¨ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Not applicable | New Zealand |
(Translation of Registrant's name into English) | (Jurisdiction of incorporation or organization) |
c/o Reynolds Group Holdings Limited Level Nine 148 Quay Street Auckland 1010 New Zealand Attention: Joseph Doyle Tel 847 482 2409 Fax 847 615 6417 Email: enquiries@reynoldsgroupholdings.com |
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person) |
Large accelerated filer ¨ | Accelerated filer ¨ | Non-accelerated filer þ |
U.S. GAAP ¨ | International Financial Reporting Standards as issued by the International Accounting Standards Board þ | Other ¨ |
Reynolds Group Holdings Limited | |
(Registrant) | |
/s/ ALLEN HUGLI | |
Allen Hugli | |
Chief Financial Officer | |
February |
PART I | |||
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | |||
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE | |||
ITEM 3. KEY INFORMATION | |||
General Information | |||
Presentation of Financial Information | |||
Selected Historical | |||
Risk Factors | |||
ITEM 4. INFORMATION ON RGHL | |||
Corporate Information | |||
History and Development | |||
Business Overview | |||
Organizational Structure | |||
Property, Plants and Equipment | |||
Iran Disclosure | |||
ITEM 4A. UNRESOLVED STAFF COMMENTS | |||
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS | |||
Key Factors Influencing Our Financial Condition and Results of Operations | |||
Results of Operations | |||
Differences Between the RGHL Group and Bev Pack Results of Operations | |||
Liquidity and Capital Resources | |||
Accounting Principles | |||
Critical Accounting Policies | |||
Recently Issued Accounting Pronouncements | |||
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | |||
Directors of RGHL, BP I and BP II and Senior Management of the RGHL Group | |||
Directors' Compensation and Service Contracts | |||
Directors' and Senior Management's Indemnification Agreements | |||
Other | |||
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | |||
Major Shareholders and Beneficial Ownership | |||
Related Party Transactions | |||
ITEM 8. FINANCIAL INFORMATION | |||
Consolidated Financial Statements and Other Financial Information | |||
Significant Changes | |||
ITEM 9. THE OFFER AND LISTING | |||
ITEM 10. ADDITIONAL INFORMATION | |||
Constitution of RGHL | |||
Material Contracts | |||
Exchange Controls | |||
Documents on Display | |||
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | |||
PART II | |||
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | |||
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | |||
ITEM 15. CONTROLS AND PROCEDURES | |||
ITEM 16. [RESERVED] | |||
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT | |||
ITEM 16B. CODE OF ETHICS | |||
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES | |||
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | |||
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | |||
ITEM 16F. CHANGE IN CERTIFYING ACCOUNTANT | |||
ITEM 16G. CORPORATE GOVERNANCE | |||
ITEM 16H. MINE SAFETY DISCLOSURE | |||
PART III | |||
ITEM 17. FINANCIAL STATEMENTS | |||
ITEM 18. FINANCIAL STATEMENTS | |||
ITEM 19. EXHIBITS | |||
Year Ended December 31, | Year Ended December 31, | |||||||||
2013 | 2012 | 2011(1) | 2010(2) | 2009 | 2015 | 2014 | 2013 | 2012 | 2011(1) | |
RGHL Group | Consolidated financial statements as of and for the year ended December 31, 2013 | Consolidated financial statements as of and for the year ended December 31, 2012 | Consolidated financial statements for the year ended December 31, 2011 and selected financial information as of December 31, 2011 | Selected financial information as of and for the year ended December 31, 2010 | Selected financial information as of and for the year ended December 31, 2009 | Consolidated financial statements as of and for the year ended December 31, 2015 | Consolidated financial statements as of and for the year ended December 31, 2014 | Consolidated financial statements for the year ended December 31, 2013 and selected financial information as of December 31, 2013 | Selected financial information as of and for the year ended December 31, 2012 | Selected financial information as of and for the year ended December 31, 2011 |
Beverage Packaging Holdings Group | Combined financial statements as of and for the year ended December 31, 2013 | Combined financial statements as of and for the year ended December 31, 2012 | Combined financial statements for the year ended December 31, 2011 and selected financial information as of December 31, 2011 | Selected financial information as of and for the year ended December 31, 2010 | Selected financial information as of and for the year ended December 31, 2009 | Combined financial statements as of and for the year ended December 31, 2015 | Combined financial statements as of and for the year ended December 31, 2014 | Combined financial statements for the year ended December 31, 2013 and selected financial information as of December 31, 2013 | Selected financial information as of and for the year ended December 31, 2012 | Selected financial information as of and for the year ended December 31, 2011 |
Beverage Packaging Holdings (Luxembourg) I S.A. | Consolidated financial statements as of and for the year ended December 31, 2013 | Consolidated financial statements as of and for the year ended December 31, 2012 | Consolidated financial statements for the year ended December 31, 2011 | N/A | Consolidated financial statements as of and for the year ended December 31, 2015 | Consolidated financial statements as of and for the year ended December 31, 2014 | Consolidated financial statements for the year ended December 31, 2013 | N/A |
(1) | Includes the operations of Dopaco, Inc. and Dopaco Canada, Inc. (together, "Dopaco") for the period from May 2, 2011 to December 31, 2011 and Graham Packaging for the period from September 8, 2011 to December 31, 2011. |
(2) |
Included in this annual report to satisfy reporting requirements under the indentures governing the Reynolds Notes and the 2013 Notes. |
Included in this annual report pursuant to Rule 3-16 of Regulation S-X because the book value of the capital stock of BP I constitutes a substantial portion of the collateral that secures the Reynolds Notes. |
(In $ million) | 2013 | 2012(1) | 2011(1)(2) | 2010(1)(3) | 2009(1)(4) | 2015 | 2014(1) | 2013 | 2012 | 2011(2) | ||||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||||||||
Revenue | 13,973 | 13,830 | 11,819 | 6,801 | 5,931 | 11,178 | 11,666 | 11,752 | 11,758 | 9,787 | ||||||||||||||||||||
Gross profit | 2,652 | 2,620 | 2,088 | 1,271 | 1,252 | 2,200 | 2,016 | 2,081 | 2,098 | 1,655 | ||||||||||||||||||||
Profit (loss) from operating activities | 1,280 | 1,232 | 817 | 641 | 768 | |||||||||||||||||||||||||
Profit from operating activities | 1,246 | 974 | 946 | 962 | 612 | |||||||||||||||||||||||||
Net financial expenses | (1,244 | ) | (1,404 | ) | (1,398 | ) | (686 | ) | (492 | ) | (1,540 | ) | (1,449 | ) | (1,216 | ) | (1,386 | ) | (1,402 | ) | ||||||||||
Profit (loss) before income tax | 36 | (172 | ) | (581 | ) | (45 | ) | 276 | ||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (294 | ) | (475 | ) | (270 | ) | (424 | ) | (790 | ) | ||||||||||||||||||||
Income tax (expense) benefit | (104 | ) | 74 | 95 | (70 | ) | (154 | ) | (60 | ) | 70 | (4 | ) | 125 | 157 | |||||||||||||||
Profit (loss) | (68 | ) | (98 | ) | (486 | ) | (115 | ) | 122 | |||||||||||||||||||||
Profit (loss) from continuing operations | (354 | ) | (405 | ) | (274 | ) | (299 | ) | (633 | ) | ||||||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 2,672 | 105 | 206 | 201 | 147 | |||||||||||||||||||||||||
Profit (loss) for the year | 2,318 | (300 | ) | (68 | ) | (98 | ) | (486 | ) | |||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 664 | 516 | 1,977 | 1,588 | 1,490 | 1,556 | 597 | ||||||||||||||||||||
Trade and other receivables | 1,508 | 1,443 | 1,509 | 1,150 | 683 | |||||||||||||||||||||||||
Trade and other receivables, net | 1,095 | 1,176 | 1,508 | 1,443 | 1,509 | |||||||||||||||||||||||||
Inventories | 1,647 | 1,612 | 1,764 | 1,281 | 756 | 1,262 | 1,453 | 1,647 | 1,612 | 1,764 | ||||||||||||||||||||
Assets held for sale | 1 | 2,767 | 36 | 21 | 70 | |||||||||||||||||||||||||
Property, plant and equipment | 4,353 | 4,363 | 4,546 | 3,266 | 1,825 | 3,184 | 3,412 | 4,353 | 4,363 | 4,546 | ||||||||||||||||||||
Intangible assets | 12,055 | 12,274 | 12,545 | 8,748 | 3,279 | 10,192 | 10,499 | 12,055 | 12,274 | 12,545 | ||||||||||||||||||||
Total assets | 22,383 | 22,481 | 21,847 | 15,976 | 7,761 | 18,491 | 21,750 | 22,383 | 22,481 | 21,847 | ||||||||||||||||||||
Trade and other payables — current | 1,799 | 1,808 | 1,760 | 1,246 | 761 | 1,205 | 1,396 | 1,799 | 1,808 | 1,760 | ||||||||||||||||||||
Liabilities directly associated with assets held for sale | — | 739 | 38 | — | 30 | |||||||||||||||||||||||||
Borrowings — current | 471 | 524 | 521 | 141 | 112 | 977 | 478 | 471 | 524 | 521 | ||||||||||||||||||||
Borrowings — non-current | 17,466 | 17,378 | 16,625 | 11,701 | 4,842 | 12,785 | 17,380 | 17,466 | 17,378 | 16,625 | ||||||||||||||||||||
Total liabilities | 22,614 | 23,137 | 22,342 | 15,625 | 6,666 | 17,694 | 22,875 | 22,614 | 23,137 | 22,342 | ||||||||||||||||||||
Net assets (liabilities) | (231 | ) | (656 | ) | (495 | ) | 351 | 1,095 | 797 | (1,125 | ) | (231 | ) | (656 | ) | (495 | ) | |||||||||||||
Other Data | ||||||||||||||||||||||||||||||
Cash provided from (used in): | ||||||||||||||||||||||||||||||
Operating activities | 785 | 918 | 443 | 383 | 770 | 654 | 881 | 785 | 918 | 443 | ||||||||||||||||||||
Investing activities | (764 | ) | (539 | ) | (2,502 | ) | (4,588 | ) | (135 | ) | 3,820 | (548 | ) | (764 | ) | (539 | ) | (2,502 | ) | |||||||||||
Financing activities | (101 | ) | 555 | 2,006 | 4,345 | (501 | ) | (4,156 | ) | (96 | ) | (101 | ) | 555 | 2,006 | |||||||||||||||
Capital expenditures | 724 | 650 | 520 | 337 | 292 | 381 | 687 | 724 | 650 | 520 | ||||||||||||||||||||
EBITDA | 2,300 | 2,366 | 1,789 | 1,145 | 1,270 | |||||||||||||||||||||||||
Adjusted EBITDA | 2,612 | 2,557 | 2,112 | 1,237 | 1,140 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges(5) | 1.0x | — | — | — | 1.7x | |||||||||||||||||||||||||
EBITDA from continuing operations | 1,960 | 1,772 | 1,799 | 1,881 | 1,324 | |||||||||||||||||||||||||
Adjusted EBITDA from continuing operations | 2,019 | 1,935 | 2,068 | 2,056 | 1,636 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges(3) | — | — | — | — | — |
(1) | The |
(2) | Represents a full year of operations for the |
(3) |
The ratio of earnings to fixed charges is calculated by dividing earnings from continuing operations before income taxes |
(In $ million) | 2013 | 2012(1) | 2011(1)(2) | 2010(1)(3) | 2009(1)(4) | 2015 | 2014(1) | 2013 | 2012 | 2011(2) | ||||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||||||||
Revenue | 13,973 | 13,830 | 11,819 | 6,801 | 5,931 | 11,178 | 11,666 | 11,752 | 11,758 | 9,787 | ||||||||||||||||||||
Gross profit | 2,652 | 2,620 | 2,088 | 1,271 | 1,252 | 2,200 | 2,016 | 2,081 | 2,098 | 1,655 | ||||||||||||||||||||
Profit (loss) from operating activities | 1,318 | 1,264 | 819 | 645 | 768 | |||||||||||||||||||||||||
Profit from operating activities | 1,304 | 1,005 | 976 | 987 | 614 | |||||||||||||||||||||||||
Net financial expenses | (1,262 | ) | (1,422 | ) | (1,414 | ) | (698 | ) | (487 | ) | (1,544 | ) | (1,468 | ) | (1,234 | ) | (1,404 | ) | (1,418 | ) | ||||||||||
Profit (loss) before income tax | 56 | (158 | ) | (595 | ) | (53 | ) | 281 | ||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (240 | ) | (463 | ) | (258 | ) | (417 | ) | (804 | ) | ||||||||||||||||||||
Income tax (expense) benefit | (99 | ) | 78 | 99 | (67 | ) | (153 | ) | (58 | ) | 76 | 1 | 129 | 161 | ||||||||||||||||
Profit (loss) | (43 | ) | (80 | ) | (496 | ) | (120 | ) | 128 | |||||||||||||||||||||
Profit (loss) from continuing operations | (298 | ) | (387 | ) | (257 | ) | (288 | ) | (643 | ) | ||||||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 2,678 | 113 | 214 | 208 | 147 | |||||||||||||||||||||||||
Profit (loss) for the year | 2,380 | (274 | ) | (43 | ) | (80 | ) | (496 | ) | |||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 663 | 515 | 1,976 | 1,588 | 1,490 | 1,556 | 597 | ||||||||||||||||||||
Trade and other receivables | 1,503 | 1,433 | 1,504 | 1,145 | 683 | |||||||||||||||||||||||||
Trade and other receivables, net | 1,089 | 1,176 | 1,503 | 1,433 | 1,504 | |||||||||||||||||||||||||
Inventories | 1,647 | 1,612 | 1,764 | 1,281 | 756 | 1,262 | 1,453 | 1,647 | 1,612 | 1,764 | ||||||||||||||||||||
Assets held for sale | 1 | 2,767 | 36 | 21 | 70 | |||||||||||||||||||||||||
Property, plant and equipment | 4,353 | 4,363 | 4,546 | 3,266 | 1,825 | 3,184 | 3,412 | 4,353 | 4,363 | 4,546 | ||||||||||||||||||||
Intangible assets | 12,055 | 12,274 | 12,545 | 8,748 | 3,279 | 10,192 | 10,499 | 12,055 | 12,274 | 12,545 | ||||||||||||||||||||
Total assets | 22,076 | 22,164 | 21,571 | 15,714 | 7,534 | 18,177 | 21,510 | 22,076 | 22,164 | 21,571 | ||||||||||||||||||||
Trade and other payables — current | 1,782 | 1,791 | 1,749 | 1,236 | 756 | 1,152 | 1,381 | 1,782 | 1,791 | 1,749 | ||||||||||||||||||||
Liabilities directly associated with assets held for sale | — | 739 | 38 | — | 30 | |||||||||||||||||||||||||
Borrowings — current | 470 | 523 | 520 | 140 | 112 | 976 | 477 | 470 | 523 | 520 | ||||||||||||||||||||
Borrowings — non-current | 17,466 | 17,394 | 16,641 | 11,717 | 4,858 | 12,785 | 17,380 | 17,466 | 17,394 | 16,641 | ||||||||||||||||||||
Total liabilities | 22,588 | 23,126 | 22,342 | 15,629 | 6,684 | 17,633 | 22,849 | 22,588 | 23,126 | 22,342 | ||||||||||||||||||||
Net assets (liabilities) | (512 | ) | (962 | ) | (771 | ) | 85 | 850 | 544 | (1,339 | ) | (512 | ) | (962 | ) | (771 | ) |
(1) | The |
(2) | Represents a full year of operations for the |
Revenue by geographic region | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
United States | 59 | 68 | 55 | ||||||
Remaining North American Region | 40 | 36 | 34 | ||||||
Europe | 1,058 | 1,035 | 1,141 | ||||||
Asia | 664 | 613 | 559 | ||||||
South America | 205 | 154 | 117 | ||||||
Middle East | 202 | 170 | 130 | ||||||
Total | 2,228 | 2,076 | 2,036 |
Revenue by product group | Revenue by product group | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Carton Packaging | 842 | 815 | 795 | 835 | 848 | 842 | ||||||||||||
Liquid Packaging Board | 444 | 449 | 451 | 443 | 470 | 444 | ||||||||||||
Paper Products | 380 | 421 | 387 | 375 | 394 | 380 | ||||||||||||
Total | 1,666 | 1,685 | 1,633 | 1,653 | 1,712 | 1,666 |
Revenue by geographic region | Revenue by geographic region | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
United States | 1,478 | 1,500 | 1,470 | 1,468 | 1,522 | 1,478 | ||||||||||||
Remaining North American Region | 46 | 50 | 47 | |||||||||||||||
Asia | 142 | 135 | 116 | 143 | 147 | 142 | ||||||||||||
Other | 42 | 43 | 46 | |||||||||||||||
Total | 1,666 | 1,685 | 1,633 | 1,653 | 1,712 | 1,666 |
Revenue by geographic region | Revenue by geographic region | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
United States | 354 | 363 | 399 | 365 | 385 | 354 | ||||||||||||
Remaining North American Region | 135 | 134 | 157 | 88 | 111 | 135 | ||||||||||||
Asia | 235 | 264 | 262 | |||||||||||||||
Europe | 228 | 221 | 244 | 162 | 198 | 263 | ||||||||||||
Asia | 253 | 273 | 273 | |||||||||||||||
South America | 177 | 204 | 222 | 132 | 170 | 177 | ||||||||||||
Other | 44 | 42 | 34 | |||||||||||||||
Total | 1,191 | 1,237 | 1,329 | 982 | 1,128 | 1,191 |
Revenue by product group | Revenue by product group | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Waste and Storage | 1,056 | 1,027 | 992 | 1,205 | 1,208 | 1,056 | ||||||||||||
Cooking | 910 | 853 | 822 | 1,060 | 956 | 913 | ||||||||||||
Tableware | 739 | 739 | 745 | 704 | 714 | 739 | ||||||||||||
Total | 2,705 | 2,619 | 2,559 | 2,969 | 2,878 | 2,708 |
Revenue by product group | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Foam | 1,140 | 1,083 | 1,106 | ||||||
Plastics | 771 | 777 | 868 | ||||||
Paper and Molded Fiber | 665 | 695 | 563 | ||||||
Cups | 518 | 477 | 451 | ||||||
Aluminum and Film | 223 | 233 | 272 | ||||||
Injection Molding | 170 | 176 | 181 | ||||||
Other | 443 | 410 | 510 | ||||||
Total | 3,930 | 3,851 | 3,951 |
Revenue by geographic region | Revenue by geographic region | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
United States | 3,356 | 3,304 | 3,433 | 3,452 | 3,481 | 3,436 | ||||||||||||
Remaining North American Region | 380 | 358 | 319 | 356 | 373 | 380 | ||||||||||||
Europe | 145 | 141 | 147 | 114 | 137 | 145 | ||||||||||||
Asia | 49 | 48 | 52 | |||||||||||||||
Other | 36 | 43 | 49 | |||||||||||||||
Total | 3,930 | 3,851 | 3,951 | 3,958 | 4,034 | 4,010 |
Revenue by product group | Revenue by product group | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Food and Beverage | 2,048 | 2,081 | 2,064 | 1,704 | 1,875 | 2,048 | ||||||||||||
Household | 482 | 481 | 538 | 347 | 408 | 482 | ||||||||||||
Automotive Lubricants | 323 | 316 | 329 | 284 | 325 | 323 | ||||||||||||
Personal Care | 171 | 167 | 166 | 112 | 137 | 171 | ||||||||||||
Total | 3,024 | 3,045 | 3,097 | 2,447 | 2,745 | 3,024 |
Revenue by geographic region | Revenue by geographic region | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
United States | 2,343 | 2,405 | 2,472 | 1,996 | 2,179 | 2,343 | ||||||||||||
Remaining North American Region | 235 | 229 | 223 | 157 | 202 | 235 | ||||||||||||
Europe | 260 | 261 | 254 | 187 | 211 | 260 | ||||||||||||
Asia | 58 | 37 | 32 | |||||||||||||||
South America | 128 | 113 | 116 | 64 | 102 | 128 | ||||||||||||
Other | 43 | 51 | 58 | |||||||||||||||
Total | 3,024 | 3,045 | 3,097 | 2,447 | 2,745 | 3,024 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2013 | % of revenue | 2012(1) | % of revenue | Change | % change | 2015 | % of revenue | 2014 | % of revenue | Change | % change | ||||||||||||||||||||||||
Revenue | 13,973 | 100 | % | 13,830 | 100 | % | 143 | 1 | % | 11,178 | 100 | % | 11,666 | 100 | % | (488 | ) | (4 | )% | |||||||||||||||||
Cost of sales | (11,321 | ) | (81 | )% | (11,210 | ) | (81 | )% | (111 | ) | 1 | % | (8,978 | ) | (80 | )% | (9,650 | ) | (83 | )% | 672 | (7 | )% | |||||||||||||
Gross profit | 2,652 | 19 | % | 2,620 | 19 | % | 32 | 1 | % | 2,200 | 20 | % | 2,016 | 17 | % | 184 | 9 | % | ||||||||||||||||||
Selling, marketing and distribution expenses/General and administration expenses | (1,273 | ) | (9 | )% | (1,309 | ) | (9 | )% | 36 | (3 | )% | (1,007 | ) | (9 | )% | (996 | ) | (9 | )% | (11 | ) | 1 | % | |||||||||||||
Net other income (expense) | (125 | ) | (1 | )% | (106 | ) | (1 | )% | (19 | ) | 18 | % | ||||||||||||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 26 | — | % | 27 | — | % | (1 | ) | (4 | )% | ||||||||||||||||||||||||||
Net other income (expenses) | 53 | — | % | (46 | ) | — | % | 99 | NM | |||||||||||||||||||||||||||
Profit from operating activities | 1,280 | 9 | % | 1,232 | 9 | % | 48 | 4 | % | 1,246 | 11 | % | 974 | 8 | % | 272 | 28 | % | ||||||||||||||||||
Financial income | 167 | 1 | % | 286 | 2 | % | (119 | ) | (42 | )% | 22 | — | % | 25 | — | % | (3 | ) | (12 | )% | ||||||||||||||||
Financial expenses | (1,411 | ) | (10 | )% | (1,690 | ) | (12 | )% | 279 | (17 | )% | (1,562 | ) | (14 | )% | (1,474 | ) | (13 | )% | (88 | ) | 6 | % | |||||||||||||
Net financial expenses | (1,244 | ) | (9 | )% | (1,404 | ) | (10 | )% | 160 | (11 | )% | (1,540 | ) | (14 | )% | (1,449 | ) | (12 | )% | (91 | ) | 6 | % | |||||||||||||
Profit (loss) before income tax | 36 | — | % | (172 | ) | (1 | )% | 208 | NM | |||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (294 | ) | (3 | )% | (475 | ) | (4 | )% | 181 | 38 | % | |||||||||||||||||||||||||
Income tax (expense) benefit | (104 | ) | (1 | )% | 74 | 1 | % | (178 | ) | NM | (60 | ) | (1 | )% | 70 | 1 | % | (130 | ) | NM | ||||||||||||||||
Profit (loss) from continuing operations | (354 | ) | (3 | )% | (405 | ) | (3 | )% | 51 | 13 | % | |||||||||||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 2,672 | NM | 105 | NM | 2,567 | NM | ||||||||||||||||||||||||||||||
Profit (loss) for the year | (68 | ) | — | % | (98 | ) | (1 | )% | 30 | (31 | )% | 2,318 | NM | (300 | ) | NM | 2,618 | NM | ||||||||||||||||||
Depreciation and amortization | 1,020 | 7 | % | 1,134 | 8 | % | (114 | ) | (10 | )% | ||||||||||||||||||||||||||
RGHL Group EBITDA(2) | 2,300 | 16 | % | 2,366 | 17 | % | (66 | ) | (3 | )% | ||||||||||||||||||||||||||
RGHL Group Adjusted EBITDA(2) | 2,612 | 19 | % | 2,557 | 18 | % | 55 | 2 | % | |||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 714 | 6 | % | 798 | 7 | % | (84 | ) | (11 | )% | ||||||||||||||||||||||||||
RGHL Group Adjusted EBITDA(1) from continuing operations | 2,019 | 18 | % | 1,935 | 17 | % | 84 | 4 | % |
(1) |
For the year ended December 31, | ||||||
(In $ million) | 2013 | 2012(1) | ||||
Profit from operating activities | 1,280 | 1,232 | ||||
Depreciation and amortization | 1,020 | 1,134 | ||||
EBITDA(2) | 2,300 | 2,366 | ||||
Included in the RGHL Group EBITDA: | ||||||
Asset impairment charges | 42 | 33 | ||||
Business acquisition and integration costs | 36 | 61 | ||||
Business interruption costs | (1 | ) | 1 | |||
Equity method profit, net of cash distributed | 2 | (20 | ) | |||
Fixed asset adjustment | — | 10 | ||||
Gain on sale of businesses and properties | (3 | ) | (77 | ) | ||
Hurricane Sandy plant damage, net of insurance recoveries | (10 | ) | 16 | |||
Impact of purchase price accounting on inventories | 2 | — | ||||
Manufacturing plant fires, net of insurance recoveries | 3 | 3 | ||||
Multi-employer pension plan withdrawal | 66 | — | ||||
Non-cash changes in inventory and provisions | (5 | ) | 1 | |||
Non-cash pension expense | 57 | 59 | ||||
Operational process engineering-related consultancy costs | 14 | 17 | ||||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | 33 | — | ||||
Related party management fee | 38 | 32 | ||||
Restructuring costs, net of reversals | 53 | 57 | ||||
SEC registration costs | — | 8 | ||||
Unrealized (gain) loss on derivatives | (5 | ) | (7 | ) | ||
VAT and customs refunds on historical imports | (16 | ) | (2 | ) | ||
Other | 6 | (1 | ) | |||
RGHL Group Adjusted EBITDA(2) | 2,612 | 2,557 | ||||
Segment detail of Adjusted EBITDA: | ||||||
SIG | 543 | 500 | ||||
Evergreen | 247 | 233 | ||||
Closures | 162 | 187 | ||||
Reynolds Consumer Products | 596 | 603 | ||||
Pactiv Foodservice | 583 | 611 | ||||
Graham Packaging | 523 | 467 | ||||
Corporate/unallocated(3) | (42 | ) | (44 | ) | ||
RGHL Group Adjusted EBITDA | 2,612 | 2,557 |
For the year ended December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Profit from operating activities | 1,246 | 974 | ||||
Depreciation and amortization from continuing operations | 714 | 798 | ||||
RGHL Group EBITDA(1) from continuing operations | 1,960 | 1,772 | ||||
Included in the RGHL Group EBITDA: | ||||||
Asset impairment charges, net of reversals | 17 | 11 | ||||
Gain on sale of businesses and properties | (1 | ) | (34 | ) | ||
Litigation settlement | — | (18 | ) | |||
Non-cash change in multi-employer pension plan withdrawal liability | (1 | ) | 14 | |||
Non-cash pension expense | 65 | 31 | ||||
Operational process engineering-related consultancy costs | 18 | 7 | ||||
Plant damages and associated insurance recoveries, net | — | (69 | ) | |||
Related party management fee | 59 | 31 | ||||
Restructuring costs, net of reversals | 9 | 45 | ||||
Strategic review costs | 2 | 18 | ||||
Unrealized (gain) loss on derivatives | (106 | ) | 125 | |||
Other | (3 | ) | 2 | |||
RGHL Group Adjusted EBITDA(1) from continuing operations | 2,019 | 1,935 | ||||
Segment detail of Adjusted EBITDA: | ||||||
Evergreen | 282 | 271 | ||||
Closures | 147 | 177 | ||||
Reynolds Consumer Products | 581 | 525 | ||||
Pactiv Foodservice | 602 | 553 | ||||
Graham Packaging | 445 | 446 | ||||
Corporate/Unallocated(2) | (38 | ) | (37 | ) | ||
RGHL Group Adjusted EBITDA from continuing operations | 2,019 | 1,935 |
(1) |
(2) |
Corporate/Unallocated includes holding companies and certain debt issuer companies which support the entire RGHL Group and which are not part of a specific segment. It also includes eliminations of transactions between segments. |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2013 | % of segment revenue | 2012(1) | % of segment revenue | Change | % change | 2015 | % of segment revenue | 2014 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 2,228 | 100 | % | 2,076 | 100 | % | 152 | 7 | % | 1,553 | 94 | % | 1,597 | 93 | % | (44 | ) | (3 | )% | |||||||||||||||||
Inter-segment revenue | — | — | % | — | — | % | — | — | % | 100 | 6 | % | 115 | 7 | % | (15 | ) | (13 | )% | |||||||||||||||||
Total segment revenue | 2,228 | 100 | % | 2,076 | 100 | % | 152 | 7 | % | 1,653 | 100 | % | 1,712 | 100 | % | (59 | ) | (3 | )% | |||||||||||||||||
Cost of sales | (1,657 | ) | (74 | )% | (1,554 | ) | (75 | )% | (103 | ) | 7 | % | (1,343 | ) | (81 | )% | (1,422 | ) | (83 | )% | 79 | (6 | )% | |||||||||||||
Gross profit | 571 | 26 | % | 522 | 25 | % | 49 | 9 | % | 310 | 19 | % | 290 | 17 | % | 20 | 7 | % | ||||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (229 | ) | (10 | )% | (269 | ) | (13 | )% | 40 | (15 | )% | (85 | ) | (5 | )% | (93 | ) | (5 | )% | 8 | (9 | )% | ||||||||||||||
Net other income (expense) | (26 | ) | (1 | )% | (3 | ) | — | % | (23 | ) | NM | |||||||||||||||||||||||||
Net other income (expenses) | 6 | — | % | (3 | ) | — | % | 9 | NM | |||||||||||||||||||||||||||
Profit from operating activities | 341 | 15 | % | 276 | 13 | % | 65 | 24 | % | 231 | 14 | % | 194 | 11 | % | 37 | 19 | % | ||||||||||||||||||
SIG segment EBITDA | 508 | 23 | % | 491 | 24 | % | 17 | 3 | % | |||||||||||||||||||||||||||
SIG segment Adjusted EBITDA | 543 | 24 | % | 500 | 24 | % | 43 | 9 | % | |||||||||||||||||||||||||||
Evergreen segment Adjusted EBITDA | 282 | 17 | % | 271 | 16 | % | 11 | 4 | % |
For the year ended December 31, | ||||||
(In $ million) | 2013 | 2012(1) | ||||
Profit from operating activities | 341 | 276 | ||||
Depreciation and amortization | 167 | 215 | ||||
EBITDA | 508 | 491 | ||||
Included in SIG segment EBITDA: | ||||||
Equity method profit, net of cash distributed | 2 | (19 | ) | |||
Fixed asset adjustment | — | 10 | ||||
Gain on sale of businesses and properties | (2 | ) | — | |||
Non-cash changes in inventory and provisions | (2 | ) | (8 | ) | ||
Operational process engineering-related consultancy costs | 9 | 1 | ||||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | 33 | — | ||||
Restructuring costs, net of reversals | 12 | 20 | ||||
Unrealized loss on derivatives | (2 | ) | 7 | |||
VAT and customs refunds on historical imports | (16 | ) | (2 | ) | ||
Other | 1 | — | ||||
SIG segment Adjusted EBITDA | 543 | 500 |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2013 | % of segment revenue | 2012(1) | % of segment revenue | Change | % change | ||||||||||||
External revenue | 1,553 | 93 | % | 1,601 | 95 | % | (48 | ) | (3 | )% | ||||||||
Inter-segment revenue | 113 | 7 | % | 84 | 5 | % | 29 | 35 | % | |||||||||
Total segment revenue | 1,666 | 100 | % | 1,685 | 100 | % | (19 | ) | (1 | )% | ||||||||
Cost of sales | (1,453 | ) | (87 | )% | (1,416 | ) | (84 | )% | (37 | ) | 3 | % | ||||||
Gross profit | 213 | 13 | % | 269 | 16 | % | (56 | ) | (21 | )% | ||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (85 | ) | (5 | )% | (97 | ) | (6 | )% | 12 | (12 | )% | |||||||
Net other income (expense) | 1 | — | % | 4 | — | % | (3 | ) | (75 | )% | ||||||||
Profit from operating activities | 130 | 8 | % | 177 | 11 | % | (47 | ) | (27 | )% | ||||||||
Evergreen segment EBITDA | 187 | 11 | % | 234 | 14 | % | (47 | ) | (20 | )% | ||||||||
Evergreen segment Adjusted EBITDA | 247 | 15 | % | 233 | 14 | % | 14 | 6 | % |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012(1) | 2015 | 2014 | ||||||||
Profit from operating activities | 130 | 177 | 231 | 194 | ||||||||
Depreciation and amortization | 57 | 57 | 57 | 57 | ||||||||
EBITDA | 187 | 234 | 288 | 251 | ||||||||
Included in Evergreen segment EBITDA: | ||||||||||||
Equity method profit, net of cash distributed | — | (1 | ) | |||||||||
Multi-employer pension plan withdrawal | 61 | — | ||||||||||
Restructuring costs, net of reversals | — | 2 | ||||||||||
Unrealized (gain) loss on derivatives | (1 | ) | (2 | ) | ||||||||
Non-cash change in multi-employer pension plan withdrawal liability | (1 | ) | 13 | |||||||||
Other | (5 | ) | 7 | |||||||||
Evergreen segment Adjusted EBITDA | 247 | 233 | 282 | 271 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2013 | % of segment revenue | 2012(1) | % of segment revenue | Change | % change | 2015 | % of segment revenue | 2014 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 1,174 | 99 | % | 1,224 | 99 | % | (50 | ) | (4 | )% | 968 | 99 | % | 1,116 | 99 | % | (148 | ) | (13 | )% | ||||||||||||||||
Inter-segment revenue | 17 | 1 | % | 13 | 1 | % | 4 | 31 | % | 14 | 1 | % | 12 | 1 | % | 2 | 17 | % | ||||||||||||||||||
Total segment revenue | 1,191 | 100 | % | 1,237 | 100 | % | (46 | ) | (4 | )% | 982 | 100 | % | 1,128 | 100 | % | (146 | ) | (13 | )% | ||||||||||||||||
Cost of sales | (1,001 | ) | (84 | )% | (1,005 | ) | (81 | )% | 4 | — | % | (818 | ) | (83 | )% | (937 | ) | (83 | )% | 119 | (13 | )% | ||||||||||||||
Gross profit | 190 | 16 | % | 232 | 19 | % | (42 | ) | (18 | )% | 164 | 17 | % | 191 | 17 | % | (27 | ) | (14 | )% | ||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (120 | ) | (10 | )% | (122 | ) | (10 | )% | 2 | (2 | )% | (96 | ) | (10 | )% | (101 | ) | (9 | )% | 5 | (5 | )% | ||||||||||||||
Net other income (expense) | (10 | ) | (1 | )% | (7 | ) | (1 | )% | (3 | ) | 43 | % | ||||||||||||||||||||||||
Net other income (expenses) | 4 | — | % | 7 | 1 | % | (3 | ) | (43 | )% | ||||||||||||||||||||||||||
Profit from operating activities | 60 | 5 | % | 103 | 8 | % | (43 | ) | (42 | )% | 72 | 7 | % | 97 | 9 | % | (25 | ) | (26 | )% | ||||||||||||||||
Closures segment EBITDA | 137 | 12 | % | 178 | 14 | % | (41 | ) | (23 | )% | ||||||||||||||||||||||||||
Closures segment Adjusted EBITDA | 162 | 14 | % | 187 | 15 | % | (25 | ) | (13 | )% | 147 | 15 | % | 177 | 16 | % | (30 | ) | (17 | )% |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012(1) | 2015 | 2014 | ||||||||
Profit from operating activities | 60 | 103 | 72 | 97 | ||||||||
Depreciation and amortization | 77 | 75 | 68 | 74 | ||||||||
EBITDA | 137 | 178 | 140 | 171 | ||||||||
Included in Closures segment EBITDA: | ||||||||||||
Asset impairment charges | 11 | 3 | ||||||||||
Business interruption costs | (1 | ) | 1 | |||||||||
Gain on sale of businesses and properties | — | (14 | ) | |||||||||
Restructuring costs, net of reversals | 17 | 5 | 7 | 7 | ||||||||
Unrealized (gain) loss on derivatives | (4 | ) | (1 | ) | (4 | ) | 10 | |||||
Other | 2 | 1 | 4 | 3 | ||||||||
Closures segment Adjusted EBITDA | 162 | 187 | 147 | 177 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2013 | % of segment revenue | 2012(1) | % of segment revenue | Change | % change | 2015 | % of segment revenue | 2014 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 2,572 | 95 | % | 2,508 | 96 | % | 64 | 3 | % | 2,796 | 94 | % | 2,717 | 94 | % | 79 | 3 | % | ||||||||||||||||||
Inter-segment revenue | 133 | 5 | % | 111 | 4 | % | 22 | 20 | % | 173 | 6 | % | 161 | 6 | % | 12 | 7 | % | ||||||||||||||||||
Total segment revenue | 2,705 | 100 | % | 2,619 | 100 | % | 86 | 3 | % | 2,969 | 100 | % | 2,878 | 100 | % | 91 | 3 | % | ||||||||||||||||||
Cost of sales | (1,985 | ) | (73 | )% | (1,903 | ) | (73 | )% | (82 | ) | 4 | % | (2,226 | ) | (75 | )% | (2,223 | ) | (77 | )% | (3 | ) | — | % | ||||||||||||
Gross profit | 720 | 27 | % | 716 | 27 | % | 4 | 1 | % | 743 | 25 | % | 655 | 23 | % | 88 | 13 | % | ||||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (242 | ) | (9 | )% | (244 | ) | (9 | )% | 2 | (1 | )% | (261 | ) | (9 | )% | (236 | ) | (8 | )% | (25 | ) | 11 | % | |||||||||||||
Net other income (expense) | (3 | ) | — | % | 7 | — | % | (10 | ) | NM | ||||||||||||||||||||||||||
Net other income (expenses) | 24 | 1 | % | (23 | ) | (1 | )% | 47 | NM | |||||||||||||||||||||||||||
Profit from operating activities | 475 | 18 | % | 479 | 18 | % | (4 | ) | (1 | )% | 506 | 17 | % | 396 | 14 | % | 110 | 28 | % | |||||||||||||||||
Reynolds Consumer Products segment EBITDA | 589 | 22 | % | 605 | 23 | % | (16 | ) | (3 | )% | ||||||||||||||||||||||||||
Reynolds Consumer Products segment Adjusted EBITDA | 596 | 22 | % | 603 | 23 | % | (7 | ) | (1 | )% | 581 | 20 | % | 525 | 18 | % | 56 | 11 | % |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012(1) | 2015 | 2014 | ||||||||
Profit from operating activities | 475 | 479 | 506 | 396 | ||||||||
Depreciation and amortization | 114 | 126 | 96 | 98 | ||||||||
EBITDA | 589 | 605 | 602 | 494 | ||||||||
Included in Reynolds Consumer Products segment EBITDA: | ||||||||||||
Asset impairment charges | 1 | 1 | ||||||||||
Business acquisition and integration costs | — | 2 | ||||||||||
Non-cash changes in inventory and provisions | — | 3 | ||||||||||
Impact of purchase price accounting on inventories | 1 | — | ||||||||||
Operational process engineering-related consultancy costs | — | 2 | ||||||||||
Restructuring costs, net of reversals | 1 | — | ||||||||||
Unrealized (gain) loss on derivatives | 4 | (10 | ) | (21 | ) | 25 | ||||||
Other | — | 6 | ||||||||||
Reynolds Consumer Products segment Adjusted EBITDA | 596 | 603 | 581 | 525 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2013 | % of segment revenue | 2012(1) | % of segment revenue | Change | % change | 2015 | % of segment revenue | 2014 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 3,422 | 87 | % | 3,376 | 88 | % | 46 | 1 | % | 3,414 | 86 | % | 3,491 | 87 | % | (77 | ) | (2 | )% | |||||||||||||||||
Inter-segment revenue | 508 | 13 | % | 475 | 12 | % | 33 | 7 | % | 544 | 14 | % | 543 | 13 | % | 1 | — | % | ||||||||||||||||||
Total segment revenue | 3,930 | 100 | % | 3,851 | 100 | % | 79 | 2 | % | 3,958 | 100 | % | 4,034 | 100 | % | (76 | ) | (2 | )% | |||||||||||||||||
Cost of sales | (3,311 | ) | (84 | )% | (3,250 | ) | (84 | )% | (61 | ) | 2 | % | (3,338 | ) | (84 | )% | (3,464 | ) | (86 | )% | 126 | (4 | )% | |||||||||||||
Gross profit | 619 | 16 | % | 601 | 16 | % | 18 | 3 | % | 620 | 16 | % | 570 | 14 | % | 50 | 9 | % | ||||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (293 | ) | (7 | )% | (284 | ) | (7 | )% | (9 | ) | 3 | % | (258 | ) | (7 | )% | (274 | ) | (7 | )% | 16 | (6 | )% | |||||||||||||
Net other income (expense) | 12 | — | % | 14 | — | % | (2 | ) | (14 | )% | ||||||||||||||||||||||||||
Net other income (expenses) | 81 | 2 | % | 2 | — | % | 79 | NM | ||||||||||||||||||||||||||||
Profit from operating activities | 338 | 9 | % | 331 | 9 | % | 7 | 2 | % | 443 | 11 | % | 298 | 7 | % | 145 | 49 | % | ||||||||||||||||||
Pactiv Foodservice segment EBITDA | 566 | 14 | % | 614 | 16 | % | (48 | ) | (8 | )% | ||||||||||||||||||||||||||
Pactiv Foodservice segment Adjusted EBITDA | 583 | 15 | % | 611 | 16 | % | (28 | ) | (5 | )% | 602 | 15 | % | 553 | 14 | % | 49 | 9 | % |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012(1) | 2015 | 2014 | ||||||||
Profit from operating activities | 338 | 331 | 443 | 298 | ||||||||
Depreciation and amortization | 228 | 283 | 211 | 245 | ||||||||
EBITDA | 566 | 614 | 654 | 543 | ||||||||
Included in Pactiv Foodservice segment EBITDA: | ||||||||||||
Asset impairment charges | 9 | 13 | ||||||||||
Business acquisition and integration costs | — | 24 | ||||||||||
Gain on sale of businesses and properties | (1 | ) | (77 | ) | — | (20 | ) | |||||
Hurricane Sandy plant damage, net of insurance recoveries | (10 | ) | 16 | |||||||||
Impact of purchase price accounting on inventories | 1 | — | ||||||||||
Manufacturing plant fires, net of insurance recoveries | 3 | 3 | ||||||||||
Multi-employer pension plan withdrawal | 5 | — | ||||||||||
Non-cash changes in inventory and provisions | — | 6 | ||||||||||
Operational process engineering-related consultancy costs | — | 14 | 18 | — | ||||||||
Plant damages and associated insurance recoveries, net | — | (69 | ) | |||||||||
Restructuring costs, net of reversals | 10 | 4 | 1 | 11 | ||||||||
Unrealized (gain) loss on derivatives | (2 | ) | (1 | ) | (77 | ) | 84 | |||||
Other | 2 | (5 | ) | 6 | 4 | |||||||
Pactiv Foodservice segment Adjusted EBITDA | 583 | 611 | 602 | 553 |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2013 | % of segment revenue | 2012(1) | % of segment revenue | Change | % change | ||||||||||||
External revenue | 3,024 | 100 | % | 3,045 | 100 | % | (21 | ) | (1 | )% | ||||||||
Inter-segment revenue | — | — | % | — | — | % | — | — | % | |||||||||
Total segment revenue | 3,024 | 100 | % | 3,045 | 100 | % | (21 | ) | (1 | )% | ||||||||
Cost of sales | (2,685 | ) | (89 | )% | (2,765 | ) | (91 | )% | 80 | (3 | )% | |||||||
Gross profit | 339 | 11 | % | 280 | 9 | % | 59 | 21 | % | |||||||||
Selling, marketing and distribution expenses/General and administration expenses | (204 | ) | (7 | )% | (184 | ) | (6 | )% | (20 | ) | 11 | % | ||||||
Net other income (expense) | (62 | ) | (2 | )% | (82 | ) | (3 | )% | 20 | (24 | )% | |||||||
Profit (loss) from operating activities | 73 | 2 | % | 14 | — | % | 59 | 421 | % | |||||||||
Graham Packaging segment EBITDA | 448 | 15 | % | 391 | 13 | % | 57 | 15 | % | |||||||||
Graham Packaging segment Adjusted EBITDA | 523 | 17 | % | 467 | 15 | % | 56 | 12 | % |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2015 | % of segment revenue | 2014 | % of segment revenue | Change | % change | ||||||||||||
External revenue | 2,447 | 100 | % | 2,745 | 100 | % | (298 | ) | (11 | )% | ||||||||
Inter-segment revenue | — | — | % | — | — | % | — | — | % | |||||||||
Total segment revenue | 2,447 | 100 | % | 2,745 | 100 | % | (298 | ) | (11 | )% | ||||||||
Cost of sales | (2,083 | ) | (85 | )% | (2,439 | ) | (89 | )% | 356 | (15 | )% | |||||||
Gross profit | 364 | 15 | % | 306 | 11 | % | 58 | 19 | % | |||||||||
Selling, marketing and distribution expenses/General and administration expenses | (205 | ) | (8 | )% | (213 | ) | (8 | )% | 8 | (4 | )% | |||||||
Net other income (expenses) | (2 | ) | — | % | 20 | 1 | % | (22 | ) | NM | ||||||||
Profit from operating activities | 157 | 6 | % | 113 | 4 | % | 44 | 39 | % | |||||||||
Graham Packaging segment Adjusted EBITDA | 445 | 18 | % | 446 | 16 | % | (1 | ) | — | % |
For the year ended December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Profit from operating activities | 157 | 113 | ||||
Depreciation and amortization | 282 | 324 | ||||
EBITDA | 439 | 437 | ||||
Included in Graham Packaging segment EBITDA: | ||||||
Litigation settlement | — | (18 | ) | |||
Restructuring costs, net of reversals | 1 | 19 | ||||
Other | 5 | 8 | ||||
Graham Packaging segment Adjusted EBITDA | 445 | 446 |
For the year ended December 31, | ||||||||||||
(In $ million, except for %) | 2015 | 2014 | Change | % change | ||||||||
Gross profit (loss) | (1 | ) | 4 | (5 | ) | NM | ||||||
Selling, marketing and distribution expenses/General and administration expenses | (102 | ) | (79 | ) | (23 | ) | 29 | % | ||||
Net other income (expenses) | (60 | ) | (49 | ) | (11 | ) | 22 | % | ||||
Loss from operating activities | (163 | ) | (124 | ) | (39 | ) | (31 | )% | ||||
Corporate/Unallocated Adjusted EBITDA | (38 | ) | (37 | ) | (1 | ) | (3 | )% |
For the year ended December 31, | ||||||
(In $ million) | 2013 | 2012(1) | ||||
Profit (loss) from operating activities | 73 | 14 | ||||
Depreciation and amortization | 375 | 377 | ||||
EBITDA | 448 | 391 | ||||
Included in Graham Packaging segment EBITDA: | ||||||
Asset impairment charges | 21 | 16 | ||||
Business acquisition and integration costs | 36 | 31 | ||||
Operational process engineering-related consultancy costs | 5 | — | ||||
Restructuring costs, net of reversals | 13 | 27 | ||||
Other | — | 2 | ||||
Graham Packaging segment Adjusted EBITDA | 523 | 467 |
For the year ended December 31, | ||||||||||||
(In $ million, except for %) | 2013 | 2012(1) | Change | % change | ||||||||
Selling, marketing and distribution expenses/General and administration expenses | (100 | ) | (109 | ) | 9 | (8 | )% | |||||
Net other income (expense) | (37 | ) | (39 | ) | 2 | (5 | )% | |||||
Loss from operating activities | (137 | ) | (148 | ) | 11 | (7 | )% | |||||
Corporate/Unallocated EBITDA | (135 | ) | (147 | ) | 12 | (8 | )% | |||||
Corporate/Unallocated Adjusted EBITDA | (42 | ) | (44 | ) | 2 | (5 | )% |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012(1) | 2015 | 2014 | ||||||||
Loss from operating activities | (137 | ) | (148 | ) | (163 | ) | (124 | ) | ||||
Depreciation and amortization | 2 | 1 | — | — | ||||||||
EBITDA | (135 | ) | (147 | ) | (163 | ) | (124 | ) | ||||
Included in Corporate/Unallocated EBITDA: | ||||||||||||
Business acquisition and integration costs | — | 4 | ||||||||||
Non-cash changes in inventory and provisions | (3 | ) | — | |||||||||
Non-cash pension expense | 57 | 59 | 65 | 31 | ||||||||
Related party management fee | 38 | 32 | 59 | 31 | ||||||||
Restructuring costs, net of reversals | — | (1 | ) | |||||||||
SEC registration costs | — | 8 | ||||||||||
Strategic review costs | 2 | 18 | ||||||||||
Other | 1 | 1 | (1 | ) | 7 | |||||||
Corporate/Unallocated Adjusted EBITDA | (42 | ) | (44 | ) | (38 | ) | (37 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2012(1) | % of Revenue | 2011(1)(2) | % of Revenue | Change | % change | 2014 | % of revenue | 2013 | % of revenue | Change | % change | ||||||||||||||||||||||||
Revenue | 13,830 | 100 | % | 11,819 | 100 | % | 2,011 | 17 | % | 11,666 | 100 | % | 11,752 | 100 | % | (86 | ) | (1 | )% | |||||||||||||||||
Cost of sales | (11,210 | ) | (81 | )% | (9,731 | ) | (82 | )% | (1,479 | ) | 15 | % | (9,650 | ) | (83 | )% | (9,671 | ) | (82 | )% | 21 | — | % | |||||||||||||
Gross profit | 2,620 | 19 | % | 2,088 | 18 | % | 532 | 25 | % | 2,016 | 17 | % | 2,081 | 18 | % | (65 | ) | (3 | )% | |||||||||||||||||
Selling, marketing and distribution expenses/General and administration expenses | (1,309 | ) | (9 | )% | (1,077 | ) | (9 | )% | (232 | ) | 22 | % | (996 | ) | (9 | )% | (1,044 | ) | (9 | )% | 48 | (5 | )% | |||||||||||||
Net other income (expense) | (106 | ) | (1 | )% | (211 | ) | (2 | )% | 105 | (50 | )% | |||||||||||||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 27 | — | % | 17 | — | % | 10 | 59 | % | |||||||||||||||||||||||||||
Net other income (expenses) | (46 | ) | — | % | (91 | ) | (1 | )% | 45 | (49 | )% | |||||||||||||||||||||||||
Profit from operating activities | 1,232 | 9 | % | 817 | 7 | % | 415 | 51 | % | 974 | 8 | % | 946 | 8 | % | 28 | 3 | % | ||||||||||||||||||
Financial income | 286 | 2 | % | 22 | — | % | 264 | NM | 25 | — | % | 189 | 2 | % | (164 | ) | (87 | )% | ||||||||||||||||||
Financial expenses | (1,690 | ) | (12 | )% | (1,420 | ) | (12 | )% | (270 | ) | 19 | % | (1,474 | ) | (13 | )% | (1,405 | ) | (12 | )% | (69 | ) | 5 | % | ||||||||||||
Net financial expenses | (1,404 | ) | (10 | )% | (1,398 | ) | (12 | )% | (6 | ) | — | % | (1,449 | ) | (12 | )% | (1,216 | ) | (10 | )% | (233 | ) | 19 | % | ||||||||||||
Profit (loss) before income tax | (172 | ) | (1 | )% | (581 | ) | (5 | )% | 409 | (70 | )% | |||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (475 | ) | (4 | )% | (270 | ) | (2 | )% | (205 | ) | (76 | )% | ||||||||||||||||||||||||
Income tax (expense) benefit | 74 | 1 | % | 95 | 1 | % | (21 | ) | (22 | )% | 70 | 1 | % | (4 | ) | NM | 74 | NM | ||||||||||||||||||
Profit (loss) from continuing operations | (405 | ) | (3 | )% | (274 | ) | (2 | )% | (131 | ) | (48 | )% | ||||||||||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 105 | NM | 206 | NM | (101 | ) | (49 | )% | ||||||||||||||||||||||||||||
Profit (loss) for the year | (98 | ) | (1 | )% | (486 | ) | (4 | )% | 388 | (80 | )% | (300 | ) | NM | (68 | ) | NM | (232 | ) | NM | ||||||||||||||||
Depreciation and amortization | 1,134 | 8 | % | 972 | 8 | % | 162 | 17 | % | |||||||||||||||||||||||||||
RGHL Group EBITDA(3) | 2,366 | 17 | % | 1,789 | 15 | % | 577 | 32 | % | |||||||||||||||||||||||||||
RGHL Group Adjusted EBITDA(3) | 2,557 | 18 | % | 2,112 | 18 | % | 445 | 21 | % | |||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 798 | 7 | % | 853 | 7 | % | (55 | ) | (6 | )% | ||||||||||||||||||||||||||
RGHL Group Adjusted EBITDA(1) from continuing operations | 1,935 | 17 | % | 2,068 | 18 | % | (133 | ) | (6 | )% |
(1) |
For the year ended December 31, | ||||||
(In $ million) | 2012(1) | 2011(1)(2) | ||||
Profit from operating activities | 1,232 | 817 | ||||
Depreciation and amortization | 1,134 | 972 | ||||
EBITDA(3) | 2,366 | 1,789 | ||||
Included in the RGHL Group EBITDA: | ||||||
Asset impairment charges | 33 | 12 | ||||
Business acquisition and integration costs | 61 | 85 | ||||
Business interruption costs | 1 | 2 | ||||
Change in control payments | — | 12 | ||||
Equity method profit, net of cash distributed | (20 | ) | (10 | ) | ||
Fixed asset adjustment | 10 | — | ||||
Gain on modification of plan benefits | — | (25 | ) | |||
Gain on sale of businesses and properties | (77 | ) | (5 | ) | ||
Hurricane Sandy plant damage, net of insurance recoveries | 16 | — | ||||
Impact of purchase price accounting on inventories | — | 33 | ||||
Manufacturing plant fires, net of insurance recoveries | 3 | — | ||||
Non-cash changes in inventory and provisions | 1 | 3 | ||||
Non-cash pension expense | 59 | 54 | ||||
Operational process engineering-related consultancy costs | 17 | 42 | ||||
Related party management fee | 32 | — | ||||
Restructuring costs, net of reversals | 57 | 88 | ||||
SEC registration costs | 8 | 6 | ||||
Unrealized (gain) loss on derivatives | (7 | ) | 26 | |||
VAT and customs refunds on historical imports | (2 | ) | 1 | |||
Other | (1 | ) | (1 | ) | ||
RGHL Group Adjusted EBITDA(3) | 2,557 | 2,112 | ||||
Segment detail of Adjusted EBITDA: | ||||||
SIG | 500 | 475 | ||||
Evergreen | 233 | 214 | ||||
Closures | 187 | 195 | ||||
Reynolds Consumer Products | 603 | 556 | ||||
Pactiv Foodservice | 611 | 549 | ||||
Graham Packaging | 467 | 155 | ||||
Corporate/unallocated(4) | (44 | ) | (32 | ) | ||
RGHL Group Adjusted EBITDA(3) | 2,557 | 2,112 |
For the year ended December 31, | ||||||
(In $ million) | 2014 | 2013 | ||||
Profit from operating activities | 974 | 946 | ||||
Depreciation and amortization from continuing operations | 798 | 853 | ||||
RGHL Group EBITDA(1) from continuing operations | 1,772 | 1,799 | ||||
Included in the RGHL Group EBITDA: | ||||||
Asset impairment charges, net of reversals | 11 | 42 | ||||
Business integration costs | 3 | 36 | ||||
Gain on sale of businesses and properties | (34 | ) | (1 | ) | ||
Litigation settlement | (18 | ) | — | |||
Non-cash change in multi-employer pension plan withdrawal liability | 14 | 66 | ||||
Non-cash pension expense | 31 | 57 | ||||
Plant damages and associated insurance recoveries, net | (69 | ) | (7 | ) | ||
Related party management fee | 31 | 30 | ||||
Restructuring costs, net of reversals | 45 | 41 | ||||
Strategic review costs | 18 | — | ||||
Unrealized (gain) loss on derivatives | 125 | (3 | ) | |||
Other | 6 | 8 | ||||
RGHL Group Adjusted EBITDA(1) from continuing operations | 1,935 | 2,068 | ||||
Segment detail of Adjusted EBITDA: | ||||||
Evergreen | 271 | 247 | ||||
Closures | 177 | 162 | ||||
Reynolds Consumer Products | 525 | 555 | ||||
Pactiv Foodservice | 553 | 626 | ||||
Graham Packaging | 446 | 523 | ||||
Corporate/Unallocated(2) | (37 | ) | (45 | ) | ||
RGHL Group Adjusted EBITDA from continuing operations | 1,935 | 2,068 |
(1) |
(2) |
Corporate/ |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2012(1) | % of segment revenue | 2011(1) | % of segment revenue | Change | % change | 2014 | % of segment revenue | 2013 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 2,076 | 100 | % | 2,036 | 100 | % | 40 | 2 | % | 1,597 | 93 | % | 1,553 | 93 | % | 44 | 3 | % | ||||||||||||||||||
Inter-segment revenue | — | — | % | — | — | % | — | — | % | 115 | 7 | % | 113 | 7 | % | 2 | 2 | % | ||||||||||||||||||
Total segment revenue | 2,076 | 100 | % | 2,036 | 100 | % | 40 | 2 | % | 1,712 | 100 | % | 1,666 | 100 | % | 46 | 3 | % | ||||||||||||||||||
Cost of sales | (1,554 | ) | (75 | )% | (1,599 | ) | (79 | )% | 45 | (3 | )% | (1,422 | ) | (83 | )% | (1,453 | ) | (87 | )% | 31 | (2 | )% | ||||||||||||||
Gross profit | 522 | 25 | % | 437 | 21 | % | 85 | 19 | % | 290 | 17 | % | 213 | 13 | % | 77 | 36 | % | ||||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (269 | ) | (13 | )% | (266 | ) | (13 | )% | (3 | ) | 1 | % | (93 | ) | (5 | )% | (85 | ) | (5 | )% | (8 | ) | 9 | % | ||||||||||||
Net other income (expense) | (3 | ) | — | % | 26 | 1 | % | (29 | ) | NM | ||||||||||||||||||||||||||
Net other income (expenses) | (3 | ) | — | % | 2 | — | % | (5 | ) | NM | ||||||||||||||||||||||||||
Profit from operating activities | 276 | 13 | % | 212 | 10 | % | 64 | 30 | % | 194 | 11 | % | 130 | 8 | % | 64 | 49 | % | ||||||||||||||||||
SIG segment EBITDA | 491 | 24 | % | 472 | 23 | % | 19 | 4 | % | |||||||||||||||||||||||||||
SIG segment Adjusted EBITDA | 500 | 24 | % | 475 | 23 | % | 25 | 5 | % | |||||||||||||||||||||||||||
Evergreen segment Adjusted EBITDA | 271 | 16 | % | 247 | 15 | % | 24 | 10 | % |
For the year ended December 31, | ||||||
(In $ million) | 2012(1) | 2011(1) | ||||
Profit from operating activities | 276 | 212 | ||||
Depreciation and amortization | 215 | 260 | ||||
EBITDA | 491 | 472 | ||||
Included in SIG segment EBITDA: | ||||||
Asset impairment charges | — | 4 | ||||
Business interruption costs | — | 2 | ||||
Equity method profit not distributed in cash | (19 | ) | (8 | ) | ||
Fixed asset adjustment | 10 | — | ||||
Non-cash changes in inventory and provisions | (8 | ) | — | |||
Operational process engineering-related consultancy costs | 1 | — | ||||
Restructuring costs, net of reversals | 20 | 2 | ||||
Unrealized loss on derivatives | 7 | 2 | ||||
VAT and customs refunds on historical imports | (2 | ) | 1 | |||
SIG segment Adjusted EBITDA | 500 | 475 |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2012(1) | % of segment revenue | 2011(1) | % of segment revenue | Change | % change | ||||||||||||
External revenue | 1,601 | 95 | % | 1,587 | 97 | % | 14 | 1 | % | |||||||||
Inter-segment revenue | 84 | 5 | % | 46 | 3 | % | 38 | 83 | % | |||||||||
Total segment revenue | 1,685 | 100 | % | 1,633 | 100 | % | 52 | 3 | % | |||||||||
Cost of sales | (1,416 | ) | (84 | )% | (1,382 | ) | (85 | )% | (34 | ) | 2 | % | ||||||
Gross profit | 269 | 16 | % | 251 | 15 | % | 18 | 7 | % | |||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (97 | ) | (6 | )% | (102 | ) | (6 | )% | 5 | (5 | )% | |||||||
Net other income (expense) | 4 | — | % | 3 | — | % | 1 | 33 | % | |||||||||
Profit from operating activities | 177 | 11 | % | 154 | 9 | % | 23 | 15 | % | |||||||||
Evergreen segment EBITDA | 234 | 14 | % | 214 | 13 | % | 20 | 9 | % | |||||||||
Evergreen segment Adjusted EBITDA | 233 | 14 | % | 214 | 13 | % | 19 | 9 | % |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2012(1) | 2011(1) | 2014 | 2013 | ||||||||
Profit from operating activities | 177 | 154 | 194 | 130 | ||||||||
Depreciation and amortization | 57 | 60 | 57 | 57 | ||||||||
EBITDA | 234 | 214 | 251 | 187 | ||||||||
Included in Evergreen segment EBITDA: | ||||||||||||
Equity method profit not distributed in cash | (1 | ) | (2 | ) | ||||||||
Restructuring costs, net of reversals | 2 | — | ||||||||||
Unrealized (gain) loss on derivatives | (2 | ) | 2 | |||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 13 | 61 | ||||||||||
Other | 7 | (1 | ) | |||||||||
Evergreen segment Adjusted EBITDA | 233 | 214 | 271 | 247 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2012(1) | % of segment revenue | 2011(1) | % of segment revenue | Change | % change | 2014 | % of segment revenue | 2013 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 1,224 | 99 | % | 1,317 | 99 | % | (93 | ) | (7 | )% | 1,116 | 99 | % | 1,181 | 99 | % | (65 | ) | (6 | )% | ||||||||||||||||
Inter-segment revenue | 13 | 1 | % | 12 | 1 | % | 1 | 8 | % | 12 | 1 | % | 10 | 1 | % | 2 | 20 | % | ||||||||||||||||||
Total segment revenue | 1,237 | 100 | % | 1,329 | 100 | % | (92 | ) | (7 | )% | 1,128 | 100 | % | 1,191 | 100 | % | (63 | ) | (5 | )% | ||||||||||||||||
Cost of sales | (1,005 | ) | (81 | )% | (1,122 | ) | (84 | )% | 117 | (10 | )% | (937 | ) | (83 | )% | (1,001 | ) | (84 | )% | 64 | (6 | )% | ||||||||||||||
Gross profit | 232 | 19 | % | 207 | 16 | % | 25 | 12 | % | 191 | 17 | % | 190 | 16 | % | 1 | 1 | % | ||||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (122 | ) | (10 | )% | (95 | ) | (7 | )% | (27 | ) | 28 | % | (101 | ) | (9 | )% | (120 | ) | (10 | )% | 19 | (16 | )% | |||||||||||||
Net other income (expense) | (7 | ) | (1 | )% | (2 | ) | — | % | (5 | ) | 250 | % | ||||||||||||||||||||||||
Net other income (expenses) | 7 | 1 | % | (10 | ) | (1 | )% | 17 | NM | |||||||||||||||||||||||||||
Profit from operating activities | 103 | 8 | % | 110 | 8 | % | (7 | ) | (6 | )% | 97 | 9 | % | 60 | 5 | % | 37 | 62 | % | |||||||||||||||||
Closures segment EBITDA | 178 | 14 | % | 191 | 14 | % | (13 | ) | (7 | )% | ||||||||||||||||||||||||||
Closures segment Adjusted EBITDA | 187 | 15 | % | 195 | 15 | % | (8 | ) | (4 | )% | 177 | 16 | % | 162 | 14 | % | 15 | 9 | % |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2012(1) | 2011(1) | 2014 | 2013 | ||||||||
Profit from operating activities | 103 | 110 | 97 | 60 | ||||||||
Depreciation and amortization | 75 | 81 | 74 | 77 | ||||||||
EBITDA | 178 | 191 | 171 | 137 | ||||||||
Included in Closures segment EBITDA: | ||||||||||||
Asset impairment charges | 3 | 1 | ||||||||||
Business interruption costs | 1 | 1 | ||||||||||
Asset impairment charges, net of reversals | (1 | ) | 11 | |||||||||
Gain on sale of businesses and properties | — | (5 | ) | (14 | ) | — | ||||||
Restructuring costs, net of reversals | 5 | 5 | 7 | 17 | ||||||||
Unrealized (gain) loss on derivatives | (1 | ) | 2 | 10 | (4 | ) | ||||||
Other | 1 | — | 4 | 1 | ||||||||
Closures segment Adjusted EBITDA | 187 | 195 | 177 | 162 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||
(In $ million, except for %) | 2012(1) | % of segment revenue | 2011(1) | % of segment revenue | Change | % change | 2014 | % of segment revenue | 2013 | % of segment revenue | Change | % change | ||||||||||||||||||||||||
External revenue | 2,508 | 96 | % | 2,503 | 98 | % | 5 | — | % | 2,717 | 94 | % | 2,572 | 95 | % | 145 | 6 | % | ||||||||||||||||||
Inter-segment revenue | 111 | 4 | % | 56 | 2 | % | 55 | 98 | % | 161 | 6 | % | 136 | 5 | % | 25 | 18 | % | ||||||||||||||||||
Total segment revenue | 2,619 | 100 | % | 2,559 | 100 | % | 60 | 2 | % | 2,878 | 100 | % | 2,708 | 100 | % | 170 | 6 | % | ||||||||||||||||||
Cost of sales | (1,903 | ) | (73 | )% | (1,948 | ) | (76 | )% | 45 | (2 | )% | (2,223 | ) | (77 | )% | (2,019 | ) | (75 | )% | (204 | ) | 10 | % | |||||||||||||
Gross profit | 716 | 27 | % | 611 | 24 | % | 105 | 17 | % | 655 | 23 | % | 689 | 25 | % | (34 | ) | (5 | )% | |||||||||||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (244 | ) | (9 | )% | (215 | ) | (8 | )% | (29 | ) | 13 | % | (236 | ) | (8 | )% | (234 | ) | (9 | )% | (2 | ) | 1 | % | ||||||||||||
Net other income (expense) | 7 | — | % | (43 | ) | (2 | )% | 50 | NM | |||||||||||||||||||||||||||
Net other income (expenses) | (23 | ) | (1 | )% | (3 | ) | — | % | (20 | ) | NM | |||||||||||||||||||||||||
Profit from operating activities | 479 | 18 | % | 353 | 14 | % | 126 | 36 | % | 396 | 14 | % | 452 | 17 | % | (56 | ) | (12 | )% | |||||||||||||||||
Reynolds Consumer Products segment EBITDA | 605 | 23 | % | 503 | 20 | % | 102 | 20 | % | |||||||||||||||||||||||||||
Reynolds Consumer Products segment Adjusted EBITDA | 603 | 23 | % | 556 | 22 | % | 47 | 8 | % | 525 | 18 | % | 555 | 20 | % | (30 | ) | (5 | )% |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2012(1) | 2011(1) | 2014 | 2013 | ||||||||
Profit from operating activities | 479 | 353 | 396 | 452 | ||||||||
Depreciation and amortization | 126 | 150 | 98 | 96 | ||||||||
EBITDA | 605 | 503 | 494 | 548 | ||||||||
Included in Reynolds Consumer Products segment EBITDA: | ||||||||||||
Asset impairment charges | 1 | — | ||||||||||
Business acquisition and integration costs | 2 | 5 | ||||||||||
Business interruption recoveries | — | (1 | ) | |||||||||
Non-cash changes in inventory and provisions | 3 | 1 | ||||||||||
Non-cash pension expense | — | 3 | ||||||||||
Operational process engineering-related consultancy costs | 2 | 17 | ||||||||||
Restructuring costs, net of reversals | — | 11 | ||||||||||
Unrealized (gain) loss on derivatives | (10 | ) | 17 | 25 | 4 | |||||||
Other | 6 | 3 | ||||||||||
Reynolds Consumer Products segment Adjusted EBITDA | 603 | 556 | 525 | 555 |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2012(1) | % of segment revenue | 2011(1) | % of segment revenue | Change | % change | ||||||||||||
External revenue | 3,376 | 88 | % | 3,409 | 86 | % | (33 | ) | (1 | )% | ||||||||
Inter-segment revenue | 475 | 12 | % | 542 | 14 | % | (67 | ) | (12 | )% | ||||||||
Total segment revenue | 3,851 | 100 | % | 3,951 | 100 | % | (100 | ) | (3 | )% | ||||||||
Cost of sales | (3,250 | ) | (84 | )% | (3,427 | ) | (87 | )% | 177 | (5 | )% | |||||||
Gross profit | 601 | 16 | % | 524 | 13 | % | 77 | 15 | % | |||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (284 | ) | (7 | )% | (278 | ) | (7 | )% | (6 | ) | 2 | % | ||||||
Net other income (expense) | 14 | — | % | (124 | ) | (3 | )% | 138 | (14 | )% | ||||||||
Profit from operating activities | 331 | 9 | % | 122 | 3 | % | 209 | 171 | % | |||||||||
Pactiv Foodservice segment EBITDA | 614 | 16 | % | 414 | 10 | % | 200 | 48 | % | |||||||||
Pactiv Foodservice segment Adjusted EBITDA | 611 | 16 | % | 549 | 14 | % | 62 | 11 | % |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2014 | % of segment revenue | 2013 | % of segment revenue | Change | % change | ||||||||||||
External revenue | 3,491 | 87 | % | 3,422 | 85 | % | 69 | 2 | % | |||||||||
Inter-segment revenue | 543 | 13 | % | 588 | 15 | % | (45 | ) | (8 | )% | ||||||||
Total segment revenue | 4,034 | 100 | % | 4,010 | 100 | % | 24 | 1 | % | |||||||||
Cost of sales | (3,464 | ) | (86 | )% | (3,358 | ) | (84 | )% | (106 | ) | 3 | % | ||||||
Gross profit | 570 | 14 | % | 652 | 16 | % | (82 | ) | (13 | )% | ||||||||
Selling, marketing and distribution expenses/ General and administration expenses | (274 | ) | (7 | )% | (301 | ) | (8 | )% | 27 | (9 | )% | |||||||
Net other income (expenses) | 2 | — | % | 12 | — | % | (10 | ) | (83 | )% | ||||||||
Profit from operating activities | 298 | 7 | % | 363 | 9 | % | (65 | ) | (18 | )% | ||||||||
Pactiv Foodservice segment Adjusted EBITDA | 553 | 14 | % | 626 | 16 | % | (73 | ) | (12 | )% |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2012(1) | 2011(1) | 2014 | 2013 | ||||||||
Profit from operating activities | 331 | 122 | 298 | 363 | ||||||||
Depreciation and amortization | 283 | 292 | 245 | 246 | ||||||||
EBITDA | 614 | 414 | 543 | 609 | ||||||||
Included in Pactiv Foodservice segment EBITDA: | ||||||||||||
Asset impairment charges | 13 | 7 | ||||||||||
Business acquisition and integration costs | 24 | 45 | ||||||||||
Gain on sale of business | (77 | ) | — | |||||||||
Hurricane Sandy plant damage | 16 | — | ||||||||||
Impact of purchase price accounting on inventories | — | 6 | ||||||||||
Manufacturing plant fires, net of insurance recoveries | 3 | — | ||||||||||
Non-cash changes in inventory and provisions | 6 | 2 | ||||||||||
Non-cash pension expense | — | 4 | ||||||||||
Operational process engineering-related consultancy costs | 14 | 21 | ||||||||||
Gain on sale of businesses and properties | (20 | ) | (1 | ) | ||||||||
Plant damages and associated insurance recoveries, net | (69 | ) | (7 | ) | ||||||||
Restructuring costs, net of reversals | 4 | 48 | 11 | 10 | ||||||||
Unrealized (gain) loss on derivatives | (1 | ) | 3 | 84 | (2 | ) | ||||||
Other | (5 | ) | (1 | ) | 4 | 17 | ||||||
Pactiv Foodservice segment Adjusted EBITDA | 611 | 549 | 553 | 626 |
For the year ended December 31, | ||||||||||||
(In $ million, except for %) | 2012(1) | % of segment revenue | 2011(1)(2) | % of segment revenue | ||||||||
External revenue | 3,045 | 100 | % | 967 | 100 | % | ||||||
Inter-segment revenue | — | — | % | — | — | % | ||||||
Total segment revenue | 3,045 | 100 | % | 967 | 100 | % | ||||||
Cost of sales | (2,765 | ) | (91 | )% | (905 | ) | (94 | )% | ||||
Gross profit | 280 | 9 | % | 62 | 6 | % | ||||||
Selling, marketing and distribution expenses/General and administration expenses | (184 | ) | (6 | )% | (73 | ) | (8 | )% | ||||
Net other income (expense) | (82 | ) | (3 | )% | (14 | ) | (1 | )% | ||||
Profit (loss) from operating activities | 14 | — | % | (25 | ) | (3 | )% | |||||
Graham Packaging segment EBITDA | 391 | 13 | % | 104 | 11 | % | ||||||
Graham Packaging segment Adjusted EBITDA | 467 | 15 | % | 155 | 16 | % |
For the year ended December 31, | ||||||||||||||||||
(In $ million, except for %) | 2014 | % of segment revenue | 2013 | % of segment revenue | Change | % change | ||||||||||||
External revenue | 2,745 | 100 | % | 3,024 | 100 | % | (279 | ) | (9 | )% | ||||||||
Inter-segment revenue | — | — | % | — | — | % | — | — | % | |||||||||
Total segment revenue | 2,745 | 100 | % | 3,024 | 100 | % | (279 | ) | (9 | )% | ||||||||
Cost of sales | (2,439 | ) | (89 | )% | (2,685 | ) | (89 | )% | 246 | (9 | )% | |||||||
Gross profit | 306 | 11 | % | 339 | 11 | % | (33 | ) | (10 | )% | ||||||||
Selling, marketing and distribution expenses/General and administration expenses | (213 | ) | (8 | )% | (204 | ) | (7 | )% | (9 | ) | 4 | % | ||||||
Net other income (expenses) | 20 | 1 | % | (62 | ) | (2 | )% | 82 | NM | |||||||||
Profit from operating activities | 113 | 4 | % | 73 | 2 | % | 40 | 55 | % | |||||||||
Graham Packaging segment Adjusted EBITDA | 446 | 16 | % | 523 | 17 | % | (77 | ) | (15 | )% |
For the year ended December 31, | ||||||
(In $ million) | 2012(1) | 2011(1)(2) | ||||
Profit (loss) from operating activities | 14 | (25 | ) | |||
Depreciation and amortization | 377 | 129 | ||||
EBITDA | 391 | 104 | ||||
Included in Graham Packaging segment EBITDA: | ||||||
Asset impairment charges | 16 | — | ||||
Business acquisition and integration costs | 31 | 9 | ||||
Change of control payments | — | 12 | ||||
Impact of purchase price accounting on inventories | — | 27 | ||||
Restructuring costs, net of reversals | 27 | 3 | ||||
Other | 2 | — | ||||
Graham Packaging segment Adjusted EBITDA | 467 | 155 |
For the year ended December 31, | ||||||||||||
(In $ million, except for %) | 2012(1) | 2011(1) | Change | % change | ||||||||
Gross profit (loss) | — | (4 | ) | 4 | (100 | )% | ||||||
Selling, marketing and distribution expenses/General and administration expenses | (109 | ) | (48 | ) | (61 | ) | 127 | % | ||||
Net other income (expense) | (39 | ) | (57 | ) | 18 | (32 | )% | |||||
Profit (loss) from operating activities | (148 | ) | (109 | ) | (39 | ) | 36 | % | ||||
Corporate/Unallocated EBITDA | (147 | ) | (109 | ) | (38 | ) | 35 | % | ||||
Corporate/Unallocated Adjusted EBITDA | (44 | ) | (32 | ) | (12 | ) | 38 | % |
For the year ended December 31, | ||||||
(In $ million) | 2014 | 2013 | ||||
Profit from operating activities | 113 | 73 | ||||
Depreciation and amortization | 324 | 375 | ||||
EBITDA | 437 | 448 | ||||
Included in Graham Packaging segment EBITDA: | ||||||
Asset impairment charges, net of reversals | 9 | 21 | ||||
Business integration costs | — | 36 | ||||
Litigation settlement | (18 | ) | — | |||
Restructuring costs, net of reversals | 19 | 13 | ||||
Other | (1 | ) | 5 | |||
Graham Packaging segment Adjusted EBITDA | 446 | 523 |
For the year ended December 31, | ||||||||||||
(In $ million, except for %) | 2014 | 2013 | Change | % change | ||||||||
Gross profit (loss) | 4 | (2 | ) | 6 | NM | |||||||
Selling, marketing and distribution expenses/General and administration expenses | (79 | ) | (100 | ) | 21 | (21 | )% | |||||
Net other income (expenses) | (49 | ) | (30 | ) | (19 | ) | 63 | % | ||||
Loss from operating activities | (124 | ) | (132 | ) | 8 | 6 | % | |||||
Corporate/Unallocated Adjusted EBITDA | (37 | ) | (45 | ) | 8 | 18 | % |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2012(1) | 2011(1) | 2014 | 2013 | ||||||||
Loss from operating activities | (148 | ) | (109 | ) | (124 | ) | (132 | ) | ||||
Depreciation and amortization | 1 | — | — | 2 | ||||||||
EBITDA | (147 | ) | (109 | ) | (124 | ) | (130 | ) | ||||
Included in Corporate/Unallocated EBITDA: | ||||||||||||
Business acquisition and integration costs | 4 | 26 | ||||||||||
Gain on modification of plan benefits | — | (25 | ) | |||||||||
Non-cash pension expense | 59 | 47 | 31 | 57 | ||||||||
Related party management fee | 32 | — | 31 | 30 | ||||||||
Restructuring costs, net of reversals | (1 | ) | 19 | |||||||||
SEC registration costs | 8 | 6 | ||||||||||
Operational process engineering-related consultancy costs | — | 4 | ||||||||||
Strategic review costs | 18 | — | ||||||||||
Other | 1 | — | 7 | (2 | ) | |||||||
Corporate/Unallocated Adjusted EBITDA | (44 | ) | (32 | ) | (37 | ) | (45 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Net cash flows from operating activities | 785 | 918 | 443 | |||||||||||||||
Net cash used in investing activities | (764 | ) | (539 | ) | (2,502 | ) | ||||||||||||
Net cash flows from (used in) operating activities | 654 | 881 | 785 | |||||||||||||||
Net cash flows from (used in) investing activities | 3,820 | (548 | ) | (764 | ) | |||||||||||||
Net cash flows from (used in) financing activities | (101 | ) | 555 | 2,006 | (4,156 | ) | (96 | ) | (101 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | (80 | ) | 934 | (53 | ) | 318 | 237 | (80 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Drawdown of loans and borrowings | 3,966 | 7,689 | 9,171 | ||||||
Repayment of loans and borrowings | (4,039 | ) | (7,004 | ) | (6,652 | ) | |||
Payment of liabilities arising from Graham Packaging acquisition | — | — | (252 | ) | |||||
Related party borrowings (repayments) | — | (23 | ) | 25 | |||||
Payment of debt transaction costs | (25 | ) | (105 | ) | (279 | ) | |||
Other | (3 | ) | (2 | ) | (7 | ) | |||
Net cash inflow (outflow) | (101 | ) | 555 | 2,006 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Drawdown of borrowings | 150 | 169 | 3,966 | ||||||
Repayment of borrowings | (4,282 | ) | (228 | ) | (4,039 | ) | |||
Payment of debt transaction costs | (15 | ) | (3 | ) | (25 | ) | |||
Share repurchase | — | (31 | ) | — | |||||
Other | (9 | ) | (3 | ) | (3 | ) | |||
Net cash outflow | (4,156 | ) | (96 | ) | (101 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Property, plant and equipment | 717 | 629 | 511 | ||||||
Intangibles | 7 | 21 | 9 | ||||||
Total capital expenditures | 724 | 650 | 520 |
Payments, due by period, as of December 31, 2013 | Payments, due by period, as of December 31, 2015 | |||||||||||||||||||||||||||||
(In $ million) | Total | Less than one year | One to three years | Three to five years | Greater than five years | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||
Trade and other payables | 1,799 | 1,799 | — | — | — | 1,007 | 1,007 | — | — | — | ||||||||||||||||||||
Financial liabilities(1) | 25,681 | 1,728 | 3,198 | 6,744 | 14,011 | 17,686 | 1,910 | 5,667 | 7,331 | 2,778 | ||||||||||||||||||||
Operating leases | 418 | 110 | 144 | 76 | 88 | 378 | 100 | 142 | 71 | 65 | ||||||||||||||||||||
Unconditional capital expenditure obligations | 142 | 142 | — | — | — | 62 | 62 | — | — | — | ||||||||||||||||||||
Total contractual obligations | 28,040 | 3,779 | 3,342 | 6,820 | 14,099 | 19,133 | 3,079 | 5,809 | 7,402 | 2,843 |
(1) | Total repayments of financial liabilities consist of the principal amounts, fixed and floating rate interest obligations and the cash flows associated with commodity and other derivative instruments. The exchange rate on euro-denominated borrowings and the interest rate on the floating rate debt balances have been assumed to be the same as the rates in effect |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | ||||||
Currency futures | Sell | Japanese yen | 2,799,062,824 | $ | 97.84 - 102.0 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | $ | 20,200,000 | NZD | 0.7994 - 0.8195 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | Australian dollar | 26,200,000 | NZD | 0.8905 - 0.8944 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Buy | EUR | 42,000,000 | Brazilian real | 0.2830 - 0.3061 | Jan 2014 - Dec 2014 | ||||||
Currency swap | Sell | EUR | 20,000,000 | $ | 0.7273 | Jan 2014 |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | |||||||
Currency futures | Sell | Japanese yen | 3,632,933,567 | $ | 118.55 - 122.81 | Jan 2016 - Nov 2016 | |||||||
Currency futures | Sell | South Korean won | 1,482,479,555 | $ | 1,202.77 - 1,207.88 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Sell | CA$ | 104,186,138 | $ | 1.2032 - 1.3882 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Buy | EUR | 234,701 | $ | 0.9183 | Jan 2016 |
Type | Unit of measure | Contracted volumes | Contracted price range | Contracted date of maturity | ||||
Resin futures | metric tonne | 74,660 | €1,445 - €1,585 | Jan 2014 - Jan 2015 | ||||
Resin futures | metric tonne | 4,950 | $1,860 | Feb 2014 - Dec 2014 | ||||
Resin swaps | kiloliter | 26,200 | JPY58,067 - JPY62,730 | Mar 2014 - Nov 2014 | ||||
Aluminum futures | metric tonne | 23,210 | $1,875 - $2,149 | Jan 2014 - Nov 2014 | ||||
Aluminum swaps | metric tonne | 44,555 | $1,770 - $2,356 | Jan 2014 - Dec 2016* | ||||
Aluminum swaps | metric tonne | 1,430 | JPY186,449 - JPY186,458 | Jan 2014 - Nov 2014 | ||||
Natural gas swaps | million BTU | 3,839,390 | $3.36 - $4.41 | Jan 2014 - Dec 2014 | ||||
Ethylene swaps | metric tonne | 6,540 | €1,240 | Feb 2014 - Jan 2015 | ||||
Ethylene swaps | pound | 3,285,670 | $0.47 - $0.48 | Jan 2014 - Apr 2014 | ||||
Polymer-grade propylene swaps | pound | 22,400,000 | $0.66 | Feb 2014 | ||||
Benzene swaps | U.S. liquid gallon | 12,318,321 | $4.55 - $4.65 | Jan 2014 - Apr 2014 | ||||
Diesel swaps | U.S. liquid gallon | 23,729,773 | $3.08 - $4.01 | Jan 2014 - Dec 2014 | ||||
Electricity swaps | megawatt hour | 78,206 | NZD$65.00 - NZD$72.76 | Jan 2014 - Dec 2014 | ||||
Corn swaps | bushel | 359,000 | $4.75 - $5.87 | Jan 2014 - Dec 2014 |
Type | Unit of measure | Contracted volume | Contracted price range | Contracted date of maturity | ||||
Aluminum swaps | metric tonne | 37,257 | $1,449 - $2,356 | Jan 2016 - Sep 2017* | ||||
Aluminum Midwest Premium swaps | pound | 76,579,896 | $0.06 - $0.22 | Jan 2016 - Jan 2017 | ||||
Natural gas swaps | million BTU | 4,878,257 | $2.23 - $3.30 | Jan 2016 - Dec 2016 | ||||
Paraxylene swaps | pound | 2,732,629 | $0.44 - $0.52 | Jan 2016 - Jun 2016 | ||||
Polymer-grade propylene swaps | pound | 52,736,392 | $0.33 - $0.49 | Jan 2016 - Dec 2016 | ||||
Benzene swaps | U.S. liquid gallon | 14,842,550 | $2.25 - $2.89 | Jan 2016 - Sep 2016 | ||||
Diesel swaps | U.S. liquid gallon | 12,615,528 | $2.38 - $3.19 | Jan 2016 - Dec 2016 | ||||
Low-density polyethylene swaps | pound | 15,000,000 | $0.80 - $1.01 | Jan 2016 - Jun 2016 | ||||
High-density polyethylene film swaps | metric tonne | 4,883 | $1,305 - $1,360 | Jan 2016 - Dec 2016 |
* | Includes a swap that hedges the price of aluminum for a private label customer contract that expires in |
Name | Role | Age | ||
Directors: | ||||
Graeme Hart | Sole indirect owner and Director of RGHL | |||
Thomas Degnan | Director of RGHL | |||
Bryce Murray | Director of RGHL | |||
Gregory Cole | Director of RGHL and Member of the Supervisory Boards of BP I and BP II | |||
Allen Hugli | Member of the Supervisory Boards of BP I and BP II | |||
Andrew Liddell | Member of the Supervisory Boards of BP I and BP II | |||
Stewart Kam-Cheong | Member of the Management Boards of BP I and BP II | |||
Olivier Dorier | Member of the Management Boards of BP I and BP II | |||
Herman Schommarz | Member of the Management Boards of BP I and BP II | |||
Senior Management of the RGHL Group: | ||||
Thomas Degnan | Chief Executive Officer of RGHL | |||
Allen Hugli | Chief Financial Officer of RGHL | |||
Joseph Doyle | Group Legal Counsel of RGHL | |||
John Rooney | Chief Executive Officer of Evergreen and Graham Packaging | |||
Chief Executive Officer of Closures | ||||
Lance Mitchell | Chief Executive Officer of Reynolds Consumer Products | |||
John McGrath | Chief Executive Officer of Pactiv Foodservice |
a. | vote on any matter relating to the transaction; |
b. | attend a meeting of the Board at which any matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; |
c. | sign a document relating to the transaction on behalf of RGHL; and |
d. | do any other thing in his capacity as a director in relation to the transaction, |
(i) | the applicable margin; and |
(ii) | (A) in the case of |
Total Leverage Ratio | Revolving Loans - Eurocurrency | Revolving Loans - Daily Rate | U.S. Revolving Loans (Eurocurrency) | Euro Revolving Loans (Eurocurrency) | U.S. Revolving Loans (Daily Rate) | Euro Revolving Loans (Daily Rate) | ||||||
≥ 5.50 to 1.00 | 3.75% | 2.75% | 3.75% | 2.75% | 2.75% | 1.75% | ||||||
< 5.50 to 1.00 | 3.50% | 2.50% | 3.50% | 2.50% | 2.50% | 1.50% |
1. | the discharge of our Obligations under the |
2. | the Cut-Off Date (as defined below), unless the Cut-Off Date has been stayed, deemed not to have occurred or rescinded pursuant to the definition thereof. |
i. | the Applicable Representative shall have the sole right to instruct the Collateral Agent to act or refrain from acting with respect to the Shared Collateral; |
ii. | the Collateral Agent shall not follow any instructions with respect to the Shared Collateral from any representative of any Non-Controlling Secured Party (as defined below) or other party to the First Lien Intercreditor Agreement (other than the Applicable Representative); and |
iii. | no representative of any Non-Controlling Secured Party or other party to the First Lien Intercreditor Agreement (other than the Applicable Representative) will instruct the Collateral Agent to commence any judicial or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interests in or realize upon, or take any other action available to it in respect of, any Shared Collateral. |
A. | first, in the following order: |
i. | initially, to the payment of all amounts owing to the Collateral Agent (in its capacity as such) pursuant to the terms of the First Lien Intercreditor Agreement and any instrument pursuant to which a series of Obligations whose representative is party to the First Lien Intercreditor Agreement is incurred; and |
ii. | next, subject to certain limited exceptions, to the payment in full of the Obligations of each series of Obligations whose representative is party to the First Lien Intercreditor Agreement on a ratable basis in accordance with the amounts of such Obligations and the terms of the applicable instrument pursuant to which such Obligations have been incurred; |
B. | second, after the discharge of the Obligations identified in clause (A), to the relevant grantor. |
i. | shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing; |
ii. | shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the First Lien Intercreditor Agreement or by the other Security Documents that the Collateral Agent is required to exercise as directed in writing by the Applicable Representative; provided that the Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Collateral Agent to liability or that is contrary to any Security Document or applicable law; |
iii. | shall not, except as expressly set forth in the First Lien Intercreditor Agreement and in the other Security Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to a grantor or any of its affiliates that is communicated to or obtained by the Collateral Agent or any of its affiliates in any capacity; |
iv. | shall not be liable for any action taken or not taken by it (1) with the consent or at the request of the Applicable Representative or (2) in the absence of its own gross negligence or willful misconduct or (3) in reliance on a certificate of an authorized officer of RGHL stating that such action is permitted by the terms of the First Lien Intercreditor Agreement; |
v. | shall be deemed not to have knowledge of any Event of Default under any series of Obligations unless and until notice describing such Event of Default is given to the Collateral Agent by the representative of such Obligations or a grantor; |
vi. | shall not be responsible for or have any duty to ascertain or inquire into (1) any statement, warranty or representation made in or in connection with the First Lien Intercreditor Agreement or any other Security Document, (2) the contents of any certificate, report or other document delivered under the First Lien Intercreditor Agreement or any other Security Document, (3) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in the First Lien Intercreditor Agreement or any other Security Document, or the occurrence of any default or event of default, (4) the validity, enforceability, effectiveness or genuineness of the First Lien Intercreditor Agreement, any other Security Document or any other agreement, instrument or document, or the creation, perfection or priority of any lien purported to be created by the Security Documents or (5) the value or the sufficiency of any Collateral for any series of Obligations, including the Reynolds Senior Secured Notes; and |
vii. | shall not be required to expend, advance or risk its own funds or otherwise incur any financial liability in the performance of any of its duties under the First Lien Intercreditor Agreement or in any of the Security Documents or in the exercise of any of its rights or powers under the First Lien Intercreditor Agreement or under any of the Security Documents unless it is indemnified to its satisfaction, and the Collateral Agent shall have no liability to any person for any loss occasioned by any delay in taking or failure to take any such action while it is awaiting an indemnity satisfactory to it. |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Audit fees(1) | 10 | 12 | 6 | 9 | ||||||||
Audit-related fees(2) | 1 | 4 | 4 | 6 | ||||||||
Tax fees(3) | 1 | 1 | ||||||||||
Total | 12 | 17 | 10 | 15 |
(1) | Audit fees include fees for the audit and review of the RGHL Group's annual and interim consolidated financial statements and the audit of annual financial statements for subsidiary entities. |
(2) | Audit-related fees include fees for audit or review services of financial information other than annual financial statements, |
Exhibit Number | Description of Exhibit | |
1.1. | Constitution of Reynolds Group Holdings Limited | |
1.2. | Certificate of Incorporation of Reynolds Group Issuer Inc. | |
1.3. | By-Laws of Reynolds Group Issuer Inc. | |
1.4. | Certificate of Formation of Reynolds Group Issuer LLC | |
1.5. | Limited Liability Company Agreement of Reynolds Group Issuer LLC | |
1.6. | Articles of Association of Reynolds Group Issuer (Luxembourg) S.A. | |
1.7. | Certificate of Incorporation of Bakers Choice Products, Inc. | |
1.8. | Second Amended and Restated By-Laws of Bakers Choice Products, Inc. | |
1.9. | Third Restated Certificate of Incorporation of Blue Ridge Holding Corp. | |
1.10. | Amended and Restated By-Laws of Blue Ridge Holding Corp. | |
1.11. | Certificate of Incorporation of Blue Ridge Paper Products Inc. | |
1.12. | The Amended and Restated By-Laws of Blue Ridge Paper Products Inc. | |
1.13. | Amended and Restated Certificate of Incorporation of Closure Systems International Americas, Inc. | |
1.14. | By-Laws of Closure Systems International Americas, Inc. | |
1.15. | Certificate of | |
1.16.(12) | Limited Liability Company Agreement of Closure Systems International Holdings LLC (formerly known as Closure Systems International Holdings Inc.) | |
1.17. | Certificate of Incorporation of Closure Systems International Inc. | |
1.18. | Amended and Restated By-Laws of Closure Systems International Inc. | |
1.19. | Certificate of Formation of Closure Systems Mexico Holdings LLC | |
1.20. | Amended and Restated Limited Liability Company Agreement of Closure Systems Mexico Holdings LLC | |
1.21. | Certificate of Formation of CSI Mexico LLC | |
1.22. | Amended and Restated Limited Liability Company Agreement of CSI Mexico LLC | |
1.23. | Certificate of Incorporation of CSI Sales & Technical Services Inc. | |
1.24. | By-Laws of CSI Sales & Technical Services Inc. | |
1.25. | Certificate of Incorporation of Evergreen Packaging Inc. | |
1.26. | Amended and Restated By-Laws of Evergreen Packaging Inc. | |
1.27. | [Reserved] | |
1.28. | [Reserved] | |
1.29. | [Reserved] | |
1.30. | [Reserved] | |
1.31. | Certificate of Formation of Reynolds Consumer Products Holdings LLC (formerly known as Reynolds Consumer Products Holdings Inc.) | |
1.32. | Limited Liability Company Agreement of Reynolds Consumer Products Holdings LLC (formerly known as Reynolds Consumer Products Holdings Inc.) | |
1.33. | Certificate of Incorporation of Reynolds Presto Products Inc. (formerly known as Reynolds Consumer Products, Inc.) | |
1.34. | Second Amended and Restated By-Laws of Reynolds | |
1.35. | [Reserved] | |
1.36. | [Reserved] | |
1.37. | Certificate of | |
1.38. | ||
1.39. | [Reserved] | |
1.40. | [Reserved] | |
1.41. | Certificate of Incorporation of Reynolds Group Holdings Inc. | |
1.42. | By-Laws of Reynolds Group Holdings Inc. | |
1.43. | [Reserved] | |
1.44. | [Reserved] | |
1.45. | [Reserved] | |
1.46. | [Reserved] |
1.47. | [Reserved] | |
1.48. | [Reserved] |
Certificate of Incorporation of Closure Systems International Packaging Machinery Inc. | ||
1.50. | By-Laws of Alcoa Packaging Machinery, Inc. (now known as Closure Systems International Packaging Machinery Inc.) | |
1.51. | Certificate of Incorporation of Reynolds Services Inc. | |
1.52. | By-Laws of Reynolds Services Inc. | |
1.53. | ||
1.54. | ||
1.55. | ||
1.56. | ||
1.57. | Articles of Incorporation of Southern Plastics Inc. | |
1.58. | By-Laws of Southern Plastics Inc. | |
1.59. | [Reserved] | |
1.60. | [Reserved] | |
1.61. | Limited Liability Company Articles of Organization of BRPP, LLC | |
1.62. | Operating Agreement of BRRP, LLC | |
1.63. | [Reserved] | |
1.64. | ||
1.65. | ||
1.66. | ||
1.67. | ||
1.68. | ||
1.69. | ||
1.70. | [Reserved] | |
1.71. | [Reserved] | |
1.72. | [Reserved] | |
1.73. | Articles of Amalgamation of Evergreen Packaging Canada Limited | |
1.74. | By-Law No. 1A of Evergreen Packaging Canada Limited | |
1.75. | [Reserved] | |
1.76. | Articles of Association of Evergreen Packaging (Luxembourg) S.à | |
1.77. | [Reserved] | |
1.78. | [Reserved] | |
1.79. | [Reserved] | |
1.80. | [Reserved] | |
1.81. | ||
1.82. | ||
1.83. | ||
1.84. | ||
1.85. | ||
1.86. | ||
1.87. | ||
1.88. | ||
1.89. | [Reserved] | |
1.90. | [Reserved] | |
1.91. | [Reserved] | |
1.92. | [Reserved] | |
1.93. | [Reserved] | |
1.94. | [Reserved] | |
1.95. | [Reserved] | |
1.96. | [Reserved] | |
1.97. | Updated Articles of Association of Beverage Packaging Holdings (Luxembourg) I S.A. | |
1.98. | Updated Articles of Association of Beverage Packaging Holdings (Luxembourg) III S.à | |
1.99. | [Reserved] |
1.100. | By-Laws of CSI en Ensenada, S. de R.L. de C.V. | |
1.101. | By-Laws of CSI en Saltillo, S. de R.L. de C.V. |
By-Laws of CSI Tecniservicio, S. de R.L. de C.V. | ||
1.103. | [Reserved] | |
1.104. | By-Laws of Grupo CSI de Mexico, S. de R.L. de C.V. | |
1.105. | [Reserved] | |
1.106. | By-Laws of Reynolds Metals Company de Mexico, S. de R.L. de C.V. | |
1.107.(12) | ||
1.108. | Articles of Association of Closure Systems International B.V. | |
1.109. | Articles of Association of Evergreen Packaging International B.V. | |
1.110. | [Reserved] | |
1.111. | Articles of Association of Reynolds Packaging International B.V. | |
1.112. | Constitution of Kalimdor Investments Limited (now known as Whakatane Mill Limited) | |
1.113. | ||
1.114. | ||
1.115. | ||
1.116. | ||
1.117. | ||
1.118. | ||
1.119. | ||
1.120. | [Reserved] | |
1.121. | ||
1.122. | ||
1.123. | ||
1.124. | [Reserved] | |
1.125. | [Reserved] | |
1.126. | [Reserved] | |
1.127. | [Reserved] | |
1.128. | [Reserved] | |
1.129. | [Reserved] | |
1.130. | [Reserved] | |
1.131. | [Reserved] | |
1.132. | [Reserved] | |
1.133. | [Reserved] | |
1.134. | [Reserved] | |
1.135. | [Reserved] | |
1.136. | [Reserved] | |
1.137. | [Reserved] | |
1.138. | [Reserved] | |
1.139. | [Reserved] | |
1.140. | [Reserved] | |
1.141. | [Reserved] | |
1.142. | [Reserved] | |
1.143. | [Reserved] | |
1.144. | Certificate of Formation of Pactiv LLC (formerly known as Pactiv Corporation) | |
1.145. | Amended and Restated Limited Liability Company Agreement of Pactiv LLC (formerly known as Pactiv Corporation) | |
1.146. | [Reserved] | |
1.147. | [Reserved] | |
1.148. | [Reserved] | |
1.149. | [Reserved] | |
1.150. | Certificate of Incorporation of Pactiv International Holdings Inc. | |
1.151. | Amended and Restated By-Laws of Pactiv International Holdings Inc. | |
1.152. | Certificate of Formation of Pactiv Management Company LLC | |
1.153. | Limited Liability Company Agreement of Pactiv Management Company LLC |
1.154. | [Reserved] | |
1.155. | [Reserved] |
1.156. | [Reserved] | |
1.157. | [Reserved] | |
1.158. | ||
1.159. | ||
1.160. | [Reserved] | |
1.161. | [Reserved] | |
1.162. | [Reserved] | |
1.163. | [Reserved] | |
1.164. | Amended and Restated Certificate of Incorporation of Pactiv Packaging Inc. (formerly PWP Industries, Inc.) | |
1.165. | Amended and Restated By-Laws of Pactiv Packaging Inc. (formerly PWP Industries, Inc.) | |
1.166. | [Reserved] | |
1.167. | [Reserved] | |
1.168. | [Reserved] | |
1.169. | [Reserved] | |
1.170. | [Reserved] | |
1.171. | [Reserved] | |
1.172. | [Reserved] | |
1.173. | [Reserved] | |
1.174. | Articles of Association of Omni-Pac Ekco GmbH Verpackungsmittel | |
1.175. | Articles of Association of Omni-Pac GmbH Verpackungsmittel | |
1.176. | Articles of Association of Pactiv Deutschland Holdinggesellschaft | |
1.177. | Certificate of Incorporation of Reynolds Manufacturing, Inc. | |
1.178. | By-laws of Pactiv Foodservice Mexico, S. de R.L. de C.V. (formerly known as Central de Bolsas, S. de R.L. de C.V.) | |
1.179. | By-laws of Grupo Corporativo Jaguar, S.A. de C.V. | |
1.180. | By-laws of Pactiv Mexico, S. de R.L. de C.V. | |
1.181. | By-laws of Servicios Industriales Jaguar, S.A. de C.V. | |
1.182. | By-laws of Servicio Terrestre Jaguar, S.A. de C.V. | |
1.183. | Articles of Amalgamation of Pactiv Canada Inc. | |
1.184. | By-Law No. 1 of Pactiv Canada Inc. | |
1.185. | Certificate of Formation of BCP/Graham Holdings | |
1.186. | Limited Liability Company Agreement of BCP/Graham Holdings | |
1.187. | Certificate of Formation of GPC Holdings LLC | |
1.188. | Limited Liability Company Agreement of GPC Holdings LLC | |
1.189. | Certificate of Incorporation of Graham Packaging Company Inc. | |
1.190. | By-laws of Graham Packaging Company Inc. | |
1.191. | By-laws of Reynolds Manufacturing, Inc. | |
1.192. | Certificate of Incorporation of RenPac Holdings Inc. | |
1.193. | By-laws of RenPac Holdings Inc. | |
1.194. | Certificate of Formation of GPACSUB LLC (incorporated by reference to Exhibit 3.54 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-167976-18) filed July 2, 2010) | |
1.195. | Amended and Restated Limited Liability Company Agreement of GPACSUB LLC | |
1.196. | Certificate of Incorporation of GPC Capital Corp. I (incorporated by reference to Exhibit 3.3 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-53603-03) filed May 26, 1998) | |
1.197. | By-Laws of GPC Capital Corp. I (incorporated by reference to Exhibit 3.4 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-53603-03) filed May 26, 1998) | |
1.198. | Certificate of Incorporation of GPC Capital Corp. II (incorporated by reference to Exhibit 3.7 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-53603-03) filed May 26, 1998) | |
1.199. | By-Laws of GPC Capital Corp. II (incorporated by reference to Exhibit 3.8 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-53603-03) filed May 26, 1998) | |
1.200. | Certificate of Formation of GPC Opco GP, LLC (incorporated by reference to Exhibit 3.9 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-01) filed May 26, 1998) | |
1.201. | Limited Liability Company Agreement of GPC Opco GP, LLC (incorporated by reference to Exhibit 3.11 to Graham Packaging Company, L.P.'s Registration Statement on Form S-4 (No. 333-125173-01) filed May 24, 2005) | |
1.202. | Certificate of Formation of GPC Sub GP LLC (incorporated by reference to Exhibit 3.11 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) |
1.203. | Limited Liability Company Agreement of GPC Sub GP LLC (incorporated by reference to Exhibit 3.11 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) |
1.204. | Certificate of Incorporation of Graham Packaging Acquisition Corp. (incorporated by reference to Exhibit 3.23 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.205. | By-Laws of Graham Packaging Acquisition Corp. (incorporated by reference to Exhibit 3.24 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.206. | Amended and Restated Certificate of Limited Partnership of Graham Packaging Company, L.P. | |
1.207. | Amended and Restated Agreement of Limited Partnership of Graham Packaging Company, L.P. (incorporated by reference to Exhibit 3.2 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-53603-03) filed May 26, 1998) | |
1.208. | Amendment No. 1 to the Amended and Restated Agreement of Limited Partnership of Graham Packaging Company, L.P. | |
1.209. | Limited Liability Company Agreement of Graham Packaging GP Acquisition LLC | |
1.210. | Certificate of Formation of Graham Packaging GP Acquisition LLC | |
1.211. | Amended and Restated Certificate of Limited Partnership of Graham Packaging LC, L.P. | |
1.212. | Fifth Amended and Restated Agreement of Limited Partnership of Graham Packaging LC, L.P. | |
1.213. | Certificate of Formation of Graham Packaging LP Acquisition LLC (incorporated by reference to Exhibit 3.72 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.214. | Limited Liability Company Agreement of Graham Packaging LP Acquisition LLC (incorporated by reference to Exhibit 3.73 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.215. | Amended and Restated Certificate of Incorporation of Graham Packaging PET Technologies Inc. (incorporated by reference to Exhibit 3.26 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-167976-18) filed July 2, 2010) | |
1.216. | Amended and Restated By-Laws of Graham Packaging PET Technologies Inc. (incorporated by reference to Exhibit 3.28 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.217. | Certificate of Incorporation of Graham Packaging Plastic Products Inc. (incorporated by reference to Exhibit 3.25 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.218. | Amendment to the Restated Certificate of Incorporation of Graham Packaging Plastic Products Inc. (incorporated by reference to Exhibit 3.24 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-167976-18) filed July 2, 2010) | |
