For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (this regulation together with any implementing measures in any member state, the Prospectus Regulation). We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. So that typically has a floor. The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. So before moving to take your questions, I'd just like to recap on AMP's performance and key messages. There's just some ups and downs and I think that goes back to the fact that the market remains a little bit volatile. 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 then also similarly in Europe and Brazil, how did you characterize the supply and demand? So it's got no meaningful impact really on our capacity position. Credit: Shutterstock. See Forward-Looking Statements above. The following are a few key characteristics: Alternative printing and embossing techniques for brand differentiation, enabling beverages to draw consumer attention and enhance brand loyalty. And so you get the shift into one-way packaging. The Company intends to apply to list its shares on the New York Stock Exchange (NYSE) under the new ticker symbol AMBP. The point I'd make is the market is putting a very high return on that. Q1 2023 Ardagh Metal Packaging SA Earnings Call. Sure. It should not be relied upon as being indicative of future results. 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. And that's a fundamental shift, and we expect that to continue once the normalization occurs around the very high inflation that's occurred on the can in the last 6, 12 months in Brazil, which we talked about and others have talked about, that's about the LME and where our customers have to hedge LME, and it's also about the fact that with dollar price elements of the can, which in a devaluing currency environment obviously increases inflation. Sustainability at Ardagh is at the core of our operations. And I guess you'll talk about the regional trends maybe in some of the other questions. Our philosophy of continuous improvement extends to a superior level of on-site services to our customers worldwide. 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. And so you get typically a stabilization. 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. On a constant currency basis, revenue increased by 3%, principally 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). Our adjusted EBITDA result represented an 8% decline on a constant currency basis versus the prior year quarter. [Operator Instructions]. Or are we operating at a high level? About Ardagh Metal Packaging. Ardagh Claude Marbach beverage can . The metal can also shields against sunlight, providing impeccable ingredient protection assuring desired taste profiles. I will now turn the call over to Oliver Graham. [Operator Instructions]. 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. The consistent pursuit of market-leading innovation, quality and customer service, backed by investment in our people and processes, underpins everything we do. 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. I mean, George, it's true that you get some share shifts in some markets over time from one way to cans, particularly in North America. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? 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. No. Please go ahead. You mentioned the promotional activity. 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. So I think we're well placed for the growth that's about to come. Yes. 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. In light of our resilient start to the year, we are reaffirming our full year guidance. How concerned are you about the spread of Coronavirus? If you have an ad-blocker enabled you may be blocked from proceeding. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. So that's how we see the 3 markets at the moment. And so we can't speak to what impact that's having on them and their position. We remain focused on continuous improvement in all aspects of our business to deliver long-term, sustainable success for our stakeholders. The foregoing list of factors is not exhaustive. 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. Can you just talk about how you think that can impact the market here in the near term? One last one on Europe. And then in Brazil, our customers are not telling us very much because I think they're very short one way. Please disable your ad-blocker and refresh. So we also get some enhanced inflation recovery in the subsequent quarters. We trace our roots all the way back to the Irish Glass Bottle Company, founded in 1932. . Through PLTW, we plan to deliver positive results for more than 2,000 schools and 500,000 PreK-12 students in our local communities. The market recorded a high single-digit growth rate against a weak 2022 comparator and was softer than anticipated as adverse weather and more challenging macroeconomic backdrop pressured consumption. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. As that moves to the U.S., are you going to get that business, do you need to make any investments for it? +353 87 2269345 / +1 646 776 5918. For more information, visit https://www.ardaghmetalpackaging.com/investors. Visit Website. Sard Verbinnen & Co 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. But at the minute, we don't see that significantly impacting on us again for the next year or two because of our overall position on contracts. Most recently worked as the Quality Manager for Ardagh Metal Beverage, in Chicago, IL. And what's kind of a good normalized CapEx range for you? * Approximately 75% of aluminum . We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. But just switching to the dividend, I think you referenced the sustainability of the dividend. 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? That will conclude today's conference call. Please go ahead. And we are committed to our quarterly $0.10 dividend. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. And therefore, you'll see in our results and our peers' results probably some different results linked to customer mix and which customers you're in by region. Hi, Arun. * 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). I guess first question is on Europe. And actually, in some markets, when they're trying for revenue management, they will push glass for a while. Got it. Gores Holdings V completed its initial public offering in August 2020, raising approximately $525 million in cash proceeds. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. We're highly contracted and so are our major peers through the middle of the decade. So what we see is a lot of variation between customers depending on their pricing strategies. So are we balanced in the U.S.? Murray Group Again, I guess the one thing we need to be mindful of is, obviously, to the extent you guys have hedged energy for this year, that may not necessarily be the case on a go-forward basis. We continue to monitor that, obviously, on a month-by-month basis, and we continue to monitor our overall capacity because we do intend to keep utilization in the 90s over the next few years. 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. You have billboard. 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. Metal can packaging offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. Gear advertisements and other marketing efforts towards your interests. innovation, quality and customer service, backed by investment in our people and processes, underpinseverything we do. So the cash CapEx, I think of the order of $300 million, some leasing activity on top of that. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. And then in terms of why we're confident in timing through the rest of the year, I think that we've had signals from customers that they're looking into additional promotions for Q2 and beyond. Thank you. So energy costs have risen very significantly as a proportion of household income. 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 -. (1) For a reconciliation to the most comparable IFRS measures, see Page 7. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. . Assuming no share redemptions by the public stockholders of Gores Holdings V, approximately $525 million in cash held in Gores Holdings Vs trust account, together with the $600 million in private placement proceeds and approximately $2.3 billion of the new debt raised by AMP, will be used to pay up to $3.4 billion in cash to Ardagh, as well as to pay transaction expenses. 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. Cookie Policy | Privacy Statement | Terms&Conditions. 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. Revenue decreased by $6m, or 1%, to $1,131m in the three months ended 31 March 31 2023, compared to $1,137m in the same period last year. So look, overall, it is soft. 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. I mean that category, though, overall, I think, is beginning to move. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. Unaudited Consolidated Condensed Statement of Cash Flows, Settlement of foreign currency derivative financial instruments, Cash flows (used in)/received from financing activities, Net decrease in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of period, Foreign exchange gains/(losses) on cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at end of period. 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. That's helpful. 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? 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. We each share a common vision: to be the preferred packaging partner to brand owners around the world. Obviously, there's still softness in key areas. I'd say you put those 3 components together, you're at or very close to covering the dividend mix. These products and services are usually sold through license agreements or subscriptions. Metal packaging is universally recognised for its protective qualities, versatility and environmental credentials. We see the growth coming much more in the second half when the LME hedges roll off some of the other input cost inflation moderates, and we'll see the big customers going back into retail away from returnables and discounting much more. Luxembourg B 251465, Modern Slavery Statement Now potentially, the market is a little bit more balanced. In the quarter, AMP incurred additional growth CapEx of $90 million and maintenance CapEx of $36 million. 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. A subsidiary of sustainable packaging. 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. 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. LUXEMBOURG, Nov. 19, 2021 /PRNewswire/ -- Ardagh Metal Packaging (AMP) announced today that it plans to build a new state-of-the-art $200 million beverage can plant in . Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. 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. So look, I think there's a couple of things in the full year guide. 2 min read New 19.2 oz. We're not letting any of the bank on it, but we're still excited about the still water category. I guess maybe if it's more helpful to talk by categories, that's fine and you could do that. 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. Ardagh Metal Packaging operates 24 production facilities in nine . Cookie Policy | Privacy Statement | Terms&Conditions. Some of the pricing actions that are being taken that are very different across our customer base. We see as we drop off the capital expenditure into the back half of this year and into next year that, that it fits very well with our proposition. 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. We haven't guided to it. Okay. We ended the quarter with a liquidity position of approximately $0.5 billion. Thank you, guys. 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. Ardagh Group is a global supplier of sustainable, value added, infinitely recyclable, metal and glass packaging for brand owners around the world. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed Business Combination may be obtained by reading the proxy statement/prospectus regarding the proposed Business Combination when it becomes available. We sell different types of products and services to both investment professionals and individual investors.