Our Code of Conduct is a guide for conducting our business in an honest and professional manner. The business has grown significantly since our acquisition of the metal beverage packaging business in 2016 and we have a clear roadmap that we believe will lead us to more than double Adjusted EBITDA by 2024, as we invest in support of our customers growth. Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. And then our maintenance runs in the sort of 120, 130 level. AMP is a leader in sustainable, value-added, infinitely recyclable metal beverage can packaging solutions. But obviously, the main thing that's going on for our business at the moment is that the capital expenditure we have this year is just the wrap-up of the projects that we've essentially more or less completely finished. Earnings Webcast and Conference Call Details. They've always been very promotional, and there's no reason, I think, to believe that won't reassert itself at some point. 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. No. But in any event, perhaps we want to solve that on this call, but that's the only thing I'd point out there. We will now move to Jay Mayers from Goldman Sachs. 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%. At this time, I would like to turn the conference over to Mr. Stephen Lyons, Ardagh Metal Packaging Investor Relations. Is there ability for some shift there? And then we -- in North America, we had a couple of contract gains. And we also just have some one-off effects in our results. But on the direct energy piece, yes, there will clearly be some get back with the dropping of the energy price. Appreciate that. 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? Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. These investments support the impact of high-quality teachers in science, technology, engineering and mathematics (STEM) disciplines to inspire students STEM understanding and interest. We will continue to focus on working capital efficiencies, and our guidance for a full year working capital benefit of approximately $100 million remains unchanged. I will now turn the call over to Oliver Graham. Our actions taken on cost recovery and our well-advanced investment program will drive adjusted EBITDA growth and significantly improve adjusted free cash flow generation in 2023 and beyond. We remain in close dialogue with the customer who continues to trade through the process. Okay. Read our editorial policy to learn more about our process. And so that's a tough comparator for us. Aluminum can manufacturing means that our products are infinitely recyclable, serving as a model for environmental excellence and a circular economy. Could you comment on that in the context of capacity? 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. Please go ahead. I think you said Europe looking just to mid-single digit. And due to our security coverage, we do not foresee a material credit risk at this point in time. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Learn how it impacts everything we do, https://www.ardaghmetalpackaging.com/investors, https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--first-quarter-2023-results-301809466.html. So what are you seeing across the regions in terms of the buying patterns as well? I think in Europe, we see that the consumer is still resilient, but they are clearly under pressure. Ardagh Group provides a wide range of beverage cans in many shapes and sizes to some of the most recognizable brands in the world, serving such beverage categories as sparkling water, soft drinks, beer, wine, flavored malt beverages, energy drinks and teas. Global demand remains restrained by retail price inflation, but we are encouraged by signs of a return of promotional activity, and the easing of customer inflationary pressures. 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. Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners. It also reported full year 2023 adjusted earnings before interest, taxes, depreciation, and amortisationings (EBITDA) growth of the order of 10%, weighted towards the second half of the year. We offer the latest innovations across such areas as decoration, label graphics, end design, and more. innovation, quality and customer service, backed by investment in our people and processes, underpinseverything we do. 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've got some still water filling that's moved back to the U.S. So it's just the transitional process that's causing the payables to go down in Q1. We each share a common vision: to be the preferred metal beverage packaging partner to brand owners around the world. And appreciating that you can't speak for kind of your sister organization. The Gores Group Our expectation of the current year is unchanged, which includes growth investment of just under $400 million with a cash flow element under $300 million. Oliver Graham, CEO of Ardagh Metal Packaging, said: . John Sheehan Ardagh is a global supplier of infinitely-recyclable metal and glass packaging for the worlds leading brands. 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. So I'm just mentioning it, [indiscernible] is more kind of, that's a one-off example of some things happening in the first quarter, we're not picking up in the U.S. because of the geographical footprint, but it is actually them planning -- they're planning to launch in Europe. How would you kind of characterize the competitive environment in cans in North America? Today's conference is being recorded. In light of our resilient start to the year, we are reaffirming our full year guidance. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. Reiterate expectation for positive Adjusted Free Cash Flow generation in 2023 and, with growth plans to substantially complete, a significant reduction in capex in 2024. You mentioned the promotional activity. These filings identify and address (or will identify and address) other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The point I'd make is the market is putting a very high return on that. In fact, it's more than minus 10%. And maybe you can just characterize what you're seeing in Europe from a demand perspective. Prior business combinations for special purpose acquisition companies sponsored by affiliates of The Gores Group include: Hostess (Gores Holdings, Inc.), Verra Mobility (Gores Holdings II, Inc.), PAE (Gores Holdings III, Inc.), Luminar (Gores Metropoulos, Inc.), United Wholesale Mortgage (Gores Holdings IV, Inc.), and the pending Matterport transaction (Gores Holdings VI, Inc.). 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. What type point should we kind of look out for in terms of when Ardagh might consider kind of restarting that? Please go ahead. Our next question comes from Kyle White from Deutsche Bank. Our bonds have been issued on fixed rate terms and not mature before 2027. That will conclude today's conference call. We hedged out all our risk for this year, last year and confirm with customers that they were comfortable with that position, which is higher than spot because of the unexpected drop in the energy market. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. 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. Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. 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. On a constant currency basis, adjusted EBITDA decreased by 8%, mainly due to negative volume/mix effects and higher operating costs. 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. Please go ahead. And so I think customers in Brazil are still short and importing the one way, and that explains why you might see investments there. Making new glass bottles and jars from recycled glass reduces the amount of energy needed in the production process and lowers emissions into the atmosphere. 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. * Approximately 75% of aluminum . So we're still talking about pricing being in healthy margin territory. 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. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. In line with our previous guidance, we anticipate an uplift in EBITDA generation into the second half of the year as demand begins to normalize in both markets. Please go ahead. So I think the way we'd characterize that is the major players are taking action to keep ourselves balanced and to keep utilization in the 90s. The growth was driven by a 4% increase in the Americas and a 2% increase in Europe. We definitely had some brighter spots with some customers recovering, but we also had some weaker spots, especially as we had a very strong first half with a couple of customers last year. Ardagh Group is a global supplier of sustainable, infinitely recyclable, metal and glass packaging for brand owners around the world. So look, I think it's unchanged from the full year. In terms of the other players, I think most of them did get some degree of contractual coverage on their investments. 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. 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. We've got some filling that moved to the Nordics where we don't have capacity. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, https://www.ardaghgroup.com/corporate/investors. Performance was, however, ahead of expectations, reflecting our overall strong input cost recovery. Ardagh Metal Packaging is a supplier of sustainable and infinitely recyclable beverage cans globally and operates 24 production facilities in nine countries. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. I believe all your growth investments will be largely completed in terms of the one that we expect to do. Ardagh Metal Packaging S.A., 56, rue Charles Martel, L-2134 Luxembourg, LuxembourgR.C.S. So seltzers for us, we had softness in particular with one customer there. We strive to add value in line with customer aspirations and develop packaging that continually improves the consumer experience. The Company has an entrepreneurial owner-manager culture that has led to a successful transformation underpinned by powerful industry dynamics. If you have an ad-blocker enabled you may be blocked from proceeding. On a constant currency basis, revenue increased by 2%, reflecting favourable volume/mix effects and the pass-through to customers of higher input costs. So look, overall, it is soft. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Although industry demand is slowly recovering in Brazil, performance in the country remained softer. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Wed like to share more about how we work and what drives our day-to-day business. Readers are cautioned not to put undue reliance on forward-looking statements, and Gores Holdings V, Ardagh and AMP assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. And then the high-level question, yourself and some of your peers are taking actions to kind of curtail volumes and balance the market out, but there are still some new entrants who are talking about adding some pretty meaningful capacity. 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 just a question on North America. 