LUXEMBOURG, Feb. 23,
2023 /PRNewswire/ -- Ardagh Metal Packaging S.A.
(NYSE: AMBP) today announced results for the fourth quarter and
year ended December 31, 2022.
|
|
December 31,
2022
|
|
December 31, 2021
(1)
|
|
Change
|
|
Constant
Currency
|
Fourth
Quarter
|
|
($'m except per
share data)
|
|
|
|
|
Revenue
|
|
1,076
|
|
1,087
|
|
(1 %)
|
|
5 %
|
Profit for the
period
|
|
12
|
|
16
|
|
|
|
|
Adjusted EBITDA
(2)
|
|
159
|
|
165
|
|
(4 %)
|
|
1 %
|
Earnings per
share
|
|
0.02
|
|
0.03
|
|
|
|
|
Adjusted earnings per
share (2)
|
|
0.05
|
|
0.11
|
|
|
|
|
Dividend per ordinary
share
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full
Year
|
|
|
|
|
|
|
|
|
Revenue
|
|
4,689
|
|
4,055
|
|
16 %
|
|
22 %
|
Profit/(loss) for the
year
|
|
237
|
|
(210)
|
|
|
|
|
Adjusted EBITDA
(2)
|
|
625
|
|
662
|
|
(6 %)
|
|
(1 %)
|
Earnings/(loss) per
share
|
|
0.38
|
|
(0.39)
|
|
|
|
|
Dividend per ordinary
share
|
|
0.40
|
|
|
|
|
|
|
Oliver Graham, CEO of Ardagh
Metal Packaging, said:
"Our performance in Q4 was resilient as we navigated challenging
market conditions, delivering 1% global shipment growth with
equivalent growth in Adjusted EBITDA at constant currency. For the
full year we delivered shipment growth of 5%, supported by our
investment program, although softer-than-expected demand conditions
resulted in fixed cost under-absorption. Into 2023 we have taken
actions to drive double-digit earnings growth through volume
increases, contract resets with our customers and disciplined cost
and capacity management. Our investment program is largely
complete, providing the strong foundation to capture secular growth
for the sustainable beverage can and to generate positive adjusted
free cash flow in 2023, and further meaningful improvement in cash
generation beyond."
- Global beverage can shipments grew by 1% in the quarter, driven
by growth of 3% in North America
and 1% in Europe. Softer
performance in Brazil resulted in
modest growth vs. the prior year quarter overall in the Americas.
Specialty can share increased to 48% in 2022 from 45% in the prior
year, reflecting our investment program.
- Adjusted EBITDA of $159 million
for the quarter represented a 1% increase on a constant currency
basis as the contribution from volume/mix, including from growth
investments, was offset by higher costs.
- In the Americas, Adjusted EBITDA advanced by 3% to $114 million as the contribution from volume/mix,
including growth investments, offset higher operating and
inflationary costs.
- In Europe Adjusted EBITDA declined by 2% to $45 million as inflationary input cost headwinds
- including metal premium valuation effects - and higher operating
costs exceeded the contribution from higher shipments. Completed
discussions with European customers and strengthened energy hedging
positions, will support improved cost recovery and predictability
in 2023.
- Total liquidity of $970 million
at December 31, 2022, including cash
and cash equivalents of $555 million
and an undrawn ABL facility of $415
million. Positive Adjusted Free Cash Flow generation
anticipated in 2023, with a net working capital inflow and a
reduction in growth capex to below $0.3
billion. Growth capex will further significantly reduce in
2024.
- First quarter ordinary dividend of 10c announced, in line with
guidance for an annual dividend of 40c per share.
- Recognition of sustainability commitments, with a first
standalone rating from CDP, achieving a leadership A- rating for
water management and a B rating for climate change.
- 2023 outlook: shipment growth of mid to high single digits and
full year 2023 Adjusted EBITDA growth of the order of 10%, weighted
towards the second half of the year as our contracted inflation
recovery and shipments accelerate. First quarter Adjusted EBITDA
expected to be of the order of $130
million (Q1 2022: $145 million
reported; $142m at constant
currency).