1.219. | By-Laws of Graham Packaging Plastic Products Inc. (incorporated by reference to Exhibit 3.26 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.220. | Certificate of Incorporation of Graham Packaging PX Holding Corporation (incorporated by reference to Exhibit 3.59 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.221. | Certificate of Amendment of Certificate of Incorporation of Graham Packaging PX Holding Corporation (incorporated by reference to Exhibit 3.60 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.222. | Certificate of Amendment of Certificate of Incorporation of Graham Packaging PX Holding Corporation (incorporated by reference to Exhibit 3.61 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.223. | By-Laws of Graham Packaging PX Holding Corporation (incorporated by reference to Exhibit 3.62 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.224. | Certificate of Incorporation of Graham Packaging Regioplast STS Inc. (incorporated by reference to Exhibit 3.29 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.225. | By-Laws of Graham Packaging Regioplast STS Inc. (incorporated by reference to Exhibit 3.30 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.226. | Partnership Agreement of Graham Packaging PX Company (incorporated by reference to Exhibit 3.54 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.227. | Form of First Amendment to Partnership Agreement of Graham Packaging PX Company (incorporated by reference to Exhibit 3.55 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.228. | Second Amendment to Partnership Agreement of Graham Packaging PX Company (incorporated by reference to Exhibit 3.56 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.229. | Third Amendment to Partnership Agreement of Graham Packaging PX Company (incorporated by reference to Exhibit 3.57 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.230. | Fourth Amendment to Partnership Agreement of Graham Packaging PX Company (incorporated by reference to Exhibit 3.58 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.231. | Articles of Incorporation of Graham Packaging PX, LLC (incorporated by reference to Exhibit 3.63 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.232. | Certificate of Amendment of Articles of Incorporation of Graham Packaging PX, LLC (incorporated by reference to Exhibit 3.64 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
1.233. | Articles of Conversion of Graham Packaging PX, LLC (incorporated by reference to Exhibit 3.65 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) |
1.234. | Certificate of Amendment to the Certificate of Formation of Graham Packaging PX, LLC (incorporated by reference to Exhibit 3.66 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) |
Amended and Restated Single Member Operating Agreement of Graham Packaging PX, LLC | ||
1.236. | Articles of Organization of Graham Packaging Minster LLC (incorporated by reference to Exhibit 3.40 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-167976-18) filed July 2, 2010) | |
1.237. | Amended and Restated Operating Agreement of Graham Packaging Minster LLC | |
1.238. | Amended and Restated Certificate of Limited Partnership of Graham Packaging Holdings Company (incorporated by reference to Exhibit 3.5 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-53603-03) filed July 13, 1998) | |
1.239. | Seventh Amended and Restated Agreement of Limited Partnership of Graham Packaging Holdings Company | |
1.240. | Amended and Restated Certificate of Limited Partnership of Graham Recycling Company, L.P. (incorporated by reference to Exhibit 3.17 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.241. | Amended and Restated Agreement of Limited Partnership of Graham Recycling Company, L.P. (incorporated by reference to Exhibit 3.18 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.242. | Amended and Restated Articles of Organization of Graham Packaging West Jordan, LLC (incorporated by reference to Exhibit 3.21 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.243. | Operating Agreement of Graham Packaging West Jordan, LLC (incorporated by reference to Exhibit 3.22 to Graham Packaging Holdings Company's Registration Statement on Form S-4 (No. 333-125173-02) filed May 24, 2005) | |
1.244. | Deed of Incorporation of Beverage Packaging Holdings (Luxembourg) IV S.à | |
1.245. | [Reserved] | |
1.246. | [Reserved] | |
1.247. | Updated Articles of Association of Beverage Packaging Holdings (Luxembourg) V S.A. | |
1.248. | Updated Articles of Association of Beverage Packaging Holdings (Luxembourg) II S.A. | |
1.249. | Updated Articles of Association of Beverage Packaging Holdings (Luxembourg) VI S.à | |
1.250. | Articles of Association of Beverage Packaging Holdings II Issuer Inc. | |
1.251. | By-Laws of Beverage | |
1.252. | Certificate of Incorporation of Trans Western Polymers, Inc. | |
1.253. | By-Laws of Trans Western Polymers, Inc. | |
1.254. | ||
1.255. | By-Laws of | |
2.1. | [Reserved] | |
2.2. | 8.50% Senior Notes due 2018 Indenture, dated as of May 4, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, The Bank of New York Mellon as trustee, principal paying agent, transfer agent and registrar and The Bank of New York Mellon, London Branch, as paying agent | |
2.2.1. | First Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of June 17, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I | |
2.2.2. | Second Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of August 27, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and transfer agent and The Bank of New York Mellon, as paying agent | |
2.2.3. | Third Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of September 1, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.4. | Fourth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of November 9, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.5. | Fifth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.6. | Sixth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.7. | Seventh Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.2.8. | Eighth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.9. | Ninth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of April 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.10. | Tenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of May 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.11. | Eleventh Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of August 5, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.12. | Twelfth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of August 9, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.13. | Thirteenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of August 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.14. | Fourteenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.15. | Fifteenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.16. | Sixteenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.17. | Seventeenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.18. | Eighteenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.19. | Nineteenth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.20. | Twentieth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.2.21.(13) | Twenty-eighth Supplemental Indenture to the 8.50% Senior Notes due 2018 Indenture, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar | |
2.3. | 7.125% Senior Secured Notes due 2019 Indenture, dated as of October 15, 2010, among RGHL US Escrow I LLC, RGHL US Escrow Issuer I Inc., RGHL Escrow Issuer (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, Wilmington Trust (London) Limited, as additional collateral agent and The Bank of New York Mellon, London Branch, as paying agent | |
2.3.1. | First Senior Secured Notes Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.2. | Second Senior Secured Notes Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.3. | Third Senior Secured Notes Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.4. | Fourth Senior Secured Notes Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.3.5. | Fifth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of January 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
Sixth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | ||
2.3.7. | Seventh Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of April 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.8. | Eighth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of May 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.9. | Ninth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of August 5, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.10. | Tenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of August 9, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.11. | Eleventh Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of August 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.12. | Twelfth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.13. | Thirteenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.14. | Fourteenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.15. | Fifteenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.16. | Sixteenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.17. | Seventeenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.18. | Eighteenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.3.19. | Nineteenth Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.3.20.(13) | Twenty-seventh Senior Secured Notes Supplemental Indenture to the 7.125% Senior Secured Notes due 2019 Indenture, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as additional collateral agent | |
2.4. | 9.000% Senior Notes due 2019 Indenture, dated as of October 15, 2010, among RGHL US Escrow I LLC, RGHL US Escrow Issuer I Inc., RGHL Escrow Issuer (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar and The Bank of New York Mellon, London Branch, as paying agent | |
2.4.1. | First Senior Notes Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
Second Senior Notes Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | ||
2.4.3. | Third Senior Notes Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.4. | Fourth Senior Notes Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of November 16, 2010, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.5. | Fifth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of January 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.6. | Sixth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.7. | Seventh Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of April 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.8. | Eighth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of May 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.9. | Ninth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of August 5, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.10. | Tenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of August 9, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.11. | Eleventh Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of August 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.12. | Twelfth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.13. | Thirteenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.14. | Fourteenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.15. | Fifteenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.16. | Sixteenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.17. | Seventeenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.4.18. | Eighteenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.4.19. | Nineteenth Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.4.20.(13) | Twenty-seventh Senior Notes Supplemental Indenture to the 9.000% Senior Notes due 2019 Indenture, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar | |
2.5. | 6.875% Senior Secured Notes due 2021 Indenture, dated as of February 1, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, collateral agent and registrar, Wilmington Trust (London) Limited, as additional collateral agent and The Bank of New York Mellon, London Branch, as paying agent | |
2.5.1. | First Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.2. | Second Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.3. | Third Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.4. | Fourth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated April 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.5. | Fifth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of May 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.6. | Sixth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of June 7, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.7. | Seventh Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of August 5, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.8. | Eighth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of August 9, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A, certain additional note guarantors listed thereto, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited, as additional collateral agent | |
2.5.9. | Ninth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of August 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.10. | Tenth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.11. | Eleventh Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.12. | Twelfth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.5.13. | Thirteenth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.14. | Fourteenth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
Fifteenth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | ||
2.5.16. | Sixteenth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.17. | Seventeenth Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.5.18.(13) | Twenty-fifth Senior Secured Notes Supplemental Indenture to the 6.875% Senior Secured Notes due 2021 Indenture, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as additional collateral agent | |
2.6. | 8.250% Senior Notes due 2021 Indenture, dated as of February 1, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar and The Bank of New York Mellon, London Branch, as paying agent | |
2.6.1. | First Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.2. | Second Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.3. | Third Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated March 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.4. | Fourth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated April 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.5. | Fifth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of May 2, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.6. | Sixth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of June 7, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A, certain additional note guarantors listed thereto and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent | |
2.6.7. | Seventh Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of August 5, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.8. | Eighth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of August 9, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.9. | Ninth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of August 19, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.10. | Tenth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.6.11. | Eleventh Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.12. | 7.875% Senior Secured Notes due 2019 Indenture, dated as of August 9, 2011 among RGHL US Escrow II Inc., RGHL US Escrow II LLC, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, collateral agent and registrar, Wilmington Trust (London) Limited, as additional collateral agent and The Bank of New York Mellon, London Branch, as paying agent | |
2.6.13. | First Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
Second Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | ||
2.6.15. | 9.875% Senior Notes due 2019 Indenture, dated as of August 9, 2011 among RGHL US Escrow II Inc., RGHL US Escrow II LLC, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, and registrar and The Bank of New York Mellon, London Branch, as paying agent | |
2.6.16. | First Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.17. | Second Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of September 8, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.18. | Twelfth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.19. | Third Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.20. | Third Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of October 14, 2011, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.21. | Thirteenth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.22. | Fourth Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.23. | Fourth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.24. | 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of February 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, and registrar and The Bank of New York Mellon, London Branch, as paying agent | |
2.6.25. | First Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of March 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.26. | Second Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of March 20, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.27. | Fourteenth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.28. | Fifth Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.6.29. | Fifth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.30. | Third Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of May 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.31. | Fifteenth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
Sixth Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | ||
2.6.33. | Sixth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.34. | Fourth Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of June 15, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.35. | Sixteenth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.36. | Seventh Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.37. | Seventh Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of August 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.38. | Eighth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.39. | Fifth Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of August 10, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.40. | Sixth Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.41. | 5.750% Senior Secured Notes due 2020 Indenture, dated as of September 28, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, collateral agent and registrar, Wilmington Trust (London) Limited, as additional collateral agent and The Bank of New York Mellon, London Branch, as paying agent | |
2.6.42. | First Senior Secured Notes Supplemental Indenture to the 5.750% Senior Secured Notes due 2020 Indenture, dated as of November 7, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., certain additional note guarantors listed thereto, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, collateral agent and registrar, and Wilmington Trust (London) Limited, as additional collateral agent | |
2.6.43. | Seventeenth Supplemental Indenture to the 8.250% Senior Notes due 2021 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.44. | Eighth Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.45. | Ninth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I | |
2.6.46. | Seventh Senior Notes Supplemental Indenture to the 9.875% Senior Notes (issued February 15, 2012) due 2019 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I |
2.6.47. | Second Senior Secured Notes Supplemental Indenture to the 5.750% Senior Secured Notes due 2020 Indenture, dated as of December 14, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) V S.A., as additional guarantor, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, collateral agent and registrar, and Wilmington Trust (London) Limited, as additional collateral agent | |
2.6.48.(12) | First Senior Notes Supplemental Indenture dated as of February 14, 2014, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as Trustee, and The Bank of New York Mellon, London Branch, as paying agent. | |
2.6.49.(12) | First Senior Subordinated Notes Supplemental Indenture dated as of February 14, 2014, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as Trustee, and The Bank of New York Mellon, London Branch, as paying agent. | |
2.6.50.(12) | Twenty-Seventh Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of May 4, 2010, as amended or supplemented. | |
2.6.51.(12) | Twenty-Sixth Senior Secured Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of October 15, 2010, as amended or supplemented. | |
2.6.52.(12) | Twenty-Sixth Senior Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of October 15, 2010, as amended or supplemented. | |
2.6.53.(12) | Twenty-Fourth Senior Secured Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of February 1, 2011, as amended or supplemented. | |
2.6.54.(12) | Twenty-Fourth Senior Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of February 1, 2011, as amended or supplemented. | |
2.6.55.(12) | Fifteenth Senior Secured Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of August 9, 2011, as amended or supplemented. | |
2.6.56.(12) | Sixteenth Senior Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of August 9, 2011, as amended or supplemented. | |
2.6.57.(12) | Fourteenth Senior Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of February 15, 2012, as amended or supplemented. | |
2.6.58.(12) | Ninth Senior Secured Notes Supplemental Indenture dated as of December 18, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of September 28, 2012, as amended or supplemented. | |
2.6.59.(12) | Third Senior Notes Supplemental Indenture dated as of December 18, 2014, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, and The Bank of New York Mellon, London Branch, as paying agent, to the indenture dated as of November 15, 2013, as amended or supplemented. | |
2.6.60.(12) | Third Senior Subordinated Notes Supplemental Indenture dated as of December 18, 2014, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, and The Bank of New York Mellon, London Branch, as paying agent, to the indenture dated as of December 10, 2013, as amended or supplemented. | |
2.6.61.(12) | Twenty-Sixth Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of May 4, 2010, as amended or supplemented. | |
2.6.62.(12) | Twenty-Fifth Senior Secured Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of October 15, 2010, as amended or supplemented. | |
2.6.63.(12) | Twenty-Fifth Senior Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of October 15, 2010, as amended or supplemented. |
2.6.64.(12) | Twenty-Third Senior Secured Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of February 1, 2011, as amended or supplemented. | |
2.6.65.(12) | Twenty-Third Senior Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of February 1, 2011, as amended or supplemented. | |
2.6.66.(12) | Fourteenth Senior Secured Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of August 9, 2011, as amended or supplemented. | |
2.6.67.(12) | Fifteenth Senior Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of August 9, 2011, as amended or supplemented. | |
2.6.68.(12) | Thirteenth Senior Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of February 15, 2012, as amended or supplemented. | |
2.6.69.(12) | Eighth Senior Secured Notes Supplemental Indenture dated as of June 30, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of September 28, 2012, as amended or supplemented. | |
2.6.70.(12) | Second Senior Subordinated Notes Supplemental Indenture dated as of June 30, 2014, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, and The Bank of New York Mellon, London Branch, as paying agent, to the indenture dated as of December 10, 2013, as amended or supplemented. | |
2.6.71.(12) | Second Senior Notes Supplemental Indenture dated as of June 30, 2014, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, and The Bank of New York Mellon, London Branch, as paying agent, to the indenture dated as of November 15, 2013, as amended or supplemented. | |
2.6.72.(12) | Twenty-Fifth Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of May 4, 2010, as amended or supplemented. | |
2.6.73.(12) | Twenty-Fourth Senior Secured Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of October 15, 2010, as amended or supplemented. | |
2.6.74.(12) | Twenty-Fourth Senior Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of October 15, 2010, as amended or supplemented. | |
2.6.75.(12) | Twenty-Second Senior Secured Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of February 1, 2011, as amended or supplemented. | |
2.6.76.(12) | Twenty-Second Senior Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of February 1, 2011, as amended or supplemented. | |
2.6.77.(12) | Thirteenth Senior Secured Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of August 9, 2011, as amended or supplemented. | |
2.6.78.(12) | Fourteenth Senior Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of August 9, 2011, as amended or supplemented. | |
2.6.79.(12) | Twelfth Senior Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, to the indenture dated as of February 15, 2012, as amended or supplemented. | |
2.6.80.(12) | Seventh Senior Secured Notes Supplemental Indenture dated as of February 14, 2014, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as collateral agent, to the indenture dated as of September 28, 2012, as amended or supplemented. |
2.6.81.(13) | Twenty-fifth Senior Notes Supplemental Indenture to the 8.250% Senior Notes due 2021, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., and The Bank of New York Mellon, as trustee, principal paying agent, registrar and transfer agent | |
2.6.82.(13) | Seventeenth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar | |
2.6.83.(13) | Fifteenth Senior Notes Supplemental Indenture to the 9.875% Senior Notes due 2019, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar | |
2.6.84.(13) | Tenth Senior Secured Notes Supplemental Indenture to the 5.750% Senior Secured Notes due 2020, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as additional collateral agent | |
2.6.85.(13) | Sixteenth Senior Secured Notes Supplemental Indenture to the 7.875% Senior Secured Notes due 2019, dated as of June 16, 2015, among Reynolds Group Issuer LLC, Reynolds Group Issuer, Inc., Reynolds Group Issuer (Luxembourg) S.A., certain additional note guarantors listed thereto, Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent, and Wilmington Trust (London) Limited, as additional collateral agent | |
2.6.86.(13) | Fourth Senior Subordinated Notes Supplemental Indenture to the 6.000% Senior Subordinated Notes due 2017, dated as of June 16, 2015, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, and The Bank of New York Mellon, London Branch, as paying agent | |
2.6.87.(13) | Fourth Senior Notes Supplemental Indenture to the 5.625% Senior Notes due 2016, dated as of June 16, 2015, among Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, and The Bank of New York Mellon, London Branch, as paying agent | |
2.7. | [Reserved] | |
2.8. | [Reserved] | |
2.9. | [Reserved] | |
2.10. | [Reserved] | |
2.11. | [Reserved] | |
2.12. | [Reserved] | |
2.12.1. | [Reserved] |
2.12.2. | [Reserved] | |
2.12.3. | [Reserved] | |
2.12.4. | [Reserved] | |
2.12.5. | [Reserved] | |
2.12.6. | [Reserved] | |
2.12.7. | [Reserved] | |
2.12.8. | [Reserved] | |
2.12.9. | [Reserved] | |
2.12.10. | [Reserved] | |
2.12.11. | [Reserved] | |
2.12.12. | [Reserved] | |
2.12.13. | [Reserved] | |
2.12.14. | [Reserved] | |
2.12.15. | Registration Rights Agreement to the 5.750% Senior Secured Notes due 2020, dated as of September 28, 2012, among Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) S.A., the Closing Date Guarantors and Credit Suisse Securities (USA) LLC | |
2.12.16. | Joinder to the 5.750% Senior Secured Notes due 2020 Registration Rights Agreement, dated as of November 7, 2012, among certain additional note guarantors listed thereto | |
2.13. | Collateral Agreement, dated as of November 5, 2009, among Reynolds Consumer Products Holdings Inc., Reynolds Group Holdings Inc., Closure Systems International Holdings Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., the grantors from time to time party thereto and The Bank Of New York Mellon, as collateral agent | |
2.13.1. | [Reserved] | |
2.13.2. | Supplement No. 2 to the Collateral Agreement, dated as of February 2, 2010, between Closure Systems International Americas, Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.3. | Supplement No. 3 to the Collateral Agreement, dated as of May 4, 2010, between Evergreen Packaging Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.4. | [Reserved] | |
2.13.5. | [Reserved] |
2.13.6. | Supplement No. 6 to the Collateral Agreement, dated as of May 4, 2010, between Blue Ridge Holding Corp. and The Bank of New York Mellon, as collateral agent | |
2.13.7. | Supplement No. 7 to the Collateral Agreement, dated as of May 4, 2010, between Blue Ridge Paper Products Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.8. | Supplement No. 8 to the Collateral Agreement, dated as of May 4, 2010, between by BRPP, LLC and The Bank of New York Mellon, as collateral agent | |
2.13.9. | [Reserved] | |
2.13.10. | [Reserved] | |
2.13.11. | [Reserved] | |
2.13.12. | [Reserved] | |
2.13.13. | [Reserved] | |
2.13.14. | [Reserved] | |
2.13.15. | Supplement No. 16 to the Collateral Agreement, dated as of November 16, 2010, between Pactiv Corporation (now known as Pactiv LLC) and The Bank of New York Mellon, as collateral agent | |
2.13.16. | [Reserved] | |
2.13.17. | [Reserved] | |
2.13.18. | [Reserved] | |
2.13.19. | Supplement No. 20 to the Collateral Agreement, dated as of November 16, 2010, between Pactiv Germany Holdings Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.20. | Supplement No. 21 to the Collateral Agreement, dated as of November 16, 2010, between Pactiv International Holdings Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.21. | Supplement No. 22 to the Collateral Agreement, dated as of November 16, 2010, between Pactiv Management Company LLC and The Bank of New York Mellon, as collateral agent | |
2.13.22. | Supplement No. 23 to the Collateral Agreement, dated as of November 16, 2010, between PCA West Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.23. | [Reserved] | |
2.13.24. | [Reserved] | |
2.13.25. | Supplement No. 26 to the Collateral Agreement, dated as of November 16, 2010, between Pactiv Packaging Inc. (formerly PWP Industries, Inc.) and The Bank of New York Mellon, as collateral agent | |
2.13.26. | [Reserved] | |
2.13.27. | [Reserved] |
Supplement No. 29 to the Collateral Agreement, dated as of August 19, 2011, between Bucephalas Acquisition Corp. and The Bank of New York Mellon | ||
2.13.29. | Supplement No. 30 to the Collateral Agreement, dated as of September 8, 2011, between Graham Packaging Company Inc. and The Bank of New York Mellon | |
2.13.30. | Supplement No. 31 to the Collateral Agreement, dated as of September 8, 2011, between GPC Holdings LLC and The Bank of New York Mellon | |
2.13.31. | Supplement No. 32 to the Collateral Agreement, dated as of September 8, 2011, between BCP/Graham Holdings | |
2.13.32. | Supplement No. 33 to the Collateral Agreement, dated as of October 14, 2011, between Reynolds Manufacturing, Inc. and The Bank of New York Mellon | |
2.13.33. | Supplement No. 34 to the Collateral Agreement, dated as of October 14, 2011, between RenPac Holdings Inc. and The Bank of New York Mellon | |
2.13.34. | Supplement No. 35 to the Collateral Agreement, dated as of March 20, 2012, between certain additional guarantors and The Bank of New York Mellon | |
2.13.35. | [Reserved] | |
2.13.36. | Supplement No. 37 to the Collateral Agreement, dated as of December 20, 2012, between Beverage Packaging Holdings (Luxembourg) V S.A. and The Bank of New York Mellon | |
2.13.37. | Supplement No. 38 to the Collateral Agreement dated as of November 5, 2009, dated as of April 9, 2013, among Reynolds Group Holdings Inc., Pactiv LLC, Evergreen Packaging Inc., Reynolds Consumer Products, Inc., Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and The Bank of New York Mellon, as collateral agent | |
2.13.38. | Supplement No. 39 to the Collateral Agreement dated as of November 5, 2009, dated as of November 15, 2013, among Reynolds Group Holdings Inc, Pactiv LLC, Evergreen Packaging Inc., Reynolds Consumer Products, Inc., Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and The Bank of New York Mellon, as collateral agent | |
2.14. | First Lien Intercreditor Agreement, dated as of November 5, 2009, among The Bank of New York Mellon, as collateral agent, Credit Suisse, as representative under the Credit Agreement, The Bank of New York Mellon, as | |
2.14.1. | Amendment No. 1 and Joinder to the First Lien Intercreditor Agreement, dated January 21, 2010 | |
2.14.2. | Joinder to the First Lien Intercreditor Agreement, dated as of November 16, 2010, among The Bank of New York Mellon and Wilmington Trust (London) Limited, as collateral agents for the Secured Parties, Credit Suisse AG, as Representative for the Credit Agreement Secured Parties, The Bank of New York Mellon, as Representative for the Indenture Secured Parties, each Grantor party thereto and each additional Representative from time to time party thereto for the Additional Secured Parties of the Series with respect to which it is acting in such capacity |
2.14.3. | Joinder to the First Lien Intercreditor Agreement, dated as of February 1, 2011, among The Bank of New York Mellon and Wilmington Trust (London) Limited, as collateral agents for the Secured Parties, Credit Suisse AG, as Representative for the Credit Agreement Secured Parties, The Bank of New York Mellon, as Representative for the Indenture Secured Parties, The Bank of New York Mellon, as Representative under the Indenture dated October 15, 2010, The Bank of New York Mellon and Wilmington Trust (London) Limited, each Grantor party thereto and each additional Representative from time to time party thereto for the Additional Secured Parties of the Series with respect to which it is acting in such capacity | |
2.14.4. | Joinder to the First Lien Intercreditor Agreement, dated as of September 8, 2011, among The Bank of New York Mellon and Wilmington Trust (London) Limited, as collateral agents for the Secured Parties, Credit Suisse AG, as Representative for the Credit Agreement Secured Parties, The Bank of New York Mellon, as Representative for the Indenture Secured Parties, The Bank of New York Mellon, as Representative under the Indenture dated October 15, 2010, The Bank of New York Mellon, as Representative under the Indenture dated February 1, 2011, The Bank of New York Mellon and Wilmington Trust (London) Limited, each Grantor party thereto and each additional Representative from time to time party thereto for the Additional Secured Parties of the Series with respect to which it is acting in such capacity | |
2.14.5. | Joinder to the First Lien Intercreditor Agreement, dated as of September 28, 2012, among The Bank of New York Mellon and Wilmington Trust (London) Limited, as collateral agents for the Secured Parties, Credit Suisse AG, as Representative for the Credit Agreement Secured Parties, The Bank of New York Mellon, as Representative for the Indenture Secured Parties, The Bank of New York Mellon, as Representative under the Indenture dated October 15, 2010, The Bank of New York Mellon, as Representative under the Indenture dated February 1, 2011, The Bank of New York Mellon, as Representative under the Indenture dated August 9, 2011, The Bank of New York Mellon and Wilmington Trust (London) Limited, each Grantor party thereto and each additional Representative from time to time party thereto for the Additional Secured Parties of the Series with respect to which it is acting in such capacity | |
2.15. | Amendment and Restatement Agreement, dated as of November 5, 2009, relating to an Intercreditor Agreement dated May 11, 2007, between, among others, Reynolds Group Holdings Limited (formerly Rank Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) I S.A. (formerly Rank Holdings I S.A.), Beverage Packaging Holdings (Luxembourg) II S.A. (formerly Rank Holdings II S.A.), Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse Cayman Islands Branch) as administrative agent, Credit Suisse AG (formerly Credit Suisse) as senior issuing bank, The Bank of New York Mellon as collateral agent, senior secured notes trustee and high yield noteholders trustee and Credit Suisse AG (formerly Credit Suisse) as security trustee | |
2.15.1. | Form of Accession Deed to the | |
2.15.2. | Schedule to Form of Accession Deed to the | |
2.15.3. | Amendment Agreement, dated as of November 5, 2010, relating to an Intercreditor Agreement dated May 11, 2007 | |
2.15.4. | Accession Agreement, dated November 16, 2010, by The Bank of New York Mellon, as trustee for certain senior secured notes due 2019 to the Intercreditor Agreement, dated May 11, 2007 and made between, among others, Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Credit Suisse AG, as administrative agent, Credit Suisse AG, as senior issuing bank, The Bank of New York Mellon, as collateral agent, senior secured notes trustee and high yield noteholders trustee and Credit Suisse AG, as security trustee |
Accession Agreement, dated February 1, 2011, by The Bank of New York Mellon, as trustee for certain senior secured notes due 2021 to the Intercreditor Agreement, dated May 11, 2007 and made between, among others, Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Credit Suisse AG, as administrative agent, Credit Suisse AG, as senior issuing bank, The Bank of New York Mellon, as collateral agent, senior secured notes trustee and high yield noteholders trustee and Credit Suisse AG, as security trustee | ||
2.15.6. | Accession Agreement, dated September 8, 2011, by The Bank of New York Mellon, as trustee for certain senior secured notes due 2019 to the Intercreditor Agreement, dated May 11, 2007 and made between, among others, Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Credit Suisse AG, as administrative agent, Credit Suisse AG, as senior issuing bank, The Bank of New York Mellon, as collateral agent, senior secured notes trustee and high yield noteholders trustee and Credit Suisse AG, as security trustee | |
2.15.7. | Accession Deed to the Intercreditor Agreement, dated March 20, 2012, by the subsidiaries of Reynolds Group Holdings Limited listed on Schedule I thereto, Credit Suisse AG, as security trustee, The Bank of New York Mellon, as collateral agent, and Credit Suisse AG, Cayman Islands Branch, as senior agent | |
2.15.8. | Accession Agreement, dated September 28, 2012, by The Bank of New York Mellon, as trustee for certain senior secured notes due 2020 to the Intercreditor Agreement, dated May 11, 2007 and made between, among others, Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Credit Suisse AG, as administrative agent, Credit Suisse AG, as senior issuing bank, The Bank of New York Mellon, as collateral agent, senior secured notes trustee and high yield noteholders trustee and Credit Suisse AG, as security trustee | |
2.15.9. | Accession Deed to the Intercreditor Agreement, dated November 7, 2012, by the subsidiaries of Reynolds Group Holdings Limited listed on Schedule I thereto, Credit Suisse AG, as security trustee, The Bank of New York Mellon, as collateral agent, and Credit Suisse AG, Cayman Islands Branch, as senior agent | |
2.15.10. | Accession Deed to the Intercreditor Agreement, dated December 14, 2012, by the subsidiaries of Reynolds Group Holdings Limited listed on Schedule I thereto, Credit Suisse AG, as security trustee, The Bank of New York Mellon, as collateral agent, and Credit Suisse AG, Cayman Islands Branch, as senior agent | |
2.15.11. | Accession Deed to the Intercreditor Agreement dated May 11, 2007, dated June 15, 2013, among Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Credit Suisse AG, The Bank of New York Mellon, as collateral agent, and Credit Suisse AG, as security trustee | |
2.15.12. | Accession Deed to the Intercreditor Agreement dated May 11, 2007, dated November 15, 2013, by the subsidiaries of Reynolds Group Holdings Limited listed on the Schedule I thereto | |
2.15.13. | Accession Deed to the Intercreditor Agreement dated May 11, 2007, dated April 9, 2013, by the subsidiaries of Reynolds Group Holdings Limited listed on the Schedule I thereto | |
2.15.14.(13) | Accession Deed to the Intercreditor Agreement, dated June 16, 2015, by the subsidiaries of Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Credit Suisse AG, as administrative agent, Credit Suisse AG, as senior issuing bank, The Bank of New York Mellon, as collateral agent, senior secured notes trustee and high-yield noteholders trustee, and Credit Suisse AG, as security trustee | |
2.15.15.(13) | Accession Deed to the Intercreditor Agreement, dated June 16, 2015, by the subsidiaries of Reynolds Group Holdings Limited, Credit Suisse AG, as administrative agent, and The Bank of New York Mellon, as high-yield noteholders trustee |
2.16. | Intercreditor Agreement, dated November 15, 2013, between, among others, Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Credit Suisse AG, as administrative agent and The Bank of New York Mellon as high yield noteholders trustee | |
2.17.(12) | ||
2.18. | Form of | |
2.19. | Form of 7.125% Senior Secured Note due 2019 (included in Exhibit 4.3 hereto) | |
2.20. | Form of 9.000% Senior Note due 2019 (included in Exhibit 4.4 hereto) | |
2.21. | Form of 6.875% Senior Secured Note due 2021 (included in Exhibit 4.5 hereto) | |
2.21.1. | Form of 8.250% Senior Note due 2021 (included in Exhibit 4.6 hereto) | |
2.22. | Form of 7.875% Senior Secured Note due 2019 (included in Exhibit 4.6.12 hereto) | |
2.22.1. | Form of 9.875% Senior Note due 2019 (originally issued on August 9, 2011) (included in Exhibit 4.6.15 hereto) | |
2.22.2. | [Reserved] | |
2.22.3. | Form of 9.875% Senior Note due 2019 (originally issued on February 15, 2012) (included in Exhibit 4.6.24 hereto) | |
2.22.4. | Form of 5.750% Senior Secured Note due 2020 (included in Exhibit 4.6.41 hereto) | |
2.22.5. | Form of 5.625% Senior Note due 2016 (included in Exhibit 4.2.1 hereto) | |
2.22.6. | Form of 6.000% Senior Subordinated Note due 2017 (included in Exhibit 4.3.1 hereto) | |
2.23. | Copyright Security Agreement, dated as of November 5, 2009, among the grantors listed thereto and The Bank of New York Mellon, as collateral agent | |
2.24. | Patent Security Agreement, dated as of November 5, 2009, among the grantors listed thereto and The Bank of New York Mellon, as collateral agent | |
2.25. | Trademark Security Agreement, dated as of November 5, 2009, among the grantors listed thereto and The Bank of New York Mellon, as collateral agent | |
2.26. | Share Pledge Agreement | |
2.27. | Global Assignment Agreement, dated as of November 5, 2009, between Closure Systems International Deutschland GmbH and The Bank of New York Mellon as collateral agent | |
2.28. | Account Pledge Agreement, dated as of November 5, 2009, between Closure Systems International Deutschland GmbH and The Bank of New York Mellon as collateral agent | |
2.29. | Security Transfer Agreement, dated as of November 5, 2009, between Closure Systems International Deutschland GmbH and The Bank of New York Mellon as collateral agent | |
2.30. | Global Assignment Agreement, dated as of November 5, 2009, between Closure Systems International Deutschland Real Estate GmbH & Co KG and The Bank of New York Mellon as collateral agent | |
2.31. | Account Pledge Agreement, dated as of November 5, 2009, between Closure Systems International Deutschland Real Estate GmbH & Co KG and The Bank of New York Mellon as collateral agent |
Security Purpose Agreement relating to Land Charges, dated as of November 5, 2009, between Closure Systems International Deutschland Real Estate GmbH & Co KG and The Bank of New York Mellon as collateral agent | ||
2.33. | Share Pledge Agreement | |
2.34. | Account Pledge Agreement, dated as of November 5, 2009, between Closure Systems International Holdings (Germany) GmbH and The Bank of New York Mellon as collateral agent | |
2.35. | Global Assignment Agreement, dated as of November 5, 2009, between Closure Systems International Holdings (Germany) GmbH and The Bank of New York Mellon as collateral agent | |
2.36. | ||
2.37. | [Reserved] | |
2.38. | [Reserved] | |
2.39. | ||
2.40. | ||
2.41. | ||
2.42. | ||
2.43. | ||
2.44. | ||
2.45. | ||
2.46. | ||
2.47. | ||
2.48. | ||
2.49. | ||
2.50. | ||
2.51. |
2.52. | ||
2.53. | ||
2.54. | ||
2.55. | ||
2.56. | ||
2.57. | ||
2.58. | ||
2.59. | ||
2.60. | ||
2.61. | ||
2.62. | ||
2.63. | ||
2.64. | Pledge Over Bank Accounts, dated as of November 5, 2009, between Closure Systems International (Luxembourg) S.à r.l. (succeeded by Beverage Packaging Holdings (Luxembourg) III S.à r.l.) and The Bank of New York Mellon as collateral agent |
2.65. | [Reserved] | |
2.66. | Pledge Over Bank Accounts, dated as of November 5, 2009, between Reynolds Consumer Products (Luxembourg) S.à r.l. (succeeded by Beverage Packaging Holdings (Luxembourg) III S.à r.l.) and The Bank of New York Mellon as collateral agent | |
2.67. | [Reserved] | |
2.68. | Specific Security Deed in respect of Reynolds Group Holdings Limited's shareholding in Beverage Packaging Holdings (Luxembourg) I S.A. (NZ Law), dated as of November 5, 2009, between Reynolds Group Holdings Limited and The Bank of New York Mellon as collateral agent | |
2.69. | [Reserved] | |
2.70. | [Reserved] | |
2.71. | Pledge Over Shares Agreement in Beverage Packaging Holdings (Luxembourg) I S.A. (Luxembourg Law), dated as of November 5, 2009, between Reynolds Group Holdings Limited and The Bank of New York Mellon as collateral agent | |
2.72. | [Reserved] | |
2.73. | [Reserved] | |
2.74. | Pledge Over Receivables from Beverage Packaging Holdings (Luxembourg) III S.à r.l., dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent | |
2.75. | Luxembourg Pledge Agreement Profit Participating Bonds issued by Beverage Packaging Holdings (Luxembourg) III S.à r.l., dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent | |
2.76. | Pledge Over Bank Accounts, dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent | |
2.77. | Pledge Over Receivables from Beverage Packaging Holdings (Luxembourg) I S.A., dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon as collateral agent | |
2.78. | [Reserved] | |
2.79. | [Reserved] | |
2.80. | Pledge Over Shares Agreement in Beverage Packaging Holdings (Luxembourg) III S.à r.l., dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent | |
2.81. | Pledge over Bank Accounts, dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and The Bank of New York Mellon as collateral agent | |
2.82. | Pledge over Receivables from Beverage Packaging Holdings (Luxembourg) I S.A., dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and The Bank of New York Mellon as collateral agent | |
2.83. | Pledge Over Shares Agreement in Reynolds Group Issuer (Luxembourg) S.A., dated as of November 5, 2009, between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent | |
2.84. | Pledge Over Receivables (relating to Beverage Packaging Holdings (Luxembourg) III S.à r.l.), dated as of November 5, 2009, between Reynolds Group Issuer (Luxembourg) S.A. and The Bank of New York Mellon as collateral agent | |
2.85. | Pledge over Bank Accounts, dated as of November 5, 2009, between Reynolds Group Issuer (Luxembourg) S.A. and The Bank of New York Mellon as collateral agent | |
2.86. | Deed of Pledge of Registered Shares in Closure Systems International B.V., dated as of November 5, 2009, between Closure Systems International (Luxembourg) S.à r.l. (succeeded by Beverage Packaging Holdings (Luxembourg) III S.à r.l.) and The Bank of New York Mellon as collateral agent | |
2.87. | Disclosed Pledge of Bank Accounts, dated as of November 5, 2009, between Closure Systems International B.V., Reynolds Consumer Products (Luxembourg) S.à | |
2.88. | Deed of Pledge of Registered Shares in Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.), dated as of November 5, 2009, between Reynolds Consumer Products (Luxembourg) S.à r.l. (succeeded by Beverage Packaging Holdings (Luxembourg) III S.à r.l.) and The Bank of New York Mellon as collateral agent | |
2.89. | General Security Deed, dated as of November 5, 2009, between Reynolds Group Holdings Limited and The Bank of New York Mellon as collateral agent | |
2.90. | ||
2.92. | [Reserved] | |
2.93. | [Reserved] | |
2.94. | [Reserved] | |
2.95. | [Reserved] | |
2.96. | [Reserved] | |
2.97. | [Reserved] | |
2.98. | [Reserved] | |
2.99. | [Reserved] | |
2.100. | ||
2.101. | ||
2.102. | [Reserved] | |
2.103. | [Reserved] | |
2.104. | [Reserved] | |
2.105. | [Reserved] | |
2.106. | ||
2.107. | ||
2.108. | ||
2.109. | ||
2.110. | Security Over Shares Agreement in CSI Latin American Holdings Corporation, dated as of December 2, 2009, between Closure Systems International B.V. and The Bank of New York Mellon as collateral agent | |
2.111. | [Reserved] | |
2.112. | Canadian Pledge Agreement in | |
2.113. | Canadian General Security Agreement, dated as of December 2, 2009, between Closure Systems International (Canada) Limited (amalgamated into Pactiv Canada Inc.) and The Bank of New York Mellon as collateral agent | |
2.114. | [Reserved] | |
2.115. | Pledge over Receivables Agreement (relating to Beverage Packaging Holdings (Luxembourg) I S.A.) (Luxembourg law), dated as of December 2, 2009, between Reynolds Group Holdings Limited and The Bank of New York Mellon as collateral agent | |
2.116. | Security Assignment of Contractual Rights Under a Specific Contract, dated as of December 2, 2009, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and The Bank of New York Mellon as collateral agent | |
2.117. | ||
2.118. | ||
2.119. | Security Over Shares Agreement in Closure Systems International (UK) Limited, dated as of December 2, 2009, between Closure Systems International B.V. and The Bank of New York Mellon as collateral agent | |
2.120. | [Reserved] | |
2.121. | Security Over Shares Agreement in Reynolds Consumer Products (UK) Limited, dated as of December 2, 2009, between Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.) and The Bank of New York Mellon as collateral agent | |
2.122. | [Reserved] | |
2.123. | [Reserved] | |
2.124. | [Reserved] | |
2.125. | [Reserved] | |
2.126. | ||
2.127. | ||
2.128. | ||
2.129. | ||
2.130. | [Reserved] | |
2.131. | Pledge Agreement Over Inventory, Equipment and Other Assets, dated January 29, 2010, granted by Closure Systems International (Brazil) Sistemas de Vedação Ltda. in favour of The Bank of New York Mellon as collateral | |
2.132. | Pledge Agreement Over Receivables and Other Credit Rights, dated January 29, 2010, granted by Closure Systems International (Brazil) Sistemas de Vedação Ltda. in favour of The Bank of New York Mellon as collateral | |
2.133. | Accounts Pledge Agreement, dated January 29, 2010, granted by Closure Systems International (Brazil) Sistemas de Vedação Ltda. in favour of The Bank of New York Mellon as collateral | |
2.134. | Quota Pledge Agreement, dated January 29, 2010, granted by Closure Systems International Holdings, Inc. (US) and Closure Systems International B.V. (Netherlands) in favour of The Bank of New York Mellon as collateral agent and acknowledged by Closure Systems International (Brazil) Sistemas de Vedação Ltda. |
2.135. | Pledge of Quotas Agreement, dated January 29, 2010, entered into by Closure Systems International B.V. over its quotas in CSI Closure Systems Manufacturing de Centro America, S.R.L. in favour of Wilmington Trust (London) Limited as collateral | |
2.136. | ||
2.137. | [Reserved] | |
2.138. | [Reserved] | |
2.139. | [Reserved] | |
2.140. | [Reserved] | |
2.141. | [Reserved] | |
2.142. | [Reserved] | |
2.143. | [Reserved] | |
2.144. | [Reserved] | |
2.145. | Floating Lien Pledge Agreement, dated January 29, 2010, given by Bienes Industriales del Norte, S.A. de C.V., CSI Ensenada, S. de R.L. de C.V., CSI en Saltillo, S. de R.L. de C.V., CSI Tecniservicio, S. de R.L. de C.V., Grupo CSI de Mexico, S. de R.L. de C.V. (Mexico) and Tecnicos de Tapas Innovativas S.A. de C.V. (Mexico) in favour of The Bank of New York Mellon as collateral | |
2.146. | Equity Interests Pledge Agreement, dated January 29, 2010, representing the capital stock of Bienes Industriales del Norte, S.A. de C.V., CSI Ensenada, S. de R.L. de C.V., CSI en Saltillo, S. de R.L. de C.V., CSI Tecniservicio, S. de R.L. de C.V., Grupo CSI de Mexico, S. de R.L. de C.V. and Tecnicos de Tapas Innovativas S.A. de C.V., given by the parent companies of such companies in favour of The Bank of New York Mellon as collateral | |
2.147. | Pledge of Registered Shares of SIG Schweizerische Industrie-Gesellschaft AG (formerly SIG Reinag AG), dated January 29, 2010, entered into by SIG Finanz AG in favour of The Bank of New York Mellon as collateral | |
2.148. | ||
2.149. | ||
2.150. | ||
2.151. | ||
2.151.1. | [Reserved] | |
2.151.2. | [Reserved] | |
2.151.3. | [Reserved] | |
2.151.4. | [Reserved] | |
2.151.5. | [Reserved] | |
2.151.6. | [Reserved] | |
2.152. | [Reserved] | |
2.153. | [Reserved] | |
2.154. | Security Over Shares Agreement relating to shares of Closure Systems International (Hong Kong) Limited, dated February 25, 2010, entered into by SIG Finanz AG (Switzerland) in favour of Wilmington Trust (London) Limited as | |
2.155. | [Reserved] | |
2.156. | [Reserved] | |
2.157. | ||
2.158. | ||
2.159. | ||
2.160. | ||
2.161. | ||
2.162. | ||
2.163. | ||
2.164. | ||
2.165. | ||
2.166. | ||
2.167. | ||
2.168. | ||
2.169. |
[Reserved] | ||
2.170. | ||
2.171. | ||
2.172. | ||
2.173. | Patent Security Agreement, dated as of May 4, 2010, among the grantors listed thereto and The Bank of New York Mellon as collateral | |
2.174. | Trademark Security Agreement, dated as of May 4, 2010, among the grantors listed thereto and The Bank of New York Mellon as collateral |
2.175. | Canadian General Security Agreement, dated as of December 2, 2009, entered into by Evergreen Packaging Canada Limited | |
2.176. | Canadian Pledge Agreement, dated as of May 4, 2010, entered into by Evergreen Packaging International B.V. | |
2.177. | [Reserved] | |
2.178. | [Reserved] | |
2.179. | ||
2.180. | Pledge Over Bank Account, dated as of May 4, 2010, between Evergreen Packaging (Luxembourg) S.à | |
2.181. | Pledge Over Receivables from SIG Combibloc Holding GmbH, dated as of May 4, 2010, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and The Bank of New York Mellon | |
2.182. | [Reserved] | |
2.183. | [Reserved] | |
2.184. | Deed of Pledge of Registered Shares in Evergreen Packaging International B.V., dated as of May 4, 2010, between Evergreen Packaging (Luxembourg) S.à | |
2.185. | Disclosed Pledge of Bank Accounts, dated as of May 4, 2010, between Evergreen Packaging International B.V. and The Bank of New York Mellon as collateral agent | |
2.186. | Amendment to the Quota Pledge Agreement, dated as of May 4, 2010, granted by Closure Systems International B.V. and Closure Systems International Holdings Inc. in favor of The Bank of New York Mellon as collateral agent and acknowledged by Closure Systems International (Brazil) Sistemas de Vedação Ltda. | |
2.187. | Amendment to the Pledge Agreement Over Receivables and Other Credit Rights, dated as of May 4, 2010, between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent | |
2.188. | Amendment to the Accounts Pledge Agreement, dated May 4, 2010, between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent | |
2.189. | Amendment to the Pledge Agreement over Inventory, Equipment and Other Assets, dated May 4, 2010, between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent | |
2.190. | ||
2.191. | ||
2.192. | ||
2.193. | ||
2.194. | Confirmation and Amendment Agreement relating to non-notarial accessory security, dated as of May 4, 2010, between SIG Euro Holding AG & Co. KGaA, SIG Combibloc Systems GmbH, SIG Combibloc Holding GmbH, Closure Systems International (Germany) GmbH, SIG Combibloc GmbH, SIG Beverages Germany GmbH (now merged into SIG Euro Holding AG & Co. KGaA), SIG International Services GmbH, SIG Information Technology GmbH, SIG Vietnam Beteiligungs GmbH (now known as SIG Beteiligungs GmbH), SIG Combibloc Zerspanungstechnik GmbH, Closure Systems International Deutschland GmbH, SIG Combibloc Group AG, SIG Finanz AG, SIG Schweizerische Industrie-Gesellschaft AG, SIG allCap AG, SIG Combibloc Procurement AG and SIG Reinag AG and The Bank of New York Mellon as collateral agent | |
2.195. | Confirmation and Amendment Agreement relating to non-accessory security, dated as of May 4, 2010, between SIG Euro Holding AG & Co. KGaA, SIG Combibloc Systems GmbH, SIG Combibloc Holding GmbH, SIG Beverages Germany GmbH (now merged into SIG Euro Holding AG & Co. KGaA), SIG Combibloc Zerspanungstechnik GmbH, SIG International Services GmbH, Closure Systems International (Germany) GmbH, SIG Information Technology GmbH, SIG Vietnam Beteiligungs GmbH (now known as SIG Beteiligungs GmbH), Closure Systems International Holdings (Germany) GmbH, Closure Systems International Deutschland GmbH, SIG Finanz AG and SIG Technology AG and The Bank of New York Mellon as collateral agent | |
2.196. | Confirmation and Amendment Agreement relating to notarial share pledges, dated May 4, 2010, between SIG Combibloc Group AG, SIG Euro Holding AG & Co. KGaA, SIG Combibloc Systems GmbH, SIG Combibloc Holding GmbH, Closure Systems International Holdings (Germany) GmbH and Closure Systems International B.V. and The Bank of New York Mellon as collateral agent | |
2.197. | ||
2.198. | [Reserved] | |
2.199. | [Reserved] |
2.200. | [Reserved] | |
2.201. | [Reserved] | |
2.202. | [Reserved] | |
2.203. | [Reserved] | |
2.204. | [Reserved] | |
2.205. | Amendment Agreement | |
2.206. | Confirmation Agreement, dated May 4, 2010, between Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à | |
2.207. |
2.208. | ||
2.209. | ||
2.210. | ||
2.211. | ||
2.212. | ||
2.213. | ||
2.214. | ||
2.215. | ||
2.216. | Deed of Hypothec between Evergreen Packaging Canada Limited and The Bank of New York Mellon as fondé de pouvoir, dated June 28, 2010 | |
2.217. | Bond Pledge Agreement between Evergreen Packaging Canada Limited and The Bank of New York Mellon as collateral agent, dated June 28, 2010 | |
2.218. | Bond issued by Evergreen Packaging Canada Limited in favour of The Bank of New York Mellon as collateral agent | |
2.219. | ||
2.220. | ||
2.221. | ||
2.222. | ||
2.223. | Canadian General Security Agreement, dated as of September 1, 2010, between Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) and The Bank of New York Mellon as collateral | |
2.224. | [Reserved] | |
2.225. | Deed of Hypothec granted by Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) in favour of The Bank of New York Mellon as collateral agent, dated September 1, | |
2.226. | Bond Pledge Agreement granted by Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) in favour of The Bank of New York Mellon as collateral agent, dated September 1, | |
2.227. | Bond issued by Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) in favour of The Bank of New York Mellon as collateral agent, dated September 1, | |
2.228. | Floating Lien Pledge Agreement, dated September 1, 2010, between Maxpack, S. de R.L. de C.V. (succeeded by Pactiv Foodservice Mexico, S. de R.L. de C.V.), Reynolds Metals Company de Mexico, S. de R.L. de C.V. and The Bank of New York Mellon as collateral | |
2.229. | Partnership Interests Pledge Agreement, dated September 1, 2010, between Reynolds Packaging International B.V., Closure Systems International B.V., Reynolds Metals Company de Mexico, S. de R.L. de C.V. and The Bank of New York Mellon, and acknowledged by Maxpack, S. de R.L. de C.V. (succeeded by Pactiv Foodservice Mexico, S. de R.L. de C.V.) | |
2.230. | Disclosed Pledge of Bank Accounts, dated September 1, 2010, between Reynolds Packaging International B.V. and The Bank of New York Mellon |
Deed of Pledge of Registered Shares, dated September 1, 2010, between Closure Systems International B.V., Reynolds Packaging International B.V. and The Bank of New York Mellon | ||
2.232.(12) | ||
2.233. | [Reserved] | |
2.234. | Security Over Shares Agreement relating to shares in Ivex Holdings, Ltd., dated September 1, 2010, between Reynolds Packaging International B.V. and The Bank of New York Mellon as collateral agent | |
2.235. | [Reserved] | |
2.236. | [Reserved] | |
2.237. | Copyright Security Agreement, dated as of November 16, 2010, among Pactiv Corporation (now known as Pactiv LLC), a Delaware corporation and The Bank of New York Mellon as collateral agent | |
2.238. | Patent Security Agreement, dated as of November 16, 2010, among the grantors listed on thereto and The Bank of New York Mellon | |
2.239. | Trademark Security Agreement, dated as of November 16, 2010, among the grantors listed on thereto and The Bank of New York Mellon as collateral agent | |
2.240. | Canadian General Security Agreement granted by 798795 Ontario Limited (amalgamated into Pactiv Canada Inc.) in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.241. | [Reserved] | |
2.242. | Canadian General Security Agreement granted by Newspring Canada Inc. (amalgamated into Pactiv Canada Inc.) in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.243. | [Reserved] | |
2.244. | Canadian General Security Agreement granted by Pactiv Canada Inc. in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.245. | [Reserved] | |
2.246. | [Reserved] |
2.247. | [Reserved] | |
2.248. | [Reserved] | |
2.249. | Second Amendment to Quota Pledge Agreement over quotas in Closure Systems International (Brazil) Sistemas de Vedação Ltda. between Closure Systems International B.V. and Closure Systems International Holdings Inc. and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.250. | Second Amendment to Pledge Agreement Over Receivables and Other Credit Rights between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.251. | Second Amendment to Accounts Pledge Agreement between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.252. | Second Amendment to Pledge Agreement Over Inventory, Equipment and Other Assets between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.253. | ||
2.254. | ||
2.255. | ||
2.256. | Deed of Hypothec between Evergreen Packaging Canada Limited and The Bank of New York Mellon as fondé de pouvoir, dated November 16, 2010 | |
2.257. | Bond Pledge Agreement between Evergreen Packaging Canada Limited and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.258. | Bond issued by Evergreen Packaging Canada Limited in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.259. | Deed of Hypothec between Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) and The Bank of New York Mellon as fondé de pouvoir, dated November 16, 2010 | |
2.260. | Bond Pledge Agreement between Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.261. | Bond issued by Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.262. | Confirmation and Amendment Agreement relating to non-accessory security between SIG Euro Holding AG & Co. KGaA, SIG Combibloc Systems GmbH, SIG Combibloc Holding GmbH, SIG Combibloc GmbH, SIG Beverages Germany GmbH (now merged into SIG Euro Holding AG & Co. KGaA), SIG Combibloc Zerspanungstechnik GmbH, SIG International Services GmbH, SIG Information Technology GmbH, SIG Vietnam Beteiligungs GmbH (now known as SIG Beteiligungs GmbH), Closure Systems International Holdings (Germany) GmbH, Closure Systems International Deutschland GmbH, SIG Combibloc Group AG and SIG Technology AG and The Bank of New York Mellon as collateral agent (global assignment agreements, security transfer agreements, IP assignment agreements and security purpose agreements), dated November 16, 2010 | |
2.263. | Share Pledge Agreements between SIG Combibloc Group AG, SIG Euro Holding AG & Co. KGaA, SIG Combibloc Systems GmbH, SIG Combibloc Holding GmbH, Closure Systems International Holdings (Germany) GmbH and Closure Systems International B.V. and The Bank of New York Mellon as collateral agent, dated November 16, 2010 |
2.264. | ||
2.265. | Account Pledge Agreement between Closure Systems International Deutschland GmbH and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.266. | Account Pledge Agreement between Closure Systems International Holdings (Germany) GmbH and The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.267. | [Reserved] | |
2.268. | ||
2.269. | ||
2.270. | ||
2.271. | ||
2.272. | ||
2.273. | ||
2.274. | ||
2.275. | ||
2.276. | [Reserved] | |
2.277. | ||
2.278. | ||
2.279. | ||
2.280. | [Reserved] | |
2.281. | [Reserved] | |
2.282. | Deed of Confirmation and Amendment relating to a share charge over shares in Closure Systems International (Hong Kong) Limited between Closure Systems International B.V. and Wilmington Trust (London) Limited as collateral agent, dated November 16, 2010 | |
2.283.(12) |
2.284. | [Reserved] | |
2.285. | [Reserved] | |
2.286. | [Reserved] | |
2.287. | [Reserved] | |
2.288. | [Reserved] | |
2.289. | [Reserved] | |
2.290. | [Reserved] | |
2.291. | [Reserved] | |
2.292. | [Reserved] | |
2.293. | Amendment Agreement No. 2 relating to a | |
2.294. | Confirmation Agreement between Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.à r.l., SIG Finance (Luxembourg) S.à r.l., Reynolds Group Issuer (Luxembourg) S.A., Closure Systems International (Luxembourg) S.à r.l., Reynolds Consumer Products (Luxembourg) S.à | |
2.295. | ||
2.296. |
2.298. | ||
2.299. | ||
2.300. | [Reserved] | |
2.301. | Deed of Confirmation and Amendment relating to a pledge of shares in Closure Systems International (UK) Limited granted by Closure Systems International B.V. in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.302. | [Reserved] | |
2.303. | Deed of Confirmation and Amendment relating to a pledge of shares in Ivex Holdings, Ltd. granted by Reynolds Packaging International B.V. in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.304. | [Reserved] | |
2.305. | [Reserved] | |
2.306. | Deed of Confirmation and Amendment relating to a pledge of shares in Reynolds Consumer Products (UK) Limited granted by Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.) in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.307. | [Reserved] | |
2.308. | [Reserved] | |
2.309. | ||
2.310. | [Reserved] | |
2.311. | [Reserved] | |
2.312. | [Reserved] | |
2.313. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Beverage Packaging Holdings (Luxembourg) I S.A. in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.314. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Beverage Packaging Holdings (Luxembourg) III S.à r.l. in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.315. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Closure Systems International (Luxembourg) S.à r.l. (succeeded by Beverage Packaging Holdings (Luxembourg) III S.à | |
2.316. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Reynolds Consumer Products (Luxembourg) S.à r.l. (succeeded by Beverage Packaging Holdings (Luxembourg) III S.à | |
2.317. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Closure Systems International B.V. in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 |
2.318. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.) in favour of The Bank of New York Mellon as collateral agent, dated November 16, 2010 | |
2.319. | ||
2.320. | ||
2.321. | ||
2.322. | ||
2.323. | ||
2.324. | ||
2.325. | ||
2.326. | [Reserved] | |
2.327. | [Reserved] | |
2.328. | [Reserved] | |
2.329. | [Reserved] | |
2.330. | [Reserved] |
2.331. | [Reserved] | |
2.332. | [Reserved] | |
2.333. | [Reserved] | |
2.334. | [Reserved] | |
2.335. | [Reserved] | |
2.336. | Confirmation Agreement between Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) I S.à r.l., Beverage Packaging Holdings (Luxembourg) II S.à r.l., Beverage Packaging Holdings (Luxembourg) III S.à r.l., Reynolds Group Issuer (Luxembourg) S.A., Evergreen Packaging (Luxembourg) S.à r.l. | |
2.337. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent, dated February 1, | |
2.338. | ||
2.339. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract (relating to loans to SIG Euro and CSI B.V.) between Beverage Packaging Holdings (Luxembourg) III S.à | |
2.340. | Deed of Release in respect of an English law security assignment of contractual rights under a specific contract | |
2.341. | Deed of Release in respect of an English law security assignment of contractual rights under a specific contract | |
2.342. | Security Assignment of Contractual Rights Under a Specific Contract between Beverage Packaging Holdings (Luxembourg) III S.à | |
2.343. | ||
2.344. | ||
2.345. | ||
2.346. | Deed of Confirmation and Amendment in respect of a share pledge over Closure Systems International (Hong Kong) Limited between Closure Systems International B.V. and Wilmington Trust (London) Limited as collateral agent, dated February 1, | |
2.347. | [Reserved] | |
2.348. | Amendment Agreement in respect of a Quota Charge Agreement of CSI Hungary Manufacturing and Trading Limited Liability Company among Closure Systems International B.V., CSI Hungary Manufacturing and Trading Limited Liability Company and Wilmington Trust (London) Limited as collateral agent, dated February 1, 2011 | |
2.349. | Deed of Confirmation and Amendment in respect of a share pledge over Closure Systems International (UK) Limited between Closure Systems International B.V. and The Bank of New York Mellon as collateral agent, dated February 1, 2011 | |
2.350. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract (GLA) between Closure Systems International B.V. and The Bank of New York Mellon as collateral agent, dated February 1, 2011 | |
2.351. | [Reserved] | |
2.352. | Deed of Confirmation and Amendment in respect of a share pledge over Ivex Holdings, Ltd. between Reynolds Packaging International B.V. and The Bank of New York Mellon as collateral agent, dated February 1, 2011 |
2.353. | Deed of Confirmation and Amendment in respect of a share pledge over Reynolds Consumer Products (UK) Limited between Reynolds Consumer Packaging International B.V. (succeeded by Reynolds Packaging International B.V.) and The Bank of New York Mellon as collateral agent, dated February 1, 2011 | |
2.354. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract (GLA) between Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.) and The Bank of New York Mellon as collateral agent, dated February 1, | |
2.355. | ||
2.356. | [Reserved] | |
2.357.(13) | Confirmation Agreement, dated February 25, 2015, between | |
2.358. | [Reserved] | |
2.359. | [Reserved] | |
2.360. | [Reserved] | |
2.361. | [Reserved] |
2.362. | [Reserved] | |
2.363. | [Reserved] | |
2.364. | [Reserved] | |
2.365. | [Reserved] | |
2.366. | [Reserved] | |
2.367. | [Reserved] | |
2.368. | [Reserved] | |
2.369. | ||
2.370. | [Reserved] | |
2.371. | ||
2.372. | [Reserved] | |
2.373. | [Reserved] | |
2.374. | [Reserved] | |
2.375. | [Reserved] | |
2.376. | [Reserved] | |
2.377. | [Reserved] | |
2.378. | Amendment Agreement in respect of a Quota Charge Agreement of CSI Hungary Manufacturing and Trading Limited Liability Company among Closure Systems International B.V., CSI Hungary Manufacturing and Trading Limited Liability Company and Wilmington Trust (London) Limited as collateral agent, dated February 9, 2011 | |
2.379. | Confirmation Agreement, dated February 9, 2011, among Reynolds Group Holding Limited, Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.A., Reynolds Group Issuer (Luxembourg) S.A., Evergreen Packaging (Luxembourg) S.àr.l. and The Bank of New York Mellon as collateral | |
2.380. | ||
2.381. | ||
2.382. | ||
2.383. | ||
2.384. | ||
2.385. | Third Amendment to the Quota Pledge Agreement, dated as of March 2, 2011, granted by Closure Systems International B.V. and Closure Systems International Holdings Inc. in favor of The Bank of New York Mellon as collateral agent and acknowledged by Closure Systems International (Brazil) Sistemas de Vedação Ltda. | |
2.386. | Fourth Amendment to the Pledge Agreement Over Receivables and Other Credit Rights between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and The Bank of New York Mellon as collateral agent, dated as of March 2, | |
2.387. | Third | |
2.388. | Third |
2.389. | ||
2.390. | ||
2.391. | ||
2.392. | ||
2.393. | [Reserved] | |
2.394. | [Reserved] | |
2.395. | ||
2.396. | [Reserved] |
2.397. | ||
2.398. | ||
2.399. | ||
2.400. | ||
2.401. | ||
2.402. | ||
2.403. | ||
2.404. | [Reserved] | |
2.405. | ||
2.406. | ||
2.407. | ||
2.408. | [Reserved] | |
2.409. | [Reserved] | |
2.410. | ||
2.411. | ||
2.412. | ||
2.413. | ||
2.414. | ||
2.415. | ||
2.416. | ||
2.417. | ||
2.418. | [Reserved] | |
2.419. | Account Pledge Agreement, dated as of March 2, 2011, between Pactiv Deutschland Holdinggesellschaft | |
2.420. | Account Pledge Agreement, dated as of March 2, 2011, between Omni-Pac Ekco GmbH Verpackungsmittel and The Bank of New York Mellon as collateral agent | |
2.421. | Account Pledge Agreement, dated as of March 2, 2011, between Omni-Pac GmbH Verpackungsmittel and The Bank of New York Mellon as collateral agent | |
2.422. | [Reserved] | |
2.423. | Share Pledge Agreement | |
2.424. | Share Pledge Agreement | |
2.425. | [Reserved] | |
2.426. | Floating Lien Pledge Agreement, dated April 19, 2011, given by Central de Bolsas, S. de R.L. de C.V., Grupo Corporativo Jaguar, S.A. de C.V., Servicios Industriales Jaguar, S.A. de C.V., Servicio Terrestre Jaguar, S.A. de C.V. and Pactiv Mexico, S. de R.L. de C.V. in favour of The Bank of New York Mellon as collateral |
agent | ||
2.427. | Equity Interests Pledge Agreement, dated April 19, 2011, by Grupo CSI de México, S. de R.L. de C.V., CSI en Saltillo, S. de R.L. de C.V., Central de Bolsas, S. de R.L. de C.V., Servicios Industriales Jaguar, S.A. de C.V., Servicio Terrestre Jaguar, S.A. de C.V., Grupo Corporativo Jaguar, S.A. de C.V., Pactiv Corporation (now known as Pactiv LLC) and Pactiv International Holdings Inc. in favour of The Bank of New York Mellon as collateral | |
2.428.(12) | ||
2.429.(12) | ||
2.430.(12) | ||
2.431.(12) | ||
2.432.(12) | ||
2.433.(12) | Share Pledge Agreement, dated December 18, 2014, between Pactiv-Omni Germany Holdings GmbH, Pactiv Deutschland Holdinggesellschaft mbH and The Bank of New York Mellon | |
2.434.(12) | Deed of Sale, Transfer and Pledge of Shares in the capital of Reynolds Packaging International B.V. and Transfer of Contract Dated July 31, 2014 as amended on August 13, 2014 (re. The transfer of pledge agreements of the shares in Reynolds Packaging International B.V. from Closure Systems International B.V. to Beverage Packaging Holdings) | |
2.435.(12) | Amended and Restated Blanket Security over Shares Agreement, dated November 1, 2014, between The Bank of New York Mellon, the Secured Parties (defined therein) and Closure Systems International B.V. | |
2.436. | [Reserved] | |
2.437. | [Reserved] | |
2.438. | [Reserved] | |
2.439. | [Reserved] | |
2.440. | [Reserved] | |
2.441. | ||
2.442. | ||
2.443. | ||
2.444. | Amendment to Quota Pledge Agreement in favor of Closure Systems International (Brazil) Sistemas de Vedação | |
2.445. | Amendment to Pledge Agreement over Receivables and other Credit Rights in favor of Closure Systems International (Brazil) Sistemas de Vedação | |
2.446. | Amendment to Accounts Pledge Agreement in favor of Closure Systems International (Brazil) Sistemas de Vedação | |
2.447. | Amendment to Pledge Agreement over Inventory, Equipment and other Assets in favor of Closure Systems International (Brazil) Sistemas de Vedação | |
2.448. | ||
2.449. | ||
2.450. | ||
2.451. | [Reserved] | |
2.452. | [Reserved] | |
2.453. | ||
2.454. | [Reserved] | |
2.455. | ||
2.456. | ||
2.457. | ||
2.458. | ||
2.459. | ||
2.460. | ||
2.461. | ||
2.462. | [Reserved] | |
2.463. | Account Pledge Agreement between Pactiv Deutschland Holdinggesellschaft mbH and The Bank of New York Mellon as collateral agent, dated September 8, 2011 |
Account Pledge Agreement between Omni-Pac Ekco GmbH Verpackungsmittel and The Bank of New York Mellon as collateral agent, dated September 8, 2011 | ||
2.465. | Account Pledge Agreement between Omni-Pac GmbH Verpackungsmittel and The Bank of New York Mellon as collateral agent, dated September 8, 2011 | |
2.466. | ||
2.467. | [Reserved] | |
2.468. | ||
2.469. | ||
2.470. | [Reserved] | |
2.471. | ||
2.472. | Notarial Share Pledge Agreement in respect of Closure Systems International Holdings (Germany) GmbH, Closure Systems International Deutschland GmbH, SIG Euro Holding AG & Co. |
2.473. | ||
2.474. | [Reserved] | |
2.475. | [Reserved] | |
2.476. | [Reserved] | |
2.477. | [Reserved] | |
2.478. | Deed of Confirmation and Amendment relating to a debenture between Closure Systems International (Hong Kong) Limited and Wilmington Trust (London) Limited as collateral agent, dated September 8, 2011 | |
2.479. | Deed of Confirmation and Amendment relating to a share charge over shares in Closure Systems International (Hong Kong) Limited between Closure Systems International B.V. and Wilmington Trust (London) Limited as collateral agent, dated September 8, 2011 | |
2.480. | Amendment Agreement No. 3 relating to a | |
2.481. | [Reserved] | |
2.482. | [Reserved] | |
2.483. | [Reserved] | |
2.484. | Amendment | |
2.485. | [Reserved] | |
2.486. | [Reserved] | |
2.487. | Confirmation Agreement in respect of Luxembourg security regarding Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) | |
2.488. | ||
2.489. | ||
2.490. | ||
2.491. | ||
2.492. | [Reserved] | |
2.493. | [Reserved] | |
2.494. | [Reserved] |
2.495. | [Reserved] | |
2.496. | Deed of | |
2.497. | [Reserved] | |
2.498. | [Reserved] | |
2.499. | Deed of | |
2.500. | [Reserved] | |
2.501. | [Reserved] | |
2.502. | Deed of | |
2.503. | [Reserved] | |
2.504. | [Reserved] | |
2.505. | [Reserved] | |
2.506. | ||
2.507. | [Reserved] | |
2.508. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.) in favour of The Bank of New York Mellon as collateral agent, dated September 8, 2011 |
2.509. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Closure Systems International B.V. in favour of The Bank of New York Mellon as collateral agent, dated September 8, 2011 | |
2.510. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by CSI Lux following the merger with CSI Lux and RCP Lux, by Beverage Packaging Holdings (Luxembourg) III S.à r.l. in favour of The Bank of New York Mellon as collateral agent, dated September 8, 2011 | |
2.511. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Beverage Packaging Holdings (Luxembourg) III S.à r.l. in favour of The Bank of New York Mellon as collateral agent, dated September 8, 2011 | |
2.512. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Beverage Packaging Holdings (Luxembourg) I S.A. in favour of The Bank of New York Mellon as collateral agent, dated September 8, 2011 | |
2.513. | ||
2.514. | ||
2.515. | ||
2.516. | ||
2.517. | ||
2.518. | ||
2.519. | ||
2.520. | ||
2.521. | ||
2.522. | Pledge Over Shares Agreement in Beverage Packaging Holdings (Luxembourg) IV S.à r.l., dated as of March 20, 2012, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and The Bank of New York Mellon as collateral agent | |
2.523. | Pledge Over Shares Agreement in Beverage Packaging Factoring (Luxembourg) S.à r.l., dated as of March 20, 2012, between Beverage Packaging Holdings (Luxembourg) IV S.à r.l. and The Bank of New York Mellon as collateral agent | |
2.524. | ||
2.525. | ||
2.526. | ||
2.527. |
[Reserved] | ||
2.528. | ||
2.529. | ||
2.530. | ||
2.531. | Fifth Amendment to Quota Pledge Agreement in favor of Closure Systems International (Brazil) Sistemas de Vedação | |
2.532. | Seventh Amendment to Pledge Agreement over Receivables and other Credit Rights between Closure Systems International (Brazil) Sistemas de Vedação | |
2.533. | Fifth Amendment to Accounts Pledge Agreement between Closure Systems International (Brazil) Sistemas de Vedação | |
2.534. | Fifth Amendment to Pledge Agreement over Inventory, Equipment and other Assets between Closure Systems International (Brazil) Sistemas de Vedação | |
2.535. | ||
2.536. | ||
2.537. | ||
2.538. | [Reserved] | |
2.539. | [Reserved] | |
2.540. | ||
2.541. | [Reserved] | |
2.542. | ||
2.543. | ||
2.544. | ||
2.545. | ||
2.546. | ||
2.547. | ||
2.548. | ||
2.549. | Account Pledge Agreement between Pactiv Deutschland Holdinggesellschaft mbH and The Bank of New York Mellon as collateral agent, dated November 7, 2012 | |
2.550. | Account Pledge Agreement between Omni-Pac Ekco GmbH Verpackungsmittel and The Bank of New York Mellon as collateral agent, dated November 7, 2012 | |
2.551. | Account Pledge Agreement between Omni-Pac GmbH Verpackungsmittel and The Bank of New York Mellon as collateral agent, dated November 7, 2012 |
2.552. | ||
2.553. | ||
2.554. | ||
2.555. | [Reserved] | |
2.556. | ||
2.557. | Notarial Share Pledge Agreement in respect of Closure Systems International Holdings (Germany) GmbH, Closure Systems International Deutschland GmbH, SIG Euro Holding AG & Co. | |
2.558. |
[Reserved] | ||
2.559. | [Reserved] | |
2.560. | [Reserved] | |
2.561. | [Reserved] | |
2.562. | Deed of Confirmation and Amendment relating to a share charge over shares in Closure Systems International (Hong Kong) Limited between Closure Systems International B.V. and Wilmington Trust (London) Limited as collateral agent, dated November 7, 2012 | |
2.563. | Deed of Confirmation and Amendment relating to a share charge over 65% shares in Graham Packaging Asia Limited between Graham Packaging Company, L.P. and Wilmington Trust (London) Limited as collateral agent, dated November 7, 2012 | |
2.564. | [Reserved] | |
2.565. | [Reserved] | |
2.566. | [Reserved] | |
2.567. | Amendment | |
2.568. | Confirmation Agreement in respect of Luxembourg security regarding Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I. S.A., Beverage Packaging Holdings (Luxembourg) II S.A. and Beverage Packaging Holdings (Luxembourg) III S.à | |
2.569. | Confirmation Agreement in respect of Luxembourg security regarding Beverage Packaging Holdings (Luxembourg) IV S.à | |
2.570. | Pledge over | |
2.571. | Pledge over CPECs | |
2.572. | ||
2.573. | ||
2.574. | ||
2.575. | ||
2.576. | [Reserved] | |
2.577. | [Reserved] | |
2.578. | [Reserved] | |
2.579. | [Reserved] | |
2.580. | Deed of | |
2.581. | [Reserved] | |
2.582. | [Reserved] | |
2.583. | Deed of | |
2.584. | [Reserved] |
2.585. | [Reserved] | |
2.586. | Deed of | |
2.587. | [Reserved] | |
2.588. | ||
2.589. | [Reserved] | |
2.590. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Reynolds Consumer Products International B.V. (succeeded by Reynolds Packaging International B.V.) in favour of The Bank of New York Mellon as collateral agent, dated November 7, 2012 |
Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Closure Systems International B.V. in favour of The Bank of New York Mellon as collateral agent, dated November 7, 2012 | ||
2.592. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by CSI Lux following the merger with CSI Lux and RCP Lux, by Beverage Packaging Holdings (Luxembourg) III S.à r.l. in favour of The Bank of New York Mellon as collateral agent, dated September 28, 2012 | |
2.593. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Beverage Packaging Holdings (Luxembourg) III S.à r.l. in favour of The Bank of New York Mellon as collateral agent, dated September 28, 2012 | |
2.594. | Deed of Confirmation and Amendment in respect of a security assignment of contractual rights under a specific contract granted by Beverage Packaging Holdings (Luxembourg) I S.A. in favour of The Bank of New York Mellon as collateral agent, dated September 28, 2012 | |
2.595. | Deed of Confirmation and Amendment relating to an English law security over cash agreement granted by Reynolds Consumer Products Inc. in favour of The Bank of New York Mellon as collateral agent, dated September 28, 2012 | |
2.596. | Deed of Confirmation and Amendment relating to an English law security over cash agreement granted by Reynolds Presto Products Inc. in favour of The Bank of New York Mellon as collateral agent, dated September 28, 2012 | |
2.597. | Security over Cash Agreement by Closure Systems International Inc. in favour of The Bank of New York Mellon as collateral agent, dated September 28, 2012 | |
2.598. | Pledge Over Shares Agreement in Beverage Packaging Holdings (Luxembourg) V S.A., dated as of December 20, 2012, between Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon as collateral agent | |
2.599. | Pledge Over Bank Accounts Agreement, dated as of December 20, 2012, between Beverage Packaging Holdings (Luxembourg) V S.A. and The Bank of New York Mellon as collateral agent | |
2.600. | Termination and Release Agreement, dated as of December 20, 2012, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and The Bank of New York Mellon as collateral agent | |
2.601. | Amendment Agreement in respect of a Deed of Pledge of Registered Shares in the share capital of Evergreen Packaging International B.V., dated as of December 31, 2013, between Evergreen Packaging (Luxembourg) | |
2.602. | Amendment Agreement in respect of a Deed of Pledge of Registered Shares in the share capital of Graham Packaging Holdings B.V., dated as of December 31, 2013, between Graham Packaging Acquisition Corp. as pledgor, Graham Packaging Holdings | |
2.603. | Deed of Pledge of Registered Shares in Graham Packaging Holdings B.V., dated as of June 1, 2012, between Graham Packaging Acquisition Corp. as pledgor, Graham Packaging Holdings | |
2.604. | Deed of Pledge of Registered Shares in Reynolds Packaging International B.V., dated as of December 4, 2012, between Closure Systems International | |
2.605. | Amendment Agreement in respect of (i) a Deed of Pledge of Registered Shares in the share capital of Reynolds Packaging International B.V. dated September 1, | |
2.606. | Amendment Agreement in respect of a Deed of Pledge of Registered Shares in the share capital of Closure Systems International B.V., dated as of December 31, 2013, between | |
2.607. | [Reserved] | |
2.608. | [Reserved] | |
2.608.1. | [Reserved] | |
2.609. | [Reserved] | |
2.610. | Trademark Security Agreement, dated as of April 9, 2013, between Spirit Foodservice, Inc. and the Bank of New York Mellon | |
2.611. | Patent Security Agreement, dated as of April 9, 2013, between Spirit Foodservice, Inc. and the Bank of New York Mellon | |
2.612. | Assignment Agreement, dated November 1, | |
2.613. | Assignment Agreement, dated December 17, |
2.614. | Assignment Agreement, dated December 17, | |
2.615. | Specific Security Deed, dated June 21, | |
2.616. | Security over Cash Agreement, dated November 1, | |
2.617. | ||
2.618. |
[Reserved] | ||
2.619. | ||
2.620. | ||
2.621. | ||
2.622. | ||
2.623. | Share Pledge Agreement | |
2.624. | Account Pledge Agreement, dated as of June 14, 2013, between Beverage Packaging Holdings (Luxembourg) VI | |
2.625. | Share Pledge Agreement relating to shares of Beverage Packaging Holdings (Luxembourg) II S.A., dated as of December 10, 2013, among Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon as collateral agent | |
2.626. | Luxembourg Law Account Pledge Agreement, dated as of December 10, 2013, | |
2.627. | New Zealand Law Share Pledge Agreement, dated as of December 10, 2013, | |
2.628.(12) | Sixth Amendment to the Quota Pledge Agreement of Closure Systems International (Brazil) Sistemas de Vedacao Ltda. dated as of February 14, 2014 between The Bank of New York Mellon, Closure Systems International B.V., Closure Systems International Holdings Inc. and Closure Systems International (Brazil) Sistemas de Vadacao Ltda. | |
2.629.(12) | Ninth Amendment to the Pledge Agreement Over Receivables and Other Credit Rights dated as of February 14, 2014 between The Bank of New York Mellon and Closure Systems International (Brazil) Sistemas de Vadacao Ltda. | |
2.630.(12) | Sixth Amendment to the Accounts Pledge Agreement dated as of February 14, 2014 between The Bank of New York Mellon and Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | |
2.631.(12) | Sixth Amendment to the Pledge Agreement Over Inventory, Equipment and Other Assets dated as of February 14, 2014 between The Bank of New York Mellon and Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | |
2.632.(12) | Share Pledge Agreement dated as of February 14, 2014 between Pactiv Deutschland Holdinggesellschaft MBH, Omni-Pac Ekco GMBH Verpackungsmittel, Omni-Pac GMBH Verpackungsmittel and The Bank of New York Mellon. | |
2.633.(12) | Share Pledge Agreement dated as of February 14, 2014 between SIG Beteiligungs GMBH, Pactiv LLC, Pactiv Deutschland Holdinggesellschaft MBH and The Bank of New York Mellon. | |
2.634.(12) | Account Pledge Agreement dated as of February 14, 2014 between Omni-Pac Ekco GMGH Verpackungsmittel and The Bank of New York Mellon. | |
2.635.(12) | Account Pledge Agreement dated as of February 14, 2014 between Omni-Pac GMBH Verpackungsmittel and The Bank of New York Mellon. | |
2.636.(12) | Account Pledge Agreement dated as of February 14, 2014 between Pactiv Deutschland Holdinggesellschaft MBH and The Bank of New York Mellon. | |
2.637.(12) | Acknowledge Agreement dated as of February 14, 2014 between Grupo CSI de Mexico, S. de R.L. de C.V., Closure Systems International B.V., CSI Mexico LLC, CSI en Saltillo, S.de R.L. de C.V., Closure Systems Mexico Holdings LLC, Reynolds Packaging International B.V., Pactiv Foodservice Mexico, S. de R.L. de C.V., Grupo Corporativo Jaguar, S.A.de C.V., Servicios Industriales Jaguar, S.A.de C.V., Servicio Terrestre Jaguar, S.A. de C.V. and The Bank of New York Mellon. | |
2.638.(12) | Acknowledge Agreement dated as of February 14, 2014 between Grupo CSI de Mexico, S. de R.L. de C.V., CSI en Saltillo, S.de R.L. de C.V., CSI en Ensenada, S. de R.L. de C.V., CSI Tecniservicio, S. de R.L. de C.V., Reynolds Megals Company de Mexico, S. de R.L. de C.V., Grupo Corporativo Jaguar, S.A.de C.V., Servicios Industriales Jaguar, S.A.de C.V., Servicio Terrestre Jaguar, S.A. de C.V., Pactiv Mexico, S. de R.L. de C.V., Pactiv Foodservice Mexico S. de R.L. de C.V. and The Bank of New York Mellon. | |
2.639.(12) | Acknowledge Agreement dated as of February 14, 2014 between CSI en Saltillo, S.de R.L. de C.V. and The Bank of New York Mellon. | |
2.640.(12) | Guarantor Joinder dated as of December 18, 2014 to the Third Amended and Restated Credit Agreement dated as of September 28, 2012 among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Pactiv LLC, Closure Systems International Holdings Inc., Evergreen Packaging Inc., Reynolds Consumer Products Inc. SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GMBH, Closure Systems International B.V., Beverage Packaging Holdings (Luxembourg) III S.a.r.l., Reynolds Group Holdings Limited and Credit Suisse AG, as administrative agent. | |
2.641.(12) | Accession Deed to the Intercreditor Agreement dated May 11, 2007, dated as of December 18, 2014, by Pactiv-Omni Germany Holdings GMBH. | |
