Are you feeling pretty good about your contracted position? One last one on Europe. And so I think customers in Brazil are still short and importing the one way, and that explains why you might see investments there. So we have some payments this year. Please disable your ad-blocker and refresh. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. These products and services are usually sold through license agreements or subscriptions. 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. 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. About Ardagh Metal Packaging AMP will hold Ardagh's metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on The Americas and Europe. So energy costs have risen very significantly as a proportion of household income. Metal has the best recycling rates of all packaging materials in Europe, contributing to a circular economy. If you have an ad-blocker enabled you may be blocked from proceeding. No. We are committed to investing in a future for all and we work hard to uphold our promises. 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 let's go region by region. The quick one is just of the curtailment you guys have talked about for this year, the 1 billion in Europe and 2 billion cans in North America, have you started that yet? (2) Cash from operations for the three months ended March 31, 2023, is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $346 million and other exceptional cash outflows of $12 million. 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. Second quarter Adjusted EBITDA expected to be of the order of $170 million (Q2 2022: $181 million reported; $180 million at constant currency). 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. And just so on that note then, does your European business take a step down from here? 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. The growth was driven by a 4% increase in the Americas and a 2% increase in Europe. (568ml) aluminum beverage can offering enables. Would you attribute that to the new entrants or just kind of the overall supply-demand balance in the North American market right now? Information about Gores Holdings Vs directors and executive officers and their ownership of Gores Holdings Vs securities is set forth in Gores Holdings Vs filings with the SEC, and information about Ardaghs and AMPs directors and executive officers is or will be set forth in their respective filings with the SEC. Cookie Policy | Privacy Statement | Terms&Conditions. 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. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. 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. read more 26. I would like to turn the call back over to Oliver for any additional or closing remarks. To the extent that you have sort of implemented what I'll call the pass-through model for energy and other inflationary components into your contracts for that geography, should we then think about, all else equal, if '23, there's deflation relative to '22 that you would be passing that on to your customers in '24? Okay. At the current share price of $10.60 for GRSV, the stock position of Ardagh in Gores will be worth $5.14B, representing a value of approximately $21.75/share of Ardagh. 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. So we also get some enhanced inflation recovery in the subsequent quarters. We offer the latest innovations across such areas as decoration, label graphics, end design, and more. For more information, visit https://www.ardaghmetalpackaging.com/investors. We suspect that energy drinks is also a bit stronger, though, again, we don't have the big share of that market, we have good share, but not the big share. And if so, how far along are you? Provide specific products and services to you, such as portfolio management or data aggregation. The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. And returnable systems then eventually do collapse because they lose scale. 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. And I think it just will depend a lot on which customers and which segments you're in. Ardagh Metal Packaging (NYSE: AMBP ), is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Sort:Default. Wed like to share more about how we work and what drives our day-to-day business. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. Any forward-looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. 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. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. The point I'd make is the market is putting a very high return on that. Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. 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. 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. We're encouraged by the early signs of an improvement in demand with a small increase in promotional activity, which we expect to strengthen over the coming months through the peak summer season. 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 -. On a constant currency basis, revenue increased by 3%, principally due to the pass through of higher input costs, partly offset by negative volume/mix effects (including the seasonal rebalancing of the contract asset margin). Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Thank you for joining today for Ardagh Metal Packaging's first quarter 2023 earnings call, which follows the earlier publication of AMP's Earnings Release for the first quarter. We're 2% Q1, and we could tick up a little bit from there. 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. 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. This concludes the brownfield investments under our initial growth investment program. 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,. We build upon the inherent environmental advantages of metal beverage cans by clearly supporting our customers sustainability platforms. AMP's state-of-the-art can manufacturing facility will occupy about 40,000m (430,556ft). Can you just talk about how you think that can impact the market here in the near term? Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. 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. Thanks, David. 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. Could you talk a little bit about maybe the buying patterns, the destocking trends that you've seen? 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. But the fundamentals are that these are very promotional categories. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. We believe a partnership approach is essential in the development of both product and process innovation. 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. 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. 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. 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. We definitely had some brighter spots with some customers recovering, but we also had some weaker spots, especially as we had a very strong first half with a couple of customers last year. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. read more . Fullyarn Packaging USA Inc. Packaging Materials. I was going to hit it later. 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. Being infinitely recyclable, a glass bottle or jar can be made into a new one over and over again, with no loss in quality or purity. And what's kind of a good normalized CapEx range for you? Any thoughts there would be appreciated. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. The Company intends to apply to list its shares on the New York Stock Exchange (NYSE) under the new ticker symbol AMBP. This site is protected by reCAPTCHA and the Google So I think that this obviously mainly allows them to trade effectively and come to some sort of plan with creditors. Yes. Perfect. One of our customers in Brazil entered a judicial reorganization process in the period. Fixed cost under absorption net of our mitigating curtailment actions remains a headwind to our performance. In the second quarter, we will complete the addition of further capacity in our La Ciotat plant in Southern France, and our intention remains to close one of the legacy steel lines in Weienthurm, Germany during the year. Cash outflow in the period which reflects seasonality and a first half weighting of unchanged planned growth capex was marginally ahead of expectations. 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. 