LUXEMBOURG, Feb. 22,
2024 /PRNewswire/ -- Ardagh Metal Packaging S.A.
(NYSE: AMBP) today announced results for the fourth quarter and
year ended December 31,
2023.
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Change
|
|
Constant
Currency
|
Fourth
Quarter
|
|
($'m except per
share data)
|
|
|
|
|
Revenue
|
|
1,132
|
|
1,076
|
|
5 %
|
|
2 %
|
(Loss)/profit for the
period
|
|
(56)
|
|
12
|
|
|
|
|
Adjusted EBITDA
(1)
|
|
148
|
|
159
|
|
(7 %)
|
|
(9 %)
|
(Loss)/earnings per
share
|
|
(0.10)
|
|
0.02
|
|
|
|
|
Adjusted earnings per
share (1)
|
|
0.01
|
|
0.05
|
|
|
|
|
Dividend per ordinary
share
|
|
0.10
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full
Year
|
|
|
|
|
|
|
|
|
Revenue
|
|
4,812
|
|
4,689
|
|
3 %
|
|
2 %
|
(Loss)/profit for the
year
|
|
(50)
|
|
237
|
|
|
|
|
Adjusted EBITDA
(2)
|
|
600
|
|
625
|
|
(4 %)
|
|
(4 %)
|
(Loss)/earnings per
share
|
|
(0.12)
|
|
0.38
|
|
|
|
|
Dividend per ordinary
share
|
|
0.40
|
|
0.40
|
|
|
|
|
Oliver Graham, CEO of Ardagh
Metal Packaging (AMP), said:
"2023 represented a year of transition for our business, as the
team navigated a challenging macro demand environment and took
decisive actions on our footprint and inventories to position the
business for earnings growth in 2024 and beyond. Despite this
market context - in particular softer European demand - we achieved
record global revenues and shipment volumes, growing by 5%, driven
by strong growth in the Americas. Our team's efforts on working
capital management drove a near trebling of cash generated from
operating activities, resulting in AMP ending the year in a robust
liquidity position.
Our fourth quarter performance was negatively impacted versus
our expectations by weaker than forecast sales volumes and orders
in Europe that went beyond
consumption trends, primarily reflecting customer destocking
actions. This was partly offset by a stronger than expected
performance in Americas.
Our confidence in a stronger performance in 2024 reflects our
expectations for improved cost absorption due to our contracted
pipeline of volume growth in the Americas and our footprint
actions. Consumer sentiment and spending remains soft, notably in
Europe, but inflationary pressures
are moderating and the beverage can continues to win share as the
package of choice, backed by customer innovation and its
sustainability advantages. With our well-invested global network
and a strong diverse mix of customer relationships we remain well
placed to benefit from a normalisation in demand, which should
drive further earnings growth over the medium-term."
- Global beverage can shipments grew by 5% for the full year
versus the prior year, which was driven by growth of 11% in the
Americas with stronger second half momentum. European volumes
declined by 2%, reflecting weakness in the second half.
- Global beverage can shipments grew by 2% in the quarter versus
the prior year quarter, which was driven by growth of 14% in the
Americas reflecting continued strong growth in North America and a further recovery in
Brazil, which also lapped a weak
prior year comparable. European shipments declined by 10%, below
expectations, reflecting a sharp contraction towards the end of the
quarter as customers destocked into year-end and closed production
facilities earlier than usual for the holiday period.
- Americas Adjusted EBITDA for the quarter increased by 3% to
$117 million as the contribution from
higher volumes was partly offset by higher operating costs.
- In Europe, Adjusted EBITDA for
the quarter decreased by 31% to $31
million due to lower volume/mix and increased fixed costs,
as finished goods inventory was right-sized – earlier than expected
in response to customer demand – resulting in higher fixed cost
under-absorption from reduced production activity and a lower
period end contract asset balance. The impact offset stronger input
cost recovery versus the prior year and currency effects.
