June 2023
quarter:
GAAP diluted EPS of 12.3 cps; Adjusted EPS
of 19.3 cps
Fiscal 2023 Full Year Highlights
- Net sales of $14,694 million, in
line with the prior year on a comparable constant currency
basis;
- GAAP Net Income of $1,048
million; GAAP diluted earnings per share (EPS) of 70.5
cps;
- Adjusted EPS of 73.3 cps and Adjusted Free Cash Flow of
$848 million, in line with guidance
provided in May. Adjusted EBIT of $1,608
million;
- Strong total cash returns to shareholders of $1.2 billion: annual dividend increased to
49.0 cents per share; $431 million of shares repurchased (approximately
3% of outstanding shares); and
- Fiscal 2024 outlook: Adjusted EPS of 67-71 cents per share. Adjusted Free Cash Flow of
$850-950 million.
ZURICH, Aug. 16,
2023 /PRNewswire/ --
Amcor CEO Ron Delia
said: "Throughout fiscal 2023, our teams did an excellent job
proactively recovering inflation and reducing costs in a highly
challenging environment. Adjusted EBIT grew modestly in
comparable constant currency terms and we returned $1.2 billion of
cash to shareholders. After delivering earnings growth of 8% in the
first half, demand softened considerably and customer destocking
persisted through the last two quarters of the year.
While we expect current
market conditions to continue in the near-term, we have visibility
to a number of controllable factors we believe will support a
return to solid earnings growth in the second half of fiscal 2024
and leave us well placed to grow at our long term trend of
high-single digit rates thereafter. We are pricing to
compensate for inflation and we expect benefits from our cost
reduction and productivity initiatives will have a favorable and
sustainable impact on operating leverage. In addition, we expect
the headwinds from the sale of our Russian plants and higher
interest expense will be largely limited to the first
half.
We remain focused on
our long-term growth strategy and will continue to pursue
opportunities to invest in the business, particularly through
innovation and sustainability initiatives in faster growing, higher
value markets. We will also continue pursuing value-creating
M&A and returning cash to shareholders through share
repurchases and a compelling and growing dividend."
|
Key
Financials(1)
|
|
|
|
|
|
|
|
Twelve Months Ended
June 30,
|
GAAP
results
|
|
|
|
|
|
2022 $
million
|
|
2023 $
million
|
Net sales
|
|
|
|
|
|
14,544
|
|
14,694
|
Net income
|
|
|
|
|
|
805
|
|
1,048
|
EPS (diluted US
cents)
|
|
|
|
|
|
52.9
|
|
70.5
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
June 30,
|
|
Reported
∆%
|
|
Comparable
constant
currency
∆%
|
Adjusted non-GAAP
results
|
|
2022 $
million
|
|
2023 $
million
|
|
|
Net sales
|
|
14,544
|
|
14,694
|
|
1
|
|
—
|
EBITDA
|
|
2,117
|
|
2,018
|
|
(5)
|
|
1
|
EBIT
|
|
1,701
|
|
1,608
|
|
(5)
|
|
1
|
Net income
|
|
1,224
|
|
1,089
|
|
(11)
|
|
(4)
|
EPS (diluted US
cents)
|
|
80.5
|
|
73.3
|
|
(9)
|
|
(2)
|
Free Cash
Flow
|
|
1,066
|
|
848
|
|
|
|
|
(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.
|
Cash Returns to Shareholders
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 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 fiscal 2023, the Company returned approximately
$1.2 billion to shareholders through
cash dividends and share repurchases in addition to completing
three bolt-on acquisitions.
Dividend
The Amcor Board of Directors today declared a quarterly cash
dividend of 12.25 cents per share
(compared with 12.0 cents per share
in the same quarter last year). Combined with the last three
quarterly dividends, this increases the annual dividend for fiscal
2023 to 49.0 cents per share.
The quarterly dividend declared today 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 18.77 Australian cents per share, which reflects the
quarterly dividend of 12.25 cents per
share converted at an average AUD:USD exchange rate of 0.6526 over
the five trading days ended August 14,
2023.
The ex-dividend date will be September 6,
2023, the record date will be September 7, 2023, and the payment date will be
September 27, 2023.
Share repurchases
Amcor repurchased approximately 41 million shares (approximately
3% of total shares issued and outstanding) during fiscal 2023 for a
total cost of $431 million.
Amcor expects to allocate approximately $70 million of cash towards share repurchases in
fiscal 2024, as part of the program previously announced in fiscal
2023.
2023 financial results
Segment Information
|
Twelve Months Ended
June 30, 2022
|
Twelve Months Ended
June 30, 2023
|
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
|
11,151
|
1,517
|
13.6
|
|
11,154
|
1,429
|
12.8
|
|
Rigid
Packaging
|
3,393
|
289
|
8.5
|
|
3,540
|
265
|
7.5
|
|
Other(2)
|
—
|
(105)
|
|
|
—
|
(86)
|
|
|
Total Amcor
|
14,544
|
1,701
|
11.7
|
16.3
|
14,694
|
1,608
|
10.9
|
15.4
|
(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.
|
Twelve months ended June 30,
2023
Net sales for the Amcor Group increased by 1% on a reported
basis, which includes an unfavorable impact of approximately 3%
related to movements in foreign exchange rates, an unfavorable
impact of approximately 1% related to items affecting
comparability, and price increases of approximately $775 million (representing 5% growth) related to
the pass through of higher raw material costs.