2.642.(12) | Accession Agreement to the Intercreditor Agreement dated November 15, 2013, dated as of December 18, 2014, by Pactiv-Omni Germany Holdings GMBH. | |
2.643.(12) | Share Pledge Agreement dated as of December 18, 2014 relating to the shares in Pactiv-Omni Germany Holdings GMBH between Reynolds Packaging International B.V., Pactiv-Omni Germany Holdings GMBH and The Bank of New York Mellon. |
2.644.(12) | Share Pledge Agreement dated as of December 18, 2014 relating to the shares in Pactiv Deutschland Holdinggesellschaft MBH between Pactiv-Omni Germany Holdings GMBH, Pactiv Deutschland Holdinggesellschaft MBH and The Bank of New York Mellon. | |
2.645.(12) | Release Agreement dated as of December 18, 2014 between SIG Beteiligungs GMBH and Pactiv LLC, as security grantors, and The Bank of New York Mellon, as collateral agent and secured party, and the other institutions named therein as the other secured parties. | |
2.646.(12) | Deed of Pledge of Registered Shares dated as of February 14, 2014 between Reynolds Packaging International B.V., The Bank of New York Mellon, and BPTE B.V. | |
2.647.(12) | Guarantor Joinder dated as of June 30, 2014 to the Third Amended and Restated Credit Agreement dated as of September 28, 2012 among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Pactiv LLC, Closure Systems International Holdings Inc., Evergreen Packaging Inc., Reynolds Consumer Products Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GMBH, Closure Systems International B.V., Beverage Packaging Holdings (Luxembourg) III S.a.r.l., Reynolds Group Holdings Limited and Credit Suisse AG, as administrative agent. | |
2.648.(12) | Accession Deed to the Intercreditor Agreement dated May 11, 2007, dated as of June 30, 2014, by Reynolds Consumer Products Canada Inc. | |
2.649.(12) | Accession Agreement to the Intercreditor Agreement dated November 15, 2013, dated as of June 30, 2014, by Reynolds Consumer Products Canada Inc. | |
2.650.(12) | Canadian General Security Agreement dated as of June 30, 2014 by Reynolds Consumer Products Canada Inc. | |
2.651.(12) | Amending Agreement No. 2 to Canadian Pledge Agreement dated as of June 30, 2014 by Reynolds Packaging International B.V. | |
2.652.(12) | Guarantor Joinder dated as of February 14, 2014 to the Third Amended and Restated Credit Agreement dated as of September 28, 2012 among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Pactiv LLC, Closure Systems International Holdings Inc., Evergreen Packaging Inc., Reynolds Consumer Products Inc., SIG Euro Holding AG & Co. KGAA, SIG Austria Holding GMBH, Closure Systems International B.V., Beverage Packaging Holdings (Luxembourg) III S.a.r.l., Reynolds Group Holdings Limited and Credit Suisse AG, as administrative agent. | |
2.653.(12) | Accession Deed to the Intercreditor Agreement dated May 11, 2007, dated as of February 14, 2014, by Trans Western Polymers, Inc. and Closure Systems International Machinery (Germany) GMBH. | |
2.654.(12) | Accession Deed to the Intercreditor Agreement dated November 15, 2013, dated as of February 14, 2014, by the subsidiaries of Reynolds Group Holdings Limited listed on the Schedule I thereto. | |
2.655.(12) | Supplement No. 40 dated as of February 14, 2014 to the Collateral Agreement dated as of November 5, 2009 among Reynolds Group Holdings Inc., Pactiv LLC, Evergreen Packaging Inc., Reynolds Consumer Products Inc., Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and The Bank of New York Mellon, as collateral agent. | |
2.656.(12) | Trademark Security Agreement dated as of February 14, 2014 between Trans Western Polymers, Inc. and The Bank of New York Mellon, as collateral agent. | |
2.657.(12) | Patent Security Agreement dated as of February 14, 2014 between Trans Western Polymers, Inc. and The Bank of New York Mellon, | |
2.658.(12) | Account Pledge Agreement dated as of February 14, 2014 between Closure Systems International Machinery (Germany) GMBH, as pledgor, and The Bank of New York Mellon, as collateral agent and pledgee. | |
2.659.(12) | Global Assignment Agreement dated as of February 14, 2014 between Closure Systems International Machinery (Germany) GMBH, as assignor, and The Bank of New York Mellon, as collateral agent. | |
4.1. | Amendment No. 6 and Incremental Term Loan Assumption Agreement, dated as of August 9, 2011, by and among Reynolds Group Holdings Inc., Pactiv Corporation (now known as Pactiv LLC), Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems International B.V., Reynolds Group Holdings Limited, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Credit Suisse AG, as administrative agent for | |
4.1.1. | Second Amended and Restated Credit Agreement, dated as of August 9, 2011, among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., SIG Euro Holding AG & | |
4.1.2. | Borrowing Subsidiary Agreement, dated as of November 16, 2010, among Reynolds Group Holdings Inc., a Delaware corporation, Reynolds Consumer Products Holdings Inc., a Delaware corporation, Closure Systems International Holding Inc., a Delaware corporation, SIG Euro Holding AG & | |
4.1.3. | [Reserved] | |
4.1.4. | [Reserved] | |
4.1.5. | [Reserved] | |
4.1.6. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of December 2, 2009, between Closure Systems International (Canada) Limited (amalgamated into Pactiv Canada Inc.) and Credit Suisse AG, Cayman Islands Branch, as administrative agent | |
4.1.7. | [Reserved] | |
4.1.8. | [Reserved] | |
4.1.9. | [Reserved] | |
4.1.10. | [Reserved] | |
4.1.11. | [Reserved] |
4.1.12. | ||
4.1.13. | [Reserved] | |
4.1.14. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of January 29, 2010, between Closure Systems International (Brazil) Sistemas de Vedação Ltda. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.15. | [Reserved] | |
4.1.16. | [Reserved] | |
4.1.17. | [Reserved] | |
4.1.18. | [Reserved] | |
4.1.19. | Guarantor Joinder to the Credit Agreement, (Joinder to First Lien Intercreditor Agreement), dated as of January 29, 2010, between CSI en Ensenada, S. de R.L. de C.V. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.20. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of January 29, 2010, between CSI en Saltillo, S. de R.L. de C.V. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.21. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of January 29, 2010, between CSI Tecniservicio, S. de R.L. de C.V. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.22. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of January 29, 2010, between Grupo CSI de Mexico, S. de R.L. de C.V. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.23. | [Reserved] |
4.1.24. | ||
4.1.25. | ||
4.1.26. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of February 2, 2010, between Closure Systems International Americas, Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.27. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Evergreen Packaging Inc., and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.28. | [Reserved] | |
4.1.29. | [Reserved] | |
4.1.30. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Blue Ridge Holding Corp., and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.31. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Blue Ridge Paper Products Inc., and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.32. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between BRPP, LLC, and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.33. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Evergreen Packaging Canada Limited, and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.34. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Evergreen Packaging (Luxembourg) S. | |
4.1.35. | ||
4.1.36. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Evergreen Packaging International B.V., and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.37. | [Reserved] | |
4.1.38. | [Reserved] | |
4.1.39. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 5, 2009 as amended by Amendment No. 1 dated as of January 21, 2010 (as further amended, supplemented or otherwise modified from time to time) of SIG Combibloc do Brasil Ltda. among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings, Closure Systems International Holdings Inc., SIG Euro Holding AG & | |
4.1.40. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 5, 2009 as amended by Amendment No. 1 dated as of January 21, 2010 (as further amended, supplemented or otherwise modified from time to time) of SIG Beverages Brasil | |
4.1.41. | [Reserved] | |
4.1.42. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Reynolds Food Packaging Canada Inc. (amalgamated into Pactiv Canada Inc.) and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.43. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Reynolds Metals Company de Mexico, S. de R.L. de C.V. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.44. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Maxpack, S. de R.L. de C.V. (succeeded by Pactiv Foodservice México S. de R.L. de C.V.) and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.45. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Reynolds Packaging International B.V. and Credit Suisse AG, Cayman Islands Branch, as administrative |
4.1.46. | [Reserved] | |
4.1.47. | [Reserved] | |
4.1.48. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of May 4, 2010, between Reynolds Packaging Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.49. | [Reserved] | |
4.1.50. | [Reserved] | |
4.1.51. | [Reserved] | |
4.1.52. | [Reserved] | |
4.1.53. | [Reserved] | |
4.1.54. | [Reserved] | |
4.1.55. | [Reserved] | |
4.1.56. | [Reserved] | |
4.1.57. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between Pactiv Germany Holdings, Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative agent |
Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between Pactiv International Holdings Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative | ||
4.1.59. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between Pactiv Management Company LLC and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.60. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between PCA West Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.61. | [Reserved] | |
4.1.62. | [Reserved] | |
4.1.63. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between Pactiv Packaging Inc. (formerly PWP Industries, Inc.) and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.64. | [Reserved] | |
4.1.65. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between Newspring Canada Inc. (amalgamated into Pactiv Canada Inc.) and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.66. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between Pactiv Canada Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.67. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of November 16, 2010, between 798795 Ontario Limited (amalgamated into Pactiv Canada Inc.) and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.68. | [Reserved] | |
4.1.69. | [Reserved] | |
4.1.70. | [Reserved] | |
4.1.71. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of March 2, 2011, between Pactiv Hamburg Holdings GmbH, Pactiv Deutschland Holdinggesellschaft | |
4.1.72. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of April 19, 2011, between Central de Bolsas, S. de R.L. de C.V., Grupo Corporativo Jaguar, S.A. de C.V., Servicios Industriales Jaguar, S.A. de C.V., Servicio Terrestre Jaguar, S.A. de C.V., Pactiv Mexico, S. de R.L. de C.V. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.73. | [Reserved] | |
4.1.74. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of August 19, 2011, between Bucephalas Acquisition Corp. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.75. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of September 8, 2011, between Graham Packaging Company Inc., GPC Holdings LLC, BCP/Graham Holdings | |
4.1.76. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of October 14, 2011, between Reynolds Manufacturing, Inc., RenPac Holdings Inc. and Credit Suisse AG, Cayman Islands Branch, as administrative | |
4.1.77. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of March 20, 2012, between certain additional guarantors and Credit Suisse AG, Cayman Islands Branch, as administrative agent | |
4.1.78. | Amendment No. 7 and Incremental Term Loan Assumption Agreement, dated as of September 28, 2012, by and among Reynolds Group Holdings Inc., Pactiv LLC, Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems International B.V., Evergreen Packaging Inc., Reynolds Consumer Products Inc., Beverage Packaging Holdings (Luxembourg) III S.à | |
4.1.79. | Third Amended and Restated Credit Agreement, dated as of September 28, 2012, among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Pactiv LLC, the other Borrowers set forth therein, Reynolds Group Holdings Limited, the Lenders party thereto and Credit Suisse AG, as | |
4.1.80. | [Reserved] |
4.1.81. | Guarantor Joinder to the Credit Agreement (Joinder to First Lien Intercreditor Agreement), dated as of December 14, 2012, between Beverage Packaging Holdings (Luxembourg) V S.A. and Credit Suisse AG, Cayman Islands Branch, as administrative agent | |
4.1.82.(7) | Amendment No. 8 and Incremental Term Loan Assumption Agreement, dated as of November 27, 2013, by and among Reynolds Group Holdings Inc., Pactiv LLC, Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems International B.V., Evergreen Packaging Inc., Reynolds Consumer Products Inc., Beverage Packaging Holdings (Luxembourg) III S.à | |
4.1.83.(8) | Loan Modification Agreement, dated as of December 27, 2013, by and among Reynolds Group Holdings Inc., Pactiv LLC, Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems International B.V., Evergreen Packaging Inc., Reynolds Consumer Products Inc., Beverage Packaging Holdings (Luxembourg) III S.à |
Guarantor Joinder, dated as of November 15, 2013, to the Third Amended and Restated Credit Agreement, among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Pactiv LLC, Closure Systems International Holdings Inc., Evergreen Packaging Inc., Reynolds Consumer Products Inc., SIG Euro Holding AG & Co. KGaA, SIG Austria Holding GmbH, Closure Systems International B.V., Beverage Packaging Holdings (Luxembourg) III | ||
4.1.85. | Guarantor Joinder, dated as of June 14, 2013, to the Third Amended and Restated Credit Agreement, | |
4.1.86. | Guarantor Joinder, dated as of December 10, 2013, to the Third Amended and Restated Credit Agreement, | |
4.1.87. | Guarantor Joinder, dated as of April 9, 2013, to the Third Amended and Restated Credit Agreement, | |
4.1.88.(13) | Guarantor Joinder, dated as of June 16, 2015, to the Third Amended and Restated Credit Agreement dated as of September 28, 2012 among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Pactiv LLC, Closure Systems International Holdings LLC, Evergreen Packaging Inc., Reynolds Consumer Products LLC, Closure Systems International B.V., Beverage Packaging Holdings (Luxembourg) III S.à r.l., Reynolds Group Holdings Limited and Credit Suisse AG, as administrative agent | |
4.1.89.(13) | Loan Modification Agreement, dated as of February 25, 2015, by and among Reynolds Group Holdings Inc., Pactiv LLC, Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings LLC, SIG Euro Holding AG & Co. KGaA, Closure Systems International B.V., Evergreen Packaging Inc., Reynolds Consumer Products LLC, Beverage Packaging Holdings (Luxembourg) III S.à r.l., Reynolds Group Holdings Limited, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Credit Suisse AG, as administrative agent for the Lenders | |
4.2.1. | 5.625% Senior Notes due 2016 Indenture, dated as of November 15, 2013, as amended, supplemented or otherwise modified, among Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) II S.A., certain senior note guarantors party thereto, The Bank of New York Mellon as trustee, principal paying agent, transfer agent and registrar and The Bank of New York Mellon, London Branch, as paying agent, relating to the issuance by Beverage Packaging Holdings II Issuer Inc. and Beverage Packaging Holdings (Luxembourg) II S.A. of 5.625% Senior Notes due 2016 in the aggregate principal amount of | |
4.3.1. | 6.000% Senior Subordinated Notes due 2017 Indenture, dated as of December 10, 2013, as amended, supplemented or otherwise modified among Beverage Packaging Holdings II Issuer Inc., Beverage Packaging Holdings (Luxembourg) II S.A., certain senior subordinated note guarantors party thereto, The Bank of New York Mellon as trustee, principal paying agent, transfer agent and registrar and The Bank of New York Mellon, London Branch, as paying agent, relating to the issuance by Beverage Packaging Holdings II Issuer Inc. and Beverage Packaging Holdings (Luxembourg) II S.A. of 6.000% Senior Subordinated Notes due 2017 in the aggregate principal amount of $590,000,000 | |
4.4.1. | Indenture, dated as of September 29, 1999, by and between Pactiv Corporation (now known as Pactiv LLC) and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.1 to Tenneco Packaging Inc.'s Registration Statement on Form S-4 (No. 333-82923) filed October 4, 1999) | |
4.4.2. | Second Supplemental Indenture to the Indenture dated as of September 29, 1999, dated as of November 4, 1999, between Pactiv Corporation (now known as Pactiv LLC) and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.3(c) to Pactiv Corporation's Quarterly Report on Form 10-Q (No. 1-15157) filed November 18, 1999) | |
4.4.3. | Fourth Supplemental Indenture to the Indenture dated as of September 29, 1999, dated as of November 4, 1999, between Pactiv Corporation (now known as Pactiv LLC) and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.3(e) to Pactiv Corporation's Quarterly Report on Form 10-Q (No. 1-15157) filed November 18, 1999) | |
4.4.4. | Fifth Supplemental Indenture to the Indenture dated as of September 29, 1999, dated as of November 4, 1999, between Pactiv Corporation (now known as Pactiv LLC) and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.3(f) to Pactiv Corporation's Quarterly Report on Form 10-Q (No. 1-15157) filed November 18, 1999) | |
4.4.5. | Sixth Supplemental Indenture to the Indenture dated as of September 29, 1999, dated as of June 25, 2007, between Pactiv Corporation (now known as Pactiv LLC) and the Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to Pactiv Corporation's Current Report on Form 8-K (No. 1-15157) filed June 25, 2007) | |
4.4.6. | Seventh Supplemental Indenture to the Indenture dated as of September 29, 1999, dated as of June 25, 2007, between Pactiv Corporation (now known as Pactiv LLC) and the Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to Pactiv Corporation's Current Report on Form 8-K (No. 1-15157) filed June 25, 2007) |
4.4.7. | Eighth Supplemental Indenture to the Indenture dated as of September 29, 1999, dated as of October 21, 2010, between Pactiv Corporation (now known as Pactiv LLC) and the Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 10.1 to Pactiv Corporation's Current Report on Form 8-K (No. 1-15157) filed October 22, 2010) | |
4.4.8. | Indenture, dated as of October 7, 2004, among Graham Packaging Company, L.P. and GPC Capital Corp. I and Graham Packaging Holdings Company, as guarantor, and The Bank of New York, as Trustee, relating to the Senior Subordinated Notes Due 2014 of Graham Packaging Company, L.P. and GPC Capital Corp. I, unconditionally guaranteed by Graham Packaging Holdings Company (incorporated by reference to Exhibit 4.2 to Graham Packaging Holdings Company's Current Report on Form 8-K (No. 333-53603-03) filed October 14, 2004) | |
4.4.9. | Supplemental Indenture, dated as of July 30, 2010, among GPACSUB LLC, Graham Packaging Minster LLC, Graham Packaging Company, L.P., GPC Capital Corp. I, the guarantors party thereto, and The Bank of New York Mellon, as Trustee, relating to the Senior Subordinated Notes due 2014 (incorporated by reference to Exhibit 4.11 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
4.4.10. | Supplemental Indenture, dated as of October 4, 2010, among Graham Packaging GP Acquisition LLC, Graham Packaging LP Acquisition LLC, CPG-L Holdings, Inc., Liquid Container Inc., Graham Packaging LC, L.P., Graham Packaging PX Holding Corporation, Graham Packaging PX, LLC, Graham Packaging PX Company, WCK-L Holdings, Inc., Graham Packaging Company, L.P., GPC Capital Corp. I, the guarantors party thereto, and The Bank of New York Mellon, as Trustee, relating to the Senior Subordinated Notes due 2014 (incorporated by reference to Exhibit 4.13 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
4.4.11. | Supplemental Indenture, dated as of July 27, 2011, among Graham Packaging Company, L.P., GPC Capital Corp. I, Graham Packaging Holdings Company, the guarantors listed thereto and The Bank of New York Mellon, as Trustee, relating to the Senior Subordinated Notes due 2014 |
4.4.12. | Indenture, dated as of November 24, 2009, among Graham Packaging Company, L.P., GPC Capital Corp. I, the Guarantors named therein and The Bank of New York Mellon, as Trustee, relating to the Senior Notes Due 2017 of Graham Packaging Company, L.P. and GPC Capital Corp. I, unconditionally guaranteed by the Guarantors named therein (incorporated by reference to Exhibit 4.1 to Graham Packaging Holdings Company's Current Report on Form 8-K (No. 333-53603-03) filed November 24, 2009) | |
4.4.13. | Supplemental Indenture, dated as of July 30, 2010, among GPACSUB LLC, Graham Packaging Minster LLC, Graham Packaging Company, L.P., GPC Capital Corp. I, the guarantors party thereto, and The Bank of New York Mellon, as Trustee, relating to the Senior Notes due 2017 (incorporated by reference to Exhibit 4.12 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
4.4.14. | Supplemental Indenture, dated as of October 4, 2010, among Graham Packaging GP Acquisition LLC, Graham Packaging LP Acquisition LLC, CPG-L Holdings, Inc., Liquid Container Inc., Graham Packaging LC, L.P., Graham Packaging PX Holding Corporation, Graham Packaging PX, LLC, Graham Packaging PX Company, WCK-L Holdings, Inc., Graham Packaging Company, L.P., GPC Capital Corp. I, the guarantors party thereto, and The Bank of New York Mellon, as Trustee, relating to the Senior Notes due 2017 (incorporated by reference to Exhibit 4.14 to Graham Packaging Holdings Company's Registration Statement on Form S-4/A (No. 333-167976-18) filed October 5, 2010) | |
4.4.15. | Indenture, dated as of September 23, 2010, among Graham Packaging Company, L.P., GPC Capital Corp. I, the Guarantors named therein and The Bank of New York Mellon, as Trustee, relating to the Senior Notes Due 2018 of Graham Packaging Company, L.P. and GPC Capital Corp. I, unconditionally guaranteed by the Guarantors named therein (incorporated by reference to Exhibit 4.1 to Graham Packaging Company Inc.'s Current Report on Form 8-K (No. 001-34621) filed September 29, 2010) | |
4.4.16. | Twenty-Second Supplemental Indenture to the Indenture dated as of May 4, 2010, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI | |
4.4.17. | Twenty-First Senior Secured Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A, Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l. and The Bank of New York Mellon, as trustee | |
4.4.18. | Twenty-First Senior Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l. and The Bank of New York Mellon, as trustee | |
4.4.19. | Nineteenth Senior Secured Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l. and The Bank of New York Mellon, as trustee | |
4.4.20. | Nineteenth Senior Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l. and The Bank of New York Mellon, as trustee | |
4.4.21. | Tenth Senior Secured Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.22. | Eleventh Senior Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l. and The Bank of New York Mellon, as trustee | |
4.4.23. | Ninth Senior Notes Supplemental Indenture to the Indenture dated as of February 15, 2012, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l. and The Bank of New York Mellon, as trustee |
4.4.24. | Fourth Senior Secured Notes Supplemental Indenture to the Indenture dated as of September 28, 2012, dated as of June 14, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) VI S.à r.l., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.25. | Twenty-Fourth Supplemental Indenture to the Indenture dated as of May 4, 2010, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon, as trustee | |
4.4.26. | Twenty-Third Senior Secured Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.27. | Twenty-Third Senior Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon, as trustee | |
4.4.28. | Twenty-First Senior Secured Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.29. | Twenty-First Senior Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon, as trustee |
Twelfth Senior Secured Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | ||
4.4.31. | Thirteenth Senior Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon, as trustee | |
4.4.32. | Eleventh Senior Notes Supplemental Indenture to the Indenture dated as of February 15, 2012, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. and The Bank of New York Mellon, as trustee | |
4.4.33. | Sixth Senior Secured Notes Supplemental Indenture to the Indenture dated as of September 28, 2012, dated as of December 10, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A, The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.34. | Twenty-Third Supplemental Indenture to the Indenture dated as of May 4, 2010, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.35. | Twenty-Second Senior Secured Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. | |
4.4.36. | Twenty-Second Senior Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.37. | Twentieth Senior Secured Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.38. | Twentieth Senior Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., the affiliates of the Issuers party thereto and The Bank of New York Mellon, as trustee | |
4.4.39. | Eleventh Senior Secured Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London Limited), as additional collateral agent | |
4.4.40. | Twelfth Senior Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.41. | Tenth Senior Notes Supplemental Indenture to the Indenture dated as of February 15, 2012, dated as of November 15, 2013 among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.42. | Fifth Senior Secured Notes Supplemental Indenture to the Indenture dated as of September 28, 2012, dated as of November 15, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.43. | Twenty-First Supplemental Indenture to the Indenture dated as of May 4, 2010, dated as of April 9, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and the Bank of New York Mellon, as trustee |
4.4.44. | Twentieth Senior Secured Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of April 9, 2013, among Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.45. | Twentieth Senior Notes Supplemental Indenture to the Indenture dated as of October 15, 2010, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.46. | Eighteenth Senior Secured Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.47. | Eighteenth Senior Notes Supplemental Indenture to the Indenture dated as of February 1, 2011, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.48. | Ninth Senior Secured Notes Supplemental Indenture to the Indenture dated as of August 9, 2011, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited, as additional collateral agent | |
4.4.49. | Tenth Senior Notes Supplemental Indenture dated as of August 9, 2011, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee | |
4.4.50. | Eighth Senior Notes Supplemental Indenture to the Indenture dated as of February 15, 2012, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A. and The Bank of New York Mellon, as trustee |
Third Senior Secured Notes Supplemental Indenture to the Indenture dated as of September 28, 2012, dated as of April 9, 2013, among Reynolds Group Issuer (Luxembourg) S.A., Beverage Packaging Holdings (Luxembourg) I S.A., The Bank of New York Mellon, as trustee, and Wilmington Trust (London) Limited as additional collateral agent | ||
4.5. | Reaffirmation Agreement, dated as of May 4, 2010, among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. | |
4.5.1. | Supplement, dated August 27, 2010, to the Reaffirmation Agreement dated as of May 4, 2010, among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. | |
4.5.2. | Reaffirmation Agreement, dated as of November 16, 2010, among Reynolds Group Holdings Limited, Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. | |
4.5.3. | Supplement, dated January 14, 2011, to the Reaffirmation Agreement dated as of November 16, 2010, among Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. | |
4.5.4. | Reaffirmation Agreement, dated as of February 1, 2011, among Reynolds Group Holdings Limited, Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents | |
4.5.5. | Reaffirmation Agreement, dated as of February 9, 2011, among Reynolds Group Holdings Limited, Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., Closure Systems International B.V., Pactiv Corporation (now known as Pactiv LLC), SIG Austria Holding GmbH, SIG Euro Holding AG & Co. KGaA, Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents | |
4.5.6. | Reaffirmation Agreement, dated March 2, 2011, among the Brazilian and German Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents | |
4.5.7. | Reaffirmation Agreement, dated March 2, 2011, among the Swiss Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents |
4.5.8. | Reaffirmation Agreement, dated as of June 7, 2011, among SIG Austria Holding GmbH, SIG Combibloc GmbH, SIG Combibloc GmbH & Co KG, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents | |
4.5.9. | ||
4.5.10. | Reaffirmation Agreement, dated as of September 8, 2011, among Reynolds Group Holdings Limited, Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings Inc., Closure Systems International Holdings Inc., SIG Euro Holding AG & Co. KGaA, Closure Systems International B.V., Pactiv Corporation (now known as Pactiv LLC), SIG Austria Holding GmbH, Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the August 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents | |
4.5.11. |
[Reserved] | ||
4.5.12. | Reaffirmation Agreement, dated as of September 28, 2012, among Reynolds Group Holdings Limited, Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings Inc., Pactiv LLC, Evergreen Packaging Inc., Reynolds Consumer Products Inc., Beverage Packaging Holdings (Luxembourg) III S.à | |
4.5.13. | Reaffirmation Agreement, dated as of November 7, 2012, among Reynolds Group Holdings Limited, the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the September 2012 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the August 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the November 2009 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents under the First Lien Intercreditor | |
4.5.14.(12) | Reaffirmation Agreement dated as of February 14, 2014, among Reynolds Group Holdings Limited, the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the September 2012 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the August 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents under the First Lien Intercreditor Agreement | |
4.5.15.(13) | Reaffirmation Agreement, dated as of February 25, 2015, among Reynolds Group Holdings Limited, Reynolds Group Holdings Inc., Reynolds Consumer Products Holdings LLC, Closure Systems International Holdings LLC, Pactiv LLC, Evergreen Packaging Inc., Reynolds Consumer Products LLC and Beverage Packaging Holdings (Luxembourg) III S.à r.l. (collectively, with SIG Euro Holding AG & Co. KGaA and Closure Systems International B.V.), Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the September 2012 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the August 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture, and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents under the First Lien Intercreditor Agreement | |
4.5.16.(13) | Reaffirmation Agreement, dated as of May 26, 2015, among Reynolds Group Holdings Limited and the Grantors listed thereto, Credit Suisse AG, as administrative agent under the Credit Agreement, The Bank of New York Mellon, as trustee under the September 2012 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the August 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the February 2011 Senior Secured Notes Indenture, The Bank of New York Mellon, as trustee under the October 2010 Senior Secured Notes Indenture, and The Bank of New York Mellon and Wilmington Trust (London) Limited as collateral agents under the First Lien Intercreditor Agreement | |
4.6. | ||
4.7. | Letter of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI & RCP - Germany) | |
4.8. | Letter of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Germany - SIG) | |
4.9. | [Reserved] | |
4.10. | Deed Poll of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI - Hong Kong) | |
4.11. | ||
4.12. | Deed Poll of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI - Japan) | |
4.13. | Deed Poll of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg) | |
4.14. | ||
4.15. | ||
4.16. | Deed Poll of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (United Kingdom - CSI & RCP) |
4.17. | ||
4.18. | ||
4.19. | Deed Poll of Indemnification, dated October 8, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (United States - CSI & RCP) | |
4.20. | Indemnification Agreement, dated October 18, 2009, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI - Netherlands) | |
4.21. | ||
4.22. | ||
4.23. | ||
4.24. | Deed Poll of Indemnification, dated December 22, 2009, by Rank Group Limited relating to Directors and Officers of Rank Group Limited and other entities in favour and for the benefit of each Indemnified Person | |
4.25. | ||
4.26. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI - Japan) | |
4.27. | Indemnification Agreement, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI - Netherlands) | |
4.28. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (United Kingdom - CSI & RCP) | |
4.29. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI & RCP - United States) | |
4.30. | Letter of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI & RCP - Germany) | |
4.31. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg - Evergreen) |
4.32. | ||
4.33. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (US - Evergreen) | |
4.34. | Letter of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Evergreen - Hong Kong) | |
4.35. | Indemnification Agreement, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Evergreen - Netherlands) | |
4.36. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg) | |
4.37. | Deed Poll of Indemnification, dated April 21, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (CSI - Hong Kong) | |
4.38. | ||
4.39. | [Reserved] | |
4.40. | ||
4.41. | ||
4.42. | ||
4.43. | ||
4.44. | ||
4.45. | ||
4.46. | Indemnification Agreement, dated August 25, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (Netherlands) | |
4.47. | Deed Poll of Indemnification, dated August 25, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (BP III - Luxembourg) | |
4.48. | Deed Poll of Indemnification, dated August 25, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (United Kingdom) | |
4.49. | Agreement of Indemnification, dated August 25, 2010, by Rank Group Limited for the benefit and in favour of the Indemnitees defined therein (United States) | |
4.50. | Deed Poll of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg) | |
4.51. | Deed Poll of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United Kingdom - Closures, Reynolds Consumer Products and Reynolds Foodservice) | |
4.52. | ||
4.53. | Indemnification Agreement, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Netherlands) | |
4.54. | ||
4.55. | ||
4.56. | Deed Poll of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Closures - Hong Kong) |
4.57. | Deed Poll of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Evergreen - Hong Kong) | |
4.58.(12) | ||
4.59. | [Reserved] | |
4.60. | Deed Poll of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Japan - Closures) | |
4.61. | ||
4.62. | ||
4.63. | ||
4.64. | Letter of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Germany - Closures) | |
4.65. | Agreement of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - Evergreen) |
4.66. | ||
4.67. | Agreement of Indemnification, dated September 13, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - Closures, Reynolds Consumer Products and Reynolds Foodservice) | |
4.68. | [Reserved] | |
4.69. | [Reserved] | |
4.70. | Indemnity to Gail D. Lilley from Pactiv Canada Inc., dated November 16, 2010 | |
4.71. | Agreement of Indemnification, dated November 16, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Pactiv - United States) | |
4.72. | Deed Poll of Indemnification, dated November 16, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Pactiv - United Kingdom) | |
4.73. | Letter of Indemnification, dated November 16, 2010, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Pactiv - Germany) | |
4.74. | ||
4.75. | Letter of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Germany - Closures) | |
4.76. | ||
4.77. | [Reserved] | |
4.78. | Deed Poll of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Closures and Evergreen - Hong Kong) | |
4.79. | Deed Poll of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Hong Kong - SIG) | |
4.80. | Deed Poll of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Japan - Closures) | |
4.81. | Deed Poll of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg) | |
4.82. | Indemnification Agreement, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Netherlands) | |
4.83. | ||
4.84. | ||
4.85. | Deed Poll of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United Kingdom - Closures, Reynolds Consumer Products, Reynolds Foodservice and Pactiv) | |
4.86. | ||
4.87. | Agreement of Indemnification, dated January 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - Closures, Reynolds Consumer Products, Evergreen, Reynolds Foodservice and Pactiv) | |
4.88. | ||
4.89. | Letter of Indemnification, dated March 1, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Pactiv - Germany) | |
4.90. | ||
4.91. | Indemnification Letter Agreement, dated as of October 15, 2009, between Rank Group Limited and Beverage Packaging Holdings (Luxembourg) III S.à r.l., in connection with the purchase of the Closures business | |
4.92. | Indemnification Letter Agreement, dated as of October 15, 2009, between Rank Group Limited and Beverage Packaging Holdings (Luxembourg) III S.à r.l., in connection with the purchase of the Reynolds Consumer business | |
4.93. | Indemnification Letter Agreement, dated as of April 25, 2010, between Beverage Packaging Holdings (Luxembourg) III S.à r.l. and Carter Holt Harvey Limited | |
4.94. | Indemnification Letter Agreement, dated as of September 1, 2010, between Rank Group Limited and Beverage Packaging Holdings (Luxembourg) III S.à r.l. |
4.95. | Transition Services Letter Agreement, dated as of November 5, 2009, between Rank Group Limited and Beverage Packaging Holdings (Luxembourg) III S.à r.l. | |
4.96. | Information Sharing Agreement, dated as of April 7, 2010, between Carter Holt Harvey Limited, Carter Holt Harvey Pulp & Paper Limited, Evergreen Packaging Inc. and Blue Ridge Paper Products Inc. | |
4.97. | ||
4.98. | ||
4.99. | ||
4.100. |
[Reserved] | ||
4.101. | ||
4.102. | ||
4.103. | ||
4.104. | ||
4.105. | ||
4.106. | ||
4.107. | ||
4.108. | ||
4.109. | ||
4.110. | ||
4.111. | Loan Agreement, dated February 15, 2008, between Rank Group Limited as borrower and Rank Group Holdings Limited (now known as Reynolds Group Holdings Limited) | |
4.112. | Letter of Indemnification, dated July 6, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Germany - Closures) | |
4.113. | ||
4.114. | [Reserved] | |
4.115. | Letter of Indemnification, dated July 15, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Hong Kong) | |
4.116. | Letter of Indemnification, dated July 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Hong Kong) | |
4.117. | Letter of Indemnification, dated July 15, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Japan) | |
4.118. | Letter of Indemnification, dated July 15, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg) | |
4.119. | Letter of Indemnification, dated July 15, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Netherlands) | |
4.120. | ||
4.121. | ||
4.122. | ||
4.123. | Letter of Indemnification, dated July 15, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Switzerland) | |
4.124. | Letter of Indemnification, dated July 19, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Thailand) | |
4.125. | Letter of Indemnification, dated July 15, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United Kingdom - Closures, Reynolds Consumer Products and Pactiv Foodservice) | |
4.126. | Letter of Indemnification, dated July 6, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - Closures, Reynolds Consumer Products and Pactiv Foodservice) | |
4.127. | Letter of Indemnification, dated October 5, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Austria) | |
4.128. | Deed Poll of Indemnification, dated October 13, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Registration Statement) | |
4.129. | Agreement of Indemnification, dated October 14, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - RenPac and Reynolds Manufacturing) | |
4.130. | ||
4.131. | Agreement of Indemnification, dated March 12, 2012, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - Graham Packaging Holdings Company and certain of its subsidiaries) | |
4.132. | Deed Poll of Indemnification, dated March 14, 2012, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg - Beverage Packaging Holdings (Luxembourg) IV S.à | |
4.133. | Agreement of Indemnification, dated April 23, 2012, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Netherlands - Graham Packaging Holdings B.V.) | |
4.134. | Agreement of Indemnification, dated September 8, 2011, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States) | |
4.135. | Deed Poll of Indemnification, dated October 22, 2012, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg - Beverage Packaging Factoring (Luxembourg) |
4.136. | Purchase and Sale Agreement, dated as of November 7, 2012, among Reynolds Group Holdings Inc., Beverage Packaging Holdings (Luxembourg) IV S.à | |
4.137. | Receivables Loan and Security Agreement, dated as of November 7, 2012, among Beverage Packaging Factoring (Luxembourg) S.à | |
4.137.1. | Amendment to Receivables Loan and Security Agreement, dated as of May 29, 2013, among Beverage Packaging Factoring (Luxembourg) S.à r.l., Nieuw Amsterdam Receivables Corporation, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank | |
4.137.2. | Second Amendment to Receivables Loan and Security Agreement, dated as of September 11, 2013, among Beverage Packaging Factoring (Luxembourg) S.à r.l., Nieuw Amsterdam Receivables Corporation, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank | |
4.137.3.(9) | Third Amendment to Receivables Loan And Security Agreement, First Amendment to Performance Undertaking Agreement and First Amendment to Purchase and Sale Agreement dated as of December 19, 2014, among Beverage Packaging Factoring (Luxembourg) S.a r.l, each party that is a Performance Guarantor (as defined in the Loan Agreement referred to herein), Nieuw Amsterdam Receivables Corporation, as Conduit Lender for the Nieuw Amsterdam Lender Group, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank”, New York Branch, as Committed Lender and Facility Agent for the Nieuw Amsterdam Lender Group and Administrative Agent, TD Bank, N.A., as Committed Lender and Facility Agent for the TD Lender Group, Wells Fargo Banks, N.A., as Committed Lender and Facility Agent for the Wells Fargo Lender Group, Fairway Finance Company, LLC, as Conduit Lender for the BMO Lender Group, Bank of Montreal, as Committed Lender for the BMO Lender Group, BMO Capital Markets Corp., as Facility Agent for the BMO Lender Group. | |
4.138. | Performance Undertaking Agreement, dated as of November 7, 2012, made by Reynolds Group Holdings Limited, Reynolds Group Holdings Inc., Beverage Packaging Holdings (Luxembourg) IV S.à | |
4.139. | Performance Undertaking Agreement, dated as of November 7, 2012, made by Reynolds Group Holdings Limited in favor of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland,” New York Branch, as | |
4.140. | Deed Poll of Indemnification, dated December 18, 2012, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg - Beverage Packaging Holdings (Luxembourg) V S.A.) | |
4.141. | ||
4.142. | Agreement of Indemnification, dated May 20, 2013, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States | |
4.143. | Deed Poll of Indemnification, dated May 20, 2013, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg | |
4.144. | Agreement of Indemnification, dated April 4, 2013, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States | |
4.145.(12) | Agreement of Indemnification, dated February 14, 2014, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (United States - Trans Western Polymers, Inc.) | |
4.146.(12) | Deed Poll of Indemnification, dated February 14, 2014, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Luxembourg - Beverage Packaging Holdings (Luxembourg) II S.A.) | |
4.147.(12) | Agreement of Indemnification, dated February 14, 2014, by Reynolds Group Holdings Limited for the benefit and in favour of the Indemnitees defined therein (Spain - Closure Systems International Espana S.L.U.) | |
4.148.(10) | Agreement, dated November 23, 2014, between Beverage Packaging Holdings (Luxembourg) III S.à r.l., Reynolds Group Holdings Inc., Reynolds Group Holdings Limited, Onex Wizard Acquisition Company GmbH, Onex Wizard US Acquisition II Inc. and Onex Wizard Acquisition Company I S.à r.l. | |
4.149.(11) | Form of Deed of Tax Covenant to be entered into by Beverage Packaging Holdings (Luxembourg) III S.a.r.l., Reynolds Group Holdings, Inc., Reynolds Group Holdings Limited, Onex Wizard Acquisition Company GmbH, and Onex Wizard US Acquisition II Inc., to be entered into upon the closing of the sale of the shares in SIG Combibloc Group AG, the interests in SIG Holding USA LLC, and receivables owed to Beverage Packaging Holdings (Luxembourg) III S.a.r.l. | |
4.150.(13) | General Security Deed, dated June 16, 2015, between Beverage Packaging (New Zealand) Limited and Wilmington Trust (London) Limited | |
4.151.(13) | Specific Security Deed, dated June 16, 2015, between Beverage Packaging Holdings (Luxembourg) V S.A. and Wilmington Trust (London) Limited | |
7.1. | Computation of Ratio of Earnings to Fixed Charges | |
8.1. | List of Subsidiaries | |
12.1.(13) | Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
12.2.(13) | Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
13.1.(13) | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
13.2.(13) | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
(1) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' registration statement on Form F-4 (No. 333-177693) filed on November 3, 2011. |
(2) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' registration statement on Form F-4/A (No. 333-177693) filed on February 9, 2012. |
(3) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' registration statement on Form F-4/A (No. 333-177693) filed on April 6, 2012. |
(4) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' registration statement on Form F-4/A (No. 333-177693) filed on May 11, 2012. |
(5) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' registration statement on Form F-4/A (No. 333-177693) filed on June 21, 2012. |
(6) | Incorporated by reference to corresponding exhibit to Reynolds Notes Issuers' registration statement on Form F-4/A (No. 333-185285) filed on December 21, 2012. |
(7) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' annual report on Form 20-F (No. 333-177693) filed on February 27, 2014. |
(8) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' amendment to the annual report on Form 20-F/A (No. 333-177693) filed on February 27, 2014. |
(9) | Incorporated by reference to exhibit 1 to Reynolds Group Holdings Limited report on Form 6-K (No. 333-177693) filed on December 24, 2014. |
(10) | Incorporated by reference to exhibit 1 to Reynolds Group Holdings Limited report on Form 6-K (No. 333-177693) filed on January 20, 2015. |
(11) | Incorporated by reference to exhibit 2 to Reynolds Group Holdings Limited report on Form 6-K (No. 333-177693) filed on January 20, 2015. |
(12) | Incorporated by reference to corresponding exhibit to the Reynolds Notes Issuers' annual report on Form 20-F (No. 333-177693) filed on February 25, 2015. |
(13) | Filed herein. |
Report of independent registered public accounting firm | |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
(In $ million) | Note | 2013 | 2012(1) | 2011(1) | Note | 2015 | 2014 | 2013 | ||||||||||||||
Revenue | 13,973 | 13,830 | 11,819 | 11,178 | 11,666 | 11,752 | ||||||||||||||||
Cost of sales | * | (11,321 | ) | (11,210 | ) | (9,731 | ) | * | (8,978 | ) | (9,650 | ) | (9,671 | ) | ||||||||
Gross profit | 2,652 | 2,620 | 2,088 | 2,200 | 2,016 | 2,081 | ||||||||||||||||
Other income | 6 | 55 | 126 | 57 | ||||||||||||||||||
Selling, marketing and distribution expenses | * | (343 | ) | (348 | ) | (347 | ) | * | (262 | ) | (255 | ) | (266 | ) | ||||||||
General and administration expenses | * | (930 | ) | (961 | ) | (730 | ) | * | (745 | ) | (741 | ) | (778 | ) | ||||||||
Other expenses | 7 | (180 | ) | (232 | ) | (268 | ) | |||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 16 | 26 | 27 | 17 | ||||||||||||||||||
Net other income (expenses) | 6 | 53 | (46 | ) | (91 | ) | ||||||||||||||||
Profit from operating activities | 1,280 | 1,232 | 817 | 1,246 | 974 | 946 | ||||||||||||||||
Financial income | 10 | 167 | 286 | 22 | 9 | 22 | 25 | 189 | ||||||||||||||
Financial expenses | 10 | (1,411 | ) | (1,690 | ) | (1,420 | ) | 9 | (1,562 | ) | (1,474 | ) | (1,405 | ) | ||||||||
Net financial expenses | (1,244 | ) | (1,404 | ) | (1,398 | ) | (1,540 | ) | (1,449 | ) | (1,216 | ) | ||||||||||
Profit (loss) before income tax | 36 | (172 | ) | (581 | ) | |||||||||||||||||
Profit (loss) from continuing operations before income tax | (294 | ) | (475 | ) | (270 | ) | ||||||||||||||||
Income tax (expense) benefit | 11 | (104 | ) | 74 | 95 | 10 | (60 | ) | 70 | (4 | ) | |||||||||||
Profit (loss) from continuing operations | (354 | ) | (405 | ) | (274 | ) | ||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 7 | 2,672 | 105 | 206 | ||||||||||||||||||
Profit (loss) for the year | (68 | ) | (98 | ) | (486 | ) | 2,318 | (300 | ) | (68 | ) | |||||||||||
Other comprehensive income (loss), net of income tax | ||||||||||||||||||||||
Items that may be reclassified into profit (loss) | ||||||||||||||||||||||
Exchange differences on translating foreign operations | (82 | ) | 12 | (27 | ) | (106 | ) | (120 | ) | (148 | ) | |||||||||||
Transfers from foreign currency translation reserve into profit (loss) | (33 | ) | — | — | ||||||||||||||||||
Reclassification from foreign currency translation reserve | (452 | ) | — | 33 | ||||||||||||||||||
Items that will not be reclassified into profit (loss) | ||||||||||||||||||||||
Remeasurement of defined benefit plans | 19 | 611 | (71 | ) | (331 | ) | 18 | 167 | (440 | ) | 611 | |||||||||||
Total other comprehensive income (loss), net of income tax | 496 | (59 | ) | (358 | ) | (391 | ) | (560 | ) | 496 | ||||||||||||
Total comprehensive income (loss) | 428 | (157 | ) | (844 | ) | 1,927 | (860 | ) | 428 | |||||||||||||
Profit (loss) attributable to: | ||||||||||||||||||||||
Equity holder of the Group | (70 | ) | (99 | ) | (488 | ) | ||||||||||||||||
Equity holder of the Group - continuing operations | (356 | ) | (407 | ) | (276 | ) | ||||||||||||||||
Equity holder of the Group - discontinued operations | 2,672 | 105 | 206 | |||||||||||||||||||
Non-controlling interests | 2 | 1 | 2 | 2 | 2 | 2 | ||||||||||||||||
(68 | ) | (98 | ) | (486 | ) | 2,318 | (300 | ) | (68 | ) | ||||||||||||
Total comprehensive income (loss) attributable to: | ||||||||||||||||||||||
Equity holder of the Group | 426 | (158 | ) | (845 | ) | |||||||||||||||||
Equity holder of the Group - continuing operations | (326 | ) | (973 | ) | 193 | |||||||||||||||||
Equity holder of the Group - discontinued operations | 2,251 | 111 | 233 | |||||||||||||||||||
Non-controlling interests | 2 | 1 | 1 | 2 | 2 | 2 | ||||||||||||||||
428 | (157 | ) | (844 | ) | 1,927 | (860 | ) | 428 |
* | For information on expenses by nature, refer to notes 8, 9, 12, 13, 14, |
As of December 31, | As of January 1, | As of December 31, | |||||||||||||||
(In $ million) | Note | 2013 | 2012(1) | 2012(1) | Note | 2015 | 2014 | ||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 1,977 | 1,588 | ||||||||||||
Trade and other receivables | 12 | 1,508 | 1,443 | 1,509 | |||||||||||||
Trade and other receivables, net | 11 | 1,095 | 1,176 | ||||||||||||||
Inventories | 13 | 1,647 | 1,612 | 1,764 | 12 | 1,262 | 1,453 | ||||||||||
Current tax assets | 11 | 14 | 46 | 39 | 10 | 19 | 2 | ||||||||||
Assets held for sale | 36 | 21 | 70 | 7 | 1 | 2,767 | |||||||||||
Derivatives | 22 | 12 | 5 | 1 | 21 | 7 | 26 | ||||||||||
Other assets | 73 | 79 | 65 | 204 | 68 | ||||||||||||
Total current assets | 4,780 | 4,762 | 4,045 | 4,565 | 7,080 | ||||||||||||
Related party and other non-current receivables | 12 | 361 | 354 | 326 | 11 | 336 | 354 | ||||||||||
Investments in associates and joint ventures | 16 | 149 | 141 | 119 | 15 | 20 | 18 | ||||||||||
Deferred tax assets | 11 | 49 | 42 | 29 | 10 | 11 | 10 | ||||||||||
Property, plant and equipment | 14 | 4,353 | 4,363 | 4,546 | 13 | 3,184 | 3,412 | ||||||||||
Intangible assets | 15 | 12,055 | 12,274 | 12,545 | 14 | 10,192 | 10,499 | ||||||||||
Derivatives | 22 | 437 | 374 | 122 | 21 | 99 | 296 | ||||||||||
Other assets | 199 | 171 | 115 | 84 | 81 | ||||||||||||
Total non-current assets | 17,603 | 17,719 | 17,802 | 13,926 | 14,670 | ||||||||||||
Total assets | 22,383 | 22,481 | 21,847 | 18,491 | 21,750 | ||||||||||||
Liabilities | |||||||||||||||||
Bank overdrafts | 4 | 2 | 3 | — | 1 | ||||||||||||
Trade and other payables | 17 | 1,799 | 1,808 | 1,760 | 16 | 1,205 | 1,396 | ||||||||||
Liabilities directly associated with assets held for sale | 38 | — | 30 | 7 | — | 739 | |||||||||||
Borrowings | 18 | 471 | 524 | 521 | 17 | 977 | 478 | ||||||||||
Current tax liabilities | 11 | 141 | 149 | 165 | 10 | 90 | 56 | ||||||||||
Derivatives | 22 | 14 | 13 | 16 | 21 | 20 | 131 | ||||||||||
Employee benefits | 19 | 243 | 270 | 228 | 18 | 212 | 201 | ||||||||||
Provisions | 20 | 83 | 91 | 98 | 19 | 55 | 54 | ||||||||||
Total current liabilities | 2,793 | 2,857 | 2,821 | 2,559 | 3,056 | ||||||||||||
Non-current payables | 17 | 41 | 53 | 38 | 16 | 44 | 40 | ||||||||||
Borrowings | 18 | 17,466 | 17,378 | 16,625 | 17 | 12,785 | 17,380 | ||||||||||
Deferred tax liabilities | 11 | 1,474 | 1,154 | 1,386 | 10 | 1,059 | 954 | ||||||||||
Derivatives | 22 | 1 | — | — | |||||||||||||
Employee benefits | 19 | 743 | 1,575 | 1,338 | 18 | 1,176 | 1,374 | ||||||||||
Provisions | 20 | 96 | 120 | 134 | 19 | 71 | 71 | ||||||||||
Total non-current liabilities | 19,821 | 20,280 | 19,521 | 15,135 | 19,819 | ||||||||||||
Total liabilities | 22,614 | 23,137 | 22,342 | 17,694 | 22,875 | ||||||||||||
Net liabilities | (231 | ) | (656 | ) | (495 | ) | |||||||||||
Net assets (liabilities) | 797 | (1,125 | ) | ||||||||||||||
Equity | |||||||||||||||||
Share capital | 21 | 1,695 | 1,695 | 1,695 | 20 | 1,664 | 1,664 | ||||||||||
Reserves | (1,004 | ) | (1,500 | ) | (1,448 | ) | (1,996 | ) | (1,559 | ) | |||||||
Accumulated losses | (942 | ) | (872 | ) | (764 | ) | |||||||||||
Retained profits (accumulated losses) | 1,113 | (1,249 | ) | ||||||||||||||
Equity (deficit) attributable to equity holder of the Group | (251 | ) | (677 | ) | (517 | ) | 781 | (1,144 | ) | ||||||||
Non-controlling interests | 20 | 21 | 22 | 16 | 19 | ||||||||||||
Total equity (deficit) | (231 | ) | (656 | ) | (495 | ) | 797 | (1,125 | ) |
(In $ million) | Note | Share capital | Translation of foreign operations | Other reserves(1) | Accumulated losses | Equity (deficit) attributable to equity holder of the Group | Non-controlling interests | Total | Note | Share capital | Translation of foreign operations | Other reserves(1) | Retained profits (accumulated losses) | Equity (deficit) attributable to equity holder of the Group | Non-controlling interests | Total | ||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2011)(2) | 1,695 | 368 | (1,459 | ) | (276 | ) | 328 | 23 | 351 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (488 | ) | (488 | ) | 2 | (486 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | (331 | ) | — | (331 | ) | — | (331 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve | — | (26 | ) | — | — | (26 | ) | (1 | ) | (27 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year(2) | — | (26 | ) | (331 | ) | (488 | ) | (845 | ) | 1 | (844 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011(2) | 1,695 | 342 | (1,790 | ) | (764 | ) | (517 | ) | 22 | (495 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2012) | 1,695 | 342 | (1,790 | ) | (764 | ) | (517 | ) | 22 | (495 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (99 | ) | (99 | ) | 1 | (98 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | (71 | ) | — | (71 | ) | — | (71 | ) | |||||||||||||||||||||||||||||||||||
Reclassification upon sale of business | — | — | 7 | (7 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve | — | 12 | — | — | 12 | — | 12 | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year(2) | — | 12 | (64 | ) | (106 | ) | (158 | ) | 1 | (157 | ) | |||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | — | — | — | (2 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012(2) | 1,695 | 354 | (1,854 | ) | (872 | ) | (677 | ) | 21 | (656 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2013) | 1,695 | 354 | (1,854 | ) | (872 | ) | (677 | ) | 21 | (656 | ) | 1,695 | 354 | (1,854 | ) | (872 | ) | (677 | ) | 21 | (656 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (70 | ) | (70 | ) | 2 | (68 | ) | — | — | — | (70 | ) | (70 | ) | 2 | (68 | ) | ||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | 611 | — | 611 | — | 611 | 18 | — | — | 611 | — | 611 | — | 611 | ||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve(3) | — | (115 | ) | — | — | (115 | ) | — | (115 | ) | ||||||||||||||||||||||||||||||||||||
Foreign currency translation reserve(2) | — | (115 | ) | — | — | (115 | ) | — | (115 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (115 | ) | 611 | (70 | ) | 426 | 2 | 428 | — | (115 | ) | 611 | (70 | ) | 426 | 2 | 428 | ||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (3 | ) | (3 | ) | — | — | — | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | 1,695 | 239 | (1,243 | ) | (942 | ) | (251 | ) | 20 | (231 | ) | 1,695 | 239 | (1,243 | ) | (942 | ) | (251 | ) | 20 | (231 | ) | ||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2014) | 1,695 | 239 | (1,243 | ) | (942 | ) | (251 | ) | 20 | (231 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (302 | ) | (302 | ) | 2 | (300 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 18 | — | — | (440 | ) | — | (440 | ) | — | (440 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency translation reserve | — | (120 | ) | — | — | (120 | ) | — | (120 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (120 | ) | (440 | ) | (302 | ) | (862 | ) | 2 | (860 | ) | ||||||||||||||||||||||||||||||||||
Reclassification upon sale of business | — | — | 5 | (5 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Share repurchase | (31 | ) | — | — | — | (31 | ) | — | (31 | ) | ||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | 1,664 | 119 | (1,678 | ) | (1,249 | ) | (1,144 | ) | 19 | (1,125 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2015) | 1,664 | 119 | (1,678 | ) | (1,249 | ) | (1,144 | ) | 19 | (1,125 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | 2,316 | 2,316 | 2 | 2,318 | |||||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 18 | — | — | 167 | — | 167 | — | 167 | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation reserve | — | (106 | ) | — | — | (106 | ) | — | (106 | ) | ||||||||||||||||||||||||||||||||||||
Reclassification of foreign currency translation reserve upon sale of SIG | — | (452 | ) | — | — | (452 | ) | — | (452 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (558 | ) | 167 | 2,316 | 1,925 | 2 | 1,927 | ||||||||||||||||||||||||||||||||||||||
Reclassification upon sale of SIG | — | — | (46 | ) | 46 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | 1,664 | (439 | ) | (1,557 | ) | 1,113 | 781 | 16 | 797 |
(1) | Balances include the cumulative reduction in equity of $1,561 million from common control transactions, with the remainder consisting of the cumulative remeasurement of defined benefit plans. |
(2) |
Included in this amount is the impact of the liquidation of a subsidiary in Hong Kong. Upon liquidation, $33 million of foreign currency translation losses, which had been accumulated in equity, were recognized in profit (loss). |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
(In $ million) | Note | 2013 | 2012(1)(2) | 2011(1)(2) | Note | 2015 | 2014 | 2013 | ||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||
Profit (loss) | (68 | ) | (98 | ) | (486 | ) | 2,318 | (300 | ) | (68 | ) | |||||||||||
Adjustments for: | ||||||||||||||||||||||
Depreciation and amortization | 1,020 | 1,134 | 972 | 714 | 910 | 1,020 | ||||||||||||||||
Impairment charges | 59 | 52 | 12 | |||||||||||||||||||
Asset impairment charges | 17 | 11 | 59 | |||||||||||||||||||
Foreign currency adjustments | 46 | 8 | 7 | 4 | (1 | ) | 46 | |||||||||||||||
Change in fair value of derivatives | (6 | ) | (7 | ) | 26 | (87 | ) | 129 | (6 | ) | ||||||||||||
(Gain) loss on sale or disposal of businesses and non-current assets | (15 | ) | (84 | ) | (4 | ) | (2,905 | ) | (66 | ) | (15 | ) | ||||||||||
SIG disposal costs | (38 | ) | — | — | ||||||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 16 | (26 | ) | (27 | ) | (17 | ) | 15 | (9 | ) | (27 | ) | (26 | ) | ||||||||
Net financial expenses | 1,244 | 1,404 | 1,398 | 1,750 | 1,618 | 1,244 | ||||||||||||||||
Premium on extinguishment of loans and borrowings | (18 | ) | (101 | ) | — | |||||||||||||||||
Premium on extinguishment of borrowings | (226 | ) | — | (18 | ) | |||||||||||||||||
Interest paid | (1,339 | ) | (1,427 | ) | (1,003 | ) | (1,110 | ) | (1,270 | ) | (1,339 | ) | ||||||||||
Income tax expense (benefit) | 104 | (74 | ) | (95 | ) | 118 | (2 | ) | 104 | |||||||||||||
Income taxes paid, net of refunds received | (133 | ) | (133 | ) | (88 | ) | (74 | ) | (134 | ) | (133 | ) | ||||||||||
Change in trade and other receivables | (75 | ) | 69 | (56 | ) | 51 | 16 | (75 | ) | |||||||||||||
Change in inventories | (56 | ) | 157 | (171 | ) | 138 | (55 | ) | (56 | ) | ||||||||||||
Change in trade and other payables | (33 | ) | (19 | ) | (6 | ) | (116 | ) | 60 | (33 | ) | |||||||||||
Change in provisions and employee benefits | 77 | 91 | (46 | ) | 92 | 1 | 77 | |||||||||||||||
Change in other assets and liabilities | 4 | (27 | ) | — | 17 | (9 | ) | 4 | ||||||||||||||
Net cash from operating activities | 785 | 918 | 443 | 654 | 881 | 785 | ||||||||||||||||
Cash flows used in investing activities | ||||||||||||||||||||||
Acquisition of property, plant and equipment, intangible assets and investment properties | (724 | ) | (650 | ) | (520 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment, investment properties and other assets | 20 | 32 | 71 | |||||||||||||||||||
Cash flows from (used in) investing activities | ||||||||||||||||||||||
Acquisition of property, plant and equipment and intangible assets | (381 | ) | (687 | ) | (724 | ) | ||||||||||||||||
Purchases of short-term investments | (200 | ) | — | — | ||||||||||||||||||
Proceeds from sale of short-term investments | 200 | — | — | |||||||||||||||||||
Proceeds from sale of property, plant and equipment and other assets | 23 | 25 | 20 | |||||||||||||||||||
Proceeds from insurance claims | 14 | 6 | — | 26 | 50 | 14 | ||||||||||||||||
Acquisition of businesses and investments in joint ventures, net of cash acquired | 25 | (107 | ) | (33 | ) | (2,048 | ) | 24 | — | (40 | ) | (107 | ) | |||||||||
Disposal of businesses, net of cash disposed | — | 95 | — | 4,148 | 80 | — | ||||||||||||||||
Pre-acquisition advance to Graham Packaging | — | — | (20 | ) | ||||||||||||||||||
Other | 33 | 11 | 15 | 4 | 24 | 33 | ||||||||||||||||
Net cash used in investing activities | (764 | ) | (539 | ) | (2,502 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Drawdown of loans and borrowings | 3,966 | 7,689 | 9,171 | |||||||||||||||||||
Repayment of loans and borrowings | (4,039 | ) | (7,004 | ) | (6,652 | ) | ||||||||||||||||
Payment of liabilities arising from acquisition of Graham Packaging* | — | — | (252 | ) | ||||||||||||||||||
Related party borrowings (repayments) | — | (23 | ) | 25 | ||||||||||||||||||
Net cash from (used in) investing activities | 3,820 | (548 | ) | (764 | ) | |||||||||||||||||
Cash flows used in financing activities | ||||||||||||||||||||||
Drawdown of borrowings | 150 | 169 | 3,966 | |||||||||||||||||||
Repayment of borrowings | (4,282 | ) | (228 | ) | (4,039 | ) | ||||||||||||||||
Payment of debt transaction costs | (25 | ) | (105 | ) | (279 | ) | (15 | ) | (3 | ) | (25 | ) | ||||||||||
Share repurchase | — | (31 | ) | — | ||||||||||||||||||
Other | (3 | ) | (2 | ) | (7 | ) | (9 | ) | (3 | ) | (3 | ) | ||||||||||
Net cash from (used in) financing activities | (101 | ) | 555 | 2,006 | ||||||||||||||||||
Net cash used in financing activities | (4,156 | ) | (96 | ) | (101 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (80 | ) | 934 | (53 | ) | 318 | 237 | (80 | ) | |||||||||||||
Cash and cash equivalents at the beginning of the year | 1,554 | 594 | 652 | |||||||||||||||||||
Cash and cash equivalents, net of bank overdrafts, at the beginning of the year | 1,587 | 1,486 | 1,554 | |||||||||||||||||||
Cash and cash equivalents classified as assets held for sale at the beginning of the year | 97 | — | — | |||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | 12 | 26 | (5 | ) | (25 | ) | (39 | ) | 12 | |||||||||||||
Cash and cash equivalents as of December 31 | 1,486 | 1,554 | 594 | 1,977 | 1,684 | 1,486 | ||||||||||||||||
Cash and cash equivalents are comprised of: | ||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 1,977 | 1,588 | 1,490 | ||||||||||||||||
Cash and cash equivalents classified as assets held for sale | — | 97 | — | |||||||||||||||||||
Bank overdrafts | (4 | ) | (2 | ) | (3 | ) | — | (1 | ) | (4 | ) | |||||||||||
Cash and cash equivalents as of December 31 | 1,486 | 1,554 | 594 | 1,977 | 1,684 | 1,486 |
For the year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ million) | Acquisitions | Disposals | Acquisitions | Disposals | Acquisitions | Disposals | ||||||||||||
Inflow (outflow) of cash: | ||||||||||||||||||
Cash receipts (payments) | (101 | ) | — | (30 | ) | — | (2,192 | ) | — | |||||||||
Net cash (bank overdraft) acquired (disposed of) | — | — | — | — | 144 | — | ||||||||||||
Consideration received, satisfied in notes receivable | — | — | — | — | — | — | ||||||||||||
Consideration subject to post-closing adjustments | — | — | — | — | — | — | ||||||||||||
(101 | ) | — | (30 | ) | — | (2,048 | ) | — | ||||||||||
Cash and cash equivalents, net of bank overdrafts | — | — | — | — | (144 | ) | — | |||||||||||
Net gain on sale before reclassification from foreign currency translation reserve | — | — | — | — | — | — | ||||||||||||
Amounts reclassified from foreign currency translation reserve | — | — | — | — | — | — | ||||||||||||
Net assets (acquired) disposed of | (101 | ) | — | (30 | ) | — | (2,192 | ) | — | |||||||||
Details of net assets (acquired) disposed of: | ||||||||||||||||||
Cash and cash equivalents, net of bank overdrafts | — | — | — | — | (144 | ) | — | |||||||||||
Trade and other receivables | (20 | ) | — | (4 | ) | — | (361 | ) | — | |||||||||
Inventories | (22 | ) | — | (2 | ) | — | (350 | ) | — | |||||||||
Current tax assets | — | — | — | — | (4 | ) | — | |||||||||||
Assets held for sale | — | — | — | — | (10 | ) | — | |||||||||||
Derivative assets | — | — | — | — | (9 | ) | — | |||||||||||
Investment in associates and joint ventures | — | — | — | — | (1 | ) | — | |||||||||||
Deferred tax assets | — | — | — | — | (6 | ) | — | |||||||||||
Property, plant and equipment | (37 | ) | — | (6 | ) | — | (1,526 | ) | — | |||||||||
Intangible assets (excluding goodwill) | (23 | ) | — | (21 | ) | — | (2,463 | ) | — | |||||||||
Goodwill | (36 | ) | — | (1 | ) | — | (1,754 | ) | — | |||||||||
Other current and non-current assets | (1 | ) | — | — | — | (36 | ) | — | ||||||||||
Trade and other payables | 10 | — | 4 | — | 720 | — | ||||||||||||
Current tax liabilities | — | — | — | — | 39 | — | ||||||||||||
Borrowings | 21 | — | — | — | 2,851 | — | ||||||||||||
Deferred tax liabilities | 6 | — | — | — | 629 | — | ||||||||||||
Provisions and employee benefits | 1 | — | — | — | 233 | — | ||||||||||||
Net assets (acquired) disposed of | (101 | ) | — | (30 | ) | — | (2,192 | ) | — |
(i) | assets and liabilities for each statement of financial position presented are translated at the closing exchange rate at the reporting date of the statement of financial position; |
(ii) | income and expense items for each profit or loss item are translated at average exchange rates; |
(iii) | items of other comprehensive income are translated at average exchange rates; and |
(iv) | all resulting exchange differences are recognized as a separate component of equity. |
Average rate for the year ended December 31, | As of December 31, | Average rate for the year ended December 31, | As of December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2015 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||
1 € | 1.37 | 1.29 | 1.38 | 1.32 | 1.11 | 1.33 | 1.33 | 1.09 | 1.22 | ||||||||||||||||||
10 MXN | 0.77 | 0.76 | 0.77 | 0.77 | 0.63 | 0.75 | 0.78 | 0.58 | 0.68 | ||||||||||||||||||
1 NZ$ | 0.82 | 0.81 | 0.82 | 0.82 | 0.70 | 0.83 | 0.82 | 0.68 | 0.78 | ||||||||||||||||||
1 CA$ | 0.94 | 1.00 | 0.94 | 1.01 | 0.78 | 0.91 | 0.97 | 0.72 | 0.86 |
(i) | Trade and other payables |
(ii) | Interest bearing borrowings including related party borrowings |
(i) | the economic characteristics and risks of the host contract and the embedded derivative are not closely related; |
(ii) | a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and |
(iii) | the combined instrument is not measured at fair value through profit or loss. |
For the year ended December 31, 2013 | For the year ended December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,228 | 1,553 | 1,174 | 2,572 | 3,422 | 3,024 | — | 13,973 | 1,553 | 968 | 2,796 | 3,414 | 2,447 | — | 11,178 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 113 | 17 | 133 | 508 | — | (771 | ) | — | 100 | 14 | 173 | 544 | — | (831 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,228 | 1,666 | 1,191 | 2,705 | 3,930 | 3,024 | (771 | ) | 13,973 | 1,653 | 982 | 2,969 | 3,958 | 2,447 | (831 | ) | 11,178 | ||||||||||||||||||||||||||||
Gross profit | 571 | 213 | 190 | 720 | 619 | 339 | — | 2,652 | 310 | 164 | 743 | 620 | 364 | (1 | ) | 2,200 | |||||||||||||||||||||||||||||
Expenses and other income | (255 | ) | (84 | ) | (130 | ) | (245 | ) | (281 | ) | (266 | ) | (137 | ) | (1,398 | ) | (79 | ) | (92 | ) | (237 | ) | (177 | ) | (207 | ) | (162 | ) | (954 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 25 | 1 | — | — | — | — | — | 26 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 341 | 130 | 60 | 475 | 338 | 73 | (137 | ) | 1,280 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 231 | 72 | 506 | 443 | 157 | (163 | ) | 1,246 | |||||||||||||||||||||||||||||||||||||
Financial income | 167 | 22 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,411 | ) | (1,562 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (294 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (104 | ) | (60 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (68 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (354 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 341 | 130 | 60 | 475 | 338 | 73 | (137 | ) | 1,280 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 167 | 57 | 77 | 114 | 228 | 375 | 2 | 1,020 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 508 | 187 | 137 | 589 | 566 | 448 | (135 | ) | 2,300 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 231 | 72 | 506 | 443 | 157 | (163 | ) | 1,246 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 68 | 96 | 211 | 282 | — | 714 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 288 | 140 | 602 | 654 | 439 | (163 | ) | 1,960 |
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 508 | 187 | 137 | 589 | 566 | 448 | (135 | ) | 2,300 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges | — | — | 11 | 1 | 9 | 21 | — | 42 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | — | — | 36 | — | 36 | ||||||||||||||||
Business interruption costs | — | — | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||
Equity method profit, net of cash distributed | 2 | — | — | — | — | — | — | 2 | ||||||||||||||||
Gain on sale of businesses and properties | (2 | ) | — | — | — | (1 | ) | — | — | (3 | ) | |||||||||||||
Hurricane Sandy plant damage, net of insurance recoveries | — | — | — | — | (10 | ) | — | — | (10 | ) | ||||||||||||||
Impact of purchase price accounting on inventories | — | — | — | 1 | 1 | — | — | 2 | ||||||||||||||||
Manufacturing plant fire, net of insurance recoveries | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||
Multi-employer pension plan withdrawal | — | 61 | — | — | 5 | — | — | 66 | ||||||||||||||||
Non-cash changes in inventory and provisions | (2 | ) | — | — | — | — | — | (3 | ) | (5 | ) | |||||||||||||
Non-cash pension expense | — | — | — | — | — | — | 57 | 57 | ||||||||||||||||
Operational process engineering-related consultancy costs | 9 | — | — | — | — | 5 | — | 14 | ||||||||||||||||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | 33 | — | — | — | — | — | — | 33 | ||||||||||||||||
Related party management fee | — | — | — | — | — | — | 38 | 38 | ||||||||||||||||
Restructuring costs, net of reversals | 12 | — | 17 | 1 | 10 | 13 | — | 53 | ||||||||||||||||
Unrealized (gain) loss on derivatives | (2 | ) | (1 | ) | (4 | ) | 4 | (2 | ) | — | — | (5 | ) | |||||||||||
VAT and customs refunds on historical imports | (16 | ) | — | — | — | — | — | — | (16 | ) | ||||||||||||||
Other | 1 | — | 2 | — | 2 | — | 1 | 6 | ||||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 543 | 247 | 162 | 596 | 583 | 523 | (42 | ) | 2,612 | |||||||||||||||
Segment assets (excluding intercompany balances) | 3,272 | 1,085 | 1,624 | 4,195 | 5,503 | 5,308 | 1,396 | 22,383 | ||||||||||||||||
Included in segment assets are: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 208 | 57 | 53 | 42 | 243 | 133 | 5 | 741 | ||||||||||||||||
Additions to intangible assets | 4 | 1 | 4 | 1 | — | 7 | 1 | 18 | ||||||||||||||||
Investments in associates and joint ventures | 133 | 15 | — | — | — | 1 | — | 149 | ||||||||||||||||
Segment liabilities (excluding intercompany balances) | 770 | 468 | 320 | 911 | 1,415 | 893 | 17,837 | 22,614 |
For the year ended December 31, 2015 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 288 | 140 | 602 | 654 | 439 | (163 | ) | 1,960 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | 4 | — | 6 | 7 | — | 17 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 65 | 65 | ||||||||||||||
Operational process engineering-related consultancy costs | — | — | — | 18 | — | — | 18 | ||||||||||||||
Related party management fee | — | — | — | — | — | 59 | 59 | ||||||||||||||
Restructuring costs, net of reversals | — | 7 | — | 1 | 1 | — | 9 | ||||||||||||||
Unrealized (gain) loss on derivatives | (3 | ) | (4 | ) | (21 | ) | (77 | ) | (1 | ) | — | (106 | ) | ||||||||
Other | (3 | ) | — | — | — | (1 | ) | 1 | (3 | ) | |||||||||||
Adjusted EBITDA from continuing operations | 282 | 147 | 581 | 602 | 445 | (38 | ) | 2,019 | |||||||||||||
Segment assets (excluding intercompany balances) | 1,100 | 1,247 | 4,094 | 4,894 | 4,686 | 2,470 | 18,491 | ||||||||||||||
Included in segment assets are: | |||||||||||||||||||||
Additions to property, plant and equipment | 53 | 37 | 29 | 75 | 133 | — | 327 | ||||||||||||||
Additions to intangible assets | 1 | 1 | 2 | 6 | 3 | 1 | 14 | ||||||||||||||
Segment liabilities (excluding intercompany balances) | 351 | 280 | 707 | 946 | 1,047 | 14,363 | 17,694 |
For the year ended December 31, 2012 | For the year ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,076 | 1,601 | 1,224 | 2,508 | 3,376 | 3,045 | — | 13,830 | 1,597 | 1,116 | 2,717 | 3,491 | 2,745 | — | 11,666 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 84 | 13 | 111 | 475 | — | (683 | ) | — | 115 | 12 | 161 | 543 | — | (831 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,076 | 1,685 | 1,237 | 2,619 | 3,851 | 3,045 | (683 | ) | 13,830 | 1,712 | 1,128 | 2,878 | 4,034 | 2,745 | (831 | ) | 11,666 | ||||||||||||||||||||||||||||
Gross profit | 522 | 269 | 232 | 716 | 601 | 280 | — | 2,620 | 290 | 191 | 655 | 570 | 306 | 4 | 2,016 | ||||||||||||||||||||||||||||||
Expenses and other income | (272 | ) | (93 | ) | (129 | ) | (237 | ) | (270 | ) | (266 | ) | (148 | ) | (1,415 | ) | (96 | ) | (94 | ) | (259 | ) | (272 | ) | (193 | ) | (128 | ) | (1,042 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 26 | 1 | — | — | — | — | — | 27 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 276 | 177 | 103 | 479 | 331 | 14 | (148 | ) | 1,232 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 194 | 97 | 396 | 298 | 113 | (124 | ) | 974 | |||||||||||||||||||||||||||||||||||||
Financial income | 286 | 25 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,690 | ) | (1,474 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | (172 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (475 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 74 | 70 | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (98 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (405 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 276 | 177 | 103 | 479 | 331 | 14 | (148 | ) | 1,232 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 215 | 57 | 75 | 126 | 283 | 377 | 1 | 1,134 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 491 | 234 | 178 | 605 | 614 | 391 | (147 | ) | 2,366 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 194 | 97 | 396 | 298 | 113 | (124 | ) | 974 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 74 | 98 | 245 | 324 | — | 798 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 251 | 171 | 494 | 543 | 437 | (124 | ) | 1,772 |
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 491 | 234 | 178 | 605 | 614 | 391 | (147 | ) | 2,366 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges | — | — | 3 | 1 | 13 | 16 | — | 33 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | 2 | 24 | 31 | 4 | 61 | ||||||||||||||||
Business interruption costs | — | — | 1 | — | — | — | — | 1 | ||||||||||||||||
Equity method profit, net of cash distributed | (19 | ) | (1 | ) | — | — | — | — | — | (20 | ) | |||||||||||||
Fixed asset adjustment | 10 | — | — | — | — | — | — | 10 | ||||||||||||||||
Gain on sale of businesses and properties | — | — | — | — | (77 | ) | — | — | (77 | ) | ||||||||||||||
Hurricane Sandy plant damage, net of insurance recoveries | — | — | — | — | 16 | — | — | 16 | ||||||||||||||||
Manufacturing plant fires, net of insurance recoveries | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||
Non-cash changes in inventory and provisions | (8 | ) | — | — | 3 | 6 | — | — | 1 | |||||||||||||||
Non-cash pension expense | — | — | — | — | — | — | 59 | 59 | ||||||||||||||||
Operational process engineering-related consultancy costs | 1 | — | — | 2 | 14 | — | — | 17 | ||||||||||||||||
Related party management fee | — | — | — | — | — | — | 32 | 32 | ||||||||||||||||
Restructuring costs, net of reversals | 20 | 2 | 5 | — | 4 | 27 | (1 | ) | 57 | |||||||||||||||
SEC registration costs | — | — | — | — | — | — | 8 | 8 | ||||||||||||||||
Unrealized (gain) loss on derivatives | 7 | (2 | ) | (1 | ) | (10 | ) | (1 | ) | — | — | (7 | ) | |||||||||||
VAT and customs duties on historical imports | (2 | ) | — | — | — | — | — | — | (2 | ) | ||||||||||||||
Other | — | — | 1 | — | (5 | ) | 2 | 1 | (1 | ) | ||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 500 | 233 | 187 | 603 | 611 | 467 | (44 | ) | 2,557 | |||||||||||||||
Segment assets (excluding intercompany balances) | 3,123 | 1,143 | 1,676 | 4,124 | 5,334 | 5,556 | 1,525 | 22,481 | ||||||||||||||||
Included in segment assets are: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 161 | 40 | 57 | 36 | 150 | 186 | 5 | 635 | ||||||||||||||||
Additions to intangible assets | 12 | 5 | 8 | — | — | 1 | — | 26 | ||||||||||||||||
Investments in associates and joint ventures | 125 | 15 | — | — | — | 1 | — | 141 | ||||||||||||||||
Segment liabilities (excluding intercompany balances) | 727 | 411 | 350 | 864 | 1,289 | 985 | 18,511 | 23,137 |
For the year ended December 31, 2014 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 251 | 171 | 494 | 543 | 437 | (124 | ) | 1,772 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | (1 | ) | — | 3 | 9 | — | 11 | |||||||||||||
Gain on sale of businesses and properties | — | (14 | ) | — | (20 | ) | — | — | (34 | ) | |||||||||||
Litigation settlement | — | — | — | — | (18 | ) | — | (18 | ) | ||||||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 13 | — | — | 1 | — | — | 14 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 31 | 31 | ||||||||||||||
Plant damages and associated insurance recoveries, net | — | — | — | (69 | ) | — | — | (69 | ) | ||||||||||||
Related party management fee | — | — | — | — | — | 31 | 31 | ||||||||||||||
Restructuring costs, net of reversals | 3 | 7 | 3 | 11 | 19 | 2 | 45 | ||||||||||||||
Strategic review costs | — | — | — | — | — | 18 | 18 | ||||||||||||||
Unrealized (gain) loss on derivatives | 5 | 10 | 25 | 84 | 1 | — | 125 | ||||||||||||||
Other | (1 | ) | 4 | 3 | — | (2 | ) | 5 | 9 | ||||||||||||
Adjusted EBITDA from continuing operations | 271 | 177 | 525 | 553 | 446 | (37 | ) | 1,935 | |||||||||||||
Segment assets (excluding intercompany balances)(1) | 1,098 | 1,357 | 4,199 | 5,317 | 5,017 | 4,762 | 21,750 | ||||||||||||||
Included in segment assets are: | |||||||||||||||||||||
Additions to property, plant and equipment | 57 | 60 | 43 | 158 | 147 | 156 | 621 | ||||||||||||||
Additions to intangible assets | 1 | 1 | 2 | 8 | 2 | 5 | 19 | ||||||||||||||
Segment liabilities (excluding intercompany balances)(1) | 404 | 309 | 760 | 1,265 | 989 | 19,148 | 22,875 |
For the year ended December 31, 2011 | For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice * | Graham Packaging ** | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,036 | 1,587 | 1,317 | 2,503 | 3,409 | 967 | — | 11,819 | 1,553 | 1,181 | 2,572 | 3,422 | 3,024 | — | 11,752 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 46 | 12 | 56 | 542 | — | (656 | ) | — | 113 | 10 | 136 | 588 | — | (847 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,036 | 1,633 | 1,329 | 2,559 | 3,951 | 967 | (656 | ) | 11,819 | 1,666 | 1,191 | 2,708 | 4,010 | 3,024 | (847 | ) | 11,752 | ||||||||||||||||||||||||||||
Gross profit | 437 | 251 | 207 | 611 | 524 | 62 | (4 | ) | 2,088 | 213 | 190 | 689 | 652 | 339 | (2 | ) | 2,081 | ||||||||||||||||||||||||||||
Expenses and other income | (240 | ) | (99 | ) | (97 | ) | (258 | ) | (402 | ) | (87 | ) | (105 | ) | (1,288 | ) | (83 | ) | (130 | ) | (237 | ) | (289 | ) | (266 | ) | (130 | ) | (1,135 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 15 | 2 | — | — | — | — | — | 17 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 212 | 154 | 110 | 353 | 122 | (25 | ) | (109 | ) | 817 | |||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 130 | 60 | 452 | 363 | 73 | (132 | ) | 946 | |||||||||||||||||||||||||||||||||||||
Financial income | 22 | 189 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,420 | ) | (1,405 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | (581 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (270 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 95 | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (486 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (274 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 212 | 154 | 110 | 353 | 122 | (25 | ) | (109 | ) | 817 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 260 | 60 | 81 | 150 | 292 | 129 | — | 972 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 472 | 214 | 191 | 503 | 414 | 104 | (109 | ) | 1,789 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 130 | 60 | 452 | 363 | 73 | (132 | ) | 946 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 77 | 96 | 246 | 375 | 2 | 853 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 187 | 137 | 548 | 609 | 448 | (130 | ) | 1,799 |
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice * | Graham Packaging ** | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 472 | 214 | 191 | 503 | 414 | 104 | (109 | ) | 1,789 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges (reversals) | 4 | — | 1 | — | 7 | — | — | 12 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | 5 | 45 | 9 | 26 | 85 | ||||||||||||||||
Business interruption costs | 2 | — | 1 | (1 | ) | — | — | — | 2 | |||||||||||||||
Change in control payments | — | — | — | — | — | 12 | — | 12 | ||||||||||||||||
Equity method profit, net of cash distributed | (8 | ) | (2 | ) | — | — | — | — | — | (10 | ) | |||||||||||||
Gain on modification of plan benefits | — | — | — | — | — | — | (25 | ) | (25 | ) | ||||||||||||||
Gain on sale of business | — | — | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||
Impact of purchase price accounting on inventories | — | — | — | — | 6 | 27 | — | 33 | ||||||||||||||||
Non-cash changes in inventory and provisions | — | — | — | 1 | 2 | — | — | 3 | ||||||||||||||||
Non-cash pension expense | — | — | — | 3 | 4 | — | 47 | 54 | ||||||||||||||||
Operational process engineering-related consultancy costs | — | — | — | 17 | 21 | — | 4 | 42 | ||||||||||||||||
Restructuring costs, net of reversals | 2 | — | 5 | 11 | 48 | 3 | 19 | 88 | ||||||||||||||||
SEC registration costs | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||
Unrealized loss on derivatives | 2 | 2 | 2 | 17 | 3 | — | — | 26 | ||||||||||||||||
VAT and customs duties on historical imports | 1 | — | — | — | — | — | — | 1 | ||||||||||||||||
Other | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 475 | 214 | 195 | 556 | 549 | 155 | (32 | ) | 2,112 |
For the year ended December 31, 2013 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 187 | 137 | 548 | 609 | 448 | (130 | ) | 1,799 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | 11 | 1 | 9 | 21 | — | 42 | ||||||||||||||
Business integration costs | — | — | — | — | 36 | — | 36 | ||||||||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 61 | — | — | 5 | — | — | 66 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 57 | 57 | ||||||||||||||
Plant damages and associated insurance recoveries, net | — | — | — | (7 | ) | — | — | (7 | ) | ||||||||||||
Related party management fee | — | — | — | — | — | 30 | 30 | ||||||||||||||
Restructuring costs, net of reversals | — | 17 | 1 | 10 | 13 | — | 41 | ||||||||||||||
Other | (1 | ) | (3 | ) | 5 | — | 5 | (2 | ) | 4 | |||||||||||
Adjusted EBITDA from continuing operations | 247 | 162 | 555 | 626 | 523 | (45 | ) | 2,068 |
(In $ million) | United States | Remaining North American Region | Europe | Asia | South America | Other* | Total | United States | Remaining North American Region | Asia | Europe | South America | Other | Total | ||||||||||||||||||||||||||||
Total external revenue | ||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2015 | 9,376 | 686 | 480 | 423 | 196 | 17 | 11,178 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | 9,586 | 756 | 536 | 499 | 272 | 17 | 11,666 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | 9,522 | 840 | 1,885 | 1,117 | 505 | 104 | 13,973 | 9,463 | 800 | 547 | 622 | 305 | 15 | 11,752 | ||||||||||||||||||||||||||||
For the year ended December 31, 2012 | 9,571 | 808 | 1,824 | 1,040 | 469 | 118 | 13,830 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 | 8,019 | 628 | 1,742 | 942 | 375 | 113 | 11,819 | |||||||||||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | 13,140 | 470 | 1,764 | 889 | 352 | 55 | 16,670 | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | 13,344 | 498 | 1,735 | 926 | 331 | 59 | 16,893 | |||||||||||||||||||||||||||||||||||
As of December 31, 2015 | 12,431 | 317 | 259 | 357 | 93 | 23 | 13,480 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 12,769 | 406 | 276 | 406 | 128 | 25 | 14,010 |
There was no revenue from external customers in New Zealand, where the Company is domiciled, for any years presented. There were no non-current assets in New Zealand as of December 31, 2015 or 2014. |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Foodservice packaging | 3,930 | 3,851 | 3,951 | 3,958 | 4,034 | 4,010 | ||||||||||||
Food and beverage plastic containers | 2,048 | 2,081 | 646 | 1,704 | 1,875 | 2,048 | ||||||||||||
Aseptic carton packaging | 2,228 | 2,076 | 2,036 | |||||||||||||||
Caps and closures | 1,191 | 1,237 | 1,329 | |||||||||||||||
Waste and storage products | 1,056 | 1,027 | 992 | 1,205 | 1,208 | 1,056 | ||||||||||||
Cooking products | 910 | 853 | 822 | 1,060 | 956 | 913 | ||||||||||||
Caps and closures | 982 | 1,128 | 1,191 | |||||||||||||||
Carton packaging | 842 | 815 | 795 | 835 | 848 | 842 | ||||||||||||
Tablewares | 739 | 739 | 745 | |||||||||||||||
Household product containers | 482 | 481 | 175 | |||||||||||||||
Non-food plastic containers | 743 | 870 | 976 | |||||||||||||||
Tableware | 704 | 714 | 739 | |||||||||||||||
Liquid packaging board | 444 | 449 | 451 | 443 | 470 | 444 | ||||||||||||
Paper products | 380 | 421 | 387 | 375 | 394 | 380 | ||||||||||||
Automotive lubricant containers | 323 | 316 | 95 | |||||||||||||||
Personal care containers | 171 | 167 | 51 | |||||||||||||||
Inter-segment eliminations | (771 | ) | (683 | ) | (656 | ) | (831 | ) | (831 | ) | (847 | ) | ||||||
Total revenue | 13,973 | 13,830 | 11,819 | 11,178 | 11,666 | 11,752 |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Gain on sale of businesses | — | 77 | 5 | ||||||
Gain on sale of non-current assets | 4 | — | — | ||||||
Hurricane Sandy insurance recoveries | 5 | — | — | ||||||
Income from facility management | 2 | 2 | 12 | ||||||
Income from miscellaneous services | 6 | 8 | 6 | ||||||
Insurance claims | — | — | 6 | ||||||
Landfill tipping fees received | — | — | 5 | ||||||
Litigation settlement | 3 | — | — | ||||||
Manufacturing plant fire insurance recoveries | 9 | 2 | — | ||||||
Non-cash change in provisions | 5 | 8 | — | ||||||
Rental income from investment properties | 1 | 2 | 6 | ||||||
