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".
- Global beverage can shipments grew by 5% in the quarter, driven
by growth of 8% in the Americas and 2% in Europe. North
America grew by 18%, as new contracted volumes came
onstream, more than offsetting weaker than expected shipments in
Brazil.
- Adjusted EBITDA of $151 million
for the quarter represented a 17% decrease on the same quarter last
year.
- In the Americas, Adjusted EBITDA declined by 28% to
$87 million, despite higher shipments
in the region, due to higher operating costs, a temporarily less
favorable mix of cans/ends, weaker Brazil shipments as well as managed inventory
reduction in North America. We
continue to expect a gradual recovery in demand and, having largely
completed our investment program, continue to focus on
opportunities to enhance our network efficiency.
- In Europe Adjusted EBITDA increased by 5% to $64 million as the contribution from increased
shipments and good progress on cost pass-throughs more than offset
higher costs. Network cost structure and efficiency to be improved
through the planned closure of remaining steel lines in
Germany later this year.
- Ongoing curtailment action to balance network capacity ahead of
a recovery in demand conditions.
- Total liquidity of $519 million
at June 30, 2023 reflecting
initiatives which yielded a working capital inflow of $171m for the quarter (Q2 2022: $70 million outflow). Full year 2023 working
capital net inflow guidance raised to $150
million.
- Reiterate expectation for positive Adjusted Free Cash Flow
generation in 2023, supported by a sharp reduction in growth capex
cashflow to below $0.3bn in 2023
(2022: $0.5bn), with a further
reduction to c. $0.1bn in 2024 and
beyond.
- Regular quarterly ordinary dividend of 10c announced, in line
with guidance for an annual dividend of 40c per share.
- Progress on sustainability initiatives, including certification
by the Aluminium Stewardship Institute (ASI) of the Manaus facility
and the regional central office in Sao
Paulo in Brazil, as well as
the publication of the second Green Bond report, highlighting the
bond's contribution to eligible green projects.
- 2023 outlook: shipment growth of mid-single digits and full
year 2023 Adjusted EBITDA of $630-640
million. Third quarter Adjusted EBITDA expected to be between
$170-175 million (Q3 2022:
$140 million reported; $143 million at constant currency).
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
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
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
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
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)
and warrants of $2 million at June 30, 2023 (December 2022: $7
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
cash
|
|
(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.