LUXEMBOURG, Oct. 27,
2022 /PRNewswire/ -- Ardagh Metal Packaging S.A.
(NYSE: AMBP) today announced results for the third quarter ended
September 30, 2022.
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Three months
ended
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Three months
ended
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September 30,
2022
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September 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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1,173
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1,038
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13 %
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21 %
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Profit/(loss) for the
period
|
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68
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(178)
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Adjusted EBITDA
(1)
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140
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176
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(20 %)
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(15 %)
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Earnings/(loss) per
share
|
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0.10
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(0.32)
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Adjusted earnings per
share (1)
|
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0.06
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0.14
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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 experienced a challenging third quarter of 2022. While
global shipments increased by 9% compared with the same period last
year, demand was below our expectations and impacted earnings. We
expect these conditions to persist through the fourth quarter and
into the first half of 2023. In response we are taking a
disciplined approach to managing our costs and capacity, and
further flexing our growth expenditure. Our well-advanced
investment program puts us in a very strong position to serve the
continuing secular demand growth for sustainable beverage can
packaging."
- Global beverage can shipments grew by 9% in the quarter, with
growth of 10% in the Americas and 9% in Europe. Specialty can share increased to 46%
of shipments in the quarter from 44% in the prior year quarter,
reflecting our investment program.
- Adjusted EBITDA of $140 million
for the quarter represented a 15% decline on a constant currency
basis due to input cost headwinds, as operating costs relating to
capacity ramp-up in excess of demand offset the contribution from
shipment growth.
- In the Americas, Adjusted EBITDA advanced by 2% reflecting
higher shipments, largely offset by higher operating costs. This
was more than offset by a 42% decline, on a constant currency
basis, in Adjusted EBITDA in Europe as input cost headwinds exceeded the
contribution from higher shipments, and costs related to metal
valuation timing issues were offset by positive one-off
factors.
- Growth investments for 2022 will reduce to c. $0.6 billion, including leasing. The growth
investment plan is well advanced, with installed capacity
continuing its ramp-up. Future additions will be appropriately
phased in line with demand conditions.
- Total liquidity of $998 million
at September 30, 2022, including cash
and cash equivalents of $583 million
and an upsized ABL facility of $415
million. Our current investment plans mean we do not
anticipate any external market financing need in 2023.
- Fourth quarter dividend of 10c announced, delivering on
guidance for a sustainable annual dividend totalling 40c per share.
In the quarter $32 million of shares
were repurchased under the buyback program, taking the total to
$35 million to date.
- AMP received approval from the Science Based Targets initiative
(SBTi) for greenhouse gas emission reduction targets.
- 2022 outlook: mid-single digit shipment growth for the year and
full year 2022 Adjusted EBITDA of the order of $640-650 million, assuming EUR/USD parity to year
end. (2021: $630 million at constant
currency; $662 million reported).
Fourth quarter Adjusted EBITDA expected to be of the order of
$175-185 million (Q4 2021:
$157 million at constant currency,
$165 million reported).
Financial
Performance Review
Bridge of 2021 to
2022 Revenue and Adjusted EBITDA
Three months ended
September 30, 2022
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Revenue
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Europe
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Americas
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Group
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$'m
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$'m
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|
$'m
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Revenue
2021
|
|
483
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|
555
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1,038
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Organic
|
|
80
|
|
125
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|
205
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FX
translation
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(70)
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—
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(70)
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Revenue
2022
|
|
493
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680
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1,173
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Adjusted
EBITDA
|
|
Europe
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|
Americas
|
|
Group
|
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|
$'m
|
|
$'m
|
|
$'m
|
Adjusted EBITDA
2021
|
|
76
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|
100
|
|
176
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Organic
|
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(27)
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2
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(25)
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FX
translation
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(11)
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—
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(11)
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Adjusted EBITDA
2022
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|
38
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|
102
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|
140
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2022 margin
%
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7.7 %
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15.0 %
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11.9 %
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2021 margin
%
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15.7 %
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18.0 %
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17.0 %
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Nine months ended
September 30, 2022
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Revenue
|
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Europe
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Americas
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Group
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$'m
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$'m
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|
$'m
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Revenue
2021
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1,383
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1,585
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2,968
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Organic
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289
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503
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792
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FX
translation
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(147)
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—
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(147)
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Revenue
2022
|
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1,525
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2,088
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3,613
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Adjusted
EBITDA
|
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Europe
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Americas
|
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Group
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$'m
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|
$'m
|
|
$'m
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Adjusted EBITDA
2021
|
|
227
|
|
270
|
|
497
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Organic
|
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(48)
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41
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(7)
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FX
translation
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(24)
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—
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(24)
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Adjusted EBITDA
2022
|
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155
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311
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|
466
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2022 margin
%
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10.2 %
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14.9 %
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12.9 %
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2021 margin
%
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16.4 %
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17.0 %
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16.7 %
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Group Performance
Group
Revenue of $1,173 million in the
three months ended September 30, 2022
increased by $135 million, or 13%,
compared with $1,038 million in the
same period last year. On a constant currency basis, revenue
increased by 21%, mainly reflecting the pass through to customers
of higher input costs and strong volume/mix growth.
