Ardagh Metal Packaging S.A 6-K, filed Jul 29, 2021
Ardagh Metal Packaging S.A. (AMBP)
About this 6-K
Ardagh Metal Packaging S.A filed this 6-K on July 29, 2021.
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2021
Commission File Number: 333-254005
Ardagh Metal Packaging S.A.
(Name of Registrant)
56, rue Charles Martel
L-2134 Luxembourg, Luxembourg
+352 26 25 85 55
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Additional Information about the Transactions and Where to Find It
In connection with the proposed transactions contemplated by the business combination agreement, (i) Ardagh Metal Packaging S.A. (“AMPSA”) has filed a registration statement on Form F-4 with the Securities and Exchange Commission (the “SEC”), which the SEC has declared effective, constituting a prospectus of AMPSA and including a proxy statement of Gores Holdings V, Inc. (“GHV”) (the “Registration Statement”) and (ii) GHV filed with the SEC a definitive proxy statement (the “Definitive Proxy Statement”) in connection with the proposed business combination contemplated by the business combination agreement and mailed the proxy statement/prospectus and other relevant documents to its stockholders. The proxy statement/prospectus contains important information about the proposed business combination and the other matters to be voted upon at a meeting of GHV’s stockholders to be held to approve the proposed business combination contemplated by the business combination agreement and other matters. Before making any voting or other investment decision, investors and security holders of GHV are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about GHV, AMPSA and the proposed business combination.
Investors and security holders can obtain free copies of the Registration Statement and the Definitive Proxy Statement and all other relevant documents filed or that will be filed with the SEC by GHV or AMPSA through the website maintained by the SEC at www.sec.gov, or by directing a request to Gores Holdings V, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou or by contacting Morrow Sodali LLC, GHV’s proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).
Participants in Solicitation
This document is not a solicitation of a proxy from any investor or securityholder. Ardagh Group S.A. (the “Company” or “AGSA”), GHV and AMPSA and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from GHV’s stockholders in connection with the proposed business combination. Information about GHV’s directors and executive officers and their ownership of GHV’s securities is set forth in GHV’s filings with the SEC, and information about AGSA’s and AMPSA’s directors and executive officers is or will be set forth in their respective filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed business combination may be obtained by reading the proxy statement/prospectus regarding the proposed business combination. You may obtain free copies of these documents as described in the preceding paragraph.
Forward Looking Statements
This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination, including the anticipated timing of the proposed business combination, the services or products offered by AMPSA and the markets in which AMPSA operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and AMPSA’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
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Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of the Company’s or GHV’s securities; (ii) the risk that the proposed business combination may not be completed by GHV’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by GHV; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by GHV’s stockholders, and the satisfaction of the minimum trust account amount following redemptions by GHV’s public stockholders; (iv) the effect of the announcement or pendency of the proposed business combination on AGSA’s or AMPSA’s business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of AGSA or AMPSA and potential difficulties in AGSA or AMPSA employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against the Company or GHV related to the proposed business combination; (vii) the ability to maintain, prior to the closing of the proposed business combination, the listing of GHV’s securities on the NASDAQ Stock Market, and, following the closing of the proposed business combination, AMPSA’s shares on the New York Stock Exchange; (viii) the price of GHV’s securities prior to the closing of the proposed business combination, and AMPSA’s shares after the closing of the proposed business combination, including as a result of volatility resulting from changes in the competitive and highly regulated industries in which AMPSA plans to operate, variations in performance across competitors, changes in laws and regulations affecting AMPSA’s business and changes in the combined capital structure; and (ix) AMPSA’s ability to implement business plans, forecasts, and other expectations after the closing of the proposed business combination, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that are described in the Definitive Proxy Statement, including those under “Risk Factors” therein, and other documents filed by the Company, GHV or AMPSA from time to time with the SEC. These filings identify and address (or will identify and address) other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company, GHV and AMPSA assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. None of the Company, GHV or AMPSA gives any assurance that either GHV or AMPSA will achieve its expectations.
