ARD Finance 6-K 3 May 18 2017 FY Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ARD Finance S.A.
Entity Central Index Key	1,698,039
Document Type	6-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	true
Amendment Description	Change in presentation currency from euro to U.S. dollar pursuant to a change in accounting policy.
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Consolidated income statement
Revenue		$ 8,596		$ 7,014		$ 5,795
Cost of sales		(7,210)		(5,786)		(4,817)
Gross profit/(loss)		1,386		1,228		978
Sales, general and administration expenses		(450)		(462)		(353)
Intangible amortization		(264)		(191)		(122)
Operating profit/(loss)		672		575		503
Finance expense		(671)		(769)		(590)
Finance income				88
Profit/(loss) before tax		1		(106)		(87)
Income tax (charge)/credit		40		(66)		(48)
Profit/(loss) for the year		41		(172)		(135)
Profit/(loss) attributable to:
Owners of the parent	€ 31	38	€ (155)	(172)	€ (120)	(135)
Noncontrolling interests		3
Before exceptional items
Consolidated income statement
Revenue		8,596		7,014		5,795
Cost of sales		(7,110)		(5,771)		(4,776)
Gross profit/(loss)		1,486		1,243		1,019
Sales, general and administration expenses		(401)		(332)		(305)
Intangible amortization		(264)		(191)		(122)
Operating profit/(loss)		821		720		592
Finance expense		(539)		(584)		(575)
Profit/(loss) before tax		282		136		17
Income tax (charge)/credit		(98)		(115)		(84)
Profit/(loss) for the year		184		21		(67)
Exceptional items
Consolidated income statement
Cost of sales		(100)		(15)		(41)
Gross profit/(loss)		(100)		(15)		(41)
Sales, general and administration expenses		(49)		(130)		(48)
Operating profit/(loss)		(149)		(145)		(89)
Finance expense		(132)		(185)		(15)
Finance income				88
Profit/(loss) before tax		(281)		(242)		(104)
Income tax (charge)/credit		138		49		36
Profit/(loss) for the year		$ (143)		$ (193)		$ (68)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit/(loss) for the year	$ 41	$ (172)	$ (135)
Foreign currency translation adjustments:
Arising in the year	(390)	63	125
Foreign currency translation adjustments	(390)	63	125
Effective portion of changes in fair value of cash flow hedges:
New fair value adjustments into reserve	(254)	54	45
Movement out of reserve	258	(85)	(44)
Movement in deferred tax	1	(4)
Effective portion of changes in fair value of cash flow hedges	5	(35)	1
Items that will not be reclassified to income statement
Remeasurements of employee benefit obligations	49	(139)	74
Deferred tax movement on employee benefit obligations	(6)	18	(28)
Total of items that will not be reclassified to income statement	43	(121)	46
Total other comprehensive income/(expense) for the year	(342)	(93)	172
Total comprehensive income/(expense) for the year	(301)	(265)	37
Attributable to:
Owners of the parent	(307)	(265)	37
Noncontrolling interests	6
Total comprehensive income/(expense) for the year	$ (301)	$ (265)	$ 37

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION € in Millions, $ in Millions	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Non-current assets
Intangible assets		$ 4,104		$ 4,115		$ 1,971	$ 2,139
Property, plant and equipment		3,368		3,068		2,512	2,699
Derivative financial instruments		7		131			49
Deferred tax assets		221		273		194	223
Other non-current assets		25		21		15	12
Total non-current assets		7,725		7,608		4,692	5,122
Current assets
Inventories		1,353		1,186		898	935
Trade and other receivables		1,274		1,227		709	840
Derivative financial instruments		16		12			2
Cash and cash equivalents		823		818		603	526
Total current assets		3,466		3,243		2,210	2,303
TOTAL ASSETS		11,191		10,851		6,902	7,425
Equity attributable to owners of the parent
Other reserves		(76)		309		281	155
Retained earnings		(2,967)		(3,462)		(2,866)	(2,761)
Total equity attributable to owners of the parent	€ (2,529)	(3,043)	€ (2,990)	(3,153)	€ (2,374)	(2,585)	(2,606)
Non-controlling interest		(99)		3		3	3
TOTAL EQUITY		(3,142)		(3,150)		(2,582)	(2,603)
Non-current liabilities
Borrowings		10,074		10,224		6,964	7,326
Employee benefit obligations		997		954		784	878
Derivative financial instruments		301		0			552
Deferred tax liabilities		583		732		491
Provisions		44		60		52	40
Total non-current liabilities		11,999		11,970		8,291	8,796
Current liabilities
Borrowings		2		8		8	5
Interest payable		107		118		86	101
Derivative financial instruments		2		8		8	8
Trade and other payables		1,991		1,632		956	976
Income tax payable		162		192		83	81
Provisions		70		73		52	61
Total current liabilities		2,334		2,031		1,193	1,232
TOTAL LIABILITIES		14,333		14,001		9,484	10,028
TOTAL EQUITY and LIABILITIES		$ 11,191		$ 10,851		$ 6,902	$ 7,425

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Foreign currency translation reserve	Cash flow hedges	Retained earnings	Non-controlling interests	Total
Beginning balance at Dec. 31, 2014	$ (2,606)	$ 158	$ (3)	$ (2,761)	$ 3	$ (2,603)
Profit/(loss) for the year	(135)			(135)		(135)
Other comprehensive (expense)/income	172	125	1	46		172
Return of capital to parent company	(16)			(16)		(16)
Ending balance at Dec. 31, 2015	(2,585)	283	(2)	(2,866)	3	(2,582)
Profit/(loss) for the year	(172)			(172)		(172)
Other comprehensive (expense)/income	(93)	63	(35)	(121)		(93)
Dividends paid	(303)			(303)		(303)
Ending balance at Dec. 31, 2016	(3,153)	346	(37)	(3,462)	3	(3,150)
Profit/(loss) for the year	38			38	3	41
Other comprehensive (expense)/income	(345)	(390)	5	40	3	(342)
Share issuance by subsidiary	421			421	(98)	323
Dividends paid	(4)			(4)	(8)	(12)
Non-controlling interest in disposed business					(2)	(2)
Ending balance at Dec. 31, 2017	$ (3,043)	$ (44)	$ (32)	$ (2,967)	$ (99)	$ (3,142)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Cash generated from operations	$ 1,523	$ 1,225	$ 1,059
Interest - paid excluding cumulative PIK interest paid	(573)	(412)	(360)
Cumulative PIK interest paid		(205)
Income tax paid	(103)	(93)	(66)
Net cash from operating activities	847	515	633
Cash flows from investing activities
Purchase of business net of cash acquired		(3,036)
Purchase of property, plant and equipment	(476)	(343)	(339)
Purchase of software and other intangibles	(22)	(12)	(9)
Proceeds from disposal of property, plant and equipment	6	4	9
Net cash used in investing activities	(492)	(3,387)	(339)
Cash flows from financing activities
Proceeds from borrowings	3,730	6,169
Repayment of borrowings	(4,385)	(2,604)	(221)
Return of capital to parent company			(16)
Net proceeds from share issuance by subsidiary	326
Dividends paid to parent company	(4)	(303)
Dividends paid by subsidiary to non-controlling interest	(8)
Early redemption premium costs paid	(91)	(121)	(9)
Deferred debt issue costs paid	(43)	(82)	(2)
Proceeds from the termination of derivative financial instruments	46		90
Net cash (outflow)/inflow from financing activities	(429)	3,059	(158)
Net (decrease)/increase in cash and cash equivalents	(74)	187	136
Cash and cash equivalents at the beginning of the year	818	603	526
Exchange gains/(losses) on cash and cash equivalents	79	28	(59)
Cash and cash equivalents at the end of the year	$ 823	$ 818	$ 603

CONSOLIDATED STATEMENT OF CASH7

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENT OF CASH FLOWS
Interest paid	$ 573	$ 617	$ 360

General information

General information	12 Months Ended
	Dec. 31, 2017
General information
General information	ARD FINANCE S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. General information ARD Finance S.A. (the “Company”) was incorporated in Luxembourg on May 6, 2011. The Company’s registered office is 56, rue Charles Martel, L-2134 Luxembourg. On March 20, 2017 a subsidiary of the Company, Ardagh Group S.A. (“Ardagh”), closed its initial public offering (“IPO”) of 18,630,000 Class A common shares on the New York Stock Exchange (“NYSE”). Following the IPO, the Company recognized a non-controlling interest of $98 million. All of the business of the group of companies controlled by this company (the “Group”) is conducted by Ardagh and its subsidiaries (together the “Ardagh Group”). All of the financing of the Group other than the 7.125%/7.875% $770 million Senior Secured Toggle Notes due 2023, and the 6.625%/7.375% €845 million Senior Secured Toggle Notes due 2023 (the “Toggle Notes”, as described in Note 17) are liabilities of the Ardagh Group. Any description of the business of the Group is a description of the business of the Ardagh Group. The Company and those of its subsidiaries who are above Ardagh Group S.A. in the corporate structure are referred to as the “ARD Finance Group”. The principal accounting policies that have been applied to the consolidated financial statements are described in Note 2.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2017
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with, and are in compliance with, International Financial Reporting Standards (“IFRS”) and related interpretations as adopted by the International Accounting Standards Board (“IASB”). IFRS is comprised of standards and interpretations approved by the IASB and IFRS and interpretations approved by the predecessor International Accounting Standards Committee that have been subsequently approved by the IASB and remain in effect. References to IFRS hereafter should be construed as references to IFRS as adopted by the IASB. The consolidated financial statements are presented in euro which is the functional currency of the Company, rounded to the nearest million, and have been prepared under the historical cost convention except for the following: · derivative financial instruments are stated at fair value; and · employee benefit obligations are measured at the present value of the future estimated cash flows related to benefits earned and pension assets valued at fair value. The preparation of consolidated financial information in conformity with IFRS requires the use of critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and income and expenses. It also requires management to exercise judgment in the process of applying Group accounting policies. These estimates, assumptions and judgments are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances and are subject to continual re‑evaluation. However, actual outcomes may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in the critical accounting estimates, assumptions and judgments. The consolidated financial statements for the Group were authorized for issue by the Board of Directors of ARD Finance S.A. (the “Board”) on February 21, 2018, except for Note 2 and Note 26 which were authorized for issue on May 3, 2018. Change in presentation currency With effect from January 1, 2018, the Group changed the currency in which it presents its financial statements from euro to U.S. dollar. This is principally as a result of the Board of Directors’ assessment that this change will help provide a clearer understanding of the Group’s financial performance and improve comparability of our performance following the Ardagh Group’s IPO on the NYSE. The change in accounting policy impacts all financial statement line items whereby amounts previously reported in euro have been re-presented in U.S. dollar. To illustrate the effect of the re-presentation the previously reported euro consolidated statements of financial position as at December 31, 2017, 2016, 2015 and 2014, consolidated income statements, consolidated statements of comprehensive income and consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 have been set out in Note 26. Recent accounting pronouncements The impact of new standards, amendments to existing standards and interpretations issued and effective for annual periods beginning on or after January 1, 2017 has been assessed by the Board. Amendments to IAS 7, “Statement of cash flows”, effective from January 1, 2017 do not have a material effect on the consolidated financial statements. Other new standards or amendments to existing standards effective January 1, 2017 are not currently relevant for the Group. The Directors’ assessment of the impact of new standards, as listed below, which are not yet effective and which have not been early adopted by the Group, on the consolidated financial statements and disclosures is on-going, unless otherwise stated. IFRS 15, “Revenue from contracts with customers” replaces IAS 18, “Revenue” and IAS 11, “Construction contracts” and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018 and earlier application is permitted. IFRS 15 deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. During 2017 the Group completed its assessment of the potential impact of the new standard, including performing a review of revenue streams and customer contracts in order to evaluate the effects that this standard may have on the consolidated income statement and consolidated statement of financial position. Under current standards the Group recognizes revenue primarily on dispatch of goods. Upon adoption of IFRS 15, where the Group manufactures products for customers that have no alternative use and for which the group has an enforceable right to payment for production completed to date, the standard will require the Group to recognize revenue earlier than current standards such that, for certain contracts, a portion of revenue will be recognized prior to dispatch of goods. Based on the analysis performed to date, the Group does not expect that the adoption of the new standard will have a material impact on the amount of revenue recognized, when compared to the previous accounting guidance. The Group will recognize a contract asset as opposed to inventory as of the date of adoption of the new standard representing revenue that is accelerated as of that date under the new guidance. The Group expects that the adoption of the standard will not have any other material impact on the consolidated statement of financial position. The new guidance will have no impact on the consolidated statement of cash flows. The Group has determined that it shall report under the new standard on a modified retrospective basis upon adoption in the first quarter of 2018 which results in the Group retaining prior period figures as reported under the previous standards and recognising the cumulative effect of applying IFRS 15 as an adjustment to the opening balance of retained earnings as at the date of initial adoption. IFRS 9, “Financial instruments” replaces IAS 39 “Financial instruments: Recognition and measurement” (“IAS 39”). IFRS 9 has been completed in a number of phases and includes requirements on the classification and measurement of financial instruments, impairment of financial instruments and hedge accounting. It also includes an expected credit loss model that replaces the incurred impairment loss model currently used as well as hedge accounting amendments. This standard becomes effective for annual periods commencing on or after January 1, 2018 and the Group will adopt the new standard from the effective date. The Group does not expect there to be a significant impact on the consolidated income statement, the consolidated statement of comprehensive income and the consolidated statement of financial position in respect of the classification of financial assets and liabilities, the adoption of the new hedge accounting model and the introduction of an expected credit loss model. IFRS 16, “Leases”, sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that appropriately represents those transactions. This information provides a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the entity. IFRS 16 replaces IAS 17, “Leases”, and later interpretations and will result in most operating leases being recorded on the consolidated statement of financial position. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with early adoption permitted. The Group is continuing to assess the effects that the adoption of IFRS 16 will have on the Group’s consolidated financial statements. The IFRS Interpretations Committee issued IFRIC 23 “Uncertainty over income tax treatments”, which clarifies how the recognition and measurement requirements of IAS 12 “Income taxes”, are applied where there is uncertainty over income tax treatments. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019. The Group’s assessment of the impact of IFRIC 23 is on-going and it is not expected that the application of this interpretation will have a material impact on the consolidated financial statements of the Group. Basis of consolidation (i) Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de‑consolidated from the date on which control ceases. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is the consideration given in exchange for control of the identifiable assets, liabilities and contingent liabilities of the acquired legal entities. Directly attributable transaction costs are expensed and included as exceptional items within sales, general and administration expenses. The acquired net assets are initially measured at fair value. The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recorded as goodwill. Any goodwill and fair value adjustments are recorded as assets and liabilities of the acquired legal entity in the currency of the primary economic environment in which the legal entity operates (the “functional currency”). If the cost of acquisition is less than the fair value of the Group’s share of the net assets of the legal entity acquired, the difference is recognized directly in the consolidated income statement. The Group considers obligations of the acquiree in a business combination that arise as a result of the change in control, to be cash flows arising from obtaining control of the controlled entity, and classifies these obligations as investing activities in the consolidated statement of cash flows. (ii) Non-controlling interests Non-controlling interests represent the portion of the equity of a subsidiary which is not attributable to the Group. Non-controlling interests are presented separately in the consolidated financial statements. Changes in ownership of a subsidiary which do not result in a change in control are treated as equity transactions. (iii) Transactions eliminated on consolidation Transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Subsidiaries’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. Foreign currency (i) Functional and presentation currency The functional currency of the Company is euro. The consolidated financial statements are presented in U.S. dollar which is the Group’s presentation currency as set out above. (ii) Foreign currency transactions Items included in the financial statements of each of the Group’s entities are measured using the functional currency of that entity. Transactions in foreign currencies are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognized in the consolidated income statement, except: (i) differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity (“net investment hedges”), which are taken to other comprehensive income until the disposal of the net investment, at which time they are recognized in the consolidated income statement; and (ii) differences on certain derivative financial instruments discussed under ‘Derivative financial instruments’ below. Net investment hedges are accounted for in a similar manner to cash flow hedges. The gain or loss relating to the ineffective portion of a net investment hedge is recognized immediately in the consolidated income statement within finance income or expense. (iii) Financial statements of foreign operations The assets and liabilities of foreign operations are translated into euro at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to euro at average exchange rates for the year. Foreign exchange differences arising on retranslation and settlement of such transactions are recognized in other comprehensive income. Gains or losses accumulated in other comprehensive income are recycled to the consolidated income statement when the foreign operation is disposed of. Non‑monetary items measured at fair value in foreign currency are translated using the exchange rates as at the date when the fair value is determined. Business combinations and goodwill All business combinations are accounted for by applying the acquisition method of accounting. This involves measuring the cost of the business combination and allocating, at the acquisition date, the cost of the business combination to the assets acquired and liabilities assumed. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non‑controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non‑controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition‑related costs are expensed as incurred and included in sales, general and administration expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date. Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to those groups of cash‑generating units (“CGU”) that are expected to benefit from the business combination in which the goodwill arose for the purpose of assessing impairment. Goodwill is tested annually for impairment. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash‑generating unit retained. Intangible assets Intangible assets are initially recognized at cost. Intangible assets acquired as part of a business combination are capitalized separately from goodwill if the intangible asset is separable or arises from contractual or other legal rights. They are initially recognized at cost which, for intangible assets arising in a business combination, is their fair value at the date of acquisition. Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The carrying values of intangible assets with finite useful lives are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. The amortization of intangible assets is calculated to write off the book value of finite lived intangible assets over their useful lives on a straight‑line basis on the assumption of zero residual value as follows: Computer software - 7 years Customer relationships - 15 years Technology - 15 years (i) Computer software Computer software development costs are recognized as assets. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (ii) Customer relationships Customer relationships acquired in a business combination are recognized at fair value at the acquisition date. Customer relationships have a finite useful economic life and are carried at cost less accumulated amortization. (iii) Technology Technology based intangibles acquired in a business combination are recognized at fair value at the acquisition date and reflect the Group’s ability to add value through accumulated technological expertise surrounding product and process development. (iv) Research and development costs Research costs are expensed as incurred. Development costs relating to new products are capitalized if the new product is technically and commercially feasible. All other development costs are expensed as incurred. Property, plant and equipment (i) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, except for land which is shown at cost less impairment. Spare parts which form an integral part of plant and machinery and which have an estimated useful economic life greater than one year are capitalized. Spare parts which do not form an integral part of plant and machinery and which have an estimated useful economic life less than one year are included as consumables within inventory and expensed when utilized. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. (ii) Leased assets The determination of whether an arrangement is, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets, and the arrangement conveys a right to use the asset. Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight‑line basis over the period of the lease. (iii) Subsequent costs The Group recognizes in the carrying amount of an item of property, plant and equipment, the cost of replacing the component of such an item when that cost is incurred, if it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. When a component is replaced the old component is de‑recognized in the period. All other costs are recognized in the consolidated income statement as an expense as incurred. When a major overhaul is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria above are met. (iv) Depreciation Depreciation is charged to the consolidated income statement on a straight‑line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Buildings - 40 years Plant and machinery - 40 years Molds - 3 years Office equipment and vehicles - 10 years Assets’ useful lives and residual values are adjusted if appropriate, at each balance sheet date. Impairment of non‑financial assets Assets that have an indefinite useful economic life are not subject to amortization and are tested annually for impairment or whenever indicators suggest that impairment may have occurred. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets excluding goodwill and long lived intangible assets, are grouped at the lowest levels at which cash flows are separately identifiable. Goodwill and long lived intangible assets are allocated to groups of CGU. The groupings represent the lowest level at which the related assets are monitored for internal management purposes. Non‑financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. The recoverable amount of other assets is the greater of their value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first‑in, first‑out basis and includes expenditure incurred in acquiring the inventories and bringing them to their current location and condition. In the case of finished goods and work‑in‑progress, cost includes direct materials, direct labor and attributable overheads based on normal operating capacity. Net realizable value is the estimated proceeds of sale less all further costs to completion, and less all costs to be incurred in marketing, selling and distribution. Spare parts which are deemed to be of a consumable nature, are included within inventories and expensed when utilized. Non‑derivative financial instruments Non‑derivative financial instruments comprise trade and other receivables, cash and cash equivalents, restricted cash, borrowings and trade and other payables. Non‑derivative financial instruments are recognized initially at fair value plus any directly attributable transaction costs, except as described below. Subsequent to initial recognition, non‑derivative financial instruments are measured as described below. (i) Trade and other receivables Trade and other receivables are recognized initially at fair value and are thereafter measured at amortized cost using the effective interest rate method less any provision for impairment. A provision for impairment of trade receivables is recognized when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. (ii) Securitized assets The Group previously entered into a series of securitization transactions involving certain of its trade receivables. The securitized assets are recognized on the consolidated statement of financial position, until all of the rights to the cash flows from those assets have expired or have been fully transferred outside the Group, or until substantially all of the related risks, rewards and control of the related assets have been transferred to a third party. On December 7, 2017 the Group closed its securitization facility. The Group entered into a Global Asset Based Loan transaction (“ABL”) involving certain of its trade receivables and inventory. The lenders under the ABL have security over those receivables, inventory and the bank accounts where the associated cash flows are received. The risks, rewards and control of these assets are still retained by the Group and are, therefore, recognized on the statement of financial position. (iii) Cash and cash equivalents Cash and cash equivalents include cash in hand and call deposits held with banks. Cash and cash equivalents are carried at amortized cost. Short term bank deposits of greater than three months’ maturity which do not meet the definition of cash and cash equivalents are classified as financial assets within current assets and stated at amortized cost. (iv) Restricted cash Restricted cash comprises cash held by the Group but which is ring‑fenced or used as security for specific financing arrangements, and to which the Group does not have unfettered access. Restricted cash is measured at amortized cost. (v) Borrowings (including related party debt) Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Group’s consolidated income statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. (vi) Trade and other payables Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method. Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re‑measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The fair values of various derivative instruments used for hedging purposes are disclosed in Note 17. The full fair value of a hedging derivative is classified as a non‑current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. (i) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income. Amounts accumulated in other comprehensive income are recycled to the consolidated income statement in the periods when the hedged item will affect profit or loss. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing at that time remains in equity and is recognized in the consolidated income statement when the forecast cash flow arises. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated income statement. (ii) Net investment hedges Derivative financial instruments are classified as net investment hedges when they hedge changes in the Group’s net investments in its subsidiaries due to exposure to foreign currency. Net investment hedges are accounted for in a similar manner to cash flow hedges. (iii) Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group’s exposure to changes in the fair value of a recognized asset or liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Group’s consolidated income statement, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The gain or loss relating to the effective portion of derivatives with fair value hedge accounting is recognized in the consolidated income statement within “finance income/(expense)”. The gain or loss relating to the ineffective portion is also recognized in the consolidated income statement within “finance income/(expense)”. If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortized to profit or loss over the period to maturity. Fair value measurement The Group measures financial instruments such as derivatives and pension assets at fair value at each balance sheet date. Fair value related disclosures for financial instruments, related party convertible borrowings and pension assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes: · Disclosures for valuation methods, significant estimates and assumptions (Notes 17 and 18) · Contingent consideration · Quantitative disclosures of fair value measurement hierarchy (Note 17) · Financial instruments (including those carried at amortized cost) (Note 17) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: · in the principal market for the asset or liability; or · in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non‑financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Employee benefits (i) Defined benefit pension plans Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs are recognized immediately in the consolidated income statement. (ii) Multi‑employer pension plans Multi‑employer craft or industry based pension schemes (“multi‑employer schemes”) have arrangements similar to those of defined benefit schemes. In each case it is not possible to identify the Group’s share of the underlying assets and liabilities of the multi‑employer schemes and therefore in accordance with IAS 19(R), the Group has taken the exemption for multi‑employer pension schemes to account for them as defined contribution schemes recognizing the contributions payable in

Segment analysis

Segment analysis	12 Months Ended
	Dec. 31, 2017
Segment analysis
Segment analysis	3. Segment analysis The Group’s four operating and reportable segments are Metal Packaging Europe, Metal Packaging Americas, Glass Packaging Europe and Glass Packaging North America. This reflects the basis on which the Group’s performance is reviewed the CODM. Net finance expense is not allocated to segments as these are reviewed by the CODM on a group‑wide basis. Performance of the segments is assessed based on Adjusted EBITDA. Adjusted EBITDA consists of profit/(loss) before income tax (credit)/charge, net finance expense, depreciation and amortization and exceptional operating items. Segment revenues are derived from sales to external customers. Inter‑segmental revenue is not material. Segment assets consist of intangible assets, property, plant and equipment, derivative financial instrument assets, deferred tax assets, other non‑current assets, inventories, trade and other receivables and cash and cash equivalents and restricted cash. The accounting policies of the segments are the same as those in the consolidated financial statements of the Group as set out in Note 2. Reconciliation of profit/(loss) for the year to Adjusted EBITDA Year ended December 31, 2017 2016 2015 $m $m $m Profit/(loss) for the year 41 (172) (135) Income tax (credit)/charge (Note 6) (40) 66 48 Net finance expense (Note 5) 671 681 590 Depreciation and amortization (Notes 8, 9) 687 561 449 Exceptional operating items (Note 4) 149 145 89 Adjusted EBITDA 1,508 1,281 1,041 The segment results for the year ended December 31, 2017 are: Metal Metal Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $m $m $m $m $m Revenue 3,339 1,931 1,549 1,777 8,596 Adjusted EBITDA 554 265 340 349 1,508 Capital expenditure 176 80 110 126 492 Segment assets 4,485 1,858 2,226 2,622 11,191 The segment results for the year ended December 31, 2016 are: Metal Metal Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $m $m $m $m $m Revenue 2,470 1,168 1,541 1,835 7,014 Adjusted EBITDA 404 154 328 395 1,281 Capital expenditure 80 39 99 133 351 Segment assets 4,159 1,934 2,003 2,755 10,851 The segment results for the year ended December 31, 2015 are: Metal Metal Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $m $m $m $m $m Revenue 1,839 435 1,619 1,902 5,795 Adjusted EBITDA 289 49 318 385 1,041 Capital expenditure 51 17 122 149 339 Segment assets 2,028 441 1,924 2,509 6,902 Capital expenditure is the sum of purchases of property, plant and equipment and software and other intangibles, net of proceeds from disposal of property, plant and equipment, as per the consolidated statement of cash flows. No customer accounted for greater than 10% of total revenue in 2017 (2016: none; 2015: one customer). Total revenue and non‑current assets, excluding derivative financial instruments, taxes, pensions and goodwill arising on acquisitions, in countries which account for more than 10% of total revenue or non‑current assets, in the current or prior years presented, are as follows: Year ended December 31, 2017 2016 2015 Revenue $m $m $m U.S. 3,261 2,695 2,227 United Kingdom 879 801 738 Germany 801 726 639 At December 31, 2017 2016 Non-current assets $m $m U.S. 2,218 2,307 Germany 1,025 801 United Kingdom 676 556 The revenue above is attributed to countries on a destination basis. The Company is domiciled in Luxembourg. During the year the Group had revenues of $3 million (2016: $2 million, 2015: $2 million) with customers in Luxembourg. Non‑current assets located in Luxembourg were $nil (2016: $nil). Within each reportable segment our packaging containers have similar production processes and classes of customers. Further, they have similar economic characteristics as evidenced by similar profit margins, similar degrees of risk and similar opportunities for growth. Based on the foregoing, we do not consider that they constitute separate product lines and therefore additional disclosures relating to product lines is not necessary.

Exceptional items

Exceptional items	12 Months Ended
	Dec. 31, 2017
Exceptional items
Exceptional items	4 . Exceptional items Year ended December 31, 2017 2016 2015 $m $m $m Exceptional impairment - property, plant and equipment 54 9 — Restructuring costs 38 15 13 Start-up costs 8 5 30 Exceptional impairment - working capital — — (2) Non-cash inventory adjustment — 10 — Past service credit — (24) — Exceptional items - cost of sales 100 15 41 Transaction related costs - acquisition, integration and IPO 49 128 45 Restructuring and other costs — 2 3 Exceptional items - SGA expenses 49 130 48 Debt refinancing and settlement costs 117 157 15 Exceptional loss on derivative financial instruments 15 11 — Interest payable on acquisition notes — 17 — Exceptional items - finance expense 132 185 15 Exceptional gain on derivative financial instruments — (88) — Exceptional items - finance income — (88) — Total exceptional items 281 242 104 Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence. 2017 Exceptional items of $281 million have been recognized for the year ending December 31, 2017, primarily comprising: · $117 million debt refinancing and settlement costs relating to the notes and loans redeemed and repaid in January, March, April, June, and August 2017, principally comprising premiums payable on the early redemption of the notes and accelerated amortization of deferred finance costs and issue discounts. · $54 million property, plant and equipment impairment charges arising principally from capacity realignment in Glass Packaging North America and Metal Packaging Europe. · $49 million transaction related costs, primarily comprised of costs directly attributable to the acquisition and integration of the Beverage Can Acquisition and other IPO and transaction related costs. · $15 million exceptional loss on the termination, in June 2017, of $500 million of the Group’s U.S. dollar to British pound cross currency interest rate swaps (“CCIRS”), of which $12 million relates to cumulative losses recycled from other comprehensive income. · $38 million relating to capacity realignment and restructuring costs in Metal Packaging Europe. · $8 million of start-up costs in Metal Packaging Americas and Glass Packaging North America. 2016 Exceptional items of $242 million have been recognized in the year ended December 31, 2016, primarily comprising: · $24 million pension service credit in Glass Packaging North America, following the amendment of certain defined benefit pension schemes during the period. · Restructuring costs relate principally to $9 million in Metal Packaging Europe, $2 million in Metal Packaging Americas and $5 million in Glass Packaging North America. · $128 million transaction related costs primarily attributable to the IPO and Beverage Can Acquisition. · $157 million debt refinancing and settlement costs related to the notes repaid in May, September, and November 2016 including premiums payable on the early redemption of the notes, accelerated amortization of deferred finance costs, debt issuance premium and discounts and interest charges incurred in lieu of notice. · $17 million net interest charged in respect of notes held in escrow for the period between their issuance and the completion of the Beverage Can Acquisition. · $9 million plant, property and equipment impairment charges, of which $5 million relates to impairment of plant and machinery in Metal Packaging Europe and $3 million relates to the impairment of a plant in Metal Packaging Americas. · $88 million exceptional gain on derivative financial instruments relating to the gain on fair value of the CCIRS which were entered into during the second quarter and for which hedge accounting had not been applied until the third quarter. · The $11 million exceptional loss on derivative financial instruments relating to hedge ineffectiveness on the Group’s CCIRS. 2015 Exceptional items of $104 million have been incurred in the year ended December 31, 2015, primarily comprising: · $42 million transaction costs, largely associated with the Group’s withdrawn initial public offering of its Metal Packaging business. · $30 million start‑up costs related to two plants in Metal Packaging Americas. · Restructuring costs of $10 million in Metal Packaging Europe and $5 million in Glass Packaging North America. · $3 million acquisition and disposal costs. · $2 million reversal of impairment of assets in Metal Packaging Europe. · $15 million finance costs comprised of $9 million premium on redemption of the €180 million 8¾% Senior notes due 2020 and repaid in February 2015, $3 million accelerated amortization of deferred finance costs relating to the €180 million 8¾% Senior notes and $2 million other finance costs.

Finance income and expense

Finance income and expense	12 Months Ended
	Dec. 31, 2017
Finance income and expense
Finance income and expense	5. Finance income and expense Year ended December 31, 2017 2016 2015 $m $m $m Senior secured and senior notes 553 494 421 Term loan 5 30 29 Other interest expense 6 7 9 Interest expense 564 531 459 Net pension interest cost (Note 18) 24 28 26 Loss on derivative financial instruments 28 — — Foreign currency translation (gains)/losses (75) 30 88 Other finance (income)/expense (2) (5) 2 Finance expense before exceptional items 539 584 575 Exceptional finance expense (Note 4) 132 185 15 Total finance expense 671 769 590 Exceptional finance income (Note 4) — (88) — Net finance expense 671 681 590

Income tax

Income tax	12 Months Ended
	Dec. 31, 2017
Income tax
Income tax	6 . Income tax Year ended December 31, 2017 2016 2015 $m $m $m Current tax: Current tax for the year 99 69 60 Adjustments in respect of prior years 1 (20) 37 Total current tax 100 49 97 Deferred tax: Deferred tax for the year (134) (11) 8 Adjustments in respect of prior years (6) 28 (57) Total deferred tax (140) 17 (49) Income tax (credit)/charge (40) 66 48 Reconciliation of income tax (credit)/charge and the accounting loss multiplied by the Group’s domestic tax rate for 2017, 2016 and 2015 is as follows: Year ended December 31, 2017 2016 2015 $m $m $m Loss before tax 1 (106) (87) Loss before tax multiplied by the standard rate of Luxembourg corporation tax: 27.08% (2016: 29.22%; 2015: 29.22%) — (31) (25) Tax losses for which no deferred income tax asset was recognized — 1 2 Re-measurement of deferred taxes (78) (6) (6) Adjustment in respect of prior years (4) 8 (20) Income subject to state and other local income taxes 17 10 12 Income taxed at rates other than standard tax rates (19) 21 30 Non-deductible items 36 66 59 Other 8 (3) (4) Income tax (credit)/charge (40) 66 48 The total income tax (credit)/charge outlined above for each year includes tax credits of $138 million in 2017 (2016: $49 million; 2015: $36 million) in respect of exceptional items. This includes a credit of $77 million on remeasurement of deferred tax positions following the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”) in the United States of America. On December 22, 2017, the TCJA was signed into US law. On re-measurement of Ardagh Group’s deferred tax positions following the enactment of the TCJA, a one-time non cash benefit of $77 million was recorded to the income statement. This credit reflects a reduction in Ardagh Group’s US net deferred tax liability due to the reduction in the US federal corporate tax rate, which will apply when the existing temporary differences reverse, from the existing rate of 35% to 21% with effect from January 1, 2018. The additional tax credit on re-measurement of deferred tax positions of $1 million is attributable to the progressive reduction in the French corporate income tax rate, which will apply when the existing temporary differences reverse, from 28% to 25%. Non‑deductible items principally relate to non‑deductible interest expense in Ireland and Luxembourg and income taxed at non‑standard rates takes account of foreign tax rate differences (versus the Luxembourg standard 27.08% rate) on earnings.

