Exhibit 99.1

 

 

20 August 2019 US; 21 August 2019 Australia

 

Amcor reports fiscal 2019 full year results and provides outlook for fiscal 2020

 

CHICAGO and MELBOURNE, Australia — Amcor plc (NYSE: AMCR, ASX: AMC) today reported results for the fiscal year ended 30 June 2019.

 

Highlights*

 

·                  GAAP net income of $430.2 million; Cash flow from operating activities of $776.1 million;

·                  Adjusted EBIT of $1,075.4 million, up 5.7% in constant currency terms;

·                  Adjusted net income of $729.5 million, up 9.0% in constant currency terms;

·                  Adjusted cash flow after dividends of $192.7 million;

·                  2019 total dividend increased to 45.5 US cents per share, including 12.0 US cents per share dividend declared today;

·                  All-stock Bemis acquisition completed 11 June 2019 and $180 million of pre-tax cost synergies over three years reconfirmed; and

·                  Proceeds from required divestments to drive shareholder value through a $500 million share buy-back and $50 million in strategic investments to advance Amcor’s sustainability agenda.

 

Amcor’s CEO Mr Ron Delia said: “2019 was a transformative year for Amcor, marked by the successful completion of the Bemis acquisition and our listing on the New York Stock Exchange.  The integration of Bemis is well underway and we remain confident in our ability to deliver $180 million of pre-tax cost synergies by the end of the 2022 fiscal year.”

 

“The legacy Amcor business performed well during the 2019 financial year, delivering results right in line with expectations and building momentum in several areas including safety, sales and working capital.  Overall, Amcor delivered net income growth of 9% in constant currency terms with good performance in both the Rigid Packaging and Flexibles reporting segments.”

 

“Our financial profile is strong and will be enhanced as we deliver financial benefits from the Bemis acquisition and continued organic growth across the business.   Amcor’s capacity to drive shareholder returns is evident in the initiatives announced today including increasing the dividend, returning $500 million to shareholders through a share buy-back and investing at least $50 million in strategic projects to accelerate our sustainability agenda.”

 

“Today, Amcor is the global leader in consumer packaging with a unique combination of talented people, differentiated capabilities, scale and global reach.  These are powerful competitive advantages that enable us to better serve our customers and to develop and deliver packaging that best protects the environment.”

 

Key financials*

 

GAAP results

 

FY18 USD
million

 

FY19 USD
million

 

Net sales

 

9,319.1

 

9,458.2

 

Net income

 

575.2

 

430.2

 

EPS (US cents)

 

49.4

 

36.3

 

Cash flow from operating activities

 

871.4

 

776.1

 

 

Adjusted non-GAAP results

 

FY18 USD
million

 

FY19 USD
million

 

Reported
r%

 

Currency
impact
r%

 

Constant
Currency
r%

 

Sales

 

9,319.1

 

9,458.2

 

1.5

 

(4.0

)

5.5

 

EBITDA

 

1,389.9

 

1,393.9

 

0.3

 

(3.8

)

4.1

 

EBIT

 

1,056.4

 

1,075.4

 

1.8

 

(3.9

)

5.7

 

Net income

 

697.3

 

729.5

 

4.6

 

(4.4

)

9.0

 

Free cash flow (before dividends)

 

643.4

 

733.4

 

 

 

 

 

 

 

Cash flow after dividends

 

116.6

 

192.7

 

 

 

 

 

 

 

 


The following information was filed by Amcor Plc (AMCR) on Tuesday, August 20, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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