Amcor reports strong first quarter fiscal 2023 result
Amcor reported a net sales increase of 9% to $3.712 billion for the three months ended September 30, 2022. GAAP net income rose 15% to $232 million, with EPS increasing to 15.5 cents. Adjusted EPS grew 10%, reaching 18.1 cents. The quarterly dividend was raised to 12.25 cents per share. The company reaffirmed its FY2023 adjusted EPS growth guidance of 3-8% on a constant currency basis, while adjusting reported EPS guidance to 77-81 cents to account for dollar strength. Free cash flow is projected at $1.0-$1.1 billion, with $400 million earmarked for share repurchases.
- Net sales increased by 9% to $3.712 billion.
- GAAP net income rose 15%, reaching $232 million.
- Quarterly dividend increased to 12.25 cents per share.
- Reaffirmed adjusted EPS growth guidance of 3-8% for FY2023.
- Projected free cash flow of $1.0-$1.1 billion with $400 million for share repurchases.
- Adjusted EPS guidance lowered to 77-81 cents due to stronger US dollar.
- Net interest expense increased by $15 million due to higher interest rates.
- Free cash outflow was $400 million, reflecting higher inventory levels.
Highlights - Three Months Ended September 30, 2022
- Net sales of
$3,712 million , up9% ; - GAAP Net income of
$232 million , up15% ; GAAP earnings per share (EPS) of 15.5 cps, up18% ; - Adjusted EPS of 18.1 cps, up
10% on a comparable constant currency basis; - Adjusted EBIT of
$392 million , up9% on a comparable constant currency basis; - Quarterly dividend increased to 12.25 cents per share; and
- Fiscal 2023 outlook: Reaffirmed adjusted EPS growth on a comparable constant currency basis of 3
-8% . Updated adjusted EPS on a reported basis to 77-81 cps to reflect further strengthening of US dollar. Reaffirmed adjusted Free Cash Flow of$1.0 -$1.1 billion .
ZURICH, Nov. 1, 2022 /PRNewswire/ -- Amcor CEO Ron Delia said: "Amcor delivered a strong first quarter highlighted by solid operating leverage with
The result demonstrates the relative stability of our end market exposures, our relentless focus on recovering higher raw material costs and general inflation, and our proactive approach to driving costs out of the business. Our consistent execution has enabled us to generate strong organic earnings growth in a volatile and challenging operating environment and gives us confidence in our ability to achieve our adjusted EPS and free cash flow outlook for the FY23 year.
We remain focused on executing against our strategy for long term growth. Amcor consistently generates significant annual cash flow, providing substantial capacity to reinvest for future growth and to return cash to shareholders through an attractive and growing dividend and regular share repurchases. We believe the strength of our underlying business, proven execution capabilities and capital allocation framework position us well to deliver strong and consistent value for shareholders and supports our compelling investment case."
Key Financials | Three Months Ended September 30, | |||||||||
GAAP results | 2021 $ million | 2022 $ million | ||||||||
Net sales | 3,420 | 3,712 | ||||||||
Net income attributable to Amcor plc | 202 | 232 | ||||||||
EPS (diluted US cents) | 13.1 | 15.5 | ||||||||
Comparable | ||||||||||
Three Months Ended September 30, | Reported ∆% | |||||||||
Adjusted non-GAAP results(1) | 2021 $ million | 2022 $ million | ||||||||
Net sales(2) | 3,420 | 3,712 | 9 | 3 | ||||||
EBITDA | 486 | 494 | 2 | 8 | ||||||
EBIT | 381 | 392 | 3 | 9 | ||||||
Net income | 271 | 271 | — | 7 | ||||||
EPS (diluted US cents) | 17.7 | 18.1 | 3 | 10 | ||||||
Free Cash Flow | (242) | (400) | ||||||||
(1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% | ||||||||||
(2) Comparable constant currency ∆% for net sales excludes a | ||||||||||
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
Amcor generates significant annual cash flow, maintains strong credit metrics and is committed to an investment grade credit rating. This strong annual cash flow and balance sheet provide substantial capacity to simultaneously reinvest in the business for organic growth, pursue acquisitions and return cash to shareholders through a compelling and growing dividend as well as regular share repurchases.
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of 12.25 cents per share (compared with 12.00 cents per share in the same quarter last year). The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 19.44 Australian cents per share, which reflects the quarterly dividend of 12.25 cents per share converted at an AUD:USD average exchange rate of 0.6300 over the five trading days ended October 25, 2022.