Employee costs

Employee costs	12 Months Ended
	Dec. 31, 2017
Employee costs
Employee costs	7 . Employee costs Year ended December 31, 2017 2016 2015 $m $m $m Wages and salaries 1,345 1,190 1,034 Social security costs 209 167 148 Defined benefit plan pension costs (Note 18) 46 46 50 Defined benefit past service credit (Note 18) (10) (43) — Defined contribution plan pension costs (Note 18) 35 34 16 1,625 1,394 1,248 At December 31, Employees 2017 2016 2015 Production 20,793 20,823 17,068 Administration 2,699 2,712 1,790 23,492 23,535 18,858

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2017
Intangible assets
Intangible assets	8 . Intangible assets Customer Technology Goodwill relationships and other Software Total $m $m $m $m $m Cost At January 1, 2016 1,140 926 197 53 2,316 Acquisitions 1,004 1,385 34 12 2,435 Additions — — 8 3 11 Impairment — — — (2) (2) Exchange (56) (53) (5) (2) (116) At December 31, 2016 2,088 2,258 234 64 4,644 Amortization At January 1, 2016 (254) (56) (37) (347) Charge for the year (159) (25) (7) (191) Exchange 14 (6) 1 9 At December 31, 2016 (399) (87) (43) (529) Net book value At December 31, 2016 2,088 1,859 147 21 4,115 Cost At January 1, 2017 2,088 2,258 234 64 4,644 Additions — — 5 16 21 Derecognition of fully amortized assets — (42) — — (42) Exchange 113 139 12 8 272 At December 31, 2017 2,201 2,355 251 88 4,895 Amortization At January 1, 2017 (399) (87) (43) (529) Charge for the year (225) (31) (8) (264) Derecognition of fully amortized assets 42 — — 42 Exchange (25) (8) (7) (40) At December 31, 2017 (607) (126) (58) (791) Net book value At December 31, 2017 2,201 1,748 125 30 4,104 In the year ended December 31, 2017 an intangible asset relating to an acquired customer relationship in Glass Packaging North America was derecognised. This asset had reached the end of its estimated useful life and had a net book value of $nil at the date of derecognition. Goodwill Allocation of goodwill Goodwill has been allocated to groups of CGUs for the purpose of impairment testing. The groupings represent the lowest level at which the related goodwill is monitored for internal management purposes. Goodwill acquired through business combination activity is allocated to CGUs that are expected to benefit from synergies arising from that combination. The allocation of goodwill arising from the Beverage Can Acquisition was finalized on June 30, 2017. The lowest level within the Group at which the goodwill is monitored for internal management purposes and consequently the CGUs to which goodwill is allocated is set out below: At December 31, 2017 2016 $m $m Metal Packaging Europe - excluding the Beverage Can Business ('Metal Europe') 320 282 Metal Packaging Americas - excluding the Beverage Can Business ('Metal Americas') 29 30 Metal Packaging Europe - Beverage Can Business ('Beverage Europe') 604 534 Metal Packaging Americas - Beverage Can Business ('Beverage Americas') 437 436 Glass Packaging Europe 65 60 Glass Packaging North America 746 746 Total Goodwill 2,201 2,088 Impairment tests for goodwill The Group performs its impairment test of goodwill annually following approval of the annual budget. Recoverable amount and carrying amount The Group used the value in use (“VIU”) model for the purposes of the goodwill impairment testing as this reflects the Group’s intention to hold and operate the assets. The VIU model used the 2018 budget approved by the Board of Directors of Ardagh Group S.A. (2016: 2017 two‑year budget). The budget was then extended for a further four ‑ year period (2016: 2017 three‑year period) making certain assumptions including that long - term capital expenditure equals depreciation and that any increase in input cost will be passed through to customers, in line with historic practice and contractual terms. The terminal value assumed long term growth in line with long term inflation. Cash flows considered in the VIU model included the cash inflows and outflows related to the continuing use of the assets over their remaining useful lives, expected earnings, required maintenance capital expenditure, depreciation, tax and working capital. The discount rate applied to cash flows in the VIU model was estimated using the Capital Asset Pricing Model with regard to the risks associated with the cash flows being considered (country, market and specific risks of the asset). The modelled cash flows take into account the Group’s established history of earnings, cash flow generation and the nature of the markets in which we operate, where product obsolescence is low. The key assumptions employed in modelling estimates of future cash flows are subjective and include projected Adjusted EBITDA, discount rates and growth rates, replacement capital expenditure requirements, rates of customer retention and the ability to maintain margin through the pass through of input cost inflation. A sensitivity analysis was performed reflecting potential variations in terminal growth rate and discount rate assumptions. In all cases the recoverable values calculated were in excess of the carrying values of the CGUs. The variation applied to terminal value growth rates and discount rates was a 50 basis points decrease and increase respectively and represents a reasonably possible change to the key assumptions of the VIU model. Further, a reasonably possible change to the operating cash flows would not reduce the recoverable amounts below the carrying values of the CGUs. The additional disclosures required under IAS 36 in relation to significant goodwill amounts arising in the groups of CGUs are as follows: Glass Glass Packaging Metal Metal Beverage Beverage Packaging North Europe Americas Europe Americas Europe America $m/% $m/% $m/% $m/% $m/% $m/% 2017 Carrying amount of goodwill Excess of recoverable amount Pre-tax discount rate applied Growth rate for terminal value 2016 Carrying amount of goodwill 282 30 534 436 60 746 Excess of recoverable amount 2,296 392 613 289 2,186 1,718 Pre-tax discount rate applied 8.3 9.8 8.9 11.9 8.7 10.3 Growth rate for terminal value 1.5 2.0 1.5 2.0 1.5 2.0

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment
Property, plant and equipment	9. Property, plant and equipment Plant, Office Land and machinery equipment buildings and other and vehicles Total $m $m $m $m Cost At January 1, 2016 829 3,108 56 3,993 Acquisitions (Note 22) 190 512 — 702 Additions 3 345 6 354 Impairment — (9) — (9) Disposals (7) (211) (11) (229) Transfers 14 (32) 18 — Exchange (46) (172) (5) (223) At December 31, 2016 983 3,541 64 4,588 Depreciation At January 1, 2016 (189) (1,264) (27) (1,480) Charge for the year (28) (332) (10) (370) Disposals 4 211 10 225 Exchange 13 90 2 105 At December 31, 2016 (200) (1,295) (25) (1,520) Net book value At December 31, 2016 783 2,246 39 3,068 Cost At January 1, 2017 983 3,541 64 4,588 Additions 8 508 6 522 Impairment (Note 4) — (54) — (54) Disposals (4) (160) (10) (174) Transfers 11 (9) 7 9 Exchange 96 316 4 416 At December 31, 2017 1,094 4,142 71 5,307 Depreciation At January 1, 2017 (200) (1,295) (25) (1,520) Charge for the year (35) (378) (10) (423) Disposals 2 156 10 168 Transfers 1 (2) 1 — Exchange (26) (137) (1) (164) At December 31, 2017 (258) (1,656) (25) (1,939) Net book value At December 31, 2017 836 2,486 46 3,368 Depreciation expense of $415 million (2016: $363 million; 2015: $321 million) has been charged in cost of sales and $8 million (2016: $6 million; 2015: $6 million) in sales, general and administration expenses. Transfers primarily relate to the reclassification of construction in progress to the applicable classification within property, plant and equipment and the reclassification of certain consumables with an estimated useful life of greater than one year, from inventory to property, plant and equipment. Construction in progress at December 31, 2017 was $241 million (2016: $120 million). Included in property, plant and equipment is an amount for land of $225 million (2016: $206 million). Substantially all of the Group’s property, plant and equipment is pledged as security under the terms and conditions of the Group’s financing arrangements. No interest was capitalized in the year (2016: $nil). Impairment The Board of Directors of Ardagh Group S.A. has considered the carrying value of the Group’s property, plant and equipment and assessed the indicators of impairment as at December 31, 2017 in accordance with IAS 36. In the year ended December 31, 2017 an impairment charge of $54 million (2016: $9 million) has been recognized, of which $38 million (2016: $nil) relates to the impairment of plant and machinery in Glass Packaging North America and $16 million (2016: $6 million) relates to the impairment of plant and machinery in Metal Packaging Europe, arising principally from capacity realignment . Finance leases The depreciation charge for capitalized leased assets was $1 million (2016: $1 million; 2015: $1 million) and the related finance charges were $nil (2016: $nil; 2015: $nil). The net carrying amount is $12 million (2016: $11 million). Operating lease commitments During the year, the expense in respect of operating lease commitments was as follows: Year ended December 31, 2017 2016 2015 $m $m $m Plant and machinery 6 6 6 Land and buildings 21 27 23 Office equipment and vehicles 11 10 9 38 43 38 At December 31, the Group had total commitments under non‑cancellable operating leases which expire: At December 31, 2017 2016 2015 $m $m $m Not later than one year 35 32 29 Later than one year and not later than five years 77 73 75 Later than five years 80 72 73 192 177 177 Capital commitments The following capital commitments in relation to property, plant and equipment were authorized by management, but have not been provided for in the consolidated financial statements: At December 31, 2017 2016 2015 $m $m $m Contracted for 101 116 33 Not contracted for 14 20 7 115 136 40

Other non-current assets

Other non-current assets	12 Months Ended
	Dec. 31, 2017
Other non-current assets
Other noncurrent assets	10 . Other non‑current assets At December 31, 2017 other non‑current assets of $25 million (2016: $21 million) include $10 million (2016: $6 million) relating to the Group’s investment in its joint ventures.

Deferred income tax

Deferred income tax	12 Months Ended
	Dec. 31, 2017
Deferred income tax
Deferred income tax	11. Deferred income tax The movement in deferred tax assets and liabilities during the year was as follows: Assets Liabilities Total $m $m $m At January 1, 2016 432 (729) (297) Acquisition (Note 22) 81 (243) (162) (Charged)/credited to the income statement (Note 6) (46) 29 (17) Credited/(charged) to other comprehensive income 20 (6) 14 Reclassification 3 (3) — Exchange (21) 24 3 At December 31, 2016 469 (928) (459) (Charged)/credited to the income statement (Note 6) (67) 207 140 (Charged)/credited to other comprehensive income (6) 1 (5) Reclassification 4 (4) — Exchange 28 (66) (38) At December 31, 2017 428 (790) (362) The components of deferred income tax assets and liabilities are as follows: At December 31, 2017 2016 $m $m Tax losses 34 34 Employee benefit obligations 187 181 Depreciation timing differences 90 86 Provisions 70 99 Other 47 69 428 469 Available for offset (207) (196) Deferred tax assets 221 273 Intangible assets (395) (508) Accelerated depreciation and other fair value adjustments (369) (378) Other (26) (42) (790) (928) Available for offset 207 196 Deferred tax liabilities (583) (732) The tax credit/(charge) recognized in the consolidated income statement is analyzed as follows: Year ended December 31, 2017 2016 2015 $m $m $m Tax losses (2) (3) (19) Employee benefit obligations (21) (13) 14 Depreciation timing differences (6) (13) (2) Provisions (26) — (8) Other deferred tax assets (12) (17) 21 Intangible assets 155 42 33 Accelerated depreciation and other fair value adjustments 29 (4) 19 Other deferred tax liabilities 23 (9) (9) 140 (17) 49 Deferred tax assets are only recognized on tax loss carry‑forwards to the extent that the realization of the related tax benefit through future taxable profits is probable based on management’s forecasts. The Group did not recognize deferred tax assets of $62 million (2016: $45 million) in respect of tax losses amounting to $373 million (2016: $235 million) that can be carried forward against future taxable income due to uncertainty regarding their utilization. In addition, the Group did not recognize deferred tax assets of $50 million (2016: $74 million) in respect of capital losses amounting to $239 million (2016: $212 million) that can be carried forward against future taxable income due to uncertainty regarding their utilization. No provision has been made for temporary differences applicable to investments in subsidiaries as the Group is in a position to control the timing of reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Given that exemptions and tax credits would be available in the context of the Group’s investments in subsidiaries in the majority of jurisdictions in which it operates, the aggregate amount of temporary differences in respect of which deferred tax liabilities have not been recognized would not be material.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventories
Inventories	12. Inventories At December 31, 2017 2016 $m $m Raw materials and consumables 369 305 Mold parts 52 46 Work-in-progress 85 72 Finished goods 847 763 1,353 1,186 Certain inventories held by the Ardagh Group have been pledged as security under the Group’s Global Asset Based Loan facility (Note 17). The amount recognized as a write down in inventories or as a reversal of a write down in the year ended December 31, 2017 was not material.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2017
Trade and other receivables
Trade and other receivables	13. Trade and other receivables At December 31, 2017 2016 $m $m Trade receivables 1,015 970 Other receivables and prepayments 259 257 1,274 1,227 The fair values of trade and other receivables approximate the amounts shown above. Movements on the provision for impairment of trade receivables are as follows: 2017 2016 2015 $m $m $m At January 1, 15 15 17 Provision for receivables impairment 6 1 2 Receivables written off during the year as uncollectible — (1) (2) Exchange 2 — (2) At December 31, 23 15 15 The majority of the provision above relates to balances which are more than six months past due. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable set out above. Provisions against specific balances Significant balances are assessed for evidence that the customer is experiencing financial difficulty. Examples of factors considered are high probability of bankruptcy, breaches of contract or major concession being sought by the customer. Instances of significant single customer related bad debts are rare and there is no significant concentration of risk associated with particular customers. Providing against the remaining population of customers Historic data is monitored and applied as the primary source of evidence to assess the level of losses incurred, although impairments cannot yet be identified with individual receivables. Adverse changes in the payment status of customers of the Group, or national or local economic conditions that correlate with defaults on receivables owing to the Group, may also provide a basis for increase of the level of provision above historic loss experience. However, the fact that payments are made late by customers does not automatically provide evidence that a provision should be recognized. As of December 31, 2017, trade receivables of $62 million (2016: $48 million) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows: At December 31, 2017 2016 $m $m Up to three months past due 46 42 Three to six months past due 5 4 Over six months past due 11 2 62 48

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2017
Cash and cash equivalents
Cash and cash equivalents	14. Cash and cash equivalents At December 31, 2017 2016 $m $m Cash at bank and in hand 680 773 Short term bank deposits 130 17 Restricted cash 13 28 823 818 Within cash and cash equivalents, the Group had $13 million of restricted cash at December 31, 2017 (2016: $28 million), which includes bank guarantees in the United States and early retirement plans in Germany.

Issued capital and reserves

Issued capital and reserves	12 Months Ended
	Dec. 31, 2017
Issued capital and reserves
Issued capital and reserves	15. Issued capital and reserves Issued and fully paid shares: Number of shares (millions) $m At December 31, 2016 Ordinary shares (par value €0.01) 10.0 — Issue of shares-ordinary shares (par value €0.01) 0.3 — At December 31, 2017 10.3 — During the year, the Company issued 256,410 ordinary shares for consideration equal to the par value of €0.01 each. Further during the year ended December 31, 2017, the Group paid dividends of $12 million (2016: $303 million), comprising $8 million to the non-controlling interest of a subsidiary of the Company and $4 million to the Company’s ultimate parent company .

Financial risk factors

Financial risk factors	12 Months Ended
	Dec. 31, 2017
Financial risk factors
Financial risk factors	16. Financial risk factors The Group’s activities expose it to a variety of financial risks: capital risk, interest rate risk, currency exchange risk, commodity price risk, credit risk, and liquidity risk. Capital structure and risk The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and provide returns to its shareholders. The Group funds its operations primarily from the following sources of capital: borrowings, cash flow and shareholders’ capital. The Group aims to achieve a capital structure that results in an appropriate cost of capital to accommodate material investments or acquisitions, while providing flexibility in short and medium term funding. The Group also aims to maintain a strong balance sheet and to provide continuity of financing by having a range of maturities and borrowing from a variety of sources. The Group’s overall treasury objectives are to ensure sufficient funds are available for the Group to carry out its strategy and to manage certain financial risks to which the Group is exposed, details of which are provided below. Financial risks are managed on the advice of Group Treasury and senior management. The Group does not permit the use of treasury instruments for speculative purposes, under any circumstances. Group Treasury regularly reviews the level of cash and debt facilities required to fund the Group’s activities, plans for repayments and refinancing of debt, and identifies an appropriate amount of headroom to provide a reserve against unexpected funding requirements. Additionally, financial instruments, including derivative financial instruments, are used to hedge exposure to interest rate, currency exchange risk and commodity price risk. One of the Group’s key metrics has been the ratio of consolidated external net debt as a multiple of Adjusted EBITDA. Adjusted EBITDA consists of net profit/(loss) before income tax (credit)/charge, net finance expense, depreciation and amortization and exceptional operating items. As at December 31, 2017 the ratio for the Group was 6.34x (2016: 7.25x; 2015: 6.12x). Interest rate risk The Board’s policy, in the management of interest rate risk, is to strike the right balance between the Group’s fixed and floating rate financial instruments, which occasionally includes the use of CCIRS. The balance struck by the Board is dependent on prevailing interest rate markets at any point in time. At December 31, 2017, the Group’s external borrowings were 93.2% (2016: 78.0%) fixed with a weighted average interest rate of 5.7% (2016: 5.6%; 2015: 6.2%). The weighted average interest rate of the Group for the year ended December 31, 2017 was 5.3% (2016: 5.4%; 2015: 6.2%). Holding all other variables constant, including levels of the Group’s external indebtedness, at December 31, 2017 a one percentage point increase in variable interest rates would increase interest payable by approximately $7 million (2016: $22 million). Currency exchange risk The Group’s functional currency is the euro however the Group presents its financial information in U.S. dollar. The functional currency of the Company will continue to be the euro. As a result, the Group’s presented results are impacted as a result of fluctuations in the U.S. dollar exchange rate versus the euro. The Group operates in 22 countries, across five continents. The Group’s main currency exposure in the year to December 31, 2017, from the euro functional currency, was in relation to the U.S. dollar, British pound, Swedish krona, Polish zloty, Danish krone and Brazilian real. Currency exchange risk arises from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The Group has a limited level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group’s foreign operations is managed primarily through borrowings and swaps denominated in the Group’s principal foreign currencies. Fluctuations in the value of these currencies with respect to the euro may have a significant impact on the Group’s financial condition and results of operations as reported in euro. When considering the Group’s position, the Group believes that a strengthening of the euro exchange rate by 1% against all other foreign currencies from the December 31, 2017 rate would increase shareholders’ equity by approximately $2 million (2016: $14 million increase). Commodity price risk The Group is exposed to changes in prices of our main raw materials, primarily energy, aluminum and steel. Production costs in our Metal Packaging division are exposed to changes in prices of our main raw materials, primarily aluminum and steel. Aluminum ingot is traded daily as a commodity (priced in U.S. dollars) on the London Metal Exchange, which has historically been subject to significant price volatility. Because aluminum is priced in U.S. dollars, fluctuations in the U.S. dollar/ euro rate also affect the euro cost of aluminum ingot. The price and foreign currency risk on the aluminum purchases in Metal Packaging Europe and Metal Packaging Americas are hedged by entering into swaps under which we pay fixed euro and U.S. dollar prices, respectively. In contrast, the hedging market for steel, and in particular that for coking coal, is a new market which does not have the depth of the aluminum market and as a consequence, there might be limitations to placing hedges in the market. The majority of our steel purchases are obtained under one‑year contracts with prices that are usually fixed in advance. When such contracts are renewed in the future, our steel costs under such contracts will be subject to prevailing global steel and/or tinplate prices at the time of renewal, which may be different from historical prices. Furthermore, the relative price of oil and its by‑products may materially impact our business, affecting our transport, lacquer and ink costs. Where we do not have pass through contracts in relation to the underlying metal raw material cost the Group uses derivative agreements to manage this risk. The Group depends on an active liquid market and available credit lines with counterparty banks to cover this risk. The use of derivative contracts to manage our risk is dependent on robust hedging procedures. Increasing raw material costs over time has the potential, if we are unable to pass on price increases, to reduce sales volume and could therefore have a significant impact on our financial condition. The Group is also exposed to possible interruptions of supply of aluminum and steel or other raw materials and any inability to purchase raw materials could negatively impact our operations. Production costs in our Glass Packaging division are sensitive to the price of energy. Our main energy exposure is to the cost of gas and electricity. These energy costs have experienced significant volatility in recent years with a corresponding effect on our production costs. In terms of gas, which represents 50% of our energy costs, there is a continuous de‑coupling between the cost of gas and oil, whereby now only significant changes in the price of oil have an impact on the price of gas. The volatility in gas pricing is driven by shale gas development (United States only), the availability of liquefied natural gas in Europe, as both Europe and Asia compete for shipments, and storage levels. Volatility in the price of electricity is caused by the German Renewable Energy policy, the phasing out of nuclear generating capacity, fluctuations in the price of gas and coal and the influence of carbon dioxide costs on electricity prices. As a result of the volatility of gas and electricity prices, the Group has either included energy pass‑through clauses in our sales contracts or developed an active hedging strategy to fix a significant proportion of our energy costs through contractual arrangements directly with our suppliers, where there is no energy clause in the sales contract. Where pass through contracts do not exist the Group policy is to purchase gas and electricity by entering into forward price‑fixing arrangements with suppliers for the bulk of our anticipated requirements for the year ahead. Such contracts are used exclusively to obtain delivery of our anticipated energy supplies. The Group does not net settle, nor do we sell within a short period of time after taking delivery. The Group avails of the own use exemption and, therefore, these contracts are treated as executory contracts. The Group typically builds up these contractual positions in tranches of approximately 10% of the anticipated volumes. Any gas and electricity which is not purchased under forward price‑fixing arrangements is purchased under index tracking contracts or at spot prices. We have 72% and 73% of our energy risk covered for 2018 and 2019, respectively. Credit risk Credit risk is managed on a Group basis. Credit risk arises from derivative contracts, cash and deposits held with banks and financial institutions, as well as credit exposures to the Group’s customers, including outstanding receivables. Group policy is to place excess liquidity on deposit, only with recognized and reputable financial institutions. For banks and financial institutions, only independently rated parties with a minimum rating of ‘BBB+’ from at least two credit rating agencies are accepted, where possible. The credit ratings of banks and financial institutions are monitored to ensure compliance with Group policy. Group policy is to extend credit to customers of good credit standing. Credit risk is managed on an on‑going basis, by experienced people within the Group. The Group’s policy for the management of credit risk in relation to trade receivables involves periodically assessing the financial reliability of customers, taking into account their financial position, past experience and other factors. Provisions are made, where deemed necessary, and the utilization of credit limits is regularly monitored. Management does not expect any significant counterparty to fail to meets its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. For the year ended December 31, 2017, the Group’s ten largest customers accounted for approximately 36% of total revenues (2016: 33%; 2015: 32%). There is no recent history of default with these customers. Liquidity risk The Group is exposed to liquidity risk which arises primarily from the maturing of short term and long term debt obligations. The Group’s policy is to ensure that sufficient resources are available either from cash balances, cash flows or undrawn committed bank facilities, to ensure all obligations can be met as they fall due. To effectively manage liquidity risk, the Group: · has committed borrowing facilities that it can access to meet liquidity needs; · maintains cash balances and liquid investments with highly‑rated counterparties; · limits the maturity of cash balances; · borrows the bulk of its debt needs under long term fixed rate debt securities; and · has internal control processes and contingency plans for managing liquidity risk. Cash flow forecasting is performed in the operating entities of the Group and is aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans and covenant compliance and internal balance sheet ratio targets. Surplus cash held by the operating entities over and above the balance required for working capital management is transferred to Group Treasury. Group Treasury invests surplus cash in interest‑bearing current accounts and time deposits with appropriate maturities to provide sufficient headroom as determined by the above‑mentioned forecasts.

