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. Once cans arrive at stores, stacking efficiency provides easy and effective retail display. Metal's unique and proven product protection qualities are outstanding. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. San Pedro, CA (310) 519-2400. And actually, in some markets, when they're trying for revenue management, they will push glass for a while. Our philosophy of continuous improvement extends to a superior level of on-site services to our customers worldwide. * Ardagh Metal Beverage North America produces more than 15 billion cans and can ends annually? Is there ability for some shift there? So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. Please go ahead. Pro forma Adjusted EBITDA is not calculated in accordance with IFRS or U.S. GAAP. 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. 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. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. The company is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. 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. 16 countries, employing more than 21,000 people with sales of approximately $10bn. 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. Thanks, George. And then I know you've given a lot of color regarding the categories in some of the regions. And maybe just to clarify on a couple of those points. Please go ahead. Directions Advertisement. We've got some filling that moved to the Nordics where we don't have capacity. Our actions taken on cost recovery and our well-advanced investment program will drive adjusted EBITDA growth and significantly improve adjusted free cash flow generation in 2023 and beyond. So as I say, we think that's a fundamental shift. 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. Ardagh Metal Beverage USA Inc. Attorney/Law Firm Details Plaintiff Attorneys Mehrdad Bokhour Attorney at Bokhour Law Group, P.C. Or are we operating at a high level? Read our editorial policy to learn more about our process. 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. Both businesses performed ahead of our expectations, offsetting a softer performance in Brazil and supporting the delivery of our adjusted EBITDA guidance. There's just some ups and downs and I think that goes back to the fact that the market remains a little bit volatile. 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? Develop and improve features of our offerings. The second element is, we've not built out all the investment in the original program, so particularly the Brazil greenfield. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. Our adjusted EBITDA result represented an 8% decline on a constant currency basis versus the prior year quarter. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. You may now disconnect. I don't know, David, if you want to add anything to that. About Team NEO Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. And I guess you'll talk about the regional trends maybe in some of the other questions. I mean it's not the biggest situation. Yes. 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? 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. But as I say, all of those activities were completed last year. How would you kind of characterize the competitive environment in cans in North America? We haven't guided to it. Ardagh Metal Packaging operates 24 production facilities in nine. Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. None of Gores Holdings V, Ardagh or AMP gives any assurance that either Gores Holdings V or AMP will achieve its expectations. 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. So energy costs have risen very significantly as a proportion of household income. * 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 interested investors who wish to participate, the conference call and replay details will be available on the Investors section of the Ardagh Group website at https://www.ardaghgroup.com/corporate/investors. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. So the cash CapEx, I think of the order of $300 million, some leasing activity on top of that. 347 S Stimson Ave. City Of Industry, CA 91744. john.sheehan@ardaghgroup.com, Media When are we on path to maybe see that? 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. If you have an ad-blocker enabled you may be blocked from proceeding. Our expectation for industry growth in 2023 supported by positive secular tailwinds is for a low single-digit percentage growth in the Americas and a low to mid-single-digit percentage growth in Europe. But on the direct energy pass-through, as energy falls, that will get passed through back to customers. Or is that just sort of a tail risk or something I'm kind of making up in my head? Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. Okay. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Ardagh is a global supplier of infinitely-recyclable metal and glass packaging for the worlds leading brands. But then there is also an acceleration of our inflation recovery. 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. Actual results could vary materially from such statements. Sure. Turning our attention to AMP's first quarter results. Thank you for your participation. So you will see a first half weighting to our business growth investment, then starts to tail off as we get towards the back end of the year. Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. Please use the . In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. And so you get the shift into one-way packaging. 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. To date, Alec Gores and affiliates of The Gores Group have announced and completed six business combinations representing over $27 billion in transaction value. With a compelling financial profile and clear trajectory for growth, we believe AMP can continue to lead the charge, and we look forward to partnering with Paul Coulson and the team as they continue to execute a targeted expansion strategy supported by highly visible market demand and a strong track record of disciplined and efficient capital deployment., Sustainability is an important component of our investment strategy, and AMP is a clear leader in this spaceenvironmentally, ecologically and socially, said Mark Stone, Senior Managing Director of The Gores Group and CEO of Gores Holdings V. As customers around the world continue to demand sustainable solutions, we believe the Company is strongly positioned to capitalize on the exceptional growth opportunities ahead and were thrilled to be partnering with the team to do so.. Moving now to our financial position. And we also just have some one-off effects in our results. Entering text into the input field will update the search result below. 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. And that linked to their overall market weakness. The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. 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? So yes, keep an eye on off-trade penetration of cans is the number to look for. So there's also some one-off effects in Europe. There clearly is now action there, new brands, new activity and people very interested in it. I think in Europe, we see that the consumer is still resilient, but they are clearly under pressure. 