December 2022
quarter:
GAAP EPS of 30.9 cps; Adjusted EPS of
18.5 cps, up 7% on a comparable constant currency basis
Highlights - Six Months Ended December
31, 2022
- Net sales of $7,354 million, up
6%;
- GAAP Net income of $691 million,
up 62%; GAAP diluted earnings per share (EPS) of 46.1 cps, up
65%;
- Adjusted EPS of 36.6 cps, up 8% on a comparable constant
currency basis;
- Adjusted EBIT of $791 million, up
8% on a comparable constant currency basis;
- Increasing cash returns to shareholders: quarterly dividend of
12.25 cents per share; and up to
$500 million of share repurchases
expected in fiscal 2023, including an additional $100 million announced today; and
- Fiscal 2023 outlook: Maintaining adjusted EPS and Free Cash
Flow ranges at 77-81 cps and $1-1.1
billion, respectively.
ZURICH, Feb. 7, 2023
/PRNewswire/ -- Amcor CEO Ron
Delia said: "Amcor delivered strong financial performance
for the first half of fiscal 2023, demonstrating excellent
operating leverage amid ongoing challenges in the macroeconomic
environment. For the year-to-date, organic net sales growth of 2%
drove an 8% increase in adjusted earnings per share on a comparable
constant currency basis.
We continue to make good progress on our commercial and
strategic agenda and our teams are doing an excellent job
navigating through volatile market conditions, while recovering
general inflation and higher raw material costs. Our exposure to
consumer staples and healthcare end markets positions our business
well despite some softening in the demand environment and customer
destocking through the December quarter. We also completed the sale
of our Russian plants and announced a bolt-on acquisition in
China to strengthen our healthcare
packaging business in the Asia
Pacific region.
Notwithstanding a more cautious near term outlook, we remain
focused on executing against our strategy for long term growth. Our
ability to generate significant annual cash flow allows us to
continue to invest in multiple growth opportunities, pay an
attractive and growing dividend and regularly repurchase
shares. We are confident in the strength of our underlying
business, execution capabilities and capital allocation framework,
all of which support our compelling investment case."
Key
Financials
|
|
|
|
|
|
Six Months Ended
December 31,
|
GAAP
results
|
|
|
|
|
|
2021 $
million
|
|
2022 $
million
|
Net sales
|
|
|
|
|
|
6,927
|
|
7,354
|
Net income attributable
to Amcor plc
|
|
|
|
|
|
427
|
|
691
|
EPS (diluted US
cents)
|
|
|
|
|
|
27.9
|
|
46.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
constant
currency ∆%
|
|
|
Six Months Ended
December 31,
|
|
Reported
∆%
|
|
Adjusted non-GAAP
results(1)
|
|
2021 $
million
|
|
2022 $
million
|
|
|
Net
sales(2)
|
|
6,927
|
|
7,354
|
|
6
|
|
2
|
EBITDA
|
|
976
|
|
994
|
|
2
|
|
7
|
EBIT
|
|
769
|
|
791
|
|
3
|
|
8
|
Net income
|
|
548
|
|
548
|
|
—
|
|
6
|
EPS (diluted US
cents)
|
|
35.8
|
|
36.6
|
|
2
|
|
8
|
Free Cash
Flow
|
|
105
|
|
(61)
|
|
|
|
|
(1) Adjusted non-GAAP
results exclude items which are not considered representative of
ongoing operations. Comparable constant currency ∆%
excludes the translation 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.
|
(2) Comparable constant
currency ∆% for net sales excludes a 5% unfavorable currency
translation impact and a 10% favorable impact from the
pass through of higher raw material costs.
|
|
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.
|
Completed sale of Russian business
The sale of Amcor's Russian business was completed on
December 23, 2022, with the Company
receiving cash proceeds of approximately $365 million, in addition to approximately
$65 million of cash on hand in
Russia which was repatriated upon
close. Approximately $120 million of
the cash received is expected to be invested in a range of
additional cost saving initiatives to partly offset divested
earnings. Of the remaining cash received, Amcor plans to repurchase
up to $100 million in additional
shares with the balance expected to be used to reduce net debt.
Acquisition of MDK
On January 16, 2023, the Company
announced it had entered into an agreement to acquire Shanghai-based MDK. MDK is a leading provider
of flexible packaging for the medical device segment generating
annual sales of approximately $50
million.