Financial assets and liabilitie

Financial assets and liabilities	12 Months Ended
	Dec. 31, 2017
Financial assets and liabilities
Financial assets and liabilities	17. Financial assets and liabilities The Group’s net external debt was as follows: At December 31, 2017 2016 $m $m Loan notes 10,064 9,561 Term loan — 660 Other borrowings 12 11 Total borrowings 10,076 10,232 Cash and cash equivalents (823) (818) Derivative financial instruments used to hedge foreign currency and interest rate risk 301 (131) Net debt 9,554 9,283 At December 31, 2017, 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 Liabilities guaranteed by the ARD Finance Group 7.125%/7.875% Senior Secured Toggle Notes USD 770 15-Sep-23 Bullet 770 770 — 6.625%/7.375% Senior Secured Toggle Notes EUR 845 15-Sep-23 Bullet 845 1,013 — Liabilities guaranteed by the Ardagh Group 2.750% Senior Secured Notes EUR 15-Mar-24 Bullet 899 — 4.625% Senior Secured Notes USD 15-May-23 Bullet 1,000 — 4.125% Senior Secured Notes EUR 15-May-23 Bullet 528 — 4.250% Senior Secured Notes USD 15-Sep-22 Bullet 715 — 4.750% Senior Notes GBP 15-Jul-27 Bullet 541 — 6.000% Senior Notes USD 15-Feb-25 Bullet 1,696 — 7.250% Senior Notes USD 15-May-24 Bullet 1,650 — 6.750% Senior Notes EUR 15-May-24 Bullet 899 — 6.000% Senior Notes USD 30-Jun-21 Bullet 440 — Global Asset Based Facility USD 07-Dec-22 Revolving — — 813 Finance lease obligations GBP/EUR Amortizing — 8 — Other borrowings / credit lines EUR Amortizing — 4 1 Total borrowings / undrawn facilities 10,163 814 Deferred debt issue costs and bond premiums (87) — Net borrowings / undrawn facilities 10,076 814 Cash and cash equivalents (823) 823 Derivative financial instruments used to hedge foreign currency and interest rate risk 301 — Net debt / available liquidity 9,554 1,637 Net debt includes the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt. Certain of the Group’s borrowing agreements contain certain covenants that restrict the Group’s flexibility in certain areas such as incurrence of additional indebtedness (primarily maximum borrowings to Adjusted EBITDA and a minimum Adjusted EBITDA to interest expense), payment of dividends and incurrence of liens. The Global Asset Based Loan Facility is subject to a number of financial covenants including a fixed charge coverage ratio. The facility also includes cash dominion, representations, warranties, events of default and other covenants that are generally of a nature customary for such facilities. At December 31, 2016, 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 Liabilites guaranteed by the Ard Finance Group 7.125%/7.875% Senior Secured Toggle Notes USD 770 15-Sep-23 Bullet 770 770 — 6.625%/7.375% Senior Secured Toggle Notes EUR 845 15-Sep-23 Bullet 845 890 — Liabilities guaranteed by the Ardagh Group 4.250% First Priority Senior Secured Notes EUR 1,155 15-Jan-22 Bullet 1,155 1,217 — 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 440 464 — First Priority Senior Secured Floating Rate Notes USD 1,110 15-Dec-19 Bullet 1,110 1,110 — Senior Secured Floating Rate Notes USD 500 15-May-21 Bullet 500 500 — 6.000% Senior Notes USD 440 30-Jun-21 Bullet 440 440 — 6.250% Senior Notes USD 415 31-Jan-19 Bullet 415 415 — 6.750% Senior Notes USD 415 31-Jan-21 Bullet 415 415 — 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 750 791 — Term Loan B Facility USD 663 17-Dec-21 Amortizing 663 663 — HSBC Securitization Program EUR 102 14-Jun-18 Revolving — — 108 Bank of America Facility USD 155 11-Apr-18 Revolving — — 155 Finance lease obligations GBP/EUR Amortizing 7 7 — Other borrowings / credit lines EUR 4 Amortizing 3 3 1 Total borrowings / undrawn facilities 10,335 264 Deferred debt issue costs and bond discount (103) — Net borrowings / undrawn facilities 10,232 264 Cash and cash equivalents (818) 818 Derivative financial instruments used to hedge foreign currency and interest rate risk (131) — Net debt / available liquidity 9,283 1,082 The following table summarizes the Group’s movement in net debt: 2017 2016 $m $m Net increase in cash and cash equivalents per consolidated statement of cash flows (5) (215) Increase in net borrowings and derivative financial instruments 276 3,129 Increase in net debt 271 2,914 Net debt at January 1, 9,283 6,369 Net debt at December 31, 9,554 9,283 The increase in net borrowings and derivative financial instruments includes proceeds from borrowings of $3.7 billion (2016: $6.2 billion), repayments of borrowings of $4.4 billion (2016: $2.6 billion), a fair value loss on derivative financial instruments used to hedge foreign currency and interest rate risk of $0.4 billion (2016: gain of $0.1 billion) which partially offsets a corresponding foreign exchange loss on borrowings of $0.5 billion (2016: gain of $0.1 billion), with the net foreign exchange loss on borrowings impacting net debt by approximately $0.9 billion (2016: gain of $0.3 billion). The maturity profile of the Group’s borrowings is as follows: At December 31, 2017 2016 $m $m Within one year or on demand 2 8 Between one and two years 1 8 Between two and five years 1,154 3,512 Greater than five years 8,919 6,704 10,076 10,232 The table below analyzes the Group’s financial liabilities (including interest payable) into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contracted undiscounted cash flows. Derivative Trade and financial other Borrowings instruments payables At December 31, 2017 $m $m $m Within one year or on demand 578 2 1,991 Between one and two years 578 84 — Between two and five years 2,846 66 — Greater than five years 9,748 151 — Derivative Trade and financial other Borrowings instruments payables At December 31, 2016 $m $m $m Within one year or on demand 585 8 1,632 Between one and two years 585 — — Between two and five years 4,980 — — Greater than five years 7,484 — — The carrying amount and fair value of the Group’s borrowings are as follows: Carrying value Deferred debt Amount issue costs and drawn bond premium Total Fair value At December 31, 2017 $m $m $m $m Loan notes 10,151 (87) 10,064 10,686 Finance leases 8 — 8 8 Bank loans, overdrafts and revolving credit facilities 4 — 4 4 10,163 (87) 10,076 10,698 Carrying value Deferred debt Amount issue costs and drawn bond discount Total Fair value At December 31, 2016 $m $m $m $m Loan notes 9,662 (101) 9,561 9,885 Term loan 663 (2) 661 669 Finance leases 7 — 7 7 Bank loans, overdrafts and revolving credit facilities 3 — 3 3 10,335 (103) 10,232 10,564 Financing activity 2017 – Ardagh Group On January 30, 2017, the Ardagh Group issued $1,000 million 6.000% Senior Notes due 2025. The proceeds, together with certain cash, were used to partially redeem, on the same day, $845 million First Priority Senior Secured Floating Rate Notes due 2019, to redeem in full on March 2, 2017, $415 million 6.250% Senior Notes due 2019 and to pay applicable redemption premiums and accrued interest. On March 8, 2017, the Ardagh Group issued €750 million 2.750% Senior Secured Notes due 2024, $715 million 4.250% Senior Secured Notes due 2022 and $700 million 6.000% Senior Notes due 2025. On March 9, 2017, using the proceeds from the notes issued on March 8, 2017, the Ardagh Group redeemed €750 million 4.250% First Priority Senior Secured Notes due 2022, redeemed in full the $265 million First Priority Senior Secured Floating Rate Notes due 2019 and repaid in full the $663 million Term Loan B Facility, together with applicable redemption premiums and accrued interest. On March 21, 2017, the Ardagh Group replaced its wholly-owned subsidiary, Ardagh Packaging Holdings Limited as the parent guarantor under the then outstanding notes issued by Ardagh Holdings USA Inc. and Ardagh Packaging Finance plc. On April 10, 2017, using the proceeds of the notes issued on March 8, 2017, the Ardagh Group redeemed in full $415 million 6.750% Senior Notes due 2021 and paid applicable redemption premiums and accrued interest. On June 12, 2017, the Ardagh Group issued £400 million 4.750% Senior Notes due 2027. The proceeds, together with certain cash, were used to redeem, on June 12, 2017, the Ardagh Group’s $500m Senior Secured Floating Rate Notes due 2021, and to pay applicable redemption premiums and accrued interest. On August 1, 2017, the Ardagh Group redeemed in full the 4.250% First Priority Senior Secured Notes due 2022, together with applicable redemption premiums and accrued interest. On December 7, 2017, the Ardagh Group closed a committed five year $850 million Global Asset Based Loan facility. This facility, secured by trade receivables and inventories, replaces the HSBC Securitization Program and the Bank of America Facility. It will provide funding for working capital and general corporate purposes. On December 31, 2017, the Ardagh Group has $813 million available under this facility. 2016 – ARD Finance Group On September 16, 2016, the Group issued the following notes: · $770 million 7.125%/7.875% Senior Secured Toggle Notes due 2023; and · €845 million 6.625%/7.375% Senior Secured Toggle Notes due 2023. The net proceeds from the issuance and sale of these notes were used to redeem the €710 million aggregate principal amount of the Ardagh Group’s 8.625% Senior PIK Notes due 2019 and the €250 million aggregate principal amount of the Ardagh Group’s 8.375% Senior PIK Notes due 2019, as well as to finance a dividend. 2016 – Ardagh Group On May 16, 2016 the Ardagh Group issued the following notes: · $1,000 million aggregate principal amount of 4.625% Senior Secured Notes due 2023; · $500 million aggregate principal amount of Senior Secured Floating Rate Notes due 2021 at a coupon of LIBOR plus 3.250%; · €440 million aggregate principal amount of 4.125% Senior Secured Notes due 2023; · $1,650 million aggregate principal amount of 7.250% Senior Notes due 2024; and · €750 million aggregate principal amount of 6.750% Senior Notes due 2024. The net proceeds from the issuance and sale of these notes were used to finance the Beverage Can Acquisition and to repay the following notes: · €475 million aggregate principal amount of 9.250% Senior Notes due 2020; · $920 million aggregate principal amount of 9.125% Senior Notes due 2020; and · $15 million aggregate principal amount of $150 million 7.000% Senior Notes due 2020. These notes were repaid on May 16, 2016. The notes issued to finance the Beverage Can Acquisition were held in escrow from the issuance date to the acquisition completion date. Interest charged during this period has been classified as an exceptional finance expense (see Note 4). On October 3, 2016 the Ardagh Group agreed to extend the maturity of the Term Loan B Facility by two years to December 2021. On November 15, 2016, the Ardagh Group repaid in full the principal amount outstanding of its $135 million 7.000% Senior Notes due 2020. Costs associated with the early redemption have been classified as exceptional in the consolidated income statement. Effective interest rates The effective interest rates of borrowings at the reporting date are as follows: 2017 2016 USD EUR GBP USD EUR GBP 7.125% / 7.875% Senior Secured Toggle Notes 7.49 % — — 7.57 % — — 6.625% / 7.375% Senior Secured Toggle Notes — 7.03 % — — 7.05 % — 2.750% Senior Secured Notes due 2024 — 2.92 % — — — — 4.625% Senior Secured Notes due 2023 5.16 % — — 5.18 % — — 4.125% Senior Secured Notes due 2023 — 4.63 % — — 4.66 % — 4.250% Senior Secured Notes due 2022 4.51 % — — — — — 4.250% First Priority Senior Secured Notes due 2022 — — — — 4.52 % — First Priority Senior Secured Floating Rate Notes due 2019 — — — 3.49 % — — Senior Secured Floating Rate Notes due 2022 — — — 4.26 % — — 4.750% Senior Notes due 2027 — — 4.99 % — — — 6.000% Senior Notes due 2025 6.14 % — — — — — 7.250% Senior Notes due 2024 7.72 % — — 7.74 % — — 6.750% Senior Notes due 2024 — 7.00 % — — 7.01 % — 6.000% Senior Notes due 2021 6.38 % — — 6.38 % — — 6.750% Senior Notes due 2021 — — — 7.45 % — — 6.250% Senior Notes due 2019 — — — 7.25 % — — USD Term Loan B Facility due 2021 — — — 4.16 % — — The carrying amounts of the Group’s net borrowings are denominated in the following currencies: At December 31, 2017 2016 $m $m Euro 3,322 3,338 U.S. dollar 6,216 6,892 British pound 538 2 10,076 10,232 The Group has the following undrawn borrowing facilities: At December 31, 2017 2016 $m $m Expiring within one year 1 1 Expiring beyond one year 813 263 814 264 Derivative financial instruments The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). There were no transfers between Level 1 and Level 2 during the year. Fair values are calculated as follows: (i) Senior secured and senior notes - The fair value of debt securities in issue is based on quoted market prices and represent Level 1 inputs. (ii) Loan notes - The fair values are based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the loan notes trade are not active. (iii) Bank loans, overdrafts and revolving credit facilities – The estimated value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining maturity. (iv) Finance leases - The carrying amount of finance leases is assumed to be a reasonable approximation of fair value. (v) CCIRS - The fair values of the CCIRS are valued using Level 2 valuation inputs. (vi) Commodity and foreign exchange derivatives – The fair value of these derivatives are based on quoted market prices and represent Level 2 inputs. Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $m $m $m $m Fair Value Derivatives Metal forward contracts 17 197 — — Cross currency interest rate swaps — — 301 3,107 Forward foreign exchange contracts 4 179 1 52 NYMEX gas swaps — — 1 20 Carbon futures 2 10 — — At December 31, 2017 23 386 303 3,179 Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $m $m $m $m Fair Value Derivatives Metal forward contracts 9 197 — — Cross currency interest rate swap 131 1,580 — — Forward foreign exchange contracts — — 8 206 NYMEX gas swaps 2 16 — — Carbon futures 1 2 — — At December 31, 2016 143 1,795 8 206 Derivative instruments with a fair value of $7 million (2016: $131 million) are classified as non-current assets and $16 million (2016: $12 million) as current assets in the consolidated statement of financial position at December 31, 2017. Derivative instruments with a fair value of $301 million (2016: $nil) are classified as non-current liabilities and $2 million (2016: $8 million) as current liabilities in the consolidated statement of financial position at December 31, 2017. The majority of derivative assets and liabilities mature within one year with the exception of the cross currency interest rate swaps (“CCIRS”) which mature at dates between February 2019 and February 2023 and certain metal forward contracts which mature at dates between October 2019 and October 2020. With the exception of interest on the CCIRS, all cash payments in relation to derivative instruments are paid or received when they mature. Bi‑annual interest cash payments and receipts are made and received in relation to the CCIRS. The Ardagh Group mitigates the counterparty risk for derivatives by contracting with major financial institutions which have high credit ratings. Cross currency interest rate swaps 2017 The Ardagh Group hedges certain of its external borrowings and interest payable thereon using CCIRS, with a net fair value liability at December 31, 2017 of $251 million (December 31, 2016: net asset of $124 million). In the year ended December 31, 2017 the Ardagh Group executed a number of CCIRS to swap (i) the U.S. dollar principal and interest repayments on $1,250 million of its U.S. dollar-denominated borrowings into euro, and (ii) the euro principal and interest repayments on $332 million of its euro denominated borrowings into British pounds. In June 2017, as a result of the issuance of the £400 million 4.750% Senior Notes due 2027, the Ardagh Group terminated $500 million of its existing U.S. dollar to British pound CCIRS, due for maturity in May 2022. The Ardagh Group received net proceeds of $46 million in consideration and recognized an exceptional loss of $15 million on the termination (see Note 4). 2016 In June 2016, the Ardagh Group entered into cross currency interest rate swaps totaling $1,300 million. These swaps were entered into in order to partially swap the U.S. dollar principal and interest repayments on the Ardagh Group’s $1,650 million 7.250% Senior Notes due 2024 equally into euro and British pounds. The Ardagh Group also hedges a further $440 million of its external debt and interest thereon into euro using a CCIRS. An exceptional gain of $88 million was recognised in the consolidated income statement for the year relating to the gain on fair value of the CCIRS which were entered into during the second quarter and for which hedge accounting had not been applied until the third quarter. Further, an exceptional loss of $11 million was incurred relating to cross currency interest rate swaps for which hedge accounting did not apply (see Note 4). In December 2015, the Ardagh Group terminated its existing CCIRS due for maturity in June 2019, and replaced it with a new CCIRS with a maturity date of June 2019. The Ardagh Group received proceeds of $90 million in consideration of the termination. Net investment hedge in foreign operations The Ardagh Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Ardagh Group’s foreign operations is managed primarily through borrowings denominated in the relevant foreign currencies. Hedges of net investments in foreign operations are accounted for whereby any gain or loss on the hedging instruments relating to the effective portion of the hedge is recognised in other comprehensive income. The gain or loss relating to an ineffective portion is recognised immediately in the consolidated income statement within finance income or expense respectively. Gains and losses accumulated in other comprehensive income are recycled to the consolidated income statement when the foreign operation is sold. The amount that has been recognised in the consolidated income statement due to ineffectiveness is $nil (2016: $nil; 2015: $nil). Metal forward contracts The Ardagh Group hedges a substantial portion of its anticipated metal purchases. Excluding conversion and freight costs, the physical metal deliveries are priced based on the applicable indices agreed with the suppliers for the relevant month. Fair values have been based on quoted market prices and are valued using Level 2 valuation inputs. The fair value of these contracts when initiated is $nil; no premium is paid or received. Forward foreign exchange contracts The Ardagh Group operates in a number of countries and, accordingly, hedges a portion of its currency transaction risk. The fair values are based on Level 2 valuation techniques and observable inputs including the contract prices. The fair value of these contracts when initiated is $nil; no premium is paid or received. NYMEX gas swaps The Ardagh Group hedges a portion of its Glass Packaging North America anticipated energy purchases on the New York Mercantile Exchange (“NYMEX”). Fair values have been based on NYMEX‑quoted market prices and Level 2 valuation inputs have been applied. The fair value of these contracts when initiated is $nil; no premium is paid or received. Carbon futures The Ardagh Group hedges a portion of its carbon purchases using European Union Allowance (‘EUA’) futures contracts. The fair values are based on Level 2 valuation techniques and observable inputs including the contract prices.

Employee benefit obligations

Employee benefit obligations	12 Months Ended
	Dec. 31, 2017
Employee benefit obligations
Employee benefit obligations	18. Employee benefit obligations The Ardagh Group operates defined benefit and defined contribution pension schemes in most of its countries of operation and the assets are held in separately administered funds. The principal funded defined benefit schemes, which are funded by contributions to separately administered funds, are in the U.S. and the United Kingdom. Other defined benefit schemes are unfunded and the provision is recognized in the consolidated statement of financial position. The principal unfunded schemes are in Germany. The contribution rates to the funded plans are agreed with the Trustee boards, plan actuaries and the local pension regulators periodically. The contributions paid in 2017 were those recommended by the actuaries. In addition, the Ardagh Group has other employee benefit obligations in certain territories. Total employee obligations recognized in the consolidated statement of financial position of $997 million (2016: $954 million) include other employee benefit obligations of $132 million (2016: $129 million). The employee obligations and assets of the defined benefit schemes included in the consolidated statement of financial position are analyzed below: U.S. Germany UK Netherlands Other Total 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 $m $m $m $m $m $m $m $m $m $m $m $m Obligations (1,313) (1,198) (405) (364) (1,000) (947) (19) (569) (25) (23) (2,762) (3,101) Assets 1,179 1,067 — — 706 660 — 541 12 8 1,897 2,276 Net obligations (134) (131) (405) (364) (294) (287) (19) (28) (13) (15) (865) (825) Defined benefit pension schemes The amounts recognized in the consolidated income statement are: Year ended December 31, 2017 2016 2015 $m $m $m Current service cost and administration costs: Cost of sales ‑ current service cost (43) (41) (45) Cost of sales ‑ past service credit 8 32 — SGA ‑ current service cost (3) (6) (6) SGA ‑ past service credit 2 11 — (36) (4) (51) Finance expense (Note 5) (24) (27) (26) (60) (31) (77) The amounts recognized in the consolidated statement of comprehensive income are: Year ended December 31, 2017 2016 2015 $m $m $m Re-measurement of defined benefit obligation: Actuarial (loss)/gain arising from changes in demographic assumptions (6) 26 9 Actuarial (loss)/gain arising from changes in financial assumptions (104) (280) 107 Actuarial gain/(loss) arising from changes in experience 2 (11) 32 (108) (265) 148 Re-measurement of plan assets: Actual return/(loss) less expected return on plan assets 158 122 (92) Actuarial gain/(loss) for the year on defined benefit pension schemes 50 (143) 56 Actuarial (loss)/gain on other long term and end of service employee benefits (1) 4 18 49 (139) 74 The actual return on plan assets resulted in a gain of $228 million in 2017 (2016: $206 million gain; 2015: $10 million loss). Movement in the defined benefit obligations and assets: At December 31, Obligations Assets 2017 2016 2017 2016 $m $m $m $m At January 1, (3,101) (2,846) 2,276 2,151 Interest income — — 71 82 Acquired — (393) — 301 Current service cost (46) (46) — — Past service credit 10 43 — — Interest cost (92) (105) — — Administration expenses paid from plan assets — — (2) (3) Re-measurements (108) (265) 157 122 Obligations/(assets) extinguished on reclassification 602 207 (602) (207) Employer contributions — — 51 48 Employer contributions ‑ acquisition related — — — 8 Employee contributions (2) (6) 2 6 Benefits paid 163 131 (163) (131) Exchange (188) 179 107 (101) At December 31, (2,762) (3,101) 1,897 2,276 The defined benefit obligations above include $455 million (2016: $401 million) of unfunded obligations. Employer contributions above include $7 million contributed under schemes extinguished during the year (2016: $12 million). Interest income and interest cost in the table above does not include interest cost of $3 million (2016: $3 million; 2015: $2 million) relating to other employee benefit obligations. During the year ended December 31, 2017 a defined benefit pension scheme in the Netherlands was transferred to a multi-employer scheme. Prior to the date of transfer, a past service credit of $10 million was recognised such that on the date of transfer the defined benefit obligation and asset were both $602 million (December 31, 2016: $552 million and $541 million respectively). The Ardagh Group has taken the exemption under IAS 19 (R) to account for multi-employer schemes as defined contribution schemes. As a result, the scheme is no longer accounted for as a defined benefit obligation scheme at December 31, 2017. During the year ended December 31, 2016 the Ardagh Group recognized a past service credit of $23 million following the amendment of certain defined benefit pension schemes in Glass Packaging North America. This was classified as an exceptional gain (Note 4). The remaining past service credit of $20 million was recognized following the transfer of a Netherlands defined benefit pension scheme to a multi‑employer scheme as outlined hereafter, and following other defined benefit pension scheme amendments in Glass Packaging North America. During the year ended December 31, 2016 a defined benefit pension scheme in the Netherlands was transferred to a multi‑employer scheme. Prior to the date of transfer, a past service credit of $9 million was recognized such that on the date of transfer, the defined benefit obligation and asset were both $207 million (December 31, 2015: $189 million and $183 million respectively). The net obligations and assets acquired as part of the Beverage Can Acquisition exclude $37 million other employee benefit obligations mainly relating to a post‑retirement medical scheme in North America. The Ardagh Group was required to make a once‑off contribution of $8 million in respect of the acquired defined benefit schemes. Plan assets comprise: At December 31, 2017 2017 2016 2016 $m % $m % Equities 1,177 62 1,215 53 Target return funds 297 16 290 13 Bonds 249 13 588 26 Cash/other 174 9 183 8 1,897 100 2,276 100 The pension assets do not include any of the Company’s ordinary shares, other securities or other Ardagh Group assets. Investment strategy The choice of investments takes account of the expected maturity of the future benefit payments. The plans invest in diversified portfolios consisting of an array of asset classes that attempt to maximize returns while minimizing volatility. The asset classes include national and international equities, fixed income government and non‑government securities and real estate, as well as cash. Characteristics and associated risks Glass Packaging North America and Metal Packaging Americas each sponsor a defined benefit pension plan which is subject to Federal law (ERISA), reflecting regulations issued by the Internal Revenue Service (IRS) and the Department of Labor. The Glass Packaging North America plan covers both hourly and salaried employees. The plan benefits are determined using a formula which reflects an employee’s years of service and either their final average salary or a dollar per month benefit level. The plan is governed by a Fiduciary Benefits Committee (‘the Committee’) which is appointed by the Company and contains only employees of Ardagh Group. The Committee is responsible for the investment of the plan’s assets, which are held in a trust for the benefit of employees, retirees and their beneficiaries, and which can only be used to pay plan benefits and expenses. The defined benefit pension plan is subject to IRS funding requirements with actuaries calculating the minimum and maximum allowable contributions each year. The defined benefit pension plan currently has no cash contribution requirement due to the existence of a credit balance following a contribution of approximately $200 million made in 2014 in connection with the VNA Acquisition. The Pension Benefit Guaranty Corporation (PBGC) protects the pension benefits of employees and retirees when a plan sponsor becomes insolvent and can no longer meet its obligation. All plan sponsors pay annual PBGC premiums that have two components: a fixed rate based on participant count and a variable rate which is determined based on the amount by which the plan is underfunded. The Metal Packaging Americas plan covers hourly employees only. Plan benefits are determined using a formula which reflects the employees’ years of service and is based on a final average pay formula. The UK pension plans are trust‑based UK funded final salary defined benefit schemes providing pensions and lump sum benefits to members and dependents. There are two pension plans in place relating to Metal Packaging Europe, one of which relates to the Beverage Can Business. There are two pension plans in place in Glass Packaging Europe. One of the pension plans in the Metal Packaging Europe division has been closed to future accrual from July 1, 2014. For this plan, pensions are calculated based on service to the point of closure, but with members’ benefits retaining a final salary link while employed by the Company. The other Metal Packaging Europe pension plan, relating to the Beverage Can Business, is closed to new entrants. For this plan, pensions are calculated based on service to retirement with members’ benefits based on final career earnings. The pension plans relating to the Glass Packaging Europe division have been closed to future accrual from March 31, 2013 and September 30, 2015 respectively. The UK pension plans are each governed by a board of trustees which is independent of the Company. The trustees are responsible for managing the operation, funding and investment strategy. The UK pension plans are subject to the UK regulatory framework, the requirements of the Pensions Regulator and are subject to a statutory funding objective. The Ardagh Group operates a number of defined benefit pension schemes in Germany including three relating to the Beverage Can Business. The pension plans in Germany operate under the framework of German Company Pension Law (BetrAVG) and general regulations based on German Labor Law. The entitlements of the plan members depend on years of service and final salary. Furthermore, the plans provide lifelong pensions. No separate assets are held in trust, i.e., the plans are unfunded defined benefit plans. Assumptions and sensitivities The principal pension assumptions used in the preparation of the financial statements take account of the different economic circumstances in the countries of operations and the different characteristics of the respective plans, including the duration of the obligations. The ranges of the principal assumptions applied in estimating defined benefit obligations were: U.S. Germany UK 2017 2016 2017 2016 2017 2016 % % % % % % Rates of inflation 2.50 2.50 1.50 1.50 3.10 3.20 Rates of increase in salaries 2.00 - 3.00 2.00 - 3.00 2.50 2.50 2.60 2.20 Discount rates 3.80 4.45 1.68 - 2.24 1.57 - 2.06 2.70 2.80 Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience. These assumptions translate into the following average life expectancy in years for a pensioner retiring at age 65. The mortality assumptions for the countries with the most significant defined benefit plans are set out below: U.S. Germany UK 2017 2016 2017 2016 2017 2016 Years Years Years Years Years Years Life expectancy, current pensioners 22 22 21 21 21 21 Life expectancy, future pensioners 23 23 24 24 22 22 If the discount rate were to decrease by 50 basis points from management estimates, the carrying amount of the pension obligations would increase by an estimated $216 million (2016: $256 million). If the discount rate were to increase by 50 basis points, the carrying amount of the pension obligations would decrease by an estimated $230 million (2016: $255 million). If the inflation rate were to decrease by 50 basis points from management estimates, the carrying amount of the pension obligations would decrease by an estimated $96 million (2016: $98 million). If the inflation rate were to increase by 50 basis points, the carrying amount of the pension obligations would increase by an estimated $91 million (2016: $98 million). If the salary increase rate were to decrease by 50 basis points from management estimates, the carrying amount of the pension obligations would decrease by an estimated $103 million (2016: $98 million). If the salary increase rate were to increase by 50 basis points, the carrying amount of the pension obligations would increase by an estimated $97 million (2016: $97 million). The impact of increasing the life expectancy by one year would result in an increase in the Ardagh Group’s liability of $55 million at December 31, 2017 (2016: $66 million), holding all other assumptions constant. The Ardagh Group’s best estimate of contributions expected to be paid to defined benefit plans in 2018 is $36 million (2017: $39 million). The principal defined benefit schemes are described briefly below: Metal Packaging Glass Packaging Europe Europe North Europe Europe North UK Germany America UK Germany America Nature of the schemes Funded Unfunded Funded Funded Unfunded Funded 2017 Active members 467 1,694 943 — 1,011 4,137 Deferred members 954 706 139 1,527 759 2,697 Pensioners including dependents 756 1,081 150 744 762 6,379 Weighted average duration (years) 21 17 17 23 18 13 2016 Active members 467 1,803 970 — 1,032 4,043 Deferred members 954 664 115 1,527 732 2,648 Pensioners including dependents 756 1,011 133 744 786 6,302 Weighted average duration (years) 20 18 10 23 19 12 The expected total benefit payments over the next five years are: Subsequent 2018 2019 2020 2021 2022 five years $m $m $m $m $m $m Benefits 116 114 118 121 125 672 The Ardagh Group also has defined contribution plans; the contribution expense associated with these plans for 2017 was $35 million (2016: $34 million; 2015: $16 million). The Ardagh Group’s best estimate of the contributions expected to be paid to these plans in 2018 is $43 million. Other employee benefits At December 31, 2017 2016 $m $m End of service employee benefits 25 24 Long term employee benefits 107 105 132 129 End of service employee benefits comprise principally amounts due to be paid to employees leaving the Ardagh Group’s service in France and Italy. Long term employee benefit obligations comprise amounts due to be paid under post‑retirement medical schemes in Glass Packaging North America and Metal Packaging Beverage Americas, partial retirement contracts in Germany and other obligations to pay benefits primarily related to long service awards.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2017
Provisions
Provisions	19 . Provisions At December 31, 2017 2016 $m $m Current 70 73 Non-current 44 60 114 133 Other Total Restructuring provisions provisions $m $m $m At January 1, 2016 20 85 105 Acquisitions (Note 22) — 42 42 Provided 28 32 60 Released (12) (17) (29) Paid (11) (31) (42) Exchange (2) (1) (3) At December 31, 2016 23 110 133 Provided 12 26 38 Released (2) (31) (33) Paid (10) (21) (31) Exchange 2 5 7 At December 31, 2017 25 89 114 The restructuring provision relates to redundancy and other restructuring costs. Other provisions relate to probable environmental claims, customer quality claims, workers’ compensation provisions in Glass Packaging North America, and onerous leases. The provisions classified as current are expected to be paid in the next twelve months. The majority of the restructuring provision is expected to be paid in 2018. The remaining balance contains longer term provisions for which the timing of the related payments is subject to uncertainty.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2017
Trade and other payables
Trade and other payables	20. Trade and other payables At December 31, 2017 2016 $m $m Trade payables 1,469 1,112 Other payables and accruals 438 442 Amounts owed to parent company — 3 Other tax and social security payable 49 34 Payables and accruals for exceptional items 35 41 1,991 1,632 The fair values of trade and other payables approximate the amounts shown above. Other payables and accruals mainly comprise accruals for operating expenses, deferred income and value added tax payable.

Cash generated from operating a

Cash generated from operating activities	12 Months Ended
	Dec. 31, 2017
Cash generated from operating activities
Cash generated from operating activities	21. Cash generated from operating activities Year ended December 31, 2017 2016 2015 $m $m $m Profit/(loss) for the year 41 (172) (135) Income tax (credit)/charge (Note 6) (40) 66 48 Net finance expense (Note 5) 671 681 590 Depreciation and amortization (Notes 8, 9) 687 561 449 Exceptional operating items (Note 4) 149 145 89 Movement in working capital 99 131 100 Acquisition-related, IPO, start-up and other exceptional costs paid (74) (176) (60) Exceptional restructuring paid (10) (11) (22) Cash generated from operations 1,523 1,225 1,059

Business combinations and dispo

Business combinations and disposals	12 Months Ended
	Dec. 31, 2017
Business combinations and disposals
Business combinations and disposals	22. Business combinations and disposals On April 22, 2016 the Ardagh Group entered into an agreement with Ball Corporation and Rexam PLC to acquire Beverage Can. The acquisition was completed on June 30, 2016. The acquired business comprises ten beverage can manufacturing plants and two end plants in Europe, seven beverage can manufacturing plants and one end plant in the United States, two beverage can manufacturing plants in Brazil and certain innovation and support functions in Germany, the UK, Switzerland and the United States. The acquired business has annual revenue of approximately $3.0 billion. This was a strategically important acquisition which was highly complementary to the Ardagh Group's existing metal and glass packaging businesses. The following table summarizes the consideration paid for the Beverage Can Business and the fair value of assets acquired and liabilities assumed. $m Cash and cash equivalents 11 Property, plant and equipment 702 Intangible assets 1,431 Inventories 294 Trade and other receivables 367 Trade and other payables (484) Net deferred tax liability (162) Employee benefit obligations (129) Provisions (42) Total identifiable net assets 1,988 Goodwill 1,004 Total consideration 2,992 The allocations above are based on the fair values at the acquisition date. The purchase price allocation was completed on June 30, 2017. Goodwill arising from the acquisition reflects the anticipated synergies from integrating the acquired business into the Group and the skills and the technical talent of the acquired workforce. Goodwill of $298 million which relates to the North American Beverage Can Business is expected to be deductible for tax purposes.

Related party information

Related party information	12 Months Ended
	Dec. 31, 2017
Related party information
Related party information	23. Related party information (i) Interests of Mr. Paul Coulson As of February 21, 2018, the approval date of these financial statements, companies owned by Paul Coulson own approximately 25% of the issued share capital of ARD Holdings S.A., the ultimate parent company of ARD Finance S.A.. Through its investment in the Yeoman group of companies, one of these companies has an interest in a further approximate 34% of the issued share capital of ARD Holdings S.A.. (ii) Yeoman Capital S.A. At December 31, 2017, Yeoman Capital S.A. owned approximately 34% of the ordinary shares of ARD Holdings S.A. During 2017, the Group incurred costs of $nil (2016: $nil; 2015: $nil) for fees charged by the Yeoman group of companies. The amount outstanding at year end was $nil (2016: $nil; 2015: $nil). (iii) Common directorships Four of the ARD Finance S.A. directors (Paul Coulson, Brendan Dowling, Wolfgang Baertz, and Herman Troskie) also serve as directors in the Yeoman group of companies. All of the existing directors of ARD Finance S.A. are members of the Board of Directors of ARD Holdings S.A.. (iv) Joint ventures At December 31, 2017, the Ardagh Group’s investment in joint ventures is $10 million (2016: $6 million). Transactions and balances outstanding with joint ventures are not material for the year ended and as at December 31, 2017 (2016: not material, 2015: not material). (v) Key management compensation Key management are those persons who have the authority and responsibility for planning, directing and controlling the activities of the Group. Key management is comprised of the members who served on the Board of Directors of Ardagh Group S.A. and the Ardagh Group’s executive leadership team during the reporting period. The composition of key management was re-defined during 2017. As a result, amounts previously reported for the years ended December 31, 2016 and 2015 have been re-presented in order to improve comparability. The amount outstanding at year end was $7 million (2016: $4 million, 2015: $4 million). Year ended December 31, 2017 2016 2015 $m $m $m Salaries and other short term employee benefits 12 12 10 Post-employment benefits 1 1 1 13 13 11 Transaction related and other compensation 7 29 — 20 42 11 (vi) Pension schemes The Ardagh Group’s pension schemes are related parties. For details of all transactions during the year, please read Note 18. (vii) Senior Secured Toggle Notes due 2023 Certain Directors of the Company acquired and hold the Toggle Notes, as issued by the Company in September 2016. There have been no materially significant transactions by the Directors relating to the Toggle Notes in the year ended December 31, 2017. (viii) Subsidiaries The following table provides information relating to the Ardagh Group’s principal operating subsidiaries, all of which are wholly owned, at December 31, 2017 and 2016. Company Country of incorporation Activity Ardagh Metal Beverage Manufacturing Austria GmbH Austria Metal Packaging Ardagh Metal Beverage Trading Austria GmbH Austria Metal Packaging Latas Indústria de Embalagens de Alumínio do Brasil Ltda Brazil Metal Packaging Ardagh Metal Packaging Czech Republic s.r.o. Czech Republic Metal Packaging Ardagh Glass Holmegaard A/S Denmark Glass Packaging Ardagh Aluminium Packaging France SAS France Metal Packaging Ardagh MP West France SAS France Metal Packaging Ardagh Metal Packaging France SAS France Metal Packaging Ardagh Metal Beverage Trading France SAS France Metal Packaging Ardagh Metal Beverage France SAS France Metal Packaging Ardagh Glass GmbH Germany Glass Packaging Heye International GmbH Germany Glass Engineering Ardagh Metal Packaging Germany GmbH Germany Metal Packaging Ardagh Germany MP GmbH Germany Metal Packaging Ardagh Metal Beverage Trading Germany GmbH Germany Metal Packaging Ardagh Metal Beverage Germany GmbH Germany Metal Packaging Ardagh Glass Sales Limited Ireland Glass Packaging Ardagh Packaging Holdings Limited Ireland Glass and Metal Packaging Ardagh Group Italy S.r.l. Italy Glass and Metal Packaging Ardagh Aluminium Packaging Netherlands B.V. Netherlands Metal Packaging Ardagh Glass Dongen B.V. Netherlands Glass Packaging Ardagh Glass Moerdijk B.V. Netherlands Glass Packaging Ardagh Metal Packaging Netherlands B.V. Netherlands Metal Packaging Ardagh Metal Beverage Trading Netherlands B.V. Netherlands Metal Packaging Ardagh Metal Beverage Netherlands B.V. Netherlands Metal Packaging Ardagh Glass S.A. Poland Glass Packaging Ardagh Metal Packaging Poland Sp. z o.o. Poland Metal Packaging Ardagh Metal Beverage Trading Poland Sp. z o.o. Poland Metal Packaging Ardagh Metal Beverage Poland Sp. z o.o. Poland Metal Packaging Ardagh Metal Beverage Trading Spain SL Spain Metal Packaging Ardagh Metal Beverage Spain SL Spain Metal Packaging Ardagh Metal Packaging Iberica S.A. Spain Metal Packaging Ardagh Glass Limmared AB Sweden Glass Packaging Ardagh Metal Beverage Europe GmbH Switzerland Metal Packaging Ardagh Glass Limited United Kingdom Glass Packaging Ardagh Metal Beverage Trading UK Limited United Kingdom Metal Packaging Ardagh Metal Beverage UK Limited United Kingdom Metal Packaging Ardagh Metal Packaging UK Limited United Kingdom Metal Packaging Ardagh Metal Packaging USA Inc. United States Metal Packaging Ardagh Glass Inc. United States Glass Packaging Ardagh Metal Beverage USA Inc. United States Metal Packaging

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2017
Contingencies
Contingencies	24. Contingencies Environmental issues The Ardagh Group is regulated under various national and local environmental, occupational health and safety and other governmental laws and regulations relating to: · the operation of installations for manufacturing of metal packaging and surface treatment using solvents; · the generation, storage, handling, use and transportation of hazardous materials; · the emission of substances and physical agents into the environment; · the discharge of waste water and disposal of waste; · the remediation of contamination; and · the design, characteristics, and recycling of its products. The Ardagh Group believes, based on current information that it is in substantial compliance with applicable environmental laws and regulations and permit requirements. It does not believe it will be required, under both existing or anticipated future environmental laws and regulations, to expend amounts, over and above the amount accrued, which will have a material effect on its business, financial condition or results of operations or cash flows. In addition, no material proceedings against the Ardagh Group arising under environmental laws are pending. Legal matters In 2015, the German competition authority (the Federal Cartel Office) initiated an investigation of the practices in Germany of metal packaging manufacturers, including Ardagh. The investigation is ongoing, and there is at this stage no certainty as to the extent of any charge which may arise. Accordingly, no provision has been recognized. On April 21, 2017 a jury in the United States awarded $50 million in damages against the Ardagh Group's U.S. glass business, formerly Verallia North America (“VNA”), in respect of one of two asserted patents alleged to have been infringed by VNA. Ardagh disagrees with the decision of the jury, both as to liability and quantum of damages, and strongly believes that the case is without merit. Ardagh will vigorously pursue all options, including appeal. The case was filed before Ardagh acquired VNA and customary indemnifications are in place between Ardagh and the seller of VNA. Unaudited update subsequent to the original issuance of the financial statements on February 22, 2018 On March 8, 2018, the trial judge confirmed the jury verdict. Ardagh notes the Court’s award of pre-judgement interest to the Plaintiffs, its refusal to enhance the damages award in favour of the Plaintiffs and its refusal to award legal costs to the Plaintiffs. Ardagh will vigorously appeal the verdict to the Federal Appeals Court. With the exception of the above legal matters, the Ardagh Group is involved in certain other legal proceedings arising in the normal course of its business. The Ardagh Group believes that none of these proceedings, either individually or in aggregate, are expected to have a material adverse effect on its business, financial condition, results of operations or cash flows.