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. So that big step-down is what then allows us to grow, as we say, investment-free into our capacity. Got it. The consistent pursuit of market-leading innovation, quality and customer service, backed by investment in our people and processes, underpins everything we do. Ardagh Metal - Beverage North America CEO Claude Marbach said: "This project forms part of Ardagh's $1.8bn 2021-2024 business growth investment programme and is being undertaken to meet fast-growing demand as consumers increasingly recognise the environmental and quality advantages of beverage cans. In terms of guidance for the second quarter, adjusted EBITDA is anticipated to be in the order of $170 million, which compares with the prior year adjusted EBITDA of $180 million on a constant currency basis. And so we would expect a continued growth like that but not necessarily at the level you've always seen in North America. 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. So it's got no meaningful impact really on our capacity position. So we have volumes, we're getting to pick up. Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. 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. There's no reason to believe we don't revert to a more normal promotional activity for these categories. So when you think about the IPO trajectory, obviously, there's been some changes there. This, in turn, supports our dividend policy and balance sheet deleveraging. The hard seltzer category accounted for 8% of North America shipments in the quarter, with the segment remaining under pressure. And just one last one. North America grew by 5%, and more than offset marginally softer shipments in Brazil. The Company has a compelling financial profile, with a clear and tangible growth trajectory backed by long-term customer contracts and expects to double Adjusted EBITDA from $545 million in 2020 to over $1.1 billion in 2024. Second quarter Adjusted EBITDA expected to be of the order of $170 million (Q2 2022: $181 million reported; $180 million at constant currency). Thank you. 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. But then there is also an acceleration of our inflation recovery. No. 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. Thank you. Look, it's going to go very meaningfully lower. Typically, companies focused on the economy segment. By Mohamed Dabo. The decrease in Adjusted EBITDA was mainly due to negative volume/mix effects, partly offset by the pass-through to customers of higher input costs. 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. 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. ", Bridge of 2022 to 2023 Revenue and Adjusted EBITDA. Website (562) 699-9800. Thank you. 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. This offset softer performance in Brazil where industry demand is slowly recovering. In 2020, we launched our new sustainability strategy to reinforce our commitment to the circular economy. Murray Group This press release is not a solicitation of a proxy from any investor or securityholder. 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. Welcome to the Ardagh Metal Packaging S.A. First Quarter 2023 Results Call. Well, we said at the full year, we're curtailing over $1 billion in Europe this year and over $2 billion in North America. So yes, no particular trend, I think in there. And I think one of your peers talked about potential buying patterns in Europe where customers are maybe delaying a little bit of buying, maybe until we get a little bit closer into the summer season. And is that driven primarily by kind of volume recovery or maybe cost? And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. 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. Credit: Shutterstock. Cash outflow in the period beat our expectation but reflected the usual seasonality in working capital with a working capital outflow in the quarter of $346 million. This press release relates to the proposed Business Combination. Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for the world's leading brands. So I think we're well placed for the growth that's about to come. Talk to an Ardagh customer sales representative about how we can support the achievement of your brand and business objectives. So as I say, we definitely have some strength in beer, but we also have some weakness at the higher end. But on the direct energy pass-through, as energy falls, that will get passed through back to customers. Continuous improvement across manufacturing processes through material, energy and water reductions that further strengthen Ardaghs and our customers sustainability platforms. Our expectation for industry growth in 2023 supported by positive secular tailwinds is for a low single-digit percentage growth in the Americas and a low to mid-single-digit percentage growth in Europe. And returnable systems then eventually do collapse because they lose scale. We remain disciplined in our capacity management and with our growth investments completing in 2023, the business is well positioned both to capture the positive secular growth opportunity for the sustainable beverage can and drive a meaningful uplift in cash generation. Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. No, absolutely. We're 2% Q1, and we could tick up a little bit from there. Yes. And if so, how far along are you? Please go ahead. About Ardagh Metal Packaging. Moving now to our financial position. And then I don't know exactly, I know it varies jurisdiction, a jurisdiction in terms of bankruptcy protection rights, but will this enable sort of that customer to come back and renegotiate contracts with yourselves and, presumably, those others in the market?