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. currency basis versus the prior year quarter. Is that part of your European outlook as well? Thanks. Our bonds have been issued on fixed rate terms and not mature before 2027. Following any such transaction involving such consideration, Ardaghs ownership in AMP would decrease to below 80%, with a corresponding increase in the public float of AMP. LUXEMBOURG, Nov. 19, 2021 /PRNewswire/ -- Ardagh Metal Packaging (AMP) announced today that it plans to build a new state-of-the-art $200 million beverage can plant in . Yes. In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. of our resilient start to the year, we are reaffirming our full year guidance. 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. That's helpful. Our investments in Huron, Ohio, Winston-Salem in North Carolina and Olive Branch, Mississippi position us favorably for future growth. So what are you seeing across the regions in terms of the buying patterns as well? Please go ahead. My last one, I'll turn it over. 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. Yes. A subsidiary of . 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. 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. And overall, in Europe, I think with the actions we're taking, we're pretty balanced there. Ardagh Group 3.2. 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. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe, North America and Brazil with innovative production capabilities. We recorded revenue of $1.1 billion, which represented a growth of 2% on a constant currency basis, predominantly reflecting higher volumes. On a constant currency basis, revenue increased by 2%, mainly reflecting favorable volume/mix effects and the pass through to customers of higher input costs. Aluminum can manufacturing means that our products are infinitely recyclable, serving as a model for environmental excellence and a circular economy. Yes. We are fully hedged for the current year and have significantly progressed our energy purchases for future years as prices have fallen. So I think we're committed to it. Thank you. Ardagh Group is aglobal supplier of sustainable, value added, infinitely recyclable, metal and glass packaging for brand owners around the world. So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. You will be paid the full CRV redemption of 5 cents or 10 cents on each container. Turning to our sustainability agenda. So we have volumes, we're getting to pick up. We sell different types of products and services to both investment professionals and individual investors. The future were creating for AMP is built around our three core values of Trust, Teamwork and Excellence. And I don't have any further kind of capacity expansions in 2024. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. 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. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. 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. And then South America, it did grow the market, high single digits, but against a very weak comparator of Q1 '22. So for '23, there's no impact of the falling energy because we're fully hedged, and the big customers were comfortable with the decisions we took there and accepted those into the '23 volumes. From Morgan Stanley, we will now go to Angel Castillo. Welcome to the Ardagh Metal Packaging S.A. First Quarter 2023 Results Call. San Pedro, CA (310) 519-2400. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Thank you for your participation. And we always said, for us, it was a sort of mid-decade opportunity. John Sheehan Adjusted EBITDA of $130 million for the quarter was in line with our guidance and represented an 8% decrease on a constant currency basis. Obviously, there's still softness in key areas. So that's typically what we're looking at there. 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. But actually, if you look across broader markets, there's a stabilization that occurs at a certain point where the customers and the retailers have respectively divided the categories into more premium positioning for the glass bottle one way and then, as I said, for more mass volume driving position for the can. Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. Cookie Policy | Privacy Statement | Terms&Conditions. As I say, I think they have reached the limit of sales growth without driving some volume. 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. 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. The consistent pursuit of market-leading Or is that just sort of a tail risk or something I'm kind of making up in my head? We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. And then I think you'll see that the competition or return to the off-trade into the cans and to the extent they can source it one-way glass, because that's where market share will be gained and that's what led to the shift out of returnable over the last few years was the fact that players didn't like losing market share. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Cash from operations for the three months ended March 31, 2022, is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $325 million and other exceptional cash outflows of $14 million. Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. 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. Oliver, the full year guidance, I think, implies a pretty strong second half earnings inflection, and I'm just wondering if you can speak to that. Today's conference is being recorded. 1. As part of our strategy, we have mapped out ambitious commitments and targets for the next decade. Website. We offer the latest innovations across such areas as decoration, label graphics, end design, and more. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Privacy Policy and And so I think that although there is capacity in the market, I think it's being managed in a good way. One of the first things you do along that journey is that is to kind of change of raw material buying patterns, and we calibrate that where your demand profile is, and we've been doing that during the quarter. That's very helpful. 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. And then our maintenance runs in the sort of 120, 130 level. 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. 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. Yes. Ardagh is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. As a permanent material glass is 100% and infinitely recyclable, making it the perfect packaging choice for products today and in the future. Yes. And so we can't speak to what impact that's having on them and their position. 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. Metal beverage cans are one of the most recycled drinks package in the world, contributing to a circular economy.. So that's also a drag. Well, we said at the full year, we're curtailing over $1 billion in Europe this year and over $2 billion in North America. And so the cans took all the growth as the returnables declined. 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. 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. To date, Alec Gores and affiliates of The Gores Group have announced and completed six business combinations representing over $27 billion in transaction value. LUXEMBOURG & LOS ANGELES--(BUSINESS WIRE)--Ardagh Group S.A. (Ardagh) (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the worlds leading brands, and Gores Holdings V, Inc. (Gores Holdings V) (NASDAQ: GRSV, GRSVU and GRSVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, today announced that they have entered into a definitive business combination agreement under which Gores Holdings V will combine with Ardaghs metal packaging business that will be held by Ardagh Metal Packaging S.A. (the Company, Ardagh Metal Packaging or AMP) to create an independent public company. 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 either brand, branded economy segment or own label performing extremely strongly. This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed Business Combination, including statements regarding the benefits of the proposed Business Combination, the anticipated timing of the proposed Business Combination, the services or products offered by Ardagh or AMP and the markets in which Ardagh or AMP operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores Holdings Vs Ardaghs or AMPs projected future results.
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