Ardagh Metal Packaging S.A. - First Quarter 2024 Results

PR Newswire04-25

LUXEMBOURG, April 25, 2024 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2024. March 31, 2024 March 31, 2023 ...

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(NYSE: AMBP) today announced results for the first quarter ended March 31, 2024.\n\n  \n\n\n\n\n\n\n\nMarch 31, 2024 \n\nMarch 31, 2023 \n\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/ardagh-metal-packaging-first-quarter-110000446.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ardagh Metal Packaging S.A. - First Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nArdagh Metal Packaging S.A. - First Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-25 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ardagh-metal-packaging-first-quarter-110000446.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LUXEMBOURG, April 25, 2024 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2024.\n\n  \n\n\n\n\n\n\n\nMarch 31, 2024 \n\nMarch 31, 2023 \n\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/ardagh-metal-packaging-first-quarter-110000446.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AMP","symbol_name":"阿莫斯莱斯金融","start_time":0,"source_url":"https://finance.yahoo.com/news/ardagh-metal-packaging-first-quarter-110000446.html","article_id":"2430406267","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/OglIVkhNXS4g1NsLpNnYdg--~B/aD04MDt3PTQwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/prnewswire.com/0a2a734dace2d71fe6c01715b5217193"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/ardagh-metal-packaging-first-quarter-110000446.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2430406267","pubTimestamp":1714042800,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Oliver Graham, CEO of Ardagh Metal Packaging , said:. \"Our performance in the first quarter was encouraging, with volume growth across each of our markets and Adjusted EBITDA growth that was marginally ahead of expectations, due to favorable volume/mix. We saw continued strong shipment growth in the Americas, and Europe is showing welcome signs of a recovery post customer destocking, supporting our expectation for Adjusted EBITDA growth in both regions this year. Our disciplined permanent capacity actions have taken effect and our expectation for continued volume growth and increased manufacturing activity will drive improved fixed cost absorption. This gives us confidence to reaffirm our full year guidance and we expect higher Adjusted EBITDA growth for the remaining quarters.\". Global beverage can shipments grew by 7% in the quarter, driven by strong growth of 11% in the Americas and 3% in Europe. North America grew by 13%, underpinned by its attractive portfolio mix and contracted n","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AMP":"阿莫斯莱斯金融","BK4588":"碎股","BK4156":"煤与消费用燃料","BK4585":"ETF&股票定投概念","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4135":"资产管理与托管银行","BK4126":"金属与玻璃容器","AMBP":"Ardagh Metal Packaging S.A.","EU":"ENCORE ENERGY CORP","LU0106831901.USD":"贝莱德世界金融基金A2"},"translate_title":"Ardagh金属包装有限公司-2024年第一季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMBP":1,"AMP":1,"EU":1},"content_text":"LUXEMBOURG, April 25, 2024 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2024.