Ardagh 20-F 8 Mar 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document and Entity Information [Abstract]
Document Type	20-F
Document Registration Statement	false
Entity Registrant Name	Ardagh Group S.A.
Entity Incorporation, State or Country Code	N4
Document Period End Date	Dec. 31, 2020
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	18,670,555
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001689662
Amendment Flag	false

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares
Income statement
Revenue	$ 6,731	$ 6,660	$ 6,676
Cost of sales	(5,698)	(5,597)	(5,731)
Gross profit	1,033	1,063	945
Sales, general and administration expenses	(381)	(362)	(317)
Intangible amortization and impairment	(243)	(233)	(423)
Operating profit/(loss)	409	468	205
Net finance expense	(338)	(659)	(479)
Share of post-tax losses in equity accounted joint venture	(48)	(49)
Profit/(loss) before tax	23	(240)	(274)
Income tax (charge)/credit	(10)	(44)	(18)
Profit/(loss) from continuing operations	13	(284)	(292)
Profit from discontinued operation	22	1,742	198
Profit/(loss) for the year	35	1,458	(94)
Profit/(loss) attributable to:
Equity holders	$ 35	$ 1,458	$ (94)
Earnings/(loss) per share:
Basic and diluted earnings/(loss) for the year attributable to equity holders | $ / shares	$ 0.15	$ 6.17	$ (0.40)
Basic and diluted loss per share from continuing operations attributable to equity holders | $ / shares	$ 0.06	$ (1.20)	$ (1.24)
Before exceptional items
Income statement
Revenue	$ 6,731	$ 6,660	$ 6,676
Cost of sales	(5,679)	(5,595)	(5,623)
Gross profit	1,052	1,065	1,053
Sales, general and administration expenses	(350)	(311)	(300)
Intangible amortization and impairment	(235)	(233)	(237)
Operating profit/(loss)	467	521	516
Net finance expense	(264)	(456)	(457)
Share of post-tax losses in equity accounted joint venture	(33)	(10)
Profit/(loss) before tax	170	55	59
Income tax (charge)/credit	(63)	(41)	(67)
Profit/(loss) from continuing operations	107	14	(8)
Profit from discontinued operation		215	211
Profit/(loss) for the year	107	229	203
Exceptional items
Income statement
Cost of sales	(19)	(2)	(108)
Gross profit	(19)	(2)	(108)
Sales, general and administration expenses	(31)	(51)	(17)
Intangible amortization and impairment	(8)		(186)
Operating profit/(loss)	(58)	(53)	(311)
Net finance expense	(74)	(203)	(22)
Share of post-tax losses in equity accounted joint venture	(15)	(39)
Profit/(loss) before tax	(147)	(295)	(333)
Income tax (charge)/credit	53	(3)	49
Profit/(loss) from continuing operations	(94)	(298)	(284)
Profit from discontinued operation	22	1,527	(13)
Profit/(loss) for the year	$ (72)	$ 1,229	$ (297)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of analysis of single amount of discontinued operations [line items]
Profit/(loss) for the year	$ 35	$ 1,458	$ (94)
Items that will not be reclassified to income statement
Remeasurement of employee benefit obligations	(68)	(102)	15
Total other comprehensive (expense)/income for the year	(67)		84
Attributable to:
Equity owners	(54)	(312)	(173)
Aggregate continuing and discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Profit/(loss) for the year	35	1,458	(94)
Foreign currency translation adjustments:
Arising in the year	(74)	47	75
Foreign currency translation adjustments	(74)	47	75
Effective portion of changes in fair value of cash flow hedges:
New fair value adjustments into reserve	(24)	54	54
Movement out of reserve to income statement	53	(10)	(73)
Movement in deferred tax	(7)	1	5
Effective portion of changes in fair value of cash flow hedges	22	45	(14)
(Loss)/gain recognized on cost of hedging
New fair value adjustments into reserve		(8)	15
Movement out of reserve		(12)	(2)
(Loss)/gain recognized on cost of hedging - Total		(20)	13
Share of other comprehensive income in equity accounted joint venture	26	5
Items that will not be reclassified to income statement
Remeasurement of employee benefit obligations	(68)	(140)	11
Deferred tax movement on employee benefit obligations	24	32	(1)
Total of items that will not be reclassified to income statement	(44)	(108)	10
Share of other comprehensive income in equity accounted joint venture	3	2
Total other comprehensive (expense)/income for the year	(67)	(29)	84
Total comprehensive income/(expense) for the year	(32)	1,429	(10)
Attributable to:
Equity owners	(32)	1,429	(10)
Total comprehensive income/(expense) for the year	(32)	1,429	(10)
Discontinued operations
Items that will not be reclassified to income statement
Remeasurement of employee benefit obligations		(38)	(4)
Attributable to:
Equity owners	$ 22	$ 1,741	$ 163

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION € in Millions, $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Non-current assets
Intangible assets	$ 2,756	$ 2,884
Property, plant and equipment	2,945	2,677
Derivative financial instruments - non-current	9	4
Deferred tax assets	245	204
Other non-current assets	73	68
Current assets
Inventories	923	964
Trade and other receivables	869	734
Derivative financial instruments	36	3
Cash and cash equivalents	1,267	614
Equity attributable to owners of the parent
Issued capital	23	23
Total equity attributable to owners of the parent	(362)	(216)
TOTAL EQUITY	(361)	(215)
Non-current liabilities
Borrowings	6,764	5,815
Employee benefit obligations	811	716
Derivative financial instruments	26	44
Deferred tax liabilities	369	344
Provisions	55	29
Current liabilities
Borrowings	97	95
Derivative financial instruments	104	17
Trade and other payables	1,579	1,628
Provisions	50	48
Aggregate continuing and discontinued operations
Non-current assets
Intangible assets	2,756	2,884
Property, plant and equipment	2,945	2,677
Derivative financial instruments - non-current	9	4
Deferred tax assets	245	204
Investment in material joint ventures	390	375
Other non-current assets	73	68
Total non-current assets	6,418	6,212
Current assets
Inventories	923	964
Trade and other receivables	869	734
Contract asset	139	151
Derivative financial instruments	36	3
Cash and cash equivalents	1,267	614
Total current assets	3,234	2,466
TOTAL ASSETS	9,652	8,678
Equity attributable to owners of the parent
Issued capital	23	23
Share premium	1,292	1,292
Capital contribution	485	485
Other reserves	164	165
Retained earnings	(2,326)	(2,181)
Total equity attributable to owners of the parent	(362)	(216)
Non-controlling interests	1	1
TOTAL EQUITY	(361)	(215)
Non-current liabilities
Borrowings	6,481	5,524
Lease obligations	283	291
Employee benefit obligations	811	716
Derivative financial instruments	26	44
Deferred tax liabilities	369	344
Provisions	55	29
Total non-current liabilities	8,025	6,948
Current liabilities
Borrowings	14	22
Lease obligations	83	73
Interest payable	43	60
Derivative financial instruments	104	17
Trade and other payables	1,579	1,628
Income tax payable	115	97
Provisions	50	48
Total current liabilities	1,988	1,945
TOTAL LIABILITIES	10,013	8,893
TOTAL EQUITY and LIABILITIES	$ 9,652	$ 8,678

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY € in Millions, $ in Millions	TotalUSD ($)	Share capitalUSD ($)	Share premiumUSD ($)	Capital contributionUSD ($)	Foreign currency translation reserveUSD ($)	Cash flow hedge reserveUSD ($)	Cost of hedging reserveUSD ($)	Retained earningsUSD ($)	Non-controlling interestsUSD ($)	EUR (€)	USD ($)
Beginning balance at Dec. 31, 2017	$ (1,360)	$ 23	$ 1,290	$ 485	$ 11	$ (48)	$ 18	$ (3,139)	$ 1		$ (1,359)
Profit/(loss) for the year	(94)							(94)		€ (83)	(94)
Other comprehensive income/(expense)	84				75	(14)	13	10			84
Hedging gains transferred to cost of inventory	(10)					(10)					(10)
Share issuance	2		2								2
Dividends paid	(132)							(132)			(132)
Ending balance at Dec. 31, 2018	(1,510)	23	1,292	485	86	(72)	31	(3,355)	1		(1,509)
Profit/(loss) for the year										1,327	1,458
Ending balance at Dec. 31, 2019	(216)	23	1,292	485	165	(11)	11	(2,181)	1		(215)
Beginning balance at Jan. 02, 2019	(1,556)	23	1,292	485	86	(72)	31	(3,401)	1		(1,555)
Profit/(loss) for the year	1,458							1,458			1,458
Other comprehensive income/(expense)	(29)				52	45	(20)	(106)			(29)
Hedging losses transferred to cost of inventory	16					16					16
Recycle to income statement on disposal of subsidiary	27				27						27
Dividends paid	(132)							(132)			(132)
Ending balance at Dec. 31, 2019	(216)	23	1,292	485	165	(11)	11	(2,181)	1		(215)
Profit/(loss) for the year	35							35		€ 31	35
Other comprehensive income/(expense)	(67)				(54)	27	1	(41)			(67)
Hedging losses transferred to cost of inventory	25					25					25
Dividends paid	(139)							(139)			(139)
Ending balance at Dec. 31, 2020	$ (362)	$ 23	$ 1,292	$ 485	$ 111	$ 41	$ 12	$ (2,326)	$ 1		$ (361)

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions	Jan. 01, 2019	Jan. 01, 2018
Cash flow hedge reserve | Impact of adoption of IFRS 9
Re-presented for impact of adoption of IFRS standards
Cumulative effect adjustment of adoption of IFRS standard		$ (16)
Cost of hedging reserve | Impact of adoption of IFRS 9
Re-presented for impact of adoption of IFRS standards
Cumulative effect adjustment of adoption of IFRS standard		18
Retained earnings
Re-presented for impact of adoption of IFRS standards
Cumulative effect adjustment of adoption of IFRS standard		13
Retained earnings | Impact of adoption of IFRS 15
Re-presented for impact of adoption of IFRS standards
Cumulative effect adjustment of adoption of IFRS standard		20
Retained earnings | Impact of adoption of IFRS 9
Re-presented for impact of adoption of IFRS standards
Cumulative effect adjustment of adoption of IFRS standard		$ (7)
Retained earnings | Impact of adoption of IFRS 16
Re-presented for impact of adoption of IFRS standards
Cumulative effect adjustment of adoption of IFRS standard	$ (46)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Cash used in operations		$ 1,037	$ 1,179	$ 991
Interest paid		(296)	(417)	(414)
Income tax paid		(49)	(64)	(97)
Net cash from operating activities - continuing operations		692	698	480
Net cash from operating activities - discontinued operation	[1]		141	375
Net cash from/(used in) operating activities		692	839	855
Cash flows from investing activities
Purchase of property, plant and equipment		(532)	(498)	(465)
Purchase of intangible assets		(12)	(10)	(12)
Proceeds from disposal of property, plant and equipment		1	3	10
Other non-current asset investing cash flows		(3)
Investing cash flows used in continuing operations		(546)	(505)	(467)
Proceeds from disposal of discontinued operation, net of cash disposed of		32	2,539
Investing cash flows used in discontinued operation			(107)	(108)
Net cash (used in)/from investing activities		(514)	1,927	(575)
Cash flows from financing activities
Proceeds from borrowings		4,068	1,806	110
Repayment of borrowings		(3,261)	(4,088)	(442)
Early redemption premium paid		(61)	(165)	(7)
Deferred debt issue costs paid		(39)	(14)	(5)
Lease payments		(93)	(78)	(4)
Dividends paid		(139)	(132)	(132)
Consideration received/(paid) on extinguishment of derivative financial instruments			9	(44)
Financing cash flows from continuing operations		475	(2,662)	(524)
Financing cash flows from discontinued operation				3
Net cash (outflow)/inflow from financing activities		475	(2,662)	(521)
Net increase/(decrease) in cash and cash equivalents		653	104	(241)
Cash and cash equivalents at the beginning of the year		614	530	784
Exchange (losses)/gains on cash and cash equivalents			(20)	(13)
Cash and cash equivalents at the end of the year		$ 1,267	$ 614	$ 530
[1]	(i) Operating cash flows for discontinued operation for the year ended December 31, 2019, include interest and income tax payments of $6 million and $15 million respectively (2018: $2 million and $8 million).

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Interest paid	$ 417	$ 414
Income tax paid	64	97
Discontinued operations
Operating activities
Interest paid	6	2
Income tax paid	$ 15	$ 8

General information

General information	12 Months Ended
	Dec. 31, 2020
General information
General information	1. General information Ardagh Group S.A. (the “Company”) was incorporated in Luxembourg on May 6, 2011. The Company’s registered office is 56, rue Charles Martel, L‑2134 Luxembourg, Luxembourg. On March 20, 2017, the Company closed its initial public offering (“IPO”) of 18,630,000 Class A common shares on the New York Stock Exchange (“NYSE”). Ardagh Group S.A. and its subsidiaries (together the “Group” or “Ardagh”) is a leading supplier of sustainable, innovative, value‑added rigid packaging solutions. The Group’s products include metal beverage cans, as well as glass containers primarily for beverage and food markets. End‑use categories include beer, wine, spirits, carbonated soft drinks (“CSD”), energy drinks, juices and water, as well as food and pharmaceuticals. in the form of cans and aerosol containers, serving a broad range of end-use categories, principally including food, seafood, pet food and nutrition, as well as beauty and personal care. These consolidated financial statements reflect the consolidation of the legal entities forming the Group for the periods presented. The principal operating legal entities forming the Group are listed in Note 27. The principal accounting policies that have been applied to the consolidated financial statements are described in Note 2.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2020
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with, and are in compliance with, International Financial Reporting Standards (“IFRS”) and related interpretations as adopted by the International Accounting Standards Board (“IASB”). IFRS is comprised of standards and interpretations approved by the IASB and IFRS and interpretations approved by the predecessor International Accounting Standards Committee that have been subsequently approved by the IASB and remain in effect. References to IFRS hereafter should be construed as references to IFRS as adopted by the IASB. The consolidated financial statements, are presented in U.S. dollar, rounded to the nearest million and have been prepared under the historical cost convention except for the following: · derivative financial instruments are stated at fair value; and · employee benefit obligations are measured at the present value of the future estimated cash flows related to benefits earned and pension assets valued at fair value. The preparation of consolidated financial information in conformity with IFRS requires the use of critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and income and expenses. It also requires management to exercise judgment in the process of applying Group accounting policies. These estimates, assumptions and judgments are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances and are subject to continual re‑evaluation. However, actual outcomes may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in the critical accounting estimates, assumptions and judgments. The consolidated financial statements for the Group were authorized for issue by the board of directors of Ardagh Group S.A. (the “Board”) on February 24, 2021. Going concern At the date that the audited consolidated financial statements were approved for issue by the board of directors, the Board has formed the judgment that there is a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, these audited consolidated financial statements have been prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the Board has taken into account all available information about a period, extending to at least, December 31, 2021. In particular, the Board has considered the impact of COVID-19 and measures to prevent its spread being imposed by Governments in the countries in which the Group, its suppliers and its customers operate as previously referred to. In arriving at its conclusion, the Board has taken account of the Group’s current and anticipated trading performance, together with current and anticipated levels of cash and net debt and the availability of committed borrowing facilities and as a result it is the Board’s judgment that it is appropriate to prepare the audited consolidated financial statements using the going concern basis. Recently adopted accounting standards and changes in accounting policies The impact of new standards, amendments to existing standards and interpretations issued and effective for annual periods beginning on or after January 1, 2020 have been assessed by the Board as not having had a material impact on the Group. Recent accounting pronouncements The Board’s assessment of the impact of new standards, which are not yet effective and which have not been early adopted by the Group, on the consolidated financial statements and disclosures is on-going. Basis of consolidation (i) Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de‑consolidated from the date on which control ceases. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is the consideration given in exchange for control of the identifiable assets, liabilities and contingent liabilities of the acquired legal entities. Acquisition-related costs are expensed and included as exceptional items within sales, general and administration expenses. The acquired net assets are initially measured at fair value. The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recorded as goodwill. Any goodwill and fair value adjustments are recorded as assets and liabilities of the acquired legal entity in the currency of the primary economic environment in which the legal entity operates (the “functional currency”). If the cost of acquisition is less than the fair value of the Group’s share of the net assets of the legal entity acquired, the difference is recognized directly in the consolidated income statement. The Group considers obligations of the acquiree in a business combination that arise as a result of the change in control, to be cash flows arising from obtaining control of the controlled entity, and classifies these obligations as investing activities in the consolidated statement of cash flows. (ii) Non-controlling interests Non-controlling interests represent the portion of the equity of a subsidiary which is not attributable to the Group. Non-controlling interests are presented separately in the consolidated financial statements. Changes in ownership of a subsidiary which do not result in a change in control are treated as equity transactions. (iii) Transactions eliminated on consolidation Transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Subsidiaries’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. Foreign currency (i) Functional and presentation currency The functional currency of the Company is euro. The consolidated financial statements are presented in U.S. dollar which is the Group’s presentation currency. (ii) Foreign currency transactions Items included in the financial statements of each of the Group’s entities are measured using the functional currency of that entity. Transactions in foreign currencies are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognized in the consolidated income statement, except: (i) differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity (“net investment hedges”), which are taken to other comprehensive income until the disposal of the net investment, at which time they are recognized in the consolidated income statement; and (ii) differences on certain derivative financial instruments discussed under “Derivative financial instruments” below. (iii) Financial statements of foreign operations The assets and liabilities of foreign operations are translated into euro at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to euro at average exchange rates for the year. Foreign exchange differences arising on retranslation and settlement of such transactions are recognized in other comprehensive income. Gains or losses accumulated in other comprehensive income are recycled to the consolidated income statement when the foreign operation is disposed of. Non‑monetary items measured at fair value in foreign currency are translated using the exchange rates as at the date when the fair value is determined. Business combinations and goodwill All business combinations are accounted for by applying the acquisition method of accounting. This involves measuring the cost of the business combination and allocating, at the acquisition date, the cost of the business combination to the assets acquired and liabilities assumed. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non‑controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non‑controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition‑related costs are expensed as incurred and included in sales, general and administration expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date. Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to those groups of cash‑generating units (“CGUs”) that are expected to benefit from the business combination in which the goodwill arose for the purpose of assessing impairment. Goodwill is tested annually for impairment or whenever indicators suggest that impairment may have occurred . Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash‑generating unit retained. Joint ventures The Group participates in a number of joint ventures where control is shared with one or more other parties. The Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. The Group uses the equity method of accounting to account for its joint ventures. See Note 12 “Investment in material joint venture” to the consolidated financial statements. Discontinued Operations A discontinued operation is a component of the Group’s business that represents a separate major line of the business, geographical area of operations or is material to revenue or operating profit and has been disposed of or is held for sale. When an operation is classified as a discontinued operation, the comparative income statement is restated as if the operation had been discontinued from the start of the earliest period presented. Cash flows relating to discontinued operations are presented as a separate line item within each of the operating, investing and financing cash flow. Intangible assets Intangible assets are initially recognized at cost. Intangible assets acquired as part of a business combination are capitalized separately from goodwill if the intangible asset is separable or arises from contractual or other legal rights. They are initially recognized at cost which, for intangible assets arising in a business combination, is their fair value at the date of acquisition. Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The carrying values of intangible assets with finite useful lives are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. The amortization of intangible assets is calculated to write off the book value of finite lived intangible assets over their useful lives on a straight‑line basis on the assumption of zero residual value as follows: Computer software 2 - 7 years Customer relationships 5 - 15 years Technology 5 - 15 years (i) Computer software Computer software development costs are recognized as assets. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (ii) Customer relationships Customer relationships acquired in a business combination are recognized at fair value at the acquisition date. Customer relationships have a finite useful economic life and are carried at cost less accumulated amortization. (iii) Technology Technology based intangibles acquired in a business combination are recognized at fair value at the acquisition date and reflect the Group’s ability to add value through accumulated technological expertise surrounding product and process development. (iv) Research and development costs Research costs are expensed as incurred. Development costs relating to new products are capitalized if the new product is technically and commercially feasible. All other development costs are expensed as incurred. Property, plant and equipment (i) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, except for land which is shown at cost less impairment. Spare parts which form an integral part of plant and machinery and which have an estimated useful economic life greater than one year are capitalized. Spare parts which do not form an integral part of plant and machinery and which have an estimated useful economic life less than one year are included as consumables within inventory and expensed when utilized. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. (ii) Leased assets Effective January 1, 2019 on adoption of IFRS 16 At the lease commencement date or the effective date of a lease modification, the Group recognizes a lease liability as the present value of expected future lease payments, discounted at the Group’s incremental borrowing rate unless the rate implicit in the lease is readily determinable, excluding any amounts which are variable based on the usage of the underlying asset and a right-of-use asset generally at the same amount plus any directly attributable costs. The incremental borrowing rate is the discount rate the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group combines lease and non-lease components and accounts for them as a single lease component with the exception of the dunnage asset class. Extension options or periods after termination options are considered by management if it is reasonably certain that the lease will be extended or not terminated. Effective prior to adoption of IFRS 16 on January 1, 2019 The determination of whether an arrangement is, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets, and the arrangement conveys a right to use the asset. Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight‑line basis over the period of the lease. (iii) Subsequent costs The Group recognizes in the carrying amount of an item of property, plant and equipment, the cost of replacing the component of such an item when that cost is incurred, if it is probable that the future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. When a component is replaced the old component is de‑recognized in the period. All other costs are recognized in the consolidated income statement as an expense as incurred. When a major overhaul is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria above are met. (iv) Depreciation Depreciation is charged to the consolidated income statement on a straight‑line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Buildings 30 - 40 years Plant and machinery 3 - 40 years Molds 2 - 3 years Office equipment and vehicles 3 - 10 years Assets’ useful lives and residual values are adjusted if appropriate, at each balance sheet date. Impairment of non‑financial assets Assets that have an indefinite useful economic life are not subject to amortization and are tested annually for impairment or whenever indicators suggest that impairment may have occurred. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets excluding goodwill and long lived intangible assets, are grouped at the lowest levels at which cash flows are separately identifiable. Goodwill and long lived intangible assets are allocated to groups of CGUs. The groupings represent the lowest level at which the related assets are monitored for internal management purposes. Non‑financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. The recoverable amount of other assets is the greater of their value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first‑in, first‑out basis and includes expenditure incurred in acquiring the inventories and bringing them to their current location and condition. In the case of finished goods and work‑in‑progress, cost includes direct materials, direct labor and attributable overheads based on normal operating capacity. Net realizable value is the estimated proceeds of sale less all further costs to completion, and less all costs to be incurred in marketing, selling and distribution. Spare parts which are deemed to be of a consumable nature, are included within inventories and expensed when utilized. Non‑derivative financial instruments Non‑derivative financial instruments comprise trade and other receivables, cash and cash equivalents, borrowings and trade and other payables. Non‑derivative financial instruments are recognized initially at fair value plus any directly attributable transaction costs, except as described below. Subsequent to initial recognition, non‑derivative financial instruments are measured as described below. (i) Trade and other receivables Effective January 1, 2018 on adoption of IFRS 9 Trade and other receivables are recognized initially at the transaction price and are, thereafter measured at amortized cost using the effective interest rate method less any provision for impairment, in accordance with the Group’s held to collect business model. The Group uses estimates based on expected credit losses and current information in determining the level of debts for which an allowance for impairment is required. For all other trade receivables, the Group uses an allowance matrix to measure the expected credit loss, based on historical actual credit loss experiences, adjusted for forward-looking information. (ii) Securitized assets The Group has entered into securitization transactions involving certain of its trade receivables. The securitized assets are recognized on the consolidated statement of financial position, until all of the rights to the cash flows from those assets have expired or have been fully transferred outside the Group, or until substantially all of the related risks, rewards and control of the related assets have been transferred to a third party. The Group has also entered into a Global Asset Based Loan Facility (“ABL”) involving certain of its trade receivables and inventory. The lenders under the ABL have security over those receivables, inventory and the bank accounts where the associated cash flows are received. The risks, rewards and control of these assets are still retained by the Group and are, therefore, recognized on the statement of financial position. (iii) Contract assets C ontract assets represent revenue required to be accelerated or recognized over time based on production completed in accordance with the Group’s revenue recognition policy (as set out below) . A provision for impairment of a contract asset will be recognized when there is evidence that the revenue recognized will not be recoverable. The provision is measured based on an allowance matrix to measure the expected credit loss, based on historical actual credit loss experiences, adjusted for forward-looking information . (iv) Cash and cash equivalents Cash and cash equivalents include cash on hand and call deposits held with banks and restricted cash. Cash and cash equivalents are carried at amortized cost. Short term bank deposits of greater than three months’ maturity which do not meet the definition of cash and cash equivalents are classified as financial assets within current assets and stated at amortized cost. Restricted cash comprises cash held by the Group but which is ring‑fenced or used as security for specific financing arrangements, and to which the Group does not have unfettered access. Restricted cash is measured at amortized cost. (v) Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Group’s consolidated income statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group, has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. (vi) Trade and other payables Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method. Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re‑measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The fair values of various derivative instruments used for hedging purposes are disclosed in Note 20. The full fair value of a hedging derivative is classified as a non‑current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. (i) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, allocated between cash flow hedge gains or losses and cost of hedging gains or losses. For cash flow hedges which subsequently result in the recognition of a non-financial asset, the amounts accumulated in the cash flow hedge reserve are reclassified to the asset in order to adjust its carrying value. Amounts accumulated in the cash flow hedge reserve and cost of hedging reserve, or as adjustments to carrying value of non-financial assets, are recycled to the consolidated income statement in the periods when the hedged item will affect profit or loss. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing at that time remains in equity and is recognized in the consolidated income statement when the forecast cash flow arises. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated income statement. (ii) Net investment hedges Derivative financial instruments are classified as net investment hedges when they hedge changes in the Group’s net investments in its subsidiaries due to exposure to foreign currency. Net investment hedges are accounted for in a similar manner to cash flow hedges. The gain or loss relating to the ineffective portion of a net investment hedge is recognized immediately in the consolidated income statement within finance income or expense. (iii) Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group’s exposure to changes in the fair value of a recognized asset or liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Group’s consolidated income statement, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. Changes in the fair value of derivatives relating to the cost of hedging are recognized in other comprehensive income. The gain or loss relating to the effective portion of derivatives with fair value hedge accounting is recognized in the consolidated income statement within “net finance expense”. The gain or loss relating to the ineffective portion is also recognized in the consolidated income statement within “net finance expense”. If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortized to profit or loss over the period to maturity. When a hedging instrument expires or is sold, or when a fair value hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing at that time remains in equity and is recognized in the consolidated income statement when the forecast cash flow arises. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated income statement. Fair value measurement The Group measures financial instruments such as derivatives and pension assets at fair value at each balance sheet date. Fair value related disclosures for financial instruments and pension assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes: · Disclosures for valuation methods, significant estimates and assumptions (Notes 20 and 21) · Quantitative disclosures of fair value measurement hierarchy (Note 20) · Financial instruments (including those carried at amortized cost) (Note 20) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: · in the principal market for the asset or liability; or · in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non‑financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Employee benefits (i) Defined benefit pension plans Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs and past service credits are recognized immediately in the consolidated income statement. (ii) Other long term employee benefits The Group’s obligation in respect of other long term employee benefit plans represents the amount of future benefit that employees have earned in return for service in the current and prior periods for post‑retirement medical schemes, partial retirement contracts and long service awards. These are included in the category of employee benefit obligations on the consolidated statement of financial position. The obligation is computed on the basis of the projected unit credit method and is discounted to present value using a discount rate equating to the market yield at the reporting date on high quality corporate bonds of a currency and term consistent with the currency and estimated term of the obligations. Actuarial gains and losses are recognized in full in the Group’s consolidated statement of comprehensive income in the period in which they arise. (iii) Defined contribution plans A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The contributions are recognized as employee benefit expense when they are due. Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre‑tax rate that reflects current market assessments of the time value of money and the risks specific to t

Segment analysis

Segment analysis	12 Months Ended
	Dec. 31, 2020
Segment analysis
Segment analysis	3. Segment analysis The Group’s operating and reportable segments, which are set out below, reflect the basis on which the Group’s performance is reviewed by management and regularly presented to the Board, which has been identified as the Chief Operating Decision Maker (“CODM”) for the Group. · Metal Beverage Packaging Europe · Metal Beverage Packaging Americas · Glass Packaging Europe · Glass Packaging North America. Performance of the business is assessed based on Adjusted EBITDA. Adjusted EBITDA is the profit or loss for the period before income tax charge or credit, net finance expense, depreciation and amortization, exceptional operating items and share of profit or loss in equity accounted joint venture. Other items are not allocated to segments, as these are reviewed by the CODM on a group-wide basis. Segmental revenues are derived from sales to external customers. Inter-segment revenue and revenue with joint ventures are not material. Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) from continuing operations 13 (284) (292) Income tax charge (Note 6) 10 44 18 Net finance expense (Note 5) 338 659 479 Depreciation and amortization (Notes 9, 10) 688 599 Exceptional operating items (Note 4) 58 53 311 Share of post-tax loss in equity accounted joint venture (Note 12) 48 49 — Adjusted EBITDA 1,155 1,173 1,115 Segment results for the year ended December 31, 2020 are: Metal Metal Beverage Beverage Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $'m $'m $'m $'m $'m Revenue 1,599 1,852 1,640 1,640 6,731 Adjusted EBITDA 249 296 369 241 1,155 Capital expenditure 101 167 145 130 543 Segment assets (excluding Investment in material joint venture) 2,403 1,808 2,802 2,249 9,262 Segment results for the year ended December 31, 2019 are: Metal Metal Beverage Beverage Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $'m $'m $'m $'m $'m Revenue 1,556 1,816 1,613 6,660 Adjusted EBITDA 253 250 391 1,173 Capital expenditure 95 110 163 505 Segment assets (excluding Investment in material joint venture) 2,360 1,725 1,977 8,303 Segment results for the year ended December 31, 2018 are: Metal Metal Beverage Beverage Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $'m $'m $'m $'m $'m Revenue 1,616 1,742 1,623 1,695 6,676 Adjusted EBITDA 270 230 358 257 1,115 Capital expenditure 103 79 151 134 467 Segment assets 2,274 1,549 1,916 2,197 7,936 No customer accounted for greater than 10% of total revenue of the Group in 2020 (2019: one; 2018: none). Capital expenditure is the sum of purchases of property, plant and equipment and software and other intangibles, net of proceeds from disposal of property, plant and equipment, as per the consolidated statement of cash flows. Segment assets consist of intangible assets, property, plant and equipment, derivative financial instrument assets, deferred tax assets, other non‑current assets, inventories, contract assets, trade and other receivables and cash and cash equivalents. The accounting policies of the segments are the same as those in the consolidated financial statements of the Group as set out in Note 2. Segment assets at December 31, 2020, in Glass Packaging Europe, include the Group’s increased cash and cash equivalents holdings. Please refer to Note 17 for more details Total revenue from the Group in countries which account for more than 10% of total revenue, in the current or prior years presented, are as follows: Year ended December 31, 2020 2019 2018 Revenue $'m $'m $'m U.S. 3,011 2,974 2,911 United Kingdom 782 736 778 The revenue above is attributed to countries on a destination basis. Non-current assets, excluding derivative financial instruments, taxes, pensions, investment in material joint venture and goodwill arising on acquisitions in countries which account for more than 10% of non-current assets are the U.S. 41% (2019: 40%), Germany 14% (2019: 13%) and the United Kingdom 12% (2019: 12%). The Company is domiciled in Luxembourg. During the year the Group had revenues of $2 million (2019: $2 million, 2018: $2 million) with customers in Luxembourg. Non‑current assets located in Luxembourg were $nil (2019: $nil). Within each reportable segment our respective packaging containers have similar production processes and classes of customers. Further, they have similar economic characteristics, as evidenced by similar profit margins, similar degrees of risk and similar opportunities for growth. Based on the foregoing, we do not consider that they constitute separate product lines and therefore additional disclosures relating to product lines is not necessary. The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2020: North Rest of the Europe America world Total $'m $'m $'m $'m Metal Beverage Packaging Europe 1,581 3 15 1,599 Metal Beverage Packaging Americas 1 1,499 352 1,852 Glass Packaging Europe 1,568 12 60 1,640 Glass Packaging North America 2 1,637 1 1,640 Group 3,152 3,151 428 6,731 The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2019: North Rest of the Europe America world Total $'m $'m $'m $'m Metal Beverage Packaging Europe 1,541 5 10 1,556 Metal Beverage Packaging Americas 2 1,419 395 1,816 Glass Packaging Europe 1,554 7 52 1,613 Glass Packaging North America – 1,674 1 1,675 Group 3,097 3,105 458 6,660 The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2018: North Rest of the Europe America world Total $'m $'m $'m $'m Metal Beverage Packaging Europe 1,601 2 13 1,616 Metal Beverage Packaging Americas 1 1,339 402 1,742 Glass Packaging Europe 1,572 9 42 1,623 Glass Packaging North America – 1,687 8 1,695 Group 3,174 3,037 465 6,676 The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services: Year ended December 31, 2020 2019 2018 $'m $'m $'m Over time 2,610 2,543 2,557 Point in time 4,121 4,117 4,119 Group 6,731 6,660 6,676

Exceptional items

Exceptional items	12 Months Ended
	Dec. 31, 2020
Exceptional items
Exceptional items	4 . Exceptional items Year ended December 31, 2020 2019 2018 $'m $'m $'m Start-up related costs 7 13 48 Impairment - property, plant and equipment 6 5 5 Past service charge/(credit) 5 (37) 5 Restructuring and other costs 1 6 50 Legal matter — 15 — Exceptional items - cost of sales 19 2 108 Transaction-related and other costs 25 51 17 Restructuring and other costs 6 — — Exceptional items - SGA expenses 31 51 17 Impairment - other intangible assets 8 — — Impairment - goodwill — — 186 Exceptional items - impairment of intangible assets 8 — 186 Debt refinancing and settlement costs 74 200 16 Loss on derivative financial instruments — 3 6 Exceptional items - finance expense 74 203 22 Share of exceptional items in material joint venture 15 39 — Exceptional items from continuing operations 147 295 333 Exceptional income tax (credit)/charge (53) 3 (49) Exceptional items from continuing operations, net of tax 94 298 284 Exceptional items from discontinued operation, net of tax (22) (1,527) 13 Total exceptional charge/(credit), net of tax 72 (1,229) 297 Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence. 2020 Exceptional items of $72 million have been recognized for the year ending December 31, 2020, primarily comprising: · $13 million related to the Group’s capacity realignment and investment programs, including start-up related costs in Metal Beverage Packaging North America ($7 million) and property, plant and equipment impairment charges in Glass Packaging North America ($6 million). · $5 million pension costs recognized in Glass Packaging North America following the finalization of amendments to the pension scheme initiated in 2019. · $25 million transaction-related and other costs primarily comprised of costs relating to acquisition and other transactions, including professional advisory fees, and other costs related to transformation initiatives. · $7 million restructuring and other costs. · $8 million impairment of · $74 million debt refinancing and settlement costs related to the redemption of notes in May and June 2020 as described in Note 20, including premium payable on the early redemption of the notes of $61 million, accelerated amortization of deferred finance costs, and interest charges from the call date to date of redemption. · $15 million charge from the share of exceptional items in the Trivium joint venture. · $53 million from tax credits including $15 million relating to U.S. tax reform and $13 million from debt refinancing and settlement costs incurred in the period as described in Note 6. · $22 million credit in relation to the disposal of Food & Specialty Metal Packaging business including the finalization of the completion accounts process. 2019 Exceptional items of $1,229 million have been recognized for the year ending December 31, 2019, primarily comprising: · $15 million related to a provision for a court award and related interest, net of the tax adjusted indemnity receivable in respect of a U.S. glass business legal matter. · $24 million related to the Group’s capacity realignment programs, including start-up related costs ($13 million), restructuring costs ($6 million), property, plant and equipment impairment charges ($5 million). These costs were incurred in Glass Packaging North America ($15 million), Glass Packaging Europe ($5 million), Metal Beverage Packaging America ($2 million) and Metal Beverage Packaging Europe ($2 million). · $37 million pension service credit recognized in Glass Packaging North America following amendments to a pension scheme. · $51 million transaction-related costs, primarily comprising costs relating to the combination of the Food & Specialty Metal Packaging business with the business of Exal Corporation to form Trivium. · $200 million debt refinancing and settlement costs related to the redemption of notes in August and November 2019 as described in Note 20, and includes, premium payable on the early redemption of the notes of $165 million, accelerated amortization of deferred finance costs, interest charges from the call date to date of redemption and $3 million exceptional loss on the termination of derivative financial instruments. · $39 million charge from the share of exceptional items in the Trivium joint venture. · $3 million from tax charge, as described in Note 6. · $1,527 million from discontinued operation, net of tax, primarily related to the gain, net of directly attributable disposal costs, on the disposal of Food & Specialty Metal Packaging business. 2018 Exceptional items of $297 million have been recognized for the year ending December 31, 2018, primarily comprising: · $103 million related to the Group’s capacity realignment programs, including start-up related costs ($48 million) restructuring costs ($50 million), property, plant and equipment impairment charges ($5 million). These costs were incurred in Glass Packaging North America ($78 million), Metal Beverage Packaging Europe ($24 million), Glass Packaging Europe ($5 million) and a cost reduction in Metal Beverage Packaging Americas ($4 million). · $5 million pension service cost recognized in Metal Beverage Packaging Europe and Glass Packaging Europe following a High Court ruling in the U.K. in October 2018 in respect of GMP equalization. · $17 million transaction-related costs, primarily comprised of costs relating to acquisition, integration and other transactions. · $186 million impairment of goodwill in Glass Packaging North America. · $16 million debt refinancing and settlement costs primarily relating to the redemption of the Group’s $440 million 6.000% Senior Notes due 2021 in July 2018, principally comprising an early redemption premium and accelerated amortization of deferred finance costs. · $6 million exceptional loss on the termination of the Group’s $440 million U.S. dollar to euro CCIRS in July 2018. · $49 million from tax credits, as described in Note 6. · $13 million related to exceptional items from discontinued operation, net of tax.

