So that's why we still think it's a low single to mid-market this 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. Q1 2023 Ardagh Metal Packaging SA Earnings Call San Pedro, CA (310) 519-2400. ARDAGH METAL BEVERAGE USA INCORPORATED EPA Registry Id: 110001360214 4001 MONTDALE PARK DRIVE VALPARAISO, IN 46383-0607 Query executed on: APR-14-2023 Additional information for CERCLIS or TRI sites: This information resource is not maintained, managed, or owned by the Environmental Protection Agency (EPA) or the Envirofacts Support Team. . 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? Europes Revenue decreased by 3% to $486m in the three months ended 31 March 2023, compared to $499m in the same period last year. Ardagh Building Beverage Can and End Facility in Huron The first one, so look, when we've looked at packaging markets over the years, over time, within one-way packaging, cans almost always went out over one-way glass because you have distribution efficiencies. The contribution from shipment growth was more than offset by higher operating costs. Any thoughts there would be appreciated. +353 87 2269345 / +1 646 776 5918. Yes. Ardagh Claude Marbach beverage can . 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. Beverage Container Recycling - CalRecycle Home Page From Morgan Stanley, we will now go to Angel Castillo. The future were creating for Ardagh is built around our three core values of Trust, Teamwork and Excellence. Metal is a permanent material, meaning it can be infinitely recycled without any loss of quality. By Mohamed Dabo. You mentioned the promotional activity. So just anything that you can speak to in terms of one substrate winning or not in the beer category down there and then what we should be looking for in the outside world that could kind of reaccelerate that transition to one way versus returnable. Together with the cash held in Gores Holdings Vs trust account, additional investors have committed to participate in the proposed business combination by purchasing 60 million shares of AMP for an aggregate purchase price of $600 million in a private placement (the PIPE) at $10.00 per share. Shipments for the quarter grew by 2% on the prior year. And due to our security coverage, we do not foresee a material credit risk at this point in time. [Operator Instructions]. I will now turn the call over to Oliver Graham. 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 Metal Packaging Usa Inc. 936 Barracuda Street. Ardagh has reaffirmed its full-year guidance, with shipment growth of mid to high single digits. Cookie Policy | Privacy Statement | Terms&Conditions. 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. Thank you, operator, and welcome, everybody. Wed like to share more about how we work and what drives our day-to-day business. Okay. The decrease in Adjusted EBITDA was mainly due to negative volume/mix effects, partly offset by the pass-through to customers of higher input costs. 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. Ardagh Group Copyright 2023 Morningstar, Inc. All rights reserved. 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. 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. And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. 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. Ardagh Group S.A. ("Ardagh") (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world's leading brands Please go ahead. 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. So I think we're committed to it. The market we put, probably a low single digit for the quarter, mainly on the back of the strength, there's still growth in some of the newer players in the market. We're seeing some crosscurrents, some categories are weaker, but then and maybe related to the consumer. And just a question on North America. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. None of Gores Holdings V, Ardagh or AMP gives any assurance that either Gores Holdings V or AMP will achieve its expectations. Ardagh operates 65 metal and glass production facilities in 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 so I think what that means, there's a volatility in demand patterns customer by customer. They're very elastic categories, and demand does expand with promotional and with price. Beverage Container Recycling Centers - California Ardagh Metal Packaging S.A., 56, rue Charles Martel, L-2134 Luxembourg, LuxembourgR.C.S. 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. Actual results could vary materially from such statements. Okay. And that explains the entirety of the bridge. 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. They're saying it publicly, and I think the major CSD player in the last week or so has absolutely signaled that they want to both carry on hitting the higher end of the market, but definitely hitting the lower end and the more economically challenged consumers because they don't want to lose those consumers to their brand. 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? The proposed business combination, which has been unanimously approved by the boards of directors of both Ardagh and Gores Holdings V, is expected to close in the second quarter of 2021, subject to receipt of Gores Holdings V stockholder approval, the satisfaction of the condition to Ardaghs obligations that it receives at least $3 billion in cash from the transactions and the satisfaction of other customary closing conditions. In North America, shipments grew by 5% for the quarter. Appreciate that. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. And then if there's any sort of trigger date for contract resets for PPI or any kind of mechanism like that, that we should keep in mind as we kind of think about the rest of the year? And then I think what drove the shift out of returnable and has driven it in all markets as GDP per capita rises is that as consumers get richer, they don't like returnable and retailers and mass retailers, in particular, that grow with economic development also particularly don't like returnable. A global supplier in sustainable packaging solutions - Ardagh Group These products and services are usually sold through license agreements or subscriptions. So it's got no meaningful impact really on our capacity position. So again, sort of through to the middle of the decade. So look, overall, it is soft. Ardagh Group is a leading global supplier of value-added, infinitely-recyclable, metal and glass packaging solutions. Website. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. pwalsh@murraygroup.ie Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Metal packaging is universally recognised for its protective qualities, versatility and environmental credentials. Under no circumstances should the inclusion of such forward-looking statements in this release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Terms of Service apply. And then we -- in North America, we had a couple of contract gains. On a constant currency basis, revenue increased by 2%, reflecting favourable volume/mix effects and the pass-through to customers of higher input costs. Gores strategy is to identify and complete business combinations with market leading companies with strong equity stories that will benefit from the growth capital of the public equity markets and be enhanced by the experience and expertise of Gores long history and track record of investing in and operating businesses for over 35 years. 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. Look, it's going to go very meaningfully lower. We have today announced our quarterly ordinary dividend of $0.10 per share to be paid later in June, in line with our guidance and supported by our improving cash generation outlook. 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. In Brazil, first quarter shipments declined modestly, underperforming the high single-digit growth in the market due to customer mix effects as well as some customer destocking. 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 metal can also shields against sunlight, providing impeccable ingredient protection assuring desired taste profiles. 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 appreciating that you can't speak for kind of your sister organization. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, https://www.ardaghgroup.com/corporate/investors. 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. 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. 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. We're highly contracted and so are our major peers through the middle of the decade. Visit Website. Today's conference is being recorded. Ardagh Metal Packaging Became A Dividend Stock Overnight (NYSE:AMBP There have been some times, we have off trends, but generally, that's been the trend. First quarter adjusted EBITDA in Europe fell by 8% on a constant currency basis to $49 million as the contribution from higher shipments and input cost recovery was offset by higher overhead costs and the known impact from the timing of inflation recovery recognition in EBITDA. Luxembourg-based metal packaging supplier Ardagh Metal Packaging (Ardagh) has reported a solid performance in the first quarter (Q1), with global beverage can shipments growing by 3% during the period. And just one last one. Metal has the best recycling rates of all packaging materials in Europe, contributing to a circular economy. Just wanted to maybe expand a little bit more on the customer dynamics. So we also get some enhanced inflation recovery in the subsequent quarters. 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. 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. From Wells Fargo Securities, we will take the next question from Gabe Hajde. We are forecasting volumes to grow at a high single-digit percentage in 2023 in Brazil, which is underpinned by the recent start-up of new capacity in Alagoinhas, customer mix and the market recovery strengthening into the second half of the year supported by an easing of customers' input cost pressures. Cookie Policy | Privacy Statement | Terms&Conditions. On a constant currency basis, adjusted EBITDA decreased by 8%, mainly due to negative volume/mix effects and higher operating costs. We will continue to closely monitor demand conditions and balance our capacity in a disciplined manner. As I say, I think they have reached the limit of sales growth without driving some volume. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. So those are a set of one-offs that will unwind during this year. We strive to add value in line with customer aspirations and develop packaging that continually improves the consumer experience. 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. Highlights. I'll take the first and hand over to David on the working capital. On a constant currency basis, revenue increased by 3%, primarily 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). Ardagh is a global supplier of infinitely-recyclable metal and glass packaging for the worlds leading brands. As the only pure-play beverage can company, AMP products touch billions of consumers worldwide. I guess maybe if it's more helpful to talk by categories, that's fine and you could do that. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. The impact to our business is offset by growth across other categories, including carbonated soft drinks, energy and wellness and in spirit-based ready-to-drinks. Sure. Additional information about the transactions, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Gores Holdings V and in a report on Form 6-K to be filed by Ardagh with the U.S. Securities and Exchange Commission and available at www.sec.gov. Thanks, Stephen. We're not letting any of the bank on it, but we're still excited about the still water category. Ardagh will retain an approximately 80% stake in AMP and receive up to $3.4 billion in cash in the transactions. 