Royalty income | 3 | 3 | 4 | ||||||
Unrealized gains on derivatives | 5 | 7 | — | ||||||
Other | 12 | 17 | 13 | ||||||
Total other income | 55 | 126 | 57 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Asset impairment charges, net of reversals | (17 | ) | (8 | ) | (42 | ) | |||
Business integration costs | — | — | (36 | ) | |||||
Gain (loss) on sale of businesses and non-current assets | 3 | 34 | 1 | ||||||
Insurance recoveries, net of costs incurred | — | 77 | 24 | ||||||
Litigation settlement | — | 18 | 3 | ||||||
Net foreign currency exchange gains (losses) | 12 | (2 | ) | (2 | ) | ||||
Non-cash change in provisions | — | 9 | 3 | ||||||
Related party management fee (refer to note 27) | (59 | ) | (31 | ) | (30 | ) | |||
Restructuring costs, net of reversals | — | — | (10 | ) | |||||
Strategic review costs | (2 | ) | (18 | ) | — | ||||
Unrealized gain (loss) on derivatives (refer to note 21) | 114 | (131 | ) | 3 | |||||
Other | 2 | 6 | (5 | ) | |||||
Net other income (expenses) | 53 | (46 | ) | (91 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Asset impairment charges | (42 | ) | (33 | ) | (12 | ) | |||
Business acquisition and integration costs | (36 | ) | (60 | ) | (81 | ) | |||
Business interruption costs | 1 | (1 | ) | (2 | ) | ||||
Hurricane Sandy plant damage | 6 | (16 | ) | — | |||||
Manufacturing plant fire | 2 | (3 | ) | — | |||||
Net foreign currency exchange loss | (13 | ) | (8 | ) | (7 | ) | |||
Operational process engineering-related consultancy costs | (14 | ) | (17 | ) | (42 | ) | |||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | (33 | ) | — | — | |||||
Related party management fees (refer to note 23) | (38 | ) | (32 | ) | — | ||||
Restructuring costs, net of reversals | (10 | ) | (56 | ) | (88 | ) | |||
SEC registration costs | — | (8 | ) | (6 | ) | ||||
Unrealized losses on derivatives | — | — | (26 | ) | |||||
VAT and customs refunds on historical imports | 6 | 2 | (1 | ) | |||||
Other | (9 | ) | — | (3 | ) | ||||
Total other expenses | (180 | ) | (232 | ) | (268 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Auditors' remunerations to PricewaterhouseCoopers, comprised of: | |||||||||
Audit fees(a) | (10 | ) | (12 | ) | (12 | ) | |||
Other audit-related fees(b) | (1 | ) | (4 | ) | (7 | ) | |||
Tax fees(c) | (1 | ) | (1 | ) | (1 | ) |
For the | |||
Cash proceeds received | 4,233 | ||
Disposal costs | (5 | ) | |
Net proceeds received | 4,228 | ||
Contingent consideration receivable | 169 | ||
Indemnification reserve | (12 | ) | |
Details of net assets disposed of: | |||
Cash and | 84 | ||
Trade and | 204 | ||
Current tax assets | 3 | ||
Inventories | 191 | ||
Deferred tax assets | 33 | ||
Property, plant and | 795 | ||
Intangible assets | 982 | ||
Investment in associates and joint ventures | 112 | ||
Other current and non-current assets | 177 | ||
Trade and other payables | (278 | ) | |
Current tax liabilities | (52 | ) | |
Deferred tax liabilities | (61 | ) | |
Provisions and employee benefits | (192 | ) | |
Other current and non-current liabilities | (64 | ) | |
Net assets disposed of | 1,934 | ||
Gain on sale before reclassification of | 2,451 | ||
Reclassification of foreign currency translation reserve | 452 | ||
Gain on remeasurement or disposal | 2,903 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Results of discontinued operations | |||||||||
Revenue | 334 | 2,151 | 2,221 | ||||||
Expenses | (507 | ) | (1,978 | ) | (1,915 | ) | |||
Profit (loss) before income tax | (173 | ) | 173 | 306 | |||||
Income tax expense | (6 | ) | (68 | ) | (100 | ) | |||
Profit (loss) from discontinued operations prior to gain on disposal | (179 | ) | 105 | 206 | |||||
Gain on remeasurement or disposal | 2,903 | — | — | ||||||
Tax expense on disposal | (52 | ) | — | — | |||||
Gain on remeasurement or disposal, net of tax | 2,851 | — | — | ||||||
Profit (loss) from discontinued operations | 2,672 | 105 | 206 | ||||||
Cash flows from (used in) discontinued operations | |||||||||
Net cash from (used in) operating activities | (16 | ) | 498 | 374 | |||||
Net cash used in investing activities | (27 | ) | (174 | ) | (175 | ) | |||
Net cash used in financing activities | — | (2 | ) | (3 | ) | ||||
Net cash from (used in) discontinued operations | (43 | ) | 322 | 196 |
As of | |||
(In $ million) | 2014 | ||
Assets | |||
Cash and cash equivalents | 97 | ||
Trade and other |
receivables, net | 254 | ||
181 | |||
Property, plant and equipment | 844 | ||
Intangible assets | 1,071 | ||
Investments in joint ventures | 118 | ||
Deferred tax assets | 25 | ||
Other assets | 168 | ||
Total assets held for | 2,758 | ||
Liabilities | |||
Trade and other | 366 | ||
Employee benefits | 162 | ||
Current tax | 54 | ||
Deferred tax liabilities | 65 | ||
Provisions | 37 | ||
Other liabilities | 55 | ||
Liabilities directly associated with assets held for sale | 739 |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Interest income | 7 | 5 | 6 | ||||||
Interest income on related party loans (refer to note 23) | 18 | 17 | 16 | ||||||
Net gain in fair value of derivatives | 81 | 223 | — | ||||||
Net foreign currency exchange gain | 61 | 41 | — | ||||||
Financial income | 167 | 286 | 22 | ||||||
Interest expense: | |||||||||
Securitization Facility | (10 | ) | (2 | ) | — | ||||
2013 Credit Agreement | (10 | ) | — | — | |||||
2012 Credit Agreement | (115 | ) | (32 | ) | — | ||||
2011 Credit Agreement | — | (225 | ) | (168 | ) | ||||
2009 Credit Agreement | — | — | (29 | ) | |||||
2013 Notes | (7 | ) | — | — | |||||
September 2012 Senior Secured Notes | (187 | ) | (48 | ) | — | ||||
February 2012 Senior Notes(a) | (1 | ) | (60 | ) | — | ||||
August 2011 Notes(a) | (339 | ) | (265 | ) | (85 | ) | |||
February 2011 Notes | (151 | ) | (153 | ) | (139 | ) | |||
October 2010 Notes | (242 | ) | (253 | ) | (243 | ) | |||
May 2010 Senior Notes | (85 | ) | (88 | ) | (88 | ) | |||
2009 Senior Secured Notes | — | (110 | ) | (147 | ) | ||||
2007 Notes | (103 | ) | (101 | ) | (109 | ) | |||
Pactiv 2012 Notes | — | (3 | ) | (15 | ) | ||||
Pactiv 2017 Notes | (24 | ) | (24 | ) | (24 | ) | |||
Pactiv 2018 Notes | (1 | ) | (1 | ) | (1 | ) | |||
Pactiv 2025 Notes | (22 | ) | (22 | ) | (22 | ) | |||
Pactiv 2027 Notes | (17 | ) | (17 | ) | (17 | ) | |||
Graham Packaging 2014 Notes | — | (7 | ) | (12 | ) | ||||
Graham Packaging 2017 Notes | — | — | (3 | ) | |||||
Graham Packaging 2018 Notes | — | — | (3 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Interest income | 3 | 3 | 4 | ||||||
Interest income on related party loans (refer to note 22) | 19 | 22 | 18 | ||||||
Net gain in fair value of derivatives | — | — | 61 | ||||||
Net foreign currency exchange gain | — | — | 106 | ||||||
Financial income | 22 | 25 | 189 | ||||||
Interest expense: | |||||||||
Securitization Facility | (8 | ) | (9 | ) | (10 | ) | |||
Credit Agreement | (110 | ) | (106 | ) | (125 | ) | |||
September 2012 Senior Secured Notes | (186 | ) | (187 | ) | (187 | ) | |||
February 2012 Senior Notes | (1 | ) | (1 | ) | (1 | ) | |||
August 2011 Notes | (210 | ) | (339 | ) | (339 | ) | |||
February 2011 Notes | (151 | ) | (151 | ) | (151 | ) | |||
October 2010 Notes | (130 | ) | (242 | ) | (242 | ) | |||
May 2010 Senior Notes | (63 | ) | (85 | ) | (85 | ) | |||
2013 Senior Notes | (36 | ) | (37 | ) | (5 | ) | |||
2013 Senior Subordinated Notes | (35 | ) | (35 | ) | (2 | ) | |||
2007 Notes | — | — | (103 | ) | |||||
Pactiv 2017 Debentures | (24 | ) | (24 | ) | (24 | ) | |||
Pactiv 2018 Notes | (1 | ) | (1 | ) | (1 | ) | |||
Pactiv 2025 Debentures | (22 | ) | (22 | ) | (22 | ) | |||
Pactiv 2027 Debentures | (17 | ) | (17 | ) | (17 | ) | |||
Amortization of: | |||||||||
Transaction costs | (33 | ) | (44 | ) | (41 | ) | |||
Fair value adjustment of acquired notes | 2 | 2 | 2 | ||||||
Embedded derivatives | 9 | 11 | 10 | ||||||
Net loss in fair value of derivatives | (198 | ) | (141 | ) | — | ||||
Net foreign currency exchange loss | (32 | ) | (35 | ) | — | ||||
Loss on extinguishment of debt(a) | (305 | ) | — | (52 | ) | ||||
Other | (11 | ) | (11 | ) | (10 | ) | |||
Financial expenses | (1,562 | ) | (1,474 | ) | (1,405 | ) | |||
Net financial expenses | (1,540 | ) | (1,449 | ) | (1,216 | ) |
(a) | The 2015 loss on extinguishment of debt includes $296 million related to the write-off of unamortized transaction costs, embedded derivatives, repayment premiums and transaction costs arising from the repayment of certain amounts of senior secured notes and senior notes using the proceeds from the sale of SIG as well as the credit agreement amendment. Also included is the fair value adjustment on the October 2010 Senior Secured Notes which includes an $8 million redemption premium and $1 million of accelerated amortization of transaction costs. |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Related party borrowings (refer to note 23) | — | (1 | ) | (1 | ) | ||||
Amortization of: | |||||||||
Debt issuance costs: | |||||||||
Securitization Facility | (2 | ) | — | — | |||||
2012 Credit Agreement | (2 | ) | — | — | |||||
2011 Credit Agreement | — | (6 | ) | (4 | ) | ||||
September 2012 Senior Secured Notes | (5 | ) | (1 | ) | — | ||||
February 2012 Senior Notes | — | (2 | ) | — | |||||
August 2011 Notes | (10 | ) | (7 | ) | (2 | ) | |||
February 2011 Notes | (3 | ) | (3 | ) | (2 | ) | |||
October 2010 Notes | (9 | ) | (8 | ) | (10 | ) | |||
May 2010 Notes | (4 | ) | (4 | ) | (3 | ) | |||
2009 Senior Secured Notes | — | (11 | ) | (8 | ) | ||||
2007 Notes | (4 | ) | (4 | ) | (4 | ) | |||
Fair value adjustment of acquired notes | 2 | 2 | 14 | ||||||
Original issue discounts | (2 | ) | (8 | ) | (4 | ) | |||
Embedded derivatives | 10 | 9 | 11 | ||||||
Debt commitment letter fees(b) | — | — | (68 | ) | |||||
Credit agreement amendment fees | — | — | (11 | ) | |||||
Net loss in fair value of derivatives | — | — | (20 | ) | |||||
Net foreign currency exchange loss | — | — | (55 | ) | |||||
Loss on extinguishment of debt(c) | (52 | ) | (213 | ) | (129 | ) | |||
Other | (16 | ) | (22 | ) | (19 | ) | |||
Financial expenses | (1,411 | ) | (1,690 | ) | (1,420 | ) | |||
Net financial expenses | (1,244 | ) | (1,404 | ) | (1,398 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Current tax (expense) benefit | ||||||||||||||||||
Current year | (163 | ) | (141 | ) | (152 | ) | (89 | ) | (61 | ) | (63 | ) | ||||||
Tax benefit of alternative fuel mixture credits | — | 12 | — | |||||||||||||||
Adjustments for prior years | 4 | 11 | — | — | (3 | ) | 4 | |||||||||||
(159 | ) | (118 | ) | (152 | ) | (89 | ) | (64 | ) | (59 | ) | |||||||
Deferred tax (expense) benefit | ||||||||||||||||||
Origination and reversal of temporary differences | 63 | 96 | 228 | 23 | 131 | 58 | ||||||||||||
Tax rate modifications | (1 | ) | 11 | 8 | ||||||||||||||
Recognition of previously unrecognized tax losses and temporary differences | 3 | 8 | 18 | 10 | 7 | 3 | ||||||||||||
Tax benefit of alternative fuel mixture credits | — | 80 | — | |||||||||||||||
Adjustments for prior years | (10 | ) | (3 | ) | (7 | ) | (4 | ) | (4 | ) | (6 | ) | ||||||
55 | 192 | 247 | 29 | 134 | 55 | |||||||||||||
Income tax (expense) benefit | (104 | ) | 74 | 95 | (60 | ) | 70 | (4 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Reconciliation of effective tax rate | ||||||||||||||||||
Profit (loss) before income tax | 36 | (172 | ) | (581 | ) | |||||||||||||
Profit (loss) from continuing operations before income tax | (294 | ) | (475 | ) | (270 | ) | ||||||||||||
Income tax using the New Zealand tax rate of 28% | (10 | ) | 48 | 162 | 83 | 133 | 75 | |||||||||||
Effect of tax rates in foreign jurisdictions | 38 | 49 | 53 | (3 | ) | 36 | 2 | |||||||||||
Effect of tax rates in state and local tax jurisdictions | — | 4 | 2 | |||||||||||||||
Non-deductible expenses and permanent differences | (65 | ) | (50 | ) | (95 | ) | (39 | ) | (31 | ) | (44 | ) | ||||||
Tax exempt income and income at a reduced tax rate | 18 | 15 | 9 | 3 | 9 | 17 | ||||||||||||
Withholding tax | (13 | ) | (12 | ) | (16 | ) | (6 | ) | (7 | ) | (6 | ) | ||||||
Tax benefit of alternative fuel mixture credits | — | 92 | — | |||||||||||||||
Tax rate modifications | (1 | ) | 11 | 8 | ||||||||||||||
Capital loss | 8 | 31 | — | |||||||||||||||
Write-off of deferred tax asset for losses previously recognized | (31 | ) | — | — | ||||||||||||||
Recognition of previously unrecognized tax losses and temporary differences | 3 | 8 | 18 | 10 | 7 | 3 | ||||||||||||
Unrecognized tax losses and temporary differences | (52 | ) | (78 | ) | (48 | ) | (76 | ) | (109 | ) | (49 | ) | ||||||
Tax uncertainties | 4 | 2 | 8 | 1 | (2 | ) | 7 | |||||||||||
Controlled foreign corporation tax | — | — | 2 | |||||||||||||||
Credits | 3 | 4 | 4 | 2 | 3 | 3 | ||||||||||||
Tax on unremitted earnings | (20 | ) | (24 | ) | (12 | ) | (7 | ) | 8 | (4 | ) | |||||||
Over (under) provided in prior periods | (3 | ) | 6 | (3 | ) | (4 | ) | (7 | ) | (2 | ) | |||||||
Other | (6 | ) | (1 | ) | 3 | (1 | ) | (1 | ) | (6 | ) | |||||||
Total income tax (expense) benefit | (104 | ) | 74 | 95 | (60 | ) | 70 | (4 | ) |
(In $ million) | Derivatives | Property, plant and equipment | Intangible assets | Employee benefits | Tax loss carry-forwards | Interest | Other items | Net deferred tax assets (liabilities) | ||||||||
Balance as of January 1, 2012 | 5 | (628 | ) | (2,059 | ) | 534 | 379 | 170 | 242 | (1,357 | ) | |||||
Recognized in the profit or loss | (91 | ) | 44 | 140 | 15 | 65 | 81 | (62 | ) | 192 | ||||||
Recognized in equity | — | — | — | 60 | — | — | — | 60 | ||||||||
Other | (1 | ) | (2 | ) | (3 | ) | (1 | ) | 1 | — | (1 | ) | (7 | ) | ||
Balance as of December 31, 2012 | (87 | ) | (586 | ) | (1,922 | ) | 608 | 445 | 251 | 179 | (1,112 | ) | ||||
Recognized in the profit or loss | (26 | ) | (19 | ) | 25 | 35 | (26 | ) | 71 | (5 | ) | 55 | ||||
Recognized in equity | — | — | — | (362 | ) | — | — | — | (362 | ) | ||||||
Business acquisitions and disposals | — | (2 | ) | (4 | ) | — | — | — | — | (6 | ) | |||||
Other | — | — | 3 | — | — | — | (3 | ) | — | |||||||
Balance as of December 31, 2013 | (113 | ) | (607 | ) | (1,898 | ) | 281 | 419 | 322 | 171 | (1,425 | ) |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Included in the statement of financial position as: | ||||||
Deferred tax assets - non-current | 49 | 42 | ||||
Deferred tax liabilities - non-current | (1,474 | ) | (1,154 | ) | ||
Total recognized net deferred tax liabilities | (1,425 | ) | (1,112 | ) |
(In $ million) | Derivatives | Property, plant and equipment | Intangible assets | Employee benefits | Tax loss carry-forwards | Interest | Other items | Net deferred tax assets (liabilities) | ||||||||
Balance as of January 1, 2014 | (113 | ) | (607 | ) | (1,898 | ) | 281 | 419 | 322 | 171 | (1,425 | ) | ||||
Recognized in profit or loss | 65 | (27 | ) | 59 | (4 | ) | (111 | ) | 82 | 70 | 134 | |||||
Recognized in equity | — | — | — | 274 | — | — | — | 274 | ||||||||
Transfers to held for sale | — | 47 | 24 | (1 | ) | (3 | ) | — | (28 | ) | 39 | |||||
Other | 2 | 9 | 14 | (1 | ) | (8 | ) | — | 18 | 34 | ||||||
Balance as of December 31, 2014 | (46 | ) | (578 | ) | (1,801 | ) | 549 | 297 | 404 | 231 | (944 | ) | ||||
Recognized in profit or loss | 10 | (7 | ) | 27 | 37 | (182 | ) | 95 | (9 | ) | (29 | ) | ||||
Recognized in equity | — | — | — | (99 | ) | — | — | — | (99 | ) | ||||||
Other | 3 | 2 | 11 | 3 | (5 | ) | 2 | 8 | 24 | |||||||
Balance as of December 31, 2015 | (33 | ) | (583 | ) | (1,763 | ) | 490 | 110 | 501 | 230 | (1,048 | ) |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Included in the statement of financial position as: | ||||||
Deferred tax assets - non-current | 11 | 10 | ||||
Deferred tax liabilities - non-current | (1,059 | ) | (954 | ) | ||
Total recognized net deferred tax liabilities | (1,048 | ) | (944 | ) |
(In $ million) | Tax losses | Taxable temporary differences | Deductible temporary differences | Total unrecognized deferred tax assets | Tax losses | Taxable temporary differences | Deductible temporary differences | Total unrecognized deferred tax assets | ||||||||||||||||
Balance as of December 31, 2011 | 276 | (6 | ) | 23 | 293 | |||||||||||||||||||
Balance as of December 31, 2013 | 479 | (37 | ) | 36 | 478 | |||||||||||||||||||
Additions and reversals | 107 | (7 | ) | 9 | 109 | |||||||||||||||||||
Recognition | (7 | ) | (4 | ) | 4 | (7 | ) | |||||||||||||||||
Transfers to held for sale | (32 | ) | 5 | (14 | ) | (41 | ) | |||||||||||||||||
Other | (97 | ) | 5 | (2 | ) | (94 | ) | |||||||||||||||||
Balance as of December 31, 2014 | 450 | (38 | ) | 33 | 445 | |||||||||||||||||||
Additions and reversals | 72 | (2 | ) | 8 | 78 | 138 | — | 16 | 154 | |||||||||||||||
Recognition | (8 | ) | — | — | (8 | ) | (7 | ) | (1 | ) | (2 | ) | (10 | ) | ||||||||||
Other | 104 | (26 | ) | 9 | 87 | 45 | 8 | (9 | ) | 44 | ||||||||||||||
Balance as of December 31, 2012 | 444 | (34 | ) | 40 | 450 | |||||||||||||||||||
Additions and reversals | 56 | (2 | ) | (2 | ) | 52 | ||||||||||||||||||
Recognition | (3 | ) | — | — | (3 | ) | ||||||||||||||||||
Other | (18 | ) | (1 | ) | (2 | ) | (21 | ) | ||||||||||||||||
Balance as of December 31, 2013 | 479 | (37 | ) | 36 | 478 | |||||||||||||||||||
Balance as of December 31, 2015 | 626 | (31 | ) | 38 | 633 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Deductible (taxable) temporary differences | (1 | ) | 6 | 7 | (5 | ) | ||||||
Tax losses | 479 | 444 | 626 | 450 | ||||||||
Total unrecognized deferred tax assets | 478 | 450 | 633 | 445 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Trade receivables | 1,228 | 1,245 | 1,037 | 1,077 | ||||||||
Provisions for doubtful debts | (24 | ) | (29 | ) | ||||||||
Total trade receivables, net of provisions for doubtful debts | 1,204 | 1,216 | ||||||||||
Related party receivables (refer to note 23) | 67 | 63 | ||||||||||
Provision for impairment | (10 | ) | (11 | ) | ||||||||
Total trade receivables, net of provision for impairment | 1,027 | 1,066 | ||||||||||
Related party receivables (refer to note 22) | 7 | 7 | ||||||||||
Other receivables | 237 | 164 | 61 | 103 | ||||||||
Total current trade and other receivables | 1,508 | 1,443 | ||||||||||
Related party receivables (refer to note 23) | 324 | 307 | ||||||||||
Total current trade and other receivables, net | 1,095 | 1,176 | ||||||||||
Related party receivables (refer to note 22) | 307 | 330 | ||||||||||
Other receivables | 37 | 47 | 29 | 24 | ||||||||
Total non-current receivables | 361 | 354 | 336 | 354 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Current | 1,124 | 1,085 | ||||
Past due 0 to 30 days | 65 | 108 | ||||
Past due 31 days to 60 days | 7 | 12 | ||||
Past due 61 days to 90 days | 2 | 6 | ||||
Past due more than 91 days | 6 | 5 | ||||
Balance at the end of the year | 1,204 | 1,216 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Current | 936 | 981 | ||||
Past due 1 to 30 days | 56 | 57 | ||||
Past due 31 to 60 days | 10 | 10 | ||||
Past due 61 to 90 days | 3 | 3 | ||||
Past due more than 90 days | 22 | 15 | ||||
Balance at the end of the year | 1,027 | 1,066 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Raw materials and consumables | 438 | 414 | 326 | 364 | ||||||||
Work in progress | 239 | 241 | 149 | 177 | ||||||||
Finished goods | 870 | 866 | 657 | 780 | ||||||||
Engineering and maintenance materials | 155 | 149 | 149 | 154 | ||||||||
Provision against inventory | (55 | ) | (58 | ) | ||||||||
Total inventory | 1,647 | 1,612 | ||||||||||
Provision against inventories | (19 | ) | (22 | ) | ||||||||
Total inventories | 1,262 | 1,453 |
(In $ million) | Land | Buildings and improve-ments | Plant and equipment | Capital work in progress | Leased assets lessor | Finance leased assets | Total | Land | Buildings and improve-ments | Plant and equipment | Capital work in progress | Leased assets lessor | Finance leased assets | Total | ||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 226 | 1,087 | 4,872 | 475 | 447 | 29 | 7,136 | 171 | 894 | 4,732 | 186 | — | 28 | 6,011 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (336 | ) | (2,138 | ) | — | (261 | ) | (5 | ) | (2,740 | ) | — | (355 | ) | (2,430 | ) | — | — | (8 | ) | (2,793 | ) | |||||||||||||||||||
Accumulated impairment losses | — | (2 | ) | (41 | ) | — | — | — | (43 | ) | — | (1 | ) | (33 | ) | — | — | — | (34 | ) | ||||||||||||||||||||||
Carrying amount as of December 31, 2013 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 171 | 538 | 2,269 | 186 | — | 20 | 3,184 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 235 | 1,047 | 4,475 | 352 | 402 | 25 | 6,536 | 179 | 871 | 4,510 | 296 | — | 29 | 5,885 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (268 | ) | (1,655 | ) | — | (208 | ) | (4 | ) | (2,135 | ) | — | (313 | ) | (2,124 | ) | — | — | (7 | ) | (2,444 | ) | |||||||||||||||||||
Accumulated impairment losses | — | (2 | ) | (35 | ) | (1 | ) | — | — | (38 | ) | — | — | (29 | ) | — | — | — | (29 | ) | ||||||||||||||||||||||
Carrying amount as of December 31, 2012 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2013 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 1 | 8 | 28 | — | — | — | 37 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2015 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 | |||||||||||||||||||||||||||||||||||
Additions | — | 1 | 7 | 725 | 3 | 5 | 741 | — | — | — | 327 | — | — | 327 | ||||||||||||||||||||||||||||
Capitalization of borrowing costs | — | 1 | 3 | 2 | — | — | 6 | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Disposals | — | (1 | ) | (3 | ) | — | — | — | (4 | ) | — | — | (8 | ) | — | — | — | (8 | ) | |||||||||||||||||||||||
Depreciation for the year | — | (77 | ) | (566 | ) | — | (60 | ) | (2 | ) | (705 | ) | — | (52 | ) | (409 | ) | — | — | (2 | ) | (463 | ) | |||||||||||||||||||
Impairment losses | (1 | ) | (5 | ) | (39 | ) | (5 | ) | — | — | (50 | ) | ||||||||||||||||||||||||||||||
Impairment losses, net of reversals | — | (1 | ) | (13 | ) | (3 | ) | — | — | (17 | ) | |||||||||||||||||||||||||||||||
Other transfers | (8 | ) | 48 | 489 | (587 | ) | 57 | — | (1 | ) | (3 | ) | 43 | 388 | (431 | ) | — | — | (3 | ) | ||||||||||||||||||||||
Effect of movements in exchange rates | (1 | ) | (3 | ) | (11 | ) | (11 | ) | (8 | ) | — | (34 | ) | (5 | ) | (10 | ) | (46 | ) | (8 | ) | — | — | (69 | ) | |||||||||||||||||
Carrying amount as of December 31, 2013 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2012 | 237 | 841 | 2,925 | 341 | 178 | 24 | 4,546 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | — | 1 | 5 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 171 | 538 | 2,269 | 186 | — | 20 | 3,184 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2014 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 24) | — | — | 5 | 6 | — | — | 11 | |||||||||||||||||||||||||||||||||||
Additions | — | 1 | 26 | 599 | 9 | — | 635 | — | — | 3 | 612 | 5 | 1 | 621 | ||||||||||||||||||||||||||||
Capitalization of borrowing costs | — | — | 1 | 3 | — | — | 4 | — | — | 3 | 3 | — | — | 6 | ||||||||||||||||||||||||||||
Disposals | — | — | (10 | ) | (5 | ) | (1 | ) | — | (16 | ) | — | (1 | ) | (5 | ) | — | — | — | (6 | ) | |||||||||||||||||||||
Depreciation for the year | — | (102 | ) | (613 | ) | — | (57 | ) | (2 | ) | (774 | ) | — | (69 | ) | (521 | ) | — | (29 | ) | (2 | ) | (621 | ) | ||||||||||||||||||
Impairment losses | (1 | ) | (2 | ) | (37 | ) | (3 | ) | — | — | (43 | ) | ||||||||||||||||||||||||||||||
Impairment losses, net of reversals | — | (1 | ) | (5 | ) | (1 | ) | — | — | (7 | ) | |||||||||||||||||||||||||||||||
Transfers to assets held for sale | (41 | ) | (168 | ) | (293 | ) | (110 | ) | (252 | ) | — | (864 | ) | |||||||||||||||||||||||||||||
Other transfers | (5 | ) | 36 | 475 | (582 | ) | 67 | (1 | ) | (10 | ) | — | 70 | 536 | (679 | ) | 99 | — | 26 | |||||||||||||||||||||||
Effect of movements in exchange rates | 4 | 2 | 13 | (2 | ) | (2 | ) | — | 15 | (6 | ) | (22 | ) | (59 | ) | (10 | ) | (9 | ) | (1 | ) | (107 | ) | |||||||||||||||||||
Carrying amount as of December 31, 2012 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Cost of sales | 452 | 504 | 556 | ||||||
Selling, marketing and distribution expenses | — | 1 | 1 | ||||||
General and administration expenses | 11 | 14 | 15 | ||||||
Discontinued operations | — | 102 | 133 | ||||||
Total depreciation expense | 463 | 621 | 705 |
(In $ million) | Goodwill | Trademarks | Customer relationships | Technology & software | Other | Total | Goodwill | Trademarks | Customer relationships | Technology & software | Other | Total | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||||||||||
Cost | 6,376 | 2,079 | 3,491 | 880 | 199 | 13,025 | 5,447 | 1,764 | 3,380 | 877 | 104 | 11,572 | ||||||||||||||||||||||||
Accumulated amortization | — | (50 | ) | (559 | ) | (276 | ) | (83 | ) | (968 | ) | — | (75 | ) | (868 | ) | (414 | ) | (21 | ) | (1,378 | ) | ||||||||||||||
Accumulated impairment losses | — | — | — | — | (2 | ) | (2 | ) | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Carrying amount as of December 31, 2013 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 5,447 | 1,689 | 2,512 | 463 | 81 | 10,192 | ||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Cost | 6,324 | 2,067 | 3,793 | 885 | 212 | 13,281 | 5,471 | 1,763 | 3,440 | 868 | 106 | 11,648 | ||||||||||||||||||||||||
Accumulated amortization | — | (36 | ) | (679 | ) | (205 | ) | (83 | ) | (1,003 | ) | — | (62 | ) | (729 | ) | (334 | ) | (22 | ) | (1,147 | ) | ||||||||||||||
Accumulated impairment losses | — | — | — | — | (4 | ) | (4 | ) | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Carrying amount as of December 31, 2012 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2013 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 37 | 1 | 22 | — | — | 60 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2015 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 | ||||||||||||||||||||||||||||||
Additions | — | — | — | 13 | 5 | 18 | — | — | — | 11 | 3 | 14 | ||||||||||||||||||||||||
Amortization for the year | — | (14 | ) | (196 | ) | (86 | ) | (19 | ) | (315 | ) | — | (12 | ) | (154 | ) | (81 | ) | (4 | ) | (251 | ) | ||||||||||||||
Other transfers | (1 | ) | 2 | (1 | ) | (3 | ) | 3 | — | |||||||||||||||||||||||||||
Effect of movements in exchange rates | 16 | 9 | (7 | ) | — | — | 18 | (24 | ) | — | (45 | ) | (1 | ) | — | (70 | ) | |||||||||||||||||||
Carrying amount as of December 31, 2013 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2012 | 6,297 | 2,034 | 3,321 | 761 | 132 | 12,545 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 1 | — | 16 | 3 | 2 | 22 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 5,447 | 1,689 | 2,512 | 463 | 81 | 10,192 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2014 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 24) | 7 | — | 7 | — | — | 14 | ||||||||||||||||||||||||||||||
Additions | — | — | — | 14 | 12 | 26 | — | — | — | 17 | 2 | 19 | ||||||||||||||||||||||||
Disposals | (4 | ) | — | (6 | ) | — | — | (10 | ) | |||||||||||||||||||||||||||
Amortization for the year | — | (12 | ) | (230 | ) | (101 | ) | (17 | ) | (360 | ) | — | (13 | ) | (180 | ) | (84 | ) | (12 | ) | (289 | ) | ||||||||||||||
Impairment losses | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||
Other transfers | — | — | (5 | ) | 2 | — | (3 | ) | ||||||||||||||||||||||||||||
Transfers to assets held for sale | (808 | ) | (290 | ) | — | (2 | ) | (21 | ) | (1,121 | ) | |||||||||||||||||||||||||
Other | (12 | ) | — | — | — | — | (12 | ) | ||||||||||||||||||||||||||||
Effect of movements in exchange rates | 26 | 9 | 12 | 1 | — | 48 | (88 | ) | (25 | ) | (42 | ) | (1 | ) | (1 | ) | (157 | ) | ||||||||||||||||||
Carrying amount as of December 31, 2012 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Cost of sales | 42 | 42 | 43 | ||||||
General and administration expenses | 209 | 237 | 238 | ||||||
Discontinued operations | — | 10 | 34 | ||||||
Total amortization expense | 251 | 289 | 315 |
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ million) | Goodwill | Trademarks | Other | Goodwill | Trademarks | Other | ||||||||||||
SIG | 848 | 315 | — | 830 | 306 | — | ||||||||||||
Evergreen | 67 | 34 | — | 67 | 34 | — | ||||||||||||
Closures | 388 | — | — | 393 | — | — | ||||||||||||
Reynolds Consumer Products | 1,908 | 850 | — | 1,887 | 850 | — | ||||||||||||
Pactiv Foodservice | 1,727 | 526 | 69 | 1,710 | 526 | 69 | ||||||||||||
Graham Packaging | 1,438 | 250 | — | 1,437 | 250 | — | ||||||||||||
Total | 6,376 | 1,975 | 69 | 6,324 | 1,966 | 69 |
As of December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
(In $ million) | Goodwill | Trademarks | Other | Goodwill | Trademarks | Other | ||||||||||||
Evergreen | 67 | 34 | — | 67 | 34 | — | ||||||||||||
Closures | 363 | — | — | 378 | — | — | ||||||||||||
Reynolds Consumer Products | 1,913 | 850 | — | 1,913 | 850 | — | ||||||||||||
Pactiv Foodservice | 1,693 | 526 | 63 | 1,695 | 526 | 62 | ||||||||||||
Graham Packaging | 1,411 | 250 | — | 1,418 | 250 | — | ||||||||||||
Total | 5,447 | 1,660 | 63 | 5,471 | 1,660 | 62 |
(In $ million) | Country of incorporation | Interest held | Reporting date | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Revenue | Expenses | Profit after tax | |||||||||
2013 | |||||||||||||||||||||
SIG Combibloc Obeikan Company Limited | Kingdom of Saudi Arabia | 50.0% | December 31 | 99 | 74 | 173 | 82 | 24 | 106 | 151 | (135 | ) | 16 | ||||||||
SIG Combibloc Obeikan FZCO | United Arab Emirates | 50.0% | December 31 | 143 | 48 | 191 | 67 | 43 | 110 | 262 | (229 | ) | 33 | ||||||||
Ducart Evergreen Packaging Ltd ("Ducart") | Israel | 50.0% | November 30 | 10 | 9 | 19 | 4 | 4 | 8 | 17 | (16 | ) | 1 | ||||||||
Banawi Evergreen Packaging Company Limited ("Banawi") | Kingdom of Saudi Arabia | 50.0% | November 30 | 12 | 11 | 23 | 6 | 5 | 11 | 18 | (17 | ) | 1 | ||||||||
Eclipse Closures, LLC | USA | 49.0% | December 31 | — | — | — | 2 | — | 2 | 5 | (6 | ) | (1 | ) | |||||||
Graham Blow Pack Private Limited ("GBPPL") | India | 22.0% | September 30 | 2 | 3 | 5 | 2 | 1 | 3 | — | — | — | |||||||||
266 | 145 | 411 | 163 | 77 | 240 | 453 | (403 | ) | 50 | ||||||||||||
2012 | |||||||||||||||||||||
SIG Combibloc Obeikan Company Limited | Kingdom of Saudi Arabia | 50.0% | December 31 | 96 | 55 | 151 | 54 | 31 | 85 | 123 | (105 | ) | 18 | ||||||||
SIG Combibloc Obeikan FZCO | United Arab Emirates | 50.0% | December 31 | 111 | 31 | 142 | 72 | 2 | 74 | 220 | (187 | ) | 33 | ||||||||
Ducart Evergreen Packaging Ltd ("Ducart") | Israel | 50.0% | November 30 | 12 | 2 | 14 | 5 | 1 | 6 | 21 | (19 | ) | 2 | ||||||||
Banawi Evergreen Packaging Company Limited ("Banawi") | Kingdom of Saudi Arabia | 50.0% | November 30 | 13 | 26 | 39 | 9 | 9 | 18 | 11 | (10 | ) | 1 | ||||||||
Eclipse Closures, LLC | USA | 49.0% | December 31 | 2 | — | 2 | 2 | — | 2 | 2 | (2 | ) | — | ||||||||
Graham Blow Pack Private Limited ("GBPPL") | India | 22.0% | September 30 | 3 | 4 | 7 | 2 | 3 | 5 | — | — | — | |||||||||
237 | 118 | 355 | 144 | 46 | 190 | 377 | (323 | ) | 54 |
(In $ million) | 2015 | 2014 | 2013 | ||||||
Current assets | 33 | 30 | |||||||
Non-current assets | 20 | 22 | |||||||
Total assets | 53 | 52 | |||||||
Current liabilities | 19 | 17 | |||||||
Non-current liabilities | 7 | 8 | |||||||
Total liabilities | 26 | 25 | |||||||
Revenue | 53 | 50 | 40 | ||||||
Expenses | (49 | ) | (47 | ) | (39 | ) | |||
Profit (loss) from continuing operations | 4 | 3 | 1 | ||||||
Profit (loss) from discontinued operations, net of income tax | 14 | 51 | 49 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Balance as of the beginning of the year | 18 | 149 | ||||
Share of profit, net of income tax | 2 | 22 | ||||
Transfers to assets held for sale | — | (121 | ) | |||
Dividends received | — | (25 | ) | |||
Effect of movement in exchange rates | — | (7 | ) | |||
Balance as of the end of the year | 20 | 18 | ||||
Amount of goodwill in carrying value of associates and joint ventures (equity method) | — | — |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Trade payables | 623 | 720 | ||||
Accrued interest | 198 | 295 | ||||
Related party payables (refer to note 22) | 53 | 16 | ||||
Other payables and accrued expenses | 331 | 365 | ||||
Total current trade and other payables | 1,205 | 1,396 | ||||
Non-current payables | 44 | 40 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Balance as of the beginning of the year | 141 | 119 | ||||
Share of profit, net of income tax | 26 | 27 | ||||
Capital contribution | 6 | — | ||||
Dividends received | (27 | ) | (7 | ) | ||
Effect of movement in exchange rates | 3 | 2 | ||||
Balance as of the end of the year | 149 | 141 | ||||
Amount of goodwill in carrying value of associates and joint ventures (equity method) | 54 | 52 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Trade payables | 913 | 874 | ||||
Accrued interest | 296 | 305 | ||||
Related party payables (refer to note 23) | 29 | 37 | ||||
Other payables and accrued expenses | 602 | 645 | ||||
Total trade and other payables | 1,840 | 1,861 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Securitization Facility(a)(u) | 438 | 491 | ||||
2013 Credit Agreement(b)(v) | 27 | — | ||||
2012 Credit Agreement(c)(w) | — | 26 | ||||
Non-interest bearing related party borrowings | 1 | 1 | ||||
Other borrowings(ac) | 5 | 6 | ||||
Current borrowings | 471 | 524 | ||||
2013 Credit Agreement(b)(v) | 2,586 | — | ||||
2012 Credit Agreement(c)(w) | — | 2,583 | ||||
2013 Senior Subordinated Notes(d)(y) | 584 | — | ||||
2013 Senior Notes(e)(y) | 644 | — | ||||
September 2012 Senior Secured Notes(f)(x) | 3,222 | 3,219 | ||||
February 2012 Senior Notes(g)(x) | 9 | 9 | ||||
August 2011 Senior Secured Notes(h)(x) | 1,475 | 1,471 | ||||
August 2011 Senior Notes(i)(x) | 2,195 | 2,189 | ||||
February 2011 Senior Secured Notes(j)(x) | 998 | 998 | ||||
February 2011 Senior Notes(k)(x) | 996 | 995 | ||||
October 2010 Senior Secured Notes(l)(x) | 1,478 | 1,475 | ||||
October 2010 Senior Notes(m)(x) | 1,474 | 1,470 | ||||
May 2010 Senior Notes(n)(x) | 985 | 982 | ||||
2007 Senior Notes(o)(z) | — | 621 | ||||
2007 Senior Subordinated Notes(p)(z) | — | 543 | ||||
Pactiv 2017 Notes(q)(aa) | 310 | 312 | ||||
Pactiv 2018 Notes(r)(aa) | 16 | 17 | ||||
Pactiv 2025 Notes(s)(aa) | 270 | 270 | ||||
Pactiv 2027 Notes(t)(aa) | 197 | 197 | ||||
Other borrowings(ac) | 27 | 27 | ||||
Non-current borrowings | 17,466 | 17,378 | ||||
Total borrowings | 17,937 | 17,902 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Securitization Facility(a) | 316 | 405 | ||||
Credit Agreement(b) | 2,448 | 2,548 | ||||
September 2012 Senior Secured Notes(c) | 3,237 | 3,250 | ||||
February 2012 Senior Notes(c) | 9 | 9 | ||||
August 2011 Senior Secured Notes(c) | 626 | 1,500 | ||||
August 2011 Senior Notes(c) | 1,272 | 2,241 | ||||
February 2011 Senior Secured Notes(c) | 995 | 1,000 | ||||
February 2011 Senior Notes(c) | 995 | 1,000 | ||||
October 2010 Senior Secured Notes(c) | 592 | 1,500 | ||||
October 2010 Senior Notes(c) | 613 | 1,500 | ||||
May 2010 Senior Notes(c) | 670 | 1,000 | ||||
2013 Senior Notes(d) | 642 | 650 | ||||
2013 Senior Subordinated Notes(d) | 590 | 590 | ||||
Pactiv 2017 Debentures(e) | 300 | 300 | ||||
Pactiv 2018 Notes(e) | 16 | 16 | ||||
Pactiv 2025 Debentures(e) | 276 | 276 | ||||
Pactiv 2027 Debentures(e) | 200 | 200 | ||||
Related party borrowings | 1 | 1 | ||||
Other borrowings(f) | 46 | 39 | ||||
Total principal amount of borrowings | 13,844 | 18,025 | ||||
Transaction costs | (122 | ) | (234 | ) | ||
Embedded derivatives | 43 | 68 | ||||
Fair value adjustment at acquisition | (3 | ) | (1 | ) | ||
Carrying value | 13,762 | 17,858 | ||||
Current borrowings | 977 | 478 | ||||
Non-current borrowings | 12,785 | 17,380 | ||||
Total borrowings | 13,762 | 17,858 |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
(a) | Securitization Facility | 445 | 500 | ||||
Debt issuance costs | (7 | ) | (9 | ) | |||
Carrying amount | 438 | 491 | |||||
(b) | 2013 Credit Agreement (current and non-current) | 2,623 | — | ||||
Debt issuance costs | (10 | ) | — | ||||
Carrying amount | 2,613 | — | |||||
(c) | 2012 Credit Agreement (current and non-current) | — | 2,625 | ||||
Debt issuance costs | — | (16 | ) | ||||
Carrying amount | — | 2,609 | |||||
(d) | 2013 Senior Subordinated Notes | 590 | — |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
Debt issuance costs | (6 | ) | — | ||||
Carrying amount | 584 | — | |||||
(e) | 2013 Senior Notes | 650 | — | ||||
Debt issuance costs | (6 | ) | — | ||||
Carrying amount | 644 | — | |||||
(f) | September 2012 Senior Secured Notes | 3,250 | 3,250 | ||||
Debt issuance costs | (48 | ) | (53 | ) | |||
Embedded derivative | 20 | 22 | |||||
Carrying amount | 3,222 | 3,219 | |||||
(g) | February 2012 Senior Notes | 9 | 9 | ||||
Carrying amount | 9 | 9 | |||||
(h) | August 2011 Senior Secured Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (26 | ) | (30 | ) | |||
Original issue discount | (9 | ) | (10 | ) | |||
Embedded derivative | 10 | 11 | |||||
Carrying amount | 1,475 | 1,471 | |||||
(i) | August 2011 Senior Notes | 2,241 | 2,241 | ||||
Debt issuance costs | (51 | ) | (57 | ) | |||
Original issue discount | (5 | ) | (6 | ) | |||
Embedded derivative | 10 | 11 | |||||
Carrying amount | 2,195 | 2,189 | |||||
(j) | February 2011 Senior Secured Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (14 | ) | (15 | ) | |||
Embedded derivative | 12 | 13 | |||||
Carrying amount | 998 | 998 | |||||
(k) | February 2011 Senior Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (13 | ) | (15 | ) | |||
Embedded derivative | 9 | 10 | |||||
Carrying amount | 996 | 995 | |||||
(l) | October 2010 Senior Secured Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (28 | ) | (32 | ) | |||
Embedded derivative | 6 | 7 | |||||
Carrying amount | 1,478 | 1,475 | |||||
(m) | October 2010 Senior Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (33 | ) | (38 | ) | |||
Embedded derivative | 7 | 8 | |||||
Carrying amount | 1,474 | 1,470 | |||||
(n) | May 2010 Senior Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (21 | ) | (25 | ) | |||
Embedded derivative | 6 | 7 | |||||
Carrying amount | 985 | 982 | |||||
(o) | 2007 Senior Notes | — | 634 | ||||
Debt issuance costs | — | (13 | ) | ||||
Carrying amount | — | 621 | |||||
(p) | 2007 Senior Subordinated Notes | — | 555 | ||||
Debt issuance costs | — | (12 | ) | ||||
Carrying amount | — | 543 | |||||
(q) | Pactiv 2017 Notes | 300 | 300 | ||||
Fair value adjustment at acquisition | 10 | 12 | |||||
Carrying amount | 310 | 312 |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
(r) | Pactiv 2018 Notes | 16 | 16 | ||||
Fair value adjustment at acquisition | — | 1 | |||||
Carrying amount | 16 | 17 | |||||
(s) | Pactiv 2025 Notes | 276 | 276 | ||||
Fair value adjustment at acquisition | (6 | ) | (6 | ) | |||
Carrying amount | 270 | 270 | |||||
(t) | Pactiv 2027 Notes | 200 | 200 | ||||
Fair value adjustment at acquisition | (3 | ) | (3 | ) | |||
Carrying amount | 197 | 197 |
Currency | Maturity date | Original facility value (in million) | Value drawn or utilized as of December 31, 2013 (in million) | Applicable interest rate as of December 31, 2013 | ||||||||
Term Tranches | ||||||||||||
U.S. Term Loan | $ | December 1, 2018 | 2,213 | 2,213 | 3 month LIBOR floor of 1.000% + 3.000% | |||||||
European Term Loan | € | December 1, 2018 | 297 | 297 | 3 month EURIBOR floor of 1.000% + 3.250% | |||||||
Revolving Tranches(1) | ||||||||||||
Revolving Tranche | $ | December 27, 2018 | 120 | 69 | — | |||||||
Revolving Tranche | € | December 27, 2018 | 54 | 15 | — |
Currency | Maturity date | Current facility value (in million) | Value drawn or utilized as of December 31, 2015 (in million) | Applicable interest rate as of December 31, 2015 | ||||||||
Term Tranches | ||||||||||||
U.S. Term Loans | $ | December 1, 2018 | 2,135 | 2,135 | LIBOR floor of 1.000% + 3.500% | |||||||
European Term Loans | € | December 1, 2018 | 287 | 287 | EURIBOR floor of 1.000% + 3.500% | |||||||
Revolving Tranches(1) | ||||||||||||
U.S. Revolving Loans | $ | December 27, 2018 | 120 | 62 | — | |||||||
European Revolving Loans | € | December 27, 2018 | 54 | — | — |
(1) | The Revolving Tranches were utilized in the form of bank guarantees and letters of credit. |
Currency | Issue date | Principal amounts issued (in million) | Interest rate | Maturity date | Semi-annual interest payment dates | Issue date | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | ||||||||||||||
September 2012 Senior Secured Notes | $ | September 28, 2012 | 3,250 | 5.750% | October 15, 2020 | April 15 and October 15 | September 28, 2012 | 3,237 | 5.750% | October 15, 2020 | April 15 and October 15 | |||||||||||||
February 2012 Senior Notes | $ | February 15, 2012 | 9 | 9.875% | August 15, 2019 | February 15 and August 15 | February 15, 2012 | 9 | 9.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
August 2011 Senior Secured Notes | $ | August 9, 2011 | 1,500 | 7.875% | August 15, 2019 | February 15 and August 15 | August 9, 2011 | 626 | 7.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
August 2011 Senior Notes | $ | August 9, 2011 and August 10, 2012 | 2,241 | 9.875% | August 15, 2019 | February 15 and August 15 | August 9, 2011 and August 10, 2012 | 1,272 | 9.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
February 2011 Senior Secured Notes | $ | February 1, 2011 | 1,000 | 6.875% | February 15, 2021 | February 15 and August 15 | February 1, 2011 | 995 | 6.875% | February 15, 2021 | February 15 and August 15 | |||||||||||||
February 2011 Senior Notes | $ | February 1, 2011 | 1,000 | 8.250% | February 15, 2021 | February 15 and August 15 | February 1, 2011 | 995 | 8.250% | February 15, 2021 | February 15 and August 15 | |||||||||||||
October 2010 Senior Secured Notes | $ | October 15, 2010 | 1,500 | 7.125% | April 15, 2019 | April 15 and October 15 | October 15, 2010 | 592 | 7.125% | April 15, 2019 | April 15 and October 15 | |||||||||||||
October 2010 Senior Notes | $ | October 15, 2010 | 1,500 | 9.000% | April 15, 2019 | April 15 and October 15 | October 15, 2010 | 613 | 9.000% | April 15, 2019 | April 15 and October 15 | |||||||||||||
May 2010 Senior Notes | $ | May 4, 2010 | 1,000 | 8.500% | May 15, 2018 | May 15 and November 15 | May 4, 2010 | 670 | 8.500% | May 15, 2018 | May 15 and November 15 |
Issue date | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | |||||||
2013 Senior Notes | November 15, 2013 | 642 | 5.625% | December 15, 2016 | June 15 and December 15 | ||||||
2013 Senior Subordinated Notes | December 10, 2013 | 590 | 6.000% | June 15, 2017 | June 15 and December 15 |
Currency | Date acquired by the Group | Principal amounts outstanding (in million) | Interest rate | Maturity date | Semi-annual interest payment dates | ||||||||
Pactiv 2017 Notes | $ | November 16, 2010 | 300 | 8.125% | June 15, 2017 | June 15 and December 15 | |||||||
Pactiv 2018 Notes | $ | November 16, 2010 | 16 | 6.400% | January 15, 2018 | January 15 and July 15 | |||||||
Pactiv 2025 Notes | $ | November 16, 2010 | 276 | 7.950% | December 15, 2025 | June 15 and December 15 | |||||||
Pactiv 2027 Notes | $ | November 16, 2010 | 200 | 8.375% | April 15, 2027 | April 15 and October 15 |
Date acquired by the Group | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | |||||||
Pactiv 2017 Debentures | November 16, 2010 | 300 | 8.125% | June 15, 2017 | June 15 and December 15 | ||||||
Pactiv 2018 Notes | November 16, 2010 | 16 | 6.400% | January 15, 2018 | January 15 and July 15 | ||||||
Pactiv 2025 Debentures | November 16, 2010 | 276 | 7.950% | December 15, 2025 | June 15 and December 15 | ||||||
Pactiv 2027 Debentures | November 16, 2010 | 200 | 8.375% | April 15, 2027 | April 15 and October 15 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Salaries and wages accrued | 172 | 186 | 155 | 138 | ||||||||
Provision for annual leave | 55 | 67 | 41 | 45 | ||||||||
Provision for other employee benefits | 32 | 28 | 28 | 33 | ||||||||
Provision for exit from multi-employer pension plans | 77 | 12 | 86 | 92 | ||||||||
Defined benefit obligations: | ||||||||||||
Pension benefits | 535 | 1,420 | 967 | 1,145 | ||||||||
Post-employment medical benefits | 115 | 132 | 111 | 122 | ||||||||
Total employee benefits | 986 | 1,845 | ||||||||||
Total employee benefits liabilities | 1,388 | 1,575 | ||||||||||
Current | 243 | 270 | 212 | 201 | ||||||||
Non-current | 743 | 1,575 | 1,176 | 1,374 | ||||||||
Total employee benefits | 986 | 1,845 | ||||||||||
Total employee benefits liabilities | 1,388 | 1,575 |
(In $ million) | Amount previously reported for the year ended December 31, 2012 | Change in reported amount for the year ended December 31, 2012 | Restated amount for the year ended December 31, 2012 | ||||||
Statement of comprehensive income | |||||||||
Cost of sales | (11,210 | ) | — | (11,210 | ) | ||||
Other income | 114 | 12 | 126 | ||||||
General and administration expenses | (846 | ) | (115 | ) | (961 | ) | |||
Profit from operating activities | 1,337 | (105 | ) | 1,232 | |||||
Income tax (expense) benefit | 37 | 37 | 74 | ||||||
Profit (loss) for the year | (30 | ) | (68 | ) | (98 | ) | |||
Exchange differences on translating foreign operations | 12 | — | 12 | ||||||
Remeasurement of defined benefit plans | — | (71 | ) | (71 | ) | ||||
Total other comprehensive income (loss) for the year, net of income tax | 12 | (71 | ) | (59 | ) | ||||
Total comprehensive income (loss) attributable to: | |||||||||
Equity holder of the Group | (19 | ) | (139 | ) | (158 | ) | |||
Non-controlling interests | 1 | — | 1 |
(In $ million) | Amount previously reported for the year ended December 31, 2011 | Change in reported amount for the year ended December 31, 2011 | Restated amount for the year ended December 31, 2011 | ||||||
Statement of comprehensive income | |||||||||
Cost of sales | (9,725 | ) | (6 | ) | (9,731 | ) | |||
Other income | 57 | — | 57 | ||||||
General and administration expenses | (628 | ) | (102 | ) | (730 | ) | |||
Profit from operating activities | 925 | (108 | ) | 817 | |||||
Income tax (expense) benefit | 56 | 39 | 95 | ||||||
Profit (loss) for the year | (417 | ) | (69 | ) | (486 | ) | |||
Exchange differences on translating foreign operations | (26 | ) | (1 | ) | (27 | ) | |||
Remeasurement of defined benefit plans | — | (331 | ) | (331 | ) | ||||
Total other comprehensive income (loss) for the year, net of income tax | (26 | ) | (332 | ) | (358 | ) | |||
Total comprehensive income (loss) attributable to: | |||||||||
Equity holder of the Group | (444 | ) | (401 | ) | (845 | ) | |||
Non-controlling interests | 1 | — | 1 |
(In $ million) | Amount previously reported as of December 31, 2012 | Change in reported amount as of December 31, 2012 | Restated amount as of December 31, 2012 | ||||||
Statement of financial position | |||||||||
Deferred tax assets | 40 | 2 | 42 | ||||||
Other assets | 200 | (29 | ) | 171 | |||||
Total non-current assets | 17,746 | (27 | ) | 17,719 | |||||
Total assets | 22,508 | (27 | ) | 22,481 | |||||
Deferred tax liabilities | 1,412 | (258 | ) | 1,154 | |||||
Employee benefits | 891 | 684 | 1,575 | ||||||
Total non-current liabilities | 19,854 | 426 | 20,280 | ||||||
Total liabilities | 22,711 | 426 | 23,137 | ||||||
Equity | |||||||||
Reserves | (1,205 | ) | (295 | ) | (1,500 | ) | |||
Accumulated losses | (714 | ) | (158 | ) | (872 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (224 | ) | (453 | ) | (677 | ) | |||
Total equity (deficit) | (203 | ) | (453 | ) | (656 | ) |
(In $ million) | Amount previously reported as of January 1, 2012 | Change in reported amount as of January 1, 2012 | Restated amount as of January 1, 2012 | ||||||
Statement of financial position | |||||||||
Deferred tax assets | 29 | — | 29 | ||||||
Other assets | 179 | (64 | ) | 115 | |||||
Total non-current assets | 17,866 | (64 | ) | 17,802 | |||||
Total assets | 21,911 | (64 | ) | 21,847 | |||||
Liabilities directly associated with assets held for sale | 20 | 10 | 30 | ||||||
Total current liabilities | 2,811 | 10 | 2,821 | ||||||
Deferred tax liabilities | 1,548 | (162 | ) | 1,386 | |||||
Employee benefits | 936 | 402 | 1,338 | ||||||
Total non-current liabilities | 19,281 | 240 | 19,521 | ||||||
Total liabilities | 22,092 | 250 | 22,342 | ||||||
Equity | |||||||||
Reserves | (1,217 | ) | (231 | ) | (1,448 | ) | |||
Accumulated losses | (681 | ) | (83 | ) | (764 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (203 | ) | (314 | ) | (517 | ) | |||
Total equity (deficit) | (181 | ) | (314 | ) | (495 | ) |
Defined benefit obligation | Fair value of plan assets | Net defined benefit liability (asset) | Defined benefit obligation | Fair value of plan assets | Net defined benefit liability (asset) | |||||||||||||||||||||||||||||||
(In $ million) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Balance as of January 1 | 5,825 | 5,431 | (4,463 | ) | (4,261 | ) | 1,362 | 1,170 | 5,926 | 5,316 | (4,773 | ) | (4,837 | ) | 1,153 | 479 | ||||||||||||||||||||
Included in the profit or loss | ||||||||||||||||||||||||||||||||||||
Included in profit or loss: | ||||||||||||||||||||||||||||||||||||
Current service cost | 21 | 22 | — | — | 21 | 22 | 14 | 20 | — | — | 14 | 20 | ||||||||||||||||||||||||
Interest cost (income) | 205 | 237 | (152 | ) | (182 | ) | 53 | 55 | 206 | 221 | (161 | ) | (201 | ) | 45 | 20 | ||||||||||||||||||||
Administrative expenses | — | — | 16 | 16 | 16 | 16 | — | — | 27 | 18 | 27 | 18 | ||||||||||||||||||||||||
Curtailments | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Settlements | — | (2 | ) | — | 3 | — | 1 | |||||||||||||||||||||||||||||
Total expense (income) recognized in profit or loss | 225 | 256 | (136 | ) | (163 | ) | 89 | 93 | 220 | 241 | (134 | ) | (183 | ) | 86 | 58 | ||||||||||||||||||||
Remeasurement (gains) losses | ||||||||||||||||||||||||||||||||||||
Actuarial (gains) loss arising from: | ||||||||||||||||||||||||||||||||||||
Remeasurement (gains) losses: | ||||||||||||||||||||||||||||||||||||
Actuarial (gains) losses arising from: | ||||||||||||||||||||||||||||||||||||
Demographic assumptions | (33 | ) | 2 | — | — | (33 | ) | 2 | (95 | ) | 421 | — | — | (95 | ) | 421 | ||||||||||||||||||||
Financial assumptions | (376 | ) | 463 | — | — | (376 | ) | 463 | (190 | ) | 412 | — | — | (190 | ) | 412 | ||||||||||||||||||||
Return on plan assets excluding interest income | — | — | (541 | ) | (340 | ) | (541 | ) | (340 | ) | ||||||||||||||||||||||||||
Return on plan assets, excluding interest income | — | — | 32 | (129 | ) | 32 | (129 | ) | ||||||||||||||||||||||||||||
Total remeasurement (gains) losses | (409 | ) | 465 | (541 | ) | (340 | ) | (950 | ) | 125 | (285 | ) | 833 | 32 | (129 | ) | (253 | ) | 704 | |||||||||||||||||
Other movements | ||||||||||||||||||||||||||||||||||||
Other movements: | ||||||||||||||||||||||||||||||||||||
Contributions by the Group | — | — | (25 | ) | (34 | ) | (25 | ) | (34 | ) | — | — | (14 | ) | (51 | ) | (14 | ) | (51 | ) | ||||||||||||||||
Contributions by plan participants | 2 | 2 | (2 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||||
Benefits paid by the plans | (346 | ) | (348 | ) | 346 | 348 | — | — | (300 | ) | (352 | ) | 300 | 352 | — | — | ||||||||||||||||||||
Business acquisitions and disposals | — | (3 | ) | — | 9 | — | 6 | |||||||||||||||||||||||||||||
Business disposals | (657 | ) | (28 | ) | 648 | — | (9 | ) | (28 | ) | ||||||||||||||||||||||||||
Effect of movements in exchange rates | 19 | 22 | (16 | ) | (20 | ) | 3 | 2 | (5 | ) | (84 | ) | 9 | 75 | 4 | (9 | ) | |||||||||||||||||||
Total other movements | (325 | ) | (327 | ) | 303 | 301 | (22 | ) | (26 | ) | (962 | ) | (464 | ) | 943 | 376 | (19 | ) | (88 | ) | ||||||||||||||||
Balance as of December 31 | 5,316 | 5,825 | (4,837 | ) | (4,463 | ) | 479 | 1,362 | 4,899 | 5,926 | (3,932 | ) | (4,773 | ) | 967 | 1,153 | ||||||||||||||||||||
Comprised of: | ||||||||||||||||||||||||||||||||||||
Pactiv Retirement Plan | 4,122 | 4,589 | (3,832 | ) | (3,513 | ) | 290 | 1,076 | 4,635 | 4,809 | (3,770 | ) | (3,830 | ) | 865 | 979 | ||||||||||||||||||||
All other plans | 1,194 | 1,236 | (1,005 | ) | (950 | ) | 189 | 286 | ||||||||||||||||||||||||||||
Other plans | 264 | 482 | (162 | ) | (316 | ) | 102 | 166 | ||||||||||||||||||||||||||||
4,899 | 5,291 | (3,932 | ) | (4,146 | ) | 967 | 1,145 | |||||||||||||||||||||||||||||
Plans associated with assets held for sale | — | 635 | — | (627 | ) | — | 8 | |||||||||||||||||||||||||||||
Balance as of December 31 | 5,316 | 5,825 | (4,837 | ) | (4,463 | ) | 479 | 1,362 | 4,899 | 5,926 | (3,932 | ) | (4,773 | ) | 967 | 1,153 | ||||||||||||||||||||
Comprised of: | ||||||||||||||||||||||||||||||||||||
Funded plans | 330 | 1,212 | 904 | 1,080 | ||||||||||||||||||||||||||||||||
Plans associated with assets held for sale | — | 8 | ||||||||||||||||||||||||||||||||||
Unfunded plans | 149 | 150 | 63 | 65 | ||||||||||||||||||||||||||||||||
Total net pension benefits | 479 | 1,362 | ||||||||||||||||||||||||||||||||||
Total net pension benefits liability | 967 | 1,153 | ||||||||||||||||||||||||||||||||||
Included in the statements of financial position as: | ||||||||||||||||||||||||||||||||||||
Employee benefit liabilities | 535 | 1,420 | ||||||||||||||||||||||||||||||||||
Employee benefits liabilities | 967 | 1,145 | ||||||||||||||||||||||||||||||||||
Liabilities directly associated with assets held for sale | 30 | — | — | 126 | ||||||||||||||||||||||||||||||||
Other assets, non-current | 86 | 58 | ||||||||||||||||||||||||||||||||||
Total net pension benefits | 479 | 1,362 | ||||||||||||||||||||||||||||||||||
Assets held for sale | — | (118 | ) | |||||||||||||||||||||||||||||||||
Total net pension benefits liability | 967 | 1,153 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Cost of sales | 25 | 16 | 29 | 15 | 14 | 20 | ||||||||||||
General and administration expenses | 64 | 77 | 52 | 69 | 33 | 58 | ||||||||||||
Total plan net expense from continuing operations | 84 | 47 | 78 | |||||||||||||||
Discontinued operations | 2 | 11 | 11 | |||||||||||||||
Total plan net expense | 89 | 93 | 81 | 86 | 58 | 89 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Equity instruments | 3,185 | 2,719 | 2,511 | 3,219 | ||||||||
Debt instruments | 1,141 | 1,293 | 622 | 889 | ||||||||
Property | 422 | 306 | 312 | 424 | ||||||||
Other | 89 | 145 | 487 | 241 | ||||||||
Total plan assets | 4,837 | 4,463 | 3,932 | 4,773 |
For the year ended December 31, | For the year ended December 31, | |||||||||||
2013 | 2012 | 2011 | 2015 | 2014 | 2013 | |||||||
Discount rates at December 31 | 1.0% - 8.0% | 1.1% - 6.6% | 1.8% - 8.25% | 0.8% - 7.3% | 0.7% - 7.0% | 1.0% - 8.0% | ||||||
Future salary increases | 0.0% - 5.0% | 0.0% - 6.0% | 0.0% - 5.0% | 0.0% - 7.0% | 0.0% - 7.0% | 0.0% - 5.0% | ||||||
Future pension increases | 0.0% - 3.8% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 3.8% |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on the net plan expense | (10 | ) | 10 | (8 | ) | 7 | ||||||
Effect on the defined benefit obligation | (224 | ) | 249 | (246 | ) | 271 |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Liability for post-employment medical obligations as of the beginning of the year | 133 | 141 | 122 | 114 | ||||||||
Included in the profit or loss | ||||||||||||
Included in profit or loss: | ||||||||||||
Current service cost | 2 | 2 | 2 | 2 | ||||||||
Interest cost | 5 | 6 | 5 | 5 | ||||||||
Past service cost | — | (4 | ) | — | (2 | ) | ||||||
Total expense (income) recognized in profit or loss | 7 | 4 | ||||||||||
Remeasurement (gains) losses | ||||||||||||
Total expense recognized in profit or loss | 7 | 5 | ||||||||||
Remeasurement (gains) losses: | ||||||||||||
Actuarial (gains) losses from changes in demographic assumptions | (10 | ) | (5 | ) | (11 | ) | 3 | |||||
Actuarial (gains) losses from changes in financial assumptions | (10 | ) | 8 | (2 | ) | 7 | ||||||
Total remeasurement (gains) losses | (20 | ) | 3 | (13 | ) | 10 | ||||||
Other movements | ||||||||||||
Other movements: | ||||||||||||
Contributions by plan participants | 1 | 1 | — | 1 | ||||||||
Benefits paid by the plans | (7 | ) | (11 | ) | (5 | ) | (8 | ) | ||||
Post-employment medical obligations related to business disposals | — | (5 | ) | |||||||||
Total other movements | (6 | ) | (15 | ) | (5 | ) | (7 | ) | ||||
Liability for post-employment medical obligations as of the end of the year | 114 | 133 | 111 | 122 |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on plan expense | — | — | — | — | ||||||||
Effect on the post-employment medical obligations | 3 | (3 | ) | 3 | (2 | ) |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on plan expense | — | — | — | — | ||||||||
Effect on the post-employment medical obligations | (6 | ) | 6 | (11 | ) | 13 |
(In $ million) | Legal | Asset retirement obligations | Restructuring | Workers' compensation | Other | Total | Asset retirement obligations | Restructuring | Workers' compensation | Other | Total | ||||||||||||||||||||||
Balance as of December 31, 2012 | 29 | 37 | 38 | 45 | 62 | 211 | |||||||||||||||||||||||||||
Acquisitions through business combinations | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Balance as of December 31, 2014 | 38 | 19 | 38 | 30 | 125 | ||||||||||||||||||||||||||||
Provisions made | 2 | 3 | 40 | 12 | 14 | 71 | — | 12 | 22 | 18 | 52 | ||||||||||||||||||||||
Provisions used | (3 | ) | (1 | ) | (40 | ) | (18 | ) | (18 | ) | (80 | ) | (1 | ) | (20 | ) | (17 | ) | (6 | ) | (44 | ) | |||||||||||
Provisions reversed | (7 | ) | (1 | ) | — | (1 | ) | (12 | ) | (21 | ) | — | (3 | ) | (1 | ) | (4 | ) | (8 | ) | |||||||||||||
Other transfers | — | — | — | — | (3 | ) | (3 | ) | 2 | 1 | 1 | — | 4 | ||||||||||||||||||||
Balance as of December 31, 2013 | 21 | 39 | 38 | 38 | 43 | 179 | |||||||||||||||||||||||||||
Effect of movements in exchange rates | — | (2 | ) | — | (1 | ) | (3 | ) | |||||||||||||||||||||||||
Balance as of December 31, 2015 | 39 | 7 | 43 | 37 | 126 | ||||||||||||||||||||||||||||
Current | 3 | 1 | 36 | 23 | 20 | 83 | 2 | 6 | 26 | 21 | 55 | ||||||||||||||||||||||
Non-current | 18 | 38 | 2 | 15 | 23 | 96 | 37 | 1 | 17 | 16 | 71 | ||||||||||||||||||||||
Total provisions as of December 31, 2013 | 21 | 39 | 38 | 38 | 43 | 179 | |||||||||||||||||||||||||||
Total provisions as of December 31, 2015 | 39 | 7 | 43 | 37 | 126 | ||||||||||||||||||||||||||||
Current | 8 | 3 | 35 | 25 | 20 | 91 | 2 | 17 | 25 | 10 | 54 | ||||||||||||||||||||||
Non-current | 21 | 34 | 3 | 20 | 42 | 120 | 36 | 2 | 13 | 20 | 71 | ||||||||||||||||||||||
Total provisions as of December 31, 2012 | 29 | 37 | 38 | 45 | 62 | 211 | |||||||||||||||||||||||||||
Total provisions as of December 31, 2014 | 38 | 19 | 38 | 30 | 125 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
Number of shares | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Balance at the beginning of the year | 111,000,004 | 111,000,004 | 111,000,004 | 71,500,004 | 111,000,004 | 111,000,004 | ||||||||||||
Repurchase of shares | — | (39,500,000 | ) | — | ||||||||||||||
Issue of shares | — | — | — | — | — | — | ||||||||||||
Balance at the end of the year | 111,000,004 | 111,000,004 | 111,000,004 | 71,500,004 | 71,500,004 | 111,000,004 |
(a) | Foreign currency exchange rate risk |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | ||||||
Currency futures | Sell | Japanese yen | 2,799,062,824 | $ | 97.84 - 102.0 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | $ | 20,200,000 | NZD | 0.7994 - 0.8195 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | �� | Australian dollar | 26,200,000 | NZD | 0.8905 - 0.8944 | Jan 2014 - Nov 2014 | |||||
Currency futures | Buy | EUR | 42,000,000 | Brazilian real | 0.2830 - 0.3061 | Jan 2014 - Dec 2014 | ||||||
Currency swap | Sell | EUR | 20,000,000 | $ | 0.7273 | Jan 2014 |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | |||||||
Currency futures | Sell | Japanese yen | 3,632,933,567 | $ | 118.55 - 122.81 | Jan 2016 - Nov 2016 | |||||||
Currency futures | Sell | South Korean won | 1,482,479,555 | $ | 1,202.77 - 1,207.88 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Sell | CA$ | 104,186,138 | $ | 1.2032 - 1.3882 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Buy | EUR | 234,701 | $ | 0.9183 | Jan 2016 |
(b) | Interest rate risk |
(In $ million) | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Fixed rate instruments | ||||||||||||||||||
Loans and borrowings | (15,062 | ) | (1 | ) | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | ||||||
Total fixed rate instruments | (15,062 | ) | (1 | ) | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | ||||||
Floating rate instruments | ||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,490 | — | — | — | — | ||||||||||||
Related party receivables | 324 | 324 | — | — | — | — | ||||||||||||
Bank overdrafts | (4 | ) | (4 | ) | — | — | — | — | ||||||||||
Loans and borrowings | (3,072 | ) | (3,072 | ) | — | — | — | — | ||||||||||
Total variable rate instruments | (1,262 | ) | (1,262 | ) | — | — | — | — | ||||||||||
Total | (16,324 | ) | (1,263 | ) | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) |
(In $ million) | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||
Fixed rate instruments | |||||||||||||||||||||||||||||||||
Loans and borrowings | (15,010 | ) | (2 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | |||||||||||||||||||||
Borrowings | (11,079 | ) | (665 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) | |||||||||||||||||||||||
Total fixed rate instruments | (15,010 | ) | (2 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | (11,079 | ) | (665 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) | |||||||||||
Floating rate instruments | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,556 | 1,556 | — | — | — | — | 1,977 | 1,977 | — | — | — | ||||||||||||||||||||||
Related party receivables | 307 | 307 | — | — | — | — | 307 | 307 | — | — | — | ||||||||||||||||||||||
Bank overdrafts | (2 | ) | (2 | ) | — | — | — | — | |||||||||||||||||||||||||
Loans and borrowings | (3,130 | ) | (3,130 | ) | — | — | — | — | |||||||||||||||||||||||||
Total variable rate instruments | (1,269 | ) | (1,269 | ) | — | — | — | — | |||||||||||||||||||||||||
Borrowings | (2,765 | ) | (2,765 | ) | — | — | — | ||||||||||||||||||||||||||
Total floating rate instruments | (481 | ) | (481 | ) | — | — | — | ||||||||||||||||||||||||||
Total | (16,279 | ) | (1,271 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | (11,560 | ) | (1,146 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) |
(In $ million) | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||
As of December 31, 2014 | |||||||||||||||
Fixed rate instruments | |||||||||||||||
Borrowings | (15,068 | ) | (10 | ) | (1,545 | ) | (7,771 | ) | (5,742 | ) | |||||
Total fixed rate instruments | (15,068 | ) | (10 | ) | (1,545 | ) | (7,771 | ) | (5,742 | ) | |||||
Floating rate instruments | |||||||||||||||
Cash and cash equivalents | 1,588 | 1,588 | — | — | — | ||||||||||
Related party receivables | 330 | 330 | — | — | — | ||||||||||
Bank overdrafts | (1 | ) | (1 | ) | — | — | — | ||||||||
Borrowings | (2,957 | ) | (2,957 | ) | — | — | — | ||||||||
Total floating rate instruments | (1,040 | ) | (1,040 | ) | — | — | — | ||||||||
Total | (16,108 | ) | (1,050 | ) | (1,545 | ) | (7,771 | ) | (5,742 | ) |
(c) | Commodity and other price risk |
Type | Unit of measure | Contracted volumes | Contracted price range | Contracted date of maturity | ||||
Resin futures | metric tonne | 74,660 | €1,445 - €1,585 | Jan 2014 - Jan 2015 | ||||
Resin futures | metric tonne | 4,950 | $1,860 | Feb 2014 - Dec 2014 | ||||
Resin swaps | kiloliter | 26,200 | JPY58,067 - JPY62,730 | Mar 2014 - Nov 2014 | ||||
Aluminum futures | metric tonne | 23,210 | $1,875 - $2,149 | Jan 2014 - Nov 2014 | ||||
Aluminum swaps | metric tonne | 44,555 | $1,770 - $2,356 | Jan 2014 - Dec 2016* | ||||
Aluminum swaps | metric tonne | 1,430 | JPY186,449 - JPY186,458 | Jan 2014 - Nov 2014 | ||||
Natural gas swaps | million BTU | 3,839,390 | $3.36 - $4.41 | Jan 2014 - Dec 2014 | ||||
Ethylene swaps | metric tonne | 6,540 | €1,240 | Feb 2014 - Jan 2015 | ||||
Ethylene swaps | pound | 3,285,670 | $0.47 - $0.48 | Jan 2014 - Apr 2014 | ||||
Polymer-grade propylene swaps | pound | 22,400,000 | $0.66 | Feb 2014 | ||||
Benzene swaps | U.S. liquid gallon | 12,318,321 | $4.55 - $4.65 | Jan 2014 - Apr 2014 | ||||
Diesel swaps | U.S. liquid gallon | 23,729,773 | $3.08 - $4.01 | Jan 2014 - Dec 2014 | ||||
Electricity swaps | megawatt hour | 78,206 | NZD$65.00 - NZD$72.76 | Jan 2014 - Dec 2014 | ||||
Corn swaps | bushel | 359,000 | $4.75 - $5.87 | Jan 2014 - Dec 2014 |
Type | Unit of measure | Contracted volume | Contracted price range | Contracted date of maturity | ||||
Aluminum swaps | metric tonne | 37,257 | $1,449 - $2,356 | Jan 2016 - Sep 2017* | ||||
Aluminum Midwest Premium swaps | pound | 76,579,896 | $0.06 - $0.22 | Jan 2016 - Jan 2017 | ||||
Natural gas swaps | million BTU | 4,878,257 | $2.23 - $3.30 | Jan 2016 - Dec 2016 | ||||
Paraxylene swaps | pound | 2,732,629 | $0.44 - $0.52 | Jan 2016 - Jun 2016 | ||||
Polymer-grade propylene swaps | pound | 52,736,392 | $0.33 - $0.49 | Jan 2016 - Dec 2016 | ||||
Benzene swaps | U.S. liquid gallon | 14,842,550 | $2.25 - $2.89 | Jan 2016 - Sep 2016 | ||||
Diesel swaps | U.S. liquid gallon | 12,615,528 | $2.38 - $3.19 | Jan 2016 - Dec 2016 | ||||
Low-density polyethylene swaps | pound | 15,000,000 | $0.80 - $1.01 | Jan 2016 - Jun 2016 | ||||
High-density polyethylene film swaps | metric tonne | 4,883 | $1,305 - $1,360 | Jan 2016 - Dec 2016 |
* | Includes a swap that hedges the price of aluminum for a private label customer contract that expires in |
Liquidity risk |
(In $ million) | Carrying amount | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Carrying amount | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Bank overdrafts | (4 | ) | (4 | ) | (4 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Trade and other payables | (1,799 | ) | (1,799 | ) | (1,799 | ) | — | — | — | — | (1,205 | ) | (1,007 | ) | (1,007 | ) | — | — | — | ||||||||||||||||||||
Loans and borrowings | (17,937 | ) | (25,681 | ) | (1,088 | ) | (640 | ) | (1,277 | ) | (8,665 | ) | (14,011 | ) | |||||||||||||||||||||||||
Borrowings, including interest | (13,762 | ) | (17,686 | ) | (1,910 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) | |||||||||||||||||||||||||||
(19,740 | ) | (27,484 | ) | (2,891 | ) | (640 | ) | (1,277 | ) | (8,665 | ) | (14,011 | ) | (14,967 | ) | (18,693 | ) | (2,917 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) | ||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | |||||||||||||||||||||||||||||||||||||
Inflows | — | 12 | 8 | 4 | — | — | — | — | 7 | 7 | — | — | — | ||||||||||||||||||||||||||
Outflows | (3 | ) | (15 | ) | (7 | ) | (7 | ) | (1 | ) | — | — | (13 | ) | (20 | ) | (20 | ) | — | — | — | ||||||||||||||||||
(3 | ) | (3 | ) | 1 | (3 | ) | (1 | ) | — | — | (13 | ) | (13 | ) | (13 | ) | — | — | — | ||||||||||||||||||||
Total | (19,743 | ) | (27,487 | ) | (2,890 | ) | (643 | ) | (1,278 | ) | (8,665 | ) | (14,011 | ) | (14,980 | ) | (18,706 | ) | (2,930 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) |
(In $ million) | Carrying amount | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Carrying amount | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Bank overdrafts | (2 | ) | (2 | ) | (2 | ) | — | — | — | — | (1 | ) | (1 | ) | (1 | ) | — | — | — | ||||||||||||||||||||
Trade and other payables | (1,808 | ) | (1,808 | ) | (1,808 | ) | — | — | — | — | (1,396 | ) | (1,101 | ) | (1,101 | ) | — | — | — | ||||||||||||||||||||
Loans and borrowings | (17,902 | ) | (27,070 | ) | (676 | ) | (1,173 | ) | (1,329 | ) | (5,371 | ) | (18,521 | ) | |||||||||||||||||||||||||
Borrowings, including interest | (17,858 | ) | (24,311 | ) | (1,727 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) | |||||||||||||||||||||||||||
(19,712 | ) | (28,880 | ) | (2,486 | ) | (1,173 | ) | (1,329 | ) | (5,371 | ) | (18,521 | ) | (19,255 | ) | (25,413 | ) | (2,829 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) | ||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | |||||||||||||||||||||||||||||||||||||
Inflows | — | 8 | 6 | 2 | — | — | — | — | 30 | 30 | — | — | — | ||||||||||||||||||||||||||
Outflows | (8 | ) | (16 | ) | (9 | ) | (7 | ) | — | — | — | (105 | ) | (135 | ) | (135 | ) | — | — | — | |||||||||||||||||||
(8 | ) | (8 | ) | (3 | ) | (5 | ) | — | — | — | (105 | ) | (105 | ) | (105 | ) | — | — | — | ||||||||||||||||||||
Total | (19,720 | ) | (28,888 | ) | (2,489 | ) | (1,178 | ) | (1,329 | ) | (5,371 | ) | (18,521 | ) | (19,360 | ) | (25,518 | ) | (2,934 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) |
(In $ million) | Fair value through the profit or loss | Held to maturity | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | Fair value through profit or loss | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,490 | — | 1,490 | 1,490 | — | 1,977 | — | 1,977 | 1,977 | ||||||||||||||||||||||
Current and non-current receivables | — | — | 1,869 | — | 1,869 | 1,869 | — | 1,431 | — | 1,431 | 1,431 | ||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | 12 | — | — | — | 12 | 12 | 7 | — | — | 7 | 7 | ||||||||||||||||||||||
Embedded derivatives | 437 | — | — | — | 437 | 437 | 99 | — | — | 99 | 99 | ||||||||||||||||||||||
Total assets | 449 | — | 3,359 | — | 3,808 | 3,808 | 106 | 3,408 | — | 3,514 | 3,514 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Bank overdrafts | — | — | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||
Trade and other payables | — | — | — | (1,799 | ) | (1,799 | ) | (1,799 | ) | — | — | (1,205 | ) | (1,205 | ) | (1,205 | ) | ||||||||||||||||
Other payables | — | — | — | (41 | ) | (41 | ) | (41 | ) | ||||||||||||||||||||||||
Non-current payables | — | — | (44 | ) | (44 | ) | (44 | ) | |||||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | (15 | ) | — | — | — | (15 | ) | (15 | ) | (20 | ) | — | — | (20 | ) | (20 | ) | ||||||||||||||||
Loans and borrowings | — | — | — | (17,937 | ) | (17,937 | ) | (19,019 | ) | ||||||||||||||||||||||||
Borrowings | — | — | (13,762 | ) | (13,762 | ) | (13,890 | ) | |||||||||||||||||||||||||
Total liabilities | (15 | ) | — | — | (19,781 | ) | (19,796 | ) | (20,878 | ) | (20 | ) | — | (15,011 | ) | (15,031 | ) | (15,159 | ) |
(In $ million) | Fair value through the profit or loss | Held to maturity | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | Fair value through profit or loss | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,556 | — | 1,556 | 1,556 | — | 1,588 | — | 1,588 | 1,588 | ||||||||||||||||||||||
Current and non-current receivables | — | — | 1,797 | — | 1,797 | 1,797 | — | 1,530 | — | 1,530 | 1,530 | ||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | 5 | — | — | — | 5 | 5 | 26 | — | — | 26 | 26 | ||||||||||||||||||||||
Embedded derivatives | 374 | — | — | — | 374 | 374 | 296 | — | — | 296 | 296 | ||||||||||||||||||||||
Total assets | 379 | — | 3,353 | — | 3,732 | 3,732 | 322 | 3,118 | — | 3,440 | 3,440 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Bank overdrafts | — | — | — | (2 | ) | (2 | ) | (2 | ) | — | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||
Trade and other payables | — | — | — | (1,808 | ) | (1,808 | ) | (1,808 | ) | — | — | (1,396 | ) | (1,396 | ) | (1,396 | ) | ||||||||||||||||
Other non-current payables | — | — | — | (53 | ) | (53 | ) | (53 | ) | ||||||||||||||||||||||||
Non-current payables | — | — | (40 | ) | (40 | ) | (40 | ) | |||||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | (13 | ) | — | — | — | (13 | ) | (13 | ) | (131 | ) | — | — | (131 | ) | (131 | ) | ||||||||||||||||
Loans and borrowings | — | — | — | (17,902 | ) | (17,902 | ) | (18,919 | ) | ||||||||||||||||||||||||
Borrowings | — | — | (17,858 | ) | (17,858 | ) | (18,542 | ) | |||||||||||||||||||||||||
Total liabilities | (13 | ) | — | — | (19,765 | ) | (19,778 | ) | (20,795 | ) | (131 | ) | — | (19,295 | ) | (19,426 | ) | (20,110 | ) |
(In $ million) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||
Financial assets at fair value through profit or loss: | ||||||||||||||||||||||||
Derivative financial assets (liabilities): | ||||||||||||||||||||||||
Commodity and foreign currency derivatives, net | — | (3 | ) | — | (3 | ) | — | (13 | ) | — | (13 | ) | ||||||||||||
Embedded derivatives | — | 437 | — | 437 | — | 99 | — | 99 | ||||||||||||||||
Total | — | 434 | — | 434 | — | 86 | — | 86 | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Financial assets at fair value through profit or loss: | ||||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Derivative financial assets (liabilities): | ||||||||||||||||||||||||
Commodity and foreign currency derivatives, net | — | (8 | ) | — | (8 | ) | — | (105 | ) | — | (105 | ) | ||||||||||||
Embedded derivatives | — | 374 | — | 374 | — | 296 | — | 296 | ||||||||||||||||
Total | — | 366 | — | 366 | — | 191 | — | 191 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Short-term employee benefits | 12 | 9 | 13 | |||||||||||||||
Employee benefits | 11 | 12 | 12 | |||||||||||||||
Total compensation expense to key management personnel | 12 | 9 | 13 | 11 | 12 | 12 |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||
Transactions with the immediate and ultimate parent companies | |||||||||||||||
Due to ultimate parent(a) | — | — | — | (1 | ) | (1 | ) | ||||||||
Transactions with joint ventures | |||||||||||||||
Sale of goods and services(b) | 221 | 186 | 146 | 59 | 46 | ||||||||||
Transactions with other related parties | |||||||||||||||
Trade receivables | |||||||||||||||
BPC United States Inc. | — | — |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||
Sale of services | — | — | 3 | ||||||||||||
Carter Holt Harvey Limited | — | — | |||||||||||||
Sale of goods | 1 | �� | 3 | ||||||||||||
Carter Holt Harvey Packaging Pty Limited | — | — | |||||||||||||
Sale of goods | — | — | 4 | ||||||||||||
Carter Holt Harvey Pulp & Paper Limited | — | — | |||||||||||||
Sale of goods | 2 | 2 | 3 | ||||||||||||
FRAM Group Operations LLC | 1 | 1 | |||||||||||||
Recharges | 2 | 3 | — | ||||||||||||
Sale of goods | 1 | 1 | — | ||||||||||||
Rank Group North America, Inc. | 1 | — | |||||||||||||
Recharges | 3 | — | — | ||||||||||||
United Components, Inc | — | — | |||||||||||||
Recharges | 1 | — | — | ||||||||||||
Trade payables | |||||||||||||||
Carter Holt Harvey Limited | — | — | |||||||||||||
Purchase of goods | (11 | ) | (11 | ) | (10 | ) | |||||||||
Carter Holt Harvey Pulp & Paper Limited | (6 | ) | (2 | ) | |||||||||||
Purchase of goods | (35 | ) | (29 | ) | (38 | ) | |||||||||
Rank Group Limited | (10 | ) | (18 | ) | |||||||||||
Recharges(c) | (12 | ) | (31 | ) | (121 | ) | |||||||||
Management fee(d) | (38 | ) | (32 | ) | — | ||||||||||
Rank Group North America, Inc. | — | — | |||||||||||||
Recharges(e) | (18 | ) | (20 | ) | — | ||||||||||
Loans receivable | |||||||||||||||
Rank Group Limited(f) | 324 | 307 | |||||||||||||
Interest income | 18 | 17 | 16 | ||||||||||||
Loans payable | |||||||||||||||
LQ70 (BPTA) Pty Limited | — | — | |||||||||||||
Loan advanced | (2 | ) | — | — | |||||||||||
Reynolds Treasury (NZ) Limited(g) | — | — | |||||||||||||
Loan advanced | — | — | (25 | ) | |||||||||||
Interest expense | — | (1 | ) | (1 | ) | ||||||||||
Receivable related to transfer of tax losses to: | |||||||||||||||
Carter Holt Harvey Limited | — | — | — | 5 | 5 | ||||||||||
Payable related to transfer of tax losses to: | |||||||||||||||
Burns Philp (New Zealand) Limited | (5 | ) | (4 | ) | |||||||||||
Transfer of tax losses | (1 | ) | — | — | |||||||||||
Evergreen Packaging New Zealand Limited | — | — | |||||||||||||
Transfer of tax losses | — | (3 | ) | — | |||||||||||
Rank Group Investments Limited | (6 | ) | (3 | ) | |||||||||||
Transfer of tax losses | (4 | ) | — | — | |||||||||||
Reynolds Packaging Group (NZ) Limited | — | — | |||||||||||||
Transfer of tax losses | — | (7 | ) | — |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2015 | 2014 | 2013 | 2015 | 2014 | ||||||||||
Balances and transactions with immediate and ultimate parent entities | |||||||||||||||
Included in borrowings(a) | (1 | ) | (1 | ) | |||||||||||
Balances and transactions with joint ventures | |||||||||||||||
Included in trade and other receivables, net | 6 | 37 | |||||||||||||
Sale of goods and services(b)(c) | 52 | 196 | 221 | ||||||||||||
Balances and transactions with Rank Group Limited | |||||||||||||||
Included in related party and other non-current receivables(d) | 307 | 330 | |||||||||||||
Interest income | 19 | 22 | 18 | ||||||||||||
Included in trade and other payables | (52 | ) | (7 | ) | |||||||||||
Recharges(e) | (17 | ) | (11 | ) | (12 | ) | |||||||||
Management fee(f) | (65 | ) | (39 | ) | (38 | ) | |||||||||
Tax loss transfer | (5 | ) | — | — | |||||||||||
Balances and transactions with Rank Group North America Inc. | |||||||||||||||
Included in trade and other receivables, net | 1 | 1 | |||||||||||||
Recharges | 5 | 6 | 3 | ||||||||||||
Included in trade and other payables | — | — | |||||||||||||
Recharges | (15 | ) | (17 | ) | (18 | ) | |||||||||
Balances and transactions with other related parties | |||||||||||||||
Included in trade and other receivables, net | — | 1 | |||||||||||||
Sale of goods(g) | 1 | 4 | 4 | ||||||||||||
Recharges | 1 | 2 | 3 | ||||||||||||
Included in trade and other payables | (1 | ) | (9 | ) | |||||||||||
Purchase of goods(c) | — | (39 | ) | (46 | ) | ||||||||||
Tax loss transfer | — | (2 | ) | (5 | ) | ||||||||||
Included in borrowings | — | — | |||||||||||||
Loan advanced | — | — | (2 | ) |
(a) | The |
(b) | All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand. |
(c) |
The loan receivable from Rank Group Limited accrues interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25%. Interest is only charged or accrued if demanded by the lender. During the year ended December 31, |
(f) | Represents a management fee paid or accrued to Rank Group Limited for management, consulting, monitoring and |
(g) | Includes transactions with an entity sold to a non-related party in December 2014 while under common ownership. |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Alusud Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging Argentina S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging San Martin S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Lido Plast San Luis S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
SIG Combibloc Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Whakatane Mill Australia Pty Limited | Dec-31 | Australia | 100 | 100 | 100 | |||||
SIG Austria Holding GmbH | Dec-31 | Austria | 100 | 100 | 100 | |||||
SIG Combibloc GmbH | Dec-31 | Austria | 100 | 100 | 100 | |||||
SIG Combibloc GmbH & Co KG | Dec-31 | Austria | 100 | 100 | 100 | |||||
Gulf Closures W.L.L.(a) | Dec-31 | Bahrain | 49 | 49 | 49 | |||||
Graham Packaging Belgium BVBA (formerly Graham Packaging Belgium N.V.) | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Graham Packaging Lummen BVBA (formerly Graham Packaging Lummen N.V.) | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging do Brasil Indústria e Comércio S.A. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging Paraná Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Resin Rio Comercio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
SIG Beverages Brasil Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
SIG Combibloc do Brasil Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
CSI Latin American Holdings Corporation | Dec-31 | British Virgin Islands | 100 | 100 | 100 | |||||
Reynolds Consumer Products Bulgaria EOOD (in liquidation) (b) | Dec-31 | Bulgaria | 100 | 100 | 100 | |||||
Evergreen Packaging Canada Limited | Dec-31 | Canada | 100 | 100 | 100 | |||||
Graham Packaging Canada Company (formerly Graham Packaging Canada Limited) | Dec-31 | Canada | 100 | 100 | 100 | |||||
Pactiv Canada, Inc | Dec-31 | Canada | 100 | 100 | 100 | |||||
Alusud Embalajes Chile Ltda. | Dec-31 | Chile | 100 | 100 | 100 | |||||
SIG Combibloc Chile Limitada | Dec-31 | Chile | 100 | 100 | 100 | |||||
Closure Systems International (Guangzhou) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
Closure Systems International (Wuhan) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Hangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Tianjin) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Dongguan Pactiv Packaging Co., Ltd | Dec-31 | China | 51 | 51 | 51 | |||||
Evergreen Packaging (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging (Guangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging Trading (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Reynolds Metals (Shanghai) Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
SIG Combibloc (Suzhou) Co. Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Zhejing Zhongbao Packaging Co., Ltd | Dec-31 | China | 62.5 | 62.5 | 62.5 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Continuing operations | ||||||||||
Alusud Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Alusud Embalajes Colombia Ltda. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
Closure Systems International (Colombia Trade) S.A.S. (c) | Dec-31 | Colombia | 100 | — | 100 | |||||
CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada | Dec-31 | Costa Rica | 100 | 100 | 100 | |||||
SIG Combibloc s.r.o. | Dec-31 | Czech Republic | 100 | 100 | 100 | |||||
Closure Systems International (Egypt) LLC | Dec-31 | Egypt | 100 | 100 | 100 | |||||
Evergreen Packaging de El Salvador S.A. de C.V. | Dec-31 | El Salvador | 100 | 100 | 100 | |||||
Graham Packaging Company OY | Dec-31 | Finland | 100 | 100 | 100 | |||||
Graham Packaging Europe S.N.C. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging France S.A.S. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Normandy S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Villecomtal S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
SIG Combibloc S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
Closure Systems International Deutschland GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Germany) GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International Machinery (Germany) GmbH (d) | Dec-31 | Germany | 100 | — | 100 | |||||
Omni-Pac Ekco GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Deutschland Holdinggesellschaft mbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Forest Products GmbH (in liquidation) (e) | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Beteiligungs GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Beverages Germany GmbH (f) | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Holding GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Systems GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Zerspanungstechnik GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Euro Holding AG & Co. KGaA | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Information Technology GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG International Services GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Crystal Insurance Comp. Ltd. (g) | Dec-31 | Guernsey | — | 100 | — | |||||
SIG Asset Holdings Limited (in liquidation) (h) | Dec-31 | Guernsey | 100 | 100 | 100 | |||||
Closure Systems International (Hong Kong) Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Evergreen Packaging (Hong Kong) Limited (in liquidation) (i) | Dec-31 | Hong Kong | — | 100 | — | |||||
Graham Packaging Asia Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Roots Investment Holding Private Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
SIG Combibloc Limited (in liquidation) (j) | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Technegen International Limited (k) | Dec-31 | Hong Kong | 100 | — | 100 | |||||
CSI Hungary Manufacturing and Trading Limited Liability Company | Dec-31 | Hungary | 100 | 100 | 100 | |||||
SIG Combibloc Kft. | Dec-31 | Hungary | 100 | 100 | 100 | |||||
Closure Systems International (I) Private Limited | Dec-31 | India | 100 | 100 | 100 | |||||
SIG Beverage Machinery and Systems (India) Pvt. Ltd. (in liquidation) (l) | Dec-31 | India | — | 100 | — | |||||
PT. Graham Packaging Indonesia | Mar-31 | Indonesia | 100 | 100 | 100 | |||||
Ha'Lakoach He'Neeman H'Sheeshim Ou'Shenayim Ltd. | Dec-31 | Israel | 100 | 100 | 100 | |||||
Graham Packaging Company Italia S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
SIG Combibloc S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Japan) KK | Dec-31 | Japan | 100 | 100 | 100 | |||||
Closure Systems International Japan, Limited | Dec-31 | Japan | 100 | 100 | 100 | |||||
Graham Packaging Japan Godo Kaisha | Dec-31 | Japan | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Graham Packaging Argentina S.R.L. (a) | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Lido Plast San Luis S.A. (in liquidation) | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Gulf Closures W.L.L. (b) | Dec-31 | Bahrain | 49 | 49 | 49 | |||||
Graham Packaging Belgium BVBA | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Graham Packaging Lummen BVBA | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging do Brasil Indústria e Comércio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging Paraná Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Resin Rio Comercio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
CSI Latin American Holdings Corporation | Dec-31 | British Virgin Islands | 100 | 100 | 100 | |||||
Evergreen Packaging Canada Limited | Dec-31 | Canada | 100 | 100 | 100 | |||||
Graham Packaging Canada Company | Dec-31 | Canada | 100 | 100 | 100 | |||||
Pactiv Canada Inc. | Dec-31 | Canada | 100 | 100 | 100 | |||||
Reynolds Consumer Products Canada Inc. | Dec-31 | Canada | 100 | 100 | 100 | |||||
Alusud Embalajes Chile Ltda. | Dec-31 | Chile | 100 | 100 | 100 | |||||
Closure Systems International (Guangzhou) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
Closure Systems International (Wuhan) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Hangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Tianjin) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Dongguan Pactiv Packaging Co., Ltd. | Dec-31 | China | 51 | 51 | 51 | |||||
Evergreen Packaging (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging (Guangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging Trading (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Reynolds Metals (Shanghai) Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Zhejiang Zhongbao Pactiv Packaging Co., Ltd. | Dec-31 | China | 62.5 | 62.5 | 62.5 | |||||
Alusud Embalajes Colombia Ltda. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
Closure Systems International (Colombia Trade) S.A.S. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada | Dec-31 | Costa Rica | 100 | 100 | 100 | |||||
Closure Systems International (Egypt) LLC | Dec-31 | Egypt | 100 | 100 | 100 | |||||
Evergreen Packaging de El Salvador, S.A. de C.V. | Dec-31 | El Salvador | 100 | 100 | 100 | |||||
Graham Packaging Company OY | Dec-31 | Finland | 100 | 100 | 100 | |||||
Graham Packaging Europe S.N.C. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging France S.A.S. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Normandy S.A.R.L. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Villecomtal S.A.R.L. | Dec-31 | France | 100 | 100 | 100 | |||||
Closure Systems International Machinery (Germany) GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac Ekco GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Deutschland Holdinggesellschaft mbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Forest Products GmbH (in liquidation) | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv-Omni Germany Holdings GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International (Hong Kong) Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Graham Packaging Asia Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Roots Investment Holding Private Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Technegen International Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
CSI Hungary Manufacturing and Trading Limited Liability Company | Dec-31 | Hungary | 100 | 100 | 100 | |||||
Closure Systems International (I) Private Limited | Mar-31 | India | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | Ownership interest (%) | Voting interest (%) | |||||||||||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | Reporting date | Country of incorporation | 2015 | 2014 | 2015 | |||||||||||
PT. Graham Packaging Indonesia | Dec-31 | Indonesia | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Company Italia S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||||||||||||
Closure Systems International Japan, Limited | Dec-31 | Japan | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Japan Godo Kaisha | Dec-31 | Japan | 100 | 100 | 100 | |||||||||||||||
Closure Systems International (Korea), Ltd. | Dec-31 | Korea | 100 | 100 | 100 | Dec-31 | Korea | 100 | 100 | 100 | ||||||||||
Evergreen Packaging Korea Limited | Dec-31 | Korea | 100 | 100 | 100 | |||||||||||||||
SIG Combibloc Korea Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||||||||||||
Evergreen Packaging Korea Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||||||||||||
Beverage Packaging Factoring (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) I S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) II S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) III S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) IV S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) V S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) VI S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Evergreen Packaging (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Graham Packaging European Holdings (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Graham Packaging European Holdings (Luxembourg) I S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Graham Packaging European Holdings (Luxembourg) II S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Reynolds Group Issuer (Luxembourg) S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Bienes Industriales del Norte, S.A. de C.V (m) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
CSI en Ensenada, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
CSI en Saltillo, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
CSI Tecniservicio, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Evergreen Packaging Mexico, S. de R.L. de C.V.(n) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Graham Packaging Plastic Products de Mexico S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Plastic Products de Mexico, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Grupo Corporativo Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Grupo CSI de México, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Innovacioìn y Asesoriìa en Plaìstico, S. de R.L. de C.V. (formerly Asesores y Consultores Graham, S. de R.L. de C.V.) (o) | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Middle America M.A., S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Pactiv Foodservice Mexico S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Grupo CSI de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Innovacioìn y Asesoriìa en Plaìstico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Pactiv Foodservice Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Pactiv Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Pactiv NA III S. de R.L. de C.V. (p) | Dec-31 | Mexico | — | — | — | |||||||||||||||
