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- Showcasing a diverse lineup of copolyesters using Circular Recycle materials - Strengthening collaboration with brand owners in targeting the premium cosmetic container market SHANGHAI and SEONGNAM, South Korea, May 27, 2024 /PRNewswire/ -- SK chemicals is actively targeting the global cosmetic container market with Circular Recycle materials. SK chemicals (CEO Ahn Jae-hyun) announced on the 27th that it participated in China Beauty Expo 2024, held at the Shanghai New International Expo Center (SNIEC) from the 22nd to the 24th. SK chemicals Participates in China Beauty Expo Targeting the Chinese Cosmetics Packaging Market with Circular Recycle Technology China Beauty Expo is Asia's largest beauty exhibition, where global cosmetic brands, manufacturers, distributors, and related organizations participate to showcase the latest trends, technologies, and products. This year, over 3,200 companies from more than 40 countries participated. Recently, the cosmetics industry has been paying attention to the Chinese cosmetics market. According to the 2023 China Cosmetics Market Industry Development and Consumption Insight report released by the China Flavors and Essences Cosmetics Industry Association last year, the market size of China's cosmetics industry in 2023 was 516.9 billion yuan (96.9549 trillion won), a 6.4% increase from the previous year. It is expected to maintain a steep growth rate of over 5% annually until 2025. At this exhibition, global cosmetics companies and local Chinese companies engaged in fierce promotional competition. SK chemicals, the No. 1 company in the Chinese copolyester market, showcased sustainable plastic materials that contain recycled raw materials or can be recycled into PET after use, under the slogan Redefining Beauty Packaging for a Sustainable Future, in line with the recycling trend in the cosmetic packaging market featured at this exhibition. A diverse lineup of materials was presented, including the high-performance Circular Recycle copolyester ECOTRIA CR produced based on chemical recycling technology and the copolyester ECOTRIA CLARO that can be classified and recycled into PET after use. These products attracted a great deal of attention from Expo visitors. Furthermore, SK chemicals introduced its core Circular Recycle technologies, materials, and cosmetic containers that use them, and also provided a session to introduce materials optimized for eco-friendly cosmetic containers to global cosmetic brand officials. Based on the fact that SK chemicals established the world's first commercial Circular Recycle material system and realized its products last March, active collaboration with brand owners is expected to continue in the future. Kim Eung-soo, Head of SK chemicals' Green Materials Business Division, said, "SK chemicals has been consistently striving to apply sustainable materials as a core material for premium cosmetic containers. We will continue to lead the market through close collaboration with global cosmetic brand owners."
SINGAPORE, May 15, 2024 /PRNewswire/ -- The rapid growth of food and beverages (F&B) industry, spur the packaging and printing product innovations. International-scale exhibitions organizer Krista Exhibitions is back to hold ALLPack Indonesia 2024, which will be held in conjunction with AllPrint Indonesia Expo 2024 at the Jakarta International Expo (JIExpo) center in Kemayoran, Jakarta, from Oct. 09 to 12. The 23nd ALLPack Indonesia 2024 will showcase processing and packaging technology for food, beverages, biscuits, confectionary, pharmaceutical products/drugs, traditional herbal drinks, cosmetics, personal care, beauty, agriculture, electronics, coolers and other related industries. ALLPack Indonesia 2024 showcases industry leaders in Packaging, Printing and Manufacturing Krista Exhibitions Chief Executive Officer Daud D Salim highlighted in a press conference on Wednesday, 15 May 2024 at the Marina Bay Sands Singapore, "This year's ALLPack Indonesia and AllPrint Indonesia 2024 forecast a 30 percent increase in the number of participants compared to the previous year and over 1,000 companies local and international exhibitors and is expected to have more in 2024." He added The packaging, printing industry play a vital role in ensuring the growth of our foods and beverages industry. Therefore, Krista Exhibitions is welcoming hundreds of professionals in the related industries to meet, build discussions and forge partnerships in packaging. We would like to see a competitive packaging industry via sustainable material development and technological innovations" Hari Noegroho, Promotion & Partnership Director Indonesian Packaging Federation highlighted in a press conference, "the global packaging market will continue to rise particularly in emerging economies driven by increasing online purchases and evolving consumer preference which will drive more specific packaging. There will also be greater role in packaging in ensuring Food Safety, addressing health concern and combating counterfeit and fake products through technological advancement. Consumers want more convenience when it comes to products – including the packaging they come in. This includes single-serve options, resealable packs and microwavable formats. Through to 2024, these will continue to drive growth, with portability and reduced packaging to address the sustainability being top priorities. "Packaging demands are changing to be Smarter, Better , Safer, Faster, Cheaper, Greener to fulfil the change in consumer behavior nowadays. IPF has an optimism that Indonesian packaging industry will continue to experience steady growth through the year by 3-4%" said Hari Noegroho Adhi Lukman, Chairman of Indonesian Food and Beverages Industry Association (GAPMMI) said : "In line with the potential demand for processed food to meet the needs of the community, the food and beverage sector continues to grow positively and investment is also increasing. Therefore, support for innovation and technology is needed in the food sector. So, events like ALLPack are important for the food industry to see how technology is evolving and interact with experts in order to encourage its growth," added Adhi Lukman. The success of ALLPack Indonesia and AllPrint Indonesia 2024 strongly support by Indonesian ministers, associations and agencies of the relevant industries. They include the Indonesian Industry Ministry, the Indonesian Trade Ministry, the Indonesian Office of the Indonesian Coordinating Economic Minister, the Indonesian Tourism and Creative Economy Ministry, the Indonesian Packaging Federation (IPF), the Indonesian Graphics Companies Association (PPGI), the Indonesian Corrugated Cardboard Association (AKKGI), the Indonesian Plastic Weaving Assortment Association (GIATPI), the Indonesian Logistics Association (ALI), the Indonesian Cooler Chain Association (ARPI), the Indonesian Food and Beverage Producers Association (GAPMMI), the Indonesian Pharmacy Association (GP Pharmacy), the Pharma Materials Management Club (PMMC), the Indonesian Fisheries Product Marketing and Processing Company Association (AP5I), the Indonesian Plastics Recycling Association (ADUPI), the Indonesian Cosmetics Producers Association (PPAK) and the Indonesian Exhibition Company Association (ASPERAPI). The upcoming exhibition are welcoming prominent business player engaged in the packaging and printing industries. We welcome collaboration with relevant Association, Institutions in Singapore to invite their members to take part at ALLPack as exhibitors or visitors. ALLPack Indonesia specially launched Business Matching Program. Professional visitors will be invited based on procurement requirement, and one-to-one match-making service will be offered. Our business matching activities are specifically designed to help you connect with the right and prominent people in the packaging and printing industries, fostering valuable relationships that can lead to successful business partnerships. Visitors are invited to register directly at the exhibition venue or register online at the following links: https://register.kristaonline.com/visitor/allpackindonesia. For more information, please visit www.kristamedia.com CONTACT:NirmalaBusiness Development Managerinfo@kristamedia.com (62) 21 6345861
