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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ardagh Metal Packaging SA | NYSE:AMBP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -1.49% | 3.98 | 4.065 | 3.98 | 4.05 | 930,423 | 01:00:00 |
LUXEMBOURG, July 27, 2023 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the second quarter ended June 30, 2023.
Three months ended | ||||||||
June 30, 2023 | June 30, 2022 | Change | Constant Currency | |||||
($'m except per share data) | ||||||||
Revenue | 1,255 | 1,303 | (4 %) | (4 %) | ||||
(Loss)/profit for the period | (10) | 100 | ||||||
Adjusted EBITDA (1) | 151 | 181 | (17 %) | (17 %) | ||||
(Loss)/earnings per share | (0.03) | 0.17 | ||||||
Adjusted earnings per share (1) | 0.04 | 0.11 | ||||||
Dividend per ordinary share | 0.10 | 0.10 |
Oliver Graham, CEO of Ardagh Metal Packaging, said:
"We experienced a challenging quarter against a global backdrop of sustained inflationary and household financial pressures, impacting on consumer demand. This was particularly the case in Brazil, where we expect market pressures to persist in the near-term. Our performance in Europe proved resilient, supported by improved input cost recovery, and was modestly ahead of expectations. In North America we recorded strong shipment growth and forward momentum, driven by the ramp-up of our contracted new capacity. However, our North America profitability was negatively impacted by action to right-size our inventory position that helped underpin a strong cashflow performance. We continue to prudently manage our capacity ahead of a demand recovery and look forward to strong second half 2023 earnings growth resumption. With our growth investment program completing in 2023, we are strongly positioned to capture future growth and to demonstrate the long-term earnings power and cash-generation of our business".
Financial Performance Review | ||||||
Bridge of 2022 to 2023 Revenue and Adjusted EBITDA | ||||||
Three months ended June 30, 2023 | ||||||
Revenue | Europe | Americas | Group | |||
$'m | $'m | $'m | ||||
Revenue 2022 | 533 | 770 | 1,303 | |||
Organic | 21 | (69) | (48) | |||
FX translation | 1 | (1) | — | |||
Revenue 2023 | 555 | 700 | 1,255 |
Adjusted EBITDA | Europe | Americas | Group | |||
$'m | $'m | $'m | ||||
Adjusted EBITDA 2022 | 61 | 120 | 181 | |||
Organic | 3 | (33) | (30) | |||
FX translation | — | — | — | |||
Adjusted EBITDA 2023 | 64 | 87 | 151 | |||
2023 margin % | 11.5 % | 12.4 % | 12.0 % | |||
2022 margin % | 11.4 % | 15.6 % | 13.9 % |
Six months ended June 30, 2023 | ||||||
Revenue | Europe | Americas | Group | |||
$'m | $'m | $'m | ||||
Revenue 2022 | 1,032 | 1,408 | 2,440 | |||
Organic | 38 | (62) | (24) | |||
FX translation | (29) | (1) | (30) | |||
Revenue 2023 | 1,041 | 1,345 | 2,386 |
Adjusted EBITDA | Europe | Americas | Group | |||
$'m | $'m | $'m | ||||
Adjusted EBITDA 2022 | 117 | 209 | 326 | |||
Organic | (1) | (41) | (42) | |||
FX translation | (3) | — | (3) | |||
Adjusted EBITDA 2023 | 113 | 168 | 281 | |||
2023 margin % | 10.9 % | 12.5 % | 11.8 % | |||
2022 margin % | 11.3 % | 14.8 % | 13.4 % |
Group Performance
Group
Revenue decreased by $48 million, or 4%, to $1,255 million in the three months ended June 30, 2023, compared with $1,303 million in the same period last year, on both a reported and constant currency basis. The decrease in revenue was primarily driven by the pass through to customers of lower input costs and unfavorable volume/mix effects (lower ends volume).