Reynolds Metals Company de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Reynolds Metals Company de Mexico, S. de R.L. de C.V. (c) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Servicio Terrestre Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Servicios Graham Packaging, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Servicios Industriales Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Servicios Integrales de Operacion, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
SIG Combibloc México, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
SIG Simonazzi México, S.A. de C.V. (q) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Tecnicos de Tapas Innovativas, S.A. de C.V (r) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Closures Systems International Nepal Private Limited | Dec-31 | Nepal | 100 | 100 | 100 | Jul-31 | Nepal | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Netherlands) B.V. (s) | Jul-31 | Netherlands | — | 100 | — | |||||||||||||||
BPTE B.V. (t) | Dec-31 | Netherlands | 100 | — | 100 | |||||||||||||||
BPTE B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||||||||||||
Closure Systems International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Evergreen Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Graham Packaging Company B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Graham Packaging Holdings B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Graham Packaging Zoetermeer B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Pactiv Europe B.V. (in liquidation) (u) | Dec-31 | Netherlands | 100 | 100 | 100 | |||||||||||||||
Reynolds Consumer Products International B.V.(s) | Dec-31 | Netherlands | — | 100 | — | |||||||||||||||
Reynolds Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
SIG Combibloc B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||||||||||||
Beverage Packaging (New Zealand) Limited (d) | Dec-31 | New Zealand | 100 | — | 100 | |||||||||||||||
Alusud Peru S.A. | Dec-31 | Peru | 100 | 100 | 100 | |||||||||||||||
Closure Systems International (Philippines), Inc. | Dec-31 | Philippines | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Poland Sp. z o.o. | Dec-31 | Poland | 100 | 100 | 100 | |||||||||||||||
Omni Pac Poland Sp. z o.o. | Dec-31 | Poland | 100 | 100 | 100 | |||||||||||||||
CSI Vostok Limited Liability Company | Dec-31 | Russia | 100 | 100 | 100 | |||||||||||||||
Pactiv Asia Pte Ltd | Dec-31 | Singapore | 100 | 100 | 100 | |||||||||||||||
Closure Systems International España, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||||||||||||
Closure Systems International Holdings (Spain), S.A. | Dec-31 | Spain | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Whakatane Mill Limited | Dec-31 | New Zealand | 100 | 100 | 100 | |||||
Alusud Peru S.A. | Dec-31 | Peru | 100 | 100 | 100 | |||||
Closure Systems International (Philippines), Inc. | Dec-31 | Philippines | 100 | 100 | 100 | |||||
Graham Packaging Poland SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
Omni Pac Poland SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
SIG Combibloc SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
CSI Vostok Limited Liability Company | Dec-31 | Russia | 100 | 100 | 100 | |||||
OOO SIG Combibloc | Dec-31 | Russia | 100 | 100 | 100 | |||||
Pactiv Asia Pte Ltd | Dec-31 | Singapore | 100 | 100 | 100 | |||||
Closure Systems International España, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Spain), S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Graham Packaging Iberica S.L. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Reynolds Food Packaging Spain, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
SIG Combibloc S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
SIG Combibloc AB | Dec-31 | Sweden | 100 | 100 | 100 | |||||
SIG allCap AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc Group AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc Procurement AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc (Schweiz) AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Schweizerische Industrie-Gesellschaft AG (formerly SIG Reinag AG) | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Technology AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
Evergreen Packaging (Taiwan) Co. Limited | Dec-31 | Taiwan | 100 | 100 | 100 | |||||
SIG Combibloc Taiwan Ltd. | Dec-31 | Taiwan | 100 | 50 | 100 | |||||
SIG Combibloc Ltd. | Dec-31 | Thailand | 100 | 100 | 100 | |||||
Closure Systems International Plastik Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Graham Plastpak Plastik Ambalaj Sanayi A.S. | Dec-31 | Turkey | 100 | 100 | 100 | |||||
SIG Combibloc Paketleme ve Ticaret Limited Sirketi | Dec-31 | Turkey | 50 | 50 | 50 | |||||
Alpha Products (Bristol) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Closure Systems International (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging European Services Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging Plastics Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging U.K. Limited (v) | Dec-31 | United Kingdom | — | 100 | — | |||||
IVEX Holdings, Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
J. & W. Baldwin (Holdings) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Kama Europe Limited | Dec-31 | United Kingdom | 100 | — | 100 | |||||
Omni-Pac U.K. Limited | Dec-31 | United Kingdom | 100 | — | 100 | |||||
Pactiv (Caerphilly) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Pactiv (Films) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Consumer Products (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Subco (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
SIG Combibloc Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
SIG Holdings (UK) Ltd. (w) | Dec-31 | United Kingdom | — | 100 | — | |||||
The Baldwin Group Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Baker's Choice Products, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BCP/Graham Holdings L.L.C. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Beverage Packaging Holdings II Issuer Inc. (x) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Blue Ridge Holding Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Paper Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Graham Packaging Iberica S.L. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Reynolds Food Packaging Spain, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Evergreen Packaging (Taiwan) Co., Ltd. | Dec-31 | Taiwan | 100 | 100 | 100 | |||||
Closure Systems International Plastik Ithalat Ihracat Sanayi Ve Ticaret Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Graham Plastpak Plastik Ambalaj Sanayi Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Alpha Products (Bristol) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Closure Systems International (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
CSl UK Oldco Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Graham Packaging European Services Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging Plastics Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Ivex Holdings, Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
J. & W. Baldwin (Holdings) Limited (f) | Jun-30 | United Kingdom | 100 | 100 | 100 | |||||
Kama Europe Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Pactiv (Caerphilly) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Pactiv (Films) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Reynolds Consumer Products (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Subco (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
The Baldwin Group Limited (f) | Jun-30 | United Kingdom | 100 | 100 | 100 | |||||
Baker's Choice Products, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BCP/Graham Holdings L.L.C. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Beverage Packaging Holdings II Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Holding Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Paper Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BRPP, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Americas, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Packaging Machinery Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems Mexico Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Coast-Packaging Company (California General Partnership) (b) | Dec-31 | U.S.A. | 50 | 50 | 50 | |||||
CSI Mexico LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
CSI Sales & Technical Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPACSUB LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Capital Corp. I (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Capital Corp. II (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Opco GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Sub GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Acquisition Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Comerc USA LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Company Europe LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Controllers USA LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging GP Acquisition LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Holdings Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging International Plastics Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Latin America, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
BRPP, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Americas, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Packaging Machinery Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems Mexico Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Coast-Packaging Company (California General Partnership) | Dec-31 | U.S.A. | 50 | 50 | 50 | |||||
CSI Mexico LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
CSI Sales & Technical Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging International (US) Inc. (y) | Dec-31 | U.S.A. | — | 100 | — | |||||
Evergreen Packaging USA Inc. (y) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPACSUB LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Capital Corp. I | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Capital Corp. II | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Opco GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Sub GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Acquisition Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Comerc USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Europe LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Controllers USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging GP Acquisition LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Holdings Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging International Plastics Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Latin America LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LC, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Leasing USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LP Acquisition LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Minster LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PET Technologies Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Plastic Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Poland L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Holding Corporation | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Regioplast STS Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Technological Specialties LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging West Jordan, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Recycling Company L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
International Tray Pads & Packaging, Inc (z) | Dec-31 | U.S.A. | — | 100 | — | |||||
Master Containers, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Pactiv Germany Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Management Company LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv NA II LLC | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Graham Packaging LC, L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Leasing USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LP Acquisition LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Minster LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging PET Technologies Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Plastic Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Poland, L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging PX Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Holding Corporation | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Regioplast STS Inc. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Technological Specialties LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging West Jordan, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Recycling Company L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Master Containers, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Pactiv International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Management Company LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv NA II LLC (e) | Dec-31 | U.S.A. | — | 100 | — | |||||
Pactiv Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
PCA West Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
RenPac Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Manufacturing, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Presto Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Southern Plastics Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Spirit Foodservice, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Spirit Foodservice Products, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Trans Western Polymers, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Alusud Venezuela S.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
Graham Packaging Plasticos de Venezuela C.A. (g) | Dec-31 | Venezuela | — | 100 | — | |||||
Discontinued operations (g) | ||||||||||
SIG Combibloc Argentina S.R.L. | Dec-31 | Argentina | — | 100 | — | |||||
Whakatane Mill Australia Pty Limited | Dec-31 | Australia | — | 100 | — | |||||
SIG Austria Holding GmbH | Dec-31 | Austria | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Austria | — | 100 | — | |||||
SIG Combibloc GmbH & Co KG | Dec-31 | Austria | — | 100 | — | |||||
SIG Beverages Brasil Ltda. | Dec-31 | Brazil | — | 100 | — | |||||
SIG Combibloc do Brasil Ltda. | Dec-31 | Brazil | — | 100 | — | |||||
SIG Combibloc Chile Limitada | Dec-31 | Chile | — | 100 | — | |||||
SIG Combibloc (Suzhou) Co. Ltd. | Dec-31 | China | — | 100 | — | |||||
SIG Combibloc s.r.o. | Dec-31 | Czech Republic | — | 100 | — | |||||
SIG Combibloc SARL | Dec-31 | France | — | 100 | — | |||||
SIG Beteiligungs GmbH | Dec-31 | Germany | — | 100 | — |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Pactiv Packaging Inc. (formerly PWP Industries, Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
PCA West Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
RenPac Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Inc. (formerly Reynolds Foil Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Manufacturing, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Presto Products Inc. (formerly Reynolds Consumer Products, Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
SIG Combibloc Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
SIG Holding USA, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Southern Plastics, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Spirit Foodservice, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Spirit Foodservice Products, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Trans Western Polymers, Inc. (ab) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Alusud Venezuela S.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
Graham Packaging Plasticos de Venezuela C.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
SIG Vietnam Ltd. | Dec-31 | Vietnam | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
SIG Combibloc GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Holding GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Systems GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Zerspanungstechnik GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Euro Holding AG & Co. KGaA | Dec-31 | Germany | — | 100 | — | |||||
SIG Information Technology GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG International Services GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Limited (in liquidation) | Dec-31 | Hong Kong | — | 100 | — | |||||
SIG Combibloc KFT | Dec-31 | Hungary | — | 100 | — | |||||
PT. SIG Combibloc Indonesia | Dec-31 | Indonesia | — | 100 | — | |||||
SIG Combibloc S.r.l. | Dec-31 | Italy | — | 100 | — | |||||
SIG Combibloc Korea Ltd. | Dec-31 | Korea | — | 100 | — | |||||
Middle America M.A., S.A. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Combibloc Mexico, S.A. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Tecnologica para Plasticos de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Combibloc B.V. | Dec-31 | Netherlands | — | 100 | — | |||||
Whakatane Mill Limited | Dec-31 | New Zealand | — | 100 | — | |||||
SIG Combibloc Sp. z o.o. | Dec-31 | Poland | — | 100 | — | |||||
OOO SIG Combibloc | Dec-31 | Russia | — | 100 | — | |||||
SIG Combibloc S.A. | Dec-31 | Spain | — | 100 | — | |||||
SIG Combibloc AB | Dec-31 | Sweden | — | 100 | — | |||||
SIG allCap AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Group AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Procurement AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc (Schweiz) AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Schweizerische Industrie-Gesellschaft AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Technology AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Taiwan Ltd. | Dec-31 | Taiwan | — | 100 | — | |||||
SIG Combibloc Ltd. | Dec-31 | Thailand | — | 100 | — | |||||
SIG Combibloc Limited | Dec-31 | United Kingdom | — | 100 | — | |||||
SIG Combibloc Inc. | Dec-31 | U.S.A. | — | 100 | — | |||||
SIG Holding USA, LLC | Dec-31 | U.S.A. | — | 100 | — | |||||
SIG Vietnam Ltd. | Dec-31 | Vietnam | — | 100 | — |
(a) | Name changed effective in November 2014 from Graham Packaging Argentina S.A. |
(b) | The Group has the control and it has the power to govern the financial and operating policies of the |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Less than one year | 110 | 111 | 100 | 102 | ||||||||
Between 1 and 5 years | 220 | 222 | 213 | 205 | ||||||||
More than 5 years | 88 | 79 | 65 | 83 | ||||||||
Total | 418 | 412 | 378 | 390 |
(1) | The condensed consolidating statements of financial position as of December 31, |
a. | Reynolds Group Holdings Limited, the Parent; |
b. | the Reynolds Notes Issuers (as defined in note |
c. | the other guarantor subsidiaries; |
d. | the non-guarantor subsidiaries; and |
e. | the Group on a consolidated basis. |
(2) | Adjustments and elimination entries necessary to consolidate Reynolds Group Holdings Limited, the Parent, with the Reynolds Notes Issuers, the other guarantor subsidiaries and the non-guarantor subsidiaries. |
For the year ended December 31, 2013 | For the year ended December 31, 2015 | ||||||||||||||||||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||||||||||||||
Revenue | — | — | 12,239 | 2,094 | (360 | ) | 13,973 | — | — | 10,077 | 1,242 | (141 | ) | 11,178 | |||||||||||||||||||||
Cost of sales | — | — | (9,952 | ) | (1,729 | ) | 360 | (11,321 | ) | — | — | (8,080 | ) | (1,039 | ) | 141 | (8,978 | ) | |||||||||||||||||
Gross profit | — | — | 2,287 | 365 | — | 2,652 | — | — | 1,997 | 203 | — | 2,200 | |||||||||||||||||||||||
Other income, other expenses and share of equity method earnings, net of income tax | (83 | ) | — | 193 | (17 | ) | (192 | ) | (99 | ) | |||||||||||||||||||||||||
Net other income (expenses) and share of equity method earnings, net of income tax | (358 | ) | — | 124 | (13 | ) | 300 | 53 | |||||||||||||||||||||||||||
Selling, marketing and distribution expenses | — | — | (294 | ) | (49 | ) | — | (343 | ) | — | — | (236 | ) | (26 | ) | — | (262 | ) | |||||||||||||||||
General and administration expenses | — | — | (835 | ) | (95 | ) | — | (930 | ) | — | — | (683 | ) | (62 | ) | — | (745 | ) | |||||||||||||||||
Profit (loss) from operating activities ("EBIT") | (83 | ) | — | 1,351 | 204 | (192 | ) | 1,280 | |||||||||||||||||||||||||||
Profit (loss) from operating activities | (358 | ) | — | 1,202 | 102 | 300 | 1,246 | ||||||||||||||||||||||||||||
Financial income | 18 | 1,173 | 15 | 82 | (1,121 | ) | 167 | 19 | 1,041 | 13 | 70 | (1,121 | ) | 22 | |||||||||||||||||||||
Financial expenses | — | (1,024 | ) | (1,487 | ) | (21 | ) | 1,121 | (1,411 | ) | (15 | ) | (1,205 | ) | (1,439 | ) | (24 | ) | 1,121 | (1,562 | ) | ||||||||||||||
Net financial income (expenses) | 18 | 149 | (1,472 | ) | 61 | — | (1,244 | ) | 4 | (164 | ) | (1,426 | ) | 46 | — | (1,540 | ) | ||||||||||||||||||
Profit (loss) before income tax | (65 | ) | 149 | (121 | ) | 265 | (192 | ) | 36 | ||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (354 | ) | (164 | ) | (224 | ) | 148 | 300 | (294 | ) | |||||||||||||||||||||||||
Income tax (expense) benefit | (5 | ) | (124 | ) | 76 | (51 | ) | — | (104 | ) | (2 | ) | 43 | (75 | ) | (26 | ) | — | (60 | ) | |||||||||||||||
Profit (loss) from continuing operations | (356 | ) | (121 | ) | (299 | ) | 122 | 300 | (354 | ) | |||||||||||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 2,672 | — | 2,678 | 4 | (2,682 | ) | 2,672 | ||||||||||||||||||||||||||||
Profit (loss) for the year | (70 | ) | 25 | (45 | ) | 214 | (192 | ) | (68 | ) | 2,316 | (121 | ) | 2,379 | 126 | (2,382 | ) | 2,318 | |||||||||||||||||
Other changes to other comprehensive income | 496 | — | 493 | 39 | (532 | ) | 496 | ||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of income tax | (391 | ) | — | (369 | ) | (104 | ) | 473 | (391 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) for the year | 426 | 25 | 448 | 253 | (724 | ) | 428 | 1,925 | (121 | ) | 2,010 | 22 | (1,909 | ) | 1,927 | ||||||||||||||||||||
Profit (loss) attributable to: | |||||||||||||||||||||||||||||||||||
Equity holder of the Group | (70 | ) | 25 | (45 | ) | 212 | (192 | ) | (70 | ) | |||||||||||||||||||||||||
Equity holder of the Group - continuing operations | (356 | ) | (121 | ) | (299 | ) | 120 | 300 | (356 | ) | |||||||||||||||||||||||||
Equity holder of the Group - discontinued operations | 2,672 | — | 2,678 | 4 | (2,682 | ) | 2,672 | ||||||||||||||||||||||||||||
Non-controlling interests | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||
(70 | ) | 25 | (45 | ) | 214 | (192 | ) | (68 | ) | 2,316 | (121 | ) | 2,379 | 126 | (2,382 | ) | 2,318 | ||||||||||||||||||
Total comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||||||||
Equity holder of the Group | 426 | 25 | 448 | 251 | (724 | ) | 426 | ||||||||||||||||||||||||||||
Equity holder of the Group - continuing operations | (326 | ) | (121 | ) | (247 | ) | 24 | 344 | (326 | ) | |||||||||||||||||||||||||
Equity holder of the Group - discontinued operations | 2,251 | — | 2,257 | (4 | ) | (2,253 | ) | 2,251 | |||||||||||||||||||||||||||
Non-controlling interests | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||
426 | 25 | 448 | 253 | (724 | ) | 428 | 1,925 | (121 | ) | 2,010 | 22 | (1,909 | ) | 1,927 |
As of December 31, 2013 | As of December 31, 2015 | ||||||||||||||||||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,258 | 232 | — | 1,490 | 1 | — | 1,815 | 161 | — | 1,977 | |||||||||||||||||||||||
Trade and other receivables | 5 | — | 508 | 995 | — | 1,508 | |||||||||||||||||||||||||||||
Trade and other receivables, net | 5 | — | 209 | 881 | — | 1,095 | |||||||||||||||||||||||||||||
Inventories | — | — | 1,423 | 224 | — | 1,647 | — | — | 1,126 | 136 | — | 1,262 | |||||||||||||||||||||||
Inter-group receivables | — | 293 | 3 | — | (296 | ) | — | — | 223 | 4 | 1 | (228 | ) | — | |||||||||||||||||||||
Assets held for sale | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||
Other assets | — | 1 | 108 | 26 | — | 135 | — | — | 218 | 12 | — | 230 | |||||||||||||||||||||||
Total current assets | 5 | 294 | 3,300 | 1,477 | (296 | ) | 4,780 | 6 | 223 | 3,373 | 1,191 | (228 | ) | 4,565 | |||||||||||||||||||||
Investments in subsidiaries, associates and joint ventures | — | — | 1,932 | 147 | (1,930 | ) | 149 | ||||||||||||||||||||||||||||
Investments in subsidiaries | 529 | — | 809 | — | (1,338 | ) | — | ||||||||||||||||||||||||||||
Property, plant and equipment | — | — | 3,680 | 673 | — | 4,353 | — | — | 2,809 | 375 | — | 3,184 | |||||||||||||||||||||||
Intangible assets | — | — | 11,561 | 494 | — | 12,055 | — | — | 9,858 | 334 | — | 10,192 | |||||||||||||||||||||||
Inter-group receivables | — | 12,871 | 477 | 200 | (13,548 | ) | — | — | 8,954 | 836 | 92 | (9,882 | ) | — | |||||||||||||||||||||
Other assets | 324 | 437 | 223 | 62 | — | 1,046 | 307 | 99 | 107 | 37 | — | 550 | |||||||||||||||||||||||
Total non-current assets | 324 | 13,308 | 17,873 | 1,576 | (15,478 | ) | 17,603 | 836 | 9,053 | 14,419 | 838 | (11,220 | ) | 13,926 | |||||||||||||||||||||
Total assets | 329 | 13,602 | 21,173 | 3,053 | (15,774 | ) | 22,383 | 842 | 9,276 | 17,792 | 2,029 | (11,448 | ) | 18,491 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Trade and other payables | 17 | 284 | 1,135 | 363 | — | 1,799 | 53 | 188 | 793 | 171 | — | 1,205 | |||||||||||||||||||||||
Borrowings | 1 | — | 29 | 441 | — | 471 | 1 | — | 645 | 331 | — | 977 | |||||||||||||||||||||||
Inter-group payables | — | — | 293 | 3 | (296 | ) | — | — | — | 224 | 4 | (228 | ) | — | |||||||||||||||||||||
Other liabilities | 8 | — | 448 | 67 | — | 523 | 7 | — | 331 | 39 | — | 377 | |||||||||||||||||||||||
Total current liabilities | 26 | 284 | 1,905 | 874 | (296 | ) | 2,793 | 61 | 188 | 1,993 | 545 | (228 | ) | 2,559 | |||||||||||||||||||||
Borrowings | — | 12,832 | 4,634 | — | — | 17,466 | — | 8,938 | 3,847 | — | — | 12,785 | |||||||||||||||||||||||
Deficit in subsidiaries | 533 | — | — | — | (533 | ) | — | ||||||||||||||||||||||||||||
Inter-group liabilities | 21 | 140 | 13,069 | 318 | (13,548 | ) | — | — | 132 | 9,197 | 553 | (9,882 | ) | — | |||||||||||||||||||||
Other liabilities | — | 136 | 2,098 | 121 | — | 2,355 | — | 48 | 2,226 | 76 | — | 2,350 | |||||||||||||||||||||||
Total non-current liabilities | 554 | 13,108 | 19,801 | 439 | (14,081 | ) | 19,821 | — | 9,118 | 15,270 | 629 | (9,882 | ) | 15,135 | |||||||||||||||||||||
Total liabilities | 580 | 13,392 | 21,706 | 1,313 | (14,377 | ) | 22,614 | 61 | 9,306 | 17,263 | 1,174 | (10,110 | ) | 17,694 | |||||||||||||||||||||
Net assets (liabilities) | (251 | ) | 210 | (533 | ) | 1,740 | (1,397 | ) | (231 | ) | |||||||||||||||||||||||||
Net assets | 781 | (30 | ) | 529 | 855 | (1,338 | ) | 797 | |||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||
Equity attributable to equity holder of the Group | (251 | ) | 210 | (533 | ) | 1,720 | (1,397 | ) | (251 | ) | |||||||||||||||||||||||||
Equity (deficit) attributable to equity holder of the Group | 781 | (30 | ) | 529 | 839 | (1,338 | ) | 781 | |||||||||||||||||||||||||||
Non-controlling interests | — | — | — | 20 | — | 20 | — | — | — | 16 | — | 16 | |||||||||||||||||||||||
Total equity (deficit) | (251 | ) | 210 | (533 | ) | 1,740 | (1,397 | ) | (231 | ) | |||||||||||||||||||||||||
Total equity | 781 | (30 | ) | 529 | 855 | (1,338 | ) | 797 |
For the year ended December 31, 2013 | |||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||
Net cash from (used in) operating activities | (38 | ) | (1,016 | ) | 675 | 207 | 957 | 785 | |||||||||
Cash flow from (used in) investing activities | |||||||||||||||||
Acquisition of property, plant and equipment, intangible assets and investment properties | — | — | (652 | ) | (72 | ) | — | (724 | ) | ||||||||
Proceeds from sale of property, plant and equipment, investment properties, intangible assets and other assets | — | — | 20 | — | — | 20 | |||||||||||
Acquisition of businesses, net of cash acquired | — | — | (107 | ) | — | — | (107 | ) | |||||||||
Proceeds from insurance claims | — | — | 14 | — | — | 14 | |||||||||||
Net related party advances (repayments) | 14 | — | (41 | ) | (25 | ) | 52 | — | |||||||||
Related party interest received | 3 | 954 | — | — | (957 | ) | — | ||||||||||
Other | — | — | 5 | 28 | — | 33 | |||||||||||
Net cash from (used in) investing activities | 17 | 954 | (761 | ) | (69 | ) | (905 | ) | (764 | ) | |||||||
Net cash from (used in) financing activities | |||||||||||||||||
Drawdown of loans and borrowings | — | — | 3,849 | 117 | — | 3,966 | |||||||||||
Repayment of loans and borrowings | — | — | (3,842 | ) | (197 | ) | — | (4,039 | ) | ||||||||
Net related party borrowings | 21 | 62 | 11 | (42 | ) | (52 | ) | — | |||||||||
Payment of debt transaction costs | — | — | (25 | ) | — | — | (25 | ) | |||||||||
Other | — | — | (1 | ) | (2 | ) | — | (3 | ) | ||||||||
Net cash from (used in) financing activities | 21 | 62 | (8 | ) | (124 | ) | (52 | ) | (101 | ) |
For the year ended December 31, 2012 | |||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||
Revenue | — | — | 12,165 | 2,025 | (360 | ) | 13,830 | ||||||||||
Cost of sales | — | — | (9,798 | ) | (1,772 | ) | 360 | (11,210 | ) | ||||||||
Gross profit | — | — | 2,367 | 253 | — | 2,620 | |||||||||||
Other income, other expenses and share of equity method earnings, net of income tax | (111 | ) | — | 77 | 2 | (47 | ) | (79 | ) | ||||||||
Selling, marketing and distribution expenses | — | — | (296 | ) | (52 | ) | — | (348 | ) | ||||||||
General and administration expenses | — | — | (860 | ) | (101 | ) | — | (961 | ) | ||||||||
Profit (loss) from operating activities ("EBIT") | (111 | ) | — | 1,288 | 102 | (47 | ) | 1,232 | |||||||||
Financial income | 17 | 1,203 | 133 | — | (1,067 | ) | 286 | ||||||||||
Financial expenses | — | (1,130 | ) | (1,630 | ) | 3 | 1,067 | (1,690 | ) | ||||||||
Net financial income (expenses) | 17 | 73 | (1,497 | ) | 3 | — | (1,404 | ) | |||||||||
Profit (loss) before income tax | (94 | ) | 73 | (209 | ) | 105 | (47 | ) | (172 | ) | |||||||
Income tax (expense) benefit | (5 | ) | (23 | ) | 129 | (27 | ) | — | 74 | ||||||||
Profit (loss) for the year | (99 | ) | 50 | (80 | ) | 78 | (47 | ) | (98 | ) | |||||||
Other changes to other comprehensive income | (59 | ) | (3 | ) | (79 | ) | 115 | (33 | ) | (59 | ) | ||||||
Total comprehensive income (loss) for the period | (158 | ) | 47 | (159 | ) | 193 | (80 | ) | (157 | ) | |||||||
Profit (loss) attributable to: | |||||||||||||||||
Equity holder of the Group | (99 | ) | 50 | (80 | ) | 77 | (47 | ) | (99 | ) | |||||||
Non-controlling interests | — | — | — | 1 | — | 1 | |||||||||||
(99 | ) | 50 | (80 | ) | 78 | (47 | ) | (98 | ) | ||||||||
Total comprehensive income (loss) attributable to: | |||||||||||||||||
Equity holder of the Group | (158 | ) | 47 | (159 | ) | 192 | (80 | ) | (158 | ) | |||||||
Non-controlling interests | — | — | — | 1 | — | 1 | |||||||||||
(158 | ) | 47 | (159 | ) | 193 | (80 | ) | (157 | ) |
As of December 31, 2012 | |||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | — | — | 1,337 | 219 | — | 1,556 | |||||||||||
Trade and other receivables | 10 | — | 430 | 1,003 | — | 1,443 | |||||||||||
Inventories | — | — | 1,373 | 239 | — | 1,612 | |||||||||||
Inter-group receivables | — | 293 | — | — | (293 | ) | — | ||||||||||
Other assets | — | 1 | 121 | 29 | — | 151 | |||||||||||
Total current assets | 10 | 294 | 3,261 | 1,490 | (293 | ) | 4,762 | ||||||||||
Investments in subsidiaries, associates and joint ventures | — | — | 1,844 | 138 | (1,841 | ) | 141 | ||||||||||
Property, plant and equipment | — | — | 3,633 | 730 | — | 4,363 | |||||||||||
Intangible assets | — | — | 11,751 | 523 | — | 12,274 | |||||||||||
Inter-group receivables | 16 | 12,802 | 392 | 182 | (13,392 | ) | — | ||||||||||
Other assets | 307 | 285 | 295 | 54 | — | 941 | |||||||||||
Total non-current assets | 323 | 13,087 | 17,915 | 1,627 | (15,233 | ) | 17,719 | ||||||||||
Total assets | 333 | 13,381 | 21,176 | 3,117 | (15,526 | ) | 22,481 | ||||||||||
Liabilities | |||||||||||||||||
Trade and other payables | 17 | 294 | 1,144 | 353 | — | 1,808 | |||||||||||
Borrowings | 1 | — | 27 | 496 | — | 524 | |||||||||||
Inter-group payables | — | — | 293 | — | (293 | ) | — | ||||||||||
Other liabilities | 9 | 3 | 449 | 64 | — | 525 | |||||||||||
Total current liabilities | 27 | 297 | 1,913 | 913 | (293 | ) | 2,857 | ||||||||||
Borrowings | — | 12,808 | 4,569 | 1 | — | 17,378 | |||||||||||
Deficit in subsidiaries | 983 | — | — | — | (983 | ) | — | ||||||||||
Inter-group liabilities | — | 77 | 12,908 | 407 | (13,392 | ) | — | ||||||||||
Other liabilities | — | 12 | 2,769 | 121 | — | 2,902 | |||||||||||
Total non-current liabilities | 983 | 12,897 | 20,246 | 529 | (14,375 | ) | 20,280 | ||||||||||
Total liabilities | 1,010 | 13,194 | 22,159 | 1,442 | (14,668 | ) | 23,137 | ||||||||||
Net assets (liabilities) | (677 | ) | 187 | (983 | ) | 1,675 | (858 | ) | (656 | ) | |||||||
Equity | |||||||||||||||||
Equity attributable to equity holder of the Group | (677 | ) | 187 | (983 | ) | 1,654 | (858 | ) | (677 | ) | |||||||
Non-controlling interests | — | — | — | 21 | — | 21 | |||||||||||
Total equity | (677 | ) | 187 | (983 | ) | 1,675 | (858 | ) | (656 | ) |
For the year ended December 31, 2015 | ||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | ||||||||||||
Net cash from (used in) operating activities | (41 | ) | (800 | ) | 730 | (52 | ) | 817 | 654 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||||||||
Acquisition of property, plant and equipment and intangible assets | — | — | (333 | ) | (48 | ) | — | (381 | ) | |||||||||
Purchases of short-term investments | — | — | (200 | ) | — | — | (200 | ) | ||||||||||
Proceeds from sale of short-term investments | — | — | 200 | — | — | 200 | ||||||||||||
Proceeds from sale of property, plant and equipment and other assets | — | — | 23 | — | — | 23 | ||||||||||||
Proceeds from insurance claims | — | — | 26 | — | — | 26 | ||||||||||||
Disposal of businesses, net of cash disposed | — | — | 4,168 | (20 | ) | — | 4,148 | |||||||||||
Net related party advances (repayments) | — | 4,010 | (33 | ) | 15 | (3,992 | ) | — | ||||||||||
Proceeds from intercompany share repurchase | 41 | — | — | — | (41 | ) | — | |||||||||||
Intercompany capital injection | — | — | (7 | ) | — | 7 | — | |||||||||||
Related party interest received | — | 803 | 14 | — | (817 | ) | — | |||||||||||
Other | — | — | 3 | 1 | — | 4 | ||||||||||||
Net cash from (used in) investing activities | 41 | 4,813 | 3,861 | (52 | ) | (4,843 | ) | 3,820 | ||||||||||
Cash flows from (used in) financing activities | ||||||||||||||||||
Drawdown of borrowings | — | — | — | 150 | — | 150 | ||||||||||||
Repayment of borrowings | — | (3,982 | ) | (72 | ) | (228 | ) | — | (4,282 | ) | ||||||||
Net related party borrowings (repayments) | — | (30 | ) | (4,025 | ) | 63 | 3,992 | — | ||||||||||
Payment of debt transaction costs | — | — | (15 | ) | — | — | (15 | ) | ||||||||||
Payment for intercompany share repurchase | — | (41 | ) | — | 41 | — | ||||||||||||
Proceeds from intercompany capital injection | — | — | — | 7 | (7 | ) | — | |||||||||||
Other | — | — | (4 | ) | (5 | ) | — | (9 | ) | |||||||||
Net cash from (used in) financing activities | — | (4,012 | ) | (4,157 | ) | (13 | ) | 4,026 | (4,156 | ) |
For the year ended December 31, 2012 | |||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||
Net cash from (used in) operating activities(a) | (32 | ) | (996 | ) | 1,653 | (668 | ) | 961 | 918 | ||||||||
Cash from (used in) investing activities | |||||||||||||||||
Acquisition of property, plant and equipment, intangible assets and investment properties | — | — | (538 | ) | (112 | ) | — | (650 | ) | ||||||||
Proceeds from sale of property, plant and equipment, investment properties, intangible assets and other assets | — | — | 32 | — | — | 32 | |||||||||||
Proceeds from insurance claims | — | — | 6 | — | — | 6 | |||||||||||
Acquisition of businesses, net of cash acquired | — | — | (33 | ) | — | — | (33 | ) | |||||||||
Disposal of business, net of cash disposed | — | — | 95 | — | — | 95 | |||||||||||
Net related party advances (repayments) | — | (2,722 | ) | (165 | ) | (12 | ) | 2,899 | — | ||||||||
Related party interest received | — | 961 | — | — | (961 | ) | — | ||||||||||
Related party investment in subsidiaries | — | — | (200 | ) | — | 200 | — | ||||||||||
Other | 32 | — | 3 | 8 | (32 | ) | 11 | ||||||||||
Net cash from (used in) investing activities | 32 | (1,761 | ) | (800 | ) | (116 | ) | 2,106 | (539 | ) | |||||||
Cash from (used in) financing activities | |||||||||||||||||
Drawdown of loans and borrowings | — | 4,500 | 2,636 | 553 | — | 7,689 | |||||||||||
Repayment of loans and borrowings | — | (1,697 | ) | (5,227 | ) | (80 | ) | — | (7,004 | ) | |||||||
Net related party borrowings | — | — | 2,711 | 165 | (2,899 | ) | (23 | ) | |||||||||
Payment of debt transaction costs(a) | — | (46 | ) | (52 | ) | (7 | ) | — | (105 | ) | |||||||
Proceeds from issuance of share capital | — | — | — | 200 | (200 | ) | — | ||||||||||
Other | — | — | (32 | ) | (2 | ) | 32 | (2 | ) | ||||||||
Net cash from (used in) financing activities | — | 2,757 | 36 | 829 | (3,067 | ) | 555 |
For the year ended December 31, 2011 | For the year ended December 31, 2014 | ||||||||||||||||||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||||||||||||||
Revenue | — | — | 10,601 | 1,539 | (321 | ) | 11,819 | — | — | 10,356 | 1,453 | (143 | ) | 11,666 | |||||||||||||||||||||
Cost of sales | — | — | (8,667 | ) | (1,385 | ) | 321 | (9,731 | ) | — | — | (8,547 | ) | (1,246 | ) | 143 | (9,650 | ) | |||||||||||||||||
Gross profit | — | — | 1,934 | 154 | — | 2,088 | — | — | 1,809 | 207 | — | 2,016 | |||||||||||||||||||||||
Other income, other expenses and share of equity method earnings, net of income tax | (498 | ) | — | (178 | ) | (2 | ) | 484 | (194 | ) | |||||||||||||||||||||||||
Net other income (expenses) and share of equity method earnings, net of income tax | (420 | ) | — | 22 | (28 | ) | 380 | (46 | ) | ||||||||||||||||||||||||||
Selling, marketing and distribution expenses | — | — | (294 | ) | (53 | ) | — | (347 | ) | — | — | (229 | ) | (26 | ) | — | (255 | ) | |||||||||||||||||
General and administration expenses | (2 | ) | — | (676 | ) | (52 | ) | — | (730 | ) | — | — | (666 | ) | (75 | ) | — | (741 | ) | ||||||||||||||||
Profit (loss) from operating activities ("EBIT") | (500 | ) | — | 786 | 47 | 484 | 817 | ||||||||||||||||||||||||||||
Profit (loss) from operating activities | (420 | ) | — | 936 | 78 | 380 | 974 | ||||||||||||||||||||||||||||
Financial income | 16 | 695 | 2 | 19 | (710 | ) | 22 | 22 | 1,023 | 10 | 86 | (1,116 | ) | 25 | |||||||||||||||||||||
Financial expenses | — | (728 | ) | (1,373 | ) | (29 | ) | 710 | (1,420 | ) | (3 | ) | (1,167 | ) | (1,394 | ) | (26 | ) | 1,116 | (1,474 | ) | ||||||||||||||
Net financial income (expenses) | 16 | (33 | ) | (1,371 | ) | (10 | ) | — | (1,398 | ) | 19 | (144 | ) | (1,384 | ) | 60 | — | (1,449 | ) | ||||||||||||||||
Profit (loss) before income tax | (484 | ) | (33 | ) | (585 | ) | 37 | 484 | (581 | ) | |||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (401 | ) | (144 | ) | (448 | ) | 138 | 380 | (475 | ) | |||||||||||||||||||||||||
Income tax (expense) benefit | (4 | ) | 13 | 87 | (1 | ) | — | 95 | (6 | ) | 46 | 59 | (29 | ) | — | 70 | |||||||||||||||||||
Profit (loss) from continuing operations | (407 | ) | (98 | ) | (389 | ) | 109 | 380 | (405 | ) | |||||||||||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 105 | — | 114 | 86 | (200 | ) | 105 | ||||||||||||||||||||||||||||
Profit (loss) for the year | (488 | ) | (20 | ) | (498 | ) | 36 | 484 | (486 | ) | (302 | ) | (98 | ) | (275 | ) | 195 | 180 | (300 | ) | |||||||||||||||
Other changes to other comprehensive income | (358 | ) | 29 | (356 | ) | 317 | 10 | (358 | ) | ||||||||||||||||||||||||||
Total comprehensive income (loss) for the period | (846 | ) | 9 | (854 | ) | 353 | 494 | (844 | ) | ||||||||||||||||||||||||||
Total other comprehensive income (loss), net of income tax | (560 | ) | — | (565 | ) | (245 | ) | 810 | (560 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) for the year | (862 | ) | (98 | ) | (840 | ) | (50 | ) | 990 | (860 | ) | ||||||||||||||||||||||||
Profit (loss) attributable to: | |||||||||||||||||||||||||||||||||||
Equity holder of the Group | (488 | ) | (20 | ) | (498 | ) | 34 | 484 | (488 | ) | |||||||||||||||||||||||||
Equity holder of the Group - continuing operations | (407 | ) | (98 | ) | (389 | ) | 107 | 380 | (407 | ) | |||||||||||||||||||||||||
Equity holder of the Group - discontinued operations | 105 | — | 114 | 86 | (200 | ) | 105 | ||||||||||||||||||||||||||||
Non-controlling interests | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||
(488 | ) | (20 | ) | (498 | ) | 36 | 484 | (486 | ) | (302 | ) | (98 | ) | (275 | ) | 195 | 180 | (300 | ) | ||||||||||||||||
Total comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||||||||
Equity holder of the Group | (846 | ) | 9 | (854 | ) | 352 | 494 | (845 | ) | ||||||||||||||||||||||||||
Equity holder of the Group - continuing operations | (973 | ) | (98 | ) | (960 | ) | (119 | ) | 1,177 | (973 | ) | ||||||||||||||||||||||||
Equity holder of the Group - discontinued operations | 111 | — | 120 | 67 | (187 | ) | 111 | ||||||||||||||||||||||||||||
Non-controlling interests | — | — | — | 1 | — | 1 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||
(846 | ) | 9 | (854 | ) | 353 | 494 | (844 | ) | (862 | ) | (98 | ) | (840 | ) | (50 | ) | 990 | (860 | ) |
For the year ended December 31, 2011 | |||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | |||||||||||
Net cash from (used in) operating activities | — | (547 | ) | 454 | 7 | 529 | 443 | ||||||||||
Cash from (used in) investing activities | |||||||||||||||||
Acquisition of property, plant and equipment, intangible assets and investment properties | — | — | (412 | ) | (108 | ) | — | (520 | ) | ||||||||
Proceeds from sale of property, plant and equipment, investment properties, intangible assets and other assets | — | — | 58 | 13 | — | 71 | |||||||||||
Acquisition of intangible assets | — | — | — | — | — | — | |||||||||||
Acquisition of businesses, net of cash acquired | — | — | (2,048 | ) | — | — | (2,048 | ) | |||||||||
Net related party advances (repayments) | — | (4,427 | ) | (31 | ) | 88 | 4,370 | — | |||||||||
Related party interest received | — | 529 | — | — | (529 | ) | — | ||||||||||
Pre-acquisition advance to Graham Packaging | — | — | (20 | ) | — | — | (20 | ) | |||||||||
Other | — | 1 | 5 | 9 | — | 15 | |||||||||||
Net cash from (used in) investing activities | — | (3,897 | ) | (2,448 | ) | 2 | 3,841 | (2,502 | ) | ||||||||
Cash from (used in) financing activities | |||||||||||||||||
Drawdown of loans and borrowings | — | 4,482 | 4,676 | 13 | — | 9,171 | |||||||||||
Repayment of loans and borrowings | — | — | (6,648 | ) | (4 | ) | — | (6,652 | ) | ||||||||
Payment of liabilities arising from Graham Packaging acquisition | — | — | (252 | ) | — | — | (252 | ) | |||||||||
Net related party borrowings | — | 29 | 4,364 | 2 | (4,370 | ) | 25 | ||||||||||
Payment of debt transaction costs | — | (92 | ) | (187 | ) | — | — | (279 | ) | ||||||||
Other | — | — | (5 | ) | (2 | ) | — | (7 | ) | ||||||||
Net cash from (used in) financing activities | — | 4,419 | 1,948 | 9 | (4,370 | ) | 2,006 |
As of December 31, 2014 | ||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | ||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 1,319 | 269 | — | 1,588 | ||||||||||||
Trade and other receivables, net | — | — | 246 | 930 | — | 1,176 | ||||||||||||
Inventories | — | — | 1,285 | 168 | — | 1,453 | ||||||||||||
Inter-group receivables | — | 298 | 6 | — | (304 | ) | — | |||||||||||
Assets held for sale | — | — | 2,290 | 477 | — | 2,767 | ||||||||||||
Other assets | — | 1 | 71 | 24 | — | 96 | ||||||||||||
Total current assets | — | 299 | 5,217 | 1,868 | (304 | ) | 7,080 | |||||||||||
Investments in subsidiaries | — | — | 1,676 | 16 | (1,674 | ) | 18 | |||||||||||
Property, plant and equipment | — | — | 2,966 | 446 | — | 3,412 | ||||||||||||
Intangible assets | — | — | 10,115 | 384 | — | 10,499 | ||||||||||||
Inter-group receivables | — | 12,889 | 626 | 152 | (13,667 | ) | — | |||||||||||
Other assets | 330 | 296 | 90 | 25 | — | 741 | ||||||||||||
Total non-current assets | 330 | 13,185 | 15,473 | 1,023 | (15,341 | ) | 14,670 | |||||||||||
Total assets | 330 | 13,484 | 20,690 | 2,891 | (15,645 | ) | 21,750 | |||||||||||
Liabilities | ||||||||||||||||||
Trade and other payables | 15 | 284 | 865 | 232 | — | 1,396 | ||||||||||||
Borrowings | 1 | — | 68 | 409 | — | 478 | ||||||||||||
Inter-group payables | 2 | 1 | 297 | 4 | (304 | ) | — | |||||||||||
Liabilities directly associated with assets held for sale | — | — | 593 | 146 | — | 739 | ||||||||||||
Other liabilities | 10 | — | 384 | 49 | — | 443 | ||||||||||||
Total current liabilities | 28 | 285 | 2,207 | 840 | (304 | ) | 3,056 | |||||||||||
Borrowings | — | 12,856 | 4,524 | — | — | 17,380 | ||||||||||||
Deficit in subsidiaries | 1,358 | — | — | — | (1,358 | ) | — | |||||||||||
Inter-group liabilities | 88 | 162 | 13,066 | 351 | (13,667 | ) | — | |||||||||||
Other liabilities | — | 90 | 2,251 | 98 | — | 2,439 | ||||||||||||
Total non-current liabilities | 1,446 | 13,108 | 19,841 | 449 | (15,025 | ) | 19,819 | |||||||||||
Total liabilities | 1,474 | 13,393 | 22,048 | 1,289 | (15,329 | ) | 22,875 | |||||||||||
Net assets (liabilities) | (1,144 | ) | 91 | (1,358 | ) | 1,602 | (316 | ) | (1,125 | ) | ||||||||
Equity | ||||||||||||||||||
Equity (deficit) attributable to equity holder of the Group | (1,144 | ) | 91 | (1,358 | ) | 1,583 | (316 | ) | (1,144 | ) | ||||||||
Non-controlling interests | — | — | — | 19 | — | 19 | ||||||||||||
Total equity (deficit) | (1,144 | ) | 91 | (1,358 | ) | 1,602 | (316 | ) | (1,125 | ) |
For the year ended December 31, 2014 | ||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | ||||||||||||
Net cash from (used in) operating activities | (39 | ) | (1,005 | ) | 791 | 119 | 1,015 | 881 | ||||||||||
Cash flows from (used in) investing activities | ||||||||||||||||||
Acquisition of property, plant and equipment and intangible assets | — | — | (589 | ) | (98 | ) | — | (687 | ) | |||||||||
Proceeds from sale of property, plant and equipment and other assets | — | — | 25 | — | — | 25 | ||||||||||||
Proceeds from insurance claims | — | — | 50 | — | — | 50 | ||||||||||||
Acquisition of businesses and investments in joint ventures, net of cash acquired | — | — | (40 | ) | — | — | (40 | ) | ||||||||||
Disposal of businesses, net of cash disposed | — | — | 80 | — | — | 80 | ||||||||||||
Net related party advances (repayments) | — | (3 | ) | (65 | ) | 88 | (20 | ) | — | |||||||||
Intercompany return of capital | — | — | 17 | — | (17 | ) | — | |||||||||||
Related party interest received | — | 1,003 | 6 | 6 | (1,015 | ) | — | |||||||||||
Other | — | — | (10 | ) | 34 | — | 24 | |||||||||||
Net cash from (used in) investing activities | — | 1,000 | (526 | ) | 30 | (1,052 | ) | (548 | ) | |||||||||
Cash flows from (used in) financing activities | ||||||||||||||||||
Drawdown of borrowings | — | — | 8 | 161 | — | 169 | ||||||||||||
Repayment of borrowings | — | — | (28 | ) | (200 | ) | — | (228 | ) | |||||||||
Net related party borrowings (repayments) | 70 | 22 | (84 | ) | (28 | ) | 20 | — | ||||||||||
Intercompany return of capital | — | (17 | ) | — | — | 17 | — | |||||||||||
Payment of debt transaction costs | — | — | (3 | ) | — | — | (3 | ) | ||||||||||
Share repurchase | (31 | ) | — | — | — | — | (31 | ) | ||||||||||
Other | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Net cash from (used in) financing activities | 39 | 5 | (107 | ) | (70 | ) | 37 | (96 | ) |
For the year ended December 31, 2013 | ||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | ||||||||||||
Revenue | — | — | 10,309 | 1,590 | (147 | ) | 11,752 | |||||||||||
Cost of sales | — | — | (8,464 | ) | (1,354 | ) | 147 | (9,671 | ) | |||||||||
Gross profit | — | — | 1,845 | 236 | — | 2,081 | ||||||||||||
Net other income (expenses) and share of equity method earnings, net of income tax | (289 | ) | — | 118 | (25 | ) | 105 | (91 | ) | |||||||||
Selling, marketing and distribution expenses | — | — | (239 | ) | (27 | ) | — | (266 | ) | |||||||||
General and administration expenses | — | — | (698 | ) | (80 | ) | — | (778 | ) | |||||||||
Profit (loss) from operating activities | (289 | ) | — | 1,026 | 104 | 105 | 946 | |||||||||||
Financial income | 18 | 1,173 | 38 | 79 | (1,119 | ) | 189 | |||||||||||
Financial expenses | — | (1,024 | ) | (1,479 | ) | (21 | ) | 1,119 | (1,405 | ) | ||||||||
Net financial income (expenses) | 18 | 149 | (1,441 | ) | 58 | — | (1,216 | ) | ||||||||||
Profit (loss) from continuing operations before income tax | (271 | ) | 149 | (415 | ) | 162 | 105 | (270 | ) | |||||||||
Income tax (expense) benefit | (5 | ) | (124 | ) | 156 | (31 | ) | — | (4 | ) | ||||||||
Profit (loss) from continuing operations | (276 | ) | 25 | (259 | ) | 131 | 105 | (274 | ) | |||||||||
Profit (loss) from discontinued operations, net of income tax | 206 | — | 214 | 83 | (297 | ) | 206 | |||||||||||
Profit (loss) for the year | (70 | ) | 25 | (45 | ) | 214 | (192 | ) | (68 | ) | ||||||||
Total other comprehensive income (loss), net of income tax | 496 | — | 493 | 39 | (532 | ) | 496 | |||||||||||
Total comprehensive income (loss) for the year | 426 | 25 | 448 | 253 | (724 | ) | 428 | |||||||||||
Profit (loss) attributable to: | ||||||||||||||||||
Equity holder of the Group - continuing operations | (276 | ) | 25 | (259 | ) | 129 | 105 | (276 | ) | |||||||||
Equity holder of the Group - discontinued operations | 206 | — | 214 | 83 | (297 | ) | 206 | |||||||||||
Non-controlling interests | — | — | — | 2 | — | 2 | ||||||||||||
(70 | ) | 25 | (45 | ) | 214 | (192 | ) | (68 | ) | |||||||||
Total comprehensive income (loss) attributable to: | ||||||||||||||||||
Equity holder of the Group - continuing operations | 193 | 25 | 207 | 158 | (390 | ) | 193 | |||||||||||
Equity holder of the Group - discontinued operations | 233 | — | 241 | 93 | (334 | ) | 233 | |||||||||||
Non-controlling interests | — | — | — | 2 | — | 2 | ||||||||||||
426 | 25 | 448 | 253 | (724 | ) | 428 |
For the year ended December 31, 2013 | ||||||||||||||||||
(In $ million) | Parent | Reynolds Notes Issuers | Other guarantor entities | Non-guarantor entities | Adjustments and eliminations | Consolidated | ||||||||||||
Net cash from (used in) operating activities | (38 | ) | (1,016 | ) | 675 | 207 | 957 | 785 | ||||||||||
Cash flows from (used in) investing activities | ||||||||||||||||||
Acquisition of property, plant and equipment and intangible assets | — | — | (652 | ) | (72 | ) | — | (724 | ) | |||||||||
Proceeds from sale of property, plant and equipment and other assets | — | — | 20 | — | — | 20 | ||||||||||||
Proceeds from insurance claims | — | — | 14 | — | — | 14 | ||||||||||||
Acquisition of businesses and investments in joint ventures, net of cash acquired | — | — | (107 | ) | — | — | (107 | ) | ||||||||||
Net related party advances (repayments) | 14 | — | (41 | ) | (25 | ) | 52 | — | ||||||||||
Related party interest received | 3 | 954 | — | — | (957 | ) | — | |||||||||||
Other | — | — | 5 | 28 | — | 33 | ||||||||||||
Net cash from (used in) investing activities | 17 | 954 | (761 | ) | (69 | ) | (905 | ) | (764 | ) | ||||||||
Cash flows from (used in) financing activities | ||||||||||||||||||
Drawdown of borrowings | — | — | 3,849 | 117 | — | 3,966 | ||||||||||||
Repayment of borrowings | — | — | (3,842 | ) | (197 | ) | — | (4,039 | ) | |||||||||
Net related party borrowings (repayments) | 21 | 62 | 11 | (42 | ) | (52 | ) | — | ||||||||||
Payment of debt transaction costs | — | — | (25 | ) | — | — | (25 | ) | ||||||||||
Other | — | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||
Net cash from (used in) financing activities | 21 | 62 | (8 | ) | (124 | ) | (52 | ) | (101 | ) |
For the year ended December 31, | |||||||||||
(In $ million) | Note | 2013 | 2012(1) | 2011(1) | |||||||
Revenue | 13,973 | 13,830 | 11,819 | ||||||||
Cost of sales | * | (11,321 | ) | (11,210 | ) | (9,731 | ) | ||||
Gross profit | 2,652 | 2,620 | 2,088 | ||||||||
Other income | 6 | 55 | 126 | 57 | |||||||
Selling, marketing and distribution expenses | * | (343 | ) | (348 | ) | (347 | ) | ||||
General and administration expenses | * | (930 | ) | (961 | ) | (728 | ) | ||||
Other expenses | 7 | (142 | ) | (200 | ) | (268 | ) | ||||
Share of profit of associates and joint ventures, net of income tax | 16 | 26 | 27 | 17 | |||||||
Profit from operating activities | 1,318 | 1,264 | 819 | ||||||||
Financial income | 10 | 149 | 268 | 6 | |||||||
Financial expenses | 10 | (1,411 | ) | (1,690 | ) | (1,420 | ) | ||||
Net financial expenses | (1,262 | ) | (1,422 | ) | (1,414 | ) | |||||
Profit (loss) before income tax | 56 | (158 | ) | (595 | ) | ||||||
Income tax (expense) benefit | 11 | (99 | ) | 78 | 99 | ||||||
Profit (loss) for the year | (43 | ) | (80 | ) | (496 | ) | |||||
Other comprehensive income (loss), net of income tax | |||||||||||
Items that may be reclassified into profit (loss) | |||||||||||
Exchange differences on translating foreign operations | (82 | ) | (4 | ) | (27 | ) | |||||
Transfers from foreign currency translation reserve into profit (loss) | (33 | ) | — | — | |||||||
Items that will not be reclassified into profit (loss) | |||||||||||
Remeasurement of defined benefit plans | 19 | 611 | (71 | ) | (331 | ) | |||||
Total other comprehensive income (loss), net of income tax | 496 | (75 | ) | (358 | ) | ||||||
Total comprehensive income (loss) | 453 | (155 | ) | (854 | ) | ||||||
Profit (loss) attributable to: | |||||||||||
Equity holder of the Group | (45 | ) | (81 | ) | (498 | ) | |||||
Non-controlling interests | 2 | 1 | 2 | ||||||||
(43 | ) | (80 | ) | (496 | ) | ||||||
Total comprehensive income (loss) attributable to: | |||||||||||
Equity holder of the Group | 451 | (156 | ) | (855 | ) | ||||||
Non-controlling interests | 2 | 1 | 1 | ||||||||
453 | (155 | ) | (854 | ) |
As of December 31, | As of January 1, | ||||||||
(In $ million) | Note | 2013 | 2012(1) | 2012(1) | |||||
Assets | |||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | ||||||
Trade and other receivables | 12 | 1,503 | 1,433 | 1,504 | |||||
Inventories | 13 | 1,647 | 1,612 | 1,764 | |||||
Current tax assets | 11 | 14 | 46 | 39 | |||||
Assets held for sale | 36 | 21 | 70 | ||||||
Derivatives | 22 | 12 | 5 | 1 | |||||
Other assets | 73 | 79 | 65 | ||||||
Total current assets | 4,775 | 4,752 | 4,040 | ||||||
Non-current receivables | 12 | 59 | 47 | 55 | |||||
Investments in associates and joint ventures | 16 | 149 | 141 | 119 | |||||
Deferred tax assets | 11 | 49 | 42 | 29 | |||||
Property, plant and equipment | 14 | 4,353 | 4,363 | 4,546 | |||||
Intangible assets | 15 | 12,055 | 12,274 | 12,545 | |||||
Derivatives | 22 | 437 | 374 | 122 | |||||
Other assets | 199 | 171 | 115 | ||||||
Total non-current assets | 17,301 | 17,412 | 17,531 | ||||||
Total assets | 22,076 | 22,164 | 21,571 | ||||||
Liabilities | |||||||||
Bank overdrafts | 4 | 2 | 3 | ||||||
Trade and other payables | 17 | 1,782 | 1,791 | 1,749 | |||||
Liabilities directly associated with assets held for sale | 38 | — | 30 | ||||||
Borrowings | 18 | 470 | 523 | 520 | |||||
Current tax liabilities | 11 | 133 | 140 | 161 | |||||
Derivatives | 22 | 14 | 13 | 16 | |||||
Employee benefits | 19 | 243 | 270 | 228 | |||||
Provisions | 20 | 83 | 91 | 98 | |||||
Total current liabilities | 2,767 | 2,830 | 2,805 | ||||||
Non-current payables | 17 | 41 | 53 | 38 | |||||
Borrowings | 18 | 17,466 | 17,394 | 16,641 | |||||
Deferred tax liabilities | 11 | 1,474 | 1,154 | 1,386 | |||||
Derivatives | 22 | 1 | — | — | |||||
Employee benefits | 19 | 743 | 1,575 | 1,338 | |||||
Provisions | 20 | 96 | 120 | 134 | |||||
Total non-current liabilities | 19,821 | 20,296 | 19,537 | ||||||
Total liabilities | 22,588 | 23,126 | 22,342 | ||||||
Net liabilities | (512 | ) | (962 | ) | (771 | ) | |||
Equity | |||||||||
Share capital | 21 | 2,311 | 1,385 | 1,417 | |||||
Reserves | (1,059 | ) | (1,555 | ) | (1,487 | ) | |||
Accumulated losses | (1,784 | ) | (813 | ) | (723 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (532 | ) | (983 | ) | (793 | ) | |||
Non-controlling interests | 20 | 21 | 22 | ||||||
Total equity (deficit) | (512 | ) | (962 | ) | (771 | ) |
For the year ended December 31, | |||||||||||
(In $ million) | Note | 2015 | 2014 | 2013 | |||||||
Revenue | 11,178 | 11,666 | 11,752 | ||||||||
Cost of sales | * | (8,978 | ) | (9,650 | ) | (9,671 | ) | ||||
Gross profit | 2,200 | 2,016 | 2,081 | ||||||||
Selling, marketing and distribution expenses | * | (262 | ) | (255 | ) | (266 | ) | ||||
General and administration expenses | * | (745 | ) | (741 | ) | (778 | ) | ||||
Net other income (expenses) | 6 | 111 | (15 | ) | (61 | ) | |||||
Profit from operating activities | 1,304 | 1,005 | 976 | ||||||||
Financial income | 9 | 7 | 5 | 171 | |||||||
Financial expenses | 9 | (1,551 | ) | (1,473 | ) | (1,405 | ) | ||||
Net financial expenses | (1,544 | ) | (1,468 | ) | (1,234 | ) | |||||
Profit (loss) from continuing operations before income tax | (240 | ) | (463 | ) | (258 | ) | |||||
Income tax (expense) benefit | 10 | (58 | ) | 76 | 1 | ||||||
Profit (loss) from continuing operations | (298 | ) | (387 | ) | (257 | ) | |||||
Profit (loss) from discontinued operations, net of income tax | 7 | 2,678 | 113 | 214 | |||||||
Profit (loss) for the year | 2,380 | (274 | ) | (43 | ) | ||||||
Other comprehensive income (loss), net of income tax | |||||||||||
Items that may be reclassified into profit (loss) | |||||||||||
Exchange differences on translating foreign operations | (84 | ) | (110 | ) | (148 | ) | |||||
Reclassification from foreign currency translation reserve | (452 | ) | — | 33 | |||||||
Items that will not be reclassified into profit (loss) | |||||||||||
Remeasurement of defined benefit plans | 18 | 167 | (440 | ) | 611 | ||||||
Total other comprehensive income (loss), net of income tax | (369 | ) | (550 | ) | 496 | ||||||
Total comprehensive income (loss) | 2,011 | (824 | ) | 453 | |||||||
Profit (loss) attributable to: | |||||||||||
Equity holder of the Group - continuing operations | (300 | ) | (389 | ) | (259 | ) | |||||
Equity holder of the Group - discontinued operations | 2,678 | 113 | 214 | ||||||||
Non-controlling interests | 2 | 2 | 2 | ||||||||
2,380 | (274 | ) | (43 | ) | |||||||
Total comprehensive income (loss) attributable to: | |||||||||||
Equity holder of the Group - continuing operations | (248 | ) | (945 | ) | 210 | ||||||
Equity holder of the Group - discontinued operations | 2,257 | 119 | 241 | ||||||||
Non-controlling interests | 2 | 2 | 2 | ||||||||
2,011 | (824 | ) | 453 |
* | For information on expenses by nature, refer to notes 8, 9, 12, 13, 14, 18 and 25. |
As of December 31, | ||||||||
(In $ million) | Note | 2015 | 2014 | |||||
Assets | ||||||||
Cash and cash equivalents | 1,976 | 1,588 | ||||||
Trade and other receivables, net | 11 | 1,089 | 1,176 | |||||
Inventories | 12 | 1,262 | 1,453 | |||||
Current tax assets | 10 | 19 | 2 | |||||
Assets held for sale | 7 | 1 | 2,767 | |||||
Derivatives | 21 | 7 | 26 | |||||
Other assets | 204 | 68 | ||||||
Total current assets | 4,558 | 7,080 | ||||||
Related party and other non-current receivables | 11 | 29 | 114 | |||||
Investments in associates and joint ventures | 15 | 20 | 18 | |||||
Deferred tax assets | 10 | 11 | 10 | |||||
Property, plant and equipment | 13 | 3,184 | 3,412 | |||||
Intangible assets | 14 | 10,192 | 10,499 | |||||
Derivatives | 21 | 99 | 296 | |||||
Other assets | 84 | 81 | ||||||
Total non-current assets | 13,619 | 14,430 | ||||||
Total assets | 18,177 | 21,510 | ||||||
Liabilities | ||||||||
Bank overdrafts | — | 1 | ||||||
Trade and other payables | 16 | 1,152 | 1,381 | |||||
Liabilities directly associated with assets held for sale | 7 | — | 739 | |||||
Borrowings | 17 | 976 | 477 | |||||
Current tax liabilities | 10 | 83 | 46 | |||||
Derivatives | 21 | 20 | 131 | |||||
Employee benefits | 18 | 212 | 201 | |||||
Provisions | 19 | 55 | 54 | |||||
Total current liabilities | 2,498 | 3,030 | ||||||
Non-current payables | 16 | 44 | 40 | |||||
Borrowings | 17 | 12,785 | 17,380 | |||||
Deferred tax liabilities | 10 | 1,059 | 954 | |||||
Employee benefits | 18 | 1,176 | 1,374 | |||||
Provisions | 19 | 71 | 71 | |||||
Total non-current liabilities | 15,135 | 19,819 | ||||||
Total liabilities | 17,633 | 22,849 | ||||||
Net assets (liabilities) | 544 | (1,339 | ) | |||||
Equity | ||||||||
Share capital | 20 | 2,188 | 2,311 | |||||
Reserves | (2,019 | ) | (1,604 | ) | ||||
Retained profits (accumulated losses) | 359 | (2,065 | ) | |||||
Equity (deficit) attributable to equity holder of the Group | 528 | (1,358 | ) | |||||
Non-controlling interests | 16 | 19 | ||||||
Total equity (deficit) | 544 | (1,339 | ) |
(In $ million) | Note | Share capital | Translation of foreign operations | Other reserves(1) | Accumulated losses | Equity (deficit) attributable to equity holder of the Group | Non-controlling interests | Total | Note | Share capital | Translation of foreign operations | Other reserves(1) | Retained profits (accumulated losses) | Equity (deficit) attributable to equity holder of the Group | Non-controlling interests | Total | ||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2011)(2) | 1,417 | 329 | (1,459 | ) | (225 | ) | 62 | 23 | 85 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (498 | ) | (498 | ) | 2 | (496 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | (331 | ) | — | (331 | ) | — | (331 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve | — | (26 | ) | — | — | (26 | ) | (1 | ) | (27 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (26 | ) | (331 | ) | (498 | ) | (855 | ) | 1 | (854 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011(2) | 1,417 | 303 | (1,790 | ) | (723 | ) | (793 | ) | 22 | (771 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2012) | 1,417 | 303 | (1,790 | ) | (723 | ) | (793 | ) | 22 | (771 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (81 | ) | (81 | ) | 1 | (80 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | (71 | ) | — | (71 | ) | — | (71 | ) | |||||||||||||||||||||||||||||||||||
Reclassification upon sale of business | — | — | 7 | (7 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve | — | (4 | ) | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year(2) | — | (4 | ) | (64 | ) | (88 | ) | (156 | ) | 1 | (155 | ) | ||||||||||||||||||||||||||||||||||
Repayment of contributed capital | 21 | (32 | ) | — | — | — | (32 | ) | — | (32 | ) | |||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | — | — | — | (2 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012(2) | 1,385 | 299 | (1,854 | ) | (813 | ) | (983 | ) | 21 | (962 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2013) | 1,385 | 299 | (1,854 | ) | (813 | ) | (983 | ) | 21 | (962 | ) | 1,385 | 299 | (1,854 | ) | (813 | ) | (983 | ) | 21 | (962 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (45 | ) | (45 | ) | 2 | (43 | ) | — | — | — | (45 | ) | (45 | ) | 2 | (43 | ) | ||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | 611 | — | 611 | — | 611 | 18 | — | — | 611 | — | 611 | — | 611 | ||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve(3) | — | (115 | ) | — | — | (115 | ) | — | (115 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (115 | ) | 611 | (45 | ) | 451 | 2 | 453 | |||||||||||||||||||||||||||||||||||||
Capital restructure(4) | 21 | 926 | — | — | (926 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||
Foreign currency translation reserve(2) | — | (115 | ) | — | — | (115 | ) | — | (115 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (115 | ) | 611 | (45 | ) | 451 | 2 | 453 | |||||||||||||||||||||||||||||||||||||
Capital restructure(3) | 926 | — | — | (926 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (3 | ) | (3 | ) | — | — | — | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | 2,311 | 184 | (1,243 | ) | (1,784 | ) | (532 | ) | 20 | (512 | ) | 2,311 | 184 | (1,243 | ) | (1,784 | ) | (532 | ) | 20 | (512 | ) | ||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2014) | 2,311 | 184 | (1,243 | ) | (1,784 | ) | (532 | ) | 20 | (512 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (276 | ) | (276 | ) | 2 | (274 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 18 | — | — | (440 | ) | — | (440 | ) | — | (440 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency translation reserve | — | (110 | ) | — | — | (110 | ) | — | (110 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (110 | ) | (440 | ) | (276 | ) | (826 | ) | 2 | (824 | ) | ||||||||||||||||||||||||||||||||||
Reclassification upon sale of business | — | — | 5 | (5 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | 2,311 | 74 | (1,678 | ) | (2,065 | ) | (1,358 | ) | 19 | (1,339 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2015) | 2,311 | 74 | (1,678 | ) | (2,065 | ) | (1,358 | ) | 19 | (1,339 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | 2,378 | 2,378 | 2 | 2,380 | |||||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 18 | — | 167 | — | 167 | — | 167 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation reserve | — | (84 | ) | — | — | (84 | ) | — | (84 | ) | ||||||||||||||||||||||||||||||||||||
Reclassification of foreign currency translation reserve upon sale of SIG | — | (452 | ) | — | — | (452 | ) | — | (452 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (536 | ) | 167 | 2,378 | 2,009 | 2 | 2,011 | ||||||||||||||||||||||||||||||||||||||
Reclassification upon sale of SIG | — | — | (46 | ) | 46 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Share repurchase | (123 | ) | — | — | — | (123 | ) | — | (123 | ) | ||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | 2,188 | (462 | ) | (1,557 | ) | 359 | 528 | 16 | 544 |
(1) | Balances include the cumulative reduction in equity of $1,561 million from common control transactions, with the remainder consisting of the cumulative remeasurement of defined benefit plans. |
(2) |
Included in this amount is the impact of the liquidation of a subsidiary in Hong Kong. Upon liquidation, $33 million of foreign currency translation losses, which had been accumulated in equity, were recognized in profit (loss). |
On December 12, 2013, Beverage Packaging Holdings (Luxembourg) I S.A. converted a portion of its statutory retained earnings into capital through a capital restructure. Refer to note |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
(In $ million) | Note | 2013 | 2012(1)(2) | 2011(1)(2) | Note | 2015 | 2014 | 2013 | ||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||
Profit (loss) | (43 | ) | (80 | ) | (496 | ) | 2,380 | (274 | ) | (43 | ) | |||||||||||
Adjustments for: | ||||||||||||||||||||||
Depreciation and amortization | 1,020 | 1,134 | 972 | 714 | 910 | 1,020 | ||||||||||||||||
Impairment charges | 59 | 52 | 12 | |||||||||||||||||||
Asset impairment charges | 17 | 11 | 59 | |||||||||||||||||||
Foreign currency adjustments | 46 | 8 | 7 | 4 | (1 | ) | 46 | |||||||||||||||
Change in fair value of derivatives | (6 | ) | (7 | ) | 26 | (87 | ) | 129 | (6 | ) | ||||||||||||
(Gain) loss on sale or disposal of businesses and non-current assets | (15 | ) | (84 | ) | (4 | ) | (2,905 | ) | (66 | ) | (15 | ) | ||||||||||
SIG disposal costs | (38 | ) | — | — | ||||||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 16 | (26 | ) | (27 | ) | (17 | ) | 15 | (9 | ) | (27 | ) | (26 | ) | ||||||||
Net financial expenses | 1,262 | 1,422 | 1,414 | 1,754 | 1,637 | 1,262 | ||||||||||||||||
Premium on extinguishment of loans and borrowings | (18 | ) | (101 | ) | — | |||||||||||||||||
Premium on extinguishment of borrowings | (226 | ) | — | (18 | ) | |||||||||||||||||
Interest paid | (1,342 | ) | (1,427 | ) | (1,003 | ) | (1,110 | ) | (1,270 | ) | (1,342 | ) | ||||||||||
Income tax expense (benefit) | 99 | (78 | ) | (99 | ) | 116 | (8 | ) | 99 | |||||||||||||
Income taxes paid, net of refunds received | (133 | ) | (133 | ) | (88 | ) | (74 | ) | (134 | ) | (133 | ) | ||||||||||
Change in trade and other receivables | (75 | ) | 69 | (56 | ) | 51 | 16 | (75 | ) | |||||||||||||
Change in inventories | (56 | ) | 157 | (171 | ) | 138 | (55 | ) | (56 | ) | ||||||||||||
Change in trade and other payables | (33 | ) | (19 | ) | (8 | ) | (145 | ) | 60 | (33 | ) | |||||||||||
Change in provisions and employee benefits | 77 | 91 | (46 | ) | 92 | 1 | 77 | |||||||||||||||
Change in other assets and liabilities | 4 | (27 | ) | — | 17 | (9 | ) | 4 | ||||||||||||||
Net cash from operating activities | 820 | 950 | 443 | 689 | 920 | 820 | ||||||||||||||||
Cash flows used in investing activities | ||||||||||||||||||||||
Acquisition of property, plant and equipment, intangible assets and investment properties | (724 | ) | (650 | ) | (520 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment, investment properties and other assets | 20 | 32 | 71 | |||||||||||||||||||
Cash flows from (used in) investing activities | ||||||||||||||||||||||
Acquisition of property, plant and equipment and intangible assets | (381 | ) | (687 | ) | (724 | ) | ||||||||||||||||
Purchases of short-term investments | (200 | ) | — | — | ||||||||||||||||||
Proceeds from sale of short-term investments | 200 | — | — | |||||||||||||||||||
Proceeds from sale of property, plant and equipment and other assets | 23 | 25 | 20 | |||||||||||||||||||
Proceeds from insurance claims | 14 | 6 | — | 26 | 50 | 14 | ||||||||||||||||
Acquisition of businesses and investments in joint ventures, net of cash acquired | 25 | (107 | ) | (33 | ) | (2,048 | ) | 24 | — | (40 | ) | (107 | ) | |||||||||
Disposal of businesses, net of cash disposed | — | 95 | — | 4,148 | 80 | — | ||||||||||||||||
Pre-acquisition advance to Graham Packaging | — | — | (20 | ) | ||||||||||||||||||
Related party loan advance | 23 | (21 | ) | — | — | 22 | — | (70 | ) | (21 | ) | |||||||||||
Other | 33 | 11 | 15 | 9 | 24 | 33 | ||||||||||||||||
Net cash used in investing activities | (785 | ) | (539 | ) | (2,502 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Drawdown of loans and borrowings | 3,966 | 7,689 | 9,171 | |||||||||||||||||||
Repayment of loans and borrowings | (4,039 | ) | (7,004 | ) | (6,652 | ) | ||||||||||||||||
Payment of liabilities arising from acquisition of Graham Packaging* | — | — | (252 | ) | ||||||||||||||||||
Net cash from (used in) investing activities | 3,825 | (618 | ) | (785 | ) | |||||||||||||||||
Cash flows used in financing activities | ||||||||||||||||||||||
Drawdown of borrowings | 150 | 169 | 3,966 | |||||||||||||||||||
Repayment of borrowings | (4,282 | ) | (228 | ) | (4,039 | ) | ||||||||||||||||
Related party borrowings (repayments) | (14 | ) | (23 | ) | 25 | — | — | (14 | ) | |||||||||||||
Payment of debt transaction costs | (25 | ) | (105 | ) | (279 | ) | (15 | ) | (3 | ) | (25 | ) | ||||||||||
Repayment of contributed capital | — | (32 | ) | — | ||||||||||||||||||
Share repurchase | (41 | ) | — | — | ||||||||||||||||||
Other | (3 | ) | (2 | ) | (7 | ) | (9 | ) | (3 | ) | (3 | ) | ||||||||||
Net cash from (used in) financing activities | (115 | ) | 523 | 2,006 | ||||||||||||||||||
Net cash used in financing activities | (4,197 | ) | (65 | ) | (115 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (80 | ) | 934 | (53 | ) | 317 | 237 | (80 | ) | |||||||||||||
Cash and cash equivalents at the beginning of the year | 1,554 | 594 | 651 | |||||||||||||||||||
Cash and cash equivalents, net of bank overdrafts, at the beginning of the year | 1,587 | 1,486 | 1,554 | |||||||||||||||||||
Cash and cash equivalents classified as assets held for sale at the beginning of the year | 97 | — | — | |||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | 12 | 26 | (4 | ) | (25 | ) | (39 | ) | 12 | |||||||||||||
Cash and cash equivalents as of December 31 | 1,486 | 1,554 | 594 | 1,976 | 1,684 | 1,486 | ||||||||||||||||
Cash and cash equivalents are comprised of: | ||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 1,976 | 1,588 | 1,490 | ||||||||||||||||
Cash and cash equivalents classified as assets held for sale | — | 97 | — | |||||||||||||||||||
Bank overdrafts | (4 | ) | (2 | ) | (3 | ) | — | (1 | ) | (4 | ) | |||||||||||
Cash and cash equivalents as of December 31 | 1,976 | 1,684 | 1,486 |
For the year ended December 31, | |||||||||||
(In $ million) | Note | 2013 | 2012(1)(2) | 2011(1)(2) | |||||||
Cash and cash equivalents as of December 31 | 1,486 | 1,554 | 594 |
For the year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ million) | Acquisitions | Disposals | Acquisitions | Disposals | Acquisitions | Disposals | ||||||||||||
Inflow (outflow) of cash: | ||||||||||||||||||
Cash receipts (payments) | (101 | ) | — | (30 | ) | — | (2,192 | ) | — | |||||||||
Net cash (bank overdraft) acquired (disposed of) | — | — | — | — | 144 | — | ||||||||||||
Consideration received, satisfied in notes receivable | — | — | — | — | — | — | ||||||||||||
Consideration subject to post-closing adjustments | — | — | — | — | — | — | ||||||||||||
(101 | ) | — | (30 | ) | — | (2,048 | ) | — | ||||||||||
Cash and cash equivalents, net of bank overdrafts | — | — | — | — | (144 | ) | — | |||||||||||
Net gain on sale before reclassification from foreign currency translation reserve | — | — | — | — | — | — | ||||||||||||
Amounts reclassified from foreign currency translation reserve | — | — | — | — | — | — | ||||||||||||
Net assets (acquired) disposed of | (101 | ) | — | (30 | ) | — | (2,192 | ) | — | |||||||||
Details of net assets (acquired) disposed of: | ||||||||||||||||||
Cash and cash equivalents, net of bank overdrafts | — | — | — | — | (144 | ) | — | |||||||||||
Trade and other receivables | (20 | ) | — | (4 | ) | — | (361 | ) | — | |||||||||
Inventories | (22 | ) | — | (2 | ) | — | (350 | ) | — | |||||||||
Current tax assets | — | — | — | — | (4 | ) | — | |||||||||||
Assets held for sale | — | — | — | — | (10 | ) | — | |||||||||||
Derivative assets | — | — | — | — | (9 | ) | — | |||||||||||
Investment in associates and joint ventures | — | — | — | — | (1 | ) | — | |||||||||||
Deferred tax assets | — | — | — | — | (6 | ) | — | |||||||||||
Property, plant and equipment | (37 | ) | — | (6 | ) | — | (1,526 | ) | — | |||||||||
Intangible assets (excluding goodwill) | (23 | ) | — | (21 | ) | — | (2,463 | ) | — | |||||||||
Goodwill | (36 | ) | — | (1 | ) | — | (1,754 | ) | — | |||||||||
Other current and non-current assets | (1 | ) | — | — | — | (36 | ) | — | ||||||||||
Trade and other payables | 10 | — | 4 | — | 720 | — | ||||||||||||
Current tax liabilities | — | — | — | — | 39 | — | ||||||||||||
Borrowings | 21 | — | — | — | 2,851 | — | ||||||||||||
Deferred tax liabilities | 6 | — | — | — | 629 | — | ||||||||||||
Provisions and employee benefits | 1 | — | — | — | 233 | — | ||||||||||||
Net assets (acquired) disposed of | (101 | ) | — | (30 | ) | — | (2,192 | ) | — |
(i) | assets and liabilities for each statement of financial position presented are translated at the closing exchange rate at the reporting date of the statement of financial position; |
(ii) | income and expense items for each profit or loss item are translated at average exchange rates; |
(iii) | items of other comprehensive income are translated at average exchange rates; and |
(iv) | all resulting exchange differences are recognized as a separate component of equity. |
Average rate for the year ended December 31, | As of December 31, | Average rate for the year ended December 31, | As of December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2015 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||
1 € | 1.37 | 1.29 | 1.38 | 1.32 | 1.11 | 1.33 | 1.33 | 1.09 | 1.22 | ||||||||||||||||||
10 MXN | 0.77 | 0.76 | 0.77 | 0.77 | 0.63 | 0.75 | 0.78 | 0.58 | 0.68 | ||||||||||||||||||
1 CA$ | 0.94 | 1.00 | 0.94 | 1.01 | 0.78 | 0.91 | 0.97 | 0.72 | 0.86 |
(i) | Trade and other payables |
(ii) | Interest bearing borrowings including related party borrowings |
(i) | the economic characteristics and risks of the host contract and the embedded derivative are not closely related; |
(ii) | a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and |
(iii) | the combined instrument is not measured at fair value through profit or loss. |
For the year ended December 31, 2013 | For the year ended December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,228 | 1,553 | 1,174 | 2,572 | 3,422 | 3,024 | — | 13,973 | 1,553 | 968 | 2,796 | 3,414 | 2,447 | — | 11,178 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 113 | 17 | 133 | 508 | — | (771 | ) | — | 100 | 14 | 173 | 544 | — | (831 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,228 | 1,666 | 1,191 | 2,705 | 3,930 | 3,024 | (771 | ) | 13,973 | 1,653 | 982 | 2,969 | 3,958 | 2,447 | (831 | ) | 11,178 | ||||||||||||||||||||||||||||
Gross profit | 571 | 213 | 190 | 720 | 619 | 339 | — | 2,652 | 310 | 164 | 743 | 620 | 364 | (1 | ) | 2,200 | |||||||||||||||||||||||||||||
Expenses and other income | (255 | ) | (84 | ) | (130 | ) | (245 | ) | (281 | ) | (266 | ) | (99 | ) | (1,360 | ) | (79 | ) | (92 | ) | (237 | ) | (177 | ) | (207 | ) | (104 | ) | (896 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 25 | 1 | — | — | — | — | — | 26 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 341 | 130 | 60 | 475 | 338 | 73 | (99 | ) | 1,318 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 231 | 72 | 506 | 443 | 157 | (105 | ) | 1,304 | |||||||||||||||||||||||||||||||||||||
Financial income | 149 | 7 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,411 | ) | (1,551 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | 56 | ||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (240 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (99 | ) | (58 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (43 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (298 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 341 | 130 | 60 | 475 | 338 | 73 | (99 | ) | 1,318 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 167 | 57 | 77 | 114 | 228 | 375 | 2 | 1,020 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 508 | 187 | 137 | 589 | 566 | 448 | (97 | ) | 2,338 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 231 | 72 | 506 | 443 | 157 | (105 | ) | 1,304 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 68 | 96 | 211 | 282 | — | 714 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 288 | 140 | 602 | 654 | 439 | (105 | ) | 2,018 |
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 508 | 187 | 137 | 589 | 566 | 448 | (97 | ) | 2,338 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges | — | — | 11 | 1 | 9 | 21 | — | 42 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | — | — | 36 | — | 36 | ||||||||||||||||
Business interruption costs | — | — | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||
Equity method profit, net of cash distributed | 2 | — | — | — | — | — | — | 2 | ||||||||||||||||
Gain on sale of businesses and properties | (2 | ) | — | — | — | (1 | ) | — | — | (3 | ) | |||||||||||||
Hurricane Sandy plant damage, net of insurance recoveries | — | — | — | — | (10 | ) | — | — | (10 | ) | ||||||||||||||
Impact of purchase price accounting on inventories | — | — | — | 1 | 1 | — | — | 2 | ||||||||||||||||
Manufacturing plant fire, net of insurance recoveries | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||
Multi-employer pension plan withdrawal | — | 61 | — | — | 5 | — | — | 66 | ||||||||||||||||
Non-cash changes in inventory and provisions | (2 | ) | — | — | — | — | — | (3 | ) | (5 | ) | |||||||||||||
Non-cash pension expense | — | — | — | — | — | — | 57 | 57 | ||||||||||||||||
Operational process engineering-related consultancy costs | 9 | — | — | — | — | 5 | — | 14 | ||||||||||||||||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | 33 | — | — | — | — | — | — | 33 | ||||||||||||||||
Restructuring costs, net of reversals | 12 | — | 17 | 1 | 10 | 13 | — | 53 | ||||||||||||||||
Unrealized (gain) loss on derivatives | (2 | ) | (1 | ) | (4 | ) | 4 | (2 | ) | — | — | (5 | ) | |||||||||||
VAT and customs refunds on historical imports | (16 | ) | — | — | — | — | — | — | (16 | ) | ||||||||||||||
Other | 1 | — | 2 | — | 2 | — | 1 | 6 | ||||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 543 | 247 | 162 | 596 | 583 | 523 | (42 | ) | 2,612 | |||||||||||||||
Segment assets (excluding intercompany balances) | 3,272 | 1,085 | 1,624 | 4,195 | 5,503 | 5,308 | 1,089 | 22,076 | ||||||||||||||||
Included in segment assets are: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 208 | 57 | 53 | 42 | 243 | 133 | 5 | 741 | ||||||||||||||||
Additions to intangible assets | 4 | 1 | 4 | 1 | — | 7 | 1 | 18 | ||||||||||||||||
Investments in associates and joint ventures | 133 | 15 | — | — | — | 1 | — | 149 | ||||||||||||||||
Segment liabilities (excluding intercompany balances) | 770 | 468 | 320 | 911 | 1,415 | 893 | 17,811 | 22,588 |
For the year ended December 31, 2015 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 288 | 140 | 602 | 654 | 439 | (105 | ) | 2,018 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | 4 | — | 6 | 7 | — | 17 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 65 | 65 | ||||||||||||||
Operational process engineering-related consultancy costs | — | — | — | 18 | — | — | 18 | ||||||||||||||
Restructuring costs, net of reversals | — | 7 | — | 1 | 1 | — | 9 | ||||||||||||||
Unrealized (gain) loss on derivatives | (3 | ) | (4 | ) | (21 | ) | (77 | ) | (1 | ) | — | (106 | ) | ||||||||
Other | (3 | ) | — | — | — | (1 | ) | 2 | (2 | ) | |||||||||||
Adjusted EBITDA from continuing operations | 282 | 147 | 581 | 602 | 445 | (38 | ) | 2,019 | |||||||||||||
Segment assets (excluding intercompany balances) | 1,100 | 1,247 | 4,094 | 4,894 | 4,686 | 2,156 | 18,177 | ||||||||||||||
Included in segment assets are: | |||||||||||||||||||||
Additions to property, plant and equipment | 53 | 37 | 29 | 75 | 133 | — | 327 | ||||||||||||||
Additions to intangible assets | 1 | 1 | 2 | 6 | 3 | 1 | 14 | ||||||||||||||
Segment liabilities (excluding intercompany balances) | 351 | 280 | 707 | 946 | 1,047 | 14,302 | 17,633 |
For the year ended December 31, 2012 | For the year ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,076 | 1,601 | 1,224 | 2,508 | 3,376 | 3,045 | — | 13,830 | 1,597 | 1,116 | 2,717 | 3,491 | 2,745 | — | 11,666 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 84 | 13 | 111 | 475 | — | (683 | ) | — | 115 | 12 | 161 | 543 | — | (831 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,076 | 1,685 | 1,237 | 2,619 | 3,851 | 3,045 | (683 | ) | 13,830 | 1,712 | 1,128 | 2,878 | 4,034 | 2,745 | (831 | ) | 11,666 | ||||||||||||||||||||||||||||
Gross profit | 522 | 269 | 232 | 716 | 601 | 280 | — | 2,620 | 290 | 191 | 655 | 570 | 306 | 4 | 2,016 | ||||||||||||||||||||||||||||||
Expenses and other income | (272 | ) | (93 | ) | (129 | ) | (237 | ) | (270 | ) | (266 | ) | (116 | ) | (1,383 | ) | (96 | ) | (94 | ) | (259 | ) | (272 | ) | (193 | ) | (97 | ) | (1,011 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 26 | 1 | — | — | — | — | — | 27 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 276 | 177 | 103 | 479 | 331 | 14 | (116 | ) | 1,264 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 194 | 97 | 396 | 298 | 113 | (93 | ) | 1,005 | |||||||||||||||||||||||||||||||||||||
Financial income | 268 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,690 | ) | (1,473 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | (158 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (463 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 78 | 76 | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (80 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (387 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 276 | 177 | 103 | 479 | 331 | 14 | (116 | ) | 1,264 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 215 | 57 | 75 | 126 | 283 | 377 | 1 | 1,134 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 491 | 234 | 178 | 605 | 614 | 391 | (115 | ) | 2,398 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 194 | 97 | 396 | 298 | 113 | (93 | ) | 1,005 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 74 | 98 | 245 | 324 | — | 798 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 251 | 171 | 494 | 543 | 437 | (93 | ) | 1,803 |
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 491 | 234 | 178 | 605 | 614 | 391 | (115 | ) | 2,398 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges | — | — | 3 | 1 | 13 | 16 | — | 33 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | 2 | 24 | 31 | 4 | 61 | ||||||||||||||||
Business interruption costs | — | — | 1 | — | — | — | — | 1 | ||||||||||||||||
Equity method profit, net of cash distributed | (19 | ) | (1 | ) | — | — | — | — | — | (20 | ) | |||||||||||||
Fixed asset adjustment | 10 | — | — | — | — | — | — | 10 | ||||||||||||||||
Gain on sale of businesses and properties | — | — | — | — | (77 | ) | — | — | (77 | ) | ||||||||||||||
Hurricane Sandy plant damage, net of insurance recoveries | — | — | — | — | 16 | — | — | 16 | ||||||||||||||||
Manufacturing plant fires, net of insurance recoveries | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||
Non-cash changes in inventory and provisions | (8 | ) | — | — | 3 | 6 | — | — | 1 | |||||||||||||||
Non-cash pension expense | — | — | — | — | — | — | 59 | 59 | ||||||||||||||||
Operational process engineering-related consultancy costs | 1 | — | — | 2 | 14 | — | — | 17 | ||||||||||||||||
Restructuring costs, net of reversals | 20 | 2 | 5 | — | 4 | 27 | (1 | ) | 57 | |||||||||||||||
SEC registration costs | — | — | — | — | — | — | 8 | 8 | ||||||||||||||||
Unrealized (gain) loss on derivatives | 7 | (2 | ) | (1 | ) | (10 | ) | (1 | ) | — | — | (7 | ) | |||||||||||
VAT and customs duties on historical imports | (2 | ) | — | — | — | — | — | — | (2 | ) | ||||||||||||||
Other | — | — | 1 | — | (5 | ) | 2 | 1 | (1 | ) | ||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 500 | 233 | 187 | 603 | 611 | 467 | (44 | ) | 2,557 | |||||||||||||||
Segment assets (excluding intercompany balances) | 3,123 | 1,143 | 1,676 | 4,124 | 5,334 | 5,556 | 1,208 | 22,164 | ||||||||||||||||
Included in segment assets are: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 161 | 40 | 57 | 36 | 150 | 186 | 5 | 635 | ||||||||||||||||
Additions to intangible assets | 12 | 5 | 8 | — | — | 1 | — | 26 | ||||||||||||||||
Investments in associates and joint ventures | 125 | 15 | — | — | — | 1 | — | 141 | ||||||||||||||||
Segment liabilities (excluding intercompany balances) | 727 | 411 | 350 | 864 | 1,289 | 985 | 18,500 | 23,126 |
For the year ended December 31, 2014 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 251 | 171 | 494 | 543 | 437 | (93 | ) | 1,803 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | (1 | ) | — | 3 | 9 | — | 11 | |||||||||||||
Gain on sale of businesses and properties | — | (14 | ) | — | (20 | ) | — | — | (34 | ) | |||||||||||
Litigation settlement | — | — | — | — | (18 | ) | — | (18 | ) | ||||||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 13 | — | — | 1 | — | — | 14 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 31 | 31 | ||||||||||||||
Plant damages and associated insurance recoveries, net | — | — | — | (69 | ) | — | — | (69 | ) | ||||||||||||
Restructuring costs, net of reversals | 3 | 7 | 3 | 11 | 19 | 2 | 45 | ||||||||||||||
Strategic review costs | — | — | — | — | — | 18 | 18 | ||||||||||||||
Unrealized (gain) loss on derivatives | 5 | 10 | 25 | 84 | 1 | — | 125 | ||||||||||||||
Other | (1 | ) | 4 | 3 | — | (2 | ) | 5 | 9 | ||||||||||||
Adjusted EBITDA from continuing operations | 271 | 177 | 525 | 553 | 446 | (37 | ) | 1,935 | |||||||||||||
Segment assets (excluding intercompany balances)(1) | 1,098 | 1,357 | 4,199 | 5,317 | 5,017 | 4,522 | 21,510 | ||||||||||||||
Included in segment assets are: | |||||||||||||||||||||
Additions to property, plant and equipment | 57 | 60 | 43 | 158 | 147 | 156 | 621 | ||||||||||||||
Additions to intangible assets | 1 | 1 | 2 | 8 | 2 | 5 | 19 | ||||||||||||||
Segment liabilities (excluding intercompany balances)(1) | 404 | 309 | 760 | 1,265 | 989 | 19,122 | 22,849 |
For the year ended December 31, 2011 | For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice * | Graham Packaging ** | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,036 | 1,587 | 1,317 | 2,503 | 3,409 | 967 | — | 11,819 | 1,553 | 1,181 | 2,572 | 3,422 | 3,024 | — | 11,752 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 46 | 12 | 56 | 542 | — | (656 | ) | — | 113 | 10 | 136 | 588 | — | (847 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,036 | 1,633 | 1,329 | 2,559 | 3,951 | 967 | (656 | ) | 11,819 | 1,666 | 1,191 | 2,708 | 4,010 | 3,024 | (847 | ) | 11,752 | ||||||||||||||||||||||||||||
Gross profit | 437 | 251 | 207 | 611 | 524 | 62 | (4 | ) | 2,088 | 213 | 190 | 689 | 652 | 339 | (2 | ) | 2,081 | ||||||||||||||||||||||||||||
Expenses and other income | (240 | ) | (99 | ) | (97 | ) | (258 | ) | (402 | ) | (87 | ) | (103 | ) | (1,286 | ) | (83 | ) | (130 | ) | (237 | ) | (289 | ) | (266 | ) | (100 | ) | (1,105 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 15 | 2 | — | — | — | — | — | 17 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 212 | 154 | 110 | 353 | 122 | (25 | ) | (107 | ) | 819 | |||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 130 | 60 | 452 | 363 | 73 | (102 | ) | 976 | |||||||||||||||||||||||||||||||||||||
Financial income | 6 | 171 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,420 | ) | (1,405 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | (595 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (258 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 99 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (496 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (257 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 212 | 154 | 110 | 353 | 122 | (25 | ) | (107 | ) | 819 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 260 | 60 | 81 | 150 | 292 | 129 | — | 972 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 472 | 214 | 191 | 503 | 414 | 104 | (107 | ) | 1,791 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 130 | 60 | 452 | 363 | 73 | (102 | ) | 976 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 77 | 96 | 246 | 375 | 2 | 853 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 187 | 137 | 548 | 609 | 448 | (100 | ) | 1,829 |
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice * | Graham Packaging ** | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 472 | 214 | 191 | 503 | 414 | 104 | (107 | ) | 1,791 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges (reversals) | 4 | — | 1 | — | 7 | — | — | 12 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | 5 | 45 | 9 | 26 | 85 | ||||||||||||||||
Business interruption costs | 2 | — | 1 | (1 | ) | — | — | — | 2 | |||||||||||||||
Change in control payments | — | — | — | — | — | 12 | — | 12 | ||||||||||||||||
Equity method profit, net of cash distributed | (8 | ) | (2 | ) | — | — | — | — | — | (10 | ) | |||||||||||||
Gain on modification of plan benefits | — | — | — | — | — | — | (25 | ) | (25 | ) | ||||||||||||||
Gain on sale of business | — | — | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||
