LUXEMBOURG, July 28,
2022 /PRNewswire/ -- Ardagh Metal Packaging S.A.
(NYSE: AMBP) today announced results for the second quarter ended
June 30, 2022.
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Three months
ended
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Three months
ended
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June 30,
2022
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June 30,
2021
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Change
|
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Constant
Currency
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($'m except per
share data)
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Revenue
|
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1,303
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|
991
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31 %
|
|
38 %
|
Profit for the
period
|
|
100
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|
26
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|
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Adjusted EBITDA
(1)
|
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181
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173
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5 %
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10 %
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Earnings per
share
|
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0.17
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0.05
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Adjusted earnings per
share (1)
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0.11
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0.13
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Dividend per
share
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0.10
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Oliver Graham, CEO of Ardagh
Metal Packaging, said
"We successfully delivered our Q2 guidance in the face of
unprecedented inflationary and supply chain challenges and a
headwind from FX. In the quarter we continued to commercialise new
capacity, largely in line with budget and with minimal delays. The
ramp-up of our investments and an outperformance in Brazil contributed to strong shipments growth
in the period. We are actively pursuing a recovery of our
exceptional energy inflation costs and are focused on a disciplined
build-out of further capacity, suitably rephased so as to align it
with demand."
- Global beverage can shipments grew by 8% in the quarter, with
growth of 11% in the Americas and 5% in Europe. Specialty can share increased, to 48%
of shipments in the quarter, from 46% in the prior year quarter,
reflecting our investment program.
- Adjusted EBITDA of $181 million
for the quarter represented 10% growth on a constant currency
basis, driven by a 36% advance in the Americas, where growth
reflected higher shipments and a strong recovery of input cost
inflation. In Europe, Adjusted
EBITDA decreased by 20% on a constant currency basis, due to
inflationary headwinds, in particular energy, which were partially
offset by commercial recovery programs.
- New capacity continues to ramp up across our regions, including
in Germany, the UK, United States and Brazil. Can production started during the
quarter in Huron (OH), with further capacity planned through the
remainder of the year.
- AMP has contracted its remaining energy needs for 2022 and will
continue to build out its cover for 2023 on a rolling basis over
the remainder of the year. The assumption of a net $25 million impact in 2022 from Europe energy inflation is unchanged.
- Total liquidity of $761 million
at June 30, 2022, including cash and
cash equivalents of $436 million.
This follows the issuance of $600
million of 6% Senior Secured Green Notes in June. As
previously announced, growth investments for 2022 will reduce to
$0.8bn (inc. leasing), and a €250
million perpetual non-convertible preference shares issue was
completed in July.
- Second quarter dividend of $0.10
per share paid on June 28, 2022.
$200 million share buyback program
authorised in June and in operation through to the end of 2023,
with $3 million repurchased in the
quarter and approaching $15 million
to date.
- 2022 outlook: high-single digit shipment growth for the full
year and Adjusted EBITDA of the order of $710 million, assuming EUR/USD parity to year end
which results in a c. $20 million
adverse currency impact relative to prior guidance. (2021:
$662 million reported; $629 million at constant currency). Third quarter
Adjusted EBITDA expected to be of the order of $175 million (Q3 2021: $176 million reported, $164 million at constant currency).
Financial
Performance Review
Bridge of 2021 to
2022 Revenue and Adjusted EBITDA
|
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Three months ended
June 30, 2022
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Revenue
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Europe
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Americas
|
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Group
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|
$'m
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|
$'m
|
|
$'m
|
Revenue
2021
|
|
464
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|
527
|
|
991
|
Organic
|
|
116
|
|
243
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|
359
|
FX
translation
|
|
(47)
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|
—
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(47)
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Revenue
2022
|
|
533
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|
770
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1,303
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|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2021
|
|
85
|
|
88
|
|
173
|
Organic
|
|
(15)
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|
32
|
|
17
|
FX
translation
|
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(9)
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|
—
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(9)
|
Adjusted EBITDA
2022
|
|
61
|
|
120
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|
181
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2022 margin
%
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11.4 %
|
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15.6 %
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13.9 %
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2021 margin
%
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18.3 %
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16.7 %
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17.5 %
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|
|
Six months ended
June 30, 2022
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|
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Revenue
|
|
Europe
|
|
Americas
|
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Group
|
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|
$'m
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|
$'m
|
|
$'m
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Revenue
2021
|
|
900
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|
1,030
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|
1,930
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Organic
|
|
209
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|
378
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587
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FX
translation
|
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(77)
|
|
—
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|
(77)
|
Revenue
2022
|
|
1,032
|
|
1,408
|
|
2,440
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2021
|
|
151
|
|
170
|
|
321
|
Organic
|
|
(21)
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|
39
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|
18
|
FX
translation
|
|
(13)
|
|
—
|
|
(13)
|
Adjusted EBITDA
2022
|
|
117
|
|
209
|
|
326
|
|
|
|
|
|
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|
2022 margin
%
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11.3 %
|
|
14.8 %
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13.4 %
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2021 margin
%
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16.8 %
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16.5 %
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16.6 %
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Group Performance
Group
Revenue of $1,303 million in the
three months ended June 30, 2022
increased by $312 million, or 31%,
compared with $991 million in the
same period last year. On a constant currency basis, revenue
increased by 38%, mainly reflecting the pass through to customers
of higher input costs and strong volume/mix growth.