Finance income and expense

Finance income and expense	12 Months Ended
	Dec. 31, 2020
Finance income and expense
Finance income and expense	5. Finance income and expense Year ended December 31, 2020 2019 2018 $'m $'m $'m Senior secured and senior notes 259 367 421 Other interest expense 43 40 22 Interest expense 302 407 443 Net pension interest cost (Note 21) 14 18 16 Foreign currency translation (gain)/losses (42) 27 8 (Gains)/loss on derivative financial instruments (3) 9 (10) Other finance income (7) (5) — Finance expense before exceptional items 264 456 457 Exceptional finance expense (Note 4) 74 203 22 Net finance expense 338 659 479 During the year ended December 31, 2020, the Group recognized $19 million (2019: $19 million) related to lease liabilities within other interest expense and interest paid in cash used in operating activities.

Income tax

Income tax	12 Months Ended
	Dec. 31, 2020
Income tax
Income tax	6 . Income tax Year ended December 31, 2020 2019 2018 $'m $'m $'m Current tax: Current tax for the year 78 70 73 Adjustments in respect of prior years (64) 7 11 Total current tax 14 77 84 Deferred tax: Deferred tax for the year (36) (31) (58) Adjustments in respect of prior years 32 (2) (8) Total deferred tax (4) (33) (66) Income tax charge 10 44 18 Adjustments in respect of prior years includes tax credits relating to the carry back of net operating losses in the United States as a result of the enactment from March 27, 2020 of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, additional tax relief on finance expense, and the availability of tax credits relating to a historic divestment. Reconciliation of income tax charge and the profit/(loss) before tax multiplied by the Group’s domestic tax rate for 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) before tax 23 (240) (274) Profit/(loss) before tax multiplied by the standard rate of Luxembourg corporation tax: 24.94% (2019: 24.94%; 2018: 26.01%) 6 (60) (71) Tax losses for which no deferred income tax asset was recognized 1 32 — Re-measurement of deferred taxes — (2) 1 Adjustment in respect of prior years (32) 5 3 Income subject to state and other local income taxes 5 11 12 Income taxed at rates other than standard tax rates 5 7 5 Non-deductible items 13 48 55 Other 12 3 13 Income tax charge 10 44 18 The total income tax charge outlined above for each year includes a tax credit of $53 million in 2020 (2019 tax charge of $3 million; 2018 tax credit of $49 million) in respect of exceptional items, being the tax effect of the items set out in Note 4. The $53 million exceptional income tax credit recognized in the year ended December 31, 2020 includes a credit of $15 million relating to tax benefits arising from the CARES Act. Non-deductible items principally relate to non-deductible interest expense in Ireland. Income taxed at non-standard rates takes account of foreign tax rate differences (versus the Luxembourg standard 24.94% rate (26.01% in 2018)) on earnings. The tax charge associated with discontinued operation is recognized separately in the results of discontinued operation. See Note 25 for further details .

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2020
Earnings per share
Earnings per share	7 . Earnings per share Basic earnings per share (“EPS”) is calculated by dividing the profit/(loss) for the year attributable to equity holders by the weighted average number of common shares outstanding during the year. The following table reflects the income statement profit/(loss) and share data used in the basic EPS calculations: Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) attributable to equity holders 35 1,458 (94) Weighted average number of common shares for EPS (millions) 236.4 236.4 236.3 Earnings/(loss) per share $ $ ($0.40) Year ended December 31, 2020 2019 2018 $'m $'m $'m Earnings/(loss) from continuing operations attributable to equity holders 13 (284) (292) Weighted average number of common shares for EPS (millions) 236.4 236.4 236.3 Earnings/(loss) per share from continuing operations $ ($1.20) ($1.24) Diluted earnings per share is consistent with basic earnings per share as there are no dilutive potential common shares. Please refer to Note 18 for any details of transactions involving ordinary shares for the years ended December 31, 2020 and 2019. See Note 25 for basic and diluted earnings per share from discontinued operation. There have been no material transactions involving common shares or potential ordinary shares between the reporting date and the authorization of these financial statements.

Employee costs

Employee costs	12 Months Ended
	Dec. 31, 2020
Employee costs
Employee costs	8. Employee costs Year ended December 31, 2020 2019 2018 $'m $'m $'m Wages and salaries 1,089 1,048 962 Social security costs 157 155 154 Defined benefit plan pension costs/(credit) (Note 21) 23 (23) 48 Defined contribution plan pension costs (Note 21) 47 40 32 Group employee costs 1,316 1,220 1,196 At December 31, Employees 2020 2019 2018 Production 14,528 14,463 14,666 Administration 1,915 1,877 1,986 Group 16,443 16,340 16,652

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2020
Intangible assets
Intangible assets	9. Intangible assets Customer Technology Goodwill relationships and other Software Total $'m $'m $'m $'m $'m 2019 Cost At January 1, 2019 1,970 2,300 255 110 4,635 Additions — — 12 13 25 Disposal of Food & Specialty (328) (203) (103) (44) (678) Disposal — — — (1) (1) Transfers — — (11) 11 — Exchange (18) (14) (3) (2) (37) At December 31, 2019 1,624 2,083 150 87 3,944 Amortization At January 1, 2019 (817) (153) (64) (1,034) Charge for the year (214) (27) (8) (249) Disposal of Food & Specialty 146 60 6 212 Disposal — — 1 1 Exchange 5 3 2 10 At December 31, 2019 (880) (117) (63) (1,060) Net book value At December 31, 2019 1,624 1,203 33 24 2,884 2020 Cost At January 1, 2020 1,624 2,083 150 87 3,944 Additions — — 10 2 12 Impairment (Note 4) — — (6) (2) (8) Transfers — — (6) 6 — Exchange 58 73 2 12 145 At December 31, 2020 1,682 2,156 150 105 4,093 Amortization At January 1, 2020 (880) (117) (63) (1,060) Charge for the year (206) (22) (7) (235) Exchange (33) (3) (6) (42) At December 31, 2020 (1,119) (142) (76) (1,337) Net book value At December 31, 2020 1,682 1,037 8 29 2,756 Amortization expense of $235 million (2019: $233 million, 2018: $237 million) has been charged to the consolidated income statement of the Group in respect of continuing operations. An amortization expense of $nil (2019: $16 million, 2018: $28 million) has been charged to the consolidated income statement of the Group in respect of the discontinued operation. Impairment The Board has considered the carrying value of the Group’s intangible assets (excluding goodwill) and assessed for indicators of impairment as at December 31, 2020 in accordance with IAS 36. In the year ended December 31, 2020 an impairment charge of $8 million (2019: $nil; 2018: $nil) has been recognized, which relates to the impairment of certain technology and software assets as further described in Note 4. Goodwill Allocation of goodwill Goodwill has been allocated to groups of CGUs for the purpose of impairment testing. The groupings represent the lowest level at which the related goodwill is monitored for internal management purposes. Goodwill acquired through business combination activity is allocated to CGUs that are expected to benefit from synergies arising from that combination. The lowest level within the Group at which the goodwill is monitored for internal management purposes and consequently the CGUs to which goodwill is allocated is set out below. On this basis the Group’s CGUs are identified as follows: At December 31, 2020 2019 $'m $'m Metal Beverage Packaging Europe 618 566 Metal Beverage Packaging Americas 437 437 Glass Packaging Europe 67 61 Glass Packaging North America 560 560 Total Goodwill 1,682 1,624 Impairment tests for goodwill The Group performs its impairment test of goodwill annually following approval of the annual budget or whenever indicators suggest that impairment may have occurred. Recoverable amount and carrying amount The Group uses the value in use (“VIU”) model for the purposes of goodwill impairment testing, as this reflects the Group’s intention to hold and operate the assets. However, if an impairment indicator exists for a CGU, the Group also uses the fair value less costs of disposal (“FVLCD”) model in order to establish the recoverable amount being the higher of the VIU model and FVLCD model when compared to the carrying value of the CGU . I For the 2020 and 2019 reporting periods, the recoverable amount of the cash-generating units (CGUs) was determined based on value-in-use calculations which require the use of assumptions. The recoverable amount of the Glass Packaging North America CGU has been determined based on the value-in-use calculation for the 2019 reporting period. The VIU model used the 2021 budget approved by the Board and a three-year forecast for 2022 to 2024 (2019 two-year forecast period). The budget and forecast results were then extended for a further one year period (2019: two-year period) making certain assumptions, including the profile between long-term depreciation and capital expenditure in addition to the how changes in input cost will impact customer pricing, in line with historic practice and contractual terms. Cash flows considered in the VIU model included the cash inflows and outflows related to the continuing use of the assets over their remaining useful lives, expected earnings, required maintenance capital expenditure, depreciation and working capital. The discount rate applied to cash flows in the VIU model was estimated using our weighted average cost of capital as determined by the Capital Asset Pricing Model with regard to the risks associated with the cash flows being considered (country, market and specific risks of the asset). The modelled cash flows take into account the Group’s established history of earnings, cash flow generation and the nature of the markets in which we operate, where product obsolescence is low. The key assumptions employed in modelling estimates of future cash flows are subjective and include projected Adjusted EBITDA, discount rates and growth rates, replacement capital expenditure requirements, rates of customer retention and the ability to maintain margin through the pass through of input cost inflation. The terminal value assumed long-term growth based on a combination of factors including long-term inflation in addition to industry and market specific factors. The range of growth rates applied by management in respect of the terminal values applicable to all groups of CGU’s were 1.0% - 1.5% (2019: 1.0% - 1.5%). A sensitivity analysis was performed reflecting potential variations in terminal growth rate and discount rate assumptions. In all cases the recoverable values calculated were in excess of the carrying values of the CGUs. The variation applied to terminal value growth rates and discount rates was a 50 basis points decrease and increase respectively and represents a reasonably possible change to the key assumptions of the VIU model. Further, a reasonably possible change to the operating cash flows would not reduce the recoverable amounts below the carrying value of the CGUs. Impairment test for Glass Packaging North America in 2020 Management has determined the recoverable amount of the Glass Packaging North America CGU by assessing the fair value less cost of disposal (FVLCD) of the underlying assets using a market approach, on the basis that this gave a higher recoverable amount than an assessment based on Value in Use. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation. The key assumptions applied in the FVLCD calculation for the Glass Packaging North America CGU are, by their nature, subjective and include, FY21 projected revenue volumes, cost savings and the effects of future restructuring as part of estimating the projected Adjusted EBITDA from a market participant’s perspective. The market participant projected adjusted EBITDA was then multiplied by a multiple of 6.5x, based on comparable companies and also based on market transactions, which was then adjusted for selling costs. The recoverable amount was then compared to the carrying value of the Glass Packaging North America CGU, resulting in an excess of the recoverable amount on the carrying value goodwill allocated to Glass Packaging North America in the year ended December 31, 2020. A sensitivity analysis was performed on the FVLCD calculation by increasing and decreasing the The additional disclosures required under IAS 36 in relation to significant goodwill amounts arising in the groups of CGUs are as follows: Metal Metal Glass Beverage Beverage Glass Packaging Packaging Packaging Packaging North Europe Americas Europe America $'m/% $'m/% $'m/% $'m/% 2020 Carrying amount of goodwill 618 437 67 560 Excess of recoverable amount Pre-tax discount rate applied N/A 2019 Carrying amount of goodwill 566 437 61 560 Excess of recoverable amount Pre-tax discount rate applied 5.1 8.5 6.5 7.2

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment	10. Property, plant and equipment Office equipment, Land and Plant and vehicles buildings machinery and other Total $'m $'m $'m $'m 2019 Cost At January 1, 2019, as reported 1,044 4,298 94 5,436 Impact of adoption of IFRS 16 on January 1, 2019 (Note 2) 193 78 19 290 At January 1, 2019 1,237 4,376 113 5,726 Additions 148 528 60 736 Disposals (21) (194) (8) (223) Disposal of Food & Specialty (337) (1,443) (39) (1,819) Impairment (Note 4) — (5) — (5) Exchange (9) (26) — (35) At December 31, 2019 1,018 3,236 126 4,380 Depreciation At January 1, 2019 (264) (1,750) (34) (2,048) Charge for the year (75) (363) (36) (474) Disposals 6 190 8 204 Disposal of Food & Specialty 55 530 21 606 Exchange 2 7 — 9 At December 31, 2019 (276) (1,386) (41) (1,703) Net book value At December 31, 2019 742 1,850 85 2,677 2020 Cost At January 1, 2020 1,018 3,236 126 4,380 Additions 69 507 51 627 Impairment (Note 4) — (6) — (6) Disposals (2) (234) (11) (247) Exchange 55 116 5 176 At December 31, 2020 1,140 3,619 171 4,930 Depreciation At January 1, 2020 (276) (1,386) (41) (1,703) Charge for the year (89) (330) (34) (453) Disposals 1 234 11 246 Exchange (19) (53) (3) (75) At December 31, 2020 (383) (1,535) (67) (1,985) Net book value At December 31, 2020 757 2,084 104 2,945 Depreciation expense of $438 million (2019: $408 million; 2018: $354 million) has been charged in cost of sales and $15 million (2019: $11 million; 2018: $8 million) in sales, general and administration expenses in respect of the continuing operations of the Group. Depreciation expense of $nil (2019: $53 million, 2018: $86 million) has been charged in cost of sales and $nil (2019: $2 million. 2018: $1 million) in sales, general and administration expenses in respect of the discontinued operation of the Group. Construction in progress at December 31, 2020 was $304 million (2019: $173 million). Included in property, plant and equipment is an amount for land of $196 million (2019: $185 million). Substantially all of the Group’s property, plant and equipment is pledged as security under the terms and conditions of the Group’s financing arrangements. No interest was capitalized in the year (2019: $nil). Impairment The Board has considered the carrying value of the Group’s property, plant and equipment and assessed the indicators of impairment as at December 31, 2020 in accordance with IAS 36. In the year ended December 31, 2020 an impairment charge of $6 million (2019: $5 million) has been recognized, which relates to the impairment of plant and machinery in Glass Packaging North America. Please refer to Note 4. Right of Use assets – Net Book Value, depreciation and variable lease expense The following right-of-use assets were included in property, plant and equipment: Office equipment, Land and Plant and vehicles buildings machinery and other Total Net book value $'m $'m $'m $'m At December 31, 2020 At December 31, 2019 The increase in the net carrying amount of the right-of use assets at December 31, 2020 is primarily the result of total additions to the right-of-use assets during the year ended December 31, 2020 of $87 million and exchange gains, offset by a depreciation charge of $93 million (Land and buildings: $55 million, Plant and machinery: $23 million, Office equipment, vehicles and other: $15 million). The increase in net carrying amount of the right-of use assets at December 31, 2019 is primarily the result of existing finance leases as at December 31, 2018 of $29 million, the impact of adoption of IFRS 16 on January 1, 2019 of $290 million, total additions to the right-of-use assets during the year ended December 31, 2019 of $169 million, offset by an amount of $74 million de-recognized on the disposal of Food & Specialty and a depreciation charge of $76 million (Land and buildings: $41 million, Plant and machinery: $21 million, Office equipment, vehicles and other: $14 million). During 2020, the continuing operations of the Group incurred variable lease expense of $64 million (2019: $67 million), primarily related to warehouse leases. Operating lease commitments The Group adopted IFRS 16 effective January 1, 2019, resulting in the majority of the Group’s operating leases being recognized on the consolidated statement of financial position. During 2018, the expense in respect of operating lease commitments was as follows: Year ended December 31, 2018 $'m Plant and machinery 22 Land and buildings 51 Office equipment and vehicles 17 90 At December 31, 2018, the Group had total commitments under non-cancellable operating leases which expired: At December 31, 2018 $'m Not later than one year 67 Later than one year and not later than five years 150 Later than five years 147 364 Capital commitments The following capital commitments in relation to property, plant and equipment were authorized by management, but have not been provided for in the consolidated financial statements: At December 31, 2020 2019 2018 $'m $'m $'m Contracted for 148 77 118 Not contracted for 227 82 76 375 159 194

Other non-current assets

Other non-current assets	12 Months Ended
	Dec. 31, 2020
Other non-current assets
Other non‑current assets	11 . Other non‑current assets At December 31, 2020, other non‑current assets of $73 million (2019: $68 million) includes the receivable for the tax adjusted indemnity in respect of a U.S. glass business legal matter. Other non-current assets also include $8 million (2019: $6 million) primarily relating to certain of the Group’s investment in its joint ventures, excluding the investment in Trivium, which is further discussed in Note 12.

Investment in material joint ve

Investment in material joint ventures	12 Months Ended
	Dec. 31, 2020
Investment in material joint ventures
Investment in material joint ventures	12. Investment in material joint venture Investment in material joint venture is comprised of the Group’s approximate 42% investment in Trivium, which is incorporated in the Netherlands, with corporate offices in Amsterdam. The remaining approximate 58% is held by Ontario Teachers’ Pension Plan Board (“Ontario Teachers”). As the Group jointly controls both the financial and operating policy decisions of Trivium, the investment is accounted for under the equity method. The shareholders of Trivium have entered into a Shareholders Agreement, dated October 31, 2019, which governs their relationship as owners of Trivium, including in respect of the governance of Trivium and its subsidiaries, their ability to transfer their shares in Trivium and other customary matters. The following table provides aggregated financial information for Trivium as it relates to the amounts recognized by Ardagh in the income statement, statement of comprehensive income and statement of financial position. Period ended December 31, 2020 2019 $'m $'m Investment in joint venture 390 375 Loss for the period (48) (49) Other comprehensive income 29 7 Total comprehensive loss (19) (42) Summarized financial information, as of the date these consolidated financial statements were authorized for issue, for Trivium for the twelve months ended and as at December 31, 2020 and for the two months ended and as at December 31, 2019, is set out below: Period ended December 31, 2020 (i) 2019 (ii) $'m $'m Revenue 2,656 351 Expenses (2,617) (408) Operating profit/(loss) 39 (57) Net finance expense (158) (56) Loss before tax (119) (113) Income tax credit/(expense) 5 (1) Loss after tax (114) (114) (i) The income statement for the period ended December 31, 2020 includes exceptional items of $35 million, in accordance with Ardagh accounting policy, of which $2 million is in respect of exceptional interest income. and $160 million of non-exceptional interest expense. Also included is depreciation and amortization of $285 million (inclusive of a measurement period adjustment of $19 million) and income tax credit of $5 million (inclusive of a measurement period adjustment of $6 million). (ii) The income statement for the two-month period ended December 31, 2019 includes $92 million in relation to exceptional items of which $31 million is in respect of exceptional interest expense. Also included is $25 million of non-exceptional interest expense. At December 31, 2020 2019 $'m $'m Non-current assets 4,644 4,109 Current assets (iii) 891 924 Total assets 5,535 5,033 Total equity 839 875 Non-current liabilities (iv) 3,892 3,444 Current liabilities (v) 804 714 Total liabilities 4,696 4,158 Total equity and liabilities 5,535 5,033 (iii) Includes cash and cash equivalents of $0.2 billion. (iv) Includes non-current financial liabilities (excluding trade and other payables and provisions) of $3.8 billion. (v) Includes current financial liabilities (excluding trade and other payables and provisions) of $0.1 billion. As at December 31, 2020, Trivium had net debt of $2.9 billion (2019: $2.8 billion). The reconciliation of summarized financial information presented to the carrying amount of the Group’s interest in Trivium is set out below. 2020 2019 $'m $'m Group's interest in net assets of joint venture at January 1, 2020 / November 1, 2019 (vi) 375 Share of total comprehensive loss (19) (42) Exchange 34 5 Carrying amount of interest in joint venture - December 31 390 375 (vi) The Group used a comparable market multiples approach as adjusted for debt in order to assess the fair value of its 42% initial equity investment in Trivium of $412 million. In respect of the Group’s equity accounted investment in Trivium, management has considered the carrying amount of the investment and concluded that it is fully recoverable as at December 31, 2020. During the year ended December 31, 2020, Trivium management has updated the provisional fair values and useful lives for property, plant and equipment and intangible assets acquired upon formation of Trivium on October 31, 2019, resulting in measurement period adjustments that require recognition by Ardagh. As a result, the reported share of post-tax loss in equity accounted joint venture for the year ended December 31, 2020, includes adjustments for the two months ended December 31, 2019 related to depreciation and amortization, net of tax, arising from the revised fair values and useful lives determined for property, plant and equipment and intangible assets acquired. The impacts of these adjustments, on the reported share of post-tax loss in equity accounted joint venture is $6 million for the year ended December 31, 2020. The Group is party to a Mutual Services Agreement (“MSA”) with Trivium, pursuant to which the Group and Trivium provide services to each other. The services generally relate to administrative support in respect of treasury activities, tax reporting, procurement and logistics, R&D and certain IT services. The MSA provides for the sharing of certain facilities leased by the Group in connection with the provision of services, with appropriate segregation in place between the Group’s entities and Trivium. The Group recognized net income of $19 million in respect of the MSA in the year ended December 31, 2020 respectively (December 31, 2019: $3 million). At December 31, 2020, the Group had no significant related party balances outstanding with Trivium reflected within trade and other receivables and trade and other payables. At December 31, 2019, as previously reported, the Group had related party balances outstanding with Trivium reflected within trade and other receivables of $40 million and trade and other payables of $9 million. In May 2020, the Group, as lender, entered into a credit facility (the “Trivium Credit Facility”) with Trivium, as borrower. The amount under the Trivium Credit Facility is $57 million, which stepped down to $36 million on December 15, 2020. The Trivium Credit Facility matures on April 30, 2021, with an option to extend to October 31, 2021. At December 31, 2020, the amount outstanding under the Trivium Credit Facility was $nil.

Deferred income tax

Deferred income tax	12 Months Ended
	Dec. 31, 2020
Deferred income tax
Deferred income tax	13. Deferred income tax The movement in deferred tax assets and liabilities during the year was as follows: Assets Liabilities Total $'m $'m $'m At January 1, 2019 432 (721) (289) Impact of adopting IFRS 16 14 (1) 13 Credited to the income statement (Note 6) 17 16 33 Charged to the income statement (Discontinued operation) (12) (1) (13) Credited to other comprehensive income 30 3 33 Exchange 1 3 4 Disposal of Food & Specialty (76) 155 79 At December 31, 2019 406 (546) (140) (Charged)/credited to the income statement (Note 6) (22) 26 4 Credited/(charged) to other comprehensive income 23 (6) 17 Exchange 13 (18) (5) At December 31, 2020 420 (544) (124) The components of deferred income tax assets and liabilities are as follows: At December 31, 2020 2019 $'m $'m Tax losses 47 40 Employee benefit obligations 168 142 Depreciation timing differences 83 84 Provisions 72 74 Other 50 66 420 406 Available for offset (175) (202) Deferred tax assets 245 204 Intangible assets (265) (295) Accelerated depreciation and other fair value adjustments (239) (206) Other (40) (45) (544) (546) Available for offset 175 202 Deferred tax liabilities (369) (344) The tax credit recognized in the consolidated income statement is analyzed as follows: Year ended December 31, 2020 2019 2018 $'m $'m $'m Tax losses 4 (4) 18 Employee benefit obligations (2) (11) 3 Depreciation timing differences (5) 21 4 Provisions (3) (2) (1) Other deferred tax assets (16) 1 12 Intangible assets 40 19 52 Accelerated depreciation and other fair value adjustments (27) (12) (20) Other deferred tax liabilities 13 8 (3) 4 20 65 Deferred tax assets are only recognized on tax loss carry forwards to the extent that the realization of the related tax benefit through future taxable profits is probable based on management’s forecasts. The Group did not recognize deferred tax assets of $33 million (2019: $37 million) in respect of tax losses amounting to $131 million (2019: $146 million) that can be carried forward against future taxable income due to uncertainty regarding their utilization. No provision has been made for temporary differences applicable to investments in subsidiaries as the Group is in a position to control the timing of reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Given that exemptions and tax credits would be available in the context of the Group’s investments in subsidiaries in the majority of jurisdictions in which it operates, the aggregate amount of temporary differences in respect of which deferred tax liabilities have not been recognized would not be material.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventories
Inventories	14. Inventories At December 31, 2020 2019 $'m $'m Raw materials and consumables 303 299 Mold parts 52 50 Work-in-progress 13 19 Finished goods 555 596 923 964 Certain inventories held by the Group have been pledged as security under the Group’s Global Asset Based Loan Facility (Note 20). The amount recognized as a write down in inventories or as a reversal of a write down in the year ended December 31, 2020 was not material (2019: not material; 2018: not material). At December 31, 2020, the hedging loss included in the carrying value of inventories, which will be recognized in the income statement when the related finished goods have been sold, is not material.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2020
Trade and other receivables
Trade and other receivables	15. Trade and other receivables At December 31, 2020 2019 $'m $'m Trade receivables 632 516 Other receivables and prepayments 237 218 869 734 The fair values of trade and other receivables approximate the amounts shown above. Movements on the provision for impairment of trade receivables are as follows: 2020 2019 2018 $'m $'m $'m At January 1, as reported 6 17 23 Impact of adoption of IFRS 9 on January 1, 2018 — — (4) At January 1, 6 17 19 Provision for receivables impairment 5 7 2 Receivables written off during the year as uncollectible (1) — (3) Disposal of Food & Specialty — (18) — Exchange 1 — (1) At December 31, 11 6 17 The majority of the provision above relates to balances which are more than six months past due. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable set out above. Provisions against specific balances Significant balances are assessed for evidence of increased credit risk. Examples of factors considered are high probability of bankruptcy, breaches of contract or major concession being sought by the customer. Instances of significant single customer related bad debts are rare and there is no significant concentration of risk associated with particular customers. Providing against the remaining population of customers The Group monitors actual historical credit losses and adjusts for forward-looking information to measure the level of expected losses. Adverse changes in the payment status of customers of the Group, or national or local economic conditions that correlate with defaults on receivables owing to the Group, may also provide a basis for an increase in the level of provision above historic loss experience. As of December 31, 2020, trade receivables of $19 million (2019: $34 million) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows: At December 31, 2020 2019 $'m $'m Up to three months past due 14 28 Three to six months past due 4 1 Over six months past due 1 5 19 34

Contract assets

Contract assets	12 Months Ended
	Dec. 31, 2020
Contract assets
Contract Assets	16. Contract assets The following table provides information about significant changes in contract assets: 2020 2019 $'m $'m At January 1, 151 160 Transfers from contract assets recognized at beginning of year to receivables (148) (155) Increases as a result of new contract assets recognized during the year 133 175 Decrease due to disposal of Food & Specialty — (32) Other (including exchange) 3 3 At December 31, 139 151

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2020
Cash, cash equivalents and restricted cash
Cash and cash equivalents	17. Cash and cash equivalents At December 31, 2020 2019 $'m $'m Cash at bank and in hand 598 Short term bank deposits 11 Restricted cash 6 5 1,267 614

Issued capital and reserves

Issued capital and reserves	12 Months Ended
	Dec. 31, 2020
Issued capital and reserves
Issued capital and reserves	18. Issued capital and reserves Share capital Issued and fully paid shares: Class A Class B Total shares Total (million) (million) (million) $'m At December 31, 2019 18.66 217.7 236.36 23 Share issuance 0.01 – 0.01 – At December 31, 2020 18.67 217.7 236.37 23 There were no material share transactions in the years ended December 31, 2020 and December 31, 2019.

