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. By law, you can bring up to 50 aluminum, 50 glass, 50 plastic, and 50 bi-metal California Redemption Value (CRV) containers and request to be paid by count. Europes Revenue decreased by 3% to $486m in the three months ended 31 March 2023, compared to $499m in the same period last year. Adjusted EBITDA for the quarter was $81m, decreasing by 9% compared to $89m in the same period last year, primarily driven by input cost headwinds and higher operating costs, partly offset by favourable volume/mix effects. Thank you. Look, it's going to go very meaningfully lower. Okay. 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. 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. PRIIPs/Prospectus Regulation/IMPORTANT EEA AND UK RETAIL INVESTORS. So we're not seeing any significant price activity. 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%. 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. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. One longer-term question, one sort of short-term financial question. And maybe just to clarify on a couple of those points. I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and David Bourne, AMP's Chief Financial Officer. At this time, I would like to turn the conference over to Mr. Stephen Lyons, Ardagh Metal Packaging Investor Relations. Please disable your ad-blocker and refresh. 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. We are proud to have committed to the International Aluminium Institute's, Aluminium Forward 2030 initiative, bringing together global leaders across the aluminium supply chain, with the aim to accelerate progress towards net zero emissions. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. We're not letting any of the bank on it, but we're still excited about the still water category. But on the direct energy pass-through, as energy falls, that will get passed through back to customers. About Ardagh Metal Packaging. I'll take the first and hand over to David on the working capital. 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. Metal is a permanent material, meaning it can be infinitely recycled without any loss of quality. In fact, it's more than minus 10%. Earnings Webcast and Conference Call Details. What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? The people that make up AMP share much more than a strong brand and an excellent reputation. We will continue to closely monitor demand conditions and balance our capacity in a disciplined manner. 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. Provide specific products and services to you, such as portfolio management or data aggregation. Metal is a permanent material, meaning it can be infinitely recycled without any loss of quality. Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. We're highly contracted and so are our major peers through the middle of the decade. 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 following are a few key characteristics: Alternative printing and embossing techniques for brand differentiation, enabling beverages to draw consumer attention and enhance brand loyalty. The contribution from shipment growth was more than offset by higher operating costs. And I guess you'll talk about the regional trends maybe in some of the other questions. Just wanted to maybe expand a little bit more on the customer dynamics. 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. john.sheehan@ardaghgroup.com, Media And so we can't speak to what impact that's having on them and their position. And we're not giving exact numbers on any of this, but it means that it won't be '24, and it won't be at that level. So if you agree with that premise, and the numbers are the numbers. 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. On the promotional activity, what gives you the confidence that -- and you mentioned, I think, in non-alcoholic that you're starting to see some activity and some improvement, but why should we expect that, that's going to continue going forward? Again, clearly, with the events of the last few weeks, there's going to be very different outcomes for different players in the market, depending on which customer they've got on the beer side. 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. Please go ahead. 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.. But as I say, all of those activities were completed last year. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the Definitive Proxy Statement, including those under Risk Factors therein, and other documents filed by Gores Holdings V, Ardagh or AMP from time to time with the SEC. 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. 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. 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. This, in turn, supports our dividend policy and balance sheet deleveraging. So I think we'll again see some volatility in results across the can makers. Please go ahead. 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. So we have some payments this year. Ardagh will retain an approximately 80% stake in AMP and receive up to $3.4 billion in cash in the transactions. Following closing of the business combination, Ardagh currently intends to offer holders of its Class A common shares the opportunity to exchange their Class A common shares for consideration which may include a portion of Ardaghs holding in AMP. And again, sort of, I don't know, maybe 6 to 12-month lag, maybe it's 12 months entirely. Please go ahead. And just so on that note then, does your European business take a step down from here? I think that the existing players in the market is probably around flat. Some of your peers have commented on restructuring the contracts to recover some of that through pricing. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. We are very well diversified in our customer base in Brazil, and we do not expect that the reorganization process will negatively impact on overall beer consumption in the country. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Glass packaging protects its content and enhances a brands appeal. As the only pure-play beverage can company, AMP products touch billions of consumers worldwide. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. And again, we're talking about prices coming off historically very high levels because of the market was so tight. So what we see is a lot of variation between customers depending on their pricing strategies. Yes. Under the Social pillar of our sustainability strategy, Ardagh committed to invest approximately $50 million from 2021-2032 in the local communities in which our U.S. facilities are located. Murray Group And as David just mentioned, we've got a very tough comparator coming in Q2 where post COVID, the market opened up very fast and very strong. PLTW provides students from pre-kindergarten through high school (PreK-12) with hands-on manufacturing and engineering pathway options and real-world challenges while focusing on teacher training and continuous innovation. 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. 