Impact of purchase price accounting on inventories | — | — | — | — | 6 | 27 | — | 33 | ||||||||||||||||
Non-cash changes in inventory and provisions | — | — | — | 1 | 2 | — | — | 3 | ||||||||||||||||
Non-cash pension expense | — | — | — | 3 | 4 | — | 47 | 54 | ||||||||||||||||
Operational process engineering-related consultancy costs | — | — | — | 17 | 21 | — | 4 | 42 | ||||||||||||||||
Restructuring costs, net of reversals | 2 | — | 5 | 11 | 48 | 3 | 19 | 88 | ||||||||||||||||
SEC registration costs | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||
Unrealized loss on derivatives | 2 | 2 | 2 | 17 | 3 | — | — | 26 | ||||||||||||||||
VAT and customs duties on historical imports | 1 | — | — | — | — | — | — | 1 | ||||||||||||||||
Other | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 475 | 214 | 195 | 556 | 549 | 155 | (30 | ) | 2,114 |
For the year ended December 31, 2013 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 187 | 137 | 548 | 609 | 448 | (100 | ) | 1,829 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | 11 | 1 | 9 | 21 | — | 42 | ||||||||||||||
Business integration costs | — | — | — | — | 36 | — | 36 | ||||||||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 61 | — | — | 5 | — | — | 66 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 57 | 57 | ||||||||||||||
Plant damages and associated insurance recoveries, net | — | — | — | (7 | ) | — | — | (7 | ) | ||||||||||||
Restructuring costs, net of reversals | — | 17 | 1 | 10 | 13 | — | 41 | ||||||||||||||
Other | (1 | ) | (3 | ) | 5 | — | 5 | (2 | ) | 4 | |||||||||||
Adjusted EBITDA from continuing operations | 247 | 162 | 555 | 626 | 523 | (45 | ) | 2,068 |
(In $ million) | United States | Remaining North American Region | Europe | Asia | South America | Other | Total | United States | Remaining North American Region | Asia | Europe | South America | Other | Total | ||||||||||||||||||||||||||||
Total external revenue | ||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2015 | 9,376 | 686 | 480 | 423 | 196 | 17 | 11,178 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | 9,586 | 756 | 536 | 499 | 272 | 17 | 11,666 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | 9,522 | 840 | 1,885 | 1,117 | 505 | 104 | 13,973 | 9,463 | 800 | 547 | 622 | 305 | 15 | 11,752 | ||||||||||||||||||||||||||||
For the year ended December 31, 2012 | 9,571 | 808 | 1,824 | 1,040 | 469 | 118 | 13,830 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 | 8,019 | 628 | 1,742 | 942 | 375 | 113 | 11,819 | |||||||||||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | 13,140 | 470 | 1,764 | 889 | 352 | 55 | 16,670 | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | 13,344 | 498 | 1,735 | 926 | 331 | 59 | 16,893 | |||||||||||||||||||||||||||||||||||
As of December 31, 2015 | 12,431 | 317 | 259 | 357 | 93 | 23 | 13,480 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 12,769 | 406 | 276 | 406 | 128 | 25 | 14,010 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Foodservice packaging | 3,930 | 3,851 | 3,951 | 3,958 | 4,034 | 4,010 | ||||||||||||
Food and beverage plastic containers | 2,048 | 2,081 | 646 | 1,704 | 1,875 | 2,048 | ||||||||||||
Aseptic carton packaging | 2,228 | 2,076 | 2,036 | |||||||||||||||
Caps and closures | 1,191 | 1,237 | 1,329 | |||||||||||||||
Waste and storage products | 1,056 | 1,027 | 992 | 1,205 | 1,208 | 1,056 | ||||||||||||
Cooking products | 910 | 853 | 822 | 1,060 | 956 | 913 | ||||||||||||
Caps and closures | 982 | 1,128 | 1,191 | |||||||||||||||
Carton packaging | 842 | 815 | 795 | 835 | 848 | 842 | ||||||||||||
Tablewares | 739 | 739 | 745 | |||||||||||||||
Household product containers | 482 | 481 | 175 | |||||||||||||||
Non-food plastic containers | 743 | 870 | 976 | |||||||||||||||
Tableware | 704 | 714 | 739 | |||||||||||||||
Liquid packaging board | 444 | 449 | 451 | 443 | 470 | 444 | ||||||||||||
Paper products | 380 | 421 | 387 | 375 | 394 | 380 | ||||||||||||
Automotive lubricant containers | 323 | 316 | 95 | |||||||||||||||
Personal care containers | 171 | 167 | 51 | |||||||||||||||
Inter-segment eliminations | (771 | ) | (683 | ) | (656 | ) | (831 | ) | (831 | ) | (847 | ) | ||||||
Total revenue | 13,973 | 13,830 | 11,819 | 11,178 | 11,666 | 11,752 |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Gain on sale of businesses | — | 77 | 5 | ||||||
Gain on sale of non-current assets | 4 | — | — | ||||||
Hurricane Sandy insurance recoveries | 5 | — | — | ||||||
Income from facility management | 2 | 2 | 12 | ||||||
Income from miscellaneous services | 6 | 8 | 6 | ||||||
Insurance claims | — | — | 6 | ||||||
Landfill tipping fees received | — | — | 5 | ||||||
Litigation settlement | 3 | — | — | ||||||
Manufacturing plant fire insurance recoveries | 9 | 2 | — | ||||||
Non-cash change in provisions | 5 | 8 | — | ||||||
Rental income from investment properties | 1 | 2 | 6 | ||||||
Royalty income | 3 | 3 | 4 | ||||||
Unrealized gains on derivatives | 5 | 7 | — | ||||||
Other | 12 | 17 | 13 | ||||||
Total other income | 55 | 126 | 57 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Asset impairment charges, net of reversals | (17 | ) | (8 | ) | (42 | ) | |||
Business integration costs | — | — | (36 | ) | |||||
Gain (loss) on sale of businesses and non-current assets | 3 | 34 | 1 | ||||||
Insurance recoveries, net of costs incurred | — | 77 | 24 | ||||||
Litigation settlement | — | 18 | 3 | ||||||
Net foreign currency exchange gains (losses) | 12 | (2 | ) | (2 | ) | ||||
Non-cash change in provisions | — | 9 | 3 | ||||||
Restructuring costs, net of reversals | — | — | (10 | ) | |||||
Strategic review costs | (2 | ) | (18 | ) | — | ||||
Unrealized gain (loss) on derivatives (refer to note 21) | 114 | (131 | ) | 3 | |||||
Other | 1 | 6 | (5 | ) | |||||
Net other income (expenses) | 111 | (15 | ) | (61 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Asset impairment charges | (42 | ) | (33 | ) | (12 | ) | |||
Business acquisition and integration costs | (36 | ) | (60 | ) | (81 | ) | |||
Business interruption costs | 1 | (1 | ) | (2 | ) | ||||
Hurricane Sandy plant damage | 6 | (16 | ) | — | |||||
Manufacturing plant fire | 2 | (3 | ) | — | |||||
Net foreign currency exchange loss | (13 | ) | (8 | ) | (7 | ) | |||
Operational process engineering-related consultancy costs | (14 | ) | (17 | ) | (42 | ) | |||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | (33 | ) | — | — | |||||
Restructuring costs, net of reversals | (10 | ) | (56 | ) | (88 | ) | |||
SEC registration costs | — | (8 | ) | (6 | ) | ||||
Unrealized losses on derivatives | — | — | (26 | ) | |||||
VAT and customs refunds on historical imports | 6 | 2 | (1 | ) | |||||
Other | (9 | ) | — | (3 | ) | ||||
Total other expenses | (142 | ) | (200 | ) | (268 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Auditors' remunerations to PricewaterhouseCoopers, comprised of: | |||||||||
Audit fees(a) | (10 | ) | (12 | ) | (12 | ) | |||
Other audit related fees(b) | (1 | ) | (4 | ) | (7 | ) | |||
Tax fees(c) | (1 | ) | (1 | ) | (1 | ) |
For the | |||
Cash proceeds received | 4,233 | ||
Disposal costs | (5 | ) | |
Net proceeds received | 4,228 | ||
Contingent consideration receivable | 169 | ||
Indemnification reserve | (12 | ) | |
Details of net assets disposed of: | |||
Cash and | 84 | ||
Trade and | 204 | ||
Current tax assets | 3 | ||
Inventories | 191 | ||
Deferred tax assets | 33 | ||
Property, plant and | 795 | ||
Intangible assets | 982 | ||
Investment in associates and joint ventures | 112 | ||
Other current and non-current assets | 177 | ||
Trade and other payables | (278 | ) | |
Current tax liabilities | (52 | ) | |
Deferred tax liabilities | (61 | ) | |
Provisions and employee benefits | (192 | ) | |
Other current and non-current liabilities | (64 | ) | |
Net assets disposed of | 1,934 | ||
Gain on sale before reclassification of | 2,451 | ||
Reclassification of foreign currency translation reserve | 452 | ||
Gain on remeasurement or disposal | 2,903 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Results of discontinued operations | |||||||||
Revenue | 334 | 2,151 | 2,221 | ||||||
Expenses | (501 | ) | (1,970 | ) | (1,907 | ) | |||
Profit (loss) before income tax | (167 | ) | 181 | 314 | |||||
Income tax expense | (6 | ) | (68 | ) | (100 | ) | |||
Profit (loss) from discontinued operations prior to gain on disposal | (173 | ) | 113 | 214 | |||||
Gain on remeasurement or disposal | 2,903 | — | — | ||||||
Tax expense on disposal | (52 | ) | — | — | |||||
Gain on remeasurement or disposal, net of tax | 2,851 | — | — | ||||||
Profit (loss) from discontinued operations | 2,678 | 113 | 214 | ||||||
Cash flows from (used in) discontinued operations | |||||||||
Net cash from (used in) operating activities | (10 | ) | 498 | 374 | |||||
Net cash used in investing activities | (27 | ) | (174 | ) | (175 | ) | |||
Net cash used in financing activities | (6 | ) | (2 | ) | (3 | ) | |||
Net cash from (used in) discontinued operations | (43 | ) | 322 | 196 |
As of | |||
(In $ million) | 2014 | ||
Assets | |||
Cash and cash equivalents | 97 | ||
Trade and other |
receivables, net | 254 | ||
181 | |||
Property, plant and equipment | 844 | ||
Intangible assets | 1,071 | ||
Investments in joint ventures | 118 | ||
Deferred tax assets | 25 | ||
Other assets | 168 | ||
Total assets held for | 2,758 | ||
Liabilities | |||
Trade and other | 366 | ||
Employee benefits | 162 | ||
Current tax | 54 | ||
Deferred tax liabilities | 65 | ||
Provisions | 37 | ||
Other liabilities | 55 | ||
Liabilities directly associated with assets held for sale | 739 |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Interest income | 7 | 5 | 6 | ||||||
Net gain in fair value of derivatives | 81 | 223 | — | ||||||
Net foreign currency exchange gain | 61 | 40 | — | ||||||
Financial income | 149 | 268 | 6 | ||||||
Interest expense: | |||||||||
Securitization Facility | (10 | ) | (2 | ) | — | ||||
2013 Credit Agreement | (10 | ) | — | — | |||||
2012 Credit Agreement | (115 | ) | (32 | ) | — | ||||
2011 Credit Agreement | — | (225 | ) | (168 | ) | ||||
2009 Credit Agreement | — | — | (29 | ) | |||||
2013 Notes | (7 | ) | — | — | |||||
September 2012 Senior Secured Notes | (187 | ) | (48 | ) | — | ||||
February 2012 Senior Notes(a) | (1 | ) | (60 | ) | — | ||||
August 2011 Notes(a) | (339 | ) | (265 | ) | (85 | ) | |||
February 2011 Notes | (151 | ) | (153 | ) | (139 | ) | |||
October 2010 Notes | (242 | ) | (253 | ) | (243 | ) | |||
May 2010 Senior Notes | (85 | ) | (88 | ) | (88 | ) | |||
2009 Senior Secured Notes | — | (110 | ) | (147 | ) | ||||
2007 Notes | (103 | ) | (101 | ) | (109 | ) | |||
Pactiv 2012 Notes | — | (3 | ) | (15 | ) | ||||
Pactiv 2017 Notes | (24 | ) | (24 | ) | (24 | ) | |||
Pactiv 2018 Notes | (1 | ) | (1 | ) | (1 | ) | |||
Pactiv 2025 Notes | (22 | ) | (22 | ) | (22 | ) | |||
Pactiv 2027 Notes | (17 | ) | (17 | ) | (17 | ) | |||
Graham Packaging 2014 Notes | — | (7 | ) | (12 | ) | ||||
Graham Packaging 2017 Notes | — | — | (3 | ) | |||||
Graham Packaging 2018 Notes | — | — | (3 | ) | |||||
Related party borrowings (refer to note 23) | — | (1 | ) | (1 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Interest income | 3 | 3 | 4 | ||||||
Interest income on related party loans (refer to note 22) | 4 | 2 | — | ||||||
Net gain in fair value of derivatives | — | — | 61 | ||||||
Net foreign currency exchange gain | — | — | 106 | ||||||
Financial income | 7 | 5 | 171 | ||||||
Interest expense: | |||||||||
Securitization Facility | (8 | ) | (9 | ) | (10 | ) | |||
Credit Agreement | (110 | ) | (106 | ) | (125 | ) | |||
September 2012 Senior Secured Notes | (186 | ) | (187 | ) | (187 | ) | |||
February 2012 Senior Notes | (1 | ) | (1 | ) | (1 | ) | |||
August 2011 Notes | (210 | ) | (339 | ) | (339 | ) | |||
February 2011 Notes | (151 | ) | (151 | ) | (151 | ) | |||
October 2010 Notes | (130 | ) | (242 | ) | (242 | ) | |||
May 2010 Senior Notes | (63 | ) | (85 | ) | (85 | ) | |||
2013 Senior Notes | (36 | ) | (37 | ) | (5 | ) | |||
2013 Senior Subordinated Notes | (35 | ) | (35 | ) | (2 | ) | |||
2007 Notes | — | — | (103 | ) | |||||
Pactiv 2017 Debentures | (24 | ) | (24 | ) | (24 | ) | |||
Pactiv 2018 Notes | (1 | ) | (1 | ) | (1 | ) | |||
Pactiv 2025 Debentures | (22 | ) | (22 | ) | (22 | ) | |||
Pactiv 2027 Debentures | (17 | ) | (17 | ) | (17 | ) | |||
Amortization of: | |||||||||
Transaction costs | (33 | ) | (44 | ) | (41 | ) | |||
Fair value adjustment of acquired notes | 2 | 2 | 2 | ||||||
Embedded derivatives | 9 | 11 | 10 | ||||||
Net loss in fair value of derivatives | (198 | ) | (141 | ) | — | ||||
Net foreign currency exchange loss | (21 | ) | (34 | ) | — | ||||
Loss on extinguishment of debt(a) | (305 | ) | — | (52 | ) | ||||
Other | (11 | ) | (11 | ) | (10 | ) | |||
Financial expenses | (1,551 | ) | (1,473 | ) | (1,405 | ) | |||
Net financial expenses | (1,544 | ) | (1,468 | ) | (1,234 | ) |
(a) | The 2015 loss on extinguishment of debt includes $296 million related to the write-off of unamortized transaction costs, embedded derivatives, repayment premiums and transaction costs arising from the repayment of certain amounts of senior secured notes and senior notes using the proceeds from the sale of SIG as well as the credit agreement amendment. Also included is the fair value adjustment on the October 2010 Senior Secured Notes which includes an $8 million redemption premium and $1 million of accelerated amortization of transaction costs. |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Amortization of: | |||||||||
Debt issuance costs: | |||||||||
Securitization Facility | (2 | ) | — | — | |||||
2012 Credit Agreement | (2 | ) | — | — | |||||
2011 Credit Agreement | — | (6 | ) | (4 | ) | ||||
September 2012 Senior Secured Notes | (5 | ) | (1 | ) | — | ||||
February 2012 Senior Notes | — | (2 | ) | — | |||||
August 2011 Notes | (10 | ) | (7 | ) | (2 | ) | |||
February 2011 Notes | (3 | ) | (3 | ) | (2 | ) | |||
October 2010 Notes | (9 | ) | (8 | ) | (10 | ) | |||
May 2010 Notes | (4 | ) | (4 | ) | (3 | ) | |||
2009 Senior Secured Notes | — | (11 | ) | (8 | ) | ||||
2007 Notes | (4 | ) | (4 | ) | (4 | ) | |||
Fair value adjustment of acquired notes | 2 | 2 | 14 | ||||||
Original issue discounts | (2 | ) | (8 | ) | (4 | ) | |||
Embedded derivatives | 10 | 9 | 11 | ||||||
Debt commitment letter fees(b) | — | — | (68 | ) | |||||
Credit agreement amendment fees | — | — | (11 | ) | |||||
Net loss in fair value of derivatives | — | — | (20 | ) | |||||
Net foreign currency exchange loss | — | — | (55 | ) | |||||
Loss on extinguishment of debt(c) | (52 | ) | (213 | ) | (129 | ) | |||
Other | (16 | ) | (22 | ) | (19 | ) | |||
Financial expenses | (1,411 | ) | (1,690 | ) | (1,420 | ) | |||
Net financial expenses | (1,262 | ) | (1,422 | ) | (1,414 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Current tax (expense) benefit | ||||||||||||||||||
Current year | (158 | ) | (137 | ) | (148 | ) | (87 | ) | (55 | ) | (58 | ) | ||||||
Tax benefit of alternative fuel mixture credits | — | 12 | — | |||||||||||||||
Adjustments for prior years | 4 | 11 | — | — | (3 | ) | 4 | |||||||||||
(154 | ) | (114 | ) | (148 | ) | (87 | ) | (58 | ) | (54 | ) | |||||||
Deferred tax (expense) benefit | ||||||||||||||||||
Origination and reversal of temporary differences | 63 | 96 | 228 | 23 | 131 | 58 | ||||||||||||
Tax rate modifications | (1 | ) | 11 | 8 | ||||||||||||||
Recognition of previously unrecognized tax losses and temporary differences | 3 | 8 | 18 | 10 | 7 | 3 | ||||||||||||
Tax benefit of alternative fuel mixture credits | — | 80 | — | |||||||||||||||
Adjustments for prior years | (10 | ) | (3 | ) | (7 | ) | (4 | ) | (4 | ) | (6 | ) | ||||||
55 | 192 | 247 | 29 | 134 | 55 | |||||||||||||
Income tax (expense) benefit | (99 | ) | 78 | 99 | (58 | ) | 76 | 1 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Reconciliation of effective tax rate | ||||||||||||||||||
Profit (loss) before income tax | 56 | (158 | ) | (595 | ) | |||||||||||||
Profit (loss) from continuing operations before income tax | (240 | ) | (463 | ) | (258 | ) | ||||||||||||
Income tax using the New Zealand tax rate of 28% | (16 | ) | 44 | 166 | 68 | 130 | 71 | |||||||||||
Effect of tax rates in foreign jurisdictions | 38 | 49 | 53 | (3 | ) | 36 | 2 | |||||||||||
Effect of tax rates in state and local tax jurisdictions | — | 4 | 2 | |||||||||||||||
Non-deductible expenses and permanent differences | (54 | ) | (41 | ) | (95 | ) | (24 | ) | (22 | ) | (35 | ) | ||||||
Tax exempt income and income at a reduced tax rate | 18 | 15 | 9 | 3 | 9 | 17 | ||||||||||||
Withholding tax | (13 | ) | (12 | ) | (16 | ) | (4 | ) | (7 | ) | (6 | ) | ||||||
Tax benefit of alternative fuel mixture credits | — | 92 | — | |||||||||||||||
Tax rate modifications | (1 | ) | 11 | 8 | ||||||||||||||
Capital loss | 8 | 31 | — | |||||||||||||||
Write-off of deferred tax asset for losses previously recognized | (31 | ) | — | — | ||||||||||||||
Recognition of previously unrecognized tax losses and temporary differences | 3 | 8 | 18 | 10 | 7 | 3 | ||||||||||||
Unrecognized tax losses and temporary differences | (52 | ) | (78 | ) | (48 | ) | (76 | ) | (109 | ) | (49 | ) | ||||||
Tax uncertainties | 4 | 2 | 8 | 1 | (2 | ) | 7 | |||||||||||
Controlled foreign corporation tax | — | — | 2 | |||||||||||||||
Credits | 3 | 4 | 4 | 2 | 3 | 3 | ||||||||||||
Tax on unremitted earnings | (20 | ) | (24 | ) | (12 | ) | (7 | ) | 8 | (4 | ) | |||||||
Over (under) provided in prior periods | (3 | ) | 6 | (3 | ) | (4 | ) | (7 | ) | (2 | ) | |||||||
Other | (6 | ) | (2 | ) | 3 | (1 | ) | (1 | ) | (6 | ) | |||||||
Total income tax (expense) benefit | (99 | ) | 78 | 99 | (58 | ) | 76 | 1 |
(In $ million) | Derivatives | Property, plant and equipment | Intangible assets | Employee benefits | Tax loss carry-forwards | Interest | Other items | Net deferred tax assets (liabilities) | ||||||||
Balance as of January 1, 2012 | 5 | (628 | ) | (2,059 | ) | 534 | 379 | 170 | 242 | (1,357 | ) | |||||
Recognized in the profit or loss | (91 | ) | 44 | 140 | 15 | 65 | 81 | (62 | ) | 192 | ||||||
Recognized in equity | — | — | — | 60 | — | — | — | 60 | ||||||||
Other | (1 | ) | (2 | ) | (3 | ) | (1 | ) | 1 | — | (1 | ) | (7 | ) | ||
Balance as of December 31, 2012 | (87 | ) | (586 | ) | (1,922 | ) | 608 | 445 | 251 | 179 | (1,112 | ) | ||||
Recognized in the profit or loss | (26 | ) | (19 | ) | 25 | 35 | (26 | ) | 71 | (5 | ) | 55 | ||||
Recognized in equity | — | — | — | (362 | ) | — | — | — | (362 | ) | ||||||
Business acquisitions and disposals | — | (2 | ) | (4 | ) | — | — | — | — | (6 | ) | |||||
Other | — | — | 3 | — | — | — | (3 | ) | — | |||||||
Balance as of December 31, 2013 | (113 | ) | (607 | ) | (1,898 | ) | 281 | 419 | 322 | 171 | (1,425 | ) |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Included in the statement of financial position as: | ||||||
Deferred tax assets - non-current | 49 | 42 | ||||
Deferred tax liabilities - non-current | (1,474 | ) | (1,154 | ) | ||
Total recognized net deferred tax liabilities | (1,425 | ) | (1,112 | ) |
(In $ million) | Derivatives | Property, plant and equipment | Intangible assets | Employee benefits | Tax loss carry-forwards | Interest | Other items | Net deferred tax assets (liabilities) | ||||||||
Balance as of January 1, 2014 | (113 | ) | (607 | ) | (1,898 | ) | 281 | 419 | 322 | 171 | (1,425 | ) | ||||
Recognized in profit or loss | 65 | (27 | ) | 59 | (4 | ) | (111 | ) | 82 | 70 | 134 | |||||
Recognized in equity | — | — | — | 274 | — | — | — | 274 | ||||||||
Transfers to held for sale | — | 47 | 24 | (1 | ) | (3 | ) | — | (28 | ) | 39 | |||||
Other | 2 | 9 | 14 | (1 | ) | (8 | ) | — | 18 | 34 | ||||||
Balance as of December 31, 2014 | (46 | ) | (578 | ) | (1,801 | ) | 549 | 297 | 404 | 231 | (944 | ) | ||||
Recognized in profit or loss | 10 | (7 | ) | 27 | 37 | (182 | ) | 95 | (9 | ) | (29 | ) | ||||
Recognized in equity | — | — | — | (99 | ) | — | — | — | (99 | ) | ||||||
Other | 3 | 2 | 11 | 3 | (5 | ) | 2 | 8 | 24 | |||||||
Balance as of December 31, 2015 | (33 | ) | (583 | ) | (1,763 | ) | 490 | 110 | 501 | 230 | (1,048 | ) |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Included in the statement of financial position as: | ||||||
Deferred tax assets - non-current | 11 | 10 | ||||
Deferred tax liabilities - non-current | (1,059 | ) | (954 | ) | ||
Total recognized net deferred tax liabilities | (1,048 | ) | (944 | ) |
(In $ million) | Tax losses | Taxable temporary differences | Deductible temporary differences | Total unrecognized deferred tax assets | Tax losses | Taxable temporary differences | Deductible temporary differences | Total unrecognized deferred tax assets | ||||||||||||||||
Balance as of December 31, 2011 | 276 | (6 | ) | 23 | 293 | |||||||||||||||||||
Balance as of December 31, 2013 | 479 | (37 | ) | 36 | 478 | |||||||||||||||||||
Additions and reversals | 107 | (7 | ) | 9 | 109 | |||||||||||||||||||
Recognition | (7 | ) | (4 | ) | 4 | (7 | ) | |||||||||||||||||
Transfers to held for sale | (32 | ) | 5 | (14 | ) | (41 | ) | |||||||||||||||||
Other | (97 | ) | 5 | (2 | ) | (94 | ) | |||||||||||||||||
Balance as of December 31, 2014 | 450 | (38 | ) | 33 | 445 | |||||||||||||||||||
Additions and reversals | 72 | (2 | ) | 8 | 78 | 138 | — | 16 | 154 | |||||||||||||||
Recognition | (8 | ) | — | — | (8 | ) | (7 | ) | (1 | ) | (2 | ) | (10 | ) | ||||||||||
Other | 104 | (26 | ) | 9 | 87 | 45 | 8 | (9 | ) | 44 | ||||||||||||||
Balance as of December 31, 2012 | 444 | (34 | ) | 40 | 450 | |||||||||||||||||||
Additions and reversals | 56 | (2 | ) | (2 | ) | 52 | ||||||||||||||||||
Recognition | (3 | ) | — | — | (3 | ) | ||||||||||||||||||
Other | (18 | ) | (1 | ) | (2 | ) | (21 | ) | ||||||||||||||||
Balance as of December 31, 2013 | 479 | (37 | ) | 36 | 478 | |||||||||||||||||||
Balance as of December 31, 2015 | 626 | (31 | ) | 38 | 633 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Deductible (taxable) temporary differences | (1 | ) | 6 | 7 | (5 | ) | ||||||
Tax losses | 479 | 444 | 626 | 450 | ||||||||
Total unrecognized deferred tax assets | 478 | 450 | 633 | 445 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Trade receivables | 1,228 | 1,245 | 1,037 | 1,077 | ||||||||
Provisions for doubtful debts | (24 | ) | (29 | ) | ||||||||
Total trade receivables, net of provisions for doubtful debts | 1,204 | 1,216 | ||||||||||
Related party receivables (refer to note 23) | 62 | 58 | ||||||||||
Provision for impairment | (10 | ) | (11 | ) | ||||||||
Total trade receivables, net of provision for impairment | 1,027 | 1,066 | ||||||||||
Related party receivables (refer to note 22) | 7 | 7 | ||||||||||
Other receivables | 237 | 159 | 55 | 103 | ||||||||
Total current trade and other receivables | 1,503 | 1,433 | ||||||||||
Related party receivables (refer to note 23) | 22 | — | ||||||||||
Total current trade and other receivables, net | 1,089 | 1,176 | ||||||||||
Related party receivables (refer to note 22) | — | 90 | ||||||||||
Other receivables | 37 | 47 | 29 | 24 | ||||||||
Total non-current receivables | 59 | 47 | 29 | 114 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Current | 1,124 | 1,085 | ||||
Past due 0 to 30 days | 65 | 108 | ||||
Past due 31 days to 60 days | 7 | 12 | ||||
Past due 61 days to 90 days | 2 | 6 | ||||
Past due more than 91 days | 6 | 5 | ||||
Balance at the end of the year | 1,204 | 1,216 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Current | 936 | 981 | ||||
Past due 1 to 30 days | 56 | 57 | ||||
Past due 31 to 60 days | 10 | 10 | ||||
Past due 61 to 90 days | 3 | 3 | ||||
Past due more than 90 days | 22 | 15 | ||||
Balance at the end of the year | 1,027 | 1,066 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Raw materials and consumables | 438 | 414 | 326 | 364 | ||||||||
Work in progress | 239 | 241 | 149 | 177 | ||||||||
Finished goods | 870 | 866 | 657 | 780 | ||||||||
Engineering and maintenance materials | 155 | 149 | 149 | 154 | ||||||||
Provision against inventory | (55 | ) | (58 | ) | ||||||||
Total inventory | 1,647 | 1,612 | ||||||||||
Provision against inventories | (19 | ) | (22 | ) | ||||||||
Total inventories | 1,262 | 1,453 |
(In $ million) | Land | Buildings and improve-ments | Plant and equipment | Capital work in progress | Leased assets lessor | Finance leased assets | Total | Land | Buildings and improve-ments | Plant and equipment | Capital work in progress | Leased assets lessor | Finance leased assets | Total | ||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 226 | 1,087 | 4,872 | 475 | 447 | 29 | 7,136 | 171 | 894 | 4,732 | 186 | — | 28 | 6,011 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (336 | ) | (2,138 | ) | — | (261 | ) | (5 | ) | (2,740 | ) | — | (355 | ) | (2,430 | ) | — | — | (8 | ) | (2,793 | ) | |||||||||||||||||||
Accumulated impairment losses | — | (2 | ) | (41 | ) | — | — | — | (43 | ) | — | (1 | ) | (33 | ) | — | — | — | (34 | ) | ||||||||||||||||||||||
Carrying amount as of December 31, 2013 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 171 | 538 | 2,269 | 186 | — | 20 | 3,184 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 235 | 1,047 | 4,475 | 352 | 402 | 25 | 6,536 | 179 | 871 | 4,510 | 296 | — | 29 | 5,885 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (268 | ) | (1,655 | ) | — | (208 | ) | (4 | ) | (2,135 | ) | — | (313 | ) | (2,124 | ) | — | — | (7 | ) | (2,444 | ) | |||||||||||||||||||
Accumulated impairment losses | — | (2 | ) | (35 | ) | (1 | ) | — | — | (38 | ) | — | — | (29 | ) | — | — | — | (29 | ) | ||||||||||||||||||||||
Carrying amount as of December 31, 2012 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2013 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 1 | 8 | 28 | — | — | — | 37 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2015 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 | |||||||||||||||||||||||||||||||||||
Additions | — | 1 | 7 | 725 | 3 | 5 | 741 | — | — | — | 327 | — | — | 327 | ||||||||||||||||||||||||||||
Capitalization of borrowing costs | — | 1 | 3 | 2 | — | — | 6 | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Disposals | — | (1 | ) | (3 | ) | — | — | — | (4 | ) | — | — | (8 | ) | — | — | — | (8 | ) | |||||||||||||||||||||||
Depreciation for the year | — | (77 | ) | (566 | ) | — | (60 | ) | (2 | ) | (705 | ) | — | (52 | ) | (409 | ) | — | — | (2 | ) | (463 | ) | |||||||||||||||||||
Impairment losses | (1 | ) | (5 | ) | (39 | ) | (5 | ) | — | — | (50 | ) | ||||||||||||||||||||||||||||||
Impairment losses, net of reversals | — | (1 | ) | (13 | ) | (3 | ) | — | — | (17 | ) | |||||||||||||||||||||||||||||||
Other transfers | (8 | ) | 48 | 489 | (587 | ) | 57 | — | (1 | ) | (3 | ) | 43 | 388 | (431 | ) | — | — | (3 | ) | ||||||||||||||||||||||
Effect of movements in exchange rates | (1 | ) | (3 | ) | (11 | ) | (11 | ) | (8 | ) | — | (34 | ) | (5 | ) | (10 | ) | (46 | ) | (8 | ) | — | — | (69 | ) | |||||||||||||||||
Carrying amount as of December 31, 2013 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2012 | 237 | 841 | 2,925 | 341 | 178 | 24 | 4,546 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | — | 1 | 5 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 171 | 538 | 2,269 | 186 | — | 20 | 3,184 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2014 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 24) | — | — | 5 | 6 | — | — | 11 | |||||||||||||||||||||||||||||||||||
Additions | — | 1 | 26 | 599 | 9 | — | 635 | — | — | 3 | 612 | 5 | 1 | 621 | ||||||||||||||||||||||||||||
Capitalization of borrowing costs | — | — | 1 | 3 | — | — | 4 | — | — | 3 | 3 | — | — | 6 | ||||||||||||||||||||||||||||
Disposals | — | — | (10 | ) | (5 | ) | (1 | ) | — | (16 | ) | — | (1 | ) | (5 | ) | — | — | — | (6 | ) | |||||||||||||||||||||
Depreciation for the year | — | (102 | ) | (613 | ) | — | (57 | ) | (2 | ) | (774 | ) | — | (69 | ) | (521 | ) | — | (29 | ) | (2 | ) | (621 | ) | ||||||||||||||||||
Impairment losses | (1 | ) | (2 | ) | (37 | ) | (3 | ) | — | — | (43 | ) | ||||||||||||||||||||||||||||||
Impairment losses, net of reversals | — | (1 | ) | (5 | ) | (1 | ) | — | — | (7 | ) | |||||||||||||||||||||||||||||||
Transfers to assets held for sale | (41 | ) | (168 | ) | (293 | ) | (110 | ) | (252 | ) | — | (864 | ) | |||||||||||||||||||||||||||||
Other transfers | (5 | ) | 36 | 475 | (582 | ) | 67 | (1 | ) | (10 | ) | — | 70 | 536 | (679 | ) | 99 | — | 26 | |||||||||||||||||||||||
Effect of movements in exchange rates | 4 | 2 | 13 | (2 | ) | (2 | ) | — | 15 | (6 | ) | (22 | ) | (59 | ) | (10 | ) | (9 | ) | (1 | ) | (107 | ) | |||||||||||||||||||
Carrying amount as of December 31, 2012 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Cost of sales | 452 | 504 | 556 | ||||||
Selling, marketing and distribution expenses | — | 1 | 1 | ||||||
General and administration expenses | 11 | 14 | 15 | ||||||
Discontinued operations | — | 102 | 133 | ||||||
Total depreciation expense | 463 | 621 | 705 |
(In $ million) | Goodwill | Trademarks | Customer relationships | Technology & software | Other | Total | Goodwill | Trademarks | Customer relationships | Technology & software | Other | Total | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||||||||||
Cost | 6,376 | 2,079 | 3,491 | 880 | 199 | 13,025 | 5,447 | 1,764 | 3,380 | 877 | 104 | 11,572 | ||||||||||||||||||||||||
Accumulated amortization | — | (50 | ) | (559 | ) | (276 | ) | (83 | ) | (968 | ) | — | (75 | ) | (868 | ) | (414 | ) | (21 | ) | (1,378 | ) | ||||||||||||||
Accumulated impairment losses | — | — | — | — | (2 | ) | (2 | ) | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Carrying amount as of December 31, 2013 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 5,447 | 1,689 | 2,512 | 463 | 81 | 10,192 | ||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Cost | 6,324 | 2,067 | 3,793 | 885 | 212 | 13,281 | 5,471 | 1,763 | 3,440 | 868 | 106 | 11,648 | ||||||||||||||||||||||||
Accumulated amortization | — | (36 | ) | (679 | ) | (205 | ) | (83 | ) | (1,003 | ) | — | (62 | ) | (729 | ) | (334 | ) | (22 | ) | (1,147 | ) | ||||||||||||||
Accumulated impairment losses | — | — | — | — | (4 | ) | (4 | ) | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Carrying amount as of December 31, 2012 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2013 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 37 | 1 | 22 | — | — | 60 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2015 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 | ||||||||||||||||||||||||||||||
Additions | — | — | — | 13 | 5 | 18 | — | — | — | 11 | 3 | 14 | ||||||||||||||||||||||||
Amortization for the year | — | (14 | ) | (196 | ) | (86 | ) | (19 | ) | (315 | ) | — | (12 | ) | (154 | ) | (81 | ) | (4 | ) | (251 | ) | ||||||||||||||
Other transfers | (1 | ) | 2 | (1 | ) | (3 | ) | 3 | — | |||||||||||||||||||||||||||
Effect of movements in exchange rates | 16 | 9 | (7 | ) | — | — | 18 | (24 | ) | — | (45 | ) | (1 | ) | — | (70 | ) | |||||||||||||||||||
Carrying amount as of December 31, 2013 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2012 | 6,297 | 2,034 | 3,321 | 761 | 132 | 12,545 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 1 | — | 16 | 3 | 2 | 22 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 5,447 | 1,689 | 2,512 | 463 | 81 | 10,192 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2014 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 24) | 7 | — | 7 | — | — | 14 | ||||||||||||||||||||||||||||||
Additions | — | — | — | 14 | 12 | 26 | — | — | — | 17 | 2 | 19 | ||||||||||||||||||||||||
Disposals | (4 | ) | — | (6 | ) | — | — | (10 | ) | |||||||||||||||||||||||||||
Amortization for the year | — | (12 | ) | (230 | ) | (101 | ) | (17 | ) | (360 | ) | — | (13 | ) | (180 | ) | (84 | ) | (12 | ) | (289 | ) | ||||||||||||||
Impairment losses | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||
Other transfers | — | — | (5 | ) | 2 | — | (3 | ) | ||||||||||||||||||||||||||||
Transfers to assets held for sale | (808 | ) | (290 | ) | — | (2 | ) | (21 | ) | (1,121 | ) | |||||||||||||||||||||||||
Other | (12 | ) | — | — | — | — | (12 | ) | ||||||||||||||||||||||||||||
Effect of movements in exchange rates | 26 | 9 | 12 | 1 | — | 48 | (88 | ) | (25 | ) | (42 | ) | (1 | ) | (1 | ) | (157 | ) | ||||||||||||||||||
Carrying amount as of December 31, 2012 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Cost of sales | 42 | 42 | 43 | ||||||
General and administration expenses | 209 | 237 | 238 | ||||||
Discontinued operations | — | 10 | 34 | ||||||
Total amortization expense | 251 | 289 | 315 |
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ million) | Goodwill | Trademarks | Other | Goodwill | Trademarks | Other | ||||||||||||
SIG | 848 | 315 | — | 830 | 306 | — | ||||||||||||
Evergreen | 67 | 34 | — | 67 | 34 | — | ||||||||||||
Closures | 388 | — | — | 393 | — | — | ||||||||||||
Reynolds Consumer Products | 1,908 | 850 | — | 1,887 | 850 | — | ||||||||||||
Pactiv Foodservice | 1,727 | 526 | 69 | 1,710 | 526 | 69 | ||||||||||||
Graham Packaging | 1,438 | 250 | — | 1,437 | 250 | — | ||||||||||||
Total | 6,376 | 1,975 | 69 | 6,324 | 1,966 | 69 |
As of December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
(In $ million) | Goodwill | Trademarks | Other | Goodwill | Trademarks | Other | ||||||||||||
Evergreen | 67 | 34 | — | 67 | 34 | — | ||||||||||||
Closures | 363 | — | — | 378 | — | — | ||||||||||||
Reynolds Consumer Products | 1,913 | 850 | — | 1,913 | 850 | — | ||||||||||||
Pactiv Foodservice | 1,693 | 526 | 63 | 1,695 | 526 | 62 | ||||||||||||
Graham Packaging | 1,411 | 250 | — | 1,418 | 250 | — | ||||||||||||
Total | 5,447 | 1,660 | 63 | 5,471 | 1,660 | 62 |
(In $ million) | 2015 | 2014 | 2013 | ||||||
Current assets | 33 | 30 | |||||||
Non-current assets | 20 | 22 | |||||||
Total assets | 53 | 52 | |||||||
Current liabilities | 19 | 17 | |||||||
Non-current liabilities | 7 | 8 | |||||||
Total liabilities | 26 | 25 | |||||||
Revenue | 53 | 50 | 40 | ||||||
Expenses | (49 | ) | (47 | ) | (39 | ) | |||
Profit (loss) from continuing operations | 4 | 3 | 1 | ||||||
Profit (loss) from discontinued operations, net of income tax | 14 | 51 | 49 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Balance as of the beginning of the year | 18 | 149 | ||||
Share of profit, net of income tax | 2 | 22 | ||||
Transfers to assets held for sale | — | (121 | ) | |||
Dividends received | — | (25 | ) | |||
Effect of movement in exchange rates | — | (7 | ) | |||
Balance as of the end of the year | 20 | 18 | ||||
Amount of goodwill in carrying value of associates and joint ventures (equity method) | — | — |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Trade payables | 623 | 720 | ||||
Accrued interest | 198 | 295 | ||||
Related party payables (refer to note 22) | — | 1 | ||||
Other payables and accrued expenses | 331 | 365 | ||||
Total current trade and other payables | 1,152 | 1,381 | ||||
Non-current payables | 44 | 40 |
(In $ million) | Country of incorporation | Interest held | Reporting date | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Revenue | Expenses | Profit after tax | |||||||||
2013 | |||||||||||||||||||||
SIG Combibloc Obeikan Company Limited | Kingdom of Saudi Arabia | 50.0% | December 31 | 99 | 74 | 173 | 82 | 24 | 106 | 151 | (135 | ) | 16 | ||||||||
SIG Combibloc Obeikan FZCO | United Arab Emirates | 50.0% | December 31 | 143 | 48 | 191 | 67 | 43 | 110 | 262 | (229 | ) | 33 | ||||||||
Ducart Evergreen Packaging Ltd ("Ducart") | Israel | 50.0% | November 30 | 10 | 9 | 19 | 4 | 4 | 8 | 17 | (16 | ) | 1 | ||||||||
Banawi Evergreen Packaging Company Limited ("Banawi") | Kingdom of Saudi Arabia | 50.0% | November 30 | 12 | 11 | 23 | 6 | 5 | 11 | 18 | (17 | ) | 1 | ||||||||
Eclipse Closures, LLC | USA | 49.0% | December 31 | — | — | — | 2 | — | 2 | 5 | (6 | ) | (1 | ) | |||||||
Graham Blow Pack Private Limited ("GBPPL") | India | 22.0% | September 30 | 2 | 3 | 5 | 2 | 1 | 3 | — | — | — | |||||||||
266 | 145 | 411 | 163 | 77 | 240 | 453 | (403 | ) | 50 | ||||||||||||
2012 | |||||||||||||||||||||
SIG Combibloc Obeikan Company Limited | Kingdom of Saudi Arabia | 50.0% | December 31 | 96 | 55 | 151 | 54 | 31 | 85 | 123 | (105 | ) | 18 | ||||||||
SIG Combibloc Obeikan FZCO | United Arab Emirates | 50.0% | December 31 | 111 | 31 | 142 | 72 | 2 | 74 | 220 | (187 | ) | 33 | ||||||||
Ducart Evergreen Packaging Ltd ("Ducart") | Israel | 50.0% | November 30 | 12 | 2 | 14 | 5 | 1 | 6 | 21 | (19 | ) | 2 | ||||||||
Banawi Evergreen Packaging Company Limited ("Banawi") | Kingdom of Saudi Arabia | 50.0% | November 30 | 13 | 26 | 39 | 9 | 9 | 18 | 11 | (10 | ) | 1 | ||||||||
Eclipse Closures, LLC | USA | 49.0% | December 31 | 2 | — | 2 | 2 | — | 2 | 2 | (2 | ) | — | ||||||||
Graham Blow Pack Private Limited ("GBPPL") | India | 22.0% | September 30 | 3 | 4 | 7 | 2 | 3 | 5 | — | — | — | |||||||||
237 | 118 | 355 | 144 | 46 | 190 | 377 | (323 | ) | 54 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Balance as of the beginning of the year | 141 | 119 | ||||
Share of profit, net of income tax | 26 | 27 | ||||
Capital contribution | 6 | — | ||||
Dividends received | (27 | ) | (7 | ) | ||
Effect of movement in exchange rates | 3 | 2 | ||||
Balance as of the end of the year | 149 | 141 | ||||
Amount of goodwill in carrying value of associates and joint ventures (equity method) | 54 | 52 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Trade payables | 913 | 874 | ||||
Accrued interest | 296 | 305 | ||||
Related party payables (refer to note 23) | 12 | 20 | ||||
Other payables and accrued expenses | 602 | 645 | ||||
Total trade and other payables | 1,823 | 1,844 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Securitization Facility(a)(u) | 438 | 491 | ||||
2013 Credit Agreement(b)(v) | 27 | — | ||||
2012 Credit Agreement(c)(w) | — | 26 | ||||
Other borrowings(ac) | 5 | 6 | ||||
Current borrowings | 470 | 523 | ||||
2013 Credit Agreement(b)(v) | 2,586 | — | ||||
2012 Credit Agreement(c)(w) | — | 2,583 | ||||
2013 Senior Subordinated Notes(d)(y) | 584 | — | ||||
2013 Senior Notes(e)(y) | 644 | — | ||||
September 2012 Senior Secured Notes(f)(x) | 3,222 | 3,219 | ||||
February 2012 Senior Notes(g)(x) | 9 | 9 | ||||
August 2011 Senior Secured Notes(h)(x) | 1,475 | 1,471 | ||||
August 2011 Senior Notes(i)(x) | 2,195 | 2,189 | ||||
February 2011 Senior Secured Notes(j)(x) | 998 | 998 | ||||
February 2011 Senior Notes(k)(x) | 996 | 995 | ||||
October 2010 Senior Secured Notes(l)(x) | 1,478 | 1,475 | ||||
October 2010 Senior Notes(m)(x) | 1,474 | 1,470 | ||||
May 2010 Senior Notes(n)(x) | 985 | 982 | ||||
2007 Senior Notes(o)(z) | — | 621 | ||||
2007 Senior Subordinated Notes(p)(z) | — | 543 | ||||
Pactiv 2017 Notes(q)(aa) | 310 | 312 | ||||
Pactiv 2018 Notes(r)(aa) | 16 | 17 | ||||
Pactiv 2025 Notes(s)(aa) | 270 | 270 | ||||
Pactiv 2027 Notes(t)(aa) | 197 | 197 | ||||
Related party borrowings | — | 16 | ||||
Other borrowings(ac) | 27 | 27 | ||||
Non-current borrowings | 17,466 | 17,394 | ||||
Total borrowings | 17,936 | 17,917 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Securitization Facility(a) | 316 | 405 | ||||
Credit Agreement(b) | 2,448 | 2,548 | ||||
September 2012 Senior Secured Notes(c) | 3,237 | 3,250 | ||||
February 2012 Senior Notes(c) | 9 | 9 | ||||
August 2011 Senior Secured Notes(c) | 626 | 1,500 | ||||
August 2011 Senior Notes(c) | 1,272 | 2,241 | ||||
February 2011 Senior Secured Notes(c) | 995 | 1,000 | ||||
February 2011 Senior Notes(c) | 995 | 1,000 | ||||
October 2010 Senior Secured Notes(c) | 592 | 1,500 | ||||
October 2010 Senior Notes(c) | 613 | 1,500 | ||||
May 2010 Senior Notes(c) | 670 | 1,000 | ||||
2013 Senior Notes(d) | 642 | 650 | ||||
2013 Senior Subordinated Notes(d) | 590 | 590 | ||||
Pactiv 2017 Debentures(e) | 300 | 300 | ||||
Pactiv 2018 Notes(e) | 16 | 16 | ||||
Pactiv 2025 Debentures(e) | 276 | 276 | ||||
Pactiv 2027 Debentures(e) | 200 | 200 | ||||
Other borrowings(f) | 46 | 39 | ||||
Total principal amount of borrowings | 13,843 | 18,024 | ||||
Transaction costs | (122 | ) | (234 | ) | ||
Embedded derivatives | 43 | 68 | ||||
Fair value adjustment at acquisition | (3 | ) | (1 | ) | ||
Carrying value | 13,761 | 17,857 | ||||
Current borrowings | 976 | 477 | ||||
Non-current borrowings | 12,785 | 17,380 | ||||
Total borrowings | 13,761 | 17,857 |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
(a) | Securitization Facility | 445 | 500 | ||||
Debt issuance costs | (7 | ) | (9 | ) | |||
Carrying amount | 438 | 491 | |||||
(b) | 2013 Credit Agreement (current and non-current) | 2,623 | — | ||||
Debt issuance costs | (10 | ) | — | ||||
Carrying amount | 2,613 | — | |||||
(c) | 2012 Credit Agreement (current and non-current) | — | 2,625 | ||||
Debt issuance costs | — | (16 | ) | ||||
Carrying amount | — | 2,609 |
(d) | 2013 Senior Subordinated Notes | 590 | — | ||||
Debt issuance costs | (6 | ) | — | ||||
Carrying amount | 584 | — | |||||
(e) | 2013 Senior Notes | 650 | — | ||||
Debt issuance costs | (6 | ) | — | ||||
Carrying amount | 644 | — | |||||
(f) | September 2012 Senior Secured Notes | 3,250 | 3,250 | ||||
Debt issuance costs | (48 | ) | (53 | ) | |||
Embedded derivative | 20 | 22 | |||||
Carrying amount | 3,222 | 3,219 | |||||
(g) | February 2012 Senior Notes | 9 | 9 | ||||
Carrying amount | 9 | 9 | |||||
(h) | August 2011 Senior Secured Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (26 | ) | (30 | ) | |||
Original issue discount | (9 | ) | (10 | ) | |||
Embedded derivative | 10 | 11 | |||||
Carrying amount | 1,475 | 1,471 | |||||
(i) | August 2011 Senior Notes | 2,241 | 2,241 | ||||
Debt issuance costs | (51 | ) | (57 | ) | |||
Original issue discount | (5 | ) | (6 | ) | |||
Embedded derivative | 10 | 11 | |||||
Carrying amount | 2,195 | 2,189 | |||||
(j) | February 2011 Senior Secured Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (14 | ) | (15 | ) | |||
Embedded derivative | 12 | 13 | |||||
Carrying amount | 998 | 998 | |||||
(k) | February 2011 Senior Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (13 | ) | (15 | ) | |||
Embedded derivative | 9 | 10 | |||||
Carrying amount | 996 | 995 | |||||
(l) | October 2010 Senior Secured Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (28 | ) | (32 | ) | |||
Embedded derivative | 6 | 7 | |||||
Carrying amount | 1,478 | 1,475 | |||||
(m) | October 2010 Senior Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (33 | ) | (38 | ) | |||
Embedded derivative | 7 | 8 | |||||
Carrying amount | 1,474 | 1,470 | |||||
(n) | May 2010 Senior Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (21 | ) | (25 | ) | |||
Embedded derivative | 6 | 7 | |||||
Carrying amount | 985 | 982 | |||||
(o) | 2007 Senior Notes | — | 634 | ||||
Debt issuance costs | — | (13 | ) | ||||
Carrying amount | — | 621 | |||||
(p) | 2007 Senior Subordinated Notes | — | 555 | ||||
Debt issuance costs | — | (12 | ) | ||||
Carrying amount | — | 543 | |||||
(q) | Pactiv 2017 Notes | 300 | 300 | ||||
Fair value adjustment at acquisition | 10 | 12 | |||||
Carrying amount | 310 | 312 | |||||
(r) | Pactiv 2018 Notes | 16 | 16 |
Fair value adjustment at acquisition | — | 1 | |||||
Carrying amount | 16 | 17 | |||||
(s) | Pactiv 2025 Notes | 276 | 276 | ||||
Fair value adjustment at acquisition | (6 | ) | (6 | ) | |||
Carrying amount | 270 | 270 | |||||
(t) | Pactiv 2027 Notes | 200 | 200 | ||||
Fair value adjustment at acquisition | (3 | ) | (3 | ) | |||
Carrying amount | 197 | 197 |
Currency | Maturity date | Original facility value (in million) | Value drawn or utilized as of December 31, 2013 (in million) | Applicable interest rate as of December 31, 2013 | ||||||||
Term Tranches | ||||||||||||
U.S. Term Loan | $ | December 1, 2018 | 2,213 | 2,213 | 3 month LIBOR floor of 1.000% + 3.000% | |||||||
European Term Loan | € | December 1, 2018 | 297 | 297 | 3 month EURIBOR floor of 1.000% + 3.250% | |||||||
Revolving Tranches(1) | ||||||||||||
Revolving Tranche | $ | December 27, 2018 | 120 | 69 | — | |||||||
Revolving Tranche | € | December 27, 2018 | 54 | 15 | — |
Currency | Maturity date | Current facility value (in million) | Value drawn or utilized as of December 31, 2015 (in million) | Applicable interest rate as of December 31, 2015 | ||||||||
Term Tranches | ||||||||||||
U.S. Term Loans | $ | December 1, 2018 | 2,135 | 2,135 | LIBOR floor of 1.000% + 3.500% | |||||||
European Term Loans | € | December 1, 2018 | 287 | 287 | EURIBOR floor of 1.000% + 3.500% | |||||||
Revolving Tranches(1) | ||||||||||||
U.S. Revolving Loans | $ | December 27, 2018 | 120 | 62 | — | |||||||
European Revolving Loans | € | December 27, 2018 | 54 | — | — |
(1) | The Revolving Tranches were utilized in the form of bank guarantees and letters of credit. |
Currency | Issue date | Principal amounts issued (in million) | Interest rate | Maturity date | Semi-annual interest payment dates | Issue date | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | ||||||||||||||
September 2012 Senior Secured Notes | $ | September 28, 2012 | 3,250 | 5.750% | October 15, 2020 | April 15 and October 15 | September 28, 2012 | 3,237 | 5.750% | October 15, 2020 | April 15 and October 15 | |||||||||||||
February 2012 Senior Notes | $ | February 15, 2012 | 9 | 9.875% | August 15, 2019 | February 15 and August 15 | February 15, 2012 | 9 | 9.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
August 2011 Senior Secured Notes | $ | August 9, 2011 | 1,500 | 7.875% | August 15, 2019 | February 15 and August 15 | August 9, 2011 | 626 | 7.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
August 2011 Senior Notes | $ | August 9, 2011 and August 10, 2012 | 2,241 | 9.875% | August 15, 2019 | February 15 and August 15 | August 9, 2011 and August 10, 2012 | 1,272 | 9.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
February 2011 Senior Secured Notes | $ | February 1, 2011 | 1,000 | 6.875% | February 15, 2021 | February 15 and August 15 | February 1, 2011 | 995 | 6.875% | February 15, 2021 | February 15 and August 15 | |||||||||||||
February 2011 Senior Notes | $ | February 1, 2011 | 1,000 | 8.250% | February 15, 2021 | February 15 and August 15 | February 1, 2011 | 995 | 8.250% | February 15, 2021 | February 15 and August 15 | |||||||||||||
October 2010 Senior Secured Notes | $ | October 15, 2010 | 1,500 | 7.125% | April 15, 2019 | April 15 and October 15 | October 15, 2010 | 592 | 7.125% | April 15, 2019 | April 15 and October 15 | |||||||||||||
October 2010 Senior Notes | $ | October 15, 2010 | 1,500 | 9.000% | April 15, 2019 | April 15 and October 15 | October 15, 2010 | 613 | 9.000% | April 15, 2019 | April 15 and October 15 | |||||||||||||
May 2010 Senior Notes | $ | May 4, 2010 | 1,000 | 8.500% | May 15, 2018 | May 15 and November 15 | May 4, 2010 | 670 | 8.500% | May 15, 2018 | May 15 and November 15 |
Issue date | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | |||||||
2013 Senior Notes | November 15, 2013 | 642 | 5.625% | December 15, 2016 | June 15 and December 15 | ||||||
2013 Senior Subordinated Notes | December 10, 2013 | 590 | 6.000% | June 15, 2017 | June 15 and December 15 |
Currency | Date acquired by the Group | Principal amounts outstanding (in million) | Interest rate | Maturity date | Semi-annual interest payment dates | ||||||||
Pactiv 2017 Notes | $ | November 16, 2010 | 300 | 8.125% | June 15, 2017 | June 15 and December 15 | |||||||
Pactiv 2018 Notes | $ | November 16, 2010 | 16 | 6.400% | January 15, 2018 | January 15 and July 15 | |||||||
Pactiv 2025 Notes | $ | November 16, 2010 | 276 | 7.950% | December 15, 2025 | June 15 and December 15 | |||||||
Pactiv 2027 Notes | $ | November 16, 2010 | 200 | 8.375% | April 15, 2027 | April 15 and October 15 |
Date acquired by the Group | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | |||||||
Pactiv 2017 Debentures | November 16, 2010 | 300 | 8.125% | June 15, 2017 | June 15 and December 15 | ||||||
Pactiv 2018 Notes | November 16, 2010 | 16 | 6.400% | January 15, 2018 | January 15 and July 15 | ||||||
Pactiv 2025 Debentures | November 16, 2010 | 276 | 7.950% | December 15, 2025 | June 15 and December 15 | ||||||
Pactiv 2027 Debentures | November 16, 2010 | 200 | 8.375% | April 15, 2027 | April 15 and October 15 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Salaries and wages accrued | 172 | 186 | ||||
Provision for annual leave | 55 | 67 | ||||
Provision for other employee benefits | 32 | 28 | ||||
Provision for exit from multi-employer pension plans | 77 | 12 | ||||
Defined benefit obligations: | ||||||
Pension benefits | 535 | 1,420 | ||||
Post-employment medical benefits | 115 | 132 | ||||
Total employee benefits | 986 | 1,845 | ||||
Current | 243 | 270 | ||||
Non-current | 743 | 1,575 | ||||
Total employee benefits | 986 | 1,845 |
(In $ million) | Amount previously reported for the year ended December 31, 2012 | Change in reported amount for the year ended December 31, 2012 | Restated amount for the year ended December 31, 2012 | ||||||
Statement of comprehensive income | |||||||||
Cost of sales | (11,210 | ) | — | (11,210 | ) | ||||
Other income | 114 | 12 | 126 | ||||||
General and administration expenses | (846 | ) | (115 | ) | (961 | ) | |||
Profit from operating activities | 1,369 | (105 | ) | 1,264 | |||||
Income tax (expense) benefit | 41 | 37 | 78 | ||||||
Profit (loss) for the year | (12 | ) | (68 | ) | (80 | ) | |||
Exchange differences on translating foreign operations | (4 | ) | — | (4 | ) | ||||
Remeasurement of defined benefit plans | — | (71 | ) | (71 | ) | ||||
Total other comprehensive income (loss) for the year, net of income tax | (4 | ) | (71 | ) | (75 | ) | |||
Total comprehensive income (loss) attributable to: | |||||||||
Equity holder of the Group | (17 | ) | (139 | ) | (156 | ) | |||
Non-controlling interests | 1 | — | 1 |
(In $ million) | Amount previously reported for the year ended December 31, 2011 | Change in reported amount for the year ended December 31, 2011 | Restated amount for the year ended December 31, 2011 | ||||||
Statement of comprehensive income | |||||||||
Cost of sales | (9,725 | ) | (6 | ) | (9,731 | ) | |||
Other income | 57 | — | 57 | ||||||
General and administration expenses | (626 | ) | (102 | ) | (728 | ) | |||
Profit from operating activities | 927 | (108 | ) | 819 | |||||
Income tax (expense) benefit | 60 | 39 | 99 | ||||||
Profit (loss) for the year | (427 | ) | (69 | ) | (496 | ) | |||
Exchange differences on translating foreign operations | (26 | ) | (1 | ) | (27 | ) | |||
Remeasurement of defined benefit plans | — | (331 | ) | (331 | ) | ||||
Total other comprehensive income (loss) for the year, net of income tax | (26 | ) | (332 | ) | (358 | ) | |||
Total comprehensive income (loss) attributable to: | |||||||||
Equity holder of the Group | (454 | ) | (401 | ) | (855 | ) | |||
Non-controlling interests | 1 | — | 1 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Salaries and wages accrued | 155 | 138 | ||||
Provision for annual leave | 41 | 45 | ||||
Provision for other employee benefits | 28 | 33 | ||||
Provision for exit from multi-employer pension plans | 86 | 92 | ||||
Defined benefit obligations: | ||||||
Pension benefits | 967 | 1,145 | ||||
Post-employment medical benefits | 111 | 122 | ||||
Total employee benefits liabilities | 1,388 | 1,575 | ||||
Current | 212 | 201 | ||||
Non-current | 1,176 | 1,374 | ||||
Total employee benefits liabilities | 1,388 | 1,575 |
(In $ million) | Amount previously reported as of December 31, 2012 | Change in reported amount as of December 31, 2012 | Restated amount as of December 31, 2012 | ||||||
Statement of financial position | |||||||||
Deferred tax assets | 40 | 2 | 42 | ||||||
Other assets | 200 | (29 | ) | 171 | |||||
Total non-current assets | 17,439 | (27 | ) | 17,412 | |||||
Total assets | 22,191 | (27 | ) | 22,164 | |||||
Deferred tax liabilities | 1,412 | (258 | ) | 1,154 | |||||
Employee benefits | 891 | 684 | 1,575 | ||||||
Total non-current liabilities | 19,870 | 426 | 20,296 | ||||||
Total liabilities | 22,700 | 426 | 23,126 | ||||||
Equity | |||||||||
Reserves | (1,260 | ) | (295 | ) | (1,555 | ) | |||
Accumulated losses | (655 | ) | (158 | ) | (813 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (530 | ) | (453 | ) | (983 | ) | |||
Total equity (deficit) | (509 | ) | (453 | ) | (962 | ) |
(In $ million) | Amount previously reported as of January 1, 2012 | Change in reported amount as of January 1, 2012 | Restated amount as of January 1, 2012 | ||||||
Statement of financial position | |||||||||
Deferred tax assets | 29 | — | 29 | ||||||
Other assets | 179 | (64 | ) | 115 | |||||
Total non-current assets | 17,595 | (64 | ) | 17,531 | |||||
Total assets | 21,635 | (64 | ) | 21,571 | |||||
Liabilities directly associated with assets held for sale | 20 | 10 | 30 | ||||||
Total current liabilities | 2,795 | 10 | 2,805 | ||||||
Deferred tax liabilities | 1,548 | (162 | ) | 1,386 | |||||
Employee benefits | 936 | 402 | 1,338 | ||||||
Total non-current liabilities | 19,297 | 240 | 19,537 | ||||||
Total liabilities | 22,092 | 250 | 22,342 | ||||||
Equity | |||||||||
Reserves | (1,256 | ) | (231 | ) | (1,487 | ) | |||
Accumulated losses | (640 | ) | (83 | ) | (723 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (479 | ) | (314 | ) | (793 | ) | |||
Total equity (deficit) | (457 | ) | (314 | ) | (771 | ) |
Defined benefit obligation | Fair value of plan assets | Net defined benefit liability (asset) | Defined benefit obligation | Fair value of plan assets | Net defined benefit liability (asset) | |||||||||||||||||||||||||||||||
(In $ million) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Balance as of January 1 | 5,825 | 5,431 | (4,463 | ) | (4,261 | ) | 1,362 | 1,170 | 5,926 | 5,316 | (4,773 | ) | (4,837 | ) | 1,153 | 479 | ||||||||||||||||||||
Included in the profit or loss | ||||||||||||||||||||||||||||||||||||
Included in profit or loss: | ||||||||||||||||||||||||||||||||||||
Current service cost | 21 | 22 | — | — | 21 | 22 | 14 | 20 | — | — | 14 | 20 | ||||||||||||||||||||||||
Interest cost (income) | 205 | 237 | (152 | ) | (182 | ) | 53 | 55 | 206 | 221 | (161 | ) | (201 | ) | 45 | 20 | ||||||||||||||||||||
Administrative expenses | — | — | 16 | 16 | 16 | 16 | — | — | 27 | 18 | 27 | 18 | ||||||||||||||||||||||||
Curtailments | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Settlements | — | (2 | ) | — | 3 | — | 1 | |||||||||||||||||||||||||||||
Total expense (income) recognized in profit or loss | 225 | 256 | (136 | ) | (163 | ) | 89 | 93 | 220 | 241 | (134 | ) | (183 | ) | 86 | 58 | ||||||||||||||||||||
Remeasurement (gains) losses | ||||||||||||||||||||||||||||||||||||
Actuarial (gains) loss arising from: | ||||||||||||||||||||||||||||||||||||
Remeasurement (gains) losses: | ||||||||||||||||||||||||||||||||||||
Actuarial (gains) losses arising from: | ||||||||||||||||||||||||||||||||||||
Demographic assumptions | (33 | ) | 2 | — | — | (33 | ) | 2 | (95 | ) | 421 | — | — | (95 | ) | 421 | ||||||||||||||||||||
Financial assumptions | (376 | ) | 463 | — | — | (376 | ) | 463 | (190 | ) | 412 | — | — | (190 | ) | 412 | ||||||||||||||||||||
Return on plan assets excluding interest income | — | — | (541 | ) | (340 | ) | (541 | ) | (340 | ) | ||||||||||||||||||||||||||
Return on plan assets, excluding interest income | — | — | 32 | (129 | ) | 32 | (129 | ) | ||||||||||||||||||||||||||||
Total remeasurement (gains) losses | (409 | ) | 465 | (541 | ) | (340 | ) | (950 | ) | 125 | (285 | ) | 833 | 32 | (129 | ) | (253 | ) | 704 | |||||||||||||||||
Other movements | ||||||||||||||||||||||||||||||||||||
Other movements: | ||||||||||||||||||||||||||||||||||||
Contributions by the Group | — | — | (25 | ) | (34 | ) | (25 | ) | (34 | ) | — | — | (14 | ) | (51 | ) | (14 | ) | (51 | ) | ||||||||||||||||
Contributions by plan participants | 2 | 2 | (2 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||||
Benefits paid by the plans | (346 | ) | (348 | ) | 346 | 348 | — | — | (300 | ) | (352 | ) | 300 | 352 | — | — | ||||||||||||||||||||
Business acquisitions and disposals | — | (3 | ) | — | 9 | — | 6 | |||||||||||||||||||||||||||||
Business disposals | (657 | ) | (28 | ) | 648 | — | (9 | ) | (28 | ) | ||||||||||||||||||||||||||
Effect of movements in exchange rates | 19 | 22 | (16 | ) | (20 | ) | 3 | 2 | (5 | ) | (84 | ) | 9 | 75 | 4 | (9 | ) | |||||||||||||||||||
Total other movements | (325 | ) | (327 | ) | 303 | 301 | (22 | ) | (26 | ) | (962 | ) | (464 | ) | 943 | 376 | (19 | ) | (88 | ) | ||||||||||||||||
Balance as of December 31 | 5,316 | 5,825 | (4,837 | ) | (4,463 | ) | 479 | 1,362 | 4,899 | 5,926 | (3,932 | ) | (4,773 | ) | 967 | 1,153 | ||||||||||||||||||||
Comprised of: | ||||||||||||||||||||||||||||||||||||
Pactiv Retirement Plan | 4,122 | 4,589 | (3,832 | ) | (3,513 | ) | 290 | 1,076 | 4,635 | 4,809 | (3,770 | ) | (3,830 | ) | 865 | 979 | ||||||||||||||||||||
All other plans | 1,194 | 1,236 | (1,005 | ) | (950 | ) | 189 | 286 | ||||||||||||||||||||||||||||
Other plans | 264 | 482 | (162 | ) | (316 | ) | 102 | 166 | ||||||||||||||||||||||||||||
4,899 | 5,291 | (3,932 | ) | (4,146 | ) | 967 | 1,145 | |||||||||||||||||||||||||||||
Plans associated with assets held for sale | — | 635 | — | (627 | ) | — | 8 | |||||||||||||||||||||||||||||
Balance as of December 31 | 5,316 | 5,825 | (4,837 | ) | (4,463 | ) | 479 | 1,362 | 4,899 | 5,926 | (3,932 | ) | (4,773 | ) | 967 | 1,153 | ||||||||||||||||||||
Comprised of: | ||||||||||||||||||||||||||||||||||||
Funded plans | 330 | 1,212 | 904 | 1,080 | ||||||||||||||||||||||||||||||||
Plans associated with assets held for sale | — | 8 | ||||||||||||||||||||||||||||||||||
Unfunded plans | 149 | 150 | 63 | 65 | ||||||||||||||||||||||||||||||||
Total net pension benefits | 479 | 1,362 | ||||||||||||||||||||||||||||||||||
Total net pension benefits liability | 967 | 1,153 | ||||||||||||||||||||||||||||||||||
Included in the statements of financial position as: | ||||||||||||||||||||||||||||||||||||
Employee benefit liabilities | 535 | 1,420 | ||||||||||||||||||||||||||||||||||
Employee benefits liabilities | 967 | 1,145 | ||||||||||||||||||||||||||||||||||
Liabilities directly associated with assets held for sale | 30 | — | — | 126 | ||||||||||||||||||||||||||||||||
Other assets, non-current | 86 | 58 | ||||||||||||||||||||||||||||||||||
Total net pension benefits | 479 | 1,362 | ||||||||||||||||||||||||||||||||||
Assets held for sale | — | (118 | ) | |||||||||||||||||||||||||||||||||
Total net pension benefits liability | 967 | 1,153 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Cost of sales | 25 | 16 | 29 | 15 | 14 | 20 | ||||||||||||
General and administration expenses | 64 | 77 | 52 | 69 | 33 | 58 | ||||||||||||
Total plan net expense from continuing operations | 84 | 47 | 78 | |||||||||||||||
Discontinued operations | 2 | 11 | 11 | |||||||||||||||
Total plan net expense | 89 | 93 | 81 | 86 | 58 | 89 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Equity instruments | 3,185 | 2,719 | 2,511 | 3,219 | ||||||||
Debt instruments | 1,141 | 1,293 | 622 | 889 | ||||||||
Property | 422 | 306 | 312 | 424 | ||||||||
Other | 89 | 145 | 487 | 241 | ||||||||
Total plan assets | 4,837 | 4,463 | 3,932 | 4,773 |
For the year ended December 31, | For the year ended December 31, | |||||||||||
2013 | 2012 | 2011 | 2015 | 2014 | 2013 | |||||||
Discount rates at December 31 | 1.0% - 8.0% | 1.1% - 6.6% | 1.8% - 8.25% | 0.8% - 7.3% | 0.7% - 7.0% | 1.0% - 8.0% | ||||||
Future salary increases | 0.0% - 5.0% | 0.0% - 6.0% | 0.0% - 5.0% | 0.0% - 7.0% | 0.0% - 7.0% | 0.0% - 5.0% | ||||||
Future pension increases | 0.0% - 3.8% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 3.8% |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on the net plan expense | (10 | ) | 10 | (8 | ) | 7 | ||||||
Effect on the defined benefit obligation | (224 | ) | 249 | (246 | ) | 271 |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Liability for post-employment medical obligations as of the beginning of the year | 133 | 141 | 122 | 114 | ||||||||
Included in the profit or loss | ||||||||||||
Included in profit or loss: | ||||||||||||
Current service cost | 2 | 2 | 2 | 2 | ||||||||
Interest cost | 5 | 6 | 5 | 5 | ||||||||
Past service cost | — | (4 | ) | — | (2 | ) | ||||||
Total expense (income) recognized in profit or loss | 7 | 4 | ||||||||||
Remeasurement (gains) losses | ||||||||||||
Total expense recognized in profit or loss | 7 | 5 | ||||||||||
Remeasurement (gains) losses: | ||||||||||||
Actuarial (gains) losses from changes in demographic assumptions | (10 | ) | (5 | ) | (11 | ) | 3 | |||||
Actuarial (gains) losses from changes in financial assumptions | (10 | ) | 8 | (2 | ) | 7 | ||||||
Total remeasurement (gains) losses | (20 | ) | 3 | (13 | ) | 10 | ||||||
Other movements | ||||||||||||
Other movements: | ||||||||||||
Contributions by plan participants | 1 | 1 | — | 1 | ||||||||
Benefits paid by the plans | (7 | ) | (11 | ) | (5 | ) | (8 | ) | ||||
Post-employment medical obligations related to business disposals | — | (5 | ) | |||||||||
Total other movements | (6 | ) | (15 | ) | (5 | ) | (7 | ) | ||||
Liability for post-employment medical obligations as of the end of the year | 114 | 133 | 111 | 122 |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on plan expense | — | — | — | — | ||||||||
Effect on the post-employment medical obligations | 3 | (3 | ) | 3 | (2 | ) |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on plan expense | — | — | — | — | ||||||||
Effect on the post-employment medical obligations | (6 | ) | 6 | (11 | ) | 13 |
(In $ million) | Legal | Asset retirement obligations | Restructuring | Workers' compensation | Other | Total | ||||||||||||
Balance as of December 31, 2012 | 29 | 37 | 38 | 45 | 62 | 211 | ||||||||||||
Acquisitions through business combinations | — | 1 | — | — | — | 1 | ||||||||||||
Provisions made | 2 | 3 | 40 | 12 | 14 | 71 | ||||||||||||
Provisions used | (3 | ) | (1 | ) | (40 | ) | (18 | ) | (18 | ) | (80 | ) | ||||||
Provisions reversed | (7 | ) | (1 | ) | — | (1 | ) | (12 | ) | (21 | ) | |||||||
Other transfers | — | — | — | — | (3 | ) | (3 | ) | ||||||||||
Balance as of December 31, 2013 | 21 | 39 | 38 | 38 | 43 | 179 | ||||||||||||
Current | 3 | 1 | 36 | 23 | 20 | 83 | ||||||||||||
Non-current | 18 | 38 | 2 | 15 | 23 | 96 | ||||||||||||
Total provisions as of December 31, 2013 | 21 | 39 | 38 | 38 | 43 | 179 | ||||||||||||
Current | 8 | 3 | 35 | 25 | 20 | 91 | ||||||||||||
Non-current | 21 | 34 | 3 | 20 | 42 | 120 | ||||||||||||
Total provisions as of December 31, 2012 | 29 | 37 | 38 | 45 | 62 | 211 |
(In $ million) | Asset retirement obligations | Restructuring | Workers' compensation | Other | Total | ||||||||||
Balance as of December 31, 2014 | 38 | 19 | 38 | 30 | 125 | ||||||||||
Provisions made | — | 12 | 22 | 18 | 52 | ||||||||||
Provisions used | (1 | ) | (20 | ) | (17 | ) | (6 | ) | (44 | ) | |||||
Provisions reversed | — | (3 | ) | (1 | ) | (4 | ) | (8 | ) | ||||||
Other transfers | 2 | 1 | 1 | — | 4 | ||||||||||
Effect of movements in exchange rates | — | (2 | ) | — | (1 | ) | (3 | ) | |||||||
Balance as of December 31, 2015 | 39 | 7 | 43 | 37 | 126 | ||||||||||
Current | 2 | 6 | 26 | 21 | 55 | ||||||||||
Non-current | 37 | 1 | 17 | 16 | 71 | ||||||||||
Total provisions as of December 31, 2015 | 39 | 7 | 43 | 37 | 126 | ||||||||||
Current | 2 | 17 | 25 | 10 | 54 | ||||||||||
Non-current | 36 | 2 | 13 | 20 | 71 | ||||||||||
Total provisions as of December 31, 2014 | 38 | 19 | 38 | 30 | 125 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
Number of shares | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Balance at the beginning of the year | 13,063,527 | 13,063,527 | 13,063,527 | 425,550 | 10,170 | 13,063,527 | ||||||||||||
Capital restructure (refer below) | (13,053,357 | ) | — | — | ||||||||||||||
Issue of shares | — | — | — | |||||||||||||||
Repurchase of shares | (42,555 | ) | — | — | ||||||||||||||
Capital restructure | — | — | (13,053,357 | ) | ||||||||||||||
Conversion of shares | — | 415,380 | — | |||||||||||||||
Balance at the end of the year | 10,170 | 13,063,527 | 13,063,527 | 382,995 | 425,550 | 10,170 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
Number of shares | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Balance at the beginning of the year | 1,000 | 1,000 | 1,000 | 45,840 | 1,000 | 1,000 | ||||||||||||
Conversion of shares | — | 40,840 | — | |||||||||||||||
Issue of shares | — | — | — | — | 4,000 | — | ||||||||||||
Balance at the end of the year | 1,000 | 1,000 | 1,000 | 45,840 | 45,840 | 1,000 |
(a) | Foreign currency exchange rate risk |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | ||||||
Currency futures | Sell | Japanese yen | 2,799,062,824 | $ | 97.84 - 102.0 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | $ | 20,200,000 | NZD | 0.7994 - 0.8195 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | Australian dollar | 26,200,000 | NZD | 0.8905 - 0.8944 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Buy | EUR | 42,000,000 | Brazilian real | 0.2830 - 0.3061 | Jan 2014 - Dec 2014 | ||||||
Currency swap | Sell | EUR | 20,000,000 | $ | 0.7273 | Jan 2014 |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | |||||||
Currency futures | Sell | Japanese yen | 3,632,933,567 | $ | 118.55 - 122.81 | Jan 2016 - Nov 2016 | |||||||
Currency futures | Sell | South Korean won | 1,482,479,555 | $ | 1,202.77 - 1,207.88 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Sell | CA$ | 104,186,138 | $ | 1.2032 - 1.3882 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Buy | EUR | 234,701 | $ | 0.9183 | Jan 2016 |
(b) | Interest rate risk |
(In $ million) | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||
Fixed rate instruments | |||||||||||||||||||||||||||||||||
Related party receivables | 22 | 22 | — | — | — | — | |||||||||||||||||||||||||||
Loans and borrowings | (15,062 | ) | (1 | ) | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | |||||||||||||||||||||
Borrowings | (11,078 | ) | (664 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) | |||||||||||||||||||||||
Total fixed rate instruments | (15,040 | ) | 21 | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | (11,078 | ) | (664 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) | ||||||||||||
Floating rate instruments | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,490 | — | — | — | — | 1,976 | 1,976 | — | — | — | ||||||||||||||||||||||
Bank overdrafts | (4 | ) | (4 | ) | — | — | — | — | |||||||||||||||||||||||||
Loans and borrowings | (3,071 | ) | (3,071 | ) | — | — | — | — | |||||||||||||||||||||||||
Total variable rate instruments | (1,585 | ) | (1,585 | ) | — | — | — | — | |||||||||||||||||||||||||
Borrowings | (2,765 | ) | (2,765 | ) | — | — | — | ||||||||||||||||||||||||||
Total floating rate instruments | (789 | ) | (789 | ) | — | — | — | ||||||||||||||||||||||||||
Total | (16,625 | ) | (1,564 | ) | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | (11,867 | ) | (1,453 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) |
(In $ million) | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Fixed rate instruments | |||||||||||||||||||||||||||||||||
Loans and borrowings | (15,010 | ) | (2 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | |||||||||||||||||||||
Related party receivables | 90 | 90 | — | — | — | ||||||||||||||||||||||||||||
Borrowings | (15,068 | ) | (10 | ) | (1,545 | ) | (7,771 | ) | (5,742 | ) | |||||||||||||||||||||||
Total fixed rate instruments | (15,010 | ) | (2 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | (14,978 | ) | 80 | (1,545 | ) | (7,771 | ) | (5,742 | ) | ||||||||||||
Floating rate instruments | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,556 | 1,556 | — | — | — | — | 1,588 | 1,588 | — | — | — | ||||||||||||||||||||||
Bank overdrafts | (2 | ) | (2 | ) | — | — | — | — | (1 | ) | (1 | ) | — | — | — | ||||||||||||||||||
Related party borrowings | (16 | ) | (16 | ) | — | — | — | — | |||||||||||||||||||||||||
Loans and borrowings | (3,129 | ) | (3,129 | ) | — | — | — | — | |||||||||||||||||||||||||
Total variable rate instruments | (1,591 | ) | (1,591 | ) | — | — | — | — | |||||||||||||||||||||||||
Borrowings | (2,956 | ) | (2,956 | ) | — | — | — | ||||||||||||||||||||||||||
Total floating rate instruments | (1,369 | ) | (1,369 | ) | — | — | — | ||||||||||||||||||||||||||
Total | (16,601 | ) | (1,593 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | (16,347 | ) | (1,289 | ) | (1,545 | ) | (7,771 | ) | (5,742 | ) |
(c) | Commodity and other price risk |
Type | Unit of measure | Contracted volumes | Contracted price range | Contracted date of maturity | ||||
Resin futures | metric tonne | 74,660 | €1,445 - €1,585 | Jan 2014 - Jan 2015 | ||||
Resin futures | metric tonne | 4,950 | $1,860 | Feb 2014 - Dec 2014 | ||||
Resin swaps | kiloliter | 26,200 | JPY58,067 - JPY62,730 | Mar 2014 - Nov 2014 | ||||
Aluminum futures | metric tonne | 23,210 | $1,875 - $2,149 | Jan 2014 - Nov 2014 | ||||
Aluminum swaps | metric tonne | 44,555 | $1,770 - $2,356 | Jan 2014 - Dec 2016* | ||||
Aluminum swaps | metric tonne | 1,430 | JPY186,449 - JPY186,458 | Jan 2014 - Nov 2014 | ||||
Natural gas swaps | million BTU | 3,839,390 | $3.36 - $4.41 | Jan 2014 - Dec 2014 | ||||
Ethylene swaps | metric tonne | 6,540 | €1,240 | Feb 2014 - Jan 2015 | ||||
Ethylene swaps | pound | 3,285,670 | $0.47 - $0.48 | Jan 2014 - Apr 2014 | ||||
Polymer-grade propylene swaps | pound | 22,400,000 | $0.66 | Feb 2014 | ||||
Benzene swaps | U.S. liquid gallon | 12,318,321 | $4.55 - $4.65 | Jan 2014 - Apr 2014 | ||||
Diesel swaps | U.S. liquid gallon | 23,729,773 | $3.08 - $4.01 | Jan 2014 - Dec 2014 | ||||
Electricity swaps | megawatt hour | 78,206 | NZD$65.00 - NZD$72.76 | Jan 2014 - Dec 2014 | ||||
Corn swaps | bushel | 359,000 | $4.75 - $5.87 | Jan 2014 - Dec 2014 |
Type | Unit of measure | Contracted volume | Contracted price range | Contracted date of maturity | ||||
Aluminum swaps | metric tonne | 37,257 | $1,449 - $2,356 | Jan 2016 - Sep 2017* | ||||
Aluminum Midwest Premium swaps | pound | 76,579,896 | $0.06 - $0.22 | Jan 2016 - Jan 2017 | ||||
Natural gas swaps | million BTU | 4,878,257 | $2.23 - $3.30 | Jan 2016 - Dec 2016 | ||||
Paraxylene swaps | pound | 2,732,629 | $0.44 - $0.52 | Jan 2016 - Jun 2016 | ||||
Polymer-grade propylene swaps | pound | 52,736,392 | $0.33 - $0.49 | Jan 2016 - Dec 2016 | ||||
Benzene swaps | U.S. liquid gallon | 14,842,550 | $2.25 - $2.89 | Jan 2016 - Sep 2016 | ||||
Diesel swaps | U.S. liquid gallon | 12,615,528 | $2.38 - $3.19 | Jan 2016 - Dec 2016 | ||||
Low-density polyethylene swaps | pound | 15,000,000 | $0.80 - $1.01 | Jan 2016 - Jun 2016 | ||||
High-density polyethylene film swaps | metric tonne | 4,883 | $1,305 - $1,360 | Jan 2016 - Dec 2016 |
* | Includes a swap that hedges the price of aluminum for a private label customer contract that expires in |
Liquidity risk |
(In $ million) | Carrying amount | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Carrying amount | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Bank overdrafts | (4 | ) | (4 | ) | (4 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Trade and other payables | (1,782 | ) | (1,782 | ) | (1,782 | ) | — | — | — | — | (1,152 | ) | (954 | ) | (954 | ) | — | — | — | ||||||||||||||||||||
Loans and borrowings | (17,936 | ) | (25,680 | ) | (1,087 | ) | (640 | ) | (1,277 | ) | (8,665 | ) | (14,011 | ) | |||||||||||||||||||||||||
Borrowings, including interest | (13,761 | ) | (17,685 | ) | (1,909 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) | |||||||||||||||||||||||||||
(19,722 | ) | (27,466 | ) | (2,873 | ) | (640 | ) | (1,277 | ) | (8,665 | ) | (14,011 | ) | (14,913 | ) | (18,639 | ) | (2,863 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) | ||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | |||||||||||||||||||||||||||||||||||||
Inflows | — | 12 | 8 | 4 | — | — | — | — | 7 | 7 | — | — | — | ||||||||||||||||||||||||||
Outflows | (3 | ) | (15 | ) | (7 | ) | (7 | ) | (1 | ) | — | — | (13 | ) | (20 | ) | (20 | ) | — | — | — | ||||||||||||||||||
(3 | ) | (3 | ) | 1 | (3 | ) | (1 | ) | — | — | (13 | ) | (13 | ) | (13 | ) | — | — | — | ||||||||||||||||||||
Total | (19,725 | ) | (27,469 | ) | (2,872 | ) | (643 | ) | (1,278 | ) | (8,665 | ) | (14,011 | ) | (14,926 | ) | (18,652 | ) | (2,876 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) |
(In $ million) | Carrying amount | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Non-derivative financial liabilities | ||||||||||||||||||
Bank overdrafts | (1 | ) | (1 | ) | (1 | ) | — | — | — | |||||||||
Trade and other payables | (1,381 | ) | (1,086 | ) | (1,086 | ) | — | — | — | |||||||||
Borrowings, including interest | (17,857 | ) | (24,310 | ) | (1,726 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) | ||||||
(19,239 | ) | (25,397 | ) | (2,813 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) | |||||||
Derivative financial liabilities | ||||||||||||||||||
Commodity and foreign currency derivatives: | ||||||||||||||||||
Inflows | — | 30 | 30 | — | — | — | ||||||||||||
Outflows | (105 | ) | (135 | ) | (135 | ) | — | — | — | |||||||||
(105 | ) | (105 | ) | (105 | ) | — | — | — | ||||||||||
Total | (19,344 | ) | (25,502 | ) | (2,918 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) |
(In $ million) | Carrying amount | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | ||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||
Bank overdrafts | (2 | ) | (2 | ) | (2 | ) | — | — | — | — | |||||||||||
Trade and other payables | (1,791 | ) | (1,791 | ) | (1,791 | ) | — | — | — | — | |||||||||||
Related party borrowings | (16 | ) | (19 | ) | — | — | — | — | (19 | ) | |||||||||||
Loans and borrowings | (17,901 | ) | (27,069 | ) | (675 | ) | (1,173 | ) | (1,329 | ) | (5,371 | ) | (18,521 | ) | |||||||
(19,710 | ) | (28,881 | ) | (2,468 | ) | (1,173 | ) | (1,329 | ) | (5,371 | ) | (18,540 | ) | ||||||||
Derivative financial liabilities | |||||||||||||||||||||
Commodity and foreign currency derivatives: | |||||||||||||||||||||
Inflows | — | 8 | 6 | 2 | — | — | — | ||||||||||||||
Outflows | (8 | ) | (16 | ) | (9 | ) | (7 | ) | — | — | — | ||||||||||
(8 | ) | (8 | ) | (3 | ) | (5 | ) | — | — | — | |||||||||||
Total | (19,718 | ) | (28,889 | ) | (2,471 | ) | (1,178 | ) | (1,329 | ) | (5,371 | ) | (18,540 | ) |
(In $ million) | Fair value through the profit or loss | Held to maturity | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | Fair value through profit or loss | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,490 | — | 1,490 | 1,490 | — | 1,976 | — | 1,976 | 1,976 | ||||||||||||||||||||||
Current and non-current receivables | — | — | 1,562 | — | 1,562 | 1,562 | — | 1,118 | — | 1,118 | 1,118 | ||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | 12 | — | — | — | 12 | 12 | 7 | — | — | 7 | 7 | ||||||||||||||||||||||
Embedded derivatives | 437 | — | — | — | 437 | 437 | 99 | — | — | 99 | 99 | ||||||||||||||||||||||
Total assets | 449 | — | 3,052 | — | 3,501 | 3,501 | 106 | 3,094 | — | 3,200 | 3,200 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Bank overdrafts | — | — | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||
Trade and other payables | — | — | — | (1,782 | ) | (1,782 | ) | (1,782 | ) | — | — | (1,152 | ) | (1,152 | ) | (1,152 | ) | ||||||||||||||||
Other payables | — | — | — | (41 | ) | (41 | ) | (41 | ) | ||||||||||||||||||||||||
Non-current payables | — | — | (44 | ) | (44 | ) | (44 | ) | |||||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | (15 | ) | — | — | — | (15 | ) | (15 | ) | (20 | ) | — | — | (20 | ) | (20 | ) | ||||||||||||||||
Loans and borrowings | — | — | — | (17,936 | ) | (17,936 | ) | (19,018 | ) | ||||||||||||||||||||||||
Borrowings | — | — | (13,761 | ) | (13,761 | ) | (13,889 | ) | |||||||||||||||||||||||||
Total liabilities | (15 | ) | — | — | (19,763 | ) | (19,778 | ) | (20,860 | ) | (20 | ) | — | (14,957 | ) | (14,977 | ) | (15,105 | ) |
(In $ million) | Fair value through the profit or loss | Held to maturity | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | Fair value through profit or loss | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,556 | — | 1,556 | 1,556 | — | 1,588 | — | 1,588 | 1,588 | ||||||||||||||||||||||
Current and non-current receivables | — | — | 1,480 | — | 1,480 | 1,480 | — | 1,290 | — | 1,290 | 1,290 | ||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | 5 | — | — | — | 5 | 5 | 26 | — | — | 26 | 26 | ||||||||||||||||||||||
Embedded derivatives | 374 | — | — | — | 374 | 374 | 296 | — | — | 296 | 296 | ||||||||||||||||||||||
Total assets | 379 | — | 3,036 | — | 3,415 | 3,415 | 322 | 2,878 | — | 3,200 | 3,200 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Bank overdrafts | — | — | — | (2 | ) | (2 | ) | (2 | ) | — | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||
Trade and other payables | — | — | — | (1,791 | ) | (1,791 | ) | (1,791 | ) | — | — | (1,381 | ) | (1,381 | ) | (1,381 | ) | ||||||||||||||||
Other non-current payables | — | — | — | (53 | ) | (53 | ) | (53 | ) | ||||||||||||||||||||||||
Non-current payables | — | — | (40 | ) | (40 | ) | (40 | ) | |||||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | (13 | ) | — | — | — | (13 | ) | (13 | ) | (131 | ) | — | — | (131 | ) | (131 | ) | ||||||||||||||||
Related party borrowings | — | — | — | (16 | ) | (16 | ) | (16 | ) | ||||||||||||||||||||||||
Loans and borrowings | — | — | — | (17,901 | ) | (17,901 | ) | (18,918 | ) | ||||||||||||||||||||||||
Borrowings | — | — | (17,857 | ) | (17,857 | ) | (18,541 | ) | |||||||||||||||||||||||||
Total liabilities | (13 | ) | — | — | (19,763 | ) | (19,776 | ) | (20,793 | ) | (131 | ) | — | (19,279 | ) | (19,410 | ) | (20,094 | ) |
(In $ million) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||
Financial assets at fair value through profit or loss: | ||||||||||||||||||||||||
Derivative financial assets (liabilities): | ||||||||||||||||||||||||
Commodity and foreign currency derivatives, net | — | (3 | ) | — | (3 | ) | — | (13 | ) | — | (13 | ) | ||||||||||||
Embedded derivatives | — | 437 | — | 437 | — | 99 | — | 99 | ||||||||||||||||
Total | — | 434 | — | 434 | — | 86 | — | 86 | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Financial assets at fair value through profit or loss: | ||||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Derivative financial assets (liabilities): | ||||||||||||||||||||||||
Commodity and foreign currency derivatives, net | — | (8 | ) | — | (8 | ) | — | (105 | ) | — | (105 | ) | ||||||||||||
Embedded derivatives | — | 374 | — | 374 | — | 296 | — | 296 | ||||||||||||||||
Total | — | 366 | — | 366 | — | 191 | — | 191 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Short-term employee benefits | 12 | 9 | 13 | |||||||||||||||
Employee benefits | 11 | 12 | 12 | |||||||||||||||
Total compensation expense to key management personnel | 12 | 9 | 13 | 11 | 12 | 12 |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||
Transactions with the immediate and ultimate parent companies | |||||||||||||||
Due from immediate parent(a) | 21 | — | — | 22 | — | ||||||||||
Due to immediate parent(b) | — | — | — | — | (16 | ) | |||||||||
Transactions with joint ventures | |||||||||||||||
Sale of goods and services(c) | 221 | 186 | 146 | 59 | 46 | ||||||||||
Transactions with other related parties | |||||||||||||||
Trade receivables | |||||||||||||||
BPC United States Inc. | — | — | |||||||||||||
Sale of services | — | — | 3 | ||||||||||||
Carter Holt Harvey Limited | — | — | |||||||||||||
Sale of goods | 1 | — | 3 | ||||||||||||
Carter Holt Harvey Packaging Pty Limited | — | — | |||||||||||||
Sale of goods | — | — | 4 | ||||||||||||
Carter Holt Harvey Pulp & Paper Limited | — | — | |||||||||||||
Sale of goods | 2 | 2 | 3 | ||||||||||||
FRAM Group Operations LLC | 1 | 1 | |||||||||||||
Recharges | 2 | 3 | — | ||||||||||||
Sale of goods | 1 | 1 | — | ||||||||||||
Rank Group North America, Inc. | 1 | — | |||||||||||||
Recharges | 3 | — | — | ||||||||||||
United Components, Inc | — | — | |||||||||||||
Recharges | 1 | — | — | ||||||||||||
Trade payables | |||||||||||||||
Carter Holt Harvey Limited | — | — | |||||||||||||
Purchase of goods | (11 | ) | (11 | ) | (10 | ) | |||||||||
Carter Holt Harvey Pulp & Paper Limited | (6 | ) | (2 | ) | |||||||||||
Purchase of goods | (35 | ) | (29 | ) | (38 | ) | |||||||||
Rank Group Limited | (4 | ) | (7 | ) | |||||||||||
Recharges(d) | (6 | ) | (26 | ) | (121 | ) | |||||||||
Rank Group North America, Inc. | — | — | |||||||||||||
Recharges(e) | (18 | ) | (20 | ) | — | ||||||||||
Loans payable | |||||||||||||||
LQ70 (BPTA) Pty Limited | — | — | |||||||||||||
Loan advanced | (2 | ) | — | — | |||||||||||
Reynolds Treasury (NZ) Limited(f) | — | — | |||||||||||||
Loan advanced | — | — | (25 | ) | |||||||||||
Interest expense | — | (1 | ) | (1 | ) | ||||||||||
Payable related to transfer of tax losses to: | |||||||||||||||
Evergreen Packaging New Zealand Limited | — | — | |||||||||||||
Transfer of tax losses | — | (3 | ) | — | |||||||||||
Reynolds Packaging Group (NZ) Limited | — | — | |||||||||||||
Transfer of tax losses | — | (7 | ) | — |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2015 | 2014 | 2013 | 2015 | 2014 | ||||||||||
Balances and transactions with immediate and ultimate parent entities | |||||||||||||||
Included in related party and other non-current receivables | — | 90 | |||||||||||||
Loans advanced(a)(b) | — | 70 | 21 | ||||||||||||
Interest income | 4 | — | — | ||||||||||||
Balances and transactions with joint ventures | |||||||||||||||
Included in trade and other receivables, net | 6 | 37 | |||||||||||||
Sale of goods and services(c)(d) | 52 | 196 | 221 | ||||||||||||
Balances and transactions with Rank Group Limited | |||||||||||||||
Included in trade and other payables | — | (1 | ) | ||||||||||||
Recharges(e) | (12 | ) | (5 | ) | (6 | ) | |||||||||
Balances and transactions with Rank Group North America Inc. | |||||||||||||||
Included in trade and other receivables, net | 1 | 1 | |||||||||||||
Recharges | 5 | 6 | 3 | ||||||||||||
Included in trade and other payables | — | — | |||||||||||||
Recharges | (15 | ) | (17 | ) | (18 | ) | |||||||||
Balances and transactions with other related parties | |||||||||||||||
Included in trade and other receivables, net | — | 1 | |||||||||||||
Sale of goods | 1 | 4 | 4 | ||||||||||||
Recharges | 1 | 2 | 3 | ||||||||||||
Included in trade and other payables | (1 | ) | — | ||||||||||||
Purchase of goods(f) | — | (39 | ) | (46 | ) | ||||||||||
Included in borrowings | — | — | |||||||||||||
Loan advanced | — | — | (2 | ) |
(a) |
(b) | On June 6, 2014 the Group lent $39 million to its immediate parent. The advance due accrued interest at a rate of 3.00%. The loan is repayable on December 31, 2016 or such other date as agreed by the borrower and lender. |
On November 14, 2014 the Group lent the euro equivalent of $31 million to its parent entity. The advance due |
(c) | All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand. |
(d) | Includes related party transactions entered into by SIG before its sale in March 2015. |
(e) | Represents certain costs paid by Rank Group Limited on behalf of the Group that were subsequently recharged to the Group. These costs are primarily related to services provided and the Group's financing and |
(f) |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Alusud Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging Argentina S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging San Martin S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Lido Plast San Luis S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
SIG Combibloc Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Whakatane Mill Australia Pty Limited | Dec-31 | Australia | 100 | 100 | 100 | |||||
SIG Austria Holding GmbH | Dec-31 | Austria | 100 | 100 | 100 | |||||
SIG Combibloc GmbH | Dec-31 | Austria | 100 | 100 | 100 | |||||
SIG Combibloc GmbH & Co KG | Dec-31 | Austria | 100 | 100 | 100 | |||||
Gulf Closures W.L.L.(a) | Dec-31 | Bahrain | 49 | 49 | 49 | |||||
Graham Packaging Belgium BVBA (formerly Graham Packaging Belgium N.V.) | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Graham Packaging Lummen BVBA (formerly Graham Packaging Lummen N.V.) | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging do Brasil Indústria e Comércio S.A. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging Paraná Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Resin Rio Comercio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
SIG Beverages Brasil Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
SIG Combibloc do Brasil Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
CSI Latin American Holdings Corporation | Dec-31 | British Virgin Islands | 100 | 100 | 100 | |||||
Reynolds Consumer Products Bulgaria EOOD (in liquidation) (b) | Dec-31 | Bulgaria | 100 | 100 | 100 | |||||
Evergreen Packaging Canada Limited | Dec-31 | Canada | 100 | 100 | 100 | |||||
Graham Packaging Canada Company (formerly Graham Packaging Canada Limited) | Dec-31 | Canada | 100 | 100 | 100 | |||||
Pactiv Canada, Inc | Dec-31 | Canada | 100 | 100 | 100 | |||||
Alusud Embalajes Chile Ltda. | Dec-31 | Chile | 100 | 100 | 100 | |||||
SIG Combibloc Chile Limitada | Dec-31 | Chile | 100 | 100 | 100 | |||||
Closure Systems International (Guangzhou) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
Closure Systems International (Wuhan) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Hangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Tianjin) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Dongguan Pactiv Packaging Co., Ltd | Dec-31 | China | 51 | 51 | 51 | |||||
Evergreen Packaging (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging (Guangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging Trading (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Reynolds Metals (Shanghai) Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
SIG Combibloc (Suzhou) Co. Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Zhejing Zhongbao Packaging Co., Ltd | Dec-31 | China | 62.5 | 62.5 | 62.5 | |||||
Alusud Embalajes Colombia Ltda. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
Closure Systems International (Colombia Trade) S.A.S. (c) | Dec-31 | Colombia | 100 | — | 100 | |||||
CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada | Dec-31 | Costa Rica | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Continuing operations | ||||||||||
Alusud Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging Argentina S.R.L. (a) | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Lido Plast San Luis S.A. (in liquidation) | �� | Dec-31 | Argentina | 100 | 100 | 100 | ||||
Gulf Closures W.L.L. (b) | Dec-31 | Bahrain | 49 | 49 | 49 | |||||
Graham Packaging Belgium BVBA | Dec-31 | Belgium | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
SIG Combibloc s.r.o. | Dec-31 | Czech Republic | 100 | 100 | 100 | |||||
Closure Systems International (Egypt) LLC | Dec-31 | Egypt | 100 | 100 | 100 | |||||
Evergreen Packaging de El Salvador S.A. de C.V. | Dec-31 | El Salvador | 100 | 100 | 100 | |||||
Graham Packaging Company OY | Dec-31 | Finland | 100 | 100 | 100 | |||||
Graham Packaging Europe S.N.C. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging France S.A.S. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Normandy S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Villecomtal S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
SIG Combibloc S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
Closure Systems International Deutschland GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Germany) GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International Machinery (Germany) GmbH (d) | Dec-31 | Germany | 100 | — | 100 | |||||
Omni-Pac Ekco GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Deutschland Holdinggesellschaft mbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Forest Products GmbH (in liquidation) (e) | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Beteiligungs GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Beverages Germany GmbH (f) | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Holding GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Systems GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Zerspanungstechnik GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Euro Holding AG & Co. KGaA | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Information Technology GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG International Services GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Crystal Insurance Comp. Ltd. (g) | Dec-31 | Guernsey | — | 100 | — | |||||
SIG Asset Holdings Limited (in liquidation) (h) | Dec-31 | Guernsey | 100 | 100 | 100 | |||||
Closure Systems International (Hong Kong) Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Evergreen Packaging (Hong Kong) Limited (in liquidation) (i) | Dec-31 | Hong Kong | — | 100 | — | |||||
Graham Packaging Asia Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Roots Investment Holding Private Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
SIG Combibloc Limited (in liquidation) (j) | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Technegen International Limited (k) | Dec-31 | Hong Kong | 100 | — | 100 | |||||
CSI Hungary Manufacturing and Trading Limited Liability Company | Dec-31 | Hungary | 100 | 100 | 100 | |||||
SIG Combibloc Kft. | Dec-31 | Hungary | 100 | 100 | 100 | |||||
Closure Systems International (I) Private Limited | Dec-31 | India | 100 | 100 | 100 | |||||
SIG Beverage Machinery and Systems (India) Pvt. Ltd. (in liquidation) (l) | Dec-31 | India | — | 100 | — | |||||
PT. Graham Packaging Indonesia | Mar-31 | Indonesia | 100 | 100 | 100 | |||||
Ha'Lakoach He'Neeman H'Sheeshim Ou'Shenayim Ltd. | Dec-31 | Israel | 100 | 100 | 100 | |||||
Graham Packaging Company Italia S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
SIG Combibloc S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Japan) KK | Dec-31 | Japan | 100 | 100 | 100 | |||||
Closure Systems International Japan, Limited | Dec-31 | Japan | 100 | 100 | 100 | |||||
Graham Packaging Japan Godo Kaisha | Dec-31 | Japan | 100 | 100 | 100 | |||||
Closure Systems International (Korea), Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||
Evergreen Packaging Korea Limited | Dec-31 | Korea | 100 | 100 | 100 | |||||
SIG Combibloc Korea Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||
Beverage Packaging Factoring (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Graham Packaging Lummen BVBA | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging do Brasil Indústria e Comércio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging Paraná Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Resin Rio Comercio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
CSI Latin American Holdings Corporation | Dec-31 | British Virgin Islands | 100 | 100 | 100 | |||||
Evergreen Packaging Canada Limited | Dec-31 | Canada | 100 | 100 | 100 | |||||
Graham Packaging Canada Company | Dec-31 | Canada | 100 | 100 | 100 | |||||
Pactiv Canada Inc. | Dec-31 | Canada | 100 | 100 | 100 | |||||
Reynolds Consumer Products Canada Inc. | Dec-31 | Canada | 100 | 100 | 100 | |||||
Alusud Embalajes Chile Ltda. | Dec-31 | Chile | 100 | 100 | 100 | |||||
Closure Systems International (Guangzhou) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
Closure Systems International (Wuhan) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Hangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Tianjin) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Dongguan Pactiv Packaging Co., Ltd. | Dec-31 | China | 51 | 51 | 51 | |||||