- Remain committed to balancing AMP's network capacity with
demand, through a mix of curtailment and longer-term action as
appropriate. Remaining steel lines in Weissenthurm, Germany were closed at the end of the year.
The closure of the Whitehouse,
Ohio facility in February 2024
and expected growth will improve utilization in North America to a more balanced
position.
- Total liquidity of $812 million,
including cash of $443 million, at
December 31, 2023 was boosted by a
further working capital improvement versus expectations. Record
cash inflow for the year from operating activities includes a
$270 million working capital inflow
more than offsetting a prior year $202
million outflow, predominantly from destocking. Working
capital in 2024 is expected to see a further inflow.
- Growth capex of $266 million in
2023 was 10% lower than guidance and declined by 45% on the prior
year. Growth capex of approximately $100
million is expected in 2024, with a further reduction
anticipated in 2025. Near term investment comprises the tail-end of
the growth investment program, and flexibility enhancements to
optimize the network.
- Net leverage reduced by 0.2x during the quarter through strong
cash conversion. Modest deleveraging anticipated in 2024 through
Adjusted EBITDA growth and lease principal repayments, with a more
meaningful reduction thereafter.
- Regular quarterly ordinary dividend of 10c announced. No change
to capital allocation priorities.
- During the quarter, the publication of the 2023 sustainability
report highlighted progress on sustainability initiatives and the
announced supply agreement with Novelis in North America for supply from its greenfield
development will further contribute towards AMP's metal
decarbonisation strategy. Ardagh Metal Packaging alongside other
industry stakeholders also participated in a call for action at
COP28.
2024 outlook:
- Shipment growth approaching a mid-single digit % and full year
2024 Adjusted EBITDA in the range of $630-660 million. Growth supported by shipments
growth with improved fixed cost absorption accelerated by the
completion of finished goods destocking and footprint
rationalization.
- First quarter Adjusted EBITDA in line with the prior year
quarter (Q1 2023: $130 million
reported; $129 million at constant
currency), with growth expected in the Americas but with
Europe lower, as volume recovery
is weighted towards the second half.
Financial
Performance Review
Bridge of 2022 to
2023 Revenue and Adjusted EBITDA
Three months ended
December 31, 2023
|
|
Revenue
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
2022
|
|
438
|
|
638
|
|
1,076
|
Organic
|
|
(46)
|
|
67
|
|
21
|
FX
translation
|
|
35
|
|
—
|
|
35
|
Revenue
2023
|
|
427
|
|
705
|
|
1,132
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2022
|
|
45
|
|
114
|
|
159
|
Organic
|
|
(17)
|
|
3
|
|
(14)
|
FX
translation
|
|
3
|
|
—
|
|
3
|
Adjusted EBITDA
2023
|
|
31
|
|
117
|
|
148
|
|
|
|
|
|
|
|
2023 Adjusted EBITDA
margin %
|
|
7.3 %
|
|
16.6 %
|
|
13.1 %
|
2022 Adjusted EBITDA
margin %
|
|
10.3 %
|
|
17.9 %
|
|
14.8 %
|
|
Year ended December
31, 2023
|
|
Revenue
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
2022
|
|
1,963
|
|
2,726
|
|
4,689
|
Organic
|
|
22
|
|
57
|
|
79
|
FX
translation
|
|
45
|
|
(1)
|
|
44
|
Revenue
2023
|
|
2,030
|
|
2,782
|
|
4,812
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2022
|
|
200
|
|
425
|
|
625
|
Organic
|
|
8
|
|
(36)
|
|
(28)
|
FX
translation
|
|
3
|
|
—
|
|
3
|
Adjusted EBITDA
2023
|
|
211
|
|
389
|
|
600
|
|
|
|
|
|
|
|
2023 Adjusted EBITDA
margin %
|
|
10.4 %
|
|
14.0 %
|
|
12.5 %
|
2022 Adjusted EBITDA
margin %
|
|
10.2 %
|
|
15.6 %
|
|
13.3 %
|
Group Performance
Fourth Quarter
Group
Revenue increased by $56 million,
or 5%, to $1,132 million in the three
months ended December 31, 2023,
compared with $1,076 million in the
three months ended December 31, 2022.