MDK's coating capabilities, medical paper-based packaging
products and customer base complement Amcor's existing portfolio,
further enhancing the Company's leadership position in the Chinese
and broader Asia Pacific medical
packaging segment.
The acquisition is expected to close by the end of the third
quarter of fiscal 2023.
Shareholder returns
Amcor generates significant annual cash flow, maintains strong
credit metrics, and is committed to an investment grade credit
rating. The Company's 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.
During the six months ended December 31,
2022, the Company returned approximately $400 million to shareholders through cash
dividends and 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 17.30 Australian cents per share, which reflects the
quarterly dividend of 12.25 cents per
share converted at an AUD:USD average exchange rate of 0.7082
over the five trading days ended February 3,
2023.
The ex-dividend date will be February 28,
2023, the record date will be March
1, 2023 and the payment date will be March 21, 2023.
Share repurchases
Amcor repurchased approximately 3 million shares during the six
months ended December 31, 2022 for a
total cost of approximately $40
million.
In addition to $400 million of
share repurchases announced previously, the Company expects to
allocate up to $100 million of
proceeds from recently divested businesses towards share purchases,
bringing the total expected to be repurchased in fiscal 2023 to up
to $500 million.
Financial results - Six Months Ended December 31, 2022
Segment information
|
Six Months Ended
December 31, 2021
|
Six Months Ended
December 31, 2022
|
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
|
5,347
|
691
|
12.9
|
|
5,591
|
706
|
12.6
|
|
Rigid
Packaging
|
1,580
|
117
|
7.4
|
|
1,763
|
123
|
7.0
|
|
Other(2)
|
—
|
(39)
|
|
|
—
|
(38)
|
|
|
Total Amcor
|
6,927
|
769
|
11.1
|
15.6
|
7,354
|
791
|
10.8
|
16.7
|
(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.
|
December 2022 half year:
Net sales of $7,354 million
increased by 6% on a reported basis, which includes an unfavorable
impact of 5% related to movements in foreign currency exchange
rates and price increases of approximately $670 million (representing 10% growth) related to
the pass through of higher raw material costs. Items
affecting comparability had no material impact on net sales.
Net sales on a comparable constant currency basis were 2% higher
than the same period last year reflecting price/mix benefits of
approximately 3%, partly offset by approximately 1% lower
volumes.
GAAP Net Income was $691 million
and includes a $215 million gain on
the sale of the business in Russia. Adjusted EBIT of $791 million was 8% higher than last year on a
comparable constant currency basis. Adjusted EBIT margin of
10.8% includes an adverse impact of approximately 100 basis points
related to the increased sales dollars associated with passing
through higher raw material costs.
December 2022 quarter:
Net sales of $3,642 million
increased by 4% on a reported basis, which includes an unfavorable
impact of 5% related to movements in foreign currency exchange
rates and price increases of approximately $270 million (representing 8% growth) related to
the pass through of higher raw material costs. Items
affecting comparability had no material impact on net sales.
Net sales on a comparable constant currency basis were 1% higher
than the same quarter last year reflecting price/mix benefits of
approximately 3%, partly offset by approximately 2% lower
volumes.
GAAP Net Income was $459 million
and includes a $215 million gain on
the sale of the business in Russia. Adjusted EBIT of
$399 million was 7% higher than the
same quarter last year on a comparable constant currency
basis.
Flexibles segment
result
|
|
Six Months Ended
December 31,
|
|
Reported
∆%
|
|
Comparable
constant
currency ∆%
|
|
|
2021 $
million
|
2022 $
million
|
|
|
Net sales
|
|
5,347
|
5,591
|
|
5
|
|
3
|
Adjusted
EBIT
|
|
691
|
706
|
|
2
|
|
8
|
Adjusted EBIT / Sales
%
|
|
12.9
|
12.6
|
|
|
|
|
December 2022 half year:
On a reported basis, net sales of $5,591
million were 5% higher than the same period last year, which
includes an unfavorable impact of 7% related to movements in
foreign exchange rates and price increases of approximately
$460 million (representing 9% growth)
related to the pass through of higher raw material costs.
Items affecting comparability had no material impact on net
sales. Net sales on a comparable constant currency basis were
3% higher than the same period last year reflecting price/mix
benefits of approximately 4%, partly offset by approximately 1%
lower volumes.
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, pet care and home and personal care categories, more than
offset by lower volumes in categories including condiments, fresh
meat, snacks and confectionary.