Net sales on a comparable constant currency basis were in line
with the prior year, largely reflecting price/mix benefits of
approximately 3%. Full year volumes were approximately 3%
lower than last year.
GAAP Net Income was $1,048 million
and includes a $215 million gain on
the sale of Amcor's business in Russia on December 23, 2022.
Adjusted EBIT of $1,608 million was
1% higher than last year on a comparable constant currency
basis. Adjusted EBIT margin of 10.9% includes an adverse
impact of approximately 90 basis points related to increased sales
dollars associated with passing through higher raw material costs
and general inflation.
June 2023 quarter
Net sales for the Amcor Group of $3,673
million were 6% lower than last year on a reported
basis. This includes an unfavorable impact of approximately
2% related to items affecting comparability and price increases of
approximately $25 million
(representing 1% growth) related to the pass through of higher raw
material costs. Movements in foreign exchange rates had no
material impact on net sales for the quarter.
Net sales on a comparable constant currency basis were
approximately 5% lower than the same period last year.
Volumes were approximately 7% lower than last year. This was
partly offset by price/mix benefits of approximately 2%.
GAAP Net Income was $181
million. Adjusted EBIT of $436
million was approximately 7% lower than last year on a
comparable constant currency basis.
Flexibles
|
|
Twelve Months Ended
June 30,
|
|
Reported
∆%
|
|
Comparable
constant
currency
∆%
|
|
|
2022 $
million
|
|
2023 $
million
|
|
|
Net sales
|
|
11,151
|
|
11,154
|
|
—
|
|
1
|
Adjusted
EBIT
|
|
1,517
|
|
1,429
|
|
(6)
|
|
1
|
Adjusted EBIT / Sales
%
|
|
13.6
|
|
12.8
|
|
|
|
|
Twelve months ended June 30,
2023
Net sales of $11,154 million were
in line with last year on a reported basis, including an
unfavorable impact of approximately 4% related to movements in
foreign exchange rates, an unfavorable impact of approximately 2%
related to items affecting comparability, and price increases of
approximately $515 million
(representing 5% growth) related to the pass through of higher raw
material costs. On a comparable constant currency basis, net
sales were approximately 1% higher than last year reflecting
price/mix benefits of 4%, partly offset by approximately 3% lower
volumes.
In North America, net sales
were marginally lower than the prior year driven by lower volumes,
partly offset by price/mix benefits. Volumes were higher in the
healthcare, pet care, cheese, and home and personal care
categories, and this was more than offset by lower volumes in
categories including condiments, meat, and ready meals.
In Europe, net sales grew in
the low single digit range driven by price/mix benefits, partly
offset by lower volumes. Volumes were lower in the coffee,
home and personal care, yogurt and confectionary categories. This
was partly offset by higher volumes in the pet care and
pharmaceutical categories.
Net sales were in line with the prior year across the
Asia Pacific region, with
price/mix benefits offset by lower volumes. Volumes were
lower in China where demand was
unfavorably impacted by COVID-19 related lockdowns. Sales
growth remained strong in India, Australia, and the pan-Asian healthcare and
meat end markets. In Latin America, net sales declined in the
low single digit range driven by lower volumes, partly offset by
price/mix benefits.
Adjusted EBIT of $1,429 million
was 1% higher than in the prior period on a comparable constant
currency basis, reflecting favorable operating cost performance,
partly offset by the impact of lower volumes and unfavorable mix
trends.
Adjusted EBIT margin of 12.8% includes an adverse impact of
approximately 100 basis points related to the increased sales
dollars associated with passing through higher raw material costs
and general inflation.
June 2023 quarter
Net sales of $2,777 million were
6% lower than last year on a reported basis, including a favorable
impact of approximately 1% related to movements in foreign exchange
rates, an unfavorable impact of approximately 3% related to items
affecting comparability, and price increases of approximately
$25 million (representing 1% growth)
related to the pass through of higher raw material costs. On a
comparable constant currency basis, net sales were approximately 5%
lower than last year reflecting approximately 7% lower volumes,
partly offset by price/mix benefits of 2%.
Volume weakness was broad based with high single digit declines
across the European and North American markets, and a mid single
digit decline in Latin America. The volume decline in these
regions reflects soft consumer demand as well as customer
destocking. In Asia, overall volumes were in line with the
same quarter last year.
Adjusted EBIT of $387 million was
lower than the same quarter last year on a comparable constant
currency basis, reflecting lower volumes and heightened volatility
in customer order patterns, unfavorable mix trends, and ongoing
cost inflation. These unfavorable impacts were partly offset
by benefits from price and cost reduction initiatives.