Adjusted EBITDA decreased by $30 million, or 17%, to $151 million in the three months ended June 30, 2023, compared with $181 million in the same period last year, on both a reported and constant currency basis. The decrease in Adjusted EBITDA was principally due to higher operating costs and input costs headwinds, partly offset by positive volume/mix effects.
Americas
Revenue decreased by $70 million, or 9%, on both a reported and constant currency basis, to $700 million in the three months ended June 30, 2023, compared with $770 million in the three months ended June 30, 2022. The decrease in revenue principally reflected the pass through of lower input costs and unfavorable volume/mix impacts (lower ends volume).
Adjusted EBITDA decreased by $33 million, or 28%, on both a reported and constant currency basis, to $87 million in the three months ended June 30, 2023, compared with $120 million in the three months ended June 30, 2022. The decrease was primarily driven by higher operating costs, input cost headwinds and unfavorable volume/mix effects (lower ends volume).
Europe
Revenue increased by $22 million, or 4%, on both a reported and constant currency basis, to $555 million in the three months ended June 30, 2023, compared with $533 million in the three months ended June 30, 2022. The increase in revenue was principally due to the pass through of higher input costs and favorable volume/mix effects.
Adjusted EBITDA increased by $3 million, or 5%, on both a reported and constant currency basis, to $64 million in the three months ended June 30, 2023, compared with $61 million in the three months ended June 30, 2022. The increase in Adjusted EBITDA was principally due to favorable volume/mix effects, partly offset by input cost headwinds and higher operating costs.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its second quarter 2023 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on July 27, 2023. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1623232&tp_key=6552d04b96
Conference call dial in:
United States/Canada: +1 800 289 0438
International: +44 330 165 4027
Participant pin code: 7626398
An investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors
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. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 24 production facilities in nine countries, employing more than 6,300 employees and had sales of $4.7 billion in 2022.
For more information, visit https://www.ardaghmetalpackaging.com/investors
Forward-Looking Statements
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. 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. 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. 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. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. 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. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. 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. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. The person responsible for the release of this information on behalf of Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC is Stephen Lyons, Investor Relations Director.
Non-IFRS Financial Measures
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. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies.
Unaudited Consolidated Condensed Income Statement for the three months ended June 30, 2023 and 2022 | ||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2022 | |||||||||||
Before | Exceptional | Total | Before | Exceptional | Total | |||||||
$'m | $'m | $'m | $'m | $'m | $'m | |||||||
Revenue | 1,255 | — | 1,255 | 1,303 | — | 1,303 | ||||||
Cost of sales | (1,109) | (37) | (1,146) | (1,123) | (16) | (1,139) | ||||||
Gross profit | 146 | (37) | 109 | 180 | (16) | 164 | ||||||
Sales, general and administration expenses | (60) | (3) | (63) | (53) | (4) | (57) | ||||||
