Reconciliation of EBITDA, adjusted EBITDA and net capex

(in € million)

 

2019

 

2018

 

2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

2011

 

2010

Source: Company Information

Note: Totals do not always equal to the sum of the components due to rounding differences.

(1)

Reflects the difference between our share of profit of our joint ventures included in EBITDA and the actual cash dividends we received from the joint ventures.

(2)

Reflects restructuring costs that relate to redundancy and severance costs associated with our cost savings initiatives and related legal expenses.

(3)

We use derivative financial instruments to mitigate effects of fluctuations in foreign currency exchange rates and commodity prices, primarily related to resin and aluminium. We do not enter into derivative financial instruments for speculative purposes. This adjustment eliminates the non-cash gains and losses resulting from fair value changes of these instruments.

(4)

For 2018 and 2019, transaction- and acquisition-related costs include IPO-related costs that relate to the listing of existing shares on SIX Swiss Exchange in September 2018, acquisition-related costs and costs for pursuing other initiatives. Costs incurred for the IPO that are directly attributable to the issue of new shares are recognised as a deduction from equity. For 2014 to 2016, transaction- and acquisition-related costs reflect adjustments relating to various acquisition-related costs and fair value adjustments incurred when the SIG Group was acquired by Onex in 2015.

(5)

Change in contingent purchase price obligation represents the final change to the Group’s contingent purchase price obligation, which was settled in 2016, and related to the acquisition of the SIG Group by Onex in 2015. There are no remaining obligations for the Group under the share purchase agreement relating to the acquisition of the SIG Group.

(6)

Reflects allocated overhead costs of the previous owner that have not continued to incur in periods following the acquisition of the SIG Group by Onex in 2015.

(7)

Other for 2019 primarily includes operational process-related costs and impairment losses on property, plant and equipment. Other for 2018 primarily includes adjustments for management fees, a gain relating to the sale of a piece of land regarded as an investment property and operational process-related costs. Other for 2015 to 2017 primarily includes adjustments for out of period indirect tax recoveries and import duties, impairment losses on property, plant and equipment and management fees. Other for 2016 also includes adjustments for gain on sale of land and other assets. Other for 2010 to 2013 primarily includes adjustments for out of period indirect tax recoveries in Brazil and import duties in China and Thailand (with adjustments for €(12.2)m of indirect tax recoveries in 2013 and import duty charges of €7.4m in 2010); impairment losses on property, plant and equipment; reversals of provisions; and gains of sale of businesses, land, properties and other assets. In 2013, other also includes an adjustment of €24.9m for a realised accumulated foreign currency translation loss on the liquidation of a subsidiary. In 2011, other also includes adjustments for revaluation of pension plans. An adjustment for business interruption costs was made in 2011. Other for 2012 to 2015 also includes operational process-related costs.

Profit/(loss) for the period

 

106.9

 

(83.9)

 

(96.9)

 

(39.9)

 

47.1

 

142.9

 

83.4

 

73.7

 

41.0

 

38.1

Net finance expense

 

44.6

 

206.4

 

238.7

 

165.0

 

141.7

 

70.4

 

89.3

 

94.9

 

61.3

 

117.3

Income tax expense

 

41.1

 

0.9

 

26.2

 

34.9

 

39.5

 

46.4

 

73.1

 

40.3

 

43.0

 

45.5

Depreciation and amortisation

 

287.1

 

271.7

 

265.9

 

262.1

 

223.5

 

94.1

 

126.0

 

169.5

 

185.7

 

182.7

Earnings before interest, tax depreciation and amortisation ("EBITDA")

 

479.7

 

395.1

 

433.9

 

422.1

 

451.8

 

353.8

 

371.8

 

378.4

 

331.0

 

383.6

Adjustments to EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Replacement of share of profit or loss of joint ventures with cash dividends received from joint ventures (1)

 

5.3

 

14.8

 

6.2

 

(2.1)

 

(7.3)

 

3.1

 

1.1

 

(15.0)

 

(6.1)

 

(9.1)

Restructuring costs, net of reversals (2)

 

1.8

 

4.3

 

19.4

 

18.0

 

2.1

 

24.9

 

8.9

 

14.9

 

1.5

 

8.7

Unrealised (gain)/loss on derivatives (3)

 

(10.1)

 

23.1

 

(5.2)

 

(3.6)

 

(20.0)

 

14.8

 

(1.7)

 

5.5

 

1.8

 

(0.1)

Transaction- and acquisition-related costs (4)

 

4.3

 

19.7

 

 

1.0

 

55.8

 

8.5

 

 

 

 

Change in contingent purchase price obligation (5)

 

 

 

2.5

 

32.5

 

(50.0)

 

 

 

 

 

Allocated carve-out expenses (6)

 

 

 

 

 

1.1

 

11.0

 

11.2

 

13.1

 

4.2

 

Other (7)

 

4.4

 

4.5

 

(1.7)

 

(0.5)

 

2.2

 

0.8

 

17.5

 

(7.4)

 

9.9

 

5.7

Adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA")

 

485.4

 

461.5

 

455.1

 

467.4

 

435.7

 

416.9

 

408.8

 

389.5

 

342.3

 

388.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PP&E (excluding filling machines)

 

58.3

 

57.0

 

60.1

 

73.1

 

70.1

 

58.4

 

94.3

 

66.7

 

77.5

 

49.0

Gross filling machines

 

123.9

 

156.9

 

152.2

 

113.3

 

89.1

 

91.4

 

59.2

 

65.3

 

62.2

 

75.5

Upfront cash (for filling machines)

 

(71.8)

 

(70.7)

 

(48.1)

 

(27.0)

 

(34.5)

 

(25.8)

 

 

 

 

Net capital expenditure

 

110.4

 

143.2

 

164.2

 

159.4

 

124.7

 

124.0

 

153.5

 

132.0

 

139.7

 

124.5