Rigid
Packaging
|
|
Twelve Months Ended
June 30,
|
|
Reported
∆%
|
|
Comparable
constant
currency
∆%
|
|
|
2022 $
million
|
|
2023 $
million
|
|
|
Net sales
|
|
3,393
|
|
3,540
|
|
4
|
|
(3)
|
Adjusted
EBIT
|
|
289
|
|
265
|
|
(8)
|
|
(7)
|
Adjusted EBIT / Sales
%
|
|
8.5
|
|
7.5
|
|
|
|
|
Twelve months ended June 30,
2023
Net sales of $3,540 million were
4% higher than last year on a reported basis, including an
unfavorable impact of approximately 1% related to movements in
foreign exchange rates and price increases of approximately
$260 million (representing 8% growth)
related to the pass through of higher raw material costs. On
a comparable constant currency basis, net sales were approximately
3% lower than last year, reflecting price/mix benefits of
approximately 1% offset by approximately 4% lower volumes.
In North America, overall
beverage volumes were 6% lower than last year. Hot fill beverage
container volumes were in line with the prior year as new business
wins in key categories offset unfavorable consumer demand and
customer destocking. Combined preform and cold fill container
volumes were lower than the prior year. Overall specialty container
volumes were lower than the prior year with growth in the
healthcare, dairy and nutrition categories offset by weaker volumes
in the food and home and personal care categories.
In Latin America, volumes
declined at low single digit rates which reflects challenging
economic conditions across the region.
Adjusted EBIT of $265 million was
lower than the prior year on a comparable constant currency basis,
reflecting lower volumes and unfavorable mix trends, partly offset
by favorable operating cost performance.
Adjusted EBIT margin of 7.5% includes an adverse impact of
approximately 80 basis points related to the increased sales
dollars associated with passing through higher raw material costs
and general inflation.
June 2023 quarter
Net sales of $897 million were 5%
lower than the same quarter last year on a reported basis including
an unfavorable impact of 1% related to movements in foreign
exchange rates. On a comparable constant currency basis, net sales
were 4% lower than last year reflecting approximately 6% lower
volumes, partly offset by price/mix benefits of approximately
2%.
In North America, overall
beverage volumes were 8% lower than the same quarter last year as a
result of lower consumer demand and customer destocking more than
offsetting new business wins. June
2023 quarter hot fill beverage container volumes were 6%
lower than last year, broadly in line with the market.
Adjusted EBIT of $73 million was
lower than the same quarter last year on a comparable constant
currency basis, reflecting lower volumes and heightened volatility
in customer order patterns, unfavorable mix trends, and ongoing
cost inflation. These unfavorable impacts were partly offset
by benefits from price and cost reduction initiatives.
Net interest and income tax expense
For the year ended June 30, 2023,
net interest expense of $259 million was $124 million higher than the same period last
year, reflecting higher interest rates. GAAP income tax
expense was $193 million compared
with $300 million last year.
Excluding amounts related to non-GAAP adjustments, adjusted tax
expense for the year ended June 30,
2023 was $250 million compared
with $332 million in the prior
year. Adjusted tax expense represents an effective tax rate
of 18.5% which is lower than 21.2% last year, primarily due to
differences in the mix of taxable income and discrete items in both
periods.
Adjusted Free Cash Flow
Adjusted Free Cash Flow for fiscal 2023 was $848 million and compares with $1,066 million last year. The year over
year variance largely reflects higher interest payments and lower
accounts payable balances resulting from moderated purchasing
activities due to lower demand and inventory reduction
initiatives. June 2023 quarter
Adjusted Free Cash Flow of $834
million compares with $803
million in the same quarter last year.
Net debt was $6,057 million at
June 30, 2023. Leverage,
measured as net debt divided by adjusted trailing twelve month
EBITDA, was 3.0 times and in line with the Company's
expectations.
Fiscal 2024 Guidance
For the twelve-month period ending June
30, 2024, the Company expects:
- Adjusted EPS of 67 to 71 cents
per share which includes:
-
- Comparable constant currency earnings which includes underlying
business performance down low single digit % to up low single digit
%, a benefit of approximately 2% from share repurchases, and a
negative impact of approximately 6% related to higher estimated net
interest and tax expense;
- A negative impact of approximately 3% related to the sale of
the Company's three plants in Russia on December 23,
2022; and
- A benefit of approximately 2% related to currency translation,
assuming current rates prevail through the balance of fiscal
2024.
- The Company expects adjusted EPS on a reported basis in the
first half of fiscal 2024 to be down in the mid-teens % compared
with the first half of fiscal 2023, primarily due to lower volumes
and the residual headwinds related to the sale of the Russia plants and higher interest expense. In
the second half of fiscal 2024, adjusted EPS is expected to be up
mid-single digits % compared with the second half of fiscal 2023,
benefiting in-part from structural cost saving initiatives and
increased earnings leverage resulting from price and cost actions
taken in fiscal 2023 and 2024.
- Adjusted Free Cash Flow of approximately $850 million to $950
million, representing solid growth over fiscal 2023.