Financial
Performance Review
|
Bridge of 2021 to
2022 Revenue and Adjusted EBITDA
|
|
Three months ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
2021
|
|
455
|
|
632
|
|
1,087
|
Organic
|
|
46
|
|
6
|
|
52
|
FX
translation
|
|
(63)
|
|
—
|
|
(63)
|
Revenue
2022
|
|
438
|
|
638
|
|
1,076
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2021
|
|
54
|
|
111
|
|
165
|
Organic
|
|
(1)
|
|
3
|
|
2
|
FX
translation
|
|
(8)
|
|
—
|
|
(8)
|
Adjusted EBITDA
2022
|
|
45
|
|
114
|
|
159
|
|
|
|
|
|
|
|
2022 margin
%
|
|
10.3 %
|
|
17.9 %
|
|
14.8 %
|
2021 margin
%
|
|
11.9 %
|
|
17.6 %
|
|
15.2 %
|
|
|
|
|
|
|
|
Year ended December
31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
2021
|
|
1,838
|
|
2,217
|
|
4,055
|
Organic
|
|
335
|
|
509
|
|
844
|
FX
translation
|
|
(210)
|
|
—
|
|
(210)
|
Revenue
2022
|
|
1,963
|
|
2,726
|
|
4,689
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2021
|
|
281
|
|
381
|
|
662
|
Organic
|
|
(49)
|
|
44
|
|
(5)
|
FX
translation
|
|
(32)
|
|
—
|
|
(32)
|
Adjusted EBITDA
2022
|
|
200
|
|
425
|
|
625
|
|
|
|
|
|
|
|
2022 margin
%
|
|
10.2 %
|
|
15.6 %
|
|
13.3 %
|
2021 margin
%
|
|
15.3 %
|
|
17.2 %
|
|
16.3 %
|
Group Performance
Fourth Quarter
Group
Revenue of $1,076 million in the
three months ended December 31, 2022
decreased by $11 million, or 1%,
compared with $1,087 million in the
same period last year. On a constant currency basis, revenue
increased by 5%, mainly reflecting the pass through to customers of
higher input costs.
Adjusted EBITDA decreased by $6
million, or 4%, to $159
million in the three months ended December 31, 2022, compared with $165 million in the same period last year. On a
constant currency basis, Adjusted EBITDA increased by 1%,
principally due to favorable volume/mix effects, which includes an
impact of the Group's growth investment program, partly offset by
input cost headwinds and higher operating costs.
Americas
Revenue increased by 1% to $638
million in the three months ended December 31, 2022, compared with $632 million in the same period last year,
principally reflecting the pass through of higher input costs,
partly offset by unfavorable volume/mix effects.
Adjusted EBITDA for the quarter of $114
million increased by 3%, compared with $111 million in the same period last year,
primarily driven by favorable volume/mix effects, which includes an
impact of the Group's growth investment program, partly offset by
input cost headwinds and higher operating costs.
Europe
Revenue of $438 million decreased
by 4% in the three months ended December 31,
2022, compared with $455
million in the same period last year. On a constant currency
basis, revenue increased by 12%, principally due to the pass
through of higher input costs and favorable volume/mix effects.
Adjusted EBITDA for the quarter of $45
million decreased by $9
million, or 17%, at actual exchange rates, and by 2% at
constant currency, compared with $54
million in the same period last year. The decrease in
Adjusted EBITDA was principally due to input cost headwinds and
increased operating costs, which were partly offset by favorable
volume/mix effects, which includes an impact of the Group's growth
investment program.
Full Year
Group
Revenue of $4,689 million in the
year ended December 31, 2022
increased by $634 million, or 16%,
compared with $4,055 million in 2021.
On a constant currency basis, revenue increased by 22%, mainly
reflecting the pass through to customers of higher input costs and
strong volume/mix growth.
Adjusted EBITDA decreased by $37
million, or 6%, to $625
million in the year ended December
31, 2022, compared with $662
million in 2021. On a constant currency basis, Adjusted
EBITDA decreased by 1%, principally due to input cost headwinds and
increased operating costs, partly offset by favorable volume/mix
effects, which includes an impact of the Group's growth investment
program.
Americas
Revenue increased by 23% to $2,726
million in the year ended December
31, 2022, compared with $2,217
million in 2021, principally reflecting the pass through of
higher input costs and favorable volume/mix effects.
Adjusted EBITDA in the year ended December 31, 2022, of $425
million increased by 12%, compared with $381 million in 2021, primarily driven by
favorable volume/mix effects, which includes an impact of the
Group's growth investment program, partly offset by increased
operating costs.