BAODING, China, May 11, 2024 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the first quarter ended March 31, 2024. Mr. Zhenyong Liu commented: "In the first quarter of FY2024, we realized revenue of approximately $6.86 million with a profit of $0.40 million. During the reporting period, domestic packaging paper suffered sluggish demand and prices. In addition, the increase in production capacity of the industry peers, more intense competition from import of finished products and interest rate hikes had posed persistent pressure on the industry. Despite these daunting challenges, China is actively launching various policies to simulate the economy and support enterprises, which is believed to be effective in boosting investment and domestic demand, thereby improving the business environment of the packaging paper industry. Looking forward, we will continue to optimize the raw material structure and minimize the purchase price to ensure production efficiency and consistent quality. We also will explore new products and new markets with appropriate price adjustments to capture greater market share. Meanwhile, we believe that together with the above measures, and better control of the inventory and working capital as well as cash flow, we will make the company a healthy operation in the near future." First Quarter 2024 Unaudited Financial Results For the Three Months Ended March 31, ($ millions) 2024 2023 % Change Revenues 6.86 19.79 -65.32 % Regular Corrugating Medium Paper ("CMP")* 5.75 16.47 -65.08 % Light-Weight CMP** 1.08 3.06 -64.83 % Offset Printing Paper - - n/a Tissue Paper Products - 0.22 n/a Face Masks - 0.04 n/a Gross profit 0.40 -0.28 224.08 % Gross profit margin 5.81 % -1.40 % 7.21 pp**** Regular Corrugating Medium Paper ("CMP")* 5.68 % 1.93 % 3.75 pp**** Light-Weight CMP** 3.32 % 3.96 % -0.64 pp**** Offset Printing Paper - - n/a Tissue Paper Products*** - -316.80 % n/a Face Masks - -7.97 % n/a Operating income -3.50 -2.77 -26.31 % Net loss -3.75 -2.73 -37.08 % EBITDA -0.02 1.21 -101.65 % Basic and Diluted earnings per share -0.37 -0.27 -37.04 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue decreased by 65.32% to approximately $6.86 million, mainly due to the production suspension of corrugating medium paper ("CMP") in January and February of 2024, and production suspension of tissue paper products in the first quarter of 2024. Gross profit was approximately $0.40 million, compared with gross loss of $0.28 for the same period of last year. Total gross profit margin increased by 7.21 percentage point to 5.81%. Loss from operations was approximately $3.50million, compared to loss from operations of approximately $2.77 million for the same period of last year. Net loss was approximately $3.75 million, or loss per share of $0.37, compared to net loss of approximately $2.73 million, or loss per share of $0.27, for the same period of last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was approximately negative $0.02 million, compared to $1.21 million for the same period of last year. Revenue For the first quarter of 2024, total revenue decreased by 65.32%, to approximately $6.86 million from approximately $19.79 million for the same period of last year. This was mainly due to production suspension of corrugating medium paper ("CMP") in January and February of 2024, and production suspension of tissue paper products in the first quarter of 2024. The following table summarizes revenue, volume and ASP by product for the first quarter of 2024 and 2023, respectively: For the Three Months Ended March 31, 2024 2023 Revenue($'000) Volume(tonne) ASP($/tonne) Revenue($'000) Volume(tonne) ASP($/tonne) Regular CMP 5,751 15,640 368 16,468 41,663 395 Light-Weight CMP 1,076 3,030 355 3,060 8,019 382 Offset Printing Paper - - - - - - Tissue Paper Products - - - 223 191 1,167 Total 6,827 18,670 366 19,751 49,873 396 Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Face Masks - - - 35 1,105 32 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 65.04%, to approximately $6.83 million and accounted for 100% of total revenue for the first quarter of 2024, compared to approximately $19.53 million, or 98.67% of total revenue for the same period of last year. The Company sold 18,670 tonnes of CMP at an ASP of $366/tonne in the first quarter of 2024, compared to 49,682 tonnes at an ASP of $393/tonne in the same period of last year. Of the total CMP sales, revenue from regular CMP decreased by 65.08%, to approximately $5.75 million for the first quarter of 2024, compared to revenue of approximately $16.47 million for the same period of last year. The Company sold 15,640 tonnes of regular CMP at an ASP of $368/tonne during the first quarter of 2024, compared to 41,663 tonnes at an ASP of $395/tonne for the same period of last year. Revenue from light-weight CMP decreased by 64.83%, to approximately $1.08 million for the first quarter of 2024, compared to revenue of approximately $3.06 million for the same period of last year. The Company sold 3,030 tonnes of light-weight CMP at an ASP of $355/tonne for the first quarter of 2024, compared to 8,019 tonnes at an ASP of $382/tonne for the same period of last year. Revenue from offset printing paper was $nil for the first quarter of 2024 and 2023. Revenue from tissue paper products was $nil and $222,953 for the three months ended March 31, 2024 and 2023, respectively. Production of tissue paper products was suspended during the first quarter of 2024. Revenue generated from selling face mask were $nil and $35,637 for the three months ended March 31, 2024 and 2023, respectively. Gross Profit (Loss) and Gross Margin Total cost of sales decreased by 67.79%, to approximately $6.46 million for the first quarter of 2024 from approximately $20.07 million for the same period of last year. This was mainly due to the decrease in sales quantity and the decrease in the unit material costs of CMP. Total gross profit was approximately $0.40 million for the first quarter of 2024, compare to the gross loss of approximately $0.28 million for the same period of last year as a result of factors described above. Overall gross profit margin was 5.81% for the first quarter of 2024, compared to gross loss margin of 1.40% for the same period of last year. Gross profit (loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 5.68%, 3.32%, nil%, nil% and nil%, respectively, for the first quarter of 2024, compared to 1.93%, 3.96%, nil%, -316.80% and -7.97%, respectively, for the same period of last year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") increased by 56.32%, to approximately $3.90 million for the first quarter of 2024 from approximately $2.50 million for the same