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. We support our customers' drive to differentiate their products, providing innovative shaping, decoration and convenience features. Sustainability at Ardagh is at the core of our operations. Very concerned Slightly concerned Neither concerned nor unconcerned Not very concerned Not concerned 0% GlobalData GlobalData So look, I think there's a couple of things in the full year guide. Would you attribute that to the new entrants or just kind of the overall supply-demand balance in the North American market right now? Sure. I think you said Europe looking just to mid-single digit. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. So soft drink is definitely a bit stronger than beer. So there's some good space for additional innovation still to come. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ETCorporate ParticipantsStephen Lyons - IROliver Graham - Chief Executive OfficerDavid Bourne -. I mean that category, though, overall, I think, is beginning to move. I think we said at the full year, and so we can repeat, there are 3 elements that mean that we won't get to 1.1 without further action those three elements of foreign exchange, so that can obviously move. Ardagh Metal Packaging (NYSE: AMBP ), is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. 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. 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. And if so, how far along are you? Director of Forming Operations - Food & Spirits. There's no reason to believe we don't revert to a more normal promotional activity for these categories. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. [Operator Instructions]. 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. The second element is, we've not built out all the investment in the original program, so particularly the Brazil greenfield. 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. 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. There are many reasons to choose Ardagh and beverage cans. Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . Gores Holdings V is a special purpose acquisition company sponsored by an affiliate of The Gores Group for the purpose of effecting a merger, acquisition, or similar business combination. 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. We build upon the inherent environmental advantages of metal beverage cans by clearly supporting our customers sustainability platforms. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Please use the . This would reduce the . 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. About Search Results. So yes, keep an eye on off-trade penetration of cans is the number to look for. And as you put those numbers together with some EBITDA growth, that's why you can see we're very confident in the sustainability of the dividend. Oliver Graham, CEO of Ardagh Metal Packaging, said: . Our global shipments grew by 3% led by growth of 5% in North America and with a solid performance of 2% in Europe. Yes. So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. Then that gets us into a very sustainable position for funding the dividend. So I think we're still guiding to low in the market, low to mid. Our investments in Huron, Ohio, Winston-Salem in North Carolina and Olive Branch, Mississippi position us favorably for future growth. So are we balanced in the U.S.? But as I said, I think it's really at the margin relative to the overall volume being shipped in the market. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. Entering text into the input field will update the search result below. So there's also some one-off effects in Europe. Just to summarize again, we met our Q1 guidance, and we reaffirmed our full year as we see a strengthening in the demand environment and improved EBITDA recovery through the year. To read more about our new targets, please click here for our 2021 Sustainability Report. We will now move to Jay Mayers from Goldman Sachs. PLTW provides students from pre-kindergarten through high school (PreK-12) with hands-on manufacturing and engineering pathway options and real-world challenges while focusing on teacher training and continuous innovation. 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 that linked to their overall market weakness. And so you get the shift into one-way packaging. So if that's the case, how much lower can your CapEx go? Thank you. We will take our first question from Anthony Pettinari from Citi. currency basis versus the prior year quarter. 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. 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. Ardagh Metal Packaging S.A. - First Quarter 2023 Results In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. And just so on that note then, does your European business take a step down from here? A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe, North America and Brazil with innovative production capabilities. So maybe what are you hearing in terms of their level of inventories? Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. Luxembourg-based metal packaging supplier Ardagh Metal Packaging (Ardagh) has reported a solid performance in the first quarter (Q1), with global beverage can shipments growing by 3% during the period. George, thank you. And actually, in some markets, when they're trying for revenue management, they will push glass for a while. And again, we're talking about prices coming off historically very high levels because of the market was so tight. Looking at AMP's results by segment and at constant exchange rates. 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. Which Will Outperform: U.S. Stocks or International?

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