\n\n  \n\n\n\n\n\n\n\nMarch 31, 2024 \n\nMarch 31, 2023 \n\nChange \n\nConstant Currency \n\n\n\n\n($'m except per share data) \n\n\n\n\n\n\nRevenue \n\n1,141 \n\n1,131 \n\n1 % \n\n(1 %) \n\n\nLoss for the period \n\n(12) \n\n(1) \n\n\n\n\n\n\nAdjusted EBITDA (1) \n\n134 \n\n130 \n\n3 % \n\n2 % \n\n\nLoss per share \n\n(0.03) \n\n(0.01) \n\n\n\n\n\n\nAdjusted earnings per share (1) \n\n0.01 \n\n0.01 \n\n\n\n\n\n\nDividend per ordinary share \n\n0.10 \n\n0.10 \n\n\n\n\n\n\n\n\nOliver Graham, CEO of Ardagh Metal Packaging (AMP), said:\n\"Our performance in the first quarter was encouraging, with volume growth across each of our markets and Adjusted EBITDA growth that was marginally ahead of expectations, due to favorable volume/mix. We saw continued strong shipment growth in the Americas, and Europe is showing welcome signs of a recovery post customer destocking, supporting our expectation for Adjusted EBITDA growth in both regions this year. Our disciplined permanent capacity actions have taken effect and our expectation for continued volume growth and increased manufacturing activity will drive improved fixed cost absorption. This gives us confidence to reaffirm our full year guidance and we expect higher Adjusted EBITDA growth for the remaining quarters.\" \n\nGlobal beverage can shipments grew by 7% in the quarter, driven by strong growth of 11% in the Americas and 3% in Europe. North America grew by 13%, underpinned by its attractive portfolio mix and contracted new volumes. Brazil grew by 4% as the industry continues to benefit from an improving macro environment.\nAdjusted EBITDA of $134 million for the quarter was marginally ahead of our guidance and represented a 3% increase versus the prior year quarter.\nAmericas Adjusted EBITDA for the quarter increased by 12% to $91 million driven by favorable volume/mix effects, partly offset by higher operating costs.\nIn Europe Adjusted EBITDA for the quarter decreased by 12% to $43 million, as anticipated, principally due to higher input and operating costs, partly offset by positive volume/mix and currency effects. Expect a return to Adjusted EBITDA growth in the second quarter.\nTotal liquidity of $329 million at March 31, 2024 was ahead of expectations principally through inventory management. Cash outflow in the period reflects seasonality. Reiterate expectation for a modest net working capital inflow in 2024 and for growth capex to reduce to approximately $100 million, with a further reduction anticipated in 2025.\nModest deleveraging anticipated in 2024 through Adjusted EBITDA growth and lease principal repayments, with a more meaningful reduction thereafter.\nRegular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.\n2024 outlook reaffirmed: shipments growth approaching mid-single digits % and full year 2024 Adjusted EBITDA in the range of $630-660 million.\nSecond quarter Adjusted EBITDA expected to be of the order of $170 million (Q2 2023: $151 million reported and constant currency basis).\n\n\n\n\n\nFinancial Performance Review Bridge of 2023 to 2024 Revenue and Adjusted EBITDA \n\n\n\n\n\nThree months ended March 31, 2024 \n\n\n\n\n\n\n\n\n\n\n\nRevenue \n\nEurope \n\nAmericas \n\nGroup \n\n\n\n\n$'m \n\n$'m \n\n$'m \n\n\nRevenue 2023 \n\n486 \n\n645 \n\n1,131 \n\n\nOrganic \n\n(22) \n\n15 \n\n(7) \n\n\nFX translation \n\n17 \n\n— \n\n17 \n\n\nRevenue 2024 \n\n481 \n\n660 \n\n1,141 \n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA \n\nEurope \n\nAmericas \n\nGroup \n\n\n\n\n$'m \n\n$'m \n\n$'m \n\n\nAdjusted EBITDA 2023 \n\n49 \n\n81 \n\n130 \n\n\nOrganic  \n\n(8) \n\n10 \n\n2 \n\n\nFX translation \n\n2 \n\n— \n\n2 \n\n\nAdjusted EBITDA 2024 \n\n43 \n\n91 \n\n134 \n\n\n\n\n\n\n\n\n\n\n\n2024 margin % \n\n8.9 % \n\n13.8 % \n\n11.7 % \n\n\n2023 margin % \n\n10.1 % \n\n12.6 % \n\n11.5 % \n\n\n\n\nGroup Performance\nGroup\nRevenue of $1,141 million in the three months ended March 31, 2024 increased by $10 million, or 1%, compared with $1,131 million in the same period last year. On a constant currency basis, revenue decreased by 1%, mainly reflecting the pass through to customers of lower input costs, partly offset by favorable volume/mix effects.