No Offer or Solicitation
This document includes information related to the proposed business combination. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
PRIIPs/Prospectus Regulation/IMPORTANT – EEA AND UK RETAIL INVESTORS
The shares to be issued by AMPSA in the business combination (the “AMPSA Shares”) are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (this regulation together with any implementing measures in any member state, the “Prospectus Regulation”). Consequently, no offer of securities to which this communication relates, is made to any person in any Member State of the EEA which applies the Prospectus Regulation who are not qualified investors for the purposes of the Prospectus Regulation, is made in the EEA and no key information document required by Regulation (EU) No. 1286/2014 (as amended the “PRIIPs Regulation”) for offering or selling the AMPSA Shares or otherwise making them available to retail investors in the EEA or in the United Kingdom will be prepared and therefore offering or selling the AMPSA Shares or otherwise making them available to any retail investor in the EEA or in the United Kingdom may be unlawful under the PRIIPs Regulation.
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EXHIBIT INDEX
The following exhibit is filed as part of this Form 6-K:
|
Exhibit |
Exhibit | |
| 99.1 | Press release on Ardagh Metal Packaging S.A. Second Quarter 2021 Results, dated July 29, 2021 | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Ardagh Metal Packaging S.A. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 29, 2021
| Ardagh Metal Packaging S.A. | ||
| By: | /s/ Oliver Graham | |
| Name: Oliver Graham | ||
| Title: Chief Executive Officer | ||
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Exhibit 99.1
Ardagh Metal Packaging S.A. – Second Quarter 2021 Results
On April 1, 2021, the transfer of Ardagh Group S.A.’s (“Ardagh”) metal beverage packaging business to Ardagh Metal Packaging S.A. (“AMP”) was completed resulting in AMP becoming an unrestricted subsidiary of Ardagh. AMP today announced results for the quarter ended June 30, 2021, as derived from the group consolidation of Ardagh.
| Three months ended June 30, | ||||||||||||||||
| 2021 | 2020 | |||||||||||||||
| $'m | $'m | Change | Constant Currency | |||||||||||||
| Revenue (1) | 991 | 830 | 19 | % | 14 | % | ||||||||||
| Adjusted EBITDA (1) | 173 | 139 | 24 | % | 18 | % | ||||||||||
| Six months ended June 30, | ||||||||||||||||
| 2021 | 2020 | |||||||||||||||
| $'m | $'m | Change | Constant Currency | |||||||||||||
| Revenue (1) | 1,930 | 1,659 | 16 | % | 12 | % | ||||||||||
| Adjusted EBITDA (1) | 321 | 254 | 26 | % | 21 | % | ||||||||||
| · | Revenue growth of 14% at constant exchange rates to $991 million, with Americas increasing by 21% and Europe by 7%. |
| · | Adjusted EBITDA growth for the quarter of 18% to $173 million at constant currency, with Americas increasing by 27% and Europe by 10%. LTM Adjusted EBITDA to June 30, 2021 increased to $613 million, from $545 million at December 31, 2020. |
| · | Global beverage can shipment growth of 3% in the quarter, after a cyber security impact of 4%, and measured against a strong comparable. Year to date beverage can shipment growth of 5%. |
| · | Specialty can growth of 16%, with double-digit gains in all regions. Specialty cans represented 46% of total shipments during the quarter, reflecting the Group’s continued investment program. |
| · | Demand remains strong across all segments and output is fully sold in all regions, supported by our customers’ and end consumers’ desire for sustainable packaging solutions. |
| · | Growth investment projects to address capacity constraints are progressing well in each of our markets, with two new high-speed specialty lines ramping up in Olive Branch (MS), and large projects under way in Winston-Salem (NC) and Huron (OH). Multiple growth projects underway and fully on track in Europe and Brazil. |
| · | New $300 million ABL facility to be executed imminently, augmenting cash on hand of $0.6 billion at June 30, 2021. |
| · | Important social sustainability initiative launched with Project Lead the Way, promoting STEM education in all schools in the communities in which we operate across North America. |
| · | In February 2021, AMP entered into a definitive agreement for a business combination with Gores Holdings V Inc. (NASDAQ: GRSV, GRSVU and GRSVW) Stockholders to vote on proposed business combination on August 3, 2021. If approved, shares of AMP will begin trading on the New York Stock Exchange (“NYSE”) under the ticker “AMBP” on August 5, 2021. |