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. So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. Ardagh has reaffirmed its full-year guidance, with shipment growth of mid to high single digits. 2. 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. I think the market has got a couple of $100 million down from that. Appreciate that. Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. Thank you. Investors And therefore, that growth we see having zero impact on our growth because our growth will be much more significant given the capacity position, given the consumer adoption of the can and given the significant shift we expect out of two-way. Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. Revenue of $1,131 million in the three months ended March 31, 2023 decreased by $6 million, or 1%, compared with $1,137 million in the same period last year. We believe that's a very strong space for the cans to grow share, currently very underpenetrated and lots of room for healthier options there as well. Cookie Policy | Privacy Statement | Terms&Conditions. Very concerned Slightly concerned Neither concerned nor unconcerned Not very concerned Not concerned 0% GlobalData GlobalData And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. The contribution from shipment growth was more than offset by higher operating costs. Verify your identity, personalize the content you receive, or create and administer your account. Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. Turning to our sustainability agenda. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. This press release relates to the proposed Business Combination. 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. Adjusted EBITDA of $130 million was down 8% on the prior year on a constant currency basis. But even within beer, we have some very high performers. I guess first question is on Europe. AMP's state-of-the-art can manufacturing facility will occupy about 40,000m (430,556ft). That will conclude today's conference call. And so I think that although there is capacity in the market, I think it's being managed in a good way. 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. I think that's right. But in any event, perhaps we want to solve that on this call, but that's the only thing I'd point out there. Yes. And then also similarly in Europe and Brazil, how did you characterize the supply and demand? Sort:Default. Ardaghs disciplined cost stewardship, actions to improve manufacturing efficiency, and stronger input cost recovery led to a solid start to the year. 1. 2023 outlook reaffirmed: shipment growth of mid to high single digits and full year 2023 Adjusted EBITDA growth of the order of 10%, weighted towards the second half of the year. 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. And that's a fundamental shift, and we expect that to continue once the normalization occurs around the very high inflation that's occurred on the can in the last 6, 12 months in Brazil, which we talked about and others have talked about, that's about the LME and where our customers have to hedge LME, and it's also about the fact that with dollar price elements of the can, which in a devaluing currency environment obviously increases inflation. Overall, the decline in the year reflected softer conditions in the Brazil market, with our performance in North America ahead of the prior year and our expectations due to good volume growth and improved manufacturing efficiency. As a permanent material glass is 100% and infinitely recyclable, making it the perfect packaging choice for products today and in the future. Hi, Arun. North America grew by 5%, and more than offset marginally . From Bank of America, we will take our next question from George Staphos. So the European business takes a step up from here. Yes. But I think we still think there are other categories and other customers where there's a bit more strength that we don't play in, particularly on the energy drink side. We haven't guided on it, but I think that some of the market numbers we've seen are in the right order. And right now, you need to be operating in economy or price competitive parts of the market or you need to be discounting into those parts of the market because the consumer is under pressure. So effectively, in Q2 last year, you had the Brazil reopening, which was a volume coming in the offseason from transitioning out of COVID, which gave a very unusual offseason pattern. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. So exactly. We will continue to focus on working capital efficiencies, and our guidance for a full year working capital benefit of approximately $100 million remains unchanged. This offset softer performance in Brazil where industry demand is slowly recovering. 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. And then just last one here on CapEx. Today's conference is being recorded. We have also added an earnings presentation on to our investor website for your reference. But that means that by Q2, you should see the working capital rightsizing for raw materials relative to payables as we go through that journey. We offer the latest innovations across such areas as decoration, label graphics, end design, and more. From Wells Fargo Securities, we will take the next question from Gabe Hajde. John Sheehan Continuous improvement across manufacturing processes through material, energy and water reductions that further strengthen Ardaghs and our customers sustainability platforms. And we don't see that happening this year. As the only pure-play beverage can company, AMP products touch billions of consumers worldwide. What makes you confident your potential to realize this $300 million CapEx by year-end? Thanks for that, Ollie. Paul Coulson, Chairman and CEO of Ardagh, will serve as Chairman and Shaun Murphy, COO of Ardagh, will serve as Vice Chairman of the Company following the closing of the transaction. Before making any voting or other investment decision, investors and security holders of Gores Holdings V are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about Gores Holdings V, AMP and the proposed Business Combination. Our next question is from George Staphos from Bank of America. 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. Ardagh is pleased to announce that its acquisition of Consol Holdings Proprietary Limited, the leading producer of glass packaging on the African continent, has completed. read more 26. We support our customers' drive to differentiate their products, providing innovative shaping, decoration and convenience features. You mentioned the promotional activity. The Company has an entrepreneurial owner-manager culture that has led to a successful transformation underpinned by powerful industry dynamics. So that typically has a floor. Please disable your ad-blocker and refresh. Please review the detail of AMP's forward-looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in AMP's earnings release. Cookie Policy | Privacy Statement | Terms&Conditions. Forward-looking statements speak only as of the date they are made. Can you give us a rough bridge, David, in terms of how we go from roughly $180 to the $170 2Q versus 2Q? What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? But that said, I think we're sitting nicely now with a period of growth in the industry about which we're very confident and with no need to do further investment and with a good set of new and efficient assets.
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