental Pro
Forma Non-GAAP Information
* Net debt to LTM Pro
Forma EBITDA has been presented as Supplemental Pro Forma Non-GAAP
information in order to reflect the impact of IFRS 16, Leases,
following its adoption effective January 1, 2019, for the nine
months ended December 31, 2018. The LTM Adjusted EBITDA on a
reported basis, excluding the effects of IFRS 16 for the nine
months ended December 31, 2018 was $1,493 million and the
corresponding net debt to LTM Adjusted EBITDA was 5.4x (December
31, 2018: 5.0x).
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Financial
Performance Review
Bridge of 2018 to
2019 Revenue and Adjusted EBITDA
Three months ended
March 31, 2019
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Metal
Packaging
Europe
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Metal
Packaging
Americas
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Glass
Packaging
Europe
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Glass
Packaging
North
America
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Group
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$m
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$m
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$m
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$m
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$m
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Revenue
2018
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885
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529
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397
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413
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2,224
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Organic
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43
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10
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21
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3
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77
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FX
translation
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(55)
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—
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(26)
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—
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(81)
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Revenue
2019
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873
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539
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392
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416
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2,220
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Metal
Packaging
Europe
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Metal
Packaging
Americas
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Glass
Packaging
Europe
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Glass
Packaging
North
America
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Group
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$m
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$m
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$m
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$m
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$m
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Adjusted EBITDA
2018
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134
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63
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80
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71
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348
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Organic
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7
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1
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6
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(8)
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6
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IFRS 16
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9
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2
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4
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8
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23
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FX
translation
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(9)
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—
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(5)
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—
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(14)
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Adjusted EBITDA
2019
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141
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66
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85
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71
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363
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Adjusted EBITDA
2019 margin
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16.2%
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12.2%
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21.7%
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17.1%
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16.4%
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Adjusted EBITDA
2018 margin
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15.1%
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11.9%
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20.2%
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17.2%
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15.6%
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Group
Revenue of $2,220 million in the
three-month period ended March 31,
2019 was broadly in line with the prior year. On a constant
currency basis, revenue increased by 4%, or $77 million, mainly due to increased volume/mix
effects of 2% and the pass through of increased input costs.
First quarter Adjusted EBITDA of $363
million increased by 4% at actual exchange rates, compared
with the same period last year. On a constant currency basis,
Adjusted EBITDA increased by 9%, reflecting the impact of IFRS 16
of $23 million and a pension credit
in Metal Packaging Europe.
Metal Packaging Europe
Revenue of $873 million decreased
by 1% in the three-month period ended March
31, 2019, compared with the same period last year. On a
constant currency basis, revenue increased by 5%, due mainly to
volume/mix growth and the pass through of higher input costs.
Adjusted EBITDA for the quarter of $141
million increased by 13% at constant currency, compared with
the same period last year. Growth principally reflected favorable
volume/mix effects, a pension credit of approximately $15 million and the impact of IFRS 16 of
$9 million, partly offset by higher
input costs.
Metal Packaging Americas
Revenue increased by 2% to $539 million in the first
quarter of 2019, compared with the same period last year,
principally due to the pass through of higher input costs. Adjusted
EBITDA of $66 million increased by 5%
compared with the prior year, reflecting the pass through of higher
input and other operating costs and the favorable impact of IFRS 16
of $2 million, partly offset by
unfavorable volume/mix effects.
Glass Packaging Europe
Revenue of $392 million decreased
by 1% at actual exchange rates and increased by 6% at constant
exchange rates, in the three-month period ended March 31, 2019, compared with the same period
last year. Revenue growth principally reflected the pass through of
higher input costs and favorable volume/mix effects. Adjusted
EBITDA for the quarter of $85 million increased by 13% at
constant exchange rates, compared with the same period last year,
mainly due to favorable volume/mix effects, higher selling prices
and the impact of IFRS 16 of $4
million, partly offset by higher input costs.
