Amcor reports first half and second quarter result for fiscal 2024
GAAP diluted EPS of 9.2 cps; Adjusted EPS of 15.7 cps
Highlights - Six Months Ended
- Net sales of
$6,694 million ; - GAAP Net income of
$286 million ; GAAP diluted earnings per share (EPS) of 19.8 cps; - Adjusted EPS of 31.3 cps and Adjusted EBIT of
$709 million ; - Adjusted Free Cash Flow
$113 million ahead of prior year; - Continued strong cash returns to shareholders: Quarterly dividend increased to
12.5 cents per share and$30 million of shares repurchased; and - Reaffirming fiscal 2024 outlook: Adjusted EPS of
67-71 cents per share and adjusted Free Cash Flow of$850-950 million .
Second quarter volumes were slightly lower than we anticipated at the beginning of the quarter, as destocking accelerated, particularly in the month of December, and demand remained soft. Against this backdrop, our teams responded by proactively taking actions to further reduce cost. We have seen volumes improve in January relative to the first half and we expect the business to build momentum in the second half, including delivering mid-single digit adjusted earnings growth in the fiscal fourth quarter. Confidence in our earnings outlook is based on known second half benefits related to the elimination of earnings headwinds from the sale of our Our underlying businesses are strong and we believe we are well-positioned in our markets. We are confident in our strategy for long term value creation and will continue to invest in the business for organic growth, including in faster growing, higher margin markets, pursue acquisitions or repurchase shares, and return cash to shareholders through a compelling and growing dividend." |
Key Financials |
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Six Months Ended |
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GAAP results |
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2022 $ million |
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2023 $ million |
Net sales |
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7,354 |
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6,694 |
Net income attributable to |
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691 |
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286 |
EPS (diluted US cents) |
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46.1 |
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19.8 |
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Comparable |
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Six Months Ended |
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Reported ∆% |
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Adjusted non-GAAP results(1) |
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2022 $ million |
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2023 $ million |
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Net sales |
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7,354 |
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6,694 |
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(9) |
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(8) |
EBITDA |
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994 |
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913 |
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(8) |
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(5) |
EBIT |
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791 |
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709 |
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(10) |
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(6) |
Net income |
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548 |
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453 |
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(17) |
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(12) |
EPS (diluted US cents) |
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36.6 |
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31.3 |
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(14) |
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(10) |
Free Cash Flow |
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(61) |
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52 |
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(1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% |
Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the |
Shareholder returns
During the six months ended
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of
The ex-dividend date will be
Share repurchases
Financial results - Six Months Ended
Segment information
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Six Months Ended |
Six Months Ended |
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Adjusted non-GAAP |
Net sales $ million |
EBIT $ million |
EBIT / |
EBIT / Average |
Net sales |
EBIT $ million |
EBIT / |
EBIT / Average |
Flexibles |
5,591 |
706 |
12.6 % |
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5,049 |
634 |
12.6 % |
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1,763 |
123 |
7.0 % |
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1,645 |
113 |
6.9 % |
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Other(2) |
— |
(38) |
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— |
(38) |
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Total |
7,354 |
791 |
10.8 % |
16.7 % |
6,694 |
709 |
10.6 % |
14.5 % |
(1) Return on average funds employed includes shareholders' equity and net debt, calculated using a four quarter average and last twelve months |
(2) Represents corporate expenses. |
Net sales of
Net sales on a comparable constant currency basis were 8% lower than last year, including price/mix benefits of approximately 1%. Volumes were approximately 9% lower than last year.
Adjusted EBIT of
Net sales of
Net sales on a comparable constant currency basis were 10% lower than last year, reflecting 10% lower volumes.
Adjusted EBIT of
Flexibles segment |
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Six Months Ended |
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Reported |
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Comparable |
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2022 $ million |
2023 $ million |
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Net sales |
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5,591 |
5,049 |
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(10) |
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(8) |
Adjusted EBIT |
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706 |
634 |
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(10) |
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(5) |
Adjusted EBIT / Sales % |
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12.6 % |
12.6 % |
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Net sales of
In
In
Across the Asian region, net sales and volumes were modestly higher than the prior year. Volumes were lower in South East Asian healthcare and this was partly offset by volume growth in
Adjusted EBIT of
Net sales of
As expected, volume weakness experienced in the first quarter continued in the December quarter with broad based lower market and customer demand and destocking, including an anticipated acceleration of inventory reductions in the global healthcare category. Destocking also accelerated more broadly in the month of December.