period of last year. Loss from Operations Loss from operations was approximately $3.50 million for the first quarter of 2024, a decrease of 26.31%, from $2.77 million for the same period of last year. Operating loss margin was 51.02% for the first quarter of 2024, compared to 14.01% for the same period of last year. Net Loss Net loss was approximately $3.75 million, or loss per share of $0.37 for the first quarter of 2024, compared to $2.73 million, or loss per share of $0.27 for the same period of last year. EBITDA EBITDA was approximately $-0.02 million for the first quarter of 2024, compared to $1.21 million for the same period of last year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA (Amounts expressed in US$) For the Three Months Ended March 31, ($ millions) 2024 2023 Net loss -3.75 -2.73 Add: Income tax 0.04 - Net interest expense 0.21 0.25 Depreciation and amortization 3.48 3.69 EBITDA -0.02 1.21 Cash, Liquidity and Financial Position As of March 31, 2024, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including related party loans) of approximately $4.51 million, $9.69 million and $3.24 million, respectively, compared to approximately $3.92 million, $8.03 million and $4.50 million, respectively, as of December 31, 2023. Net accounts receivable was approximately $2.39 million as of March 31, 2024, compared to approximately $0.58 million as of December 31, 2023. Net inventory was approximately $3.49 million as of March 31, 2024, compared to approximately $3.56 million as of December 31, 2023. As of March 31, 2024, the Company had current assets of approximately $30.01 million and current liabilities of approximately $24.57 million, resulting in a working capital of approximately $5.44 million. This was compared to current assets of approximately $28.36 million and current liabilities of approximately $21.42 million, resulting in a working capital of approximately $6.94 million as of December 31, 2023. Net cash provided by operating activities was approximately $0.62 million for the first quarter of 2024, compared to approximately $4.81 million for the same period of last year. Net cash used in investing activities was approximately $0.01 million for the first quarter of 2024, compared to approximately $0.30 million for the same period of last year. Net cash provided by financing activities was approximately $0.42 million for the first quarter of 2024, compared to approximately $2.56 for the same period of last year. About IT Tech Packaging, Inc. Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/. Safe Harbor Statements This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements. For more information, please contact: At the CompanyEmail: ir@itpackaging.cn Tel: +86 312 8698215 IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (unaudited) March 31, December 31, 2024 2023 ASSETS Current Assets Cash and bank balances $ 4,514,020 $ 3,918,938 Restricted cash 903,540 472,983 Accounts receivable (net of allowance for doubtful accounts of $48,697 and $11,745 as of March 31, 2024 and December 31, 2023, respectively) 2,386,177 575,526 Inventories 3,492,364 3,555,235 Prepayments and other current assets 17,677,417 18,981,290 Due from related parties 1,041,314 853,929 Total current assets 30,014,832 28,357,901 Prepayment on property, plant and equipment - - Operating lease right-of-use assets, net 503,221 528,648 Property, plant, and equipment, net 160,205,120 163,974,022 Value-added tax recoverable 1,872,931 1,883,078 Deferred tax asset non-current - - Total Assets $ 192,596,104 $ 194,743,649 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Short-term bank loans $ 845,666 $ 423,567 Current portion of long-term loans 8,116,984 6,874,497 Lease liability 102,154 100,484 Accounts payable 241,779 4,991 Advance from customers 110,787 136,167 Notes payable 246,501 - Due to related parties 730,095 728,869 Accrued payroll and employee benefits 310,687 237,842 Other payables and accrued liabilities 13,869,095 12,912,517 Total current liabilities 24,573,748 21,418,934 Long-term loans 3,241,720 4,503,932 Lease liability - non-current 491,908 483,866 Derivative liability 20 54 Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $21,648,803 and $20,084,995 as of March 31, 2024 and December 31, 2023, respectively) 28,307,396 26,406,786 Commitments and Contingencies Stockholders' Equity Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 shares issued and outstanding as of March 31, 2024 and December, 31, 2023. 10,066 10,066 Additional paid-in capital 89,172,771 89,172,771 Statutory earnings reserve 6,080,574 6,080,574 Accumulated other comprehensive loss (10,857,153) (10,555,534) Retained earnings 79,882,450 83,628,986 Total stockholders' equity 164,288,708 168,336,863 Total Liabilities and Stockholders' Equity $ 192,596,104 $ 194,743,649 IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 6,863,841 $ 19,790,877 Cost of sales (6,464,728) (20,067,876) Gross Profit (Loss) 399,113 (276,999) Selling, general and administrative expenses (3,900,783) (2,495,362) Loss from Operations (3,501,670) (2,772,361) Other Income (Expense): Interest income 2,183 136,268 Interest expense (210,290) (249,169) Gain (Loss) on derivative liability 34 152,097 Loss before Income Taxes (3,709,743) (2,733,165) Provision for Income Taxes (36,793) - Net Loss (3,746,536) (2,733,165) Other Comprehensive (Loss) Income Foreign currency translation adjustment (301,619) 2,502,756 Total Comprehensive Loss $ (4,048,155) $ (230,409) Losses Per Share: Basic and Diluted Losses per Share $ (0.37) $ (0.27) Outstanding – Basic and Diluted 10,065,920 10,065,920 IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Three Months Ended March 31, 2024 2023 Cash Flows from Operating Activities: Net income $ (3,746,536) $ (2,733,165) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,481,788 3,686,243 (Gain) Loss on derivative liability (34) (152,097) (Gain) Loss from disposal and impairment of property, plant and equipment - 12,926 (Recovery from) Allowance for bad debts 36,942 (246,386) Allowances for inventories, net (2,951) Changes in operating assets and liabilities: Accounts receivable (1,847,112) (1,988,921) Prepayments and other current assets 1,276,805 9,461,336 Inventories 59,612 (3,062,782) Accounts payable 236,603 (5,101) Advance from customers (25,123) - Notes payable 246,299 - Related parties (187,484) (128,625) Accrued payroll and employee benefits 73,213 126,986 Other payables and accrued liabilities 1,022,398 263,712 Income taxes payable - (424,198) Net Cash Provided by Operating Activities 624,420 4,809,928 Cash Flows from Investing Activities: Purchases of property, plant and equipment (9,027) (295,018) Net Cash Used in Investing Activities (9,027) (295,018) Cash Flows from Financing Activities: Proceeds from short term bank loans 422,488 - Proceeds from long term loans - 2,623,410 Repayment of bank loans - (2,915) Payment of capital lease obligation - (55,849) Net Cash Provided by Financing Activities 422,488 2,564,646 Effect of Exchange Rate Changes on Cash and Cash Equivalents (12,242) 146,516 Net Increase in Cash and Cash Equivalents 1,025,639 7,226,072 Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868 Cash, Cash Equivalents and Restricted Cash - End of Period $ 5,417,560 $ 16,750,940 Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 137,340 $ 84,040 Cash paid for income taxes $ $36,793 $ 424,198 Cash and bank balances 4,514,020 16,750,940 Restricted cash 903,540 - Total cash, cash equivalents and restricted cash shown in the statement of cash flows 5,417,560 16,750,940
