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 is pleased to announce that its acquisition of Consol Holdings Proprietary Limited, the leading producer of glass packaging on the African continent, has completed. Thanks. We are committed to investing in a future for all and we work hard to uphold our promises. Cookie Policy | Privacy Statement | Terms&Conditions. Learn how it impacts everything we do, https://www.ardaghmetalpackaging.com/investors, https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--first-quarter-2023-results-301809466.html. The hard seltzer category accounted for 8% of North America shipments in the quarter, with the segment remaining under pressure. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. Could you talk a little bit about maybe the buying patterns, the destocking trends that you've seen? Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. The European energy market continues to improve its resilience supported by public policy actions. Ardagh will retain an approximately 80% stake in AMP and receive up to $3.4 billion in cash in the transactions. Following closing of the business combination, Ardagh currently intends to offer holders of its Class A common shares the opportunity to exchange their Class A common shares for consideration which may include a portion of Ardaghs holding in AMP. 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? It should not be relied upon as being indicative of future results. 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. Please go ahead. I think that's right. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. The consistent pursuit of market-leading innovation, quality and customer service, backed by investment in our people and processes, underpins everything we do. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Some of your peers have commented on restructuring the contracts to recover some of that through pricing. 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. Now potentially, the market is a little bit more balanced. Revenue increased by 1% to $645m in the three months ended 31 March 2023, compared to $638m in the same period last year, primarily reflecting favourable volume/mix impacts. Welcome to the Ardagh Metal Packaging S.A. First Quarter 2023 Results Call. 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. About Ardagh Metal Packaging AMP will hold Ardagh's metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on The Americas and Europe. Ardagh is a global supplier of infinitely-recyclable metal and glass packaging for the worlds leading brands. Obviously, there's still softness in key areas. But taking it in a different perspective, right, the market is putting a yield on the dividend of around 11%, which suggests investors put a high-risk factor on that dividend. And due to our security coverage, we do not foresee a material credit risk at this point in time. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. to the food & specialty and personal care markets. Website (562) 699-9800. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of approximately $7 billion. Typically, companies focused on the economy segment. We will show continued discipline with our capacity planning in the interim. 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. So we also get some enhanced inflation recovery in the subsequent quarters. Ardagh Group is a Luxembourg -based producer of glass and metal products that has "grown in the past two decades into one of the world's largest metal and glass packaging companies". jchou@gores.com, John Christiansen/Cassandra Bujarski/Danya Al-Qattan Although industry demand is slowly recovering in Brazil, performance in the country remained softer. So you will see a first half weighting to our business growth investment, then starts to tail off as we get towards the back end of the year. The shares of AMP (AMPSA Shares) to be issued by AMP in the Business Combination are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or in the UK. Luxembourg B160804, Modern Slavery Statement So the European business takes a step up from here. You may obtain free copies of these documents as described in the preceding paragraph. I wanted to go back a little bit to the curtailment actions, but also to I think you mentioned in some still water over in Europe moving to the U.S., and I believe you have a key customer there that is relatively small but seen pretty strong growth rates. One longer-term question, one sort of short-term financial question. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. Global demand remains restrained by retail price inflation, but we are encouraged by signs of a return of promotional activity, and the easing of customer inflationary pressures. So as I say, we think that's a fundamental shift. Pro forma Adjusted EBITDA is not calculated in accordance with IFRS or U.S. GAAP. We believe a partnership approach is essential in the development of both product and process innovation. 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. Okay. 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. The minimum refund value established for each type of eligible beverage container is 5 cents for each container under . As the only pure-play beverage can company, AMP products touch billions of consumers worldwide. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh. We offer the latest innovations across such areas as decoration, label graphics, end design, and more. The metal can also shields against sunlight, providing impeccable ingredient protection assuring desired taste profiles. I think in Europe, we see that the consumer is still resilient, but they are clearly under pressure. Modesto, CA . Constantly evolving production technologies are used to ensure exciting possibilities and environmental sustainability in metal beverage packaging for the future. 