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Frontera Energy Provides Operational Update on Kawa-1 Well, Offshore Guyana

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Frontera Energy to Provide Anchor Support to $58 Million CGX Rights Offering

Frontera to Provide Backstop to Guarantee Successful CGX Energy Rights Offering While Providing Equal Opportunity to Participate For All Shareholders

Frontera Energy Announces $20 Million Rights Offering Bridge Loan Agreement With CGX Energy

CALGARY, AB, Sept. 24, 2021 /PRNewswire/ – Frontera Energy Corporation (TSX: FEC) (“Frontera” or the “Company“), the majority shareholder of CGX Energy Inc. (TSXV: OYL) (“CGX“) and joint venture partner in the Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana (the “Joint Venture“) and CGX today provided an operational update on the Kawa-1 well, in the Corentyne Block, offshore Guyana.

On August 22, the Kawa-1 well was spud. Downhole drilling operations have been without any significant issues and are on target. Since spud, the Joint venture has successfully run the 36-inch conductor and 22 and 18-inch casing strings. As of September 23, 2021, the well has achieved the planned casing point at a total depth of 9,900 feet (3,017.5 meters). The crews have successfully run and cemented the 18-inch casing which is the third of five planned casing strings and the well is now currently drilling the next hole section below the current last casing point.

The well results thus far are consistent with our pre-drill geological and geophysical expectations and formations are coming in on depth. The Joint Venture is looking forward to drilling and evaluating the upcoming well sections and maintaining safe and efficient operations. The Joint Venture expects the Kawa-1 well to reach total depth in the first half of December 2021.

Rights Offering Bridge Loan

Frontera and CGX also announced today that they have entered into a term sheet for a $20 million rights offering bridge loan (the “Rights Offering Bridge Loan“) that will enable CGX to continue to fund its share of costs related to the Corentyne, Demerara and Berbice blocks, the Berbice Deepwater Port, and other budgeted costs as agreed to by Frontera. The Rights Offering Bridge Loan is an advance on Frontera’s participation in a rights offering (the “Rights Offering”) announced by CGX today.

The $20 million Rights Offering Bridge Loan from Frontera will be available to CGX for drawdown in tranches on a non-revolving basis until October 31, 2021. The Rights Offering Bridge Loan, together with all interest accrued, shall be due and payable on October 31, 2021 (the “Maturity Date“) or such later date as determined by Frontera, at its sole discretion; however, CGX and Frontera have agreed that the acquisition cost of any securities acquired by Frontera pursuant to the exercise of Rights (as defined below) under the Rights Offering (as defined below) will be satisfied by the reduction of the amounts payable to Frontera under the Rights Offering Bridge Loan. Interest payable on the principal amount outstanding shall accrue at a rate of 9.7% per annum paid monthly in cash, with interest on overdue interest. If the Maturity Date is extended by Frontera, at its sole discretion, the new interest rate will be 15% per annum.

The Rights Offering Bridge Loan contemplated by the term sheet remains subject to customary conditions, including the negotiation and execution of definitive agreements between Frontera and CGX and obtaining regulatory approvals. There is no guarantee that definitive agreements will be executed on the terms contemplated, or at all.

Standby Commitment

On September 24, 2021, CGX announced that, subject to approval of the TSX Venture Exchange (the “TSXV“), CGX will offer rights (each, a “Right“) to holders of its common shares (“CGX Shares“) at the close of business on the record date of October 1, 2021, on the basis of 0.157 of one Right for each CGX Share held (the “Rights Offering“). Each whole Right will entitle the holder to subscribe for one (1) CGX Share upon payment of the subscription price of C$1.63.

Frontera has agreed to provide a standby commitment in connection with the Rights Offering. Pursuant to the terms of the standby purchase agreement, Frontera will agree to exercise Rights to maintain its current percentage of issued and outstanding CGX Shares and will also provide a standby commitment pursuant to which it will agree to acquire any CGX Shares available as a result of any unexercised Rights under the Rights Offering. As a result, CGX will be guaranteed to issue approximately 45,151,419 CGX Shares in connection with the Rights Offering, for aggregate gross proceeds of approximately C$73,600,000 (equivalent of approximately US$58,160,000) if one includes the principal amount of the Rights Offering Bridge Loan which will be used to fund a portion of Frontera’s purchase of CGX Shares under the Rights Offering.