\nAdjusted EBITDA increased by $4 million, or 3%, to $134 million in the three months ended March 31, 2024, compared with $130 million in the same period last year. On a constant currency basis, Adjusted EBITDA increased by 2%, principally due to favorable volume/mix effects, partly offset by higher input and operating costs.\nAmericas\nRevenue increased by 2% to $660 million in the three months ended March 31, 2024, compared with $645 million in the same period last year, principally reflecting favorable volume/mix impacts, partly offset by the pass through of lower input costs to customers.\nAdjusted EBITDA for the quarter of $91 million increased by 12%, compared with $81 million in the same period last year, primarily driven by favorable volume/mix effects, partly offset by higher operating costs.\nEurope\nRevenue of $481 million decreased by 1% in the three months ended March 31, 2024, compared with $486 million in the same period last year. On a constant currency basis, revenue decreased by 4%, principally due to the pass through of lower costs to customers.\nAdjusted EBITDA for the quarter of $43 million decreased by $6 million, or 12%, at actual exchange rates, and by 16% at constant currency, compared with $49 million in the same period last year. The decrease in Adjusted EBITDA was principally due to higher input and operating costs, partly offset by positive volume/mix.\nEarnings Webcast and Conference Call Details\nArdagh Metal Packaging S.A. (NYSE: AMBP) will hold its first quarter 2024 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on April 25, 2024. Please use the following webcast link to register for this call:\nWebcast registration and access:\nhttps://event.webcasts.com/starthere.jsp?ei=1662740&tp_key=c9ddd7fc2f\nConference call dial in:\nUnited States/Canada: +1 800 289 0438International: +44 330 165 4027Participant pin code: 9558782\nAn investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors\nAbout Ardagh Metal PackagingArdagh 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.\nFor more information, visit https://www.ardaghmetalpackaging.com/investors\nForward-Looking StatementsThis 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, 2023 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.\nNon-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.\n\n\n\n\nUnaudited Consolidated Condensed Income Statement for the three months ended March 31, 2024 and 2023 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended March 31, 2024 \n\nThree months ended March 31, 2023 \n\n\n\n\nBeforeexceptionalitems \n\nExceptionalitems \n\nTotal \n\nBeforeexceptionalitems \n\nExceptionalitems \n\nTotal \n\n\n\n\n$'m \n\n$'m \n\n$'m \n\n$'m \n\n$'m \n\n$'m \n\n\nRevenue \n\n1,141 \n\n— \n\n1,141 \n\n1,131 \n\n— \n\n1,131 \n\n\nCost of sales \n\n(1,010) \n\n(8) \n\n(1,018) \n\n(1,008) \n\n(10) \n\n(1,018) \n\n\nGross profit \n\n131 \n\n(8) \n\n123 \n\n123 \n\n(10) \n\n113 \n\n\nSales, general and administration expenses  \n\n(70) \n\n(3) \n\n(73) \n\n(56) \n\n(9) \n\n(65) \n\n\nIntangible amortization \n\n(36) \n\n— \n\n(36) \n\n(35) \n\n— \n\n(35) \n\n\nOperating profit \n\n25 \n\n(11) \n\n14 \n\n32 \n\n(19) \n\n13 \n\n\nNet finance expense \n\n(52) \n\n17 \n\n(35) \n\n(50) \n\n27 \n\n(23) \n\n\nLoss before tax  \n\n(27) \n\n6 \n\n(21) \n\n(18) \n\n8 \n\n(10) \n\n\nIncome tax credit \n\n8 \n\n1 \n\n9 \n\n5 \n\n4 \n\n9 \n\n\nLoss for the period \n\n(19) \n\n7 \n\n(12) \n\n(13) \n\n12 \n\n(1) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoss per share: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic and diluted loss per share \n\n\n\n\n\n(0.03) \n\n\n\n\n\n(0.01) \n\n\n\n\n\n\n\n\nUnaudited Consolidated Condensed Statement of Financial Position \n\n\n\n\n\n\nAt March 31, 2024 \n\nAt December 31, 2023 \n\n\n\n$'m \n\n$'m \n\n\nNon-current assets \n\n\n\n\n\nIntangible assets \n1,333 \n\n1,382 \n\n\nProperty, plant and equipment \n2,586 \n\n2,628 \n\n\nOther non-current assets \n150 \n\n154 \n\n\n\n4,069 \n\n4,164 \n\n\nCurrent assets \n\n\n\n\n\nInventories \n468 \n\n469 \n\n\nTrade and other receivables \n368 \n\n278 \n\n\nContract assets \n269 \n\n259 \n\n\nIncome tax receivable \n37 \n\n44 \n\n\nDerivative financial instruments \n11 \n\n12 \n\n\nCash, cash equivalents and restricted cash  \n155 \n\n443 \n\n\n\n1,308 \n\n1,505 \n\n\nTOTAL ASSETS \n5,377 \n\n5,669 \n\n\n\n\n\n\n\n\nTOTAL EQUITY \n29 \n\n106 \n\n\n\n\n\n\n\n\nNon-current liabilities \n\n\n\n\n\nBorrowings including lease obligations \n3,602 \n\n3,640 \n\n\nOther non-current liabilities* \n362 \n\n401 \n\n\n\n3,964 \n\n4,041 \n\n\nCurrent liabilities \n\n\n\n\n\nBorrowings including lease obligations \n305 \n\n94 \n\n\nPayables and other current liabilities \n1,079 \n\n1,428 \n\n\n\n1,384 \n\n1,522 \n\n\nTOTAL LIABILITIES \n5,348 \n\n5,563 \n\n\nTOTAL EQUITY and LIABILITIES \n5,377 \n\n5,669 \n\n\n\n\n\n\n\n\n\n\n\n* Other non-current liabilities include liabilities for earnout shares of $7 million at March 31, 2024 (December 31, 2023: $23 million) and warrants of $1 million at March 31, 2024 (December 31, 2023: $2 million). \n\n\n\n\n\n\n\n\nUnaudited Consolidated Condensed Statement of Cash Flows \n\n\n\n\n\n\n\nThree months ended March 31, \n\n\n\n\n2024 \n\n2023 \n\n\n\n\n$'m \n\n$'m \n\n\nCash flows used in operating activities \n\n\n\n\n\n\nCash used in operations (2) \n\n(316) \n\n(228) \n\n\nNet interest paid \n\n(15) \n\n(8) \n\n\nSettlement of foreign currency derivative financial instruments \n\n(5) \n\n(12) \n\n\nIncome tax paid \n\n(2) \n\n(9) \n\n\nCash flows used in operating activities  \n\n(338) \n\n(257) \n\n\n\n\n\n\n\n\n\nCash flows used in investing activities \n\n\n\n\n\n\nNet capital expenditure \n\n(62) \n\n(126) \n\n\nCash flows used in investing activities  \n\n(62) \n\n(126) \n\n\n\n\n\n\n\n\n\nCash flows received from/(used in) financing activities \n\n\n\n\n\n\nChanges in borrowings \n\n204 \n\n34 \n\n\nDeferred debt issue costs paid \n\n– \n\n(1) \n\n\nLease payments \n\n(21) \n\n(16) \n\n\nDividends paid \n\n(66) \n\n(66) \n\n\nCash flows received from/(used in) financing activities  \n\n117 \n\n(49) \n\n\n\n\n\n\n\n\n\nNet decrease in cash, cash equivalents and restricted cash  \n\n(283) \n\n(432) \n\n\n\n\n\n\n\n\n\nCash, cash equivalents and restricted cash at beginning of period \n\n443 \n\n555 \n\n\nForeign exchange (losses)/gains on cash, cash equivalents and restricted cash  \n\n(5) \n\n1 \n\n\nCash, cash equivalents and restricted cash at end of period \n\n155 \n\n124 \n\n\n\n\n\n\n\n\nFinancial