In Europe, net sales grew in
the mid single digit range driven by price/mix benefits, partly
offset by lower volumes. Higher volumes in pharmaceuticals,
capsules and pet care were more than offset by lower volumes in
home and personal care, coffee, yogurt and
confectionary.
Net sales grew at low single digit rates across the Asia Pacific region reflecting price/mix
benefits partly offset by lower volumes. Growth was strong in
India, Australia and in the pan Asian healthcare and
meat end markets, partly offset by lower volumes in China where demand was unfavorably impacted by
COVID related lockdowns, particularly in the December 2022 quarter. In Latin America,
net sales grew at low single digit rates driven by favorable
price/mix benefits, partly offset by lower volumes which weakened
in the December 2022 quarter across
Brazil and
Chile.
Adjusted EBIT of $706 million was
8% higher than the same period last year on a comparable constant
currency basis, reflecting price/mix benefits, strong management of
inflation and favorable operating cost
performance.
Adjusted EBIT margin of 12.6% includes an adverse impact of
approximately 120 basis points related to the increased sales
dollars associated with passing through higher raw material
costs.
December 2022 quarter:
On a reported basis, net sales of $2,812
million were 4% higher than the same quarter last year,
which includes an unfavorable impact of 6% related to movements in
foreign exchange rates and price increases of approximately
$190 million (representing 7% growth)
related to the pass through of higher raw material costs.
Items affecting comparability had no material impact on net sales.
Net sales on a comparable constant currency basis were 3%
higher than the same quarter last year reflecting price/mix
benefits of approximately 4%, partly offset by 1.5% lower
volumes.
Adjusted EBIT of $353 million was
5% higher than the same quarter last year on a comparable constant
currency basis.
Rigid Packaging
segment result
|
|
Six Months Ended
December 31,
|
|
Reported
∆%
|
|
Comparable
constant
currency ∆%
|
|
|
2021 $
million
|
2022 $
million
|
|
|
Net sales
|
|
1,580
|
1,763
|
|
12
|
|
(1)
|
Adjusted
EBIT
|
|
117
|
123
|
|
5
|
|
7
|
Adjusted EBIT / Sales
%
|
|
7.4
|
7.0
|
|
|
|
|
December 2022 half year:
On a reported basis, net sales of $1,763
million were 12% higher than the same period last year,
which includes an unfavorable impact of 1% related to movements in
foreign exchange rates and price increases of approximately
$210 million (representing 13%
growth) related to the pass through of higher raw material
costs. Net sales on a comparable constant currency basis were
1% lower than the same period last year reflecting approximately 2%
lower volumes, partly offset by price/mix benefits of approximately
1%.
In North America, overall
beverage volumes were 5% lower than the same period last
year. Hot fill beverage container volumes were up 2% as a
result of continued growth in key categories, offset by lower
combined preform and cold fill container volumes compared to the
prior period. In the December
2022 quarter, overall beverage volumes were 7% lower than
the same quarter last year which reflects lower consumer demand and
customer destocking, partly offset by new business wins.
December 2022 quarter hot fill
beverage container volumes were 2% lower than last year, in line
with the market. Year to date specialty container volumes
were higher than the same period last year driven by growth in the
healthcare, dairy and nutrition end markets.
In Latin America, volumes were
marginally higher than last year with volume growth in Argentina and Mexico offset by lower
volumes in Brazil. December
2022 quarter volumes were unfavorably impacted by softening demand
mainly in Argentina and
Brazil and overall volumes
declined at mid single digit rates.
Adjusted EBIT of $123 million was
7% higher than the same period last year on a comparable constant
currency basis, reflecting improved cost performance.
Adjusted EBIT margin of 7.0% includes an adverse impact of
approximately 90 basis points related to the increased sales
dollars associated with passing through higher raw material
costs.
December 2022 quarter:
On a reported basis, net sales of $830
million were 4% higher than the same quarter last year,
which includes an unfavorable impact of 1% related to movements in
foreign exchange rates and price increases of approximately
$80 million (representing 10% growth)
related to the pass through of higher raw material costs. Net
sales on a comparable constant currency basis were 5% lower than
the same quarter last year reflecting lower volumes.
Adjusted EBIT of $57 million was
6% higher than the same quarter last year on a comparable constant
currency basis.
