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. Website. Ardagh Group S.A. ("Ardagh") (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world's leading brands Visual effects across labels and ends to positively influence consumer purchase decisions and strengthen retail price points. 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. 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. So as I say, we definitely have some strength in beer, but we also have some weakness at the higher end. So again, sort of through to the middle of the decade. You can see some EBITDA growth into next year and then the BGI drop. 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. [Operator Instructions]. 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. Please. Upon closing of the transactions, assuming no redemptions by Gores Holdings Vs public stockholders, Ardagh will retain an equity interest in the Company of approximately 80%, the PIPE investors in the private placement will hold approximately 10% and Gores Holdings Vs stockholders and its sponsor will hold approximately 10%. 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. And then in Brazil, our customers are not telling us very much because I think they're very short one way. I was going to hit it later. 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. There's no reason to believe we don't revert to a more normal promotional activity for these categories. 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. So we completed all that activity last year in terms of getting to more direct energy pass-through mechanisms with customers, particularly large customers. 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. Probably mostly around the new. Yes. And then our maintenance runs in the sort of 120, 130 level. 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. We're highly contracted and so are our major peers through the middle of the decade. Yes. 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. 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. 1. Ardagh Metal Beverage USA Inc - MapQuest Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. Ardagh Group 3.2. 2023-04-27 | NYSE:AMBP | Press Release | Ardagh Metal Packaging S.A. innovation, quality and customer service, backed by investment in our people and processes, underpinseverything we do. 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. And then, finally, they're not just saying to us, right? 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. So as I say, we think that's a fundamental shift. So we also get some enhanced inflation recovery in the subsequent quarters. But then there is also an acceleration of our inflation recovery. North America grew by 5%, and more than offset marginally . Metal has the best recycling rates of all packaging materials in Europe, contributing to a circular economy. Mingfeng USA Packaging. We will show continued discipline with our capacity planning in the interim. 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. Forward-looking statements speak only as of the date they are made. We also had softness with the beer customer. And good luck on the rest of the year. Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. You may now disconnect. It should not be relied upon as being indicative of future results. 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. 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. They are infinitely recyclable and contain an average of approximately 70% recycled content. Pro forma Adjusted EBITDA is not calculated in accordance with IFRS or U.S. GAAP. 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. Sort:Default. Please go ahead. Stephen Clarke CTS Manager +44 1244 68 4552; stephen.clarke@ ardaghgroup.com; Whereas as you say, I think there's sufficient capacity on the can side at the moment that carries through a couple of years of good growth now, particularly with the investments we've done in the one way completing this year. Very concerned Slightly concerned Neither concerned nor unconcerned Not very concerned Not concerned 0% GlobalData GlobalData Now potentially, the market is a little bit more balanced. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. 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. jchou@gores.com, John Christiansen/Cassandra Bujarski/Danya Al-Qattan For more information, please visit www.gores.com. 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 company will invest at least $195 million to expand its current beverage can metal manufacturing facility in Winston-Salem. And so you get the shift into one-way packaging. Thanks, Ellen, and thank you to everyone on the call. 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. Our resilient start to the year allows us to reaffirm our full year guidance. On the normal PPI resets, typically, we don't see a negative in our costs because of labor and some other cost elements. So we're not seeing any significant price activity. 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. Ardagh Group S.A., 56, rue Charles Martel, L-2134 Luxembourg.R.C.S. And you mentioned earlier that kind of the marginal or kind of spot can out there, there has been some pricing pressure. 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the AMPSA Shares or otherwise making them available to retail investors in the EEA or in the UK will be prepared and therefore offering or selling the AMPSA Shares or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation. Consequently, no offer of securities to which this announcement relates, is made to any person in any Member State of the EEA which applies the Prospectus Regulation who are not qualified investors for the purposes of the Prospectus Regulation, is made in the EEA and no key information document required by Regulation (EU) No. You have billboard. So they're clearly not in 2024, and we'll guide each year as we go. 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. Any forward-looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Brazil, we'll wait to hear what you say, but I appreciate the thoughts there. 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. Oliver, the full year guidance, I think, implies a pretty strong second half earnings inflection, and I'm just wondering if you can speak to that. The document includes detailed information on the manufacturers and suppliers and their products, along with contact details, to inform your purchasing decision. 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. 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. How we use your information depends on the product and service that you use and your relationship with us. 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. 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. Please go ahead. No. And maybe you can just characterize what you're seeing in Europe from a demand perspective. 