In consideration for the standby commitment, Frontera will receive 5-year warrants to purchase the number of CGX Shares equal to 10% of the CGX Shares Frontera acquires under its standby commitment, at an exercise price equal to US$1.51 per Common Share (being the U.S. dollar equivalent of the C$1.91 closing price of the CGX Shares on the TSX Venture Exchange (the “TSXV“) prior to the announcement of the Rights Offering).

Frontera currently owns 212,392,155 CGX Shares, which represents approximately 73.85% of the issued and outstanding CGX Shares. Frontera also has a right to convert certain debt owed by CGX, which if converted would result in the issuance of additional CGX Shares. As a result of the Rights Offering, Frontera could increase its ownership of outstanding CGX Shares from its current ownership of approximately 73.85% to up to approximately 79.11% if no other shareholder participates in the Rights Offering and Frontera elects to exercise its conversion rights under certain debt owed by CGX.

About Frontera

Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 39 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.

If you would like to receive Frontera news releases via email as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.

Advisories

Cautionary Note Concerning Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, the execution of definitive agreements to give effect to the Loan, ability to obtain TSXV or other regulatory approvals, commencement and closing of the Rights Offering, and the expectations with respect to the Kawa-1 well) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: timing and receipt of TSXV approvals; ability to conclude agreements with CGX; stock market volatility  and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 3, 2021 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

SOURCE Frontera Energy Corporation

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Energy

Desert Peak Minerals Inc. Launches Initial Public Offering

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DENVER, Oct. 28, 2021 /PRNewswire/ — Desert Peak Minerals Inc. (“Desert Peak”) announced today that it has launched an all primary initial public offering of 10,000,000 shares of its Class A common stock (“common stock”) at an anticipated initial offering price between $20.00 and $23.00 per share pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission (the “SEC”). In addition, Desert Peak intends to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of its common stock. The shares have been authorized for listing on the New York Stock Exchange under the ticker symbol “DPM,” subject to official notice of issuance.

Barclays Capital Inc., Credit Suisse Securities (USA) LLC and UBS Securities LLC are acting as lead book-running managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the preliminary prospectus may be obtained from any of the following sources:

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
[email protected]

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
6933 Louis Stephens Drive
Morrisville, NC 27560
Telephone: 1-800-221-1037
[email protected]

UBS Securities LLC
Attention: Prospectus Department
1285 Avenue of the Americas
New York, NY 10019
Telephone: (888) 827-7275
[email protected]

About Desert Peak Minerals Inc.

Desert Peak Minerals Inc. was founded by Kimmeridge to acquire, own and manage high-quality Permian Basin mineral and royalty interests with the objective of generating cash flow from operations that can be distributed as dividends and reinvested to expand its base of cash flow generating assets. Desert Peak is a leading independent Permian Basin pure-play mineral and royalty company and has accumulated over 100,000 net royalty acres (when normalized to a 1/8th royalty equivalent) through the consummation of over 175 acquisitions to date.

Important Information

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Desert Peak Minerals Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the size, timing or results of the initial public offering, represent Desert Peak’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Desert Peak’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Desert Peak does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Desert Peak to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Desert Peak’s initial public offering. The risk factors and other factors noted in Desert Peak’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.

Contacts

Desert Peak Minerals Inc.
Carrie Osicka
Chief Financial Officer
(720) 640-7651

SOURCE Desert Peak Minerals Inc.


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Insights on the Memristors Global Market to 2026 – Growth of Electronics Industry Expected to Boost the Demand

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DUBLIN, Oct. 28, 2021 /PRNewswire/ — The “Memristors Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

The memristors market was valued at US$1,126.123 million in 2019 and is expected to grow steadily during the forecast period. Memristors limit or regulate the flow of electrical current in a circuit and keep track of the amount of charge that has passed through them previously. Because their memory is non-volatile, memristors can retain information without power. The use of memristors is widespread in portable electronics, industrial robotics, supercomputers, servers, and data centres.