Net interest and income tax expense
For the half year ended 31 December,
2022, net interest expense of $118
million was $49 million higher
than the same period last year reflecting higher interest
rates. GAAP income tax expense was $91
million compared with $124
million in the same period last year. Excluding amounts
related to non-GAAP adjustments, adjusted tax expense for the half
year ended December 31, 2022 was
$121 million compared with
$147 million in the same period last
year. Adjusted tax expense represents an effective tax rate of
18.0%, compared with 21.0% in the same period last year.
Free Cash Flow
For the December 2022 half year,
adjusted free cash outflow was $61
million compared with an inflow of $105 million in the same period last year.
As expected, the variance compared with last year largely reflects
the impact of higher inventory levels to mitigate supply chain
constraints mainly through the 2022 fiscal year, along with the
unfavorable impact on the working capital cycle related to higher
raw material costs. December
2022 quarter adjusted Free cash inflow of $338 million was in line with the same quarter
last year.
Net debt was $6,065 million at
December 31, 2022. Leverage, measured
as net debt divided by adjusted trailing twelve month EBITDA, was
2.8 times.
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, however, entering the second
half of the year the Company is more cautious in relation to the
demand environment. Adjusted EPS expectations include:
- Growth of approximately 3-8% on a comparable
constant currency basis comprising approximately 5-10% growth from
the underlying business performance and a benefit of approximately
2% from share repurchases, partly offset by a negative impact of
approximately 4% related to higher combined interest and tax
expense;
- A negative impact of approximately 3% related
to the sale of the Company's three plants in Russia on December 23,
2022 (updated from a negative 2% previously); and
- A negative impact of approximately 4% related
to a stronger US dollar (updated from a negative 5%
previously).
- Adjusted Free Cash Flow of approximately $1.0 billion to $1.1
billion.
- Up to $500 million of cash to be
allocated towards share repurchases (updated from $400 million previously).
Amcor's guidance contemplates a range of factors which create a
degree of uncertainty and complexity when estimating future
financial results, and is provided in the context of greater than
usual volatility in demand. 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. 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 February 7, 2023 at 5.30pm US Eastern Daylight Time / February 8, 2023 at 9.30am 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 519 630 (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 $14.5
billion in annual sales from operations that span 220
locations in 43 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I Facebook
I Twitter 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 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; 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;
- 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 February 28, 2023 to March
1, 2023, inclusive.
U.S. GAAP Condensed Consolidated Statements of Income
(Unaudited)
|
|
Three Months Ended
December 31,
|
Six Months Ended
December 31,
|
($
million)
|
|
2021
|
|
2022
|
2021
|
2022
|
Net sales
|
|
3,507
|
|
3,642
|
6,927
|
7,354
|
Cost of
sales
|
|
(2,862)
|
|
(2,980)
|
(5,632)
|
(6,024)
|
Gross profit
|
|
645
|
|
662
|
1,295
|
1,330
|
Selling, general, and
administrative expenses
|
|
(303)
|
|
(298)
|
(616)
|
(600)
|
Research and
development expenses
|
|
(23)
|
|
(24)
|
(48)
|
(49)
|
Restructuring and other
related activities, net
|
|
(10)
|
|
213
|
(18)
|
212
|
Other income,
net
|
|
13
|
|
6
|
5
|
8
|
Operating
income
|
|
322
|
|
559
|
618
|
901
|
Interest expense,
net
|
|
(34)
|
|
(68)
|
(69)
|
(118)
|
Other non-operating
income, net
|
|
2
|
|
3
|
7
|
3
|
Income before income
taxes
|
|
290
|
|
494
|
556
|
786
|
Income tax
expense
|
|
(61)