Evergreen Packaging (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging (Guangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging Trading (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Reynolds Metals (Shanghai) Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Zhejiang Zhongbao Pactiv Packaging Co., Ltd. | Dec-31 | China | 62.5 | 62.5 | 62.5 | |||||
Alusud Embalajes Colombia Ltda. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
Closure Systems International (Colombia Trade) S.A.S. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada | Dec-31 | Costa Rica | 100 | 100 | 100 | |||||
Closure Systems International (Egypt) LLC | Dec-31 | Egypt | 100 | 100 | 100 | |||||
Evergreen Packaging de El Salvador S.A. de C.V. | Dec-31 | El Salvador | 100 | 100 | 100 | |||||
Graham Packaging Company OY | Dec-31 | Finland | 100 | 100 | 100 | |||||
Graham Packaging Europe S.N.C. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging France S.A.S. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Normandy S.A.R.L. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Villecomtal S.A.R.L. | Dec-31 | France | 100 | 100 | 100 | |||||
Closure Systems International Machinery (Germany) GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac Ekco GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Deutschland Holdinggesellschaft mbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Forest Products GmbH (in liquidation) | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv-Omni Germany Holdings GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International (Hong Kong) Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Graham Packaging Asia Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Roots Investment Holding Private Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Technegen International Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
CSI Hungary Manufacturing and Trading Limited Liability Company | Dec-31 | Hungary | 100 | 100 | 100 | |||||
Closure Systems International (I) Private Limited | Mar-31 | India | 100 | 100 | 100 | |||||
PT. Graham Packaging Indonesia | Dec-31 | Indonesia | 100 | 100 | 100 | |||||
Graham Packaging Company Italia S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
Closure Systems International Japan, Limited | Dec-31 | Japan | 100 | 100 | 100 | |||||
Graham Packaging Japan Godo Kaisha | Dec-31 | Japan | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | Ownership interest (%) | Voting interest (%) | |||||||||||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | Reporting date | Country of incorporation | 2015 | 2014 | 2015 | |||||||||||
Closure Systems International (Korea), Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||||||||||||
Evergreen Packaging Korea Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||||||||||||
Beverage Packaging Factoring (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||||||||||||
Beverage Packaging Holdings (Luxembourg) III S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) IV S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) V S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Luxembourg) VI S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Evergreen Packaging (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Graham Packaging European Holdings (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Graham Packaging European Holdings (Luxembourg) I S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Graham Packaging European Holdings (Luxembourg) II S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Reynolds Group Issuer (Luxembourg) S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | Dec-31 | Luxembourg | 100 | 100 | 100 | ||||||||||
Bienes Industriales del Norte, S.A. de C.V (m) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
CSI en Ensenada, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
CSI en Saltillo, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
CSI Tecniservicio, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Evergreen Packaging Mexico, S. de R.L. de C.V.(n) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Graham Packaging Plastic Products de Mexico S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Plastic Products de Mexico, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Grupo Corporativo Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Grupo CSI de México, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Innovacioìn y Asesoriìa en Plaìstico, S. de R.L. de C.V. (formerly Asesores y Consultores Graham, S. de R.L. de C.V.) (o) | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Middle America M.A., S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Pactiv Foodservice Mexico S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Grupo CSI de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Innovacioìn y Asesoriìa en Plaìstico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Pactiv Foodservice Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Pactiv Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Pactiv NA III S. de R.L. de C.V. (p) | Dec-31 | Mexico | — | — | — | |||||||||||||||
Reynolds Metals Company de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
Reynolds Metals Company de Mexico, S. de R.L. de C.V. (c) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Servicio Terrestre Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Servicios Graham Packaging, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Servicios Industriales Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
Servicios Integrales de Operacion, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | Dec-31 | Mexico | 100 | 100 | 100 | ||||||||||
SIG Combibloc México, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||||||||||||
SIG Simonazzi México, S.A. de C.V. (q) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Tecnicos de Tapas Innovativas, S.A. de C.V (r) | Dec-31 | Mexico | — | 100 | — | |||||||||||||||
Closures Systems International Nepal Private Limited | Dec-31 | Nepal | 100 | 100 | 100 | Jul-31 | Nepal | 100 | 100 | 100 | ||||||||||
Beverage Packaging Holdings (Netherlands) B.V. (s) | Jul-31 | Netherlands | — | 100 | — | |||||||||||||||
BPTE B.V. (t) | Dec-31 | Netherlands | 100 | — | 100 | |||||||||||||||
BPTE B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||||||||||||
Closure Systems International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Evergreen Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Graham Packaging Company B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Graham Packaging Holdings B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Graham Packaging Zoetermeer B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
Pactiv Europe B.V. (in liquidation) (u) | Dec-31 | Netherlands | 100 | 100 | 100 | |||||||||||||||
Reynolds Consumer Products International B.V.(s) | Dec-31 | Netherlands | — | 100 | — | |||||||||||||||
Reynolds Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | Dec-31 | Netherlands | 100 | 100 | 100 | ||||||||||
SIG Combibloc B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||||||||||||
Whakatane Mill Limited | Dec-31 | New Zealand | 100 | 100 | 100 | |||||||||||||||
Beverage Packaging (New Zealand) Limited (d) | Dec-31 | New Zealand | 100 | — | 100 | |||||||||||||||
Alusud Peru S.A. | Dec-31 | Peru | 100 | 100 | 100 | Dec-31 | Peru | 100 | 100 | 100 | ||||||||||
Closure Systems International (Philippines), Inc. | Dec-31 | Philippines | 100 | 100 | 100 | Dec-31 | Philippines | 100 | 100 | 100 | ||||||||||
Graham Packaging Poland SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||||||||||||
Omni Pac Poland SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Poland Sp. z.o.o. | Dec-31 | Poland | 100 | 100 | 100 | |||||||||||||||
Omni Pac Poland Sp. z.o.o. | Dec-31 | Poland | 100 | 100 | 100 | |||||||||||||||
CSI Vostok Limited Liability Company | Dec-31 | Russia | 100 | 100 | 100 | |||||||||||||||
Pactiv Asia Pte Ltd | Dec-31 | Singapore | 100 | 100 | 100 | |||||||||||||||
Closure Systems International España, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||||||||||||
Closure Systems International Holdings (Spain), S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||||||||||||
Graham Packaging Iberica S.L. | Dec-31 | Spain | 100 | 100 | 100 | |||||||||||||||
Reynolds Food Packaging Spain, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||||||||||||
Evergreen Packaging (Taiwan) Co., Ltd. | Dec-31 | Taiwan | 100 | 100 | 100 | |||||||||||||||
Closure Systems International Plastik Ithalat Ihracat Sanayi Ve Ticaret Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||||||||||||
Graham Plastpak Plastik Ambalaj Sanayi Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
SIG Combibloc SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
CSI Vostok Limited Liability Company | Dec-31 | Russia | 100 | 100 | 100 | |||||
OOO SIG Combibloc | Dec-31 | Russia | 100 | 100 | 100 | |||||
Pactiv Asia Pte Ltd | Dec-31 | Singapore | 100 | 100 | 100 | |||||
Closure Systems International España, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Spain), S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Graham Packaging Iberica S.L. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Reynolds Food Packaging Spain, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
SIG Combibloc S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
SIG Combibloc AB | Dec-31 | Sweden | 100 | 100 | 100 | |||||
SIG allCap AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc Group AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc Procurement AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc (Schweiz) AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Schweizerische Industrie-Gesellschaft AG (formerly SIG Reinag AG) | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Technology AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
Evergreen Packaging (Taiwan) Co. Limited | Dec-31 | Taiwan | 100 | 100 | 100 | |||||
SIG Combibloc Taiwan Ltd. | Dec-31 | Taiwan | 100 | 50 | 100 | |||||
SIG Combibloc Ltd. | Dec-31 | Thailand | 100 | 100 | 100 | |||||
Closure Systems International Plastik Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Graham Plastpak Plastik Ambalaj Sanayi A.S. | Dec-31 | Turkey | 100 | 100 | 100 | |||||
SIG Combibloc Paketleme ve Ticaret Limited Sirketi | Dec-31 | Turkey | 50 | 50 | 50 | |||||
Alpha Products (Bristol) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Closure Systems International (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging European Services Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging Plastics Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging U.K. Limited (v) | Dec-31 | United Kingdom | — | 100 | — | |||||
IVEX Holdings, Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
J. & W. Baldwin (Holdings) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Kama Europe Limited | Dec-31 | United Kingdom | 100 | — | 100 | |||||
Omni-Pac U.K. Limited | Dec-31 | United Kingdom | 100 | — | 100 | |||||
Pactiv (Caerphilly) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Pactiv (Films) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Consumer Products (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Subco (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
SIG Combibloc Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
SIG Holdings (UK) Ltd. (w) | Dec-31 | United Kingdom | — | 100 | — | |||||
The Baldwin Group Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Baker's Choice Products, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BCP/Graham Holdings L.L.C. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Beverage Packaging Holdings II Issuer Inc. (x) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Blue Ridge Holding Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Paper Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BRPP, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Americas, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Packaging Machinery Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Alpha Products (Bristol) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Closure Systems International (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
CSl UK Oldco Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Graham Packaging European Services Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging Plastics Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Ivex Holdings, Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
J. & W. Baldwin (Holdings) Limited (f) | Jun-30 | United Kingdom | 100 | 100 | 100 | |||||
Kama Europe Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Pactiv (Caerphilly) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Pactiv (Films) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Reynolds Consumer Products (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Subco (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
The Baldwin Group Limited (f) | Jun-30 | United Kingdom | 100 | 100 | 100 | |||||
Baker's Choice Products, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BCP/Graham Holdings L.L.C. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Beverage Packaging Holdings II Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Holding Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Paper Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BRPP, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Americas, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Packaging Machinery Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems Mexico Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Coast-Packaging Company (California General Partnership) (b) | Dec-31 | U.S.A. | 50 | 50 | 50 | |||||
CSI Mexico LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
CSI Sales & Technical Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPACSUB LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Capital Corp. I (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Capital Corp. II (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Opco GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Sub GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Acquisition Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Comerc USA LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Company Europe LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Controllers USA LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging GP Acquisition LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Holdings Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging International Plastics Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Latin America LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LC, L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Leasing USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LP Acquisition LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Minster LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging PET Technologies Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Closure Systems Mexico Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Coast-Packaging Company (California General Partnership) | Dec-31 | U.S.A. | 50 | 50 | 50 | |||||
CSI Mexico LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
CSI Sales & Technical Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging International (US) Inc. (y) | Dec-31 | U.S.A. | — | 100 | — | |||||
Evergreen Packaging USA Inc. (y) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPACSUB LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Capital Corp. I | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Capital Corp. II | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Opco GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Sub GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Acquisition Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Comerc USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Europe LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Controllers USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging GP Acquisition LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Holdings Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging International Plastics Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Latin America LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LC, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Leasing USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LP Acquisition LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Minster LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PET Technologies Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Plastic Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Poland L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Holding Corporation | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Regioplast STS Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Technological Specialties LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging West Jordan, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Recycling Company L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
International Tray Pads & Packaging, Inc (z) | Dec-31 | U.S.A. | — | 100 | — | |||||
Master Containers, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Pactiv Germany Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Management Company LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv NA II LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Packaging Inc. (formerly PWP Industries, Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
PCA West Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
RenPac Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Inc. (formerly Reynolds Foil Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Graham Packaging Plastic Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Poland, L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging PX Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Holding Corporation | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Regioplast STS Inc. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Technological Specialties LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging West Jordan, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Recycling Company L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Master Containers, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Pactiv International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Management Company LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv NA II LLC (e) | Dec-31 | U.S.A. | — | 100 | — | |||||
Pactiv Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
PCA West Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
RenPac Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Manufacturing, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Presto Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Southern Plastics, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Spirit Foodservice, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Spirit Foodservice Products, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Trans Western Polymers, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Alusud Venezuela S.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
Graham Packaging Plasticos de Venezuela C.A. (g) | Dec-31 | Venezuela | — | 100 | — | |||||
Discontinued operations (g) | ||||||||||
SIG Combibloc Argentina S.R.L. | Dec-31 | Argentina | ��� | 100 | — | |||||
Whakatane Mill Australia Pty Limited | Dec-31 | Australia | — | 100 | — | |||||
SIG Austria Holding GmbH | Dec-31 | Austria | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Austria | — | 100 | — | |||||
SIG Combibloc GmbH & Co KG | Dec-31 | Austria | — | 100 | — | |||||
SIG Beverages Brasil Ltda. | Dec-31 | Brazil | — | 100 | — | |||||
SIG Combibloc do Brasil Ltda. | Dec-31 | Brazil | — | 100 | — | |||||
SIG Combibloc Chile Limitada | Dec-31 | Chile | — | 100 | — | |||||
SIG Combibloc (Suzhou) Co. Ltd. | Dec-31 | China | — | 100 | — | |||||
SIG Combibloc s.r.o. | Dec-31 | Czech Republic | — | 100 | — | |||||
SIG Combibloc SARL | Dec-31 | France | — | 100 | — | |||||
SIG Beteiligungs GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Holding GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Systems GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Zerspanungstechnik GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Euro Holding AG & Co. KGaA | Dec-31 | Germany | — | 100 | — |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Reynolds Group Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Manufacturing, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Presto Products Inc. (formerly Reynolds Consumer Products, Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
SIG Combibloc Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
SIG Holding USA, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Southern Plastics, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Spirit Foodservice, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Spirit Foodservice Products, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Trans Western Polymers, Inc. (ab) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Alusud Venezuela S.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
Graham Packaging Plasticos de Venezuela C.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
SIG Vietnam Ltd. | Dec-31 | Vietnam | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
SIG Information Technology GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG International Services GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Limited (in liquidation) | Dec-31 | Hong Kong | — | 100 | — | |||||
SIG Combibloc KFT | Dec-31 | Hungary | — | 100 | — | |||||
PT. SIG Combibloc Indonesia | Dec-31 | Indonesia | — | 100 | — | |||||
SIG Combibloc S.r.l. | Dec-31 | Italy | — | 100 | — | |||||
SIG Combibloc Korea Ltd. | Dec-31 | Korea | — | 100 | — | |||||
Middle America M.A., S.A. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Combibloc Mexico, S.A. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Tecnologica para Plasticos de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Combibloc B.V. | Dec-31 | Netherlands | — | 100 | — | |||||
Whakatane Mill Limited | Dec-31 | New Zealand | — | 100 | — | |||||
SIG Combibloc Sp. z.o.o. | Dec-31 | Poland | — | 100 | — | |||||
OOO SIG Combibloc | Dec-31 | Russia | — | 100 | — | |||||
SIG Combibloc S.A. | Dec-31 | Spain | — | 100 | — | |||||
SIG Combibloc AB | Dec-31 | Sweden | — | 100 | — | |||||
SIG allCap AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Group AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Procurement AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc (Schweiz) AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Schweizerische Industrie-Gesellschaft AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Technology AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Taiwan Ltd. | Dec-31 | Taiwan | — | 100 | — | |||||
SIG Combibloc Ltd. | Dec-31 | Thailand | — | 100 | — | |||||
SIG Combibloc Limited | Dec-31 | United Kingdom | — | 100 | — | |||||
SIG Combibloc Inc. | Dec-31 | U.S.A. | — | 100 | — | |||||
SIG Holding USA, LLC | Dec-31 | U.S.A. | — | 100 | — | |||||
SIG Vietnam Ltd. | Dec-31 | Vietnam | — | 100 | — |
(a) | Name changed effective in November 2014 from Graham Packaging Argentina S.A. |
(b) | The Group has the control and it has the power to govern the financial and operating policies of the |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Less than one year | 110 | 111 | 100 | 102 | ||||||||
Between 1 and 5 years | 220 | 222 | 213 | 205 | ||||||||
More than 5 years | 88 | 79 | 65 | 83 | ||||||||
Total | 418 | 412 | 378 | 390 |
Report of independent registered public accounting firm | |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
(In $ million) | Note | 2013 | 2012(1) | 2011(1) | Note | 2015 | 2014 | 2013 | ||||||||||||||
Revenue | 13,973 | 13,830 | 11,819 | 11,178 | 11,666 | 11,752 | ||||||||||||||||
Cost of sales | * | (11,321 | ) | (11,210 | ) | (9,731 | ) | * | (8,978 | ) | (9,650 | ) | (9,671 | ) | ||||||||
Gross profit | 2,652 | 2,620 | 2,088 | 2,200 | 2,016 | 2,081 | ||||||||||||||||
Other income | 6 | 55 | 126 | 57 | ||||||||||||||||||
Selling, marketing and distribution expenses | * | (343 | ) | (348 | ) | (347 | ) | * | (262 | ) | (255 | ) | (266 | ) | ||||||||
General and administration expenses | * | (930 | ) | (961 | ) | (728 | ) | * | (745 | ) | (741 | ) | (778 | ) | ||||||||
Other expenses | 7 | (142 | ) | (200 | ) | (268 | ) | |||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 16 | 26 | 27 | 17 | ||||||||||||||||||
Net other income (expenses) | 6 | 111 | (15 | ) | (61 | ) | ||||||||||||||||
Profit from operating activities | 1,318 | 1,264 | 819 | 1,304 | 1,005 | 976 | ||||||||||||||||
Financial income | 10 | 241 | 179 | 6 | 9 | 7 | 5 | 263 | ||||||||||||||
Financial expenses | 10 | (1,411 | ) | (1,690 | ) | (1,409 | ) | 9 | (1,551 | ) | (1,473 | ) | (1,405 | ) | ||||||||
Net financial expenses | (1,170 | ) | (1,511 | ) | (1,403 | ) | (1,544 | ) | (1,468 | ) | (1,142 | ) | ||||||||||
Profit (loss) before income tax | 148 | (247 | ) | (584 | ) | |||||||||||||||||
Profit (loss) from continuing operations before income tax | (240 | ) | (463 | ) | (166 | ) | ||||||||||||||||
Income tax (expense) benefit | 11 | (125 | ) | 104 | 95 | 10 | (58 | ) | 76 | (25 | ) | |||||||||||
Profit (loss) from continuing operations | (298 | ) | (387 | ) | (191 | ) | ||||||||||||||||
Profit (loss) from discontinued operations, net of income tax | 7 | 2,678 | 113 | 214 | ||||||||||||||||||
Profit (loss) for the year | 23 | (143 | ) | (489 | ) | 2,380 | (274 | ) | 23 | |||||||||||||
Other comprehensive income (loss), net of income tax | ||||||||||||||||||||||
Items that may be reclassified into profit (loss) | ||||||||||||||||||||||
Exchange differences on translating foreign operations | (85 | ) | (4 | ) | (27 | ) | (84 | ) | (110 | ) | (151 | ) | ||||||||||
Transfers from foreign currency translation reserve into profit (loss) | (33 | ) | — | — | ||||||||||||||||||
Reclassification from foreign currency translation reserve | (452 | ) | — | 33 | ||||||||||||||||||
Items that will not be reclassified into profit (loss) | ||||||||||||||||||||||
Remeasurement of defined benefit plans | 19 | 611 | (71 | ) | (331 | ) | 18 | 167 | (440 | ) | 611 | |||||||||||
Total other comprehensive income (loss), net of income tax | 493 | (75 | ) | (358 | ) | (369 | ) | (550 | ) | 493 | ||||||||||||
Total comprehensive income (loss) | 516 | (218 | ) | (847 | ) | 2,011 | (824 | ) | 516 | |||||||||||||
Profit (loss) attributable to: | ||||||||||||||||||||||
Equity holder of the Group | 21 | (144 | ) | (491 | ) | |||||||||||||||||
Equity holder of the Group - continuing operations | (300 | ) | (389 | ) | (193 | ) | ||||||||||||||||
Equity holder of the Group - discontinued operations | 2,678 | 113 | 214 | |||||||||||||||||||
Non-controlling interests | 2 | 1 | 2 | 2 | 2 | 2 | ||||||||||||||||
23 | (143 | ) | (489 | ) | 2,380 | (274 | ) | 23 | ||||||||||||||
Total comprehensive income (loss) attributable to: | ||||||||||||||||||||||
Equity holder of the Group | 514 | (219 | ) | (848 | ) | |||||||||||||||||
Equity holder of the Group - continuing operations | (248 | ) | (945 | ) | 273 | |||||||||||||||||
Equity holder of the Group - discontinued operations | 2,257 | 119 | 241 | |||||||||||||||||||
Non-controlling interests | 2 | 1 | 1 | 2 | 2 | 2 | ||||||||||||||||
516 | (218 | ) | (847 | ) | 2,011 | (824 | ) | 516 |
* | For information on expenses by nature, refer to notes 8, 9, 12, 13, 14, |
As of December 31, | As of January 1, | As of December 31, | |||||||||||||||
(In $ million) | Note | 2013 | 2012(1) | 2012(1) | Note | 2015 | 2014 | ||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 1,976 | 1,588 | ||||||||||||
Trade and other receivables | 12 | 1,503 | 1,433 | 1,504 | |||||||||||||
Trade and other receivables, net | 11 | 1,089 | 1,176 | ||||||||||||||
Inventories | 13 | 1,647 | 1,612 | 1,764 | 12 | 1,262 | 1,453 | ||||||||||
Current tax assets | 11 | 14 | 46 | 39 | 10 | 19 | 2 | ||||||||||
Assets held for sale | 36 | 21 | 70 | 7 | 1 | 2,767 | |||||||||||
Derivatives | 22 | 12 | 5 | 1 | 21 | 7 | 26 | ||||||||||
Other assets | 73 | 79 | 65 | 204 | 68 | ||||||||||||
Total current assets | 4,775 | 4,752 | 4,040 | 4,558 | 7,080 | ||||||||||||
Non-current receivables | 12 | 59 | 47 | 55 | |||||||||||||
Related party and other non-current receivables | 11 | 29 | 114 | ||||||||||||||
Investments in associates and joint ventures | 16 | 149 | 141 | 119 | 15 | 20 | 18 | ||||||||||
Deferred tax assets | 11 | 49 | 42 | 29 | 10 | 11 | 10 | ||||||||||
Property, plant and equipment | 14 | 4,353 | 4,363 | 4,546 | 13 | 3,184 | 3,412 | ||||||||||
Intangible assets | 15 | 12,055 | 12,274 | 12,545 | 14 | 10,192 | 10,499 | ||||||||||
Derivatives | 22 | 437 | 285 | 122 | 21 | 99 | 296 | ||||||||||
Other assets | 199 | 171 | 115 | 84 | 81 | ||||||||||||
Total non-current assets | 17,301 | 17,323 | 17,531 | 13,619 | 14,430 | ||||||||||||
Total assets | 22,076 | 22,075 | 21,571 | 18,177 | 21,510 | ||||||||||||
Liabilities | |||||||||||||||||
Bank overdrafts | 4 | 2 | 3 | — | 1 | ||||||||||||
Trade and other payables | 17 | 1,782 | 1,791 | 1,749 | 16 | 1,152 | 1,381 | ||||||||||
Liabilities directly associated with assets held for sale | 38 | — | 30 | 7 | — | 739 | |||||||||||
Borrowings | 18 | 470 | 523 | 520 | 17 | 976 | 477 | ||||||||||
Current tax liabilities | 11 | 133 | 140 | 161 | 10 | 83 | 46 | ||||||||||
Derivatives | 22 | 14 | 13 | 16 | 21 | 20 | 131 | ||||||||||
Employee benefits | 19 | 243 | 270 | 228 | 18 | 212 | 201 | ||||||||||
Provisions | 20 | 83 | 91 | 98 | 19 | 55 | 54 | ||||||||||
Total current liabilities | 2,767 | 2,830 | 2,805 | 2,498 | 3,030 | ||||||||||||
Non-current payables | 17 | 41 | 53 | 38 | 16 | 44 | 40 | ||||||||||
Borrowings | 18 | 17,466 | 17,394 | 16,641 | 17 | 12,785 | 17,380 | ||||||||||
Deferred tax liabilities | 11 | 1,474 | 1,128 | 1,386 | 10 | 1,059 | 954 | ||||||||||
Derivatives | 22 | 1 | — | — | |||||||||||||
Employee benefits | 19 | 743 | 1,575 | 1,338 | 18 | 1,176 | 1,374 | ||||||||||
Provisions | 20 | 96 | 120 | 134 | 19 | 71 | 71 | ||||||||||
Total non-current liabilities | 19,821 | 20,270 | 19,537 | 15,135 | 19,819 | ||||||||||||
Total liabilities | 22,588 | 23,100 | 22,342 | 17,633 | 22,849 | ||||||||||||
Net liabilities | (512 | ) | (1,025 | ) | (771 | ) | |||||||||||
Net assets (liabilities) | 544 | (1,339 | ) | ||||||||||||||
Equity | |||||||||||||||||
Share capital | 21 | 2,311 | 1,385 | 1,417 | 20 | 2,188 | 2,311 | ||||||||||
Reserves | (1,061 | ) | (1,554 | ) | (1,486 | ) | (2,021 | ) | (1,606 | ) | |||||||
Accumulated losses | (1,782 | ) | (877 | ) | (724 | ) | |||||||||||
Retained profits (accumulated losses) | 361 | (2,063 | ) | ||||||||||||||
Equity (deficit) attributable to equity holder of the Group | (532 | ) | (1,046 | ) | (793 | ) | 528 | (1,358 | ) | ||||||||
Non-controlling interests | 20 | 21 | 22 | 16 | 19 | ||||||||||||
Total equity (deficit) | (512 | ) | (1,025 | ) | (771 | ) | 544 | (1,339 | ) |
(In $ million) | Note | Share capital | Translation of foreign operations | Other reserves(1) | Accumulated losses | Equity (deficit) attributable to equity holder of the Group | Non-controlling interests | Total | Note | Share capital | Translation of foreign operations | Other reserves(1) | Retained profits (accumulated losses) | Equity (deficit) attributable to equity holder of the Group | Non-controlling interests | Total | ||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2011)(2) | 1,417 | 330 | (1,459 | ) | (233 | ) | 55 | 23 | 78 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (491 | ) | (491 | ) | 2 | (489 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | (331 | ) | — | (331 | ) | — | (331 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve | — | (26 | ) | — | — | (26 | ) | (1 | ) | (27 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (26 | ) | (331 | ) | (491 | ) | (848 | ) | 1 | (847 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011(2) | 1,417 | 304 | (1,790 | ) | (724 | ) | (793 | ) | 22 | (771 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2012) | 1,417 | 304 | (1,790 | ) | (724 | ) | (793 | ) | 22 | (771 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (144 | ) | (144 | ) | 1 | (143 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | (71 | ) | — | (71 | ) | — | (71 | ) | |||||||||||||||||||||||||||||||||||
Reclassification upon sale of business | — | — | 7 | (7 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve | — | (4 | ) | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year(2) | — | (4 | ) | (64 | ) | (151 | ) | (219 | ) | 1 | (218 | ) | ||||||||||||||||||||||||||||||||||
Repayment of contributed capital | 21 | (32 | ) | — | — | — | (32 | ) | — | (32 | ) | |||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | — | — | — | (2 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012(2) | 1,385 | 300 | (1,854 | ) | (877 | ) | (1,046 | ) | 21 | (1,025 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2013) | 1,385 | 300 | (1,854 | ) | (877 | ) | (1,046 | ) | 21 | (1,025 | ) | 1,385 | 300 | (1,854 | ) | (877 | ) | (1,046 | ) | 21 | (1,025 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | 21 | 21 | 2 | 23 | — | — | — | 21 | 21 | 2 | 23 | ||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 19 | — | — | 611 | — | 611 | — | 611 | 18 | — | — | 611 | — | 611 | — | 611 | ||||||||||||||||||||||||||||||
Foreign currency exchange translation reserve(3) | — | (118 | ) | — | — | (118 | ) | — | (118 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (118 | ) | 611 | 21 | 514 | 2 | 516 | ||||||||||||||||||||||||||||||||||||||
Capital restructure | 21 | 926 | — | — | (926 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||
Foreign currency translation reserve(2) | — | (118 | ) | — | — | (118 | ) | — | (118 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (118 | ) | 611 | 21 | 514 | 2 | 516 | ||||||||||||||||||||||||||||||||||||||
Capital restructure(3) | 926 | — | — | (926 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (3 | ) | (3 | ) | — | — | — | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | 2,311 | 182 | (1,243 | ) | (1,782 | ) | (532 | ) | 20 | (512 | ) | 2,311 | 182 | (1,243 | ) | (1,782 | ) | (532 | ) | 20 | (512 | ) | ||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2014) | 2,311 | 182 | (1,243 | ) | (1,782 | ) | (532 | ) | 20 | (512 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | (276 | ) | (276 | ) | 2 | (274 | ) | ||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 18 | — | — | (440 | ) | — | (440 | ) | — | (440 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency translation reserve | — | (110 | ) | — | — | (110 | ) | — | (110 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (110 | ) | (440 | ) | (276 | ) | (826 | ) | 2 | (824 | ) | ||||||||||||||||||||||||||||||||||
Reclassification upon sale of business | — | — | 5 | (5 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | 2,311 | 72 | (1,678 | ) | (2,063 | ) | (1,358 | ) | 19 | (1,339 | ) | |||||||||||||||||||||||||||||||||||
Balance at the beginning of the year (January 1, 2015) | 2,311 | 72 | (1,678 | ) | (2,063 | ) | (1,358 | ) | 19 | (1,339 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year: | ||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | — | — | — | 2,378 | 2,378 | 2 | 2,380 | |||||||||||||||||||||||||||||||||||||||
Remeasurement of defined benefit plans, net of income tax | 18 | — | — | 167 | — | 167 | — | 167 | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation reserve | — | (84 | ) | — | — | (84 | ) | — | (84 | ) | ||||||||||||||||||||||||||||||||||||
Reclassification of foreign currency translation reserve upon sale of SIG | — | (452 | ) | — | — | (452 | ) | — | (452 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | (536 | ) | 167 | 2,378 | 2,009 | 2 | 2,011 | ||||||||||||||||||||||||||||||||||||||
Reclassification upon sale of SIG | — | — | (46 | ) | 46 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Share repurchase | (123 | ) | — | — | — | (123 | ) | — | (123 | ) | ||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | 2,188 | (464 | ) | (1,557 | ) | 361 | 528 | 16 | 544 |
(1) | Balances include the cumulative reduction in equity of $1,561 million from common control transactions, with the remainder consisting of the cumulative remeasurement of defined benefit plans. |
(2) |
Included in this amount is the impact of the liquidation of a subsidiary in Hong Kong. Upon liquidation, $33 million of foreign currency translation losses, which had been accumulated in equity, were recognized in profit (loss). |
On December 12, 2013, Beverage Packaging Holdings (Luxembourg) I S.A. converted a portion of its statutory retained earnings into capital through a capital restructure. Refer to note |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
(In $ million) | Note | 2013 | 2012(1)(2) | 2011(1)(2) | Note | 2015 | 2014 | 2013 | ||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||
Profit (loss) | 23 | (143 | ) | (489 | ) | 2,380 | (274 | ) | 23 | |||||||||||||
Adjustments for: | ||||||||||||||||||||||
Depreciation and amortization | 1,020 | 1,134 | 972 | 714 | 910 | 1,020 | ||||||||||||||||
Impairment charges | 59 | 52 | 12 | |||||||||||||||||||
Asset impairment charges | 17 | 11 | 59 | |||||||||||||||||||
Foreign currency adjustments | 46 | 8 | 7 | 4 | (1 | ) | 46 | |||||||||||||||
Change in fair value of derivatives | (6 | ) | (7 | ) | 26 | (87 | ) | 129 | (6 | ) | ||||||||||||
(Gain) loss on sale or disposal of businesses and non-current assets | (15 | ) | (84 | ) | (4 | ) | (2,905 | ) | (66 | ) | (15 | ) | ||||||||||
SIG disposal costs | (38 | ) | — | — | ||||||||||||||||||
Share of profit of associates and joint ventures, net of income tax | 16 | (26 | ) | (27 | ) | (17 | ) | 15 | (9 | ) | (27 | ) | (26 | ) | ||||||||
Net financial expenses | 1,170 | 1,511 | 1,403 | 1,754 | 1,637 | 1,170 | ||||||||||||||||
Premium on extinguishment of loans and borrowings | (18 | ) | (101 | ) | — | |||||||||||||||||
Premium on extinguishment of borrowings | (226 | ) | — | (18 | ) | |||||||||||||||||
Interest paid | (1,342 | ) | (1,427 | ) | (1,003 | ) | (1,110 | ) | (1,270 | ) | (1,342 | ) | ||||||||||
Income tax expense (benefit) | 125 | (104 | ) | (95 | ) | 116 | (8 | ) | 125 | |||||||||||||
Income taxes paid, net of refunds received | (133 | ) | (133 | ) | (88 | ) | (74 | ) | (134 | ) | (133 | ) | ||||||||||
Change in trade and other receivables | (75 | ) | 69 | (56 | ) | 51 | 16 | (75 | ) | |||||||||||||
Change in inventories | (56 | ) | 157 | (171 | ) | 138 | (55 | ) | (56 | ) | ||||||||||||
Change in trade and other payables | (33 | ) | (19 | ) | (8 | ) | (145 | ) | 60 | (33 | ) | |||||||||||
Change in provisions and employee benefits | 77 | 91 | (46 | ) | 92 | 1 | 77 | |||||||||||||||
Change in other assets and liabilities | 4 | (27 | ) | — | 17 | (9 | ) | 4 | ||||||||||||||
Net cash from operating activities | 820 | 950 | 443 | 689 | 920 | 820 | ||||||||||||||||
Cash flows used in investing activities | ||||||||||||||||||||||
Acquisition of property, plant and equipment, intangible assets and investment properties | (724 | ) | (650 | ) | (520 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment, investment properties and other assets | 20 | 32 | 71 | |||||||||||||||||||
Cash flows from (used in) investing activities | ||||||||||||||||||||||
Acquisition of property, plant and equipment and intangible assets | (381 | ) | (687 | ) | (724 | ) | ||||||||||||||||
Purchases of short-term investments | (200 | ) | — | — | ||||||||||||||||||
Proceeds from sale of short-term investments | 200 | — | — | |||||||||||||||||||
Proceeds from sale of property, plant and equipment and other assets | 23 | 25 | 20 | |||||||||||||||||||
Proceeds from insurance claims | 14 | 6 | — | 26 | 50 | 14 | ||||||||||||||||
Acquisition of businesses and investments in joint ventures, net of cash acquired | 25 | (107 | ) | (33 | ) | (2,048 | ) | 24 | — | (40 | ) | (107 | ) | |||||||||
Disposal of businesses, net of cash disposed | — | 95 | — | 4,148 | 80 | — | ||||||||||||||||
Pre-acquisition advance to Graham Packaging | — | — | (20 | ) | ||||||||||||||||||
Related party loan advance | 23 | (21 | ) | — | — | 22 | — | (70 | ) | (21 | ) | |||||||||||
Other | 33 | 11 | 15 | 9 | 24 | 33 | ||||||||||||||||
Net cash used in investing activities | (785 | ) | (539 | ) | (2,502 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Drawdown of loans and borrowings | 3,966 | 7,689 | 9,171 | |||||||||||||||||||
Repayment of loans and borrowings | (4,039 | ) | (7,004 | ) | (6,652 | ) | ||||||||||||||||
Payment of liabilities arising from acquisition of Graham Packaging* | — | — | (252 | ) | ||||||||||||||||||
Net cash from (used in) investing activities | 3,825 | (618 | ) | (785 | ) | |||||||||||||||||
Cash flows used in financing activities | ||||||||||||||||||||||
Drawdown of borrowings | 150 | 169 | 3,966 | |||||||||||||||||||
Repayment of borrowings | (4,282 | ) | (228 | ) | (4,039 | ) | ||||||||||||||||
Related party borrowings (repayments) | (14 | ) | (23 | ) | 25 | — | — | (14 | ) | |||||||||||||
Payment of debt transaction costs | (25 | ) | (105 | ) | (279 | ) | (15 | ) | (3 | ) | (25 | ) | ||||||||||
Repayment of contributed capital | — | (32 | ) | — | ||||||||||||||||||
Share repurchase | (41 | ) | — | — | ||||||||||||||||||
Other | (3 | ) | (2 | ) | (7 | ) | (9 | ) | (3 | ) | (3 | ) | ||||||||||
Net cash from (used in) financing activities | (115 | ) | 523 | 2,006 | ||||||||||||||||||
Net cash used in financing activities | (4,197 | ) | (65 | ) | (115 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (80 | ) | 934 | (53 | ) | 317 | 237 | (80 | ) | |||||||||||||
Cash and cash equivalents at the beginning of the year | 1,554 | 594 | 651 | |||||||||||||||||||
Cash and cash equivalents, net of bank overdrafts, at the beginning of the year | 1,587 | 1,486 | 1,554 | |||||||||||||||||||
Cash and cash equivalents classified as assets held for sale at the beginning of the year | 97 | — | — | |||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | 12 | 26 | (4 | ) | (25 | ) | (39 | ) | 12 | |||||||||||||
Cash and cash equivalents as of December 31 | 1,486 | 1,554 | 594 | 1,976 | 1,684 | 1,486 | ||||||||||||||||
Cash and cash equivalents are comprised of: | ||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,556 | 597 | 1,976 | 1,588 | 1,490 | ||||||||||||||||
Cash and cash equivalents classified as assets held for sale | — | 97 | — | |||||||||||||||||||
Bank overdrafts | (4 | ) | (2 | ) | (3 | ) | — | (1 | ) | (4 | ) | |||||||||||
Cash and cash equivalents as of December 31 | 1,976 | 1,684 | 1,486 |
For the year ended December 31, | |||||||||||
(In $ million) | Note | 2013 | 2012(1)(2) | 2011(1)(2) | |||||||
Cash and cash equivalents as of December 31 | 1,486 | 1,554 | 594 |
For the year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ million) | Acquisitions | Disposals | Acquisitions | Disposals | Acquisitions | Disposals | ||||||||||||
Inflow (outflow) of cash: | ||||||||||||||||||
Cash receipts (payments) | (101 | ) | — | (30 | ) | — | (2,192 | ) | — | |||||||||
Net cash (bank overdraft) acquired (disposed of) | — | — | — | — | 144 | — | ||||||||||||
Consideration received, satisfied in notes receivable | — | — | — | — | — | — | ||||||||||||
Consideration subject to post-closing adjustments | — | — | — | — | — | — | ||||||||||||
(101 | ) | — | (30 | ) | — | (2,048 | ) | — | ||||||||||
Cash and cash equivalents, net of bank overdrafts | — | — | — | — | (144 | ) | — | |||||||||||
Net gain on sale before reclassification from foreign currency translation reserve | — | — | — | — | — | — | ||||||||||||
Amounts reclassified from foreign currency translation reserve | — | — | — | — | — | — | ||||||||||||
Net assets (acquired) disposed of | (101 | ) | — | (30 | ) | — | (2,192 | ) | — | |||||||||
Details of net assets (acquired) disposed of: | ||||||||||||||||||
Cash and cash equivalents, net of bank overdrafts | — | — | — | — | (144 | ) | — | |||||||||||
Trade and other receivables | (20 | ) | — | (4 | ) | — | (361 | ) | — | |||||||||
Inventories | (22 | ) | — | (2 | ) | — | (350 | ) | — | |||||||||
Current tax assets | — | — | — | — | (4 | ) | — | |||||||||||
Assets held for sale | — | — | — | — | (10 | ) | — | |||||||||||
Derivative assets | — | — | — | — | (9 | ) | — | |||||||||||
Investment in associates and joint ventures | — | — | — | — | (1 | ) | — | |||||||||||
Deferred tax assets | — | — | — | — | (6 | ) | — | |||||||||||
Property, plant and equipment | (37 | ) | — | (6 | ) | — | (1,526 | ) | — | |||||||||
Intangible assets (excluding goodwill) | (23 | ) | — | (21 | ) | — | (2,463 | ) | — | |||||||||
Goodwill | (36 | ) | — | (1 | ) | — | (1,754 | ) | — | |||||||||
Other current and non-current assets | (1 | ) | — | — | — | (36 | ) | — | ||||||||||
Trade and other payables | 10 | — | 4 | — | 720 | — | ||||||||||||
Current tax liabilities | — | — | — | — | 39 | — | ||||||||||||
Borrowings | 21 | — | — | — | 2,851 | — | ||||||||||||
Deferred tax liabilities | 6 | — | — | — | 629 | — | ||||||||||||
Provisions and employee benefits | 1 | — | — | — | 233 | — | ||||||||||||
Net assets (acquired) disposed of | (101 | ) | — | (30 | ) | — | (2,192 | ) | — |
(i) | assets and liabilities for each statement of financial position presented are translated at the closing exchange rate at the reporting date of the statement of financial position; |
(ii) | income and expense items for each profit or loss item are translated at average exchange rates; |
(iii) | items of other comprehensive income are translated at average exchange rates; and |
(iv) | all resulting exchange differences are recognized as a separate component of equity. |
Average rate for the year ended December 31, | As of December 31, | Average rate for the year ended December 31, | As of December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2015 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||
1 € | 1.37 | 1.29 | 1.38 | 1.32 | 1.11 | 1.33 | 1.33 | 1.09 | 1.22 | ||||||||||||||||||
10 MXN | 0.77 | 0.76 | 0.77 | 0.77 | 0.63 | 0.75 | 0.78 | 0.58 | 0.68 | ||||||||||||||||||
1 CA$ | 0.94 | 1.00 | 0.94 | 1.01 | 0.78 | 0.91 | 0.97 | 0.72 | 0.86 |
(i) | Trade and other payables |
(ii) | Interest bearing borrowings including related party borrowings |
(i) | the economic characteristics and risks of the host contract and the embedded derivative are not closely related; |
(ii) | a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and |
(iii) | the combined instrument is not measured at fair value through profit or loss. |
For the year ended December 31, 2013 | For the year ended December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,228 | 1,553 | 1,174 | 2,572 | 3,422 | 3,024 | — | 13,973 | 1,553 | 968 | 2,796 | 3,414 | 2,447 | — | 11,178 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 113 | 17 | 133 | 508 | — | (771 | ) | — | 100 | 14 | 173 | 544 | — | (831 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,228 | 1,666 | 1,191 | 2,705 | 3,930 | 3,024 | (771 | ) | 13,973 | 1,653 | 982 | 2,969 | 3,958 | 2,447 | (831 | ) | 11,178 | ||||||||||||||||||||||||||||
Gross profit | 571 | 213 | 190 | 720 | 619 | 339 | — | 2,652 | 310 | 164 | 743 | 620 | 364 | (1 | ) | 2,200 | |||||||||||||||||||||||||||||
Expenses and other income | (255 | ) | (84 | ) | (130 | ) | (245 | ) | (281 | ) | (266 | ) | (99 | ) | (1,360 | ) | (79 | ) | (92 | ) | (237 | ) | (177 | ) | (207 | ) | (104 | ) | (896 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 25 | 1 | — | — | — | — | — | 26 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 341 | 130 | 60 | 475 | 338 | 73 | (99 | ) | 1,318 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 231 | 72 | 506 | 443 | 157 | (105 | ) | 1,304 | |||||||||||||||||||||||||||||||||||||
Financial income | 241 | 7 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,411 | ) | (1,551 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | 148 | ||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (240 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (125 | ) | (58 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | 23 | ||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (298 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 341 | 130 | 60 | 475 | 338 | 73 | (99 | ) | 1,318 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 167 | 57 | 77 | 114 | 228 | 375 | 2 | 1,020 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 508 | 187 | 137 | 589 | 566 | 448 | (97 | ) | 2,338 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 231 | 72 | 506 | 443 | 157 | (105 | ) | 1,304 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 68 | 96 | 211 | 282 | — | 714 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 288 | 140 | 602 | 654 | 439 | (105 | ) | 2,018 |
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 508 | 187 | 137 | 589 | 566 | 448 | (97 | ) | 2,338 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges | — | — | 11 | 1 | 9 | 21 | — | 42 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | — | — | 36 | — | 36 | ||||||||||||||||
Business interruption costs | — | — | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||
Equity method profit, net of cash distributed | 2 | — | — | — | — | — | — | 2 | ||||||||||||||||
Gain on sale of businesses and properties | (2 | ) | — | — | — | (1 | ) | — | — | (3 | ) | |||||||||||||
Hurricane Sandy plant damage, net of insurance recoveries | — | — | — | — | (10 | ) | — | — | (10 | ) | ||||||||||||||
Impact of purchase price accounting on inventories | — | — | — | 1 | 1 | — | — | 2 | ||||||||||||||||
Manufacturing plant fire, net of insurance recoveries | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||
Multi-employer pension plan withdrawal | — | 61 | — | — | 5 | — | — | 66 | ||||||||||||||||
Non-cash changes in inventory and provisions | (2 | ) | — | — | — | — | — | (3 | ) | (5 | ) | |||||||||||||
Non-cash pension expense | — | — | — | — | — | — | 57 | 57 | ||||||||||||||||
Operational process engineering-related consultancy costs | 9 | — | — | — | — | 5 | — | 14 | ||||||||||||||||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | 33 | — | — | — | — | — | — | 33 | ||||||||||||||||
Restructuring costs, net of reversals | 12 | — | 17 | 1 | 10 | 13 | — | 53 | ||||||||||||||||
Unrealized (gain) loss on derivatives | (2 | ) | (1 | ) | (4 | ) | 4 | (2 | ) | — | — | (5 | ) | |||||||||||
VAT and customs refunds on historical imports | (16 | ) | — | — | — | — | — | — | (16 | ) | ||||||||||||||
Other | 1 | — | 2 | — | 2 | — | 1 | 6 | ||||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 543 | 247 | 162 | 596 | 583 | 523 | (42 | ) | 2,612 | |||||||||||||||
Segment assets (excluding intercompany balances) | 3,272 | 1,085 | 1,624 | 4,195 | 5,503 | 5,308 | 1,089 | 22,076 | ||||||||||||||||
Included in segment assets are: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 208 | 57 | 53 | 42 | 243 | 133 | 5 | 741 | ||||||||||||||||
Additions to intangible assets | 4 | 1 | 4 | 1 | — | 7 | 1 | 18 | ||||||||||||||||
Investments in associates and joint ventures | 133 | 15 | — | — | — | 1 | — | 149 | ||||||||||||||||
Segment liabilities (excluding intercompany balances) | 770 | 468 | 320 | 911 | 1,415 | 893 | 17,811 | 22,588 |
For the year ended December 31, 2015 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 288 | 140 | 602 | 654 | 439 | (105 | ) | 2,018 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | 4 | — | 6 | 7 | — | 17 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 65 | 65 | ||||||||||||||
Operational process engineering-related consultancy costs | — | — | — | 18 | — | — | 18 | ||||||||||||||
Restructuring costs, net of reversals | — | 7 | — | 1 | 1 | — | 9 | ||||||||||||||
Unrealized (gain) loss on derivatives | (3 | ) | (4 | ) | (21 | ) | (77 | ) | (1 | ) | — | (106 | ) | ||||||||
Other | (3 | ) | — | — | — | (1 | ) | 2 | (2 | ) | |||||||||||
Adjusted EBITDA from continuing operations | 282 | 147 | 581 | 602 | 445 | (38 | ) | 2,019 | |||||||||||||
Segment assets (excluding intercompany balances) | 1,100 | 1,247 | 4,094 | 4,894 | 4,686 | 2,156 | 18,177 | ||||||||||||||
Included in segment assets are: | |||||||||||||||||||||
Additions to property, plant and equipment | 53 | 37 | 29 | 75 | 133 | — | 327 | ||||||||||||||
Additions to intangible assets | 1 | 1 | 2 | 6 | 3 | 1 | 14 | ||||||||||||||
Segment liabilities (excluding intercompany balances) | 351 | 280 | 707 | 946 | 1,047 | 14,302 | 17,633 |
For the year ended December 31, 2012 | For the year ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,076 | 1,601 | 1,224 | 2,508 | 3,376 | 3,045 | — | 13,830 | 1,597 | 1,116 | 2,717 | 3,491 | 2,745 | — | 11,666 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 84 | 13 | 111 | 475 | — | (683 | ) | — | 115 | 12 | 161 | 543 | — | (831 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,076 | 1,685 | 1,237 | 2,619 | 3,851 | 3,045 | (683 | ) | 13,830 | 1,712 | 1,128 | 2,878 | 4,034 | 2,745 | (831 | ) | 11,666 | ||||||||||||||||||||||||||||
Gross profit | 522 | 269 | 232 | 716 | 601 | 280 | — | 2,620 | 290 | 191 | 655 | 570 | 306 | 4 | 2,016 | ||||||||||||||||||||||||||||||
Expenses and other income | (272 | ) | (93 | ) | (129 | ) | (237 | ) | (270 | ) | (266 | ) | (116 | ) | (1,383 | ) | (96 | ) | (94 | ) | (259 | ) | (272 | ) | (193 | ) | (97 | ) | (1,011 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 26 | 1 | — | — | — | — | — | 27 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 276 | 177 | 103 | 479 | 331 | 14 | (116 | ) | 1,264 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 194 | 97 | 396 | 298 | 113 | (93 | ) | 1,005 | |||||||||||||||||||||||||||||||||||||
Financial income | 179 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,690 | ) | (1,473 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | (247 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (463 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 104 | 76 | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (143 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (387 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 276 | 177 | 103 | 479 | 331 | 14 | (116 | ) | 1,264 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 215 | 57 | 75 | 126 | 283 | 377 | 1 | 1,134 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 491 | 234 | 178 | 605 | 614 | 391 | (115 | ) | 2,398 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 194 | 97 | 396 | 298 | 113 | (93 | ) | 1,005 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 74 | 98 | 245 | 324 | — | 798 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 251 | 171 | 494 | 543 | 437 | (93 | ) | 1,803 |
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 491 | 234 | 178 | 605 | 614 | 391 | (115 | ) | 2,398 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges | — | — | 3 | 1 | 13 | 16 | — | 33 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | 2 | 24 | 31 | 4 | 61 | ||||||||||||||||
Business interruption costs | — | — | 1 | — | — | — | — | 1 | ||||||||||||||||
Equity method profit, net of cash distributed | (19 | ) | (1 | ) | — | — | — | — | — | (20 | ) | |||||||||||||
Fixed asset adjustment | 10 | — | — | — | — | — | — | 10 | ||||||||||||||||
Gain on sale of businesses and properties | — | — | — | — | (77 | ) | — | — | (77 | ) | ||||||||||||||
Hurricane Sandy plant damage, net of insurance recoveries | — | — | — | — | 16 | — | — | 16 | ||||||||||||||||
Manufacturing plant fires, net of insurance recoveries | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||
Non-cash changes in inventory and provisions | (8 | ) | — | — | 3 | 6 | — | — | 1 | |||||||||||||||
Non-cash pension expense | — | — | — | — | — | — | 59 | 59 | ||||||||||||||||
Operational process engineering-related consultancy costs | 1 | — | — | 2 | 14 | — | — | 17 | ||||||||||||||||
Restructuring costs, net of reversals | 20 | 2 | 5 | — | 4 | 27 | (1 | ) | 57 | |||||||||||||||
SEC registration costs | — | — | — | — | — | — | 8 | 8 | ||||||||||||||||
Unrealized (gain) loss on derivatives | 7 | (2 | ) | (1 | ) | (10 | ) | (1 | ) | — | — | (7 | ) | |||||||||||
VAT and customs duties on historical imports | (2 | ) | — | — | — | — | — | — | (2 | ) | ||||||||||||||
Other | — | — | 1 | — | (5 | ) | 2 | 1 | (1 | ) | ||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 500 | 233 | 187 | 603 | 611 | 467 | (44 | ) | 2,557 | |||||||||||||||
Segment assets (excluding intercompany balances) | 3,123 | 1,143 | 1,676 | 4,124 | 5,334 | 5,556 | 1,119 | 22,075 | ||||||||||||||||
Included in segment assets are: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 161 | 40 | 57 | 36 | 150 | 186 | 5 | 635 | ||||||||||||||||
Additions to intangible assets | 12 | 5 | 8 | — | — | 1 | — | 26 | ||||||||||||||||
Investments in associates and joint ventures | 125 | 15 | — | — | — | 1 | — | 141 | ||||||||||||||||
Segment liabilities (excluding intercompany balances) | 727 | 411 | 350 | 864 | 1,289 | 985 | 18,474 | 23,100 |
For the year ended December 31, 2014 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 251 | 171 | 494 | 543 | 437 | (93 | ) | 1,803 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | (1 | ) | — | 3 | 9 | — | 11 | |||||||||||||
Gain on sale of businesses and properties | — | (14 | ) | — | (20 | ) | — | — | (34 | ) | |||||||||||
Litigation settlement | — | — | — | — | (18 | ) | — | (18 | ) | ||||||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 13 | — | — | 1 | — | — | 14 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 31 | 31 | ||||||||||||||
Plant damages and associated insurance recoveries, net | — | — | — | (69 | ) | — | — | (69 | ) | ||||||||||||
Restructuring costs, net of reversals | 3 | 7 | 3 | 11 | 19 | 2 | 45 | ||||||||||||||
Strategic review costs | — | — | — | — | — | 18 | 18 | ||||||||||||||
Unrealized (gain) loss on derivatives | 5 | 10 | 25 | 84 | 1 | — | 125 | ||||||||||||||
Other | (1 | ) | 4 | 3 | — | (2 | ) | 5 | 9 | ||||||||||||
Adjusted EBITDA from continuing operations | 271 | 177 | 525 | 553 | 446 | (37 | ) | 1,935 | |||||||||||||
Segment assets (excluding intercompany balances)(1) | 1,098 | 1,357 | 4,199 | 5,317 | 5,017 | 4,522 | 21,510 | ||||||||||||||
Included in segment assets are: | |||||||||||||||||||||
Additions to property, plant and equipment | 57 | 60 | 43 | 158 | 147 | 156 | 621 | ||||||||||||||
Additions to intangible assets | 1 | 1 | 2 | 8 | 2 | 5 | 19 | ||||||||||||||
Segment liabilities (excluding intercompany balances)(1) | 404 | 309 | 760 | 1,265 | 989 | 19,122 | 22,849 |
For the year ended December 31, 2011 | For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice* | Graham Packaging ** | Corporate / unallocated | Total | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||||||||||||||||||
Total external revenue | 2,036 | 1,587 | 1,317 | 2,503 | 3,409 | 967 | — | 11,819 | 1,553 | 1,181 | 2,572 | 3,422 | 3,024 | — | 11,752 | ||||||||||||||||||||||||||||||
Total inter-segment revenue | — | 46 | 12 | 56 | 542 | — | (656 | ) | — | 113 | 10 | 136 | 588 | — | (847 | ) | — | ||||||||||||||||||||||||||||
Total segment revenue | 2,036 | 1,633 | 1,329 | 2,559 | 3,951 | 967 | (656 | ) | 11,819 | 1,666 | 1,191 | 2,708 | 4,010 | 3,024 | (847 | ) | 11,752 | ||||||||||||||||||||||||||||
Gross profit | 437 | 251 | 207 | 611 | 524 | 62 | (4 | ) | 2,088 | 213 | 190 | 689 | 652 | 339 | (2 | ) | 2,081 | ||||||||||||||||||||||||||||
Expenses and other income | (240 | ) | (99 | ) | (97 | ) | (258 | ) | (402 | ) | (87 | ) | (103 | ) | (1,286 | ) | (83 | ) | (130 | ) | (237 | ) | (289 | ) | (266 | ) | (100 | ) | (1,105 | ) | |||||||||||||||
Share of profit of associates and joint ventures | 15 | 2 | — | — | — | — | — | 17 | |||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 212 | 154 | 110 | 353 | 122 | (25 | ) | (107 | ) | 819 | |||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 130 | 60 | 452 | 363 | 73 | (102 | ) | 976 | |||||||||||||||||||||||||||||||||||||
Financial income | 6 | 263 | |||||||||||||||||||||||||||||||||||||||||||
Financial expenses | (1,409 | ) | (1,405 | ) | |||||||||||||||||||||||||||||||||||||||||
Profit (loss) before income tax | (584 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations before income tax | (166 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 95 | (25 | ) | ||||||||||||||||||||||||||||||||||||||||||
Profit (loss) after income tax | (489 | ) | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) from continuing operations | (191 | ) | |||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) | 212 | 154 | 110 | 353 | 122 | (25 | ) | (107 | ) | 819 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 260 | 60 | 81 | 150 | 292 | 129 | — | 972 | |||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 472 | 214 | 191 | 503 | 414 | 104 | (107 | ) | 1,791 | ||||||||||||||||||||||||||||||||||||
Earnings before interest and tax (“EBIT”) from continuing operations | 130 | 60 | 452 | 363 | 73 | (102 | ) | 976 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 57 | 77 | 96 | 246 | 375 | 2 | 853 | ||||||||||||||||||||||||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 187 | 137 | 548 | 609 | 448 | (100 | ) | 1,829 |
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(In $ million) | SIG | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice * | Graham Packaging ** | Corporate / unallocated | Total | ||||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) | 472 | 214 | 191 | 503 | 414 | 104 | (107 | ) | 1,791 | |||||||||||||||
Included in EBITDA: | ||||||||||||||||||||||||
Asset impairment charges (reversals) | 4 | — | 1 | — | 7 | — | — | 12 | ||||||||||||||||
Business acquisition and integration costs | — | — | — | 5 | 45 | 9 | 26 | 85 | ||||||||||||||||
Business interruption costs | 2 | — | 1 | (1 | ) | — | — | — | 2 | |||||||||||||||
Change in control payments | — | — | — | — | — | 12 | — | 12 | ||||||||||||||||
Equity method profit, net of cash distributed | (8 | ) | (2 | ) | — | — | — | — | — | (10 | ) | |||||||||||||
Gain on modification of plan benefits | — | — | — | — | — | — | (25 | ) | (25 | ) | ||||||||||||||
Gain on sale of business | — | — | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||
Impact of purchase price accounting on inventories | — | — | — | — | 6 | 27 | — | 33 | ||||||||||||||||
Non-cash changes in inventory and provisions | — | — | — | 1 | 2 | — | — | 3 | ||||||||||||||||
Non-cash pension expense | — | — | — | 3 | 4 | — | 47 | 54 | ||||||||||||||||
Operational process engineering-related consultancy costs | — | — | — | 17 | 21 | — | 4 | 42 | ||||||||||||||||
Restructuring costs, net of reversals | 2 | — | 5 | 11 | 48 | 3 | 19 | 88 | ||||||||||||||||
SEC registration costs | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||
Unrealized loss on derivatives | 2 | 2 | 2 | 17 | 3 | — | — | 26 | ||||||||||||||||
VAT and customs duties on historical imports | 1 | — | — | — | — | — | — | 1 | ||||||||||||||||
Other | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) | 475 | 214 | 195 | 556 | 549 | 155 | (30 | ) | 2,114 |
For the year ended December 31, 2013 | |||||||||||||||||||||
(In $ million) | Evergreen | Closures | Reynolds Consumer Products | Pactiv Foodservice | Graham Packaging | Corporate / Unallocated | Total | ||||||||||||||
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations | 187 | 137 | 548 | 609 | 448 | (100 | ) | 1,829 | |||||||||||||
Included in EBITDA: | |||||||||||||||||||||
Asset impairment charges, net of reversals | — | 11 | 1 | 9 | 21 | — | 42 | ||||||||||||||
Business integration costs | — | — | — | — | 36 | — | 36 | ||||||||||||||
Non-cash change in multi-employer pension plan withdrawal liability | 61 | — | — | 5 | — | — | 66 | ||||||||||||||
Non-cash pension expense | — | — | — | — | — | 57 | 57 | ||||||||||||||
Plant damages and associated insurance recoveries, net | — | — | — | (7 | ) | — | — | (7 | ) | ||||||||||||
Restructuring costs, net of reversals | — | 17 | 1 | 10 | 13 | — | 41 | ||||||||||||||
Other | (1 | ) | (3 | ) | 5 | — | 5 | (2 | ) | 4 | |||||||||||
Adjusted EBITDA from continuing operations | 247 | 162 | 555 | 626 | 523 | (45 | ) | 2,068 |
(In $ million) | United States | Remaining North American Region | Europe | Asia | South America | Other | Total | United States | Remaining North American Region | Asia | Europe | South America | Other | Total | ||||||||||||||||||||||||||||
Total external revenue | ||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2015 | 9,376 | 686 | 480 | 423 | 196 | 17 | 11,178 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | 9,586 | 756 | 536 | 499 | 272 | 17 | 11,666 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | 9,522 | 840 | 1,885 | 1,117 | 505 | 104 | 13,973 | 9,463 | 800 | 547 | 622 | 305 | 15 | 11,752 | ||||||||||||||||||||||||||||
For the year ended December 31, 2012 | 9,571 | 808 | 1,824 | 1,040 | 469 | 118 | 13,830 | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 | 8,019 | 628 | 1,742 | 942 | 375 | 113 | 11,819 | |||||||||||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | 13,140 | 470 | 1,764 | 889 | 352 | 55 | 16,670 | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | 13,344 | 498 | 1,735 | 926 | 331 | 59 | 16,893 | |||||||||||||||||||||||||||||||||||
As of December 31, 2015 | 12,431 | 317 | 259 | 357 | 93 | 23 | 13,480 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 12,769 | 406 | 276 | 406 | 128 | 25 | 14,010 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Foodservice packaging | 3,930 | 3,851 | 3,951 | 3,958 | 4,034 | 4,010 | ||||||||||||
Food and beverage plastic containers | 2,048 | 2,081 | 646 | 1,704 | 1,875 | 2,048 | ||||||||||||
Aseptic carton packaging | 2,228 | 2,076 | 2,036 | |||||||||||||||
Caps and closures | 1,191 | 1,237 | 1,329 | |||||||||||||||
Waste and storage products | 1,056 | 1,027 | 992 | 1,205 | 1,208 | 1,056 | ||||||||||||
Cooking products | 910 | 853 | 822 | 1,060 | 956 | 913 | ||||||||||||
Caps and closures | 982 | 1,128 | 1,191 | |||||||||||||||
Carton packaging | 842 | 815 | 795 | 835 | 848 | 842 | ||||||||||||
Tablewares | 739 | 739 | 745 | |||||||||||||||
Household product containers | 482 | 481 | 175 | |||||||||||||||
Non-food plastic containers | 743 | 870 | 976 | |||||||||||||||
Tableware | 704 | 714 | 739 | |||||||||||||||
Liquid packaging board | 444 | 449 | 451 | 443 | 470 | 444 | ||||||||||||
Paper products | 380 | 421 | 387 | 375 | 394 | 380 | ||||||||||||
Automotive lubricant containers | 323 | 316 | 95 | |||||||||||||||
Personal care containers | 171 | 167 | 51 | |||||||||||||||
Inter-segment eliminations | (771 | ) | (683 | ) | (656 | ) | (831 | ) | (831 | ) | (847 | ) | ||||||
Total revenue | 13,973 | 13,830 | 11,819 | 11,178 | 11,666 | 11,752 |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Gain on sale of businesses | — | 77 | 5 | ||||||
Gain on sale of non-current assets | 4 | — | — | ||||||
Hurricane Sandy insurance recoveries | 5 | — | — | ||||||
Income from facility management | 2 | 2 | 12 | ||||||
Income from miscellaneous services | 6 | 8 | 6 | ||||||
Insurance claims | — | — | 6 | ||||||
Landfill tipping fees received | — | — | 5 | ||||||
Litigation settlement | 3 | — | — | ||||||
Manufacturing plant fire insurance recoveries | 9 | 2 | — | ||||||
Non-cash change in provisions | 5 | 8 | — | ||||||
Rental income from investment properties | 1 | 2 | 6 | ||||||
Royalty income | 3 | 3 | 4 | ||||||
Unrealized gains on derivatives | 5 | 7 | — | ||||||
Other | 12 | 17 | 13 | ||||||
Total other income | 55 | 126 | 57 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Asset impairment charges, net of reversals | (17 | ) | (8 | ) | (42 | ) | |||
Business integration costs | — | — | (36 | ) | |||||
Gain (loss) on sale of businesses and non-current assets | 3 | 34 | 1 | ||||||
Insurance recoveries, net of costs incurred | — | 77 | 24 | ||||||
Litigation settlement | — | 18 | 3 | ||||||
Net foreign currency exchange gains (losses) | 12 | (2 | ) | (2 | ) | ||||
Non-cash change in provisions | — | 9 | 3 | ||||||
Restructuring costs, net of reversals | — | — | (10 | ) | |||||
Strategic review costs | (2 | ) | (18 | ) | — | ||||
Unrealized gain (loss) on derivatives (refer to note 21) | 114 | (131 | ) | 3 | |||||
Other | 1 | 6 | (5 | ) | |||||
Net other income (expenses) | 111 | (15 | ) | (61 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Asset impairment charges | (42 | ) | (33 | ) | (12 | ) | |||
Business acquisition and integration costs | (36 | ) | (60 | ) | (81 | ) | |||
Business interruption costs | 1 | (1 | ) | (2 | ) | ||||
Hurricane Sandy plant damage | 6 | (16 | ) | — | |||||
Manufacturing plant fire | 2 | (3 | ) | — | |||||
Net foreign currency exchange loss | (13 | ) | (8 | ) | (7 | ) | |||
Operational process engineering-related consultancy costs | (14 | ) | (17 | ) | (42 | ) | |||
Realized accumulated foreign currency translation loss on liquidation of subsidiary | (33 | ) | — | — | |||||
Restructuring costs, net of reversals | (10 | ) | (56 | ) | (88 | ) | |||
SEC registration costs | — | (8 | ) | (6 | ) | ||||
Unrealized losses on derivatives | — | — | (26 | ) | |||||
VAT and customs refunds on historical imports | 6 | 2 | (1 | ) | |||||
Other | (9 | ) | — | (3 | ) | ||||
Total other expenses | (142 | ) | (200 | ) | (268 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Auditors' remunerations to PricewaterhouseCoopers, comprised of: | |||||||||
Audit fees(a) | (10 | ) | (12 | ) | (12 | ) | |||
Other audit related fees(b) | (1 | ) | (4 | ) | (7 | ) | |||
Tax fees(c) | (1 | ) | (1 | ) | (1 | ) |
For the | |||
Cash proceeds received | 4,233 | ||
Disposal costs | (5 | ) | |
Net proceeds received | 4,228 | ||
Contingent consideration receivable | 169 | ||
Indemnification reserve | (12 | ) | |
Details of net assets disposed of: | |||
Cash and | 84 | ||
Trade and | 204 | ||
Current tax assets | 3 | ||
Inventories | 191 | ||
Deferred tax assets | 33 | ||
Property, plant and | 795 | ||
Intangible assets | 982 | ||
Investment in associates and joint ventures | 112 | ||
Other current and non-current assets | 177 | ||
Trade and other payables | (278 | ) | |
Current tax liabilities | (52 | ) | |
Deferred tax liabilities | (61 | ) | |
Provisions and employee benefits | (192 | ) | |
Other current and non-current liabilities | (64 | ) | |
Net assets disposed of | 1,934 | ||
Gain on sale before reclassification of | 2,451 | ||
Reclassification of foreign currency translation reserve | 452 | ||
Gain on remeasurement or disposal | 2,903 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Results of discontinued operations | |||||||||
Revenue | 334 | 2,151 | 2,221 | ||||||
Expenses | (501 | ) | (1,970 | ) | (1,907 | ) | |||
Profit (loss) before income tax | (167 | ) | 181 | 314 | |||||
Income tax expense | (6 | ) | (68 | ) | (100 | ) | |||
Profit (loss) from discontinued operations prior to gain on disposal | (173 | ) | 113 | 214 | |||||
Gain on remeasurement or disposal | 2,903 | — | — | ||||||
Tax expense on disposal | (52 | ) | — | — | |||||
Gain on remeasurement or disposal, net of tax | 2,851 | — | — | ||||||
Profit (loss) from discontinued operations | 2,678 | 113 | 214 | ||||||
Cash flows from (used in) discontinued operations | |||||||||
Net cash from (used in) operating activities | (10 | ) | 498 | 374 | |||||
Net cash used in investing activities | (27 | ) | (174 | ) | (175 | ) | |||
Net cash used in financing activities | (6 | ) | (2 | ) | (3 | ) | |||
Net cash from (used in) discontinued operations | (43 | ) | 322 | 196 |
As of | |||
(In $ million) | 2014 | ||
Assets | |||
Cash and cash equivalents | 97 | ||
Trade and other |
receivables, net | 254 | ||
181 | |||
Property, plant and equipment | 844 | ||
Intangible assets | 1,071 | ||
Investments in joint ventures | 118 | ||
Deferred tax assets | 25 | ||
Other assets | 168 | ||
Total assets held for | 2,758 | ||
Liabilities | |||
Trade and other | 366 | ||
Employee benefits | 162 | ||
Current tax | 54 | ||
Deferred tax liabilities | 65 | ||
Provisions | 37 | ||
Other liabilities | 55 | ||
Liabilities directly associated with assets held for sale | 739 |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Interest income | 7 | 5 | 6 | ||||||
Net gain in fair value of derivatives | 173 | 134 | — | ||||||
Net foreign currency exchange gain | 61 | 40 | — | ||||||
Financial income | 241 | 179 | 6 | ||||||
Interest expense: | |||||||||
Securitization Facility | (10 | ) | (2 | ) | — | ||||
2013 Credit Agreement | (10 | ) | — | — | |||||
2012 Credit Agreement | (115 | ) | (32 | ) | — | ||||
2011 Credit Agreement | — | (225 | ) | (168 | ) | ||||
2009 Credit Agreement | — | — | (29 | ) | |||||
2013 Related Party Notes | (7 | ) | — | — | |||||
September 2012 Senior Secured Notes | (187 | ) | (48 | ) | — | ||||
February 2012 Senior Notes(a) | (1 | ) | (60 | ) | — | ||||
August 2011 Notes(a) | (339 | ) | (265 | ) | (85 | ) | |||
February 2011 Notes | (151 | ) | (153 | ) | (139 | ) | |||
October 2010 Notes | (242 | ) | (253 | ) | (243 | ) | |||
May 2010 Senior Notes | (85 | ) | (88 | ) | (88 | ) | |||
2009 Senior Secured Notes | — | (110 | ) | (147 | ) | ||||
2007 Related Party Notes | (103 | ) | (101 | ) | (109 | ) | |||
Pactiv 2012 Notes | — | (3 | ) | (15 | ) | ||||
Pactiv 2017 Notes | (24 | ) | (24 | ) | (24 | ) | |||
Pactiv 2018 Notes | (1 | ) | (1 | ) | (1 | ) | |||
Pactiv 2025 Notes | (22 | ) | (22 | ) | (22 | ) | |||
Pactiv 2027 Notes | (17 | ) | (17 | ) | (17 | ) | |||
Graham Packaging 2014 Notes | — | (7 | ) | (12 | ) | ||||
Graham Packaging 2017 Notes | — | — | (3 | ) | |||||
Graham Packaging 2018 Notes | — | — | (3 | ) | |||||
Related party borrowings (refer to note 23) | — | (1 | ) | (1 | ) |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Interest income | 3 | 3 | 4 | ||||||
Interest income on related party loans (refer to note 22) | 4 | 2 | — | ||||||
Net gain in fair value of derivatives | — | — | 153 | ||||||
Net foreign currency exchange gain | — | — | 106 | ||||||
Financial income | 7 | 5 | 263 | ||||||
Interest expense: | |||||||||
Securitization Facility | (8 | ) | (9 | ) | (10 | ) | |||
Credit Agreement | (110 | ) | (106 | ) | (125 | ) | |||
September 2012 Senior Secured Notes | (186 | ) | (187 | ) | (187 | ) | |||
February 2012 Senior Notes | (1 | ) | (1 | ) | (1 | ) | |||
August 2011 Notes | (210 | ) | (339 | ) | (339 | ) | |||
February 2011 Notes | (151 | ) | (151 | ) | (151 | ) | |||
October 2010 Notes | (130 | ) | (242 | ) | (242 | ) | |||
May 2010 Senior Notes | (63 | ) | (85 | ) | (85 | ) | |||
2013 Related Party Notes at 5.625% | (36 | ) | (37 | ) | (5 | ) | |||
2013 Related Party Notes at 6.000% | (35 | ) | (35 | ) | (2 | ) | |||
2007 Related Party Notes | — | — | (103 | ) | |||||
Pactiv 2017 Debentures | (24 | ) | (24 | ) | (24 | ) | |||
Pactiv 2018 Notes | (1 | ) | (1 | ) | (1 | ) | |||
Pactiv 2025 Debentures | (22 | ) | (22 | ) | (22 | ) | |||
Pactiv 2027 Debentures | (17 | ) | (17 | ) | (17 | ) | |||
Amortization of: | |||||||||
Transaction costs | (29 | ) | (40 | ) | (37 | ) | |||
Related Party transaction costs | (4 | ) | (4 | ) | (4 | ) | |||
Fair value adjustment of acquired notes | 2 | 2 | 2 | ||||||
Embedded derivatives | 9 | 11 | 10 | ||||||
Net loss in fair value of derivatives | (198 | ) | (141 | ) | — | ||||
Net foreign currency exchange loss | (21 | ) | (34 | ) | — | ||||
Loss on extinguishment of debt(a) | (305 | ) | — | (52 | ) | ||||
Other | (11 | ) | (11 | ) | (10 | ) | |||
Financial expenses | (1,551 | ) | (1,473 | ) | (1,405 | ) | |||
Net financial expenses | (1,544 | ) | (1,468 | ) | (1,142 | ) |
(a) | The 2015 loss on extinguishment of debt includes $296 million related to the write-off of unamortized transaction costs, embedded derivatives, repayment premiums and transaction costs arising from the repayment of certain amounts of senior secured notes and senior notes using the proceeds from the sale of SIG as well as the credit agreement amendment. Also included is the fair value adjustment on the October 2010 Senior Secured Notes which includes an $8 million redemption premium and $1 million of accelerated amortization of transaction costs. |
For the year ended December 31, | |||||||||
(In $ million) | 2013 | 2012 | 2011 | ||||||
Amortization of: | |||||||||
Debt issuance costs: | |||||||||
Securitization Facility | (2 | ) | — | — | |||||
2012 Credit Agreement | (2 | ) | — | — | |||||
2011 Credit Agreement | — | (6 | ) | (4 | ) | ||||
September 2012 Senior Secured Notes | (5 | ) | (1 | ) | — | ||||
February 2012 Senior Notes | — | (2 | ) | — | |||||
August 2011 Notes | (10 | ) | (7 | ) | (2 | ) | |||
February 2011 Notes | (3 | ) | (3 | ) | (2 | ) | |||
October 2010 Notes | (9 | ) | (8 | ) | (10 | ) | |||
May 2010 Notes | (4 | ) | (4 | ) | (3 | ) | |||
2009 Senior Secured Notes | — | (11 | ) | (8 | ) | ||||
2007 Related Party Notes | (4 | ) | (4 | ) | (4 | ) | |||
Fair value adjustment of acquired notes | 2 | 2 | 14 | ||||||
Original issue discounts | (2 | ) | (8 | ) | (4 | ) | |||
Embedded derivatives | 10 | 9 | 11 | ||||||
Debt commitment letter fees(b) | — | — | (68 | ) | |||||
Credit agreement amendment fees | — | — | (11 | ) | |||||
Net loss in fair value of derivatives | — | — | (9 | ) | |||||
Net foreign currency exchange loss | — | — | (55 | ) | |||||
Loss on extinguishment of debt(c) | (52 | ) | (213 | ) | (129 | ) | |||
Other | (16 | ) | (22 | ) | (19 | ) | |||
Financial expenses | (1,411 | ) | (1,690 | ) | (1,409 | ) | |||
Net financial expenses | (1,170 | ) | (1,511 | ) | (1,403 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Current tax (expense) benefit | ||||||||||||||||||
Current year | (158 | ) | (137 | ) | (149 | ) | (87 | ) | (55 | ) | (58 | ) | ||||||
Tax benefit of alternative fuel mixture credits | — | 12 | — | |||||||||||||||
Adjustments for prior years | 4 | 11 | — | — | (3 | ) | 4 | |||||||||||
(154 | ) | (114 | ) | (149 | ) | (87 | ) | (58 | ) | (54 | ) | |||||||
Deferred tax (expense) benefit | ||||||||||||||||||
Origination and reversal of temporary differences | 37 | 122 | 225 | 23 | 131 | 32 | ||||||||||||
Tax rate modifications | (1 | ) | 11 | 8 | ||||||||||||||
Recognition of previously unrecognized tax losses and temporary differences | 3 | 8 | 18 | 10 | 7 | 3 | ||||||||||||
Tax benefit of alternative fuel mixture credits | — | 80 | — | |||||||||||||||
Adjustments for prior years | (10 | ) | (3 | ) | (7 | ) | (4 | ) | (4 | ) | (6 | ) | ||||||
29 | 218 | 244 | 29 | 134 | 29 | |||||||||||||
Income tax (expense) benefit | (125 | ) | 104 | 95 | (58 | ) | 76 | (25 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Reconciliation of effective tax rate | ||||||||||||||||||
Profit (loss) before income tax | 148 | (247 | ) | (584 | ) | |||||||||||||
Profit (loss) from continuing operations before income tax | (240 | ) | (463 | ) | (166 | ) | ||||||||||||
Income tax using the New Zealand tax rate of 28% | (42 | ) | 69 | 163 | 68 | 130 | 45 | |||||||||||
Effect of tax rates in foreign jurisdictions | 37 | 50 | 53 | (3 | ) | 36 | 2 | |||||||||||
Effect of tax rates in state and local tax jurisdictions | — | 4 | 2 | |||||||||||||||
Non-deductible expenses and permanent differences | (54 | ) | (41 | ) | (95 | ) | (24 | ) | (22 | ) | (35 | ) | ||||||
Tax exempt income and income at a reduced tax rate | 18 | 15 | 9 | 3 | 9 | 17 | ||||||||||||
Withholding tax | (13 | ) | (12 | ) | (16 | ) | (4 | ) | (7 | ) | (6 | ) | ||||||
Tax benefit of alternative fuel mixture credits | — | 92 | — | |||||||||||||||
Tax rate modifications | (1 | ) | 11 | 8 | ||||||||||||||
Capital loss | 8 | 31 | — | |||||||||||||||
Write-off of deferred tax asset for losses previously recognized | (31 | ) | — | — | ||||||||||||||
Recognition of previously unrecognized tax losses and temporary differences | 3 | 8 | 18 | 10 | 7 | 3 | ||||||||||||
Unrecognized tax losses and temporary differences | (52 | ) | (78 | ) | (48 | ) | (76 | ) | (109 | ) | (49 | ) | ||||||
Tax uncertainties | 4 | 2 | 8 | 1 | (2 | ) | 7 | |||||||||||
Controlled foreign corporation tax | — | — | 2 | |||||||||||||||
Credits | 3 | 4 | 4 | 2 | 3 | 3 | ||||||||||||
Tax on unremitted earnings | (20 | ) | (24 | ) | (12 | ) | (7 | ) | 8 | (4 | ) | |||||||
Over (under) provided in prior periods | (2 | ) | 6 | (3 | ) | (4 | ) | (7 | ) | (2 | ) | |||||||
Other | (6 | ) | (2 | ) | 2 | (1 | ) | (1 | ) | (6 | ) | |||||||
Total income tax (expense) benefit | (125 | ) | 104 | 95 | (58 | ) | 76 | (25 | ) |
(In $ million) | Derivatives | Property, plant and equipment | Intangible assets | Employee benefits | Tax loss carry-forwards | Interest | Other items | Net deferred tax assets (liabilities) | ||||||||
Balance as of January 1, 2012 | 5 | (628 | ) | (2,059 | ) | 534 | 379 | 170 | 242 | (1,357 | ) | |||||
Recognized in the profit or loss | (65 | ) | 44 | 140 | 15 | 65 | 81 | (62 | ) | 218 | ||||||
Recognized in equity | — | — | — | 60 | — | — | — | 60 | ||||||||
Other | (1 | ) | (2 | ) | (3 | ) | (1 | ) | 1 | — | (1 | ) | (7 | ) | ||
Balance as of December 31, 2012 | (61 | ) | (586 | ) | (1,922 | ) | 608 | 445 | 251 | 179 | (1,086 | ) | ||||
Recognized in the profit or loss | (52 | ) | (19 | ) | 25 | 35 | (26 | ) | 71 | (5 | ) | 29 | ||||
Recognized in equity | — | — | — | (362 | ) | — | — | — | (362 | ) | ||||||
Business acquisitions and disposals | — | (2 | ) | (4 | ) | — | — | — | — | (6 | ) | |||||
Other | — | — | 3 | — | — | — | (3 | ) | — | |||||||
Balance as of December 31, 2013 | (113 | ) | (607 | ) | (1,898 | ) | 281 | 419 | 322 | 171 | (1,425 | ) |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Included in the statement of financial position as: | ||||||
Deferred tax assets - non-current | 49 | 42 | ||||
Deferred tax liabilities - non-current | (1,474 | ) | (1,128 | ) | ||
Total recognized net deferred tax liabilities | (1,425 | ) | (1,086 | ) |
(In $ million) | Derivatives | Property, plant and equipment | Intangible assets | Employee benefits | Tax loss carry-forwards | Interest | Other items | Net deferred tax assets (liabilities) | ||||||||
Balance as of January 1, 2014 | (113 | ) | (607 | ) | (1,898 | ) | 281 | 419 | 322 | 171 | (1,425 | ) | ||||
Recognized in profit or loss | 65 | (27 | ) | 59 | (4 | ) | (111 | ) | 82 | 70 | 134 | |||||
Recognized in equity | — | — | — | 274 | — | — | — | 274 | ||||||||
Transfers to held for sale | — | 47 | 24 | (1 | ) | (3 | ) | — | (28 | ) | 39 | |||||
Other | 2 | 9 | 14 | (1 | ) | (8 | ) | — | 18 | 34 | ||||||
Balance as of December 31, 2014 | (46 | ) | (578 | ) | (1,801 | ) | 549 | 297 | 404 | 231 | (944 | ) | ||||
Recognized in profit or loss | 10 | (7 | ) | 27 | 37 | (182 | ) | 95 | (9 | ) | (29 | ) | ||||
Recognized in equity | — | — | — | (99 | ) | — | — | — | (99 | ) | ||||||
Other | 3 | 2 | 11 | 3 | (5 | ) | 2 | 8 | 24 | |||||||
Balance as of December 31, 2015 | (33 | ) | (583 | ) | (1,763 | ) | 490 | 110 | 501 | 230 | (1,048 | ) |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Included in the statement of financial position as: | ||||||
Deferred tax assets - non-current | 11 | 10 | ||||
Deferred tax liabilities - non-current | (1,059 | ) | (954 | ) | ||
Total recognized net deferred tax liabilities | (1,048 | ) | (944 | ) |
(In $ million) | Tax losses | Taxable temporary differences | Deductible temporary differences | Total unrecognized deferred tax assets | Tax losses | Taxable temporary differences | Deductible temporary differences | Total unrecognized deferred tax assets | ||||||||||||||||
Balance as of December 31, 2011 | 276 | (6 | ) | 23 | 293 | |||||||||||||||||||
Balance as of December 31, 2013 | 479 | (37 | ) | 36 | 478 | |||||||||||||||||||
Additions and reversals | 107 | (7 | ) | 9 | 109 | |||||||||||||||||||
Recognition | (7 | ) | (4 | ) | 4 | (7 | ) | |||||||||||||||||
Transfers to held for sale | (32 | ) | 5 | (14 | ) | (41 | ) | |||||||||||||||||
Other | (97 | ) | 5 | (2 | ) | (94 | ) | |||||||||||||||||
Balance as of December 31, 2014 | 450 | (38 | ) | 33 | 445 | |||||||||||||||||||
Additions and reversals | 72 | (2 | ) | 8 | 78 | 138 | — | 16 | 154 | |||||||||||||||
Recognition | (8 | ) | — | — | (8 | ) | (7 | ) | (1 | ) | (2 | ) | (10 | ) | ||||||||||
Other | 104 | (26 | ) | 9 | 87 | 45 | 8 | (9 | ) | 44 | ||||||||||||||
Balance as of December 31, 2012 | 444 | (34 | ) | 40 | 450 | |||||||||||||||||||
Additions and reversals | 56 | (2 | ) | (2 | ) | 52 | ||||||||||||||||||
Recognition | (3 | ) | — | — | (3 | ) | ||||||||||||||||||
Other | (18 | ) | (1 | ) | (2 | ) | (21 | ) | ||||||||||||||||
Balance as of December 31, 2013 | 479 | (37 | ) | 36 | 478 | |||||||||||||||||||
Balance as of December 31, 2015 | 626 | (31 | ) | 38 | 633 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Deductible (taxable) temporary differences | (1 | ) | 6 | 7 | (5 | ) | ||||||
Tax losses | 479 | 444 | 626 | 450 | ||||||||
Total unrecognized deferred tax assets | 478 | 450 | 633 | 445 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Trade receivables | 1,228 | 1,245 | 1,037 | 1,077 | ||||||||
Provisions for doubtful debts | (24 | ) | (29 | ) | ||||||||
Total trade receivables, net of provisions for doubtful debts | 1,204 | 1,216 | ||||||||||
Related party receivables (refer to note 23) | 62 | 58 | ||||||||||
Provision for impairment | (10 | ) | (11 | ) | ||||||||
Total trade receivables, net of provision for impairment | 1,027 | 1,066 | ||||||||||
Related party receivables (refer to note 22) | 7 | 7 | ||||||||||
Other receivables | 237 | 159 | 55 | 103 | ||||||||
Total current trade and other receivables | 1,503 | 1,433 | ||||||||||
Related party receivables (refer to note 23) | 22 | — | ||||||||||
Total current trade and other receivables, net | 1,089 | 1,176 | ||||||||||
Related party receivables (refer to note 22) | — | 90 | ||||||||||
Other receivables | 37 | 47 | 29 | 24 | ||||||||
Total non-current receivables | 59 | 47 | 29 | 114 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Current | 1,124 | 1,085 | ||||
Past due 0 to 30 days | 65 | 108 | ||||
Past due 31 days to 60 days | 7 | 12 | ||||
Past due 61 days to 90 days | 2 | 6 | ||||
Past due more than 91 days | 6 | 5 | ||||
Balance at the end of the year | 1,204 | 1,216 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Current | 936 | 981 | ||||
Past due 1 to 30 days | 56 | 57 | ||||
Past due 31 to 60 days | 10 | 10 | ||||
Past due 61 to 90 days | 3 | 3 | ||||
Past due more than 90 days | 22 | 15 | ||||
Balance at the end of the year | 1,027 | 1,066 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Raw materials and consumables | 438 | 414 | 326 | 364 | ||||||||
Work in progress | 239 | 241 | 149 | 177 | ||||||||
Finished goods | 870 | 866 | 657 | 780 | ||||||||
Engineering and maintenance materials | 155 | 149 | 149 | 154 | ||||||||
Provision against inventory | (55 | ) | (58 | ) | ||||||||
Total inventory | 1,647 | 1,612 | ||||||||||
Provision against inventories | (19 | ) | (22 | ) | ||||||||
Total inventories | 1,262 | 1,453 |
(In $ million) | Land | Buildings and improve-ments | Plant and equipment | Capital work in progress | Leased assets lessor | Finance leased assets | Total | Land | Buildings and improve-ments | Plant and equipment | Capital work in progress | Leased assets lessor | Finance leased assets | Total | ||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 226 | 1,087 | 4,872 | 475 | 447 | 29 | 7,136 | 171 | 894 | 4,732 | 186 | — | 28 | 6,011 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (336 | ) | (2,138 | ) | — | (261 | ) | (5 | ) | (2,740 | ) | — | (355 | ) | (2,430 | ) | — | — | (8 | ) | (2,793 | ) | |||||||||||||||||||
Accumulated impairment losses | — | (2 | ) | (41 | ) | — | — | — | (43 | ) | — | (1 | ) | (33 | ) | — | — | — | (34 | ) | ||||||||||||||||||||||
Carrying amount as of December 31, 2013 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 171 | 538 | 2,269 | 186 | — | 20 | 3,184 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 235 | 1,047 | 4,475 | 352 | 402 | 25 | 6,536 | 179 | 871 | 4,510 | 296 | — | 29 | 5,885 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (268 | ) | (1,655 | ) | — | (208 | ) | (4 | ) | (2,135 | ) | — | (313 | ) | (2,124 | ) | — | — | (7 | ) | (2,444 | ) | |||||||||||||||||||
Accumulated impairment losses | — | (2 | ) | (35 | ) | (1 | ) | — | — | (38 | ) | — | — | (29 | ) | — | — | — | (29 | ) | ||||||||||||||||||||||
Carrying amount as of December 31, 2012 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2013 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 1 | 8 | 28 | — | — | — | 37 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2015 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 | |||||||||||||||||||||||||||||||||||
Additions | — | 1 | 7 | 725 | 3 | 5 | 741 | — | — | — | 327 | — | — | 327 | ||||||||||||||||||||||||||||
Capitalization of borrowing costs | — | 1 | 3 | 2 | — | — | 6 | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Disposals | — | (1 | ) | (3 | ) | — | — | — | (4 | ) | — | — | (8 | ) | — | — | — | (8 | ) | |||||||||||||||||||||||
Depreciation for the year | — | (77 | ) | (566 | ) | — | (60 | ) | (2 | ) | (705 | ) | — | (52 | ) | (409 | ) | — | — | (2 | ) | (463 | ) | |||||||||||||||||||
Impairment losses | (1 | ) | (5 | ) | (39 | ) | (5 | ) | — | — | (50 | ) | ||||||||||||||||||||||||||||||
Impairment losses, net of reversals | — | (1 | ) | (13 | ) | (3 | ) | — | — | (17 | ) | |||||||||||||||||||||||||||||||
Other transfers | (8 | ) | 48 | 489 | (587 | ) | 57 | — | (1 | ) | (3 | ) | 43 | 388 | (431 | ) | — | — | (3 | ) | ||||||||||||||||||||||
Effect of movements in exchange rates | (1 | ) | (3 | ) | (11 | ) | (11 | ) | (8 | ) | — | (34 | ) | (5 | ) | (10 | ) | (46 | ) | (8 | ) | — | — | (69 | ) | |||||||||||||||||
Carrying amount as of December 31, 2013 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2012 | 237 | 841 | 2,925 | 341 | 178 | 24 | 4,546 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | — | 1 | 5 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 171 | 538 | 2,269 | 186 | — | 20 | 3,184 | |||||||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2014 | 226 | 749 | 2,693 | 475 | 186 | 24 | 4,353 | |||||||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 24) | — | — | 5 | 6 | — | — | 11 | |||||||||||||||||||||||||||||||||||
Additions | — | 1 | 26 | 599 | 9 | — | 635 | — | — | 3 | 612 | 5 | 1 | 621 | ||||||||||||||||||||||||||||
Capitalization of borrowing costs | — | — | 1 | 3 | — | — | 4 | — | — | 3 | 3 | — | — | 6 | ||||||||||||||||||||||||||||
Disposals | — | — | (10 | ) | (5 | ) | (1 | ) | — | (16 | ) | — | (1 | ) | (5 | ) | — | — | — | (6 | ) | |||||||||||||||||||||
Depreciation for the year | — | (102 | ) | (613 | ) | — | (57 | ) | (2 | ) | (774 | ) | — | (69 | ) | (521 | ) | — | (29 | ) | (2 | ) | (621 | ) | ||||||||||||||||||
Impairment losses | (1 | ) | (2 | ) | (37 | ) | (3 | ) | — | — | (43 | ) | ||||||||||||||||||||||||||||||
Impairment losses, net of reversals | — | (1 | ) | (5 | ) | (1 | ) | — | — | (7 | ) | |||||||||||||||||||||||||||||||
Transfers to assets held for sale | (41 | ) | (168 | ) | (293 | ) | (110 | ) | (252 | ) | — | (864 | ) | |||||||||||||||||||||||||||||
Other transfers | (5 | ) | 36 | 475 | (582 | ) | 67 | (1 | ) | (10 | ) | — | 70 | 536 | (679 | ) | 99 | — | 26 | |||||||||||||||||||||||