Adjusted EBITDA decreased by $36
million, or 20%, to $140
million in the three months ended September 30, 2022, compared with $176 million in the same period last year. On a
constant currency basis, Adjusted EBITDA decreased by 15%,
principally due to input cost headwinds, partly offset by favorable
volume/mix effects, which includes an impact of the Group's growth
investment program.
Americas
Revenue increased by 23% to $680
million in the three months ended September 30, 2022, compared with $555 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 $102
million increased by 2%, compared with $100 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
increased operating costs and input cost headwinds.
Europe
Revenue of $493 million increased
by 2% in the three months ended September
30, 2022, compared with $483
million in the same period last year. On a constant currency
basis, revenue increased by 19%, principally due to the pass
through of higher input costs and favorable volume/mix effects.
Adjusted EBITDA for the quarter of $38
million decreased by $38
million, or 50%, at actual exchange rates, and by 42% at
constant currency, compared with $76
million in the same period last year. The decrease in
Adjusted EBITDA was principally due to input cost headwinds, which
were partly offset by favorable volume/mix effects, which includes
an impact of the Group's growth investment program, and favorable
non-recurring SG&A and other gains.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third
quarter 2022 earnings webcast and conference call for investors at
9.00 a.m. EDT (2.00 p.m. BST) on October
27, 2022. 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: 3869215
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 close to 5,800 employees and had sales of
$4.1 billion in 2021.
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 ended
September 30, 2022 and 2021
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Three months ended
September 30, 2022
|
|
Three months ended
September 30, 2021
|
|
|
Before exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
1,173
|
|
—
|
|
1,173
|
|
1,038
|
|
—
|
|
1,038
|
Cost of
sales
|
|
(1,047)
|
|
(17)
|
|
(1,064)
|
|
(869)
|
|
(8)
|
|
(877)
|
Gross
profit
|
|
126
|
|
(17)
|
|
109
|
|
169
|
|
(8)
|
|
161
|
Sales, general and
administration expenses
|
|
(38)
|
|
(9)
|
|
(47)
|
|
(40)
|
|
(230)
|
|
(270)
|
Intangible
amortization
|
|
(34)
|
|
—
|
|
(34)
|
|
(37)
|
|
—
|
|
(37)
|
Operating
profit/(loss)
|
|
54
|
|
(26)
|
|
28
|
|
92
|
|
(238)
|
|
(146)
|
Net finance
income/(expense)
|
|
(30)
|
|
71
|
|
41
|
|
(27)
|
|
9
|
|
(18)
|
Profit/(loss) before
tax
|
|
24
|
|
45
|
|
69
|
|
65
|
|
(229)
|
|
(164)
|
Income tax
charge
|
|
(7)
|
|
6
|
|
(1)
|
|
(16)
|
|
2
|
|
(14)
|
Profit/(loss) for
the period
|
|
17
|
|
51
|
|
68
|
|
49
|
|
(227)
|
|
(178)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share
|
|
|
|
|
|
0.10
|
|
|
|
|
|
(0.32)
|
Unaudited
Consolidated Condensed Income Statement for the nine months ended
September 30, 2022 and 2021 (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2022
|
|
Nine months ended
September 30, 2021
|
|
|
Before exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
Before exceptional
items
|
|
Exceptional
items
|
|
Total
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Revenue
|
|
3,613
|
|
—
|
|
3,613
|
|
2,968
|
|
—
|
|
2,968
|
Cost of
sales
|
|
(3,156)
|
|
(47)
|
|
(3,203)
|
|
(2,477)
|
|
(16)
|
|
(2,493)
|
Gross
profit
|
|
457
|
|
(47)
|
|
410
|
|
491
|
|
(16)
|
|
475
|
Sales, general and
administration expenses
|
|
(147)
|
|
(17)
|
|
(164)
|
|
(133)
|
|