Financial risk factors

Financial risk factors	12 Months Ended
	Dec. 31, 2020
Financial risk factors
Financial risk factors	19. Financial risk factors The Group’s activities expose it to a variety of financial risks: capital risk, interest rate risk, currency exchange risk, commodity price risk, credit risk, and liquidity risk. Capital structure and risk The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and provide returns to its shareholders. The Group funds its operations primarily from the following sources of capital: borrowings, cash flow and shareholders’ capital. The Group aims to achieve a capital structure that results in an appropriate cost of capital to accommodate material investments or acquisitions, while providing flexibility in short and medium term funding. The Group also aims to maintain a strong balance sheet and to provide continuity of financing by having a range of maturities and borrowing from a variety of sources. The Group’s overall treasury objectives are to ensure sufficient funds are available for the Group to carry out its strategy and to manage certain financial risks to which the Group is exposed, details of which are provided below. The Group’s finance committee reviews and monitors the capital structure, financial policies and treasury function of the Company in addition to advising the board of directors on whether to approve financing agreements or arrangements. Financial risks are managed on the advice of Group Treasury and senior management in conjunction with the finance committee. The Group does not permit the use of treasury instruments for speculative purposes, under any circumstances. Group Treasury regularly reviews the level of cash and debt facilities required to fund the Group’s activities, plans for repayment and refinancing of debt, and identifies an appropriate amount of headroom to provide a reserve against unexpected funding requirements. The Group’s long‑term liquidity needs primarily relate to the servicing of our debt obligations. We expect to satisfy our future long‑term liquidity needs through a combination of cash flow generated from operations and, where appropriate, to refinance our debt obligations in advance of their respective maturity dates as we have successfully done in the past and during the second quarter of 2020. The Group generates substantial cash flow from our operations on an annual basis. Cash and cash equivalents were increased during the second quarter and the Group also enhanced its capital structure by refinancing certain debt obligations, resulting in the Group having no Senior Secured Notes or Senior Notes maturing before 2025. The Group had $1,267 million in cash and cash equivalents and restricted cash as of December 31, 2020, as well as available but undrawn liquidity of $600 million under its credit facilities. Additionally, financial instruments, including derivative financial instruments, are used to hedge exposure to interest rate, currency exchange risk and commodity price risk. One of the Group’s key metrics has been the ratio of consolidated external net debt as a multiple of Adjusted EBITDA. Adjusted EBITDA is the profit or loss for the period before income tax charge or credit, net finance expense, depreciation and amortization, exceptional operating items and share of profit or loss in equity accounted joint venture. As at December 31, 2020 the ratio was 4.9.x (2019: 4.5x; 2018: 5.0x). Interest rate risk The Board’s policy, in the management of interest rate risk, is to strike the right balance between the Group’s fixed and floating rate financial instruments, which occasionally includes the use of CCIRS. The balance struck by the Board is dependent on prevailing interest rate markets at any point in time. At December 31, 2020, the Group’s external borrowings were 89.6% (2019: 88.1%) fixed, with a weighted average interest rate of 4.4% (2019: 4.6%; 2018: 5.4%). The weighted average interest rate for the Group for the year ended December 31, 2020 was 3.9% (2019: 4.0%; 2018: 5.0%). Holding all other variables constant, including levels of the Group’s external indebtedness, at December 31, 2020 a one percentage point increase in variable interest rates would increase interest payable by approximately $11 million (2019: $11 million). Currency exchange risk The Group presents its consolidated financial information in U.S. dollar. The functional currency of the Company is the euro. The Group operates in 12 countries, across three continents and its main currency exposure in the year to December 31, 2020, from the euro functional currency, was in relation to the U.S. dollar, British pound, Swedish krona, Polish zloty, Danish krone and Brazilian real. Currency exchange risk arises from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. As a result of the consolidated financial statements being presented in U.S dollar, the Group’s results are also impacted by fluctuations in the U.S. dollar exchange rate versus the euro. The Group has a limited level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group’s foreign operations is managed primarily through borrowings and swaps denominated in the Group’s principal foreign currencies. Fluctuations in the value of these currencies with respect to the euro functional currency may have a significant impact on the Group’s financial condition and results of operations. The Group believes that a strengthening of the euro exchange rate (the functional currency) by 1% against all other foreign currencies from the December 31, 2020 rate would decrease shareholders’ equity by approximately $10 million (2019: $4 million decrease). Commodity price risk The Group is exposed to changes in prices of our main raw materials, primarily aluminum and energy. Production costs in our Metal Beverage Packaging division are exposed to changes in prices of our main raw materials, primarily aluminum. Aluminum ingot is traded daily as a commodity on the London Metal Exchange, which has historically been subject to significant price volatility. Because aluminum is priced in U.S. dollars, fluctuations in the U.S. dollar/ euro rate also affect the euro cost of aluminum ingot. The price and foreign currency risk on the aluminum purchases in Metal Beverage Packaging Europe and Metal Beverage Packaging Americas are hedged by entering into swaps under which we pay fixed euro and U.S. dollar prices, respectively. Furthermore, the relative price of oil and its by products may materially impact our business, affecting our transport, lacquer and ink costs. Where we do not have pass through contracts in relation to the underlying metal raw material cost the Group uses derivative agreements to manage this risk. The Group depends on an active liquid market and available credit lines with counterparty banks to cover this risk. The use of derivative contracts to manage our risk is dependent on robust hedging procedures. Increasing raw material costs over time has the potential, if we are unable to pass on price increases, to reduce sales volume and could therefore have a significant impact on our financial condition. The Group is also exposed to possible interruptions of supply of aluminum and steel or other raw materials and any inability to purchase raw materials could negatively impact our operations. Production costs in our Glass Packaging division are sensitive to the price of energy. Our main energy exposure is to the cost of gas and electricity. These energy costs have experienced significant volatility in recent years with a corresponding effect on our production costs. In terms of gas, which represents 50% of our energy costs, there is a continuous de‑coupling between the cost of gas and oil, whereby now only significant changes in the price of oil have an impact on the price of gas. The volatility in gas pricing is driven by shale gas development (United States only), the availability of liquefied natural gas in Europe, as both Europe and Asia compete for shipments, and storage levels. Volatility in the price of electricity is caused by the German Renewable Energy policy, the phasing out of nuclear generating capacity, fluctuations in the price of gas and coal and the influence of carbon dioxide costs on electricity prices. As a result of the volatility of gas and electricity prices, the Group has either included energy pass through clauses in our sales contracts or developed an active hedging strategy to fix a significant proportion of our energy costs through contractual arrangements directly with our suppliers and/or banks, where there is no energy clause in the sales contract. Where pass through contracts do not exist, the Group policy is to purchase gas and electricity by entering into forward price fixing arrangements with suppliers for the bulk of our anticipated requirements for the year ahead. Such contracts are used exclusively to obtain delivery of our anticipated energy supplies. The Group does not net settle, nor do we sell within a short period of time after taking delivery. The Group avails of the own use exemption and, therefore, these contracts are treated as executory contracts. The Group typically builds up these contractual positions in tranches of approximately 10% of the anticipated volumes. Any gas and electricity which is not purchased under forward price‑fixing arrangements is purchased under index tracking contracts or at spot prices. Credit risk Credit risk arises from derivative contracts, cash and deposits held with banks and financial institutions, as well as credit exposures to the Group’s customers, including outstanding receivables. Group policy is to place excess liquidity on deposit, only with recognized and reputable financial institutions. For banks and financial institutions, only independently rated parties with a minimum rating of “BBB+” from at least two credit rating agencies are accepted, where possible. The credit ratings of banks and financial institutions are monitored to ensure compliance with Group policy. Risk of default is controlled within a policy framework of dealing with high quality institutions and by limiting the amount of credit exposure to any one bank or institution. Group policy is to extend credit to customers of good credit standing. Credit risk is managed on an on‑going basis, by experienced people within the Group. The Group’s policy for the management of credit risk in relation to trade receivables involves periodically assessing the financial reliability of customers, taking into account their financial position, past experience and other factors. Provisions are made, where deemed necessary, and the utilization of credit limits is regularly monitored. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. For the year ended December 31, 2020, the Group’s ten largest customers accounted for approximately 45% of total revenues (2019: 47%; 2018: 48%). There is no recent history of default with these customers. Surplus cash held by the operating entities over and above the balance required for working capital management is transferred to Group Treasury. Group Treasury invests surplus cash in interest‑bearing current accounts, money market funds and bank time deposits with appropriate maturities to provide sufficient headroom as determined by the below‑mentioned forecasts. Liquidity risk The Group is exposed to liquidity risk which arises primarily from the maturing of short term and long term debt obligations and from the normal liquidity cycle of the business throughout the course of a year. The Group’s policy is to ensure that sufficient resources are available either from cash balances, cash flows or undrawn committed bank facilities, to ensure all obligations can be met as they fall due. To effectively manage liquidity risk, the Group: · has committed borrowing facilities that it can access to meet liquidity needs; · maintains cash balances and liquid investments with highly‑rated counterparties; · limits the maturity of cash balances; · borrows the bulk of its debt needs under long term fixed rate debt securities; and · has internal control processes to manage liquidity risk. Cash flow forecasting is performed in the operating entities of the Group and is aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans.

Financial assets and liabilitie

Financial assets and liabilities	12 Months Ended
	Dec. 31, 2020
Financial assets and liabilities
Financial assets and liabilities	20. Financial assets and liabilities The Group’s net debt was as follows: At December 31, 2020 2019 $'m $'m Loan notes 6,483 5,529 Other borrowings 378 381 Net borrowings 6,861 5,910 Cash and cash equivalents (1,267) (614) Derivative financial instruments used to hedge foreign currency and interest rate risk 105 32 Net debt 5,699 5,328 The Group’s net borrowings of $6,861 million (2019: $5,910 million) are classified as non-current liabilities of $6,764 million (2019: $5,815 million) and current liabilities of $97 million (2019: $95 million) in the consolidated statement of financial position at December 31, 2020. At December 31, 2020, the Group’s net debt and available liquidity was as follows: Maximum Final amount maturity Facility Undrawn Facility Currency drawable date type Amount drawn amount Local Local currency currency $'m $'m m m 5.250% Senior Secured Notes USD 700 30-Apr-25 Bullet 700 700 – 4.125% Senior Secured Notes USD 1,215 15-Aug-26 Bullet 1,215 1,215 – 2.125% Senior Secured Notes EUR 439 15-Aug-26 Bullet 439 539 – 2.125% Senior Secured Notes EUR 790 15-Aug-26 Bullet 790 969 – 6.000% Senior Notes USD 800 15-Feb-25 Bullet 800 826 – 4.750% Senior Notes GBP 400 15-Jul-27 Bullet 400 546 – 5.250% Senior Notes USD 800 15-Aug-27 Bullet 800 800 – 5.250% Senior Notes USD 1,000 15-Aug-27 Bullet 1,000 1,000 – Global Asset Based Loan Facility USD 599 07-Dec-22 Revolving – – 599 Lease obligations Various – Amortising – 366 – Other borrowings/credit lines Various – Rolling Amortising – 14 1 Total borrowings / undrawn facilities 6,975 600 Deferred debt issue costs and bond discounts/bond premium (114) – Net borrowings / undrawn facilities 6,861 600 Cash and cash equivalents (1,267) 1,267 Derivative financial instruments used to hedge foreign currency and interest rate risk 105 – Net debt / available liquidity 5,699 1,867 Net debt includes the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to Group borrowings. A number of the Group’s borrowing agreements contain certain covenants that restrict the Group’s flexibility in certain areas such as incurrence of additional indebtedness (primarily maximum borrowings to Adjusted EBITDA and a minimum Adjusted EBITDA to interest expense), payment of dividends and incurrence of liens. The Global Asset Based Loan Facility is subject to a fixed charge coverage ratio covenant if 90% or more of the facility is drawn. The facility also includes cash dominion, representations, warranties, events of default and other covenants that are generally of a nature customary for such facilities. At December 31, 2019, the Group’s net debt and available liquidity was as follows: Maximum Final amount maturity Facility Undrawn Facility Currency drawable date type Amount drawn amount Local Local $'m $'m currency currency m m 2.750% Senior Secured Notes EUR 741 15-Mar-24 Bullet 741 832 – 4.250% Senior Secured Notes USD 695 15-Sep-22 Bullet 695 695 – 2.125% Senior Secured Notes EUR 439 15-Aug-26 Bullet 439 493 – 4.125% Senior Secured Notes USD 500 15-Aug-26 Bullet 500 500 – 4.750% Senior Notes GBP 400 15-Jul-27 Bullet 400 528 – 6.000% Senior Notes USD 1,700 15-Feb-25 Bullet 1,700 1,708 – 5.250% Senior Notes USD 800 15-Aug-27 Bullet 800 800 – Global Asset Based Loan Facility USD 663 07-Dec-22 Revolving – – 663 Lease obligations Various – Amortizing – 364 – Other borrowings/credit lines EUR/USD – Rolling Amortizing – 22 1 Total borrowings / undrawn facilities 5,942 664 Deferred debt issue costs and bond premium (32) – Net borrowings / undrawn facilities 5,910 664 Cash and cash equivalents (614) 614 Derivative financial instruments used to hedge foreign currency and interest rate risk 32 – Net debt / available liquidity 5,328 1,278 The following table summarizes movement in the Group’s net debt: 2020 2019 $'m $'m Net increase in cash and cash equivalents per consolidated statement of cash flows (653) (84) Increase/(decrease) in net borrowings and derivative financial instruments 1,024 (2,050) Increase/(decrease) in net debt 371 (2,134) Net debt at January 1, 5,328 7,462 Net debt at December 31, 5,699 5,328 The increase in net borrowings and derivative financial instruments primarily includes proceeds from borrowings of $4.1 billion (2019: $1.8 billion), repayments of borrowings of $3.3 billion (2019: $4.1 billion), a fair value loss on derivative financial instruments used to hedge foreign currency and interest rate risk of $0.1 billion (2019: gain of $0.1 billion), foreign exchange loss on borrowings of $0.2 billion (2019: loss of $0.1 billion) and movements in lease obligations of $nil (2019: $0.3 billion), partly offset by an increase to cash and cash equivalents of $0.7 billion (2019: increase of $0.1 billion). Maturity Profile The maturity profile of the Group’s Senior Secured Notes and Senior Notes is as follows: At December 31, 2020 2019 $'m $'m Within one year or on demand — — Between one and three years — 695 Between three and five years 1,526 832 Greater than five years 5,069 4,029 Total Senior Secured Notes and Senior Notes 6,595 5,556 The maturity profile of the Group’s total borrowings is as follows: At December 31, 2020 2019 $'m $'m Within one year or on demand 97 95 Between one and three years 113 802 Between three and five years 1,588 900 Greater than five years 5,177 4,145 Total borrowings 6,975 5,942 Deferred debt issue costs and bond discounts/bond premium (114) (32) Net Borrowings 6,861 5,910 The maturity profile of the contractual undiscounted cash flows related to the Group’s lease liabilities is as follows: 2020 2019 $'m $'m Not later than one year Later than one year and not later than five years Later than five years The table below analyzes the Group’s financial liabilities (including interest payable) into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contracted undiscounted cash flows. Derivative Trade and financial other Borrowings instruments payables At December 31, 2020 $'m $'m $'m Within one year or on demand 402 104 1,449 Between one and three years 714 26 — Between three and five years 2,112 — — Greater than five years 5,467 — — Derivative Trade and financial other Borrowings instruments payables At December 31, 2019 $'m $'m $'m Within one year or on demand 363 17 1,519 Between one and three years 1,328 9 — Between three and five years 1,345 35 — Greater than five years 4,426 — — The carrying amount and fair value of the Group’s borrowings excluding lease obligations are as follows: Carrying value Deferred debt Amount issue costs and drawn premium Total Fair value At December 31, 2020 $'m $'m $'m $'m Loan notes 6,595 (112) 6,483 6,784 Global Asset Based Loan Facility and other borrowings (2) 12 6,609 (114) 6,495 6,798 Carrying value Deferred debt Amount issue costs and drawn premium Total Fair value At December 31, 2019 $'m $'m $'m $'m Loan notes 5,556 (27) 5,529 5,752 Global Asset Based Loan Facility and other borrowings 22 (5) 17 22 5,578 (32) 5,546 5,774 Financing activity 2020 On April 8, 2020, the Group issued $500 million 5.250% Senior Secured Notes due 2025 and on April 9, 2020, the Group issued $200 million add-on 5.250% Senior Secured Notes due 2025. Net proceeds from the issuance of the notes were used to redeem in full a $300 million term loan credit facility on April 8, 2020 and for general corporate purposes. On June 2, 2020, the Group issued $1,000 million 5.250% Senior Notes due 2027. The notes are non-fungible mirror notes to the $800 million 5.250% Senior Notes due 2027, issued in August, 2019. The net proceeds from the issuance of the notes were used to repurchase, by means of a tender and consent offer, approximately $900 million of the $1,700 million 6.000% Senior Notes due 2025, together with applicable redemption premium and accrued interest. On June 4, 2020, the Group issued $715 million add-on 4.125% Senior Secured Notes due 2026. The notes are an add-on to the $500 million 4.125% Senior Secured Notes due 2026, issued in August, 2019. Proceeds from the issuance of the notes, net of expenses, were used to redeem in full the $695 million 4.250% Senior Secured Notes due 2022, together with applicable redemption premium and accrued interest. On June 10, 2020, the Group issued €790 million 2.125% Senior Secured Notes due 2026. The notes are non-fungible mirror notes to the 2.125% Senior Secured Notes due 2026, issued in August, 2019. Proceeds from the issuance of the notes, net of expenses, were used to redeem in full the €741 million 2.750% Senior Secured Notes due 2024, together with applicable redemption premium and accrued interest. On October 23, 2020, the Group launched a consent solicitation for consents from holders of the £400m 4.750% Senior Notes due 2027, to approve certain amendments to the Notes indentures. On November 4, 2020, the Group obtained majority consents in connection with this consent solicitation. Lease obligations at December 31, 2020, of $366 million primarily reflect $86 million of new lease liabilities and $9 million of unfavorable foreign currency movements, partly offset by $93 million of principal repayments in the year ended December 31, 2020. At December 31, 2020 the Group had $599 million available under the Global Asset Based Loan Facility. 2019 On August 12, 2019, the Group issued €440 million 2.125% Senior Secured Notes due 2026, $500 million 4.125% Senior Secured Notes due 2026, and $800 million 5.250% Senior Notes due 2027. The net proceeds from the issuance of these notes were used to redeem on August 13, 2019 the $1,650 million 7.250% Senior Notes due 2024 and to pay applicable redemption premiums and accrued interest in accordance with their terms. Following the completion of the combination of its Food & Specialty Metal Packaging business with the business of Exal, on October 31, 2019, the Group issued tender offers, at par, in respect of its $715 million 4.250% Senior Secured Notes due 2022, €750 million 2.750% Senior Secured Notes due 2024, €440 million 2.125% Senior Secured Notes due 2026 and $500 million 4.125% Senior Secured Notes due 2026. Following the expiration of the offer on November 28, 2019 notice was given to repurchase the following amounts, $20 million of the $715 million 4.250% Senior Secured Notes due 2022, €9 million of the €750 million 2.750% Senior Secured Notes due 2024, and €1 million of the €440 million 2.125% Senior Secured Notes due 2026. On December 2, 2019, in accordance with the terms of the offer, the redemptions were completed. On November 14, 2019, the Group redeemed $1,000 million 4.625% Senior Secured Notes due 2023 and €440 million 4.125% Senior Secured Notes due 2023 and paid the applicable redemption premiums and accrued interest in accordance with their terms. On November 29, 2019, the Group redeemed €750 million 6.750% Senior Notes due 2024 and paid the applicable redemption premium and accrued interest in accordance with their terms. Lease obligations of $364 million primarily reflect increases related to $349 million lease liabilities due to initial adoption of IFRS 16 as of January 1, 2019, as well as $169 million of new lease liabilities, partly offset by $84 million of lease liabilities divested at October 31, 2019, $78 million of principal repayments in continuing operations and $14 million of principal repayments in discontinued operation in the year ended December 31, 2019. As at December 31, 2019, the Group had $663 million available under the Global Asset Based Loan Facility. During 2019, the Group reduced the facility size from $850 million to $700 million as a result of the disposal of the Food & Specialty Metal Packaging business. Effective interest rates The effective interest rates of borrowings at the reporting date are as follows: 2020 2019 USD EUR GBP USD EUR GBP 5.250% Senior Secured Notes due 2025 5.32 % — — — — — 4.125% Senior Secured Notes due 2026 4.32 % — — 4.37 % — — 2.125% Senior Secured Notes due 2026 — 2.33 % — — 2.33 % — 2.125% Senior Secured Notes due 2026 — 3.29 % — 6.000% Senior Notes due 2025 5.97 % — — 6.14 % — — 4.750% Senior Notes due 2027 — — 4.99 % — — 4.99 % 5.250% Senior Notes due 2027 5.50 % — — 5.50 % — — 5.250% Senior Notes due 2027 6.42 % — — — — — 2.750% Senior Secured Notes due 2024 — — — — 2.92 % — 4.250% Senior Secured Notes due 2022 — — — 4.52 % — — Various Currencies Lease obligations 5.27 % 4.77 % The carrying amounts of the Group’s net borrowings are denominated in the following currencies: At December 31, 2020 2019 $'m $'m Euro 1,549 1,411 U.S. dollar 4,687 3,909 British pound 583 559 Other 42 31 6,861 5,910 The Group has the following undrawn borrowing facilities: At December 31, 2020 2019 $'m $'m Expiring within one year 1 1 Expiring beyond one year 599 663 600 664 Fair value methodology The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values are calculated as follows: (i) Senior secured and senior notes - The fair value of debt securities in issue is based on valuation techniques in which all significant inputs are based on observable market data and represent Level 2 inputs. In the year ended December 31, 2019 the classification for all senior secured and senior notes was changed from Level 1 to Level 2 based on management’s assessment that quoted prices in the market for such debt securities are not regularly available. (ii) Global Asset Based Loan facility and other borrowings - The estimated value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining maturity and represents Level 2 inputs. (iii) Cross currency interest rate swaps (“CCIRS”) - The fair values of the CCIRS are based on quoted market prices and represent Level 2 inputs. (iv) Commodity and foreign exchange derivatives - The fair value of these derivatives are based on quoted market prices and represent Level 2 inputs. Derivative financial instruments Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $'m $'m $'m $'m Fair value derivatives Metal forward contracts 29 233 6 113 Cross currency interest rate swaps 10 233 115 1,300 Forward foreign exchange contracts 5 356 9 326 NYMEX gas swaps 1 12 — 10 At December 31, 2020 45 834 130 1,749 Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $'m $'m $'m $'m Fair value derivatives Metal forward contracts 4 100 10 252 Cross currency interest rate swaps 3 600 35 913 Forward foreign exchange contracts — 31 13 351 NYMEX gas swaps — 3 3 24 At December 31, 2019 7 734 61 1,540 Derivative instruments with a fair value of $9 million (2019: $4 million) are classified as non-current assets and $36 million (2019: $3 million) as current assets in the consolidated statement of financial position at December 31, 2020. Derivative instruments with a fair value of $26 million (2019: $44 million) are classified as non-current liabilities and $104 million (2019: $17 million) as current liabilities in the consolidated statement of financial position at December 31, 2020. With the exception of interest on the CCIRS, all cash payments in relation to derivative instruments are paid or received when they mature. Bi‑annual and quarterly interest cash payments and receipts are made and received in relation to the CCIRS. The Group mitigates the counterparty risk for derivatives by contracting with major financial institutions which have high credit ratings. Cross currency interest rate swaps 2020 The Group hedges certain of its external borrowings and interest payable thereon using CCIRS, with a net liability at December 31, 2020 of $105 million (December 31, 2019: $32 million net liability). 2019 The Group hedges certain of its external borrowings and interest payable thereon using CCIRS, with a net liability at December 31, 2019 of $32 million (December 31, 2018: $113 million net liability). On February 15, 2019 the Group’s $200 million U.S dollar to euro CCIRS matured. The fair value of these swaps at maturity was $14 million and the cash settlement of these swaps was $14 million. The Group entered into new $200 million U.S dollar to euro CCIRS on March 1, 2019. On August 12, 2019, the Group terminated a number of CCIRS. The total fair value of these swaps at termination was $17 million and the cash receipt on these swaps was $23 million. The Group entered into a new $500 million U.S dollar to euro CCIRS on August 12, 2019. Net investment hedge in foreign operations The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group’s foreign operations is managed primarily through borrowings denominated in the relevant foreign currencies. Hedges of net investments in foreign operations are accounted for whereby any gain or loss on the hedging instruments relating to the effective portion of the hedge is recognized in other comprehensive income. The gain or loss relating to an ineffective portion is recognized immediately in the consolidated income statement within finance income or expense respectively. Gains and losses accumulated in other comprehensive income are recycled to the consolidated income statement when the foreign operation is disposed of. The amount that has been recognized in the consolidated income statement due to ineffectiveness is $1 million (2019: $1 million; 2018: $nil). Metal forward contracts The Group hedges a substantial portion of its anticipated metal purchases. Excluding conversion and freight costs, the physical metal deliveries are priced based on the applicable indices agreed with the suppliers for the relevant month. Fair values have been based on quoted market prices and are valued using Level 2 valuation inputs. The fair value of these contracts when initiated is $nil; no premium is paid or received. Forward foreign exchange contracts The Group operates in a number of currencies and, accordingly, hedges a portion of its currency transaction risk. The fair values are based on Level 2 valuation techniques and observable inputs including the contract prices. The fair value of these contracts when initiated is $nil; no premium is paid or received. NYMEX gas swaps The Group hedges a portion of its Glass Packaging North America anticipated energy purchases on the New York Mercantile Exchange (“NYMEX”). Fair values have been based on NYMEX‑quoted market prices and Level 2 valuation inputs have been applied. The fair value of these contracts when initiated is $nil; no premium is paid or received.

Employee benefit obligations

Employee benefit obligations	12 Months Ended
	Dec. 31, 2020
Employee benefit obligations
Employee benefit obligations	21. Employee benefit obligations The Group operates defined benefit or defined contribution pension schemes in most of its countries of operation and the assets are held in separately administered funds. The principal funded defined benefit schemes, which are funded by contributions to separately administered funds, are in the United States and the United Kingdom. Other defined benefit schemes are unfunded, and the provision is recognized in the consolidated statement of financial position. The principal unfunded schemes are in Germany. The contribution rates to the funded plans are agreed with the Trustee boards, plan actuaries and the local pension regulators periodically. The contributions paid in 2020 were those recommended by the actuaries. In addition, the Group has other employee benefit obligations in certain territories. Total employee obligations recognized in the consolidated statement of financial position of $811 million (2019: $716 million) includes other employee benefit obligations of $117 million (2019: $101 million). The employee obligations and assets of the defined benefit schemes included in the consolidated statement of financial position are analyzed below: U.S. Germany UK Other Total 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $'m $'m $'m $'m $'m $'m $'m $'m $'m $'m Obligations (1,403) (1,318) (194) (176) (892) (830) (29) (25) (2,518) (2,349) Assets 1,151 1,139 — — 663 585 10 10 1,824 1,734 Net obligations (252) (179) (194) (176) (229) (245) (19) (15) (694) (615) Defined benefit pension schemes The amounts recognized in the consolidated income statement are: Year ended December 31, 2020 2019 2018 $'m $'m $'m Current service cost and administration costs: Cost of sales - current service cost (Note 8) (27) (28) (38) Cost of sales - past service credit/(charge) (Note 8) 8 54 (6) SGA - current service cost (Note 8) (4) (3) (4) (23) 23 (48) Finance expense (Note 5) (14) (18) (16) (37) 5 (64) Discontinued operation — 1 — (37) 6 (64) The amounts recognized in the consolidated statement of comprehensive income are: Year ended December 31, 2020 2019 2018 $'m $'m $'m Re-measurement of defined benefit obligation: Actuarial gain/(loss) arising from changes in demographic assumptions 38 (4) 18 Actuarial (loss)/gain arising from changes in financial assumptions (250) (272) 116 Actuarial gain/(loss) arising from changes in experience 9 (23) 19 (203) (299) 153 Re-measurement of plan assets: Actual return/(loss) less expected return on plan assets 147 203 (144) Actuarial (loss)/gain for the year on defined benefit pension schemes (56) (96) 9 Actuarial (loss)/gain on other long term and end of service employee benefits (12) (6) 6 (68) (102) 15 Discontinued operation — (38) (4) (68) (140) 11 The actual return on plan assets was a gain of $191 million in 2020 (2019: $271 million gain; 2018: $96 million loss). Movement in the defined benefit obligations and assets: At December 31, Obligations Assets 2020 2019 2020 2019 $'m $'m $'m $'m At January 1, (2,349) (2,503) 1,734 1,673 Interest income — — 44 54 Current service cost (25) (28) — — Past service credit - net 3 62 — — Interest cost (56) (72) — — Administration expenses paid from plan assets — — (1) (1) Re-measurements (203) (351) 147 217 Obligations/(assets) extinguished on reclassification 32 — (32) — Employer contributions — — 40 47 Benefits paid 130 151 (130) (151) Disposal of Food & Specialty — 408 — (123) Exchange (50) (16) 22 18 At December 31, (2,518) (2,349) 1,824 1,734 The defined benefit obligations above include $203 million (2019: $182 million) of unfunded obligations. Interest income and interest cost above does not include interest cost of $2 million (2019: $3 million; 2018: $4 million) relating to other employee benefit obligations. Current service costs above do not include current service costs of $6 million (2019: $7 million) relating to other employee benefit obligations. During the year ended December 31, 2019, as part of the 2019 Collective Bargaining Agreement, Glass Packaging North America successfully negotiated a process involving the hourly defined benefit pension plan, moving to a future service only plan. This resulted in the recognition of an exceptional gain of $37 million within the income statement for the year ended December 31, 2019. During December, 31 2020, the Group recognized an exceptional expense of $5 million in relation to the final step of the pension plan actions taken in the prior year. There was also an $8 million past service credit recognized in October 2019 in respect of the second step in the redesign of the pension scheme in Germany with the first step being in the year ended December 2018 where the Group elected to re-design one of its pension schemes in Germany, moving from a defined benefit pension scheme to a contribution orientated system. During the year ended December 31, 2019, the net defined benefit obligations above also include a movement of $17 million relating to the disposed Food & Specialty Metal Packaging business which had a net defined obligation of $285 million at October 31, 2019. The above movements include $3 million current service costs, $8 million of a past service credit, $4 million net interest expense, $38 million of remeasurement losses and $14 million of benefits paid relating to the Food & Specialty Metal Packaging business. During the year ended December 31, 2019, the Group elected to re-design the pension plans in Metal Beverage Packaging Germany, moving from a current defined benefit scheme into a contribution orientated scheme. This resulted in the recognition of a past service credit of $17 million in the year within the income statement. During the year ended December 31, 2020, the Group recognized an $8 million past service credit in respect of the second step of this redesign. Plan assets comprise: At December 31, 2020 2020 2019 2019 $'m % $'m % Equities / multi strategy 1,121 1,107 Target return funds 256 267 Bonds 229 178 Cash/other 218 182 1,824 100 1,734 100 The pension assets do not include any of the Company’s ordinary shares, securities or other Group assets. Investment strategy The choice of investments takes account of the expected maturity of the future benefit payments. The plans invest in diversified portfolios consisting of an array of asset classes that attempt to maximize returns while minimizing volatility. The asset classes include national and international equities, fixed income government and non‑government securities and real estate, as well as cash. Characteristics and associated risks Glass Packaging North America and Metal Beverage Packaging Americas sponsor a defined benefit pension plan which is subject to Federal law (“ERISA”), reflecting regulations issued by the Internal Revenue Service (“IRS”) and the U.S. Department of Labor. The Glass Packaging North America plan covers both hourly and salaried employees. The plan benefits are determined using a formula which reflects an employee’s years of service and either their final average salary or a dollar per month benefit level. The plan is governed by a Fiduciary Benefits Committee (“the Committee”) which is appointed by the Company and contains only employees of Ardagh Group. The Committee is responsible for the investment of the plan’s assets, which are held in a trust for the benefit of employees, retirees and their beneficiaries, and which can only be used to pay plan benefits and expenses. The defined benefit pension plan is subject to IRS funding requirements with actuaries calculating the minimum and maximum allowable contributions each year. The defined benefit pension plan currently has no cash contribution requirement due to the existence of a credit balance following a contribution of approximately $200 million made in 2014 in connection with the acquisition of Verallia North America. The Pension Benefit Guaranty Corporation (“PBGC”) protects the pension benefits of employees and retirees when a plan sponsor becomes insolvent and can no longer meet its obligation. All plan sponsors pay annual PBGC premiums that have two components: a fixed rate based on participant count and a variable rate which is determined based on the amount by which the plan is underfunded. The Metal Beverage Packaging Americas plan covers hourly employees only. Plan benefits are determined using a formula which reflects the employees’ years of service and is based on a final average pay formula. The Group operates a number of defined benefit pension schemes in Germany. The pension plans in Germany operate under the framework of German Company Pension Law (BetrAVG) and general regulations based on German labor law. The entitlements of the plan members depend on years of service and final salary. Furthermore, the plans provide lifelong pensions. No separate assets are held in trust, i.e. the plans are unfunded defined benefit plans. During the years ended December 31, 2019 and 2018, the Group elected to re-design its pension scheme in Germany, moving to a contribution orientated scheme. The U.K. pension plans are trust‑based U.K. funded final salary defined benefit schemes providing pensions and lump sum benefits to members and dependents. There is one pension plan in place relating to Metal Beverage Packaging Europe. It is closed to new entrants and was closed to future accrual effective December 31, 2018. For this plan, pensions are calculated based on service to retirement, with members’ benefits based on final career earnings. There are two pension plans in place in Glass Packaging Europe. The pension plans relating to Glass Packaging Europe have been closed to future accrual from March 31, 2013 and September 30, 2015 respectively. The U.K. pension plans are each governed by a board of trustees, which includes members who are independent of the Company. The trustees are responsible for managing the operation, funding and investment strategy. The U.K. pension plans are subject to the U.K. regulatory framework, the requirements of the Pensions Regulator and are subject to a statutory funding objective. Assumptions and sensitivities The principal pension assumptions used in the preparation of the financial statements take account of the different economic circumstances in the countries of operations and the different characteristics of the respective plans, including the duration of the obligations. The ranges of the principal assumptions applied in estimating defined benefit obligations were: U.S. Germany UK 2020 2019 2020 2019 2020 2019 % % % % % % Rates of inflation 2.50 2.50 1.50 1.50 2.75 2.90 Rates of increase in salaries 3.00 3.00 2.50 2.50 2.25 2.00 Discount rates 2.55 3.40 0.84 - 1.08 1.20 - 1.48 1.45 - 1.50 2.10 - 2.15 Assumptions regarding future mortality experience are based on actuarial advice in accordance with published statistics and experience. These assumptions translate into the following average life expectancy in years for a pensioner retiring at age 65. The mortality assumptions for the countries with the most significant defined benefit plans are set out below: U.S. Germany UK 2020 2019 2020 2019 2020 2019 Years Years Years Years Years Years Life expectancy, current pensioners 22 21 22 22 20 21 Life expectancy, future pensioners 23 23 25 24 22 22 If the discount rate were to decrease by 50 basis points from management estimates, the carrying amount of the pension obligations would increase by an estimated $204 million (2019: $186 million). If the discount rate were to increase by 50 basis points, the carrying amount of the pension obligations would decrease by an estimated $182 million (2019: $166 million). If the inflation rate were to decrease by 50 basis points from management estimates, the carrying amount of the pension obligations would decrease by an estimated $65 million (2019: $56 million). If the inflation rate were to increase by 50 basis points, the carrying amount of the pension obligations would increase by an estimated $68 million (2019: $63 million). If the salary increase rate were to decrease by 50 basis points from management estimates, the carrying amount of the pension obligations would decrease by an estimated $67 million (2019: $61 million). If the salary increase rate were to increase by 50 basis points, the carrying amount of the pension obligations would increase by an estimated $71 million (2019: $69 million). The impact of increasing the life expectancy by one year would result in an increase in the Group’s liability of $80 million at December 31, 2020 (2019: $68 million), holding all other assumptions constant. The Group’s best estimate of contributions expected to be paid to defined benefit plans in 2021 is $27 million (2020: $30 million). The principal defined benefit schemes are described briefly below: - Metal Beverage Packaging Glass Packaging Europe Europe North Europe Europe North UK Germany America UK Germany America Nature of the schemes Funded Unfunded Funded Funded Unfunded Funded 2020 Active members — 856 829 — 922 3,462 Deferred members 808 195 58 1,240 682 2,631 Pensioners including dependents 475 121 59 815 779 6,689 Weighted average duration (years) 20 20 21 21 19 12 2019 Active members — 893 822 — 977 3,827 Deferred members 808 198 44 1,240 689 2,638 Pensioners including dependents 475 117 41 815 783 6,571 Weighted average duration (years) 19 21 20 21 17 12 The expected total benefit payments over the next five years are: Subsequent five years $'m $'m $'m $'m $'m $'m Benefits 133 130 132 135 137 654 The Group also has defined contribution plans; the contribution expense associated with these plans for 2020 was $47 million (2019: $40 million; 2018: $32 million). The Group’s best estimate of the contributions expected to be paid to these plans in 2021 is $50 million (2020: $44 million). Other employee benefits At December 31, 2020 2019 $'m $'m End of service employee benefits 3 2 Post-employment benefits 114 99 117 101 End of service employee benefits principally comprise amounts due to be paid to employees leaving the Group’s service in Poland and Italy. Post-employment benefit obligations comprise amounts due to be paid under post‑retirement medical schemes in Glass Packaging North America and Metal Beverage Packaging Americas, partial retirement contracts in Germany and other obligations to pay benefits primarily related to long service awards.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2020
Provisions
Provisions	22 . Provisions At December 31, 2020 2019 $'m $'m Current 50 48 Non-current 55 29 105 77 Other Total Restructuring provisions provisions $'m $'m $'m At January 1, 2019 20 101 121 Provided 16 90 106 Released (1) (18) (19) Paid (21) (89) (110) Disposal of Food & Specialty (9) (11) (20) Exchange — (1) (1) At December 31, 2019 5 72 77 Provided 1 49 50 Released (1) (7) (8) Paid (1) (15) (16) Exchange — 2 2 At December 31, 2020 4 101 105 The restructuring provision relates to redundancy and other restructuring costs. Other provisions relate to probable environmental claims, customer quality claims, tax deferrals arising from the CARES Act and specifically in Glass Packaging North America, workers’ compensation provisions. In addition to the aforementioned, provisions also include non-current amounts in respect of annual, long-term (three-year), cash bonus incentive programs for senior management of the Group, of approximately $17 million. Current amounts in respect of long term incentive programs are included in trade and other payables. The provisions classified as current are expected to be paid in the next twelve months. The majority of the restructuring provision is expected to be paid in 2021. The remaining balance represents longer term provisions for which the timing of the related payments is subject to uncertainty.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Trade and other payables	23. Trade and other payables At December 31, 2020 2019 $'m $'m Trade payables 1,137 1,166 Other payables and accruals 275 288 Other tax and social security payable 130 109 Payables and accruals for exceptional items 37 65 1,579 1,628 The fair values of trade and other payables approximate the amounts shown above. Other payables and accruals mainly comprise accruals for operating expenses, deferred income and value added tax payable.