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? A subsidiary of sustainable packaging. We build upon the inherent environmental advantages of metal beverage cans by clearly supporting our customers sustainability platforms. I mean that category, though, overall, I think, is beginning to move. Maybe just because Anthony set it up, I'll cover the dividend. And then also, what does that mean for your European footprint in terms of now potentially having some excess slack over in the Austrian region? Pat Walsh 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. So as I say, we think that's a fundamental shift. And so our growth has definitely come when we're talking about normal periods, 1%, 2%, 3%, before we had the big sustainability tailwind, a proportion of that was glass substitution, but often also two-way. And as I said in my other remarks, I think there's a few other categories very ripe for the can, including the sports drink as well. Having made these opening remarks, we'll now proceed to take any questions that you may have. (568ml) aluminum beverage can offering enables. Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. We have also added an earnings presentation on to our investor website for your reference. Sard Verbinnen & Co The market recorded a high single-digit growth rate against a weak 2022 comparator and was softer than anticipated as adverse weather and more challenging macroeconomic backdrop pressured consumption. Adjusted EBITDA in the Americas decreased by 9% to $81 million in the first quarter. So if that's the case, how much lower can your CapEx go? The conference call will be accompanied by a detailed investor presentation. Ardagh Metal Packaging Usa in Brea, CA. Ardagh Group is a leading global supplier of value-added, infinitely-recyclable, metal and glass packaging solutions. 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. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Actual results could vary materially from such statements. Combined Company Expected to Have Post-Transaction Enterprise Value of Approximately $8.5 Billion, Business Combination Includes up to $525 Million in Cash from Gores Holdings V and $600 Million Private Placement Led by Top-Tier Investors, Ardagh Group to Retain Approximately 80% Stake in Ardagh Metal Packaging and Receive up to $3.4 Billion in Cash. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of approximately $7 billion. So look, I think it's unchanged from the full year. None of Gores Holdings V, Ardagh or AMP gives any assurance that either Gores Holdings V or AMP will achieve its expectations. So just to clarify that whether it's kind of No, I certainly would say that. We will show continued discipline with our capacity planning in the interim. 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 look, I mean, our investment profile is front-loaded in terms of, as we said in the opening remarks, we are finishing off projects largely that have been crystallized, started last year and under flowing through. It's near or minus 20%, and then you've got the other growth components bridging back up. 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. And is that driven primarily by kind of volume recovery or maybe cost? jchou@gores.com, John Christiansen/Cassandra Bujarski/Danya Al-Qattan 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,. Additional information about the transactions, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Gores Holdings V and in a report on Form 6-K to be filed by Ardagh with the U.S. Securities and Exchange Commission and available at www.sec.gov. For more information, visit https://www.ardaghmetalpackaging.com/investors. The second element is, we've not built out all the investment in the original program, so particularly the Brazil greenfield. 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. In terms of the other players, I think most of them did get some degree of contractual coverage on their investments. Then that gets us into a very sustainable position for funding the dividend. 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. And then I think what drove the shift out of returnable and has driven it in all markets as GDP per capita rises is that as consumers get richer, they don't like returnable and retailers and mass retailers, in particular, that grow with economic development also particularly don't like returnable. And so that's a tough comparator for us. 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. So energy costs have risen very significantly as a proportion of household income. 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. Our performance in North America, with good volume growth, and Europe with improved cost passthroughs were both ahead of expectations. And as you put those numbers together with some EBITDA growth, that's why you can see we're very confident in the sustainability of the dividend. Ardagh Metal Packaging (AMP), 75%-owned by Ardagh Group islisted on the New York Stock Exchange. We're 2% Q1, and we could tick up a little bit from there. I think you said Europe looking just to mid-single digit. 1. And so I think customers in Brazil are still short and importing the one way, and that explains why you might see investments there. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh. The impact to our business is offset by growth across other categories, including carbonated soft drinks, energy and wellness and in spirit-based ready-to-drinks. So if the beverage companies do increase their promotional activity, does that result in maybe some give back of price or especially with considering the deflation. Ardagh is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. Metal has the best recycling rates of all packaging materials in Europe, contributing to a circular economy. So there's some good space for additional innovation still to come. And so we would expect a continued growth like that but not necessarily at the level you've always seen in North America. I think the market has got a couple of $100 million down from that. 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. And we, as I say, we've done our assessment on that with our security position, and we're comfortable with our position. They are infinitely recyclable and contain an average of approximately 70% recycled content. So we're working very hard this year to get that inventory back aligned through the year, and that's our $100 million working capital inflow for the year is our step along that particular journey. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. No, I wouldn't say that. I had a question, two actually, on Brazil. About Search Results. Future-proofing food processing and packaging, The future of packaging from linear to circular, Flexible packagings key challenge: New Inside Packaging issue out now, How Gen Z shoppers are forging the future landscape of packaging, Mondi develops paperbag solution for rollpacking mattresses, Smurfit Kappas EBITDA rose 13% in Q1 2023, M&S launches recyclable rice and grains packaging, Kroger hits milestone in recycling programme, LyondellBasell agrees to buy Veolias share in joint venture QCP, International Paper records $5.02bn net sales in first quarter FY23, Avery Dennison registers 12% decline in net sales for first quarter FY23, Six challenges of ham and bacon processing and how to solve them, Packaging and the circular economy: How to establish a successful reuse model, Inject less, retain more quality GEA Food Solutions on their latest OptiFlex needles that dont clog, bend or break, Packaging Industry Mergers and Acquisitions Deals by Top Themes in Q1 2022 - Thematic Research.
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