Intangible amortization | (35) | — | (35) | (35) | — | (35) | ||||||
Operating profit | 51 | (40) | 11 | 92 | (20) | 72 | ||||||
Net finance (expense)/income | (49) | 26 | (23) | (34) | 74 | 40 | ||||||
(Loss)/profit before tax | 2 | (14) | (12) | 58 | 54 | 112 | ||||||
Income tax credit/(charge) | — | 2 | 2 | (16) | 4 | (12) | ||||||
(Loss)/profit for the period | 2 | (12) | (10) | 42 | 58 | 100 | ||||||
(Loss)/earnings per share | (0.03) | 0.17 |
Unaudited Consolidated Condensed Income Statement for the six months ended June 30, 2023 and 2022 | ||||||||||||
Six months ended June 30, 2023 | Six months ended June 30, 2022 | |||||||||||
Before | Exceptional | Total | Before | Exceptional | Total | |||||||
$'m | $'m | $'m | $'m | $'m | $'m | |||||||
Revenue | 2,386 | — | 2,386 | 2,440 | — | 2,440 | ||||||
Cost of sales | (2,117) | (47) | (2,164) | (2,109) | (30) | (2,139) | ||||||
Gross profit | 269 | (47) | 222 | 331 | (30) | 301 | ||||||
Sales, general and administration expenses | (116) | (12) | (128) | (109) | (8) | (117) | ||||||
Intangible amortization | (70) | — | (70) | (71) | — | (71) | ||||||
Operating profit | 83 | (59) | 24 | 151 | (38) | 113 | ||||||
Net finance (expense)/income | (99) | 53 | (46) | (62) | 125 | 63 | ||||||
(Loss)/profit before tax | (16) | (6) | (22) | 89 | 87 | 176 | ||||||
Income tax credit/(charge) | 5 | 6 | 11 | (25) | 6 | (19) | ||||||
(Loss)/profit for the period | (11) | — | (11) | 64 | 93 | 157 | ||||||
(Loss)/earnings per share | (0.04) | 0.26 |
Unaudited Consolidated Condensed Statement of Financial Position | |||
At June 30, 2023 | At December 31, 2022 | ||
$'m | $'m | ||
Non-current assets | |||
Intangible assets | 1,431 | 1,473 | |
Property, plant and equipment | 2,575 | 2,390 | |
Other non-current assets | 101 | 94 | |
4,107 | 3,957 | ||
Current assets | |||
Inventories | 570 | 567 | |
Trade and other receivables | 587 | 509 | |
Contract assets | 270 | 239 | |
Derivative financial instruments | 19 | 38 | |
Cash, cash equivalents and restricted cash | 182 | 555 | |
1,628 | 1,908 | ||
TOTAL ASSETS | 5,735 | 5,865 | |
TOTAL EQUITY | 277 | 455 | |
Non-current liabilities | |||
Borrowings including lease obligations | 3,611 | 3,524 | |
Other non-current liabilities* | 385 | 422 | |
3,996 | 3,946 | ||
Current liabilities | |||
Borrowings including lease obligations | 140 | 68 | |
Payables and other current liabilities | 1,322 | 1,396 | |
1,462 | 1,464 | ||
TOTAL LIABILITIES | 5,458 | 5,410 | |
TOTAL EQUITY and LIABILITIES | 5,735 | 5,865 | |
* Other non-current liabilities include liabilities for earnout shares of $27 million at June 30, 2023 (December 2022: $76 million) |
Unaudited Consolidated Condensed Statement of Cash Flows | ||||||||
Three months ended June 30, | Six months ended June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
$'m | $'m | $'m | $'m | |||||
Cash flows from/(used in) operating activities | ||||||||
Cash generated from/(used in) operations (2) | 302 | 91 | 74 | (103) | ||||
Net interest paid | (74) | (48) | (82) | (51) | ||||
Settlement of foreign currency derivative financial instruments | 1 | 20 | (11) | 30 | ||||
Income tax paid | (6) | (8) | (15) | (15) | ||||
Cash flows from/(used in) operating activities | 223 | 55 | (34) | (139) | ||||
Cash flows used in investing activities | ||||||||
Capital expenditure | (96) | (169) | (222) | (286) | ||||
Cash flows used in investing activities | (96) | (169) | (222) | (286) | ||||
Cash flows (used in)/received from financing activities | ||||||||
Changes in borrowings | 24 | 495 | 58 | 591 | ||||
Deferred debt issue costs paid | (1) | (4) | (2) | (6) | ||||
Lease payments | (22) | (13) | (38) | (26) | ||||
Dividends paid | (65) | (121) | (131) | (121) | ||||
Treasury shares purchased | — | (3) | — | (3) | ||||
Other financing activities | — | (1) | — | (1) | ||||
