PRESS RELEASE 2017 Full Year Results 9 March IPL Plastics full year earnings up 46% and Group completes reorganisation ahead of possible IPO

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1 PRESS RELEASE Full Year Results 9 March 2018 IPL Plastics full year earnings up 46% and Group completes reorganisation ahead of possible IPO Revenue up 36.2% Continued expansion of North American platform Significant development capital expenditure programmes underway Acquisition of Macro Plastics Earnings from continuing operations (before interest, tax, depreciation, exceptional and non-recurring items) at IPL Plastics plc ( IPL Plastics, the Group or the Company ), a leading rigid plastics manufacturer, increased by 46.0% to 70.9 million for the year ended 31 December, while revenues increased by 36.2% to million. The increased revenues and earnings were primarily driven by continued organic growth, a full year contribution from Encore Industries Inc. ( Encore ), which was acquired in November, and a partial year contribution from Macro Plastics Inc. ( Macro ), which was acquired in June. IPL Plastics, which manufactures for the consumer packaging, large format packaging and environmental solutions and returnable packaging sectors, changed its name from One51 plc in December. Group profit for the year amounted to 17.6 million, a 9.3% increase year on year. Significant development capital investment programmes continue in our North American operations providing the Group with enhanced ability and capacity to serve an expanding business. A number of these projects began to contribute to EBITDA in. In April, the Group disposed of its UK and Irish Specialist Environmental Services ( SES ) businesses (retaining a residual financial interest in the Irish SES business). These disposals enable IPL Plastics to focus on the development and growth of its core plastics operations. In June, IPL Plastics acquired Macro, which produces bulk returnable packaging containers primarily for the North American agricultural market and the automotive sector. Macro added three new American manufacturing locations, in California, Washington State and Kentucky, to IPL Plastics portfolio. Following the impact of the hurricanes in the US in quarter three of, the Group s results for the second half of the year were adversely impacted by increasing resin and transportation costs. The results were also negatively impacted by a decline in the value of the US and Canadian Dollars against the euro. These trends have continued into On 28 February 2018, the corporate reorganisation which was approved by shareholders at the Extraordinary General Meeting ( EGM ) on 6 December was effected. This involved the issue of 31,492,161 shares to an affiliate of CDP Investissements Inc. ( CDPQ ) and 15,746,081 shares to Fonds de Solidarité des Travailleurs du Québec ( FSTQ ) and the settlement of the IPL Inc. ( IPL ) Put Liability, which amounted to million at 31 December. Our plans, including identifying the optimal listing structure, are progressing towards a possible IPO and stock market listing on the Toronto TSX during 2018, subject to market conditions. The Group will update shareholders further in relation to the possible IPO as the arrangements progress. Alan Walsh, IPL Plastics Group Chief Executive said: The Group is now operating from 14 manufacturing plants across three continents with a clear long term strategy. We continue to experience significant organic growth opportunities across our end markets, particularly in North America. The servicing of existing and new customer requirements is being supported by increased levels of capital investment. The recent completion of the reorganisation of the IPL Inc. structure is a significant development and allows for the full integration of IPL Inc. into the IPL Plastics Group and the cancellation of the associated Put Liability. We have also made progress towards a possible IPO and Listing on the Toronto TSX later this year.