On a constant currency basis, revenue increased by 2%, principally
reflecting favorable volume/mix effects and higher input cost
recovery, partly offset by the pass through to customers of lower
input costs.
Adjusted EBITDA decreased by $11
million, or 7%, to $148
million in the three months ended December 31, 2023, compared with $159 million in the three months ended
December 31, 2022. On a constant
currency basis, Adjusted EBITDA decreased by 9%, principally due to
unfavorable volume/mix effects and higher operating costs, partly
offset by higher input cost recovery.
Americas
Revenue increased by $67 million,
or 11%, on both a reported and constant currency basis, to
$705 million in the three months
ended December 31, 2023, compared
with $638 million in the three months
ended December 31, 2022. The increase
in revenue principally reflected favorable volume/mix effects,
partly offset by the pass through to customers of lower input
costs.
Adjusted EBITDA increased by $3
million, or 3%, on both a reported and constant currency
basis, to $117 million in the three
months ended December 31, 2023,
compared with $114 million in the
three months ended December 31, 2022.
The increase was primarily driven by favorable volume/mix effects,
partly offset by higher operating costs.
Europe
Revenue decreased by $11 million,
or 3%, to $427 million in the three
months ended December 31, 2023,
compared with $438 million in the
three months ended December 31, 2022.
On a constant currency basis, revenue decreased by 10%, principally
due to unfavorable volume/mix effects, partly offset by higher
input cost recovery.
Adjusted EBITDA decreased by $14
million, or 31%, to $31
million in the three months ended December 31, 2023, compared with $45 million in the three months ended
December 31, 2022. On a constant
currency basis, Adjusted EBITDA decreased by 35%, principally due
to unfavorable volume/mix effects and higher operating costs,
partly offset by higher input cost recovery.
Full Year
Group
Revenue increased by $123 million,
or 3%, to $4,812 million in the year
ended December 31, 2023, compared
with $4,689 million in the year ended
December 31, 2022. On a constant
currency basis, revenue increased by 2%, principally
reflecting favorable volume/mix effects and higher input cost
recovery, partly offset by the pass through to customers of lower
input costs.
Adjusted EBITDA decreased by $25
million, or 4%, to $600
million in the year ended December
31, 2023, compared with $625
million in the year ended December
31, 2022. On a constant currency basis, Adjusted EBITDA
decreased by 4%, principally due to unfavorable volume/mix effects
and higher operating costs, partly offset by higher input cost
recovery.
Americas
Revenue increased by $56 million,
or 2%, on both a reported and constant currency basis, to
$2,782 million in the year ended
December 31, 2023, compared with
$2,726 million in the year ended
December 31, 2022. The increase in
revenue principally reflected favorable volume/mix effects, partly
offset by the pass through to customers of lower input costs.
Adjusted EBITDA decreased by $36
million, or 8%, on both a reported and constant currency
basis, to $389 million in the year
ended December 31, 2023, compared
with $425 million in the year ended
December 31, 2022. The decrease was
primarily driven by higher operating costs and lower input cost
recovery, partly offset by favorable volume/mix effects.
Europe
Revenue increased by $67 million,
or 3%, to $2,030 million in the year
ended December 31, 2023, compared
with $1,963 million in the year ended
December 31, 2022. On a constant
currency basis, revenue increased by 1%, principally due to higher
input cost recovery, partly offset by unfavorable volume/mix
effects.