Glass Packaging North America
Revenue increased by 1% to $416 million in the first
quarter, compared with the same period last year, principally
reflecting the pass through of higher input costs, partly offset by
unfavorable volume/mix effects. Adjusted EBITDA of $71 million
in the first quarter was in line with the same period in 2018, as
the impact of IFRS 16 of $8 million
and higher selling prices were offset by higher input and other
operating costs.
Earnings Webcast and Conference Call Details
Ardagh Group S.A. (NYSE: ARD) will hold its first quarter 2019
earnings webcast and conference call for investors at 3 p.m. BST (10 a.m.
ET) on April 26, 2019. Please
use the following webcast link to register for this call:
Webcast registration and access:
https://event.on24.com/wcc/r/1971146-1/F2C981FD34970249E0ED886509D96BCF
Conference call dial in:
United States: +1855 85
70686
International: +44 33 3300 0804
Participant pin code: 24379409#
Slides and quarterly report
Supplemental slides to accompany this release are available at
http://www.ardaghgroup.com/investors.
First quarter results for ARD Finance S.A., issuer of the Senior
Secured Toggle Notes due 2023, are available at
http://www.ardholdings-sa.com/.
About Ardagh Group
Ardagh Group is a global supplier of infinitely recyclable,
metal and glass packaging for the world's leading brands. Ardagh
operates more than 100 metal and glass production facilities in 22
countries across five continents, employing over 23,000 people with
sales of $9bn.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the U.S. Securities Act and
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond our
control. We caution you that the forward-looking information
presented in this press release is not a guarantee of future
events, and that actual events may differ materially from those
made in or suggested by the forward-looking information contained
in this press release. Any forward-looking information presented
herein is made only as of the date of this press release, and we do
not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
Non-GAAP Financial Measures
This press release may contain certain consolidated financial
measures such as Adjusted EBITDA, LTM Pro Forma EBITDA, working
capital, operating cash flow, Adjusted free cash flow, net debt,
Adjusted profit/(loss), Adjusted earnings/(loss) per share, and
ratios relating thereto 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.
Consolidated
Interim Financial Statements
Consolidated
Interim Income Statement
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Unaudited
|
|
Unaudited
|
|
|
Three months ended
March 31, 2019
|
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Three months ended
March 31, 2018
|
|
|
Before
|
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|
|
|
|
|
Before
|
|
|
|
|
|
|
|
exceptional
|
|
Exceptional
|
|
|
|
|
exceptional
|
|
Exceptional
|
|
|
|
|
|
items
|
|
Items
|
|
Total
|
|
items
|
|
Items
|
|
Total
|
|
|
$m
|
|
$m
|
|
$m
|
|
$m
|
|
$m
|
|
$m
|
Revenue
|
|
2,220
|
|
—
|
|
|
2,220
|
|
2,224
|
|
—
|
|
|
2,224
|
Cost of