2 Trading in 2018 to date has been satisfactory, notwithstanding continued increases in resin and transportation costs and the declining value of the Canadian and US Dollars against the euro. Our overall 2018 results should start to see the full year earnings impact of some of the capital expenditure programmes commissioned in the latter half of, coupled with a full year s contribution from Macro, which was acquired in June. Highlights (1) Change m m % Group revenue (2) EBITDA (2,3) EBIT (2,4) Profit for the year before exceptional and non-recurring items and share of equity-accounted investees profits (2) Profit for the year (5) Adjusted diluted Earnings per Share (cent) (6) Total assets Shareholders equity (excluding IPL Put Liability) (7) Shareholders equity (30.2) Net debt (excluding convertible loan notes) (1) Please refer to financial results at the end of this announcement, which have been prepared in accordance with IFRS. (2) The results for the year ended 31 December exclude amounts related to discontinued operations, which comprise the ClearCircle Specialist Environmental Services ( SES ) businesses (disposed of in April with an effective date of 1 January ). The results exclude the effect of discontinued operations, which in also comprised the Metals Ireland recycling businesses (disposed of in September and October ). (3) EBITDA represents earnings before interest, taxation, depreciation, amortisation, exceptional items, non-recurring items and the Group s share of profits from its equity-accounted investees. Management believes that EBITDA, while not defined under IFRSs, provides a fair reflection of the underlying trading performance of the Group. EBITDA is reconciled to the Operating Profit per the Income Statement in the Segmental reconciliation of Revenue and EBITDA to the Group Income Statement page below. (4) EBIT is EBITDA less depreciation and amortisation. EBIT is reconciled to the Operating Profit per the Income Statement in the Segmental reconciliation of Revenue and EBITDA to the Group Income Statement page below. (5) Profit for the year includes 1.8 million (: 3.9 million), being the Group s share of profits from its equity-accounted investees. Charges in respect of exceptional items net of tax included in the profit for the year amounted to 8.5 million (: 7.1 million). (6) Adjusted diluted Earnings per Share is calculated by dividing the adjusted profit attributable to ordinary shareholders (which excludes exceptional and non-recurring items and the Group s share of after tax profits of its equity-accounted investees) by the weighted average number of Ordinary Shares outstanding, as adjusted for the effects of all Ordinary Shares and options with a dilutive. (7) Shareholders equity is stated prior to deduction being made for the IPL Put Liability. The Put Liability amounted to million at year end (: 72.2million), is measured at fair value and represents the anticipated consideration required to acquire the IPL minority interests shareholdings in July 2021 (the date from when the Put becomes exercisable), discounted to present value.

3 Business Performance Key financial, operational and strategic highlights for were as follows: Financial highlights: Revenue (excluding discontinued operations) increased by 36.2% year on year to million (: million), due primarily to a strong performance from IPL, the full year contribution of Encore and results from Macro since its acquisition; Group EBITDA (excluding discontinued operations before exceptional items, non-recurring items and the Group s share of equity-accounted investees profits) showed an increase of 46.0% from 48.5 million in to 70.9 million in ; Group profit for the year from continuing operations before tax and before exceptional items amounted to 26.3 million (: 25.4 million). Included in this number is a credit of 1.8 million (: 3.9 million), being the Group s share of the equity-accounted investee, Altas Investments plc s, profit for the year; Group profit for before exceptional and non-recurring items and the Group s share of equityaccounted investee profits increased by 9.2% to 19.6 million (: 17.9 million); Adjusted EPS increased to cents (: cents), an 8.8% increase year on year; Group profit for the year was 17.6 million compared with 16.1 million in, a 9.3% increase year on year; Total equity, excluding the effect of the IPL Put Liability, increased by 6.1% year on year, from million to million at 31 December ; Net debt (excluding Convertible Loan Notes) increased during the year by 80.5 million to million at year end (: million), the increase caused primarily by the drawdown of bank borrowings to fund the Macro acquisition and capital expenditure projects; Renegotiated and extended (in June ) the IPL syndicated loan facility to finance the acquisition of Macro and to provide further bank facilities to the IPL group with a revised expiry date of July 2021; Operational highlights: IPL successfully completed the integration of Encore into its North America business; Macro delivered results for which were ahead of our expectations announced at the time of acquisition, with growth anticipated for 2018 driven by a significant new contract with a global automotive customer; The North America market has contributed strong organic growth driven by continued increased demand in both the Consumer Packaging and Large Format Packaging and Environmental Solutions sub-divisions; Significant development capital investment programmes continue in our North American operations providing the Group with an enhanced ability and capacity to serve an expanding business. A number of these projects began to contribute to EBITDA in ; Following the successful reconfiguration of the operations at one of the UK sites, OPG now has an improved and broader product offering to a wider range of customers in the UK rigid plastic packaging market; OPG s Ireland and China business has been negatively impacted by reduced demand from its largest customer, following the merger of that customer with another industry participant in the second half of ; The hurricanes in the US in Quarter 3, drove reduced capacity in both the resin and freight markets resulting in cost increases in Quarter 4,, trends which have continued into Quarter 1, 2018; Strategic highlights: The Group acquired 100% of the share capital of Macro on 9 June through IPL. Macro offers a significant footprint for IPL s expansion in the strategically important US market and the growing South American market;

