Ardagh group subsidiary reports €32m operating profit for 2011
ARDAGH GLASS FINANCE:Ardagh Glass Finance, a subsidiary of the main Ardagh packaging group, made an operating profit of €32 million in 2011, according to accounts filed with the Companies Registration Office.
However, the company posted a loss of €68.1 million for 2011, compared with a loss of €62.2 million in 2010.
The Dublin-based financial vehicle, which raises funds on behalf of its parent by issuing bonds, had made a non-trading loss of €281 million the previous year. It recently issued two bonds, maturing in 2017 and 2020, which raised more than $900 million. Most of the proceeds funded the group’s acquisition of US-based firm Anchor, one of the main glass container makers serving the North American food and beverage industries.
The company’s figures showed its net liabilities for 2011 were just under €198 million compared with €130 million the previous year.
The group, which has its origins in the Irish Glass Bottle company, is part-owned by businessman Paul Coulson. It closed the Ringsend plant in 2002, but is understood to have plans to return to manufacturing in the Republic.