LUXEMBOURG ,
Oct. 26,
2023 /PRNewswire/ -- Ardagh Metal Packaging S.A.
(NYSE: AMBP) today announced results for the third quarter ended
September 30, 2023.
|
|
Three months
ended
|
|
|
|
|
|
|
September 30,
2023
|
|
September 30,
2022
|
|
Change
|
|
Constant
Currency
|
|
|
($'m except per
share data)
|
|
|
|
|
Revenue
|
|
1,294
|
|
1,173
|
|
10 %
|
|
7 %
|
Profit for the
period
|
|
17
|
|
68
|
|
|
|
|
Adjusted EBITDA
(1)
|
|
171
|
|
140
|
|
22 %
|
|
20 %
|
Earnings per
share
|
|
0.02
|
|
0.10
|
|
|
|
|
Adjusted earnings per
share (1)
|
|
0.06
|
|
0.06
|
|
|
|
|
Dividend per ordinary
share
|
|
0.10
|
|
0.10
|
|
|
|
|
Oliver Graham, CEO of Ardagh
Metal Packaging, said:
"We delivered a robust performance in the quarter to achieve our
guidance despite a softening of demand conditions in Europe. Americas performance was slightly
ahead of our expectation with North
America benefitting from strong shipment growth, while
Brazil was broadly in line. The
deterioration in demand during the quarter negatively impacted
European performance against our expectations, which we anticipate
will persist into Q4. Our Adjusted operating cashflow generation is
significantly improved versus the prior year and underpins our
conviction in a strong full year liquidity outturn. Our actions to
prudently balance our capacity and optimize our network will also
drive future earnings improvement."
- Global beverage can shipments grew by 8% in the quarter versus
the prior year quarter, driven by growth of 18% in the Americas
offsetting a 2% decline in Europe.
North America grew by 20%,
underpinned by commitments backing our investments, and
Brazil grew by 8%.
- Adjusted EBITDA of $171 million
for the quarter represented a 22% increase versus the prior year
quarter.
- Americas Adjusted EBITDA increased by 2% to $104 million as the contribution from 18% higher
volumes was offset by higher costs, including fixed cost
under-absorption that remained elevated as de-stocking was
prioritised in North America,
which is now complete.
- In Europe, Adjusted EBITDA
increased by 76% to $67 million
despite 2% lower shipments, which reflected improved input cost
recovery versus the prior year weak comparable, predominantly due
to the pass through of energy costs.
- Committed to disciplined balancing of network capacity ahead of
a recovery in industry demand, through a mix of curtailment and
longer-term action as appropriate. Consultations regarding the
potential closure in Q1 2024 of the Whitehouse, Ohio, production facility
initiated.
- Net leverage reduced by 0.5x during the quarter through
improved earnings and strong cash conversion. Total liquidity of
$561 million at September 30, 2023 was boosted by further working
capital improvement.
- No change to guidance for 2023 growth capex to fall below
$0.3bn, to decline further to c.
$0.1bn in 2024 and beyond. Due to the
success of working capital initiatives, raising guidance for a net
working capital inflow in 2023 to approaching $200m.
- Regular quarterly ordinary dividend of 10c announced, in line
with guidance for an annual dividend of 40c per share.
- Progress on sustainability initiatives include advancement of
our Ardagh for Education STEM initiative into Brazil, further investment in recycling
infrastructure in North America
and the announcement of a sustainable distribution agreement in
the Netherlands. Ardagh Group,
including Ardagh Metal Packaging, was also awarded the highest
platinum rating by Ecovadis.
- 2023 outlook: shipment growth of approximately mid-single
digits and full year 2023 Adjusted EBITDA in the order of
$610 million, reflecting the softer
demand conditions in Europe while
the North America volume outlook
remains strong. Fourth quarter Adjusted EBITDA in the order of
$158 million (Q4 2022: $159 million reported; $162 million at constant currency).