| · | Full year 2021 Adjusted EBITDA guidance will be at least in line with the previously guided $654 million. Third quarter Adjusted EBITDA guidance of approximately $170 million (Q3 2020: $151 million). |
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Financial Performance Review
Bridge of 2020 to 2021 Revenue and Adjusted EBITDA
Three months ended June 30, 2021
| Revenue | Europe | Americas | Group | |||||||||
| $'m | $'m | $'m | ||||||||||
| Revenue 2020 | 395 | 435 | 830 | |||||||||
| Organic | 30 | 92 | 122 | |||||||||
| FX translation | 39 | — | 39 | |||||||||
| Revenue 2021 | 464 | 527 | 991 | |||||||||
| Adjusted EBITDA | Europe | Americas | Group | |||||||||
| $'m | $'m | $'m | ||||||||||
| Adjusted EBITDA 2020 | 70 | 69 | 139 | |||||||||
| Organic | 8 | 19 | 27 | |||||||||
| FX translation | 7 | — | 7 | |||||||||
| Adjusted EBITDA 2021 | 85 | 88 | 173 | |||||||||
| 2021 margin % | 18.3 | % | 16.7 | % | 17.5 | % | ||||||
| 2020 margin % | 17.7 | % | 15.9 | % | 16.7 | % | ||||||
Six months ended June 30, 2021
Revenue | Europe | Americas | Group | |||||||||
| $'m | $'m | $'m | ||||||||||
| Revenue 2020 | 780 | 879 | 1,659 | |||||||||
| Organic | 49 | 151 | 200 | |||||||||
| FX translation | 71 | — | 71 | |||||||||
| Revenue 2021 | 900 | 1,030 | 1,930 | |||||||||
| Adjusted EBITDA | Europe | Americas | Group | |||||||||
| $'m | $'m | $'m | ||||||||||
| Adjusted EBITDA 2020 | 124 | 130 | 254 | |||||||||
| Organic | 15 | 40 | 55 | |||||||||
| FX translation | 12 | — | 12 | |||||||||
| Adjusted EBITDA 2021 | 151 | 170 | 321 | |||||||||
| 2021 margin % | 16.8 | % | 16.5 | % | 16.6 | % | ||||||
| 2020 margin % | 15.9 | % | 14.8 | % | 15.3 | % | ||||||
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Review of the three months ended June 30, 2021
Group
Revenue in the three months ended June 30, 2021 increased by $161 million, or 19%, to $991 million, compared with $830 million in the three months ended June 30, 2020. The increase in revenue is primarily driven by favorable volume/mix effects, which includes an impact of the Group’s business growth investment program, the pass through to customers of higher metal costs and favorable foreign currency translation effects of $39 million.
Adjusted EBITDA in the three months ended June 30, 2021 increased by $34 million, or 24%, to $173 million, compared with $139 million in the three months ended June 30, 2020. The increase was primarily driven by favorable volume/mix effects, which includes an impact of the Group’s business growth investment program and favorable foreign currency translation effects of $7 million. Included within Adjusted EBITDA in the three months ended June 30, 2021 are losses relating to the cyber security incident of $15 million ($11 million in Europe and $4 million in Americas), which are fully compensated by Ardagh under the indemnity agreement in place. This cyber security incident is further detailed below.
Europe
Revenue increased by $69 million, or 17%, to $464 million in the three months ended June 30, 2021, compared with $395 million in the three months ended June 30, 2020. Excluding favorable foreign currency translation effects of $39 million, revenue increased by $30 million, mainly due to the pass through of higher metal costs.
Adjusted EBITDA increased by $15 million, or 21%, to $85 million in the three months ended June 30, 2021, compared with $70 million in the three months ended June 30, 2020. Excluding favorable foreign currency translation effects of $7 million, Adjusted EBITDA increased by $8 million reflecting higher selling prices, including to recover increased input costs and a positive impact from the Group’s business growth investment program.
Americas
Revenue increased by $92 million, or 21%, to $527 million in the three months ended June 30, 2021, compared with $435 million in the three months ended June 30, 2020. The increase in revenue principally reflected favorable volume/mix effects and the pass through of higher metal costs.
Adjusted EBITDA increased by $19 million, or 27%, to $88 million in the three months ended June 30, 2021, compared with $69 million in the three months ended June 30, 2020. The increase was mainly driven by favorable volume/mix effects, which includes an impact of the Group’s business growth investment program.
