Luxembourg B 251465, Modern Slavery Statement So I think when you add it all together, it makes all sorts of sense that you'd see some increased promotional activity as we go through the year. Ardagh Group is aglobal supplier of sustainable, value added, infinitely recyclable, metal and glass packaging for brand owners around the world. Perfect. The company will invest at least $195 million to expand its current beverage can metal manufacturing facility in Winston-Salem. Our investments in Huron, Ohio, Winston-Salem in North Carolina and Olive Branch, Mississippi position us favorably for future growth. To read more about our new targets, please click here for our 2021 Sustainability Report. Our bonds have been issued on fixed rate terms and not mature before 2027. 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. This site is protected by reCAPTCHA and the Google A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. Can you just talk about how you think that can impact the market here in the near term? We will show continued discipline with our capacity planning in the interim. Typically, companies focused on the economy segment. Wed like to share more about how we work and what drives our day-to-day business. But in any event, perhaps we want to solve that on this call, but that's the only thing I'd point out there. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. Thank you for your participation. Thanks, David. Congrats on your results. Our Sales team is uniquely qualified to discuss these product advantages and how Ardagh will deliver value across your entire business from design, to spec, to production and on-time delivery of the highest quality packaging in the industry. So yes, no particular trend, I think in there. Today's conference is being recorded. Yes. How we use your information depends on the product and service that you use and your relationship with us. The beer market saw an overall softer performance in the off-trade but with notable exceptions in the economy segment of both brands and own label. Please go ahead. Investors Cookie Policy | Privacy Statement | Terms&Conditions. So that's how we see the 3 markets at the moment. The call can be accessed by dialing +1 (833) 470-1428 (domestic toll-free number) or +1 (404) 975-4839 (international) and providing the access code: 403501. 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. Ardagh Metal Packaging's NOMOQ buy is a win for aluminium cans In the short-term here, it feels like there's sufficient capacity, by our estimates, kind of mid-70s utilization and as well as pressure on the consumer. 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. 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. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. So soft drink is definitely a bit stronger than beer. Ardagh Group 3.2. So that's typically what we're looking at there. The minimum refund value established for each type of eligible beverage container is 5 cents for each container under . We ended the quarter with a liquidity position of approximately $0.5 billion. And we can see those in our results, which is why we think we're a little bit ahead of the market. 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. So let's go region by region. And I think it just will depend a lot on which customers and which segments you're in. We look forward to talking to you all at our Q2 results. 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. Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. Ardagh Group - Wikipedia As the only pure-play beverage can company, AMP products touch billions of consumers worldwide. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Probably mostly around the new. 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. 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. They are shipped and distributed economically, as they stack very efficiently. 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. When are we on path to maybe see that? Constantly evolving production technologies are used to ensure exciting possibilities and environmental sustainability in metal beverage packaging for the future. Thank you. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Call Transcript We each share a common vision: to be the preferred metal beverage packaging partner to brand owners around the world. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. 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. Those are linked to when the market was very tight, and customers were diversifying a bit. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. In Europe, first quarter revenue increased by 3% on a constant currency basis to $486 million compared with the same period in 2022, mainly due to more favorable input cost recovery. [Operator Instructions]. Looking at AMP's results by segment and at constant exchange rates. 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. Our global shipments grew by 3% led by growth of 5% in North America and with a solid performance of 2% in Europe. Ardagh produces distinctive and innovative glass packaging in all shapes and sizes for brand owners around the worldand offers a choice of almost 20 different colours. 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. And then our maintenance runs in the sort of 120, 130 level. Revenue in the Americas in the first quarter increased by 1% to $645 million, mainly due to higher volumes, partly offset by the pass-through lower metal and freight costs. And we don't see that happening this year. We continue to manage our capacity in a disciplined manner through curtailment actions that moderate our footprint ahead of growth in demand and that position the business for a period of investment-free growth. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. Modesto, CA . 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. Ardagh Metal Packaging S.A. - First Quarter 2023 Results 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. Ardagh Metal Packaging Usa in Brea, CA with Reviews - YP.com - Yellow Pages Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. 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. The Company has an entrepreneurial owner-manager culture that has led to a successful transformation underpinned by powerful industry dynamics. 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. To date, Alec Gores and affiliates of The Gores Group have announced and completed six business combinations representing over $27 billion in transaction value. Ardagh Metal Packaging Q1 2023 Results Got it. 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 it's got no meaningful impact really on our capacity position. By Mohamed Dabo. No, I wouldn't say that. The Company has a leading presence in the Americas and Europe and is the second-largest beverage can producer in Europe and the third-largest in North America and Brazil. Moving now to our financial position. Pat Walsh Details of Ardagh Metal Packaging beverage can plant. 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. Our exposure to the customer was at a historic low position. Fullyarn Packaging USA Inc. Packaging Materials. Yes. 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). Well, we said at the full year, we're curtailing over $1 billion in Europe this year and over $2 billion in North America. Please go ahead. 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. Adjusted EBITDA of $130 million for the quarter was in line with our guidance and represented an 8% decrease on a constant currency basis. Our locations - Ardagh Group Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. We also had softness with the beer customer. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. Gores Holdings V completed its initial public offering in August 2020, raising approximately $525 million in cash proceeds. Are you feeling pretty good about your contracted position? 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. Ardagh Claude Marbach beverage can . Yes. Look, I think we've also evaluated that risk, and we regard it as very low. 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. In terms of the other players, I think most of them did get some degree of contractual coverage on their investments. 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). This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The contribution from shipment growth was more than offset by higher operating costs. The Company intends to apply to list its shares on the New York Stock Exchange (NYSE) under the new ticker symbol AMBP. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. Aluminum beverage packaging offers versatility and unlimited design opportunities, is unbreakable, is impermeable and its tamper-proof qualities deliver true package safety. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. 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. So as I say, we definitely have some strength in beer, but we also have some weakness at the higher end. And therefore, there's a very meaningful step-down into 2024. I mean clearly, nothing like last year, but a little bit volatility to the pressures on the consumer. 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. Verify your identity, personalize the content you receive, or create and administer your account. We are proud to have committed to the International Aluminium Institute's, Aluminium Forward 2030 initiative, bringing together global leaders across the aluminium supply chain, with the aim to accelerate progress towards net zero emissions.