Adjusted EBIT of
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Six Months Ended |
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Reported |
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Comparable |
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2022 $ million |
2023 $ million |
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Net sales |
|
1,763 |
1,645 |
|
(7) |
|
(8) |
Adjusted EBIT |
|
123 |
113 |
|
(8) |
|
(9) |
Adjusted EBIT / Sales % |
|
7.0 % |
6.9 % |
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|
|
|
Net sales of
In
In
Adjusted EBIT of
Net sales of
In
Adjusted EBIT of
Net interest and income tax expense
For the six months ended
Adjusted Free Cash Flow
For the six months ended
Net debt was
Fiscal 2024 Guidance reaffirmed
For the twelve month period ending
- Adjusted EPS of 67 to
71 cents per share which includes:- Comparable constant currency earnings made up of underlying business performance down low single digit % to up low single digit %, a benefit of approximately 2% from share repurchases, and a negative impact of approximately 6% related to higher estimated net interest and tax expense;
- A negative impact of approximately 3% related to the sale of the Company's Russian business on
December 23, 2022 ; and - A benefit of up to 2% related to currency translation, assuming current rates prevail through the balance of fiscal 2024.
- In comparable constant currency terms, the Company expects third quarter adjusted EPS to be mid single digit % lower compared to the third quarter of fiscal 2023, and fourth quarter adjusted EPS to be up mid single digit % higher than the fourth quarter of fiscal 2023.
- Adjusted Free Cash Flow of approximately
$850 million to$950 million , representing solid growth over fiscal 2023. - Approximately
$70 million of cash to be allocated towards share repurchases as part of the program previously announced in fiscal 2023.
Conference Call
Those wishing to access the call should use the following numbers, with the Conference ID 2761023:
-
USA &Canada 646 307 1963 (local), 800 715 9871 (toll-free) -
Australia 02 9133 7103 (local), 1800 519 630 (toll-free) -
United Kingdom 020 3433 3846 (local), 0800 358 0970 (toll-free) -
Singapore +65 3159 5133 (local) - Hong Kong +852 3002 3410 (local)
From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).
A replay of the webcast will also be available in the "Investors" section at www.amcor.com following the call.
About
www.amcor.com I LinkedIn I Facebook I YouTube | Twitter
Contact Information
Investors |
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Global Head of Investor Relations |
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Vice President Investor Relations Asia Pacific |
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Vice President Investor Relations North America |
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+61 3 9226 9028 |
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+61 3 9226 9070 |
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+1 224 313 7141 |
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Media - |
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Media - |
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Media - |
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Partner |
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Head of |
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Director, Media Relations |
Citadel-MAGNUS |
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+61 448 881 174 |
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+41 78 698 69 40 |
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+1 847 204 2319 |
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Amcor plcUK Establishment Address:83 Tower Road North , Warmley,Bristol, England , BS30 8XP,United Kingdom -
UK Overseas Company Number: BR020803 - Registered Office: 3rd Floor, 44 Esplanade,
St Helier , JE4 9WG, Jersey - Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the
Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with
- material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans;
- material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries;
- changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration;
- significant pension settlements;
- impairments in goodwill and equity method investments;
- material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, and integration costs;
- material purchase accounting adjustments for inventory;
- amortization of acquired intangible assets from business combination;
- gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery;
- certain regulatory and legal matters;
- impacts from highly inflationary accounting; and
- impacts related to the
Russia -Ukraine conflict.
Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of
Dividends
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Three Months Ended |
Six Months Ended |
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($ million) |
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2022 |
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2023 |
2022 |
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2023 |
Net sales |
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3,642 |
|
3,251 |
7,354 |
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6,694 |
Cost of sales |
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(2,980) |
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(2,630) |
(6,024) |
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(5,428) |
Gross profit |
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662 |
|
621 |
1,330 |
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1,266 |
Selling, general, and administrative expenses |
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(298) |
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(299) |
(600) |
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(601) |
Research and development expenses |
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(24) |
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(28) |
(49) |
|
(55) |
Restructuring and other related activities, net |
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213 |
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(24) |
212 |
|
(52) |
Other income/(expenses), net |
|
6 |
|
(28) |
8 |
|
(46) |
Operating income |
|
559 |
|
242 |
901 |
|
512 |
Interest expense, net |
|
(68) |
|
(78) |
(118) |
|
(153) |
Other non-operating income, net |
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3 |
|
1 |
3 |
|
— |
Income before income taxes and equity in loss of |
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494 |
|
165 |
786 |
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359 |
Income tax expense |
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(33) |
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(28) |
(91) |
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(67) |
Equity in loss of affiliated companies, net of tax |
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— |
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(1) |
— |
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(2) |
Net income |
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461 |
|
136 |
695 |
|
290 |
Net income attributable to non-controlling interests |
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(2) |
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(2) |
(4) |
|
(4) |
Net income attributable to |
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459 |
|
134 |
691 |
|
286 |
USD:EUR average FX rate |
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0.9799 |
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0.9295 |
0.9870 |
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0.9244 |
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Basic earnings per share attributable to |
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0.309 |
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0.093 |
0.465 |
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0.198 |
Diluted earnings per share attributable to |
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0.307 |
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0.092 |
0.461 |
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0.198 |
Weighted average number of shares outstanding – |
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1,475 |
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1,439 |
1,474 |
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1,439 |
Weighted average number of shares outstanding – |
|
1,485 |
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1,440 |
1,486 |
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1,440 |
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Six Months Ended |
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($ million) |
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2022 |
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2023 |
Net income |
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695 |
|
290 |
Depreciation, amortization and impairment |
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284 |
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295 |
Net gain on disposal of businesses |
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(219) |
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— |
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and |
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(696) |
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(445) |
Other non-cash items |
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81 |
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88 |
Net cash provided by operating activities |
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145 |
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228 |
Purchase of property, plant and equipment and other intangible assets |
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(250) |
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(245) |
Proceeds from sales of property, plant and equipment and other intangible assets |
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8 |
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11 |
Business acquisitions and investments in affiliated companies, and other |
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(103) |
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(22) |
Proceeds from divestitures |
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370 |
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— |
Net debt proceeds |
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406 |