Financial
Performance Review
|
Bridge of 2022 to
2023 Revenue and Adjusted EBITDA
|
|
Three months ended
September 30, 2023
|
|
|
|
|
|
|
|
Revenue
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
2022
|
|
493
|
|
680
|
|
1,173
|
Organic
|
|
30
|
|
52
|
|
82
|
FX
translation
|
|
39
|
|
—
|
|
39
|
Revenue
2023
|
|
562
|
|
732
|
|
1,294
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2022
|
|
38
|
|
102
|
|
140
|
Organic
|
|
26
|
|
2
|
|
28
|
FX
translation
|
|
3
|
|
—
|
|
3
|
Adjusted EBITDA
2023
|
|
67
|
|
104
|
|
171
|
|
|
|
|
|
|
|
2023 Adjusted EBITDA
margin %
|
|
11.9 %
|
|
14.2 %
|
|
13.2 %
|
2022 Adjusted EBITDA
margin %
|
|
7.7 %
|
|
15.0 %
|
|
11.9 %
|
|
|
Nine months ended
September 30, 2023
|
|
|
|
|
|
|
|
Revenue
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
2022
|
|
1,525
|
|
2,088
|
|
3,613
|
Organic
|
|
68
|
|
(10)
|
|
58
|
FX
translation
|
|
10
|
|
(1)
|
|
9
|
Revenue
2023
|
|
1,603
|
|
2,077
|
|
3,680
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
Europe
|
|
Americas
|
|
Group
|
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2022
|
|
155
|
|
311
|
|
466
|
Organic
|
|
25
|
|
(39)
|
|
(14)
|
FX
translation
|
|
—
|
|
—
|
|
—
|
Adjusted EBITDA
2023
|
|
180
|
|
272
|
|
452
|
|
|
|
|
|
|
|
2023 Adjusted EBITDA
margin %
|
|
11.2 %
|
|
13.1 %
|
|
12.3 %
|
2022 Adjusted EBITDA
margin %
|
|
10.2 %
|
|
14.9 %
|
|
12.9 %
|
Group Performance
Group
Revenue increased by $121 million,
or 10%, to $1,294 million in the
three months ended September 30,
2023, compared with $1,173
million in the three months ended September 30, 2022. On a constant currency basis,
revenue increased by 7%, principally reflecting favorable
volume/mix effects and higher input cost recovery, partly offset by
the pass through to customers of lower input costs.
Adjusted EBITDA increased by $31
million, or 22%, to $171
million in the three months ended September 30, 2023, compared with $140 million in the three months ended
September 30, 2022. On a constant
currency basis, Adjusted EBITDA increased by 20%, principally due
to higher input cost recovery and favorable volume/mix effects,
partly offset by higher operating costs.
Americas
Revenue increased by $52 million,
or 8%, on both a reported and constant currency basis, to
$732 million in the three months
ended September 30, 2023, compared
with $680 million in the three months
ended September 30, 2022. The
increase in revenue principally reflected favorable volume/mix
effects, partly offset by the pass through to customers of lower
input costs.
Adjusted EBITDA increased by $2
million, or 2%, on both a reported and constant currency
basis, to $104 million in the three
months ended September 30, 2023,
compared with $102 million in the
three months ended September 30,
2022. The increase was primarily driven by favorable
volume/mix effects, partly offset by higher operating costs.
Europe
Revenue increased by $69 million,
or 14%, to $562 million in the three
months ended September 30, 2023,
compared with $493 million in the
three months ended September 30,
2022. On a constant currency basis, revenue increased by 6%,
principally due to higher input cost recovery and favorable
volume/mix effects.
