There are many reasons to choose Ardagh and beverage cans. And so we don't see that impacting us because those are known events in the near term. 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? There's no reason to believe we don't revert to a more normal promotional activity for these categories. This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS. 1901 Avenue Of The Stars, Suite 450 Los Angeles, CA 90067 Anwar Dillon-Thomas Burton Attorney at Bokhour Law Group 1901 Avenue Of The Stars, Suite 450 Los Angeles, CA 90067 Defendant Attorneys Sabrina Layne Shadi Thank you for joining today for Ardagh Metal Packaging's first quarter 2023 earnings call, which follows the earlier publication of AMP's Earnings Release for the first quarter. There's a little bit of the margins on the spot market with small volumes typically to smaller players, but we don't see anything significant. Directions Advertisement. The foregoing list of factors is not exhaustive. 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. Ardagh Metal Packaging S.A. - First Quarter 2023 Results I'd say you put those 3 components together, you're at or very close to covering the dividend mix. They are infinitely recyclable and contain an average of approximately 70% recycled content. We're not letting any of the bank on it, but we're still excited about the still water category. Headquartered in Luxembourg, the business supplies sustainable and infinitely-recyclable metal packaging to a diversified customer base of leading global, regional and national beverage producers. Following any such transaction involving such consideration, Ardaghs ownership in AMP would decrease to below 80%, with a corresponding increase in the public float of AMP. They've always been very promotional, and there's no reason, I think, to believe that won't reassert itself at some point. Weil, Gotshal & Manges, LLP and Loyens & Loeff N.V. are acting as legal advisors to Gores Holdings V. Citigroup is acting as exclusive financial advisor to Ardagh and is acting as joint lead placement agent on the PIPE. 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). 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. Thank you, operator, and welcome, everybody. We look forward to talking to you all at our Q2 results. 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. Commitment alongside our global supply chain partners to the Aluminium Forward 2030 coalition and the endorsement of the Mission Possible Partnership's net zero strategy, supporting actions to achieve the industry's net zero carbon footprint ambition. Net leverage at the end of the quarter, up 5.8x LTM adjusted EBITDA, was modestly better than our expectation and was despite a strengthening in the euro-dollar rate into the end of the quarter. Please. Ardagh Metal Packaging operates 24 production facilities in nine. 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. 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. By Mohamed Dabo. 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. This supports our expectation for a stronger second half demand outlook. I mean clearly, nothing like last year, but a little bit volatility to the pressures on the consumer. 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. And then the high-level question, yourself and some of your peers are taking actions to kind of curtail volumes and balance the market out, but there are still some new entrants who are talking about adding some pretty meaningful capacity. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. We have local experts who understand your customers needs and who can speak your language. So yes, keep an eye on off-trade penetration of cans is the number to look for. From Morgan Stanley, we will now go to Angel Castillo. Our expectation of the current year is unchanged, which includes growth investment of just under $400 million with a cash flow element under $300 million. So soft drink is definitely a bit stronger than beer. 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. USA: Ardagh to build two new beverage can manufacturing lines And actually, what's happened in Brazil historically is that was held back by a lack of one-way glass capacity. We haven't guided to it. The future were creating for AMP is built around our three core values of Trust, Teamwork and Excellence. Ardagh Metal Packaging S.A. - First Quarter 2023 Results You will be paid the full CRV redemption of 5 cents or 10 cents on each container. Ardagh Claude Marbach beverage can . 2. 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. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. 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. 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. So I think we'll again see some volatility in results across the can makers. 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. It's near or minus 20%, and then you've got the other growth components bridging back up. So overall, yes, here the point, but I think that the can growth will be good in Brazil going forward. We build upon the inherent environmental advantages of metal beverage cans by clearly supporting our customers sustainability platforms. * Other non-current liabilities include liabilities for earnout shares of $52 million at March 31, 2023 (December 2022: $76 million) and warrants of $4 million at March 31, 2023 (December 2022: $7 million). So again, sort of through to the middle of the decade. 