Memristor’s market share is dominated by the electronics and IT & telecommunication industries. In comparison with other memory elements, memristors have the key advantage of assisting electronic device manufacturers with developing devices with neural architecture. Memory memristors are being considered as a possible replacement for CMOS in storage class memories as they possess outstanding performance characteristics, such as fast writes, low energy consumption, ease of scaling, ease of integration with three dimensions, and compatibility with traditional CMOS fabrication methods.

Market growth has primarily been driven by the advantages of memristors over other memory technologies, an increase in industrial robots that require memory, the rise of smartwatches, smartphones, and other smart wearables, as well as the rise in data centres around the world. While the Internet of Things (IoT) trend grows, there are new opportunities in the market for memristor players.

Growth Factors

Growth of electronics industry expected to boost the demand

With the rise in memory density and power demands in the consumer electronics sector, there is a continuous increase in performance demands for Memristors. As the consumer electronics sector adopts memristors, the demand will be driven mainly by wearable devices and connected devices, which are expected to witness tremendous growth during the forecast period. According to new data from the International Data Corporation (IDC), global shipments of wearable technology reached 153.5 million in the fourth quarter of 2020, representing an increase of 27.2% over the same period in the previous year. IoT and AI are driving memristor’s use to an even greater extent.

An AI consortium was announced by Crossbar Inc. and Robosensing Inc. in February 2019, which could deliver a greatly accelerated, power-saving AI standard and platform that will enable new AI functions at the edge, in gateways, and across clouds and data centres. United States has the world’s largest private AI investment market, which includes start-ups and large companies. In March 2019, the government of the United States launched AI.gov to allow anyone to find out more about the government’s ongoing AI initiatives. As of September 2018, the US government has announced it will invest up to $2 billion in the future of artificial intelligence. These trends indicate that memristor adoption is likely to increase during the forecast period.

Restraints

High cost and alternatives

As a result of the high initial cost and the fact that they are still being developed, there are many threats such as error rate, reliability, programming ease, etc., which can cause the memristor market to decline. Further, companies like Rambus, Panasonic & Crossbar are also developing Resistive RAM Technologies, which can be used instead of memristors.

Covid-19 Impact

Despite the COVID-19 pandemic’s disruption of manufacturing supplies and temporary shutdowns, the effects on artificial intelligence are still looming. Wearable devices are becoming more popular as people become more health-conscious; the ever-growing AI and IoT sectors during COVID -19 have resulted in a booming market for memristors.

Key Topics Covered:

1. Introduction
1.1. Market Definition
1.2. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Memristors Market Analysis, By Type
5.1. Introduction
5.2. Molecular and Ionic Thin Film
5.3. Spin and Magnetic

6. Memristors Market Analysis, By Applications
6.1. Introduction
6.2. Digital memory
6.3. Logic circuits
6.4. Biological and Neuromorphic Systems
6.5. Others

7. Memristors Market Analysis, By Geography
7.1. Introduction
7.2. Americas
7.2.1. Americas Memristors Market, By Type, 2020 to 2026
7.2.2. Americas Memristors Market, By Applications, 2020 to 2026
7.2.3. By Country
7.2.3.1. United States
7.2.3.2. Canada
7.2.3.3. Others
7.3. Europe Middle East and Africa
7.3.1. Europe Middle East and Africa Memristors Market, By Type, 2020 to 2026
7.3.2. Europe Middle East and Africa Memristors Market, By Applications, 2020 to 2026
7.3.3. By Country
7.3.3.1. Germany
7.3.3.2. France
7.3.3.3. United Kingdom
7.3.3.4. Others
7.4. Asia Pacific
7.4.1. Asia Pacific Memristors Market, By Type, 2020 to 2026
7.4.2. Asia Pacific Memristors Market, By Applications, 2020 to 2026
7.4.3. By Country
7.4.3.1. China
7.4.3.2. Japan
7.4.3.3. India
7.4.3.4. Others