Effect of movements in exchange rates | 4 | 2 | 13 | (2 | ) | (2 | ) | — | 15 | (6 | ) | (22 | ) | (59 | ) | (10 | ) | (9 | ) | (1 | ) | (107 | ) | |||||||||||||||||||
Carrying amount as of December 31, 2012 | 235 | 777 | 2,785 | 351 | 194 | 21 | 4,363 | |||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 179 | 558 | 2,357 | 296 | — | 22 | 3,412 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Cost of sales | 452 | 504 | 556 | ||||||
Selling, marketing and distribution expenses | — | 1 | 1 | ||||||
General and administration expenses | 11 | 14 | 15 | ||||||
Discontinued operations | — | 102 | 133 | ||||||
Total depreciation expense | 463 | 621 | 705 |
(In $ million) | Goodwill | Trademarks | Customer relationships | Technology & software | Other | Total | Goodwill | Trademarks | Customer relationships | Technology & software | Other | Total | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||||||||||
Cost | 6,376 | 2,079 | 3,491 | 880 | 199 | 13,025 | 5,447 | 1,764 | 3,380 | 877 | 104 | 11,572 | ||||||||||||||||||||||||
Accumulated amortization | — | (50 | ) | (559 | ) | (276 | ) | (83 | ) | (968 | ) | — | (75 | ) | (868 | ) | (414 | ) | (21 | ) | (1,378 | ) | ||||||||||||||
Accumulated impairment losses | — | — | — | — | (2 | ) | (2 | ) | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Carrying amount as of December 31, 2013 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 5,447 | 1,689 | 2,512 | 463 | 81 | 10,192 | ||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Cost | 6,324 | 2,067 | 3,793 | 885 | 212 | 13,281 | 5,471 | 1,763 | 3,440 | 868 | 106 | 11,648 | ||||||||||||||||||||||||
Accumulated amortization | — | (36 | ) | (679 | ) | (205 | ) | (83 | ) | (1,003 | ) | — | (62 | ) | (729 | ) | (334 | ) | (22 | ) | (1,147 | ) | ||||||||||||||
Accumulated impairment losses | — | — | — | — | (4 | ) | (4 | ) | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Carrying amount as of December 31, 2012 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2013 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 37 | 1 | 22 | — | — | 60 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2015 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 | ||||||||||||||||||||||||||||||
Additions | — | — | — | 13 | 5 | 18 | — | — | — | 11 | 3 | 14 | ||||||||||||||||||||||||
Amortization for the year | — | (14 | ) | (196 | ) | (86 | ) | (19 | ) | (315 | ) | — | (12 | ) | (154 | ) | (81 | ) | (4 | ) | (251 | ) | ||||||||||||||
Other transfers | (1 | ) | 2 | (1 | ) | (3 | ) | 3 | — | |||||||||||||||||||||||||||
Effect of movements in exchange rates | 16 | 9 | (7 | ) | — | — | 18 | (24 | ) | — | (45 | ) | (1 | ) | — | (70 | ) | |||||||||||||||||||
Carrying amount as of December 31, 2013 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2012 | 6,297 | 2,034 | 3,321 | 761 | 132 | 12,545 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 25) | 1 | — | 16 | 3 | 2 | 22 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2015 | 5,447 | 1,689 | 2,512 | 463 | 81 | 10,192 | ||||||||||||||||||||||||||||||
Carrying amount as of January 1, 2014 | 6,376 | 2,029 | 2,932 | 604 | 114 | 12,055 | ||||||||||||||||||||||||||||||
Acquisitions through business combinations (refer to note 24) | 7 | — | 7 | — | — | 14 | ||||||||||||||||||||||||||||||
Additions | — | — | — | 14 | 12 | 26 | — | — | — | 17 | 2 | 19 | ||||||||||||||||||||||||
Disposals | (4 | ) | — | (6 | ) | — | — | (10 | ) | |||||||||||||||||||||||||||
Amortization for the year | — | (12 | ) | (230 | ) | (101 | ) | (17 | ) | (360 | ) | — | (13 | ) | (180 | ) | (84 | ) | (12 | ) | (289 | ) | ||||||||||||||
Impairment losses | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||
Other transfers | — | — | (5 | ) | 2 | — | (3 | ) | ||||||||||||||||||||||||||||
Transfers to assets held for sale | (808 | ) | (290 | ) | — | (2 | ) | (21 | ) | (1,121 | ) | |||||||||||||||||||||||||
Other | (12 | ) | — | — | — | — | (12 | ) | ||||||||||||||||||||||||||||
Effect of movements in exchange rates | 26 | 9 | 12 | 1 | — | 48 | (88 | ) | (25 | ) | (42 | ) | (1 | ) | (1 | ) | (157 | ) | ||||||||||||||||||
Carrying amount as of December 31, 2012 | 6,324 | 2,031 | 3,114 | 680 | 125 | 12,274 | ||||||||||||||||||||||||||||||
Carrying amount as of December 31, 2014 | 5,471 | 1,701 | 2,711 | 534 | 82 | 10,499 |
For the year ended December 31, | |||||||||
(In $ million) | 2015 | 2014 | 2013 | ||||||
Cost of sales | 42 | 42 | 43 | ||||||
General and administration expenses | 209 | 237 | 238 | ||||||
Discontinued operations | — | 10 | 34 | ||||||
Total amortization expense | 251 | 289 | 315 |
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ million) | Goodwill | Trademarks | Other | Goodwill | Trademarks | Other | ||||||||||||
SIG | 848 | 315 | — | 830 | 306 | — | ||||||||||||
Evergreen | 67 | 34 | — | 67 | 34 | — | ||||||||||||
Closures | 388 | — | — | 393 | — | — | ||||||||||||
Reynolds Consumer Products | 1,908 | 850 | — | 1,887 | 850 | — | ||||||||||||
Pactiv Foodservice | 1,727 | 526 | 69 | 1,710 | 526 | 69 | ||||||||||||
Graham Packaging | 1,438 | 250 | — | 1,437 | 250 | — | ||||||||||||
Total | 6,376 | 1,975 | 69 | 6,324 | 1,966 | 69 |
As of December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
(In $ million) | Goodwill | Trademarks | Other | Goodwill | Trademarks | Other | ||||||||||||
Evergreen | 67 | 34 | — | 67 | 34 | — | ||||||||||||
Closures | 363 | — | — | 378 | — | — | ||||||||||||
Reynolds Consumer Products | 1,913 | 850 | — | 1,913 | 850 | — | ||||||||||||
Pactiv Foodservice | 1,693 | 526 | 63 | 1,695 | 526 | 62 | ||||||||||||
Graham Packaging | 1,411 | 250 | — | 1,418 | 250 | — | ||||||||||||
Total | 5,447 | 1,660 | 63 | 5,471 | 1,660 | 62 |
(In $ million) | 2015 | 2014 | 2013 | ||||||
Current assets | 33 | 30 | |||||||
Non-current assets | 20 | 22 | |||||||
Total assets | 53 | 52 | |||||||
Current liabilities | 19 | 17 | |||||||
Non-current liabilities | 7 | 8 | |||||||
Total liabilities | 26 | 25 | |||||||
Revenue | 53 | 50 | 40 | ||||||
Expenses | (49 | ) | (47 | ) | (39 | ) | |||
Profit (loss) from continuing operations | 4 | 3 | 1 | ||||||
Profit (loss) from discontinued operations, net of income tax | 14 | 51 | 49 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Balance as of the beginning of the year | 18 | 149 | ||||
Share of profit, net of income tax | 2 | 22 | ||||
Transfers to assets held for sale | — | (121 | ) | |||
Dividends received | — | (25 | ) | |||
Effect of movement in exchange rates | — | (7 | ) | |||
Balance as of the end of the year | 20 | 18 | ||||
Amount of goodwill in carrying value of associates and joint ventures (equity method) | — | — |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Trade payables | 623 | 720 | ||||
Accrued interest | 195 | 295 | ||||
Related party payables (refer to note 22) | 3 | 4 | ||||
Other payables and accrued expenses | 331 | 362 | ||||
Total current trade and other payables | 1,152 | 1,381 | ||||
Non-current payables | 44 | 40 |
(In $ million) | Country of incorporation | Interest held | Reporting date | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Revenue | Expenses | Profit after tax | |||||||||
2013 | |||||||||||||||||||||
SIG Combibloc Obeikan Company Limited | Kingdom of Saudi Arabia | 50.0% | December 31 | 99 | 74 | 173 | 82 | 24 | 106 | 151 | (135 | ) | 16 | ||||||||
SIG Combibloc Obeikan FZCO | United Arab Emirates | 50.0% | December 31 | 143 | 48 | 191 | 67 | 43 | 110 | 262 | (229 | ) | 33 | ||||||||
Ducart Evergreen Packaging Ltd ("Ducart") | Israel | 50.0% | November 30 | 10 | 9 | 19 | 4 | 4 | 8 | 17 | (16 | ) | 1 | ||||||||
Banawi Evergreen Packaging Company Limited ("Banawi") | Kingdom of Saudi Arabia | 50.0% | November 30 | 12 | 11 | 23 | 6 | 5 | 11 | 18 | (17 | ) | 1 | ||||||||
Eclipse Closures, LLC | USA | 49.0% | December 31 | — | — | — | 2 | — | 2 | 5 | (6 | ) | (1 | ) | |||||||
Graham Blow Pack Private Limited ("GBPPL") | India | 22.0% | September 30 | 2 | 3 | 5 | 2 | 1 | 3 | — | — | — | |||||||||
266 | 145 | 411 | 163 | 77 | 240 | 453 | (403 | ) | 50 | ||||||||||||
2012 | |||||||||||||||||||||
SIG Combibloc Obeikan Company Limited | Kingdom of Saudi Arabia | 50.0% | December 31 | 96 | 55 | 151 | 54 | 31 | 85 | 123 | (105 | ) | 18 | ||||||||
SIG Combibloc Obeikan FZCO | United Arab Emirates | 50.0% | December 31 | 111 | 31 | 142 | 72 | 2 | 74 | 220 | (187 | ) | 33 | ||||||||
Ducart Evergreen Packaging Ltd ("Ducart") | Israel | 50.0% | November 30 | 12 | 2 | 14 | 5 | 1 | 6 | 21 | (19 | ) | 2 | ||||||||
Banawi Evergreen Packaging Company Limited ("Banawi") | Kingdom of Saudi Arabia | 50.0% | November 30 | 13 | 26 | 39 | 9 | 9 | 18 | 11 | (10 | ) | 1 | ||||||||
Eclipse Closures, LLC | USA | 49.0% | December 31 | 2 | — | 2 | 2 | — | 2 | 2 | (2 | ) | — | ||||||||
Graham Blow Pack Private Limited ("GBPPL") | India | 22.0% | September 30 | 3 | 4 | 7 | 2 | 3 | 5 | — | — | — | |||||||||
237 | 118 | 355 | 144 | 46 | 190 | 377 | (323 | ) | 54 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Balance as of the beginning of the year | 141 | 119 | ||||
Share of profit, net of income tax | 26 | 27 | ||||
Capital contribution | 6 | — | ||||
Dividends received | (27 | ) | (7 | ) | ||
Effect of movement in exchange rates | 3 | 2 | ||||
Balance as of the end of the year | 149 | 141 | ||||
Amount of goodwill in carrying value of associates and joint ventures (equity method) | 54 | 52 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Trade payables | 913 | 874 | ||||
Accrued interest | 296 | 305 | ||||
Related party payables (refer to note 23) | 16 | 24 | ||||
Other payables and accrued expenses | 598 | 641 | ||||
Total trade and other payables | 1,823 | 1,844 |
As of December 31, | ||||||
(In $ million) | 2013 | 2012 | ||||
Securitization Facility(a)(u) | 438 | 491 | ||||
2013 Credit Agreement(b)(v) | 27 | — | ||||
2012 Credit Agreement(c)(w) | — | 26 | ||||
Other borrowings(ac) | 5 | 6 | ||||
Current borrowings | 470 | 523 | ||||
2013 Credit Agreement(b)(v) | 2,586 | — | ||||
2012 Credit Agreement(c)(w) | — | 2,583 | ||||
Related Party Notes at 6.000%(d)(y) | 584 | — | ||||
Related Party Notes at 5.625%(e)(y) | 644 | — | ||||
September 2012 Senior Secured Notes(f)(x) | 3,222 | 3,219 | ||||
February 2012 Senior Notes(g)(x) | 9 | 9 | ||||
August 2011 Senior Secured Notes(h)(x) | 1,475 | 1,471 | ||||
August 2011 Senior Notes(i)(x) | 2,195 | 2,189 | ||||
February 2011 Senior Secured Notes(j)(x) | 998 | 998 | ||||
February 2011 Senior Notes(k)(x) | 996 | 995 | ||||
October 2010 Senior Secured Notes(l)(x) | 1,478 | 1,475 | ||||
October 2010 Senior Notes(m)(x) | 1,474 | 1,470 | ||||
May 2010 Senior Notes(n)(x) | 985 | 982 | ||||
Related Party Notes at 8% (o)(z) | — | 621 | ||||
Related Party Notes at 9.5%(p)(z) | — | 543 | ||||
Pactiv 2017 Notes(q)(aa) | 310 | 312 | ||||
Pactiv 2018 Notes(r)(aa) | 16 | 17 | ||||
Pactiv 2025 Notes(s)(aa) | 270 | 270 | ||||
Pactiv 2027 Notes(t)(aa) | 197 | 197 | ||||
Related party borrowings | — | 16 | ||||
Other borrowings(ac) | 27 | 27 | ||||
Non-current borrowings | 17,466 | 17,394 | ||||
Total borrowings | 17,936 | 17,917 |
As of December 31, | ||||||
(In $ million) | 2015 | 2014 | ||||
Securitization Facility(a) | 316 | 405 | ||||
Credit Agreement(b) | 2,448 | 2,548 | ||||
September 2012 Senior Secured Notes(c) | 3,237 | 3,250 | ||||
February 2012 Senior Notes(c) | 9 | 9 | ||||
August 2011 Senior Secured Notes(c) | 626 | 1,500 | ||||
August 2011 Senior Notes(c) | 1,272 | 2,241 | ||||
February 2011 Senior Secured Notes(c) | 995 | 1,000 | ||||
February 2011 Senior Notes(c) | 995 | 1,000 | ||||
October 2010 Senior Secured Notes(c) | 592 | 1,500 | ||||
October 2010 Senior Notes(c) | 613 | 1,500 | ||||
May 2010 Senior Notes(c) | 670 | 1,000 | ||||
2013 Related Party Notes at 5.625%(d) | 642 | 650 | ||||
2013 Related Party Notes at 6.000%(d) | 590 | 590 | ||||
Pactiv 2017 Debentures(e) | 300 | 300 | ||||
Pactiv 2018 Notes(e) | 16 | 16 | ||||
Pactiv 2025 Debentures(e) | 276 | 276 | ||||
Pactiv 2027 Debentures(e) | 200 | 200 | ||||
Other borrowings(f) | 46 | 39 | ||||
Total principal amount of borrowings | 13,843 | 18,024 | ||||
Transaction costs | (122 | ) | (234 | ) | ||
Embedded derivatives | 43 | 68 | ||||
Fair value adjustment at acquisition | (3 | ) | (1 | ) | ||
Carrying value | 13,761 | 17,857 | ||||
Current borrowings | 976 | 477 | ||||
Non-current borrowings | 12,785 | 17,380 | ||||
Total borrowings | 13,761 | 17,857 |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
(a) | Securitization Facility | 445 | 500 | ||||
Debt issuance costs | (7 | ) | (9 | ) | |||
Carrying amount | 438 | 491 | |||||
(b) | 2013 Credit Agreement (current and non-current) | 2,623 | — | ||||
Debt issuance costs | (10 | ) | — | ||||
Carrying amount | 2,613 | — | |||||
(c) | 2012 Credit Agreement (current and non-current) | — | 2,625 | ||||
Debt issuance costs | — | (16 | ) | ||||
Carrying amount | — | 2,609 |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
(d) | Related Party Notes at 6.000% | 590 | — | ||||
Debt issuance costs | (6 | ) | — | ||||
Carrying amount | 584 | — | |||||
(e) | Related Party Notes at 5.625% | 650 | — | ||||
Debt issuance costs | (6 | ) | — | ||||
Carrying amount | 644 | — | |||||
(f) | September 2012 Senior Secured Notes | 3,250 | 3,250 | ||||
Debt issuance costs | (48 | ) | (53 | ) | |||
Embedded derivative | 20 | 22 | |||||
Carrying amount | 3,222 | 3,219 | |||||
(g) | February 2012 Senior Notes | 9 | 9 | ||||
Carrying amount | 9 | 9 | |||||
(h) | August 2011 Senior Secured Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (26 | ) | (30 | ) | |||
Original issue discount | (9 | ) | (10 | ) | |||
Embedded derivative | 10 | 11 | |||||
Carrying amount | 1,475 | 1,471 | |||||
(i) | August 2011 Senior Notes | 2,241 | 2,241 | ||||
Debt issuance costs | (51 | ) | (57 | ) | |||
Original issue discount | (5 | ) | (6 | ) | |||
Embedded derivative | 10 | 11 | |||||
Carrying amount | 2,195 | 2,189 | |||||
(j) | February 2011 Senior Secured Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (14 | ) | (15 | ) | |||
Embedded derivative | 12 | 13 | |||||
Carrying amount | 998 | 998 | |||||
(k) | February 2011 Senior Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (13 | ) | (15 | ) | |||
Embedded derivative | 9 | 10 | |||||
Carrying amount | 996 | 995 | |||||
(l) | October 2010 Senior Secured Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (28 | ) | (32 | ) | |||
Embedded derivative | 6 | 7 | |||||
Carrying amount | 1,478 | 1,475 | |||||
(m) | October 2010 Senior Notes | 1,500 | 1,500 | ||||
Debt issuance costs | (33 | ) | (38 | ) | |||
Embedded derivative | 7 | 8 | |||||
Carrying amount | 1,474 | 1,470 | |||||
(n) | May 2010 Senior Notes | 1,000 | 1,000 | ||||
Debt issuance costs | (21 | ) | (25 | ) | |||
Embedded derivative | 6 | 7 | |||||
Carrying amount | 985 | 982 | |||||
(o) | Related Party Notes at 8% | — | 634 | ||||
Debt issuance costs | — | (13 | ) | ||||
Carrying amount | — | 621 | |||||
(p) | Related Party Notes at 9.5% | — | 555 | ||||
Debt issuance costs | — | (12 | ) | ||||
Carrying amount | — | 543 | |||||
(q) | Pactiv 2017 Notes | 300 | 300 | ||||
Fair value adjustment at acquisition | 10 | 12 |
As of December 31, | |||||||
(In $ million) | 2013 | 2012 | |||||
Carrying amount | 310 | 312 | |||||
(r) | Pactiv 2018 Notes | 16 | 16 | ||||
Fair value adjustment at acquisition | — | 1 | |||||
Carrying amount | 16 | 17 | |||||
(s) | Pactiv 2025 Notes | 276 | 276 | ||||
Fair value adjustment at acquisition | (6 | ) | (6 | ) | |||
Carrying amount | 270 | 270 | |||||
(t) | Pactiv 2027 Notes | 200 | 200 | ||||
Fair value adjustment at acquisition | (3 | ) | (3 | ) | |||
Carrying amount | 197 | 197 |
Currency | Maturity date | Original facility value (in million) | Value drawn or utilized as of December 31, 2013 (in million) | Applicable interest rate as of December 31, 2013 | ||||||||
Term Tranches | ||||||||||||
U.S. Term Loan | $ | December 1, 2018 | 2,213 | 2,213 | 3 month LIBOR floor of 1.000% + 3.000% | |||||||
European Term Loan | € | December 1, 2018 | 297 | 297 | 3 month EURIBOR floor of 1.000% + 3.250% | |||||||
Revolving Tranches(1) | ||||||||||||
Revolving Tranche | $ | December 27, 2018 | 120 | 69 | — | |||||||
Revolving Tranche | € | December 27, 2018 | 54 | 15 | — |
Currency | Maturity date | Current facility value (in million) | Value drawn or utilized as of December 31, 2015 (in million) | Applicable interest rate as of December 31, 2015 | ||||||||
Term Tranches | ||||||||||||
U.S. Term Loans | $ | December 1, 2018 | 2,135 | 2,135 | LIBOR floor of 1.000% + 3.500% | |||||||
European Term Loans | € | December 1, 2018 | 287 | 287 | EURIBOR floor of 1.000% + 3.500% | |||||||
Revolving Tranches(1) | ||||||||||||
U.S. Revolving Loans | $ | December 27, 2018 | 120 | 62 | — | |||||||
European Revolving Loans | € | December 27, 2018 | 54 | — | — |
(1) | The Revolving Tranches were utilized in the form of bank guarantees and letters of credit. |
Currency | Issue date | Principal amounts issued (in million) | Interest rate | Maturity date | Semi-annual interest payment dates | Issue date | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | ||||||||||||||
September 2012 Senior Secured Notes | $ | September 28, 2012 | 3,250 | 5.750% | October 15, 2020 | April 15 and October 15 | September 28, 2012 | 3,237 | 5.750% | October 15, 2020 | April 15 and October 15 | |||||||||||||
February 2012 Senior Notes | $ | February 15, 2012 | 9 | 9.875% | August 15, 2019 | February 15 and August 15 | February 15, 2012 | 9 | 9.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
August 2011 Senior Secured Notes | $ | August 9, 2011 | 1,500 | 7.875% | August 15, 2019 | February 15 and August 15 | August 9, 2011 | 626 | 7.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
August 2011 Senior Notes | $ | August 9, 2011 and August 10, 2012 | 2,241 | 9.875% | August 15, 2019 | February 15 and August 15 | August 9, 2011 and August 10, 2012 | 1,272 | 9.875% | August 15, 2019 | February 15 and August 15 | |||||||||||||
February 2011 Senior Secured Notes | $ | February 1, 2011 | 1,000 | 6.875% | February 15, 2021 | February 15 and August 15 | February 1, 2011 | 995 | 6.875% | February 15, 2021 | February 15 and August 15 | |||||||||||||
February 2011 Senior Notes | $ | February 1, 2011 | 1,000 | 8.250% | February 15, 2021 | February 15 and August 15 | February 1, 2011 | 995 | 8.250% | February 15, 2021 | February 15 and August 15 | |||||||||||||
October 2010 Senior Secured Notes | $ | October 15, 2010 | 1,500 | 7.125% | April 15, 2019 | April 15 and October 15 | October 15, 2010 | 592 | 7.125% | April 15, 2019 | April 15 and October 15 | |||||||||||||
October 2010 Senior Notes | $ | October 15, 2010 | 1,500 | 9.000% | April 15, 2019 | April 15 and October 15 | October 15, 2010 | 613 | 9.000% | April 15, 2019 | April 15 and October 15 | |||||||||||||
May 2010 Senior Notes | $ | May 4, 2010 | 1,000 | 8.500% | May 15, 2018 | May 15 and November 15 | May 4, 2010 | 670 | 8.500% | May 15, 2018 | May 15 and November 15 |
Currency | Date acquired by the Group | Principal amounts outstanding (in million) | Interest rate | Maturity date | Semi-annual interest payment dates | ||||||||
Pactiv 2017 Notes | $ | November 16, 2010 | 300 | 8.125% | June 15, 2017 | June 15 and December 15 | |||||||
Pactiv 2018 Notes | $ | November 16, 2010 | 16 | 6.400% | January 15, 2018 | January 15 and July 15 | |||||||
Pactiv 2025 Notes | $ | November 16, 2010 | 276 | 7.950% | December 15, 2025 | June 15 and December 15 | |||||||
Pactiv 2027 Notes | $ | November 16, 2010 | 200 | 8.375% | April 15, 2027 | April 15 and October 15 |
Date acquired by the Group | Principal amounts outstanding (in $ million) | Interest rate | Maturity date | Semi-annual interest payment dates | |||||||
Pactiv 2017 Debentures | November 16, 2010 | 300 | 8.125% | June 15, 2017 | June 15 and December 15 | ||||||
Pactiv 2018 Notes | November 16, 2010 | 16 | 6.400% | January 15, 2018 | January 15 and July 15 | ||||||
Pactiv 2025 Debentures | November 16, 2010 | 276 | 7.950% | December 15, 2025 | June 15 and December 15 | ||||||
Pactiv 2027 Debentures | November 16, 2010 | 200 | 8.375% | April 15, 2027 | April 15 and October 15 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Salaries and wages accrued | 172 | 186 | 155 | 138 | ||||||||
Provision for annual leave | 55 | 67 | 41 | 45 | ||||||||
Provision for other employee benefits | 32 | 28 | 28 | 33 | ||||||||
Provision for exit from multi-employer pension plans | 77 | 12 | 86 | 92 | ||||||||
Defined benefit obligations: | ||||||||||||
Pension benefits | 535 | 1,420 | 967 | 1,145 | ||||||||
Post-employment medical benefits | 115 | 132 | 111 | 122 | ||||||||
Total employee benefits | 986 | 1,845 | ||||||||||
Total employee benefits liabilities | 1,388 | 1,575 | ||||||||||
Current | 243 | 270 | 212 | 201 | ||||||||
Non-current | 743 | 1,575 | 1,176 | 1,374 | ||||||||
Total employee benefits | 986 | 1,845 | ||||||||||
Total employee benefits liabilities | 1,388 | 1,575 |
(In $ million) | Amount previously reported for the year ended December 31, 2012 | Change in reported amount for the year ended December 31, 2012 | Restated amount for the year ended December 31, 2012 | ||||||
Statement of comprehensive income | |||||||||
Cost of sales | (11,210 | ) | — | (11,210 | ) | ||||
Other income | 114 | 12 | 126 | ||||||
General and administration expenses | (846 | ) | (115 | ) | (961 | ) | |||
Profit from operating activities | 1,369 | (105 | ) | 1,264 | |||||
Income tax (expense) benefit | 67 | 37 | 104 | ||||||
Profit (loss) for the year | (75 | ) | (68 | ) | (143 | ) | |||
Exchange differences on translating foreign operations | (4 | ) | — | (4 | ) | ||||
Remeasurement of defined benefit plans | — | (71 | ) | (71 | ) | ||||
Total other comprehensive income (loss) for the year, net of income tax | (4 | ) | (71 | ) | (75 | ) | |||
Total comprehensive income (loss) attributable to: | |||||||||
Equity holder of the Group | (80 | ) | (139 | ) | (219 | ) | |||
Non-controlling interests | 1 | — | 1 |
(In $ million) | Amount previously reported for the year ended December 31, 2011 | Change in reported amount for the year ended December 31, 2011 | Restated amount for the year ended December 31, 2011 | ||||||
Statement of comprehensive income | |||||||||
Cost of sales | (9,725 | ) | (6 | ) | (9,731 | ) | |||
Other income | 57 | — | 57 | ||||||
General and administration expenses | (626 | ) | (102 | ) | (728 | ) | |||
Profit from operating activities | 927 | (108 | ) | 819 | |||||
Income tax (expense) benefit | 56 | 39 | 95 | ||||||
Profit (loss) for the year | (420 | ) | (69 | ) | (489 | ) | |||
Exchange differences on translating foreign operations | (26 | ) | (1 | ) | (27 | ) | |||
Remeasurement of defined benefit plans | — | (331 | ) | (331 | ) | ||||
Total other comprehensive income (loss) for the year, net of income tax | (26 | ) | (332 | ) | (358 | ) | |||
Total comprehensive income (loss) attributable to: | |||||||||
Equity holder of the Group | (447 | ) | (401 | ) | (848 | ) | |||
Non-controlling interests | 1 | — | 1 |
(In $ million) | Amount previously reported as of December 31, 2012 | Change in reported amount as of December 31, 2012 | Restated amount as of December 31, 2012 | ||||||
Statement of financial position | |||||||||
Deferred tax assets | 40 | 2 | 42 | ||||||
Other assets | 200 | (29 | ) | 171 | |||||
Total non-current assets | 17,350 | (27 | ) | 17,323 | |||||
Total assets | 22,102 | (27 | ) | 22,075 | |||||
Deferred tax liabilities | 1,386 | (258 | ) | 1,128 | |||||
Employee benefits | 891 | 684 | 1,575 | ||||||
Total non-current liabilities | 19,844 | 426 | 20,270 | ||||||
Total liabilities | 22,674 | 426 | 23,100 | ||||||
Equity | |||||||||
Reserves | (1,259 | ) | (295 | ) | (1,554 | ) | |||
Accumulated losses | (719 | ) | (158 | ) | (877 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (593 | ) | (453 | ) | (1,046 | ) | |||
Total equity (deficit) | (572 | ) | (453 | ) | (1,025 | ) |
(In $ million) | Amount previously reported as of January 1, 2012 | Change in reported amount as of January 1, 2012 | Restated amount as of January 1, 2012 | ||||||
Statement of financial position | |||||||||
Deferred tax assets | 29 | — | 29 | ||||||
Other assets | 179 | (64 | ) | 115 | |||||
Total non-current assets | 17,595 | (64 | ) | 17,531 | |||||
Total assets | 21,635 | (64 | ) | 21,571 | |||||
Liabilities directly associated with assets held for sale | 20 | 10 | 30 | ||||||
Total current liabilities | 2,795 | 10 | 2,805 | ||||||
Deferred tax liabilities | 1,548 | (162 | ) | 1,386 | |||||
Employee benefits | 936 | 402 | 1,338 | ||||||
Total non-current liabilities | 19,297 | 240 | 19,537 | ||||||
Total liabilities | 22,092 | 250 | 22,342 | ||||||
Equity | |||||||||
Reserves | (1,255 | ) | (231 | ) | (1,486 | ) | |||
Accumulated losses | (641 | ) | (83 | ) | (724 | ) | |||
Equity (deficit) attributable to equity holder of the Group | (479 | ) | (314 | ) | (793 | ) | |||
Total equity (deficit) | (457 | ) | (314 | ) | (771 | ) |
Defined benefit obligation | Fair value of plan assets | Net defined benefit liability (asset) | Defined benefit obligation | Fair value of plan assets | Net defined benefit liability (asset) | |||||||||||||||||||||||||||||||
(In $ million) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Balance as of January 1 | 5,825 | 5,431 | (4,463 | ) | (4,261 | ) | 1,362 | 1,170 | 5,926 | 5,316 | (4,773 | ) | (4,837 | ) | 1,153 | 479 | ||||||||||||||||||||
Included in the profit or loss | ||||||||||||||||||||||||||||||||||||
Included in profit or loss: | ||||||||||||||||||||||||||||||||||||
Current service cost | 21 | 22 | — | — | 21 | 22 | 14 | 20 | — | — | 14 | 20 | ||||||||||||||||||||||||
Interest cost (income) | 205 | 237 | (152 | ) | (182 | ) | 53 | 55 | 206 | 221 | (161 | ) | (201 | ) | 45 | 20 | ||||||||||||||||||||
Administrative expenses | — | — | 16 | 16 | 16 | 16 | — | — | 27 | 18 | 27 | 18 | ||||||||||||||||||||||||
Curtailments | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Settlements | — | (2 | ) | — | 3 | — | 1 | |||||||||||||||||||||||||||||
Total expense (income) recognized in profit or loss | 225 | 256 | (136 | ) | (163 | ) | 89 | 93 | 220 | 241 | (134 | ) | (183 | ) | 86 | 58 | ||||||||||||||||||||
Remeasurement (gains) losses | ||||||||||||||||||||||||||||||||||||
Actuarial (gains) loss arising from: | ||||||||||||||||||||||||||||||||||||
Remeasurement (gains) losses: | ||||||||||||||||||||||||||||||||||||
Actuarial (gains) losses arising from: | ||||||||||||||||||||||||||||||||||||
Demographic assumptions | (33 | ) | 2 | — | — | (33 | ) | 2 | (95 | ) | 421 | — | — | (95 | ) | 421 | ||||||||||||||||||||
Financial assumptions | (376 | ) | 463 | — | — | (376 | ) | 463 | (190 | ) | 412 | — | — | (190 | ) | 412 | ||||||||||||||||||||
Return on plan assets excluding interest income | — | — | (541 | ) | (340 | ) | (541 | ) | (340 | ) | ||||||||||||||||||||||||||
Return on plan assets, excluding interest income | — | — | 32 | (129 | ) | 32 | (129 | ) | ||||||||||||||||||||||||||||
Total remeasurement (gains) losses | (409 | ) | 465 | (541 | ) | (340 | ) | (950 | ) | 125 | (285 | ) | 833 | 32 | (129 | ) | (253 | ) | 704 | |||||||||||||||||
Other movements | ||||||||||||||||||||||||||||||||||||
Other movements: | ||||||||||||||||||||||||||||||||||||
Contributions by the Group | — | — | (25 | ) | (34 | ) | (25 | ) | (34 | ) | — | — | (14 | ) | (51 | ) | (14 | ) | (51 | ) | ||||||||||||||||
Contributions by plan participants | 2 | 2 | (2 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||||
Benefits paid by the plans | (346 | ) | (348 | ) | 346 | 348 | — | — | (300 | ) | (352 | ) | 300 | 352 | — | — | ||||||||||||||||||||
Business acquisitions and disposals | — | (3 | ) | — | 9 | — | 6 | |||||||||||||||||||||||||||||
Business disposals | (657 | ) | (28 | ) | 648 | — | (9 | ) | (28 | ) | ||||||||||||||||||||||||||
Effect of movements in exchange rates | 19 | 22 | (16 | ) | (20 | ) | 3 | 2 | (5 | ) | (84 | ) | 9 | 75 | 4 | (9 | ) | |||||||||||||||||||
Total other movements | (325 | ) | (327 | ) | 303 | 301 | (22 | ) | (26 | ) | (962 | ) | (464 | ) | 943 | 376 | (19 | ) | (88 | ) | ||||||||||||||||
Balance as of December 31 | 5,316 | 5,825 | (4,837 | ) | (4,463 | ) | 479 | 1,362 | 4,899 | 5,926 | (3,932 | ) | (4,773 | ) | 967 | 1,153 | ||||||||||||||||||||
Comprised of: | ||||||||||||||||||||||||||||||||||||
Pactiv Retirement Plan | 4,122 | 4,589 | (3,832 | ) | (3,513 | ) | 290 | 1,076 | 4,635 | 4,809 | (3,770 | ) | (3,830 | ) | 865 | 979 | ||||||||||||||||||||
All other plans | 1,194 | 1,236 | (1,005 | ) | (950 | ) | 189 | 286 | ||||||||||||||||||||||||||||
Other plans | 264 | 482 | (162 | ) | (316 | ) | 102 | 166 | ||||||||||||||||||||||||||||
4,899 | 5,291 | (3,932 | ) | (4,146 | ) | 967 | 1,145 | |||||||||||||||||||||||||||||
Plans associated with assets held for sale | — | 635 | — | (627 | ) | — | 8 | |||||||||||||||||||||||||||||
Balance as of December 31 | 5,316 | 5,825 | (4,837 | ) | (4,463 | ) | 479 | 1,362 | 4,899 | 5,926 | (3,932 | ) | (4,773 | ) | 967 | 1,153 | ||||||||||||||||||||
Comprised of: | ||||||||||||||||||||||||||||||||||||
Funded plans | 330 | 1,212 | 904 | 1,080 | ||||||||||||||||||||||||||||||||
Plans associated with assets held for sale | — | 8 | ||||||||||||||||||||||||||||||||||
Unfunded plans | 149 | 150 | 63 | 65 | ||||||||||||||||||||||||||||||||
Total net pension benefits | 479 | 1,362 | ||||||||||||||||||||||||||||||||||
Total net pension benefits liability | 967 | 1,153 | ||||||||||||||||||||||||||||||||||
Included in the statements of financial position as: | ||||||||||||||||||||||||||||||||||||
Employee benefit liabilities | 535 | 1,420 | ||||||||||||||||||||||||||||||||||
Employee benefits liabilities | 967 | 1,145 | ||||||||||||||||||||||||||||||||||
Liabilities directly associated with assets held for sale | 30 | — | — | 126 | ||||||||||||||||||||||||||||||||
Other assets, non-current | 86 | 58 | ||||||||||||||||||||||||||||||||||
Total net pension benefits | 479 | 1,362 | ||||||||||||||||||||||||||||||||||
Assets held for sale | — | (118 | ) | |||||||||||||||||||||||||||||||||
Total net pension benefits liability | 967 | 1,153 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Cost of sales | 25 | 16 | 29 | 15 | 14 | 20 | ||||||||||||
General and administration expenses | 64 | 77 | 52 | 69 | 33 | 58 | ||||||||||||
Total plan net expense from continuing operations | 84 | 47 | 78 | |||||||||||||||
Discontinued operations | 2 | 11 | 11 | |||||||||||||||
Total plan net expense | 89 | 93 | 81 | 86 | 58 | 89 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Equity instruments | 3,185 | 2,719 | 2,511 | 3,219 | ||||||||
Debt instruments | 1,141 | 1,293 | 622 | 889 | ||||||||
Property | 422 | 306 | 312 | 424 | ||||||||
Other | 89 | 145 | 487 | 241 | ||||||||
Total plan assets | 4,837 | 4,463 | 3,932 | 4,773 |
For the year ended December 31, | For the year ended December 31, | |||||||||||
2013 | 2012 | 2011 | 2015 | 2014 | 2013 | |||||||
Discount rates at December 31 | 1.0% - 8.0% | 1.1% - 6.6% | 1.8% - 8.25% | 0.8% - 7.3% | 0.7% - 7.0% | 1.0% - 8.0% | ||||||
Future salary increases | 0.0% - 5.0% | 0.0% - 6.0% | 0.0% - 5.0% | 0.0% - 7.0% | 0.0% - 7.0% | 0.0% - 5.0% | ||||||
Future pension increases | 0.0% - 3.8% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 4.0% | 0.0% - 3.8% |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on the net plan expense | (10 | ) | 10 | (8 | ) | 7 | ||||||
Effect on the defined benefit obligation | (224 | ) | 249 | (246 | ) | 271 |
For the year ended December 31, | For the year ended December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Liability for post-employment medical obligations as of the beginning of the year | 133 | 141 | 122 | 114 | ||||||||
Included in the profit or loss | ||||||||||||
Included in profit or loss: | ||||||||||||
Current service cost | 2 | 2 | 2 | 2 | ||||||||
Interest cost | 5 | 6 | 5 | 5 | ||||||||
Past service cost | — | (4 | ) | — | (2 | ) | ||||||
Total expense (income) recognized in profit or loss | 7 | 4 | ||||||||||
Remeasurement (gains) losses | ||||||||||||
Total expense recognized in profit or loss | 7 | 5 | ||||||||||
Remeasurement (gains) losses: | ||||||||||||
Actuarial (gains) losses from changes in demographic assumptions | (10 | ) | (5 | ) | (11 | ) | 3 | |||||
Actuarial (gains) losses from changes in financial assumptions | (10 | ) | 8 | (2 | ) | 7 | ||||||
Total remeasurement (gains) losses | (20 | ) | 3 | (13 | ) | 10 | ||||||
Other movements | ||||||||||||
Other movements: | ||||||||||||
Contributions by plan participants | 1 | 1 | — | 1 | ||||||||
Benefits paid by the plans | (7 | ) | (11 | ) | (5 | ) | (8 | ) | ||||
Post-employment medical obligations related to business disposals | — | (5 | ) | |||||||||
Total other movements | (6 | ) | (15 | ) | (5 | ) | (7 | ) | ||||
Liability for post-employment medical obligations as of the end of the year | 114 | 133 | 111 | 122 |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on plan expense | — | — | — | — | ||||||||
Effect on the post-employment medical obligations | 3 | (3 | ) | 3 | (2 | ) |
(In $ million) | Increase | Decrease | Increase | Decrease | ||||||||
Effect on plan expense | — | — | — | — | ||||||||
Effect on the post-employment medical obligations | (6 | ) | 6 | (11 | ) | 13 |
(In $ million) | Legal | Asset retirement obligations | Restructuring | Workers' compensation | Other | Total | ||||||||||||
Balance as of December 31, 2012 | 29 | 37 | 38 | 45 | 62 | 211 | ||||||||||||
Acquisitions through business combinations | — | 1 | — | — | — | 1 | ||||||||||||
Provisions made | 2 | 3 | 40 | 12 | 14 | 71 | ||||||||||||
Provisions used | (3 | ) | (1 | ) | (40 | ) | (18 | ) | (18 | ) | (80 | ) | ||||||
Provisions reversed | (7 | ) | (1 | ) | — | (1 | ) | (12 | ) | (21 | ) | |||||||
Other transfers | — | — | — | — | (3 | ) | (3 | ) | ||||||||||
Balance as of December 31, 2013 | 21 | 39 | 38 | 38 | 43 | 179 | ||||||||||||
Current | 3 | 1 | 36 | 23 | 20 | 83 | ||||||||||||
Non-current | 18 | 38 | 2 | 15 | 23 | 96 | ||||||||||||
Total provisions as of December 31, 2013 | 21 | 39 | 38 | 38 | 43 | 179 | ||||||||||||
Current | 8 | 3 | 35 | 25 | 20 | 91 | ||||||||||||
Non-current | 21 | 34 | 3 | 20 | 42 | 120 | ||||||||||||
Total provisions as of December 31, 2012 | 29 | 37 | 38 | 45 | 62 | 211 |
(In $ million) | Asset retirement obligations | Restructuring | Workers' compensation | Other | Total | ||||||||||
Balance as of December 31, 2014 | 38 | 19 | 38 | 30 | 125 | ||||||||||
Provisions made | — | 12 | 22 | 18 | 52 | ||||||||||
Provisions used | (1 | ) | (20 | ) | (17 | ) | (6 | ) | (44 | ) | |||||
Provisions reversed | — | (3 | ) | (1 | ) | (4 | ) | (8 | ) | ||||||
Other transfers | 2 | 1 | 1 | — | 4 | ||||||||||
Effect of movements in exchange rates | — | (2 | ) | — | (1 | ) | (3 | ) | |||||||
Balance as of December 31, 2015 | 39 | 7 | 43 | 37 | 126 | ||||||||||
Current | 2 | 6 | 26 | 21 | 55 | ||||||||||
Non-current | 37 | 1 | 17 | 16 | 71 | ||||||||||
Total provisions as of December 31, 2015 | 39 | 7 | 43 | 37 | 126 | ||||||||||
Current | 2 | 17 | 25 | 10 | 54 | ||||||||||
Non-current | 36 | 2 | 13 | 20 | 71 | ||||||||||
Total provisions as of December 31, 2014 | 38 | 19 | 38 | 30 | 125 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
Number of shares | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Balance at the beginning of the year | 13,063,527 | 13,063,527 | 13,063,527 | 425,550 | 10,170 | 13,063,527 | ||||||||||||
Capital restructure (refer below) | (13,053,357 | ) | — | — | ||||||||||||||
Issue of shares | — | — | — | |||||||||||||||
Repurchase of shares | (42,555 | ) | — | — | ||||||||||||||
Capital restructure | — | — | (13,053,357 | ) | ||||||||||||||
Conversion of shares | — | 415,380 | — | |||||||||||||||
Balance at the end of the year | 10,170 | 13,063,527 | 13,063,527 | 382,995 | 425,550 | 10,170 |
(a) | Foreign currency exchange rate risk |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | ||||||
Currency futures | Sell | Japanese yen | 2,799,062,824 | $ | 97.84 - 102.0 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | $ | 20,200,000 | NZD | 0.7994 - 0.8195 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Sell | Australian dollar | 26,200,000 | NZD | 0.8905 - 0.8944 | Jan 2014 - Nov 2014 | ||||||
Currency futures | Buy | EUR | 42,000,000 | Brazilian real | 0.2830 - 0.3061 | Jan 2014 - Dec 2014 | ||||||
Currency swap | Sell | EUR | 20,000,000 | $ | 0.7273 | Jan 2014 |
Type | Contract type | Currency | Contracted volume | Counter-currency | Contracted conversion range | Contracted date of maturity | |||||||
Currency futures | Sell | Japanese yen | 3,632,933,567 | $ | 118.55 - 122.81 | Jan 2016 - Nov 2016 | |||||||
Currency futures | Sell | South Korean won | 1,482,479,555 | $ | 1,202.77 - 1,207.88 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Sell | CA$ | 104,186,138 | $ | 1.2032 - 1.3882 | Jan 2016 - Dec 2016 | |||||||
Currency forwards | Buy | EUR | 234,701 | $ | 0.9183 | Jan 2016 |
(b) | Interest rate risk |
(In $ million) | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||
Fixed rate instruments | |||||||||||||||||||||||||||||||||
Related party receivables | 22 | 22 | — | — | — | — | |||||||||||||||||||||||||||
Related party borrowings | (1,240 | ) | — | — | — | (1,240 | ) | — | (1,232 | ) | (642 | ) | (590 | ) | — | — | |||||||||||||||||
Loans and borrowings | (13,822 | ) | (1 | ) | (1 | ) | (2 | ) | (1,324 | ) | (12,494 | ) | |||||||||||||||||||||
Borrowings | (9,846 | ) | (22 | ) | (992 | ) | (6,353 | ) | (2,479 | ) | |||||||||||||||||||||||
Total fixed rate instruments | (15,040 | ) | 21 | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | (11,078 | ) | (664 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) | ||||||||||||
Floating rate instruments | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,490 | 1,490 | — | — | — | — | 1,976 | 1,976 | — | — | — | ||||||||||||||||||||||
Bank overdrafts | (4 | ) | (4 | ) | — | — | — | — | |||||||||||||||||||||||||
Loans and borrowings | (3,071 | ) | (3,071 | ) | — | — | — | — | |||||||||||||||||||||||||
Total variable rate instruments | (1,585 | ) | (1,585 | ) | — | — | — | — | |||||||||||||||||||||||||
Borrowings | (2,765 | ) | (2,765 | ) | — | — | — | ||||||||||||||||||||||||||
Total floating rate instruments | (789 | ) | (789 | ) | — | — | — | ||||||||||||||||||||||||||
Total | (16,625 | ) | (1,564 | ) | (1 | ) | (2 | ) | (2,564 | ) | (12,494 | ) | (11,867 | ) | (1,453 | ) | (1,582 | ) | (6,353 | ) | (2,479 | ) |
(In $ million) | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Fixed rate instruments | |||||||||||||||||||||||||||||||||
Related party receivables | 90 | 90 | — | — | — | ||||||||||||||||||||||||||||
Related party borrowings | (1,189 | ) | — | — | — | (1,189 | ) | — | (1,240 | ) | — | (1,240 | ) | — | — | ||||||||||||||||||
Loans and borrowings | (13,821 | ) | (2 | ) | (1 | ) | (2 | ) | (304 | ) | (13,512 | ) | |||||||||||||||||||||
Borrowings | (13,828 | ) | (10 | ) | (305 | ) | (7,771 | ) | (5,742 | ) | |||||||||||||||||||||||
Total fixed rate instruments | (15,010 | ) | (2 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | (14,978 | ) | 80 | (1,545 | ) | (7,771 | ) | (5,742 | ) | ||||||||||||
Floating rate instruments | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,556 | 1,556 | — | — | — | — | 1,588 | 1,588 | — | — | — | ||||||||||||||||||||||
Bank overdrafts | (2 | ) | (2 | ) | — | — | — | — | (1 | ) | (1 | ) | — | — | — | ||||||||||||||||||
Related party borrowings | (16 | ) | (16 | ) | — | — | — | — | |||||||||||||||||||||||||
Loans and borrowings | (3,129 | ) | (3,129 | ) | — | — | — | — | |||||||||||||||||||||||||
Total variable rate instruments | (1,591 | ) | (1,591 | ) | — | — | — | — | |||||||||||||||||||||||||
Borrowings | (2,956 | ) | (2,956 | ) | — | — | — | ||||||||||||||||||||||||||
Total floating rate instruments | (1,369 | ) | (1,369 | ) | — | — | — | ||||||||||||||||||||||||||
Total | (16,601 | ) | (1,593 | ) | (1 | ) | (2 | ) | (1,493 | ) | (13,512 | ) | (16,347 | ) | (1,289 | ) | (1,545 | ) | (7,771 | ) | (5,742 | ) |
(c) | Commodity and other price risk |
Type | Unit of measure | Contracted volumes | Contracted price range | Contracted date of maturity | ||||
Resin futures | metric tonne | 74,660 | €1,445 - €1,585 | Jan 2014 - Jan 2015 | ||||
Resin futures | metric tonne | 4,950 | $1,860 | Feb 2014 - Dec 2014 | ||||
Resin swaps | kiloliter | 26,200 | JPY58,067 - JPY62,730 | Mar 2014 - Nov 2014 | ||||
Aluminum futures | metric tonne | 23,210 | $1,875 - $2,149 | Jan 2014 - Nov 2014 | ||||
Aluminum swaps | metric tonne | 44,555 | $1,770 - $2,356 | Jan 2014 - Dec 2016* | ||||
Aluminum swaps | metric tonne | 1,430 | JPY186,449 - JPY186,458 | Jan 2014 - Nov 2014 | ||||
Natural gas swaps | million BTU | 3,839,390 | $3.36 - $4.41 | Jan 2014 - Dec 2014 | ||||
Ethylene swaps | metric tonne | 6,540 | €1,240 | Feb 2014 - Jan 2015 | ||||
Ethylene swaps | pound | 3,285,670 | $0.47 - $0.48 | Jan 2014 - Apr 2014 | ||||
Polymer-grade propylene swaps | pound | 22,400,000 | $0.66 | Feb 2014 | ||||
Benzene swaps | U.S. liquid gallon | 12,318,321 | $4.55 - $4.65 | Jan 2014 - Apr 2014 | ||||
Diesel swaps | U.S. liquid gallon | 23,729,773 | $3.08 - $4.01 | Jan 2014 - Dec 2014 | ||||
Electricity swaps | megawatt hour | 78,206 | NZD$65.00 - NZD$72.76 | Jan 2014 - Dec 2014 | ||||
Corn swaps | bushel | 359,000 | $4.75 - $5.87 | Jan 2014 - Dec 2014 |
Type | Unit of measure | Contracted volume | Contracted price range | Contracted date of maturity | ||||
Aluminum swaps | metric tonne | 37,257 | $1,449 - $2,356 | Jan 2016 - Sep 2017* | ||||
Aluminum Midwest Premium swaps | pound | 76,579,896 | $0.06 - $0.22 | Jan 2016 - Jan 2017 | ||||
Natural gas swaps | million BTU | 4,878,257 | $2.23 - $3.30 | Jan 2016 - Dec 2016 | ||||
Paraxylene swaps | pound | 2,732,629 | $0.44 - $0.52 | Jan 2016 - Jun 2016 | ||||
Polymer-grade propylene swaps | pound | 52,736,392 | $0.33 - $0.49 | Jan 2016 - Dec 2016 | ||||
Benzene swaps | U.S. liquid gallon | 14,842,550 | $2.25 - $2.89 | Jan 2016 - Sep 2016 | ||||
Diesel swaps | U.S. liquid gallon | 12,615,528 | $2.38 - $3.19 | Jan 2016 - Dec 2016 | ||||
Low-density polyethylene swaps | pound | 15,000,000 | $0.80 - $1.01 | Jan 2016 - Jun 2016 | ||||
High-density polyethylene film swaps | metric tonne | 4,883 | $1,305 - $1,360 | Jan 2016 - Dec 2016 |
* | Includes a swap that hedges the price of aluminum for a private label customer contract that expires in |
Liquidity risk |
(In $ million) | Carrying amount | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Carrying amount | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Bank overdrafts | (4 | ) | (4 | ) | (4 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Trade and other payables | (1,782 | ) | (1,782 | ) | (1,782 | ) | — | — | — | — | (1,152 | ) | (954 | ) | (954 | ) | — | — | — | ||||||||||||||||||||
Related party borrowings | (1,228 | ) | (1,474 | ) | (36 | ) | (36 | ) | (72 | ) | (1,330 | ) | — | (1,227 | ) | (1,322 | ) | (714 | ) | (608 | ) | — | — | ||||||||||||||||
Loans and borrowings | (16,708 | ) | (24,206 | ) | (1,051 | ) | (604 | ) | (1,205 | ) | (7,335 | ) | (14,011 | ) | |||||||||||||||||||||||||
Borrowings, including interest | (12,534 | ) | (16,363 | ) | (1,195 | ) | (5,059 | ) | (7,331 | ) | (2,778 | ) | |||||||||||||||||||||||||||
(19,722 | ) | (27,466 | ) | (2,873 | ) | (640 | ) | (1,277 | ) | (8,665 | ) | (14,011 | ) | (14,913 | ) | (18,639 | ) | (2,863 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) | ||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | |||||||||||||||||||||||||||||||||||||
Inflows | — | 12 | 8 | 4 | — | — | — | — | 7 | 7 | — | — | — | ||||||||||||||||||||||||||
Outflows | (3 | ) | (15 | ) | (7 | ) | (7 | ) | (1 | ) | — | — | (13 | ) | (20 | ) | (20 | ) | — | — | — | ||||||||||||||||||
(3 | ) | (3 | ) | 1 | (3 | ) | (1 | ) | — | — | (13 | ) | (13 | ) | (13 | ) | — | — | — | ||||||||||||||||||||
Total | (19,725 | ) | (27,469 | ) | (2,872 | ) | (643 | ) | (1,278 | ) | (8,665 | ) | (14,011 | ) | (14,926 | ) | (18,652 | ) | (2,876 | ) | (5,667 | ) | (7,331 | ) | (2,778 | ) |
(In $ million) | Carrying amount | Total | 6 months or less | 6 to 12 months | 1 to 2 years | 2 to 5 years | More than 5 years | Carrying amount | Total | Less than one year | One to three years | Three to five years | Greater than five years | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Bank overdrafts | (2 | ) | (2 | ) | (2 | ) | — | — | — | — | (1 | ) | (1 | ) | (1 | ) | — | — | — | ||||||||||||||||||||
Trade and other payables | (1,791 | ) | (1,791 | ) | (1,791 | ) | — | — | — | — | (1,381 | ) | (1,086 | ) | (1,086 | ) | — | — | — | ||||||||||||||||||||
Related party borrowings | (1,180 | ) | (1,648 | ) | (51 | ) | (51 | ) | (104 | ) | (1,423 | ) | (19 | ) | (1,230 | ) | (1,402 | ) | (72 | ) | (1,330 | ) | — | — | |||||||||||||||
Loans and borrowings | (16,737 | ) | (25,440 | ) | (624 | ) | (1,122 | ) | (1,225 | ) | (3,948 | ) | (18,521 | ) | |||||||||||||||||||||||||
Borrowings, including interest | (16,627 | ) | (22,908 | ) | (1,654 | ) | (2,650 | ) | (12,184 | ) | (6,420 | ) | |||||||||||||||||||||||||||
(19,710 | ) | (28,881 | ) | (2,468 | ) | (1,173 | ) | (1,329 | ) | (5,371 | ) | (18,540 | ) | (19,239 | ) | (25,397 | ) | (2,813 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) | ||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | Commodity and foreign currency derivatives: | |||||||||||||||||||||||||||||||||||||
Inflows | — | 8 | 6 | 2 | — | — | — | — | 30 | 30 | — | — | — | ||||||||||||||||||||||||||
Outflows | (8 | ) | (16 | ) | (9 | ) | (7 | ) | — | — | — | (105 | ) | (135 | ) | (135 | ) | — | — | — | |||||||||||||||||||
(8 | ) | (8 | ) | (3 | ) | (5 | ) | — | — | — | (105 | ) | (105 | ) | (105 | ) | — | — | — | ||||||||||||||||||||
Total | (19,718 | ) | (28,889 | ) | (2,471 | ) | (1,178 | ) | (1,329 | ) | (5,371 | ) | (18,540 | ) | (19,344 | ) | (25,502 | ) | (2,918 | ) | (3,980 | ) | (12,184 | ) | (6,420 | ) |
(In $ million) | Fair value through the profit or loss | Held to maturity | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | Fair value through profit or loss | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,490 | — | 1,490 | 1,490 | — | 1,976 | — | 1,976 | 1,976 | ||||||||||||||||||||||
Current and non-current receivables | — | — | 1,562 | — | 1,562 | 1,562 | — | 1,118 | — | 1,118 | 1,118 | ||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | 12 | — | — | — | 12 | 12 | 7 | — | — | 7 | 7 | ||||||||||||||||||||||
Embedded derivatives | 437 | — | — | — | 437 | 437 | 99 | — | — | 99 | 99 | ||||||||||||||||||||||
Total assets | 449 | — | 3,052 | — | 3,501 | 3,501 | 106 | 3,094 | — | 3,200 | 3,200 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Bank overdrafts | — | — | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||
Trade and other payables | — | — | — | (1,782 | ) | (1,782 | ) | (1,782 | ) | — | — | (1,152 | ) | (1,152 | ) | (1,152 | ) | ||||||||||||||||
Other payables | — | — | — | (41 | ) | (41 | ) | (41 | ) | ||||||||||||||||||||||||
Non-current payables | — | — | (44 | ) | (44 | ) | (44 | ) | |||||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | (15 | ) | — | — | — | (15 | ) | (15 | ) | (20 | ) | — | — | (20 | ) | (20 | ) | ||||||||||||||||
Related party borrowings | — | — | — | (1,228 | ) | (1,228 | ) | (1,254 | ) | — | — | (1,227 | ) | (1,227 | ) | (1,210 | ) | ||||||||||||||||
Loans and borrowings | — | — | — | (16,708 | ) | (16,708 | ) | (17,764 | ) | ||||||||||||||||||||||||
Borrowings | — | — | (12,534 | ) | (12,534 | ) | (12,679 | ) | |||||||||||||||||||||||||
Total liabilities | (15 | ) | — | — | (19,763 | ) | (19,778 | ) | (20,860 | ) | (20 | ) | — | (14,957 | ) | (14,977 | ) | (15,105 | ) |
(In $ million) | Fair value through the profit or loss | Held to maturity | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | Fair value through profit or loss | Cash, loans and receivables | Other liabilities | Total carrying amount | Fair value | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 1,556 | — | 1,556 | 1,556 | — | 1,588 | — | 1,588 | 1,588 | ||||||||||||||||||||||
Current and non-current receivables | — | — | 1,480 | — | 1,480 | 1,480 | — | 1,290 | — | 1,290 | 1,290 | ||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | 5 | — | — | — | 5 | 5 | 26 | — | — | 26 | 26 | ||||||||||||||||||||||
Embedded derivatives | 285 | — | — | — | 285 | 285 | 296 | — | — | 296 | 296 | ||||||||||||||||||||||
Total assets | 290 | — | 3,036 | — | 3,326 | 3,326 | 322 | 2,878 | — | 3,200 | 3,200 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Bank overdrafts | — | — | — | (2 | ) | (2 | ) | (2 | ) | — | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||
Trade and other payables | — | — | — | (1,791 | ) | (1,791 | ) | (1,791 | ) | — | — | (1,381 | ) | (1,381 | ) | (1,381 | ) | ||||||||||||||||
Other non-current payables | — | — | — | (53 | ) | (53 | ) | (53 | ) | ||||||||||||||||||||||||
Non-current payables | — | — | (40 | ) | (40 | ) | (40 | ) | |||||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||||||||||||
Commodity and foreign currency derivatives | (13 | ) | — | — | — | (13 | ) | (13 | ) | (131 | ) | — | — | (131 | ) | (131 | ) | ||||||||||||||||
Related party borrowings | — | — | — | (1,180 | ) | (1,180 | ) | (1,241 | ) | — | — | (1,230 | ) | (1,230 | ) | (1,219 | ) | ||||||||||||||||
Loans and borrowings | — | — | — | (16,737 | ) | (16,737 | ) | (17,693 | ) | ||||||||||||||||||||||||
Borrowings | — | — | (16,627 | ) | (16,627 | ) | (17,322 | ) | |||||||||||||||||||||||||
Total liabilities | (13 | ) | — | — | (19,763 | ) | (19,776 | ) | (20,793 | ) | (131 | ) | — | (19,279 | ) | (19,410 | ) | (20,094 | ) |
(In $ million) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||
Financial assets at fair value through profit or loss: | ||||||||||||||||||||||||
Derivative financial assets (liabilities): | ||||||||||||||||||||||||
Commodity and foreign currency derivatives, net | — | (3 | ) | — | (3 | ) | — | (13 | ) | — | (13 | ) | ||||||||||||
Embedded derivatives | — | 437 | — | 437 | — | 99 | — | 99 | ||||||||||||||||
Total | — | 434 | — | 434 | — | 86 | — | 86 | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Financial assets at fair value through profit or loss: | ||||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Derivative financial assets (liabilities): | ||||||||||||||||||||||||
Commodity and foreign currency derivatives, net | — | (8 | ) | — | (8 | ) | — | (105 | ) | — | (105 | ) | ||||||||||||
Embedded derivatives | — | 285 | — | 285 | — | 296 | — | 296 | ||||||||||||||||
Total | — | 277 | — | 277 | — | 191 | — | 191 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | ||||||||||||
Short-term employee benefits | 12 | 9 | 13 | |||||||||||||||
Employee benefits | 11 | 12 | 12 | |||||||||||||||
Total compensation expense to key management personnel | 12 | 9 | 13 | 11 | 12 | 12 |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||
Transactions with the immediate and ultimate parent companies | |||||||||||||||
Due from immediate parent(a) | 21 | — | — | 22 | — | ||||||||||
Due to immediate parent(b) | — | — | — | — | (16 | ) | |||||||||
Transactions with joint ventures | |||||||||||||||
Sale of goods and services(c) | 221 | 186 | 146 | 59 | 46 | ||||||||||
Transactions with other related parties | |||||||||||||||
Trade receivables | |||||||||||||||
BPC United States Inc. | — | — | |||||||||||||
Sale of services | — | — | 3 | ||||||||||||
Carter Holt Harvey Limited | — | — | |||||||||||||
Sale of goods | 1 | — | 3 | ||||||||||||
Carter Holt Harvey Packaging Pty Limited | — | — | |||||||||||||
Sale of goods | — | — | 4 | ||||||||||||
Carter Holt Harvey Pulp & Paper Limited | — | — | |||||||||||||
Sale of goods | 2 | 2 | 3 | ||||||||||||
FRAM Group Operations LLC | 1 | 1 | |||||||||||||
Recharges | 2 | 3 | — | ||||||||||||
Sale of goods | 1 | 1 | — | ||||||||||||
Rank Group North America, Inc. | 1 | — | |||||||||||||
Recharges | 3 | — | — | ||||||||||||
United Components, Inc | — | — | |||||||||||||
Recharges | 1 | — | — | ||||||||||||
Trade payables | |||||||||||||||
Carter Holt Harvey Limited | — | — | |||||||||||||
Purchase of goods | (11 | ) | (11 | ) | (10 | ) | |||||||||
Carter Holt Harvey Pulp & Paper Limited | (6 | ) | (2 | ) | |||||||||||
Purchase of goods | (35 | ) | (29 | ) | (38 | ) | |||||||||
Rank Group Limited | (4 | ) | (7 | ) | |||||||||||
Recharges(d) | (6 | ) | (26 | ) | (121 | ) | |||||||||
Rank Group North America, Inc. | — | — | |||||||||||||
Recharges(e) | (18 | ) | (20 | ) | — | ||||||||||
Loans payable | |||||||||||||||
Beverage Packaging Holdings (Luxembourg) II S.A.(g) | (1,231 | ) | (1,168 | ) | |||||||||||
Loans advanced | (1,228 | ) | — | — | |||||||||||
Interest expense | (110 | ) | (101 | ) | (109 | ) | |||||||||
Extinguishment premium | (18 | ) | — | — | |||||||||||
LQ70 (BPTA) Pty Limited | — | — | |||||||||||||
Loan advanced | (2 | ) | — | — | |||||||||||
Reynolds Treasury (NZ) Limited(f) | — | — | |||||||||||||
Loan advanced | — | — | (25 | ) | |||||||||||
Interest expense | — | (1 | ) | (1 | ) | ||||||||||
Payable related to transfer of tax losses to: | |||||||||||||||
Evergreen Packaging New Zealand Limited | — | — | |||||||||||||
Transfer of tax losses | — | (3 | ) | — | |||||||||||
Reynolds Packaging Group (NZ) Limited | — | — | |||||||||||||
Transfer of tax losses | — | (7 | ) | — |
Transaction value for the year ended December 31, | Balance outstanding as of December 31, | ||||||||||||||
(In $ million) | 2015 | 2014 | 2013 | 2015 | 2014 | ||||||||||
Balances and transactions with immediate and ultimate parent entities | |||||||||||||||
Included in related party and other non-current receivables | — | 90 | |||||||||||||
Loans advanced(a)(b) | — | 70 | 21 | ||||||||||||
Interest income | 4 | — | — | ||||||||||||
Balances and transactions with joint ventures | |||||||||||||||
Included in trade and other receivables, net | 6 | 37 | |||||||||||||
Sale of goods and services(c)(d) | 52 | 196 | 221 | ||||||||||||
Balances and transactions with Rank Group Limited | |||||||||||||||
Included in trade and other payables | — | (1 | ) | ||||||||||||
Recharges(e) | (12 | ) | (5 | ) | (6 | ) | |||||||||
Balances and transactions with Rank Group North America Inc. | |||||||||||||||
Included in trade and other receivables, net | 1 | 1 | |||||||||||||
Recharges | 5 | 6 | 3 | ||||||||||||
Included in trade and other payables | — | — | |||||||||||||
Recharges | (15 | ) | (17 | ) | (18 | ) | |||||||||
Balances and transactions with BP II | |||||||||||||||
Included in borrowings(f) | (1,230 | ) | (1,233 | ) | |||||||||||
Loans advanced | — | — | (1,228 | ) | |||||||||||
Interest expense | (71 | ) | (72 | ) | (110 | ) | |||||||||
Extinguishment of premium | — | — | (18 | ) | |||||||||||
Balances and transactions with other related parties | |||||||||||||||
Included in trade and other receivables, net | — | 1 | |||||||||||||
Sale of goods | 1 | 4 | 4 | ||||||||||||
Recharges | 1 | 2 | 3 | ||||||||||||
Included in trade and other payables | (1 | ) | — | ||||||||||||
Purchase of goods(d)(g) | — | (39 | ) | (46 | ) | ||||||||||
Included in borrowings | — | — | |||||||||||||
Loan advanced | — | — | (2 | ) |
(a) |
(b) | On June 6, 2014 the Group lent $39 million to its immediate parent. The advance due accrued interest at a rate of 3.00%. The loan is repayable on December 31, 2016 or such other date as agreed by the borrower and lender. |
On November 14, 2014 the Group lent the euro equivalent of $31 million to its parent entity. The advance due |
(c) | All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand. |
(d) | Includes related party transactions entered into by SIG before its sale in March 2015. |
(e) | Represents certain costs paid by Rank Group Limited on behalf of the Group that were subsequently recharged to the Group. These costs are primarily related to services provided and the Group's financing and |
(f) |
Refer to note |
(g) | Includes transactions with an entity sold to a non-related party in December 2014 while under common ownership. |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Alusud Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging Argentina S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging San Martin S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Lido Plast San Luis S.A. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
SIG Combibloc Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Whakatane Mill Australia Pty Limited | Dec-31 | Australia | 100 | 100 | 100 | |||||
SIG Austria Holding GmbH | Dec-31 | Austria | 100 | 100 | 100 | |||||
SIG Combibloc GmbH | Dec-31 | Austria | 100 | 100 | 100 | |||||
SIG Combibloc GmbH & Co KG | Dec-31 | Austria | 100 | 100 | 100 | |||||
Gulf Closures W.L.L.(a) | Dec-31 | Bahrain | 49 | 49 | 49 | |||||
Graham Packaging Belgium BVBA (formerly Graham Packaging Belgium N.V.) | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Graham Packaging Lummen BVBA (formerly Graham Packaging Lummen N.V.) | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging do Brasil Indústria e Comércio S.A. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging Paraná Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Resin Rio Comercio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
SIG Beverages Brasil Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
SIG Combibloc do Brasil Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
CSI Latin American Holdings Corporation | Dec-31 | British Virgin Islands | 100 | 100 | 100 | |||||
Reynolds Consumer Products Bulgaria EOOD (in liquidation) (b) | Dec-31 | Bulgaria | 100 | 100 | 100 | |||||
Evergreen Packaging Canada Limited | Dec-31 | Canada | 100 | 100 | 100 | |||||
Graham Packaging Canada Company (formerly Graham Packaging Canada Limited) | Dec-31 | Canada | 100 | 100 | 100 | |||||
Pactiv Canada, Inc | Dec-31 | Canada | 100 | 100 | 100 | |||||
Alusud Embalajes Chile Ltda. | Dec-31 | Chile | 100 | 100 | 100 | |||||
SIG Combibloc Chile Limitada | Dec-31 | Chile | 100 | 100 | 100 | |||||
Closure Systems International (Guangzhou) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
Closure Systems International (Wuhan) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Hangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Tianjin) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Dongguan Pactiv Packaging Co., Ltd | Dec-31 | China | 51 | 51 | 51 | |||||
Evergreen Packaging (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging (Guangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging Trading (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Reynolds Metals (Shanghai) Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
SIG Combibloc (Suzhou) Co. Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Zhejing Zhongbao Packaging Co., Ltd | Dec-31 | China | 62.5 | 62.5 | 62.5 | |||||
Alusud Embalajes Colombia Ltda. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
Closure Systems International (Colombia Trade) S.A.S. (c) | Dec-31 | Colombia | 100 | — | 100 | |||||
CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada | Dec-31 | Costa Rica | 100 | 100 | 100 | |||||
SIG Combibloc s.r.o. | Dec-31 | Czech Republic | 100 | 100 | 100 | |||||
Closure Systems International (Egypt) LLC | Dec-31 | Egypt | 100 | 100 | 100 | |||||
Evergreen Packaging de El Salvador S.A. de C.V. | Dec-31 | El Salvador | 100 | 100 | 100 | |||||
Graham Packaging Company OY | Dec-31 | Finland | 100 | 100 | 100 | |||||
Graham Packaging Europe S.N.C. | Dec-31 | France | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Continuing operations | ||||||||||
Alusud Argentina S.R.L. | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Graham Packaging Argentina S.R.L. (a) | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Lido Plast San Luis S.A. (in liquidation) | Dec-31 | Argentina | 100 | 100 | 100 | |||||
Gulf Closures W.L.L. (b) | Dec-31 | Bahrain | 49 | 49 | 49 | |||||
Graham Packaging Belgium BVBA | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Graham Packaging Lummen BVBA | Dec-31 | Belgium | 100 | 100 | 100 | |||||
Closure Systems International (Brazil) Sistemas de Vedacao Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging do Brasil Indústria e Comércio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Graham Packaging Paraná Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
Resin Rio Comercio Ltda. | Dec-31 | Brazil | 100 | 100 | 100 | |||||
CSI Latin American Holdings Corporation | Dec-31 | British Virgin Islands | 100 | 100 | 100 | |||||
Evergreen Packaging Canada Limited | Dec-31 | Canada | 100 | 100 | 100 | |||||
Graham Packaging Canada Company | Dec-31 | Canada | 100 | 100 | 100 | |||||
Pactiv Canada Inc. | Dec-31 | Canada | 100 | 100 | 100 | |||||
Reynolds Consumer Products Canada Inc. | Dec-31 | Canada | 100 | 100 | 100 | |||||
Alusud Embalajes Chile Ltda. | Dec-31 | Chile | 100 | 100 | 100 | |||||
Closure Systems International (Guangzhou) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
Closure Systems International (Wuhan) Limited | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Hangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
CSI Closure Systems (Tianjin) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Dongguan Pactiv Packaging Co., Ltd. | Dec-31 | China | 51 | 51 | 51 | |||||
Evergreen Packaging (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging (Guangzhou) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Graham Packaging Trading (Shanghai) Co., Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Reynolds Metals (Shanghai) Ltd. | Dec-31 | China | 100 | 100 | 100 | |||||
Zhejiang Zhongbao Pactiv Packaging Co., Ltd. | Dec-31 | China | 62.5 | 62.5 | 62.5 | |||||
Alusud Embalajes Colombia Ltda. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
Closure Systems International (Colombia Trade) S.A.S. | Dec-31 | Colombia | 100 | 100 | 100 | |||||
CSI Closure Systems Manufacturing de Centro America, Sociedad de Responsabilidad Limitada | Dec-31 | Costa Rica | 100 | 100 | 100 | |||||
Closure Systems International (Egypt) LLC | Dec-31 | Egypt | 100 | 100 | 100 | |||||
Evergreen Packaging de El Salvador S.A. de C.V. | Dec-31 | El Salvador | 100 | 100 | 100 | |||||
Graham Packaging Company OY | Dec-31 | Finland | 100 | 100 | 100 | |||||
Graham Packaging Europe S.N.C. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging France S.A.S. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Normandy S.A.R.L. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Villecomtal S.A.R.L. | Dec-31 | France | 100 | 100 | 100 | |||||
Closure Systems International Machinery (Germany) GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac Ekco GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Deutschland Holdinggesellschaft mbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Forest Products GmbH (in liquidation) | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv-Omni Germany Holdings GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International (Hong Kong) Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Graham Packaging Asia Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Roots Investment Holding Private Limited | Dec-31 | Hong Kong | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Graham Packaging France S.A.S. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Normandy S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
Graham Packaging Villecomtal S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
SIG Combibloc S.a.r.l. | Dec-31 | France | 100 | 100 | 100 | |||||
Closure Systems International Deutschland GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Germany) GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Closure Systems International Machinery (Germany) GmbH (d) | Dec-31 | Germany | 100 | — | 100 | |||||
Omni-Pac Ekco GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Omni-Pac GmbH Verpackungsmittel | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Deutschland Holdinggesellschaft mbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Pactiv Forest Products GmbH (in liquidation) (e) | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Beteiligungs GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Beverages Germany GmbH (f) | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Holding GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Systems GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Combibloc Zerspanungstechnik GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Euro Holding AG & Co. KGaA | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG Information Technology GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
SIG International Services GmbH | Dec-31 | Germany | 100 | 100 | 100 | |||||
Crystal Insurance Comp. Ltd. (g) | Dec-31 | Guernsey | — | 100 | — | |||||
SIG Asset Holdings Limited (in liquidation) (h) | Dec-31 | Guernsey | 100 | 100 | 100 | |||||
Closure Systems International (Hong Kong) Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Evergreen Packaging (Hong Kong) Limited (in liquidation) (i) | Dec-31 | Hong Kong | — | 100 | — | |||||
Graham Packaging Asia Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Roots Investment Holding Private Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
SIG Combibloc Limited (in liquidation) (j) | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
Technegen International Limited (k) | Dec-31 | Hong Kong | 100 | — | 100 | |||||
CSI Hungary Manufacturing and Trading Limited Liability Company | Dec-31 | Hungary | 100 | 100 | 100 | |||||
SIG Combibloc Kft. | Dec-31 | Hungary | 100 | 100 | 100 | |||||
Closure Systems International (I) Private Limited | Dec-31 | India | 100 | 100 | 100 | |||||
SIG Beverage Machinery and Systems (India) Pvt. Ltd. (in liquidation) (l) | Dec-31 | India | — | 100 | — | |||||
PT. Graham Packaging Indonesia | Mar-31 | Indonesia | 100 | 100 | 100 | |||||
Ha'Lakoach He'Neeman H'Sheeshim Ou'Shenayim Ltd. | Dec-31 | Israel | 100 | 100 | 100 | |||||
Graham Packaging Company Italia S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
SIG Combibloc S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Japan) KK | Dec-31 | Japan | 100 | 100 | 100 | |||||
Closure Systems International Japan, Limited | Dec-31 | Japan | 100 | 100 | 100 | |||||
Graham Packaging Japan Godo Kaisha | Dec-31 | Japan | 100 | 100 | 100 | |||||
Closure Systems International (Korea), Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||
Evergreen Packaging Korea Limited | Dec-31 | Korea | 100 | 100 | 100 | |||||
SIG Combibloc Korea Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||
Beverage Packaging Factoring (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) III S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) IV S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) V S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) VI S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Evergreen Packaging (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Technegen International Limited | Dec-31 | Hong Kong | 100 | 100 | 100 | |||||
CSI Hungary Manufacturing and Trading Limited Liability Company | Dec-31 | Hungary | 100 | 100 | 100 | |||||
Closure Systems International (I) Private Limited | Mar-31 | India | 100 | 100 | 100 | |||||
PT. Graham Packaging Indonesia | Dec-31 | Indonesia | 100 | 100 | 100 | |||||
Graham Packaging Company Italia S.r.l. | Dec-31 | Italy | 100 | 100 | 100 | |||||
Closure Systems International Japan, Limited | Dec-31 | Japan | 100 | 100 | 100 | |||||
Graham Packaging Japan Godo Kaisha | Dec-31 | Japan | 100 | 100 | 100 | |||||
Closure Systems International (Korea), Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||
Evergreen Packaging Korea Ltd. | Dec-31 | Korea | 100 | 100 | 100 | |||||
Beverage Packaging Factoring (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) III S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) IV S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) V S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Luxembourg) VI S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Evergreen Packaging (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Graham Packaging European Holdings (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Graham Packaging European Holdings (Luxembourg) I S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Graham Packaging European Holdings (Luxembourg) II S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Reynolds Group Issuer (Luxembourg) S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
CSI en Ensenada, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
CSI en Saltillo, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
CSI Tecniservicio, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Graham Packaging Plastic Products de Mexico, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Grupo Corporativo Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Grupo CSI de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Innovacioìn y Asesoriìa en Plaìstico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Pactiv Foodservice Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Pactiv Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Reynolds Metals Company de Mexico, S. de R.L. de C.V. (c) | Dec-31 | Mexico | — | 100 | — | |||||
Servicio Terrestre Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicios Graham Packaging, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicios Industriales Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicios Integrales de Operacion, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Closures Systems International Nepal Private Limited | Jul-31 | Nepal | 100 | 100 | 100 | |||||
BPTE B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Closure Systems International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Evergreen Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Graham Packaging Company B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Graham Packaging Holdings B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Graham Packaging Zoetermeer B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Reynolds Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Beverage Packaging (New Zealand) Limited (d) | Dec-31 | New Zealand | 100 | — | 100 | |||||
Alusud Peru S.A. | Dec-31 | Peru | 100 | 100 | 100 | |||||
Closure Systems International (Philippines), Inc. | Dec-31 | Philippines | 100 | 100 | 100 | |||||
Graham Packaging Poland Sp. z.o.o. | Dec-31 | Poland | 100 | 100 | 100 | |||||
Omni Pac Poland Sp. z.o.o. | Dec-31 | Poland | 100 | 100 | 100 | |||||
CSI Vostok Limited Liability Company | Dec-31 | Russia | 100 | 100 | 100 | |||||
Pactiv Asia Pte Ltd | Dec-31 | Singapore | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Graham Packaging European Holdings (Luxembourg) S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Graham Packaging European Holdings (Luxembourg) I S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Graham Packaging European Holdings (Luxembourg) II S.à r.l. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Reynolds Group Issuer (Luxembourg) S.A. | Dec-31 | Luxembourg | 100 | 100 | 100 | |||||
Bienes Industriales del Norte, S.A. de C.V (m) | Dec-31 | Mexico | — | 100 | — | |||||
CSI en Ensenada, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
CSI en Saltillo, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
CSI Tecniservicio, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Evergreen Packaging Mexico, S. de R.L. de C.V.(n) | Dec-31 | Mexico | — | 100 | — | |||||
Graham Packaging Plastic Products de Mexico S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Grupo Corporativo Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Grupo CSI de México, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Innovacioìn y Asesoriìa en Plaìstico, S. de R.L. de C.V. (formerly Asesores y Consultores Graham, S. de R.L. de C.V.) (o) | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Middle America M.A., S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Pactiv Foodservice Mexico S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Pactiv Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Pactiv NA III S. de R.L. de C.V. (p) | Dec-31 | Mexico | — | — | — | |||||
Reynolds Metals Company de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicio Terrestre Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicios Graham Packaging, S. de. R.L. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicios Industriales Jaguar, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
Servicios Integrales de Operacion, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
SIG Combibloc México, S.A. de C.V. | Dec-31 | Mexico | 100 | 100 | 100 | |||||
SIG Simonazzi México, S.A. de C.V. (q) | Dec-31 | Mexico | — | 100 | — | |||||
Tecnicos de Tapas Innovativas, S.A. de C.V (r) | Dec-31 | Mexico | — | 100 | — | |||||
Closures Systems International Nepal Private Limited | Dec-31 | Nepal | 100 | 100 | 100 | |||||
Beverage Packaging Holdings (Netherlands) B.V. (s) | Jul-31 | Netherlands | — | 100 | — | |||||
BPTE B.V. (t) | Dec-31 | Netherlands | 100 | — | 100 | |||||
Closure Systems International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Evergreen Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Graham Packaging Company B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Graham Packaging Holdings B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Graham Packaging Zoetermeer B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Pactiv Europe B.V. (in liquidation) (u) | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Reynolds Consumer Products International B.V.(s) | Dec-31 | Netherlands | — | 100 | — | |||||
Reynolds Packaging International B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
SIG Combibloc B.V. | Dec-31 | Netherlands | 100 | 100 | 100 | |||||
Whakatane Mill Limited | Dec-31 | New Zealand | 100 | 100 | 100 | |||||
Alusud Peru S.A. | Dec-31 | Peru | 100 | 100 | 100 | |||||
Closure Systems International (Philippines), Inc. | Dec-31 | Philippines | 100 | 100 | 100 | |||||
Graham Packaging Poland SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
Omni Pac Poland SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
SIG Combibloc SP. Z.O.O. | Dec-31 | Poland | 100 | 100 | 100 | |||||
CSI Vostok Limited Liability Company | Dec-31 | Russia | 100 | 100 | 100 | |||||
OOO SIG Combibloc | Dec-31 | Russia | 100 | 100 | 100 | |||||
Pactiv Asia Pte Ltd | Dec-31 | Singapore | 100 | 100 | 100 | |||||
Closure Systems International España, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Closure Systems International España, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Closure Systems International Holdings (Spain), S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Graham Packaging Iberica S.L. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Reynolds Food Packaging Spain, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Evergreen Packaging (Taiwan) Co., Ltd. | Dec-31 | Taiwan | 100 | 100 | 100 | |||||
Closure Systems International Plastik Ithalat Ihracat Sanayi Ve Ticaret Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Graham Plastpak Plastik Ambalaj Sanayi Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Alpha Products (Bristol) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Closure Systems International (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
CSl UK Oldco Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Graham Packaging European Services Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging Plastics Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Ivex Holdings, Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
J. & W. Baldwin (Holdings) Limited (f) | Jun-30 | United Kingdom | 100 | 100 | 100 | |||||
Kama Europe Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Pactiv (Caerphilly) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Pactiv (Films) Limited (e) | Dec-31 | United Kingdom | — | 100 | — | |||||
Reynolds Consumer Products (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Subco (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
The Baldwin Group Limited (f) | Jun-30 | United Kingdom | 100 | 100 | 100 | |||||
Baker's Choice Products, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BCP/Graham Holdings L.L.C. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Beverage Packaging Holdings II Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Holding Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Paper Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BRPP, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Americas, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Packaging Machinery Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems Mexico Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Coast-Packaging Company (California General Partnership) (b) | Dec-31 | U.S.A. | 50 | 50 | 50 | |||||
CSI Mexico LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
CSI Sales & Technical Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPACSUB LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Capital Corp. I (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Capital Corp. II (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPC Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Opco GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Sub GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Acquisition Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Comerc USA LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Company Europe LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Controllers USA LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging GP Acquisition LLC (c) | Dec-31 | U.S.A. | — | 100 | — |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Closure Systems International Holdings (Spain), S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Graham Packaging Iberica S.L. | Dec-31 | Spain | 100 | 100 | 100 | |||||
Reynolds Food Packaging Spain, S.L.U. | Dec-31 | Spain | 100 | 100 | 100 | |||||
SIG Combibloc S.A. | Dec-31 | Spain | 100 | 100 | 100 | |||||
SIG Combibloc AB | Dec-31 | Sweden | 100 | 100 | 100 | |||||
SIG allCap AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc Group AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc Procurement AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Combibloc (Schweiz) AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Schweizerische Industrie-Gesellschaft AG (formerly SIG Reinag AG) | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
SIG Technology AG | Dec-31 | Switzerland | 100 | 100 | 100 | |||||
Evergreen Packaging (Taiwan) Co. Limited | Dec-31 | Taiwan | 100 | 100 | 100 | |||||
SIG Combibloc Taiwan Ltd. | Dec-31 | Taiwan | 100 | 50 | 100 | |||||
SIG Combibloc Ltd. | Dec-31 | Thailand | 100 | 100 | 100 | |||||
Closure Systems International Plastik Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi | Dec-31 | Turkey | 100 | 100 | 100 | |||||
Graham Plastpak Plastik Ambalaj Sanayi A.S. | Dec-31 | Turkey | 100 | 100 | 100 | |||||
SIG Combibloc Paketleme ve Ticaret Limited Sirketi | Dec-31 | Turkey | 50 | 50 | 50 | |||||
Alpha Products (Bristol) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Closure Systems International (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging European Services Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging Plastics Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Graham Packaging U.K. Limited (v) | Dec-31 | United Kingdom | — | 100 | — | |||||
IVEX Holdings, Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
J. & W. Baldwin (Holdings) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Kama Europe Limited | Dec-31 | United Kingdom | 100 | — | 100 | |||||
Omni-Pac U.K. Limited | Dec-31 | United Kingdom | 100 | — | 100 | |||||
Pactiv (Caerphilly) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Pactiv (Films) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Consumer Products (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Reynolds Subco (UK) Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
SIG Combibloc Limited | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
SIG Holdings (UK) Ltd. (w) | Dec-31 | United Kingdom | — | 100 | — | |||||
The Baldwin Group Ltd. | Dec-31 | United Kingdom | 100 | 100 | 100 | |||||
Baker's Choice Products, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BCP/Graham Holdings L.L.C. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Beverage Packaging Holdings II Issuer Inc. (x) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Blue Ridge Holding Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Blue Ridge Paper Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
BRPP, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Americas, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems International Packaging Machinery Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Closure Systems Mexico Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Coast-Packaging Company (California General Partnership) | Dec-31 | U.S.A. | 50 | 50 | 50 | |||||
CSI Mexico LLC | Dec-31 | U.S.A. | �� | 100 | 100 | 100 | ||||
CSI Sales & Technical Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Evergreen Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
Graham Packaging Holdings Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging International Plastics Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Latin America LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LC, L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Leasing USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LP Acquisition LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Minster LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging PET Technologies Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Plastic Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Poland, L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging PX Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Holding Corporation | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Regioplast STS Inc. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging Technological Specialties LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Packaging West Jordan, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Graham Recycling Company L.P. (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Master Containers, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Pactiv International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Management Company LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv NA II LLC (e) | Dec-31 | U.S.A. | — | 100 | — | |||||
Pactiv Packaging Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
PCA West Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
RenPac Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Manufacturing, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Presto Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Southern Plastics, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Spirit Foodservice, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Spirit Foodservice Products, LLC (c) | Dec-31 | U.S.A. | — | 100 | — | |||||
Trans Western Polymers, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Alusud Venezuela S.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
Graham Packaging Plasticos de Venezuela C.A. (g) | Dec-31 | Venezuela | — | 100 | — | |||||
Discontinued operations (g) | ||||||||||
SIG Combibloc Argentina S.R.L. | Dec-31 | Argentina | — | 100 | — | |||||
Whakatane Mill Australia Pty Limited | Dec-31 | Australia | — | 100 | — | |||||
SIG Austria Holding GmbH | Dec-31 | Austria | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Austria | — | 100 | — | |||||
SIG Combibloc GmbH & Co KG | Dec-31 | Austria | — | 100 | — | |||||
SIG Beverages Brasil Ltda. | Dec-31 | Brazil | — | 100 | — | |||||
SIG Combibloc do Brasil Ltda. | Dec-31 | Brazil | — | 100 | — | |||||
SIG Combibloc Chile Limitada | Dec-31 | Chile | — | 100 | — | |||||
SIG Combibloc (Suzhou) Co. Ltd. | Dec-31 | China | — | 100 | — |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Evergreen Packaging International (US) Inc. (y) | Dec-31 | U.S.A. | — | 100 | — | |||||
Evergreen Packaging USA Inc. (y) | Dec-31 | U.S.A. | — | 100 | — | |||||
GPACSUB LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Capital Corp. I | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Capital Corp. II | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Opco GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
GPC Sub GP LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Acquisition Corp. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Comerc USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Europe LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Company, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Controllers USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging GP Acquisition LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Holdings Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging International Plastics Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Latin America LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LC, L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Leasing USA LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging LP Acquisition LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Minster LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PET Technologies Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Plastic Products Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Poland L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Company | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX Holding Corporation | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging PX, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Regioplast STS Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging Technological Specialties LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Packaging West Jordan, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Graham Recycling Company L.P. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
International Tray Pads & Packaging, Inc (z) | Dec-31 | U.S.A. | — | 100 | — | |||||
Master Containers, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Pactiv Germany Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv International Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Management Company LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv NA II LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Pactiv Packaging Inc. (formerly PWP Industries, Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
PCA West Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
RenPac Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Holdings LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Consumer Products Inc. (formerly Reynolds Foil Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Holdings Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Group Issuer LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Manufacturing, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2015 | 2014 | 2015 | ||||||
SIG Combibloc s.r.o. | Dec-31 | Czech Republic | — | 100 | — | |||||
SIG Combibloc SARL | Dec-31 | France | — | 100 | — | |||||
SIG Beteiligungs GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Holding GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Systems GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Zerspanungstechnik GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Euro Holding AG & Co. KGaA | Dec-31 | Germany | — | 100 | — | |||||
SIG Information Technology GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG International Services GmbH | Dec-31 | Germany | — | 100 | — | |||||
SIG Combibloc Limited (in liquidation) | Dec-31 | Hong Kong | — | 100 | — | |||||
SIG Combibloc KFT | Dec-31 | Hungary | — | 100 | — | |||||
PT. SIG Combibloc Indonesia | Dec-31 | Indonesia | — | 100 | — | |||||
SIG Combibloc S.r.l. | Dec-31 | Italy | — | 100 | — | |||||
SIG Combibloc Korea Ltd. | Dec-31 | Korea | — | 100 | — | |||||
Middle America M.A., S.A. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Combibloc Mexico, S.A. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Tecnologica para Plasticos de Mexico, S. de R.L. de C.V. | Dec-31 | Mexico | — | 100 | — | |||||
SIG Combibloc B.V. | Dec-31 | Netherlands | — | 100 | — | |||||
Whakatane Mill Limited | Dec-31 | New Zealand | — | 100 | — | |||||
SIG Combibloc Sp. z.o.o. | Dec-31 | Poland | — | 100 | — | |||||
OOO SIG Combibloc | Dec-31 | Russia | — | 100 | — | |||||
SIG Combibloc S.A. | Dec-31 | Spain | — | 100 | — | |||||
SIG Combibloc AB | Dec-31 | Sweden | — | 100 | — | |||||
SIG allCap AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Group AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Procurement AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc (Schweiz) AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Schweizerische Industrie-Gesellschaft AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Technology AG | Dec-31 | Switzerland | — | 100 | — | |||||
SIG Combibloc Taiwan Ltd. | Dec-31 | Taiwan | — | 100 | — | |||||
SIG Combibloc Ltd. | Dec-31 | Thailand | — | 100 | — | |||||
SIG Combibloc Limited | Dec-31 | United Kingdom | — | 100 | — | |||||
SIG Combibloc Inc. | Dec-31 | U.S.A. | — | 100 | — | |||||
SIG Holding USA, LLC | Dec-31 | U.S.A. | — | 100 | — | |||||
SIG Vietnam Ltd. | Dec-31 | Vietnam | — | 100 | — |
(a) | Name changed effective in November 2014 from Graham Packaging Argentina S.A. |
(b) | The Group has the control and it has the power to govern the financial and operating policies of the entity. |
(c) | Merged during the year with another entity in the Group. |
(d) | Acquired during the year. |
(e) | Voluntarily liquidated/deregistered/dissolved during the year. |
(f) | In voluntary liquidation/strike off. |
(g) | Sold during the year. |
Ownership interest (%) | Voting interest (%) | |||||||||
Reporting date | Country of incorporation | 2013 | 2012 | 2013 | ||||||
Reynolds Presto Products Inc. (formerly Reynolds Consumer Products, Inc.) | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Reynolds Services Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
SIG Combibloc Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
SIG Holding USA, LLC | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Southern Plastics, Inc. | Dec-31 | U.S.A. | 100 | 100 | 100 | |||||
Spirit Foodservice, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Spirit Foodservice Products, Inc. (aa) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Trans Western Polymers, Inc. (ab) | Dec-31 | U.S.A. | 100 | — | 100 | |||||
Alusud Venezuela S.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
Graham Packaging Plasticos de Venezuela C.A. | Dec-31 | Venezuela | 100 | 100 | 100 | |||||
SIG Vietnam Ltd. | Dec-31 | Vietnam | 100 | 100 | 100 |
As of December 31, | As of December 31, | |||||||||||
(In $ million) | 2013 | 2012 | 2015 | 2014 | ||||||||
Less than one year | 110 | 111 | 100 | 102 | ||||||||
Between 1 and 5 years | 220 | 222 | 213 | 205 | ||||||||
More than 5 years | 88 | 79 | 65 | 83 | ||||||||
Total | 418 | 412 | 378 | 390 |