Cyber incident
On May 17, 2021, the Group announced that it had experienced a cyber security incident, the response to which included pro-actively shutting down certain IT systems and applications used by the business. Key systems have now been brought back online securely, in a phased manner and in line with our plan. Production at all of our manufacturing facilities continued to operate throughout this period, though we experienced some shipping delays as a result of this incident, principally in Europe. While investigation of the incident is ongoing, we have already taken various steps, including engaging leading industry specialists to conduct a forensic investigation of our systems and introducing additional protection tools across our network to further enhance the security of our IT systems. We believe that our existing information technology control environment is appropriately robust and consistent with industry standards. In addition to addressing any findings from these investigations and assessments, we are reviewing our information technology roadmap and accelerating planned IT investments to further improve the effectiveness of our information security. We do not believe that our business growth investment program has been impacted by this incident. We maintain appropriate insurance in respect of a wide range of risks, including in respect of IT incidents. In addition, AMP entered into a letter agreement with Ardagh dated May 21, 2021, under which Ardagh agreed to indemnify AMP and its subsidiaries for certain losses arising from this incident.
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Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its second quarter 2021 earnings webcast and conference call for investors at 9.00 a.m. EST (2.00 p.m. BST) on August 3, 2021. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1480554&tp_key=cca6fa6e83
Conference call dial in:
United States: +1 323 794 2095
International: +44 330 336 9104
Participant pin code: 182599
Slides
Supplemental slides to accompany this release are available at https://www.ardaghmetalpackaging.com/corporate/investors
About Ardagh Metal Packaging
Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing close to 5,000 employees and had sales of approximately $3.5 billion in 2020.
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 financial measures such as Adjusted EBITDA, working capital, Adjusted operating cash flow, net debt 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 AMP may differ from, and not be comparable to, similarly titled measures used by other companies.
Contacts:
Investors:
Email: john.sheehan@ardaghgroup.com
Media:
Pat Walsh, Murray Consultants
Tel.: +1 646 776 5918 / +353 87 2269345
Email: pwalsh@murrayconsult.ie
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Unaudited Consolidated Condensed Income Statement for the three months ended June 30, 2021 (2)
| Three months ended June 30, 2021 | ||||||||||||
| Before | Exceptional | |||||||||||
| exceptional items | items | Total | ||||||||||
| $'m | $'m | $'m | ||||||||||
| Revenue | 991 | — | 991 | |||||||||
| Cost of sales | (821 | ) | (5 | ) | (826 | ) | ||||||
| Gross profit | 170 | (5 | ) | 165 | ||||||||
| Sales, general and administration expenses | (44 | ) | (7 | ) | (51 | ) | ||||||
| Intangible amortization | (39 | ) | — | (39 | ) | |||||||
| Operating profit | 87 | (12 | ) | 75 | ||||||||
| Net finance expense | (28 | ) | 6 | (22 | ) | |||||||
| Profit before tax | 59 | (6 | ) | 53 | ||||||||
| Income tax charge | (26 | ) | (1 | ) | (27 | ) | ||||||
| Profit for the period | 33 | (7 | ) | 26 | ||||||||
Unaudited Consolidated Condensed Statement of Financial Position (2)
| At June 30, 2021 | ||||
| $'m | ||||
| Non-current assets | ||||
| Intangible assets | 1,774 | |||
| Property, plant and equipment | 1,493 | |||
| Other non-current assets | 147 | |||
| 3,414 | ||||
| Current assets | ||||
| Inventories | 301 | |||
| Trade and other receivables | 602 | |||
| Contract asset | 140 | |||
| Cash and cash equivalents | 587 | |||
| Other current assets | 87 | |||
| 1,717 | ||||
| TOTAL ASSETS | 5,131 | |||
| TOTAL EQUITY | (740 | ) | ||
| Non-current liabilities | ||||
| Borrowings including lease obligations | 2,891 | |||
| Other non-current liabilities | 775 | |||
| 3,666 | ||||
| Current liabilities | ||||
| Borrowings including lease obligations | 48 | |||
| Payables and other current liabilities | 1,072 | |||
| Promissory note payable to Ardagh | 1,085 | |||
| 2,205 | ||||
| TOTAL LIABILITIES | 5,871 | |||
| TOTAL EQUITY and LIABILITIES | 5,131 | |||
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Unaudited Consolidated Condensed Statement of Cash Flows (2)