Adjusted EBITDA increased by $29
million, or 76%, to $67
million in the three months ended September 30, 2023, compared with $38 million in the three months ended
September 30, 2022. On a constant
currency basis, Adjusted EBITDA increased by 63%, principally due
to higher input cost recovery and favorable volume/mix effects,
partly offset by higher operating costs.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third
quarter 2023 earnings webcast and conference call for investors at
9.00 a.m. EDT (2.00 p.m. BST) on Thursday
October 26, 2023. Please use the following webcast link to
register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1635927&tp_key=c096fb05b7
Conference call dial in:
United States/Canada: +1 800 239 9838
International: +44 330 165 4027
Participant pin code: 7000018
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 approximately 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
September 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2023
|
|
Three months ended
September 30, 2022
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
1,294
|
|
—
|
|
1,294
|
|
1,173
|
|
—
|
|
1,173
|
Cost of
sales
|
|
(1,130)
|
|
(5)
|
|
(1,135)
|
|
(1,047)
|
|
(17)
|
|
(1,064)
|
Gross
profit
|
|
164
|
|
(5)
|
|
159
|
|
126
|
|
(17)
|
|
109
|
Sales, general and
administration expenses
|
|
(59)
|
|
(2)
|
|
(61)
|
|
(38)
|
|
(9)
|
|
(47)
|
Intangible
amortization
|
|
(37)
|
|
—
|
|
(37)
|
|
(34)
|
|
—
|
|
(34)
|
Operating
profit
|
|
68
|
|
(7)
|
|
61
|
|
54
|
|
(26)
|
|
28
|
Net finance
(expense)/income
|
|
(49)
|
|
5
|
|
(44)
|
|
(30)
|
|
71
|
|
41
|
Profit before
tax
|
|
19
|
|
(2)
|
|
17
|
|
24
|
|
45
|
|
69
|
Income tax
charge
|
|
(6)
|
|
6
|
|
—
|
|
(7)
|
|
6
|
|
(1)
|
Profit for the
period
|
|
13
|
|
4
|
|
17
|
|
17
|
|
51
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.10
|
Unaudited
Consolidated Condensed Income Statement for the nine months ended
September 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2023
|
|
Nine months ended
September 30, 2022
|
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before
exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
3,680
|
|
—
|
|
3,680
|
|
3,613
|
|
—
|
|
3,613
|
Cost of
sales
|
|
(3,247)
|
|
(52)
|
|
(3,299)
|
|
(3,156)
|
|
(47)
|
|
(3,203)
|
Gross
profit
|
|
433
|
|
(52)
|
|
381
|
|
457
|
|
(47)
|
|
410
|
Sales, general and
administration expenses
|
|
(175)
|
|
(14)
|
|
(189)
|
|
(147)
|
|
(17)
|
|
(164)
|
Intangible
amortization
|
|
(107)
|
|
—
|
|
(107)
|
|
(105)
|
|
—
|
|
(105)
|
Operating
profit
|
|
151
|
|
(66)
|
|
85
|
|
205
|
|
(64)
|
|
141
|
Net finance
(expense)/income
|
|
(148)
|
|
58
|
|
(90)
|
|
(92)
|
|
196
|
|
104
|
(Loss)/profit before
tax
|
|
3
|
|
(8)
|
|
(5)
|
|
113
|
|
132
|
|
245
|
Income tax
credit/(charge)
|
|
(1)
|
|
12
|
|
11
|
|
(32)
|
|
12
|
|
(20)
|
Profit for the
period
|
|
2
|
|
4
|
|
6
|
|
81
|
|
144
|
|
225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss)/earnings per share
|
|
|
|
|
|
(0.02)
|
|
|
|
|
|
0.36
|
Unaudited
Consolidated Condensed Statement of Financial
Position
|
|
|
|
|
|
At September 30,
2023
|
|
At December 31,
2022
|
|
$'m
|
|
$'m
|