Events after the reporting peri

Events after the reporting period	12 Months Ended
	Dec. 31, 2017
Events after the reporting period
Events after the reporting period	25. Events after the reporting period There have been no significant events after the balance sheet date which would require disclosure in or amendment to the financial statements.

Effect of change in presentatio

Effect of change in presentation currency	12 Months Ended
	Dec. 31, 2017
Effect of change in presentation currency
Effect of change in presentation currency	26. Effect in change of presentation currency As set out in Note 2, the Group has elected to change its presentation currency to U.S. dollar from January 1, 2018. This change in presentation currency constitutes a change in accounting policy with retrospective application in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” and is affected in these consolidated financial statements by applying the procedures outlined below, in accordance with the reqirements set out in IAS 21 “The Effects of Changes in Foreign Exchange Rates”. · the consolidated statements of financial position have been translated at the foreign exchange rate at the balance sheet dates; · the consolidated income statements, consolidated statements of comprehensive income and consolidated statements of cash flows were translated at average exchange rates for the respective periods; · historic equity transactions were translated at the foreign exchange rate on the date of the transactions and were subsequently carried at historical value; · foreign exchange differences arising on translation to presentation currency are recognised in other comprehensive income; and · all foreign exchange rates used were extracted from the Group’s underlying financial records. The exchange rates used in translation were as follows: Year ended December 31, Closing rate Average rate ARD FINANCE S.A. CONSOLIDATED INCOME STATEMENT Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Before Before Before exceptional Exceptional exceptional Exceptional exceptional Exceptional items Items Total items Items Total items Items Total €m €m €m €m €m €m €m €m €m Revenue 7,644 — 7,644 6,345 — 6,345 5,199 — 5,199 Cost of sales (6,321) (85) (6,406) (5,221) (15) (5,236) (4,285) (37) (4,322) Gross profit/(loss) 1,323 (85) 1,238 1,124 (15) 1,109 914 (37) 877 Sales, general and administration expenses (359) (43) (402) (300) (116) (416) (274) (44) (318) Intangible amortization (235) — (235) (173) — (173) (109) — (109) Operating profit/(loss) 729 (128) 601 651 (131) 520 531 (81) 450 Finance expense (479) (123) (602) (528) (165) (693) (514) (13) (527) Finance income — — — — 78 78 — — — Profit/(loss) before tax 250 (251) (1) 123 (218) (95) 17 (94) (77) Income tax (charge)/credit (87) 122 35 (103) 43 (60) (75) 32 (43) Profit/(loss) for the year 163 (129) 34 20 (175) (155) (58) (62) (120) Profit/(loss) attributable to: Owners of the parent 31 (155) (120) Non-controlling interests 3 — — Profit/(loss) for the year 34 (155) (120) ARD FINANCE S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended December 31, 2017 2016 2015 €m €m €m Profit/(loss) for the year 34 (155) (120) Other comprehensive income/(expense) Items that may subsequently be reclassified to income statement Foreign currency translation adjustments: —Arising in the year (1) (55) (139) (1) (55) (139) Effective portion of changes in fair value of cash flow hedges: —New fair value adjustments into reserve (226) 50 44 —Movement out of reserve 230 (77) (43) —Movement in deferred tax 1 (4) — 5 (31) 1 Items that will not be reclassified to income statement —Re-measurements of employee benefit obligations 43 (121) 72 —Deferred tax movement on employee benefit obligations (6) 16 (27) 37 (105) 45 Total other comprehensive income/(expense) for the year 41 (191) (93) Total comprehensive income/(expense) for the year 75 (346) (213) Attributable to: Owners of the parent 66 (346) (213) Non-controlling interests 9 — — Total comprehensive income/(expense) for the year 75 (346) (213) ARD FINANCE S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION At December 31, 2017 2016 2015 2014 €m €m €m €m Non-current assets Intangible assets 3,422 3,904 1,810 1,762 Property, plant and equipment 2,808 2,911 2,307 2,223 Derivative financial instruments 6 124 — 40 Deferred tax assets 184 259 178 184 Other non-current assets 21 20 14 10 6,441 7,218 4,309 4,219 Current assets Inventories 1,128 1,125 825 770 Trade and other receivables 1,062 1,164 651 692 Derivative financial instruments 13 11 — 2 Cash and cash equivalents 686 776 554 433 2,889 3,076 2,030 1,897 TOTAL ASSETS 9,330 10,294 6,339 6,116 Equity attributable to owners of the parent Issued capital — — — — Other reserves (325) (329) (114) 24 Retained earnings (2,204) (2,661) (2,260) (2,170) (2,529) (2,990) (2,374) (2,146) Non-controlling interests (92) 2 2 2 TOTAL EQUITY (2,621) (2,988) (2,372) (2,144) Non-current liabilities Borrowings 8,400 9,699 6,397 6,034 Employee benefit obligations 831 905 720 723 Derivative financial instruments 251 — — 455 Deferred tax liabilities 486 694 451 — Provisions 37 57 48 33 10,005 11,355 7,616 7,245 Current liabilities Borrowings 2 8 7 4 Interest payable 89 112 79 83 Derivative financial instruments 2 8 7 7 Trade and other payables 1,660 1,548 878 804 Income tax payable 135 182 76 67 Provisions 58 69 48 50 1,946 1,927 1,095 1,015 TOTAL LIABILITIES 11,951 13,282 8,711 8,260 TOTAL EQUITY and LIABILITIES 9,330 10,294 6,339 6,116 ARD FINANCE CONSOLIDATED STATEMENT OF CASH FLOWS Year ended December 31, 2017 2016 2015 €m €m €m Cash flows from operating activities Cash generated from operations 1,330 1,109 950 Interest paid — excluding cumulative PIK interest paid (510) (372) (323) Cumulative PIK interest paid — (184) — Income tax paid (90) (84) (59) Net cash from operating activities 730 469 568 Cash flows from investing activities Purchase of business net of cash acquired — (2,685) — Purchase of property, plant and equipment (422) (310) (304) Purchase of software and other intangibles (19) (12) (8) Proceeds from disposal of property, plant and equipment 5 4 8 Net cash used in investing activities (436) (3,003) (304) Cash flows from financing activities Proceeds from borrowings 3,497 5,479 — Repayment of borrowings (4,061) (2,322) (198) Return of capital to parent company — — (15) Net proceeds from share issuance by subsidiary 306 — — Dividends paid to parent company (3) (270) — Dividends paid by subsidiary to non-controlling interest (7) — — Early redemption premium costs paid (85) (108) (8) Deferred debt issue costs paid (39) (72) (2) Proceeds from the termination of derivative financial instruments 42 — 81 Net cash (outflow)/inflow from financing activities (350) 2,707 (142) Net (decrease)/increase in cash and cash equivalents (56) 173 122 Cash and cash equivalents at the beginning of the year 776 554 433 Exchange (losses)/gains on cash and cash equivalents (34) 49 (1) Cash and cash equivalents at the end of the year 686 776 554

Company financial information

Company financial information	12 Months Ended
	Dec. 31, 2017
Company financial information
Company financial information	27. Company financial information This note has been included in these financial statements in accordance with the requirements of Regulation S‑X rule 12.04 Condensed financial information of registrant . The financial information provided below relates to the individual company financial statements for ARD Finance S.A. as presented in accordance with IFRS as issued by the IASB. Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that investments in subsidiaries are included at cost less any provision for impairment in value. The functional currency of the Company is euro. i) Statement of financial position At December 31, 2017 2016 €m €m Non-current assets Investments in subsidiary undertakings 882 837 Receivables from subsidiary undertaking 642 730 1,524 1,567 Current assets Receivables from subsidiary undertaking 8 15 Cash and cash equivalents 32 4 40 19 Total assets 1,564 1,586 Equity attributable to owners of the parent Issued capital — — Retained earnings 54 (15) Total equity 54 (15) Non-current liabilities Borrowings 1,479 1,569 1,479 1,569 Current liabilities Interest payable 31 31 Other payables — 1 31 32 Total liabilities 1,510 1,601 Total equity and liabilities 1,564 1,586 ii) Statement of comprehensive income Year ended December 31, 2017 2016 2015 €m €m €m Dividend income 133 270 — Finance expense (111) (31) — Finance income 50 14 — Profit before tax 72 253 — Income tax — — — Profit and total comprehensive income for the year 72 253 — iii) Statement of cash flows Year ended December 31, 2017 2016 2015 €m €m €m Cash flows from operating activities Cash generated from operations — — — Related party interest received 54 — — Interest paid (105) — — Net cash used in operating activities (51) — — Cash flows from investing activities Repayment of loans from subsidiary undertakings (3) (404) — Contribution to subsidiary undertaking (45) (431) — Dividends received 133 270 — Loans granted to subsidiary undertakings — (679) — Net cash received from/(used in) investing activities 85 (1,244) — Cash flows from financing activities Net proceeds from borrowings — 1,529 — Dividends paid (3) (270) — Deferred debt issue costs paid (3) (12) — Net cash (outflow)/inflow from financing activities (6) 1,247 — Net increase in cash and cash equivalents 28 3 — Cash and cash equivalents at the beginning of the year 4 1 1 Cash and cash equivalents at the end of the year 32 4 1 iv) Maturity analysis of the Company’s borrowings At December 31, 2017, the Company had € 1,479 million of borrowings (2016: € 1,569 million). Borrowings of € 1,479 million at December 31, 2017 have a maturity of greater than five years. v) Distributions paid and received During the year ended December 31, 2017 the Company received a dividend of € 133 million (2016: € 270 million, 2015: € nil) from a subsidiary company. The Company also paid a dividend to its parent company of € 3 million (2016: € 270 million, 2015: € nil). vi) Commitments and contingencies The Company had no commitments and contingencies at December 31, 2017 (2016: € nil). vii) Additional information The following reconciliations are provided as additional information to satisfy the Schedule I SEC Requirements for parent‑only financial information. Year ended December 31, 2017 2016 2015 €m €m €m IFRS profit/(loss) reconciliation: Parent only—IFRS profit for the year 72 253 — Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (41) (408) (120) Consolidated IFRS profit/(loss) for the year 31 (155) (120) At December 31, 2017 2016 2015 €m €m €m IFRS equity reconciliation: Parent only—IFRS equity 54 (15) (3) Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (2,583) (2,975) (2,371) Consolidated—IFRS equity (2,529) (2,990) (2,374)

Summary of significant accoun35

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of significant accounting policies
Basis of preparation	Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with, and are in compliance with, International Financial Reporting Standards (“IFRS”) and related interpretations as adopted by the International Accounting Standards Board (“IASB”). IFRS is comprised of standards and interpretations approved by the IASB and IFRS and interpretations approved by the predecessor International Accounting Standards Committee that have been subsequently approved by the IASB and remain in effect. References to IFRS hereafter should be construed as references to IFRS as adopted by the IASB. The consolidated financial statements are presented in euro which is the functional currency of the Company, rounded to the nearest million, and have been prepared under the historical cost convention except for the following: · derivative financial instruments are stated at fair value; and · employee benefit obligations are measured at the present value of the future estimated cash flows related to benefits earned and pension assets valued at fair value. The preparation of consolidated financial information in conformity with IFRS requires the use of critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and income and expenses. It also requires management to exercise judgment in the process of applying Group accounting policies. These estimates, assumptions and judgments are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances and are subject to continual re‑evaluation. However, actual outcomes may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in the critical accounting estimates, assumptions and judgments. The consolidated financial statements for the Group were authorized for issue by the Board of Directors of ARD Finance S.A. (the “Board”) on February 21, 2018, except for Note 2 and Note 26 which were authorized for issue on May 3, 2018.
Change in presentation currency	Change in presentation currency With effect from January 1, 2018, the Group changed the currency in which it presents its financial statements from euro to U.S. dollar. This is principally as a result of the Board of Directors’ assessment that this change will help provide a clearer understanding of the Group’s financial performance and improve comparability of our performance following the Ardagh Group’s IPO on the NYSE. The change in accounting policy impacts all financial statement line items whereby amounts previously reported in euro have been re-presented in U.S. dollar. To illustrate the effect of the re-presentation the previously reported euro consolidated statements of financial position as at December 31, 2017, 2016, 2015 and 2014, consolidated income statements, consolidated statements of comprehensive income and consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 have been set out in Note 26.
Recent accounting pronouncements	Recent accounting pronouncements The impact of new standards, amendments to existing standards and interpretations issued and effective for annual periods beginning on or after January 1, 2017 has been assessed by the Board. Amendments to IAS 7, “Statement of cash flows”, effective from January 1, 2017 do not have a material effect on the consolidated financial statements. Other new standards or amendments to existing standards effective January 1, 2017 are not currently relevant for the Group. The Directors’ assessment of the impact of new standards, as listed below, which are not yet effective and which have not been early adopted by the Group, on the consolidated financial statements and disclosures is on-going, unless otherwise stated. IFRS 15, “Revenue from contracts with customers” replaces IAS 18, “Revenue” and IAS 11, “Construction contracts” and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018 and earlier application is permitted. IFRS 15 deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. During 2017 the Group completed its assessment of the potential impact of the new standard, including performing a review of revenue streams and customer contracts in order to evaluate the effects that this standard may have on the consolidated income statement and consolidated statement of financial position. Under current standards the Group recognizes revenue primarily on dispatch of goods. Upon adoption of IFRS 15, where the Group manufactures products for customers that have no alternative use and for which the group has an enforceable right to payment for production completed to date, the standard will require the Group to recognize revenue earlier than current standards such that, for certain contracts, a portion of revenue will be recognized prior to dispatch of goods. Based on the analysis performed to date, the Group does not expect that the adoption of the new standard will have a material impact on the amount of revenue recognized, when compared to the previous accounting guidance. The Group will recognize a contract asset as opposed to inventory as of the date of adoption of the new standard representing revenue that is accelerated as of that date under the new guidance. The Group expects that the adoption of the standard will not have any other material impact on the consolidated statement of financial position. The new guidance will have no impact on the consolidated statement of cash flows. The Group has determined that it shall report under the new standard on a modified retrospective basis upon adoption in the first quarter of 2018 which results in the Group retaining prior period figures as reported under the previous standards and recognising the cumulative effect of applying IFRS 15 as an adjustment to the opening balance of retained earnings as at the date of initial adoption. IFRS 9, “Financial instruments” replaces IAS 39 “Financial instruments: Recognition and measurement” (“IAS 39”). IFRS 9 has been completed in a number of phases and includes requirements on the classification and measurement of financial instruments, impairment of financial instruments and hedge accounting. It also includes an expected credit loss model that replaces the incurred impairment loss model currently used as well as hedge accounting amendments. This standard becomes effective for annual periods commencing on or after January 1, 2018 and the Group will adopt the new standard from the effective date. The Group does not expect there to be a significant impact on the consolidated income statement, the consolidated statement of comprehensive income and the consolidated statement of financial position in respect of the classification of financial assets and liabilities, the adoption of the new hedge accounting model and the introduction of an expected credit loss model. IFRS 16, “Leases”, sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that appropriately represents those transactions. This information provides a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the entity. IFRS 16 replaces IAS 17, “Leases”, and later interpretations and will result in most operating leases being recorded on the consolidated statement of financial position. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with early adoption permitted. The Group is continuing to assess the effects that the adoption of IFRS 16 will have on the Group’s consolidated financial statements. The IFRS Interpretations Committee issued IFRIC 23 “Uncertainty over income tax treatments”, which clarifies how the recognition and measurement requirements of IAS 12 “Income taxes”, are applied where there is uncertainty over income tax treatments. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019. The Group’s assessment of the impact of IFRIC 23 is on-going and it is not expected that the application of this interpretation will have a material impact on the consolidated financial statements of the Group.
Basis of consolidation	Basis of consolidation (i) Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de‑consolidated from the date on which control ceases. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is the consideration given in exchange for control of the identifiable assets, liabilities and contingent liabilities of the acquired legal entities. Directly attributable transaction costs are expensed and included as exceptional items within sales, general and administration expenses. The acquired net assets are initially measured at fair value. The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recorded as goodwill. Any goodwill and fair value adjustments are recorded as assets and liabilities of the acquired legal entity in the currency of the primary economic environment in which the legal entity operates (the “functional currency”). If the cost of acquisition is less than the fair value of the Group’s share of the net assets of the legal entity acquired, the difference is recognized directly in the consolidated income statement. The Group considers obligations of the acquiree in a business combination that arise as a result of the change in control, to be cash flows arising from obtaining control of the controlled entity, and classifies these obligations as investing activities in the consolidated statement of cash flows. (ii) Non-controlling interests Non-controlling interests represent the portion of the equity of a subsidiary which is not attributable to the Group. Non-controlling interests are presented separately in the consolidated financial statements. Changes in ownership of a subsidiary which do not result in a change in control are treated as equity transactions. (iii) Transactions eliminated on consolidation Transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Subsidiaries’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.
Foreign currency	Foreign currency (i) Functional and presentation currency The functional currency of the Company is euro. The consolidated financial statements are presented in U.S. dollar which is the Group’s presentation currency as set out above. (ii) Foreign currency transactions Items included in the financial statements of each of the Group’s entities are measured using the functional currency of that entity. Transactions in foreign currencies are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognized in the consolidated income statement, except: (i) differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity (“net investment hedges”), which are taken to other comprehensive income until the disposal of the net investment, at which time they are recognized in the consolidated income statement; and (ii) differences on certain derivative financial instruments discussed under ‘Derivative financial instruments’ below. Net investment hedges are accounted for in a similar manner to cash flow hedges. The gain or loss relating to the ineffective portion of a net investment hedge is recognized immediately in the consolidated income statement within finance income or expense. (iii) Financial statements of foreign operations The assets and liabilities of foreign operations are translated into euro at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to euro at average exchange rates for the year. Foreign exchange differences arising on retranslation and settlement of such transactions are recognized in other comprehensive income. Gains or losses accumulated in other comprehensive income are recycled to the consolidated income statement when the foreign operation is disposed of. Non‑monetary items measured at fair value in foreign currency are translated using the exchange rates as at the date when the fair value is determined.
Business combinations and goodwill	Business combinations and goodwill All business combinations are accounted for by applying the acquisition method of accounting. This involves measuring the cost of the business combination and allocating, at the acquisition date, the cost of the business combination to the assets acquired and liabilities assumed. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non‑controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non‑controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition‑related costs are expensed as incurred and included in sales, general and administration expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date. Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to those groups of cash‑generating units (“CGU”) that are expected to benefit from the business combination in which the goodwill arose for the purpose of assessing impairment. Goodwill is tested annually for impairment. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash‑generating unit retained.
Intangible assets	Intangible assets Intangible assets are initially recognized at cost. Intangible assets acquired as part of a business combination are capitalized separately from goodwill if the intangible asset is separable or arises from contractual or other legal rights. They are initially recognized at cost which, for intangible assets arising in a business combination, is their fair value at the date of acquisition. Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The carrying values of intangible assets with finite useful lives are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. The amortization of intangible assets is calculated to write off the book value of finite lived intangible assets over their useful lives on a straight‑line basis on the assumption of zero residual value as follows: Computer software - 7 years Customer relationships - 15 years Technology - 15 years (i) Computer software Computer software development costs are recognized as assets. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (ii) Customer relationships Customer relationships acquired in a business combination are recognized at fair value at the acquisition date. Customer relationships have a finite useful economic life and are carried at cost less accumulated amortization. (iii) Technology Technology based intangibles acquired in a business combination are recognized at fair value at the acquisition date and reflect the Group’s ability to add value through accumulated technological expertise surrounding product and process development. (iv) Research and development costs Research costs are expensed as incurred. Development costs relating to new products are capitalized if the new product is technically and commercially feasible. All other development costs are expensed as incurred.
Property, plant and equipment	Property, plant and equipment (i) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, except for land which is shown at cost less impairment. Spare parts which form an integral part of plant and machinery and which have an estimated useful economic life greater than one year are capitalized. Spare parts which do not form an integral part of plant and machinery and which have an estimated useful economic life less than one year are included as consumables within inventory and expensed when utilized. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. (ii) Leased assets The determination of whether an arrangement is, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets, and the arrangement conveys a right to use the asset. Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight‑line basis over the period of the lease. (iii) Subsequent costs The Group recognizes in the carrying amount of an item of property, plant and equipment, the cost of replacing the component of such an item when that cost is incurred, if it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. When a component is replaced the old component is de‑recognized in the period. All other costs are recognized in the consolidated income statement as an expense as incurred. When a major overhaul is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria above are met. (iv) Depreciation Depreciation is charged to the consolidated income statement on a straight‑line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Buildings - 40 years Plant and machinery - 40 years Molds - 3 years Office equipment and vehicles - 10 years Assets’ useful lives and residual values are adjusted if appropriate, at each balance sheet date.
Impairment of non-financial assets	Impairment of non‑financial assets Assets that have an indefinite useful economic life are not subject to amortization and are tested annually for impairment or whenever indicators suggest that impairment may have occurred. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets excluding goodwill and long lived intangible assets, are grouped at the lowest levels at which cash flows are separately identifiable. Goodwill and long lived intangible assets are allocated to groups of CGU. The groupings represent the lowest level at which the related assets are monitored for internal management purposes. Non‑financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. The recoverable amount of other assets is the greater of their value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
Inventories	Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first‑in, first‑out basis and includes expenditure incurred in acquiring the inventories and bringing them to their current location and condition. In the case of finished goods and work‑in‑progress, cost includes direct materials, direct labor and attributable overheads based on normal operating capacity. Net realizable value is the estimated proceeds of sale less all further costs to completion, and less all costs to be incurred in marketing, selling and distribution. Spare parts which are deemed to be of a consumable nature, are included within inventories and expensed when utilized.
Non-derivative financial instruments	Non‑derivative financial instruments Non‑derivative financial instruments comprise trade and other receivables, cash and cash equivalents, restricted cash, borrowings and trade and other payables. Non‑derivative financial instruments are recognized initially at fair value plus any directly attributable transaction costs, except as described below. Subsequent to initial recognition, non‑derivative financial instruments are measured as described below. (i) Trade and other receivables Trade and other receivables are recognized initially at fair value and are thereafter measured at amortized cost using the effective interest rate method less any provision for impairment. A provision for impairment of trade receivables is recognized when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. (ii) Securitized assets The Group previously entered into a series of securitization transactions involving certain of its trade receivables. The securitized assets are recognized on the consolidated statement of financial position, until all of the rights to the cash flows from those assets have expired or have been fully transferred outside the Group, or until substantially all of the related risks, rewards and control of the related assets have been transferred to a third party. On December 7, 2017 the Group closed its securitization facility. The Group entered into a Global Asset Based Loan transaction (“ABL”) involving certain of its trade receivables and inventory. The lenders under the ABL have security over those receivables, inventory and the bank accounts where the associated cash flows are received. The risks, rewards and control of these assets are still retained by the Group and are, therefore, recognized on the statement of financial position. (iii) Cash and cash equivalents Cash and cash equivalents include cash in hand and call deposits held with banks. Cash and cash equivalents are carried at amortized cost. Short term bank deposits of greater than three months’ maturity which do not meet the definition of cash and cash equivalents are classified as financial assets within current assets and stated at amortized cost. (iv) Restricted cash Restricted cash comprises cash held by the Group but which is ring‑fenced or used as security for specific financing arrangements, and to which the Group does not have unfettered access. Restricted cash is measured at amortized cost. (v) Borrowings (including related party debt) Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Group’s consolidated income statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. (vi) Trade and other payables Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.
Derivative financial instruments	Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re‑measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The fair values of various derivative instruments used for hedging purposes are disclosed in Note 17. The full fair value of a hedging derivative is classified as a non‑current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. (i) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income. Amounts accumulated in other comprehensive income are recycled to the consolidated income statement in the periods when the hedged item will affect profit or loss. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing at that time remains in equity and is recognized in the consolidated income statement when the forecast cash flow arises. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated income statement. (ii) Net investment hedges Derivative financial instruments are classified as net investment hedges when they hedge changes in the Group’s net investments in its subsidiaries due to exposure to foreign currency. Net investment hedges are accounted for in a similar manner to cash flow hedges. (iii) Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group’s exposure to changes in the fair value of a recognized asset or liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Group’s consolidated income statement, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The gain or loss relating to the effective portion of derivatives with fair value hedge accounting is recognized in the consolidated income statement within “finance income/(expense)”. The gain or loss relating to the ineffective portion is also recognized in the consolidated income statement within “finance income/(expense)”. If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortized to profit or loss over the period to maturity.
Fair value measurement	Fair value measurement The Group measures financial instruments such as derivatives and pension assets at fair value at each balance sheet date. Fair value related disclosures for financial instruments, related party convertible borrowings and pension assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes: · Disclosures for valuation methods, significant estimates and assumptions (Notes 17 and 18) · Contingent consideration · Quantitative disclosures of fair value measurement hierarchy (Note 17) · Financial instruments (including those carried at amortized cost) (Note 17) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: · in the principal market for the asset or liability; or · in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non‑financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Employee benefits	Employee benefits (i) Defined benefit pension plans Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs are recognized immediately in the consolidated income statement. (ii) Multi‑employer pension plans Multi‑employer craft or industry based pension schemes (“multi‑employer schemes”) have arrangements similar to those of defined benefit schemes. In each case it is not possible to identify the Group’s share of the underlying assets and liabilities of the multi‑employer schemes and therefore in accordance with IAS 19(R), the Group has taken the exemption for multi‑employer pension schemes to account for them as defined contribution schemes recognizing the contributions payable in each period in the consolidated income statement. (iii) Other end of service employee benefits In a number of countries, the Group pays lump sums to employees leaving service. These arrangements are accounted in the same manner as defined benefit pension plans. (iv) Other long term employee benefits The Group’s obligation in respect of other long term employee benefits plans represents the amount of future benefit that employees have earned in return for service in the current and prior periods for post‑retirement medical schemes, partial retirement contracts and long service awards. These are included in the category of employee benefit obligations on the consolidated statement of financial position. The obligation is computed on the basis of the projected unit credit method and is discounted to present value using a discount rate equating to the market yield at the reporting date on high quality corporate bonds of a currency and term consistent with the currency and estimated term of the obligations. Actuarial gains and losses are recognized in full in the Group’s consolidated statement of comprehensive income in the period in which they arise. (v) Defined contribution plans A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The contributions are recognized as employee benefit expense when they are due.
Provisions	Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre‑tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
Revenue recognition	Revenue recognition Revenue from the sale of goods is recognized in the consolidated income statement when the significant risks and rewards of ownership have been transferred to the buyer, primarily on dispatch of the goods. Allowances for customer rebates are provided for in the same period as the related revenues are recorded. Revenue is presented net of such rebates as well as cash discounts and value added tax.
Exceptional items	Exceptional items The Group’s consolidated income statement, cash flow and segmental analysis separately identify results before specific items. Specific items are those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence to provide additional information. Such items include, where significant, restructuring, redundancy and other costs relating to permanent capacity realignment or footprint reorganization, directly attributable acquisition costs and acquisition integration costs, profit or loss on disposal or termination of operations, start‑up costs incurred in relation to and associated with plant builds, significant new line investments or new furnaces, major litigation costs and settlements and impairment of non‑current assets. In this regard the determination of ‘significant’ as included in our definition uses qualitative and quantitative factors. Judgment is used by the Group in assessing the particular items, which by virtue of their scale and nature, are disclosed in the Group’s consolidated income statement, and related notes as exceptional items. Management considers columnar presentation to be appropriate in the consolidated income statement as it provides useful additional information and is consistent with the way that financial performance is measured by management and presented to the Board. Exceptional restructuring costs are classified as restructuring provisions and all other exceptional costs when outstanding at the balance sheet date are classified as exceptional items payable.
Finance income and expense	Finance income and expense Finance income comprises interest income on funds invested, gains on disposal of financial assets, ineffective portions of derivative instruments designated as hedging instruments and gains on derivative instruments that are not designated as hedging instruments and are recognized in profit or loss. Finance expense comprises interest expense on borrowings (including amortization of deferred debt issuance costs), finance lease expenses, certain net foreign currency translation related to financing, net interest cost on net pension plan liabilities, losses on extinguishment of borrowings, ineffective portions of derivative instruments designated as hedging instruments, losses on derivative instruments that are not designated as hedging instruments and are recognized in profit or loss, and other finance expense. The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of manufacturing plants that require a substantial period of time to build that would have been avoided if the expenditure on the qualifying asset had not been made. Costs related to the issuance of new debt are deferred and amortized within finance expense over the expected terms of the related debt agreements by using the effective interest rate method.
Income Tax	Income tax Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognized in the consolidated income statement except to the extent that it relates to items recognized in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Segment reporting	Segment reporting The Board of Directors in addition to certain members of the Board of Directors of Ardagh Group S.A. has been identified as the Chief Operating Decision Maker (“CODM”) for the Group. Operating segments are identified on the basis of the internal reporting provided to the CODM in order to allocate resources to the segment and assess its performance.
Critical accounting estimates, assumptions and judgments	Critical accounting estimates, assumptions and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Estimated impairment of goodwill and other long lived assets In accordance with IAS 36 “Impairment of assets” (“IAS 36”), the Group tests whether goodwill and other long lived assets have suffered any impairment in accordance with the accounting policies stated. The determination of recoverable amounts requires the use of estimates as outlined in Note 8. The Group’s judgments relating to the impairment of goodwill and other long lived assets are included in Notes 8 and 9. (ii) Establishing lives for the purposes of depreciation and amortization of property, plant and equipment and intangibles Long lived assets, consisting primarily of property, plant and equipment, customer intangibles and technology intangibles, comprise a significant portion of the Group’s total assets. The annual depreciation and amortization charges depend primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The Board regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilization and physical condition of the assets concerned. Changes in asset lives can have a significant impact on the depreciation and amortization charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined and there are a significant number of asset lives in use. (iii) Income taxes The Group is subject to income taxes in numerous jurisdictions and judgment is therefore required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit matters based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. (iv) Measurement of employee benefit obligations The Group follows guidance of IAS 19(R) to determine the present value of its obligations to current and past employees in respect of defined benefit pension obligations, other long term employee benefits, and other end of service employee benefits which are subject to similar fluctuations in value in the long term. The Group with the assistance of professional actuaries, values such liabilities designed to ensure consistency in the quality of the key assumptions underlying the valuations. The critical assumptions and estimates applied are discussed in detail in Note 18. (v) Exceptional items The consolidated income statement and segment analysis separately identify results before exceptional items. Exceptional items are those that in our judgment need to be disclosed by virtue of their size, nature or incidence. The Group believes that this presentation provides additional analysis as it highlights exceptional items. The determination of “significant” as included in our definition uses qualitative and quantitative factors which remain consistent from period to period. Management uses judgment in assessing the particular items, which by virtue of their scale and nature, are disclosed in the consolidated income statement and related notes as exceptional items. Management considers the consolidated income statement presentation of exceptional items to be appropriate as it provides useful additional information and is consistent with the way that financial information is measured by management and presented to the Board. In that regard, management believes it to be consistent with paragraph 85 of IAS 1 “Presentation of financial statements” (“IAS 1”), which permits the inclusion of line items and subtotals that improve the understanding of performance. (vi) Business combinations and goodwill Goodwill only arises in business combinations. The amount of goodwill initially recognized is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management’s judgment. Allocation of the purchase price affects the results of the Group as finite lived intangible assets are amortized, whereas indefinite lived intangible assets, including goodwill, are not amortized and could result in differing amortization charges based on the allocation to indefinite lived and finite lived intangible assets.

