From: Subject: JSG Funding plc Date: Wed, 10 Aug 2005 11:17:24 +0800 MIME-Version: 1.0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: file://F:\TCREUR%20Resources\JSGFunding(Q22005).htm X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1409 JSG Funding = plc

JSG Funding plc 

Summary Group Profit and Loss =
Accounts
 
           &n=
bsp;           &nb=
sp;    3 months   3 months   6 months   6 months
           &n=
bsp;           &nb=
sp;           =
to         to         to         =
to
           &n=
bsp;           &nb=
sp;    June 30,   June 30,   June 30,   June 30,
           &n=
bsp;           &nb=
sp;         2005       =
2004       2005       =
2004
           &n=
bsp;           &nb=
sp;     EUR  000   =
EUR  000   EUR  000   EUR  =
000
------------------------------------------------------------------=
----
 
Turnover
 Continuing operations     1,085,124  1,085,821  2,123,075  =
2,152,380
 Discontinued operations      11,514    140,400     25,205    =
273,776
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;   1,096,638  =
1,226,221  =
2,148,280  =
2,426,156
Cost of sales           &n=
bsp;    793,103    877,637  1,556,325  =
1,747,809
------------------------------------------------------------------=
----
Gross profit           &n=
bsp;     303,535    348,584    591,955    678,347
Net operating expenses       =
234,923    =
264,030    =
475,737    =
525,970
Reorganization and
 restructuring costs           =
2,186      5,655     11,792      =
5,655
------------------------------------------------------------------=
----
Operating profit
 =
subsidiaries
   =
Continuing operations      66,271     59,292    106,182    113,872
   Discontinued operations       =
155     =
19,607     =
(1,756)    =
32,850
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;      66,426     78,899    104,426    =
146,722
Share of =
associates'
 operating profit           &n=
bsp;  2,445      3,354      =
3,498      =
6,023
------------------------------------------------------------------=
----
Total operating profit        68,871     82,253    107,924    =
152,745
------------------------------------------------------------------=
----
 
 =
---------------------------------------------------------------------
Profit on sale of assets       8,362     15,072     45,324     =
15,072
------------------------------------------------------------------=
----
 
Interest income           &n=
bsp;    3,148      1,861      =
6,761      =
3,891
Interest expense           &n=
bsp; (59,843)   =
(74,420)  =
(126,229)  =
(146,252)
Loss from early
 extinguishment of debt       =
(4,018)         -    (80,434)         =
-
Share of associates' net
 interest           &n=
bsp;           =
(347)      (399)      =
(579)      =
(502)
------------------------------------------------------------------=
----
Total net interest           =
(61,060)   =
(72,958)  =
(200,481)  =
(142,863)
------------------------------------------------------------------=
----
 
 =
---------------------------------------------------------------------
Other financial expense       (3,213)    (3,926)    (6,531)    =
(7,959)
------------------------------------------------------------------=
----
 
Profit / (loss) =
before
 taxation           &n=
bsp;         12,960     20,441    (53,764)    =
16,995
Taxation
 Group           &n=
bsp;            =
10,021      2,862     18,957     =
22,649
 Share of associates           &n=
bsp; 609        997        =
599        =
898
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;      10,630      =
3,859     =
19,556     =
23,547
------------------------------------------------------------------=
----
 
Profit / (loss ) =
after
 taxation           &n=
bsp;          =
2,330     =
16,582    (73,320)    (6,552)
Equity minority interests      =
3,660      3,411      =
5,321      =
7,123
------------------------------------------------------------------=
----
(Net loss) / retained           =
EUR        EUR        =
EUR        =
EUR
 profit           &n=
bsp;           (1,330)     13,171   (78,641)   =
(13,675)
------------------------------------------------------------------=
----
 

Companies (Amendment) Act, 1986 =

The financial statements included in this report = do not=20 comprise 'full group accounts' within the meaning of Regulation 40(1) of = the=20 European Communities (Companies: Group Accounts) Regulations, 1992 of = Ireland=20 insofar as such group accounts would have to comply with the disclosure = and=20 other requirements of those Regulations. Full group accounts for the = year ended=20 December 31, 2004 have received an unqualified audit report and have = been filed=20 with the Irish Registrar of Companies.

JSG Funding plc 

Segmental =
Analyses
 
Sales - third =
party
           &n=
bsp;        3 months   3 months to 6 months =
to   6 months =
to
           &n=
bsp;            =
to
           &n=
bsp;        June 30,    June 30,    June 30,    June 30, =
2004
           &n=
bsp;           =
2005        2004        =
2005
           &n=
bsp;         EUR  000   EUR  000    EUR  000       =
EUR  =
000
------------------------------------------------------------------=
----
 
Packaging            =
776,475    =
784,019    =
1,523,504      =
1,569,272
Specialties          =
124,668    =
264,697     =
248,220        =
515,384
------------------------------------------------------------------=
----
Europe           &n=
bsp;   901,143   1,048,716   1,771,724      =
2,084,656
Latin America        195,495    177,505     376,556        =
341,500
------------------------------------------------------------------=
----
           &n=
bsp;          =
EUR         EUR         EUR       =
EUR  =
2,426,156
           &n=
bsp;         =
1,096,638  =
1,226,221   =
2,148,280
------------------------------------------------------------------=
----
 
