Adjusted EBITDA in the Americas decreased by 9% to $81 million in the first quarter. The first one, so look, when we've looked at packaging markets over the years, over time, within one-way packaging, cans almost always went out over one-way glass because you have distribution efficiencies. The consistent pursuit of market-leading Anthony. 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. Q1 2023 Ardagh Metal Packaging SA Earnings Call. We ended the quarter with a liquidity position of approximately $0.5 billion. Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. 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. It appears we have no further questions at this time. 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. Ardagh Group 3.2. Any thoughts there would be appreciated. * Ardagh Metal Beverage North America produces more than 15 billion cans and can ends annually? And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. No, I wouldn't say that. Cookie Policy | Privacy Statement | Terms&Conditions. And that linked to their overall market weakness. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. [Operator Instructions]. One longer-term question, one sort of short-term financial question. The growth was driven by a 4% increase in the Americas and a 2% increase in Europe. 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). So the quick answer to the quick question was, yes. As a reminder, currency effects are broadly neutral from a leverage perspective in the medium term. So that big step-down is what then allows us to grow, as we say, investment-free into our capacity. But I think we still think there are other categories and other customers where there's a bit more strength that we don't play in, particularly on the energy drink side. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. As we step through that, of course, you get the benefit to raw materials, but you get the step-down in payables. Got it. 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. Thanks, David. And as we pivot from a strong investment period into a period where we're running to fill the capacity and drive cash generation, we think the dividend becomes completely sustainable and is a very good fit for our proposition. We had a decent start. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this release. And as David just mentioned, we've got a very tough comparator coming in Q2 where post COVID, the market opened up very fast and very strong. Privacy Policy and You have billboard. This press release relates to the proposed Business Combination. And I don't have any further kind of capacity expansions in 2024. We look forward to talking to you all at our Q2 results. 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. This, in turn, supports our dividend policy and balance sheet deleveraging. The company is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. And as I said in my other remarks, I think there's a few other categories very ripe for the can, including the sports drink as well. 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. Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. Appreciate that. Continuous improvement across manufacturing processes through material, energy and water reductions that further strengthen Ardaghs and our customers sustainability platforms. 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. read more 26. The contribution from shipment growth was more than offset by higher operating costs. Upon closing of the transactions, assuming no redemptions by Gores Holdings Vs public stockholders, Ardagh will retain an equity interest in the Company of approximately 80%, the PIPE investors in the private placement will hold approximately 10% and Gores Holdings Vs stockholders and its sponsor will hold approximately 10%. Certain factors that could cause actual events to differ materially from those discussed in any forward-looking statements include the risk factors described in Ardagh Metal Packaging S.A.'s Annual Report on Form 20-F for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the "SEC") and any other public filings made by Ardagh Metal Packaging S.A. with the SEC. 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. Prior business combinations for special purpose acquisition companies sponsored by affiliates of The Gores Group include: Hostess (Gores Holdings, Inc.), Verra Mobility (Gores Holdings II, Inc.), PAE (Gores Holdings III, Inc.), Luminar (Gores Metropoulos, Inc.), United Wholesale Mortgage (Gores Holdings IV, Inc.), and the pending Matterport transaction (Gores Holdings VI, Inc.). From Morgan Stanley, we will now go to Angel Castillo. The people that make up AMP share much more than a strong brand and an excellent reputation. So look, overall, it is soft. As a permanent material glass is 100% and infinitely recyclable, making it the perfect packaging choice for products today and in the future. In the Americas, Adjusted EBITDA declined by 9% to $81 million as volume/mix contribution was more than offset by a fixed cost absorption drag as expected and favourable input cost recovery in the prior period. 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? 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). Website. Thanks. Those are linked to when the market was very tight, and customers were diversifying a bit. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. So if that's the case, how much lower can your CapEx go? You may obtain free copies of these documents as described in the preceding paragraph. Luxembourg B160804, Modern Slavery Statement We're 2% Q1, and we could tick up a little bit from there. Yes. 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. 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. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Thank you for your participation. 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. Nov 19, 2021, 08:00 ET. 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. Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. So we have volumes, we're getting to pick up. And we can see and the beginnings of that coming across into the sports drink space. Thanks, George. And then, finally, they're not just saying to us, right? 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. currency basis versus the prior year quarter. Turning our attention to AMP's first quarter results. 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. We have also added an earnings presentation on to our investor website for your reference. I'll take the first and hand over to David on the working capital. 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? 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. In light of our resilient start to the year, we are reaffirming our full year guidance. And just a question on North America. Hi, Arun. Gores Holdings V completed its initial public offering in August 2020, raising approximately $525 million in cash proceeds. So I don't think you've got a single picture for the market. Unaudited Consolidated Condensed Income Statement for the three months ended March 31, 2023 and 2022, Sales, general and administration expenses, Unaudited Consolidated Condensed Statement of Financial Position. You've got different players performing differently. On a constant currency basis, revenue increased by 2%, reflecting favourable volume/mix effects and the pass-through to customers of higher input costs. No, absolutely. Then that gets us into a very sustainable position for funding the dividend. Our accelerated growth strategy is timely and deepens our connection with our customers as demand for sustainable beverage cans continues to grow., Alec Gores, Chairman and CEO of The Gores Group and Chairman of Gores Holdings V, said, Ardagh Metal Packaging has solidified its position as a clear leader in sustainability. We trace our roots all the way back to the Irish Glass Bottle Company, founded in 1932. . And then I know you've given a lot of color regarding the categories in some of the regions. 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. These investments support the impact of high-quality teachers in science, technology, engineering and mathematics (STEM) disciplines to inspire students STEM understanding and interest. 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. And the third element is that our program included a significant proportion of seltzers, which had a very strong mix impact in our numbers. About Team NEO So I think we're committed to it. The future were creating for Ardagh is built around our three core values of Trust, Teamwork and Excellence. On a constant currency basis, adjusted EBITDA decreased by 8%, mainly due to negative volume/mix effects and higher operating costs. 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. Cookie Policy | Privacy Statement | Terms&Conditions. I'll give an overview, and then I'll let David cover anything further. They're very elastic categories, and demand does expand with promotional and with price. But on the direct energy piece, yes, there will clearly be some get back with the dropping of the energy price. The call can be accessed by dialing +1 (833) 470-1428 (domestic toll-free number) or +1 (404) 975-4839 (international) and providing the access code: 403501. The contribution from shipment growth was more than offset by higher operating costs. 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. Silgan. 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. Our next question comes from Kyle White from Deutsche Bank. And so you'd expect to see overall average pricing moderating relative to wage growth and other factors. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. For inquiries regarding The Gores Group and affiliates: Jennifer Kwon Chou For 2023, we continue to expect shipment growth in the order of a low single-digit percentage with a more significant increase in adjusted EBITDA arising as the year progresses. Please go ahead. john.sheehan@ardaghgroup.com, Media You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. Can you give us a rough bridge, David, in terms of how we go from roughly $180 to the $170 2Q versus 2Q? 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. California Refund Value (CRV) is the amount paid by consumers at the checkout stand and paid back to consumers when they recycle eligible aluminum, plastic, glass and bi-metal beverage containers at certified recycling centers. 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. 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. Our exposure to the customer was at a historic low position. 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. 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. So if you agree with that premise, and the numbers are the numbers. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. So it's got no meaningful impact really on our capacity position. The leading site for news and procurement in the packaging industry. And so I think what that means, there's a volatility in demand patterns customer by customer. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. 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. 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? So let's go region by region. 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? Yes. We have local experts who understand your customers needs and who can speak your language.
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