For more, click here. Just wanted to maybe expand a little bit more on the customer dynamics. Those are linked to when the market was very tight, and customers were diversifying a bit. We will continue to closely monitor demand conditions and balance our capacity in a disciplined manner. Provide specific products and services to you, such as portfolio management or data aggregation. So let's go region by region. 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. 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. 1. We have local experts who understand your customers needs and who can speak your language. Probably mostly around the new. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, https://www.ardaghgroup.com/corporate/investors. I think if I recall correctly, your last quarter, your thought process was maybe industry does mid-single digit, and Ardagh, maybe is closer to low single digits. From 24/7 support and production line maintenance, to on-going quality performance analysis and efficiency improvements, we work directly with customers to ensure our packaging performs above and beyond expectations. I think it will be adjusted free cash flow positive for this year. 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. Develop and improve features of our offerings. Yes. Pat Walsh Congrats on your results. We support our customers' drive to differentiate their products, providing innovative shaping, decoration and convenience features. 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. 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. There's a little bit of the margins on the spot market with small volumes typically to smaller players, but we don't see anything significant. We will show continued discipline with our capacity planning in the interim. Thanks, George. 347 S Stimson Ave. City Of Industry, CA 91744. 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. 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. And we also just have some one-off effects in our results. 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. AMP's earnings release and related materials for the first quarter can be found on AMP's website at www.ardaghmetalpackaging.com. I wanted to go back a little bit to the curtailment actions, but also to I think you mentioned in some still water over in Europe moving to the U.S., and I believe you have a key customer there that is relatively small but seen pretty strong growth rates. Highlights. Could you comment on that in the context of capacity? Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. 1. And so you'd expect to see overall average pricing moderating relative to wage growth and other factors. And again, we're talking about prices coming off historically very high levels because of the market was so tight. Are they going to have a hard time kind of breaking in with the amount of contracted revenue that you feel like the industry has right now? And maybe you can just characterize what you're seeing in Europe from a demand perspective. Ardagh Metal Packaging S.A. - First Quarter 2023 Results, Investors Look Right Past the First Republic Bank Closure, Markets Brief: 10th Straight Fed Rate Hike on Tap. Fixed cost under absorption net of our mitigating curtailment actions remains a headwind to our performance. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. So yes, no particular trend, I think in there. And returnable systems then eventually do collapse because they lose scale. Please go ahead. 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. The growth of our business over the past decade has been driven by our unrivalled expertise and commitment to innovation. So I think the way we'd characterize that is the major players are taking action to keep ourselves balanced and to keep utilization in the 90s. 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. 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 conference call will be accompanied by a detailed investor presentation. The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. So when you think about the IPO trajectory, obviously, there's been some changes there. ARDAGH METAL BEVERAGE USA INCORPORATED EPA Registry Id: 110001360214 4001 MONTDALE PARK DRIVE VALPARAISO, IN 46383-0607 Query executed on: APR-14-2023 Additional information for CERCLIS or TRI sites: This information resource is not maintained, managed, or owned by the Environmental Protection Agency (EPA) or the Envirofacts Support Team. In fact, it's more than minus 10%. So we're still talking about pricing being in healthy margin territory. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. 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. What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? By Mohamed Dabo. So we're not seeing any significant price activity. We will take our next question from [Alex Simon from Tieco] [ph]. If you have an ad-blocker enabled you may be blocked from proceeding. You can see some EBITDA growth into next year and then the BGI drop. You've got different players performing differently. Thank you. The Company intends to apply to list its shares on the New York Stock Exchange (NYSE) under the new ticker symbol AMBP. Our materials play a key role in the circular economy. 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. 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. I'll give an overview, and then I'll let David cover anything further. North America grew by 5%, and more than offset marginally . So yes, nothing to report there. Thanks for that, Ollie. Luxembourg B 251465, Modern Slavery Statement Wed like to share more about how we work and what drives our day-to-day business. 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. Ardagh Metal Packaging operates 24 production facilities in nine . Yes. The decrease in Adjusted EBITDA was principally due to negative volume/mix effects (including the seasonal rebalancing of the contract asset margin), partly offset by the pass through to customers of higher input costs. You have billboard. 