Adjusted EBITDA increased by $8
million, or 5%, to $181
million in the three months ended June 30, 2022, compared with $173m in the same period last year. On a constant
currency basis, Adjusted EBITDA increased by 10%, principally due
to favorable volume/mix effects, which includes an impact from the
Group's growth investment program and recovery of input cost
inflation, partly offset by increased operating costs.
Americas
Revenue increased by 46% to $770
million in the three months ended June 30, 2022, compared with $527 million in the same period last year,
principally reflecting the pass through of higher input costs and
favorable volume/mix effects.
Adjusted EBITDA for the quarter of $120
million increased by 36%, compared with $88 million in the same period last year,
primarily driven by favorable volume/mix effects, which includes an
impact from the Group's growth investment program and strong
recovery of input cost inflation, partly offset by increased
operating costs.
Europe
Revenue of $533 million increased
by 15% in the three months ended June 30,
2022, compared with $464
million in the same period last year. On a constant currency
basis, revenue increased by 28%, principally due to the pass
through of higher input costs and favorable volume/mix effects.
Adjusted EBITDA for the quarter of $61
million decreased by $24
million, or 28%, at actual exchange rates, and by 20% at
constant currency, compared with $85
million in the same period last year. The decrease in
Adjusted EBITDA was principally due to input cost headwinds.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its second
quarter 2022 earnings webcast and conference call for investors at
9.00 a.m. EDT (2.00 p.m. BST) on July 28,
2022. Please use the following webcast link to register for
this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1560399&tp_key=e488908c25
Conference call dial in:
United States/Canada: +1 800 289 0720
International: +44 330 165 4012
Participant pin code: 3115885
An investor earnings presentation to accompany this release is
available at
https://www.ardaghmetalpackaging.com/corporate/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 close to 5,800 employees and had sales of
$4.1 billion in 2021.
For more information, visit
https://www.ardaghmetalpackaging.com/corporate/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 ended
June 30, 2022 and 2021
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2022
|
|
Three months ended
June 30, 2021
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
1,303
|
|
—
|
|
1,303
|
|
991
|
|
—
|
|
991
|
Cost of
sales
|
|
(1,123)
|
|
(16)
|
|
(1,139)
|
|
(821)
|
|
(5)
|
|
(826)
|
Gross
profit
|
|
180
|
|
(16)
|
|
164
|
|
170
|
|
(5)
|
|
165
|
Sales, general and
administration expenses
|
|
(53)
|
|
(4)
|
|
(57)
|
|
(44)
|
|
(7)
|
|
(51)
|
Intangible
amortization
|
|
(35)
|
|
—
|
|
(35)
|
|
(39)
|
|
—
|
|
(39)
|
Operating
profit
|
|
92
|
|
(20)
|
|
72
|
|
87
|
|
(12)
|
|
75
|
Net finance
income/(expense)
|
|
(34)
|
|
74
|
|
40
|
|
(28)
|
|
6
|
|
(22)
|
Profit before
tax
|
|
58
|
|
54
|
|
112
|
|
59
|
|
(6)
|
|
53
|
Income tax
charge
|
|
(16)
|
|
4
|
|
(12)
|
|
(26)
|
|
(1)
|
|
(27)
|
Profit for the
period
|
|
42
|
|
58
|
|
100
|
|
33
|
|
(7)
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
0.17
|
|
|
|
|
|
0.05
|
Unaudited
Consolidated Condensed Income Statement for the six months ended
June 30, 2022 and 2021 (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2022
|
|
Six months ended
June 30, 2021
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
2,440
|
|
—
|
|
2,440
|
|
1,930
|
|
—
|
|
1,930
|
Cost of
sales
|
|
(2,109)
|
|
(30)
|
|
(2,139)
|
|
(1,608)
|
|
(8)
|
|
(1,616)
|
Gross
profit
|
|
331
|
|
(30)
|
|
301
|
|
322
|
|
(8)
|
|
314
|
Sales, general and