Adjusted EBITDA increased by $11
million, or 6%, to $211
million in the year ended December
31, 2023, compared with $200
million in the year ended December
31, 2022. On a constant currency basis, Adjusted EBITDA
increased by 4%, principally due to higher input cost recovery,
partly offset by unfavorable volume/mix effects and higher
operating costs.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its fourth
quarter 2023 earnings webcast and conference call for investors at
9.00 a.m. EST (2.00 p.m. GMT) on Thursday
February 22, 2024. Please use the following webcast link to
register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1650882&tp_key=21f949e6c6
Conference call dial in:
United States/Canada: +1 800 239 9838
International: +44 330 165 4027
Participant pin code: 3305016
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 23 production facilities in
Europe and the Americas, has
approximately 6,300 employees and recorded revenues of $4.8 billion in 2023.
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
December 31, 2023 and 2022
|
|
|
|
Three months ended
December 31, 2023
|
|
Three months ended
December 31, 2022
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
1,132
|
|
—
|
|
1,132
|
|
1,076
|
|
—
|
|
1,076
|
Cost of
sales
|
|
(999)
|
|
(40)
|
|
(1,039)
|
|
(940)
|
|
(20)
|
|
(960)
|
Gross
profit
|
|
133
|
|
(40)
|
|
93
|
|
136
|
|
(20)
|
|
116
|
Sales, general and
administration expenses
|
|
(66)
|
|
—
|
|
(66)
|
|
(42)
|
|
(6)
|
|
(48)
|
Intangible
amortization
|
|
(36)
|
|
—
|
|
(36)
|
|
(33)
|
|
—
|
|
(33)
|
Operating
(loss)/profit
|
|
31
|
|
(40)
|
|
(9)
|
|
61
|
|
(26)
|
|
35
|
Net finance
expense
|
|
(57)
|
|
—
|
|
(57)
|
|
(46)
|
|
22
|
|
(24)
|
(Loss)/profit before
tax
|
|
(26)
|
|
(40)
|
|
(66)
|
|
15
|
|
(4)
|
|
11
|
Income tax
credit
|
|
8
|
|
2
|
|
10
|
|
(4)
|
|
5
|
|
1
|
(Loss)/profit for
the period
|
|
(18)
|
|
(38)
|
|
(56)
|
|
11
|
|
1
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss)/earnings per share
|
|
|
|
|
|
(0.10)
|
|
|
|
|
|
0.02
|
|
Unaudited
Consolidated Condensed Income Statement for the year ended December
31, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2023
|
|
Year ended December
31, 2022
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
4,812
|
|
—
|
|
4,812
|
|
4,689
|
|
—
|
|
4,689
|
Cost of
sales
|
|
(4,246)
|
|
(92)
|
|
(4,338)
|
|
(4,096)
|
|
(67)
|
|
(4,163)
|
Gross
profit
|
|
566
|
|
(92)
|
|
474
|
|
593
|
|
(67)
|
|
526
|
Sales, general and
administration expenses
|
|
(241)
|
|
(14)
|
|
(255)
|
|
(189)
|
|
(23)
|
|
(212)
|
Intangible
amortization
|
|
(143)
|
|
—
|
|
(143)
|
|
(138)
|
|
—
|
|
(138)
|
Operating
profit
|
|
182
|
|
(106)
|
|
76
|
|
266
|
|
(90)
|
|
176
|
Net finance
(expense)/income
|
|
(205)
|
|
58
|
|
(147)
|
|
(138)
|
|
218
|
|
80
|
(Loss)/profit before
tax
|
|
(23)
|
|
(48)
|
|
(71)
|
|
128
|
|
128
|
|
256
|
Income tax
credit/(charge)
|
|
7
|
|
14
|
|
21
|
|
(36)
|
|
17
|
|
(19)
|
(Loss)/profit for
the year
|
|
(16)
|
|
(34)
|
|
(50)
|
|
92
|
|
145
|
|
237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss)/earnings per share
|
|
|
|
|
|
(0.12)
|
|
|
|
|
|
0.38
|
Unaudited