Cash generated from operating a

Cash generated from operating activities	12 Months Ended
	Dec. 31, 2020
Cash generated from operating activities
Cash generated from operating activities	24. Cash generated from operating activities Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) from continuing operations 13 (284) (292) Income tax charge (Note 6) 10 44 18 Net finance expense (Note 5) 338 479 Depreciation and amortization (Notes 9, 10) 688 599 Exceptional operating items (Note 4) 58 311 Share of post-tax loss in equity accounted joint venture (Note 12) 48 — Movement in working capital (31) (9) Transaction-related, start-up and other exceptional costs paid (86) (87) (92) Exceptional restructuring paid (1) (12) (23) Cash generated from continuing operations 1,037 1,179 991

Business combinations and dispo

Business combinations and disposals	12 Months Ended
	Dec. 31, 2020
Business combinations and disposals
Business combinations and disposals	25. Business combinations and disposals On October 31, 2019, the Group completed the combination of Food & Specialty Metal Packaging business with the business of Exal to form Trivium. Consequently, Food & Specialty Metal Packaging business has been accounted for as a discontinued operation in the year ended December 31, 2020 and 2019 and the previous year has been represented accordingly below. Results of discontinued operation Year ended December 31, 2020 2019 2018 $'m $'m $'m Revenue – 2,003 2,421 Expenses – (1,769) (2,197) Profit before tax – 234 224 Income tax charge – (19) (26) Profit from discontinued operation after tax – 215 198 Gain on disposal of discontinued operation, net of costs of disposal and tax 22 1,527 – Profit from discontinued operation 22 1,742 198 Total comprehensive income from discontinued operation 22 1,741 163 Basic and diluted earnings per share from discontinued operation $ $ $ In 2019, the Group recognized a significant gain on the transaction on closing, which is detailed below. During the year ended December 31, 2020, the Group recognized a credit of $22 million, primarily as a result of a gain arising from the remeasurement of consideration for the disposal. The cash consideration and the net assets disposed in the transaction were as follows: Year ended December 31, 2019 $'m Cash consideration 2,573 42% equity investment in Trivium 412 2,985 Non-current assets 1,717 Current assets 805 Total assets 2,522 Non-current liabilities 542 Current liabilities 555 Total liabilities 1,097 Net assets disposed (1,425) Cumulative foreign currency translation adjustments (27) Gain on disposal of discontinued operation 1,533 The net cash flow relating to the disposal is summarized below: 2020 2019 $'m $'m Cash consideration 32 2,573 Cash and cash equivalents disposed – (18) Net proceeds from disposal * 32 2,555 * Please refer to the proceeds from disposal of discontinued operation, net of cash disposed of, as presented on the consolidated statement of cash flows.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2020
Dividends
Dividends	26. Dividends Year ended December 31, 2020 2019 2018 $'m $'m $'m Cash dividends on common shares declared and paid: Interim dividend: $0.14 per share (Prior years: $0.14 per share) (33) (33) (33) Interim dividend: $0.15 per share (Prior years: $0.14 per share) (36) (33) (33) Interim dividend: $0.15 per share (Prior years: $0.14 per share) (35) (33) (33) Interim dividend: $0.15 per share (Prior years: $0.14 per share) (35) (33) (33) (139) (132) (132) · On February 19, 2020, the Company declared a cash dividend of $0.14 per common share. The dividend of $33 million was paid on April 1, 2020 to shareholders of record on March 18, 2020. · On April 22, 2020, the Company declared a cash dividend of $0.15 per common share. The dividend of $36 million was paid on June 17, 2020 to shareholders of record on June 3, 2020. · On July 22, 2020 the Company declared a cash dividend of $0.15 per common share. The dividend of $35 million was paid on October 1, 2020 to shareholders of record on September 17, 2020. · On October 21, 2020 the Company declared a cash dividend of $0.15 per common share. The dividend of $35 million was paid on December 16, 2020 to shareholders of record on December 2, 2020. · On February 15, 2021, the Company approved a cash dividend of $0.15 per common share. The dividend of $35 million will be payable on April 1, 2021 to shareholders of record on March 18, 2021.

Related party information

Related party information	12 Months Ended
	Dec. 31, 2020
Related party information
Related party information	27. Related party information (i) Interests of Paul Coulson As of February 24, 2021, the approval date of these financial statements, a company owned by Paul Coulson owns approximately 25% of the issued share capital of ARD Holdings S.A., the ultimate parent company. Through its non-controlling interest in the Yeoman group of companies, this company has an interest in a further approximate 34% of the issued share capital of ARD Holdings S.A.. (ii) Yeoman Capital S.A. At December 31, 2020, Yeoman Capital S.A. owned approximately 34% of the ordinary shares of ARD Holdings S.A.. (iii) Common directorships Four of the ARD Holdings S.A. directors (Paul Coulson, Brendan Dowling, Gerald Moloney and Hermanus Troskie) also serve as directors in the Yeoman group of companies. With the exception of Abigail Blunt, Oliver Graham, The Rt. Hon. the Lord Hammond of Runnymede, Damien O’Brien and Edward White, all of the directors of Ardagh Group S.A. are members of the board of directors of ARD Holdings S.A.. (iv) Joint ventures The Group’s interests held in joint ventures are related parties and these are set out in further detail in notes 11 and 12. Transactions with joint ventures were not material for any of the years presented. (v) Key management compensation Key management are those persons who have the authority and responsibility for planning, directing and controlling the activities of the Group. Key management is comprised of the members who served on the Board and the Group’s executive leadership team during the reporting period. The amount outstanding at year end was $8 million (2019: $5 million, 2018: $1 million). Year ended December 31, 2020 2019 2018 $'m $'m $'m Salaries and other short-term employee benefits 18 14 10 Post-employment benefits 1 — 1 19 14 11 Other compensation 1 6 — 20 20 11 (vi) Pension schemes The Group’s pension schemes are related parties. For details of all transactions during the year, please see Note 21. (vii) Related party balances With the exception of the balances outlined in (i) to (vi) above, there are no material balances outstanding with related parties at December 31, 2020. (viii) Toggle / PIK Notes In November 2019, ARD Finance S.A. issued the Toggle Notes to, among other things, refinance certain toggle notes issued by it in September 2016 (the "September 2016 Toggle Notes") and certain PIK notes issued by ARD Securities Finance SARL in January 2018 (“January 2018 PIK Notes”). Certain directors of the Company that held September 2016 Toggle Notes and January 2018 PIK Notes prior to the refinancing acquired and hold Toggle Notes issued in the refinancing. (ix) Subsidiaries The following table provides information relating to our principal operating subsidiaries, all of which are wholly owned, at December 31, 2020. Country of Company incorporation Activity Ardagh Metal Beverage Manufacturing Austria GmbH Austria Metal Beverage Packaging Ardagh Metal Beverage Trading Austria GmbH Austria Metal Beverage Packaging Latas Indústria de Embalagens de Alumínio do Brasil Ltda. Brazil Metal Beverage Packaging Ardagh Indústria de Embalagens de Metálicas do Brasil Ltda. Brazil Metal Beverage Packaging Ardagh Glass Holmegaard A/S Denmark Glass Packaging Ardagh Metal Beverage Trading France SAS France Metal Beverage Packaging Ardagh Metal Beverage France SAS France Metal Beverage Packaging Ardagh Glass GmbH Germany Glass Packaging Heye International GmbH Germany Glass Engineering Ardagh Metal Beverage Trading Germany GmbH Germany Metal Beverage Packaging Ardagh Metal Beverage Germany GmbH Germany Metal Beverage Packaging Ardagh Glass Sales Limited Ireland Glass Packaging Ardagh Glass Italy S.r.l. Italy Glass Packaging Ardagh Glass Dongen B.V. Netherlands Glass Packaging Ardagh Glass Moerdijk B.V. Netherlands Glass Packaging Ardagh Metal Beverage Trading Netherlands B.V. Netherlands Metal Beverage Packaging Ardagh Metal Beverage Netherlands B.V. Netherlands Metal Beverage Packaging Ardagh Glass S.A. Poland Glass Packaging Ardagh Metal Beverage Trading Poland Sp. z o.o Poland Metal Beverage Packaging Ardagh Metal Beverage Poland Sp. z o.o Poland Metal Beverage Packaging Ardagh Metal Beverage Trading Spain SL Spain Metal Beverage Packaging Ardagh Metal Beverage Spain SL Spain Metal Beverage Packaging Ardagh Glass Limmared AB Sweden Glass Packaging Ardagh Metal Beverage Europe GmbH Switzerland Metal Beverage Packaging Ardagh Glass Limited United Kingdom Glass Packaging Ardagh Metal Beverage Trading UK Limited United Kingdom Metal Beverage Packaging Ardagh Metal Beverage UK Limited United Kingdom Metal Beverage Packaging Ardagh Metal Beverage USA Inc. United States Metal Beverage Packaging Ardagh Glass Inc. United States Glass Packaging Ardagh Glass Packaging USA Inc. * United States Glass Packaging *Ardagh Glass Packaging Inc. is the Group’s subsidiary which is acquiring the Longhorn glass manufacturing facility located in Houston, Texas. The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2021.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Contingencies
Contingencies	28. Contingencies Environmental issues The Group is regulated under various national and local environmental, occupational health and safety and other governmental laws and regulations relating to: · the operation of installations for manufacturing of metal packaging and surface treatment using solvents; · the operation of installations for manufacturing of container glass; · the generation, storage, handling, use and transportation of hazardous materials; · the emission of substances and physical agents into the environment; · the discharge of waste water and disposal of waste; · the remediation of contamination; · the design, characteristics, collection and recycling of its packaging products; and · the manufacturing, sale and servicing of machinery and equipment for the container glass and metal packaging industry. The Group believes, based on current information that it is in substantial compliance with applicable environmental laws and regulations and permit requirements. It does not believe it will be required, under existing or anticipated future environmental laws and regulations, to expend amounts, over and above the amounts accrued, which will have a material effect on its business, financial condition or results of operations or cash flows. In addition, no material proceedings against the Group arising under environmental laws are pending. Legal matters In 2015, the German competition authority (the Federal Cartel Office) initiated an investigation of the practices in Germany of metal packaging manufacturers, including Ardagh’s Food & Specialty Metal Packaging business which was sold to Trivium. In 2018, the European Commission took over this investigation and the German investigation is, as a result, at an end. Ardagh has agreed to provide an indemnity in respect of certain losses that Trivium might incur in connection with this investigation. The European Commission’s investigation is ongoing, and there is, at this stage no certainty as to the extent of any charge which may arise. Accordingly, no provision or indemnification liability has been recognized. With the exception of the above legal matters, the Group is involved in certain other legal proceedings arising in the normal course of its business. The Group believes that none of these proceedings, either individually or in aggregate, are expected to have a material adverse effect on its business, financial condition, results of operations or cash flows.

Other information

Other information	12 Months Ended
	Dec. 31, 2020
Additional information [abstract]
Other information	29. Other information COVID-19 During the year ended December 31, 2020 our Glass business, in particular, was affected, and experienced reductions in customer demand and therefore revenue as a direct consequence of the various global lockdowns and the related impact to “on-premise” sales. The impact was particularly evident in the second quarter of the year. Gradual relaxation of governmental measures to prevent the spread of the virus, in the second half of the year ended December 31, 2020 resulted in a sequential improvement in customer demand for our Glass packaging products. COVID-19 may continue to have an adverse affect on our business and operations, including potential disruptions to our supply chain and workforce. Although our production has not been significantly impacted to date, our plants may be required to curtail or cease production in order to respond to any future measures which may arise in order to prevent the spread of COVID-19. In addition, the pandemic may in the future impact on capital markets which could impact our cost of borrowing. During the year ended December 31, 2020, incremental COVID-19 related costs, including safety and cleaning costs, were incurred throughout the Group. The ultimate significance of the disruptions arising as a result of COVID-19, including the extent of their adverse impact on our financial and operational results, will be determined by the duration of the ongoing pandemic, its severity in the markets that we serve and the nature and efficacy of government and other regulatory responses, protective measures and vaccination programs and the related impact on macroeconomic activity and consumer behavior. Our response to the COVID-19 pandemic across our business operations can be summarized as follows, in addition to our assessment of Going Concern and availability liquidity as outlined in Note 2 and Note 19, respectively: Business Continuity We are a leading supplier of consumer packaging solutions, comprising metal beverage cans and glass containers, primarily for the beverage and food end markets in Europe, North America and Brazil. In the markets we operate in, Ardagh is an essential provider of packaging to the beverage and food supply chain. Our people are deemed “Essential Critical Infrastructure Workers” under the guidance of the U.S. Department of Homeland Security, as are our customers. Where other governments issued guidance, we received equivalent designations in all other countries where we operate. We have and will continue to manage our capacity in response to the evolution of demand for the products we manufacture. Employee health and safety The health and safety of our 16,400 employees and their families and communities, as well as our contractors, suppliers and customers has been our highest priority since the outbreak of COVID-19. We established a Group-wide task force to ensure an effective and consistent response across our business. Regular updates have been issued and a dedicated intranet site established to facilitate effective communication of recommendations, policies and procedures. Communication with all stakeholders has been a core element in our response. Measures continue to evolve in line with best practice and with recommendations by national health authorities and the World Health Organization. Initiatives introduced to date have included: enhanced hygiene procedures in all locations, including temperature screening and increased cleaning in our production facilities; increased investment in personal protective equipment; adapting work practices and routines to ensure social distancing; establishing procedures for self-isolation; travel advisories including restrictions on all non-essential travel, prior to broader restrictions on any travel; restrictions on visitors to our production facilities or by our employees to external facilities; actively encouraging and ultimately requiring remote working for non-operational personnel, and enhancing our IT capability to facilitate increased remote working.

Events after the reporting peri

Events after the reporting period	12 Months Ended
	Dec. 31, 2020
Events after the reporting period
Events after the reporting period	30. Events after the reporting period Combination of Ardagh Metal Packaging with Gores Holdings V On February 22, 2021, the Group entered into a business combination agreement with Gores Holdings V Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group (“Gores Holdings V”) for the purpose of effecting a merger, acquisition, or similar business combination, under which Gores Holdings V will combine with Ardagh’s metal packaging business that will be held by an Ardagh wholly owned subsidiary, Ardagh Metal Packaging S.A. (“Ardagh Metal Packaging” or “AMP”) to create an independent, pure-play beverage can business, public company. AMP also announced its intention to apply to list its shares on the NYSE. AMP will hold Ardagh’s metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on The Americas and Europe. Headquartered, in Luxembourg, the business supplies sustainable and infinitely-recyclable metal packaging to a diversified customer base of leading global, regional and national beverage producers. Ardagh’s metal packaging business operates 23 production facilities in Europe and the Americas, employs approximately 4,900 people and recorded revenues of $3.5 billion in 2020. AMP will be a global leader in the supply of sustainable and infinitely-recyclable beverage cans that has a leading presence in the Americas and Europe and is the second-largest beverage can producer in Europe and the third-largest in North America and Brazil. Additional investors have committed to participate in the proposed business combination by purchasing 60 million shares of AMP for an aggregate purchase price of $600 million in a private placement at $10.00. In connection with the transactions, AMP intends to raise new debt of approximately $2.65 billion, (approximately $2.3 billion net). Assuming no share redemptions by the public stockholders of Gores Holdings V, approximately $525 million in cash held in Gores Holdings V’s trust account, together with the $600 million in private placement proceeds and approximately $2.3 billion of the new debt raised by AMP, will be used to pay up to $3.4 billion in cash to Ardagh, as well as to pay transaction expenses. Upon closing of the transactions, assuming no redemptions by Gores Holdings V’s public stockholders, Ardagh will retain an equity interest in the Company of approximately 80%, the investors in the private placement will hold approximately 10% and Gores Holdings V’s stockholders and its sponsor will hold approximately 10%. Ardagh intends to remain a committed, long-term majority shareholder of AMP. The cash proceeds from the transactions will be used to reduce net debt at Ardagh. The proposed business combination, which has been unanimously approved by the boards of directors of both Ardagh and Gores Holdings V, is expected to close in the second quarter of 2021, subject to receipt of Gores Holdings V stockholder approval, approval of AMP’s shares for listing on the NYSE, the satisfaction of the condition to Ardagh’s obligations that it receives at least $3 billion in cash from the transactions and the satisfaction or waiver of other customary closing conditions. Dividend Declared On February 15, 2021, the Company approved a cash dividend of $0.15 per common share. Please see Note 26.

Company financial information

Company financial information	12 Months Ended
	Dec. 31, 2020
Company financial information
Company financial information	31. Company financial information This note has been included in these financial statements in accordance with the requirements of Regulation S‑X rule 12.04 Condensed financial information of registrant . The financial information provided below relates to the individual company financial statements for Ardagh Group S.A. as presented in accordance with IFRS as issued by the IASB. Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements. The company financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that investments in subsidiaries and joint ventures are included at cost less any provision for impairment in value. The functional currency of the Company is euro and accordingly, the company financial information set out below is presented in euro. i) Statement of financial position At December 31, 2020 2019 €'m €'m Non-current assets Investments in subsidiary undertakings 2,484 2,484 Investments in joint venture 371 371 2,855 2,855 Current assets Amounts receivable from subsidiary undertakings 13 88 13 88 Total assets 2,868 2,943 Equity attributable to owners of the parent Issued capital 22 22 Share premium 1,092 1,092 Legal reserve 2 2 Capital contribution 431 431 Retained earnings 1,307 1,394 Total equity 2,854 2,941 Current liabilities Amounts payable to subsidiary undertakings 12 — Other payables 2 2 14 2 Total liabilities 14 2 Total equity and liabilities 2,868 2,943 ii) Statement of comprehensive income Year ended December 31, 2020 2019 2018 ` €'m €'m €'m Dividend income 15 89 110 Other external charges (2) (3) (1) Finance expense (1) (1) (1) Profit before tax and gain on disposal of investment 12 85 108 Income tax — — — Gain on disposal of investment * 23 1,164 — Profit and total comprehensive income for the year 35 1,249 108 * The gain recognized in the Company for the years ended December 31, 2020 and 2019, relates to the divestment of the Food & Specialty Metal Packaging business completed on October 31, 2019 and the recognition of shares issued to the Company by Trivium Packaging B.V. as part consideration for the disposal. See Note 25 to the consolidated financial statements for further detail. iii) Statement of cash flows Year ended December 31, 2020 2019 2018 €'m €'m €'m Cash flows from operating activities Cash used in operations (2) (3) (1) Tax paid — — (1) Increase/(decrease) in payables — 1 (6) Net cash used in operating activities (2) (2) (8) Cash flows from investing activities Proceeds from disposal of investment 34 2,307 — Receipt/(repayment) of loans from subsidiary undertakings 75 (1,601) 9 Contribution to subsidiary undertaking ** — (675) — Dividends received 15 89 110 Net cash received from investing activities 124 120 119 Cash flows from financing activities Dividends paid (122) (118) (112) Net cash outflow from financing activities (122) (118) (112) Net decrease in cash and cash equivalents — — (1) Cash and cash equivalents at the beginning of the year — — 1 Cash and cash equivalents at the end of the year — — — ** In November 2019, the company made a capital contribution of €675 million into Ardagh Packaging Group Limited, a wholly owned subsidiary. Ardagh Packaging Group Limited is an Irish registered company that acts as an intermediate holding company for the Ardagh Group. iv) Amounts payable to subsidiary undertakings Amounts payable to subsidiary undertakings at December 31, 2020 are unsecured, interest free and payable on demand (2019: nil). v) Maturity analysis of the Company’s borrowings At December 31, 2020, the Company had € nil borrowings (2019: €nil ). vi) Distributions paid and received During the year ended December 31, 2020 the Company received a dividend of €15 million (2019: €89 million, 2018: €110 million) from a subsidiary company. The Company also paid a dividend to its equity holders of €122 million (2019: €118 million, 2018: €112 million). vii) Commitments and contingencies The Company has guaranteed certain liabilities of a number of its subsidiaries for the year ended December 31, 2019 including guarantees under Section 357 of the Irish Companies Act, 2014 and Section 264 of the German Commercial Code. Furthermore, the Company has assumed joined and several liability in accordance with Section 403, Book 2 of the Dutch Civil Code for the liabilities of a number of its Dutch subsidiaries. With exception of the above guarantees the Company had no commitments and contingencies at December 31, 2020 (2019: €nil). viii) Additional information The following reconciliations are provided as additional information to satisfy the Schedule I SEC Requirements for parent‑only financial information and are presented in both euro and U.S. dollars. Year ended December 31, 2020 2019 2018 €'m €'m €'m IFRS profit/(loss) reconciliation: Parent only—IFRS profit for the year 35 1,249 108 Additional (loss)/gain if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (4) 78 (191) Consolidated IFRS profit/(loss) for the year 31 1,327 (83) At December 31, 2020 2019 2018 €'m €'m €'m IFRS equity reconciliation: Parent only—IFRS equity 2,854 2,941 1,808 Additional loss if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (3,149) (3,128) (3,127) Consolidated—IFRS equity (295) (187) (1,319) Year ended December 31, 2020 2019 2018 $'m $'m $'m IFRS profit/(loss) reconciliation: Parent only—IFRS profit for the year 40 1,400 128 Additional (loss)/gain if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (5) 58 (222) Consolidated IFRS profit/(loss) for the year 35 1,458 (94) At December 31, 2020 2019 2018 $'m $'m $'m IFRS equity reconciliation: Parent only—IFRS equity 3,502 3,304 2,064 Additional loss if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (3,864) (3,520) (3,574) Consolidated—IFRS equity (362) (216) (1,510)

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of significant accounting policies
Basis of preparation	Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with, and are in compliance with, International Financial Reporting Standards (“IFRS”) and related interpretations as adopted by the International Accounting Standards Board (“IASB”). IFRS is comprised of standards and interpretations approved by the IASB and IFRS and interpretations approved by the predecessor International Accounting Standards Committee that have been subsequently approved by the IASB and remain in effect. References to IFRS hereafter should be construed as references to IFRS as adopted by the IASB. The consolidated financial statements, are presented in U.S. dollar, rounded to the nearest million and have been prepared under the historical cost convention except for the following: · derivative financial instruments are stated at fair value; and · employee benefit obligations are measured at the present value of the future estimated cash flows related to benefits earned and pension assets valued at fair value. The preparation of consolidated financial information in conformity with IFRS requires the use of critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and income and expenses. It also requires management to exercise judgment in the process of applying Group accounting policies. These estimates, assumptions and judgments are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances and are subject to continual re‑evaluation. However, actual outcomes may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in the critical accounting estimates, assumptions and judgments. The consolidated financial statements for the Group were authorized for issue by the board of directors of Ardagh Group S.A. (the “Board”) on February 24, 2021. Going concern At the date that the audited consolidated financial statements were approved for issue by the board of directors, the Board has formed the judgment that there is a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, these audited consolidated financial statements have been prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the Board has taken into account all available information about a period, extending to at least, December 31, 2021. In particular, the Board has considered the impact of COVID-19 and measures to prevent its spread being imposed by Governments in the countries in which the Group, its suppliers and its customers operate as previously referred to. In arriving at its conclusion, the Board has taken account of the Group’s current and anticipated trading performance, together with current and anticipated levels of cash and net debt and the availability of committed borrowing facilities and as a result it is the Board’s judgment that it is appropriate to prepare the audited consolidated financial statements using the going concern basis.
Recently adopted accounting standards and changes in accounting policies	Recently adopted accounting standards and changes in accounting policies The impact of new standards, amendments to existing standards and interpretations issued and effective for annual periods beginning on or after January 1, 2020 have been assessed by the Board as not having had a material impact on the Group.
Recent accounting pronouncements	Recent accounting pronouncements The Board’s assessment of the impact of new standards, which are not yet effective and which have not been early adopted by the Group, on the consolidated financial statements and disclosures is on-going.
Basis of consolidation	Basis of consolidation (i) Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de‑consolidated from the date on which control ceases. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is the consideration given in exchange for control of the identifiable assets, liabilities and contingent liabilities of the acquired legal entities. Acquisition-related costs are expensed and included as exceptional items within sales, general and administration expenses. The acquired net assets are initially measured at fair value. The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recorded as goodwill. Any goodwill and fair value adjustments are recorded as assets and liabilities of the acquired legal entity in the currency of the primary economic environment in which the legal entity operates (the “functional currency”). If the cost of acquisition is less than the fair value of the Group’s share of the net assets of the legal entity acquired, the difference is recognized directly in the consolidated income statement. The Group considers obligations of the acquiree in a business combination that arise as a result of the change in control, to be cash flows arising from obtaining control of the controlled entity, and classifies these obligations as investing activities in the consolidated statement of cash flows. (ii) Non-controlling interests Non-controlling interests represent the portion of the equity of a subsidiary which is not attributable to the Group. Non-controlling interests are presented separately in the consolidated financial statements. Changes in ownership of a subsidiary which do not result in a change in control are treated as equity transactions. (iii) Transactions eliminated on consolidation Transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Subsidiaries’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.
Foreign currency	Foreign currency (i) Functional and presentation currency The functional currency of the Company is euro. The consolidated financial statements are presented in U.S. dollar which is the Group’s presentation currency. (ii) Foreign currency transactions Items included in the financial statements of each of the Group’s entities are measured using the functional currency of that entity. Transactions in foreign currencies are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognized in the consolidated income statement, except: (i) differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity (“net investment hedges”), which are taken to other comprehensive income until the disposal of the net investment, at which time they are recognized in the consolidated income statement; and (ii) differences on certain derivative financial instruments discussed under “Derivative financial instruments” below. (iii) Financial statements of foreign operations The assets and liabilities of foreign operations are translated into euro at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to euro at average exchange rates for the year. Foreign exchange differences arising on retranslation and settlement of such transactions are recognized in other comprehensive income. Gains or losses accumulated in other comprehensive income are recycled to the consolidated income statement when the foreign operation is disposed of. Non‑monetary items measured at fair value in foreign currency are translated using the exchange rates as at the date when the fair value is determined.
Business combinations and goodwill	Business combinations and goodwill All business combinations are accounted for by applying the acquisition method of accounting. This involves measuring the cost of the business combination and allocating, at the acquisition date, the cost of the business combination to the assets acquired and liabilities assumed. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non‑controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non‑controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition‑related costs are expensed as incurred and included in sales, general and administration expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date. Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to those groups of cash‑generating units (“CGUs”) that are expected to benefit from the business combination in which the goodwill arose for the purpose of assessing impairment. Goodwill is tested annually for impairment or whenever indicators suggest that impairment may have occurred . Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash‑generating unit retained.
Joint ventures	Joint ventures The Group participates in a number of joint ventures where control is shared with one or more other parties. The Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. The Group uses the equity method of accounting to account for its joint ventures. See Note 12 “Investment in material joint venture” to the consolidated financial statements.
Discontinued operations	Discontinued Operations A discontinued operation is a component of the Group’s business that represents a separate major line of the business, geographical area of operations or is material to revenue or operating profit and has been disposed of or is held for sale. When an operation is classified as a discontinued operation, the comparative income statement is restated as if the operation had been discontinued from the start of the earliest period presented. Cash flows relating to discontinued operations are presented as a separate line item within each of the operating, investing and financing cash flow.
Intangible assets	Intangible assets Intangible assets are initially recognized at cost. Intangible assets acquired as part of a business combination are capitalized separately from goodwill if the intangible asset is separable or arises from contractual or other legal rights. They are initially recognized at cost which, for intangible assets arising in a business combination, is their fair value at the date of acquisition. Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The carrying values of intangible assets with finite useful lives are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. The amortization of intangible assets is calculated to write off the book value of finite lived intangible assets over their useful lives on a straight‑line basis on the assumption of zero residual value as follows: Computer software 2 - 7 years Customer relationships 5 - 15 years Technology 5 - 15 years (i) Computer software Computer software development costs are recognized as assets. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (ii) Customer relationships Customer relationships acquired in a business combination are recognized at fair value at the acquisition date. Customer relationships have a finite useful economic life and are carried at cost less accumulated amortization. (iii) Technology Technology based intangibles acquired in a business combination are recognized at fair value at the acquisition date and reflect the Group’s ability to add value through accumulated technological expertise surrounding product and process development. (iv) Research and development costs Research costs are expensed as incurred. Development costs relating to new products are capitalized if the new product is technically and commercially feasible. All other development costs are expensed as incurred.
Property, plant and equipment	Property, plant and equipment (i) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, except for land which is shown at cost less impairment. Spare parts which form an integral part of plant and machinery and which have an estimated useful economic life greater than one year are capitalized. Spare parts which do not form an integral part of plant and machinery and which have an estimated useful economic life less than one year are included as consumables within inventory and expensed when utilized. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. (ii) Leased assets Effective January 1, 2019 on adoption of IFRS 16 At the lease commencement date or the effective date of a lease modification, the Group recognizes a lease liability as the present value of expected future lease payments, discounted at the Group’s incremental borrowing rate unless the rate implicit in the lease is readily determinable, excluding any amounts which are variable based on the usage of the underlying asset and a right-of-use asset generally at the same amount plus any directly attributable costs. The incremental borrowing rate is the discount rate the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group combines lease and non-lease components and accounts for them as a single lease component with the exception of the dunnage asset class. Extension options or periods after termination options are considered by management if it is reasonably certain that the lease will be extended or not terminated. Effective prior to adoption of IFRS 16 on January 1, 2019 The determination of whether an arrangement is, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets, and the arrangement conveys a right to use the asset. Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight‑line basis over the period of the lease. (iii) Subsequent costs The Group recognizes in the carrying amount of an item of property, plant and equipment, the cost of replacing the component of such an item when that cost is incurred, if it is probable that the future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. When a component is replaced the old component is de‑recognized in the period. All other costs are recognized in the consolidated income statement as an expense as incurred. When a major overhaul is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria above are met. (iv) Depreciation Depreciation is charged to the consolidated income statement on a straight‑line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Buildings 30 - 40 years Plant and machinery 3 - 40 years Molds 2 - 3 years Office equipment and vehicles 3 - 10 years Assets’ useful lives and residual values are adjusted if appropriate, at each balance sheet date.
Impairment of non-financial assets	Impairment of non‑financial assets Assets that have an indefinite useful economic life are not subject to amortization and are tested annually for impairment or whenever indicators suggest that impairment may have occurred. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets excluding goodwill and long lived intangible assets, are grouped at the lowest levels at which cash flows are separately identifiable. Goodwill and long lived intangible assets are allocated to groups of CGUs. The groupings represent the lowest level at which the related assets are monitored for internal management purposes. Non‑financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. The recoverable amount of other assets is the greater of their value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
Inventories	Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first‑in, first‑out basis and includes expenditure incurred in acquiring the inventories and bringing them to their current location and condition. In the case of finished goods and work‑in‑progress, cost includes direct materials, direct labor and attributable overheads based on normal operating capacity. Net realizable value is the estimated proceeds of sale less all further costs to completion, and less all costs to be incurred in marketing, selling and distribution. Spare parts which are deemed to be of a consumable nature, are included within inventories and expensed when utilized.
Non-derivative financial instruments	Non‑derivative financial instruments Non‑derivative financial instruments comprise trade and other receivables, cash and cash equivalents, borrowings and trade and other payables. Non‑derivative financial instruments are recognized initially at fair value plus any directly attributable transaction costs, except as described below. Subsequent to initial recognition, non‑derivative financial instruments are measured as described below. (i) Trade and other receivables Effective January 1, 2018 on adoption of IFRS 9 Trade and other receivables are recognized initially at the transaction price and are, thereafter measured at amortized cost using the effective interest rate method less any provision for impairment, in accordance with the Group’s held to collect business model. The Group uses estimates based on expected credit losses and current information in determining the level of debts for which an allowance for impairment is required. For all other trade receivables, the Group uses an allowance matrix to measure the expected credit loss, based on historical actual credit loss experiences, adjusted for forward-looking information. (ii) Securitized assets The Group has entered into securitization transactions involving certain of its trade receivables. The securitized assets are recognized on the consolidated statement of financial position, until all of the rights to the cash flows from those assets have expired or have been fully transferred outside the Group, or until substantially all of the related risks, rewards and control of the related assets have been transferred to a third party. The Group has also entered into a Global Asset Based Loan Facility (“ABL”) involving certain of its trade receivables and inventory. The lenders under the ABL have security over those receivables, inventory and the bank accounts where the associated cash flows are received. The risks, rewards and control of these assets are still retained by the Group and are, therefore, recognized on the statement of financial position. (iii) Contract assets C ontract assets represent revenue required to be accelerated or recognized over time based on production completed in accordance with the Group’s revenue recognition policy (as set out below) . A provision for impairment of a contract asset will be recognized when there is evidence that the revenue recognized will not be recoverable. The provision is measured based on an allowance matrix to measure the expected credit loss, based on historical actual credit loss experiences, adjusted for forward-looking information . (iv) Cash and cash equivalents Cash and cash equivalents include cash on hand and call deposits held with banks and restricted cash. Cash and cash equivalents are carried at amortized cost. Short term bank deposits of greater than three months’ maturity which do not meet the definition of cash and cash equivalents are classified as financial assets within current assets and stated at amortized cost. Restricted cash comprises cash held by the Group but which is ring‑fenced or used as security for specific financing arrangements, and to which the Group does not have unfettered access. Restricted cash is measured at amortized cost. (v) Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Group’s consolidated income statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group, has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. (vi) Trade and other payables Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.
Derivative financial instruments	Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re‑measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The fair values of various derivative instruments used for hedging purposes are disclosed in Note 20. The full fair value of a hedging derivative is classified as a non‑current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. (i) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, allocated between cash flow hedge gains or losses and cost of hedging gains or losses. For cash flow hedges which subsequently result in the recognition of a non-financial asset, the amounts accumulated in the cash flow hedge reserve are reclassified to the asset in order to adjust its carrying value. Amounts accumulated in the cash flow hedge reserve and cost of hedging reserve, or as adjustments to carrying value of non-financial assets, are recycled to the consolidated income statement in the periods when the hedged item will affect profit or loss. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing at that time remains in equity and is recognized in the consolidated income statement when the forecast cash flow arises. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated income statement. (ii) Net investment hedges Derivative financial instruments are classified as net investment hedges when they hedge changes in the Group’s net investments in its subsidiaries due to exposure to foreign currency. Net investment hedges are accounted for in a similar manner to cash flow hedges. The gain or loss relating to the ineffective portion of a net investment hedge is recognized immediately in the consolidated income statement within finance income or expense. (iii) Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group’s exposure to changes in the fair value of a recognized asset or liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Group’s consolidated income statement, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. Changes in the fair value of derivatives relating to the cost of hedging are recognized in other comprehensive income. The gain or loss relating to the effective portion of derivatives with fair value hedge accounting is recognized in the consolidated income statement within “net finance expense”. The gain or loss relating to the ineffective portion is also recognized in the consolidated income statement within “net finance expense”. If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortized to profit or loss over the period to maturity. When a hedging instrument expires or is sold, or when a fair value hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing at that time remains in equity and is recognized in the consolidated income statement when the forecast cash flow arises. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated income statement.
Fair value measurement	Fair value measurement The Group measures financial instruments such as derivatives and pension assets at fair value at each balance sheet date. Fair value related disclosures for financial instruments and pension assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes: · Disclosures for valuation methods, significant estimates and assumptions (Notes 20 and 21) · Quantitative disclosures of fair value measurement hierarchy (Note 20) · Financial instruments (including those carried at amortized cost) (Note 20) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: · in the principal market for the asset or liability; or · in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non‑financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Employee benefits	Employee benefits (i) Defined benefit pension plans Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs and past service credits are recognized immediately in the consolidated income statement. (ii) Other long term employee benefits The Group’s obligation in respect of other long term employee benefit plans represents the amount of future benefit that employees have earned in return for service in the current and prior periods for post‑retirement medical schemes, partial retirement contracts and long service awards. These are included in the category of employee benefit obligations on the consolidated statement of financial position. The obligation is computed on the basis of the projected unit credit method and is discounted to present value using a discount rate equating to the market yield at the reporting date on high quality corporate bonds of a currency and term consistent with the currency and estimated term of the obligations. Actuarial gains and losses are recognized in full in the Group’s consolidated statement of comprehensive income in the period in which they arise. (iii) Defined contribution plans A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The contributions are recognized as employee benefit expense when they are due.
Provisions	Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre‑tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
Revenue recognition	Revenue recognition Effective January 1, 2018 on adoption of IFRS 15 Our products include metal and glass containers primarily for food and beverage markets with consumer-driven demand. In addition to metal containers, within the Metal Beverage Europe and Metal Beverage Americas reportable segments, the Group manufactures and supplies a wide range of can ends. Containers and ends are usually distinct items and can be sold separately from each other. A significant portion of our sales volumes are supplied under contracts which include input cost pass-through provisions. The Group usually enters into framework agreements with its customers, which establish the terms under which individual orders to purchase goods or services may be placed. As the framework agreements do not identify each party’s rights regarding the goods or services to be transferred, they do not create enforceable rights and obligations on a stand-alone basis. Therefore, the Group has concluded that only individual purchase orders create enforceable rights and obligations and meet the definition of a contract. The individual purchase orders have, in general, a duration of one year or less and, as such, the Group does not disclose any information about remaining performance obligations under these contracts. The Group’s payment terms are in line with customary business practice, which can vary by customer and region. The Group has availed of the practical expedient from considering the existence of a significant financing component as, based on past experience, we expect that, at contract inception, the period between when a promised good is transferred to the customer and when the customer pays for that good will be one year or less. Revenue is recognized when control of a good or service has transferred to the customer. For certain contracts in the Metal Beverage Europe and Metal Beverage Americas reportable segments, the Group manufactures products for customers that have no alternative use and for which the Group has an enforceable right to payment for production completed to date. The Group has concluded that it has such enforceable right to payment plus a reasonable margin once it receives an individual purchase order. Therefore, for such products that have no alternative use and where an enforceable right to payment exists, the Group will recognize revenue over time based on the units produced output method such that a portion of revenue, net of any related estimated rebates and cash discounts, excluding sales or value added tax, will be recognized prior to the dispatch of goods as the Group satisfies the contractual performance obligations for those contracts. For all other contracts, the Group will continue to recognize revenue primarily on dispatch of the goods, net of any related customer rebates and cash discounts, excluding sales and value added taxes. The Business often sells products with rebates and cash discounts based on cumulative sales over a period. Such rebate and cash discount consideration is only recognised when it is highly probable that it will not be subsequently reversed and is recognised using the most likely amount depending on the individual contractual terms.
Exceptional items	Exceptional items The Group’s consolidated income statement, cash flow and segmental analysis separately identify results before specific items. Specific items are those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence to provide additional information. Such items include, where significant, restructuring, redundancy and other costs relating to permanent capacity realignment or footprint reorganization, directly attributable acquisition costs and acquisition integration costs, and other transaction-related costs, profit or loss on disposal or termination of operations, start‑up costs incurred in relation to and associated with plant builds, significant new line investments or furnaces, major litigation costs and settlements and impairments of non‑current assets. In this regard the determination of “significant” as included in our definition uses qualitative and quantitative factors. Judgment is used by the Group in assessing the particular items, which by virtue of their scale and nature, are disclosed in the Group’s consolidated income statement, and related notes as exceptional items. Management considers columnar presentation to be appropriate in the consolidated income statement as it provides useful additional information and is consistent with the way that financial performance is measured by management and presented to the Board. Exceptional restructuring costs are classified as restructuring provisions and all other exceptional costs when outstanding at the balance sheet date are classified as exceptional items payable.
Finance income and expense	Finance income and expense Finance income comprises interest income on funds invested, gains on disposal of financial assets, ineffective portions of derivative instruments designated as hedging instruments and gains on derivative instruments that are not designated as hedging instruments and are recognized in profit or loss. Finance expense comprises interest expense on borrowings (including amortization of deferred debt issuance costs), interest cost on leases, certain net foreign currency translation related to financing, net interest cost on net pension plan liabilities, losses on extinguishment of borrowings, ineffective portions of derivative instruments designated as hedging instruments, losses on derivative instruments that are not designated as hedging instruments and are recognized in profit or loss, and other finance expense. The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of manufacturing plants that require a substantial period of time to build that would have been avoided if the expenditure on the qualifying asset had not been made. Costs related to the issuance of new debt are deferred and amortized within finance expense over the expected terms of the related debt agreements by using the effective interest rate method.
Income Tax	Income tax Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognized in the consolidated income statement except to the extent that it relates to items recognized in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are generally not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Segment reporting	Segment reporting The Board has been identified as the Chief Operating Decision Maker (“CODM”) for the Group. Operating segments are identified on the basis of the internal reporting regularly provided to the Board in order to allocate resources to the segment and assess its performance.
Critical accounting estimates, assumptions and judgments	Critical accounting estimates, assumptions and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Estimated impairment of goodwill and other long lived assets In accordance with IAS 36 “Impairment of assets” (“IAS 36”), the Group tests whether goodwill and other long lived assets have suffered any impairment in accordance with the accounting policies stated. The determination of the recoverable amounts of goodwill requires the use of estimates as outlined in Note 9. The Group’s judgments relating to the impairment of goodwill and other long lived assets are included in Notes 9 and 10. (ii) Lease term upon adoption of IFRS 16 Upon adoption of IFRS 16, several lease agreements included renewal and termination options. As part of the recognition of such leases, the Group assessed all facts and circumstances that created an economic incentive to exercise a renewal option, or not exercise a termination option. Renewal options (or periods after termination options) were only included in the lease term if the conclusion was that the lease was reasonably certain to be renewed (or not terminated). (iii) Income taxes The Group is subject to income taxes in numerous jurisdictions and judgment is therefore required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit matters based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. (iv) Measurement of employee benefit obligations The Group follows guidance of IAS 19(R) to determine the present value of its obligations to current and past employees in respect of defined benefit pension obligations, other long term employee benefits, and other end of service employee benefits which are subject to similar fluctuations in value in the long term. The Group values its liabilities, with the assistance of professional actuaries, to ensure consistency in the quality of the key assumptions underlying the valuations. The critical assumptions and estimates applied are discussed in detail in Note 21. (v) Exceptional items The consolidated income statement and segment analysis separately identify results before exceptional items. Exceptional items are those that in our judgment need to be disclosed by virtue of their size, nature or incidence. The Group believes that this presentation provides additional analysis as it highlights exceptional items. The determination of “significant” as included in our definition uses qualitative and quantitative factors which remain consistent from period to period. Management uses judgment in assessing the particular items, which by virtue of their scale and nature, are disclosed in the consolidated income statement and related notes as exceptional items. Management considers the consolidated income statement presentation of exceptional items to be appropriate as it provides useful additional information and is consistent with the way that financial information is measured by management and presented to the Board. In that regard, management believes it to be consistent with paragraph 85 of IAS 1 “Presentation of financial statements” (“IAS 1”), which permits the inclusion of line items and subtotals that improve the understanding of performance. (vi) Business combinations and goodwill Goodwill only arises in business combinations. The amount of goodwill initially recognized is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management’s judgment. Allocation of the purchase price affects the results of the Group as finite lived intangible assets are amortized, whereas indefinite lived intangible assets, including goodwill, are not amortized and could result in differing amortization charges based on the allocation to indefinite lived and finite lived intangible assets.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of significant accounting policies
Schedule of useful lives of intangible finite lived intangible assets on a straight-line basis	Computer software 2 - 7 years Customer relationships 5 - 15 years Technology 5 - 15 years
Schedule useful lives of property, plant and equipment on a straight-line basis	Buildings 30 - 40 years Plant and machinery 3 - 40 years Molds 2 - 3 years Office equipment and vehicles 3 - 10 years