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. . Got it. Claim this business (419) 355-8222. We laid the groundwork in 2020 by partnering with Project Lead The Way (PLTW) due to their high impact, national reach, experience serving under-served students and strong management. On a constant currency basis, revenue increased by 2%, reflecting favourable volume/mix effects and the pass-through to customers of higher input costs. 2023 outlook reaffirmed: shipment growth of mid to high single digits and full year 2023 Adjusted EBITDA growth of the order of 10%, weighted towards the second half of the year. Shipments for the quarter grew by 2% on the prior year. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. We trace our roots all the way back to the Irish Glass Bottle Company, founded in 1932. . Then that gets us into a very sustainable position for funding the dividend. The entire sector is on fire as supply cannot keep up with the existing demand and expected demand. So just to clarify that whether it's kind of No, I certainly would say that. They are shipped and distributed economically, as they stack very efficiently. Our philosophy of continuous improvement extends to a superior level of on-site services to our customers worldwide. So there's also some one-off effects in Europe. 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. Yes. And as David just mentioned, we've got a very tough comparator coming in Q2 where post COVID, the market opened up very fast and very strong. Yes. The European energy market continues to improve its resilience supported by public policy actions. And so you'd expect to see overall average pricing moderating relative to wage growth and other factors. So I don't think you've got a single picture for the market. Ardagh Metal Packaging S.A. - First Quarter 2023 Results Ardaghs focus on customer satisfaction builds on the environmental strengths of the beverage can, which are marked by high recycle rate and content numbers, and clear business advantages which include the cans ideal filling, distribution and retail display economics. 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. In the quarter, AMP incurred additional growth CapEx of $90 million and maintenance CapEx of $36 million. Look, I think we've also evaluated that risk, and we regard it as very low. Revenue of $486 million decreased by 3% in the three months ended March 31, 2023, compared with $499 million in the same period last year. Please use the . Our metal cans are available in a range of sizes from 8 oz. I think you said Europe looking just to mid-single digit. Our next question is from George Staphos from Bank of America. 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. We operate 65 metal and glass production facilities in 16 countries, employing more than 20,000 people. Or is that just sort of a tail risk or something I'm kind of making up in my head? The quick one is just of the curtailment you guys have talked about for this year, the 1 billion in Europe and 2 billion cans in North America, have you started that yet? Please go ahead. Under the Social pillar of our sustainability strategy, Ardagh committed to invest approximately $50 million from 2021-2032 in the local communities in which our U.S. facilities are located. 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. The contribution from shipment growth was more than offset by higher operating costs. So I guess a quick one and then a high-level question for you. 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. We've seen a very unusual period where price is rising and volumes are dropping less than historically, but we're clearly reaching the limits of that now. 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. Sure. They've always been very promotional, and there's no reason, I think, to believe that won't reassert itself at some point. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. Through PLTW, we plan to deliver positive results for more than 2,000 schools and 500,000 PreK-12 students in our local communities. George, thank you. Yes. And we are committed to our quarterly $0.10 dividend. 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. 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 companys global supply chain partners commitment to the Aluminium Forward 2030 coalition and endorsement of the Mission Possible Partnerships net-zero strategy supports actions to achieve the industrys net-zero carbon footprint ambition. I guess maybe if it's more helpful to talk by categories, that's fine and you could do that. Our global shipments grew by 3% led by growth of 5% in North America and with a solid performance of 2% in Europe. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. 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. How would you kind of characterize the competitive environment in cans in North America? 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. It's near or minus 20%, and then you've got the other growth components bridging back up. We had a decent start. Ardagh Group is a leading global supplier of value-added, infinitely-recyclable, metal and glass packaging solutions. 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. Before making any voting or other investment decision, investors and security holders of Gores Holdings V are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about Gores Holdings V, AMP and the proposed Business Combination. So look, I mean, our investment profile is front-loaded in terms of, as we said in the opening remarks, we are finishing off projects largely that have been crystallized, started last year and under flowing through. Or are we operating at a high level? From Morgan Stanley, we will now go to Angel Castillo. 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. I'll now briefly hand over to David to talk through our financial position before finishing with some concluding remarks. The second question I had shorter term, payables look like they were down from fourth quarter, and you also mentioned a little bit more use of working capital to start the year. [2] As of 2012, the company operated 89 facilities in 22 countries, employed approximately 23,500 people, and had approximately 7.7 billion in revenue. And so I think that although there is capacity in the market, I think it's being managed in a good way. So if that's the case, how much lower can your CapEx go? Luxembourg B160804, Modern Slavery Statement I think if I recall correctly, your last quarter, your thought process was maybe industry does mid-single digit, and Ardagh, maybe is closer to low single digits. Given the Q1 CapEx, how much above the average targeted quarterly level? Any thoughts there would be appreciated. Thanks, George. And if you look into the can side that are selling well at the moment, we don't see room for lots of movement there.
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