Europe
Revenue of $1,963 million
increased by 7% in the year ended December
31, 2022, compared with $1,838
million in 2021. On a constant currency basis, revenue
increased by 21%, principally due to the pass through of higher
input costs and favorable volume/mix effects.
Adjusted EBITDA for the year ended December 31, 2022, of $200
million decreased by $81
million, or 29%, at actual exchange rates, and by 20% at
constant currency, compared with $281
million in 2021. The decrease in Adjusted EBITDA was
principally due to input cost headwinds and increased operating
costs, which were partly offset by favorable volume/mix effects,
which includes an impact of the Group's growth investment
program.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its fourth
quarter 2022 earnings webcast and conference call for investors at
9.00 a.m. EST (2.00 p.m. GMT) on February
23, 2023. Please use the following webcast link to register
for this call:
Webcast registration and access:
https://event.webcasts.com/viewer/event.jsp?ei=1570352&tp_key=becd3dae29
Conference call dial in:
United States/Canada: +1 800 239 9838
International: +44 330 165 4027
Participant pin code: 1990951
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, 2021 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.
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 and
year ended December 31, 2022 and 2021(1)
|
|
|
|
Three months ended
December 31, 2022
|
|
Three months ended
December 31, 2021
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
1,076
|
|
—
|
|
1,076
|
|
1,087
|
|
—
|
|
1,087
|
Cost of
sales
|
|
(940)
|
|
(20)
|
|
(960)
|
|
(932)
|
|
(14)
|
|
(946)
|
Gross
profit
|
|
136
|
|
(20)
|
|
116
|
|
155
|
|
(14)
|
|
141
|
Sales, general and
administration expenses
|
|
(42)
|
|
(6)
|
|
(48)
|
|
(43)
|
|
(2)
|
|
(45)
|
Intangible
amortization
|
|
(33)
|
|
—
|
|
(33)
|
|
(36)
|
|
—
|
|
(36)
|
Operating
profit
|
|
61
|
|
(26)
|
|
35
|
|
76
|
|
(16)
|
|
60
|
Net finance
expense
|
|
(46)
|
|
22
|
|
(24)
|
|
(31)
|
|
(15)
|
|
(46)
|
Profit before
tax
|
|
15
|
|
(4)
|
|
11
|
|
45
|
|
(31)
|
|
14
|
Income tax
credit
|
|
(4)
|
|
5
|
|
1
|
|
(4)
|
|
6
|
|
2
|
Profit for the
period
|
|
11
|
|
1
|
|
12
|
|
41
|
|
(25)
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2022
|
|
Year ended December
31, 2021
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
4,689
|
|
—
|
|
4,689
|
|
4,055
|
|
—
|
|
4,055
|
Cost of
sales
|
|
(4,096)
|
|
(67)
|
|
(4,163)
|
|
(3,409)
|
|
(30)
|
|
(3,439)
|
Gross
profit
|
|
593
|
|
(67)
|
|
526
|
|
646
|
|
(30)
|
|
616
|
Sales, general and
administration expenses
|
|
(189)
|
|
(23)
|
|
(212)
|
|
(176)
|
|
(242)
|
|
(418)
|
Intangible
amortization
|
|
(138)
|
|
—
|
|
(138)
|
|
(151)
|
|
—
|
|
(151)
|
Operating
profit
|
|
266
|
|
(90)
|
|
176
|
|
319
|
|
(272)
|
|
47
|
Net finance
income/(expense)
|
|
(138)
|
|
218
|
|
80
|
|
(178)
|
|
(57)
|
|
(235)
|
Profit/(loss) before
tax
|
|
128
|
|
128
|
|
256
|
|
141
|
|
(329)
|
|
(188)
|
Income tax
charge
|
|
(36)
|
|
17
|
|
(19)
|
|
(39)
|
|
17
|
|
(22)
|
Profit/(loss) for
the year
|
|
92
|
|
145
|
|
237
|
|
102
|
|
(312)
|
|
(210)
|
Unaudited
Consolidated Condensed Statement of Financial
Position (1)
|
|
|
At December 31,
2022
|
|
At December 31,
2021
|
|
$'m
|
|
$'m
|
Non-current
assets
|
|
|
|
Intangible
assets
|
1,473
|
|
1,662
|
Property, plant and
equipment
|
2,390
|
|
1,842
|
Other non-current
assets
|
94
|
|
160
|
|
3,957
|
|
3,664
|
Current
assets
|
|
|
|
Inventories
|
567
|
|
407
|
Trade and other
receivables
|
509
|
|
512
|
Contract
assets
|
239
|
|
182
|
Derivative financial
instruments
|
38
|
|
97
|
Cash and cash
equivalents
|
555
|
|
463
|
|
1,908
|
|
1,661
|
TOTAL
ASSETS
|
5,865
|
|
5,325
|
|
|
|
|
TOTAL
EQUITY
|
455
|
|
286
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
3,524
|
|
2,831
|
Other non-current
liabilities*
|
422
|
|
808
|
|
3,946
|
|
3,639
|
Current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
68
|
|
56
|
Payables and other
current liabilities
|
1,396
|
|
1,344
|
|
1,464
|
|
1,400
|
TOTAL
LIABILITIES
|
5,410
|
|
5,039
|
TOTAL EQUITY and
LIABILITIES
|
5,865
|
|
5,325
|
|
* Other non-current
liabilities include liabilities for earnout shares of $76 million
at December 31, 2022 (December 2021: $292 million) and warrants of
$7 million at December 31, 2022 (December 2021: $33
million).