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. As part of our strategy, we have mapped out ambitious commitments and targets for the next decade. Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. 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. The future were creating for AMP is built around our three core values of Trust, Teamwork and Excellence. So we have some payments this year. read more 26. Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. Adjusted EBITDA of $130 million was down 8% on the prior year on a constant currency basis. 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. Contents are protected from air and light, with their distinct flavors preserved, Cans offer 360-degree branding opportunities. And I think one of your peers talked about potential buying patterns in Europe where customers are maybe delaying a little bit of buying, maybe until we get a little bit closer into the summer season. So either brand, branded economy segment or own label performing extremely strongly. Investors and security holders will be able to obtain free copies of the Registration Statement and the Definitive Proxy Statement and all other relevant documents filed or that will be filed with the SEC by Gores Holdings V or AMP through the website maintained by the SEC at www.sec.gov, or by directing a request to Gores Holdings V, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou or by contacting Morrow Sodali LLC, Gores Holdings Vs proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400). So yes. I don't know, David, if you want to add anything to that. Are they going to have a hard time kind of breaking in with the amount of contracted revenue that you feel like the industry has right now? 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. 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? Looking into Q2 and beyond, we see inflation recovery in Europe that will drop through its adjusted EBITDA as we set out in our forecast. We're highly contracted and so are our major peers through the middle of the decade. We each share a common vision: to be the preferred packaging partner to brand owners around the world. Estimated $118K - $149K a year. You may now disconnect. And so that's a tough comparator for us. 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. And therefore, there's a very meaningful step-down into 2024. Please go ahead. 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. So I think the way we'd characterize that is the major players are taking action to keep ourselves balanced and to keep utilization in the 90s. One of our customers in Brazil entered a judicial reorganization process in the period. So let's go region by region. It appears we have no further questions at this time. The foregoing list of factors is not exhaustive. So we're still talking about pricing being in healthy margin territory. And yes, back to my previous comments, what I think you're seeing in Europe is a lot of volatility in demand across different players because they're operating in different parts of the market. We have local experts who understand your customers needs and who can speak your language. Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. Input cost recovery in Europe through the annual reset in our PPI mechanisms and a more effective pass-through of direct energy costs. If you have an ad-blocker enabled you may be blocked from proceeding. From Morgan Stanley, we will now go to Angel Castillo. . You can get your beverage container recycling refunds on a per-container basis instead of by weight. Nov 19, 2021, 08:00 ET. From Bank of America, we will take our next question from George Staphos. Metal packaging is universally recognised for its protective qualities, versatility and environmental credentials. Founded in 1987 by Alec Gores, The Gores Group is a global investment firm focused on partnering with differentiated businesses that can benefit from the firm's extensive industry knowledge and decades long experience. Highlights. 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. Yes. And good luck on the rest of the year. 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. Now whether they're getting the volumes that went with those contractual coverage, we don't know. 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. Talk to an Ardagh customer sales representative about how we can support the achievement of your brand and business objectives. The Company has an entrepreneurial owner-manager culture that has led to a successful transformation underpinned by powerful industry dynamics. 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. So I'm just mentioning it, [indiscernible] is more kind of, that's a one-off example of some things happening in the first quarter, we're not picking up in the U.S. because of the geographical footprint, but it is actually them planning -- they're planning to launch in Europe. And maybe just to clarify on a couple of those points. You have billboard. About Search Results. Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. 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. The contribution from higher volumes and stronger input cost recovery was offset by the under absorption of higher operating costs and the expected impact relating to the timing of recognition of inflation recovery in EBITDA. Ardagh Metal Packaging S.A., 56, rue Charles Martel, L-2134 Luxembourg, LuxembourgR.C.S. In fact, it's more than minus 10%. So if that's the case, how much lower can your CapEx go? United States of America (USA) Packaging Market Size, Analysing Key Pack Material (Pack Type, Clo Henkel and UPM Specialty Papers create heat-sealable packaging, Constellation pledges improvements in circularity of alcohol packaging. 