| Three months ended June 30, 2021 | ||||
| $'m | ||||
| Cash flows from operating activities | ||||
| Cash from operations (3) | 164 | |||
| Interest paid | (4 | ) | ||
| Income tax paid | (7 | ) | ||
| Cash flows from operating activities | 153 | |||
| Cash flows used in investing activities | ||||
| Purchase of business | (574 | ) | ||
| Capital expenditure | (121 | ) | ||
| Cash flows used in investing activities | (695 | ) | ||
| Cash flows from financing activities | ||||
| Changes in borrowings | 2,763 | |||
| Repayment of related party borrowings to Ardagh | (1,741 | ) | ||
| Lease payments | (11 | ) | ||
| Other financing cash flows | (10 | ) | ||
| Net cash inflow from financing activities | 1,001 | |||
| Net increase in cash and cash equivalents | 459 | |||
| Cash and cash equivalents at beginning of period | 130 | |||
| Foreign exchange loss on cash and cash equivalents | (2 | ) | ||
| Cash and cash equivalents at end of period | 587 | |||
Financial assets and liabilities
At June 30, 2021, the Group’s net debt and available liquidity was as follows:
| Drawn amount | Available liquidity | |||||||
| $'m | $'m | |||||||
| Senior Secured and Senior Notes | 2,779 | — | ||||||
| Lease obligations | 194 | — | ||||||
| Other borrowings/credit lines | 5 | — | ||||||
| Total borrowings / undrawn facilities | 2,978 | — | ||||||
| Deferred debt issue costs | (39 | ) | — | |||||
| Net borrowings / undrawn facilities | 2,939 | — | ||||||
| Cash and cash equivalents | (587 | ) | 587 | |||||
| Net debt / available liquidity | 2,352 | 587 | ||||||
AMP expects to put in place a Global Asset Based Loan Facility of approximately $300 million during the third quarter of 2021.
| At June 30, 2021 | ||||
| $'m | ||||
| Net Debt | 2,352 | |||
| LTM Adjusted EBITDA | 613 | |||
| Net debt to LTM Adjusted EBITDA (4) | 3.8x | |||
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Reconciliation of profit for the period to Adjusted EBITDA (5), Adjusted operating cash flow and Adjusted free cash flow (6)
| Three months ended June 30, 2021 | ||||
| $'m | ||||
| Profit for the period | 26 | |||
| Income tax charge | 27 | |||
| Net finance expense | 22 | |||
| Depreciation and amortization | 86 | |||
| Exceptional operating items | 12 | |||
| Adjusted EBITDA | 173 | |||
| Movement in working capital | (1 | ) | ||
| Capital expenditure | (121 | ) | ||
| Lease payments | (11 | ) | ||
| Adjusted operating cash flow | 40 | |||
| Interest paid | (4 | ) | ||
| Income tax paid | (7 | ) | ||
| Adjusted free cash flow | 29 | |||
Related Footnotes
(1) Revenue and Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020, respectively, are presented as disclosed for the metal beverage packaging segments within the Ardagh Group Interim Financial Statements for the three and six months ended June 30, 2021 and 2020, respectively.
(2) The condensed financial information is derived from the group consolidation of Ardagh Group S.A. and its subsidiaries (together “Ardagh”), applying the significant accounting policies as described in note 3 of the unaudited consolidated interim financial statements of Ardagh for the three and six months ended June 30, 2021. However, such condensed financial information is not necessarily indicative of the results that would have occurred if AMP had been a stand-alone business during the period presented.
(3) Cash from operations is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $1 million and other exceptional cash outflows of $8 million.
(4) Net debt is comprised of net borrowings, net of cash and cash equivalents and restricted cash held in escrow. Net borrowings comprises non-current and current borrowings including lease obligations. LTM Adjusted EBITDA at June 30, 2021 is derived from Adjusted EBITDA as presented on Page 1 for the six months ended June 30, 2021 and 2020, respectively, and Adjusted EBITDA as presented for the metal beverage packaging segments within Ardagh’s annual report for the year ended December 31, 2020.
(5) AMP does not provide a reconciliation to the most comparable GAAP measure for Adjusted EBITDA for the three and six months ended June 30, 2020 and the six months ended June 30, 2021, because, as outlined in notes (1) and (2) above, such information was historically reported to provide information about reportable segments of Ardagh.
(6) Ardagh historically did not present information about Adjusted operating cash flow on the level of reportable segments and consequently AMP does not provide a reconciliation to the most comparable GAAP measure for the three and six months ended June 30, 2020 and the six months ended June 30, 2021.
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