Summary of significant accoun36

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of significant accounting policies
Schedule of useful lives of intangible finite lived intangible assets on a straight-line basis	Computer software - 7 years Customer relationships - 15 years Technology - 15 years
Schedule useful lives of property, plant and equipment on a straight-line basis	Buildings - 40 years Plant and machinery - 40 years Molds - 3 years Office equipment and vehicles - 10 years

Segment analysis (Tables)

Segment analysis (Tables)	12 Months Ended
	Dec. 31, 2017
Segment analysis
Schedule of reconciliation of profit (loss) to Adjusted EBITDA	Year ended December 31, 2017 2016 2015 $m $m $m Profit/(loss) for the year 41 (172) (135) Income tax (credit)/charge (Note 6) (40) 66 48 Net finance expense (Note 5) 671 681 590 Depreciation and amortization (Notes 8, 9) 687 561 449 Exceptional operating items (Note 4) 149 145 89 Adjusted EBITDA 1,508 1,281 1,041
Schedule of segment results	The segment results for the year ended December 31, 2017 are: Metal Metal Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $m $m $m $m $m Revenue 3,339 1,931 1,549 1,777 8,596 Adjusted EBITDA 554 265 340 349 1,508 Capital expenditure 176 80 110 126 492 Segment assets 4,485 1,858 2,226 2,622 11,191 The segment results for the year ended December 31, 2016 are: Metal Metal Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $m $m $m $m $m Revenue 2,470 1,168 1,541 1,835 7,014 Adjusted EBITDA 404 154 328 395 1,281 Capital expenditure 80 39 99 133 351 Segment assets 4,159 1,934 2,003 2,755 10,851 The segment results for the year ended December 31, 2015 are: Metal Metal Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $m $m $m $m $m Revenue 1,839 435 1,619 1,902 5,795 Adjusted EBITDA 289 49 318 385 1,041 Capital expenditure 51 17 122 149 339 Segment assets 2,028 441 1,924 2,509 6,902
Schedule of total revenue and non-current assets, excluding derivative financial instruments, taxes, pensions and goodwill arising on acquisitions, in countries	Year ended December 31, 2017 2016 2015 Revenue $m $m $m U.S. 3,261 2,695 2,227 United Kingdom 879 801 738 Germany 801 726 639 At December 31, 2017 2016 Non-current assets $m $m U.S. 2,218 2,307 Germany 1,025 801 United Kingdom 676 556

Exceptional items (Tables)

Exceptional items (Tables)	12 Months Ended
	Dec. 31, 2017
Exceptional items
Schedule of exceptional items	Year ended December 31, 2017 2016 2015 $m $m $m Exceptional impairment - property, plant and equipment 54 9 — Restructuring costs 38 15 13 Start-up costs 8 5 30 Exceptional impairment - working capital — — (2) Non-cash inventory adjustment — 10 — Past service credit — (24) — Exceptional items - cost of sales 100 15 41 Transaction related costs - acquisition, integration and IPO 49 128 45 Restructuring and other costs — 2 3 Exceptional items - SGA expenses 49 130 48 Debt refinancing and settlement costs 117 157 15 Exceptional loss on derivative financial instruments 15 11 — Interest payable on acquisition notes — 17 — Exceptional items - finance expense 132 185 15 Exceptional gain on derivative financial instruments — (88) — Exceptional items - finance income — (88) — Total exceptional items 281 242 104

Finance income and expense (Tab

Finance income and expense (Tables)	12 Months Ended
	Dec. 31, 2017
Finance income and expense
Schedule of finance income and expense	Year ended December 31, 2017 2016 2015 $m $m $m Senior secured and senior notes 553 494 421 Term loan 5 30 29 Other interest expense 6 7 9 Interest expense 564 531 459 Net pension interest cost (Note 18) 24 28 26 Loss on derivative financial instruments 28 — — Foreign currency translation (gains)/losses (75) 30 88 Other finance (income)/expense (2) (5) 2 Finance expense before exceptional items 539 584 575 Exceptional finance expense (Note 4) 132 185 15 Total finance expense 671 769 590 Exceptional finance income (Note 4) — (88) — Net finance expense 671 681 590

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2017
Income tax
Schedule of current and deferred tax	Year ended December 31, 2017 2016 2015 $m $m $m Current tax: Current tax for the year 99 69 60 Adjustments in respect of prior years 1 (20) 37 Total current tax 100 49 97 Deferred tax: Deferred tax for the year (134) (11) 8 Adjustments in respect of prior years (6) 28 (57) Total deferred tax (140) 17 (49) Income tax (credit)/charge (40) 66 48
Schedule of reconciliation of tax expense and the accounting loss multiplied by the Group's domestic tax rate	Year ended December 31, 2017 2016 2015 $m $m $m Loss before tax 1 (106) (87) Loss before tax multiplied by the standard rate of Luxembourg corporation tax: 27.08% (2016: 29.22%; 2015: 29.22%) — (31) (25) Tax losses for which no deferred income tax asset was recognized — 1 2 Re-measurement of deferred taxes (78) (6) (6) Adjustment in respect of prior years (4) 8 (20) Income subject to state and other local income taxes 17 10 12 Income taxed at rates other than standard tax rates (19) 21 30 Non-deductible items 36 66 59 Other 8 (3) (4) Income tax (credit)/charge (40) 66 48

Employee costs (Tables)

Employee costs (Tables)	12 Months Ended
	Dec. 31, 2017
Employee costs
Schedule of component of employee costs	Year ended December 31, 2017 2016 2015 $m $m $m Wages and salaries 1,345 1,190 1,034 Social security costs 209 167 148 Defined benefit plan pension costs (Note 18) 46 46 50 Defined benefit past service credit (Note 18) (10) (43) — Defined contribution plan pension costs (Note 18) 35 34 16 1,625 1,394 1,248
Schedule of number of employees	At December 31, Employees 2017 2016 2015 Production 20,793 20,823 17,068 Administration 2,699 2,712 1,790 23,492 23,535 18,858

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2017
Intangible assets
Schedule of reconciliation of changes in intangible assets	Customer Technology Goodwill relationships and other Software Total $m $m $m $m $m Cost At January 1, 2016 1,140 926 197 53 2,316 Acquisitions 1,004 1,385 34 12 2,435 Additions — — 8 3 11 Impairment — — — (2) (2) Exchange (56) (53) (5) (2) (116) At December 31, 2016 2,088 2,258 234 64 4,644 Amortization At January 1, 2016 (254) (56) (37) (347) Charge for the year (159) (25) (7) (191) Exchange 14 (6) 1 9 At December 31, 2016 (399) (87) (43) (529) Net book value At December 31, 2016 2,088 1,859 147 21 4,115 Cost At January 1, 2017 2,088 2,258 234 64 4,644 Additions — — 5 16 21 Derecognition of fully amortized assets — (42) — — (42) Exchange 113 139 12 8 272 At December 31, 2017 2,201 2,355 251 88 4,895 Amortization At January 1, 2017 (399) (87) (43) (529) Charge for the year (225) (31) (8) (264) Derecognition of fully amortized assets 42 — — 42 Exchange (25) (8) (7) (40) At December 31, 2017 (607) (126) (58) (791) Net book value At December 31, 2017 2,201 1,748 125 30 4,104
Summary of goodwill allocation	At December 31, 2017 2016 $m $m Metal Packaging Europe - excluding the Beverage Can Business ('Metal Europe') 320 282 Metal Packaging Americas - excluding the Beverage Can Business ('Metal Americas') 29 30 Metal Packaging Europe - Beverage Can Business ('Beverage Europe') 604 534 Metal Packaging Americas - Beverage Can Business ('Beverage Americas') 437 436 Glass Packaging Europe 65 60 Glass Packaging North America 746 746 Total Goodwill 2,201 2,088
Schedule of significant goodwill amounts arising in the groups of CGUs	Glass Glass Packaging Metal Metal Beverage Beverage Packaging North Europe Americas Europe Americas Europe America $m/% $m/% $m/% $m/% $m/% $m/% 2017 Carrying amount of goodwill Excess of recoverable amount Pre-tax discount rate applied Growth rate for terminal value 2016 Carrying amount of goodwill 282 30 534 436 60 746 Excess of recoverable amount 2,296 392 613 289 2,186 1,718 Pre-tax discount rate applied 8.3 9.8 8.9 11.9 8.7 10.3 Growth rate for terminal value 1.5 2.0 1.5 2.0 1.5 2.0

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment
Schedule of property plant and equipment	Plant, Office Land and machinery equipment buildings and other and vehicles Total $m $m $m $m Cost At January 1, 2016 829 3,108 56 3,993 Acquisitions (Note 22) 190 512 — 702 Additions 3 345 6 354 Impairment — (9) — (9) Disposals (7) (211) (11) (229) Transfers 14 (32) 18 — Exchange (46) (172) (5) (223) At December 31, 2016 983 3,541 64 4,588 Depreciation At January 1, 2016 (189) (1,264) (27) (1,480) Charge for the year (28) (332) (10) (370) Disposals 4 211 10 225 Exchange 13 90 2 105 At December 31, 2016 (200) (1,295) (25) (1,520) Net book value At December 31, 2016 783 2,246 39 3,068 Cost At January 1, 2017 983 3,541 64 4,588 Additions 8 508 6 522 Impairment (Note 4) — (54) — (54) Disposals (4) (160) (10) (174) Transfers 11 (9) 7 9 Exchange 96 316 4 416 At December 31, 2017 1,094 4,142 71 5,307 Depreciation At January 1, 2017 (200) (1,295) (25) (1,520) Charge for the year (35) (378) (10) (423) Disposals 2 156 10 168 Transfers 1 (2) 1 — Exchange (26) (137) (1) (164) At December 31, 2017 (258) (1,656) (25) (1,939) Net book value At December 31, 2017 836 2,486 46 3,368
Schedule of operating lease commitments	Year ended December 31, 2017 2016 2015 $m $m $m Plant and machinery 6 6 6 Land and buildings 21 27 23 Office equipment and vehicles 11 10 9 38 43 38
Schedule of commitments under non cancellable operating leases	At December 31, 2017 2016 2015 $m $m $m Not later than one year 35 32 29 Later than one year and not later than five years 77 73 75 Later than five years 80 72 73 192 177 177
Schedule of capital commitments	At December 31, 2017 2016 2015 $m $m $m Contracted for 101 116 33 Not contracted for 14 20 7 115 136 40

Deferred income tax (Tables)

Deferred income tax (Tables)	12 Months Ended
	Dec. 31, 2017
Deferred income tax
The movement in deferred tax assets and liabilities	Assets Liabilities Total $m $m $m At January 1, 2016 432 (729) (297) Acquisition (Note 22) 81 (243) (162) (Charged)/credited to the income statement (Note 6) (46) 29 (17) Credited/(charged) to other comprehensive income 20 (6) 14 Reclassification 3 (3) — Exchange (21) 24 3 At December 31, 2016 469 (928) (459) (Charged)/credited to the income statement (Note 6) (67) 207 140 (Charged)/credited to other comprehensive income (6) 1 (5) Reclassification 4 (4) — Exchange 28 (66) (38) At December 31, 2017 428 (790) (362)
The components of deferred income tax assets and liabilities	At December 31, 2017 2016 $m $m Tax losses 34 34 Employee benefit obligations 187 181 Depreciation timing differences 90 86 Provisions 70 99 Other 47 69 428 469 Available for offset (207) (196) Deferred tax assets 221 273 Intangible assets (395) (508) Accelerated depreciation and other fair value adjustments (369) (378) Other (26) (42) (790) (928) Available for offset 207 196 Deferred tax liabilities (583) (732)
The tax (charge)/credit recognized in the consolidated income statement	Year ended December 31, 2017 2016 2015 $m $m $m Tax losses (2) (3) (19) Employee benefit obligations (21) (13) 14 Depreciation timing differences (6) (13) (2) Provisions (26) — (8) Other deferred tax assets (12) (17) 21 Intangible assets 155 42 33 Accelerated depreciation and other fair value adjustments 29 (4) 19 Other deferred tax liabilities 23 (9) (9) 140 (17) 49

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventories
Schedule of inventories	At December 31, 2017 2016 $m $m Raw materials and consumables 369 305 Mold parts 52 46 Work-in-progress 85 72 Finished goods 847 763 1,353 1,186

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Trade and other receivables
Schedule of trade, other current receivables and prepayments	At December 31, 2017 2016 $m $m Trade receivables 1,015 970 Other receivables and prepayments 259 257 1,274 1,227
Schedule of movements on the provision for impairment of current trade receivables	2017 2016 2015 $m $m $m At January 1, 15 15 17 Provision for receivables impairment 6 1 2 Receivables written off during the year as uncollectible — (1) (2) Exchange 2 — (2) At December 31, 23 15 15
Schedule of ageing analysis of current trade receivables were past due but not impaired	At December 31, 2017 2016 $m $m Up to three months past due 46 42 Three to six months past due 5 4 Over six months past due 11 2 62 48

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2017
Cash and cash equivalents
Disclosure of cash and cash equivalents	At December 31, 2017 2016 $m $m Cash at bank and in hand 680 773 Short term bank deposits 130 17 Restricted cash 13 28 823 818

Issued capital and reserves (Ta

Issued capital and reserves (Tables)	12 Months Ended
	Dec. 31, 2017
Issued capital and reserves
Schedule of share capital	Number of shares (millions) $m At December 31, 2016 Ordinary shares (par value €0.01) 10.0 — Issue of shares-ordinary shares (par value €0.01) 0.3 — At December 31, 2017 10.3 —

Financial assets and liabilit49

Financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Financial assets and liabilities
Schedule of net external debt	At December 31, 2017 2016 $m $m Loan notes 10,064 9,561 Term loan — 660 Other borrowings 12 11 Total borrowings 10,076 10,232 Cash and cash equivalents (823) (818) Derivative financial instruments used to hedge foreign currency and interest rate risk 301 (131) Net debt 9,554 9,283
Schedule of net debt and available liquidity	At December 31, 2017, 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 Liabilities guaranteed by the ARD Finance Group 7.125%/7.875% Senior Secured Toggle Notes USD 770 15-Sep-23 Bullet 770 770 — 6.625%/7.375% Senior Secured Toggle Notes EUR 845 15-Sep-23 Bullet 845 1,013 — Liabilities guaranteed by the Ardagh Group 2.750% Senior Secured Notes EUR 15-Mar-24 Bullet 899 — 4.625% Senior Secured Notes USD 15-May-23 Bullet 1,000 — 4.125% Senior Secured Notes EUR 15-May-23 Bullet 528 — 4.250% Senior Secured Notes USD 15-Sep-22 Bullet 715 — 4.750% Senior Notes GBP 15-Jul-27 Bullet 541 — 6.000% Senior Notes USD 15-Feb-25 Bullet 1,696 — 7.250% Senior Notes USD 15-May-24 Bullet 1,650 — 6.750% Senior Notes EUR 15-May-24 Bullet 899 — 6.000% Senior Notes USD 30-Jun-21 Bullet 440 — Global Asset Based Facility USD 07-Dec-22 Revolving — — 813 Finance lease obligations GBP/EUR Amortizing — 8 — Other borrowings / credit lines EUR Amortizing — 4 1 Total borrowings / undrawn facilities 10,163 814 Deferred debt issue costs and bond premiums (87) — Net borrowings / undrawn facilities 10,076 814 Cash and cash equivalents (823) 823 Derivative financial instruments used to hedge foreign currency and interest rate risk 301 — Net debt / available liquidity 9,554 1,637 At December 31, 2016, 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 Liabilites guaranteed by the Ard Finance Group 7.125%/7.875% Senior Secured Toggle Notes USD 770 15-Sep-23 Bullet 770 770 — 6.625%/7.375% Senior Secured Toggle Notes EUR 845 15-Sep-23 Bullet 845 890 — Liabilities guaranteed by the Ardagh Group 4.250% First Priority Senior Secured Notes EUR 1,155 15-Jan-22 Bullet 1,155 1,217 — 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 440 464 — First Priority Senior Secured Floating Rate Notes USD 1,110 15-Dec-19 Bullet 1,110 1,110 — Senior Secured Floating Rate Notes USD 500 15-May-21 Bullet 500 500 — 6.000% Senior Notes USD 440 30-Jun-21 Bullet 440 440 — 6.250% Senior Notes USD 415 31-Jan-19 Bullet 415 415 — 6.750% Senior Notes USD 415 31-Jan-21 Bullet 415 415 — 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 750 791 — Term Loan B Facility USD 663 17-Dec-21 Amortizing 663 663 — HSBC Securitization Program EUR 102 14-Jun-18 Revolving — — 108 Bank of America Facility USD 155 11-Apr-18 Revolving — — 155 Finance lease obligations GBP/EUR Amortizing 7 7 — Other borrowings / credit lines EUR 4 Amortizing 3 3 1 Total borrowings / undrawn facilities 10,335 264 Deferred debt issue costs and bond discount (103) — Net borrowings / undrawn facilities 10,232 264 Cash and cash equivalents (818) 818 Derivative financial instruments used to hedge foreign currency and interest rate risk (131) — Net debt / available liquidity 9,283 1,082
Schedule of movement in net debt	2017 2016 $m $m Net increase in cash and cash equivalents per consolidated statement of cash flows (5) (215) Increase in net borrowings and derivative financial instruments 276 3,129 Increase in net debt 271 2,914 Net debt at January 1, 9,283 6,369 Net debt at December 31, 9,554 9,283
Schedule of maturity analysis of borrowings	At December 31, 2017 2016 $m $m Within one year or on demand 2 8 Between one and two years 1 8 Between two and five years 1,154 3,512 Greater than five years 8,919 6,704 10,076 10,232
Schedule of contracted undiscounted cash flows	Derivative Trade and financial other Borrowings instruments payables At December 31, 2017 $m $m $m Within one year or on demand 578 2 1,991 Between one and two years 578 84 — Between two and five years 2,846 66 — Greater than five years 9,748 151 — Derivative Trade and financial other Borrowings instruments payables At December 31, 2016 $m $m $m Within one year or on demand 585 8 1,632 Between one and two years 585 — — Between two and five years 4,980 — — Greater than five years 7,484 — —
Schedule of carrying amount and fair value of borrowings	Carrying value Deferred debt Amount issue costs and drawn bond premium Total Fair value At December 31, 2017 $m $m $m $m Loan notes 10,151 (87) 10,064 10,686 Finance leases 8 — 8 8 Bank loans, overdrafts and revolving credit facilities 4 — 4 4 10,163 (87) 10,076 10,698 Carrying value Deferred debt Amount issue costs and drawn bond discount Total Fair value At December 31, 2016 $m $m $m $m Loan notes 9,662 (101) 9,561 9,885 Term loan 663 (2) 661 669 Finance leases 7 — 7 7 Bank loans, overdrafts and revolving credit facilities 3 — 3 3 10,335 (103) 10,232 10,564
Schedule of effective interest rates	2017 2016 USD EUR GBP USD EUR GBP 7.125% / 7.875% Senior Secured Toggle Notes 7.49 % — — 7.57 % — — 6.625% / 7.375% Senior Secured Toggle Notes — 7.03 % — — 7.05 % — 2.750% Senior Secured Notes due 2024 — 2.92 % — — — — 4.625% Senior Secured Notes due 2023 5.16 % — — 5.18 % — — 4.125% Senior Secured Notes due 2023 — 4.63 % — — 4.66 % — 4.250% Senior Secured Notes due 2022 4.51 % — — — — — 4.250% First Priority Senior Secured Notes due 2022 — — — — 4.52 % — First Priority Senior Secured Floating Rate Notes due 2019 — — — 3.49 % — — Senior Secured Floating Rate Notes due 2022 — — — 4.26 % — — 4.750% Senior Notes due 2027 — — 4.99 % — — — 6.000% Senior Notes due 2025 6.14 % — — — — — 7.250% Senior Notes due 2024 7.72 % — — 7.74 % — — 6.750% Senior Notes due 2024 — 7.00 % — — 7.01 % — 6.000% Senior Notes due 2021 6.38 % — — 6.38 % — — 6.750% Senior Notes due 2021 — — — 7.45 % — — 6.250% Senior Notes due 2019 — — — 7.25 % — — USD Term Loan B Facility due 2021 — — — 4.16 % — —
Schedule of net borrowings in denominated currencies	At December 31, 2017 2016 $m $m Euro 3,322 3,338 U.S. dollar 6,216 6,892 British pound 538 2 10,076 10,232
Schedule of undrawn borrowing facilities	At December 31, 2017 2016 $m $m Expiring within one year 1 1 Expiring beyond one year 813 263 814 264
Schedule of fair value of financial instruments	Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $m $m $m $m Fair Value Derivatives Metal forward contracts 17 197 — — Cross currency interest rate swaps — — 301 3,107 Forward foreign exchange contracts 4 179 1 52 NYMEX gas swaps — — 1 20 Carbon futures 2 10 — — At December 31, 2017 23 386 303 3,179 Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $m $m $m $m Fair Value Derivatives Metal forward contracts 9 197 — — Cross currency interest rate swap 131 1,580 — — Forward foreign exchange contracts — — 8 206 NYMEX gas swaps 2 16 — — Carbon futures 1 2 — — At December 31, 2016 143 1,795 8 206

Employee benefit obligations (T

Employee benefit obligations (Tables)	12 Months Ended
	Dec. 31, 2017
Schedule of employee benefit obligations and assets included in consolidated statement of financial position	U.S. Germany UK Netherlands Other Total 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 $m $m $m $m $m $m $m $m $m $m $m $m Obligations (1,313) (1,198) (405) (364) (1,000) (947) (19) (569) (25) (23) (2,762) (3,101) Assets 1,179 1,067 — — 706 660 — 541 12 8 1,897 2,276 Net obligations (134) (131) (405) (364) (294) (287) (19) (28) (13) (15) (865) (825)
Defined benefit plan
Schedule of current service cost and administration costs of defined benefit pension schemes recognized in the consolidated income statement	Year ended December 31, 2017 2016 2015 $m $m $m Current service cost and administration costs: Cost of sales ‑ current service cost (43) (41) (45) Cost of sales ‑ past service credit 8 32 — SGA ‑ current service cost (3) (6) (6) SGA ‑ past service credit 2 11 — (36) (4) (51) Finance expense (Note 5) (24) (27) (26) (60) (31) (77)
Schedule of re-measurement of defined benefit obligations and assets recognized in consolidated statement of comprehensive income	Year ended December 31, 2017 2016 2015 $m $m $m Re-measurement of defined benefit obligation: Actuarial (loss)/gain arising from changes in demographic assumptions (6) 26 9 Actuarial (loss)/gain arising from changes in financial assumptions (104) (280) 107 Actuarial gain/(loss) arising from changes in experience 2 (11) 32 (108) (265) 148 Re-measurement of plan assets: Actual return/(loss) less expected return on plan assets 158 122 (92) Actuarial gain/(loss) for the year on defined benefit pension schemes 50 (143) 56 Actuarial (loss)/gain on other long term and end of service employee benefits (1) 4 18 49 (139) 74
Schedule of movement in defined benefit obligations and assets	At December 31, Obligations Assets 2017 2016 2017 2016 $m $m $m $m At January 1, (3,101) (2,846) 2,276 2,151 Interest income — — 71 82 Acquired — (393) — 301 Current service cost (46) (46) — — Past service credit 10 43 — — Interest cost (92) (105) — — Administration expenses paid from plan assets — — (2) (3) Re-measurements (108) (265) 157 122 Obligations/(assets) extinguished on reclassification 602 207 (602) (207) Employer contributions — — 51 48 Employer contributions ‑ acquisition related — — — 8 Employee contributions (2) (6) 2 6 Benefits paid 163 131 (163) (131) Exchange (188) 179 107 (101) At December 31, (2,762) (3,101) 1,897 2,276
Schedule of plan assets	At December 31, 2017 2017 2016 2016 $m % $m % Equities 1,177 62 1,215 53 Target return funds 297 16 290 13 Bonds 249 13 588 26 Cash/other 174 9 183 8 1,897 100 2,276 100
Schedule of ranges of principal assumptions applied in estimating defined benefit obligations	U.S. Germany UK 2017 2016 2017 2016 2017 2016 % % % % % % Rates of inflation 2.50 2.50 1.50 1.50 3.10 3.20 Rates of increase in salaries 2.00 - 3.00 2.00 - 3.00 2.50 2.50 2.60 2.20 Discount rates 3.80 4.45 1.68 - 2.24 1.57 - 2.06 2.70 2.80
Schedule of mortality assumptions	U.S. Germany UK 2017 2016 2017 2016 2017 2016 Years Years Years Years Years Years Life expectancy, current pensioners 22 22 21 21 21 21 Life expectancy, future pensioners 23 23 24 24 22 22
Schedule of principal defined benefit schemes	Metal Packaging Glass Packaging Europe Europe North Europe Europe North UK Germany America UK Germany America Nature of the schemes Funded Unfunded Funded Funded Unfunded Funded 2017 Active members 467 1,694 943 — 1,011 4,137 Deferred members 954 706 139 1,527 759 2,697 Pensioners including dependents 756 1,081 150 744 762 6,379 Weighted average duration (years) 21 17 17 23 18 13 2016 Active members 467 1,803 970 — 1,032 4,043 Deferred members 954 664 115 1,527 732 2,648 Pensioners including dependents 756 1,011 133 744 786 6,302 Weighted average duration (years) 20 18 10 23 19 12
Schedule of expected defined benefit payment	Subsequent 2018 2019 2020 2021 2022 five years $m $m $m $m $m $m Benefits 116 114 118 121 125 672
Other employee benefit obligations
Schedule of other employee benefits	At December 31, 2017 2016 $m $m End of service employee benefits 25 24 Long term employee benefits 107 105 132 129

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2017
Provisions
Schedule of current and non current provisions	At December 31, 2017 2016 $m $m Current 70 73 Non-current 44 60 114 133
Schedule of restructuring and other provisions	Other Total Restructuring provisions provisions $m $m $m At January 1, 2016 20 85 105 Acquisitions (Note 22) — 42 42 Provided 28 32 60 Released (12) (17) (29) Paid (11) (31) (42) Exchange (2) (1) (3) At December 31, 2016 23 110 133 Provided 12 26 38 Released (2) (31) (33) Paid (10) (21) (31) Exchange 2 5 7 At December 31, 2017 25 89 114

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2017
Trade and other payables
Schedule of trade and other payables	At December 31, 2017 2016 $m $m Trade payables 1,469 1,112 Other payables and accruals 438 442 Amounts owed to parent company — 3 Other tax and social security payable 49 34 Payables and accruals for exceptional items 35 41 1,991 1,632

Cash generated from operating53

Cash generated from operating activities (Tables)	12 Months Ended
	Dec. 31, 2017
Cash generated from operating activities
Schedule of cash generated from operating activities	Year ended December 31, 2017 2016 2015 $m $m $m Profit/(loss) for the year 41 (172) (135) Income tax (credit)/charge (Note 6) (40) 66 48 Net finance expense (Note 5) 671 681 590 Depreciation and amortization (Notes 8, 9) 687 561 449 Exceptional operating items (Note 4) 149 145 89 Movement in working capital 99 131 100 Acquisition-related, IPO, start-up and other exceptional costs paid (74) (176) (60) Exceptional restructuring paid (10) (11) (22) Cash generated from operations 1,523 1,225 1,059

Business combinations and dis54

Business combinations and disposals (Tables)	12 Months Ended
	Dec. 31, 2017
Business combinations and disposals
Schedule of provisional consideration and fair value of assets acquired and liabilities assumed.	$m Cash and cash equivalents 11 Property, plant and equipment 702 Intangible assets 1,431 Inventories 294 Trade and other receivables 367 Trade and other payables (484) Net deferred tax liability (162) Employee benefit obligations (129) Provisions (42) Total identifiable net assets 1,988 Goodwill 1,004 Total consideration 2,992

Related party information (Tabl

Related party information (Tables)	12 Months Ended
	Dec. 31, 2017
Related party information
Schedule of information about key management personnel	Year ended December 31, 2017 2016 2015 $m $m $m Salaries and other short term employee benefits 12 12 10 Post-employment benefits 1 1 1 13 13 11 Transaction related and other compensation 7 29 — 20 42 11
Schedule of information relating to wholly owned subsidiaries	Company Country of incorporation Activity Ardagh Metal Beverage Manufacturing Austria GmbH Austria Metal Packaging Ardagh Metal Beverage Trading Austria GmbH Austria Metal Packaging Latas Indústria de Embalagens de Alumínio do Brasil Ltda Brazil Metal Packaging Ardagh Metal Packaging Czech Republic s.r.o. Czech Republic Metal Packaging Ardagh Glass Holmegaard A/S Denmark Glass Packaging Ardagh Aluminium Packaging France SAS France Metal Packaging Ardagh MP West France SAS France Metal Packaging Ardagh Metal Packaging France SAS France Metal Packaging Ardagh Metal Beverage Trading France SAS France Metal Packaging Ardagh Metal Beverage France SAS France Metal Packaging Ardagh Glass GmbH Germany Glass Packaging Heye International GmbH Germany Glass Engineering Ardagh Metal Packaging Germany GmbH Germany Metal Packaging Ardagh Germany MP GmbH Germany Metal Packaging Ardagh Metal Beverage Trading Germany GmbH Germany Metal Packaging Ardagh Metal Beverage Germany GmbH Germany Metal Packaging Ardagh Glass Sales Limited Ireland Glass Packaging Ardagh Packaging Holdings Limited Ireland Glass and Metal Packaging Ardagh Group Italy S.r.l. Italy Glass and Metal Packaging Ardagh Aluminium Packaging Netherlands B.V. Netherlands Metal Packaging Ardagh Glass Dongen B.V. Netherlands Glass Packaging Ardagh Glass Moerdijk B.V. Netherlands Glass Packaging Ardagh Metal Packaging Netherlands B.V. Netherlands Metal Packaging Ardagh Metal Beverage Trading Netherlands B.V. Netherlands Metal Packaging Ardagh Metal Beverage Netherlands B.V. Netherlands Metal Packaging Ardagh Glass S.A. Poland Glass Packaging Ardagh Metal Packaging Poland Sp. z o.o. Poland Metal Packaging Ardagh Metal Beverage Trading Poland Sp. z o.o. Poland Metal Packaging Ardagh Metal Beverage Poland Sp. z o.o. Poland Metal Packaging Ardagh Metal Beverage Trading Spain SL Spain Metal Packaging Ardagh Metal Beverage Spain SL Spain Metal Packaging Ardagh Metal Packaging Iberica S.A. Spain Metal Packaging Ardagh Glass Limmared AB Sweden Glass Packaging Ardagh Metal Beverage Europe GmbH Switzerland Metal Packaging Ardagh Glass Limited United Kingdom Glass Packaging Ardagh Metal Beverage Trading UK Limited United Kingdom Metal Packaging Ardagh Metal Beverage UK Limited United Kingdom Metal Packaging Ardagh Metal Packaging UK Limited United Kingdom Metal Packaging Ardagh Metal Packaging USA Inc. United States Metal Packaging Ardagh Glass Inc. United States Glass Packaging Ardagh Metal Beverage USA Inc. United States Metal Packaging

Effect of change in presentat56

Effect of change in presentation currency (Tables)	12 Months Ended
	Dec. 31, 2017
Consolidated income statement
Schedule of exchange rates used in translation	Year ended December 31, Closing rate Average rate
Statement of comprehensive income	Year ended December 31, 2017 2016 2015 €m €m €m Dividend income 133 270 — Finance expense (111) (31) — Finance income 50 14 — Profit before tax 72 253 — Income tax — — — Profit and total comprehensive income for the year 72 253 —
Statement of financial position	At December 31, 2017 2016 €m €m Non-current assets Investments in subsidiary undertakings 882 837 Receivables from subsidiary undertaking 642 730 1,524 1,567 Current assets Receivables from subsidiary undertaking 8 15 Cash and cash equivalents 32 4 40 19 Total assets 1,564 1,586 Equity attributable to owners of the parent Issued capital — — Retained earnings 54 (15) Total equity 54 (15) Non-current liabilities Borrowings 1,479 1,569 1,479 1,569 Current liabilities Interest payable 31 31 Other payables — 1 31 32 Total liabilities 1,510 1,601 Total equity and liabilities 1,564 1,586
Statement of cash flows	Year ended December 31, 2017 2016 2015 €m €m €m Cash flows from operating activities Cash generated from operations — — — Related party interest received 54 — — Interest paid (105) — — Net cash used in operating activities (51) — — Cash flows from investing activities Repayment of loans from subsidiary undertakings (3) (404) — Contribution to subsidiary undertaking (45) (431) — Dividends received 133 270 — Loans granted to subsidiary undertakings — (679) — Net cash received from/(used in) investing activities 85 (1,244) — Cash flows from financing activities Net proceeds from borrowings — 1,529 — Dividends paid (3) (270) — Deferred debt issue costs paid (3) (12) — Net cash (outflow)/inflow from financing activities (6) 1,247 — Net increase in cash and cash equivalents 28 3 — Cash and cash equivalents at the beginning of the year 4 1 1 Cash and cash equivalents at the end of the year 32 4 1
Previously stated
Consolidated income statement
Income statement	ARD FINANCE S.A. CONSOLIDATED INCOME STATEMENT Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Before Before Before exceptional Exceptional exceptional Exceptional exceptional Exceptional items Items Total items Items Total items Items Total €m €m €m €m €m €m €m €m €m Revenue 7,644 — 7,644 6,345 — 6,345 5,199 — 5,199 Cost of sales (6,321) (85) (6,406) (5,221) (15) (5,236) (4,285) (37) (4,322) Gross profit/(loss) 1,323 (85) 1,238 1,124 (15) 1,109 914 (37) 877 Sales, general and administration expenses (359) (43) (402) (300) (116) (416) (274) (44) (318) Intangible amortization (235) — (235) (173) — (173) (109) — (109) Operating profit/(loss) 729 (128) 601 651 (131) 520 531 (81) 450 Finance expense (479) (123) (602) (528) (165) (693) (514) (13) (527) Finance income — — — — 78 78 — — — Profit/(loss) before tax 250 (251) (1) 123 (218) (95) 17 (94) (77) Income tax (charge)/credit (87) 122 35 (103) 43 (60) (75) 32 (43) Profit/(loss) for the year 163 (129) 34 20 (175) (155) (58) (62) (120) Profit/(loss) attributable to: Owners of the parent 31 (155) (120) Non-controlling interests 3 — — Profit/(loss) for the year 34 (155) (120)
Statement of comprehensive income	ARD FINANCE S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended December 31, 2017 2016 2015 €m €m €m Profit/(loss) for the year 34 (155) (120) Other comprehensive income/(expense) Items that may subsequently be reclassified to income statement Foreign currency translation adjustments: —Arising in the year (1) (55) (139) (1) (55) (139) Effective portion of changes in fair value of cash flow hedges: —New fair value adjustments into reserve (226) 50 44 —Movement out of reserve 230 (77) (43) —Movement in deferred tax 1 (4) — 5 (31) 1 Items that will not be reclassified to income statement —Re-measurements of employee benefit obligations 43 (121) 72 —Deferred tax movement on employee benefit obligations (6) 16 (27) 37 (105) 45 Total other comprehensive income/(expense) for the year 41 (191) (93) Total comprehensive income/(expense) for the year 75 (346) (213) Attributable to: Owners of the parent 66 (346) (213) Non-controlling interests 9 — — Total comprehensive income/(expense) for the year 75 (346) (213)
Statement of financial position	ARD FINANCE S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION At December 31, 2017 2016 2015 2014 €m €m €m €m Non-current assets Intangible assets 3,422 3,904 1,810 1,762 Property, plant and equipment 2,808 2,911 2,307 2,223 Derivative financial instruments 6 124 — 40 Deferred tax assets 184 259 178 184 Other non-current assets 21 20 14 10 6,441 7,218 4,309 4,219 Current assets Inventories 1,128 1,125 825 770 Trade and other receivables 1,062 1,164 651 692 Derivative financial instruments 13 11 — 2 Cash and cash equivalents 686 776 554 433 2,889 3,076 2,030 1,897 TOTAL ASSETS 9,330 10,294 6,339 6,116 Equity attributable to owners of the parent Issued capital — — — — Other reserves (325) (329) (114) 24 Retained earnings (2,204) (2,661) (2,260) (2,170) (2,529) (2,990) (2,374) (2,146) Non-controlling interests (92) 2 2 2 TOTAL EQUITY (2,621) (2,988) (2,372) (2,144) Non-current liabilities Borrowings 8,400 9,699 6,397 6,034 Employee benefit obligations 831 905 720 723 Derivative financial instruments 251 — — 455 Deferred tax liabilities 486 694 451 — Provisions 37 57 48 33 10,005 11,355 7,616 7,245 Current liabilities Borrowings 2 8 7 4 Interest payable 89 112 79 83 Derivative financial instruments 2 8 7 7 Trade and other payables 1,660 1,548 878 804 Income tax payable 135 182 76 67 Provisions 58 69 48 50 1,946 1,927 1,095 1,015 TOTAL LIABILITIES 11,951 13,282 8,711 8,260 TOTAL EQUITY and LIABILITIES 9,330 10,294 6,339 6,116
Statement of cash flows	ARD FINANCE CONSOLIDATED STATEMENT OF CASH FLOWS Year ended December 31, 2017 2016 2015 €m €m €m Cash flows from operating activities Cash generated from operations 1,330 1,109 950 Interest paid — excluding cumulative PIK interest paid (510) (372) (323) Cumulative PIK interest paid — (184) — Income tax paid (90) (84) (59) Net cash from operating activities 730 469 568 Cash flows from investing activities Purchase of business net of cash acquired — (2,685) — Purchase of property, plant and equipment (422) (310) (304) Purchase of software and other intangibles (19) (12) (8) Proceeds from disposal of property, plant and equipment 5 4 8 Net cash used in investing activities (436) (3,003) (304) Cash flows from financing activities Proceeds from borrowings 3,497 5,479 — Repayment of borrowings (4,061) (2,322) (198) Return of capital to parent company — — (15) Net proceeds from share issuance by subsidiary 306 — — Dividends paid to parent company (3) (270) — Dividends paid by subsidiary to non-controlling interest (7) — — Early redemption premium costs paid (85) (108) (8) Deferred debt issue costs paid (39) (72) (2) Proceeds from the termination of derivative financial instruments 42 — 81 Net cash (outflow)/inflow from financing activities (350) 2,707 (142) Net (decrease)/increase in cash and cash equivalents (56) 173 122 Cash and cash equivalents at the beginning of the year 776 554 433 Exchange (losses)/gains on cash and cash equivalents (34) 49 (1) Cash and cash equivalents at the end of the year 686 776 554