(240)
|
|
(373)
|
Intangible
amortization
|
|
(105)
|
|
—
|
|
(105)
|
|
(115)
|
|
—
|
|
(115)
|
Operating
profit/(loss)
|
|
205
|
|
(64)
|
|
141
|
|
243
|
|
(256)
|
|
(13)
|
Net finance
income/(expense)
|
|
(92)
|
|
196
|
|
104
|
|
(147)
|
|
(42)
|
|
(189)
|
Profit/(loss) before
tax
|
|
113
|
|
132
|
|
245
|
|
96
|
|
(298)
|
|
(202)
|
Income tax
charge
|
|
(32)
|
|
12
|
|
(20)
|
|
(35)
|
|
11
|
|
(24)
|
Profit/(loss) for
the year
|
|
81
|
|
144
|
|
225
|
|
61
|
|
(287)
|
|
(226)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share:
|
|
|
|
|
|
0.36
|
|
|
|
|
|
(0.44)
|
Unaudited
Consolidated Condensed Statement of Financial Position
(2)
|
|
|
|
|
|
At September 30,
2022
|
|
At December 31,
2021
|
|
$'m
|
|
$'m
|
Non-current
assets
|
|
|
|
Intangible
assets
|
1,425
|
|
1,662
|
Property, plant and
equipment
|
2,116
|
|
1,842
|
Other non-current
assets
|
114
|
|
160
|
|
3,655
|
|
3,664
|
Current
assets
|
|
|
|
Inventories
|
505
|
|
407
|
Trade and other
receivables
|
691
|
|
512
|
Contract
assets
|
228
|
|
182
|
Derivative financial
instruments
|
72
|
|
97
|
Cash and cash
equivalents
|
583
|
|
463
|
|
2,079
|
|
1,661
|
TOTAL
ASSETS
|
5,734
|
|
5,325
|
|
|
|
|
TOTAL
EQUITY
|
548
|
|
286
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
3,353
|
|
2,831
|
Other non-current
liabilities*
|
410
|
|
808
|
|
3,763
|
|
3,639
|
Current
liabilities
|
|
|
|
Borrowings including
lease obligations
|
50
|
|
56
|
Payables and other
current liabilities
|
1,373
|
|
1,344
|
|
1,423
|
|
1,400
|
TOTAL
LIABILITIES
|
5,186
|
|
5,039
|
TOTAL EQUITY and
LIABILITIES
|
5,734
|
|
5,325
|
|
* Other non-current
liabilities include liabilities for earnout shares of $89 million
at September 30, 2022 (December 2021: $292 million) and warrants of
$8 million at September 30, 2022 (December 2021: $33
million).
|
Unaudited
Consolidated Condensed Statement of Cash Flows
(2)
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
Cash flows
from/(used in) operating activities
|
|
|
|
|
|
|
|
Cash generated
from/(used in) operations (3)
|
43
|
|
138
|
|
(60)
|
|
275
|
Interest
paid
|
(4)
|
|
(1)
|
|
(55)
|
|
(49)
|
Settlement of foreign
currency derivative financial instruments
|
36
|
|
8
|
|
66
|
|
7
|
Income tax
paid
|
(14)
|
|
(7)
|
|
(29)
|
|
(35)
|
Cash flows
from/(used in) operating activities
|
61
|
|
138
|
|
(78)
|
|
198
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
Capital
expenditure
|
(127)
|
|
(139)
|
|
(413)
|
|
(428)
|
Other investing
activities
|
–
|
|
–
|
|
–
|
|
1
|
Cash flows used
in investing activities
|
(127)
|
|
(139)
|
|
(413)
|
|
(427)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Changes in
borrowings
|
1
|
|
7
|
|
592
|
|
2,768
|
Deferred debt issue
costs paid
|
(4)
|
|
(8)
|
|
(10)
|
|
(33)
|
Lease
payments
|
(14)
|
|
(12)
|
|
(40)
|
|
(34)
|
Proceeds from share
issuance, net of costs
|
258
|
|
934
|
|
258
|
|
934
|
Dividends
paid
|
–
|
|
–
|
|
(121)
|
|
–
|
Treasury shares
purchased
|
(32)
|
|
–
|
|
(35)
|
|
–
|
Other financing cash
flows
|
–
|
|
–
|
|
(1)
|
|
–
|
Net repayment of
related party borrowings to Ardagh
|
–
|
|
(996)
|
|
–
|
|
(2,722)
|
Payment as part of
capital reorganization
|
–
|
|
–
|
|
–
|
|
(574)
|
Cash received from
Ardagh
|
–
|
|
–
|
|
–
|
|
206
|
Redemption premium and
issuance costs paid
|
–
|
|
–
|
|
–
|
|
(52)
|
Net cash
inflow/(outflow) from financing activities
|
209
|
|
(75)
|
|
643
|
|
493
|
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
|
143
|
|
(76)
|
|
152
|
|
264
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
436
|
|
587
|
|
463
|
|
257
|
Foreign exchange
gains/(losses) on cash and cash equivalents