|
|
(33)
|
(124)
|
(91)
|
Net income
|
|
229
|
|
461
|
432
|
695
|
Net income attributable
to non-controlling interests
|
|
(4)
|
|
(2)
|
(5)
|
(4)
|
Net income attributable
to Amcor plc
|
|
225
|
|
459
|
427
|
691
|
USD:EUR average FX
rate
|
|
0.8748
|
|
0.9799
|
0.8615
|
0.9870
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to Amcor
|
|
0.148
|
|
0.309
|
0.280
|
0.465
|
Diluted earnings per
share attributable to Amcor
|
|
0.148
|
|
0.307
|
0.279
|
0.461
|
Weighted average number
of shares outstanding – Basic
|
|
1,520
|
|
1,475
|
1,524
|
1,474
|
Weighted average number
of shares outstanding – Diluted
|
|
1,524
|
|
1,485
|
1,528
|
1,486
|
|
|
|
|
|
|
|
U.S. GAAP Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
Six Months Ended
December 31,
|
($
million)
|
|
2021
|
|
2022
|
Net income
|
|
432
|
|
695
|
Depreciation,
amortization and impairment
|
|
332
|
|
284
|
Net gain on disposal of
businesses
|
|
—
|
|
(219)
|
Changes in operating
assets and liabilities
|
|
(525)
|
|
(696)
|
Other non-cash
items
|
|
84
|
|
81
|
Net cash provided by
operating activities
|
|
323
|
|
145
|
Purchase of property,
plant and equipment and other intangible assets
|
|
(255)
|
|
(250)
|
Proceeds from sales of
property, plant and equipment and other intangible
assets
|
|
6
|
|
8
|
Business acquisitions
and investments in affiliated companies, and other
|
|
(11)
|
|
(103)
|
Proceeds from
divestitures
|
|
—
|
|
370
|
Net debt
proceeds
|
|
471
|
|
406
|
Dividends
paid
|
|
(368)
|
|
(365)
|
Share
buyback/cancellations
|
|
(295)
|
|
(40)
|
Treasury shares
purchases, net
|
|
(41)
|
|
(89)
|
Other, including effect
of exchange rates on cash and cash equivalents
|
|
(54)
|
|
(95)
|
Net decrease in cash
and cash equivalents
|
|
(224)
|
|
(13)
|
Cash and cash
equivalents at the beginning of the year (1)
|
|
850
|
|
850
|
Cash and cash
equivalents at the end of the period
|
|
626
|
|
837
|
(1) Cash and cash
equivalents at the beginning of the fiscal year 2023 include $75
million of cash and cash equivalents classified as held for
sale
|
|
U.S. GAAP Condensed Consolidated Balance Sheets
(Unaudited)
($
million)
|
|
June 30,
2022
|
|
December 31,
2022
|
Cash and cash
equivalents
|
|
775
|
|
837
|
Trade receivables,
net
|
|
1,935
|
|
1,972
|
Inventories,
net
|
|
2,439
|
|
2,509
|
Property, plant, and
equipment, net
|
|
3,646
|
|
3,687
|
Goodwill and other
intangible assets, net
|
|
6,942
|
|
6,858
|
Assets held for sale,
net
|
|
192
|
|
—
|
Other assets
|
|
1,497
|
|
1,612
|
Total assets
|
|
17,426
|
|
17,475
|
Trade
payables
|
|
3,073
|
|
2,785
|
Short-term debt and
current portion of long-term debt
|
|
150
|
|
62
|
Long-term debt, less
current portion
|
|
6,340
|
|
6,840
|
Liabilities held for
sale
|
|
65
|
|
—
|
Accruals and other
liabilities
|
|
3,657
|
|
3,377
|
Shareholders'
equity
|
|
4,141
|
|
4,411
|
Total liabilities and
shareholders' equity
|
|
17,426
|
|
17,475
|
|
|
|
|
|
Components of Fiscal 2023 Net Sales growth
|
Three Months Ended
December 31, 2022
|
|
Six Months
Ended December 31, 2022
|
($
million)
|
Flexibles
|
Rigid
Packaging
|
Total
|
|
Flexibles
|
Rigid
Packaging
|
Total
|
Net sales fiscal year
2023
|
2,812
|
830
|
3,642
|
|
5,591
|
1,763
|
7,354
|
Net sales fiscal year
2022
|
2,713
|
794
|
3,507
|
|
5,347
|
1,580
|
6,927
|
Reported Growth
%
|
4
|
4
|
4
|
|
5
|
12
|
6
|
FX %
|
(6)
|
(1)
|
(5)
|
|
(7)
|
(1)
|
(5)
|
Constant Currency
Growth %
|
10
|
5
|
9
|
|
12
|
12
|
12
|
RM Pass Through
%
|
7
|
10
|
8
|
|
9
|
13
|
10
|
Items affecting
comparability
|
—
|
—
|
—
|
|
—
|
—
|
—
|
Comparable Constant
Currency
Growth %
|
3
|
(5)
|
1
|
|
3
|
(1)
|
2
|
Volume %
|
(1)
|
(5)
|
(2)
|
|
(1)
|
(2)
|
(1)
|
Price/ Mix %
|
4
|
—
|
3
|
|
4
|
1
|
3
|
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
December 31, 2021
|
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
($
million)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)
|
|
|
|
|
|
|
|
|
Net income
attributable to Amcor
|
|
225
|
|
225
|
|
225
|
|
14.8
|
|
459
|
|
459
|
|
459
|
|
30.7
|
|
|
|
|
|
|
|
|
Net income attributable
to non-controlling
interests
|