Non-current
assets
|
|
|
|
Intangible
assets
|
1,376
|
|
1,473
|
Property, plant and
equipment
|
2,553
|
|
2,390
|
Other non-current
assets
|
64
|
|
94
|
|
3,993
|
|
3,957
|
Current
assets
|
|
|
|
Inventories
|
442
|
|
567
|
Trade and other
receivables
|
566
|
|
509
|
Contract
assets
|
265
|
|
239
|
Derivative financial
instruments
|
18
|
|
38
|
Cash, cash equivalents
and restricted cash
|
154
|
|
555
|
|
1,445
|
|
1,908
|
TOTAL
ASSETS
|
5,438
|
|
5,865
|
|
|
|
|
TOTAL
EQUITY
|
239
|
|
455
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
3,576
|
|
3,524
|
Other non-current
liabilities*
|
348
|
|
422
|
|
3,924
|
|
3,946
|
Current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
79
|
|
68
|
Payables and other
current liabilities
|
1,196
|
|
1,396
|
|
1,275
|
|
1,464
|
TOTAL
LIABILITIES
|
5,199
|
|
5,410
|
TOTAL EQUITY and
LIABILITIES
|
5,438
|
|
5,865
|
|
* Other non-current
liabilities include liabilities for earnout shares of $22 million
at September 30, 2023 (December 2022: $76
million) and warrants of $2 million at September 30, 2023 (December
2022: $7 million).
|
Unaudited
Consolidated Condensed Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended,
|
|
Nine months
ended,
|
|
|
September
30,
|
|
September
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Cash flows
from/(used in) operating activities
|
|
|
|
|
|
|
|
|
Cash generated
from/(used in) operations (2)
|
|
215
|
|
43
|
|
289
|
|
(60)
|
Net interest
paid
|
|
(14)
|
|
(4)
|
|
(96)
|
|
(55)
|
Settlement of foreign
currency derivative financial instruments
|
|
2
|
|
36
|
|
(9)
|
|
66
|
Income tax
received/(paid)
|
|
9
|
|
(14)
|
|
(6)
|
|
(29)
|
Cash flows
from/(used in) operating activities
|
|
212
|
|
61
|
|
178
|
|
(78)
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
|
Capital
expenditure
|
|
(82)
|
|
(127)
|
|
(304)
|
|
(413)
|
Cash flows used
in investing activities
|
|
(82)
|
|
(127)
|
|
(304)
|
|
(413)
|
|
|
|
|
|
|
|
|
|
Cash flows (used
in)/received from financing activities
|
|
|
|
|
|
|
|
|
Changes in
borrowings
|
|
(65)
|
|
1
|
|
(7)
|
|
592
|
Deferred debt issue
costs paid
|
|
—
|
|
(4)
|
|
(2)
|
|
(10)
|
Lease
payments
|
|
(17)
|
|
(14)
|
|
(55)
|
|
(40)
|
Dividends
paid
|
|
(66)
|
|
—
|
|
(197)
|
|
(121)
|
Proceeds from share
issuance, net of costs
|
|
—
|
|
258
|
|
—
|
|
258
|
Treasury shares
purchased
|
|
—
|
|
(32)
|
|
—
|
|
(35)
|
Other financing
activities
|
|
—
|
|
—
|
|
—
|
|
(1)
|
Cash flows (used
in)/received from financing activities
|
|
(148)
|
|
209
|
|
(261)
|
|
643
|
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash, cash equivalents and restricted
cash
|
|
(18)
|
|
143
|
|
(387)
|
|
152
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
182
|
|
436
|
|
555
|
|
463
|
Foreign exchange
(losses)/gains on cash, cash equivalents and restricted
cash
|
|
(10)
|
|
4
|
|
(14)
|
|
(32)
|
Cash, cash
equivalents and restricted cash at end of period
|
|
154
|
|
583
|
|
154
|
|
583
|
Financial assets and
liabilities
|
|
At September 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
|
|
3,257
|
|
—
|
Global Asset Based Loan
Facility
|
|
—
|
|
407
|
Lease
obligations
|
|
385