Company financial information (

Company financial information (Tables)	12 Months Ended
	Dec. 31, 2017
Company financial information
Statement of financial position	At December 31, 2017 2016 €m €m Non-current assets Investments in subsidiary undertakings 882 837 Receivables from subsidiary undertaking 642 730 1,524 1,567 Current assets Receivables from subsidiary undertaking 8 15 Cash and cash equivalents 32 4 40 19 Total assets 1,564 1,586 Equity attributable to owners of the parent Issued capital — — Retained earnings 54 (15) Total equity 54 (15) Non-current liabilities Borrowings 1,479 1,569 1,479 1,569 Current liabilities Interest payable 31 31 Other payables — 1 31 32 Total liabilities 1,510 1,601 Total equity and liabilities 1,564 1,586
Statement of comprehensive income	Year ended December 31, 2017 2016 2015 €m €m €m Dividend income 133 270 — Finance expense (111) (31) — Finance income 50 14 — Profit before tax 72 253 — Income tax — — — Profit and total comprehensive income for the year 72 253 —
Statement of cash flows	Year ended December 31, 2017 2016 2015 €m €m €m Cash flows from operating activities Cash generated from operations — — — Related party interest received 54 — — Interest paid (105) — — Net cash used in operating activities (51) — — Cash flows from investing activities Repayment of loans from subsidiary undertakings (3) (404) — Contribution to subsidiary undertaking (45) (431) — Dividends received 133 270 — Loans granted to subsidiary undertakings — (679) — Net cash received from/(used in) investing activities 85 (1,244) — Cash flows from financing activities Net proceeds from borrowings — 1,529 — Dividends paid (3) (270) — Deferred debt issue costs paid (3) (12) — Net cash (outflow)/inflow from financing activities (6) 1,247 — Net increase in cash and cash equivalents 28 3 — Cash and cash equivalents at the beginning of the year 4 1 1 Cash and cash equivalents at the end of the year 32 4 1
Summary of IFRS loss reconciliation	Year ended December 31, 2017 2016 2015 €m €m €m IFRS profit/(loss) reconciliation: Parent only—IFRS profit for the year 72 253 — Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (41) (408) (120) Consolidated IFRS profit/(loss) for the year 31 (155) (120)
Summary of IFRS equity reconciliation	At December 31, 2017 2016 2015 €m €m €m IFRS equity reconciliation: Parent only—IFRS equity 54 (15) (3) Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (2,583) (2,975) (2,371) Consolidated—IFRS equity (2,529) (2,990) (2,374)

General information (Details)

General information (Details)	Dec. 31, 2017EUR (€)shares	Dec. 31, 2017USD ($)shares	Mar. 20, 2017USD ($)shares	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Sep. 16, 2016	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Issued capital
Shares issued in IPO | shares	256,410	256,410
Non-controlling interest		$ (99,000,000)			$ 3,000,000		$ 3,000,000	$ 3,000,000
7.125%/7.875% Senior Secured Toggle Notes due 2023
Borrowings
Aggregate principal amount		$ 770,000,000			$ 770,000,000
7.125%/7.875% Senior Secured Toggle Notes due 2023 | Minimum
Borrowings
Stated interest rate	7.125%	7.125%		7.125%	7.125%	7.125%
7.125%/7.875% Senior Secured Toggle Notes due 2023 | Maximum
Borrowings
Stated interest rate	7.875%	7.875%		7.875%	7.875%	7.875%
6.625%/7.375% Senior Secured Toggle Notes due 2023
Borrowings
Aggregate principal amount | €	€ 845,000,000			€ 845,000,000
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Minimum
Borrowings
Stated interest rate	6.625%	6.625%		6.625%	6.625%	6.625%
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Maximum
Borrowings
Stated interest rate	7.375%	7.375%		7.375%	7.375%	7.375%
Ardagh Group S.A.
Issued capital
Non-controlling interest			$ 98,000,000
Class A common shares | Ardagh Group S.A.
Issued capital
Shares issued in IPO | shares			18,630,000

Summary of significant accoun59

Summary of significant accounting policies - Intangible assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Disclosure of detailed information about intangible assets [line items]
Residual value	$ 0
Computer software | Minimum
Disclosure of detailed information about intangible assets [line items]
Useful lives on a straight-line basis	2 years
Computer software | Maximum
Disclosure of detailed information about intangible assets [line items]
Useful lives on a straight-line basis	7 years
Customer relationships | Minimum
Disclosure of detailed information about intangible assets [line items]
Useful lives on a straight-line basis	5 years
Customer relationships | Maximum
Disclosure of detailed information about intangible assets [line items]
Useful lives on a straight-line basis	15 years
Technology | Minimum
Disclosure of detailed information about intangible assets [line items]
Useful lives on a straight-line basis	8 years
Technology | Maximum
Disclosure of detailed information about intangible assets [line items]
Useful lives on a straight-line basis	15 years

Summary of significant accoun60

Summary of significant accounting policies - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2017
Minimum | Buildings
Property, plant and equipment
Estimated useful lives	30 years
Minimum | Plant and machinery
Property, plant and equipment
Estimated useful lives	3 years
Minimum | Moulds
Property, plant and equipment
Estimated useful lives	2 years
Minimum | Office equipment and vehicles
Property, plant and equipment
Estimated useful lives	3 years
Maximum | Buildings
Property, plant and equipment
Estimated useful lives	40 years
Maximum | Plant and machinery
Property, plant and equipment
Estimated useful lives	40 years
Maximum | Moulds
Property, plant and equipment
Estimated useful lives	3 years
Maximum | Office equipment and vehicles
Property, plant and equipment
Estimated useful lives	10 years

Segment analysis - Reconciliati

Segment analysis - Reconciliation of loss to Adjusted EBITDA (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment analysis
Number of operating segment | segment	4
Number of reportable segments | segment	4
Reconciliation of loss to Adjusted EBITDA
Profit/(loss) for the year	$ 41	$ (172)	$ (135)
Income tax (credit)/charge	(40)	66	48
Net finance expense	671	681	590
Depreciation and amortization (Notes 8, 9)	687	561	449
Exceptional operating items (Note 4)	149	145	89
Adjusted EBITDA	$ 1,508	$ 1,281	$ 1,041

Segment analysis - Segment resu

Segment analysis - Segment results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment analysis
Revenue	$ 8,596	$ 7,014	$ 5,795
Adjusted EBITDA	1,508	1,281	1,041
Capital expenditure	492	351	339
Segment assets	11,191	10,851	6,902	$ 7,425
Metal Packaging Europe
Segment analysis
Revenue	3,339	2,470	1,839
Adjusted EBITDA	554	404	289
Capital expenditure	176	80	51
Segment assets	4,485	4,159	2,028
Metal Packaging Americas
Segment analysis
Revenue	1,931	1,168	435
Adjusted EBITDA	265	154	49
Capital expenditure	80	39	17
Segment assets	1,858	1,934	441
Glass Packaging Europe
Segment analysis
Revenue	1,549	1,541	1,619
Adjusted EBITDA	340	328	318
Capital expenditure	110	99	122
Segment assets	2,226	2,003	1,924
Glass Packaging North America
Segment analysis
Revenue	1,777	1,835	1,902
Adjusted EBITDA	349	395	385
Capital expenditure	126	133	149
Segment assets	$ 2,622	$ 2,755	$ 2,509

Segment analysis - Segment asse

Segment analysis - Segment assets and segment revenue (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)customer	Dec. 31, 2016USD ($)customer	Dec. 31, 2015USD ($)customer	Dec. 31, 2014USD ($)
Segment analysis
Number of customers with a percentage of total revenues greater than 10% | customer	0	0	1
TOTAL ASSETS	$ 11,191	$ 10,851	$ 6,902	$ 7,425
Revenue	8,596	7,014	5,795
Non-current assets	7,725	7,608	4,692	$ 5,122
United States
Segment analysis
Revenue	3,261	2,695	2,227
Non-current assets	2,218	2,307
United Kingdom
Segment analysis
Revenue	879	801	738
Non-current assets	676	556
Germany
Segment analysis
Revenue	801	726	639
Non-current assets	1,025	801
Luxembourg
Segment analysis
Revenue	3	2	$ 2
Non-current assets	$ 0	$ 0

Exceptional items (Details)

Exceptional items (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)item	Dec. 31, 2015USD ($)item
Exceptional items
Past service credit	$ (10)	$ (43)
Exceptional items-cost of sales	7,210	5,786		$ 4,817
Total selling, general and administrative expense	450	462		353
Finance expense	671	769		590
Exceptional items-finance income		(88)
Total exceptional items	(1)	106		87
Repayment of principal amount outstanding	4,385	2,604		$ 221
8.75% Senior Notes due 2020
Exceptional items
Repayment of principal amount outstanding | €			€ 180
Stated interest rate			8.75%	8.75%
Exceptional items
Exceptional items
Exceptional items-cost of sales	100	15		$ 41
Total selling, general and administrative expense	49	130		48
Finance expense	132	185		15
Exceptional items-finance income		(88)
Total exceptional items	281	242		104
Exceptional items - cost of sales
Exceptional items
Exceptional impairment-property, plant and equipment	54	9
Restructuring costs	38	15		13
Start-up costs	8	5		30
Exceptional impairment-working capital				(2)
Non-cash inventory adjustment		10
Past service credit		(24)
Exceptional items-cost of sales	100	15		41
Exceptional items - SGA expenses
Exceptional items
Transaction related costs - acquisition, integration and IPO	49	128		45
Restructuring and other costs		2		3
Total selling, general and administrative expense	49	130		48
Acquisition and disposal costs				3
Exceptional items - finance expense
Exceptional items
Debt refinancing and settlement costs	117	157		15
Exceptional loss on derivative financial instruments	15	11
Interest payable on acquisition notes		17
Finance expense	132	185		15
Other finance costs				2
Exceptional items - finance expense | 8.75% Senior Notes due 2020
Exceptional items
Premium on redemption of debt				9
Accelerated amortization of deferred finance costs				3
Exceptional items - finance income
Exceptional items
Exceptional gain on derivative financial instruments		(88)
Exceptional items-finance income		(88)
Metal Packaging Europe | Exceptional items - cost of sales
Exceptional items
Exceptional impairment-property, plant and equipment		5
Restructuring costs	38	9		10
Reversal of impairment of assets				2
Metal Packaging Americas And Glass Packaging North America | Exceptional items - cost of sales
Exceptional items
Start-up costs	8
Glass Packaging North America | Exceptional items - cost of sales
Exceptional items
Restructuring costs		5		5
Past service credit		24
Metal Packaging Americas | Exceptional items - cost of sales
Exceptional items
Exceptional impairment-property, plant and equipment		3
Restructuring costs		2
Start-up costs				$ 30
The number of plants incurring related start-up costs | item			2	2
Metal Packaging | Exceptional items - SGA expenses
Exceptional items
Transaction related costs - acquisition, integration and IPO				$ 42
Cross currency interest rate swaps (CCIRS)
Exceptional items
Contract value	500
Cross currency interest rate swaps (CCIRS) | Exceptional items - finance expense
Exceptional items
Exceptional loss on derivative financial instruments	15
Cumulative losses recycled from other comprehensive income	12
Loss on hedge ineffectiveness		11
Cross currency interest rate swaps (CCIRS) | Exceptional items - finance income
Exceptional items
Exceptional gain on derivative financial instruments		(88)
Beverage Can | Exceptional items - finance expense
Exceptional items
Interest payable on acquisition notes		$ 17
Plant, machinery and other | Metal Packaging Europe and Glass Packaging North America | Exceptional items - cost of sales
Exceptional items
Exceptional impairment-property, plant and equipment	$ 54

Finance income and expense (Det

Finance income and expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finance income and expense
Finance expense	$ 671	$ 769	$ 590
Exceptional finance income		(88)
Net finance expense	671	681	590
Before exceptional items
Finance income and expense
Senior secured and senior notes	553	494	421
Term loan	5	30	29
Other interest expense	6	7	9
Interest expense	564	531	459
Net pension interest cost	24	28	26
Loss on derivative instruments	28
Foreign currency translation (gains)/losses	(75)	30	88
Other finance (income)/expense	(2)	(5)	2
Finance expense	539	584	575
Exceptional items
Finance income and expense
Finance expense	$ 132	185	$ 15
Exceptional finance income		$ (88)

Income tax - Current and deferr

Income tax - Current and deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current tax:
Current tax for the year	$ 99	$ 69	$ 60
Adjustments in respect of prior years	1	(20)	37
Total current tax	100	49	97
Deferred tax:
Deferred tax for the year	(134)	(11)	8
Adjustments in respect of prior years	(6)	28	(57)
Total deferred tax	(140)	17	(49)
Income tax (credit)/charge	$ (40)	$ 66	$ 48

Income tax - Reconciliation of

Income tax - Reconciliation of tax expense and accounting loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of tax expense and accounting loss
Loss before tax			$ 1	$ (106)	$ (87)
Loss before tax multiplied by the standard rate of Luxembourg corporation tax				(31)	(25)
Tax losses for which no deferred income tax asset was recognized				1	2
Remeasurement of deferred taxes			(78)	(6)	(6)
Adjustment in respect of prior years			(4)	8	(20)
Income subject to state and other local income taxes			17	10	12
Income taxed at rates other than standard tax rates			(19)	21	30
Non-deductible items			36	66	59
Other			8	(3)	(4)
Income tax (credit)/charge			(40)	66	48
Exceptional items
Reconciliation of tax expense and accounting loss
Income tax (credit)/charge			$ (138)	$ (49)	$ (36)
Luxembourg
Reconciliation of tax expense and accounting loss
Standard tax rate			27.08%	29.22%	29.22%
United States
Reconciliation of tax expense and accounting loss
Standard tax rate			35.00%
United States | Exceptional items
Reconciliation of tax expense and accounting loss
Remeasurement of deferred taxes			$ (77)
United States | Exceptional items | Ardagh Group S.A.
Reconciliation of tax expense and accounting loss
Remeasurement of deferred taxes			77
United States | Estimate
Reconciliation of tax expense and accounting loss
Standard tax rate		21.00%
France
Reconciliation of tax expense and accounting loss
Remeasurement of deferred taxes			$ (1)
Standard tax rate			28.00%
France | Estimate
Reconciliation of tax expense and accounting loss
Standard tax rate	25.00%

Employee costs (Details)

Employee costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)employee	Dec. 31, 2016USD ($)employee	Dec. 31, 2015USD ($)employee
Employee costs
Wages and salaries	$ 1,345	$ 1,190	$ 1,034
Social security costs	209	167	148
Defined benefit plan pension costs (Note 18)	46	46	50
Defined benefit past service credit (Note 18)	(10)	(43)
Defined contribution plan pension costs (Note 18)	35	34	16
Total employee cost	$ 1,625	$ 1,394	$ 1,248
Production | employee	20,793	20,823	17,068
Administration | employee	2,699	2,712	1,790
Total number of employee | employee	23,492	23,535	18,858

Intangible assets - Reconciliat

Intangible assets - Reconciliation of changes in intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Reconciliation of changes in intangible assets
Beginning balance	$ 4,115	$ 1,971
Ending balance	4,104	4,115
Net book value	4,115	1,971	$ 2,139
Goodwill
Reconciliation of changes in intangible assets
Beginning balance	2,088
Ending balance	2,201	2,088
Net book value	2,088	2,088
Customer relationships
Reconciliation of changes in intangible assets
Beginning balance	1,859
Ending balance	1,748	1,859
Net book value	1,859	1,859
Customer relationships | Glass Packaging North America
Reconciliation of changes in intangible assets
Ending balance	0
Net book value	0
Technology and other
Reconciliation of changes in intangible assets
Beginning balance	147
Ending balance	125	147
Net book value	147	147
Computer software
Reconciliation of changes in intangible assets
Beginning balance	21
Ending balance	30	21
Net book value	21	21
Cost
Reconciliation of changes in intangible assets
Beginning balance	4,644	2,316
Acquisitions		2,435
Additions	21	11
Impairment		(2)
Derecognition of fully amortized assets	(42)
Exchange	272	(116)
Ending balance	4,895	4,644
Net book value	4,644	2,316
Cost | Goodwill
Reconciliation of changes in intangible assets
Beginning balance	2,088	1,140
Acquisitions		1,004
Exchange	113	(56)
Ending balance	2,201	2,088
Net book value	2,088	1,140
Cost | Customer relationships
Reconciliation of changes in intangible assets
Beginning balance	2,258	926
Acquisitions		1,385
Derecognition of fully amortized assets	(42)
Exchange	139	(53)
Ending balance	2,355	2,258
Net book value	2,258	926
Cost | Technology and other
Reconciliation of changes in intangible assets
Beginning balance	234	197
Acquisitions		34
Additions	5	8
Exchange	12	(5)
Ending balance	251	234
Net book value	234	197
Cost | Computer software
Reconciliation of changes in intangible assets
Beginning balance	64	53
Acquisitions		12
Additions	16	3
Impairment		(2)
Exchange	8	(2)
Ending balance	88	64
Net book value	64	53
Amortization
Reconciliation of changes in intangible assets
Beginning balance	(529)	(347)
Charge for the year	(264)	(191)
Derecognition of fully amortized assets	42
Exchange	(40)	9
Ending balance	(791)	(529)
Net book value	(529)	(347)
Amortization | Customer relationships
Reconciliation of changes in intangible assets
Beginning balance	(399)	(254)
Charge for the year	(225)	(159)
Derecognition of fully amortized assets	42
Exchange	(25)	14
Ending balance	(607)	(399)
Net book value	(399)	(254)
Amortization | Technology and other
Reconciliation of changes in intangible assets
Beginning balance	(87)	(56)
Charge for the year	(31)	(25)
Exchange	(8)	(6)
Ending balance	(126)	(87)
Net book value	(87)	(56)
Amortization | Computer software
Reconciliation of changes in intangible assets
Beginning balance	(43)	(37)
Charge for the year	(8)	(7)
Exchange	(7)	1
Ending balance	(58)	(43)
Net book value	$ (43)	$ (37)

Intangible assets - Summary of

Intangible assets - Summary of goodwill allocation (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Goodwill
Goodwill	$ 2,201	$ 2,088
Metal Europe
Goodwill
Goodwill	320	282
Metal Americas
Goodwill
Goodwill	29	30
Beverage Europe
Goodwill
Goodwill	604	534
Beverage Americas
Goodwill
Goodwill	437	436
Glass Packaging Europe
Goodwill
Goodwill	65	60
Glass Packaging North America
Goodwill
Goodwill	$ 746	$ 746

Intangible assets - Sensitivity

Intangible assets - Sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Recoverable amount and carrying amount
2016 budget period		2 years
2017 budget extended period	4 years
2016 budget extended period		3 years
Percentage variation increase (decrease) applied to terminal growth rate assumption	(0.50%)
Percentage variation increase (decrease) applied to discount rate assumption	0.50%
Carrying amount of goodwill	$ 2,201	$ 2,088
Metal Europe
Recoverable amount and carrying amount
Carrying amount of goodwill	320	282
Excess of recoverable amount	$ 3,104	$ 2,296
Pretax discount rate applied	7.30%	8.30%
Growth rate for terminal value	1.50%	1.50%
Metal Americas
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 29	$ 30
Excess of recoverable amount	$ 451	$ 392
Pretax discount rate applied	8.30%	9.80%
Growth rate for terminal value	1.50%	2.00%
Beverage Europe
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 604	$ 534
Excess of recoverable amount	$ 1,650	$ 613
Pretax discount rate applied	7.40%	8.90%
Growth rate for terminal value	1.50%	1.50%
Beverage Americas
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 437	$ 436
Excess of recoverable amount	$ 786	$ 289
Pretax discount rate applied	9.60%	11.90%
Growth rate for terminal value	1.50%	2.00%
Glass Packaging Europe
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 65	$ 60
Excess of recoverable amount	$ 2,907	$ 2,186
Pretax discount rate applied	8.20%	8.70%
Growth rate for terminal value	1.50%	1.50%
Glass Packaging North America
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 746	$ 746
Excess of recoverable amount	$ 859	$ 1,718
Pretax discount rate applied	9.10%	10.30%
Growth rate for terminal value	1.50%	2.00%

Property, plant and equipment -

Property, plant and equipment - Net carrying amount (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Beginning balance	$ 3,068	$ 2,512	$ 2,699
Ending balance	3,368	3,068	2,512
Depreciation - Cost of sales	415	363	321
Depreciation - Selling, general and administration expenses	8	6	6
Construction in progress	241	120
Borrowing costs capitalised	0	0
Land and buildings
Property, plant and equipment
Beginning balance	783
Ending balance	836	783
Plant, machinery and other
Property, plant and equipment
Beginning balance	2,246
Ending balance	2,486	2,246
Office equipment and vehicles
Property, plant and equipment
Beginning balance	39
Ending balance	46	39
Land
Property, plant and equipment
Land	225	206
Capital leased assets
Property, plant and equipment
Charge for the year	(1)	(1)	(1)
Interest expense on finance leases	0	0	0
Finance lease liabilities	12	11
Cost
Property, plant and equipment
Beginning balance	4,588	3,993
Acquisitions		702
Additions	522	354
Impairment	(54)	(9)
Disposals	(174)	(229)
Transfers	9
Exchange	416	(223)
Ending balance	5,307	4,588	3,993
Cost | Land and buildings
Property, plant and equipment
Beginning balance	983	829
Acquisitions		190
Additions	8	3
Disposals	(4)	(7)
Transfers	11	14
Exchange	96	(46)
Ending balance	1,094	983	829
Cost | Plant, machinery and other
Property, plant and equipment
Beginning balance	3,541	3,108
Acquisitions		512
Additions	508	345
Impairment	(54)	(9)
Disposals	(160)	(211)
Transfers	(9)	(32)
Exchange	316	(172)
Ending balance	4,142	3,541	3,108
Cost | Plant, machinery and other | Exceptional items
Property, plant and equipment
Impairment	(54)	(9)
Cost | Plant, machinery and other | Metal Packaging Europe | Exceptional items
Property, plant and equipment
Impairment	(16)	(6)
Cost | Plant, machinery and other | Glass Packaging North America | Exceptional items
Property, plant and equipment
Impairment	(38)	0
Cost | Office equipment and vehicles
Property, plant and equipment
Beginning balance	64	56
Additions	6	6
Disposals	(10)	(11)
Transfers	7	18
Exchange	4	(5)
Ending balance	71	64	56
Depreciation
Property, plant and equipment
Beginning balance	(1,520)	(1,480)
Charge for the year	(423)	(370)
Disposals	168	225
Exchange	(164)	105
Ending balance	(1,939)	(1,520)	(1,480)
Depreciation | Land and buildings
Property, plant and equipment
Beginning balance	(200)	(189)
Charge for the year	(35)	(28)
Disposals	2	4
Transfers	1
Exchange	(26)	13
Ending balance	(258)	(200)	(189)
Depreciation | Plant, machinery and other
Property, plant and equipment
Beginning balance	(1,295)	(1,264)
Charge for the year	(378)	(332)
Disposals	156	211
Transfers	(2)
Exchange	(137)	90
Ending balance	(1,656)	(1,295)	(1,264)
Depreciation | Office equipment and vehicles
Property, plant and equipment
Beginning balance	(25)	(27)
Charge for the year	(10)	(10)
Disposals	10	10
Transfers	1
Exchange	(1)	2
Ending balance	$ (25)	$ (25)	$ (27)

Property, plant and equipment73

Property, plant and equipment - Operating leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Operating lease commitments	$ 38	$ 43	$ 38
Plant and machinery
Property, plant and equipment
Operating lease commitments	6	6	6
Land and buildings
Property, plant and equipment
Operating lease commitments	21	27	23
Office equipment and vehicles
Property, plant and equipment
Operating lease commitments	$ 11	$ 10	$ 9

Property, plant and equipment74

Property, plant and equipment - Commitments under non-cancellable operating leases (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Total commitments under noncancellable operating leases	$ 192	$ 177	$ 177
Not later than one year
Property, plant and equipment
Total commitments under noncancellable operating leases	35	32	29
Later than one year and not later than five years
Property, plant and equipment
Total commitments under noncancellable operating leases	77	73	75
Later than five years
Property, plant and equipment
Total commitments under noncancellable operating leases	$ 80	$ 72	$ 73

Property, plant and equipment75

Property, plant and equipment - Capital commitments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Contracted for	$ 101	$ 116	$ 33
Not contracted for	14	20	7
Total	$ 115	$ 136	$ 40

Other non-current assets - Join

Other non-current assets - Joint ventures (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other non-current assets
Other non-current assets	$ 25	$ 21	$ 15	$ 12
Joint ventures	$ 10	$ 6

Deferred income tax - Movement

Deferred income tax - Movement in deferred tax assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred income tax
Deferred tax assets at beginning of year	$ 469	$ 432
Acquisition		81
(Charged)/credited to the income statement	(67)	(46)
Credited/(charged) to other comprehensive income	(6)	20
Reclassification	4	3
Exchange	28	(21)
Deferred tax assets at end of year	428	469	$ 432
Deferred tax liabilities at beginning of year	(928)	(729)
Acquisition		(243)
(Charged)/credited to the income statement	207	29
Credited/(charged) to other comprehensive income	1	(6)
Reclassification	(4)	(3)
Exchange	(66)	24
Deferred tax liabilities at end of year	(790)	(928)	(729)
Net deferred tax liabilities at beginning of year	(459)	(297)
Acquisition		(162)
(Charged)/credited to the income statement	140	(17)	49
(Charged)/credited to other comprehensive income	(5)	14
Exchange	(38)	3
Net deferred tax liabilities at end of year	$ (362)	$ (459)	$ (297)

Deferred income tax - Component

Deferred income tax - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred income tax assets and liabilities
Deferred tax assets, gross	$ 428	$ 469	$ 432
Available for offset	(207)	(196)
Deferred tax assets	221	273	194	$ 223
Deferred tax liabilities, gross	(790)	(928)	(729)
Available for offset	207	196
Deferred tax liabilities	(583)	(732)	$ (491)
Tax losses
Deferred income tax assets and liabilities
Deferred tax assets, gross	34	34
Employee benefit obligations
Deferred income tax assets and liabilities
Deferred tax assets, gross	187	181
Depreciation timing differences
Deferred income tax assets and liabilities
Deferred tax assets, gross	90	86
Provisions
Deferred income tax assets and liabilities
Deferred tax assets, gross	70	99
Other
Deferred income tax assets and liabilities
Deferred tax assets, gross	47	69
Deferred tax liabilities, gross	(26)	(42)
Intangible assets
Deferred income tax assets and liabilities
Deferred tax liabilities, gross	(395)	(508)
Accelerated depreciation and other fair value adjustments
Deferred income tax assets and liabilities
Deferred tax liabilities, gross	$ (369)	$ (378)

Deferred income tax - Tax (char

Deferred income tax - Tax (charge)/credit recognized in income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Tax charges and credits
Tax (charge)/credit recognized in the income statement	$ 140	$ (17)	$ 49
Deferred tax assets not recognized in respect of tax losses	62	45
Tax losses	373	235
Deferred tax assets not recognized in respect of capital losses	50	74
Capital losses	239	212
Tax losses
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(2)	(3)	(19)
Employee benefit obligations
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(21)	(13)	14
Depreciation timing differences
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(6)	(13)	(2)
Provisions
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(26)		(8)
Temporary differences associated with investments in subsidiaries	0
Other deferred tax assets
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(12)	(17)	21
Intangible assets
Tax charges and credits
Tax (charge)/credit recognized in the income statement	155	42	33
Accelerated depreciation and other fair value adjustments
Tax charges and credits
Tax (charge)/credit recognized in the income statement	29	(4)	19
Other deferred tax liabilities
Tax charges and credits
Tax (charge)/credit recognized in the income statement	$ 23	$ (9)	$ (9)

Inventories - Current (Details)

Inventories - Current (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Inventories
Raw materials and consumables	$ 369	$ 305
Mould parts	52	46
Work-in-progress	85	72
Finished goods	847	763
Total current inventories	$ 1,353	$ 1,186	$ 898	$ 935

Trade and other receivables - C

Trade and other receivables - Components (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Trade and other receivables
Trade receivables	$ 1,015	$ 970
Other receivables and prepayments	259	257
Total trade and other current receivables	$ 1,274	$ 1,227	$ 709	$ 840

Trade and other receivables - M

Trade and other receivables - Movement in the provision for impairment of trade receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movements on the provision for impairment of trade receivables
Balance at beginning of year	$ 15	$ 15	$ 17
Provision for receivable impairment	6	1	2
Receivables written off during the year as uncollectible		(1)	(2)
Exchange	2		(2)
Balance at end of year	$ 23	$ 15	$ 15

Trade and other receivables - T

Trade and other receivables - Trade receivables past due but not impaired and receivables factoring and related programs (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets that are past due
Trade receivables	$ 1,015	$ 970
Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	62	48
Up to three months past due | Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	46	42
Three to six months past due | Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	5	4
Over six months past due | Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	$ 11	$ 2

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash and cash equivalents
Cash at bank and in hand	$ 680	$ 773
Short term bank deposits	130	17
Restricted cash	13	28
Total cash and cash equivalents	$ 823	$ 818	$ 603	$ 526

Issued capital and reserves - S

Issued capital and reserves - Share capital (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2017€ / sharesshares	Dec. 31, 2016€ / shares
Issued capital and reserves
Beginning balance (shares)	10,000,000
Issue of shares-ordinary shares	300,000
Ending balance (shares)	10,300,000	10,000,000
Ordinary shares issued			256,410
Par value per share | € / shares			€ 0.01	€ 0.01
Dividends paid | $	$ 12	$ 303
Dividends paid by subsidiary to non-controlling interest | $	8
Dividends paid to parent company | $	$ 4	$ 303