|
4
|
|
4
|
|
|
|
|
|
2
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
|
|
61
|
|
61
|
|
|
|
|
|
33
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
34
|
|
34
|
|
|
|
|
|
68
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
143
|
|
|
|
|
|
|
|
141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, EBIT, Net
income and EPS
|
|
467
|
|
324
|
|
225
|
|
14.8
|
|
703
|
|
562
|
|
459
|
|
30.7
|
|
|
|
|
|
|
|
|
Material restructuring
programs
|
|
10
|
|
10
|
|
10
|
|
0.6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
Net loss on
disposals
|
|
9
|
|
9
|
|
9
|
|
0.6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
Impact of
hyperinflation
|
|
2
|
|
2
|
|
2
|
|
0.1
|
|
5
|
|
5
|
|
5
|
|
0.3
|
|
|
|
|
|
|
|
|
Property and other
losses, net
|
|
(1)
|
|
(1)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
Pension
settlements
|
|
3
|
|
3
|
|
3
|
|
0.2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
Russia-Ukraine conflict
impacts
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(207)
|
|
(207)
|
|
(207)
|
|
(13.8)
|
|
|
|
|
|
|
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
|
41
|
|
41
|
|
2.6
|
|
|
|
40
|
|
40
|
|
2.6
|
|
|
|
|
|
|
|
|
Tax effect of above
items
|
|
|
|
|
|
(12)
|
|
(0.8)
|
|
|
|
|
|
(19)
|
|
(1.3)
|
|
|
|
|
|
|
|
|
Adjusted EBITDA,
EBIT, Net income and
EPS
|
|
490
|
|
388
|
|
277
|
|
18.1
|
|
500
|
|
399
|
|
277
|
|
18.5
|
|
|
|
|
|
|
|
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBITDA, EBIT, Net income, and EPS
|
|
|
|
|
|
2
|
|
3
|
|
—
|
|
2
|
|
|
|
|
|
|
|
|
% items affecting
comparability
|
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
4
|
|
3
|
|
4
|
|
4
|
|
|
|
|
|
|
|
|
% comparable
constant currency growth
|
|
|
|
|
|
|
|
|
|
7
|
|
7
|
|
5
|
|
7
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
December 31, 2021
|
|
Six Months Ended
December 31, 2022
|
($
million)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)(1)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)(1)
|
Net income
attributable to Amcor
|
|
427
|
|
427
|
|
427
|
|
27.9
|
|
691
|
|
691
|
|
691
|
|
46.1
|
Net income attributable
to non-controlling
interests
|
|
5
|
|
5
|
|
|
|
|
|
4
|
|
4
|
|
|
|
|
Tax expense
|
|
124
|
|
124
|
|
|
|
|
|
91
|
|
91
|
|
|
|
|
Interest expense,
net
|
|
69
|
|
69
|
|
|
|
|
|
118
|
|
118
|
|
|
|
|
Depreciation and
amortization
|
|
289
|
|
|
|
|
|
|
|
283
|
|
|
|
|
|
|
EBITDA, EBIT, Net
income, and EPS
|
|
914
|
|
625
|
|
427
|
|
27.9
|
|
1,187
|
|
904
|
|
691
|
|
46.1
|
Material restructuring
programs
|
|
17
|
|
17
|
|
17
|
|
1.1
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on disposals
(2)
|
|
9
|
|
9
|
|
9
|
|
0.6
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
4
|
|
4
|
|
4
|
|
0.3
|
|
13
|
|
13
|
|
13
|
|
0.9
|
Property and other
losses, net(3)
|
|
27
|
|
27
|
|
27
|
|
1.8
|
|
—
|
|
—
|
|
—
|
|
—
|
Pension
settlements
|
|
3
|
|
3
|
|
3
|
|
0.2
|
|
—
|
|
—
|
|
—
|
|
—
|
Russia-Ukraine conflict
impacts(4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(204)
|
|
(204)
|
|
(204)
|
|
(13.6)
|
Other
|
|
2
|
|
2
|
|
2
|
|
0.1
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(0.1)
|
Amortization of
acquired intangibles
|
|
|
|
82
|
|
82
|
|
5.3
|
|
|
|
80
|
|
80
|
|
5.3
|
Tax effect of above
items
|
|
|
|
|
|
(23)
|
|
(1.5)
|
|
|
|
|
|
(30)
|
|
(2.0)
|
Adjusted EBITDA,
EBIT, Net income and EPS
|
|
976
|
|
769
|
|
548
|
|
35.8
|
|
994
|
|
791
|
|
548
|
|
36.6
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBITDA, EBIT, Net income, and EPS
|
|
|
|
|
|
|
|
2
|
|
3
|
|
—
|
|
2
|
% items affecting
comparability(5)
|
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
1
|
|
1
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
4
|
|
4
|
|
5
|
|
5
|
% comparable
constant currency growth
|
|
|
|
|
|
|
|
|
|
7
|
|
8
|
|
6
|
|
8
|
(1) Calculation of
diluted EPS for the three and six months ended December 31, 2022
excludes net income attributable to shares to be repurchased
under forward contracts of $3 million and $6 million respectively
and $1 million for the three and six months ended December 31,
2021.