4 In April, the Group disposed of a 75% interest in ClearCircle Environmental s Island of Ireland SES businesses ( ClearCircle Ireland ) for an upfront cash consideration of million and retained a minority shareholding under a put and call option agreement; In April, the Group disposed of ClearCircle Environmental s SES businesses in the United Kingdom ( ClearCircle UK ) for a cash consideration of STG 16.0 million; Continuing to position IPL Plastics for future growth by identifying appropriate organic and acquisition opportunities which can drive growth in shareholder value; In December, the shareholders approved a reorganisation of the existing IPL Inc. shareholding structure by agreeing to an exchange of the current minority shareholders equity interests in IPL Inc. for shares in the Company; and On 28 February 2018, the minority shareholders equity interests in IPL Inc. were exchanged for 47,238,242 shares in IPL Plastics plc, under the authority given by shareholders at the EGM on 6 December. Group Overview and Structure In July 2015, IPL Plastics acquired a majority shareholding of 66.67% in IPL Inc. with the minority shareholding of 33.33% acquired by CDPQ and FSTQ. In December, the Board took initial steps to facilitate a possible liquidity event for our shareholders by convening an EGM at which shareholders gave the Board the authority to enable the Company to proceed with an IPO and Listing in 2018 should market and other conditions permit. Shareholders also approved a reorganisation of the existing IPL Inc. shareholding structure by agreeing to an exchange of the current minority shareholders equity interests in IPL Inc. for shares in the Company. Authority was also received from shareholders to change the name of the Company from One Fifty One plc to IPL Plastics plc, which became effective on 7 December. On 28 February 2018, the minority shareholders equity interests in IPL Inc. were exchanged for 47,238,242 shares in IPL Plastics plc, under the authority given by shareholders at the EGM on 6 December, which results in the cancellation of the associated Put Liability, which amounted to million at year end 31 December. This post reorganisation structure will enable the full integration of IPL Inc. into the IPL Plastics Group and the refinancing of IPL acquisition debt and working capital financing into more appropriate groupwide facilities. In, IPL Plastics consisted of two divisions, one being IPL and the other being OPG, and three distinct business units; IPL, Macro and OPG. The Group supplies products to a broad range of customers across end markets primarily in Ireland, the UK, USA, Canada, Mexico, Chile and China from fourteen production facilities (three in the UK; one in Ireland; one in China; and nine in North America). IPL Plastics organises its operations across three primary lines of market facing activities: Large Format Packaging and Environmental Solutions production of bulk rigid plastic packaging containers for a wide variety of end markets together with wheeled bins, containers, caddies etc. for the waste management and recycling industries. In addition, we act as a manufacturing partner for a wide diversified customer base in the construction, furniture and material handling industry sectors; Consumer Packaging manufacture of high quality rigid plastic packaging products for a large blue-chip customer base, consisting of containers, caps and closures primarily for the dairy, food service and food to go markets; and Returnable Packaging Solutions manufacture of rigid plastic bins, pallet boxes and totes primarily for the agricultural and automotive industries. Management have made a number of organisational changes effective 1 January 2018 which underpin the Group s strategy of focused growth and development through organic and acquisition led initiatives, and to support the efforts to achieve synergies and leverage expertise across our business, by structuring the Group across our three primary market facing activities as outlined above. The Group also continues to own a small metals recycling business based in the UK.