Cash flows (used in)/received from financing activities | (64) | 353 | (113) | 434 | ||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 63 | 239 | (369) | 9 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 124 | 225 | 555 | 463 | ||||
Foreign exchange losses on cash, cash equivalents and restricted | (5) | (28) | (4) | (36) | ||||
Cash, cash equivalents and restricted cash at end of period | 182 | 436 | 182 | 436 |
Financial assets and liabilities | ||||
At June 30, 2023, the Group's net debt and available liquidity was as follows: | ||||
Drawn amount | Available liquidity | |||
$'m | $'m | |||
Senior Secured Green and Senior Green Notes | 3,282 | — | ||
Global Asset Based Loan Facility | 70 | 337 | ||
Lease obligations | 392 | — | ||
Other borrowings | 40 | — | ||
Total borrowings / undrawn facilities | 3,784 | 337 | ||
Deferred debt issue costs | (33) | — | ||
Net borrowings / undrawn facilities | 3,751 | 337 | ||
Cash, cash equivalents and restricted cash | (182) | 182 | ||
Derivative financial instruments used to hedge foreign currency and interest rate risk | 12 | — | ||
Net debt / available liquidity | 3,581 | 519 |
Reconciliation of (loss)/profit for the period to Adjusted profit | |||
Three months ended June 30, | |||
2023 | 2022 | ||
$'m | $'m | ||
(Loss)/profit for the period as presented in the income statement | (10) | 100 | |
Less: Dividend on preferred shares | (6) | — | |
(Loss)/profit for the period used in calculating earnings per share | (16) | 100 | |
Exceptional items, net of tax | 12 | (58) | |
Intangible amortization, net of tax | 27 | 27 | |
Adjusted profit for the period | 23 | 69 | |
Weighted average number of ordinary shares | 597.6 | 603.3 | |
(Loss)/earnings per share | (0.03) | 0.17 | |
Adjusted earnings per share | 0.04 | 0.11 |
Reconciliation of (loss)/profit for the period to Adjusted EBITDA | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
$'m | $'m | $'m | $'m | ||||
(Loss)/profit for the period | (10) | 100 | (11) | 157 | |||
Income tax (credit)/charge | (2) | 12 | (11) | 19 | |||
Net finance expense/(income) | 23 | (40) | 46 | (63) | |||
Depreciation and amortization | 100 | 89 | 198 | 175 | |||
Exceptional operating items | 40 | 20 | 59 | 38 | |||
Adjusted EBITDA | 151 | 181 | 281 | 326 |
Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
$'m | $'m | $'m | $'m | ||||
Adjusted EBITDA | 151 | 181 | 281 | 326 | |||
Movement in working capital | 171 | (70) | (175) | (395) | |||
Maintenance capital expenditure | (26) | (29) | (62) | (49) | |||
Lease payments | (22) | (13) | (38) | (26) | |||
Adjusted operating cash flow | 274 | 69 | 6 | (144) | |||
Net interest paid | (74) | (48) | (82) | (51) | |||
Settlement of foreign currency derivative financial instruments | 1 | 20 | (11) | 30 | |||
Income tax paid | (6) | (8) | (15) | (15) | |||
Adjusted free cash flow - pre Growth Investment capital expenditure | 195 | 33 | (102) | (180) | |||
Growth investment capital expenditure | (70) | (140) | (160) | (237) | |||
Adjusted free cash flow - post Growth Investment capital expenditure | 125 | (107) | (262) | (417) |
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures, see Page 9.
(2) Cash from/used in operations for the three and six months ended June 30, 2023 is derived from the aggregate of Adjusted EBITDA as presented on Page 9 less working capital inflows of $171 million (six months: outflows of $175 million) and other exceptional cash outflows of $20 million (six months: $32 million). Cash from operations for the three and six months ended June 30, 2022 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $70 million (six months: $395 million) and other exceptional cash outflows of $20 million (six months: $34 million).
View original content to download multimedia:https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--second-quarter-2023-results-301887152.html
SOURCE Ardagh Metal Packaging S.A.
Copyright 2023 PR Newswire
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