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. 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. Visit Website. Wed like to share more about how we work and what drives our day-to-day business. In 2023, we continue to expect strong shipment growth in the Americas in the order of high single-digit percentage supported by improving market conditions and the ramp-up of our investments. But even within beer, we have some very high performers. I think that's right. Our global shipments grew by 3% led by growth of 5% in North America and with a solid performance of 2% in Europe. Total beverage can shipments in the quarter were 3% higher than the prior year, with 5% growth in North America and 2% growth in Europe, offsetting a 1% decline in Brazil. And we don't see that happening this year. We continue to project significantly increased adjusted EBITDA and positive adjusted free cash flow in 2023 with further improvement into next year. 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. Website (562) 699-9800. Welcome to the Ardagh Metal Packaging S.A. First Quarter 2023 Results Call. Thank you. 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. That's very helpful. Categorized under Can Manufacturers. 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. This supports our expectation for a stronger second half demand outlook. We will achieve our vision by delivering customer innovation, providing an inspirational environment for our people and creating sustainable value for our business through growth and development. I'll give an overview, and then I'll let David cover anything further. Our performance in North America, with good volume growth, and Europe with improved cost passthroughs were both ahead of expectations. Well, we said at the full year, we're curtailing over $1 billion in Europe this year and over $2 billion in North America. Thank you. And so that's a tough comparator for us. And our dedicated Research & Development team consistently works with customers to create innovations across shapes, label and tab designs, colors and functionality that enable brands to attract attention on store shelves. 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. So if that's the case, how much lower can your CapEx go? Adjusted EBITDA for the quarter of $49 million decreased by $7 million, or 13%, at actual exchange rates, and by 8% at constant currency, compared with $56 million in the same period last year. This release contains "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Could you comment on that in the context of capacity? 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? Silgan. LUXEMBOURG, April 27, 2023 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. You may now disconnect. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. Ardagh is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. 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. 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. Sustainability at Ardagh is at the core of our operations. Aluminum Can Manufacturer to Significantly Expand Capacity through 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. Through PLTW, we plan to deliver positive results for more than 2,000 schools and 500,000 PreK-12 students in our local communities. We operate 65metal and glass production facilities in 16countries, employing more than 20,000 people. Actual results could vary materially from such statements. 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. Metal packaging is universally recognised for its protective qualities, versatility and environmental credentials. Any thoughts there would be appreciated. Cookie Policy | Privacy Statement | Terms&Conditions. Ardagh Metal Packaging to Combine With Gores Holdings V and List on Most recently worked as the Quality Manager for Ardagh Metal Beverage, in Chicago, IL. 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). Okay. We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. So there's some good space for additional innovation still to come. For more information, please visit www.gores.com. So mix is important, and it can vary quite a bit month-to-month. View original content to download multimedia:https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--first-quarter-2023-results-301809466.html. Our resilient start to the year allows us to reaffirm our full year guidance. Modesto, CA . It serves the beverage, beauty, pharmaceuticals . Claim this business (419) 355-8222. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. So either brand, branded economy segment or own label performing extremely strongly. Or is that just sort of a tail risk or something I'm kind of making up in my head? So yes. Director of Forming Operations - Food & Spirits. As part of the Mission Possible Partnership, we have endorsed the industry back net zero transition strategy, and we continue to progress our sustainability targets and are delighted to have just signed a PPA agreement with [indiscernible] Electricity in Germany, which will provide approximately 20% of our electricity needs. I mean clearly, nothing like last year, but a little bit volatility to the pressures on the consumer. We sell different types of products and services to both investment professionals and individual investors. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies. My last one, I'll turn it over. We each share a common vision: to be the preferred metal beverage packaging partner to brand owners around the world. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. I had a question, two actually, on Brazil. Verify your identity, personalize the content you receive, or create and administer your account. 2023-04-27 | NYSE:AMBP | Press Release | Ardagh Metal Packaging S.A. 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. The European energy market continues to improve its resilience supported by public policy actions. So look, overall, it is soft. currency basis versus the prior year quarter. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. 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. please click here for our 2021 Sustainability Report. Looking at AMP's results by segment and at constant exchange rates. It appears we have no further questions at this time. Turning our attention to AMP's first quarter results. Pro forma Adjusted EBITDA is not calculated in accordance with IFRS or U.S. GAAP. 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. With that being said, within Brazil, what are your customers telling you in terms of their intention two years, three years from now in terms of can in one way versus glass in one way? And then also similarly in Europe and Brazil, how did you characterize the supply and demand? In fact, it's more than minus 10%. Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. Luxembourg B 251465, Modern Slavery Statement I think the price lever is at that limit. And good luck on the rest of the year. And I don't have any further kind of capacity expansions in 2024. So seltzers for us, we had softness in particular with one customer there. For inquiries regarding The Gores Group and affiliates: Jennifer Kwon Chou Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. 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Sort:Default. Given the Q1 CapEx, how much above the average targeted quarterly level? Ardagh Metal Packaging S.A. - First Quarter 2023 Results As I say, I think they have reached the limit of sales growth without driving some volume. We also had softness with the beer customer. 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. 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. The cash proceeds from the transactions will be used to reduce net debt at Ardagh. So yes, keep an eye on off-trade penetration of cans is the number to look for. 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. So exactly. So overall, yes, here the point, but I think that the can growth will be good in Brazil going forward. This would reduce the . Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. 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 we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. 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. There have been some times, we have off trends, but generally, that's been the trend. Yes. The growth was driven by a 4% increase in the Americas and a 2% increase in Europe. Estimated $118K - $149K a year. read more 26. 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. 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. So what are you seeing across the regions in terms of the buying patterns as well? Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved. Ardagh Metal Packaging is the third-largest producer of aluminum beverage cans in the world. 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. But then there is also an acceleration of our inflation recovery. Is there ability for some shift 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. See jobs Follow View all 6,018 employees Overview Jobs Life About us We are. 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. Yes. 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 will conclude today's conference call. And could that possibly trigger just sort of a repricing event across the space? 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. One last one on Europe. We definitely see soft drinks a bit stronger than beer overall. Having made these opening remarks, we'll now proceed to take any questions that you may have. (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. Today's conference is being recorded. Ardagh is a global supplier of infinitely-recyclable metal and glass packaging for the worlds leading brands. Can Manufacturers | California - Manta.com The future were creating for AMP is built around our three core values of Trust, Teamwork and Excellence. I think that they've got some firepower particularly as the LME comes off, they can actually do some promotional activity without actually damaging margin. Adjusted EBITDA of $130 million for the quarter was in line with our guidance and represented an 8% decrease on a constant currency basis. 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? The Company intends to apply to list its shares on the New York Stock Exchange (NYSE) under the new ticker symbol AMBP. 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. Our philosophy of continuous improvement extends to a superior level of on-site services to our customers worldwide. With a compelling financial profile and clear trajectory for growth, we believe AMP can continue to lead the charge, and we look forward to partnering with Paul Coulson and the team as they continue to execute a targeted expansion strategy supported by highly visible market demand and a strong track record of disciplined and efficient capital deployment., Sustainability is an important component of our investment strategy, and AMP is a clear leader in this spaceenvironmentally, ecologically and socially, said Mark Stone, Senior Managing Director of The Gores Group and CEO of Gores Holdings V. As customers around the world continue to demand sustainable solutions, we believe the Company is strongly positioned to capitalize on the exceptional growth opportunities ahead and were thrilled to be partnering with the team to do so.. Perfect. 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. I'll now briefly hand over to David to talk through our financial position before finishing with some concluding remarks. 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. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Ardagh Metal Packaging Usa in Brea, CA.