ardagh metal beverage

So I was wondering if you could just give us a little bit more details on particularly in North America, just how the quarter progressed from a shipment standpoint and then maybe what you're seeing in shipments here in April? I think that they've got some firepower particularly as the LME comes off, they can actually do some promotional activity without actually damaging margin. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. [Operator Instructions]. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry metal packaging companyacross Europe, North America and Brazil with innovative production capabilities. The metal can also shields against sunlight, providing impeccable ingredient protection assuring desired taste profiles. Our Sales team is uniquely qualified to discuss these product advantages and how Ardagh will deliver value across your entire business from design, to spec, to production and on-time delivery of the highest quality packaging in the industry. And what's kind of a good normalized CapEx range for you? I believe all your growth investments will be largely completed in terms of the one that we expect to do. They're saying it publicly, and I think the major CSD player in the last week or so has absolutely signaled that they want to both carry on hitting the higher end of the market, but definitely hitting the lower end and the more economically challenged consumers because they don't want to lose those consumers to their brand. What makes you confident your potential to realize this $300 million CapEx by year-end? Can you give us a rough bridge, David, in terms of how we go from roughly $180 to the $170 2Q versus 2Q? And our dedicated Research & Development team consistently works with customers to create innovations across shapes, label and tab designs, colors and functionality that enable brands to attract attention on store shelves. Sure. One of our customers in Brazil entered a judicial reorganization process in the period. Oliver Graham, CEO of Ardagh Metal Packaging, said: . 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. Ardagh Metal Packaging operates 24 production facilities in nine. Ardagh Group also holds a 42% interest in Trivium Packaging, a leading supplier of sustainable metal packaging * Other non-current liabilities include liabilities for earnout shares of $52 million at March 31, 2023 (December 2022: $76 million) and warrants of $4 million at March 31, 2023 (December 2022: $7 million). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (this regulation together with any implementing measures in any member state, the Prospectus Regulation). Founded in 1987 by Alec Gores, The Gores Group is a global investment firm focused on partnering with differentiated businesses that can benefit from the firm's extensive industry knowledge and decades long experience. And so you get typically a stabilization. Glass packaging protects its content and enhances a brands appeal. John Sheehan That will conclude today's conference call. We look forward to talking to you all at our Q2 results. And so their main problem at the moment is to try and to get that from a position where there is almost no one way. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. In Europe Adjusted EBITDA declined by 8% to $49 million as a strong contribution from input cost recovery was more than offset by higher operating costs and the seasonal rebalancing of the contract asset margin. +353 87 2269345 / +1 646 776 5918. And actually, what's happened in Brazil historically is that was held back by a lack of one-way glass capacity. Oliver Graham, CEO of Ardagh Metal Beverage, will be CEO of AMP. We'll now move to Arun Viswanathan from RBC. Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. And so I think that although there is capacity in the market, I think it's being managed in a good way. Our performance in North America, with good volume growth, and Europe with improved cost passthroughs were both ahead of expectations. If you mentioned what the cause of that or those factors were, I apologize for missing it, but could you again review what was happening with payables? Adjusted EBITDA for the quarter was $49m, decreasing by 13% at actual exchange rates and 8% at constant currency compared to $56m in the same period last year. The consistent pursuit of market-leading innovation, quality and customer service, backed by investment in our people and processes, underpins everything we do. Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Okay. We reaffirm our guidance for 2023, which assumes global shipment growth of a mid to high single-digit percentage and adjusted EBITDA growth in the order of 10% weighted to the second half due to more favorable prior year comparisons and improving volumes. We recorded revenue of $1.1 billion, which represented a growth of 2% on a constant currency basis, predominantly reflecting higher volumes. We will now move to Jay Mayers from Goldman Sachs. Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. So what are you seeing across the regions in terms of the buying patterns as well? Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . Upon closing of the transactions, assuming no redemptions by Gores Holdings Vs public stockholders, Ardagh will retain an equity interest in the Company of approximately 80%, the PIPE investors in the private placement will hold approximately 10% and Gores Holdings Vs stockholders and its sponsor will hold approximately 10%. We hedged out all our risk for this year, last year and confirm with customers that they were comfortable with that position, which is higher than spot because of the unexpected drop in the energy market. Ardagh Metal Beverage USA Inc. 2145 Cedar St Fremont OH 43420 (419) 355-8222. And that linked to their overall market weakness. So look, I think there's a couple of things in the full year guide. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. So the U.S., again, we've gone through a period of capacity build-out on an oversold market, and there's been some rationalization. * Approximately 75% of aluminum . I mean that category, though, overall, I think, is beginning to move. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores Holdings Vs or Ardaghs securities; (ii) the risk that the proposed Business Combination may not be completed by Gores Holdings Vs business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores Holdings V; (iii) the failure to satisfy the conditions to the consummation of the proposed Business Combination, including the approval of the proposed Business Combination by Gores Holdings Vs stockholders, and the satisfaction of the minimum trust account amount following redemptions by Gores Holdings Vs public stockholders; (iv) the effect of the announcement or pendency of the proposed Business Combination on Ardaghs or AMPs business relationships, performance, and business generally; (v) risks that the proposed Business Combination disrupts current plans of Ardagh or AMP and potential difficulties in Ardagh or AMP employee retention as a result of the proposed Business Combination; (vi) the outcome of any legal proceedings that may be instituted against Gores Holdings V or Ardagh related to the proposed Business Combination; (vii) the ability to maintain, prior to the closing of the proposed Business Combination, the listing of Gores Holdings Vs securities on the NASDAQ, and, following the closing of the proposed Business Combination, AMPs shares on the NYSE; (viii) the price of Gores Holdings Vs securities prior to the closing of the proposed Business Combination, and AMPs shares after the closing of the proposed business combination, including as a result of volatility resulting from changes in the competitive and highly regulated industries in which AMP plans to operate, variations in performance across competitors, changes in laws and regulations affecting AMPs business and changes in the combined capital structure; and (ix) AMPs ability to implement business plans, forecasts, and other expectations after the closing of the proposed Business Combination, and identify and realize additional opportunities. To read more about our new targets, please click here for our 2021 Sustainability Report. The proxy statement/prospectus will contain important information about the proposed business combination and the other matters to be voted upon at a meeting of Gores Holdings Vs stockholders to be held to approve the proposed business combination contemplated by the Business Combination Agreement and other matters. So look, I think it's unchanged from the full year. And again, we're talking about prices coming off historically very high levels because of the market was so tight. So we're not seeing any significant price activity. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. North America grew by 5%, and more than offset marginally softer shipments in Brazil. First quarter adjusted EBITDA in Europe fell by 8% on a constant currency basis to $49 million as the contribution from higher shipments and input cost recovery was offset by higher overhead costs and the known impact from the timing of inflation recovery recognition in EBITDA. Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. 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. And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. AMP's earnings release and related materials for the first quarter can be found on AMP's website at www.ardaghmetalpackaging.com. 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. Thanks for that, Ollie. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh. 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. Any thoughts there would be appreciated. Details of Ardagh Metal Packaging beverage can plant. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. Why the drag on working capital, why you expect to get it back to the source of $100 million, I think you said for the year? 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. The conference call will be accompanied by a detailed investor presentation. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Website. Ardagh Group provides a wide range of beverage cans in many shapes and sizes to some of the most recognizable brands in the world, serving such beverage categories as sparkling water, soft drinks, beer, wine, flavored malt beverages, energy drinks and teas. We're 2% Q1, and we could tick up a little bit from there. 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. You mentioned the promotional activity. Thank you for joining today for Ardagh Metal Packaging's first quarter 2023 earnings call, which follows the earlier publication of AMP's Earnings Release for the first quarter. (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. So yes, nothing to report there. 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. So it's got no meaningful impact really on our capacity position. We haven't guided on it, but I think that some of the market numbers we've seen are in the right order. Copyright 2023 Morningstar, Inc. All rights reserved. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Metal can packaging offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. 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. 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. It serves the beverage, beauty, pharmaceuticals . Directions Advertisement. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. The document includes detailed information on the manufacturers and suppliers and their products, along with contact details, to inform your purchasing decision. I mean, George, it's true that you get some share shifts in some markets over time from one way to cans, particularly in North America. The Company believes that strong demand in traditional and new beverage categories coupled with environmentally-conscious end consumers are driving an inflection point in beverage can demand and the Company is well positioned to capitalize on these multifaceted growth opportunities. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Or are we operating at a high level? We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. We're confident our peers will monitor that in the same way. Sure. Shearman & Sterling LLP is acting as legal advisor, to Ardagh. Luxembourg B 251465, Modern Slavery Statement I think the market has got a couple of $100 million down from that. And the third element is that our program included a significant proportion of seltzers, which had a very strong mix impact in our numbers. We are forecasting volumes to grow at a high single-digit percentage in 2023 in Brazil, which is underpinned by the recent start-up of new capacity in Alagoinhas, customer mix and the market recovery strengthening into the second half of the year supported by an easing of customers' input cost pressures. Total beverage can shipments in the quarter were 3% higher than the prior year, with 5% growth in North America and 2% growth in Europe, offsetting a 1% decline in Brazil. 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. 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 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. 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. Learn how it impacts everything we do, https://www.ardaghmetalpackaging.com/investors, https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--first-quarter-2023-results-301809466.html. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed Business Combination may be obtained by reading the proxy statement/prospectus regarding the proposed Business Combination when it becomes available. Now potentially, the market is a little bit more balanced. They've chosen to kind of accelerate their glass investment, and then you guys have sort of delayed the greenfield investment that you're going to make in cans down in Brazil. [Operator Instructions]. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands.

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