Segment analysis (Tables)

Segment analysis (Tables)	12 Months Ended
	Dec. 31, 2020
Segment analysis
Schedule of reconciliation of profit (loss) to Adjusted EBITDA	Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) from continuing operations 13 (284) (292) Income tax charge (Note 6) 10 44 18 Net finance expense (Note 5) 338 659 479 Depreciation and amortization (Notes 9, 10) 688 599 Exceptional operating items (Note 4) 58 53 311 Share of post-tax loss in equity accounted joint venture (Note 12) 48 49 — Adjusted EBITDA 1,155 1,173 1,115
Schedule of segment results	Segment results for the year ended December 31, 2020 are: Metal Metal Beverage Beverage Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $'m $'m $'m $'m $'m Revenue 1,599 1,852 1,640 1,640 6,731 Adjusted EBITDA 249 296 369 241 1,155 Capital expenditure 101 167 145 130 543 Segment assets (excluding Investment in material joint venture) 2,403 1,808 2,802 2,249 9,262 Segment results for the year ended December 31, 2019 are: Metal Metal Beverage Beverage Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $'m $'m $'m $'m $'m Revenue 1,556 1,816 1,613 6,660 Adjusted EBITDA 253 250 391 1,173 Capital expenditure 95 110 163 505 Segment assets (excluding Investment in material joint venture) 2,360 1,725 1,977 8,303 Segment results for the year ended December 31, 2018 are: Metal Metal Beverage Beverage Glass Glass Packaging Packaging Packaging Packaging Europe Americas Europe North America Group $'m $'m $'m $'m $'m Revenue 1,616 1,742 1,623 1,695 6,676 Adjusted EBITDA 270 230 358 257 1,115 Capital expenditure 103 79 151 134 467 Segment assets 2,274 1,549 1,916 2,197 7,936
Schedule of total revenue in countries which account for more than 10% of total revenue	Total revenue from the Group in countries which account for more than 10% of total revenue, in the current or prior years presented, are as follows: Year ended December 31, 2020 2019 2018 Revenue $'m $'m $'m U.S. 3,011 2,974 2,911 United Kingdom 782 736 778
Schedule of disaggregation of revenue by destination	The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2020: North Rest of the Europe America world Total $'m $'m $'m $'m Metal Beverage Packaging Europe 1,581 3 15 1,599 Metal Beverage Packaging Americas 1 1,499 352 1,852 Glass Packaging Europe 1,568 12 60 1,640 Glass Packaging North America 2 1,637 1 1,640 Group 3,152 3,151 428 6,731 The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2019: North Rest of the Europe America world Total $'m $'m $'m $'m Metal Beverage Packaging Europe 1,541 5 10 1,556 Metal Beverage Packaging Americas 2 1,419 395 1,816 Glass Packaging Europe 1,554 7 52 1,613 Glass Packaging North America – 1,674 1 1,675 Group 3,097 3,105 458 6,660 The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2018: North Rest of the Europe America world Total $'m $'m $'m $'m Metal Beverage Packaging Europe 1,601 2 13 1,616 Metal Beverage Packaging Americas 1 1,339 402 1,742 Glass Packaging Europe 1,572 9 42 1,623 Glass Packaging North America – 1,687 8 1,695 Group 3,174 3,037 465 6,676 The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services: Year ended December 31, 2020 2019 2018 $'m $'m $'m Over time 2,610 2,543 2,557 Point in time 4,121 4,117 4,119 Group 6,731 6,660 6,676

Exceptional items (Tables)

Exceptional items (Tables)	12 Months Ended
	Dec. 31, 2020
Exceptional items
Schedule of exceptional items	Year ended December 31, 2020 2019 2018 $'m $'m $'m Start-up related costs 7 13 48 Impairment - property, plant and equipment 6 5 5 Past service charge/(credit) 5 (37) 5 Restructuring and other costs 1 6 50 Legal matter — 15 — Exceptional items - cost of sales 19 2 108 Transaction-related and other costs 25 51 17 Restructuring and other costs 6 — — Exceptional items - SGA expenses 31 51 17 Impairment - other intangible assets 8 — — Impairment - goodwill — — 186 Exceptional items - impairment of intangible assets 8 — 186 Debt refinancing and settlement costs 74 200 16 Loss on derivative financial instruments — 3 6 Exceptional items - finance expense 74 203 22 Share of exceptional items in material joint venture 15 39 — Exceptional items from continuing operations 147 295 333 Exceptional income tax (credit)/charge (53) 3 (49) Exceptional items from continuing operations, net of tax 94 298 284 Exceptional items from discontinued operation, net of tax (22) (1,527) 13 Total exceptional charge/(credit), net of tax 72 (1,229) 297

Finance income and expense (Tab

Finance income and expense (Tables)	12 Months Ended
	Dec. 31, 2020
Finance income and expense
Schedule of finance income and expense	Year ended December 31, 2020 2019 2018 $'m $'m $'m Senior secured and senior notes 259 367 421 Other interest expense 43 40 22 Interest expense 302 407 443 Net pension interest cost (Note 21) 14 18 16 Foreign currency translation (gain)/losses (42) 27 8 (Gains)/loss on derivative financial instruments (3) 9 (10) Other finance income (7) (5) — Finance expense before exceptional items 264 456 457 Exceptional finance expense (Note 4) 74 203 22 Net finance expense 338 659 479

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2020
Income tax
Schedule of current and deferred tax	Year ended December 31, 2020 2019 2018 $'m $'m $'m Current tax: Current tax for the year 78 70 73 Adjustments in respect of prior years (64) 7 11 Total current tax 14 77 84 Deferred tax: Deferred tax for the year (36) (31) (58) Adjustments in respect of prior years 32 (2) (8) Total deferred tax (4) (33) (66) Income tax charge 10 44 18
Schedule of reconciliation of income tax charge and the profit/(loss) before tax multiplied by the Group’s domestic tax rate	Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) before tax 23 (240) (274) Profit/(loss) before tax multiplied by the standard rate of Luxembourg corporation tax: 24.94% (2019: 24.94%; 2018: 26.01%) 6 (60) (71) Tax losses for which no deferred income tax asset was recognized 1 32 — Re-measurement of deferred taxes — (2) 1 Adjustment in respect of prior years (32) 5 3 Income subject to state and other local income taxes 5 11 12 Income taxed at rates other than standard tax rates 5 7 5 Non-deductible items 13 48 55 Other 12 3 13 Income tax charge 10 44 18

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings per share
Schedule of Basic and Diluted Earning per share	Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) attributable to equity holders 35 1,458 (94) Weighted average number of common shares for EPS (millions) 236.4 236.4 236.3 Earnings/(loss) per share $ $ ($0.40) Year ended December 31, 2020 2019 2018 $'m $'m $'m Earnings/(loss) from continuing operations attributable to equity holders 13 (284) (292) Weighted average number of common shares for EPS (millions) 236.4 236.4 236.3 Earnings/(loss) per share from continuing operations $ ($1.20) ($1.24)

Employee costs (Tables)

Employee costs (Tables)	12 Months Ended
	Dec. 31, 2020
Employee costs
Schedule of component of employee costs	Year ended December 31, 2020 2019 2018 $'m $'m $'m Wages and salaries 1,089 1,048 962 Social security costs 157 155 154 Defined benefit plan pension costs/(credit) (Note 21) 23 (23) 48 Defined contribution plan pension costs (Note 21) 47 40 32 Group employee costs 1,316 1,220 1,196
Schedule of number of employees	At December 31, Employees 2020 2019 2018 Production 14,528 14,463 14,666 Administration 1,915 1,877 1,986 Group 16,443 16,340 16,652

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible assets
Schedule of reconciliation of changes in intangible assets	Customer Technology Goodwill relationships and other Software Total $'m $'m $'m $'m $'m 2019 Cost At January 1, 2019 1,970 2,300 255 110 4,635 Additions — — 12 13 25 Disposal of Food & Specialty (328) (203) (103) (44) (678) Disposal — — — (1) (1) Transfers — — (11) 11 — Exchange (18) (14) (3) (2) (37) At December 31, 2019 1,624 2,083 150 87 3,944 Amortization At January 1, 2019 (817) (153) (64) (1,034) Charge for the year (214) (27) (8) (249) Disposal of Food & Specialty 146 60 6 212 Disposal — — 1 1 Exchange 5 3 2 10 At December 31, 2019 (880) (117) (63) (1,060) Net book value At December 31, 2019 1,624 1,203 33 24 2,884 2020 Cost At January 1, 2020 1,624 2,083 150 87 3,944 Additions — — 10 2 12 Impairment (Note 4) — — (6) (2) (8) Transfers — — (6) 6 — Exchange 58 73 2 12 145 At December 31, 2020 1,682 2,156 150 105 4,093 Amortization At January 1, 2020 (880) (117) (63) (1,060) Charge for the year (206) (22) (7) (235) Exchange (33) (3) (6) (42) At December 31, 2020 (1,119) (142) (76) (1,337) Net book value At December 31, 2020 1,682 1,037 8 29 2,756
Summary of goodwill allocation	At December 31, 2020 2019 $'m $'m Metal Beverage Packaging Europe 618 566 Metal Beverage Packaging Americas 437 437 Glass Packaging Europe 67 61 Glass Packaging North America 560 560 Total Goodwill 1,682 1,624
Schedule of significant goodwill amounts arising in the groups of CGUs	Metal Metal Glass Beverage Beverage Glass Packaging Packaging Packaging Packaging North Europe Americas Europe America $'m/% $'m/% $'m/% $'m/% 2020 Carrying amount of goodwill 618 437 67 560 Excess of recoverable amount Pre-tax discount rate applied N/A 2019 Carrying amount of goodwill 566 437 61 560 Excess of recoverable amount Pre-tax discount rate applied 5.1 8.5 6.5 7.2

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment
Schedule of property plant and equipment	Office equipment, Land and Plant and vehicles buildings machinery and other Total $'m $'m $'m $'m 2019 Cost At January 1, 2019, as reported 1,044 4,298 94 5,436 Impact of adoption of IFRS 16 on January 1, 2019 (Note 2) 193 78 19 290 At January 1, 2019 1,237 4,376 113 5,726 Additions 148 528 60 736 Disposals (21) (194) (8) (223) Disposal of Food & Specialty (337) (1,443) (39) (1,819) Impairment (Note 4) — (5) — (5) Exchange (9) (26) — (35) At December 31, 2019 1,018 3,236 126 4,380 Depreciation At January 1, 2019 (264) (1,750) (34) (2,048) Charge for the year (75) (363) (36) (474) Disposals 6 190 8 204 Disposal of Food & Specialty 55 530 21 606 Exchange 2 7 — 9 At December 31, 2019 (276) (1,386) (41) (1,703) Net book value At December 31, 2019 742 1,850 85 2,677 2020 Cost At January 1, 2020 1,018 3,236 126 4,380 Additions 69 507 51 627 Impairment (Note 4) — (6) — (6) Disposals (2) (234) (11) (247) Exchange 55 116 5 176 At December 31, 2020 1,140 3,619 171 4,930 Depreciation At January 1, 2020 (276) (1,386) (41) (1,703) Charge for the year (89) (330) (34) (453) Disposals 1 234 11 246 Exchange (19) (53) (3) (75) At December 31, 2020 (383) (1,535) (67) (1,985) Net book value At December 31, 2020 757 2,084 104 2,945
Schedule of carrying amount of right-of use assets	Office equipment, Land and Plant and vehicles buildings machinery and other Total Net book value $'m $'m $'m $'m At December 31, 2020 At December 31, 2019
Schedule of expense in respect of operating lease commitments	Year ended December 31, 2018 $'m Plant and machinery 22 Land and buildings 51 Office equipment and vehicles 17 90
Schedule of maturities of lease commitments	At December 31, 2018 $'m Not later than one year 67 Later than one year and not later than five years 150 Later than five years 147 364
Schedule of capital commitments	At December 31, 2020 2019 2018 $'m $'m $'m Contracted for 148 77 118 Not contracted for 227 82 76 375 159 194

Investment in material joint _2

Investment in material joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Investment in material joint ventures
Schedules of aggregated financial information of joint ventures	Period ended December 31, 2020 2019 $'m $'m Investment in joint venture 390 375 Loss for the period (48) (49) Other comprehensive income 29 7 Total comprehensive loss (19) (42) Summarized financial information, as of the date these consolidated financial statements were authorized for issue, for Trivium for the twelve months ended and as at December 31, 2020 and for the two months ended and as at December 31, 2019, is set out below: Period ended December 31, 2020 (i) 2019 (ii) $'m $'m Revenue 2,656 351 Expenses (2,617) (408) Operating profit/(loss) 39 (57) Net finance expense (158) (56) Loss before tax (119) (113) Income tax credit/(expense) 5 (1) Loss after tax (114) (114) (i) The income statement for the period ended December 31, 2020 includes exceptional items of $35 million, in accordance with Ardagh accounting policy, of which $2 million is in respect of exceptional interest income. and $160 million of non-exceptional interest expense. Also included is depreciation and amortization of $285 million (inclusive of a measurement period adjustment of $19 million) and income tax credit of $5 million (inclusive of a measurement period adjustment of $6 million). (ii) The income statement for the two-month period ended December 31, 2019 includes $92 million in relation to exceptional items of which $31 million is in respect of exceptional interest expense. Also included is $25 million of non-exceptional interest expense. At December 31, 2020 2019 $'m $'m Non-current assets 4,644 4,109 Current assets (iii) 891 924 Total assets 5,535 5,033 Total equity 839 875 Non-current liabilities (iv) 3,892 3,444 Current liabilities (v) 804 714 Total liabilities 4,696 4,158 Total equity and liabilities 5,535 5,033
Schedule of reconciliation of carrying amount of joint venture	2020 2019 $'m $'m Group's interest in net assets of joint venture at January 1, 2020 / November 1, 2019 (vi) 375 Share of total comprehensive loss (19) (42) Exchange 34 5 Carrying amount of interest in joint venture - December 31 390 375

Deferred income tax (Tables)

Deferred income tax (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred income tax
The movement in deferred tax assets and liabilities	Assets Liabilities Total $'m $'m $'m At January 1, 2019 432 (721) (289) Impact of adopting IFRS 16 14 (1) 13 Credited to the income statement (Note 6) 17 16 33 Charged to the income statement (Discontinued operation) (12) (1) (13) Credited to other comprehensive income 30 3 33 Exchange 1 3 4 Disposal of Food & Specialty (76) 155 79 At December 31, 2019 406 (546) (140) (Charged)/credited to the income statement (Note 6) (22) 26 4 Credited/(charged) to other comprehensive income 23 (6) 17 Exchange 13 (18) (5) At December 31, 2020 420 (544) (124)
The components of deferred income tax assets and liabilities	At December 31, 2020 2019 $'m $'m Tax losses 47 40 Employee benefit obligations 168 142 Depreciation timing differences 83 84 Provisions 72 74 Other 50 66 420 406 Available for offset (175) (202) Deferred tax assets 245 204 Intangible assets (265) (295) Accelerated depreciation and other fair value adjustments (239) (206) Other (40) (45) (544) (546) Available for offset 175 202 Deferred tax liabilities (369) (344)
The tax credit recognized in the consolidated income statement	Year ended December 31, 2020 2019 2018 $'m $'m $'m Tax losses 4 (4) 18 Employee benefit obligations (2) (11) 3 Depreciation timing differences (5) 21 4 Provisions (3) (2) (1) Other deferred tax assets (16) 1 12 Intangible assets 40 19 52 Accelerated depreciation and other fair value adjustments (27) (12) (20) Other deferred tax liabilities 13 8 (3) 4 20 65

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventories
Schedule of inventories	At December 31, 2020 2019 $'m $'m Raw materials and consumables 303 299 Mold parts 52 50 Work-in-progress 13 19 Finished goods 555 596 923 964

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other receivables
Schedule of trade, other current receivables and prepayments	At December 31, 2020 2019 $'m $'m Trade receivables 632 516 Other receivables and prepayments 237 218 869 734
Schedule of movements on the provision for impairment of current trade receivables	2020 2019 2018 $'m $'m $'m At January 1, as reported 6 17 23 Impact of adoption of IFRS 9 on January 1, 2018 — — (4) At January 1, 6 17 19 Provision for receivables impairment 5 7 2 Receivables written off during the year as uncollectible (1) — (3) Disposal of Food & Specialty — (18) — Exchange 1 — (1) At December 31, 11 6 17
Schedule of ageing analysis of trade receivables past due but not impaired	At December 31, 2020 2019 $'m $'m Up to three months past due 14 28 Three to six months past due 4 1 Over six months past due 1 5 19 34

Contract assets (Tables)

Contract assets (Tables)	12 Months Ended
	Dec. 31, 2020
Contract assets
Schedule of significant changes in contract assets	2020 2019 $'m $'m At January 1, 151 160 Transfers from contract assets recognized at beginning of year to receivables (148) (155) Increases as a result of new contract assets recognized during the year 133 175 Decrease due to disposal of Food & Specialty — (32) Other (including exchange) 3 3 At December 31, 139 151

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2020
Cash, cash equivalents and restricted cash
Schedule of cash and cash equivalents	At December 31, 2020 2019 $'m $'m Cash at bank and in hand 598 Short term bank deposits 11 Restricted cash 6 5 1,267 614

Issued capital and reserves (Ta

Issued capital and reserves (Tables)	12 Months Ended
	Dec. 31, 2020
Issued capital and reserves
Schedule of share capital	Class A Class B Total shares Total (million) (million) (million) $'m At December 31, 2019 18.66 217.7 236.36 23 Share issuance 0.01 – 0.01 – At December 31, 2020 18.67 217.7 236.37 23

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Financial assets and liabilities
Schedule of net external debt	At December 31, 2020 2019 $'m $'m Loan notes 6,483 5,529 Other borrowings 378 381 Net borrowings 6,861 5,910 Cash and cash equivalents (1,267) (614) Derivative financial instruments used to hedge foreign currency and interest rate risk 105 32 Net debt 5,699 5,328
Schedule of net debt and available liquidity	At December 31, 2020, the Group’s net debt and available liquidity was as follows: Maximum Final amount maturity Facility Undrawn Facility Currency drawable date type Amount drawn amount Local Local currency currency $'m $'m m m 5.250% Senior Secured Notes USD 700 30-Apr-25 Bullet 700 700 – 4.125% Senior Secured Notes USD 1,215 15-Aug-26 Bullet 1,215 1,215 – 2.125% Senior Secured Notes EUR 439 15-Aug-26 Bullet 439 539 – 2.125% Senior Secured Notes EUR 790 15-Aug-26 Bullet 790 969 – 6.000% Senior Notes USD 800 15-Feb-25 Bullet 800 826 – 4.750% Senior Notes GBP 400 15-Jul-27 Bullet 400 546 – 5.250% Senior Notes USD 800 15-Aug-27 Bullet 800 800 – 5.250% Senior Notes USD 1,000 15-Aug-27 Bullet 1,000 1,000 – Global Asset Based Loan Facility USD 599 07-Dec-22 Revolving – – 599 Lease obligations Various – Amortising – 366 – Other borrowings/credit lines Various – Rolling Amortising – 14 1 Total borrowings / undrawn facilities 6,975 600 Deferred debt issue costs and bond discounts/bond premium (114) – Net borrowings / undrawn facilities 6,861 600 Cash and cash equivalents (1,267) 1,267 Derivative financial instruments used to hedge foreign currency and interest rate risk 105 – Net debt / available liquidity 5,699 1,867 At December 31, 2019, the Group’s net debt and available liquidity was as follows: Maximum Final amount maturity Facility Undrawn Facility Currency drawable date type Amount drawn amount Local Local $'m $'m currency currency m m 2.750% Senior Secured Notes EUR 741 15-Mar-24 Bullet 741 832 – 4.250% Senior Secured Notes USD 695 15-Sep-22 Bullet 695 695 – 2.125% Senior Secured Notes EUR 439 15-Aug-26 Bullet 439 493 – 4.125% Senior Secured Notes USD 500 15-Aug-26 Bullet 500 500 – 4.750% Senior Notes GBP 400 15-Jul-27 Bullet 400 528 – 6.000% Senior Notes USD 1,700 15-Feb-25 Bullet 1,700 1,708 – 5.250% Senior Notes USD 800 15-Aug-27 Bullet 800 800 – Global Asset Based Loan Facility USD 663 07-Dec-22 Revolving – – 663 Lease obligations Various – Amortizing – 364 – Other borrowings/credit lines EUR/USD – Rolling Amortizing – 22 1 Total borrowings / undrawn facilities 5,942 664 Deferred debt issue costs and bond premium (32) – Net borrowings / undrawn facilities 5,910 664 Cash and cash equivalents (614) 614 Derivative financial instruments used to hedge foreign currency and interest rate risk 32 – Net debt / available liquidity 5,328 1,278
Schedule of movement in net debt	2020 2019 $'m $'m Net increase in cash and cash equivalents per consolidated statement of cash flows (653) (84) Increase/(decrease) in net borrowings and derivative financial instruments 1,024 (2,050) Increase/(decrease) in net debt 371 (2,134) Net debt at January 1, 5,328 7,462 Net debt at December 31, 5,699 5,328
Schedule of maturity analysis of borrowings	At December 31, 2020 2019 $'m $'m Within one year or on demand — — Between one and three years — 695 Between three and five years 1,526 832 Greater than five years 5,069 4,029 Total Senior Secured Notes and Senior Notes 6,595 5,556 At December 31, 2020 2019 $'m $'m Within one year or on demand 97 95 Between one and three years 113 802 Between three and five years 1,588 900 Greater than five years 5,177 4,145 Total borrowings 6,975 5,942 Deferred debt issue costs and bond discounts/bond premium (114) (32) Net Borrowings 6,861 5,910
Schedule of contracted undiscounted cash flows of lease liabilities	2020 2019 $'m $'m Not later than one year Later than one year and not later than five years Later than five years
Schedule of contracted undiscounted cash flows of financial liabilities	Derivative Trade and financial other Borrowings instruments payables At December 31, 2020 $'m $'m $'m Within one year or on demand 402 104 1,449 Between one and three years 714 26 — Between three and five years 2,112 — — Greater than five years 5,467 — — Derivative Trade and financial other Borrowings instruments payables At December 31, 2019 $'m $'m $'m Within one year or on demand 363 17 1,519 Between one and three years 1,328 9 — Between three and five years 1,345 35 — Greater than five years 4,426 — —
Schedule of carrying amount and fair value of borrowings excluding lease obligations	Carrying value Deferred debt Amount issue costs and drawn premium Total Fair value At December 31, 2020 $'m $'m $'m $'m Loan notes 6,595 (112) 6,483 6,784 Global Asset Based Loan Facility and other borrowings (2) 12 6,609 (114) 6,495 6,798 Carrying value Deferred debt Amount issue costs and drawn premium Total Fair value At December 31, 2019 $'m $'m $'m $'m Loan notes 5,556 (27) 5,529 5,752 Global Asset Based Loan Facility and other borrowings 22 (5) 17 22 5,578 (32) 5,546 5,774
Schedule of effective interest rates	2020 2019 USD EUR GBP USD EUR GBP 5.250% Senior Secured Notes due 2025 5.32 % — — — — — 4.125% Senior Secured Notes due 2026 4.32 % — — 4.37 % — — 2.125% Senior Secured Notes due 2026 — 2.33 % — — 2.33 % — 2.125% Senior Secured Notes due 2026 — 3.29 % — 6.000% Senior Notes due 2025 5.97 % — — 6.14 % — — 4.750% Senior Notes due 2027 — — 4.99 % — — 4.99 % 5.250% Senior Notes due 2027 5.50 % — — 5.50 % — — 5.250% Senior Notes due 2027 6.42 % — — — — — 2.750% Senior Secured Notes due 2024 — — — — 2.92 % — 4.250% Senior Secured Notes due 2022 — — — 4.52 % — — Various Currencies Lease obligations 5.27 % 4.77 %
Schedule of net borrowings in denominated currencies	At December 31, 2020 2019 $'m $'m Euro 1,549 1,411 U.S. dollar 4,687 3,909 British pound 583 559 Other 42 31 6,861 5,910
Schedule of undrawn borrowing facilities	At December 31, 2020 2019 $'m $'m Expiring within one year 1 1 Expiring beyond one year 599 663 600 664
Schedule of fair value of financial instruments	Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $'m $'m $'m $'m Fair value derivatives Metal forward contracts 29 233 6 113 Cross currency interest rate swaps 10 233 115 1,300 Forward foreign exchange contracts 5 356 9 326 NYMEX gas swaps 1 12 — 10 At December 31, 2020 45 834 130 1,749 Assets Liabilities Contractual Contractual or notional or notional Fair values amounts Fair values amounts $'m $'m $'m $'m Fair value derivatives Metal forward contracts 4 100 10 252 Cross currency interest rate swaps 3 600 35 913 Forward foreign exchange contracts — 31 13 351 NYMEX gas swaps — 3 3 24 At December 31, 2019 7 734 61 1,540