Profit / (loss) before =
taxation
           &n=
bsp;           &nb=
sp; 3 months    =
3 months   6 =
months to 6 months
           &n=
bsp;           &nb=
sp;     to          =
to           &n=
bsp;         =
to
           &n=
bsp;           &nb=
sp; June 30,    =
June 30,    =
June 30,   =
June 30,
           &n=
bsp;           &nb=
sp;    2005        2004        =
2005       =
2004
           &n=
bsp;           &nb=
sp;  EUR  =
000   EUR  000    EUR  000    EUR  =
000
------------------------------------------------------------------=
----
 
Packaging           &n=
bsp;     40,089      38,732      =
69,428     =
73,893
Specialties           &n=
bsp;    9,811      29,523      =
14,926     =
49,058
Associates           &n=
bsp;     1,784      2,813       =
2,815       =
4,706
------------------------------------------------------------------=
----
Europe           &n=
bsp;        51,684      =
71,068      87,169     =
127,657
------------------------------------------------------------------=
----
 
Packaging           &n=
bsp;     30,046      29,324      =
56,249     =
57,771
Associates           &n=
bsp;      661        =
541         683        =
1,317
------------------------------------------------------------------=
----
Latin America           &n=
bsp; 30,707   =
   29,865      56,932     =
59,088
------------------------------------------------------------------=
----
 
Centre costs           &n=
bsp;  (6,218)     (7,458)    (12,867)    =
(15,065)
------------------------------------------------------------------=
----
 
Profit before =
goodwill
 amortization, interest,
  and exceptional items   76,173      93,475     131,234     =
171,680
Goodwill amortization     (8,329)     (9,493)    (18,049)    =
(21,239)
Group net interest        (56,695)   (72,559)    (119,468)  =
(142,361)
Loss from early
 extinguishment of debt   (4,018)       =
-        (80,434)       =
-
Share of associates' net
 interest           &n=
bsp;      (347)       =
(399)       (579)      =
(502)
------------------------------------------------------------------=
----
 
Profit / (loss) =
before
 exceptional items         6,784      =
11,024     =
(87,296)     =
7,578
 
Reorganization =
and
 restructuring costs      (2,186)     (5,655)    (11,792)    =
(5,655)
Profit on the sale =
of
 assets and businesses     8,362      15,072      =
45,324     =
15,072
------------------------------------------------------------------=
----
Profit / (loss) before     EUR         EUR         EUR        =
EUR
 taxation           &n=
bsp;      12,960      =
20,441     =
(53,764)    =
16,995
------------------------------------------------------------------=
----
 

JSG Funding plc 

Summary Group Balance =
Sheets
 
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;  June 30,   =
June 30,
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;       2005       =
2004
           &n=
bsp;           &nb=
sp;                   &n=
bsp;       EUR  000   EUR  =
000
------------------------------------------------------------------=
----
Assets Employed
Fixed =
Assets
Intangible assets           &n=
bsp;           &nb=
sp;        1,305,717  =
1,423,295
Tangible assets           &n=
bsp;           &nb=
sp;          1,975,289  =
2,398,994
Financial assets           &n=
bsp;           &nb=
sp;            =
83,154     =
82,752
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
; 3,364,160  =
3,905,041
------------------------------------------------------------------=
----
 
Current =
Assets
Stocks           &n=
bsp;           &nb=
sp;           &nbs=
p;         402,619    =
479,431
Debtors           &n=
bsp;           &nb=
sp;           &nbs=
p;        931,573  =
1,008,950
Amounts due by affiliates           &n=
bsp;           &nb=
sp;      408        =
358
Amount due by affiliates after more than =
one
 year           &n=
bsp;           &nb=
sp;           &nbs=
p;          =
268,289    =
270,699
Cash at bank and in hand           &n=
bsp;           &nb=
sp;   131,114    170,248
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
; 1,734,003  =
1,929,686
Creditors (amounts falling due within one year)  1,142,425  =
1,226,648
------------------------------------------------------------------=
----
Net current assets                   &n=
bsp;           &nb=
sp; 591,578    703,038
------------------------------------------------------------------=
----
Total assets less current liabilities           &n=
bsp;     EUR        =
EUR
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;  3,955,738  =
4,608,079
------------------------------------------------------------------=
----
 
Financed =
by
Creditors (amounts falling due after more =
than
 one year)           &n=
bsp;           &nb=
sp;           &nbs=
p;   2,452,869  =
3,009,363
Government grants           &n=
bsp;           &nb=
sp;           =
13,407     =
14,957
Provisions for liabilities and charges           &n=
bsp; 185,368    =
230,740
Pension liabilities (net of deferred tax)          =
373,777    =
368,845
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;                  &n=
bsp;      3,025,421  =
3,623,905
------------------------------------------------------------------=
----
 
