Our Code of Conduct is a guide for conducting our business in an honest and professional manner. 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. Investors Which Will Outperform: U.S. Stocks or International? 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%. On a constant currency basis, revenue increased by 2%, mainly reflecting favorable volume/mix effects and the pass through to customers of higher input costs. Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Call Transcript And we also just have some one-off effects in our results. 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 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. Okay. Are you feeling pretty good about your contracted position? The projected financial information contained in this press release constitutes forward-looking information. Appreciate that. How concerned are you about the spread of Coronavirus? 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. Details of Ardagh Metal Packaging beverage can plant. 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. None of Gores Holdings V, Ardagh or AMP gives any assurance that either Gores Holdings V or AMP will achieve its expectations. Please go ahead. 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. 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. As a permanent material glass is 100% and infinitely recyclable, making it the perfect packaging choice for products today and in the future. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. On the normal PPI resets, typically, we don't see a negative in our costs because of labor and some other cost elements. Yes. We reaffirm our guidance for 2023, which assumes global shipment growth of a mid to high single-digit percentage and adjusted EBITDA growth in the order of 10% weighted to the second half due to more favorable prior year comparisons and improving volumes. Our philosophy of continuous improvement extends to a superior level of on-site services to our customers worldwide. Our Code of Conduct is a guide for conducting our business in an honest and professional manner. 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. So I think we're still guiding to low in the market, low to mid. And so I think customers in Brazil are still short and importing the one way, and that explains why you might see investments there. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. Would you attribute that to the new entrants or just kind of the overall supply-demand balance in the North American market right now? Beverage Cans, Metal: Except Beer (1) Can Lids and Ends, Metal (2) Can Manufacturers (24) . pwalsh@murraygroup.ie We each share a common vision: to be the preferred packaging partner to brand owners around the world. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. ", Bridge of 2022 to 2023 Revenue and Adjusted EBITDA. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. 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. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Our global shipments grew by 3% led by growth of 5% in North America and with a solid performance of 2% in Europe. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. Ardagh Building Beverage Can and End Facility in Huron Continuous improvement across manufacturing processes through material, energy and water reductions that further strengthen Ardaghs and our customers sustainability platforms. 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. And so you get typically a stabilization. There are many reasons to choose Ardagh and beverage cans. 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. We're confident our peers will monitor that in the same way. And then lastly, just I guess on the curtailments. Luxembourg B160804, Modern Slavery Statement Our materials play a key role in the circular economy. 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. The people that make up Ardagh share much more than a strong brand and an excellent reputation. Unaudited Consolidated Condensed Income Statement for the three months ended March 31, 2023 and 2022, Sales, general and administration expenses, Unaudited Consolidated Condensed Statement of Financial Position. Management of Ardagh and Gores Holdings V will host an investor conference call on February 23, 2021 at 9:00 a.m. EST / 6:00 a.m. PST to discuss the proposed business combination. 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. The future were creating for AMP is built around our three core values of Trust, Teamwork and Excellence. 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. Entering text into the input field will update the search result below. And could that possibly trigger just sort of a repricing event across the space? Yes. Is this happening to you frequently? This site is protected by reCAPTCHA and the Google Brett Valach - Sales, Reliability Solutions and Services - LinkedIn Please disable your ad-blocker and refresh. Ardagh Group also holds a 42% interest in Trivium Packaging, a leading supplier of sustainable metal packaging 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 Beverage USA Inc. 2145 Cedar St Fremont OH 43420 (419) 355-8222. 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). Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. At the current share price of $10.60 for GRSV, the stock position of Ardagh in Gores will be worth $5.14B, representing a value of approximately $21.75/share of Ardagh. of our resilient start to the year, we are reaffirming our full year guidance. The company is a global supplier of sustainable, infinitely recyclable metal beverage cans to brand owners. 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. And yes, back to my previous comments, what I think you're seeing in Europe is a lot of volatility in demand across different players because they're operating in different parts of the market. On the promotional activity, what gives you the confidence that -- and you mentioned, I think, in non-alcoholic that you're starting to see some activity and some improvement, but why should we expect that, that's going to continue going forward? Looking at AMP's results by segment and at constant exchange rates. For more, click here. Ardagh Group is a global supplier of sustainable, value added, infinitely recyclable, metal and glass packaging for brand owners around the world. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. The foregoing list of factors is not exhaustive. And so I'm curious if you can explain to us just from a, I guess, short-term/long-term perspective. 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. We're not disagreeing with that. Metal offers versatility, unlimiteddesign and brand building opportunities like no other material and is used across the world in many market sectors. 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). Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. This supports our expectation for a stronger second half demand outlook. 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? Yes. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe, North America and Brazil with innovative production capabilities. 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. Then that gets us into a very sustainable position for funding the dividend. We've got some filling that moved to the Nordics where we don't have capacity. Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. Cookie Policy | Privacy Statement | Terms&Conditions. One of our customers in Brazil entered a judicial reorganization process in the period. So regarding your CapEx guidance for '23, your guide is $300 million, and your cash flow generation alleviation depends a lot on CapEx cuts. 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. So I was wondering if you could just give us a little bit more details on particularly in North America, just how the quarter progressed from a shipment standpoint and then maybe what you're seeing in shipments here in April? Or is that just sort of a tail risk or something I'm kind of making up in my head? So the quick answer to the quick question was, yes. Ardagh Metal Packaging launches new can size to support beverage brands Ardagh Metal Packaging operates 24 production facilities in nine. Thank you for your participation. We strive to add value in line with customer aspirations and develop packaging that continually improves the consumer experience. We think you can track off-trade penetration in cans and that, that will return to its growth pattern like it has for every other developing market over the years. Is it fair to assume now that given what you're seeing, maybe there's a little bit of optimism that Ardagh can also kind of start to approach into the mid-single digits? We continue to project significantly increased adjusted EBITDA and positive adjusted free cash flow in 2023 with further improvement into next year. Adjusted EBITDA decreased by $15m, or 10%, to $130m in the three months ended 31 March 2023, compared to $145m in the same period last year. Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of $7 billion. I would like to turn the call back over to Oliver for any additional or closing remarks. 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. And I don't have any further kind of capacity expansions in 2024. 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. I'd say you put those 3 components together, you're at or very close to covering the dividend mix. Yes. The growth of our business over the past decade has been driven by our unrivalled expertise and commitment to innovation. * Ardagh Metal Beverage North America produces more than 15 billion cans and can ends annually? But as I say, all of those activities were completed last year. Forward-looking statements speak only as of the date they are made. Most recently worked as the Quality Manager for Ardagh Metal Beverage, in Chicago, IL. 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. innovation, quality and customer service, backed by investment in our people and processes, underpinseverything we do. We are delighted to partner with Gores Holdings V to create a NYSE-listed pure-play beverage can business of scale with impeccable ESG credentials, and we intend to remain a committed, long-term majority shareholder of AMP as it continues its growth journey., Over the past five years, our metal packaging business has grown its position as one of the worlds leading beverage can producers through our agility and foresight in tapping into emerging consumer and market trends, said Oliver Graham, CEO of AMP.
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