administration expenses
|
|
(109)
|
|
(8)
|
|
(117)
|
|
(93)
|
|
(10)
|
|
(103)
|
Intangible
amortization
|
|
(71)
|
|
—
|
|
(71)
|
|
(78)
|
|
—
|
|
(78)
|
Operating
profit
|
|
151
|
|
(38)
|
|
113
|
|
151
|
|
(18)
|
|
133
|
Net finance
income/(expense)
|
|
(62)
|
|
125
|
|
63
|
|
(120)
|
|
(51)
|
|
(171)
|
Profit/(loss) before
tax
|
|
89
|
|
87
|
|
176
|
|
31
|
|
(69)
|
|
(38)
|
Income tax
charge
|
|
(25)
|
|
6
|
|
(19)
|
|
(19)
|
|
9
|
|
(10)
|
Profit/(loss) for
the year
|
|
64
|
|
93
|
|
157
|
|
12
|
|
(60)
|
|
(48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share:
|
|
|
|
|
|
0.26
|
|
|
|
|
|
(0.10)
|
Unaudited
Consolidated Condensed Statement of Financial Position
(2)
|
|
|
|
|
|
At June 30,
2022
|
|
At December 31,
2021
|
|
$'m
|
|
$'m
|
Non-current
assets
|
|
|
|
Intangible
assets
|
1,513
|
|
1,662
|
Property, plant and
equipment
|
2,047
|
|
1,842
|
Other non-current
assets
|
118
|
|
160
|
|
3,678
|
|
3,664
|
Current
assets
|
|
|
|
Inventories
|
530
|
|
407
|
Trade and other
receivables
|
800
|
|
512
|
Contract
assets
|
230
|
|
182
|
Derivative financial
instruments
|
114
|
|
97
|
Cash and cash
equivalents
|
436
|
|
463
|
|
2,110
|
|
1,661
|
TOTAL
ASSETS
|
5,788
|
|
5,325
|
|
|
|
|
TOTAL
EQUITY
|
333
|
|
286
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
3,395
|
|
2,831
|
Other non-current
liabilities*
|
571
|
|
808
|
|
3,966
|
|
3,639
|
Current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
49
|
|
56
|
Payables and other
current liabilities
|
1,440
|
|
1,344
|
|
1,489
|
|
1,400
|
TOTAL
LIABILITIES
|
5,455
|
|
5,039
|
TOTAL EQUITY and
LIABILITIES
|
5,788
|
|
5,325
|
|
* Other non-current
liabilities include liabilities for earnout shares of $162 million
at June 30, 2022 (December 2021: $292 million) and warrants of $17
million at June 30, 2022 (December 2021: $33 million).
|
Unaudited
Consolidated Condensed Statement of Cash Flows
(2)
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30,
|
|
Six months ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Cash flows
from/(used in) operating activities
|
|
|
|
|
|
|
|
Cash generated
from/(used in) operations (3)
|
91
|
|
164
|
|
(103)
|
|
137
|
Net interest
paid
|
(28)
|
|
(4)
|
|
(21)
|
|
(49)
|
Income tax
paid
|
(8)
|
|
(7)
|
|
(15)
|
|
(28)
|
Cash flows
from/(used in) operating activities
|
55
|
|
153
|
|
(139)
|
|
60
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
Capital
expenditure
|
(169)
|
|
(121)
|
|
(286)
|
|
(289)
|
Other investing
activities
|
–
|
|
–
|
|
–
|
|
1
|
Cash flows used
in investing activities
|
(169)
|
|
(121)
|
|
(286)
|
|
(288)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Changes in
borrowings
|
495
|
|
2,763
|
|
591
|
|
2,761
|
Deferred debt issue
costs paid
|
(4)
|
|
(25)
|
|
(6)
|
|
(25)
|
Lease
payments
|
(13)
|
|
(11)
|
|
(26)
|
|
(22)
|
Dividends
paid
|
(121)
|
|
–
|
|
(121)
|
|
–
|
Treasury shares
purchased
|
(3)
|
|
–
|
|
(3)
|
|
–
|
Other financing cash
flows
|
(1)
|
|
–
|
|
(1)
|
|
–
|
Net repayment of
related party borrowings to Ardagh
|
–
|
|
(1,726)
|
|
–
|
|
(1,726)
|
Payment as part of
capital reorganization
|
–
|
|
(574)
|
|
–
|
|
(574)
|
Cash received from
Ardagh
|
–
|
|
–
|
|
–
|
|
206
|
Redemption premium and
issuance costs paid
|
–
|
|
–
|
|
–
|
|
(52)
|
Net cash inflow
from financing activities
|
353
|
|
427
|
|
434
|
|
568
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
239
|
|
459
|
|
9
|
|
340
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
225
|
|
130
|
|
463
|
|
257
|
Foreign exchange losses
on cash and cash equivalents
|
(28)
|
|
(2)
|
|
(36)
|
|
(10)
|
Cash and cash
equivalents at end of period
|
436
|
|
587
|
|
436
|
|
587
|
Financial assets and
liabilities
|
At June 30, 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
|
|
3,236
|
|
—
|
Global Asset Based Loan
Facility