Capital and =
Reserves
Called up share capital           &n=
bsp;           &nb=
sp;         40         =
40
Other reserves           &n=
bsp;           &nb=
sp;           &nbs=
p; 937,405    =
920,650
Profit and loss account           &n=
bsp;           &nb=
sp;   (135,343)   (55,146)
------------------------------------------------------------------=
----
Group shareholders' funds (equity interests)       =
802,102    =
865,544
 
Minority interests (equity =
interests)           &n=
bsp;  128,215    118,630
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;   930,317    984,174
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;      EUR        =
EUR
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;  3,955,738  =
4,608,079
------------------------------------------------------------------=
----
 

JSG Funding plc 

Statement of Total Recognized =
Gains and Losses
           &n=
bsp;           &nb=
sp;           &nbs=
p;           6 =
months to   6 =
months
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;            =
        =
to
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
; June 30,    =
June 30,
           &n=
bsp;           =
           &n=
bsp;           &nb=
sp;       2005        =
2004
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;  EUR  =
000    =
EUR  =
000
------------------------------------------------------------------=
----
(Loss) for the period
- Group           &n=
bsp;           &nb=
sp;           &nbs=
p;       (79,108)    =
(14,680)
- Associates           &n=
bsp;           &nb=
sp;           &nbs=
p;      467       =
1,005
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;  (78,641)    =
(13,675)
------------------------------------------------------------------=
----
 
Translation adjustments on =
foreign currency
 net investments
- Group           &n=
bsp;           &nb=
sp;           &nbs=
p;        (8,597)    =
(10,131)
------------------------------------------------------------------=
----
 
Actuarial gain / (loss) =
recognized in
 retirement benefits schemes           &n=
bsp;           =
20,239      =
(6,006)
------------------------------------------------------------------=
----
 
Total recognized gains and losses =
relating to
 the period
- Group           &n=
bsp;           &nb=
sp;           &nbs=
p;       (67,466)    =
(30,817)
- Associates           &n=
bsp;           &nb=
sp;           &nbs=
p;      467       =
1,005
------------------------------------------------------------------=
----
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;     EUR         =
EUR
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;  (66,999)    =
(29,812)
------------------------------------------------------------------=
----
 
Reconciliation of Movements in =
Shareholders'
 Funds
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
6 Months to 12 Months
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;            =
        =
to
           &n=
bsp;           &nb=
sp;           &nbs=
p;          June 30, =
2005  =
December
           &n=
bsp;           &nb=
sp;             &n=
bsp;           &nb=
sp;           &nbs=
p;31, 2004
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;   EUR  =
000   EUR  =
000
------------------------------------------------------------------=
----
 
At beginning of year           &n=
bsp;           &nb=
sp;       869,101    =
895,356
(Loss) for the period           &n=
bsp;           &nb=
sp;      (78,641)   =
(34,489)
Actuarial gain / (loss) recognized =
in
 retirement benefit schemes           &n=
bsp;           &nb=
sp; 20,239     =
(6,988)
Translation adjustments on foreign =
currency
 net investments           &n=
bsp;             &n=
bsp;          (8=
,597)    =
15,222
------------------------------------------------------------------=
----
At end of period           &n=
bsp;           &nb=
sp;       EUR  802,102      =
EUR
           &n=
bsp;           &nb=
sp;           &nbs=
p;            =
;            =
   869,101
------------------------------------------------------------------=
----
 
Reconciliation of net income to =
EBITDA, before exceptional items
 
           &n=
bsp;           &nb=
sp;      3 months to 3 months  6 months  6 =
months
           &n=
bsp;           &nb=
sp;           &nbs=
p;          to        to       =
to
           &n=
bsp;           &nb=
sp;       June 30,   June 30,  June 30,  June =
30,
           &n=
bsp;           &nb=
sp;          =
2005       2004      =
2005     =
2004
           &n=
bsp;           &nb=
sp;       EUR  000   EUR  000  EUR  000  EUR  =
000
------------------------------------------------------------------=
----
 
(Net loss) / retained profit    (1,330)    13,171   (78,641)  =
(13,675)
Equity minority interests       3,660      =
3,411     =
5,321     =
7,123
Taxation           &n=
bsp;            =
10,630     =
3,859     =
19,556   =
23,547
Share of associates' =
operating
 profit           &n=
bsp;           &nb=
sp; (2,445)    =
(3,354)   =
(3,498)  =
(6,023)
Profit on sale of assets =
and
 operations - subsidiaries      (8,362)   (15,072)  (45,324)  =
(15,072)
Reorganization and
 restructuring costs            =
2,186      5,655     11,792    =
5,655
Total net interest           &n=
bsp;  61,060     72,958   200,481   142,863
Depreciation, depletion =
and
 amortization           &n=
bsp;       63,945     77,737   128,249   =
155,905
------------------------------------------------------------------=
----
EBITDA before exceptional        EUR        =
EUR       EUR      =
EUR
 items           &n=
bsp;           &nb=
sp;  129,344    158,365   237,936   300,323
------------------------------------------------------------------=
----