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. And what's the update on progress if those initiatives have been part of your strategy? The company 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. 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. 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. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. And so we would expect a continued growth like that but not necessarily at the level you've always seen in North America. In light of our resilient start to the year, we are reaffirming our full year guidance. Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. The hard seltzer category accounted for 8% of North America shipments in the quarter, with the segment remaining under pressure. Consumer demand remained resilient in the quarter led by carbonated soft drinks. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. 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. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. 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. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 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. For more, click here. 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. Yes. 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. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. And I don't have any further kind of capacity expansions in 2024. Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. Our capital allocation strategy will continue to prioritize dividend sustainability and deleveraging in the near and medium term. I previously held positions as a Production manager in our St. Paul, MN facility and in our Chicago facility . 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. 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. So that's how we see the 3 markets at the moment. Highlights. Is that what you're seeing as well or maybe just comment overall on the outlook there. Ardagh Group And good volume growth in North America drove an adjusted EBITDA performance in both regions that was ahead of expectation and offset the softer performance in Brazil, where industry demand is slowly recovering. 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. 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. Brazil, we'll wait to hear what you say, but I appreciate the thoughts there. 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. And we're not giving exact numbers on any of this, but it means that it won't be '24, and it won't be at that level. Please. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores Holdings Vs or Ardaghs securities; (ii) the risk that the proposed Business Combination may not be completed by Gores Holdings Vs business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores Holdings V; (iii) the failure to satisfy the conditions to the consummation of the proposed Business Combination, including the approval of the proposed Business Combination by Gores Holdings Vs stockholders, and the satisfaction of the minimum trust account amount following redemptions by Gores Holdings Vs public stockholders; (iv) the effect of the announcement or pendency of the proposed Business Combination on Ardaghs or AMPs business relationships, performance, and business generally; (v) risks that the proposed Business Combination disrupts current plans of Ardagh or AMP and potential difficulties in Ardagh or AMP employee retention as a result of the proposed Business Combination; (vi) the outcome of any legal proceedings that may be instituted against Gores Holdings V or Ardagh related to the proposed Business Combination; (vii) the ability to maintain, prior to the closing of the proposed Business Combination, the listing of Gores Holdings Vs securities on the NASDAQ, and, following the closing of the proposed Business Combination, AMPs shares on the NYSE; (viii) the price of Gores Holdings Vs securities prior to the closing of the proposed Business Combination, and AMPs shares after the closing of the proposed business combination, including as a result of volatility resulting from changes in the competitive and highly regulated industries in which AMP plans to operate, variations in performance across competitors, changes in laws and regulations affecting AMPs business and changes in the combined capital structure; and (ix) AMPs ability to implement business plans, forecasts, and other expectations after the closing of the proposed Business Combination, and identify and realize additional opportunities. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. So that big step-down is what then allows us to grow, as we say, investment-free into our capacity. 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. Appreciate that. 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. So yes, keep an eye on off-trade penetration of cans is the number to look for. The document includes detailed information on the manufacturers and suppliers and their products, along with contact details, to inform your purchasing decision. I believe all your growth investments will be largely completed in terms of the one that we expect to do. Some of your peers have commented on restructuring the contracts to recover some of that through pricing. As a first step in the transaction, AMP will raise new debt of approximately $2.65 billion, (approximately $2.3 billion net), representing a multiple of 3.3x of 2021E pro forma Adjusted EBITDA. Very concerned Slightly concerned Neither concerned nor unconcerned Not very concerned Not concerned 0% GlobalData GlobalData Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. Okay. Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. But on the direct energy piece, yes, there will clearly be some get back with the dropping of the energy price. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. Please go ahead. Having made these opening remarks, we'll now proceed to take any questions that you may have. Ardagh Metal Packaging S.A. - First Quarter 2023 Results, Investors Look Right Past the First Republic Bank Closure, Markets Brief: 10th Straight Fed Rate Hike on Tap. Thank you. Cookie Policy | Privacy Statement | Terms&Conditions. You will be paid the full CRV redemption of 5 cents or 10 cents on each container. 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. PRIIPs/Prospectus Regulation/IMPORTANT EEA AND UK RETAIL INVESTORS. We think you can track off-trade penetration in cans and that, that will return to its growth pattern like it has for every other developing market over the years. So it's got no meaningful impact really on our capacity position. Ardaghs metal packaging business operates 23 production facilities in Europe and the Americas, employs approximately 4,900 people and recorded revenues of $3.5 billion in 2020. Oliver Graham, CEO of Ardagh Metal Packaging, said: . 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. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Oliver Graham, CEO of Ardagh Metal Beverage, will be CEO of AMP. 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. It appears that a couple of years ago when the market was really tight, pricing was achievable. We believe that's a very strong space for the cans to grow share, currently very underpenetrated and lots of room for healthier options there as well. And due to our security coverage, we do not foresee a material credit risk at this point in time. Cookie Policy | Privacy Statement | Terms&Conditions. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. So again, sort of through to the middle of the decade. Metal beverage cans are one of the most recycled drinks package in the world, contributing to a circular economy.. And then our maintenance runs in the sort of 120, 130 level. 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. Sure. Metal is a permanent material, meaning it can be infinitely recycled without any loss of quality. 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. 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. We have local experts who understand your customers needs and who can speak your language. The future were creating for AMP is built around our three core values of Trust, Teamwork and Excellence. So there's some good space for additional innovation still to come. And I think it just will depend a lot on which customers and which segments you're in. Terms of Service apply. So we also get some enhanced inflation recovery in the subsequent quarters. The contribution from volume mix was more than offset by an expected fixed cost absorption drag and unfavorable input cost recovery relative to some over recovery in the prior year period. Yes. Can you give us a rough bridge, David, in terms of how we go from roughly $180 to the $170 2Q versus 2Q? Ardagh is pleased to announce that its acquisition of Consol Holdings Proprietary Limited, the leading producer of glass packaging on the African continent, has completed. Yes. So I think North America, this 83% innovation number is really playing through into the market, and we're seeing that in the results. We remain in close dialogue with the customer who continues to trade through the process. 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. And could that possibly trigger just sort of a repricing event across the space? 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. When are we on path to maybe see that? So I think we're well placed for the growth that's about to come. At this time, I would like to turn the conference over to Mr. Stephen Lyons, Ardagh Metal Packaging Investor Relations. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. The minimum refund value established for each type of eligible beverage container is 5 cents for each container under . It is part of the company's multi-billion dollar investment programme to build new, recyclable, metal packaging capacity across Europe, North America and Brazil. Can you just talk about how you think that can impact the market here in the near term? And we always said, for us, it was a sort of mid-decade opportunity. The second question I had shorter term, payables look like they were down from fourth quarter, and you also mentioned a little bit more use of working capital to start the year. 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. Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. And you mentioned earlier that kind of the marginal or kind of spot can out there, there has been some pricing pressure. Performance was, however, ahead of expectations, reflecting our overall strong input cost recovery. Is this happening to you frequently? Thanks, George. So we have volumes, we're getting to pick up. Yes. Got it. Please go ahead. Ardagh Metal - Beverage North America CEO Claude Marbach said: "This project forms part of Ardagh's $1.8bn 2021-2024 business growth investment programme and is being undertaken to meet fast-growing demand as consumers increasingly recognise the environmental and quality advantages of beverage cans. Maybe just because Anthony set it up, I'll cover the dividend. 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. Neither AMPs independent auditors, nor the independent registered public accounting firm of Gores Holdings V, have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them have expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release.
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