Acquisitions Expand TricorBraun's Australian Presence and Strengthen Its Position as a Leading Packaging Provider in ANZ ST. LOUIS, May 2, 2024 /PRNewswire/ -- Global packaging leader TricorBraun has acquired Australian spirits packaging distributor UniquePak and Australian industrial packaging distributor Alplas Products (Alplas), further expanding the company's Australian presence and strengthening its position as a leading packaging provider in Australia and New Zealand (ANZ). "These acquisitions broaden our capabilities for spirits and industrial packaging across Australia and New Zealand," said Andrew Allsop, managing director, TricorBraun ANZ. "The UniquePak and Alplas teams are highly respected for their expertise, focus on quality, and customer service, and we look forward to investing in their continued growth." All UniquePak and Alplas team members will remain with TricorBraun. The companies will continue as stand-alone businesses, operating as UniquePak, a TricorBraun company, and Alplas Products, a TricorBraun company. Over time, the companies will transition to the TricorBraun ANZ brand. TricorBraun established its footprint in the region with the acquisitions of Cormack Packaging in 2021, PB Packaging in 2022, and Plas-Pak WA in 2024. UniquePak: One-Stop Shop for Spirits Packaging NSW-based UniquePak is a distributor of premium glass packaging solutions to the spirit, wine, pharma, and food industries. The company is a one-stop shop for design, glass bottles, closures, presentation boxes, and decoration. "For nearly a decade, customers have relied on UniquePak for our wide range of design and sourcing capabilities, and they can continue to do so with the added benefits of TricorBraun's resources," said Travis Norman, managing director, UniquePak. "TricorBraun's extensive capabilities, along with its dedication to quality and customer service, make it a perfect partner for our next chapter." With the acquisition, TricorBraun will leverage UniquePak's expertise to expand its glass packaging offerings and capabilities to TricorBraun customers in ANZ and globally. Alplas Products: Serving Industrial Packaging Needs for Half a Century Victoria-based Alplas has been serving customers with industrial packaging for 50 years. The company is known for its longstanding customer and supplier relationships, offering metal and plastic drums, taps, fittings, closures, and in-house assembly services. The Alplas acquisition enables TricorBraun to add Alplas' full scope of industrial packaging products to its existing offering. Since its founding, TricorBraun has partnered with management teams to successfully acquire and further accelerate growth for 44 packaging companies globally. Financial terms were not disclosed. Canterbury Partners acted as financial advisor to TricorBraun on both transactions. About UniquePak UniquePak is an importer of glass and related packaging products into the wine, spirit, food and pharmaceutical markets of Australia, New Zealand, Europe and the USA. Being flexible and allowing small production quantities to be produced, UniquePak allows personalised and tailored products to be supplied to its numerous international markets. UniquePak staff have over 50 years of experience in glass packaging markets. Our China-based Quality and Procurement staff ensure the best of quality comes from our numerous manufacturing partners based throughout the Asia region. Our in-house design capability ensures we transform your packaging idea or concept into reality. About Alplas ProductsAlplas Products has operated from Melbourne since 1974 supplying plastic drum taps, valves, and fittings for metal and plastic drums and fittings for all brands of Intermediate Bulk Containers (IBCs). Our main markets are the packaging and chemical industries and drum and IBC re-conditioners. However, our client base includes any entity or individual involved in dispensing liquids, from lubricants, agricultural chemicals to home brew. We also sell Australian-made products. About TricorBraun Founded in 1902, TricorBraun is a global packaging leader. We leverage our global scale, comprehensive scope, and unparalleled expertise to solve customers' complex packaging problems and help them win in the marketplace. TricorBraun is comprised of more than 2,000 packaging professionals operating from more than 100 locations across the Americas, Europe, Asia, and Australia. Logo - https://mma.prnasia.com/media2/343926/tricorbraun_logo.jpg?p=medium600
March 2024 quarter:GAAP diluted EPS of 12.9 cps; GAAP net income of $187 millionAdjusted EBIT of $397 million up 3% on a comparable constant currency basisAdjusted EPS of 17.8 cps, up 1% on a comparable constant currency basis YTD Highlights - Nine Months Ended March 31, 2024 Net sales of $10,105 million; GAAP Net income of $473 million; GAAP diluted earnings per share (EPS) of 32.7 cps; Adjusted EPS of 49.1 cps and Adjusted EBIT of $1,106 million; Adjusted Free Cash Flow of $115 million, approximately $100 million ahead of prior year; Strong cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million of shares repurchased; and Fiscal 2024 outlook for Adjusted EPS raised to 68.5-71 cents per share. Adjusted Free Cash Flow outlook of $850-950 million reaffirmed. ZURICH, May 1, 2024 /PRNewswire/ -- Volume and earnings trajectory improved; Raising fiscal 2024 earnings outlook Amcor Interim CEO Peter Konieczny said: "Amcor delivered improved financial results above our guidance for the third quarter driven by outperformance in the underlying business and our third consecutive quarter of improved earnings leverage. As a result, we returned to earnings growth one quarter earlier than expected, raised our adjusted EPS guidance for fiscal 2024 and reaffirmed guidance for adjusted free cash flow. While overall March quarter volumes were lower than last year, our volume performance was better than anticipated and substantially improved on the previous quarter with growth delivered across several categories and geographies. A combination of sequential volume improvement, the realization of benefits from structural cost initiatives and maintaining our focus on flexing the cost base resulted in year over year growth in adjusted EBIT for the quarter. We expect our momentum will continue to build, including delivering mid single digit adjusted EPS growth in our final quarter of fiscal 2024. We remain confident in our capital allocation framework and strategy for long term growth. We believe our underlying business and market positions are strong and we will continue to invest for organic growth, pursue acquisitions or repurchase shares and return cash to shareholders through a compelling and growing dividend." Key Financials Nine Months Ended March 31, GAAP results 2023 $ million 2024 $ million Net sales 11,021 10,105 Net income attributable to Amcor plc 868 473 EPS (diluted US cents) 58.1 32.7 Comparable constant currency ∆% Nine Months Ended March 31, Reported ∆% Adjusted non-GAAP results(1) 2023 $ million 2024 $ million Net sales 11,021 10,105 (8) (7) EBITDA 1,478 1,412 (4) (3) EBIT 1,173 1,106 (6) (3) Net income 808 710 (12) (9) EPS (diluted US cents) 54.1 49.1 (9) (7) Free Cash Flow 14 115 (1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% excludes the impact of movements in foreign exchange rates and items affecting comparability. Further details related to non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information" in this release. Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the totals provided due to rounding. Shareholder returns Amcor generates significant annual cash flow and is committed to an investment grade credit rating. We believe that the Company's strong annual cash flow and balance sheet provides capacity to reinvest in the business for organic growth, pursue acquisitions or share repurchases and return cash to shareholders through a compelling and growing dividend. During the nine months ended March 31, 2024, the Company returned approximately $570 million to shareholders through cash dividends and share repurchases. Dividend The Amcor Board of Directors today declared a quarterly cash dividend of 12.5 cents per share (compared with 12.25 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 19.32 Australian cents per share, which reflects the quarterly dividend of 12.5 cents per share converted at an AUD:USD average exchange rate of 0.6469 over the five trading days ended April 26, 2024. The ex-dividend date will be May 21, 2024, the record date will be May 22, 2024 and the payment date will be June 11, 2024. Share repurchases Amcor repurchased approximately 3 million shares during the nine months ended March 31, 2024 for a total cost of approximately $30 million. Financial results - Nine Months Ended March 31, 2024 Segment information Nine Months Ended March 31, 2023 Nine Months Ended March 31, 2024 Adjusted non-GAAP results Net sales $ million EBIT $ million EBIT / Sales % EBIT / Average funds employed %(1) Net sales$ million EBIT $ million EBIT / Sales % EBIT / Average funds employed %(1) Flexibles 8,378 1,043 12.4 % 7,646 992 13.0 % Rigid Packaging 2,643 192 7.3 % 2,459 184 7.5 % Other(2) — (62) — (70) Total Amcor 11,021 1,173 10.6 % 16.2 % 10,105 1,106 10.9 % 14.7 % (1) Return on average funds employed includes shareholders' equity and net debt, calculated using a four quarter average and last twelve months adjusted EBIT. (2) Represents corporate expenses. March 2024 YTD: Net sales of $10,105 million were 8% lower than last year on a reported basis, including a favorable impact of 2% related to movements in foreign exchange rates, an unfavorable impact of 1% related to items affecting comparability and an unfavorable impact of 1% related to the pass through of lower raw material costs of approximately $145 million. Net sales on a comparable constant currency basis were 7% lower than last year, mainly reflecting approximately 7% lower volumes. Adjusted EBIT of $1,106 million was 3% lower than last year on a comparable constant currency basis, reflecting lower volumes partly offset by strong cost performance. March 2024 quarter: Net sales of $3,411 million were 7% lower than last year on a reported basis, including a favorable impact of 1% related to movements in foreign exchange rates and an unfavorable impact of 2% related to the pass through of lower raw material costs of approximately $60 million. Net sales on a comparable constant currency basis were 6% lower than last year reflecting sales from acquired businesses of approximately 1%, an unfavorable price/mix impact of approximately 3% and approximately 4% lower volumes, largely driven by expected weakness in healthcare categories and in the North America beverage business. Across the balance of the business, overall net volumes were in line with the prior year. Adjusted EBIT of $397 million was 3% higher than last year on a comparable constant currency basis. Unfavorable impacts from price/mix and lower volumes were more than offset by strong cost performance and benefits from restructuring initiatives, which significantly improved operating leverage. Flexibles segment Nine Months Ended March 31, Reported ∆% Comparable constant currency ∆% 2023 $ million 2024 $ million Net sales 8,378 7,646 (9) (7) Adjusted EBIT 1,043 992 (5) (2) Adjusted EBIT / Sales % 12.4 % 13.0 % March 2024 YTD: Net sales of $7,646 million were 9% lower than last year on a reported basis, including a favorable impact of 2% related to movements in foreign exchange rates, an unfavorable impact of 2% related to items affecting comparability and an unfavorable impact of 2% related to the pass through of lower raw material costs of approximately $140 million. On a comparable constant currency basis, net sales were 7% lower, mainly reflecting lower volumes of approximately 7%. Volume weakness largely reflects lower market and customer demand and destocking particularly through the first half of the year. The trajectory of volumes improved significantly in the March quarter. In North America, net sales declined at high single digit rates driven by lower volumes. Volumes were higher in the condiments, snacks and cheese categories and this was more than offset by lower volumes in categories including healthcare, meat and liquid beverage. In Europe, net sales declined at low double digit rates driven by lower volumes. Volumes were lower mainly in the healthcare, snacks, coffee and yoghurt end markets. Across the Asian region, volumes were modestly higher than the prior year with volume growth in Thailand, India and China, partly offset by lower volumes in the South East Asian healthcare business. In Latin America, net sales declined at mid single digit rates, driven by lower volumes mainly in Chile and Mexico, partly offset by growth in Brazil. Adjusted EBIT of $992 million was 2% lower than last year on a comparable constant currency basis, reflecting lower volumes partly offset by benefits from restructuring initiatives and ongoing actions taken to lower costs and increase productivity. Adjusted EBIT margin of 13.0% was higher than the prior year notwithstanding weaker volumes and a 30 basis point unfavorable impact compared to the prior year related to the sale of the Russian business in December 2022. March 2024 quarter: Net sales of $2,598 million were 7% lower than last year on a reported basis, including a favorable impact of 1% related to movements in foreign exchange rates and an unfavorable impact of 2% related to the pass through of lower raw material costs of approximately $50 million. On a comparable constant currency basis, net sales were 6% lower than last year, reflecting approximately 2% lower volumes and an unfavorable price/mix impact of approximately 4%, primarily due to lower volumes in high value healthcare categories. As expected, destocking continued in healthcare categories and volumes remained soft, unfavorably impacting overall segment volumes for the quarter by approximately 3%. Across the balance of the portfolio, overall net volumes were approximately 1% higher than last year with growth in several end markets including meat, petcare, cheese and unconverted film and foil and in a number of geographies including China, India, Brazil and Thailand. Adjusted EBIT of $358 million was 5% higher than last year on a comparable constant currency basis. The impact of lower volumes and unfavorable price/mix was more than offset by strong cost performance and benefits from restructuring initiatives, which resulted in significantly improved earnings leverage. Adjusted EBIT margin of 13.8% was 170 basis points higher than the March quarter last year. Rigid Packaging segment Nine Months Ended March 31, Reported ∆% Comparable constant currency ∆% 2023 $ million 2024 $ million Net sales 2,643 2,459 (7) (8) Adjusted EBIT 192 184 (4) (6) Adjusted EBIT / Sales % 7.3 % 7.5 % March 2024 YTD: Net sales of $2,459 million were 7% lower than last year on a reported basis, including a