- Approximately $70 million of cash
to be allocated towards share repurchases as part of the program
previously announced in fiscal 2023.
Amcor's guidance contemplates a range of factors which create a
degree of uncertainty and additional 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 Wednesday August
16, 2023 at 5:30pm US Eastern
Daylight Time / Thursday August 17,
2023 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
toll-free 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 on 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.comI LinkedIn I Facebook
I Twitter I YouTube
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 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; 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;
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, 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. 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;
- 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 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 September 6, 2023 to September 7, 2023 inclusive.
U.S. GAAP Condensed
Consolidated Statements of Income (Unaudited)
|
|
|
|
|
Three Months Ended
June 30,
|
|
Twelve Months Ended
June 30,
|
($ million, except
per share amounts)
|
|
2022
|
2023
|
|
2022
|
|
2023
|
Net sales
|
|
3,909
|
3,673
|
|
14,544
|
|
14,694
|
Cost of
sales
|
|
(3,115)
|
(2,951)
|
|
(11,724)
|
|
(11,969)
|
Gross profit
|
|
794
|
722
|
|
2,820
|
|
2,725
|
Selling, general, and
administrative expenses
|
|
(342)
|
(329)
|
|
(1,284)
|
|
(1,246)
|
Research and
development expenses
|
|
(24)
|
(25)
|
|
(96)
|
|
(101)
|
Restructuring,
impairment and other related activities, net
|
|
(207)
|
(59)
|
|
(234)
|
|
104
|
Other income,
net
|
|
31
|
16
|
|
33
|
|
26
|
Operating
income
|
|
252
|
325
|
|
1,239
|
|
1,508
|
Interest expense,
net
|
|
(35)
|
(70)
|
|
(135)
|
|
(259)
|
Other non-operating
income/(expense), net
|
|
(1)
|
(3)
|
|
11
|
|
2
|
Income before income
taxes
|
|
216
|
252
|
|
1,115
|
|
1,251
|
Income tax
expense
|
|
(104)
|
(68)
|
|
(300)
|
|
(193)
|
Net income
|
|
112
|
184
|
|
815
|
|
1,058
|
Net income attributable
to non-controlling interests
|
|
(3)
|
(4)
|
|
(10)
|
|
(10)
|
Net income attributable
to Amcor plc
|
|
109
|
181
|
|
805
|
|
1,048
|
USD:EUR average FX
rate
|
|
0.9391
|
0.9185
|
|
0.8881
|
|
0.9561
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to Amcor
|
|
0.074
|
0.124
|
|
0.532
|
|
0.709
|
Diluted earnings per
share attributable to Amcor
|
|
0.073
|
0.123
|
|
0.529
|
|
0.705
|
Weighted average number
of shares outstanding – Basic
|
|
1,487
|
1,452
|
|
1,509
|
|
1,468
|
Weighted average number
of shares outstanding – Diluted
|
|
1,499
|
1,456
|
|
1,516
|
|
1,476
|
U.S. GAAP Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
Twelve Months Ended
June 30,
|
($
million)
|
|
|
2022
|
|
2023
|
Net income
|
|
|
815
|
|
1,058
|
Depreciation,
amortization, and impairment
|
|
|
625
|
|
586
|
Russia and Ukraine
impairment
|
|
|
138
|
|
—
|
Net gain on disposal of
businesses and investments
|
|
|
—
|
|
(220)
|
Changes in operating
assets and liabilities, excluding effect of acquisitions,
divestitures, and
currency
|
|
|
(207)
|
|
(265)
|
Other non-cash
items
|
|
|
155
|
|
102
|
Net cash provided by
operating activities
|
|
|
1,526
|
|
1,261
|
Purchase of property,
plant, and equipment and other intangible assets
|
|
|
(527)
|
|
(526)
|
Proceeds from sales of
property, plant, and equipment and other intangible
assets
|
|
|
18
|
|
30
|
Business acquisitions
and Investments in affiliated companies, and other
|
|
|
(12)
|
|
(177)
|
Proceeds/(payments)
from divestitures
|
|
|
(1)
|
|
365
|
Net debt
proceeds
|
|
|
476
|
|
228
|
Dividends
paid
|
|
|
(732)
|
|
(723)
|
Share
buy-back/cancellations
|
|
|
(601)
|
|
(432)
|
Treasury shares
purchases, net
|
|
|
(29)
|
|
(87)
|
Cash and cash
equivalents classified as held for sale
|
|
|
(75)
|
|
—
|
Other, including
effects of exchange rate on cash and cash equivalents
|
|
|
(118)
|
|
(100)
|
Net decrease in cash
and cash equivalents
|
|
|
(75)
|
|
(161)
|
Cash and cash
equivalents at the beginning of the year(1)
|
|
|
850
|
|
850
|
Cash and cash
equivalents at the end of the period
|
|
|
775
|
|
689
|
|
(1) Cash and cash
equivalents at the beginning of fiscal 2023 includes $75 million of
cash and cash equivalents as held for sale.