8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. Company Profiles
9.1. Toshiba
9.2. Samsung
9.3. Texas Instruments
9.4. IBM
9.5. Fujitsu
9.6. Intel
9.7. Micron
9.8. Unity Semiconductor
9.9. Sony
9.10. Hewlett-Packard

For more information about this report visit https://www.researchandmarkets.com/r/jc3qc0

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets

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bp and Infosys to Develop ‘Energy as a Service’ Solution for Campuses and Cities

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Infosys and bp intend to co-develop a digital platform that can collect data from multiple energy assets and use artificial intelligence to optimize the energy supply and demand for power, heat, cooling and EV charging. The companies will pilot the digital platform at the Infosys Pune Development Center – in an environment that replicates a small city, where energy is generated, stored, and consumed at multiple points. Once the pilot is successful, they will aim to roll this model out across other Infosys campuses in India, and with some clients, to help manage energy and help reduce emissions.

In addition, the companies have agreed to collaborate on integrating solar energy production into the campus’ energy system. Energy that is generated through this integration will be monitored and optimized by the digital platform and can be stored or redirected to the building power supply, heating and cooling systems, and also to an EV charging infrastructure.

Sashi Mukundan, President, bp India and Senior Vice President, bp Group, said, “At bp, we set out to provide solutions to enable cities and hard to abate industries decarbonize. Integrating advances in energy, mobility and digital technologies and services has huge potential to accelerate the progress towards a more sustainable and resilient future. By bringing together our complementary capabilities, products, and services from bp’s different joint ventures in India, bp and Infosys can help each other – and our customers – achieve energy and sustainability goals faster.”

Pravin Rao, Chief Operating Officer, Infosys, said, “Infosys shares bp’s ambitions for a net zero carbon future. Our collaboration with bp further strengthens our long-standing commitment towards sustainability and supports our ambitious ESG goals. We will now bring together the best of digital technologies – advanced AI, connected digital systems, experience design, analytics – and decarbonization to create an integrated energy and mobility offering. Together, bp and Infosys can create compelling and sustainable value for our customers globally.”

bp in India

With a century-long business presence in India, bp is one of the largest integrated energy companies in the country. In addition to their gas value chain partnership, they have a major retail, aviation fuels and mobility alliance, Jio-bp. bp’s activities in India also include Castrol lubricants, oil and gas trading, clean energy projects through its investment in the Green Growth Equity Fund (GGEF), IT applications and delivery activities, an AI enabled new global business services center and a digital innovation hub, staffing and training for the global bp marine fleet, and the recruitment of skilled Indian employees for bp’s global businesses.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in more than 50 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2021. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

SOURCE Infosys

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Ardagh Metal Packaging S.A. – Third Quarter 2021 Results

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LUXEMBOURG, Oct. 28, 2021 /PRNewswire/ — Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2021.












Three months ended September 30,







2021


2020 (1)


Change


Constant Currency



$’m


$’m





Revenue


1,038


899


15%


14%

(Loss)/profit for the period


(178)


52





Adjusted EBITDA(2)


176


151


17%


15%

Loss per share


(0.32)







Adjusted earnings per share(2)


0.14







Oliver Graham, CEO of Ardagh Metal Packaging, said

“We delivered strong earnings growth in the quarter, with Adjusted EBITDA increasing by 17% to $176 million. AMP’s diversified customer base and end markets, as well as our operational agility, served us well in the quarter and enabled us to manage softness in the hard seltzer end market. We are modestly raising our full year 2021 earnings outlook, despite a highly inflationary environment for costs. We are committing to strategic new growth initiatives in the United Kingdom and the southwestern United States as we respond to strong demand for sustainable metal packaging. Both projects involve multi-line beverage can production facilities, with production commencing in 2023 and 2024.”

