Ardagh Metal Packaging S.A. - First Quarter 2023 Results Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Thank you. Look, I think we've also evaluated that risk, and we regard it as very low. Maybe just because Anthony set it up, I'll cover the dividend. Revenue increased by 1% to $645 million in the three months ended March 31, 2023, compared with $638 million in the same period last year, principally reflecting favorable volume/mix impacts, partly offset by lower metal cost pass through. 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the AMPSA Shares or otherwise making them available to retail investors in the EEA or in the UK will be prepared and therefore offering or selling the AMPSA Shares or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation. So overall, yes, here the point, but I think that the can growth will be good in Brazil going forward. And I guess you'll talk about the regional trends maybe in some of the other questions. And what's the update on progress if those initiatives have been part of your strategy? And then, finally, they're not just saying to us, right? AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. Adjusted EBITDA in the Americas decreased by 9% to $81 million in the first quarter. We're highly contracted and so are our major peers through the middle of the decade. 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 overall, in Europe, I think with the actions we're taking, we're pretty balanced there. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. About Team NEO But then there is also an acceleration of our inflation recovery. 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. Anthony. The second element is, we've not built out all the investment in the original program, so particularly the Brazil greenfield. We are committed to investing in a future for all and we work hard to uphold our promises. We've seen a very unusual period where price is rising and volumes are dropping less than historically, but we're clearly reaching the limits of that now. We will take our next question from [Alex Simon from Tieco] [ph]. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Call Transcript The combined company is expected to have an enterprise value of approximately $8.5 billion at closing, representing 10.5x AMPs projected 2022 Adjusted EBITDA. But the fundamentals are that these are very promotional categories. We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. We reaffirm our guidance for 2023, which assumes global shipment growth of a mid to high single-digit percentage and adjusted EBITDA growth in the order of 10% weighted to the second half due to more favorable prior year comparisons and improving volumes. 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. Yes. Could you comment on that in the context of capacity? In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. 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. 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. On a constant currency basis, Adjusted EBITDA decreased by 8%, principally due to negative volume/mix effects (including the seasonal rebalancing of the contract asset margin)and higher operating costs, partly offset by the pass through to customers of higher input costs. 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). And so we would expect a continued growth like that but not necessarily at the level you've always seen in North America. Gores Holdings V and The Gores Group are separate entities with separate management, although there is overlap in size and industry of target acquisition and personnel involved. Could you talk a little bit about maybe the buying patterns, the destocking trends that you've seen? From Bank of America, we will take our next question from George Staphos. As a reminder, currency effects are broadly neutral from a leverage perspective in the medium term. But even within beer, we have some very high performers. 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. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. +353 87 2269345 / +1 646 776 5918. So yes. Before making any voting or other investment decision, investors and security holders of Gores Holdings V are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about Gores Holdings V, AMP and the proposed Business Combination. Our expectation of the current year is unchanged, which includes growth investment of just under $400 million with a cash flow element under $300 million. For more information, visit https://www.ardaghmetalpackaging.com/investors. The consistent pursuit of market-leading And we can see and the beginnings of that coming across into the sports drink space. Revenue in the Americas in the first quarter increased by 1% to $645 million, mainly due to higher volumes, partly offset by the pass-through lower metal and freight costs. This offset softer performance in Brazil where industry demand is slowly recovering. Appreciate that. We're 2% Q1, and we could tick up a little bit from there. So they're clearly not in 2024, and we'll guide each year as we go. Silgan. 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. 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. Ardagh Metal Packaging S.A. - First Quarter 2023 Results 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. Commitment alongside our global supply chain partners to the Aluminium Forward 2030 coalition and the endorsement of the Mission Possible Partnership's net zero strategy, supporting actions to achieve the industry's net zero carbon footprint ambition. Why have a dividend that high and at that level relative to your equity and relative to your cash flow now? 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. Thank you. Yes. 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. For more, click here. In North America, shipments grew by 5% for the quarter. They are infinitely recyclable and contain an average of approximately 70% recycled content. Thank you, guys. Yes. Ardagh Metal Beverage USA Inc - MapQuest Perfect. 