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? Thank you. Net leverage at the end of the quarter, up 5.8x LTM adjusted EBITDA, was modestly better than our expectation and was despite a strengthening in the euro-dollar rate into the end of the quarter. By downloading this case study, you acknowledge that GlobalData may share your information with VMS Engage Buyers Guide and that your personal data will be used as described in their Privacy Policy. And that linked to their overall market weakness. And so I think that although there is capacity in the market, I think it's being managed in a good way. The timing and terms of any such transaction, if effected at all, has not been determined. 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. 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? A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. Metal's unique and proven product protection qualities are outstanding. And Ollie, I'll take that at surface level, and that's great. Aluminum can manufacturing means that our products are infinitely recyclable, serving as a model for environmental excellence and a circular economy. Appreciate that. 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. +353 87 2269345 / +1 646 776 5918. We're not letting any of the bank on it, but we're still excited about the still water category. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. 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. Ardagh Metal Packaging S.A., 56, rue Charles Martel, L-2134 Luxembourg, LuxembourgR.C.S. And good luck on the rest of the year. San Pedro, CA (310) 519-2400. We remain in close dialogue with the customer who continues to trade through the process. The second element is, we've not built out all the investment in the original program, so particularly the Brazil greenfield. Yes. So are we balanced in the U.S.? 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. 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. I think March was slightly weaker than expectations, and April similarly, but we're looking into May and June where we see some good demand. 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. Ardagh Metal Packaging Usa Inc. 936 Barracuda Street. And therefore, there's a very meaningful step-down into 2024. Gear advertisements and other marketing efforts towards your interests. 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. And due to our security coverage, we do not foresee a material credit risk at this point in time. (568ml) aluminum beverage can offering enables. 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. Can you give us a rough bridge, David, in terms of how we go from roughly $180 to the $170 2Q versus 2Q? 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. Okay. Entering text into the input field will update the search result below. Our bonds have been issued on fixed rate terms and not mature before 2027. Luxembourg B 251465, Modern Slavery Statement 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. read more . And we're doing that either through some closures, as we've signaled in our Europe business, with the steel line, all we're doing it through curtailment actions, so taking down capacity and reducing cost as far as possible through that because we intend to run in the 90s, and that's the situation we're going to monitor. So to cover off your second point, working capital, if you go back to FY '22, we had approximately $200 million outflow that's partly as we came down in terms of the demand pattern from our initial expectations and had an inventory build with that. Adjusted EBITDA for the quarter of $81 million decreased by 9%, compared with $89 million in the same period last year, primarily driven by input cost headwinds and higher operating costs, partly offset by favorable volume/mix effects. Ardagh Group S.A. ("Ardagh") (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world's leading brands And just so on that note then, does your European business take a step down from here? So mix is important, and it can vary quite a bit month-to-month. And then the high-level question, yourself and some of your peers are taking actions to kind of curtail volumes and balance the market out, but there are still some new entrants who are talking about adding some pretty meaningful capacity. 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. 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. Some of your peers have commented on restructuring the contracts to recover some of that through pricing. Total liquidity of $495 million at March 31, 2023. Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. The metal can also shields against sunlight, providing impeccable ingredient protection assuring desired taste profiles. You mentioned the promotional activity. We haven't guided to it. 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 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. No, I wouldn't say that. 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. Website. So just to clarify that whether it's kind of No, I certainly would say that. Ardagh Group is a leading global supplier of value-added, infinitely-recyclable, metal and glass packaging solutions. Ardagh has reaffirmed its full-year guidance, with shipment growth of mid to high single digits. But on the direct energy piece, yes, there will clearly be some get back with the dropping of the energy price. And appreciating that you can't speak for kind of your sister organization. We're confident our peers will monitor that in the same way. 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. Cash outflow in the period which reflects seasonality and a first half weighting of unchanged planned growth capex was marginally ahead of expectations. Director of Forming Operations - Food & Spirits. pwalsh@murraygroup.ie 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. So that's also a drag. And I think one of your peers talked about potential buying patterns in Europe where customers are maybe delaying a little bit of buying, maybe until we get a little bit closer into the summer season. There clearly is now action there, new brands, new activity and people very interested in it. Please go ahead. AMP operates 24 production facilities in nine countries, employing more than 6,300 employees and had sales of $4.7 billion in 2022. Look, it's going to go very meaningfully lower. 