Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Entity Registrant Name | ARDAGH METAL PACKAGING S.A. |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001845097 |
Amendment Flag | false |
CONSOLIDATED INTERIM INCOME STA
CONSOLIDATED INTERIM INCOME STATEMENT - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | $ 1,303 | $ 991 | $ 2,440 | $ 1,930 |
Cost of sales | (1,139) | (826) | (2,139) | (1,616) |
Gross profit | 164 | 165 | 301 | 314 |
Sales, general and administration expenses | (57) | (51) | (117) | (103) |
Intangible amortization | (35) | (39) | (71) | (78) |
Operating profit | 72 | 75 | 113 | 133 |
Net finance income/(expense) | 40 | (22) | 63 | (171) |
Profit/(loss) before tax | 112 | 53 | 176 | (38) |
Income tax charge | (12) | (27) | (19) | (10) |
Profit/(loss) for the period | 100 | 26 | 157 | (48) |
Profit/(loss) attributable to: | ||||
Equity holders | $ 100 | $ 26 | $ 157 | $ (48) |
(Loss)/earnings per share | ||||
Basic earnings/(loss) per share attributable to equity holders | $ 0.17 | $ 0.05 | $ 0.26 | $ (0.10) |
Diluted earnings/(loss) per share attributable to equity holders | $ 0.17 | $ 0.05 | $ 0.26 | $ (0.10) |
Before exceptional items | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | $ 1,303 | $ 991 | $ 2,440 | $ 1,930 |
Cost of sales | (1,123) | (821) | (2,109) | (1,608) |
Gross profit | 180 | 170 | 331 | 322 |
Sales, general and administration expenses | (53) | (44) | (109) | (93) |
Intangible amortization | (35) | (39) | (71) | (78) |
Operating profit | 92 | 87 | 151 | 151 |
Net finance income/(expense) | (34) | (28) | (62) | (120) |
Profit/(loss) before tax | 58 | 59 | 89 | 31 |
Income tax charge | (16) | (26) | (25) | (19) |
Profit/(loss) for the period | 42 | 33 | 64 | 12 |
Exceptional items. | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Cost of sales | (16) | (5) | (30) | (8) |
Gross profit | (16) | (5) | (30) | (8) |
Sales, general and administration expenses | (4) | (7) | (8) | (10) |
Operating profit | (20) | (12) | (38) | (18) |
Net finance income/(expense) | 74 | 6 | 125 | (51) |
Profit/(loss) before tax | 54 | (6) | 87 | (69) |
Income tax charge | 4 | (1) | 6 | 9 |
Profit/(loss) for the period | $ 58 | $ (7) | $ 93 | $ (60) |
CONSOLIDATED INTERIM STATEMENT
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME | ||||
Profit/(loss) for the period | $ 100 | $ 26 | $ 157 | $ (48) |
Foreign currency translation adjustments: | ||||
Arising in the period | 1 | (13) | 2 | 1 |
Foreign currency translation adjustments | 1 | (13) | 2 | 1 |
Effective portion of changes in fair value of cash flow hedges: | ||||
New fair value adjustments into reserve | (49) | 55 | 40 | 103 |
Movement in deferred tax | 15 | (5) | 7 | (12) |
Effective portion of changes in fair value of cash flow hedges | (34) | 50 | 47 | 91 |
Items that will not be reclassified to income statement | ||||
Re-measurement gain on employee benefit obligations | 24 | 1 | 52 | 16 |
Deferred tax movement on employee benefit obligations | (7) | 2 | (15) | (2) |
Total other comprehensive income that will not be reclassified to profit or loss, net of tax | 17 | 3 | 37 | 14 |
Total other comprehensive (expense)/income for the period | (16) | 40 | 86 | 106 |
Total comprehensive income for the period | 84 | 66 | 243 | 58 |
Attributable to: | ||||
Equity holders | $ 84 | $ 66 | $ 243 | $ 58 |
CONSOLIDATED INTERIM STATEMEN_2
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Intangible assets | $ 1,513 | $ 1,662 |
Property, plant and equipment | 2,047 | 1,842 |
Derivative financial instruments | 13 | 7 |