|
(2) Net loss on
disposals for the six months ended December 31, 2021 includes an
expense of $9 million, triggered by a commitment to sell
non-core
assets.
|
(3) Property and other
losses, net includes property and related business losses primarily
associated with the destruction of the Company's Durban,
South Africa, facility during general civil unrest in July 2021,
net of insurance recovery.
|
(4) Includes the net
gain on disposal of the Russian business and incremental
restructuring and other costs associated with the
Russia-Ukraine
conflict.
|
(5) Reflects the impact
of acquired, disposed and ceased operations.
|
|
Reconciliation of adjusted EBIT by reporting segment
|
|
Three Months Ended
December 31, 2021
|
|
Three Months Ended
December 31, 2022
|
($
million)
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
Net income
attributable to Amcor
|
|
|
|
|
|
|
|
225
|
|
|
|
|
|
|
|
459
|
Net income attributable
to non-
controlling interests
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
2
|
Tax expense
|
|
|
|
|
|
|
|
61
|
|
|
|
|
|
|
|
33
|
Interest expense,
net
|
|
|
|
|
|
|
|
34
|
|
|
|
|
|
|
|
68
|
EBIT
|
|
295
|
|
49
|
|
(20)
|
|
324
|
|
516
|
|
50
|
|
(4)
|
|
562
|
Material restructuring
programs
|
|
10
|
|
—
|
|
—
|
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on
disposals
|
|
9
|
|
—
|
|
—
|
|
9
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
—
|
|
2
|
|
—
|
|
2
|
|
—
|
|
5
|
|
—
|
|
5
|
Property and other
gains, net
|
|
(1)
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
Pension
settlements
|
|
—
|
|
2
|
|
1
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
Russia-Ukraine conflict
impacts
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(207)
|
|
—
|
|
—
|
|
(207)
|
Other
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
(7)
|
|
(1)
|
Amortization of
acquired intangibles
|
|
39
|
|
2
|
|
—
|
|
41
|
|
38
|
|
2
|
|
—
|
|
40
|
Adjusted
EBIT
|
|
352
|
|
55
|
|
(19)
|
|
388
|
|
353
|
|
57
|
|
(11)
|
|
399
|
Adjusted EBIT /
sales %
|
|
13.0 %
|
|
6.9 %
|
|
|
|
11.1 %
|
|
12.5 %
|
|
6.9 %
|
|
|
|
11.0 %
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBIT
|
|
|
|
|
|
|
|
|
|
—
|
|
5
|
|
|
|
3
|
% items affecting
comparability
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
1
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
4
|
|
1
|
|
|
|
3
|
% comparable
constant currency
|
|
|
|
|
|
|
|
|
|
5
|
|
6
|
|
|
|
7
|
|
|
Six Months Ended
December 31, 2021
|
|
Six Months Ended
December 31, 2022
|
($
million)
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
Net income
attributable to Amcor
|
|
|
|
|
|
|
|
427
|
|
|
|
|
|
|
|
691
|
Net income attributable
to non-
controlling interests
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
4
|
Tax expense
|
|
|
|
|
|
|
|
124
|
|
|
|
|
|
|
|
91
|
Interest expense,
net
|
|
|
|
|
|
|
|
69
|
|
|
|
|
|
|
|
118
|
EBIT
|
|
559
|
|
108
|
|
(42)
|
|
625
|
|
827
|
|
107
|
|
(30)
|
|
904
|
Material restructuring
programs
|
|
17
|
|
—
|
|
—
|
|
17
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on
disposals(1)
|
|
9
|
|
—
|
|
—
|
|
9
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
—
|
|
4
|
|
|
|
4
|
|
—
|
|
13
|
|
—
|
|
13
|
Property and other
losses, net(2)
|
|
27
|
|
—
|
|
—
|
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
Pension
settlements
|
|
|
|
2
|
|
1