sales
|
|
(1,869)
|
|
(11)
|
|
|
(1,880)
|
|
(1,872)
|
|
(48)
|
|
|
(1,920)
|
Gross
profit/(loss)
|
|
351
|
|
(11)
|
|
|
340
|
|
352
|
|
(48)
|
|
|
304
|
Sales, general and
administration expenses
|
|
(116)
|
|
(2)
|
|
|
(118)
|
|
(118)
|
|
(6)
|
|
|
(124)
|
Intangible
amortization
|
|
(65)
|
|
—
|
|
|
(65)
|
|
(67)
|
|
—
|
|
|
(67)
|
Operating
profit/(loss)
|
|
170
|
|
(13)
|
|
|
157
|
|
167
|
|
(54)
|
|
|
113
|
Net finance
expense
|
|
(135)
|
|
—
|
|
|
(135)
|
|
(126)
|
|
—
|
|
|
(126)
|
Profit/(loss)
before tax
|
|
35
|
|
(13)
|
|
|
22
|
|
41
|
|
(54)
|
|
|
(13)
|
Income tax
(charge)/credit
|
|
(12)
|
|
3
|
|
|
(9)
|
|
(14)
|
|
12
|
|
|
(2)
|
Profit/(loss) for
the period
|
|
23
|
|
(10)
|
|
|
13
|
|
27
|
|
(42)
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss)
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
holders
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
(15)
|
Non-controlling
interests
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
Profit/(loss) for
the period
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic profit/(loss) per
share attributable to equity holders
|
|
|
|
|
|
|
$0.06
|
|
|
|
|
|
|
($0.06)
|
Consolidated
Interim Statement of Financial Position
|
|
|
|
|
|
Unaudited
|
|
Audited
|
|
At March
31,
|
|
At December
31,
|
|
2019
|
|
2018
|
|
$m
|
|
$m
|
|
|
|
|
Non-current
assets
|
|
|
|
Intangible
assets
|
3,518
|
|
3,601
|
Property, plant and
equipment
|
3,728
|
|
3,388
|
Derivative financial
instruments
|
18
|
|
11
|
Deferred tax
assets
|
274
|
|
254
|
Other non-current
assets
|
24
|
|
24
|
|
7,562
|
|
7,278
|
Current
assets
|
|
|
|
Inventories
|
1,381
|
|
1,284
|
Trade and other
receivables
|
1,200
|
|
1,053
|
Contract
asset
|
193
|
|
160
|
Derivative financial
instruments
|
12
|
|
9
|
Cash and cash
equivalents
|
416
|
|
530
|
|
3,202
|
|
3,036
|
TOTAL
ASSETS
|
10,764
|
|
10,314
|
|
|
|
|
Equity
attributable to owners of the parent
|
|
|
|
Issued
capital
|
23
|
|
23
|
Share
premium
|
1,292
|
|
1,292
|
Capital
contribution
|
485
|
|
485
|
Other
reserves
|
73
|
|
45
|
Retained
earnings
|
(3,452)
|
|
(3,355)
|
|
(1,579)
|
|
(1,510)
|
Non-controlling
interests
|
1
|
|
1
|
TOTAL
EQUITY
|
(1,578)
|
|
(1,509)
|
Non-current
liabilities
|
|
|
|
Borrowings
|
7,713
|
|
7,729
|
Lease
obligations
|
356
|
|
32
|
Employee benefit
obligations
|
976
|
|
957
|
Derivative financial
instruments
|
80
|
|
107
|
Deferred tax
liabilities
|
538
|
|
543
|
Provisions
|
36
|
|
38
|
|
9,699
|
|
9,406
|
Current
liabilities
|
|
|
|
Borrowings
|
283
|
|
114
|
Lease
obligations
|
76
|
|
4
|
Interest
payable
|
105
|
|
81
|
Derivative financial
instruments
|
12
|
|
38
|
Trade and other
payables
|
1,970
|
|
1,983
|
Income tax
payable
|
109
|
|
114
|
Provisions
|
88
|
|
83
|
|
2,643
|
|
2,417
|
TOTAL
LIABILITIES
|
12,342
|
|
11,823
|
TOTAL EQUITY and
LIABILITIES
|
10,764
|
|
10,314
|
Consolidated
Interim Statement of Cash Flows
|
|
|
|
|
|
|
|
Unaudited
|
|
|
Three months ended
March 31,
|
|
|
2019
|
|
2018
|
|
|
$m
|
|
$m
|
Cash flows from
operating activities
|
|
|
|
|
Cash generated
from/(used in) operations
|
|
90
|
|
(6)
