Adjusted EBITDA for the quarter was $49m, decreasing by 13% at actual exchange rates and 8% at constant currency compared to $56m in the same period last year. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. 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. And then I don't know exactly, I know it varies jurisdiction, a jurisdiction in terms of bankruptcy protection rights, but will this enable sort of that customer to come back and renegotiate contracts with yourselves and, presumably, those others in the market? There's no reason to believe we don't revert to a more normal promotional activity for these categories. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. Input cost recovery in Europe through the annual reset in our PPI mechanisms and a more effective pass-through of direct energy costs. Please go ahead. Adjusted EBITDA is anticipated to accelerate through the year due to inflation recovery and volume improvement. So if that's the case, how much lower can your CapEx go? So that's why we still think it's a low single to mid-market this year. You have billboard. Second quarter Adjusted EBITDA expected to be of the order of $170 million (Q2 2022: $181 million reported; $180 million at constant currency). The Company has an entrepreneurial owner-manager culture that has led to a successful transformation underpinned by powerful industry dynamics. Our metal cans are available in a range of sizes from 8 oz. Anthony. of our resilient start to the year, we are reaffirming our full year guidance. We're confident our peers will monitor that in the same way. 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. From Wells Fargo Securities, we will take the next question from Gabe Hajde. I don't know, David, if you want to add anything to that. We've started those actions, and we're well into them, and we'll be monitoring the extent we need to do through the year. The combined company is expected to have an enterprise value of approximately $8.5 billion at closing, representing 10.5x AMPs projected 2022 Adjusted EBITDA. Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. About Ardagh Metal Packaging. 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. Yes. 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. Is this happening to you frequently? Just wanted to maybe expand a little bit more on the customer dynamics. As that moves to the U.S., are you going to get that business, do you need to make any investments for it? 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. And so the cans took all the growth as the returnables declined. 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. . George, thank you. If you are a customer of Ardagh Metal Beverage and do not yet have a user ID and password for this portal, please register here: Register; Contact. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. Indianapolis, IN 46256. 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? Rexam Beverage Can Americas is an operation of one of the world's leading consumer packaging groups and the world's leading beverage can maker. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Constantly evolving production technologies are used to ensure exciting possibilities and environmental sustainability in metal beverage packaging for the future. So I think we'll again see some volatility in results across the can makers. And is that driven primarily by kind of volume recovery or maybe cost? Shearman & Sterling LLP is acting as legal advisor, to Ardagh. I had a question, two actually, on Brazil. Website (562) 699-9800. Given the Q1 CapEx, how much above the average targeted quarterly level? Consequently, no offer of securities to which this announcement relates, is made to any person in any Member State of the EEA which applies the Prospectus Regulation who are not qualified investors for the purposes of the Prospectus Regulation, is made in the EEA and no key information document required by Regulation (EU) No. 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. 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. 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. jchou@gores.com, John Christiansen/Cassandra Bujarski/Danya Al-Qattan 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. pwalsh@murraygroup.ie Silgan. Sure. Our adjusted EBITDA result represented an 8% decline on a constant currency basis versus the prior year quarter. And that explains the entirety of the bridge. Revenue decreased by $6m, or 1%, to $1,131m in the three months ended 31 March 31 2023, compared to $1,137m in the same period last year. About Search Results. 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. So I think North America, this 83% innovation number is really playing through into the market, and we're seeing that in the results. Ardagh Group 3.2. 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? AMP operates 24 metal beverage can production facilities in nine countries, employing more than 6,300 people with sales of approximately $4.7bn. Yes. Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. We were awarded a first-time leadership A rating from CDP on supplier engagement, which followed the first time A- rating for water management and a B rating for climate change disclosed in our last update. And again, we're talking about prices coming off historically very high levels because of the market was so tight. 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. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. [Operator Instructions]. 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. And so I'm curious if you can explain to us just from a, I guess, short-term/long-term perspective. 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. So I guess a quick one and then a high-level question for you. +353 87 2269345 / +1 646 776 5918. We offer the latest innovations across such areas as decoration, label graphics, end design, and more. We continue to monitor that, obviously, on a month-by-month basis, and we continue to monitor our overall capacity because we do intend to keep utilization in the 90s over the next few years. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. And we don't see that happening this year. Management of Ardagh and Gores Holdings V will host an investor conference call on February 23, 2021 at 9:00 a.m. EST / 6:00 a.m. PST to discuss the proposed business combination. And that linked to their overall market weakness. This concludes the brownfield investments under our initial growth investment program. Europes Revenue decreased by 3% to $486m in the three months ended 31 March 2023, compared to $499m in the same period last year. Thanks. So exactly. They've chosen to kind of accelerate their glass investment, and then you guys have sort of delayed the greenfield investment that you're going to make in cans down in Brazil. We're encouraged by the early signs of a return to promotional activity and the easing of customer input cost inflation, which supports our expectations of improved H2 volumes. So again, sort of through to the middle of the decade. We're not letting any of the bank on it, but we're still excited about the still water category. Gear advertisements and other marketing efforts towards your interests. 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). john.sheehan@ardaghgroup.com, Media 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. Look, I think we've signaled along that the dividend is demonstrating the cash-generative nature of the business. North America grew by 5%, and more than offset marginally softer shipments in Brazil. As we step through that, of course, you get the benefit to raw materials, but you get the step-down in payables. Our next question is from George Staphos from Bank of America. This reduces our impact on the environment, and improves the communities in which we do business. 