Consolidated Condensed Statement of Financial
Position
|
|
|
|
|
|
At December 31,
2023
|
|
At December 31,
2022
|
|
$'m
|
|
$'m
|
Non-current
assets
|
|
|
|
Intangible
assets
|
1,382
|
|
1,473
|
Property, plant and
equipment
|
2,628
|
|
2,390
|
Other non-current
assets
|
154
|
|
94
|
|
4,164
|
|
3,957
|
Current
assets
|
|
|
|
Inventories
|
469
|
|
567
|
Trade and other
receivables
|
322
|
|
509
|
Contract
assets
|
259
|
|
239
|
Derivative financial
instruments
|
12
|
|
38
|
Cash, cash equivalents
and restricted cash
|
443
|
|
555
|
|
1,505
|
|
1,908
|
TOTAL
ASSETS
|
5,669
|
|
5,865
|
|
|
|
|
TOTAL
EQUITY
|
106
|
|
455
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
3,640
|
|
3,524
|
Other non-current
liabilities*
|
401
|
|
422
|
|
4,041
|
|
3,946
|
Current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
94
|
|
68
|
Payables and other
current liabilities
|
1,428
|
|
1,396
|
|
1,522
|
|
1,464
|
TOTAL
LIABILITIES
|
5,563
|
|
5,410
|
TOTAL EQUITY and
LIABILITIES
|
5,669
|
|
5,865
|
|
* Other non-current
liabilities include liabilities for earnout shares of $23 million
at December 31, 2023 (December 2022: $76 million) and warrants of
$2 million at December 31, 2023 (December 2022: $7
million).
|
Unaudited
Consolidated Condensed Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended,
|
|
Year
ended,
|
|
|
December
31,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Cash generated from
operations (2)
|
|
525
|
|
382
|
|
814
|
|
322
|
Net interest
paid
|
|
(78)
|
|
(68)
|
|
(174)
|
|
(123)
|
Settlement of foreign
currency derivative financial instruments
|
|
(1)
|
|
(25)
|
|
(10)
|
|
41
|
Income tax
received/(paid)
|
|
(8)
|
|
(6)
|
|
(14)
|
|
(35)
|
Cash flows from
operating activities
|
|
438
|
|
283
|
|
616
|
|
205
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
|
Capital
expenditure
|
|
(74)
|
|
(182)
|
|
(378)
|
|
(595)
|
Cash flows used
in investing activities
|
|
(74)
|
|
(182)
|
|
(378)
|
|
(595)
|
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/received from financing activities
|
|
|
|
|
|
|
|
|
Changes in
borrowings
|
|
3
|
|
7
|
|
(4)
|
|
599
|
Lease
payments
|
|
(23)
|
|
(19)
|
|
(78)
|
|
(59)
|
Dividends
paid
|
|
(66)
|
|
(130)
|
|
(263)
|
|
(251)
|
Deferred debt issue
costs paid
|
|
(1)
|
|
(1)
|
|
(3)
|
|
(11)
|
Proceeds from share
issuance, net of costs
|
|
—
|
|
(1)
|
|
—
|
|
257
|
Treasury shares
purchased
|
|
—
|
|
—
|
|
—
|
|
(35)
|
Other financing
activities
|
|
—
|
|
—
|
|
—
|
|
(1)
|
Cash flows (used
in)/received from financing activities
|
|
(87)
|
|
(144)
|
|
(348)
|
|
499
|
|
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash, cash equivalents and restricted
cash
|
|
277
|
|
(43)
|
|
(110)
|
|
109
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
154
|
|
583
|
|
555
|
|
463
|
Foreign exchange
gains/(losses) on cash, cash equivalents and restricted
cash
|
|
12
|
|
15
|
|
(2)
|
|
(17)
|
Cash, cash
equivalents and restricted cash at end of period
|
|
443
|
|
555
|
|
443
|
|
555
|
Financial assets and
liabilities
At December 31, 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
|
|
3,300
|
|
—
|
Global Asset Based Loan
Facility
|
|
—
|
|
369
|
Lease