Financial risk factors - Capita

Financial risk factors - Capital structure and interest rate risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015
Financial risk factors
Weighted average interest rate	5.30%	5.40%	6.20%
Capital structure and risk
Financial risk factors
Ratio of net debt to Adjusted EBITDA	6.34	7.25	6.12
Fixed interest rate | Interest rate risk
Financial risk factors
Percentage of fixed rate borrowings	93.20%	78.00%
Weighted average interest rate	5.70%	5.60%	6.20%
Variable interest rate | Interest rate risk
Financial risk factors
Percentage increase in currency exchange rate	1.00%
Increase in interest payable	$ 7	$ 22

Financial risk factors - Curren

Financial risk factors - Currency exchange and commodity price risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017USD ($)countryitem	Dec. 31, 2016USD ($)
Currency exchange risk
Financial risk factors
Number of countries in which the Group operates | country			22
Number of continents in which the Group operates | item			5
Percentage increase in currency exchange rate			1.00%
Increase in shareholders' equity | $			$ 2	$ 14
Commodity price risk
Financial risk factors
Percentage of energy costs relating to gas			50.00%
Forward contracts | Commodity price risk
Financial risk factors
Contractual positions in tranches			10.00%
Forward contracts | Commodity price risk | Estimate
Financial risk factors
Energy risk revenue	73.00%	72.00%

Financial risk factors - Credit

Financial risk factors - Credit risk (Details) - Credit risk	12 Months Ended
	Dec. 31, 2017customeritem	Dec. 31, 2016	Dec. 31, 2015
Top ten customers
Financial risk factors
Largest customers | customer	10
Total revenues	36.00%	33.00%	32.00%
Minimum
Financial risk factors
Credit rating agencies | item	2

Financial assets and liabilit89

Financial assets and liabilities - Net external debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial assets and liabilities
Loan notes	$ 10,064	$ 9,561
Term loan		660
Other borrowings	12	11
Net borrowings	10,076	10,232
Cash and cash equivalents	(823)	(818)	$ (603)	$ (526)
Derivative financial instruments used to hedge foreign currency and interest rate risk	301	0		552
Derivative financial instruments used to hedge foreign currency and interest rate risk	(7)	(131)		$ (49)
Net debt	$ 9,554	$ 9,283	$ 6,369

Financial assets and liabilit90

Financial assets and liabilities - Net debt and available liquidity (Details) £ in Millions	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Sep. 16, 2016	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Financial assets and liabilities
Amount drawn			$ 10,163,000,000		$ 10,335,000,000
Undrawn amount			814,000,000		264,000,000
Deferred debt issue costs and bond premium/discount			(87,000,000)		(103,000,000)
Net borrowings			10,076,000,000		10,232,000,000
Cash and cash equivalents			(823,000,000)		(818,000,000)		$ (603,000,000)	$ (526,000,000)
Derivative financial instruments used to hedge foreign currency and interest rate risk			301,000,000		0			552,000,000
Derivative financial instruments used to hedge foreign currency and interest rate risk			(7,000,000)		(131,000,000)			$ (49,000,000)
Net debt			9,554,000,000		9,283,000,000		$ 6,369,000,000
Available Liquidity			1,637,000,000		1,082,000,000
7.125%/7.875% Senior Secured Toggle Notes due 2023
Financial assets and liabilities
Maximum amount drawable - Notes			770,000,000		770,000,000
Amount drawn			$ 770,000,000		$ 770,000,000
7.125%/7.875% Senior Secured Toggle Notes due 2023 | Minimum
Financial assets and liabilities
Stated interest rate	7.125%	7.125%	7.125%	7.125%	7.125%	7.125%
7.125%/7.875% Senior Secured Toggle Notes due 2023 | Maximum
Financial assets and liabilities
Stated interest rate	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%
6.625%/7.375% Senior Secured Toggle Notes due 2023
Financial assets and liabilities
Maximum amount drawable - Notes | €		€ 845,000,000		€ 845,000,000
Amount drawn		€ 845,000,000	$ 1,013,000,000	€ 845,000,000	$ 890,000,000
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Minimum
Financial assets and liabilities
Stated interest rate	6.625%	6.625%	6.625%	6.625%	6.625%	6.625%
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Maximum
Financial assets and liabilities
Stated interest rate	7.375%	7.375%	7.375%	7.375%	7.375%	7.375%
2.750% Senior Secured Notes due 2024
Financial assets and liabilities
Maximum amount drawable - Notes | €		€ 750,000,000
Amount drawn		€ 750,000,000	$ 899,000,000
Stated interest rate	2.75%	2.75%	2.75%
4.625% Senior Secured Notes due 2023
Financial assets and liabilities
Maximum amount drawable - Notes			$ 1,000,000,000		$ 1,000,000,000
Amount drawn			$ 1,000,000,000		$ 1,000,000,000
Stated interest rate	4.625%	4.625%	4.625%	4.625%	4.625%
4.125% Senior Secured Notes due 2023
Financial assets and liabilities
Maximum amount drawable - Notes | €		€ 440,000,000		€ 440,000,000
Amount drawn		€ 440,000,000	$ 528,000,000	€ 440,000,000	$ 464,000,000
Stated interest rate	4.125%	4.125%	4.125%	4.125%	4.125%
4.250% Senior Secured Notes due 2022
Financial assets and liabilities
Maximum amount drawable - Notes			$ 715,000,000	€ 1,155,000,000
Amount drawn			$ 715,000,000	€ 1,155,000,000	$ 1,217,000,000
Stated interest rate	4.25%	4.25%	4.25%	4.25%	4.25%
4.750% Senior Notes due 2027
Financial assets and liabilities
Maximum amount drawable - Notes | £	£ 400
Amount drawn	£ 400		$ 541,000,000
Stated interest rate	4.75%	4.75%	4.75%
6.000% Senior Notes due 2025
Financial assets and liabilities
Maximum amount drawable - Notes			$ 1,700,000,000
Amount drawn			1,700,000,000
Amount drawn			$ 1,696,000,000
Stated interest rate	6.00%	6.00%	6.00%
7.250% Senior Notes due 2024
Financial assets and liabilities
Maximum amount drawable - Notes			$ 1,650,000,000		$ 1,650,000,000
Amount drawn			$ 1,650,000,000		$ 1,650,000,000
Stated interest rate	7.25%	7.25%	7.25%	7.25%	7.25%
6.750% Senior Notes due 2024
Financial assets and liabilities
Maximum amount drawable - Notes | €		€ 750,000,000		€ 750,000,000
Amount drawn		€ 750,000,000	$ 899,000,000	€ 750,000,000	$ 791,000,000
Stated interest rate	6.75%	6.75%	6.75%	6.75%	6.75%
6.000% Senior Notes due 2021
Financial assets and liabilities
Maximum amount drawable - Notes			$ 440,000,000		$ 440,000,000
Amount drawn			$ 440,000,000		$ 440,000,000
Stated interest rate	6.00%	6.00%	6.00%	6.00%	6.00%
First Priority Senior Secured Floating Rate Notes due 2019
Financial assets and liabilities
Maximum amount drawable - Notes					$ 1,110,000,000
Amount drawn					1,110,000,000
Senior Secured Floating Rate Notes due 2021
Financial assets and liabilities
Maximum amount drawable - Notes					500,000,000
Amount drawn					500,000,000
6.750% Senior Notes due 2021
Financial assets and liabilities
Maximum amount drawable - Notes					415,000,000
Amount drawn					$ 415,000,000
Stated interest rate				6.75%	6.75%
6.250% Senior Notes due 2019
Financial assets and liabilities
Maximum amount drawable - Notes					$ 415,000,000
Amount drawn					$ 415,000,000
Stated interest rate				6.25%	6.25%
Term Loan B Facility due 2021
Financial assets and liabilities
Maximum amount drawable - Notes					$ 663,000,000
Amount drawn					663,000,000
Asset-based revolving credit facility
Financial assets and liabilities
Maximum amount drawable - Notes			$ 813,000,000
Undrawn amount			813,000,000
HSBC Securitization Program
Financial assets and liabilities
Maximum amount drawable | €				€ 102,000,000
Undrawn amount					108,000,000
Bank of America Facility
Financial assets and liabilities
Maximum amount drawable					155,000,000
Undrawn amount					155,000,000
Finance Lease Obligations
Financial assets and liabilities
Amount drawn			8,000,000	7,000,000	7,000,000
Other borrowings
Financial assets and liabilities
Maximum amount drawable - Notes | €		€ 4,000,000		4,000,000
Amount drawn			4,000,000	€ 3,000,000	3,000,000
Undrawn amount			$ 1,000,000		$ 1,000,000

Financial assets and liabilit91

Financial assets and liabilities - Movement in net debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial assets and liabilities
Net increase in cash and cash equivalents per consolidated statements of cash flows	$ (5)	$ (215)
Increase in net borrowings and derivative financial instruments	276	3,129
Increase in net debt	271	2,914
Net debt, beginning balance	9,283	6,369
Net debt, ending balance	9,554	9,283	$ 6,369
Proceeds from borrowings	3,730	6,169
Repayments of borrowings	4,385	2,604	$ 221
Fair value gain (loss) on derivative financial instruments used to hedge foreign currency and interest rate risk	(400)	100
Gain (loss) on foreign exchange on borrowings	(500)	100
Net gain (loss) on foreign exchange on borrowings impacting net debt	$ (900)	$ 300

Financial assets and liabilit92

Financial assets and liabilities - Maturity analysis (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Financial assets and liabilities
Borrowings	$ 10,076	$ 10,232
Not later than one year
Financial assets and liabilities
Borrowings	2	8
Between one and two years
Financial assets and liabilities
Borrowings	1	8
Between two and five years
Financial assets and liabilities
Borrowings	1,154	3,512
Later than five years
Financial assets and liabilities
Borrowings	$ 8,919	$ 6,704

Financial assets and liabilit93

Financial assets and liabilities - Contracted undiscounted cash flows (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Not later than one year
Financial assets and liabilities
Borrowings	$ 578	$ 585
Derivative financial instruments	2	8
Trade and other payables	1,991	1,632
Between one and two years
Financial assets and liabilities
Borrowings	578	585
Derivative financial instruments	84
Between two and five years
Financial assets and liabilities
Borrowings	2,846	4,980
Derivative financial instruments	66
Later than five years
Financial assets and liabilities
Borrowings	9,748	$ 7,484
Derivative financial instruments	$ 151

Financial assets and liabilit94

Financial assets and liabilities - Carrying amount and fair value of borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Financial assets and liabilities
Amount drawn	$ 10,163	$ 10,335
Deferred debt issue costs and bond premium/discount	(87)	(103)
Net borrowings	10,076	10,232
Not At Fair Value
Financial assets and liabilities
Amount drawn	10,163	10,335
Deferred debt issue costs and bond premium/discount	(87)	(103)
Net borrowings	10,076	10,232
Not At Fair Value | Loan notes
Financial assets and liabilities
Amount drawn	10,151	9,662
Deferred debt issue costs and bond premium/discount	(87)	(101)
Net borrowings	10,064	9,561
Not At Fair Value | Term loan
Financial assets and liabilities
Amount drawn		663
Deferred debt issue costs and bond premium/discount		(2)
Net borrowings		661
Not At Fair Value | Finance leases
Financial assets and liabilities
Amount drawn	8	7
Net borrowings	8	7
Not At Fair Value | Bank loans, overdrafts and revolving credit facilities
Financial assets and liabilities
Amount drawn	4	3
Net borrowings	4	3
Fair Value
Financial assets and liabilities
Fair value	10,698	10,564
Fair Value | Loan notes
Financial assets and liabilities
Fair value	10,686	9,885
Fair Value | Term loan
Financial assets and liabilities
Fair value		669
Fair Value | Finance leases
Financial assets and liabilities
Fair value	8	7
Fair Value | Bank loans, overdrafts and revolving credit facilities
Financial assets and liabilities
Fair value	$ 4	$ 3

Financial assets and liabilit95

Financial assets and liabilities - Financing activity (Details) £ in Millions	Dec. 07, 2017USD ($)	Jun. 12, 2017USD ($)	Apr. 10, 2017USD ($)	Mar. 09, 2017EUR (€)	Mar. 09, 2017USD ($)	Mar. 02, 2017USD ($)	Jan. 30, 2017USD ($)	Nov. 15, 2016USD ($)	Oct. 03, 2016	Sep. 16, 2016EUR (€)	May 16, 2016EUR (€)	May 16, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Aug. 01, 2017	Jun. 30, 2017GBP (£)	Jun. 12, 2017GBP (£)	Mar. 08, 2017EUR (€)	Mar. 08, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Sep. 16, 2016USD ($)	May 16, 2016USD ($)
Financial assets and liabilities
Issuance of notes																			$ 10,064,000,000							$ 9,561,000,000
Repayment of principal amount outstanding													$ 4,385,000,000	$ 2,604,000,000		$ 221,000,000
Borrowing capacity available																			814,000,000							264,000,000
7.125%/7.875% Senior Secured Toggle Notes due 2023
Financial assets and liabilities
Issuance of notes																											$ 770,000,000
Aggregate principal amount																			$ 770,000,000							$ 770,000,000
7.125%/7.875% Senior Secured Toggle Notes due 2023 | Minimum
Financial assets and liabilities
Stated interest rate										7.125%							7.125%	7.125%	7.125%						7.125%	7.125%	7.125%
7.125%/7.875% Senior Secured Toggle Notes due 2023 | Maximum
Financial assets and liabilities
Stated interest rate										7.875%							7.875%	7.875%	7.875%						7.875%	7.875%	7.875%
6.625%/7.375% Senior Secured Toggle Notes due 2023
Financial assets and liabilities
Issuance of notes | €										€ 845,000,000
Aggregate principal amount | €																		€ 845,000,000							€ 845,000,000
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Minimum
Financial assets and liabilities
Stated interest rate										6.625%							6.625%	6.625%	6.625%						6.625%	6.625%	6.625%
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Maximum
Financial assets and liabilities
Stated interest rate										7.375%							7.375%	7.375%	7.375%						7.375%	7.375%	7.375%
6.000% Senior Notes due 2025
Financial assets and liabilities
Stated interest rate																	6.00%	6.00%	6.00%
Aggregate principal amount																			$ 1,700,000,000
First Priority Senior Secured Floating Rate Notes due 2019
Financial assets and liabilities
Aggregate principal amount																										$ 1,110,000,000
6.250% Senior Notes due 2019
Financial assets and liabilities
Stated interest rate																									6.25%	6.25%
Aggregate principal amount																										$ 415,000,000
2.750% Senior Secured Notes due 2024
Financial assets and liabilities
Stated interest rate																	2.75%	2.75%	2.75%
Aggregate principal amount | €																		€ 750,000,000
4.250% Senior Secured Notes due 2022
Financial assets and liabilities
Stated interest rate																	4.25%	4.25%	4.25%						4.25%	4.25%
Aggregate principal amount																			$ 715,000,000						€ 1,155,000,000
Term Loan B Facility due 2021
Financial assets and liabilities
Aggregate principal amount																										$ 663,000,000
6.750% Senior Notes due 2021
Financial assets and liabilities
Stated interest rate																									6.75%	6.75%
Aggregate principal amount																										$ 415,000,000
4.750% Senior Notes due 2027
Financial assets and liabilities
Stated interest rate																	4.75%	4.75%	4.75%
Aggregate principal amount | £																	£ 400
Senior Secured Floating Rate Notes due 2021
Financial assets and liabilities
Aggregate principal amount																										$ 500,000,000
LIBOR											LIBOR	LIBOR
Asset-based revolving credit facility
Financial assets and liabilities
Borrowing capacity available																			$ 813,000,000
Aggregate principal amount																			$ 813,000,000
4.625% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate																	4.625%	4.625%	4.625%						4.625%	4.625%
Aggregate principal amount																			$ 1,000,000,000							$ 1,000,000,000
4.125% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate																	4.125%	4.125%	4.125%						4.125%	4.125%
Aggregate principal amount | €																		€ 440,000,000							€ 440,000,000
7.250% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate																	7.25%	7.25%	7.25%						7.25%	7.25%
Aggregate principal amount																			$ 1,650,000,000							$ 1,650,000,000
6.750% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate																	6.75%	6.75%	6.75%						6.75%	6.75%
Aggregate principal amount | €																		€ 750,000,000							€ 750,000,000
8.75% Senior Notes due 2020
Financial assets and liabilities
Stated interest rate															8.75%	8.75%
Repayment of principal amount outstanding | €															€ 180,000,000
Ardagh Group S.A. | 6.000% Senior Notes due 2025
Financial assets and liabilities
Issuance of notes							$ 1,000,000,000																	$ 700,000,000
Stated interest rate							6.00%																6.00%	6.00%
Ardagh Group S.A. | First Priority Senior Secured Floating Rate Notes due 2019
Financial assets and liabilities
Repayment of principal amount outstanding					$ 265,000,000		$ 845,000,000
Ardagh Group S.A. | 6.250% Senior Notes due 2019
Financial assets and liabilities
Stated interest rate						6.25%
Repayment of principal amount outstanding						$ 415,000,000
Ardagh Group S.A. | 2.750% Senior Secured Notes due 2024
Financial assets and liabilities
Issuance of notes | €																							€ 750,000,000
Stated interest rate																							2.75%	2.75%
Ardagh Group S.A. | 4.250% Senior Secured Notes due 2022
Financial assets and liabilities
Issuance of notes																								$ 715,000,000
Stated interest rate																							4.25%	4.25%
Ardagh Group S.A. | 4.250% First Priority Senior Secured Notes due 2022
Financial assets and liabilities
Stated interest rate				4.25%	4.25%															4.25%
Repayment of principal amount outstanding | €				€ 750,000,000
Ardagh Group S.A. | Term Loan B Facility due 2021
Financial assets and liabilities
Debt instrument extended term									2 years
Ardagh Group S.A. | Term Loan B Facility due 2019
Financial assets and liabilities
Repayment of principal amount outstanding					$ 663,000,000
Ardagh Group S.A. | 6.750% Senior Notes due 2021
Financial assets and liabilities
Stated interest rate			6.75%
Repayment of principal amount outstanding			$ 415,000,000
Ardagh Group S.A. | 4.750% Senior Notes due 2027
Financial assets and liabilities
Issuance of notes | £																						£ 400
Stated interest rate																					4.75%	4.75%
Aggregate principal amount | £																					£ 400
Ardagh Group S.A. | Senior Secured Floating Rate Notes due 2021
Financial assets and liabilities
Repayment of principal amount outstanding		$ 500,000,000
Aggregate principal amount																												$ 500,000,000
Variable Interest rate											3.25%																	3.25%
Ardagh Group S.A. | Asset-based revolving credit facility
Financial assets and liabilities
Facility term	5 years
Maximum borrowing capacity	$ 850,000,000
Borrowing capacity available																			$ 813,000,000
Ardagh Group S.A. | 4.625% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate											4.625%																	4.625%
Aggregate principal amount																												$ 1,000,000,000
Ardagh Group S.A. | 4.125% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate											4.125%																	4.125%
Aggregate principal amount | €											€ 440,000,000
Ardagh Group S.A. | 7.250% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate											7.25%														7.25%	7.25%		7.25%
Aggregate principal amount																										$ 1,650,000,000		$ 1,650,000,000
Ardagh Group S.A. | 6.750% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate											6.75%																	6.75%
Aggregate principal amount | €											€ 750,000,000
Ardagh Group S.A. | 9.250% Senior Notes due 2020
Financial assets and liabilities
Stated interest rate											9.25%																	9.25%
Repayment of principal amount outstanding | €											€ 475,000,000
Ardagh Group S.A. | 9.125% Senior Notes due 2020
Financial assets and liabilities
Stated interest rate											9.125%																	9.125%
Repayment of principal amount outstanding												$ 920,000,000
Ardagh Group S.A. | 7.000% Senior Notes due 2020
Financial assets and liabilities
Stated interest rate								7.00%																	7.00%	7.00%
Repayment of principal amount outstanding								$ 135,000,000				$ 15,000,000
Aggregate principal amount																										$ 150,000,000
Ardagh Group S.A. | 8.625% Senior PIK Notes due 2019
Financial assets and liabilities
Stated interest rate										8.625%																	8.625%
Repayment of principal amount outstanding | €										€ 710,000,000
Ardagh Group S.A. | 8.375% Senior PIK Notes due 2019
Financial assets and liabilities
Stated interest rate										8.375%																	8.375%
Repayment of principal amount outstanding | €										€ 250,000,000

Financial assets and liabilit96

Financial assets and liabilities - Effective interest rates (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
7.125%/7.875% Senior Secured Toggle Notes due 2023 | U.S. dollar
Financial assets and liabilities
Effective interest rate	7.49%	7.57%
6.625%/7.375% Senior Secured Toggle Notes due 2023 | Euro
Financial assets and liabilities
Effective interest rate	7.03%	7.05%
2.750% Senior Secured Notes due 2024
Financial assets and liabilities
Stated interest rate	2.75%
2.750% Senior Secured Notes due 2024 | Euro
Financial assets and liabilities
Effective interest rate	2.92%
4.625% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate	4.625%	4.625%
4.625% Senior Secured Notes due 2023 | U.S. dollar
Financial assets and liabilities
Effective interest rate	5.16%	5.18%
4.125% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate	4.125%	4.125%
4.125% Senior Secured Notes due 2023 | Euro
Financial assets and liabilities
Effective interest rate	4.63%	4.66%
4.250% Senior Secured Notes due 2022
Financial assets and liabilities
Stated interest rate	4.25%	4.25%
4.250% Senior Secured Notes due 2022 | U.S. dollar
Financial assets and liabilities
Effective interest rate	4.51%
4.250% First Priority Senior Secured Notes due 2022 | Euro
Financial assets and liabilities
Effective interest rate		4.52%
First Priority Senior Secured Floating Rate Notes due 2019 | U.S. dollar
Financial assets and liabilities
Effective interest rate		4.26%
Senior Secured Floating Rate Notes Due 2022 | U.S. dollar
Financial assets and liabilities
Effective interest rate		3.49%
4.750% Senior Notes due 2027
Financial assets and liabilities
Stated interest rate	4.75%
4.750% Senior Notes due 2027 | British pounds
Financial assets and liabilities
Effective interest rate	4.99%
6.000% Senior Notes due 2025
Financial assets and liabilities
Stated interest rate	6.00%
6.000% Senior Notes due 2025 | U.S. dollar
Financial assets and liabilities
Effective interest rate	6.14%
7.250% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate	7.25%	7.25%
7.250% Senior Notes due 2024 | U.S. dollar
Financial assets and liabilities
Effective interest rate	7.72%	7.74%
6.750% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate	6.75%	6.75%
6.750% Senior Notes due 2024 | Euro
Financial assets and liabilities
Effective interest rate	7.00%	7.01%
6.000% Senior Notes due 2021
Financial assets and liabilities
Stated interest rate	6.00%	6.00%
6.000% Senior Notes due 2021 | U.S. dollar
Financial assets and liabilities
Effective interest rate	6.38%	6.38%
6.750% Senior Notes due 2021
Financial assets and liabilities
Stated interest rate		6.75%
6.750% Senior Notes due 2021 | U.S. dollar
Financial assets and liabilities
Effective interest rate		7.45%
6.250% Senior Notes due 2019
Financial assets and liabilities
Stated interest rate		6.25%
6.250% Senior Notes due 2019 | U.S. dollar
Financial assets and liabilities
Effective interest rate		7.25%
Term Loan B Facility due 2021 | U.S. dollar
Financial assets and liabilities
Effective interest rate		4.16%

Financial assets and liabilit97

Financial assets and liabilities - Carrying amount and undrawn borrowing facilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Financial assets and liabilities
Borrowings	$ 10,076	$ 10,232
Undrawn amount	814	264
Not later than one year
Financial assets and liabilities
Borrowings	2	8
Undrawn amount	1	1
Expiring beyond one year
Financial assets and liabilities
Undrawn amount	813	263
Euro
Financial assets and liabilities
Borrowings	3,322	3,338
U.S. dollar
Financial assets and liabilities
Borrowings	6,216	6,892
British pounds
Financial assets and liabilities
Borrowings	$ 538	$ 2

Financial assets and liabilit98

Financial assets and liabilities - Derivative financial instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial assets and liabilities
Financial assets transfer from Level 1 to Level 2	$ 0
Financial assets transfer from Level 2 to Level 1	0
Non-current derivative financial assets	7	$ 131		$ 49
Current derivative financial instruments	16	12		2
Non-current derivative financial liabilities	301	0		552
Current derivative financial liabilities	2	8	$ 8	$ 8
Derivatives
Financial assets and liabilities
Fair value of assets	23	143
Contractual or notional amounts of assets	386	1,795
Fair value of liabilities	303	8
Contractual or notional amounts of liabilities	3,179	206
Metal forward contracts
Financial assets and liabilities
Fair value of assets	17	9
Contractual or notional amounts of assets	197	197
Cross currency interest rate swaps (CCIRS)
Financial assets and liabilities
Fair value of assets		131
Contractual or notional amounts of assets		1,580
Fair value of liabilities	301
Contractual or notional amounts of liabilities	3,107
Forward foreign exchange contracts
Financial assets and liabilities
Fair value of assets	4
Contractual or notional amounts of assets	179
Fair value of liabilities	1	8
Contractual or notional amounts of liabilities	52	206
NYMEX gas swaps
Financial assets and liabilities
Fair value of assets		2
Contractual or notional amounts of assets		16
Fair value of liabilities	1
Contractual or notional amounts of liabilities	20
Carbon futures
Financial assets and liabilities
Fair value of assets	2	1
Contractual or notional amounts of assets	10	2
Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS)
Financial assets and liabilities
Fair value of assets		$ 124
Non-current derivative financial liabilities	$ 251

Financial assets and liabilit99

Financial assets and liabilities - Cross currency interest rate swaps, metal forward contracts, forward foreign exchange contracts and NYMEX gas swaps (Details) £ in Millions, $ in Millions

1 Months Ended

12 Months Ended

Jun. 30, 2017USD ($)

Jun. 30, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2017GBP (£)

Dec. 31, 2017USD ($)

Jun. 30, 2017GBP (£)

Jun. 12, 2017GBP (£)

May 16, 2016USD ($)

Dec. 31, 2014USD ($)

Disclosure of detailed information about hedging instruments [line items]

Derivative financial instruments used to hedge foreign currency and interest rate risk

$ 0

$ 301

$ 552

Derivative financial instruments used to hedge foreign currency and interest rate risk

131

7

$ 49

Issuance of notes

9,561

10,064

Derivatives

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

143

23

Cross currency interest rate swaps (CCIRS)

Disclosure of detailed information about hedging instruments [line items]

Contract value

$ 500

Derivative financial assets

131

Metal forward contracts

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

9

17

Forward foreign exchange contracts

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

$ 4

NYMEX gas swaps

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

2

4.750% Senior Notes due 2027

Disclosure of detailed information about hedging instruments [line items]

Aggregate principal amount | £

£ 400

Stated interest rate

4.75%

4.75%

7.250% Senior Notes due 2024

Disclosure of detailed information about hedging instruments [line items]

Aggregate principal amount

$ 1,650

$ 1,650

Stated interest rate

7.25%

7.25%

7.25%

Ardagh Group S.A.

Disclosure of detailed information about hedging instruments [line items]

Gain (loss) recognized on hedge ineffectiveness of net investments in foreign operations

0

$ 0

$ 0

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS)

Disclosure of detailed information about hedging instruments [line items]

Derivative financial instruments used to hedge foreign currency and interest rate risk

$ 251

Proceeds on termination

$ 90

Derivative financial assets

124

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS) | Exceptional items

Disclosure of detailed information about hedging instruments [line items]

Gain on derivative instruments

88

Loss on hedge ineffectiveness

(11)

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS) | CCIRS, US dollar to euro

Disclosure of detailed information about hedging instruments [line items]

Contract value

$ 440

1,250

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS) | CCIRS, euro to British pounds

Disclosure of detailed information about hedging instruments [line items]

Contract value

332

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS) | CCIRS, US dollar to British pounds

Disclosure of detailed information about hedging instruments [line items]

Contract value

$ 500

Proceeds on termination

46

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS) | CCIRS, US dollar to British pounds | Exceptional items

Disclosure of detailed information about hedging instruments [line items]

Loss on derivative instruments

$ 15

Ardagh Group S.A. | Cross currency interest rate swaps (CCIRS) | CCIRS, US dollar to euro and British pounds

Disclosure of detailed information about hedging instruments [line items]

Contract value

$ 1,300

Ardagh Group S.A. | Metal forward contracts

Disclosure of detailed information about hedging instruments [line items]

Premium paid

0

Premium received

0

Ardagh Group S.A. | Metal forward contracts | Level 2

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

0

Ardagh Group S.A. | Forward foreign exchange contracts

Disclosure of detailed information about hedging instruments [line items]

Premium paid

0

Premium received

0

Ardagh Group S.A. | Forward foreign exchange contracts | Level 2

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

0

Ardagh Group S.A. | NYMEX gas swaps

Disclosure of detailed information about hedging instruments [line items]

Premium paid

0

Premium received

$ 0

Ardagh Group S.A. | NYMEX gas swaps | Level 2

Disclosure of detailed information about hedging instruments [line items]

Derivative financial assets

$ 0

Ardagh Group S.A. | 4.750% Senior Notes due 2027

Disclosure of detailed information about hedging instruments [line items]

Issuance of notes | £

£ 400

Aggregate principal amount | £

£ 400

Stated interest rate

4.75%

4.75%

Ardagh Group S.A. | 7.250% Senior Notes due 2024

Disclosure of detailed information about hedging instruments [line items]

Aggregate principal amount

$ 1,650

$ 1,650

Stated interest rate

7.25%

7.25%

Employee benefit obligations -

Employee benefit obligations - Defined benefit scheme (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee benefit obligations
Employee benefit obligations.	$ 997	$ 954	$ 784	$ 878
Ardagh Group S.A.
Employee benefit obligations
Employee benefit obligations.	997	954
Ardagh Group S.A. | Defined benefit plan
Employee benefit obligations
Obligations	(2,762)	(3,101)
Assets	1,897	2,276
Net	(865)	(825)
Ardagh Group S.A. | Defined benefit plan | United States
Employee benefit obligations
Obligations	(1,313)	(1,198)
Assets	1,179	1,067
Net	(134)	(131)
Ardagh Group S.A. | Defined benefit plan | Germany
Employee benefit obligations
Obligations	(405)	(364)
Net	(405)	(364)
Ardagh Group S.A. | Defined benefit plan | United Kingdom
Employee benefit obligations
Obligations	(1,000)	(947)
Assets	706	660
Net	(294)	(287)
Ardagh Group S.A. | Defined benefit plan | Netherlands
Employee benefit obligations
Obligations	(19)	(569)
Assets		541
Net	(19)	(28)
Ardagh Group S.A. | Defined benefit plan | Other
Employee benefit obligations
Obligations	(25)	(23)
Assets	12	8
Net	(13)	(15)
Ardagh Group S.A. | Other employee benefit obligations
Employee benefit obligations
Employee benefit obligations.	$ 132	$ 129

Employee benefit obligations101

Employee benefit obligations - Amounts recognized in consolidated income statement (Details) - Ardagh Group S.A. - Defined benefit plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefit obligations
Cost of sales-current service cost	$ (43)	$ (41)	$ (45)
Cost of sales-past service credit	8	32
SGA-current service cost	(3)	(6)	(6)
SGA-past service credit	2	11
Current service cost and administration costs excluding finance expense	(36)	(4)	(51)
Finance expense (Note 5)	(24)	(27)	(26)
Current service cost and administration costs	$ (60)	$ (31)	$ (77)

Employee benefit obligations102

Employee benefit obligations - Amounts recognized in consolidated statement of comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefit obligations
Actuarial gain/(loss) for the year on pension benefits	$ 49	$ (139)	$ 74
Ardagh Group S.A.
Employee benefit obligations
Gain (loss) on plan assets	49	(139)	74
Ardagh Group S.A. | Defined benefit plan
Employee benefit obligations
Actuarial (loss)/gain arising from changes in demographic assumptions	(6)	26	9
Actuarial (loss)/gain arising from changes in financial assumptions	(104)	(280)	107
Actuarial gain/(loss) arising from changes in experience	2	(11)	32
Re-measurements of defined benefit obligations	(108)	(265)	148
Actual return/(loss) less expected return on plan assets	158	122	(92)
Actuarial gain/(loss) for the year on pension benefits	50	(143)	56
Gain (loss) on plan assets	228	206	(10)
Ardagh Group S.A. | Other employee benefit obligations
Employee benefit obligations
Actuarial gain/(loss) for the year on pension benefits	$ (1)	$ 4	$ 18