Employee benefit obligations (T

Employee benefit obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Defined benefit plan
Employee benefit obligations
Schedule of employee benefit obligations and assets included in consolidated statement of financial position	U.S. Germany UK Other Total 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $'m $'m $'m $'m $'m $'m $'m $'m $'m $'m Obligations (1,403) (1,318) (194) (176) (892) (830) (29) (25) (2,518) (2,349) Assets 1,151 1,139 — — 663 585 10 10 1,824 1,734 Net obligations (252) (179) (194) (176) (229) (245) (19) (15) (694) (615)
Schedule of current service cost and administration costs of defined benefit pension schemes recognized in the consolidated income statement	Year ended December 31, 2020 2019 2018 $'m $'m $'m Current service cost and administration costs: Cost of sales - current service cost (Note 8) (27) (28) (38) Cost of sales - past service credit/(charge) (Note 8) 8 54 (6) SGA - current service cost (Note 8) (4) (3) (4) (23) 23 (48) Finance expense (Note 5) (14) (18) (16) (37) 5 (64) Discontinued operation — 1 — (37) 6 (64)
Schedule of re-measurement of defined benefit obligations and assets recognized in consolidated statement of comprehensive income	Year ended December 31, 2020 2019 2018 $'m $'m $'m Re-measurement of defined benefit obligation: Actuarial gain/(loss) arising from changes in demographic assumptions 38 (4) 18 Actuarial (loss)/gain arising from changes in financial assumptions (250) (272) 116 Actuarial gain/(loss) arising from changes in experience 9 (23) 19 (203) (299) 153 Re-measurement of plan assets: Actual return/(loss) less expected return on plan assets 147 203 (144) Actuarial (loss)/gain for the year on defined benefit pension schemes (56) (96) 9 Actuarial (loss)/gain on other long term and end of service employee benefits (12) (6) 6 (68) (102) 15 Discontinued operation — (38) (4) (68) (140) 11
Schedule of movement in defined benefit obligations and assets	At December 31, Obligations Assets 2020 2019 2020 2019 $'m $'m $'m $'m At January 1, (2,349) (2,503) 1,734 1,673 Interest income — — 44 54 Current service cost (25) (28) — — Past service credit - net 3 62 — — Interest cost (56) (72) — — Administration expenses paid from plan assets — — (1) (1) Re-measurements (203) (351) 147 217 Obligations/(assets) extinguished on reclassification 32 — (32) — Employer contributions — — 40 47 Benefits paid 130 151 (130) (151) Disposal of Food & Specialty — 408 — (123) Exchange (50) (16) 22 18 At December 31, (2,518) (2,349) 1,824 1,734
Schedule of plan assets	At December 31, 2020 2020 2019 2019 $'m % $'m % Equities / multi strategy 1,121 1,107 Target return funds 256 267 Bonds 229 178 Cash/other 218 182 1,824 100 1,734 100
Schedule of ranges of principal assumptions applied in estimating defined benefit obligations	U.S. Germany UK 2020 2019 2020 2019 2020 2019 % % % % % % Rates of inflation 2.50 2.50 1.50 1.50 2.75 2.90 Rates of increase in salaries 3.00 3.00 2.50 2.50 2.25 2.00 Discount rates 2.55 3.40 0.84 - 1.08 1.20 - 1.48 1.45 - 1.50 2.10 - 2.15
Schedule of mortality assumptions	U.S. Germany UK 2020 2019 2020 2019 2020 2019 Years Years Years Years Years Years Life expectancy, current pensioners 22 21 22 22 20 21 Life expectancy, future pensioners 23 23 25 24 22 22
Schedule of principal defined benefit schemes	- Metal Beverage Packaging Glass Packaging Europe Europe North Europe Europe North UK Germany America UK Germany America Nature of the schemes Funded Unfunded Funded Funded Unfunded Funded 2020 Active members — 856 829 — 922 3,462 Deferred members 808 195 58 1,240 682 2,631 Pensioners including dependents 475 121 59 815 779 6,689 Weighted average duration (years) 20 20 21 21 19 12 2019 Active members — 893 822 — 977 3,827 Deferred members 808 198 44 1,240 689 2,638 Pensioners including dependents 475 117 41 815 783 6,571 Weighted average duration (years) 19 21 20 21 17 12
Schedule of expected defined benefit payment	Subsequent five years $'m $'m $'m $'m $'m $'m Benefits 133 130 132 135 137 654
Other employee benefit obligations
Employee benefit obligations
Schedule of other employee benefits	At December 31, 2020 2019 $'m $'m End of service employee benefits 3 2 Post-employment benefits 114 99 117 101

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2020
Provisions
Schedule of current and non current provisions	At December 31, 2020 2019 $'m $'m Current 50 48 Non-current 55 29 105 77
Schedule of restructuring and other Provisions	Other Total Restructuring provisions provisions $'m $'m $'m At January 1, 2019 20 101 121 Provided 16 90 106 Released (1) (18) (19) Paid (21) (89) (110) Disposal of Food & Specialty (9) (11) (20) Exchange — (1) (1) At December 31, 2019 5 72 77 Provided 1 49 50 Released (1) (7) (8) Paid (1) (15) (16) Exchange — 2 2 At December 31, 2020 4 101 105

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Schedule of trade and other payables	At December 31, 2020 2019 $'m $'m Trade payables 1,137 1,166 Other payables and accruals 275 288 Other tax and social security payable 130 109 Payables and accruals for exceptional items 37 65 1,579 1,628

Cash generated from operating_2

Cash generated from operating activities (Tables)	12 Months Ended
	Dec. 31, 2020
Cash generated from operating activities
Schedule of cash generated from operating activities	Year ended December 31, 2020 2019 2018 $'m $'m $'m Profit/(loss) from continuing operations 13 (284) (292) Income tax charge (Note 6) 10 44 18 Net finance expense (Note 5) 338 479 Depreciation and amortization (Notes 9, 10) 688 599 Exceptional operating items (Note 4) 58 311 Share of post-tax loss in equity accounted joint venture (Note 12) 48 — Movement in working capital (31) (9) Transaction-related, start-up and other exceptional costs paid (86) (87) (92) Exceptional restructuring paid (1) (12) (23) Cash generated from continuing operations 1,037 1,179 991

Business combinations and dis_2

Business combinations and disposals (Tables)	12 Months Ended
	Dec. 31, 2020
Food and Specialty Discontinued Operation
Discontinued operations
Schedule of financial results and consideration received on discontinued operations	Year ended December 31, 2020 2019 2018 $'m $'m $'m Revenue – 2,003 2,421 Expenses – (1,769) (2,197) Profit before tax – 234 224 Income tax charge – (19) (26) Profit from discontinued operation after tax – 215 198 Gain on disposal of discontinued operation, net of costs of disposal and tax 22 1,527 – Profit from discontinued operation 22 1,742 198 Total comprehensive income from discontinued operation 22 1,741 163 Basic and diluted earnings per share from discontinued operation $ $ $ Year ended December 31, 2019 $'m Cash consideration 2,573 42% equity investment in Trivium 412 2,985 Non-current assets 1,717 Current assets 805 Total assets 2,522 Non-current liabilities 542 Current liabilities 555 Total liabilities 1,097 Net assets disposed (1,425) Cumulative foreign currency translation adjustments (27) Gain on disposal of discontinued operation 1,533 2020 2019 $'m $'m Cash consideration 32 2,573 Cash and cash equivalents disposed – (18) Net proceeds from disposal * 32 2,555

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2020
Dividends
Schedule of cash dividends on ordinary shares declared and paid	Year ended December 31, 2020 2019 2018 $'m $'m $'m Cash dividends on common shares declared and paid: Interim dividend: $0.14 per share (Prior years: $0.14 per share) (33) (33) (33) Interim dividend: $0.15 per share (Prior years: $0.14 per share) (36) (33) (33) Interim dividend: $0.15 per share (Prior years: $0.14 per share) (35) (33) (33) Interim dividend: $0.15 per share (Prior years: $0.14 per share) (35) (33) (33) (139) (132) (132)

Related party information (Tabl

Related party information (Tables)	12 Months Ended
	Dec. 31, 2020
Related party information
Schedule of information about key management personnel	Year ended December 31, 2020 2019 2018 $'m $'m $'m Salaries and other short-term employee benefits 18 14 10 Post-employment benefits 1 — 1 19 14 11 Other compensation 1 6 — 20 20 11
Schedule of information relating to wholly owned subsidiaries	The following table provides information relating to our principal operating subsidiaries, all of which are wholly owned, at December 31, 2020. Country of Company incorporation Activity Ardagh Metal Beverage Manufacturing Austria GmbH Austria Metal Beverage Packaging Ardagh Metal Beverage Trading Austria GmbH Austria Metal Beverage Packaging Latas Indústria de Embalagens de Alumínio do Brasil Ltda. Brazil Metal Beverage Packaging Ardagh Indústria de Embalagens de Metálicas do Brasil Ltda. Brazil Metal Beverage Packaging Ardagh Glass Holmegaard A/S Denmark Glass Packaging Ardagh Metal Beverage Trading France SAS France Metal Beverage Packaging Ardagh Metal Beverage France SAS France Metal Beverage Packaging Ardagh Glass GmbH Germany Glass Packaging Heye International GmbH Germany Glass Engineering Ardagh Metal Beverage Trading Germany GmbH Germany Metal Beverage Packaging Ardagh Metal Beverage Germany GmbH Germany Metal Beverage Packaging Ardagh Glass Sales Limited Ireland Glass Packaging Ardagh Glass Italy S.r.l. Italy Glass Packaging Ardagh Glass Dongen B.V. Netherlands Glass Packaging Ardagh Glass Moerdijk B.V. Netherlands Glass Packaging Ardagh Metal Beverage Trading Netherlands B.V. Netherlands Metal Beverage Packaging Ardagh Metal Beverage Netherlands B.V. Netherlands Metal Beverage Packaging Ardagh Glass S.A. Poland Glass Packaging Ardagh Metal Beverage Trading Poland Sp. z o.o Poland Metal Beverage Packaging Ardagh Metal Beverage Poland Sp. z o.o Poland Metal Beverage Packaging Ardagh Metal Beverage Trading Spain SL Spain Metal Beverage Packaging Ardagh Metal Beverage Spain SL Spain Metal Beverage Packaging Ardagh Glass Limmared AB Sweden Glass Packaging Ardagh Metal Beverage Europe GmbH Switzerland Metal Beverage Packaging Ardagh Glass Limited United Kingdom Glass Packaging Ardagh Metal Beverage Trading UK Limited United Kingdom Metal Beverage Packaging Ardagh Metal Beverage UK Limited United Kingdom Metal Beverage Packaging Ardagh Metal Beverage USA Inc. United States Metal Beverage Packaging Ardagh Glass Inc. United States Glass Packaging Ardagh Glass Packaging USA Inc. * United States Glass Packaging *Ardagh Glass Packaging Inc. is the Group’s subsidiary which is acquiring the Longhorn glass manufacturing facility located in Houston, Texas. The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2021.

Company financial information (

Company financial information (Tables) - Ardagh Group S.A.	12 Months Ended
	Dec. 31, 2020
Condensed financial statements
Statement of financial position	At December 31, 2020 2019 €'m €'m Non-current assets Investments in subsidiary undertakings 2,484 2,484 Investments in joint venture 371 371 2,855 2,855 Current assets Amounts receivable from subsidiary undertakings 13 88 13 88 Total assets 2,868 2,943 Equity attributable to owners of the parent Issued capital 22 22 Share premium 1,092 1,092 Legal reserve 2 2 Capital contribution 431 431 Retained earnings 1,307 1,394 Total equity 2,854 2,941 Current liabilities Amounts payable to subsidiary undertakings 12 — Other payables 2 2 14 2 Total liabilities 14 2 Total equity and liabilities 2,868 2,943
Statement of comprehensive income	i) Year ended December 31, 2020 2019 2018 ` €'m €'m €'m Dividend income 15 89 110 Other external charges (2) (3) (1) Finance expense (1) (1) (1) Profit before tax and gain on disposal of investment 12 85 108 Income tax — — — Gain on disposal of investment * 23 1,164 — Profit and total comprehensive income for the year 35 1,249 108 * The gain recognized in the Company for the years ended December 31, 2020 and 2019, relates to the divestment of the Food & Specialty Metal Packaging business completed on October 31, 2019 and the recognition of shares issued to the Company by Trivium Packaging B.V. as part consideration for the disposal. See Note 25 to the consolidated financial statements for further detail.
Statement of cash flows	i) Year ended December 31, 2020 2019 2018 €'m €'m €'m Cash flows from operating activities Cash used in operations (2) (3) (1) Tax paid — — (1) Increase/(decrease) in payables — 1 (6) Net cash used in operating activities (2) (2) (8) Cash flows from investing activities Proceeds from disposal of investment 34 2,307 — Receipt/(repayment) of loans from subsidiary undertakings 75 (1,601) 9 Contribution to subsidiary undertaking ** — (675) — Dividends received 15 89 110 Net cash received from investing activities 124 120 119 Cash flows from financing activities Dividends paid (122) (118) (112) Net cash outflow from financing activities (122) (118) (112) Net decrease in cash and cash equivalents — — (1) Cash and cash equivalents at the beginning of the year — — 1 Cash and cash equivalents at the end of the year — — — ** In November 2019, the company made a capital contribution of €675 million into Ardagh Packaging Group Limited, a wholly owned subsidiary. Ardagh Packaging Group Limited is an Irish registered company that acts as an intermediate holding company for the Ardagh Group.
Summary of parent-only financial information in euro	Year ended December 31, 2020 2019 2018 €'m €'m €'m IFRS profit/(loss) reconciliation: Parent only—IFRS profit for the year 35 1,249 108 Additional (loss)/gain if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (4) 78 (191) Consolidated IFRS profit/(loss) for the year 31 1,327 (83) At December 31, 2020 2019 2018 €'m €'m €'m IFRS equity reconciliation: Parent only—IFRS equity 2,854 2,941 1,808 Additional loss if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (3,149) (3,128) (3,127) Consolidated—IFRS equity (295) (187) (1,319)
Summary of parent-only financial information in U.S. dollars	Year ended December 31, 2020 2019 2018 $'m $'m $'m IFRS profit/(loss) reconciliation: Parent only—IFRS profit for the year 40 1,400 128 Additional (loss)/gain if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (5) 58 (222) Consolidated IFRS profit/(loss) for the year 35 1,458 (94) At December 31, 2020 2019 2018 $'m $'m $'m IFRS equity reconciliation: Parent only—IFRS equity 3,502 3,304 2,064 Additional loss if subsidiaries had been accounted for using the equity method of accounting as opposed to cost (3,864) (3,520) (3,574) Consolidated—IFRS equity (362) (216) (1,510)

General information (Details)

General information (Details) - shares	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 20, 2017
Trivium Packaging B.V.
Issued capital
Ownership interest	42.00%	42.00%	42.00%
Class A common shares
Issued capital
Shares issued in IPO				18,630,000

Summary of significant accoun_4

Summary of significant accounting policies - Intangible assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Intangible assets
Residual value	$ 0
Computer software | Minimum
Intangible assets
Useful lives on a straight-line basis	2 years
Computer software | Maximum
Intangible assets
Useful lives on a straight-line basis	7 years
Customer relationships | Minimum
Intangible assets
Useful lives on a straight-line basis	5 years
Customer relationships | Maximum
Intangible assets
Useful lives on a straight-line basis	15 years
Technology | Minimum
Intangible assets
Useful lives on a straight-line basis	5 years
Technology | Maximum
Intangible assets
Useful lives on a straight-line basis	15 years

Summary of significant accoun_5

Summary of significant accounting policies - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2020
Minimum | Buildings
Property, plant and equipment
Estimated useful lives	30 years
Minimum | Plant and machinery
Property, plant and equipment
Estimated useful lives	3 years
Minimum | Molds
Property, plant and equipment
Estimated useful lives	2 years
Minimum | Office equipment, vehicles, and other
Property, plant and equipment
Estimated useful lives	3 years
Maximum | Buildings
Property, plant and equipment
Estimated useful lives	40 years
Maximum | Plant and machinery
Property, plant and equipment
Estimated useful lives	40 years
Maximum | Molds
Property, plant and equipment
Estimated useful lives	3 years
Maximum | Office equipment, vehicles, and other
Property, plant and equipment
Estimated useful lives	10 years

Segment analysis - Reconciliati

Segment analysis - Reconciliation of loss to Adjusted EBITDA (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Reconciliation of loss to Adjusted EBITDA
Profit/(loss) from continuing operations		$ 13			$ (284)		$ (292)
Income tax charge		10			44		18
Net finance expense		338			659		479
Depreciation and amortization		688			652		599
Share of post-tax losses in equity accounted joint venture		48			49
Adjusted EBITDA		1,155			1,173		1,115
Profit/(loss) for the year	€ 31	35	$ 1,458	€ 1,327	1,458	€ (83)	(94)
Aggregate continuing and discontinued operations
Reconciliation of loss to Adjusted EBITDA
Profit/(loss) for the year		35			1,458		(94)
Exceptional items
Reconciliation of loss to Adjusted EBITDA
Profit/(loss) from continuing operations		(94)			(298)		(284)
Income tax charge		(53)			3		(49)
Exceptional operating items		58			53		311
Share of post-tax losses in equity accounted joint venture		15			39
Profit/(loss) for the year		(72)			1,229		(297)
Exceptional items | Aggregate continuing and discontinued operations
Reconciliation of loss to Adjusted EBITDA
Profit/(loss) for the year		$ (72)			$ 1,229		$ (297)

Segment analysis - Segment resu

Segment analysis - Segment results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment analysis
Revenue from contracts with customers	$ 6,731	$ 6,660	$ 6,676
Adjusted EBITDA	1,155	1,173	1,115
Capital expenditure	543	505	467
Segment assets (excluding Investment in material joint venture)	9,262	8,303	7,936
Aggregate continuing and discontinued operations
Segment analysis
Segment assets	9,652	8,678
Investment in material joint ventures	390	375
Metal Beverage Packaging Europe
Segment analysis
Revenue from contracts with customers	1,599	1,556	1,616
Adjusted EBITDA	249	253	270
Capital expenditure	101	95	103
Segment assets (excluding Investment in material joint venture)	2,403	2,360	2,274
Metal Beverage Packaging Americas
Segment analysis
Revenue from contracts with customers	1,852	1,816	1,742
Adjusted EBITDA	296	250	230
Capital expenditure	167	110	79
Segment assets (excluding Investment in material joint venture)	1,808	1,725	1,549
Glass Packaging Europe
Segment analysis
Revenue from contracts with customers	1,640	1,613	1,623
Adjusted EBITDA	369	391	358
Capital expenditure	145	163	151
Segment assets (excluding Investment in material joint venture)	2,802	1,977	1,916
Glass Packaging North America
Segment analysis
Revenue from contracts with customers	1,640	1,675	1,695
Adjusted EBITDA	241	279	257
Capital expenditure	130	137	134
Segment assets (excluding Investment in material joint venture)	$ 2,249	$ 2,241	$ 2,197

Segment analysis - Segment asse

Segment analysis - Segment assets and segment revenue (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)customer	Dec. 31, 2019USD ($)customer	Dec. 31, 2018USD ($)customer
Segment analysis
Number of customers with a percentage of total revenues greater than 10% | customer	0	1	0
Revenue	$ 6,731	$ 6,660	$ 6,676
United States
Segment analysis
Revenue	$ 3,011	$ 2,974	2,911
Percent of non-current assets	41.00%	40.00%
Germany
Segment analysis
Percent of non-current assets	14.00%	13.00%
United Kingdom
Segment analysis
Revenue	$ 782	$ 736	778
Percent of non-current assets	12.00%	12.00%
Luxembourg
Segment analysis
Revenue	$ 2	$ 2	$ 2
Non-current assets	$ 0	$ 0

Segment analysis - Disaggregati

Segment analysis - Disaggregation of revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of revenue
Revenue from contracts with customers	$ 6,731	$ 6,660	$ 6,676
Over time
Disaggregation of revenue
Revenue from contracts with customers	2,610	2,543	2,557
Point in time
Disaggregation of revenue
Revenue from contracts with customers	4,121	4,117	4,119
Metal Beverage Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	1,599	1,556	1,616
Metal Beverage Packaging Americas
Disaggregation of revenue
Revenue from contracts with customers	1,852	1,816	1,742
Glass Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	1,640	1,613	1,623
Glass Packaging North America
Disaggregation of revenue
Revenue from contracts with customers	1,640	1,675	1,695
Europe
Disaggregation of revenue
Revenue from contracts with customers	3,152	3,097	3,174
Europe | Metal Beverage Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	1,581	1,541	1,601
Europe | Metal Beverage Packaging Americas
Disaggregation of revenue
Revenue from contracts with customers	1	2	1
Europe | Glass Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	1,568	1,554	1,572
Europe | Glass Packaging North America
Disaggregation of revenue
Revenue from contracts with customers	2
North America
Disaggregation of revenue
Revenue from contracts with customers	3,151	3,105	3,037
North America | Metal Beverage Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	3	5	2
North America | Metal Beverage Packaging Americas
Disaggregation of revenue
Revenue from contracts with customers	1,499	1,419	1,339
North America | Glass Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	12	7	9
North America | Glass Packaging North America
Disaggregation of revenue
Revenue from contracts with customers	1,637	1,674	1,687
Rest of the World
Disaggregation of revenue
Revenue from contracts with customers	428	458	465
Rest of the World | Metal Beverage Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	15	10	13
Rest of the World | Metal Beverage Packaging Americas
Disaggregation of revenue
Revenue from contracts with customers	352	395	402
Rest of the World | Glass Packaging Europe
Disaggregation of revenue
Revenue from contracts with customers	60	52	42
Rest of the World | Glass Packaging North America
Disaggregation of revenue
Revenue from contracts with customers	$ 1	$ 1	$ 8

Exceptional items (Details)

Exceptional items (Details) € in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Exceptional items
Exceptional items-cost of sales			$ 5,698		$ 5,597			$ 5,731
Total selling, general and administrative expense			381		362			317
Exceptional impairment-intangible assets			8
Finance expense			338		659			479
Share of exceptional items in material joint venture			48		49
Exceptional items from continuing operations before exceptional tax credit			(23)		240			274
Income tax charge			10		44			18
Exceptional items from continuing operations, net of tax			(13)		284			292
Exceptional items from discontinued operation, net of tax			(22)		(1,742)			(198)
Total exceptional (credit)/charge, net of tax		€ (31)	(35)	€ (1,327)	(1,458)	$ (1,458)	€ 83	94
Repayment of principal amount outstanding			3,261		4,088			442
6.000% Senior Notes due 2021
Exceptional items
Repayment of principal amount outstanding	$ 440
Stated interest rate	6.00%
Cross currency interest rate swaps
Exceptional items
Contract value	$ 440
Food and Specialty Discontinued Operation
Exceptional items
Exceptional items from discontinued operation, net of tax			(22)		(1,742)			(198)
Aggregate continuing and discontinued operations
Exceptional items
Total exceptional (credit)/charge, net of tax			(35)		(1,458)			94
Exceptional items
Exceptional items
Exceptional items-cost of sales			19		2			108
Transaction related and other costs			25
Total selling, general and administrative expense			31		51			17
Finance expense			74		203			22
Share of exceptional items in material joint venture			15		39
Exceptional items from continuing operations before exceptional tax credit			147		295			333
Income tax charge			(53)		3			(49)
Exceptional items from continuing operations, net of tax			94		298			284
Exceptional items from discontinued operation, net of tax			(22)		(1,527)			13
Total exceptional (credit)/charge, net of tax			72		(1,229)			297
Tax credit resulting from U.S. tax reform			(15)
Tax credit related to debt refinancing and settlement costs			13
Exceptional items | Discontinued operations
Exceptional items
Exceptional items from discontinued operation, net of tax			(22)		(1,527)			13
Exceptional items | Food and Specialty Discontinued Operation
Exceptional items
Exceptional items from discontinued operation, net of tax			22		(1,527)
Exceptional items | Aggregate continuing and discontinued operations
Exceptional items
Total exceptional (credit)/charge, net of tax			72		(1,229)			297
Exceptional Items - Cost Of Sales and SGA
Exceptional items
Restructuring and other costs			7
Exceptional items - Cost of sales
Exceptional items
Start-up related costs			7		13			48
Impairment-property, plant and equipment			6		5			5
Past service cost/(credit)			5		(37)			5
Restructuring and other costs			1		6			50
Legal matter					15
Exceptional items-cost of sales			19		2			108
Exceptional items - Cost of sales | Metal Beverage Packaging Europe and Glass Packaging Europe
Exceptional items
Past service cost/(credit)								5
Exceptional items - Cost of sales | Glass Packaging North America
Exceptional items
Past service cost/(credit)					(37)
Exceptional items - Capacity realignment programs
Exceptional items
Start-up related costs			7		13			48
Impairment-property, plant and equipment			6		5			5
Restructuring and other costs					6			50
Capacity realignment			13		24			103
Exceptional items - Capacity realignment programs | Metal Beverage Packaging Europe
Exceptional items
Capacity realignment					2			24
Exceptional items - Capacity realignment programs | Metal Beverage Packaging Americas
Exceptional items
Capacity realignment					2			(4)
Exceptional items - Capacity realignment programs | Glass Packaging North America
Exceptional items
Capacity realignment					15			78
Exceptional items - Capacity realignment programs | Glass Packaging Europe
Exceptional items
Capacity realignment					5			5
Exceptional items - SGA expenses
Exceptional items
Transaction related and other costs			25		51			17
Restructuring and other costs			6
Total selling, general and administrative expense			31		51			17
Exceptional Items Impairment of intangible assets
Exceptional items
Impairment-property, plant and equipment			8
Impairment - other intangible assets			8
Impairment- goodwill								186
Exceptional impairment-intangible assets			8					186
Exceptional Items Impairment of intangible assets | Glass Packaging North America
Exceptional items
Impairment- goodwill								186
Exceptional items - Finance expense
Exceptional items
Debt refinancing and settlement costs			74		200			16
Loss on derivative financial instruments					3			6
Finance expense			74		203			$ 22
Repayment of principal amount outstanding			61		165
Exceptional items - Finance expense | Cross currency interest rate swaps
Exceptional items
Loss on derivative financial instruments	$ 6
Exceptional Items, Joint venture
Exceptional items
Share of exceptional items in material joint venture			$ 15		$ 39

Finance income and expense (Det

Finance income and expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income and expense
Finance expense	$ 338	$ 659	$ 479
Net finance (income)/expense	338	659	479
Interest expense on lease liabilities	19	19
Before exceptional items
Finance income and expense
Senior secured and senior notes	259	367	421
Other interest expense	43	40	22
Interest expense	302	407	443
Net pension interest cost	14	18	16
Foreign currency translation (gain)/losses	(42)	27	8
(Gains)/loss on derivative financial instruments	(3)	9	(10)
Other finance income	(7)	(5)
Finance expense	264	456	457
Exceptional items
Finance income and expense
Finance expense	74	203	22
Exceptional items - Finance expense
Finance income and expense
(Gains)/loss on derivative financial instruments		3	6
Finance expense	$ 74	$ 203	$ 22

Income tax - Current and deferr

Income tax - Current and deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax:
Current tax for the year	$ 78	$ 70	$ 73
Adjustments in respect of prior years	(64)	7	11
Total current tax	14	77	84
Deferred tax:
Deferred tax for the year	(36)	(31)	(58)
Adjustments in respect of prior years	32	(2)	(8)
Total deferred tax	(4)	(33)	(66)
Income tax charge/(credit)	$ 10	$ 44	$ 18

Income tax - Reconciliation of

Income tax - Reconciliation of tax expense and accounting loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of tax expense and accounting loss
Profit/(loss) before tax	$ 23	$ (240)	$ (274)
Profit/(loss) before tax multiplied by the standard rate of Luxembourg corporation tax	6	(60)	(71)
Tax losses for which no deferred income tax asset was recognized	1	32
Remeasurement of deferred taxes		(2)	1
Adjustment in respect of prior years	(32)	5	3
Income subject to state and other local income taxes	5	11	12
Income taxed at rates other than standard tax rates	5	7	5
Non-deductible items	13	48	55
Other	12	3	13
Income tax charge/(credit)	$ 10	$ 44	$ 18
Luxembourg
Reconciliation of tax expense and accounting loss
Standard tax rate	24.94%	24.94%	26.01%
Exceptional items
Reconciliation of tax expense and accounting loss
Income tax charge/(credit)	$ (53)	$ 3	$ (49)
Tax credit resulting from U.S. tax reform	(15)
Exceptional items | United States
Reconciliation of tax expense and accounting loss
Tax credit resulting from U.S. tax reform	$ 15

Earnings per share (Details)

Earnings per share (Details) $ / shares in Units, € in Millions, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020EUR (€)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019EUR (€)shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)shares	Dec. 31, 2018USD ($)$ / sharesshares
Earnings per share
Profit/(loss) attributable to equity holders	€ 31	$ 35	€ 1,327	$ 1,458	$ 1,458	€ (83)	$ (94)
Weighted average number of ordinary shares for basic EPS | shares	236.4	236.4	236.4	236.4		236.3	236.3
Earnings/(loss) per share | $ / shares		$ 0.15		$ 6.17			$ (0.40)
Loss from continuing operations attributable to equity holders | $		$ 13		$ (284)			$ (292)
Loss per share from continuing operations | $ / shares		$ 0.06		$ (1.20)			$ (1.24)
Dilutive effect of convertible instruments on number of ordinary shares | shares	0	0	0	0		0	0

Employee costs (Details)

Employee costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)employee	Dec. 31, 2018USD ($)employee
Employee costs
Wages and salaries	$ 1,089	$ 1,048	$ 962
Social security costs	157	155	154
Defined benefit plan pension costs/(credit) (Note 21)	23	(23)	48
Defined contribution plan pension costs (Note 21)	47	40	32
Net employee costs	$ 1,316	$ 1,220	$ 1,196
Production | employee	14,528	14,463	14,666
Administration | employee	1,915	1,877	1,986
Total number of employees | employee	16,443	16,340	16,652

Intangible assets - Reconciliat

Intangible assets - Reconciliation of changes in intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in intangible assets
Beginning balance	$ 2,884
Impairment	(8)
Ending balance	2,756	$ 2,884
Amortization expense	235	233	$ 237
Goodwill
Reconciliation of changes in intangible assets
Beginning balance	1,624
Ending balance	1,682	1,624
Customer relationships
Reconciliation of changes in intangible assets
Beginning balance	1,203
Ending balance	1,037	1,203
Technology and other
Reconciliation of changes in intangible assets
Beginning balance	33
Ending balance	8	33
Computer software
Reconciliation of changes in intangible assets
Beginning balance	24
Ending balance	29	24
Cost
Reconciliation of changes in intangible assets
Beginning balance	3,944	4,635
Additions	12	25
Disposal of Food & Specialty		(678)
Disposals		(1)
Impairment	(8)
Exchange	145	(37)
Ending balance	4,093	3,944	4,635
Cost | Goodwill
Reconciliation of changes in intangible assets
Beginning balance	1,624	1,970
Disposal of Food & Specialty		(328)
Exchange	58	(18)
Ending balance	1,682	1,624	1,970
Cost | Customer relationships
Reconciliation of changes in intangible assets
Beginning balance	2,083	2,300
Disposal of Food & Specialty		(203)
Exchange	73	(14)
Ending balance	2,156	2,083	2,300
Cost | Technology and other
Reconciliation of changes in intangible assets
Beginning balance	150	255
Additions	10	12
Disposal of Food & Specialty		(103)
Impairment	(6)
Transfers	(6)	(11)
Exchange	2	(3)
Ending balance	150	150	255
Cost | Computer software
Reconciliation of changes in intangible assets
Beginning balance	87	110
Additions	2	13
Disposal of Food & Specialty		(44)
Disposals		(1)
Impairment	(2)
Transfers	6	11
Exchange	12	(2)
Ending balance	105	87	110
Amortization
Reconciliation of changes in intangible assets
Beginning balance	(1,060)	(1,034)
Charge for the year	(235)	(249)
Disposal of Food & Specialty		212
Disposals		1
Exchange	(42)	10
Ending balance	(1,337)	(1,060)	(1,034)
Amortization | Customer relationships
Reconciliation of changes in intangible assets
Beginning balance	(880)	(817)
Charge for the year	(206)	(214)
Disposal of Food & Specialty		146
Exchange	(33)	5
Ending balance	(1,119)	(880)	(817)
Amortization | Technology and other
Reconciliation of changes in intangible assets
Beginning balance	(117)	(153)
Charge for the year	(22)	(27)
Disposal of Food & Specialty		60
Exchange	(3)	3
Ending balance	(142)	(117)	(153)
Amortization | Computer software
Reconciliation of changes in intangible assets
Beginning balance	(63)	(64)
Charge for the year	(7)	(8)
Disposal of Food & Specialty		6
Disposals		1
Exchange	(6)	2
Ending balance	(76)	(63)	(64)
Discontinued operations
Reconciliation of changes in intangible assets
Amortization expense		16	$ 28
Aggregate continuing and discontinued operations
Reconciliation of changes in intangible assets
Beginning balance	2,884
Ending balance	$ 2,756	$ 2,884