|
|
—
|
Other
borrowings
|
|
44
|
|
—
|
Total borrowings /
undrawn facilities
|
|
3,686
|
|
407
|
Deferred debt issue
costs
|
|
(31)
|
|
—
|
Net borrowings /
undrawn facilities
|
|
3,655
|
|
407
|
Cash, cash equivalents
and restricted cash
|
|
(154)
|
|
154
|
Derivative financial
instruments used to hedge foreign currency and interest rate
risk
|
|
7
|
|
—
|
Net debt / available
liquidity
|
|
3,508
|
|
561
|
Reconciliation of
profit for the period to Adjusted profit
|
|
|
|
Three months ended
September 30,
|
|
2023
|
|
2022
|
|
$'m
|
|
$'m
|
Profit for the
period as presented in the income statement
|
17
|
|
68
|
Less: Dividend on
preferred shares
|
(6)
|
|
(6)
|
Profit for the
period used in calculating earnings per share
|
11
|
|
62
|
Exceptional items, net
of tax
|
(4)
|
|
(51)
|
Intangible
amortization, net of tax
|
29
|
|
27
|
Adjusted profit for
the period
|
36
|
|
38
|
|
|
|
|
Weighted average number
of ordinary shares
|
597.6
|
|
599.8
|
|
|
|
|
Earnings per
share
|
0.02
|
|
0.10
|
|
|
|
|
Adjusted earnings
per share
|
0.06
|
|
0.06
|
Reconciliation of
profit for the period to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Profit for the
period
|
17
|
|
68
|
|
6
|
|
225
|
Income tax
charge/(credit)
|
—
|
|
1
|
|
(11)
|
|
20
|
Net finance
expense/(income)
|
44
|
|
(41)
|
|
90
|
|
(104)
|
Depreciation and
amortization
|
103
|
|
86
|
|
301
|
|
261
|
Exceptional operating
items
|
7
|
|
26
|
|
66
|
|
64
|
Adjusted
EBITDA
|
171
|
|
140
|
|
452
|
|
466
|
Reconciliation of
Adjusted EBITDA to Adjusted operating cash flow and Adjusted free
cash flow
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Adjusted
EBITDA
|
171
|
|
140
|
|
452
|
|
466
|
Movement in working
capital
|
53
|
|
(50)
|
|
(122)
|
|
(445)
|
Maintenance capital
expenditure
|
(28)
|
|
(25)
|
|
(90)
|
|
(74)
|
Lease
payments
|
(17)
|
|
(14)
|
|
(55)
|
|
(40)
|
Adjusted operating
cash flow
|
179
|
|
51
|
|
185
|
|
(93)
|
Net interest
paid
|
(14)
|
|
(4)
|
|
(96)
|
|
(55)
|
Settlement of foreign
currency derivative financial instruments
|
2
|
|
36
|
|
(9)
|
|
66
|
Income tax
received/(paid)
|
9
|
|
(14)
|
|
(6)
|
|
(29)
|
Adjusted free cash
flow - pre Growth Investment capital expenditure
|
176
|
|
69
|
|
74
|
|
(111)
|
Growth investment
capital expenditure
|
(54)
|
|
(102)
|
|
(214)
|
|
(339)
|
Adjusted free cash
flow - post Growth Investment capital expenditure
|
122
|
|
(33)
|
|
(140)
|
|
(450)
|
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 nine months ended September 30, 2023
is derived from the aggregate of Adjusted EBITDA as presented on
Page 9 less working capital inflows of $53 million (nine months:
outflows of $122 million) and other exceptional cash outflows of $9
million (nine months: $41 million). Cash from/(used in) operations
for the three and nine months ended September 30, 2022 is derived
from the aggregate of Adjusted EBITDA as presented on Page 9, less
working capital outflows of $50 million (nine months: $445 million)
and other exceptional cash outflows of $47 million (nine months:
$81 million).
|
|
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SOURCE Ardagh Metal Packaging S.A.