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257 |
Dividends paid |
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(365) |
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(361) |
Share buyback/cancellations |
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(40) |
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(30) |
Purchase of treasury shares and tax withholdings for share-based incentive plans |
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(89) |
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(51) |
Other, including effect of exchange rate on cash and cash equivalents |
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(95) |
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(46) |
Net decrease in cash and cash equivalents |
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(13) |
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(259) |
Cash and cash equivalents balance at beginning of the year |
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850 |
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689 |
Cash and cash equivalents balance at end of the period |
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837 |
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430 |
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($ million) |
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Cash and cash equivalents |
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689 |
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430 |
Trade receivables, net |
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1,875 |
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1,820 |
Inventories, net |
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2,213 |
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2,150 |
Property, plant, and equipment, net |
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3,762 |
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3,810 |
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6,890 |
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6,862 |
Other assets |
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1,574 |
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1,655 |
Total assets |
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17,003 |
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16,727 |
Trade payables |
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2,690 |
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2,338 |
Short-term debt and current portion of long-term debt |
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93 |
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58 |
Long-term debt, less current portion |
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6,653 |
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7,011 |
Accruals and other liabilities |
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3,477 |
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3,293 |
Shareholders' equity |
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4,090 |
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4,027 |
Total liabilities and shareholders' equity |
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17,003 |
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16,727 |
Components of Fiscal 2024 Net Sales growth |
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Three Months Ended |
Six Months Ended |
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($ million) |
Flexibles |
Rigid |
Total |
Flexibles |
Rigid |
Total |
Net sales fiscal 2024 |
2,481 |
770 |
3,251 |
5,049 |
1,645 |
6,694 |
Net sales fiscal 2023 |
2,812 |
830 |
3,642 |
5,591 |
1,763 |
7,354 |
Reported Growth % |
(12) |
(7) |
(11) |
(10) |
(7) |
(9) |
FX % |
2 |
1 |
2 |
2 |
1 |
2 |
Constant Currency Growth % |
(14) |
(8) |
(13) |
(12) |
(8) |
(11) |
RM Pass Through % |
(2) |
2 |
(1) |
(1) |
— |
(1) |
Items affecting comparability % |
(3) |
— |
(2) |
(3) |
— |
(2) |
Comparable Constant Currency |
(9) |
(10) |
(10) |
(8) |
(8) |
(8) |
Acquired operations % |
1 |
— |
— |
1 |
— |
— |
Organic Growth % |
(10) |
(10) |
(10) |
(9) |
(8) |
(8) |
Volume % |
(10) |
(12) |
(10) |
(9) |
(9) |
(9) |
Price/Mix % |
— |
2 |
— |
— |
1 |
1 |
Reconciliation of Non-GAAP Measures |
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Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest |
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and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow |
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Three Months Ended |
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Three Months Ended |
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($ million) |
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EBITDA |
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EBIT |
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Net |
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EPS
US |
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EBITDA |
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EBIT |
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Net |
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EPS |
Net income attributable to |
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459 |
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459 |
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459 |
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30.7 |
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134 |
|
134 |
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134 |
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9.2 |
Net income attributable to non-controlling |
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2 |
|
2 |
|
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2 |
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2 |