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. Combined Company Expected to Have Post-Transaction Enterprise Value of Approximately $8.5 Billion, Business Combination Includes up to $525 Million in Cash from Gores Holdings V and $600 Million Private Placement Led by Top-Tier Investors, Ardagh Group to Retain Approximately 80% Stake in Ardagh Metal Packaging and Receive up to $3.4 Billion in Cash. But just switching to the dividend, I think you referenced the sustainability of the dividend. Glass packaging protects its content and enhances a brands appeal. Those are linked to when the market was very tight, and customers were diversifying a bit. 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. Ardagh operates 65 metal and glass production facilities in Some of the pricing actions that are being taken that are very different across our customer base. 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. There is some acceleration in volume received in our guidance in the second half, and we can talk more about the markets and why we've got that assumed. 567 South Riverside Drive. It should not be relied upon as being indicative of future results. We will continue to focus on working capital efficiencies, and our guidance for a full year working capital benefit of approximately $100 million remains unchanged. We have also added an earnings presentation on to our investor website for your reference. And we can see and the beginnings of that coming across into the sports drink space. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Please review the detail of AMP's forward-looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in AMP's earnings release. Metal has the best recycling rates of all packaging materials in Europe, contributing to a circular economy. The cash proceeds from the transactions will be used to reduce net debt at Ardagh. read more . They're very elastic categories, and demand does expand with promotional and with price. Gores Holdings V, Ardagh and AMP and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Gores Holdings Vs stockholders in connection with the proposed Business Combination. Such projected financial information is forward-looking and is for illustrative purposes only. What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? My last one, I'll turn it over. As previously indicated, our revised growth investment plans are well advanced, and cash outflows comprised the finishing of projects already underway. So when you think about the IPO trajectory, obviously, there's been some changes there. Paul Coulson, Chairman and CEO of Ardagh, will serve as Chairman and Shaun Murphy, COO of Ardagh, will serve as Vice Chairman of the Company following the closing of the transaction. Beverage Container Recycling Centers - California Nov 19, 2021, 08:00 ET. We're encouraged by the early signs of an improvement in demand with a small increase in promotional activity, which we expect to strengthen over the coming months through the peak summer season. So there clearly is capacity available in all 3 markets, but I think everybody is making sure to take the actions to run at a good utilization level. The consistent pursuit of market-leading 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. Oliver Graham, CEO of Ardagh Metal Packaging, said: . Why have a dividend that high and at that level relative to your equity and relative to your cash flow now? Modesto, CA . I think you said Europe looking just to mid-single digit. And so our growth has definitely come when we're talking about normal periods, 1%, 2%, 3%, before we had the big sustainability tailwind, a proportion of that was glass substitution, but often also two-way. One of our customers in Brazil entered a judicial reorganization process in the period. Shipments for the quarter grew by 2% on the prior year. ", Bridge of 2022 to 2023 Revenue and Adjusted EBITDA. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh. 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. Most recently worked as the Quality Manager for Ardagh Metal Beverage, in Chicago, IL. Well, we said at the full year, we're curtailing over $1 billion in Europe this year and over $2 billion in North America. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. Can Manufacturers | California - Manta.com Details of Ardagh Metal Packaging beverage can plant. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. 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. 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 so we would expect a continued growth like that but not necessarily at the level you've always seen in North America. Both businesses performed ahead of our expectations, offsetting a softer performance in Brazil and supporting the delivery of our adjusted EBITDA guidance. And Ollie, I'll take that at surface level, and that's great. 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. Anthony. Cookie Policy | Privacy Statement | Terms&Conditions. Perfect. I mean it's not the biggest situation. 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. Metal beverage cans are the ideal example of a circular economy, with recycled cans being able to return to retail shelves in their original form in approximately 60 days. And returnable systems then eventually do collapse because they lose scale. From Wells Fargo Securities, we will take the next question from Gabe Hajde. Additional Information about the Business Combination and Where to Find It. So the cash CapEx, I think of the order of $300 million, some leasing activity on top of that. So yes, no particular trend, I think in there. 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.
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