These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, forecast, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions (including the negative versions of such words or expressions). I referred to it in the remarks, but there's some drag in Q1 from the timing of the recognition of those PPI mechanisms into EBITDA, and that drag has gone after Q1. Yes. 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? This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS. 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. Some of the pricing actions that are being taken that are very different across our customer base. And overall, we think the European market is pretty resilient on the can side, very strong sustainability tailwind still, and again, good innovation coming into the can. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. I mean North America and Europe, you've seen cans grow versus one-way glass over the last 20 years or so and over the last 10 years. On closing of these transactions, in addition to its holding in AMP, Ardagh will retain 100% ownership of its glass packaging business as well as its 42% stake in Trivium Packaging BV. We delivered a solid performance in the first quarter and met our market guidance. Cash outflow in the period beat our expectation but reflected the usual seasonality in working capital with a working capital outflow in the quarter of $346 million. I guess maybe if it's more helpful to talk by categories, that's fine and you could do that. The company will invest at least $195 million to expand its current beverage can metal manufacturing facility in Winston-Salem. Ardagh Group - Wikipedia The document includes detailed information on the manufacturers and suppliers and their products, along with contact details, to inform your purchasing decision. The hard seltzer category accounted for 8% of North America shipments in the quarter, with the segment remaining under pressure. Summers at MIC: Be Careful in the Stock Market, 2 Undervalued Stocks From the Morningstar Wide Moat Focus Index, Maybe 2022 Was the Start of the Return to Normal, Aswath Damodaran Says, First-Quarter Returns Positive Despite Banking Crisis and Fears of Recession, The Best iShares ETFs and BlackRock Funds, 20 Best Healthcare Companies to Invest In, Transparency is our policy. 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. The decrease in Adjusted EBITDA was mainly due to negative volume/mix effects, partly offset by the pass-through to customers of higher input costs. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. 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. The Gores Group Diaz v Ardagh Metal Beverage USA Inc - unicourt.com We remain in close dialogue with the customer who continues to trade through the process. Oliver Graham, CEO of Ardagh Metal Packaging, said: "We delivered a solid performance in the first quarter meeting our market guidance, due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. 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? Ardagh Metal Packaging S.A. - First Quarter 2023 Results Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. Develop and improve features of our offerings. The company is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. And you mentioned earlier that kind of the marginal or kind of spot can out there, there has been some pricing pressure. Beverage Container Recycling - CalRecycle Home Page We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. Investors and security holders will be able to obtain free copies of the Registration Statement and the Definitive Proxy Statement and all other relevant documents filed or that will be filed with the SEC by Gores Holdings V or AMP through the website maintained by the SEC at www.sec.gov, or by directing a request to Gores Holdings V, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou or by contacting Morrow Sodali LLC, Gores Holdings Vs proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400). Given the Q1 CapEx, how much above the average targeted quarterly level? Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. So yes. Yes. So if that's the case, how much lower can your CapEx go? The contribution from shipment growth was more than offset by higher operating costs. 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. We operate 65 metal and glass production facilities in 16 countries, employing more than 20,000 people. These filings identify and address (or will identify and address) other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. It's near or minus 20%, and then you've got the other growth components bridging back up. Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. Look, I think in one-returnable transition to one-way transitions to one-way can [indiscernible] glass because the customers want to use the shelf and have some premium positioning around glass and then some mass volume driving around cans. Please go ahead. We will take our next question from [Alex Simon from Tieco] [ph]. Please go ahead. Metal Beverage Packaging Manufacturers Americas - AMP Ardagh Group | LinkedIn So it's got no meaningful impact really on our capacity position. Ardagh Metal Packaging (NYSE: AMBP ), is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends 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. Those are linked to when the market was very tight, and customers were diversifying a bit. Would you attribute that to the new entrants or just kind of the overall supply-demand balance in the North American market right now? Metal Packaging Supplier | Sustainable Packaging Solutions | Ardagh And so that's a tough comparator for us. 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? 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. I had a question, two actually, on Brazil. Please go ahead. Got it. Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. Typically, companies focused on the economy segment. Or are we operating at a high level? And I think that's true also in Europe where there's probably a bit less capacity being built out in the last few years and similarly in Brazil where the market is a bit softer. Global demand remains restrained by retail price inflation, but we are encouraged by signs of a return of promotional activity, and the easing of customer inflationary pressures. Sure. I think the market has got a couple of $100 million down from that. We definitely see soft drinks a bit stronger than beer overall. Aluminum beverage packaging offers versatility and unlimited design opportunities, is unbreakable, is impermeable and its tamper-proof qualities deliver true package safety. 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. Thank you. Please go ahead. 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. More. 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. The consistent pursuit of market-leading innovation, quality and customer service, backed by investment in our people and processes, underpins everything we do. USA: Ardagh to build two new beverage can manufacturing lines Ardaghs disciplined cost stewardship, actions to improve manufacturing efficiency, and stronger input cost recovery led to a solid start to the year. But even within beer, we have some very high performers. Thank you, operator, and welcome, everybody. Continuous improvement across manufacturing processes through material, energy and water reductions that further strengthen Ardaghs and our customers sustainability platforms. 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. We're not disagreeing with that. We support our customers' drive to differentiate their products, providing innovative shaping, decoration and convenience features. And we always said, for us, it was a sort of mid-decade opportunity. I was going to hit it later. Nov 19, 2021, 08:00 ET. Ardagh Metal Packaging S.A. - First Quarter 2023 Results In Europe, first quarter revenue increased by 3% on a constant currency basis to $486 million compared with the same period in 2022, mainly due to more favorable input cost recovery. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 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. Thank you. I previously held positions as a Production manager in our St. Paul, MN facility and in our Chicago facility . So look, overall, it is soft. So that's typically what we're looking at there. Ardagh Beverage Can Plant, Newtownabbey, Northern Ireland Ardagh Metal Packaging Q1 2023 Results Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. So look, I think there's a couple of things in the full year guide. Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. As mentioned, our great investment plan is well advanced, which strongly supports earnings and cash flow growth, lowering net leverage back to 2022 levels by the end of the year and with a meaningful reduction anticipated in 2024. Ardagh Metal Packaging S.A. - First Quarter 2023 Results 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. 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. Sure. Please go ahead. That will conclude today's conference call. So look, I think on this promotional question, there's a couple of fundamentals that we should touch on, and then we should talk about the timing of it returning. 2023-04-27 | NYSE:AMBP | Press Release | Ardagh Metal Packaging S.A. Sure. The shares of AMP (AMPSA Shares) to be issued by AMP in the Business Combination are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or in the UK. So there's also some one-off effects in Europe. And then in Brazil, our customers are not telling us very much because I think they're very short one way. So are we balanced in the U.S.? So I guess a quick one and then a high-level question for you. Our philosophy of continuous improvement extends to a superior level of on-site services to our customers worldwide. This press release contains certain AMP projected financial information. We delivered global shipment growth of 3%, including 5% growth in North America and 2% in Europe, and adjusted EBITDA of $130 million, in line with our guidance. Manufacturing Engineer Intern - Career Center | University of Southern Metal packaging is universally recognised for its protective qualities, versatility and environmental credentials. No, absolutely. Probably mostly around the new. Provide specific products and services to you, such as portfolio management or data aggregation. And just a question on North America. In the quarter, AMP incurred additional growth CapEx of $90 million and maintenance CapEx of $36 million. Adjusted EBITDA is anticipated to accelerate through the year due to inflation recovery and volume improvement. Metal can packaging offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. The Company has a leading presence in the Americas and Europe and is the second-largest beverage can producer in Europe and the third-largest in North America and Brazil. Revenue in the Americas in the first quarter . 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 believe all your growth investments will be largely completed in terms of the one that we expect to do. And actually, in some markets, when they're trying for revenue management, they will push glass for a while. Are you feeling pretty good about your contracted position? Forward-looking statements speak only as of the date they are made. It should not be relied upon as being indicative of future results. So I think we're well placed for the growth that's about to come. 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. So exactly. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe, North America and Brazil with innovative production capabilities. It appears that a couple of years ago when the market was really tight, pricing was achievable. Looking at AMP's results by segment and at constant exchange rates. Can you just talk about how you think that can impact the market here in the near term? Ardagh has reaffirmed its full-year guidance, with shipment growth of mid to high single digits. The beer market saw an overall softer performance in the off-trade but with notable exceptions in the economy segment of both brands and own label. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. Thank you, guys. This supports our expectation for a stronger second half demand outlook. Ardagh Metal Packaging To Combine With Gores Holdings V And - Nasdaq We had a decent start. You've got different players performing differently. I think in Europe, we see that the consumer is still resilient, but they are clearly under pressure. We see the growth coming much more in the second half when the LME hedges roll off some of the other input cost inflation moderates, and we'll see the big customers going back into retail away from returnables and discounting much more. There have been some times, we have off trends, but generally, that's been the trend. Our adjusted EBITDA result represented an 8% decline on a constant currency basis versus the prior year quarter. So in the $300 million, it will drop by a lot. I'll take the first and hand over to David on the working capital. By Mohamed Dabo. And if you look into the can side that are selling well at the moment, we don't see room for lots of movement there. I mean it's not the biggest situation. We have also added an earnings presentation on to our investor website for your reference. In fact, it's more than minus 10%. In light of our resilient start to the year, we are reaffirming our full year guidance. And so we can't speak to what impact that's having on them and their position. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. The contribution from shipment growth was more than offset by higher operating costs. 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. Weil, Gotshal & Manges, LLP and Loyens & Loeff N.V. are acting as legal advisors to Gores Holdings V. Citigroup is acting as exclusive financial advisor to Ardagh and is acting as joint lead placement agent on the PIPE. Demand remains restrained by sustained higher retail pricing, but with greater resilience experience in non-alcoholic categories, which represent the majority of our North American business. AMP operates 24 metal beverage can production facilities in nine countries, employing more than 6,300 people with sales of approximately $4.7bn. 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. We have local experts who understand your customers needs and who can speak your language. We each share a common vision: to be the preferred metal beverage packaging partner to brand owners around the world. Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. We operate 65metal and glass production facilities in 16countries, employing more than 20,000 people. This reduces our impact on the environment, and improves the communities in which we do business. And could that possibly trigger just sort of a repricing event across the space? Our investments in Huron, Ohio, Winston-Salem in North Carolina and Olive Branch, Mississippi position us favorably for future growth. Ardagh produces distinctive and innovative glass packaging in all shapes and sizes for brand owners around the worldand offers a choice of almost 20 different colours. In terms of the other players, I think most of them did get some degree of contractual coverage on their investments. Ardagh Group also holds a 42% interest in Trivium Packaging, a leading supplier of sustainable metal packaging Ardagh Metal Packaging Invests in NOMOQ - Yahoo Finance These investments support the impact of high-quality teachers in science, technology, engineering and mathematics (STEM) disciplines to inspire students STEM understanding and interest. There is some acceleration in volume received in our guidance in the second half, and we can talk more about the markets and why we've got that assumed. Ardagh Group is a leading global supplier of value-added, infinitely-recyclable, metal and glass packaging solutions. There are many reasons to choose Ardagh and beverage cans. Yes. 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 that big step-down is what then allows us to grow, as we say, investment-free into our capacity. Can you give us a rough bridge, David, in terms of how we go from roughly $180 to the $170 2Q versus 2Q? Input cost recovery in Europe through the annual reset in our PPI mechanisms and a more effective pass-through of direct energy costs. 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. 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. The metal can also shields against sunlight, providing impeccable ingredient protection assuring desired taste profiles. Both businesses performed ahead of our expectations, offsetting a softer performance in Brazil and supporting the delivery of our adjusted EBITDA guidance. Gores strategy is to identify and complete business combinations with market leading companies with strong equity stories that will benefit from the growth capital of the public equity markets and be enhanced by the experience and expertise of Gores long history and track record of investing in and operating businesses for over 35 years. Ardagh Metal Packaging launches new can size to support beverage brands 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. So just to clarify that whether it's kind of No, I certainly would say that. Ardagh Metal Packaging to Combine With Gores Holdings V and List on 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. But just with that additional availability, clearly, some of that is coming on to the market. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. 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. So we'd have to backfill it that way. Ardagh Group is a global supplier of sustainable, value added, infinitely recyclable, metal and glass packaging for brand owners around the world. [Operator Instructions]. In Brazil, first quarter shipments declined modestly, underperforming the high single-digit growth in the market due to customer mix effects as well as some customer destocking. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. As we step through that, of course, you get the benefit to raw materials, but you get the step-down in payables. 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). And then also similarly in Europe and Brazil, how did you characterize the supply and demand? My last one, I'll turn it over. So I think North America, this 83% innovation number is really playing through into the market, and we're seeing that in the results.
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ardagh metal beverage