The ex-dividend date will be November 22, 2022, the record date will be November 23, 2022 and the payment date will be December 13, 2022.
Share repurchases
The Company continues to expect that approximately
Financial results - Three Months Ended September 30, 2022
Segment information
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2022 | |||||||
Adjusted non-GAAP | Net sales $ million | EBIT $ million | EBIT / | EBIT / Average | Net sales | EBIT $ million | EBIT / | EBIT / Average |
Flexibles | 2,634 | 339 | 12.9 | 2,779 | 353 | 12.7 | ||
Rigid Packaging | 786 | 62 | 7.9 | 933 | 66 | 7.0 | ||
Other(2) | — | (20) | — | (27) | ||||
Total Amcor | 3,420 | 381 | 11.1 | 15.6 | 3,712 | 392 | 10.6 | 16.5 |
(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 for the Amcor Group of
Net sales on a comparable constant currency basis were
Adjusted EBIT margin of
Flexibles | Three Months Ended September 30, | Reported | Comparable currency ∆% | ||||
2021 $ million | 2022 $ million | ||||||
Net sales | 2,634 | 2,779 | 6 | 3 | |||
Adjusted EBIT | 339 | 353 | 4 | 11 | |||
Adjusted EBIT / Sales % | 12.9 | 12.7 | |||||
On a reported basis, net sales of
In North America, net sales grew in the low single digit range driven by price/mix benefits, partly offset by lower volumes. Volumes were higher in healthcare, cheese and home and personal care categories, offset by lower volumes in categories including condiments, bakery, snacks and confectionary.
In Europe, net sales grew in the low single digit range driven by price/mix benefits, partly offset by lower volumes. Higher volumes in pharmaceuticals, capsules and liquid beverages were more than offset by lower volumes in home and personal care, coffee, yogurt, snacks and confectionary.
Net sales grew at low single digit rates across Asia with a balance of volume growth and price/mix benefits. Growth was strong in India, Australia and in the pan Asian healthcare business, partly offset by lower volumes in China where demand has been unfavorably impacted by ongoing COVID related lockdowns. In Latin America, net sales grew at mid single digit rates driven by favorable price/mix benefits with volumes in line with the prior year.
Adjusted EBIT of
Adjusted EBIT margin of
Rigid Packaging | Three Months Ended September 30, | Reported ∆% | Comparable constant currency ∆% | ||||
2021 $ million | 2022 $ million | ||||||
Net sales | 786 | 933 | 19 | 3 | |||
Adjusted EBIT | 62 | 66 | 6 | 7 | |||
Adjusted EBIT / Sales % | 7.9 | 7.0 | |||||
On a reported basis, net sales of
In North America, overall beverage volumes were
In Latin America, volumes grew at high single digit rates with higher volumes in Argentina, Mexico and Brazil.
Adjusted EBIT of
Adjusted EBIT margin of
Net interest and income tax expense
Net interest expense of
Free Cash Flow
Adjusted free cash outflow was
Net debt was
Fiscal 2023 guidance
For the twelve month period ending June 30, 2023, assuming current foreign exchange rates prevail through the balance of the year, the Company expects:
- Adjusted EPS on a reported basis of 77 to 81 cents per share (lower than previous 80 to 84 cents per share due to further strengthening of the US dollar) which includes:
- Growth of approximately 3
- A negative impact of approximately
- A negative impact of approximately
- Adjusted Free Cash Flow of approximately
$1.0 -$1.1 billion . - Approximately
$400 million of cash to be allocated towards share repurchases.
Amcor's guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under 'Cautionary Statement Regarding Forward-Looking Statements' in this release.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Tuesday November 1, 2022 at 5:30pm US Eastern Daylight Time / Wednesday November 2, 2022 at 8:30am Australian Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.
Those wishing to access the call should use the following numbers, with the Conference ID 8080870:
- US & Canada – 888 440 4149 (toll-free), 646 960 0661 (local)
- Australia – 1800 953 093 (toll free), 02 9133 7103 (local)
- United Kingdom – 0800 358 0970 (toll free), 020 3433 3846 (local)
- Singapore – +65 3159 5133 (local number)
- Hong Kong – +852 3002 3410 (local number)
From all other countries, the call can be accessed by dialing +1 646 960 0661 (toll).
A replay of the webcast will also be available in the "Investors" section at www.amcor.com following the call.