  • Revenue growth of 14% at constant exchange rates to $1,038 million, with Americas increasing by 16% and Europe by 11%.
  • Adjusted EBITDA growth for the quarter of 15% to $176 million at constant currency, with the Americas increasing by 28% as a result of favorable mix. Europe Adjusted EBITDA was modestly higher, reflecting a strong prior year third quarter. LTM Adjusted EBITDA to September 30, 2021 increased to $637 million, from $545 million at December 31, 2020. Adjusted EBITDA margin for the quarter increased to 17.0% (Q3 2020: 16.8%).
  • Global beverage can shipments were 6% lower in the quarter, of which over 3% was attributable to the residual impact of the cyber security incident. Excluding this, Americas shipments declined by low-single digits, principally due to hard seltzer weakness in North America and some market softness in the winter season in Brazil relative to a strong comparable. In response, AMP successfully pivoted to other stronger-growing beverage markets during the quarter. In Europe, where we are capacity constrained until 2022 pending new capacity coming online, lower shipments reflected a very strong prior year comparable, with growth of 10%.
  • Specialty cans represented 44% of shipments during the quarter.
  • Growth investment program largely on track, despite global supply chain challenges, and set to deliver significant additional capacity for 2022 and beyond. Olive Branch (MS) ramp up of two new high-speed lines is well advanced, while Winston Salem (NC) can lines will commence production around year end. Huron (OH) brownfield facility to begin ends production later this quarter, with can production commencing in early-2022. Third quarter growth investment spend of $121 million.
  • Strategic additional growth initiatives planned in the United Kingdom and the southwestern United States. Both projects involve multi-line beverage can production facilities, with production commencing in 2023 and 2024.
  • Total liquidity in excess of $0.8 billion at September 30, 2021, including a newly executed $325 million ABL facility.
  • Full year 2021 Adjusted EBITDA to be at least $660 million compared with the previously-guided at least $654 million.

Financial Performance Review


Bridge of 2020 to 2021 Revenue and Adjusted EBITDA


Three months ended September 30, 2021








Revenue


Europe


Americas


Group



$’m


$’m


$’m

Revenue 2020


421


478


899

Organic


48


77


125

FX translation


14



14

Revenue 2021


483


555


1,038








Adjusted EBITDA


Europe


Americas


Group



$’m


$’m


$’m

Adjusted EBITDA 2020


73


78


151

Organic


1


22


23

FX translation


2



2

Adjusted EBITDA 2021


76


100


176








2021 margin %


15.7%


18.0%


17.0%

2020 margin %


17.3%


16.3%


16.8%


Nine months ended September 30, 2021 (1)









Revenue


Europe


Americas


Group



$’m


$’m


$’m

Revenue 2020


1,201


1,357


2,558

Organic


97


228


325

FX translation


85



85

Revenue 2021


1,383


1,585


2,968








Adjusted EBITDA


Europe


Americas


Group



$’m


$’m


$’m

Adjusted EBITDA 2020


197


208


405

Organic


16


62


78

FX translation


14



14

Adjusted EBITDA 2021


227


270


497








2021 margin %


16.4%


17.0%


16.7%

2020 margin %


16.4%


15.3%


15.8%

Review of the three months ended September 30, 2021

Group

Revenue in the three months ended September 30, 2021 increased by $139 million, or 15%, to $1,038 million, compared with $899 million in the three months ended September 30, 2020. The increase in revenue is primarily driven by favorable volume/mix effects, which includes an impact of the Group’s growth investment program and the pass through to customers of higher metal costs and favorable foreign currency translation effects of $14 million.

Adjusted EBITDA in the three months ended September 30, 2021 increased by $25 million, or 17%, to $176 million, compared with $151 million in the three months ended September 30, 2020. The increase was primarily driven by favorable volume/mix effects, which includes an impact of the Group’s growth investment program and favorable foreign currency translation effects of $2 million. Included within Adjusted EBITDA in the three months ended September 30, 2021 are losses and incremental costs relating to the previously-reported cyber security incident of $11 million ($7 million in Americas and $4 million in Europe), which are fully compensated by Ardagh under the indemnity agreement in place.