assets and liabilities \n\n\n\n\n\nAt March 31, 2024, the Group's net debt and available liquidity was as follows: \n\n\n\n\n\n\n\nDrawn amount \n\nAvailable liquidity \n\n\n\n\n$'m \n\n$'m \n\n\nSenior Secured Green and Senior Green Notes \n\n3,277 \n\n— \n\n\nGlobal Asset Based Loan Facility \n\n213 \n\n174 \n\n\nLease obligations \n\n398 \n\n— \n\n\nOther borrowings \n\n46 \n\n— \n\n\nTotal borrowings / undrawn facilities  \n\n3,934 \n\n174 \n\n\nDeferred debt issue costs  \n\n(27) \n\n— \n\n\nNet borrowings / undrawn facilities  \n\n3,907 \n\n174 \n\n\nCash, cash equivalents and restricted cash \n\n(155) \n\n155 \n\n\nDerivative financial instruments used to hedge foreign currency and interest rate risk \n\n19 \n\n— \n\n\nNet debt / available liquidity  \n\n3,771 \n\n329 \n\n\n\n\n\n\n\n\nReconciliation of loss for the period to Adjusted profit \n\n\n\n\n\n\n\n\n\nThree months ended March 31, \n\n\n\n2024 \n\n2023 \n\n\n\n$'m \n\n$'m \n\n\nLoss for the period as presented in the income statement \n(12) \n\n(1) \n\n\nLess: Dividend on preferred shares  \n(6) \n\n(6) \n\n\nLoss for the period used in calculating earnings per share \n(18) \n\n(7) \n\n\nExceptional items, net of tax \n(7) \n\n(12) \n\n\nIntangible amortization, net of tax \n28 \n\n27 \n\n\nAdjusted profit for the period \n3 \n\n8 \n\n\n\n\n\n\n\n\nWeighted average number of ordinary shares \n597.6 \n\n597.6 \n\n\n\n\n\n\n\n\nLoss per share \n(0.03) \n\n(0.01) \n\n\n\n\n\n\n\n\nAdjusted earnings per share \n0.01 \n\n0.01 \n\n\n\n\n\n\n\n\nReconciliation of loss for the period to Adjusted EBITDA \n\n\n\n\n\n\n\n\n\nThree months ended March 31, \n\n\n\n2024 \n\n2023 \n\n\n\n$'m \n\n$'m \n\n\nLoss for the period  \n(12) \n\n(1) \n\n\nIncome tax credit \n(9) \n\n(9) \n\n\nNet finance expense \n35 \n\n23 \n\n\nDepreciation and amortization \n109 \n\n98 \n\n\nExceptional operating items \n11 \n\n19 \n\n\nAdjusted EBITDA \n134 \n\n130 \n\n\n\n\n\n\n\n\nReconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow \n\n\n\n\n\n\n\n\n\nThree months ended March 31, \n\n\n\n2024 \n\n2023 \n\n\n\n$'m \n\n$'m \n\n\nAdjusted EBITDA \n134 \n\n130 \n\n\nMovement in working capital \n(423) \n\n(346) \n\n\nMaintenance capital expenditure \n(24) \n\n(36) \n\n\nLease payments \n(21) \n\n(16) \n\n\nExceptional restructuring costs  \n(14) \n\n— \n\n\nAdjusted operating cash flow \n(348) \n\n(268) \n\n\nInterest paid \n(15) \n\n(8) \n\n\nSettlement of foreign currency derivative financial instruments \n(5) \n\n(12) \n\n\nIncome tax paid \n(2) \n\n(9) \n\n\nAdjusted free cash flow - pre Growth Investment capital expenditure \n(370) \n\n(297) \n\n\nGrowth investment capital expenditure \n(38) \n\n(90) \n\n\nAdjusted free cash flow - post Growth Investment capital expenditure \n(408) \n\n(387) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRelated Footnotes \n\n\n(1) For a reconciliation to the most comparable IFRS measures, see Page 7. \n\n\n(2) Cash used in operations for the three months ended March 31, 2024, is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $423 million and exceptional cash outflows of $27 million. Cash used in operations for the three months ended March 31, 2023, is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $346 million and exceptional cash outflows of $12 million. \n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--first-quarter-2024-results-302126705.html\nSOURCE Ardagh Metal Packaging S.A.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430406267"}