favorable impact of 1% related to movements in foreign exchange rates. On a comparable constant currency basis, net sales were 8% lower than last year, reflecting price/mix benefits of approximately 1% and volumes were approximately 9% lower than last year. In North America, overall beverage volumes were 13% lower than last year, including a 15% reduction in hot fill beverage container volumes. This reflects a combination of lower consumer and customer demand, as well as significant destocking particularly through the first half of the year. Specialty container volumes were lower than last year. In Latin America, volumes were 3% higher than last year, reflecting new business wins with a broad range of customers in Brazil and Colombia, partly offset by lower volumes in Mexico and Argentina. Adjusted EBIT of $184 million was 6% lower than last year on a comparable constant currency basis, reflecting lower volumes partly offset by price/mix benefits and favorable cost performance. March 2024 quarter: Net sales of $813 million were 8% lower than last year on a reported basis, including a favorable impact of 1% related to movements in foreign exchange rates and an unfavorable impact of 1% related to the pass through of lower raw material costs of approximately $10 million. On a comparable constant currency basis, net sales were 8% lower than last year, mainly reflecting approximately 8% lower volumes. In North America, overall beverage volumes improved compared to the December 2023 quarter. Volumes were 11% lower and hot fill beverage container volumes were 18% lower than the same quarter last year. Lower beverage volumes mainly reflects soft consumer and customer demand in key categories. Specialty Container volumes were lower than last year and, in Latin America, volumes were in line with the prior year, reflecting weaker demand in Argentina, partly offset by growth in Brazil and Colombia driven by new business wins. Adjusted EBIT of $71 million was 1% higher than last year on a comparable constant currency basis, with the impact of lower volumes more than offset by favorable cost performance and benefits from restructuring initiatives, resulting in improved earnings leverage. Net interest and income tax expense For the nine months ended March 31, 2024, net interest expense of $232 million was $43 million higher than last year, reflecting higher interest rates. GAAP income tax expense was $107 million compared with $125 million last year. Adjusted tax expense for the nine months ended March 31, 2024 was $158 million compared with $170 million last year. Adjusted tax expense represents an effective tax rate of 18%, compared with 17% in the same period last year. Adjusted Free Cash Flow For the nine months ended March 31, 2024, adjusted free cash inflow was $115 million, which is approximately $100 million higher than $14 million in the prior year, and in line with our expectations. Compared with last year, the improvement primarily reflects improved working capital performance. Net debt was $6,729 million at March 31, 2024. Leverage, measured as net debt divided by adjusted trailing twelve month EBITDA, was 3.4 times and in line with our expectations. Leverage is expected to return to approximately three times at June 30, 2024. Fiscal 2024 Guidance - updated For the twelve month period ending June 30, 2024, the Company expects: Adjusted EPS of 68.5 to 71 cents per share (previously 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 up to 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, the impact of which was all in the first half of fiscal 2024; 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 fourth quarter 2024 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. Approximately $70 million of cash to be allocated towards share repurchases as part of the program previously announced in fiscal 2023. 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 April 30, 2024 at 5.30pm US Eastern Daylight Time / May 1, 2024 at 7.30am Australian Eastern Standard 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 9115937: USA & Canada: 800 715 9871 (toll-free) USA: 646 307 1963 (local) 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 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 year 2023, 41,000 Amcor people generated $14.7 billion in annual sales from operations that span 218 locations in 41 countries. NYSE: AMCR; ASX: AMC www.amcor.com I LinkedIn I Facebook I YouTube Contact Information Investors Tracey Whitehead Damien Bird Damon Wright Global Head of Investor Relations Vice President Investor Relations Asia Pacific Vice President Investor Relations North America Amcor Amcor Amcor +61 408 037 590 +61 481 900 499 +1 224 313 7141 tracey.whitehead@amcor.com damien.bird@amcor.com damon.wright@amcor.com Media - Australia Media - Europe Media - North America James Strong Ernesto Duran Julie Liedtke Partner Head of Global Communications Director, Media Relations Citadel-MAGNUS Amcor Amcor +61 448 881 174 +41 78 698 69 40 +1 847 204 2319 jstrong@citadelmagnus.com ernesto.duran@amcor.com julie.liedtke@amcor.com Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United KingdomUK Overseas Company Number: BR020803Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, JerseyJersey 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. Neither Amcor nor 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 the Russia-Ukraine conflict and inflation; impact of operating internationally; price fluctuations or shortages in the availability of raw materials, energy, and other inputs; disruptions to production, supply, and commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract and retain our global executive management team and our skilled workforce or successfully manage the transition of key roles, including our Chief Executive Officer; costs and liabilities related to environment, health, and safety ("EHS") laws and regulations as well as changes in the global climate; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; risks related to climate change; cybersecurity risks; failures or disruptions in information technology systems; rising interest rates; a significant increase in indebtedness or a downgrade in the credit rating; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; inability of Amcor's insurance policies to provide adequate protections; challenges to or the loss of intellectual property rights; litigation, including product liability claims or regulatory developments; increasing scrutiny and changing expectations from investors, customers, and governments with respect to Amcor's Environmental, Social and Governance practices and commitments 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, 2023 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. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. 