Americas

Revenue increased by $77 million, or 16%, to $555 million in the three months ended September 30, 2021, compared with $478 million in the three months ended September 30, 2020. The increase in revenue principally reflected the pass through of higher metal costs and favorable volume/mix effects.

Adjusted EBITDA increased by $22 million, or 28%, to $100 million in the three months ended September 30, 2021, compared with $78 million in the three months ended September 30, 2020. The increase was mainly driven by favorable volume/mix effects, which includes an impact of the Group’s growth investment program.

Europe

Revenue increased by $62 million, or 15%, to $483 million in the three months ended September 30, 2021, compared with $421 million in the three months ended September 30, 2020. Excluding favorable foreign currency translation effects of $14 million, revenue increased by $48 million, mainly due to favorable volume/mix effects and the pass through of higher metal costs.

Adjusted EBITDA increased by $3 million, or 4%, to $76 million in the three months ended September 30, 2021, compared with $73 million in the three months ended September 30, 2020. Excluding favorable foreign currency translation effects of $2 million, Adjusted EBITDA increased by $1 million, principally reflecting favorable volume/mix effects, including a positive impact from the Group’s growth investment program, partly offset by increased costs.

Earnings Webcast and Conference Call Details

Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third quarter 2021 earnings webcast and conference call for investors at 9.00 a.m. EST (2.00 p.m. BST) on October 28, 2021. Please use the following webcast link to register for this call:

Webcast registration and access:

https://event.webcasts.com/starthere.jsp?ei=1502997&tp_key=acbc8f17b7

Conference call dial in:

United States: +1 323 794 2093
International: +44 330 336 9105
Participant pin code: 3746074

Slides

Supplemental slides to accompany this release are available at https://www.ardaghmetalpackaging.com/corporate/investors

About Ardagh Metal Packaging
Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing close to 5,000 employees and had sales of approximately $3.5 billion in 2020.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures 
This press release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS or US GAAP. Non-GAAP financial measures may be considered in addition to GAAP financial information, but should not be used as substitutes for the corresponding GAAP measures. The non-GAAP financial measures used by AMP may differ from, and not be comparable to, similarly titled measures used by other companies.

Unaudited Consolidated Condensed Income Statement for the three months ended
September 30, 2021
(1) 










Three months ended September 30, 2021



Before


Exceptional





exceptional items


items


Total



$’m


$’m


$’m

Revenue


1,038



1,038

Cost of sales


(869)


(8)


(877)

Gross profit


169


(8)


161

Sales, general and administration expenses


(40)


(230)


(270)

Intangible amortization


(37)



(37)

Operating profit/(loss)


92


(238)


(146)

Net finance (expense)/income


(27)


9


(18)

Profit/(loss) before tax


65


(229)


(164)

Income tax (charge)/credit


(16)


2


(14)

Profit/(loss) for the period


49


(227)


(178)

Unaudited Consolidated Condensed Statement of Financial Position (1)




At September 30, 2021


$’m

Non-current assets


Intangible assets

1,711

Property, plant and equipment

1,620

Other non-current assets

111


3,442

Current assets


Inventories

366

Trade and other receivables

624

Cash and cash equivalents

496

Other current assets including contract assets

283


1,769

TOTAL ASSETS

5,211



TOTAL EQUITY

271



Non-current liabilities


Borrowings including lease obligations

2,851

Other non-current liabilities*

781


3,632

Current liabilities


Borrowings including lease obligations

54

Payables and other current liabilities

1,254


1,308

TOTAL LIABILITIES

4,940

TOTAL EQUITY and LIABILITIES

5,211


* Other non-current liabilities include liabilities for earnout shares of $282 million and warrants of $37 million.