About Amcor
Amcor is a global leader in developing and producing responsible packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures and services. The Company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal 2022, 44,000 Amcor people generated
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Contact Information
Investors | ||||
Tracey Whitehead | Damien Bird | Damon Wright | ||
Global Head of Investor Relations | Vice President Investor Relations | Vice President Investor Relations | ||
Amcor | Amcor | Amcor | ||
+61 3 9226 9028 / +1 2244785790 | +61 3 9226 9070 | +1 224 313 7141 | ||
tracey.whitehead@amcor.com | damien.bird@amcor.com | damon.wright@amcor.com | ||
Media - Australia | Media - Europe & North America | |||
James Strong | Ernesto Duran | |||
Partner | Head of Global Communications | |||
Citadel-MAGNUS | Amcor | |||
+61 448 881 174 | +41 78 698 69 40 | |||
jstrong@citadelmagnus.com | ernesto.duran@amcor.com | |||
Amcor plc UK 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 U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor or any of its respective directors, executive officers, or advisors provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: changes in consumer demand patterns and customer requirements; the loss of key customers, a reduction in production requirements of key customers; significant competition in the industries and regions in which Amcor operates; failure by Amcor to expand its business; challenging current and future global economic conditions, including inflation and supply chain disruptions; impact of operating internationally, including negative impacts from the Russia-Ukraine conflict and the ability to sell assets in Russia; price fluctuations or shortages in the availability of raw materials, energy, and other inputs; disruptions to production, supply, and commercial risks, which may be exacerbated in times of economic volatility; global health outbreaks, including COVID-19; an inability to attract and retain key personnel; costs and liabilities related to current and future environment, health, and safety laws and regulations; labor disputes; risks related to climate change; failures or disruptions in information technology systems; cybersecurity risks; a significant increase in indebtedness or a downgrade in the credit rating; foreign exchange rate risk; rising interest rates; a significant write-down of goodwill and/or other intangible assets; failure to maintain an effective system of internal control over financial reporting; inability of the Company's insurance policies to provide adequate protections; challenges to or the loss of intellectual property rights; litigation, including product liability claims; increasing scrutiny and changing expectations with respect to Amcor Environmental, Social and Governance policies resulting in increased costs; changing government regulations in environmental, health, and safety matters; changes in tax laws or changes in our geographic mix of earnings; and other risks and uncertainties identified from time to time in Amcor's filings with the U.S. Securities and Exchange Commission (the "SEC"), including without limitation, those described under Item 1A. "Risk Factors" of Amcor's annual report on Form 10-K for the fiscal year ended June 30, 2022 and any subsequent quarterly reports on Form 10-Q. You can obtain copies of Amcor's filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow and net debt. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. While not all inclusive, examples of these items include:
- 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 the restructuring plan;
- material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries;
- consummated and identifiable divestitures agreed to with certain regulatory agencies as a condition of approval for those acquisitions;
- 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;
- significant property impairments, net of insurance recovery;
- payments or settlements related to legal claims;
- impacts from hyperinflation accounting; and
- impacts related to the Russia-Ukraine conflict.
Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to acquired, disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.
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 Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, and certain tax related events. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.
Dividends
Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from November 23, 2022 to November 24, 2022, inclusive.