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. * Approximately 75% of aluminum . So that's why we still think it's a low single to mid-market this year. Gores Holdings V is a special purpose acquisition company sponsored by an affiliate of The Gores Group for the purpose of effecting a merger, acquisition, or similar business combination. We've got some still water filling that's moved back to the U.S. Details of Ardagh Metal Packaging beverage can plant. Obviously, there's still softness in key areas. 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. 16 countries, employing more than 21,000 people with sales of approximately $10bn. 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. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ETCorporate ParticipantsStephen Lyons - IROliver Graham - Chief Executive OfficerDavid Bourne -. Ardagh Group 3.2. Please use the following webcast link to register for this call: https://event.webcasts.com/starthere.jsp?ei=1606643&tp_key=ceef72e355, United States/Canada: +1 800 239 9838International: +44 330 165 4027Participant pin code: 6230856, An investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. I appreciate that. A subsidiary of . Therefore, you are cautioned not to place undue reliance on these forward-looking statements. So as I say, we definitely have some strength in beer, but we also have some weakness at the higher end. Whatever your customers told you specifically in terms of why you think promotional activity is going to pick up, particularly in non-alc, over the rest of the year? 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. In connection with the proposed transactions contemplated by the Business Combination Agreement (the Business Combination), (i) AMP is expected to file a registration statement on Form F-4 with the SEC that will constitute a prospectus of AMP and include a proxy statement of Gores Holdings V (the Registration Statement) and (ii) Gores Holdings V intends to file with the SEC a definitive proxy statement (the Definitive Proxy Statement) in connection with the proposed business combination contemplated by the Business Combination Agreement and will mail the proxy statement/prospectus and other relevant documents to its stockholders. 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 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. And so I think what that means, there's a volatility in demand patterns customer by customer. And you mentioned earlier that kind of the marginal or kind of spot can out there, there has been some pricing pressure. Ardagh Metal Packaging (AMP), 75%-owned by Ardagh Group islisted on the New York Stock Exchange. 1901 Avenue Of The Stars, Suite 450 Los Angeles, CA 90067 Anwar Dillon-Thomas Burton Attorney at Bokhour Law Group 1901 Avenue Of The Stars, Suite 450 Los Angeles, CA 90067 Defendant Attorneys Sabrina Layne Shadi We've started those actions, and we're well into them, and we'll be monitoring the extent we need to do through the year. The business has grown significantly since our acquisition of the metal beverage packaging business in 2016 and we have a clear roadmap that we believe will lead us to more than double Adjusted EBITDA by 2024, as we invest in support of our customers growth. Thank you for your participation. But as I say, all of those activities were completed last year. I think the price lever is at that limit. 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. 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. Looking at AMP's results by segment and at constant exchange rates. Q1 2023 Ardagh Metal Packaging SA Earnings Call. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. 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? Categorized under Can Manufacturers. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. This press release contains certain AMP projected financial information. We believe a partnership approach is essential in the development of both product and process innovation. Luxembourg B160804, Modern Slavery Statement Our performance in North America, with good volume growth, and Europe with improved cost passthroughs were both ahead of expectations. But obviously, the main thing that's going on for our business at the moment is that the capital expenditure we have this year is just the wrap-up of the projects that we've essentially more or less completely finished. How would you kind of characterize the competitive environment in cans in North America? That will conclude today's conference call. Okay. 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? How concerned are you about the spread of Coronavirus? 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. So I think we're well placed for the growth that's about to come. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. Together with the cash held in Gores Holdings Vs trust account, additional investors have committed to participate in the proposed business combination by purchasing 60 million shares of AMP for an aggregate purchase price of $600 million in a private placement (the PIPE) at $10.00 per share. 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. Actual results could vary materially from such statements. Please go ahead. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. We have today announced our quarterly ordinary dividend of $0.10 per share to be paid later in June, in line with our guidance and supported by our improving cash generation outlook. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh. 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. Today's conference is being recorded. So that's typically what we're looking at there. Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. So we have some payments this year. 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.
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