Ardagh Glass Finance plc - Irish Stock Exchange

Unaudited
Nine months ended and as at
Audited Consolidated Before other Twelve months
Year ended and as at
income and Other income ended and as
December 31,
expense and expense at
September 30, September 30, September 30, September 30, September 30,
2008 2007* 2006 2009 2009 2009 2008 2009**
(in E millions, except ratios and where indicated)
Profit and Loss Account
Data
Revenues ........... 1,357.2 1,025.0 647.5 935.2 — 935.2 1,028.0 1,264.4
Cost of sales ........ (1,178.4) (887.6) (620.1) (825.9) (2.1) (828.0) (886.9) (1,119.5)
IFRS non-cash stock
adjustment ........ — (13.8)*** — — — —
Gross profit .......... 178.8 123.6 27.4 109.3 (2.1) 107.2 141.1 144.9
Sales, general and
administration
expenses ......... (73.7) (57.6) (32.9) (47.1) — (47.1) (57.1) (63.7)
Other income and
expenses ......... (24.9) (8.9) 8.8 — (41.1) (41.1) (13.4) (52.6)
Operating profit/(loss) . . . 80.2 57.1 3.3 62.2 (43.2) 19.0 70.6 28.6
Net finance expenses . . (84.0) (53.0) (26.4) (57.3) (7.3)**** (64.6) (59.7) (88.9)
Share of profit of joint
venture .......... 0.8 0.3 0.3 0.4 — 0.4 0.4 0.8
(Loss)/profit before tax . . (3.0) 4.4 (22.8) 5.3 (50.5) (45.2) 11.3 (59.5)
Income tax credit/
(expense) ........ 6.5 0.2 6.2 (1.3) — (1.3) (1.6) 6.8
Profit/(loss) for the period 3.5 4.6 (16.6) 4.0 (50.5) (46.5) 9.7 (52.7)
Balance Sheet Data
Cash and cash equivalents 61.9 62.6 68.0 84.8 — 84.8 57.9 84.8
Working capital (1) ...... 281.1 230.2 105.1 289.8 — 289.8 302.9 289.8
Total assets .......... 1,342.9 1,400.8 621.8 1,349.9 — 1,349.9 1,438.7 1,349.9
Total borrowings (2) ...... 958.0 935.2 332.9 990.8 — 990.8 959.9 990.8
Total equity .......... 31.2 105.2 103.0 (13.5) — (13.5) 114.3 (13.5)
Other Data
Gross margin (3) ........ 13.2% 13.4% 4.2% 11.7% — 11.5% 13.7% 11.6%
EBITDA (4) ........... 262.1 180.2 52.1 172.2 — 172.2 200.0 234.3
EBITDA margin (4) ..... 19.3% 17.6% 8.0% 18.4% — 18.4% 19.5% 18.5%
* The historical financial data for the year 2007 reflect the effects of the Rexam Acquisition only from June 21, 2007.
** Includes other income and expense for the period indicated.
*** IFRS non-cash stock adjustment—This adjustment arose as a result of the fair value exercise carried out in
accordance with IFRS 3 Business Combinations. This adjustment had the effect of writing up the value of the
inventory of the acquired glass division of Rexam plc, such that there was no profit element recognized when this
inventory was subsequently sold to customers post acquisition. The full stock uplift was released in the third quarter
of 2007 as all acquired inventory was sold in this period.
**** Net finance expense for the nine months ended September 30, 2009 includes an expense of A5.3 million. Due to the
partial prepayment of the Amended and Restated Anglo Irish Senior Secured Credit Facility, a portion of the
Group’s interest rate swaps were no longer classified as hedging instruments. IFRS requires that any previous
cumulative mark-to-market adjustments to the fair value of this derivative be removed from equity and charged
directly to the income statement with no net impact on shareholder funds.
(1) Working capital is made up of inventories, trade receivables, other receivables, prepayments, trade payables, other
tax and social security payable and recoverable, other payables and accruals (excluding interest payable), pallet
deposits, customer deposits and amounts owed to joint venture.
(2) Total borrowings includes all bank borrowings as well as vendor loan notes, subordinated loan notes and deferred
consideration loan notes.
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