|
Interest
paid
|
|
(81)
|
|
(68)
|
Income tax
paid
|
|
(16)
|
|
(25)
|
Net cash used
in operating activities
|
|
(7)
|
|
(99)
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(185)
|
|
(163)
|
Purchase of software
and other intangibles
|
|
(9)
|
|
(5)
|
Proceeds from
disposal of property, plant and equipment
|
|
—
|
|
2
|
Net cash used
in investing activities
|
|
(194)
|
|
(166)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Repayment of
borrowings
|
|
(2)
|
|
(1)
|
Proceeds from
borrowings
|
|
170
|
|
—
|
Dividends
paid
|
|
(33)
|
|
(33)
|
Consideration paid on
extinguishment of derivative financial instruments
|
|
(14)
|
|
—
|
Deferred debt issue
costs paid
|
|
(2)
|
|
(1)
|
Lease
payments
|
|
(21)
|
|
(1)
|
Net cash
inflow/(outflow) from financing activities
|
|
98
|
|
(36)
|
|
|
|
|
|
Net decrease in
cash and cash equivalents
|
|
(103)
|
|
(301)
|
Cash and cash
equivalents at the beginning of the period
|
|
530
|
|
784
|
Exchange
(losses)/gains on cash and cash equivalents
|
|
(11)
|
|
10
|
Cash and cash
equivalents at the end of the period
|
|
416
|
|
493
|
Financial assets
and liabilities
|
|
At March
31, 2019, the Group's net debt and available liquidity was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum
|
|
Final
|
|
|
|
|
|
|
|
|
|
|
|
|
amount
|
|
maturity
|
|
Facility
|
|
|
|
|
|
Undrawn
|
Facility
|
|
Currency
|
|
drawable
|
|
date
|
|
type
|
|
Amount drawn
|
|
amount
|
|
|
|
|
Local
|
|
|
|
|
|
Local
|
|
$m
|
|
$m
|
|
|
|
|
currency
|
|
|
|
|
|
currency
|
|
|
|
|
|
|
|
|
m
|
|
|
|
|
|
m
|
|
|
|
|
2.750% Senior Secured
Notes
|
|
EUR
|
|
750
|
|
15-Mar-24
|
|
Bullet
|
|
750
|
|
843
|
|
—
|
4.625% Senior Secured
Notes
|
|
USD
|
|
1,000
|
|
15-May-23
|
|
Bullet
|
|
1,000
|
|
1,000
|
|
—
|
4.125% Senior Secured
Notes
|
|
EUR
|
|
440
|
|
15-May-23
|
|
Bullet
|
|
440
|
|
494
|
|
—
|
4.250% Senior Secured
Notes
|
|
USD
|
|
715
|
|
15-Sep-22
|
|
Bullet
|
|
715
|
|
715
|
|
—
|
4.750% Senior
Notes
|
|
GBP
|
|
400
|
|
15-Jul-27
|
|
Bullet
|
|
400
|
|
524
|
|
—
|
6.000% Senior
Notes
|
|
USD
|
|
1,700
|
|
15-Feb-25
|
|
Bullet
|
|
1,700
|
|
1,695
|
|
—
|
7.250% Senior
Notes
|
|
USD
|
|
1,650
|
|
15-May-24
|
|
Bullet
|
|
1,650
|
|
1,650
|
|
—
|
6.750% Senior
Notes
|
|
EUR
|
|
750
|
|
15-May-24
|
|
Bullet
|
|
750
|
|
843
|
|
—
|
Global Asset Based
Loan Facility
|
|
USD
|
|
809
|
|
07-Dec-22
|
|
Revolving
|
|
270
|
|
270
|
|
539
|
Lease
Obligations
|
|
USD/GBP/EUR
|
|
|
|
|
|
Amortizing
|
|
|
|
432
|
|
—
|
Other
borrowings/credit lines
|
|
EUR/USD
|
|
|
|
Rolling
|
|
Amortizing
|
|
|
|
13
|
|
1
|
Total borrowings /
undrawn facilities
|
|
|
|
|
|
|
|
|
|
|
|
8,479
|
|
540
|
Deferred debt issue
costs and bond premium
|
|
|
|
|
|
|
|
|
|
|
|
(51)
|
|
—
|
Net borrowings /
undrawn facilities
|
|
|
|
|
|
|
|
|
|
|
|
8,428
|
|
540
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
|
|
(416)
|
|
416
|
Derivative financial
instruments used to
hedge foreign currency and interest rate risk
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
—
|
Net debt /
available liquidity
|
|
|
|
|
|
|
|
|
|
|
|
8,077
|
|
956
|
Reconciliation of
