The projected financial information contained in this press release constitutes forward-looking information. 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. Adjusted EBITDA decreased by $15 million, or 10%, to $130 million in the three months ended March 31, 2023, compared with $145 million in the same period last year. Ardagh Metal Packaging S.A., 56, rue Charles Martel, L-2134 Luxembourg, LuxembourgR.C.S. Ardagh Metal Packaging Usa in Brea, CA. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Would you attribute that to the new entrants or just kind of the overall supply-demand balance in the North American market right now? So look, I think it's unchanged from the full year. More. Adjusted EBITDA decreased by $15m, or 10%, to $130m in the three months ended 31 March 2023, compared to $145m in the same period last year. So look, overall, it is soft. Thanks. These investments support the impact of high-quality teachers in science, technology, engineering and mathematics (STEM) disciplines to inspire students STEM understanding and interest. Modesto, CA . I think the price lever is at that limit. Contact Customer Service at: +1-800-323-3401, Ardagh Metal Packaging S.A., 56, rue Charles Martel, L-2134 Luxembourg, LuxembourgR.C.S. 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. And then South America, it did grow the market, high single digits, but against a very weak comparator of Q1 '22. Terms of Service apply. 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. We also had softness with the beer customer. Mingfeng USA Packaging. The proposed business combination, which has been unanimously approved by the boards of directors of both Ardagh and Gores Holdings V, is expected to close in the second quarter of 2021, subject to receipt of Gores Holdings V stockholder approval, the satisfaction of the condition to Ardaghs obligations that it receives at least $3 billion in cash from the transactions and the satisfaction of other customary closing conditions. The Company has a compelling financial profile, with a clear and tangible growth trajectory backed by long-term customer contracts and expects to double Adjusted EBITDA from $545 million in 2020 to over $1.1 billion in 2024. So if you put all that together, would you characterize, if you can just help us understand the supply-demand balance in each of these markets. And that linked to their overall market weakness. The contribution from higher volumes and stronger input cost recovery was offset by the under absorption of higher operating costs and the expected impact relating to the timing of recognition of inflation recovery in EBITDA. Congrats on your results. What makes you confident your potential to realize this $300 million CapEx by year-end? Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. I think we said at the full year, and so we can repeat, there are 3 elements that mean that we won't get to 1.1 without further action those three elements of foreign exchange, so that can obviously move. 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. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. And if so, how far along are you? 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 Thank you. This, in turn, supports our dividend policy and balance sheet deleveraging. Ardagh Metal - Beverage North America CEO Claude Marbach said: "This project forms part of Ardagh's $1.8bn 2021-2024 business growth investment programme and is being undertaken to meet fast-growing demand as consumers increasingly recognise the environmental and quality advantages of beverage cans. 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. By clicking Accept all cookies, you agree to the storing of cookies on your device and to the associated processing of personal data to enhance site navigation, analyse site usage, and assist in our marketing and performance efforts. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. This concludes the brownfield investments under our initial growth investment program. 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? So how are you thinking about achieving maybe the '21, sorry, the '24 numbers around $1.1 billion of EBITDA? currency basis versus the prior year quarter. Revenue increased by 1% to $645 million in the three months ended March 31, 2023, compared with $638 million in the same period last year, principally reflecting favorable volume/mix impacts, partly offset by lower metal cost pass through. 567 South Riverside Drive. Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. And so the cans took all the growth as the returnables declined. 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. Thank you. Is there ability for some shift there? ", Bridge of 2022 to 2023 Revenue and Adjusted EBITDA. So the cash CapEx, I think of the order of $300 million, some leasing activity on top of that. 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. So I don't think you've got a single picture for the market. 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. Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. Okay. Headquartered in Luxembourg, the business supplies sustainable and infinitely-recyclable metal packaging to a diversified customer base of leading global, regional and national beverage producers. Unaudited Consolidated Condensed Income Statement for the three months ended March 31, 2023 and 2022, Sales, general and administration expenses, Unaudited Consolidated Condensed Statement of Financial Position. With that being said, within Brazil, what are your customers telling you in terms of their intention two years, three years from now in terms of can in one way versus glass in one way? So yes, keep an eye on off-trade penetration of cans is the number to look for. And so the guide we gave at the full year, which is we are expecting to over recover on inflation over the course of the year relative to our cost inflation '22 into '23, that guide remains intact. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. So the quick answer to the quick question was, yes. The second question I had shorter term, payables look like they were down from fourth quarter, and you also mentioned a little bit more use of working capital to start the year. Ardagh Metal Packaging (AMP), 75%-owned by Ardagh Group islisted on the New York Stock Exchange. Our exposure to the customer was at a historic low position. Why have a dividend that high and at that level relative to your equity and relative to your cash flow now? Strengths across package variety, the environment and customer business. There's just some ups and downs and I think that goes back to the fact that the market remains a little bit volatile. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. We definitely see soft drinks a bit stronger than beer overall. 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. 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. Given the Q1 CapEx, how much above the average targeted quarterly level? Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. The companys global supply chain partners commitment to the Aluminium Forward 2030 coalition and endorsement of the Mission Possible Partnerships net-zero strategy supports actions to achieve the industrys net-zero carbon footprint ambition. Now potentially, the market is a little bit more balanced. And you mentioned earlier that kind of the marginal or kind of spot can out there, there has been some pricing pressure. 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. Our next question is from George Staphos from Bank of America. A partner of choice for beverage companies, AMP is known for its outstanding quality and customer service and is the only pure play metal beverage can producer of scale in the market today. I think that's right. We were awarded a first-time leadership A rating from CDP on supplier engagement, which followed the first time A- rating for water management and a B rating for climate change disclosed in our last update. Some of your peers have commented on restructuring the contracts to recover some of that through pricing. For more, click here. I'll give an overview, and then I'll let David cover anything further. Our European business takes a step up from here because we lose the drag from the accounting treatment on some of the inflation pass-through. So that's also a drag. So mix is important, and it can vary quite a bit month-to-month. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. But at the minute, we don't see that significantly impacting on us again for the next year or two because of our overall position on contracts. We laid the groundwork in 2020 by partnering with Project Lead The Way (PLTW) due to their high impact, national reach, experience serving under-served students and strong management. 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. If we turn to North America, there's clearly strength in the soft drink side, CSD and especially the energy space, which is very hot, still a lot of innovation in that space, exciting new companies. [Operator Instructions]. 2 min read New 19.2 oz. So we also get some enhanced inflation recovery in the subsequent quarters. 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. At March 31, 2023, the Group's net debt and available liquidity was as follows: Senior Secured Green and Senior Green Notes, Cash, cash equivalents and restricted cash, Derivative financial instruments used to hedge foreign currency and interest rate risk, Reconciliation of (loss)/profit for the period to Adjusted profit, (Loss)/profit for the period as presented in the income statement, (Loss)/profit for the period used in calculating earnings per share, Weighted average number of ordinary shares, Reconciliation of (loss)/profit for the period to Adjusted EBITDA, Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow, Adjusted free cash flow - pre Growth Investment capital expenditure, Adjusted free cash flow - post Growth Investment capital expenditure. The decrease in Adjusted EBITDA was mainly due to negative volume/mix effects, partly offset by the pass-through to customers of higher input costs. Get in touch with us today and we can help you sustainably package your products. We're not letting any of the bank on it, but we're still excited about the still water category. Please use the . In the second quarter, we will complete the addition of further capacity in our La Ciotat plant in Southern France, and our intention remains to close one of the legacy steel lines in Weienthurm, Germany during the year. Sard Verbinnen & Co I don't know, David, if you want to add anything to that. Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. The minimum refund value established for each type of eligible beverage container is 5 cents for each container under . Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved. Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . 347 S Stimson Ave. City Of Industry, CA 91744. In fact, it's more than minus 10%. ARDAGH METAL BEVERAGE USA INC. Cargegie, Pennsylvania 11 followers Follow View all 14 employees About us Headquarters Cargegie, Pennsylvania Founded 2016 Locations 600 N BELL AVE Cargegie,. John Sheehan And as we pivot from a strong investment period into a period where we're running to fill the capacity and drive cash generation, we think the dividend becomes completely sustainable and is a very good fit for our proposition. The European energy market continues to improve its resilience supported by public policy actions. The future were creating for Ardagh is built around our three core values of Trust, Teamwork and Excellence. My last one, I'll turn it over. I think the market has got a couple of $100 million down from that. The first one, so look, when we've looked at packaging markets over the years, over time, within one-way packaging, cans almost always went out over one-way glass because you have distribution efficiencies. They are shipped and distributed economically, as they stack very efficiently. And so we don't see that impacting us because those are known events in the near term. 