|
U.S. GAAP Condensed
Consolidated Balance Sheets (Unaudited)
|
|
($
million)
|
|
June 30,
2022
|
|
June 30,
2023
|
Cash and cash
equivalents
|
|
775
|
|
689
|
Trade receivables,
net
|
|
1,935
|
|
1,875
|
Inventories,
net
|
|
2,439
|
|
2,213
|
Property, plant and
equipment, net
|
|
3,646
|
|
3,762
|
Goodwill and other
intangible assets, net
|
|
6,942
|
|
6,890
|
Other assets
|
|
1,689
|
|
1,574
|
Total assets
|
|
17,426
|
|
17,003
|
Trade
payables
|
|
3,073
|
|
2,690
|
Short-term debt and
current portion of long-term debt
|
|
150
|
|
93
|
Long-term debt, less
current portion
|
|
6,340
|
|
6,653
|
Accruals and other
liabilities
|
|
3,722
|
|
3,477
|
Shareholders'
equity
|
|
4,141
|
|
4,090
|
Total liabilities and
shareholders' equity
|
|
17,426
|
|
17,003
|
Components of Fiscal
2023 Net Sales growth
|
|
|
Three Months Ended
June 30
|
|
Twelve Months Ended
June 30
|
($
million)
|
Flexibles
|
Rigid
Packaging
|
Total
|
|
Flexibles
|
Rigid
Packaging
|
Total
|
Net sales fiscal year
2023
|
2,777
|
897
|
3,673
|
|
11,154
|
3,540
|
14,694
|
Net sales fiscal year
2022
|
2,967
|
942
|
3,909
|
|
11,151
|
3,393
|
14,544
|
Reported Growth
%
|
(6)
|
(5)
|
(6)
|
|
—
|
4
|
1
|
FX %
|
1
|
(1)
|
—
|
|
(4)
|
(1)
|
(3)
|
Constant Currency
Growth %
|
(7)
|
(4)
|
(6)
|
|
4
|
5
|
4
|
Raw Material Pass
Through %
|
1
|
—
|
1
|
|
5
|
8
|
5
|
Items affecting
comparability %
|
(3)
|
—
|
(2)
|
|
(2)
|
—
|
(1)
|
Comparable Constant
Currency Growth %
|
(5)
|
(4)
|
(5)
|
|
1
|
(3)
|
—
|
Volume %
|
(7)
|
(6)
|
(7)
|
|
(3)
|
(4)
|
(3)
|
Price/Mix %
|
2
|
2
|
2
|
|
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, Earnings per share (EPS) and Free Cash
Flow
|
|
Three Months Ended
June 30, 2022
|
|
Three Months Ended
June 30, 2023
|
($
million)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)(1)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)(1)
|
Net income
attributable to Amcor
|
|
109
|
|
109
|
|
109
|
|
7.3
|
|
181
|
|
181
|
|
181
|
|
12.3
|
Net income attributable
to non-controlling interests
|
|
3
|
|
3
|
|
|
|
|
|
4
|
|
4
|
|
|
|
|
Tax expense
|
|
103
|
|
103
|
|
|
|
|
|
68
|
|
68
|
|
|
|
|
Interest expense,
net
|
|
35
|
|
35
|
|
|
|
|
|
70
|
|
70
|
|
|
|
|
Depreciation and
amortization
|
|
145
|
|
|
|
|
|
|
|
144
|
|
|
|
|
|
|
EBITDA, EBIT, Net
income and EPS
|
|
395
|
|
250
|
|
109
|
|
7.3
|
|
467
|
|
323
|
|
181
|
|
12.3
|
2019 Bemis Integration
Plan
|
|
11
|
|
11
|
|
11
|
|
0.7
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on
disposals
|
|
1
|
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
6
|
|
6
|
|
6
|
|
0.4
|
|
5
|
|
5
|
|
5
|
|
0.4
|
Property and other
(gains)/losses, net(2)
|
|
(10)
|
|
(10)
|
|
(10)
|
|
(0.6)
|
|
2
|
|
2
|
|
2
|
|
0.1
|
Russia-Ukraine conflict
impacts(3)
|
|
200
|
|
200
|
|
200
|
|
13.3
|
|
66
|
|
66
|
|
66
|
|
4.5
|
Pension
settlements
|
|
5
|
|
5
|
|
5
|
|
0.3
|
|
5
|
|
5
|
|
5
|
|
0.3
|
Other
|
|
—
|
—
|
—
|
|
—
|
|
—
|
|
(5)
|
|
(5)
|
|
(5)
|
|
(0.4)
|
Amortization of
acquired intangibles(4)
|
|
|
|
42
|
|
42
|
|
2.7
|
|
|
|
40
|
|
40
|
|
2.9
|
Tax effect of above
items
|
|
|
|
|
|
4
|
|
0.3
|
|
|
|
|
|
(12)
|
|
(0.8)
|
Adjusted EBITDA,
EBIT, Net income, and EPS
|
|
609
|
|
505
|
|
368
|
|
24.4
|
|
540
|
|
436
|
|
282
|
|
19.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBITDA, EBIT, Net income and EPS
|
|
(11)
|
|
(14)
|
|
(23)
|
|
(21)
|
% items affecting
comparability(5)
|
|
|
|
|
|
|
|
|
|
5
|
|
6
|
|
7
|
|
7
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
—
|
|
1
|
|
—
|
|
—
|
% comparable
constant currency growth
|
|
|
|
|
|
|
|
|
|
(6)
|
|
(7)
|
|
(16)
|
|
(14)
|
Adjusted
EBITDA
|
|
609
|
|
|
|
|
|
|
|
540
|
|
|
|
|
|
|
Interest paid,
net
|
|
(47)
|
|
|
|
|
|
|
|
(79)
|
|
|
|
|
|
|
Income tax
paid
|
|
(93)
|
|
|
|
|
|