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
Russia-Ukraine conflict
impacts(3)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(204)
|
|
—
|
|
—
|
|
(204)
|
Other
|
|
—
|
|
—
|
|
2
|
|
2
|
|
6
|
|
—
|
|
(8)
|
|
(2)
|
Amortization of
acquired intangibles
|
|
79
|
|
3
|
|
—
|
|
82
|
|
77
|
|
3
|
|
—
|
|
80
|
Adjusted
EBIT
|
|
691
|
|
117
|
|
(39)
|
|
769
|
|
706
|
|
123
|
|
(38)
|
|
791
|
Adjusted EBIT /
sales %
|
|
12.9 %
|
|
7.4 %
|
|
|
|
11.1 %
|
|
12.6 %
|
|
7.0 %
|
|
|
|
10.8 %
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBIT
|
|
|
|
|
|
|
|
|
|
2
|
|
5
|
|
|
|
3
|
% items affecting
comparability(4)
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
1
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
5
|
|
2
|
|
|
|
4
|
% comparable
constant currency
|
|
|
|
|
|
|
|
|
|
8
|
|
7
|
|
|
|
8
|
(1) Net loss on
disposals for the six months ended December 31, 2021 includes an
expense of $9 million, triggered by a commitment to sell
non-core
assets.
|
(2) Property and other
losses, net includes property and related business losses primarily
associated with the destruction of the Company's Durban,
South Africa, facility during general civil unrest in July 2021,
net of insurance recovery.
|
(3) Includes the net
gain on disposal of the Russian business and incremental
restructuring and other costs associated with the
Russia-Ukraine
conflict.
|
(4) Reflects the impact
of acquired, disposed and ceased operations.
|
Reconciliations of Adjusted Free Cash Flow
|
|
Six Months Ended
December 31,
|
($
million)
|
|
2021
|
|
2022
|
Net cash provided by
operating activities
|
|
323
|
|
145
|
Purchase of property,
plant, and equipment, and other intangible assets
|
|
(255)
|
|
(250)
|
Proceeds from sales of
property, plant, and equipment, and other intangible
assets
|
|
6
|
|
8
|
Russia-Ukraine conflict
impacts, material transaction and
integration related costs
|
|
31
|
|
36
|
Adjusted Free Cash
Flow(1)
|
|
105
|
|
(61)
|
(1) Adjusted Free Cash
Flow excludes Russia-Ukraine conflict impacts, material transaction
and integration related cash costs because these cash
flows are not considered to be directly related to ongoing
operations.
|
|
|
Six Months Ended
December 31,
|
($
million)
|
|
2021
|
|
2022
|
Adjusted
EBITDA
|
|
976
|
|
994
|
Interest paid,
net
|
|
(47)
|
|
(112)
|
Income tax
paid
|
|
(110)
|
|
(91)
|
Purchase of property,
plant, and equipment and other intangible assets
|
|
(255)
|
|
(250)
|
Proceeds from sales of
property, plant, and equipment and other intangible
assets
|
|
6
|
|
8
|
Movement in working
capital
|
|
(440)
|
|
(610)
|
Other
|
|
(25)
|
|
—
|
Adjusted Free Cash
Flow(1)
|
|
105
|
|
(61)
|
(1) Adjusted Free Cash
Flow excludes Russia-Ukraine conflict impacts, material transaction
and integration related cash costs because these cash
flows are not considered to be directly related to ongoing
operations.
|
Reconciliation of net debt
($
million)
|
|
June 30,
2022
|
|
December 31,
2022
|
Cash and cash
equivalents
|
|
(775)
|
|
(837)
|
Short-term
debt
|
|
136
|
|
48
|
Current portion of
long-term debt
|
|
14
|
|
14
|
Long-term debt, less
current portion
|
|
6,340
|
|
6,840
|
Net
debt
|
|
5,715
|
|
6,065
|
View original
content:https://www.prnewswire.com/news-releases/amcor-reports-strong-first-half-and-second-quarter-fiscal-2023-result-301740460.html
SOURCE Amcor