|
Unaudited
Consolidated Condensed Statement of Cash
Flows (1)
|
|
|
Three months
ended
December 31,
|
|
Year ended
December 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Cash generated from
operations (3)
|
382
|
|
336
|
|
322
|
|
611
|
Interest
paid
|
(68)
|
|
(64)
|
|
(123)
|
|
(113)
|
Settlement of foreign
currency derivative financial instruments
|
(25)
|
|
1
|
|
41
|
|
8
|
Income tax
paid
|
(6)
|
|
(13)
|
|
(35)
|
|
(48)
|
Cash flows from
operating activities
|
283
|
|
260
|
|
205
|
|
458
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
Capital
expenditure
|
(182)
|
|
(259)
|
|
(595)
|
|
(686)
|
Purchase of business,
net of cash acquired
|
–
|
|
(5)
|
|
–
|
|
(5)
|
Cash flows used
in investing activities
|
(182)
|
|
(264)
|
|
(595)
|
|
(691)
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/from financing activities
|
|
|
|
|
|
|
|
Changes in
borrowings
|
7
|
|
–
|
|
599
|
|
2,768
|
Deferred debt issue
costs paid
|
(1)
|
|
(2)
|
|
(11)
|
|
(35)
|
Lease
payments
|
(19)
|
|
(14)
|
|
(59)
|
|
(48)
|
Proceeds from preferred
share issuance, net of costs
|
(1)
|
|
–
|
|
257
|
|
–
|
Dividends
paid
|
(130)
|
|
–
|
|
(251)
|
|
–
|
Treasury shares
purchased
|
–
|
|
–
|
|
(35)
|
|
–
|
Proceeds from ordinary
shares issuance, net of costs
|
–
|
|
(9)
|
|
(1)
|
|
925
|
Net repayment of
related party borrowings to Ardagh
|
–
|
|
(14)
|
|
–
|
|
(2,736)
|
Payment as part of
capital reorganization
|
–
|
|
–
|
|
–
|
|
(574)
|
Cash received from
Ardagh
|
–
|
|
–
|
|
–
|
|
206
|
Redemption premium and
issuance costs paid
|
–
|
|
–
|
|
–
|
|
(52)
|
Net cash
(outflow)/inflow from financing activities
|
(144)
|
|
(39)
|
|
499
|
|
454
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents
|
(43)
|
|
(43)
|
|
109
|
|
221
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
583
|
|
496
|
|
463
|
|
257
|
Foreign exchange
gains/(losses) on cash and cash equivalents
|
15
|
|
10
|
|
(17)
|
|
(15)
|
Cash and cash
equivalents at end of period
|
555
|
|
463
|
|
555
|
|
463
|
Financial assets and
liabilities
|
|
At December 31, 2022,
the Group's net debt and available liquidity was as
follows:
|
|
|
|
Drawn
amount
|
|
Available
liquidity
|
|
|
$'m
|
|
$'m
|
Senior Secured Green
and Senior Green Notes
|
|
3,263
|
|
—
|
Global Asset Based Loan
Facility
|
|
—
|
|
415
|
Lease
obligations
|
|
327
|
|
—
|
Other borrowings/credit
lines
|
|
40
|
|
—
|
Total borrowings /
undrawn facilities
|
|
3,630
|
|
415
|
Deferred debt issue
costs
|
|
(38)
|
|
—
|
Net borrowings /
undrawn facilities
|
|
3,592
|
|
415
|
Cash and cash
equivalents
|
|
(555)
|
|
555
|
Net debt / available
liquidity
|
|
3,037
|
|
970
|
Reconciliation of
profit for the period to Adjusted profit for the
period
|
|
|
Three
months
|
|
Three
months
|
|
|
|
ended December
31,
|
|
|
|
ended December
31,
|
|
|
|
2022
|
|
|
|
2021
|
|
|
|
$'m
|
|
|
|
$'m
|
Profit for the
period as presented in the income statement
|
|
|
12
|
|
|
|
16
|
Less: Dividend on
preferred shares
|
|
|
(5)