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. No, I wouldn't say that. Sort:Default. Revenue in the Americas in the first quarter . Ardagh Metal Packaging S.A. and Gores Holdings V Announce Completion of PRIIPs/Prospectus Regulation/IMPORTANT EEA AND UK RETAIL INVESTORS. The proposed business combination, which has been unanimously approved by the boards of directors of both Ardagh and Gores Holdings V, is expected to close in the second quarter of 2021, subject to receipt of Gores Holdings V stockholder approval, the satisfaction of the condition to Ardaghs obligations that it receives at least $3 billion in cash from the transactions and the satisfaction of other customary closing conditions. Any thoughts there would be appreciated. Murray Group 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. As a permanent material glass is 100% and infinitely recyclable, making it the perfect packaging choice for products today and in the future. Ardagh Group S.A. ("Ardagh") (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world's leading brands We have completed our planned capacity additions in North America with the third line in Huron, Ohio now ramping up along with the other 2 lines added in the final quarter of last year. So I think that's where there is some softness. 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. Manufacturing Engineer Intern - Career Center | University of Southern Get in touch with us today and we can help you sustainably package your products. (568ml) aluminum beverage can offering enables. AMP's state-of-the-art can manufacturing facility will occupy about 40,000m (430,556ft). And so that's a tough comparator for us. Shipments for the quarter grew by 2% on the prior year. 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. 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. Ardagh Metal Beverage Jobs, Employment | Indeed.com Both businesses performed ahead of our expectations, offsetting a softer performance in Brazil and supporting the delivery of our adjusted EBITDA guidance. 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. So how are you thinking about achieving maybe the '21, sorry, the '24 numbers around $1.1 billion of EBITDA? We strive to add value in line with customer aspirations and develop packaging that continually improves the consumer experience. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. Yes. 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. I had a question, two actually, on Brazil. We will have an over recovery this year and that gets us probably 75%, 80% back to 2021 margin levels in Europe, and we're hoping to regain the rest into '24. Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and capital markets advisors to Gores Holdings V and as joint lead placement agents on the PIPE. On a long-term basis, to the extent that there is a transition from returnable glass to one-way packaging kind of both substrates can win in that environment from a number of units perspective. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe, North America and Brazil with innovative production capabilities. 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. So if that's the case, how much lower can your CapEx go? They're saying it publicly, and I think the major CSD player in the last week or so has absolutely signaled that they want to both carry on hitting the higher end of the market, but definitely hitting the lower end and the more economically challenged consumers because they don't want to lose those consumers to their brand. On a constant currency basis, revenue increased by 3%, primarily 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). Gores Holdings V, Ardagh and AMP and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Gores Holdings Vs stockholders in connection with the proposed Business Combination. 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. 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. Aluminum can manufacturing means that our products are infinitely recyclable, serving as a model for environmental excellence and a circular economy. Making new glass bottles and jars from recycled glass reduces the amount of energy needed in the production process and lowers emissions into the atmosphere. And then I know you've given a lot of color regarding the categories in some of the regions. Ardagh Metal Packaging S.A. - First Quarter 2023 Results - Yahoo Finance Q1 2023 Ardagh Metal Packaging SA Earnings Call In terms of guidance for the second quarter, adjusted EBITDA is anticipated to be in the order of $170 million, which compares with the prior year adjusted EBITDA of $180 million on a constant currency basis. So I think we're committed to it. And therefore, that growth we see having zero impact on our growth because our growth will be much more significant given the capacity position, given the consumer adoption of the can and given the significant shift we expect out of two-way. We create packaging for numerous market sectors including, among others, beverage cans, food, beers, wine and spirits. 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. 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 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. And you mentioned earlier that kind of the marginal or kind of spot can out there, there has been some pricing pressure. Default; Distance; Rating; Name (A - Z) Sponsored Links. We see as we drop off the capital expenditure into the back half of this year and into next year that, that it fits very well with our proposition. Ardaghs focus on customer satisfaction builds on the environmental strengths of the beverage can, which are marked by high recycle rate and content numbers, and clear business advantages which include the cans ideal filling, distribution and retail display economics. I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and David Bourne, AMP's Chief Financial Officer. 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. No, absolutely. Yes. The contribution from shipment growth was more than offset by higher operating costs. We sell different types of products and services to both investment professionals and individual investors.
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