ARD Finance S.A.

[1]	The consolidated income statements for the years ended December 31, 2017 and 2016 have been re-presented to reflect the Group’s change in presentation currency from euro to U.S. dollar on January 1, 2018 as described in Notes 2 and 26 to these consolidated financial statements
[2]	The consolidated statements of comprehensive income for the years ended December 31, 2017 and 2016 have been re-presented to reflect the Group’s change in presentation currency from euro to U.S. dollar on January 1, 2018 as described in Notes 2 and 26 to these consolidated financial statements

CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Millions

12 Months Ended

Dec. 31, 2018

USD ($)

Cash flows from operating activities

Cash generated from operations

$ 1,376

Interest paid - excluding cumulative PIK interest paid

(537)

^[1]

Income tax paid

(105)

Net cash from operating activities

734

Cash flows from investing activities

Purchase of property, plant and equipment

(555)

Purchase of software and other intangibles

(32)

Proceeds from disposal of property, plant and equipment

Net cash used in investing activities

(575)

Cash flows from financing activities

Repayment of borrowings

(443)

Proceeds from borrowings

114

Consideration (paid)/received on termination of derivative financial instruments

(44)

Dividends paid by subsidiary to non-controlling interest

(10)

Early redemption premium costs paid

(7)

Deferred debt issue costs paid

(5)

Finance lease payments

(4)

Net cash (outflow)/inflow from financing activities

(399)

Net (decrease)/increase in cash and cash equivalents

(240)

Cash and cash equivalents at the beginning of the year

823

^[2],[3]

Exchange (losses)/gains on cash and cash equivalents

(18)

Cash and cash equivalents at the end of the year

$ 565

[1]	Total interest paid for the year ended December 31, 2018 is $537 million (2017: $573 million; 2016: $617 million).
[2]	The consolidated statements of cash flows for the years ended December 31, 2017 and 2016 have been re-presented to reflect the Group’s change in presentation currency from euro to U.S. dollar on January 1, 2018 as described in Notes 2 and 26 to these consolidated financial statements
[3]	The consolidated statements of financial position as at December 31, 2017, 2016 and 2015 have been re-presented to reflect the Group’s change in presentation currency from euro to U.S. dollar on January 1, 2018 as described in Notes 2 and 26 to these consolidated financial statements

CONSOLIDATED STATEMENT OF FINANCIAL POSITION € in Millions, $ in Millions	Dec. 31, 2018 USD ($)
Non-current assets
Intangible assets	$ 3,601
Property, plant and equipment	3,388
Derivative financial instruments	11
Deferred tax assets	254
Other non-current assets	24
Total non-current assets	7,278
Current assets
Inventories	1,284
Trade and other receivables	1,053
Contract asset	160
Derivative financial instruments	9
Cash and cash equivalents	565
Total current assets	3,071
TOTAL ASSETS	10,349
Equity attributable to owners of the parent
Other reserves	82
Retained earnings	(3,206)
Total equity attributable to owners of the parent	(3,124)
Non-controlling interests	(116)
TOTAL EQUITY	(3,240)
Non-current liabilities
Borrowings	9,487
Employee benefit obligations	957
Derivative financial instruments	107
Deferred tax liabilities	543
Provisions	38
Total non-current liabilities	11,132
Current liabilities
Borrowings	118
Interest payable	115
Derivative financial instruments	38
Trade and other payables	1,984
Income tax payable	114
Provisions	88
Total current liabilities	2,457
TOTAL LIABILITIES	13,589
TOTAL EQUITY and LIABILITIES	$ 10,349