ARDAGH GROUP
​Glass packaging is being increasingly substituted for cans, as predominantly observed in Europe than the US, causing the division to post a 2% decline this quarter. Meanwhile, Metal packaging was broadly stable. Consequently, 1Q16 revenues came in at €1,218m, or -1% yoy at ccy. Ardagh pursued its operating efficiencies and cost reductions, as reflected in EBITDA growing +4% yoy to €217m. This bolstered the EBITDA margin to 17.8% (+90bps yoy), confirming the group’s leading position over its peers (Owens-Illinois 16%, Crown 15%). Assets from Ball/Rexam will enhance the business; Re-leveraging ahead
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