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|
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Tax expense |
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33 |
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33 |
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28 |
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28 |
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Interest expense, net |
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68 |
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68 |
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78 |
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78 |
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Depreciation and amortization |
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141 |
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145 |
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EBITDA, EBIT, Net income, and EPS |
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703 |
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562 |
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459 |
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30.7 |
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387 |
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242 |
|
134 |
|
9.2 |
Impact of highly inflationary accounting |
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5 |
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5 |
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5 |
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0.3 |
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34 |
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34 |
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34 |
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2.4 |
Restructuring and other related activities, net(2) |
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(207) |
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(207) |
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(207) |
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(13.8) |
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24 |
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24 |
|
24 |
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1.7 |
Other |
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(1) |
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(1) |
|
(1) |
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— |
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9 |
|
9 |
|
9 |
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0.6 |
Amortization of acquired intangibles(3) |
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|
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40 |
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40 |
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2.6 |
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43 |
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43 |
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3.0 |
Tax effect of above items |
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|
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(19) |
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(1.3) |
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(17) |
|
(1.2) |
Adjusted EBITDA, EBIT, Net income and EPS |
|
500 |
|
399 |
|
277 |
|
18.5 |
|
454 |
|
352 |
|
227 |
|
15.7 |
Reconciliation of adjusted growth to comparable constant currency growth |
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% growth - Adjusted EBITDA, EBIT, Net income, and EPS |
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(9) |
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(12) |
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(18) |
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(15) |
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% items affecting comparability(4) |
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|
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|
6 |
|
7 |
|
8 |
|
7 |
% currency impact |
|
|
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|
|
|
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|
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(2) |
|
(1) |
|
(2) |
|
(2) |
% comparable constant currency growth |
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|
|
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(5) |
|
(6) |
|
(12) |
|
(10) |
Adjusted EBITDA |
|
500 |
|
|
|
|
|
|
|
454 |
|
|
|
|
|
|
Interest paid, net |
|
(77) |
|
|
|
|
|
|
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(94) |
|
|
|
|
|
|
Income tax paid |
|
(57) |
|
|
|
|
|
|
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(71) |
|
|
|
|
|
|
Purchase of property, plant and equipment and other intangible assets |
|
(99) |
|
|
|
|
|
|
|
(121) |
|
|
|
|
|
|
Proceeds from sales of property, plant and equipment and other intangible assets |
|
4 |
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
Movement in working capital |
|
56 |
|
|
|
|
|
|
|
60 |
|
|
|
|
|
|
Other |
|
11 |
|
|
|
|
|
|
|
44 |
|
|
|
|
|
|
Adjusted Free Cash Flow |
|
338 |
|
|
|
|
|
|
|
279 |
|
|
|
|
|
|
(1) Calculation of diluted EPS for the three months ended |
(2) Includes incremental costs incurred in connection with the |
(3) Amortization of acquired intangible assets from business combinations. |
(4) Reflects the impact of disposed and ceased operations. |
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|
Six Months Ended |
|
Six Months Ended |
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($ million) |
|
EBITDA |
|
EBIT |
|
Net |
|
EPS
US |
|
EBITDA |
|
EBIT |
|
Net |
|
EPS |
Net income attributable to |
|
691 |
|
691 |
|
691 |
|
46.1 |
|
286 |
|
286 |
|
286 |
|
19.8 |
Net income attributable to non-controlling |
|
4 |
|
4 |
|
|
|
|
|
4 |
|
4 |
|
|
|
|
Tax expense |
|
91 |
|
91 |
|
|
|
|
|