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. 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. Develop and improve features of our offerings. To read more about our new targets, please click here for our 2021 Sustainability Report. Look, I think we've signaled along that the dividend is demonstrating the cash-generative nature of the business. The timing and terms of any such transaction, if effected at all, has not been determined. 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. [3] History Gear advertisements and other marketing efforts towards your interests. Ardagh Metal Packaging operates 24 production facilities in nine . We will take our next question from [Alex Simon from Tieco] [ph]. 2 min read New 19.2 oz. Revenue of $1,131 million in the three months ended March 31, 2023 decreased by $6 million, or 1%, compared with $1,137 million in the same period last year. So look, I think there's a couple of things in the full year guide. Hi, Arun. So effectively, in Q2 last year, you had the Brazil reopening, which was a volume coming in the offseason from transitioning out of COVID, which gave a very unusual offseason pattern. 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. john.sheehan@ardaghgroup.com, Media Privacy Policy and John Sheehan Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. To date, Alec Gores and affiliates of The Gores Group have announced and completed six business combinations representing over $27 billion in transaction value. We're 2% Q1, and we could tick up a little bit from there. In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. Just wondering if you could kind of walk us through kind of the puts and takes on cash and maybe cash step-up next year and the sustainability of the dividend trading at a double-digit yield currently. So are we balanced in the U.S.? 567 South Riverside Drive. Cash outflow in the period which reflects seasonality and a first half weighting of unchanged planned growth capex was marginally ahead of expectations. Ardagh Metal Beverage USA Inc. Attorney/Law Firm Details Plaintiff Attorneys Mehrdad Bokhour Attorney at Bokhour Law Group, P.C. Forward-looking statements speak only as of the date they are made. They've always been very promotional, and there's no reason, I think, to believe that won't reassert itself at some point. pwalsh@murraygroup.ie And then just last one here on CapEx. Thanks, Ellen, and thank you to everyone on the call. Credit: Shutterstock. [Operator Instructions]. I think March was slightly weaker than expectations, and April similarly, but we're looking into May and June where we see some good demand. But just with that additional availability, clearly, some of that is coming on to the market. Read our editorial policy to learn more about our process. This reduces our impact on the environment, and improves the communities in which we do business. Yes. 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 Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. So overall, yes, here the point, but I think that the can growth will be good in Brazil going forward. We also had softness with the beer customer. These investments support the impact of high-quality teachers in science, technology, engineering and mathematics (STEM) disciplines to inspire students STEM understanding and interest. 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. And then South America, it did grow the market, high single digits, but against a very weak comparator of Q1 '22. Yes. Visit Website. What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? How concerned are you about the spread of Coronavirus? 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. 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. And so I think that although there is capacity in the market, I think it's being managed in a good way. 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. Shipments for the quarter grew by 2% on the prior year. Fixed cost under absorption net of our mitigating curtailment actions remains a headwind to our performance. Continuous improvement across manufacturing processes through material, energy and water reductions that further strengthen Ardaghs and our customers sustainability platforms. Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. I previously held positions as a Production manager in our St. Paul, MN facility and in our Chicago facility . You mentioned the promotional activity. Perfect. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Ardagh Group provides a wide range of beverage cans in many shapes and sizes to some of the most recognizable brands in the world, serving such beverage categories as sparkling water, soft drinks, beer, wine, flavored malt beverages, energy drinks and teas. As previously indicated, our revised growth investment plans are well advanced, and cash outflows comprised the finishing of projects already underway. What makes you confident your potential to realize this $300 million CapEx by year-end? And then also similarly in Europe and Brazil, how did you characterize the supply and demand? Ardagh Metal Packaging Usa Inc. 936 Barracuda Street. Thank you, guys. Director of Forming Operations - Food & Spirits. Copyright 2023 Morningstar, Inc. All rights reserved. Ardagh Group S.A. ("Ardagh") (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world's leading brands 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.). [Operator Instructions]. 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. These products and services are usually sold through license agreements or subscriptions. I mean clearly, nothing like last year, but a little bit volatility to the pressures on the consumer. 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. john fletcher twin brother,
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