Employee benefit obligations103

Employee benefit obligations - Movement in defined benefit obligations and assets (Details) - Ardagh Group S.A. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Employee benefit obligations
Past service credit		$ (20)
Defined benefit plan | Obligations
Employee benefit obligations
Balance at the beginning	$ (3,101)	(2,846)
Acquired		(393)
Current service cost	(46)	(46)
Past service credit	10	43
Interest cost	(92)	(105)
Remeasurements	(108)	(265)
Liabilities/(assets) extinguished on reclassification	602	207
Employee contributions	(2)	(6)
Benefits paid	163	131
Exchange	(188)	179
Balance at the end	(2,762)	(3,101)
Defined benefit plan | Assets.
Employee benefit obligations
Balance at the beginning	2,276	2,151
Interest income	71	82
Acquired		301
Administration expenses paid from plan assets	(2)	(3)
Remeasurements	157	122
Liabilities/(assets) extinguished on reclassification	(602)	(207)
Employer contributions	51	48
Employer contributions-acquisition related		8
Employee contributions	2	6
Benefits paid	(163)	(131)
Exchange	107	(101)
Balance at the end	$ 1,897	$ 2,276

Employee benefit obligations104

Employee benefit obligations - Defined benefit obligations and assets (Details) - Ardagh Group S.A. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefit obligations
Past service credit gain (loss)		$ 20
Beverage Can
Employee benefit obligations
Contribution from employer	$ 8
Defined benefit plan
Employee benefit obligations
Unfunded defined benefit obligations	455	401
Defined benefit obligation	2,762	3,101
Defined benefit assets	1,897	2,276
Other employee benefit obligations
Employee benefit obligations
Interest cost relating to employee benefit obligations	3	3	$ 2
Other employee benefit obligations | Beverage Can
Employee benefit obligations
Net defined benefit liability (asset)	37
Extinguished defined benefit pension plans
Employee benefit obligations
Employer contributions	7	12
Exceptional items | Glass Packaging North America
Employee benefit obligations
Past service credit gain (loss)		23
Netherlands | Defined benefit plan
Employee benefit obligations
Past service credit gain (loss)	10	9
Defined benefit obligation	19	569
Defined benefit assets		541
Netherlands | Defined benefit plan transfer to multi-employer plan, plan one
Employee benefit obligations
Defined benefit obligation		207	189
Defined benefit assets		207	$ 183
Netherlands | Defined benefit plan transfer to multi-employer plan, plan two
Employee benefit obligations
Defined benefit obligation	602	552
Defined benefit assets	$ 602	$ 541

Employee benefit obligations105

Employee benefit obligations - Plan asset (Details) - Ardagh Group S.A. - Defined benefit plan - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Employee benefit obligations
Equities	$ 1,177	$ 1,215
Target return funds	297	290
Bonds	249	588
Cash/other	174	183
Total plan assets	$ 1,897	$ 2,276
Equities (Percentage)	62.00%	53.00%
Target return funds (Percentage)	16.00%	13.00%
Bonds (Percentage)	13.00%	26.00%
Cash/other (Percentage)	9.00%	8.00%
Total plan assets (Percentage)	100.00%	100.00%

Employee benefit obligations106

Employee benefit obligations - Characteristics and associated risks (Details) - Ardagh Group S.A. $ in Millions	12 Months Ended
	Dec. 31, 2017item	Dec. 31, 2014USD ($)
Beverage Can
Employee benefit obligations
Number of pension plans	3
Defined benefit plan | VNA
Employee benefit obligations
Employer contributions | $		$ 200
Metal Packaging Europe
Employee benefit obligations
Number of pension plans	2
Glass Packaging Europe
Employee benefit obligations
Number of pension plans	2

Employee benefit obligations107

Employee benefit obligations - Ranges of assumptions (Details) - Ardagh Group S.A. - Defined benefit plan	Dec. 31, 2017	Dec. 31, 2016
United States
Assumptions and sensitivities
Rates of inflation	2.50%	2.50%
Discount rates	3.80%	4.45%
United States | Minimum
Assumptions and sensitivities
Rates of increase in salaries	2.00%	2.00%
United States | Maximum
Assumptions and sensitivities
Rates of increase in salaries	3.00%	3.00%
Germany
Assumptions and sensitivities
Rates of inflation	1.50%	1.50%
Rates of increase in salaries	2.50%	2.50%
Germany | Minimum
Assumptions and sensitivities
Discount rates	1.68%	1.57%
Germany | Maximum
Assumptions and sensitivities
Discount rates	2.24%	2.06%
United Kingdom
Assumptions and sensitivities
Rates of inflation	3.10%	3.20%
Rates of increase in salaries	2.60%	2.20%
Discount rates	2.70%	2.80%

Employee benefit obligations108

Employee benefit obligations - Mortality assumptions (Details) - Ardagh Group S.A. - Defined benefit plan	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
United States
Assumptions and sensitivities
Life expectancy, current pensioners	22 years	22 years
Life expectancy, future pensioners	23 years	23 years
Germany
Assumptions and sensitivities
Life expectancy, current pensioners	21 years	21 years
Life expectancy, future pensioners	24 years	24 years
United Kingdom
Assumptions and sensitivities
Life expectancy, current pensioners	21 years	21 years
Life expectancy, future pensioners	22 years	22 years

Employee benefit obligations109

Employee benefit obligations - Sensitivity analysis (Details) - Ardagh Group S.A. - Defined benefit plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Assumptions and sensitivities
Estimate of contributions expected to be paid in next year	$ 36	$ 39
Discount rates
Assumptions and sensitivities
Decrease in actuarial assumption (as a percent)	0.50%	0.50%
Increase (decrease) in pension obligations due to decrease in actuarial assumption	$ 216	$ 256
Increase in actuarial assumption (as a percent)	0.50%	0.50%
Increase (decrease) in pension obligations due to increase in actuarial assumption	$ (230)	$ (255)
Rates of inflation
Assumptions and sensitivities
Decrease in actuarial assumption (as a percent)	0.50%	0.50%
Increase (decrease) in pension obligations due to decrease in actuarial assumption	$ (96)	$ (98)
Increase in actuarial assumption (as a percent)	0.50%	0.50%
Increase (decrease) in pension obligations due to increase in actuarial assumption	$ 91	$ 98
Rates of increase in salaries
Assumptions and sensitivities
Decrease in actuarial assumption (as a percent)	0.50%	0.50%
Increase (decrease) in pension obligations due to decrease in actuarial assumption	$ (103)	$ (98)
Increase in actuarial assumption (as a percent)	0.50%	0.50%
Increase (decrease) in pension obligations due to increase in actuarial assumption	$ 97	$ 97
Expected longevity
Assumptions and sensitivities
Increase (decrease) in pension obligations due to increase in actuarial assumption	$ 55	$ 66
Increase in actuarial assumption (in years)	1 year	1 year

Employee benefit obligations110

Employee benefit obligations - Principal defined benefit schemes (Details) - Ardagh Group S.A.	12 Months Ended
	Dec. 31, 2017Yitem	Dec. 31, 2016Yitem
Metal Packaging | United Kingdom
Employee benefit obligations
Active members	467	467
Deferred members	954	954
Pensioners including dependents	756	756
Weighted average duration (years) | Y	21	20
Metal Packaging | Germany
Employee benefit obligations
Active members	1,694	1,803
Deferred members	706	664
Pensioners including dependents	1,081	1,011
Weighted average duration (years) | Y	17	18
Metal Packaging | North America
Employee benefit obligations
Active members	943	970
Deferred members	139	115
Pensioners including dependents	150	133
Weighted average duration (years) | Y	17	10
Glass Packaging | United Kingdom
Employee benefit obligations
Deferred members	1,527	1,527
Pensioners including dependents	744	744
Weighted average duration (years) | Y	23	23
Glass Packaging | Germany
Employee benefit obligations
Active members	1,011	1,032
Deferred members	759	732
Pensioners including dependents	762	786
Weighted average duration (years) | Y	18	19
Glass Packaging | North America
Employee benefit obligations
Active members	4,137	4,043
Deferred members	2,697	2,648
Pensioners including dependents	6,379	6,302
Weighted average duration (years) | Y	13	12

Employee benefit obligations111

Employee benefit obligations - Expected benefit payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefit obligations
Contribution expense	$ 35	$ 34	$ 16
Ardagh Group S.A.
Employee benefit obligations
Contribution expense	35	$ 34	$ 16
Estimate of contributions expected to be paid in next year	43
Ardagh Group S.A. | Defined benefit plan | Not later than one year
Employee benefit obligations
Benefits	116
Ardagh Group S.A. | Defined benefit plan | Between one and two years
Employee benefit obligations
Benefits	114
Ardagh Group S.A. | Defined benefit plan | Between two and three years
Employee benefit obligations
Benefits	118
Ardagh Group S.A. | Defined benefit plan | Between three and four years
Employee benefit obligations
Benefits	121
Ardagh Group S.A. | Defined benefit plan | Between four and five years
Employee benefit obligations
Benefits	125
Ardagh Group S.A. | Defined benefit plan | Later than five years
Employee benefit obligations
Benefits	$ 672

Employee benefit obligations112

Employee benefit obligations - Other employee benefits (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee benefit obligations
Other employee benefits	$ 997	$ 954	$ 784	$ 878
Ardagh Group S.A.
Employee benefit obligations
Other employee benefits	997	954
Ardagh Group S.A. | Other employee benefit obligations
Employee benefit obligations
Other employee benefits	132	129
Ardagh Group S.A. | End of service employee benefits
Employee benefit obligations
Other employee benefits	25	24
Ardagh Group S.A. | Long term employee benefits
Employee benefit obligations
Other employee benefits	$ 107	$ 105

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Provisions
Current	$ 70	$ 73	$ 52	$ 61
Noncurrent	44	60	52	$ 40
Total	$ 114	$ 133	$ 105

Provisions - Restructuring and

Provisions - Restructuring and other provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Provisions
At beginning of year	$ 133	$ 105
Acquisitions		42
Provided	38	60
Released	(33)	(29)
Paid	(31)	(42)
Exchange	7	(3)
At end of year	114	133
Restructuring
Provisions
At beginning of year	23	20
Provided	12	28
Released	(2)	(12)
Paid	(10)	(11)
Exchange	2	(2)
At end of year	25	23
Other provisions
Provisions
At beginning of year	110	85
Acquisitions		42
Provided	26	32
Released	(31)	(17)
Paid	(21)	(31)
Exchange	5	(1)
At end of year	$ 89	$ 110

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Trade and other payables
Trade payables	$ 1,469	$ 1,112
Other payables and accruals	438	442
Amounts owed to parent company		3
Other tax and social security payable	49	34
Payables and accruals for exceptional items	35	41
Total	$ 1,991	$ 1,632	$ 956	$ 976

Cash generated from operatin116

Cash generated from operating activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash generated from operating activities
Profit/(loss) for the year	$ 41	$ (172)	$ (135)
Income tax (credit)/charge	(40)	66	48
Net finance expense	671	681	590
Depreciation and amortization	687	561	449
Exceptional operating items (Note 4)	149	145	89
Movement in working capital	99	131	100
Acquisition related, IPO, start up and other exceptional costs paid	(74)	(176)	(60)
Exceptional restructuring paid	(10)	(11)	(22)
Cash generated from operations	$ 1,523	$ 1,225	$ 1,059

Business combinations and di117

Business combinations and disposals - Beverage Can Business (Details) $ in Millions	Jun. 30, 2016USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Business combinations
Annual revenue		$ 8,596	$ 7,014	$ 5,795
Assets acquired and liabilities assumed
Goodwill		2,201	2,088
United States
Business combinations
Annual revenue		$ 3,261	$ 2,695	$ 2,227
Ardagh Group S.A. | Beverage Can
Business combinations
Annual revenue	$ 3,000
Assets acquired and liabilities assumed
Cash and cash equivalents	11
Property, plant and equipment	702
Intangible assets	1,431
Inventories	294
Trade and other receivables	367
Trade and other payables	(484)
Net deferred tax liability	(162)
Employee benefit obligations	(129)
Provisions	(42)
Total identifiable net assets	1,988
Goodwill	1,004
Total consideration	2,992
Ardagh Group S.A. | Beverage Can North America
Assets acquired and liabilities assumed
Goodwill expected to be deductible for tax purposes	$ 298
Ardagh Group S.A. | Europe | Beverage Can
Business combinations
Number of beverage can manufacturing plants acquired | item	10
Number of end plants acquired | item	2
Ardagh Group S.A. | United States | Beverage Can
Business combinations
Number of beverage can manufacturing plants acquired | item	7
Number of end plants acquired | item	1
Ardagh Group S.A. | Brazil | Beverage Can
Business combinations
Number of beverage can manufacturing plants acquired | item	2

Related party information (Deta

Related party information (Details) - USD ($) $ in Millions	Feb. 21, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related party borrowings and receivables
Investment in joint ventures		$ 10	$ 6
Paul Coulson Ownership Interests | ARD Holdings S.A.
Related party borrowings and receivables
Percentage of issued share capital holding	25.00%
Yeoman Capital S.A. and subsidiaries | ARD Holdings S.A.
Related party borrowings and receivables
Percentage of issued share capital holding		34.00%
Yeoman Capital S.A. and subsidiaries
Related party borrowings and receivables
Fees charged for services provided		$ 0	0	$ 0
Amount payable		0	0	0
Key Management Personnel
Related party borrowings and receivables
Amount payable		7	4	4
Salaries and other short term employee benefits		12	12	10
Other employment benefits		1	1	1
Key management compensation excluding transaction cost		13	13	11
Transaction related compensation		7	29
Key management compensation		$ 20	$ 42	$ 11

Contingencies (Details)

Contingencies (Details) - Ardagh Group S.A. $ in Millions	Apr. 21, 2017USD ($)item	Dec. 31, 2017USD ($)item
Contingencies
Damages awarded to plaintiff | $	$ 50
Number of asserted patent infringements awarded | item	1
Number of alleged patent infringements asserted | item		2
Federal Cartel Office investigation
Contingencies
Provision for legal proceedings | $		$ 0

Effect of change in presenta120

Effect of change in presentation currency - Exchange rates (Details) - $ / €	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effect of change in presentation currency
Closing foreign exchange rate	1.1993	1.0541	1.0887	1.2141
Average foreign exchange rate	1.1249	1.1061	1.1150	1.3348

Effect of change in presenta121

Effect of change in presentation currency - CONSOLIDATED INCOME STATEMENT as previously reported (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Income statement
Revenue | $		$ 8,596		$ 7,014		$ 5,795
Cost of sales | $		(7,210)		(5,786)		(4,817)
Gross profit/(loss) | $		1,386		1,228		978
Sales, general and administration expenses | $		(450)		(462)		(353)
Intangible amortization | $		(264)		(191)		(122)
Operating profit/(loss) | $		672		575		503
Finance expense | $		(671)		(769)		(590)
Finance income | $				88
Profit/(loss) before tax | $		1		(106)		(87)
Income tax (charge)/credit | $		40		(66)		(48)
Profit/(loss) for the year | $		41		(172)		(135)
Profit/(loss) attributable to:
Owners of the parent	€ 31	38	€ (155)	(172)	€ (120)	(135)
Noncontrolling interests | $		3
Previously stated
Income statement
Revenue	7,644		6,345		5,199
Cost of sales	(6,406)		(5,236)		(4,322)
Gross profit/(loss)	1,238		1,109		877
Sales, general and administration expenses	(402)		(416)		(318)
Intangible amortization	(235)		(173)		(109)
Operating profit/(loss)	601		520		450
Finance expense	(602)		(693)		(527)
Finance income			78
Profit/(loss) before tax	(1)		(95)		(77)
Income tax (charge)/credit	35		(60)		(43)
Profit/(loss) for the year	34		(155)		(120)
Profit/(loss) attributable to:
Owners of the parent	31		(155)		(120)
Noncontrolling interests	3
Before exceptional items
Income statement
Revenue | $		8,596		7,014		5,795
Cost of sales | $		(7,110)		(5,771)		(4,776)
Gross profit/(loss) | $		1,486		1,243		1,019
Sales, general and administration expenses | $		(401)		(332)		(305)
Intangible amortization | $		(264)		(191)		(122)
Operating profit/(loss) | $		821		720		592
Finance expense | $		(539)		(584)		(575)
Profit/(loss) before tax | $		282		136		17
Income tax (charge)/credit | $		(98)		(115)		(84)
Profit/(loss) for the year | $		184		21		(67)
Before exceptional items | Previously stated
Income statement
Revenue	7,644		6,345		5,199
Cost of sales	(6,321)		(5,221)		(4,285)
Gross profit/(loss)	1,323		1,124		914
Sales, general and administration expenses	(359)		(300)		(274)
Intangible amortization	(235)		(173)		(109)
Operating profit/(loss)	729		651		531
Finance expense	(479)		(528)		(514)
Profit/(loss) before tax	250		123		17
Income tax (charge)/credit	(87)		(103)		(75)
Profit/(loss) for the year	163		20		(58)
Exceptional items
Income statement
Cost of sales | $		(100)		(15)		(41)
Gross profit/(loss) | $		(100)		(15)		(41)
Sales, general and administration expenses | $		(49)		(130)		(48)
Operating profit/(loss) | $		(149)		(145)		(89)
Finance expense | $		(132)		(185)		(15)
Finance income | $				88
Profit/(loss) before tax | $		(281)		(242)		(104)
Income tax (charge)/credit | $		138		49		36
Profit/(loss) for the year | $		$ (143)		$ (193)		$ (68)
Exceptional items | Previously stated
Income statement
Cost of sales	(85)		(15)		(37)
Gross profit/(loss)	(85)		(15)		(37)
Sales, general and administration expenses	(43)		(116)		(44)
Operating profit/(loss)	(128)		(131)		(81)
Finance expense	(123)		(165)		(13)
Finance income			78
Profit/(loss) before tax	(251)		(218)		(94)
Income tax (charge)/credit	122		43		32
Profit/(loss) for the year	€ (129)		€ (175)		€ (62)

Effect of change in presenta122

Effect of change in presentation currency - CONSOLIDATED STATEMENT OF COMPREHNSIVE INCOME as previously reported (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Statement of comprehensive income
Profit/(loss) for the year | $		$ 41		$ (172)		$ (135)
Foreign currency translation adjustments:
Arising in the year | $		(390)		63		125
Foreign currency translation adjustments | $		(390)		63		125
Effective portion of changes in fair value of cash flow hedges:
New fair value adjustments into reserve | $		(254)		54		45
Movement out of reserve | $		258		(85)		(44)
Movement in deferred tax | $		1		(4)
Effective portion of changes in fair value of cash flow hedges | $		5		(35)		1
Items that will not be reclassified to income statement
Remeasurements of employee benefit obligations | $		49		(139)		74
Deferred tax movement on employee benefit obligations | $		(6)		18		(28)
Total of items that will not be reclassified to income statement | $		43		(121)		46
Total other comprehensive income/(expense) for the year | $		(342)		(93)		172
Total comprehensive income/(expense) for the year | $		(301)		(265)		37
Attributable to:
Owners of the parent | $		(307)		(265)		37
Noncontrolling interests | $		6
Total comprehensive income/(expense) for the year | $		$ (301)		$ (265)		$ 37
Previously stated
Statement of comprehensive income
Profit/(loss) for the year | €	€ 34		€ (155)		€ (120)
Foreign currency translation adjustments:
Arising in the year | €	(1)		(55)		(139)
Foreign currency translation adjustments | €	(1)		(55)		(139)
Effective portion of changes in fair value of cash flow hedges:
New fair value adjustments into reserve | €	(226)		50		44
Movement out of reserve | €	230		(77)		(43)
Movement in deferred tax | €	1		(4)
Effective portion of changes in fair value of cash flow hedges | €	5		(31)		1
Items that will not be reclassified to income statement
Remeasurements of employee benefit obligations | €	43		(121)		72
Deferred tax movement on employee benefit obligations | €	(6)		16		(27)
Total of items that will not be reclassified to income statement | €	37		(105)		45
Total other comprehensive income/(expense) for the year | €	41		(191)		(93)
Total comprehensive income/(expense) for the year | €	75		(346)		(213)
Attributable to:
Owners of the parent | €	66		(346)		(213)
Noncontrolling interests | €	9
Total comprehensive income/(expense) for the year | €	€ 75		€ (346)		€ (213)

Effect of change in presenta123

Effect of change in presentation currency - CONSOLIDATED STATEMENT OF FINANCIAL POSITION as previously reported (Details) € in Millions, $ in Millions	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2014USD ($)
Non-current assets
Intangible assets | $		$ 4,104		$ 4,115		$ 1,971		$ 2,139
Property, plant and equipment | $		3,368		3,068		2,512		2,699
Derivative financial instruments | $		7		131				49
Deferred tax assets | $		221		273		194		223
Other non-current assets | $		25		21		15		12
Total non-current assets | $		7,725		7,608		4,692		5,122
Current assets
Inventories | $		1,353		1,186		898		935
Trade and other receivables | $		1,274		1,227		709		840
Derivative financial instruments | $		16		12				2
Cash and cash equivalents | $		823		818		603		526
Total current assets | $		3,466		3,243		2,210		2,303
TOTAL ASSETS | $		11,191		10,851		6,902		7,425
Equity attributable to owners of the parent
Other reserves | $		(76)		309		281		155
Retained earnings | $		(2,967)		(3,462)		(2,866)		(2,761)
Total equity attributable to owners of the parent	€ (2,529)	(3,043)	€ (2,990)	(3,153)	€ (2,374)	(2,585)		(2,606)
Non-controlling interest | $		(99)		3		3		3
TOTAL EQUITY | $		(3,142)		(3,150)		(2,582)		(2,603)
Non-current liabilities
Borrowings | $		10,074		10,224		6,964		7,326
Employee benefit obligations | $		997		954		784		878
Derivative financial instruments | $		301		0				552
Deferred tax liabilities | $		583		732		491
Provisions | $		44		60		52		40
Total non-current liabilities | $		11,999		11,970		8,291		8,796
Current liabilities
Borrowings | $		2		8		8		5
Interest payable | $		107		118		86		101
Derivative financial instruments | $		2		8		8		8
Trade and other payables | $		1,991		1,632		956		976
Income tax payable | $		162		192		83		81
Provisions | $		70		73		52		61
Total current liabilities | $		2,334		2,031		1,193		1,232
TOTAL LIABILITIES | $		14,333		14,001		9,484		10,028
TOTAL EQUITY and LIABILITIES | $		$ 11,191		$ 10,851		$ 6,902		$ 7,425
Previously stated
Non-current assets
Intangible assets	3,422		3,904		1,810		€ 1,762
Property, plant and equipment	2,808		2,911		2,307		2,223
Derivative financial instruments	6		124				40
Deferred tax assets	184		259		178		184
Other non-current assets	21		20		14		10
Total non-current assets	6,441		7,218		4,309		4,219
Current assets
Inventories	1,128		1,125		825		770
Trade and other receivables	1,062		1,164		651		692
Derivative financial instruments	13		11				2
Cash and cash equivalents	686		776		554		433
Total current assets	2,889		3,076		2,030		1,897
TOTAL ASSETS	9,330		10,294		6,339		6,116
Equity attributable to owners of the parent
Other reserves	(325)		(329)		(114)		24
Retained earnings	(2,204)		(2,661)		(2,260)		(2,170)
Total equity attributable to owners of the parent	(2,529)		(2,990)		(2,374)		(2,146)
Non-controlling interest	(92)		2		2		2
TOTAL EQUITY	(2,621)		(2,988)		(2,372)		(2,144)
Non-current liabilities
Borrowings	8,400		9,699		6,397		6,034
Employee benefit obligations	831		905		720		723
Derivative financial instruments	251						455
Deferred tax liabilities	486		694		451
Provisions	37		57		48		33
Total non-current liabilities	10,005		11,355		7,616		7,245
Current liabilities
Borrowings	2		8		7		4
Interest payable	89		112		79		83
Derivative financial instruments	2		8		7		7
Trade and other payables	1,660		1,548		878		804
Income tax payable	135		182		76		67
Provisions	58		69		48		50
Total current liabilities	1,946		1,927		1,095		1,015
TOTAL LIABILITIES	11,951		13,282		8,711		8,260
TOTAL EQUITY and LIABILITIES	€ 9,330		€ 10,294		€ 6,339		€ 6,116

Effect of change in presenta124

Effect of change in presentation currency - CONSOLIDATED STATEMENT OF CASH FLOWS as previously reported (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Cash flows from operating activities
Cash generated from operations | $		$ 1,523		$ 1,225		$ 1,059
Interest - paid excluding cumulative PIK interest paid | $		(573)		(412)		(360)
Cumulative PIK interest paid | $				(205)
Income tax paid | $		(103)		(93)		(66)
Net cash from operating activities | $		847		515		633
Cash flows from investing activities
Purchase of business net of cash acquired | $				(3,036)
Purchase of property, plant and equipment | $		(476)		(343)		(339)
Purchase of software and other intangibles | $		(22)		(12)		(9)
Proceeds from disposal of property, plant and equipment | $		6		4		9
Net cash used in investing activities | $		(492)		(3,387)		(339)
Cash flows from financing activities
Proceeds from borrowings | $		3,730		6,169
Repayment of borrowings | $		(4,385)		(2,604)		(221)
Return of capital to parent company | $						(16)
Net proceeds from share issuance by subsidiary | $		326
Dividends paid to parent company | $		(4)		(303)
Dividends paid by subsidiary to non-controlling interest | $		(8)
Early redemption premium costs paid | $		(91)		(121)		(9)
Deferred debt issue costs paid | $		(43)		(82)		(2)
Proceeds from the termination of derivative financial instruments | $		46				90
Net cash (outflow)/inflow from financing activities | $		(429)		3,059		(158)
Net (decrease)/increase in cash and cash equivalents | $		(74)		187		136
Cash and cash equivalents at the beginning of the year | $		818		603		526
Exchange gains/(losses) on cash and cash equivalents | $		79		28		(59)
Cash and cash equivalents at the end of the year | $		$ 823		$ 818		$ 603
Previously stated
Cash flows from operating activities
Cash generated from operations | €	€ 1,330		€ 1,109		€ 950
Interest - paid excluding cumulative PIK interest paid | €	(510)		(372)		(323)
Cumulative PIK interest paid | €			(184)
Income tax paid | €	(90)		(84)		(59)
Net cash from operating activities | €	730		469		568
Cash flows from investing activities
Purchase of business net of cash acquired | €			(2,685)
Purchase of property, plant and equipment | €	(422)		(310)		(304)
Purchase of software and other intangibles | €	(19)		(12)		(8)
Proceeds from disposal of property, plant and equipment | €	5		4		8
Net cash used in investing activities | €	(436)		(3,003)		(304)
Cash flows from financing activities
Proceeds from borrowings | €	3,497		5,479
Repayment of borrowings | €	(4,061)		(2,322)		(198)
Return of capital to parent company | €					(15)
Net proceeds from share issuance by subsidiary | €	306
Dividends paid to parent company | €	(3)		(270)
Dividends paid by subsidiary to non-controlling interest | €	(7)
Early redemption premium costs paid | €	(85)		(108)		(8)
Deferred debt issue costs paid | €	(39)		(72)		(2)
Proceeds from the termination of derivative financial instruments | €	42				81
Net cash (outflow)/inflow from financing activities | €	(350)		2,707		(142)
Net (decrease)/increase in cash and cash equivalents | €	(56)		173		122
Cash and cash equivalents at the beginning of the year | €	776		554		433
Exchange gains/(losses) on cash and cash equivalents | €	(34)		49		(1)
Cash and cash equivalents at the end of the year | €	€ 686		€ 776		€ 554

Company financial information -

Company financial information - Financial position (Details) € in Millions, $ in Millions	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2014USD ($)
Non-current assets
Total non-current assets | $		$ 7,725		$ 7,608		$ 4,692		$ 5,122
Current assets
Cash and cash equivalents | $		823		818		603		526
Total current assets | $		3,466		3,243		2,210		2,303
TOTAL ASSETS | $		11,191		10,851		6,902		7,425
Equity attributable to owners of the parent
Retained earnings | $		(2,967)		(3,462)		(2,866)		(2,761)
Total equity attributable to owners of the parent	€ (2,529)	(3,043)	€ (2,990)	(3,153)	€ (2,374)	(2,585)		(2,606)
Non-current liabilities
Borrowings | $		10,074		10,224		6,964		7,326
Total non-current liabilities | $		11,999		11,970		8,291		8,796
Current liabilities
Interest payable | $		107		118		86		101
Total current liabilities | $		2,334		2,031		1,193		1,232
TOTAL LIABILITIES | $		14,333		14,001		9,484		10,028
TOTAL EQUITY and LIABILITIES | $		$ 11,191		$ 10,851		$ 6,902		$ 7,425
ARD Finance S.A.
Non-current assets
Investments in subsidiary undertakings	882		837
Receivables from subsidiary undertaking	642		730
Total non-current assets	1,524		1,567
Current assets
Receivables from subsidiary undertaking	8		15
Cash and cash equivalents	32		4		€ 1		€ 1
Total current assets	40		19
TOTAL ASSETS	1,564		1,586
Equity attributable to owners of the parent
Retained earnings	54		(15)
Total equity attributable to owners of the parent	54		(15)
Non-current liabilities
Borrowings	1,479		1,569
Total non-current liabilities	1,479		1,569
Current liabilities
Interest payable	31		31
Other payables			1
Total current liabilities	31		32
TOTAL LIABILITIES	1,510		1,601
TOTAL EQUITY and LIABILITIES	€ 1,564		€ 1,586

Company financial informatio126

Company financial information - Comprehensive income (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Statement of comprehensive income
Finance expense | $		$ (671)		$ (769)	$ (590)
Finance income | $				88
Profit/(loss) before tax | $		1		(106)	(87)
Income tax | $		$ (40)		$ 66	$ 48
ARD Finance S.A.
Statement of comprehensive income
Dividend income	€ 133		€ 270
Finance expense	(111)		(31)
Finance income	50		14
Profit/(loss) before tax	72		253
Profit and total comprehensive income for the year	€ 72		€ 253

Company financial informatio127

Company financial information - Cash flows (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Cash flows from operating activities
Cash generated from operations | $		$ 1,523		$ 1,225		$ 1,059
Interest paid | $		(573)		(617)		(360)
Net cash from operating activities | $		847		515		633
Cash flows from investing activities
Net cash used in investing activities | $		(492)		(3,387)		(339)
Cash flows from financing activities
Proceeds from borrowings | $		3,730		6,169
Deferred debt issue costs paid | $		(43)		(82)		(2)
Net cash (outflow)/inflow from financing activities | $		(429)		3,059		(158)
Net (decrease)/increase in cash and cash equivalents | $		5		215
Cash and cash equivalents at the beginning of the year | $		818		603		526
Cash and cash equivalents at the end of the year | $		$ 823		$ 818		$ 603
ARD Finance S.A.
Cash flows from operating activities
Related party interest received	€ 54
Interest paid	(105)
Net cash from operating activities	(51)
Cash flows from investing activities
Repayment of loans from subsidiary undertakings	(3)		€ (404)
Contribution to subsidiary undertaking	(45)		(431)
Dividends received	133		270
Loans granted to subsidiary undertakings			(679)
Net cash used in investing activities	85		(1,244)
Cash flows from financing activities
Proceeds from borrowings			1,529
Dividends paid	(3)		(270)		€ 0
Deferred debt issue costs paid	(3)		(12)
Net cash (outflow)/inflow from financing activities	(6)		1,247
Net (decrease)/increase in cash and cash equivalents	28		3
Cash and cash equivalents at the beginning of the year	4		1		1
Cash and cash equivalents at the end of the year	€ 32		€ 4		€ 1

Company financial informatio128

Company financial information - Maturity analysis of borrowings (Details) € in Millions, $ in Millions	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)
Maturity analysis of borrowings including related party borrowings
Borrowings | $		$ 10,076		$ 10,232
Later than five years
Maturity analysis of borrowings including related party borrowings
Borrowings | $		$ 8,919		$ 6,704
ARD Finance S.A.
Maturity analysis of borrowings including related party borrowings
Borrowings | €	€ 1,479		€ 1,569
ARD Finance S.A. | Later than five years
Maturity analysis of borrowings including related party borrowings
Borrowings | €	€ 1,479

Company financial informatio129

Company financial information - Distributions paid and received and commitments and contingencies (Details) - ARD Finance S.A. - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Distributions paid and received
Dividend received from subsidiary	€ 133	€ 270	€ 0
Dividend paid to parent company	3	270	€ 0
Commitments and contingencies
Commitments and contingencies	€ 0	€ 0

Company financial informatio130

Company financial information - Additional information (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
IFRS profit/(loss) reconciliation:
IFRS profit (loss) for the year	€ 31	$ 38	€ (155)	$ (172)	€ (120)	$ (135)
IFRS equity reconciliation:
IFRS equity	(2,529)		(2,990)		(2,374)		$ (3,043)	$ (3,153)	$ (2,585)	$ (2,606)
ARD Finance S.A.
IFRS profit/(loss) reconciliation:
Parent only-IFRS profit for the year	72		253
IFRS equity reconciliation:
IFRS equity	54		(15)
Reportable Legal Entities | ARD Finance S.A.
IFRS profit/(loss) reconciliation:
Parent only-IFRS profit for the year	72		253
IFRS equity reconciliation:
IFRS equity	54		(15)		(3)
Consolidation Adjustments
IFRS profit/(loss) reconciliation:
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost	(41)		(408)		(120)
IFRS equity reconciliation:
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost	€ (2,583)		€ (2,975)		€ (2,371)