|
|
|
|
—
|
Profit for the
period used in calculating earnings per share
|
|
|
7
|
|
|
|
16
|
Exceptional items, net
of tax
|
|
|
(1)
|
|
|
|
25
|
Intangible
amortization, net of tax
|
|
|
25
|
|
|
|
28
|
Adjusted profit for
the period
|
|
|
31
|
|
|
|
69
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares
|
|
|
597.6
|
|
|
|
603.3
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share
|
|
|
0.05
|
|
|
|
0.11
|
Reconciliation of
profit/(loss) for the period to Adjusted EBITDA
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
(1)
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Profit/(loss) for
the period
|
12
|
|
16
|
|
237
|
|
(210)
|
Income tax
(credit)/charge
|
(1)
|
|
(2)
|
|
19
|
|
22
|
Net finance
expense/(income)
|
24
|
|
46
|
|
(80)
|
|
235
|
Depreciation and
amortization
|
98
|
|
89
|
|
359
|
|
343
|
Exceptional operating
items
|
26
|
|
16
|
|
90
|
|
272
|
Adjusted
EBITDA
|
159
|
|
165
|
|
625
|
|
662
|
Reconciliation of
Adjusted EBITDA to Adjusted operating cash flow and Adjusted free
cash flow
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
(1)
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted
EBITDA
|
159
|
|
165
|
|
625
|
|
662
|
Movement in working
capital
|
243
|
|
209
|
|
(202)
|
|
16
|
Maintenance capital
expenditure
|
(35)
|
|
(25)
|
|
(109)
|
|
(88)
|
Lease
payments
|
(19)
|
|
(14)
|
|
(59)
|
|
(48)
|
Adjusted operating
cash flow
|
348
|
|
335
|
|
255
|
|
542
|
Interest
paid
|
(68)
|
|
(64)
|
|
(123)
|
|
(113)
|
Settlement of foreign
currency derivative financial instruments
|
(25)
|
|
1
|
|
41
|
|
8
|
Income tax
paid
|
(6)
|
|
(13)
|
|
(35)
|
|
(48)
|
Adjusted free cash
flow - pre Growth Investment capital expenditure
|
249
|
|
259
|
|
138
|
|
389
|
Growth investment
capital expenditure
|
(147)
|
|
(234)
|
|
(486)
|
|
(598)
|
Adjusted free cash
flow
|
102
|
|
25
|
|
(348)
|
|
(209)
|
Related Footnotes
(1) For information related to and including the period prior to
April 1, 2021, please refer to the
Annual Report on Form 20-F for the year ended December 31, 2021, and filed with the U.S.
Securities and Exchange Commission on March
4, 2022, which is available at
https://www.ardaghmetalpackaging.com/investors
(2) For a reconciliation to the most comparable IFRS measures, see
Page 8.
(3) Cash from operations for the three months and year ended
December 31, 2022, is derived from
the aggregate of Adjusted EBITDA as presented on Page 8, working
capital inflows of $243 million (year
ended: outflows of $202 million) and
other exceptional cash outflows of $20
million (year ended: $101
million). Cash from operations for the three months and year
ended December 31, 2021, is derived
from the aggregate of Adjusted EBITDA as presented on Page 8,
working capital inflows of $209
million (year ended: inflows of $16
million) and other exceptional cash outflows of $38 million (year ended: $67 million).
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SOURCE Ardagh Metal Packaging S.A.