So there's some good space for additional innovation still to come. Stephen Clarke CTS Manager +44 1244 68 4552; stephen.clarke@ ardaghgroup.com; I mean it's not the biggest situation. The projected financial information contained in this press release constitutes forward-looking information. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh. Non-GAAP financial measures may be considered in addition to GAAP financial information, but should not be used as substitutes for the corresponding IFRS or U.S. GAAP measures. Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. Readers are cautioned not to put undue reliance on forward-looking statements, and Gores Holdings V, Ardagh and AMP assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Thanks. As we step through that, of course, you get the benefit to raw materials, but you get the step-down in payables. Reiterate expectation for positive Adjusted Free Cash Flow generation in 2023 and, with growth plans to substantially complete, a significant reduction in capex in 2024. LUXEMBOURG, April 27, 2023 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. Sure. Welcome to the Ardagh Metal Packaging S.A. First Quarter 2023 Results Call. We will have an over recovery this year and that gets us probably 75%, 80% back to 2021 margin levels in Europe, and we're hoping to regain the rest into '24. So that typically has a floor. The people that make up Ardagh share much more than a strong brand and an excellent reputation. We're highly contracted and so are our major peers through the middle of the decade. Again, I guess the one thing we need to be mindful of is, obviously, to the extent you guys have hedged energy for this year, that may not necessarily be the case on a go-forward basis. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, https://www.ardaghgroup.com/corporate/investors. Sard Verbinnen & Co Could you talk a little bit about maybe the buying patterns, the destocking trends that you've seen? Shearman & Sterling LLP is acting as legal advisor, to Ardagh. Demand remains restrained by sustained higher retail pricing, but with greater resilience experience in non-alcoholic categories, which represent the majority of our North American business. The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. And Ollie, I'll take that at surface level, and that's great. Commitment alongside our global supply chain partners to the Aluminium Forward 2030 coalition and the endorsement of the Mission Possible Partnership's net zero strategy, supporting actions to achieve the industry's net zero carbon footprint ambition. So either brand, branded economy segment or own label performing extremely strongly. About Ardagh Metal Packaging AMP will hold Ardagh's metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on The Americas and Europe. We're encouraged by the early signs of a return to promotional activity and the easing of customer input cost inflation, which supports our expectations of improved H2 volumes. There is some acceleration in volume received in our guidance in the second half, and we can talk more about the markets and why we've got that assumed. Okay. Please go ahead. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. AMP's state-of-the-art can manufacturing facility will occupy about 40,000m (430,556ft). Yes. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. And if so, how far along are you? We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. Brett Valach - Sales, Reliability Solutions and Services - LinkedIn Now potentially, the market is a little bit more balanced. We have completed our planned capacity additions in North America with the third line in Huron, Ohio now ramping up along with the other 2 lines added in the final quarter of last year. But on the direct energy pass-through, as energy falls, that will get passed through back to customers. And the third element is that our program included a significant proportion of seltzers, which had a very strong mix impact in our numbers. So there clearly is capacity available in all 3 markets, but I think everybody is making sure to take the actions to run at a good utilization level. The contribution from shipment growth was more than offset by higher operating costs. And good volume growth in North America drove an adjusted EBITDA performance in both regions that was ahead of expectation and offset the softer performance in Brazil, where industry demand is slowly recovering. Ardagh Metal Beverage USA Inc. 2145 Cedar St Fremont OH 43420 (419) 355-8222. Maybe just because Anthony set it up, I'll cover the dividend. For more, click here. Pat Walsh Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and capital markets advisors to Gores Holdings V and as joint lead placement agents on the PIPE. Contents are protected from air and light, with their distinct flavors preserved, Cans offer 360-degree branding opportunities. Very concerned Slightly concerned Neither concerned nor unconcerned Not very concerned Not concerned 0% GlobalData GlobalData The timing and terms of any such transaction, if effected at all, has not been determined. john.sheehan@ardaghgroup.com, Media Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. And maybe you can just characterize what you're seeing in Europe from a demand perspective. Luxembourg-based metal packaging supplier Ardagh Metal Packaging (Ardagh) has reported a solid performance in the first quarter (Q1), with global beverage can shipments growing by 3% during the period. The Company has a leading presence in the Americas and Europe and is the second-largest beverage can producer in Europe and the third-largest in North America and Brazil. Obviously, there's still softness in key areas. currency basis versus the prior year quarter. And then if there's any sort of trigger date for contract resets for PPI or any kind of mechanism like that, that we should keep in mind as we kind of think about the rest of the year? Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. Weil, Gotshal & Manges, LLP and Loyens & Loeff N.V. are acting as legal advisors to Gores Holdings V. Citigroup is acting as exclusive financial advisor to Ardagh and is acting as joint lead placement agent on the PIPE. Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. Looking into Q2 and beyond, we see inflation recovery in Europe that will drop through its adjusted EBITDA as we set out in our forecast. Adjusted EBITDA for the quarter of $49 million decreased by $7 million, or 13%, at actual exchange rates, and by 8% at constant currency, compared with $56 million in the same period last year. So I think that there's no reason to believe, although our customers are clearly using more advanced analytics to target promotions and I clearly will have learned something from the last 12 months. Now whether they're getting the volumes that went with those contractual coverage, we don't know. But in any event, perhaps we want to solve that on this call, but that's the only thing I'd point out there. Please go ahead. Turning to our sustainability agenda. Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . Look, I think we've signaled along that the dividend is demonstrating the cash-generative nature of the business. Categorized under Can Manufacturers. If you are a customer of Ardagh Metal Beverage and do not yet have a user ID and password for this portal, please register here: Register; Contact. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. And then I think you'll see that the competition or return to the off-trade into the cans and to the extent they can source it one-way glass, because that's where market share will be gained and that's what led to the shift out of returnable over the last few years was the fact that players didn't like losing market share. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. Beverage Container Recycling - CalRecycle Home Page Ardagh Metal Packaging Became A Dividend Stock Overnight (NYSE:AMBP And just a question on North America. We build upon the inherent environmental advantages of metal beverage cans by clearly supporting our customers sustainability platforms. Beverage Container Recycling Centers - California So look, overall, it is soft. Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. Please use the . Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its first quarter 2023 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on April 27, 2023. At the current share price of $10.60 for GRSV, the stock position of Ardagh in Gores will be worth $5.14B, representing a value of approximately $21.75/share of Ardagh. So just anything that you can speak to in terms of one substrate winning or not in the beer category down there and then what we should be looking for in the outside world that could kind of reaccelerate that transition to one way versus returnable. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. Rexam Beverage Can Americas is an operation of one of the world's leading consumer packaging groups and the world's leading beverage can maker. Cash from operations for the three months ended March 31, 2022, is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $325 million and other exceptional cash outflows of $14 million. Yes. We remain disciplined in our capacity management and with our growth investments completing in 2023, the business is well positioned both to capture the positive secular growth opportunity for the sustainable beverage can and drive a meaningful uplift in cash generation. We're not letting any of the bank on it, but we're still excited about the still water category. As I say, I think they have reached the limit of sales growth without driving some volume. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. So I think when you add it all together, it makes all sorts of sense that you'd see some increased promotional activity as we go through the year. Our expectation of the current year is unchanged, which includes growth investment of just under $400 million with a cash flow element under $300 million. United States of America (USA) Packaging Market Size, Analysing Key Pack Material (Pack Type, Clo Henkel and UPM Specialty Papers create heat-sealable packaging, Constellation pledges improvements in circularity of alcohol packaging. About Ardagh Metal Packaging Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. For inquiries regarding The Gores Group and affiliates: Jennifer Kwon Chou So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. This press release contains certain AMP projected financial information. Oliver, the full year guidance, I think, implies a pretty strong second half earnings inflection, and I'm just wondering if you can speak to that. We haven't guided to it. AMP will hold Ardaghs metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on The Americas and Europe. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Ardagh Group is a global supplier of sustainable, value added, infinitely recyclable, metal and glass packaging for brand owners around the world. Brazil, we'll wait to hear what you say, but I appreciate the thoughts there. About Ardagh Metal Packaging. Ardagh produces distinctive and innovative glass packaging in all shapes and sizes for brand owners around the worldand offers a choice of almost 20 different colours. Consequently, no offer of securities to which this announcement relates, is made to any person in any Member State of the EEA which applies the Prospectus Regulation who are not qualified investors for the purposes of the Prospectus Regulation, is made in the EEA and no key information document required by Regulation (EU) No. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. In the short-term here, it feels like there's sufficient capacity, by our estimates, kind of mid-70s utilization and as well as pressure on the consumer. [Operator Instructions]. Just wondering if you could kind of walk us through kind of the puts and takes on cash and maybe cash step-up next year and the sustainability of the dividend trading at a double-digit yield currently. And so you get typically a stabilization. * Approximately 75% of aluminum . We operate 65metal and glass production facilities in 16countries, employing more than 20,000 people. Okay. Second quarter Adjusted EBITDA expected to be of the order of $170 million (Q2 2022: $181 million reported; $180 million at constant currency). Fullyarn Packaging USA Inc. Packaging Materials. Ardagh Metal Packaging launches new can size to support beverage brands Details of Ardagh Metal Packaging beverage can plant. Gores Holdings V, Ardagh and AMP and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Gores Holdings Vs stockholders in connection with the proposed Business Combination. Management of Ardagh and Gores Holdings V will host an investor conference call on February 23, 2021 at 9:00 a.m. EST / 6:00 a.m. PST to discuss the proposed business combination. So I guess a quick one and then a high-level question for you. But just switching to the dividend, I think you referenced the sustainability of the dividend. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, forecast, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions (including the negative versions of such words or expressions). Investors LUXEMBOURG & LOS ANGELES--(BUSINESS WIRE)--Ardagh Group S.A. (Ardagh) (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the worlds leading brands, and Gores Holdings V, Inc. (Gores Holdings V) (NASDAQ: GRSV, GRSVU and GRSVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, today announced that they have entered into a definitive business combination agreement under which Gores Holdings V will combine with Ardaghs metal packaging business that will be held by Ardagh Metal Packaging S.A. (the Company, Ardagh Metal Packaging or AMP) to create an independent public company. Our accelerated growth strategy is timely and deepens our connection with our customers as demand for sustainable beverage cans continues to grow., Alec Gores, Chairman and CEO of The Gores Group and Chairman of Gores Holdings V, said, Ardagh Metal Packaging has solidified its position as a clear leader in sustainability. Entering text into the input field will update the search result below. Ardagh will retain an approximately 80% stake in AMP and receive up to $3.4 billion in cash in the transactions. They are infinitely recyclable and contain an average of approximately 70% recycled content. Ardagh Metal Packaging is the third-largest producer of aluminum beverage cans in the world. So we'd have to backfill it that way. So I don't think you've got a single picture for the market. Thank you for your participation. David? Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. 1. One longer-term question, one sort of short-term financial question. We will achieve our vision by delivering customer innovation, providing an inspirational environment for our people and creating sustainable value for our business through growth and development. I think the price lever is at that limit. [3] History The cash proceeds from the transactions will be used to reduce net debt at Ardagh. So I'm just mentioning it, [indiscernible] is more kind of, that's a one-off example of some things happening in the first quarter, we're not picking up in the U.S. because of the geographical footprint, but it is actually them planning -- they're planning to launch in Europe. But as I say, all of those activities were completed last year. Sleek to 24 oz., offering a wide variety of options to ideally represent customer brands. Sort:Default. The call can be accessed by dialing +1 (833) 470-1428 (domestic toll-free number) or +1 (404) 975-4839 (international) and providing the access code: 403501. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe, North America and Brazil with innovative production capabilities. So yes, keep an eye on off-trade penetration of cans is the number to look for. Neither AMPs independent auditors, nor the independent registered public accounting firm of Gores Holdings V, have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them have expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. And we can see those in our results, which is why we think we're a little bit ahead of the market. We suspect that energy drinks is also a bit stronger, though, again, we don't have the big share of that market, we have good share, but not the big share. Revenue of $486 million decreased by 3% in the three months ended March 31, 2023, compared with $499 million in the same period last year. It appears we have no further questions at this time. We are committed to investing in a future for all and we work hard to uphold our promises. And what's kind of a good normalized CapEx range for you? As part of our strategy, we have mapped out ambitious commitments and targets for the next decade. We continue to monitor that, obviously, on a month-by-month basis, and we continue to monitor our overall capacity because we do intend to keep utilization in the 90s over the next few years. 2. So let's go region by region. We definitely had some brighter spots with some customers recovering, but we also had some weaker spots, especially as we had a very strong first half with a couple of customers last year. pwalsh@murraygroup.ie Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. Ardagh Group is a Luxembourg -based producer of glass and metal products that has "grown in the past two decades into one of the world's largest metal and glass packaging companies". So energy costs have risen very significantly as a proportion of household income. The foregoing list of factors is not exhaustive. Is it fair to assume now that given what you're seeing, maybe there's a little bit of optimism that Ardagh can also kind of start to approach into the mid-single digits? As the only pure-play beverage can company, AMP products touch billions of consumers worldwide.
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