Managing Director and Chief Executive Officer at Amcor
Okay. Thanks, Michael. Before closing and turning it over to Q&A, I'd like to spend a few minutes on the longer term, starting on slide 10, which summarizes the investment case for Amcor. Over the last several years, we've continued to execute against our strategy, strengthen our capabilities and establish a stronger foundation for growth and value creation. And as a result, we believe Amcor is better positioned strategically and our investment case is as strong as ever. In simple terms, that investment case starts with our market positions. We're the global leader in most of our chosen segments with relative and absolute scale advantages in every region and significant exposure to attractive high-value end markets across food, beverage and health care. We have a proven track record of consistent earnings growth and margin expansion, and we generate significant free cash flow every year, including between the $1.1 billion and $1.2 billion in this 2022 fiscal year.
With a strong balance sheet, that cash flow provides substantial capacity to invest in the long-term potential of our business and also to deliver a significant and growing amount of cash to shareholders. We use our shareholder value creation framework, which is shown here on slide 11, to describe how we allocate cash flow every year and how that translates into value for shareholders. Through the combination of reinvestment in the base business, M&A and share repurchases, we expect to generate 5% to 10% constant currency EPS growth each year. Our dividend has historically yielded around 4% and continues to be especially compelling in such a low interest rate environment.
But through economic and commodity cycle, the outcome of allocating capital in this way has resulted in average value creation through a combined EPS growth and dividend yield of about 13.5% each year, in line with the 10% to 15% you see here on this slide, and we're very well positioned to continue that trend. The strategic choices we've made guide how we prioritize investments back into the business, and we're investing now in several areas that will continue to drive long-term organic growth, and those are highlighted on slide 12. First, our business mix is increasingly oriented towards the most attractive segments, which offer greater potential for differentiation and growth like health care, pet food, premium coffee and hot fill beverages. Our results this quarter provide strong evidence of how the considered choices we make every day lead to these attractive segments, representing an increasing percentage of our sales mix, which contributes to consistent margin expansion over time even while navigating complex environments like the one we're in now.
Second, we continue to invest to expand our leading emerging market positions. We had another quarter of double-digit growth in both China and India, for example, and we're actively investing in these markets where we expect to see demand remain a tailwind for the foreseeable future. And third, we remain uniquely positioned to launch a steady stream of innovative new packaging solutions. We're investing in our innovation capabilities and network of global innovation centers so we can capitalize on what we believe is our greatest opportunity for growth and differentiation, and that is the demand for more sustainable packaging. slide 13 highlights what we see as the three requirements for responsible packaging, and we're seeing clear progress on each of the three: Package design; waste management infrastructure; and consumer participation. In the past, we've highlighted examples of groundbreaking new product platforms like AmLite, AmPrima and AmSky, but we're also actively collaborating with others to develop solutions that address infrastructure and consumer participation. Most of these initiatives start small, but all have the benefit of demonstrating working models that can be scaled and leveraged across markets and customers.
In Colombia, as an example, we partnered with one of our key customers and others across the value chain to achieve a fully circular bottle-to-bottle solution for amber-colored beverage containers where the color is critical for this particular brand. In Australia, we've enabled an iconic brand to transition confectionery packaging to a structure which incorporates 30% chemically recycled material. And finally, an example which is already functioning at scale globally, we've worked with the global market leader for single-serve premium coffee to increase the use of recycled aluminum, which is now at 80% for our core product line. In the next few weeks, we'll be releasing our 2021 sustainability report, which will describe our sustainability strategy and agenda more fully, and we'll provide more data in case studies to illustrate the strong progress we've made over the last 12 months. And finally, on slide 14, a summary for today. Amcor delivered a solid first quarter results in line with expectations as we navigated well through a challenging external environment. This leaves us on track to meet our 2022 fiscal year guidance. And looking further ahead, we're better positioned strategically than ever before with a strong foundation for continued growth and value creation.
So with that, operator, we'll close our opening remarks and open the line for questions. Thanks.