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 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; expenses related to the Company's Chief Executive Officer transition; 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 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 May 21, 2024 to May 22, 2024 inclusive. U.S. GAAP Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, Nine Months Ended March 31, ($ million) 2023 2024 2023 2024 Net sales 3,667 3,411 11,021 10,105 Cost of sales (2,994) (2,719) (9,018) (8,147) Gross profit 673 692 2,003 1,958 Selling, general, and administrative expenses (317) (330) (917) (931) Research and development expenses (27) (25) (76) (80) Restructuring and other related activities, net (50) (30) 162 (82) Other income/(expenses), net 3 — 11 (46) Operating income 282 307 1,183 819 Interest expense, net (71) (79) (189) (232) Other non-operating income, net 2 2 5 2 Income before income taxes and equity in loss of affiliated companies 213 230 999 589 Income tax expense (34) (40) (125) (107) Equity in loss of affiliated companies, net of tax — (1) — (3) Net income 179 189 874 479 Net income attributable to non-controlling interests (2) (2) (6) (6) Net income attributable to Amcor plc 177 187 868 473 USD:EUR average FX rate 0.9318 0.9208 0.9687 0.9231 Basic earnings per share attributable to Amcor 0.120 0.129 0.585 0.327 Diluted earnings per share attributable to Amcor 0.119 0.129 0.581 0.327 Weighted average number of shares outstanding – Basic 1,470 1,439 1,473 1,439 Weighted average number of shares outstanding – Diluted 1,476 1,440 1,482 1,440 U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended March 31, ($ million) 2023 2024 Net income 874 479 Depreciation, amortization and impairment 428 448 Net gain on disposal of businesses (219) — Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, andcurrency (869) (680) Other non-cash items 115 131 Net cash provided by operating activities 329 378 Purchase of property, plant and equipment and other intangible assets (382) (358) Proceeds from sales of property, plant and equipment and other intangible assets 12 12 Business acquisitions and investments in affiliated companies, and other (143) (23) Proceeds from divestitures 365 — Net debt proceeds 464 426 Dividends paid (545) (542) Share buyback/cancellations (200) (30) Purchase of treasury shares and tax withholdings for share-based incentive plans (88) (51) Other, including effect of exchange rate on cash and cash equivalents (98) (44) Net decrease in cash and cash equivalents (286) (232) Cash and cash equivalents balance at beginning of the year 850 689 Cash and cash equivalents balance at end of the period 564 457 U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited) ($ million) June 30, 2023 March 31, 2024 Cash and cash equivalents 689 457 Trade receivables, net 1,875 1,935 Inventories, net 2,213 2,085 Property, plant, and equipment, net 3,762 3,762 Goodwill and other intangible assets, net 6,890 6,791 Other assets 1,574 1,630 Total assets 17,003 16,660 Trade payables 2,690 2,195 Short-term debt and current portion of long-term debt 93 131 Long-term debt, less current portion 6,653 7,055 Accruals and other liabilities 3,477 3,271 Shareholders' equity 4,090 4,008 Total liabilities and shareholders' equity 17,003 16,660 Components of Fiscal 2024 Net Sales growth Three Months Ended March 31, Nine Months Ended March 31, ($ million) Flexibles Rigid Packaging Total Flexibles Rigid Packaging Total Net sales fiscal 2024 2,598 813 3,411 7,646 2,459 10,105 Net sales fiscal 2023 2,787 880 3,667 8,378 2,643 11,021 Reported Growth % (7) (8) (7) (9) (7) (8) FX % 1 1 1 2 1 2 Constant Currency Growth % (8) (9) (8) (11) (8) (10) RM Pass Through % (2) (1) (2) (2) — (1) Items affecting comparability % — — — (2) — (1) Comparable Constant Currency Growth % (6) (8) (6) (7) (8) (7) Acquired operations % 1 — 1 1 — 1 Organic Growth % (6) (8) (7) (8) (8) (8) Volume % (2) (8) (4) (7) (9) (7) Price/Mix % (4) 1 (3) (1) 1 (1) Reconciliation of Non-GAAP Measures Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow Three Months Ended March 31, 2023 Three Months Ended March 31, 2024 ($ million) EBITDA EBIT Net Income EPS (DilutedUS cents)(1) EBITDA EBIT Net Income EPS(Diluted US cents)(1) Net income attributable to Amcor 177 177 177 11.9 187 187 187 12.9 Net income attributable to non-controlling interests 2 2 2 2 Tax expense 34 34 40 40 Interest expense, net 71 71 79 79 Depreciation and amortization 142 146 EBITDA, EBIT, Net income, and EPS 426 284 177 11.9 454 308 187 12.9 Impact of highly inflationary accounting 6 6 6 0.4 4 4 4 0.2 Restructuring and other related activities, net(2) 48 48 48 3.3 30 30 30 2.1 CEO transition costs — — — — 8 8 8 0.6 Other 4 4 4 0.1 4 4 4 0.4 Amortization of acquired intangibles(3) 40 40 2.7 43 43 2.9 Tax effect of above items (15) (0.9) (19) (1.3) Adjusted EBITDA, EBIT, Net income and EPS 484 382 260 17.5 499 397 257 17.8 Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBITDA, EBIT, Net income, and EPS 3 4 (1) 2 % items affecting comparability(4) — — — — % currency impact (1) (1) (1) (1) % comparable constant currency growth 2 3 (2) 1 Adjusted EBITDA 484 499 Interest paid, net (57) (55) Income tax paid (39) (39) Purchase of property, plant and equipment and other intangible assets (132) (113) Proceeds from sales of property, plant and equipment and other intangible assets 4 1 Movement in working capital (191) (225) Other 6 (5) Adjusted Free Cash Flow 75 63 (1) Calculation of diluted EPS for the three months ended March 31, 2024 excludes net income attributable to shares to be repurchased underforward contracts of $1 million. Calculation of diluted EPS for the three months ended March 31, 2023 excludes net income attributable to shares tobe repurchased under forward contracts of $1 million. (2) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business. (3) Amortization of acquired intangible assets from business combinations. (4) Reflects the impact of disposed and ceased operations. Nine Months Ended March 31, 2023 Nine Months Ended March 31, 2024 ($ million) EBITDA EBIT Net Income EPS(DilutedUS cents)(1) EBITDA EBIT Net Income EPS (Diluted US cents)(1) Net income attributable to Amcor 868 868 868 58.1 473 473 473 32.7 Net income attributable to non-controlling interests 6 6 6 6 Tax expense 125 125 107 107 Interest expense, net 189 189 232 232 Depreciation and amortization 425 433 EBITDA, EBIT, Net income, and EPS 1,613 1,188 868 58.1 1,251 818 473 32.7 Impact of highly inflationary accounting 19 19 19 1.3 55 55 55 3.8 Restructuring and other related activities, net(2) (156) (156) (156) (10.4) 82 82 82 5.7 CEO transition costs — — — — 8 8 8 0.6 Other 2 2 2 — 17 17 17 1.2 Amortization of acquired intangibles(3) 120 120 8.0 126 126 8.7 Tax effect of above items (45) (2.9) (51) (3.6) Adjusted EBITDA, EBIT, Net income and EPS 1,478 1,173 808 54.1 1,412 1,106 710 49.1 Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBITDA, EBIT, Net income, and EPS (4) (6) (12) (9) % items affecting comparability(4) 3 4 5 4 % currency impact (2) (1) (2) (2) % comparable constant currency growth (3) (3) (9) (7) Adjusted EBITDA 1,478 1,412 Interest paid, net (169) (196) Income tax paid (130) (163) Purchase of property, plant and equipment and other intangible assets (382) (358) Proceeds from sales of property, plant and equipment and other intangible assets 12 12 Movement in working capital (801) (625) Other 6 33 Adjusted Free Cash Flow 14 115 (1) Calculation of diluted EPS for the nine months ended March 31, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $2 million. Calculation of diluted EPS for the nine months ended March 31, 2023 excludes net income attributable to shares tobe repurchased under forward contracts of $6 million. (2) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business. The prior period includes the net gain on the December 2022 disposal of the Russian business. (3) Amortization of acquired intangible assets from business combinations. (4) Reflects the impact of disposed and ceased operations. Reconciliation of adjusted EBIT by reportable segment Three Months Ended March 31, 2023 Three Months Ended March 31, 2024 ($ million) Flexibles Rigid Packaging Other Total Flexibles Rigid Packaging Other Total Net income attributable to Amcor 177 187 Net income attributable to non-controlling interests 2 2 Tax expense 34 40 Interest expense, net 71 79 EBIT 248 56 (20) 284 290 61 (43) 308 Impact of highly inflationaryaccounting — 6 — 6 — 4 — 4 Restructuring and other relatedactivities, net(1) 42 6 — 48 25 5 — 30 CEO transition costs — — — — — — 8 8 Other 8 — (4) 4 1 — 3 4 Amortization of acquired intangibles(2) 39 1 — 40 42 1 — 43 Adjusted EBIT 337 69 (24) 382 358 71 (32) 397 Adjusted EBIT / sales % 12.1 % 7.8 % 10.4 % 13.8 % 8.7 % 11.6 % Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBIT 6 2 — 4 % items affecting comparability(3) — — — — % currency impact (1) (1) — (1) % comparable constant currency 5 1 — 3 (1) Includes incremental costs incurred in connection with the Russia-Ukraine conflict in fiscal year 2023. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of disposed and ceased operations. Nine Months Ended March 31, 2023 Nine Months Ended March 31, 2024 ($ million) Flexibles Rigid Packaging Other Total Flexibles Rigid Packaging Other Total Net income attributable to Amcor 868 473 Net income attributable to non-controlling interests 6 6 Tax expense 125 107 Interest expense, net 189 232 EBIT 1,075 163 (50) 1,188 796 112 (90) 818 Impact of highly inflationary accounting — 19 — 19 — 55 — 55 Restructuring and other related activities, net(1) (162) 6 — (156) 68 14 — 82 CEO transition costs — — — — — — 8 8 Other 14 — (12) 2 5 — 12 17 Amortization of acquired intangibles(2) 116 4 — 120 123 3 — 126 Adjusted EBIT 1,043 192 (62) 1,173 992 184 (70) 1,106 Adjusted EBIT / sales % 12.4 % 7.3 % 10.6 % 13.0 % 7.5 % 10.9 % Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBIT (5) (4) — (6) % items affecting comparability(3) 5 — — 4 % currency impact (2) (2) — (1) % comparable constant currency (2) (6) — (3) (1) Includes incremental costs incurred in connection with the Russia-Ukraine conflict in fiscal year 2023. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of disposed and ceased operations. Reconciliation of net debt ($ million) June 30, 2023 March 31, 2024 Cash and cash equivalents (689) (457) Short-term debt 80 119 Current portion of long-term debt 13 12 Long-term debt, less current portion 6,653 7,055 Net debt 6,057 6,729
SHENZHEN, China, April 30, 2024 /PRNewswire/ -- Organised by RX (China), WEPACK World Expo of Packaging Industry has successfully concluded at Shenzhen World Exhibition & Convention Center on April 12th. Thanks to the robust development of the packaging industry and concerted efforts from 1200+ exhibitors for three days, the exhibition's debut in Shenzhen lived up to expectations. WEPACK World Expo of Packaging Industry successfully concluded at Shenzhen World Exhibition & Convention Center on April 12th. Over the exhibition of three days, WEPACK 2024, along with its six major series exhibitions such as SinoCorrugated South 2024 and SinoFoldingCarton 2024, showcased the packaging industry's market vitality and development potential to the world, while staging an industry feast featuring collisions of technologies and ideas, as well as business opportunities in supply and purchase. With a surge in both the quantity and quality of visitors from home and abroad, WEPACK demonstrates strong international appeal.According to preliminary statistics from the organizer, WEPACK 2024 ushered in a total of 57,876 domestic and overseas visitors (135,527 person times) during the 3 days, 4,440 of them (10,529 person times) overseas visitors. Both the visitor quality and quantity have improved significantly compared to previous editions. Domestic visitors came from all over the country, with nearly a hundred provincial- and municipal-level printing and packaging industry associations and end-user industry associations attending in groups. Overseas visitors converged from 110 countries and regions, with a new increase in the number of visitors from emerging markets and high-purchase-power markets such as Southeast Asia, South Asia, the Middle East, Western Europe, Eastern & Central Europe, North Africa, and East Africa. Over 50 overseas associations organized senior executives of nearly a thousand overseas packaging enterprises to attend the exhibition, a testament to WEPACK's strong international influence and appeal. 1,200+ exhibitors synergize to showcase the global packaging industry's vitalityThe six concurrent major series exhibitions brought together the strength of 1200+ exhibitors. Be them time-honored packaging equipment manufacturers from home or abroad, or rising stars in the industry, everyone chose innovative, featured, and differentiated products as the core of foundation reinforcement and self-improvement. The exhibition site unveiled a myriad of initial, pioneering and black technology products to address the intense market competition landscape. In the sea of dazzling exhibits, industry practitioners deeply experienced the current global packaging industry transformation vitality, equipment innovation code, and the future development path. Onsite signing, deal clinching and strategic signing, a series of fruitful exhibitor trade collaborationsFull of expectations, domestic and overseas buyers came to unleash strong signals of purchase demand, and found the exhibition much rewarding. Inside the exhibition hall, multiple trade deals were concluded on site. KL Group and Hanglory Group held a global strategic cooperation press conference live, signing contracts with customer representatives on the spot; "splurging" customers purchased a total of 36 machines... "Sold out" signs were ubiquitous throughout the exhibition hall, reaffirming the value of WEPACK 2024 in facilitating global trade cooperation. Concurrent events sparkle foresightedness and lead transformation and upgrading in the packaging industryIn 3 days, WEPACK 2024 hosted over 50 conferences and events, including highly sought-after forums, events and award ceremonies such as the India Day 2024, ACCA 2nd Management Committee Meeting, Forum on Building ESG Ecology and Co-Creating Sustainable Development, Summit Forum on "Development Trends of Digital Printing in Packaging Market", 2024 Digital Carnival Park Prepress Home Summit Forum, Pulp and Paper Market Supply and Demand Trend Seminar, The 4th China Liquor Packaging Innovation and Development Forum, Packaging Black Technology Press Conference, and PACKCON STAR AWARDS 2024 ceremony. With contents closely centered on current hot topics, the cross-channel and cross-industry conferences and events were held to provide all-around insights for industry practitioners, break down barriers, enable exhibitors and visitors, and boost deep interaction within the packaging industrial chain. Confidence boosted, exhibitors grab booths for 2025The fervent atmosphere at WEPACK 2024 on site fueled the confidence of major exhibitors, prompting them to book exhibition booths for next year in advance. The onsite booth reservation area was buzzing with golden booths much eyed. Alternating between Shanghai in odd years and Shenzhen in even years, WEPACK 2025 and its SinoCorrugated 2025 will be held at Shanghai New International Expo Center in April 2025. Alternating between Shanghai in odd years and Shenzhen in even years, WEPACK 2025 and its SinoCorrugated 2025 will be held at Shanghai New International Expo Center in April 2025.
A12 藝術空間
Paper/Forest Products/Containers
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