U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended September 30, | ||||
($ million) | 2021 | 2022 | ||
Net sales | 3,420 | 3,712 | ||
Cost of sales | (2,770) | (3,044) | ||
Gross profit | 650 | 668 | ||
Selling, general, and administrative expenses | (313) | (302) | ||
Research and development expenses | (25) | (25) | ||
Restructuring and related expenses, net | (8) | (1) | ||
Other (expenses)/income, net | (8) | 2 | ||
Operating income | 296 | 342 | ||
Interest expense, net | (35) | (50) | ||
Other non-operating income, net | 5 | — | ||
Income before income taxes | 266 | 292 | ||
Income tax expense | (63) | (58) | ||
Net income | 203 | 234 | ||
Net income attributable to non-controlling interests | (1) | (2) | ||
Net income attributable to Amcor plc | 202 | 232 | ||
USD:EUR average FX rate | 0.8482 | 0.9933 | ||
Basic earnings per share attributable to Amcor | 0.131 | 0.156 | ||
Diluted earnings per share attributable to Amcor | 0.131 | 0.155 | ||
Weighted average number of shares outstanding – Basic | 1,530 | 1,474 | ||
Weighted average number of shares outstanding – Diluted | 1,534 | 1,486 | ||
U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended September 30, | ||||
($ million) | 2021 | 2022 | ||
Net income | 203 | 234 | ||
Depreciation, amortization, and impairment | 177 | 151 | ||
Changes in operating assets and liabilities | (562) | (700) | ||
Other non-cash items | 70 | 55 | ||
Net cash used in operating activities | (112) | (260) | ||
Purchase of property, plant, and equipment and other intangible assets | (145) | (152) | ||
Proceeds from sales of property, plant, and equipment and other intangible assets | — | 4 | ||
Business acquisitions and investments in affiliated companies | — | (96) | ||
Proceeds from divestitures | — | 4 | ||
Net debt proceeds | 363 | 613 | ||
Dividends paid | (183) | (181) | ||
Share buy-back/cancellations | (64) | — | ||
Treasury shares purchases, net | (49) | (106) | ||
Change in cash and cash equivalents classified as held for sale | — | 21 | ||
Effect of exchange rates on cash and cash equivalents | (27) | (60) | ||
Net decrease in cash and cash equivalents | (217) | (213) | ||
Cash and cash equivalents at the beginning of the year | 850 | 775 | ||
Cash and cash equivalents at the end of the period | 633 | 562 | ||
U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million) | June 30, 2022 | September 30, 2022 | ||
Cash and cash equivalents | 775 | 562 | ||
Trade receivables, net | 1,935 | 1,984 | ||
Inventories, net | 2,439 | 2,590 | ||
Property, plant, and equipment, net | 3,646 | 3,589 | ||
Goodwill and other intangible assets, net | 6,942 | 6,846 | ||
Other assets | 1,689 | 1,721 | ||
Total assets | 17,426 | 17,292 | ||
Trade payables | 3,073 | 2,839 | ||
Short-term debt and current portion of long-term debt | 150 | 76 | ||
Long-term debt, less current portion | 6,340 | 6,879 | ||
Accruals and other liabilities | 3,722 | 3,522 | ||
Shareholders' equity | 4,141 | 3,976 | ||
Total liabilities and shareholders' equity | 17,426 | 17,292 | ||
Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, and Earnings per share (EPS)
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2022 | ||||||||||||||||
($ million) | EBITDA | EBIT | Net Income | EPS US | EBITDA | EBIT | Net | EPS | |||||||||
Net income attributable to Amcor | 202 | 202 | 202 | 13.1 | 232 | 232 | 232 | 15.5 | |||||||||
Net income attributable to non-controlling | 1 | 1 | 2 | 2 | |||||||||||||
Tax expense | 63 | 63 | 58 | 58 | |||||||||||||
Interest expense, net | 35 | 35 | 50 | 50 | |||||||||||||
Depreciation and amortization | 146 | 142 | |||||||||||||||
EBITDA, EBIT, Net income, and EPS | 447 | 301 | 202 | 13.1 | 484 | 342 | 232 | 15.5 | |||||||||
Material restructuring programs | 7 | 7 | 7 | 0.5 | — | — | — | — | |||||||||
Material acquisition and other costs(2) | 2 | 2 | 2 | 0.2 | (1) | (1) | (1) | (0.1) | |||||||||
Impact of hyperinflation | 2 | 2 | 2 | 0.1 | 8 | 8 | 8 | 0.5 | |||||||||
Property and other losses, net(3) | 28 | 28 | 28 | 1.8 | — | — | — | — | |||||||||
Amortization of acquired intangibles | 41 | 41 | 2.7 | 40 | 40 | 2.7 | |||||||||||
Russia-Ukraine conflict impacts(4) | — | — | — | — | 3 | 3 | 3 | 0.2 | |||||||||
Tax effect of above items | (11) | (0.7) | (11) | (0.7) | |||||||||||||
Adjusted EBITDA, EBIT, Net income and EPS | 486 | 381 | 271 | 17.7 | 494 | 392 | 271 | 18.1 | |||||||||