67 |
|
67 |
|
|
|
|
Interest expense, net |
|
118 |
|
118 |
|
|
|
|
|
153 |
|
153 |
|
|
|
|
Depreciation and amortization |
|
283 |
|
|
|
|
|
|
|
287 |
|
|
|
|
|
|
EBITDA, EBIT, Net income, and EPS |
|
1,187 |
|
904 |
|
691 |
|
46.1 |
|
797 |
|
510 |
|
286 |
|
19.8 |
Impact of highly inflationary accounting |
|
13 |
|
13 |
|
13 |
|
0.9 |
|
51 |
|
51 |
|
51 |
|
3.6 |
Restructuring and other related activities, net(2) |
|
(204) |
|
(204) |
|
(204) |
|
(13.6) |
|
52 |
|
52 |
|
52 |
|
3.6 |
Other |
|
(2) |
|
(2) |
|
(2) |
|
(0.1) |
|
13 |
|
13 |
|
13 |
|
0.8 |
Amortization of acquired intangibles(3) |
|
|
|
80 |
|
80 |
|
5.3 |
|
|
|
83 |
|
83 |
|
5.8 |
Tax effect of above items |
|
|
|
|
|
(30) |
|
(2.0) |
|
|
|
|
|
(32) |
|
(2.3) |
Adjusted EBITDA, EBIT, Net income and EPS |
|
994 |
|
791 |
|
548 |
|
36.6 |
|
913 |
|
709 |
|
453 |
|
31.3 |
Reconciliation of adjusted growth to comparable constant currency growth |
|
|
|
|
|
|
|
|
|
|
||||||
% growth - Adjusted EBITDA, EBIT, Net income, and EPS |
|
|
|
|
|
|
|
(8) |
|
(10) |
|
(17) |
|
(14) |
||
% items affecting comparability(4) |
|
|
|
|
|
|
|
|
|
5 |
|
6 |
|
7 |
|
6 |
% currency impact |
|
|
|
|
|
|
|
|
|
(2) |
|
(2) |
|
(2) |
|
(2) |
% comparable constant currency growth |
|
|
|
|
|
|
|
|
|
(5) |
|
(6) |
|
(12) |
|
(10) |
Adjusted EBITDA |
|
994 |
|
|
|
|
|
|
|
913 |
|
|
|
|
|
|
Interest paid, net |
|
(112) |
|
|
|
|
|
|
|
(141) |
|
|
|
|
|
|
Income tax paid |
|
(91) |
|
|
|
|
|
|
|
(124) |
|
|
|
|
|
|
Purchase of property, plant and equipment and other intangible assets |
|
(250) |
|
|
|
|
|
|
|
(245) |
|
|
|
|
|
|
Proceeds from sales of property, plant and equipment and other intangible assets |
|
8 |
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
Movement in working capital |
|
(610) |
|
|
|
|
|
|
|
(400) |
|
|
|
|
|
|
Other |
|
— |
|
|
|
|
|
|
|
38 |
|
|
|
|
|
|
Adjusted Free Cash Flow |
|
(61) |
|
|
|
|
|
|
|
52 |
|
|
|
|
|
|
(1) Calculation of diluted EPS for the six months ended |
(2) Includes incremental costs incurred in connection with the |
(3) Amortization of acquired intangible assets from business combinations. |
(4) Reflects the impact of disposed and ceased operations. |
Reconciliation of adjusted EBIT by reportable segment |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||
($ million) |
|
Flexibles |
|
Rigid |
|
Other |
|
Total |
|
Flexibles |
|
Rigid |
|
Other |
|
Total |
Net income attributable to |
|
|
|
|
|
|
|
459 |
|
|
|
|
|
|
|
134 |
Net income attributable to non- |
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
2 |
Tax expense |
|
|
|
|
|
|
|
33 |
|
|
|
|
|
|
|
28 |
Interest expense, net |
|
|
|
|
|
|
|
68 |
|
|
|
|
|
|
|
78 |
EBIT |
|
516 |
|
50 |
|
(4) |
|
562 |
|
250 |
|
11 |
|
(19) |
|
242 |
Impact of highly inflationary |
|
— |
|
5 |
|
— |
|
5 |
|
— |
|
34 |
|
— |
|
34 |
Restructuring and other related |
|
(207) |
|
— |
|
— |
|
(207) |
|
19 |
|
5 |
|
— |
|
24 |
Other |
|
6 |
|
— |
|
(7) |
|
(1) |
|
1 |
|
— |
|
8 |
|
9 |
Amortization of acquired intangibles(2) |
|
38 |
|
2 |
|
— |
|
40 |
|
42 |
|
1 |
|
— |
|
43 |
Adjusted EBIT |
|
353 |
|
57 |
|
(11) |
|
399 |
|
312 |
|
51 |
|
(11) |
|
352 |
Adjusted EBIT / sales % |
|
12.5 % |
|
6.9 % |
|
|
|
11.0 % |
|
12.6 % |
|
6.6 % |
|
|
|
10.8 % |
Reconciliation of adjusted growth to comparable constant currency growth |
|
|
|
|
|
|
|
|
||||||||
% growth - Adjusted EBIT |
|
|
|
|
|
|
|
|
|
(12) |
|
(11) |
|
— |
|
(12) |
% items affecting comparability(3) |
|
|
|
|
|
|
|
|
|
8 |
|
— |
|
— |
|
7 |
% currency impact |
|
|
|
|
|
|
|
|
|
(1) |
|
(1) |
|
— |
|
(1) |
% comparable constant currency |
|
|
|
|
|
|
|
|
|
(5) |
|
(12) |
|
— |
|
(6) |
(1) Includes incremental costs incurred in connection with the |
(2) Amortization of acquired intangible assets from business combinations. |
(3) Reflects the impact of disposed and ceased operations. |
|
|
Six Months Ended |
|
Six Months Ended |
||||||||||||
($ million) |
|
Flexibles |
|
|
|
Other |
|
Total |
|
Flexibles |
|
|
|
Other |
|
Total |
Net income attributable to |
|
|
|
|
|
|
|
691 |
|
|
|
|
|
|
|
286 |
Net income attributable to non- |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
4 |
Tax expense |
|
|
|
|
|
|
|
91 |
|
|
|
|
|
|
|
67 |
Interest expense, net |
|
|
|
|
|
|
|
118 |
|
|
|
|
|
|
|
153 |
EBIT |
|
827 |
|
107 |
|
(30) |
|
904 |
|
506 |
|
51 |
|
(47) |
|
510 |
Impact of highly inflationary |
|
— |
|
13 |
|
— |
|
13 |
|
— |
|
51 |
|
— |
|
51 |
Restructuring and other related |
|
(204) |
|
— |
|
— |
|
(204) |
|
43 |
|
9 |
|
— |
|
52 |
Other |
|
6 |
|
— |
|
(8) |
|
(2) |
|
4 |
|
— |
|
9 |
|
13 |
Amortization of acquired intangibles(2) |
|
77 |
|
3 |
|
— |
|
80 |
|
81 |
|
2 |
|
— |
|
83 |
Adjusted EBIT |
|
706 |
|
123 |
|
(38) |
|
791 |
|
634 |
|
113 |
|
(38) |
|
709 |
Adjusted EBIT / sales % |
|
12.6 % |
|
7.0 % |
|
|
|
10.8 % |
|
12.6 % |
|
6.9 % |
|
|
|
10.6 % |
Reconciliation of adjusted growth to comparable constant currency growth |
|
|
|
|
|
|
|
|
||||||||
% growth - Adjusted EBIT |
|
|
|
|
|
|
|
|
|
(10) |
|
(8) |
|
— |
|
(10) |
% items affecting comparability(3) |
|
|
|
|
|
|
|
|
|
7 |
|
— |
|
— |
|
6 |
% currency impact |
|
|
|
|
|
|
|
|
|
(2) |
|
(1) |
|
— |
|
(2) |
% comparable constant currency |
|
|
|
|
|
|
|
|
|
(5) |
|
(9) |
|
— |
|
(6) |
(1) Includes incremental costs incurred in connection with the |
(2) Amortization of acquired intangible assets from business combinations. |
(3) Reflects the impact of disposed and ceased operations. |
Reconciliation of net debt |
||||
($ million) |
|
|
|
|
Cash and cash equivalents |
|
(689) |
|
(430) |
Short-term debt |
|
80 |
|
46 |
Current portion of long-term debt |
|
13 |
|
12 |
Long-term debt, less current portion |
|
6,653 |
|
7,011 |
Net debt |
|
6,057 |
|
6,639 |
View original content:https://www.prnewswire.com/news-releases/amcor-reports-first-half-and-second-quarter-result-for-fiscal-2024-302054079.html
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