Intangible assets - Summary of

Intangible assets - Summary of goodwill allocation (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Goodwill	$ 1,682	$ 1,624
Metal Beverage Packaging Europe
Goodwill
Goodwill	618	566
Metal Beverage Packaging Americas
Goodwill
Goodwill	437	437
Glass Packaging Europe
Goodwill
Goodwill	67	61
Glass Packaging North America
Goodwill
Goodwill	$ 560	$ 560

Intangible assets - Sensitivity

Intangible assets - Sensitivity analysis (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Recoverable amount and carrying amount
2021 forecast period, Value in use model	3 years
2020 forecast period, Value in use model		2 years
2021 extended budget and forecast period, Value in use model	1 year
2020 extended budget and forecast period, Value in use model		2 years
Percentage variation increase (decrease) applied to terminal growth rate assumption	(0.50%)
Percentage variation increase (decrease) applied to discount rate assumption	0.50%
Fair value less costs to sell earnings multiple	6.5
Multiple change applied to the market participant projected adjusted EBITDA for the fair value less cost of disposal (FVLCD) calculation	0.25%
Carrying amount of goodwill	$ 1,682	$ 1,624
Minimum
Recoverable amount and carrying amount
Growth rate for terminal value	1.00%	1.00%
Maximum
Recoverable amount and carrying amount
Growth rate for terminal value	1.50%	1.50%
Metal Beverage Packaging Europe
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 618	$ 566
Excess of recoverable amount	$ 1,950	$ 2,109
Pre‑tax discount rate applied	5.10%	5.10%
Metal Beverage Packaging Americas
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 437	$ 437
Excess of recoverable amount	$ 1,732	$ 1,581
Pre‑tax discount rate applied	7.90%	8.50%
Glass Packaging Europe
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 67	$ 61
Excess of recoverable amount	$ 4,244	$ 3,842
Pre‑tax discount rate applied	6.50%	6.50%
Glass Packaging North America
Recoverable amount and carrying amount
Carrying amount of goodwill	$ 560	$ 560
Excess of recoverable amount	$ 86	$ 158
Pre‑tax discount rate applied		7.20%

Property, plant and equipment -

Property, plant and equipment - Net carrying amount (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, plant and equipment
Beginning balance	$ 2,677
Impact of adoption of IFRS 16 on January 1, 2019 (Note 2)	87	$ 169
Ending balance	2,945	2,677
Depreciation - Cost of sales	438	408	$ 354
Depreciation - Selling, general and administration expenses	15	11	8
Construction in progress	304	173
Interest capitalized	0	0
Cost
Property, plant and equipment
Beginning balance	4,380	5,436
Additions	627	736
Disposals	(247)	(223)
Disposal of Food & Specialty		(1,819)
Impairment	(6)	(5)
Exchange	176	(35)
Ending balance	4,930	4,380	5,436
Depreciation
Property, plant and equipment
Beginning balance	(1,703)	(2,048)
Disposals	246	204
Disposal of Food & Specialty		606
Charge for the year	(453)	(474)
Exchange	(75)	9
Ending balance	(1,985)	(1,703)	(2,048)
Land and buildings
Property, plant and equipment
Beginning balance	742
Ending balance	757	742
Land and buildings | Cost
Property, plant and equipment
Beginning balance	1,018	1,044
Additions	69	148
Disposals	(2)	(21)
Disposal of Food & Specialty		(337)
Exchange	55	(9)
Ending balance	1,140	1,018	1,044
Land and buildings | Depreciation
Property, plant and equipment
Beginning balance	(276)	(264)
Disposals	1	6
Disposal of Food & Specialty		55
Charge for the year	(89)	(75)
Exchange	(19)	2
Ending balance	(383)	(276)	(264)
Plant and machinery
Property, plant and equipment
Beginning balance	1,850
Ending balance	2,084	1,850
Plant and machinery | Cost
Property, plant and equipment
Beginning balance	3,236	4,298
Additions	507	528
Disposals	(234)	(194)
Disposal of Food & Specialty		(1,443)
Impairment	(6)	(5)
Exchange	116	(26)
Ending balance	3,619	3,236	4,298
Plant and machinery | Depreciation
Property, plant and equipment
Beginning balance	(1,386)	(1,750)
Disposals	234	190
Disposal of Food & Specialty		530
Charge for the year	(330)	(363)
Exchange	(53)	7
Ending balance	(1,535)	(1,386)	(1,750)
Office equipment, vehicles, and other
Property, plant and equipment
Beginning balance	85
Ending balance	104	85
Office equipment, vehicles, and other | Cost
Property, plant and equipment
Beginning balance	126	94
Additions	51	60
Disposals	(11)	(8)
Disposal of Food & Specialty		(39)
Exchange	5
Ending balance	171	126	94
Office equipment, vehicles, and other | Depreciation
Property, plant and equipment
Beginning balance	(41)	(34)
Disposals	11	8
Disposal of Food & Specialty		21
Charge for the year	(34)	(36)
Exchange	(3)
Ending balance	(67)	(41)	(34)
Land
Property, plant and equipment
Land	$ 196	185
Discontinued operations
Property, plant and equipment
Depreciation - Cost of sales		53	86
Depreciation - Selling, general and administration expenses		2	1
Cumulative Effect, Period of Adoption, Adjustment | Impact of adoption of IFRS 16 | Cost
Property, plant and equipment
Beginning balance		290
Ending balance			290
Cumulative Effect, Period of Adoption, Adjustment | Impact of adoption of IFRS 16 | Land and buildings | Cost
Property, plant and equipment
Beginning balance		193
Ending balance			193
Cumulative Effect, Period of Adoption, Adjustment | Impact of adoption of IFRS 16 | Plant and machinery | Cost
Property, plant and equipment
Beginning balance		78
Ending balance			78
Cumulative Effect, Period of Adoption, Adjustment | Impact of adoption of IFRS 16 | Office equipment, vehicles, and other | Cost
Property, plant and equipment
Beginning balance		19
Ending balance			19
Cumulative Effect, Period of Adoption, Adjusted Balance | Cost
Property, plant and equipment
Beginning balance		5,726
Ending balance			5,726
Cumulative Effect, Period of Adoption, Adjusted Balance | Land and buildings | Cost
Property, plant and equipment
Beginning balance		1,237
Ending balance			1,237
Cumulative Effect, Period of Adoption, Adjusted Balance | Plant and machinery | Cost
Property, plant and equipment
Beginning balance		4,376
Ending balance			4,376
Cumulative Effect, Period of Adoption, Adjusted Balance | Office equipment, vehicles, and other | Cost
Property, plant and equipment
Beginning balance		$ 113
Ending balance			$ 113

Property, plant and equipment_2

Property, plant and equipment - Right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Quantitative information about right-of-use assets
Additions to the right-of-use assets	$ 87	$ 169
Variable lease expense	64	67
Property, plant and equipment
Quantitative information about right-of-use assets
Right-of-use assets	319	315
Depreciation, right-of-use assets	93	76
Right-of-use assets
Quantitative information about right-of-use assets
Right-of-use assets				$ 29
Land and buildings
Quantitative information about right-of-use assets
Right-of-use assets	181	178
Depreciation, right-of-use assets	55	41
Plant and machinery
Quantitative information about right-of-use assets
Right-of-use assets	63	71
Depreciation, right-of-use assets	23	21
Office equipment, vehicles, and other
Quantitative information about right-of-use assets
Right-of-use assets	75	66
Depreciation, right-of-use assets		14
Other
Quantitative information about right-of-use assets
Depreciation, right-of-use assets	$ 15
Food and Specialty Discontinued Operation
Quantitative information about right-of-use assets
Derecognition of right-of-use assets		$ 74
IFRS 16
Quantitative information about right-of-use assets
Right-of-use assets			$ 290

Property, plant and equipment_3

Property, plant and equipment - Operating leases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Property, plant and equipment
Operating lease commitments	$ 90
Plant and machinery
Property, plant and equipment
Operating lease commitments	22
Land and buildings
Property, plant and equipment
Operating lease commitments	51
Office equipment, vehicles, and other
Property, plant and equipment
Operating lease commitments	$ 17

Property, plant and equipment_4

Property, plant and equipment - Commitments under non-cancellable operating leases (Details) $ in Millions	Dec. 31, 2018USD ($)
Property, plant and equipment
Total commitments under non-cancellable leases (IAS 17)	$ 364
Within one year or on demand
Property, plant and equipment
Total commitments under non-cancellable leases (IAS 17)	67
Later than one year and not later than five years
Property, plant and equipment
Total commitments under non-cancellable leases (IAS 17)	150
Greater than five years
Property, plant and equipment
Total commitments under non-cancellable leases (IAS 17)	$ 147

Property, plant and equipment_5

Property, plant and equipment - Capital commitments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, plant and equipment
Contracted for	$ 148	$ 77	$ 118
Not contracted for	227	82	76
Total	$ 375	$ 159	$ 194

Other non-current assets (Detai

Other non-current assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other non-current assets
Other non-current assets.	$ 73	$ 68
Investments in joint ventures	$ 8	$ 6

Investment in material joint _3

Investment in material joint ventures - Joint venture comprehensive income (Details) - USD ($) $ in Millions	2 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Nov. 01, 2019
Joint venture
Loss for the period			$ (48)	$ (49)
Trivium Packaging B.V.
Joint venture
Investment in material joint ventures	$ 375	$ 375	390	$ 375	$ 412
Loss for the period	(49)		(48)
Other comprehensive income	7		29
Total comprehensive loss	$ (42)	$ (42)	$ (19)
Trivium Packaging B.V.
Joint venture
Ownership interest	42.00%		42.00%	42.00%
Ontario Teachers | Trivium Packaging B.V.
Joint venture
Ownership interest			58.00%

Investment in material joint _4

Investment in material joint ventures - Joint venture income (Details) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Joint venture
Revenue		$ 6,731	$ 6,660	$ 6,676
Operating profit/(loss)		409	468	205
Net finance expense		(338)	(659)	(479)
Profit/(loss) before tax		23	(240)	(274)
Income tax credit/(expense)		(10)	(44)	(18)
Profit/(loss) from continuing operations		13	(284)	(292)
Depreciation and amortization		688	652	599
Income tax		10	44	18
Exceptional items
Joint venture
Operating profit/(loss)		(58)	(53)	(311)
Net finance expense		(74)	(203)	(22)
Profit/(loss) before tax		(147)	(295)	(333)
Income tax credit/(expense)		53	(3)	49
Profit/(loss) from continuing operations		(94)	(298)	(284)
Income tax		(53)	$ 3	$ (49)
Trivium Packaging B.V.
Joint venture
Revenue	$ 351	2,656
Expenses	(408)	(2,617)
Operating profit/(loss)	(57)	39
Net finance expense	(56)	(158)
Profit/(loss) before tax	(113)	(119)
Income tax credit/(expense)	(1)	5
Profit/(loss) from continuing operations	(114)	(114)
Interest expense	25	160
Depreciation and amortization		285
Adjustment to depreciation and amortisation expense during measurement period		19
Income tax	1	(5)
Adjustment to income tax expense (benefit) during measurement period		6
Trivium Packaging B.V. | Exceptional items
Joint venture
Profit/(loss) from continuing operations	(92)	35
Interest income		$ 2
Interest expense	$ 31

Investment in material joint _5

Investment in material joint ventures - Joint venture financial position information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 02, 2019	Dec. 31, 2018	Dec. 31, 2017
Joint venture
Total equity	$ (361)	$ (215)	$ (1,555)	$ (1,509)	$ (1,359)
Cash and cash equivalents	1,267	614		530	$ 784
Net debt	5,699	5,328		$ 7,462
Trivium Packaging B.V.
Joint venture
Non-current assets	4,644	4,109
Current assets	891	924
TOTAL ASSETS	5,535	5,033
Total equity	839	875
Non-current liabilities	3,892	3,444
Current liabilities	804	714
TOTAL LIABILITIES	4,696	4,158
TOTAL EQUITY and LIABILITIES	5,535	5,033
Cash and cash equivalents	200
Non-current financial liabilities excluding trade and other payables and provisions	3,800
Current financial liabilities excluding trade and other payables and provisions	100
Net debt	$ 2,900	$ 2,800

Investment in material joint _6

Investment in material joint ventures - Joint venture carrying amount (Details) - USD ($) $ in Millions	2 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Trivium Packaging B.V.
Joint venture
Group's interest in net assets of joint venture - November 1		$ 412	$ 375
Share of total comprehensive income	$ (42)	(42)	(19)
Exchange		5	34
Carrying amount of interest in joint venture - December 31	$ 375	$ 375	$ 390	$ 375
Trivium Packaging B.V.
Joint venture
Ownership interest	42.00%		42.00%	42.00%

Investment in material joint _7

Investment in material joint ventures - Additional Information (Details) - Trivium Packaging B.V. - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 15, 2020	May 31, 2020
Disclosure of joint ventures [line items]
Reported share of post-tax loss in equity accounted joint venture related to revised fair value and useful lives determined for property, plant and equipment and intangible assets acquired		$ 6
Joint Ventures
Disclosure of joint ventures [line items]
Income recognized from administrative services rendered under the Mutual Services Agreement	$ 3	19
Receivable amount	40
Related party payables	$ 9
Maximum approved funding capacity under the loan facility with borrower			$ 36	$ 57
Outstanding loan amount receivable		$ 0

Deferred income tax - Movement

Deferred income tax - Movement in deferred tax assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of analysis of single amount of discontinued operations [line items]
Deferred tax assets at beginning of year	$ 406	$ 432
Impact of adopting IFRS 16		14
Credited to the income statement	(22)	17
Credited/(charged) to other comprehensive income	23	30
Exchange	13	1
Disposal of Food & Specialty		(76)
Deferred tax assets at end of year	420	406
Deferred tax liabilities at beginning of year	(546)	(721)
IFRS 16		(1)
(Charged)/credited to the income statement	26	16
Credited/(charged) to other comprehensive income	(6)	3
Exchange	(18)	3
Disposal of Food & Specialty		155
Deferred tax liabilities at end of year	(544)	(546)
Net deferred tax liabilities at beginning of year	(140)	(289)
IFRS 16		13
Tax (charge)/credit recognized in the income statement	4	33
Credited/(charged) to other comprehensive income	17	33
Exchange	(5)	4
Disposal of Food & Specialty		79
Net deferred tax liabilities at end of year	$ (124)	(140)
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Credited to the income statement		(12)
(Charged)/credited to the income statement		(1)
Tax (charge)/credit recognized in the income statement		$ (13)

Deferred income tax - Component

Deferred income tax - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax assets and liabilities
Deferred tax assets, gross	$ 420	$ 406	$ 432
Available for offset	(175)	(202)
Deferred tax assets	245	204
Deferred tax liabilities, gross	(544)	(546)	$ (721)
Available for offset	175	202
Deferred tax liabilities	(369)	(344)
Tax losses
Deferred income tax assets and liabilities
Deferred tax assets, gross	47	40
Employee benefit obligations
Deferred income tax assets and liabilities
Deferred tax assets, gross	168	142
Depreciation timing differences
Deferred income tax assets and liabilities
Deferred tax assets, gross	83	84
Provisions
Deferred income tax assets and liabilities
Deferred tax assets, gross	72	74
Other
Deferred income tax assets and liabilities
Deferred tax assets, gross	50	66
Deferred tax liabilities, gross	(40)	(45)
Intangible assets
Deferred income tax assets and liabilities
Deferred tax liabilities, gross	(265)	(295)
Accelerated depreciation and other fair value adjustments
Deferred income tax assets and liabilities
Deferred tax liabilities, gross	$ (239)	$ (206)

Deferred income tax - Tax (char

Deferred income tax - Tax (charge)/credit recognized in income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax charges and credits
Tax (charge)/credit recognized in the income statement	$ (4)	$ (33)
Deferred tax assets not recognized in respect of tax losses	33	37
Tax losses	131	146
Provisions
Tax charges and credits
Temporary differences associated with investments in subsidiaries	0
Aggregate continuing and discontinued operations
Tax charges and credits
Tax (charge)/credit recognized in the income statement	4	20	$ 65
Aggregate continuing and discontinued operations | Tax losses
Tax charges and credits
Tax (charge)/credit recognized in the income statement	4	(4)	18
Aggregate continuing and discontinued operations | Employee benefit obligations
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(2)	(11)	3
Aggregate continuing and discontinued operations | Depreciation timing differences
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(5)	21	4
Aggregate continuing and discontinued operations | Provisions
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(3)	(2)	(1)
Aggregate continuing and discontinued operations | Other deferred tax assets
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(16)	1	12
Aggregate continuing and discontinued operations | Intangible assets
Tax charges and credits
Tax (charge)/credit recognized in the income statement	40	19	52
Aggregate continuing and discontinued operations | Accelerated depreciation and other fair value adjustments
Tax charges and credits
Tax (charge)/credit recognized in the income statement	(27)	(12)	(20)
Aggregate continuing and discontinued operations | Other deferred tax liabilities
Tax charges and credits
Tax (charge)/credit recognized in the income statement	$ 13	$ 8	$ (3)

Inventories - Current (Details)

Inventories - Current (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventories
Raw materials and consumables	$ 303	$ 299
Mold parts	52	50
Work-in-progress	13	19
Finished goods	555	596
Total current inventories	$ 923	$ 964

Trade and other receivables - C

Trade and other receivables - Components (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Trade and other receivables
Trade receivables	$ 632	$ 516
Other receivables and prepayments	237	218
Total trade and other current receivables	$ 869	$ 734

Trade and other receivables - M

Trade and other receivables - Movement in the provision for impairment of trade receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movements on the provision for impairment of trade receivables
Balance at beginning of year	$ 6	$ 17	$ 23
Provision for receivable impairment	5	7	2
Receivables written off during the year as uncollectible	(1)		(3)
Disposal of Food & Specialty		(18)
Exchange	1		(1)
Balance at end of year	11	6	17
Cumulative Effect, Period of Adoption, Adjustment | Impact of adoption of IFRS 9
Movements on the provision for impairment of trade receivables
Balance at beginning of year			(4)
Cumulative Effect, Period of Adoption, Adjusted Balance
Movements on the provision for impairment of trade receivables
Balance at beginning of year	$ 6	17	19
Balance at end of year		$ 6	$ 17

Trade and other receivables - T

Trade and other receivables - Trade receivables past due but not impaired and receivables factoring and related programs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are past due
Trade receivables	$ 632	$ 516
Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	19	34
Up to three months past due | Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	14	28
Three to six months past due | Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	4	1
Over six months past due | Trade receivables past due but not impaired
Disclosure of financial assets that are past due
Trade receivables	$ 1	$ 5

Contract assets (Details)

Contract assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract assets
Contract assets at beginning of period	$ 151	$ 160
Transfers from contract assets recognized at the beginning of the year to receivables	(148)	(155)
Increases as a result of new contract assets recognized during the year	133	175
Decrease due to disposal of Food & specialty		(32)
Other	3	3
Contract assets at end of period	$ 139	$ 151

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash, cash equivalents and restricted cash
Cash at bank and in hand	$ 382	$ 598
Short term bank deposits	879	11
Restricted cash	6	5
Total cash and cash equivalents	$ 1,267	$ 614	$ 530	$ 784

Issued capital and reserves - S

Issued capital and reserves - Share capital (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020€ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2019€ / shares	Dec. 31, 2019USD ($)
Issued capital and reserves
At beginning of year	236,360
Share issuance	10
At end of year	236,370
Share capital | $		$ 23		$ 23
Class A common shares
Issued capital and reserves
At beginning of year	18,660
Share issuance	10
At end of year	18,670
Par value per share | € / shares	€ 0.01		€ 0.01
Class B common shares
Issued capital and reserves
At beginning of year	217,700
At end of year	217,700
Par value per share | € / shares	€ 0.10		€ 0.10

Financial risk factors - Capita

Financial risk factors - Capital structure and interest rate risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Financial risk factors
Cash and cash equivalents	$ 1,267	$ 614	$ 530	$ 784
Undrawn borrowing facilities	$ 600	$ 664
Weighted average interest rate	3.90%	4.00%	5.00%
Global Asset Based Loan Facility
Financial risk factors
Undrawn borrowing facilities	$ 599	$ 663
Capital risk
Financial risk factors
Ratio of net debt to Adjusted EBITDA	4.90	4.50	5
Fixed interest rate | Interest rate risk
Financial risk factors
Percentage of fixed rate borrowings	89.60%	88.10%
Weighted average interest rate	4.40%	4.60%	5.40%
Variable interest rate | Interest rate risk
Financial risk factors
Percentage increase in currency exchange rate	1.00%
Increase in interest payable	$ 11	$ 11

Financial risk factors - Curren

Financial risk factors - Currency exchange and commodity price risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)countryitem	Dec. 31, 2019USD ($)
Currency exchange risk
Financial risk factors
Number of countries in which the Group operates | country	12
Number of continents in which the Group operates | item	3
Percentage increase in currency exchange rate	1.00%
Increase (decrease) in shareholders' equity | $	$ (10)	$ (4)
Commodity price risk
Financial risk factors
Percentage of energy costs relating to gas	50.00%
Forward contracts | Commodity price risk
Financial risk factors
Contractual positions in tranches	10.00%

Financial risk factors - Credit

Financial risk factors - Credit risk (Details) - Credit risk	12 Months Ended
	Dec. 31, 2020customeritem	Dec. 31, 2019	Dec. 31, 2018
Top ten customers
Financial risk factors
Largest customers | customer	10
Total revenues	45.00%	47.00%	48.00%
Minimum
Financial risk factors
Credit rating agencies | item	2

Financial assets and liabilit_3

Financial assets and liabilities - Net external debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial assets and liabilities
Loan notes	$ 6,483	$ 5,529
Other borrowings	378	381
Net borrowings	6,861	5,910
Cash and cash equivalents	(1,267)	(614)	$ (530)	$ (784)
Derivative financial instruments used to hedge foreign currency and interest rate risk	105	32
Net debt	5,699	5,328	$ 7,462
Non-current borrowings	6,764	5,815
Current borrowings	$ 97	$ 95

Financial assets and liabilit_4

Financial assets and liabilities - Net debt and available liquidity (Details) € in Millions, £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020EUR (€)	Dec. 31, 2020GBP (£)	Dec. 31, 2020USD ($)	Jun. 30, 2020	Jun. 10, 2020	Jun. 04, 2020	Jun. 02, 2020	Apr. 09, 2020	Apr. 08, 2020	Dec. 31, 2019EUR (€)	Dec. 31, 2019GBP (£)	Dec. 31, 2019USD ($)	Nov. 01, 2019USD ($)	Oct. 31, 2019USD ($)	Aug. 31, 2019	Aug. 12, 2019	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Financial assets and liabilities
Amount drawn			$ 6,975									$ 5,942
Undrawn amount			600									664
Deferred debt issue costs and bond premium/discount			(114)									(32)
Net borrowings			6,861									5,910
Cash and cash equivalents			(1,267)									(614)					$ (530)	$ (784)
Derivative financial instruments used to hedge foreign currency and interest rate risk			105									32
Net debt			5,699									5,328					$ 7,462
Available Liquidity			1,867									1,278
2.750% Senior Secured Notes due 2024
Financial assets and liabilities
Maximum amount drawable - Notes | €										€ 741
Amount drawn										€ 741		$ 832
Stated interest rate				2.75%						2.75%	2.75%	2.75%		2.75%
4.250% Senior Secured Notes due 2022
Financial assets and liabilities
Maximum amount drawable - Notes												$ 695
Amount drawn												$ 695
Stated interest rate				4.25%						4.25%	4.25%	4.25%		4.25%
5.250% Senior Secured Notes due 2025
Financial assets and liabilities
Maximum amount drawable - Notes			700
Amount drawn			$ 700
Stated interest rate	5.25%	5.25%	5.25%					5.25%	5.25%
4.125% Senior Secured Notes due 2026 - 2020 Issue
Financial assets and liabilities
Maximum amount drawable - Notes			$ 1,215
Amount drawn			$ 1,215
Stated interest rate	4.125%	4.125%	4.125%			4.125%
4.125% Senior Secured Notes due 2026 - 2019 Issue
Financial assets and liabilities
Maximum amount drawable - Notes												$ 500
Amount drawn												$ 500
Stated interest rate										4.125%	4.125%	4.125%		4.125%	4.125%	4.125%
2.125% Senior Secured Notes due 2026 - 2019 Issue
Financial assets and liabilities
Maximum amount drawable - Notes | €	€ 439									€ 439
Amount drawn	€ 439		$ 539							€ 439		$ 493
Stated interest rate	2.125%	2.125%	2.125%							2.125%	2.125%	2.125%		2.125%	2.125%	2.125%
2.125% Senior Secured Notes due 2026 - 2020 Issue
Financial assets and liabilities
Maximum amount drawable - Notes | €	€ 790
Amount drawn	€ 790		$ 969
Stated interest rate	2.125%	2.125%	2.125%		2.125%
4.750% Senior Notes due 2027
Financial assets and liabilities
Maximum amount drawable - Notes | £		£ 400									£ 400
Amount drawn		£ 400	$ 546								£ 400	$ 528
Stated interest rate	4.75%	4.75%	4.75%							4.75%	4.75%	4.75%
6.000% Senior Notes due 2025
Financial assets and liabilities
Maximum amount drawable - Notes			$ 800									$ 1,700
Amount drawn			800									1,700
Amount drawn			$ 826									$ 1,708
Stated interest rate	6.00%	6.00%	6.00%							6.00%	6.00%	6.00%
5.250% Senior Notes due 2027 - 2019 Issue
Financial assets and liabilities
Maximum amount drawable - Notes			$ 800									$ 800
Amount drawn			$ 800									$ 800
Stated interest rate	5.25%	5.25%	5.25%							5.25%	5.25%	5.25%			5.25%	5.25%
5.250% Senior Notes due 2027 - 2020 Issue
Financial assets and liabilities
Maximum amount drawable - Notes			$ 1,000
Amount drawn			$ 1,000
Stated interest rate	5.25%	5.25%	5.25%				5.25%
Global Asset Based Loan Facility
Financial assets and liabilities
Maximum amount drawable - Notes			$ 599									$ 663
Maximum amount drawable			599										$ 700	$ 850
Undrawn amount			599									663
Global Asset Based Loan Facility | Maximum
Financial assets and liabilities
Percentage of facility drawn that triggers a fixed charge coverage ratio covenant	90.00%
Lease obligations
Financial assets and liabilities
Amount drawn			366									364
Other borrowings
Financial assets and liabilities
Amount drawn			14									22
Undrawn amount			1									1
Aggregate continuing and discontinued operations
Financial assets and liabilities
Cash and cash equivalents			$ (1,267)									$ (614)

Financial assets and liabilit_5

Financial assets and liabilities - Movement in net debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets and liabilities
Net (increase)/decrease) in cash and cash equivalents per consolidated statements of cash flows	$ (653)	$ (84)
Decrease in net borrowings and derivative financial instruments	1,024	(2,050)
Decease in net debt	371	(2,134)
Net debt, beginning balance	5,328	7,462
Net debt, ending balance	5,699	5,328	$ 7,462
Proceeds from borrowings	4,068	1,806	110
Repayments of borrowings	3,261	4,088	442
Increase (decrease) in lease obligations		300
Fair value gain (loss) on derivative financial instruments used to hedge foreign currency and interest rate risk	100	100
Gain (loss) on foreign exchange on borrowings	(200)	(100)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	$ 653	$ 104	$ (241)

Financial assets and liabilit_6

Financial assets and liabilities - Maturity analysis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial assets and liabilities
Total borrowings	$ 6,975	$ 5,942
Deferred debt issue costs and bond premium/discount	(114)	(32)
Borrowings	6,861	5,910
Lease liabilities	463	466
Within one year or on demand
Financial assets and liabilities
Total borrowings	97	95
Lease liabilities	99	88
Between one and three years
Financial assets and liabilities
Total borrowings	113	802
Between three and five years
Financial assets and liabilities
Total borrowings	1,588	900
Later than one year and not later than five years
Financial assets and liabilities
Lease liabilities	212	219
Greater than five years
Financial assets and liabilities
Total borrowings	5,177	4,145
Lease liabilities	152	159
Senior Secured Notes and Senior Notes
Financial assets and liabilities
Total borrowings	6,595	5,556
Senior Secured Notes and Senior Notes | Between one and three years
Financial assets and liabilities
Total borrowings		695
Senior Secured Notes and Senior Notes | Between three and five years
Financial assets and liabilities
Total borrowings	1,526	832
Senior Secured Notes and Senior Notes | Greater than five years
Financial assets and liabilities
Total borrowings	$ 5,069	$ 4,029

Financial assets and liabilit_7

Financial assets and liabilities - Contracted undiscounted cash flows (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Within one year or on demand
Financial assets and liabilities
Borrowings	$ 402	$ 363
Derivative financial instruments	104	17
Trade and other payables	1,449	1,519
Between one and three years
Financial assets and liabilities
Borrowings	714	1,328
Derivative financial instruments	26	9
Between three and five years
Financial assets and liabilities
Borrowings	2,112	1,345
Derivative financial instruments		35
Greater than five years
Financial assets and liabilities
Borrowings	$ 5,467	$ 4,426

Financial assets and liabilit_8

Financial assets and liabilities - Carrying amount and fair value of borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial assets and liabilities
Amount drawn	$ 6,975	$ 5,942
Deferred debt issue costs and bond premium/discount	(114)	(32)
Net borrowings	6,861	5,910
Not At Fair Value
Financial assets and liabilities
Amount drawn	6,609	5,578
Deferred debt issue costs and bond premium/discount	(114)	(32)
Net borrowings	6,495	5,546
Not At Fair Value | Loan notes
Financial assets and liabilities
Amount drawn	6,595	5,556
Deferred debt issue costs and bond premium/discount	(112)	(27)
Net borrowings	6,483	5,529
Not At Fair Value | Global Asset Based Loan Facility and other borrowings
Financial assets and liabilities
Amount drawn	14	22
Deferred debt issue costs and bond premium/discount	(2)	(5)
Net borrowings	12	17
Fair Value
Financial assets and liabilities
Fair value	6,798	5,774
Fair Value | Loan notes
Financial assets and liabilities
Fair value	6,784	5,752
Fair Value | Global Asset Based Loan Facility and other borrowings
Financial assets and liabilities
Fair value	$ 14	$ 22

Financial assets and liabilit_9

Financial assets and liabilities - Financing activity (Details) € in Millions, £ in Millions, $ in Millions	Apr. 08, 2020USD ($)	Dec. 02, 2019EUR (€)	Dec. 02, 2019USD ($)	Nov. 29, 2019EUR (€)	Nov. 14, 2019EUR (€)	Nov. 14, 2019USD ($)	Oct. 31, 2019USD ($)	Aug. 13, 2019USD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2020USD ($)	Jul. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020GBP (£)	Dec. 31, 2020USD ($)	Jun. 10, 2020EUR (€)	Jun. 04, 2020USD ($)	Jun. 02, 2020USD ($)	Apr. 09, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019GBP (£)	Dec. 31, 2019USD ($)	Nov. 01, 2019USD ($)	Oct. 31, 2019EUR (€)	Oct. 31, 2019USD ($)	Aug. 31, 2019USD ($)	Aug. 12, 2019EUR (€)	Aug. 12, 2019USD ($)
Financial assets and liabilities
Lease liabilities																	$ 463							$ 466
Lease liabilities due to initial adoption of IFRS 16 as of January 1, 2019														$ 349
New lease liabilities incurred during the year												$ 86	$ 169
Lease liabilities divested							$ 84
Unfavorable adjustments due to foreign currency movements on new leases												9
Lease payments												93	78	4
Issuance of notes																	6,483							5,529
Repayments of borrowings												$ 3,261	4,088	$ 442
Undrawn amount																	$ 600							$ 664
5.250% Senior Secured Notes due 2025
Financial assets and liabilities
Issuance of notes	$ 500																				$ 200
Stated interest rate	5.25%														5.25%	5.25%	5.25%				5.25%
Aggregate principal amount																	$ 700
2.125% Senior Secured Notes due 2026 - 2020 Issue
Financial assets and liabilities
Issuance of notes | €																		€ 790
Stated interest rate															2.125%	2.125%	2.125%	2.125%
Aggregate principal amount | €															€ 790
2.125% Senior Secured Notes due 2026 - 2019 Issue
Financial assets and liabilities
Issuance of notes | €																													€ 440
Stated interest rate															2.125%	2.125%	2.125%					2.125%	2.125%	2.125%		2.125%	2.125%	2.125%	2.125%	2.125%
Repayments of borrowings | €		€ 1
Tender offers made to repurchase Senior Secured Notes | €																										€ 440
Aggregate principal amount | €															€ 439							€ 439
4.125% Senior Secured Notes due 2026 - 2020 Issue
Financial assets and liabilities
Issuance of notes																			$ 715
Stated interest rate															4.125%	4.125%	4.125%		4.125%
Aggregate principal amount																	$ 1,215
4.125% Senior Secured Notes due 2026 - 2019 Issue
Financial assets and liabilities
Issuance of notes																												$ 500		$ 500
Stated interest rate																						4.125%	4.125%	4.125%		4.125%	4.125%	4.125%	4.125%	4.125%
Tender offers made to repurchase Senior Secured Notes																											$ 500
Aggregate principal amount																								$ 500
5.250% Senior Notes due 2027 - 2020 Issue
Financial assets and liabilities
Issuance of notes																				$ 1,000
Stated interest rate															5.25%	5.25%	5.25%			5.25%
Aggregate principal amount																	$ 1,000
5.250% Senior Notes due 2027 - 2019 Issue
Financial assets and liabilities
Issuance of notes																												$ 800		$ 800
Stated interest rate															5.25%	5.25%	5.25%					5.25%	5.25%	5.25%				5.25%	5.25%	5.25%
Aggregate principal amount																	$ 800							$ 800
2.750% Senior Secured Notes due 2024
Financial assets and liabilities
Stated interest rate									2.75%	2.75%												2.75%	2.75%	2.75%		2.75%	2.75%
Repayments of borrowings | €		€ 9							€ 741
Tender offers made to repurchase Senior Secured Notes | €																										€ 750
Aggregate principal amount | €																						€ 741
4.625% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate					4.625%	4.625%
Repayments of borrowings						$ 1,000
4.125% Senior Secured Notes due 2023
Financial assets and liabilities
Stated interest rate					4.125%	4.125%
Repayments of borrowings | €					€ 440
4.250% Senior Secured Notes due 2022
Financial assets and liabilities
Stated interest rate									4.25%	4.25%												4.25%	4.25%	4.25%		4.25%	4.25%
Repayments of borrowings			$ 20							$ 695
Tender offers made to repurchase Senior Secured Notes																											$ 715
Aggregate principal amount																								$ 695
4.750% Senior Notes due 2027
Financial assets and liabilities
Stated interest rate															4.75%	4.75%	4.75%					4.75%	4.75%	4.75%
Aggregate principal amount | £																£ 400							£ 400
6.000% Senior Notes due 2025
Financial assets and liabilities
Stated interest rate															6.00%	6.00%	6.00%					6.00%	6.00%	6.00%
Repurchase of Senior Notes by means of a tender and consent offer										$ 900
Aggregate principal amount																	$ 800							$ 1,700
7.250% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate								7.25%
Repayments of borrowings								$ 1,650
6.750% Senior Notes due 2024
Financial assets and liabilities
Stated interest rate				6.75%
Repayments of borrowings | €				€ 750
6.000% Senior Notes due 2021
Financial assets and liabilities
Stated interest rate											6.00%
Repayments of borrowings											$ 440
Global Asset Based Loan Facility
Financial assets and liabilities
Maximum borrowing capacity																	599								$ 700		$ 850
Undrawn amount																	599							663
Aggregate principal amount																	599							663
Term Loan Credit Facility
Financial assets and liabilities
Repayments of borrowings	$ 300
Discontinued operations
Financial assets and liabilities
Lease payments													$ 14
Aggregate continuing and discontinued operations
Financial assets and liabilities
Lease liabilities																	$ 366							$ 364