Reconciliation of adjusted growth to comparable constant currency growth | |||||||||||||||||
% growth - Adjusted EBITDA, EBIT, Net income, and | 2 | 3 | — | 3 | |||||||||||||
% items affecting comparability(5) | 1 | 1 | 1 | 1 | |||||||||||||
% currency impact | 5 | 5 | 6 | 6 | |||||||||||||
% comparable constant currency growth | 8 | 9 | 7 | 10 | |||||||||||||
(1) Calculation of diluted EPS excludes net income of | |||||||||||||||||
(2) Includes costs/releases of accruals associated with the Bemis transaction. | |||||||||||||||||
(3) Property and other losses, net includes property and related business losses primarily associated with the destruction of the Company's Durban, | |||||||||||||||||
(4) Includes incremental costs associated with the Russia-Ukraine conflict. | |||||||||||||||||
(5) Reflects the impact of acquired, disposed and ceased operations. | |||||||||||||||||
Reconciliation of adjusted EBIT by reporting segment
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2022 | |||||||||||||||
($ million) | Flexibles | Rigid | Other | Total | Flexibles | Rigid | Other | Total | ||||||||
Net income attributable to Amcor | 202 | 232 | ||||||||||||||
Net income attributable to non- | 1 | 2 | ||||||||||||||
Tax expense | 63 | 58 | ||||||||||||||
Interest expense, net | 35 | 50 | ||||||||||||||
EBIT | 264 | 59 | (22) | 301 | 311 | 57 | (26) | 342 | ||||||||
Material restructuring programs | 7 | — | — | 7 | — | — | — | — | ||||||||
Material acquisition and other | — | — | 2 | 2 | — | — | (1) | (1) | ||||||||
Impact of hyperinflation | — | 2 | — | 2 | — | 8 | — | 8 | ||||||||
Property and other losses, net(2) | 28 | — | — | 28 | — | — | — | — | ||||||||
Amortization of acquired intangibles | 40 | 1 | — | 41 | 39 | 1 | — | 40 | ||||||||
Russia-Ukraine conflict impacts(3) | — | — | — | — | 3 | — | — | 3 | ||||||||
Adjusted EBIT | 339 | 62 | (20) | 381 | 353 | 66 | (27) | 392 | ||||||||
Adjusted EBIT / sales % | 12.9 % | 7.9 % | 11.1 % | 12.7 % | 7.0 % | 10.6 % | ||||||||||
Reconciliation of adjusted growth to comparable constant currency growth | ||||||||||||||||
% growth - Adjusted EBIT | 4 | 6 | 3 | |||||||||||||
% items affecting comparability(4) | 1 | — | 1 | |||||||||||||
% currency impact | 6 | 1 | 5 | |||||||||||||
% comparable constant currency | 11 | 7 | 9 | |||||||||||||
(1) Includes costs/releases of accruals associated with the Bemis transaction. | ||||||||||||||||
(2) Property and other losses, net includes property and related business losses primarily associated with the destruction of the Company's Durban, | ||||||||||||||||
(3) Includes incremental costs associated with the Russia-Ukraine conflict. | ||||||||||||||||
(4) Reflects the impact of acquired, disposed and ceased operations. | ||||||||||||||||
Reconciliations of Adjusted Free Cash Flow
Three Months Ended September 30, | ||||
($ million) | 2021 | 2022 | ||
Net cash used in operating activities | (112) | (260) | ||
Purchase of property, plant, and equipment and other intangible assets | (145) | (152) | ||
Proceeds from sales of property, plant, and equipment and other intangible assets | — | 4 | ||
Russia-Ukraine conflict impacts, material transaction and integration related costs | 15 | 8 | ||
Adjusted Free Cash Flow(1) | (242) | (400) | ||
(1) Adjusted Free Cash Flow excludes Russia-Ukraine conflict impacts, material transaction and integration related cash costs because these cash | ||||
Three Months Ended September 30, | ||||
($ million) | 2021 | 2022 | ||
Adjusted EBITDA | 486 | 494 | ||
Interest received/(paid), net | 1 | (34) | ||
Income tax paid | (55) | (35) | ||
Purchase of property, plant, and equipment and other intangible assets | (145) | (152) | ||
Proceeds from sales of property, plant, and equipment and other intangible assets | — | 4 | ||
Movement in working capital | (512) | (666) | ||
Other | (17) | (11) | ||
Adjusted Free Cash Flow(1) | (242) | (400) | ||
(1) Adjusted Free Cash Flow excludes Russia-Ukraine conflict impacts, material transaction and integration related cash costs because these cash | ||||
Reconciliation of net debt
($ million) | June 30, 2022 | September 30, 2022 | ||
Cash and cash equivalents | (775) | (562) | ||
Short-term debt | 136 | 62 | ||
Current portion of long-term debt | 14 | 14 | ||
Long-term debt, less current portion | 6,340 | 6,879 | ||
Net debt | 5,715 | 6,393 |
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SOURCE Amcor
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