|
|
(95)
|
|
|
|
|
|
|
Purchase of property,
plant and equipment and
other intangible assets
|
|
(154)
|
|
|
|
|
|
|
|
(144)
|
|
|
|
|
|
|
Proceeds from sales of
property, plant and
equipment and other intangible assets
|
|
11
|
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
Movement in working
capital
|
|
493
|
|
|
|
|
|
|
|
572
|
|
|
|
|
|
|
Other
|
|
(16)
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
803
|
|
|
|
|
|
|
|
834
|
|
|
|
|
|
|
|
(1) Calculation of
diluted EPS for the three months ended June 30, 2023 excludes net
income attributable to shares to be repurchased under forward
contracts of $1 million, and $1 million for the three months ended
June 30, 2022.
|
(2) Property and other
(gains)/losses, net for the three months ended June 30, 2023
includes property claims and losses, net of insurance recovery
related to the closure of our business in South Africa. The three
months ended June 30, 2022 include insurance recovery primarily
associated with the destruction of our Durban, South Africa
facility during general civil unrest in July 2021, net of business
losses.
|
(3) Includes
incremental restructuring and other costs attributable to group
wide initiatives to offset divested earnings from the Russian
business. The three months ended June 30, 2022 include
impairment charges and restructuring and related
expenses.
|
(4) Amortization of
acquired intangible assets from business combinations.
|
(5) Reflects the impact
of acquired, disposed, and ceased operations.
|
|
|
Twelve Months Ended
June 30, 2022
|
|
Twelve Months Ended
June 30, 2023
|
($
million)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)(1)
|
|
EBITDA
|
|
EBIT
|
|
Net
Income
|
|
EPS
(Diluted
US
cents)(1)
|
Net income
attributable to Amcor
|
|
805
|
|
805
|
|
805
|
|
52.9
|
|
1,048
|
|
1,048
|
|
1,048
|
|
70.5
|
Net income attributable
to non-controlling interests
|
|
10
|
|
10
|
|
|
|
|
|
10
|
|
10
|
|
|
|
|
Tax expense
|
|
300
|
|
300
|
|
|
|
|
|
193
|
|
193
|
|
|
|
|
Interest expense,
net
|
|
135
|
|
135
|
|
|
|
|
|
259
|
|
259
|
|
|
|
|
Depreciation and
amortization
|
|
579
|
|
|
|
|
|
|
|
569
|
|
|
|
|
|
|
EBITDA, EBIT, Net
income and EPS
|
|
1,829
|
|
1,250
|
|
805
|
|
52.9
|
|
2,080
|
|
1,510
|
|
1,048
|
|
70.5
|
2019 Bemis Integration
Plan
|
|
37
|
|
37
|
|
37
|
|
2.5
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on
disposals(2)
|
|
10
|
|
10
|
|
10
|
|
0.7
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
16
|
|
16
|
|
16
|
|
1.0
|
|
24
|
|
24
|
|
24
|
|
1.9
|
Property and other
losses, net(3)
|
|
13
|
|
13
|
|
13
|
|
0.8
|
|
2
|
|
2
|
|
2
|
|
0.1
|
Russia-Ukraine conflict
impacts(4)
|
|
200
|
|
200
|
|
200
|
|
13.2
|
|
(90)
|
|
(90)
|
|
(90)
|
|
(6.0)
|
Pension
settlements
|
|
8
|
|
8
|
|
8
|
|
0.5
|
|
5
|
|
5
|
|
5
|
|
0.3
|
Other
|
|
4
|
|
4
|
|
4
|
|
0.3
|
|
(3)
|
|
(3)
|
|
(3)
|
|
(0.3)
|
Amortization of
acquired intangibles (5)
|
|
|
|
163
|
|
163
|
|
10.7
|
|
|
|
160
|
|
160
|
|
10.8
|
Tax effect of above
items
|
|
|
|
|
|
(32)
|
|
(2.1)
|
|
|
|
|
|
(57)
|
|
(4.0)
|
Adjusted EBITDA,
EBIT, Net income and EPS
|
|
2,117
|
|
1,701
|
|
1,224
|
|
80.5
|
|
2,018
|
|
1,608
|
|
1,089
|
|
73.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBITDA, EBIT, Net income, and EPS
|
|
(5)
|
|
(5)
|
|
(11)
|
|
(9)
|
% items affecting
comparability(6)
|
|
|
|
|
|
|
|
|
|
3
|
|
4
|
|
4
|
|
4
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
3
|
|
2
|
|
3
|
|
3
|
% comparable
constant currency growth
|
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
(4)
|
|
(2)
|
Adjusted
EBITDA
|
|
2,117
|
|
|
|
|
|
|
|
2,018
|
|
|
|
|
|
|
Interest paid,
net
|
|
(119)
|
|
|
|
|
|
|
|
(248)
|
|
|
|
|
|
|
Income tax
paid
|
|
(256)
|
|
|
|
|
|
|
|
(225)
|
|
|
|
|
|
|
Purchase of property,
