Ardagh Group S.A.: fourth quarter and full year 2019 results

Ardagh Group S.A. announced its results for the fourth quarter and year ended December 31, 2019

Paul Coulson, Chairman and Chief Executive, said, “2019 was a year of significant progress for Ardagh Group. Metal Packaging demand was strong, notably in the Americas, and global beverage can shipments increased by 5%. Glass Packaging Europe delivered another excellent year of growth, while Glass Packaging North America successfully stabilized earnings. The sustainability-driven demand backdrop for our infinitely-recyclable products remains favourable and we look to further progress in 2020.”

  • Revenue from Continuing Operations increased by 2% at constant currency, to 6.7 billion USD fort he year;
  • Adjusted EBITDA from Continuing Operations increased by 8% at constant currency, to 1,173 million USD;
  • Adjusted earnings per share increased by 10% at constant currency to 1.82 USD (2018: 1.69 USD);
  • Earnings per share of 6.17 USD for the year (2018: loss per share of 0.40 USD);
  • Fourth quarter revenue and Adjusted EBITDA growth of 1% and 6% respectively at constant currency;
  • Global beverage can shipments growth of 4% for the quarter and 5% for the year, with full year specialty can growth of 6%;
  • Glass Packaging revenue and Adjusted EBITDA growth of 2% and 20% respectively at constant currency in the quarter, reflecting continued strong delivery in Europe and stabilization in North America;
  • Food & Specialty Packaging divestment completed in October 2019, with proceeds used to repay debt;
  • Leverage reduced to 4.5x at year end, with further maturity and interest rate savings achieved during the year;
  • 2020 outlook: Adjusted EBITDA of approximately 1.2 billion USD; Adjusted free cash flow of 375 -400 million USD,before Business Growth Investments of approximately 250 million USD; Adjusted earnings per share of 1.48 -1.64(3) USD; First quarter Adjusted EBITDA of approximately 270 million USD.

1 Continuing Operations results unless stated otherwise. For a reconciliation to the most comparable GAAP measures, see page 3, 11 and 12.
2 Payable on April 1, 2020 to shareholders of record on March 18, 2020.
3 2020 Adjusted EPS outlook excludes contribution from joint venture.

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