5 Business Unit Performance During, the Group was organised into three strategic business units; IPL Inc. ( IPL ), Macro and OnePlastics Group ( OPG ). IPL * m m Revenue EBITDA EBTIDA Margin** 15.6% 15.5% * Encore was acquired in November and the results represent the period from acquisition to 31 December. ** EBITDA Margin is before the allocation of any IPL Plastics central overhead costs. IPL is a leading North American manufacturer of injected moulded plastic products. IPL occupies approximately 1,300,000 square feet of manufacturing and warehousing space and employs approximately 1,100 people across 6 operating sites. IPL operates a modern and extensive suite of approximately 120 moulding machines across its sites. The underlying business is well diversified from a geographical, product offering and customer base perspective and in addition has a high-quality asset base. These factors taken together have contributed to the continued strong performance of IPL in the period. The company originally comprised three manufacturing plants in Saint Damien (Canada), Edmundston (Canada) and Lee s Summit (US). Following the Encore acquisition in November, the company added three manufacturing plants in Cambridge (Ohio), Forsyth (Georgia) and Remer (Minnesota). The original acquisition of IPL by the Group in July 2015, followed by the acquisition of Encore in, have provided IPL Plastics plc with a strong platform for future growth across North America thereby providing the Group with access to significant new markets for existing products. The acquisitions also enable the Group to bring a wide range of exciting new products, especially in food packaging and bulk containers, to existing OPG customers. The financial and operational performance of IPL has been a key driver of the success and transformation of the Group in recent years. The acquisition of Encore and the capital investment plan being undertaken will enable IPL to expand its geographic footprint and broaden its product offering further across the growing North American rigid plastic packaging market, a key growth area for the Group. Macro * Revenue 47.5 EBITDA 12.6 EBTIDA Margin** 26.5% * The results represent the period from acquisition on 9 June to 31 December. ** EBITDA Margin is before the allocation of any IPL Plastics central overhead costs. On 9 June, the Group acquired the entire share capital of Macro Plastics Inc., through IPL, for a total enterprise value of USD$150.0 million. Macro is one of the largest manufacturers of rigid plastic bulk bins worldwide and is a market leader in providing value added rigid plastic bulk packaging solutions to the agricultural and automotive sectors, and operates some of the largest bulk machines in North America. Headquartered in Fairfield, California, Macro operates three manufacturing facilities in California, Washington and Kentucky with dedicated design and testing capabilities together with an established international sales network. m

6 Macro offers a significant footprint for the Group s expansion in the strategically important US market and the growing South and Central American markets. Macro s product portfolio is complementary to IPL s existing business and is a significant step in IPL Plastics strategy to become a leading global player in the rigid plastics market. In particular, Macro provides the Group with a significant presence on the US West Coast, a key growth target of the Group. Management together with the core Macro team has been focused on the integration of the business into the IPL Group during the second half of. The integration is complete with a clear strategic focus outlined in the business unit s newly developed five-year plan. Trading since the acquisition of Macro has been solid and the business has delivered full year results for ahead of our expectations announced at the time of acquisition. Macro also received the first tranche of orders from a very significant automotive related contract at the end of which was anticipated at the time of acquisition. OPG Revenue EBITDA EBTIDA Margin* 11.5% 13.5% *The EBITDA Margin is before the allocation of any IPL Plastics central overhead costs. OPG operates from five sites across Ireland, the UK and China, occupying approximately 400,000 square feet of manufacturing and warehousing space and employing over 500 people. OPG operates a modern and extensive suite of approximately 135 moulding machines across its sites. The reduction in OPG revenue and EBITDA was driven by reduced demand from its largest customer, following the merger of that customer with another industry participant in the second half of, the slower than anticipated ramp up in the food grade plastics packaging offering and adverse currency movements from a weakening Pound Sterling. The financial performance of the UK business in was significantly improved on with EBITDA growth of 9% on a constant currency basis (prior to the allocation of OPG central overheads) even though revenue only increased by 1%. This performance was driven by growth in the packaging and industrial products business combined with management s successful implementation of cost saving initiatives including process automation and tighter material margin management at the sites throughout the year. Strategy The Group s strategy is focused on the development and growth of our core operations, through both organic and acquisition led initiatives. The rationale for pursuing this strategy is clear. The rigid plastic packaging market is the largest component of the plastics packaging market. The rigid plastic packaging segment is driven by innovation, the substitution effect (from traditional forms of packaging), increasing population growth and urbanisation. This growth has primarily come as a result of growing demand in emerging markets, but also at the expense of traditional pack types such as glass bottles and jars, liquid cartons and metal cans. Plastic is commonly preferable due to its lightweight construction, shatter resistance and the flexibility to mould into various shapes. Demographic trends including aging populations, urbanisation and emergence of smaller households have all altered the market. We believe that IPL Plastics is well positioned in terms of scale, size, technological capabilities, geographic footprint and management expertise to exploit these market opportunities. The acquisition of Macro during the year, along with the development capital expenditure programmes in North America, Ireland and the UK and the disposal of the SES UK and Irish businesses, supports the strategic objectives of the IPL Plastics Group. Development and growth of our plastics business will be achieved through focusing m m