plant and equipment and
other intangible assets
|
|
(527)
|
|
|
|
|
|
|
|
(526)
|
|
|
|
|
|
|
Proceeds from sales of
property, plant and
equipment and other intangible assets
|
|
18
|
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
Movement in working
capital
|
|
(154)
|
|
|
|
|
|
|
|
(229)
|
|
|
|
|
|
|
Other
|
|
(13)
|
|
|
|
|
|
|
|
28
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
1,066
|
|
|
|
|
|
|
|
848
|
|
|
|
|
|
|
|
(1) Calculation of
diluted EPS for the twelve months ended June 30, 2023 excludes net
income attributable to shares to be repurchased under forward
contracts of $7 million, and $3 million for the twelve months ended
June 30, 2022.
|
(2) Includes losses on
disposal of non-core businesses in fiscal year 2022.
|
(3) Property and other
losses, net for fiscal year 2023 includes property claims and
losses, net of insurance recovery related to the closure of our
business in South Africa. Fiscal year 2022 includes business losses
primarily associated with the destruction of our Durban, South
Africa facility during general civil unrest in July 2021, net of
insurance recovery.
|
(4) Includes the net
gain on disposal of the Russian business in December 2022 and
incremental restructuring and other costs attributable to group
wide initiatives to offset divested earnings from the Russian
business. Fiscal year 2022 includes impairment charges and
restructuring and related expenses.
|
(5) Amortization of
acquired intangible assets from business combinations.
|
(6) Reflects the impact
of acquired, disposed, and ceased operations.
|
Reconciliation of adjusted EBIT by reporting segment
|
|
Three Months Ended
June 30, 2022
|
|
Three Months Ended
June 30, 2023
|
($
million)
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
Net income
attributable to Amcor
|
|
|
|
|
|
|
|
109
|
|
|
|
|
|
|
|
181
|
Net income attributable
to non-controlling interests
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
4
|
Tax expense
|
|
|
|
|
|
|
|
103
|
|
|
|
|
|
|
|
68
|
Interest expense,
net
|
|
|
|
|
|
|
|
35
|
|
|
|
|
|
|
|
70
|
EBIT
|
|
210
|
|
87
|
|
(46)
|
|
250
|
|
283
|
|
62
|
|
(22)
|
|
323
|
2019 Bemis Integration
Plan
|
|
12
|
|
—
|
|
(1)
|
|
11
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on
disposals
|
|
1
|
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
—
|
|
6
|
|
—
|
|
6
|
|
—
|
|
5
|
|
—
|
|
5
|
Property and other
(gains)/losses, net(1)
|
|
(14)
|
|
—
|
|
4
|
|
(10)
|
|
—
|
|
—
|
|
2
|
|
2
|
Russia-Ukraine conflict
impacts(2)
|
|
200
|
|
—
|
|
—
|
|
200
|
|
62
|
|
2
|
|
2
|
|
66
|
Pension
settlements
|
|
—
|
|
1
|
|
4
|
|
5
|
|
3
|
|
2
|
|
—
|
|
5
|
Other
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
(6)
|
|
(5)
|
Amortization of
acquired intangibles(3)
|
|
40
|
|
2
|
|
—
|
|
42
|
|
39
|
|
1
|
|
—
|
|
40
|
Adjusted
EBIT
|
|
449
|
|
96
|
|
(39)
|
|
505
|
|
387
|
|
73
|
|
(24)
|
|
436
|
Adjusted EBIT /
sales %
|
|
15.1 %
|
|
10.1 %
|
|
|
|
12.9 %
|
|
13.9 %
|
|
8.1 %
|
|
|
|
11.9 %
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBIT
|
|
|
|
|
|
|
|
|
|
(14)
|
|
(24)
|
|
—
|
|
(14)
|
% items affecting
comparability(4)
|
|
|
|
|
|
|
|
|
|
7
|
|
—
|
|
—
|
|
6
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
—
|
|
1
|
|
—
|
|
1
|
% comparable
constant currency
|
|
|
|
|
|
|
|
|
|
(7)
|
|
(23)
|
|
—
|
|
(7)
|
|
(1) Property and other
(gains)/losses, net for the three months ended June 30, 2023
includes property claims and losses, net of insurance recovery
related to the closure of our business in South Africa. The three
months ended June 30, 2022 include insurance recovery primarily
associated with the destruction of our Durban, South Africa
facility during general civil unrest in July 2021, net of business
losses.