|
4
|
|
(15)
|
|
(32)
|
|
(25)
|
Cash and cash
equivalents at end of period
|
583
|
|
496
|
|
583
|
|
496
|
Financial assets and
liabilities
At September 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
|
|
3,176
|
|
—
|
Global Asset Based Loan
Facility
|
|
—
|
|
415
|
Lease
obligations
|
|
243
|
|
—
|
Other borrowings/credit
lines
|
|
22
|
|
—
|
Total borrowings /
undrawn facilities
|
|
3,441
|
|
415
|
Deferred debt issue
costs
|
|
(38)
|
|
—
|
Net borrowings /
undrawn facilities
|
|
3,403
|
|
415
|
Cash and cash
equivalents
|
|
(583)
|
|
583
|
Net debt / available
liquidity
|
|
2,820
|
|
998
|
Reconciliation of
profit/(loss) for the period to Adjusted profit for the
period
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Three
months
|
|
|
|
ended September
30,
|
|
|
|
ended September
30,
|
|
|
|
2022
|
|
|
|
2021
|
|
|
|
$'m
|
|
|
|
$'m
|
Profit/(loss) for
the period as presented in the income statement
|
|
|
68
|
|
|
|
(178)
|
Less: Dividend on
preferred shares
|
|
|
(6)
|
|
|
|
—
|
Profit/(loss) for
the period used in calculating earnings per share
|
|
|
62
|
|
|
|
(178)
|
Exceptional items, net
of tax
|
|
|
(51)
|
|
|
|
227
|
Intangible
amortization, net of tax
|
|
|
27
|
|
|
|
29
|
Adjusted profit for
the period
|
|
|
38
|
|
|
|
78
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares
|
|
|
599.8
|
|
|
|
562.8
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share
|
|
|
0.10
|
|
|
|
(0.32)
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share
|
|
|
0.06
|
|
|
|
0.14
|
Reconciliation of
profit/(loss) for the period to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
(2)
|
|
|
$'m
|
|
$'m
|
|
$'m
|
|
$'m
|
|
Profit/(loss) for
the period
|
68
|
|
(178)
|
|
225
|
|
(226)
|
|
Income tax
charge
|
1
|
|
14
|
|
20
|
|
24
|
|
Net finance
(income)/expense
|
(41)
|
|
18
|
|
(104)
|
|
189
|
|
Depreciation and
amortization
|
86
|
|
84
|
|
261
|
|
254
|
|
Exceptional operating
items
|
26
|
|
238
|
|
64
|
|
256
|
|
Adjusted
EBITDA
|
140
|
|
176
|
|
466
|
|
497
|
|
Reconciliation of
Adjusted EBITDA to Adjusted operating cash flow and Adjusted free
cash flow
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
(2)
|
|
$m
|
|
$m
|
|
$'m
|
|
$'m
|
Adjusted
EBITDA
|
140
|
|
176
|
|
466
|
|
497
|
Movement in working
capital
|
(50)
|
|
(23)
|
|
(445)
|
|
(193)
|
Maintenance capital
expenditure
|
(25)
|
|
(18)
|
|
(74)
|
|
(63)
|
Lease
payments
|
(14)
|
|
(12)
|
|
(40)
|
|
(34)
|
Adjusted operating
cash flow
|
51
|
|
123
|
|
(93)
|
|
207
|
Interest
paid
|
(4)
|
|
(1)
|
|
(55)
|
|
(49)
|
Settlement of foreign
currency derivative financial instruments
|
36
|
|
8
|
|
66
|
|
7
|
Income tax
paid
|
(14)
|
|
(7)
|
|
(29)
|
|
(35)
|
Adjusted free cash
flow - pre Growth Investment capital expenditure
|
69
|
|
123
|
|
(111)
|
|
130
|
Growth investment
capital expenditure
|
(102)
|
|
(121)
|
|
(339)
|
|
(365)
|
Adjusted free cash
flow - post Growth Investment capital expenditure
|
(33)
|
|
2
|
|
(450)
|
|
(235)
|
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 nine
months ended September 30, 2022,
which are available at:
https://www.ardaghmetalpackaging.com/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 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). Cash from operations for the three
and nine months ended September 30,
2021 is derived from the aggregate of Adjusted EBITDA as
presented on Page 9, working capital outflows of $23 million (nine months: $193 million) and other exceptional cash outflows
of $15 million (nine months:
$29 million).
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SOURCE Ardagh Metal Packaging S.A.