7 on higher margin opportunities with good growth characteristics and clear competitive advantages and by implementing our lean operating processes and financial management experience, leveraging cross-selling opportunities and exploiting cost synergies from acquired businesses. The operating model for the coming years is focused on: Fully realising the synergy potential across our business units, including sharing of technical expertise, leveraging collective intellectual property and customer relationships, and procurement efficiencies; The pursuit and realisation of higher margin sales opportunities, focusing on customers with value-add requirements; A more systematic targeting of the European and US markets (from an IPL Plastics perspective) for consumer packaging, waste carts and large format packaging through a stronger and more coordinated sales effort and through acquisition; and The realisation of cost efficiencies in production including, but not limited to, a more stringent commercial evaluation of capital investments and the increased automation of production. Given the strong organic growth experienced by the IPL division, including the recent acquisitions, we are investing heavily in development capital investment projects to facilitate an expansion of the product range and to drive continued improvements in operating margins. Conclusion As we move forward into 2018, the Group is cognisant of elevated levels of global risk factors, including stock market, currency and interest rate volatility, an uncertain global economic climate and the outlook for the UK economy depending on the final agreed terms of Britain s proposed exit from the EU. Despite these challenges, we are confident in the robustness of the business strategy and the ability of the Group to develop profitably and increase shareholder value into the future. was a year characterised by a strong performance for the Group, with our businesses delivering overall growth in key performance metrics despite facing and overcoming various challenges in their end markets. In addition, the acquisitions of Encore and Macro, together with a number of significant development capital expenditure programmes across the business, have significantly increased the Group s geographic footprint, market offering and product range and puts the business on a strong footing for future growth. The results in the second half of were adversely impacted by increased resin prices and transportation costs, together with the decline in the value of the Canadian and US Dollars. These trends have continued into The Group s overall 2018 results should start to see the full year earnings impact of some of the capital expenditure programmes commissioned in the latter half of, coupled with a full year s contribution from Macro, which was acquired in June. The Group has now reached considerable scale on an international level in the rigid plastics packaging sector with growth platforms in place providing income streams in multiple geographies and end markets. Having the appropriate capital structure, having access to alternative forms of capital and enhancing liquidity in the Company s shares are continuing key areas of focus for the Group. The future growth prospects for the business are encouraging as we continue to identify and explore a number of significant development opportunities, both organic and acquisition led. With the authorities provided by our shareholders at the 6 December EGM, together with the recent reorganisation of the IPL Inc. structure, our plans, including identifying the optimal listing structure, are now advanced for an IPO and stock market listing during 2018, subject to market conditions. A stock market listing would provide, in due course, our shareholders with a liquid market for their shares. Having access to an equity market would provide the Group with access to equity capital to finance the available development and growth opportunities to continue to strengthen the position of the business and drive future increases in shareholder value.

8 Annual Report The Annual Report & Accounts will be available to be accessed on our website at on Friday, 16 March About IPL Plastics IPL Plastics is a leading rigid plastics manufacturer for the consumer packaging, large format packaging and environmental solutions and returnable packaging sectors operating from multiple production facilities in Ireland, the UK, North America and China. IPL Plastics employs c. 1,900 people and is headquartered in Dublin, Ireland. Investor Enquiries Alan Walsh, Chief Executive Officer Pat Dalton, Chief Financial Officer Media Enquiries Tom McEnaney, McEnaney Media tom@tommcenaney.com Forward Looking Statements This announcement contains some forward-looking statements that represent IPL Plastics expectations for its business including a potential IPO and stock market listing, based on current expectations about future events, which by their nature involve risks and uncertainties. IPL Plastics believes that its expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve risks and uncertainties which are in some cases beyond IPL Plastics control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.

9 Group Income Statement For the year ended 31 December Exceptional Items Exceptional Items Total Total Continuing operations Revenue 474, , , ,214 Cost of sales (368,262) - (368,262) (266,096) - (266,096) Gross profit 106, ,108 82,118-82,118 Operating expenses, (including non-recurring costs) (70,944) (7,099) (78,043) (57,567) (5,595) (63,162) Other operating income, (including non-recurring 3, ,791 5,836 4,069 9,905 income) Operating profit 38,331 (6,475) 31,856 30,387 (1,526) 28,861 Finance costs (13,762) - (13,762) (8,875) - (8,875) Share of profit of equity-accounted investees 1,763-1,763 3,933-3,933 Profit before taxation 26,332 (6,475) 19,857 25,445 (1,526) 23,919 Non-recurring income tax credit 8,036-8, Income tax (expense)/credit (8,277) 1,101 (7,176) (3,850) 330 (3,520) Total income tax (241) 1, (3,850) 330 (3,520) (expense)/credit (net) Profit from continuing operations 26,091 (5,374) 20,717 21,595 (1,196) 20,399 Discontinued operations (Loss)/profit from discontinued operations, net of tax - (3,160) (3,160) 1,539 (5,881) (4,342) Profit for year: all attributable to equity holders of the parent 26,091 (8,534) 17,557 23,134 (7,077) 16,057 Earnings per share Basic earnings per share (cents) Diluted earnings per share (cents) Earnings per share continuing operations Basic earnings per share (cents) Diluted earnings per share (cents)