profit/(loss) for the period to Adjusted profit
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
2019
|
|
2018
|
|
|
$m
|
|
$m
|
Profit/(loss) for
the period
|
|
13
|
|
(15)
|
Total exceptional
items 5
|
|
13
|
|
54
|
Tax credit associated
with exceptional items
|
|
(3)
|
|
(12)
|
Intangible
amortization
|
|
65
|
|
67
|
Tax credit associated
with intangible amortization
|
|
(14)
|
|
(15)
|
Loss on derivative
financial instruments
|
|
9
|
|
—
|
Adjusted profit
for the period
|
|
83
|
|
79
|
|
|
|
|
|
Weighted average
common shares
|
|
236.3
|
|
236.3
|
|
|
|
|
|
Earnings/(loss)
per share ($)
|
|
0.06
|
|
(0.06)
|
|
|
|
|
|
Adjusted earnings
per share ($)
|
|
0.35
|
|
0.33
|
Reconciliation of
profit/(loss) for the period to Adjusted EBITDA, cash generated
from /
(used in) operations, operating cash flow and Adjusted free cash
flow
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
2019
|
|
2018
|
|
|
$m
|
|
$m
|
Profit/(loss) for
the period
|
|
13
|
|
(15)
|
Income tax
charge
|
|
9
|
|
2
|
Net finance
expense
|
|
135
|
|
126
|
Depreciation and
amortization
|
|
193
|
|
181
|
Exceptional operating
items
|
|
13
|
|
54
|
Adjusted
EBITDA
|
|
363
|
|
348
|
Movement in working
capital
|
|
(262)
|
|
(326)
|
Transaction-related,
start-up and other exceptional costs paid
|
|
(7)
|
|
(23)
|
Exceptional
restructuring paid
|
|
(4)
|
|
(5)
|
Cash generated
from/(used in) operations
|
|
90
|
|
(6)
|
Transaction-related,
start-up and other exceptional costs paid
|
|
7
|
|
23
|
Capital expenditure
6
|
|
(194)
|
|
(166)
|
Lease payments due to
the adoption of IFRS 16
|
|
(19)
|
|
—
|
Operating cash
flow
|
|
(116)
|
|
(149)
|
Interest
|
|
(81)
|
|
(68)
|
Income tax
paid
|
|
(16)
|
|
(25)
|
Adjusted free cash
flow
|
|
(213)
|
|
(242)
|
1. A reconciliation
to the most comparable GAAP measures can be found at the back of
this release.
|
2. Payable on May 31,
2019 to shareholders of record on May 17, 2019.
|
3. A reconciliation
to the most comparable GAAP measures can be found at the back of
this release.
|
4. Net debt is
comprised of net borrowings and derivative financial instruments
used to hedge foreign currency and interest rate risk, net of cash
and cash equivalents. Net borrowings at March 31, 2019 includes the
impact of IFRS 16 leases.
|
5. Total exceptional
items before tax for the three months ended March 31, 2019 of $13
million include $11 million related to the Group's capacity
realignment programs comprising restructuring costs ($8 million),
property, plant and equipment impairment charges ($2 million) and
start-up related costs ($1 million). These costs were incurred in
Glass Packaging North America ($8 million) and Metal Packaging
Europe ($3 million). Total exceptional items for the three months
ended March 31, 2019 also include $2 million integration and
transaction-related costs.
|
6. Capital
expenditure for the three months ended March 31, 2019, includes $32
million, relating to spend on short payback projects.
|
View original
content:http://www.prnewswire.com/news-releases/ardagh-group-sa--first-quarter-2019-results-300838964.html
SOURCE Ardagh Group S.A.