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. Investors Now potentially, the market is a little bit more balanced. But then there is also an acceleration of our inflation recovery. But as I said, I think it's really at the margin relative to the overall volume being shipped in the market. We each share a common vision: to be the preferred packaging partner to brand owners around the world. On a constant currency basis, adjusted EBITDA decreased by 8%, mainly due to negative volume/mix effects and higher operating costs. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Oliver Graham, CEO of Ardagh Metal Beverage, will be CEO of AMP. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. We remain in close dialogue with the customer who continues to trade through the process. 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. It also reported full year 2023 adjusted earnings before interest, taxes, depreciation, and amortisationings (EBITDA) growth of the order of 10%, weighted towards the second half of the year. 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. Look, I think we've also evaluated that risk, and we regard it as very low. We've got some filling that moved to the Nordics where we don't have capacity. Provide specific products and services to you, such as portfolio management or data aggregation. If we turn to North America, there's clearly strength in the soft drink side, CSD and especially the energy space, which is very hot, still a lot of innovation in that space, exciting new companies. 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? Pro forma Adjusted EBITDA is not calculated in accordance with IFRS or U.S. GAAP. There's been a lot of inflation there over the last couple of years. Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. Yes. 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. Wed like to share more about how we work and what drives our day-to-day business. And then, finally, they're not just saying to us, right? These products and services are usually sold through license agreements or subscriptions. 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. AMP's state-of-the-art can manufacturing facility will occupy about 40,000m (430,556ft). And just one last one. From Bank of America, we will take our next question from George Staphos. In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. Metal's unique and proven product protection qualities are outstanding. Entering text into the input field will update the search result below. Cookie Policy | Privacy Statement | Terms&Conditions. And that's a fundamental shift, and we expect that to continue once the normalization occurs around the very high inflation that's occurred on the can in the last 6, 12 months in Brazil, which we talked about and others have talked about, that's about the LME and where our customers have to hedge LME, and it's also about the fact that with dollar price elements of the can, which in a devaluing currency environment obviously increases inflation. There clearly is now action there, new brands, new activity and people very interested in it. We each share a common vision: to be the preferred metal beverage packaging partner to brand owners around the world. 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. 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. Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. A metal beverage packaging leader in the Americas Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. Again, clearly, with the events of the last few weeks, there's going to be very different outcomes for different players in the market, depending on which customer they've got on the beer side. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. I mean that category, though, overall, I think, is beginning to move. Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. The timing and terms of any such transaction, if effected at all, has not been determined. And good luck on the rest of the year. Yes. 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. 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. Thanks, George. Metal packaging is universally recognised for its protective qualities, versatility and environmental credentials. 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? We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. 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. And so the guide we gave at the full year, which is we are expecting to over recover on inflation over the course of the year relative to our cost inflation '22 into '23, that guide remains intact. Modesto, CA . 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. The company will invest at least $195 million to expand its current beverage can metal manufacturing facility in Winston-Salem. So if you agree with that premise, and the numbers are the numbers. Maybe just because Anthony set it up, I'll cover the dividend. View original content to download multimedia:https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--first-quarter-2023-results-301809466.html. By law, you can bring up to 50 aluminum, 50 glass, 50 plastic, and 50 bi-metal California Redemption Value (CRV) containers and request to be paid by count. Ardagh Metal Packaging (AMP), 75%-owned by Ardagh Group islisted on the New York Stock Exchange. And just a question on North America. read more 26. Which Will Outperform: U.S. Stocks or International? You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. 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. And we, as I say, we've done our assessment on that with our security position, and we're comfortable with our position. Read our editorial policy to learn more about our process. The minimum refund value established for each type of eligible beverage container is 5 cents for each container under . 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. Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. But at the minute, we don't see that significantly impacting on us again for the next year or two because of our overall position on contracts. Privacy Policy and No, absolutely. Sustainability at Ardagh is at the core of our operations. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Sure. The consistent pursuit of market-leading 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. PRIIPs/Prospectus Regulation/IMPORTANT EEA AND UK RETAIL INVESTORS. So soft drink is definitely a bit stronger than beer. We're not disagreeing with that. We look forward to talking to you all at our Q2 results. So the European business takes a step up from here. But as I say, all of those activities were completed last year. So as I say, we think that's a fundamental shift. Luxembourg B 251465, Modern Slavery Statement 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? Revenue in the Americas in the first quarter . We have also added an earnings presentation on to our investor website for your reference. In Europe Adjusted EBITDA declined by 8% to $49 million as a strong contribution from input cost recovery was more than offset by higher operating costs and the seasonal rebalancing of the contract asset margin. Adjusted EBITDA in the Americas decreased by 9% to $81 million in the first quarter. 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. Aluminum beverage packaging offers versatility and unlimited design opportunities, is unbreakable, is impermeable and its tamper-proof qualities deliver true package safety.