Financial assets and liabili_10

Financial assets and liabilities - Effective interest rates (Details)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Jun. 30, 2020

Jun. 10, 2020

Jun. 02, 2020

Apr. 09, 2020

Apr. 08, 2020

Nov. 29, 2019

Nov. 14, 2019

Oct. 31, 2019

Aug. 31, 2019

Aug. 13, 2019

Aug. 12, 2019

5.250% Senior Secured Notes due 2025

Financial assets and liabilities

Stated interest rate

5.25%

5.25%

5.25%

5.250% Senior Secured Notes due 2025 | U.S. dollar

Financial assets and liabilities

Effective interest rate

5.32%

4.125% Senior Secured Notes due 2026

Financial assets and liabilities

Stated interest rate

4.125%

4.125%

4.125% Senior Secured Notes due 2026 | U.S. dollar

Financial assets and liabilities

Effective interest rate

4.32%

4.37%

2.125% Senior Secured Notes due 2026 - 2019 Issue

Financial assets and liabilities

Stated interest rate

2.125%

2.125%

2.125%

2.125%

2.125%

2.125% Senior Secured Notes due 2026 - 2019 Issue | Euro

Financial assets and liabilities

Effective interest rate

2.33%

2.33%

2.125% Senior Secured Notes due 2026 - 2020 Issue

Financial assets and liabilities

Stated interest rate

2.125%

2.125%

2.125% Senior Secured Notes due 2026 - 2020 Issue | Euro

Financial assets and liabilities

Effective interest rate

3.29%

6.000% Senior Notes due 2025

Financial assets and liabilities

Stated interest rate

6.00%

6.00%

6.000% Senior Notes due 2025 | U.S. dollar

Financial assets and liabilities

Effective interest rate

5.97%

6.14%

4.750% Senior Notes due 2027

Financial assets and liabilities

Stated interest rate

4.75%

4.75%

4.750% Senior Notes due 2027 | British pound

Financial assets and liabilities

Effective interest rate

4.99%

4.99%

5.250% Senior Notes due 2027 - 2019 Issue

Financial assets and liabilities

Stated interest rate

5.25%

5.25%

5.25%

5.25%

5.250% Senior Notes due 2027 - 2019 Issue | U.S. dollar

Financial assets and liabilities

Effective interest rate

5.50%

5.50%

5.250% Senior Notes due 2027 - 2020 Issue

Financial assets and liabilities

Stated interest rate

5.25%

5.25%

5.250% Senior Notes due 2027 - 2020 Issue | U.S. dollar

Financial assets and liabilities

Effective interest rate

6.42%

2.750% Senior Secured Notes due 2024

Financial assets and liabilities

Stated interest rate

2.75%

2.75%

2.75%

2.750% Senior Secured Notes due 2024 | Euro

Financial assets and liabilities

Effective interest rate

2.92%

4.250% Senior Secured Notes due 2022

Financial assets and liabilities

Stated interest rate

4.25%

4.25%

4.25%

4.250% Senior Secured Notes due 2022 | U.S. dollar

Financial assets and liabilities

Effective interest rate

4.52%

Lease obligations | Various currencies

Financial assets and liabilities

Effective interest rate

5.27%

4.77%

4.625% Senior Secured Notes due 2023

Financial assets and liabilities

Stated interest rate

4.625%

4.125% Senior Secured Notes due 2023

Financial assets and liabilities

Stated interest rate

4.125%

7.250% Senior Notes due 2024

Financial assets and liabilities

Stated interest rate

7.25%

6.750% Senior Notes due 2024

Financial assets and liabilities

Stated interest rate

6.75%

Financial assets and liabili_11

Financial assets and liabilities - Carrying amount and undrawn borrowing facilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial assets and liabilities
Borrowings	$ 6,861	$ 5,910
Undrawn amount	600	664
Within one year or on demand
Financial assets and liabilities
Undrawn amount	1	1
Expiring beyond one year
Financial assets and liabilities
Undrawn amount	599	663
Euro
Financial assets and liabilities
Borrowings	1,549	1,411
U.S. dollar
Financial assets and liabilities
Borrowings	4,687	3,909
British pound
Financial assets and liabilities
Borrowings	583	559
Other
Financial assets and liabilities
Borrowings	$ 42	$ 31

Financial assets and liabili_12

Financial assets and liabilities - Derivative financial instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Aug. 12, 2019	Dec. 31, 2018
Financial assets and liabilities
Fair value of assets	$ 45	$ 7
Contractual or notional amounts of assets	834	734
Fair value of liabilities	130	61
Contractual or notional amounts of liabilities	1,749	1,540
Derivative financial instruments - non-current	9	4
Derivative financial instruments	36	3
Derivative financial instruments	26	44
Derivative financial instruments	104	17
Metal forward contracts
Financial assets and liabilities
Fair value of assets	29	4
Contractual or notional amounts of assets	233	100
Fair value of liabilities	6	10
Contractual or notional amounts of liabilities	113	252
Cross currency interest rate swaps
Financial assets and liabilities
Fair value of assets	10	3	$ 17
Contractual or notional amounts of assets	233	600
Fair value of liabilities	115	35
Contractual or notional amounts of liabilities	1,300	913
Derivative financial instruments	105	32		$ 113
Forward foreign exchange contracts
Financial assets and liabilities
Fair value of assets	5
Contractual or notional amounts of assets	356	31
Fair value of liabilities	9	13
Contractual or notional amounts of liabilities	326	351
NYMEX gas swaps
Financial assets and liabilities
Fair value of assets	1
Contractual or notional amounts of assets	12	3
Fair value of liabilities		3
Contractual or notional amounts of liabilities	$ 10	$ 24

Financial assets and liabili_13

Financial assets and liabilities - LME aluminum futures, cross currency interest rate swaps and NYMEX gas swaps (Details) £ in Millions, $ in Millions	Aug. 12, 2019USD ($)	Mar. 01, 2019USD ($)	Feb. 15, 2019USD ($)	Jul. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020GBP (£)	Dec. 31, 2020USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019USD ($)	Aug. 13, 2019
Hedging instruments
Derivative financial instruments used to hedge foreign currency and interest rate risk									$ 9		$ 4
Derivative financial instruments used to hedge foreign currency and interest rate risk									26		44
Fair value of assets									45		7
Issuance of notes									$ 6,483		$ 5,529
4.750% Senior Notes due 2027
Hedging instruments
Aggregate principal amount | £								£ 400		£ 400
Stated interest rate								4.75%	4.75%	4.75%	4.75%
7.250% Senior Notes due 2024
Hedging instruments
Stated interest rate												7.25%
CCIRS, US dollar to euro
Hedging instruments
Contract value		$ 200
Hedges of net investment in foreign operations
Hedging instruments
Gain (loss) recognized on hedge ineffectiveness of net investments					$ (1)	$ (1)	$ 0
Cross currency interest rate swaps
Hedging instruments
Derivative financial instruments used to hedge foreign currency and interest rate risk							$ 113		$ 105		$ 32
Contract value				$ 440
Fair value of assets	$ 17								10		3
Proceeds on termination or settlement	23
Cross currency interest rate swaps | CCIRS, US dollar to euro
Hedging instruments
Contract value	$ 500		$ 200
Fair value of assets			14
Proceeds on termination or settlement			$ 14
Metal forward contracts
Hedging instruments
Fair value of assets									29		$ 4
Premium paid					0
Premium received					0
Metal forward contracts | Level 2
Hedging instruments
Fair value of assets									0
Forward foreign exchange contracts
Hedging instruments
Fair value of assets									5
Premium paid					0
Premium received					0
Forward foreign exchange contracts | Level 2
Hedging instruments
Fair value of assets									0
NYMEX gas swaps
Hedging instruments
Fair value of assets									1
Premium paid					0
Premium received					$ 0
NYMEX gas swaps | Level 2
Hedging instruments
Fair value of assets									$ 0

Employee benefit obligations -

Employee benefit obligations - Defined benefit scheme (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Employee benefit obligations
Employee benefit obligations	$ 811	$ 716
Defined benefit plan
Employee benefit obligations
Obligations	(2,518)	(2,349)
Assets	1,824	1,734
Net obligations	(694)	(615)
Defined benefit plan | United States
Employee benefit obligations
Obligations	(1,403)	(1,318)
Assets	1,151	1,139
Net obligations	(252)	(179)
Defined benefit plan | Germany
Employee benefit obligations
Obligations	(194)	(176)
Net obligations	(194)	(176)
Defined benefit plan | United Kingdom
Employee benefit obligations
Obligations	(892)	(830)
Assets	663	585
Net obligations	(229)	(245)
Defined benefit plan | Other
Employee benefit obligations
Obligations	(29)	(25)
Assets	10	10
Net obligations	(19)	(15)
Other employee benefit obligations
Employee benefit obligations
Employee benefit obligations	$ 117	$ 101

Employee benefit obligations _2

Employee benefit obligations - Amounts recognized in consolidated income statement (Details) - Defined benefit plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee benefit obligations
Cost of sales-current service cost	$ (27)	$ (28)	$ (38)
Cost of sales-past service credit/(charge)	8	54	(6)
SGA-current service cost	(4)	(3)	(4)
Current service cost and administration costs excluding finance expense	(23)	23	(48)
Finance expense (Note 5)	(14)	(18)	(16)
Current service cost and administration costs	(37)	5	(64)
Discontinued operations
Employee benefit obligations
Current service cost and administration costs		1
Aggregate continuing and discontinued operations
Employee benefit obligations
Current service cost and administration costs	$ (37)	$ 6	$ (64)

Employee benefit obligations _3

Employee benefit obligations - Amounts recognized in consolidated statement of comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee benefit obligations
Actuarial (loss)/gain for the year on pension benefits	$ (68)	$ (102)	$ 15
Discontinued operations
Employee benefit obligations
Actuarial (loss)/gain for the year on pension benefits		(38)	(4)
Aggregate continuing and discontinued operations
Employee benefit obligations
Actuarial (loss)/gain for the year on pension benefits	(68)	(140)	11
Defined benefit plan
Employee benefit obligations
Actuarial gain/(loss) arising from changes in demographic assumptions	38	(4)	18
Actuarial (loss)/gain arising from changes in financial assumptions	(250)	(272)	116
Actuarial gain/(loss) arising from changes in experience	9	(23)	19
Re-measurements of defined benefit obligations	(203)	(299)	153
Actual return/(loss) less expected return on plan assets	147	203	(144)
Actuarial (loss)/gain for the year on pension benefits	(56)	(96)	9
Gain (loss) on plan assets	191	(271)	96
Other employee benefit obligations
Employee benefit obligations
Actuarial (loss)/gain for the year on pension benefits	$ (12)	$ (6)	$ 6

Employee benefit obligations _4

Employee benefit obligations - Movement in defined benefit obligations and assets (Details) - Defined benefit plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Obligations
Employee benefit obligations
Balance at the beginning	$ (2,349)	$ (2,503)
Current service cost	(25)	(28)
Past service credit - net	3	62
Interest cost	(56)	(72)
Re‑measurements	(203)	(351)
Obligations/(assets) extinguished on reclassification	32
Benefits paid	130	151
Disposal of Food & Specialty		408
Exchange	(50)	(16)
Balance at the end	(2,518)	(2,349)
Assets
Employee benefit obligations
Balance at the beginning	1,734	1,673
Interest income	44	54
Administration expenses paid from plan assets	(1)	(1)
Re‑measurements	147	217
Obligations/(assets) extinguished on reclassification	(32)
Employer contributions	40	47
Benefits paid	(130)	(151)
Disposal of Food & Specialty		(123)
Exchange	22	18
Balance at the end	$ 1,824	$ 1,734

Employee benefit obligations _5

Employee benefit obligations - Defined benefit obligations and assets (Details) - USD ($) $ in Millions	1 Months Ended	10 Months Ended	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined benefit plan
Employee benefit obligations
Unfunded defined benefit obligations			$ 203	$ 182
Defined benefit obligation			2,518	2,349
Defined benefit assets			1,824	1,734
Other employee benefit obligations
Employee benefit obligations
Interest cost relating to employee benefit obligations			2	3	$ 4
Current service cost relating to employee benefit obligations			6	7
Germany pension plan
Employee benefit obligations
Past service expense (credit)	$ (8)
Exceptional items | Glass Packaging North America | Defined benefit pension scheme moved to future service only plan
Employee benefit obligations
Past service expense (credit)			5	(37)
Germany | Defined benefit plan
Employee benefit obligations
Defined benefit obligation			194	176
Germany | Metal Beverage Packaging Europe | Defined benefit plan
Employee benefit obligations
Past service expense (credit)			$ (8)	$ (17)
Food and Specialty Discontinued Operation
Employee benefit obligations
Net movement in defined benefit plans		$ 17
Current service cost		3
Past service expense (credit)		(8)
Interest cost		4
Re‑measurements		(38)
Benefits paid		14
Balance at the end	$ (285)	$ (285)

Employee benefit obligations _6

Employee benefit obligations - Plan asset (Details) - Defined benefit plan - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Employee benefit obligations
Equities / multi strategy	$ 1,121	$ 1,107
Target return funds	256	267
Bonds	229	178
Cash/other	218	182
Total plan assets	$ 1,824	$ 1,734
Equities (Percentage)	61.00%	65.00%
Target return funds (Percentage)	14.00%	15.00%
Bonds (Percentage)	13.00%	10.00%
Cash/other (Percentage)	12.00%	10.00%
Total plan assets (Percentage)	100.00%	100.00%

Employee benefit obligations _7

Employee benefit obligations - Characteristics and associated risks (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020plan	Dec. 31, 2014USD ($)
Defined benefit plan | VNA
Employee benefit obligations
Employer contributions | $		$ 200
Metal Packaging Europe
Employee benefit obligations
Number of pension plans | plan	1

Employee benefit obligations _8

Employee benefit obligations - Ranges of assumptions (Details) - Defined benefit plan	Dec. 31, 2020	Dec. 31, 2019
United States
Assumptions and sensitivities
Rates of inflation	2.50%	2.50%
Rates of increase in salaries	3.00%	3.00%
Discount rates	2.55%	3.40%
Germany
Assumptions and sensitivities
Rates of inflation	1.50%	1.50%
Rates of increase in salaries	2.50%	2.50%
Germany | Minimum
Assumptions and sensitivities
Discount rates		1.20%
Germany | Maximum
Assumptions and sensitivities
Discount rates		1.48%
United Kingdom
Assumptions and sensitivities
Rates of inflation	2.75%	2.90%
Rates of increase in salaries	2.25%	2.00%

Employee benefit obligations _9

Employee benefit obligations - Mortality assumptions (Details) - Defined benefit plan	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
United States
Assumptions and sensitivities
Life expectancy, current pensioners	22 years	21 years
Life expectancy, future pensioners	23 years	23 years
Germany
Assumptions and sensitivities
Life expectancy, current pensioners	22 years	22 years
Life expectancy, future pensioners	25 years	24 years
United Kingdom
Assumptions and sensitivities
Life expectancy, current pensioners	20 years	21 years
Life expectancy, future pensioners	22 years	22 years

Employee benefit obligations_10

Employee benefit obligations - Sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assumptions and sensitivities
Estimate of contributions expected to be paid		$ 44
Defined benefit plan
Assumptions and sensitivities
Estimate of contributions expected to be paid	$ 27	$ 30
Discount rates | Defined benefit plan
Assumptions and sensitivities
Decrease in actuarial assumption (as a percent)		0.50%	0.50%
Increase (decrease) in pension obligations due to decrease in actuarial assumption		$ 204	$ 186
Increase in actuarial assumption (as a percent)				0.50%	0.50%
Increase (decrease) in pension obligations due to increase in actuarial assumption		$ (182)	$ (166)
Rates of inflation | Defined benefit plan
Assumptions and sensitivities
Decrease in actuarial assumption (as a percent)		0.50%	0.50%
Increase (decrease) in pension obligations due to decrease in actuarial assumption		$ (65)	$ (56)
Increase in actuarial assumption (as a percent)		0.50%	0.50%
Increase (decrease) in pension obligations due to increase in actuarial assumption		$ 68	$ 63
Rates of increase in salaries | Defined benefit plan
Assumptions and sensitivities
Decrease in actuarial assumption (as a percent)		0.50%	0.50%
Increase (decrease) in pension obligations due to decrease in actuarial assumption		$ (67)	$ (61)
Increase in actuarial assumption (as a percent)		0.50%	0.50%
Increase (decrease) in pension obligations due to increase in actuarial assumption		$ 71	$ 69
Expected longevity | Defined benefit plan
Assumptions and sensitivities
Increase (decrease) in pension obligations due to increase in actuarial assumption		$ 80	$ 68
Increase in actuarial assumption (in years)		1 year	1 year

Employee benefit obligations_11

Employee benefit obligations - Principal defined benefit schemes (Details) - employee	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Metal Beverage Packaging | United Kingdom
Employee benefit obligations
Deferred members	808	808
Pensioners including dependents	475	475
Weighted average duration of defined benefit obligation	20 years	19 years
Metal Beverage Packaging | Germany
Employee benefit obligations
Active members	856	893
Deferred members	195	198
Pensioners including dependents	121	117
Weighted average duration of defined benefit obligation	20 years	21 years
Metal Beverage Packaging | North America
Employee benefit obligations
Active members	829	822
Deferred members	58	44
Pensioners including dependents	59	41
Weighted average duration of defined benefit obligation	21 years	20 years
Glass Packaging | United Kingdom
Employee benefit obligations
Deferred members	1,240	1,240
Pensioners including dependents	815	815
Weighted average duration of defined benefit obligation	21 years	21 years
Glass Packaging | Germany
Employee benefit obligations
Active members	922	977
Deferred members	682	689
Pensioners including dependents	779	783
Weighted average duration of defined benefit obligation	19 years	17 years
Glass Packaging | North America
Employee benefit obligations
Active members	3,462	3,827
Deferred members	2,631	2,638
Pensioners including dependents	6,689	6,571
Weighted average duration of defined benefit obligation	12 years	12 years

Employee benefit obligations_12

Employee benefit obligations - Expected benefit payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee benefit obligations
Contribution expense	$ 47	$ 40	$ 32
Estimate of contributions expected to be paid	50
Defined benefit plan | Within one year or on demand
Employee benefit obligations
Benefits	133
Defined benefit plan | Between one and two years
Employee benefit obligations
Benefits	130
Defined benefit plan | Between two and three years
Employee benefit obligations
Benefits	132
Defined benefit plan | Between three and four years
Employee benefit obligations
Benefits	135
Defined benefit plan | Between four and five years
Employee benefit obligations
Benefits	137
Defined benefit plan | Greater than five years
Employee benefit obligations
Benefits	$ 654

Employee benefit obligations_13

Employee benefit obligations - Other employee benefits (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Employee benefit obligations
Other employee benefits	$ 811	$ 716
Other employee benefit obligations
Employee benefit obligations
Other employee benefits	117	101
End of service employee benefits
Employee benefit obligations
Other employee benefits	3	2
Long term employee benefits
Employee benefit obligations
Other employee benefits	$ 114	$ 99

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Provisions
Current	$ 50	$ 48
Non‑current	55	29
Total	$ 105	$ 77	$ 121

Provisions - Restructuring and

Provisions - Restructuring and other provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Provisions
At beginning of year	$ 77	$ 121
Provided	50	106
Released	(8)	(19)
Paid	(16)	(110)
Disposal of Food & Specialty		(20)
Exchange	2	(1)
At end of year	105	77
Provision for non-current cash bonus incentive programs	17
Restructuring
Provisions
At beginning of year	5	20
Provided	1	16
Released	(1)	(1)
Paid	(1)	(21)
Disposal of Food & Specialty		(9)
At end of year	4	5
Other provisions
Provisions
At beginning of year	72	101
Provided	49	90
Released	(7)	(18)
Paid	(15)	(89)
Disposal of Food & Specialty		(11)
Exchange	2	(1)
At end of year	$ 101	$ 72

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Trade and other payables
Trade payables	$ 1,137	$ 1,166
Other payables and accruals	275	288
Other tax and social security payable	130	109
Payables and accruals for exceptional items	37	65
Total	$ 1,579	$ 1,628

Cash generated from operating_3

Cash generated from operating activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash generated from operating activities
Profit (loss) from continuing operations	$ 13	$ (284)	$ (292)
Income tax charge	10	44	18
Net finance expense	338	659	479
Depreciation and amortization	688	652	599
Exceptional operating items	58	53	311
Share of post-tax losses in equity accounted joint venture	48	49
Movement in working capital	(31)	105	(9)
Transaction-related, start-up and other exceptional costs paid	(86)	(87)	(92)
Exceptional restructuring paid	(1)	(12)	(23)
Cash generated from operations	$ 1,037	$ 1,179	$ 991

Business combinations and dis_3

Business combinations and disposals - Results of discontinued operations (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Discontinued operations
Operating profit/(loss)	$ 409	$ 468	$ 205
Profit from discontinued operation	22	1,742	198
Comprehensive income	(54)	(312)	(173)
Discontinued operations
Discontinued operations
Comprehensive income	22	1,741	163
Food and Specialty Discontinued Operation
Discontinued operations
Revenue		2,003	2,421
Expenses		(1,769)	(2,197)
Operating profit/(loss)		234	224
Income tax charge		(19)	(26)
Profit from discontinued operation after tax		215	198
Gain on disposal of discontinued operation, net of costs of disposal and tax	22	1,527
Profit from discontinued operation	22	1,742	198
Comprehensive income	$ 22	$ 1,741	$ 163
Basic and diluted earnings per share from discontinued operation	$ 0.09	$ 7.37	$ 0.84

Business combinations and dis_4

Business combinations and disposals - Consideration received and assets disposed of (Details) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Discontinued operations
Net proceeds from disposal		$ 32	$ 2,539
Food and Specialty Discontinued Operation
Discontinued operations
Cash Consideration		32	2,573
42% equity investment in Trivium	$ 412		412
Consideration received			2,985
Non-current assets	1,717		1,717
Current assets	805		805
TOTAL ASSETS	2,522		2,522
Non-current liabilities	542		542
Current liabilities	555		555
TOTAL LIABILITIES	1,097		1,097
Net assets disposed	$ (1,425)		(1,425)
Cumulative foreign exchange differences			(27)
Gain on disposal of discontinued operation		22	1,533
Cash and cash equivalents disposed			(18)
Net proceeds from disposal		$ 32	$ 2,555
Trivium Packaging B.V.
Discontinued operations
Ownership interest	42.00%	42.00%	42.00%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 15, 2021	Dec. 16, 2020	Oct. 21, 2020	Oct. 01, 2020	Jul. 22, 2020	Jun. 17, 2020	Apr. 22, 2020	Apr. 01, 2020	Feb. 19, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends
Interim dividend paid		$ (35)		$ (35)		$ (36)		$ (33)		$ (139)	$ (132)	$ (132)
Interim dividend declared	$ 0.15		$ 0.15		$ 0.15		$ 0.15		$ 0.14
Dividend One
Dividends
Interim dividend paid										$ (33)	$ (33)	(33)
Interim dividend per share										$ 0.14	$ 0.14
Dividend Two
Dividends
Interim dividend paid										$ (36)	$ (33)	(33)
Interim dividend per share										$ 0.15	$ 0.14
Dividend Three
Dividends
Interim dividend paid										$ (35)	$ (33)	(33)
Interim dividend per share										$ 0.15	$ 0.14
Dividend Four
Dividends
Interim dividend paid										$ (35)	$ (33)	$ (33)
Interim dividend per share										$ 0.15	$ 0.14

Related party information (Deta

Related party information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)director	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 24, 2021
Related party borrowings and receivables
Investment in joint ventures	$ 8	$ 6
Paul Coulson Ownership Interests | ARD Holdings S.A.
Related party borrowings and receivables
Percentage of issued share capital holding				25.00%
Yeoman Capital S.A. and subsidiaries | ARD Holdings S.A.
Related party borrowings and receivables
Percentage of issued share capital holding	34.00%
Yeoman Capital S.A. and subsidiaries | ARD Holdings S.A.
Related party borrowings and receivables
Number of common directors | director	4
Key Management Personnel
Related party borrowings and receivables
Amount payable	$ 8	5	$ 1
Salaries and other short term employee benefits	18	14	10
Post‑employment benefits	1		1
Key management compensation excluding transaction cost	19	14	11
Transaction related and other compensation	1	6
Key management compensation	$ 20	$ 20	$ 11

Contingencies (Details)

Contingencies (Details) $ in Millions	Dec. 31, 2020USD ($)
Federal Cartel Office investigation
Contingencies
Provision for legal proceedings	$ 0

Events after the reporting pe_2

Events after the reporting period - Business combination (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)employeefacility	Dec. 31, 2019USD ($)employee	Dec. 31, 2018USD ($)employee
Events after reporting period
Number of employees | employee		16,443	16,340	16,652
Revenue		$ 6,731	$ 6,660	$ 6,676
Issue of equity				2
Proceeds from borrowings		$ 4,068	$ 1,806	$ 110
Metal Beverage Packaging Americas and Europe
Events after reporting period
Number of facilities | facility		23
Number of employees | employee		4,900
Revenue		$ 3,500
Major business combination | Ardagh Metal Packaging (AMP) | Minimum
Events after reporting period
Condition which must be satisfied under terms of the agreement	$ 3,000
Major business combination | Forecast | Ardagh Metal Packaging (AMP)
Events after reporting period
Issue of equity	600
Cash consideration paid	$ 2,300
Ownership interest, subsidiary stockholders	80.00%
Ownership interest, private placement investors	10.00%
Ownership interest, acquisition company shareholders and sponsor	10.00%
Major business combination | Forecast | Ardagh Metal Packaging (AMP) | Maximum
Events after reporting period
Consideration transferred, acquisition-date fair value	$ 3,400
Major business combination | Forecast | Gores Holdings V
Events after reporting period
Cash consideration paid	$ 525
Potential ordinary share transactions | Forecast | Ardagh Metal Packaging (AMP)
Events after reporting period
Number of shares issued | shares	60
Issue of equity	$ 600
Price per share | $ / shares	$ 10
Potential borrowing | Forecast | Ardagh Metal Packaging (AMP)
Events after reporting period
Proceeds from borrowings	$ 2,650
Proceeds from issuance of debt, net	$ 2,300

Events after the reporting pe_3

Events after the reporting period - Dividend declared (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 15, 2021	Apr. 01, 2021
Events after the reporting period
Dividend per share declared	$ 0.15
Dividends payable		$ 35

Company financial information -

Company financial information - Financial position (Details) € in Millions, $ in Millions	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)
Current assets
Cash and cash equivalents | $		$ 1,267		$ 614		$ 530		$ 784
Equity attributable to owners of the parent
Issued capital | $		23		23
Total equity attributable to owners of the parent	€ (295)	(362)	€ (187)	(216)	€ (1,319)	$ (1,510)
Non-current liabilities
Borrowings | $		$ 6,764		$ 5,815
Ardagh Group S.A.
Non-current assets
Investments in subsidiary undertakings	2,484		2,484
Investment in material joint ventures	371		371
Total non-current assets	2,855		2,855
Current assets
Related party receivables	13		88
Cash and cash equivalents							€ 1
Total current assets	13		88
TOTAL ASSETS	2,868		2,943
Equity attributable to owners of the parent
Issued capital	22		22
Share Premium	1,092		1,092
Legal reserve	2		2
Capital contribution	431		431
Retained earnings	1,307		1,394
Total equity attributable to owners of the parent	2,854		2,941
Current liabilities
Related party borrowings	12		0
Other payables	2		2
Total current liabilities	14		2
TOTAL LIABILITIES	14		2
TOTAL EQUITY and LIABILITIES	€ 2,868		€ 2,943

Company financial information_2

Company financial information - Comprehensive income (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Statement of comprehensive income
Net finance expense | $		$ (338)		$ (659)		$ (479)
Income tax | $		$ 10		$ 44		$ 18
Ardagh Group S.A.
Statement of comprehensive income
Dividend income	€ 15		€ 89		€ 110
Other external charges	(2)		(3)		(1)
Net finance expense	(1)		(1)		(1)
Profit before tax and gain on disposal of investment	12		85		108
Gain on disposal of investment	23		1,164
Profit and total comprehensive income for the year	€ 35		€ 1,249		€ 108

Company financial information_3

Company financial information - Cash flows (Details) € in Millions, $ in Millions		1 Months Ended	12 Months Ended
		Nov. 30, 2019EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Cash flows from operating activities
Cash used in operations				$ 1,037		$ 1,179		$ 991
Income tax paid				(49)		(64)		(97)
Net cash from operating activities - continuing operations				692		698		480
Net cash from operating activities - discontinued operation	[1]					141		375
Net cash from/(used in) operating activities				692		839		855
Cash flows from investing activities
Proceeds from disposal of investment				32		2,539
Investing cash flows used in continuing operations				(546)		(505)		(467)
Net cash (used in)/from investing activities				(514)		1,927		(575)
Cash flows from financing activities
Repayment of borrowings				(3,261)		(4,088)		(442)
Dividends paid				(139)		(132)		(132)
Early redemption premium costs paid				61		165		7
Deferred debt issue costs paid				(39)		(14)		(5)
Financing cash flows from continuing operations				475		(2,662)		(524)
Financing cash flows from discontinued operation								3
Net cash (outflow)/inflow from financing activities				475		(2,662)		(521)
Net (decrease)/increase in cash and cash equivalents				653		84
Cash and cash equivalents at the beginning of the year				614		530		784
Cash and cash equivalents at the end of the year				$ 1,267		$ 614		$ 530
Ardagh Group S.A.
Cash flows from operating activities
Cash used in operations | €			€ (2)		€ (3)		€ (1)
Income tax paid | €							(1)
Increase/(decrease) in payables | €					1		(6)
Net cash from/(used in) operating activities | €			(2)		(2)		(8)
Cash flows from investing activities
Proceeds from disposal of investment | €			34		2,307
Receipt/(repayment) of loans from subsidiary undertakings | €			75		(1,601)		9
Contribution to subsidiary undertaking | €					(675)
Dividends received | €			15		89		110
Net cash (used in)/from investing activities | €			124		120		119
Cash flows from financing activities
Dividends paid | €			(122)		(118)		(112)
Net cash (outflow)/inflow from financing activities | €			€ (122)		€ (118)		(112)
Net (decrease)/increase in cash and cash equivalents | €							(1)
Cash and cash equivalents at the beginning of the year | €							€ 1
Ardagh Group S.A. | Ardagh Packaging Group Limited
Cash flows from investing activities
Contribution to subsidiary undertaking | €		€ 675
[1]	(i) Operating cash flows for discontinued operation for the year ended December 31, 2019, include interest and income tax payments of $6 million and $15 million respectively (2018: $2 million and $8 million).

Company financial information_4

Company financial information - Maturity analysis of borrowings (Details) € in Millions, $ in Millions	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)
Maturity analysis of borrowings including related party borrowings
Borrowings | $		$ 6,861		$ 5,910
Ardagh Group S.A.
Maturity analysis of borrowings including related party borrowings
Related party borrowings	€ 12		€ 0
Borrowings	€ 0		€ 0

Company financial information_5

Company financial information - Distributions paid and received and commitments and contingencies (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Distributions paid and received
Dividend paid to shareholders | $		$ 139		$ 132		$ 132
Ardagh Group S.A.
Distributions paid and received
Dividend received from subsidiary	€ 15		€ 89		€ 110
Dividend paid to shareholders	€ 122		118		€ 112
Commitments and contingencies
Commitments and contingencies			€ 0

Company financial information_6

Company financial information - Additional information (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
IFRS profit/(loss) reconciliation:
Profit/(loss) for the year	€ 31	$ 35	$ 1,458	€ 1,327	$ 1,458	€ (83)	$ (94)
IFRS equity reconciliation:
IFRS equity	(295)			(187)		(1,319)		$ (362)	$ (216)	$ (1,510)
Ardagh Group S.A.
IFRS profit/(loss) reconciliation:
Parent only - IFRS profit for the year	35			1,249		108
IFRS equity reconciliation:
IFRS equity	2,854			2,941
Reportable Legal Entities | Ardagh Group S.A.
IFRS profit/(loss) reconciliation:
Parent only - IFRS profit for the year	35	40		1,249	1,400	108	128
IFRS equity reconciliation:
IFRS equity	2,854			2,941		1,808		3,502	3,304	2,064
Consolidation Adjustments
IFRS profit/(loss) reconciliation:
Additional loss if subsidiaries had been accounted for using the equity method of accounting as opposed to cost	(4)	$ (5)		78	$ 58	(191)	$ (222)
IFRS equity reconciliation:
Additional loss if subsidiaries had been accounted for using the equity method of accounting as opposed to cost	€ (3,149)			€ (3,128)		€ (3,127)		$ (3,864)	$ (3,520)	$ (3,574)