obligations
|
|
408
|
|
—
|
Other
borrowings
|
|
54
|
|
—
|
Total borrowings /
undrawn facilities
|
|
3,762
|
|
369
|
Deferred debt issue
costs
|
|
(28)
|
|
—
|
Net borrowings /
undrawn facilities
|
|
3,734
|
|
369
|
Cash, cash equivalents
and restricted cash
|
|
(443)
|
|
443
|
Derivative financial
instruments used to hedge foreign currency and interest rate
risk
|
|
21
|
|
—
|
Net debt / available
liquidity
|
|
3,312
|
|
812
|
Reconciliation of
(loss)/profit for the period to Adjusted profit
|
|
|
|
Three months ended
December 31,
|
|
2023
|
|
2022
|
|
$'m
|
|
$'m
|
(Loss)/profit for
the period
|
(56)
|
|
12
|
Less: Dividend on
preferred shares
|
(6)
|
|
(5)
|
(Loss)/profit for
the period used in calculating earnings per share
|
(62)
|
|
7
|
Exceptional items, net
of tax
|
38
|
|
(1)
|
Intangible
amortization, net of tax
|
29
|
|
25
|
Adjusted profit for
the period
|
5
|
|
31
|
|
|
|
|
Weighted average number
of ordinary shares
|
597.6
|
|
597.6
|
|
|
|
|
(Loss)/earnings per
share
|
(0.10)
|
|
0.02
|
|
|
|
|
Adjusted earnings
per share
|
0.01
|
|
0.05
|
Reconciliation of
(loss)/profit for the period to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
(Loss)/profit for
the period
|
(56)
|
|
12
|
|
(50)
|
|
237
|
Income tax
(credit)/charge
|
(10)
|
|
(1)
|
|
(21)
|
|
19
|
Net finance
expense/(income)
|
57
|
|
24
|
|
147
|
|
(80)
|
Depreciation and
amortization
|
117
|
|
98
|
|
418
|
|
359
|
Exceptional operating
items
|
40
|
|
26
|
|
106
|
|
90
|
Adjusted
EBITDA
|
148
|
|
159
|
|
600
|
|
625
|
Reconciliation of
Adjusted EBITDA to Adjusted operating cash flow and Adjusted free
cash flow
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted
EBITDA
|
148
|
|
159
|
|
600
|
|
625
|
Movement in working
capital
|
392
|
|
243
|
|
270
|
|
(202)
|
Maintenance capital
expenditure
|
(22)
|
|
(35)
|
|
(112)
|
|
(109)
|
Lease
payments
|
(23)
|
|
(19)
|
|
(78)
|
|
(59)
|
Adjusted operating
cash flow
|
495
|
|
348
|
|
680
|
|
255
|
Net interest
paid
|
(78)
|
|
(68)
|
|
(174)
|
|
(123)
|
Settlement of foreign
currency derivative financial instruments
|
(1)
|
|
(25)
|
|
(10)
|
|
41
|
Income tax
paid
|
(8)
|
|
(6)
|
|
(14)
|
|
(35)
|
Adjusted free cash
flow - pre Growth Investment capital expenditure
|
408
|
|
249
|
|
482
|
|
138
|
Growth investment
capital expenditure
|
(52)
|
|
(147)
|
|
(266)
|
|
(486)
|
Adjusted free cash
flow - post Growth Investment capital expenditure
|
356
|
|
102
|
|
216
|
|
(348)
|
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures,
see Page 10.
(2) Cash from operations for the three months ended December 31, 2023 is derived from the aggregate
of Adjusted EBITDA as presented on Page 10 less working capital
inflows of $392 million (2022:
$243 million) and other exceptional
cash outflows of $15 million (2022:
$20 million). Cash from operations
for the year ended December 31, 2023
is derived from the aggregate of Adjusted EBITDA as presented on
Page 10, working capital inflows of $270
million (2022: outflows of $202
million) and other exceptional cash outflows of $56 million (2022: $101
million).
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SOURCE Ardagh Metal Packaging S.A.