Unaudited Consolidated Condensed Statement of Cash Flows (1)




Three months ended September
30, 2021


$’m

Cash flows from operating activities


Cash from operations (3)

138

Interest received

7

Income tax paid

(7)

Cash flows from operating activities

138



Cash flows used in investing activities


Capital expenditure

(139)

Cash flows used in investing activities

(139)



Cash flows from financing activities


Changes in borrowings

7

Repayment of related party borrowings to Ardagh

(996)

Proceeds from share issuance, net of costs

934

Lease payments

(12)

Other financing cash flows

(8)

Net cash outflow from financing activities

(75)



Net decrease in cash and cash equivalents

(76)



Cash and cash equivalents at beginning of period

587

Foreign exchange loss on cash and cash equivalents

(15)

Cash and cash equivalents at end of period

496

Financial assets and liabilities


At September 30, 2021, the Group’s net debt and available liquidity was as follows:








Drawn amount


Available liquidity



$’m


$’m

Senior Secured and Senior Notes


2,750


Global Asset Based Loan Facility



325

Lease obligations


185


Other borrowings/credit lines


11


Total borrowings / undrawn facilities


2,946


325

Deferred debt issue costs


(41)


Net borrowings / undrawn facilities


2,905


325

Cash and cash equivalents


(496)


496

Net debt / available liquidity


2,409


821






At September 30, 2021



$’m

Net Debt


2,409

LTM Adjusted EBITDA


637

Net debt to LTM Adjusted EBITDA (4)


 3.8x

Reconciliation of loss for the period to Adjusted profit




Three months ended September 30,


2021


$’m

Loss for the period

(178)

Exceptional items, net of tax

227

Intangible amortization, net of tax

29

Adjusted profit for the period

78



Weighted average common shares

562.8



Loss per share

(0.32)



Adjusted earnings per share

0.14

Reconciliation of loss for the period to Adjusted EBITDA (5), Adjusted operating cash
flow and Adjusted free cash flow




Three months ended September 30,


2021


$’m

Loss for the period

(178)

Income tax charge

14

Net finance expense

18

Depreciation and amortization

84

Exceptional operating items

238

Adjusted EBITDA

176

Movement in working capital

(23)

Capital expenditure

(139)

Lease payments

(12)

Adjusted operating cash flow

2

Interest received

7

Income tax paid

(7)

Adjusted free cash flow

2

____________________

Related Footnotes


(1) For information related to and including the period prior to April 1, 2021, please refer to the unaudited combined interim financial statements prepared on a carve-out basis from the consolidated financial statements of Ardagh Group S.A., as included in the unaudited consolidated interim financial statements of the Group for the three and nine months ended September 30, 2021, which are available at https://www.ardaghmetalpackaging.com/corporate/investors

(2) For a reconciliation to the most comparable GAAP measures, see Page 7.  

(3) Cash from operations is derived from the aggregate of Adjusted EBITDA as presented on Page 7, working capital outflows of $23 million and other exceptional cash outflows of $15 million.

(4) Net debt is comprised of net borrowings, net of cash and cash equivalents and restricted cash held in escrow. Net borrowings comprises non-current and current borrowings including lease obligations. LTM Adjusted EBITDA at September 30, 2021 is derived from Adjusted EBITDA as presented on Page 2 for the nine months ended September 30, 2021 and 2020, respectively, and Adjusted EBITDA as presented in the audited combined financial statements of the AMP Business for the year ended December 31, 2020, as included on pages F–2 to F-60 of Amendment No. 3 of the Company’s Registration Statement on Form F-4 (333-254005) filed with the Securities and Exchange Commission (the “SEC”) on June 22, 2021 (the “Form F-4”).

(5) AMP does not present a reconciliation to the most comparable GAAP measure for Adjusted EBITDA for the three and nine months ended September 30, 2020 and the nine months ended September 30, 2021, because such information was historically reported to provide information about reportable segments of the Ardagh Group S.A. and its subsidiaries. See the unaudited consolidated interim financial statements of the Group for the three and nine months ended September 30, 2021 referred to in Note (1).

SOURCE Ardagh Metal Packaging S.A.


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Source: https://www.prnewswire.com:443/news-releases/ardagh-metal-packaging-sa—third-quarter-2021-results-301410869.html

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