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One of the first things you do along that journey is that is to kind of change of raw material buying patterns, and we calibrate that where your demand profile is, and we've been doing that during the quarter. 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. And I think it just will depend a lot on which customers and which segments you're in. So I think North America, this 83% innovation number is really playing through into the market, and we're seeing that in the results. If you have an ad-blocker enabled you may be blocked from proceeding. See Forward-Looking Statements above. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. This supports our expectation for a stronger second half demand outlook. 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. 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. This site is protected by reCAPTCHA and the Google (1) For a reconciliation to the most comparable IFRS measures, see Page 7. Sort:Default. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. There's no reason to believe we don't revert to a more normal promotional activity for these categories. In line with our previous guidance, we anticipate an uplift in EBITDA generation into the second half of the year as demand begins to normalize in both markets. San Pedro, CA (310) 519-2400. Constantly evolving production technologies are used to ensure exciting possibilities and environmental sustainability in metal beverage packaging for the future. And then the second fundamental is that inflation is moderating. Through PLTW, we plan to deliver positive results for more than 2,000 schools and 500,000 PreK-12 students in our local communities. This offset softer performance in Brazil where industry demand is slowly recovering. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. We create packaging for numerous market sectors including, among others, beverage cans, food, beers, wine and spirits. About Team NEO We are delighted to partner with Gores Holdings V to create a NYSE-listed pure-play beverage can business of scale with impeccable ESG credentials, and we intend to remain a committed, long-term majority shareholder of AMP as it continues its growth journey., Over the past five years, our metal packaging business has grown its position as one of the worlds leading beverage can producers through our agility and foresight in tapping into emerging consumer and market trends, said Oliver Graham, CEO of AMP. Additional Information about the Business Combination and Where to Find It. Which Will Outperform: U.S. Stocks or International? As I say, I think they have reached the limit of sales growth without driving some volume. Ardaghs metal packaging business operates 23 production facilities in Europe and the Americas, employs approximately 4,900 people and recorded revenues of $3.5 billion in 2020. We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. And maybe you can just characterize what you're seeing in Europe from a demand perspective. We delivered global shipment growth of 3%, including 5% growth in North America and 2% in Europe, and adjusted EBITDA of $130 million, in line with our guidance. The consistent pursuit of market-leading innovation, quality and customer service, backed by investment in our people and processes, underpins everything we do. We're encouraged by the early signs of an improvement in demand with a small increase in promotional activity, which we expect to strengthen over the coming months through the peak summer season. California Refund Value (CRV) is the amount paid by consumers at the checkout stand and paid back to consumers when they recycle eligible aluminum, plastic, glass and bi-metal beverage containers at certified recycling centers. Entering text into the input field will update the search result below. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. (2) Cash from operations for the three months ended March 31, 2023, is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $346 million and other exceptional cash outflows of $12 million. These filings identify and address (or will identify and address) other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. But as I say, all of those activities were completed last year. Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. Visit our Privacy Policy for more information about our services, how GlobalData may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. On a constant currency basis, revenue increased by 3%, primarily due to the pass-through of higher input costs, partly offset by negative volume/mix effects (including the seasonal rebalancing of the contract asset margin). So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. Could you talk a little bit about maybe the buying patterns, the destocking trends that you've seen? There's been a lot of inflation there over the last couple of years. In the Americas, Adjusted EBITDA declined by 9% to $81 million as volume/mix contribution was more than offset by a fixed cost absorption drag as expected and favourable input cost recovery in the prior period. And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. The growth was driven by a 4% increase in the Americas and a 2% increase in Europe. But in any event, perhaps we want to solve that on this call, but that's the only thing I'd point out there. You have accelerated improvement in PPI recapture or mechanisms yet were down year-on-year in EBITDA 2Q versus 2Q last year. And is that driven primarily by kind of volume recovery or maybe cost? As part of the Mission Possible Partnership, we have endorsed the industry back net zero transition strategy, and we continue to progress our sustainability targets and are delighted to have just signed a PPA agreement with [indiscernible] Electricity in Germany, which will provide approximately 20% of our electricity needs.

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