|
(2) Includes
incremental restructuring and other costs attributable to group
wide initiatives to offset divested earnings from the Russian
business. The three months ended June 30, 2022 include impairment
charges and restructuring and related expenses.
|
(3) Amortization of
acquired intangible assets from business combinations.
|
(4) Reflects the impact
of acquired, disposed, and ceased operations.
|
|
|
Twelve Months Ended
June 30, 2022
|
|
Twelve Months Ended
June 30, 2023
|
($
million)
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
|
Flexibles
|
|
Rigid
Packaging
|
|
Other
|
|
Total
|
Net income
attributable to Amcor
|
|
|
|
|
|
|
|
805
|
|
|
|
|
|
|
|
1,048
|
Net income attributable
to non-controlling interests
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
10
|
Tax expense
|
|
|
|
|
|
|
|
300
|
|
|
|
|
|
|
|
193
|
Interest expense,
net
|
|
|
|
|
|
|
|
135
|
|
|
|
|
|
|
|
259
|
EBIT
|
|
1,101
|
|
265
|
|
(116)
|
|
1,250
|
|
1,357
|
|
225
|
|
(72)
|
|
1,510
|
2019 Bemis Integration
Plan
|
|
38
|
|
—
|
|
(1)
|
|
37
|
|
—
|
|
—
|
|
—
|
|
—
|
Net loss on
disposals(1)
|
|
10
|
|
—
|
|
—
|
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
Impact of
hyperinflation
|
|
—
|
|
16
|
|
—
|
|
16
|
|
—
|
|
24
|
|
—
|
|
24
|
Property and other
losses, net(2)
|
|
9
|
|
—
|
|
4
|
|
13
|
|
—
|
|
—
|
|
2
|
|
2
|
Russia-Ukraine conflict
impacts(3)
|
|
200
|
|
—
|
|
—
|
|
200
|
|
(100)
|
|
8
|
|
2
|
|
(90)
|
Pension
settlements
|
|
—
|
|
3
|
|
5
|
|
8
|
|
3
|
|
2
|
|
—
|
|
5
|
Other
|
|
2
|
|
—
|
|
2
|
|
4
|
|
14
|
|
1
|
|
(18)
|
|
(3)
|
Amortization of
acquired intangibles (4)
|
|
158
|
|
5
|
|
—
|
|
163
|
|
155
|
|
5
|
|
—
|
|
160
|
Adjusted
EBIT
|
|
1,517
|
|
289
|
|
(105)
|
|
1,701
|
|
1,429
|
|
265
|
|
(86)
|
|
1,608
|
Adjusted EBIT /
sales %
|
|
13.6 %
|
|
8.5 %
|
|
|
|
11.7 %
|
|
12.8 %
|
|
7.5 %
|
|
|
|
10.9 %
|
Reconciliation of
adjusted growth to comparable constant currency
growth
|
|
|
|
|
|
|
|
|
% growth - Adjusted
EBIT
|
|
|
|
|
|
|
|
|
|
(6)
|
|
(8)
|
|
|
|
(5)
|
% items affecting
comparability(5)
|
|
|
|
|
|
|
|
|
|
4
|
|
—
|
|
|
|
4
|
% currency
impact
|
|
|
|
|
|
|
|
|
|
3
|
|
1
|
|
|
|
2
|
% comparable
constant currency growth
|
|
|
|
|
|
|
|
|
|
1
|
|
(7)
|
|
|
|
1
|
|
(1) Includes losses on
disposal of non-core businesses in fiscal year 2022.
|
(2) Property and other
(gains)/losses, net for fiscal year 2023 includes property claims
and losses, net of insurance recovery related to the closure of our
business in South Africa. Fiscal year 2022 includes business losses
primarily associated with the destruction of our Durban, South
Africa facility during general civil unrest in July 2021, net of
insurance recovery.
|
(3) Includes the net
gain on the sale of the Russian business and incremental
restructuring and other costs attributable to group wide
initiatives to offset divested earnings from the Russian business.
Fiscal year 2022 includes impairment charges and restructuring and
related expenses.
|
(4) Amortization of
acquired intangible assets from business combinations.
|
(5) Reflects the impact
of acquired, disposed, and ceased operations.
|
Reconciliation of net debt
($
million)
|
|
June 30,
2022
|
|
June 30,
2023
|
Cash and cash
equivalents
|
|
(775)
|
|
(689)
|
Short-term
debt
|
|
136
|
|
80
|
Current portion of
long-term debt
|
|
14
|
|
13
|
Long-term debt
excluding current portion
|
|
6,340
|
|
6,653
|
Net
debt
|
|
5,715
|
|
6,057
|
View original
content:https://www.prnewswire.com/news-releases/amcor-reports-fiscal-2023-results-and-provides-outlook-for-fiscal-2024-301902011.html
SOURCE Amcor