|
|
—
|
|
325
|
Lease
obligations
|
|
231
|
|
—
|
Other borrowings/credit
lines
|
|
16
|
|
—
|
Total borrowings /
undrawn facilities
|
|
3,483
|
|
325
|
Deferred debt issue
costs
|
|
(39)
|
|
—
|
Net borrowings /
undrawn facilities
|
|
3,444
|
|
325
|
Cash and cash
equivalents
|
|
(436)
|
|
436
|
Net debt / available
liquidity
|
|
3,008
|
|
761
|
Reconciliation of
profit for the period to Adjusted profit for the
period
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Three
months
|
|
|
|
ended June
30,
|
|
|
|
ended June
30,
|
|
|
|
2022
|
|
|
|
2021
|
|
|
|
$'m
|
|
|
|
$'m
|
Profit for the
period
|
|
|
100
|
|
|
|
26
|
Exceptional items, net
of tax
|
|
|
(58)
|
|
|
|
7
|
Intangible
amortization, net of tax
|
|
|
27
|
|
|
|
30
|
Adjusted profit for
the period
|
|
|
69
|
|
|
|
63
|
|
|
|
|
|
|
|
|
Weighted average common
shares
|
|
|
603.3
|
|
|
|
493.8
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
0.17
|
|
|
|
0.05
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share
|
|
|
0.11
|
|
|
|
0.13
|
Reconciliation of
profit/(loss) for the period to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
(2)
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Profit/(loss) for
the period
|
100
|
|
26
|
|
157
|
|
(48)
|
Income tax
charge
|
12
|
|
27
|
|
19
|
|
10
|
Net finance
(income)/expense
|
(40)
|
|
22
|
|
(63)
|
|
171
|
Depreciation and
amortization
|
89
|
|
86
|
|
175
|
|
170
|
Exceptional operating
items
|
20
|
|
12
|
|
38
|
|
18
|
Adjusted
EBITDA
|
181
|
|
173
|
|
326
|
|
321
|
|
|
Reconciliation of
Adjusted EBITDA to Adjusted operating cash flow and Adjusted free
cash flow
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
(2)
|
|
$m
|
|
$m
|
|
$'m
|
|
$'m
|
Adjusted
EBITDA
|
181
|
|
173
|
|
326
|
|
321
|
Movement in working
capital
|
(70)
|
|
(1)
|
|
(395)
|
|
(170)
|
Maintenance capital
expenditure
|
(29)
|
|
(21)
|
|
(49)
|
|
(45)
|
Lease
payments
|
(13)
|
|
(11)
|
|
(26)
|
|
(22)
|
Adjusted operating
cash flow
|
69
|
|
140
|
|
(144)
|
|
84
|
Interest
paid
|
(28)
|
|
(4)
|
|
(21)
|
|
(49)
|
Income tax
paid
|
(8)
|
|
(7)
|
|
(15)
|
|
(28)
|
Adjusted free cash
flow - pre Growth Investment capital expenditure
|
33
|
|
129
|
|
(180)
|
|
7
|
Growth investment
capital expenditure
|
(140)
|
|
(100)
|
|
(237)
|
|
(244)
|
Adjusted free cash
flow - post Growth Investment capital expenditure
|
(107)
|
|
29
|
|
(417)
|
|
(237)
|
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures,
see Page 9.
(2) For information related to and including the period prior to
April 1, 2021, please refer to the
unaudited consolidated interim financial statements prepared on a
carve-out basis from the consolidated financial statements of
Ardagh Group S.A., as included in the unaudited consolidated
interim financial statements of the Group for the three and six
months ended June 30, 2022, which are
available at:
https://www.ardaghmetalpackaging.com/corporate/investors
For information related to the unaudited consolidated condensed
statement of financial position at December
31, 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 also
available at the above link.
(3) Cash used in operations for the three and six months ended
June 30, 2022 is derived from the
aggregate of Adjusted EBITDA as presented on Page 9 less working
capital outflows of $70 million (six
months: $395 million) and other
exceptional cash outflows of $20
million (six months: $34
million). Cash from operations for the three and six months
ended June 30, 2021 is derived from
the aggregate of Adjusted EBITDA as presented on Page 9, working
capital outflows of $1 million (six
months: $170 million) and other
exceptional cash outflows of $8
million (six months: $14
million).
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SOURCE Ardagh Metal Packaging S.A.