10 Consolidated Statement of Financial Position As at 31 December (restated) Assets Property, plant and equipment 214, ,774 Goodwill and intangible assets 206, ,101 Equity-accounted investees 2,934 4,046 Investment property 1,382 1,401 Available-for-sale financial assets 3,422 5,519 Trade and other receivables 11,619 5,983 Deferred tax assets 5,194 5,243 Non-current assets 446, ,067 Inventories 69,070 39,102 Trade and other receivables 67,048 52,204 Cash and cash equivalents 39,697 39,350 Assets held for sale - 57,718 Current assets 175, ,374 Total assets 621, ,441 Equity Share capital 1,586 1,571 Share premium 89,079 88,587 Reserves (97,267) (43,435) Retained earnings 89,317 71,916 Total equity 82, ,639 Liabilities Loans and borrowings 244, ,397 Trade and other payables 2,608 2,930 Deferred contingent consideration 119,755 72,288 Government grants 2,513 1,918 Provisions 2,534 5,970 Deferred tax liabilities 37,108 32,303 Non-current liabilities 408, ,806 Loans and borrowings 24,048 12,497 Trade and other payables 98,492 74,959 Deferred contingent consideration Government grants Provisions 2, Corporation tax payable 4,641 2,370 Liabilities held for sale - 11,138 Current liabilities 130, ,996 Total liabilities 539, ,802 Total equity and liabilities 621, ,441

11 Consolidated Statement of Cash Flows For the year ended 31 December Net cash flows from operating activities before working capital 65,214 48,299 movements Movements in working capital (13,690) 9,064 Net cash flows from operating activities pre-exceptional items 51,524 57,363 Exceptional items paid (3,731) (1,846) Net cash flows from operating activities 47,793 55,517 Cash flows from investing activities Proceeds from sale of property, plant and equipment & intangible 1, assets Disposal/discontinuation of subsidiary undertaking, net of cash 38, disposed Dividend received from equity-accounted investees 5, Disposal of investment property and property held-for-sale 400 2,564 Acquisition of property, plant and equipment and intangible assets (43,525) (32,264) Acquisition of subsidiaries, including associated costs and net of cash (134,535) (21,297) acquired Deferred consideration paid (385) (366) Grants received 1, Net cash used in investing activities (131,382) (49,674) Cash flows from financing activities Finance costs paid (13,384) (9,183) Net proceeds from equity issued Drawdowns of bank borrowings 176,568 58,990 Repayment of bank borrowings (78,751) (41,551) Net cash from financing activities 84,940 8,267 Net increase/(decrease) in cash and cash equivalents 1,351 14,110 Cash and cash equivalents at 1 January 39,350 25,499 Effect of movements in exchange rates on cash held (1,004) (259) Cash and cash equivalents as 31 December 39,697 39,350

12 Segmental reconciliation of Revenue and EBITDA to the Group Income Statement For the year ended 31 December The amounts below include continuing operations only and are fully reconciled to their supporting notes in note 3 to the Group s Annual Report & Accounts. IPL Macro 1 OnePlastics Group Other reconciling items 2 Total External Revenue 293, ,293 47, , ,851 18,995 17, , ,214 EBITDA 45,858 31,635 12,586-13,099 17,173 (662) (270) 70,881 48,538 1 The results represent the period from the date of acquisition (9 June ) to 31 December. 2 Includes central costs not allocated to operating segments and the results of the Metals UK South recycling business. EBITDA and EBIT are measured differently from operating profit in the Group financial statements as explained and reconciled in detail in the analysis that follows. Operating profit from continuing operations before exceptional items 38,331 30,387 Non-recurring items 3,312 (2,120) EBIT (before exceptional items) 41,643 28,267 Depreciation and amortisation 29,238 20,271 EBITDA (before exceptional items) 70,881 48,538