Deferred tax assets | 51 | 71 |
Employee benefit assets | 50 | 78 |
Other non-current assets | 4 | 4 |
Non-current assets | 3,678 | 3,664 |
Current assets | ||
Inventories | 530 | 407 |
Trade and other receivables | 800 | 512 |
Contract assets | 230 | 182 |
Derivative financial instruments | 114 | 97 |
Cash and cash equivalents | 436 | 463 |
Total current assets | 2,110 | 1,661 |
TOTAL ASSETS | 5,788 | 5,325 |
Equity attributable to owners of the parent | ||
Equity share capital | 7 | 7 |
Share premium | 5,992 | 5,992 |
Treasury shares | (3) | |
Other reserves | (5,616) | (5,593) |
Retained earnings | (47) | (120) |
Equity attributable to owners of parent | 333 | 286 |
TOTAL EQUITY | 333 | 286 |
Non-current liabilities | ||
Borrowings | 3,395 | 2,831 |
Employee benefit obligations | 175 | 256 |
Derivative financial instruments | 23 | 2 |
Deferred tax liabilities | 178 | 207 |
Other liabilities and provisions | 195 | 343 |
Non-current liabilities | 3,966 | 3,639 |
Current liabilities | ||
Borrowings | 49 | 56 |
Interest payable | 13 | 12 |
Derivative financial instruments | 19 | 10 |
Trade and other payables | 1,340 | 1,270 |
Income tax payable | 53 | 40 |
Provisions | 14 | 10 |
Deferred income | 1 | 2 |
Current liabilities | 1,489 | 1,400 |
TOTAL LIABILITIES | 5,455 | 5,039 |
TOTAL EQUITY and LIABILITIES | $ 5,788 | $ 5,325 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Attributable to the owner of the parent | Invested capital | Equity share capital | Share premium | Treasury shares | Other reserves | Retained earnings | Total |
Balance at beginning of the period at Dec. 31, 2020 | $ 48 | $ 63 | $ (15) | $ 48 | ||||
Profit/Loss for the year | (48) | |||||||
Loss for the period pre AMP Transfer | (74) | (74) | (74) | |||||
Other comprehensive income | 106 | |||||||
Other comprehensive income pre AMP Transfer | 66 | 11 | 55 | 66 | ||||
Hedging gains transferred to cost of inventory pre AMP Transfer | (6) | (6) | (6) | |||||
Capital contribution | 113 | 113 | 113 | |||||
Increase in invested capital | 176 | 176 | 176 | |||||
AMP Transfer | (1,112) | $ (176) | $ 6 | $ 4,982 | (5,924) | (1,112) | ||
Profit for the period post AMP transfer | 26 | $ 26 | 26 | |||||
Other comprehensive income post AMP transfer | 40 | 37 | 3 | 40 | ||||
Hedging gains transferred to cost of inventory post AMP transfer | (17) | (17) | (17) | |||||
Balance at end of the period at Jun. 30, 2021 | (740) | 6 | 4,982 | (5,757) | 29 | (740) | ||
Balance at beginning of the period at Dec. 31, 2021 | 286 | 7 | 5,992 | (5,593) | (120) | 286 | ||
Profit/Loss for the year | 157 | 157 | 157 | |||||
Other comprehensive income | 86 | 49 | 37 | 86 | ||||
Shares acquired by AMPSA (Treasury shares) | (3) | $ (3) | (3) | |||||
Hedging gains or losses transferred to cost of inventory | (72) | (72) | (72) | |||||
Dividends (Note 14) | (121) | (121) | (121) | |||||
Balance at end of the period at Jun. 30, 2022 | $ 333 | $ 7 | $ 5,992 | $ (3) | $ (5,616) | $ (47) | $ 333 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||
Profit/Loss for the year | $ 100 | $ 26 | $ 157 | $ (48) |
Total other comprehensive income for the year | $ (16) | $ 40 | $ 86 | $ 106 |
CONSOLIDATED INTERIM STATEMEN_3
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||||
Cash generated from/(used in) operations | $ 91 | $ 164 | $ (103) | $ 137 |
Net interest paid | (28) | (4) | (21) | (49) |
Income tax paid | (8) | (7) | (15) | (28) |
Cash flows from/(used in) operating activities | 55 | 153 | (139) | 60 |
Cash flows used in investing activities | ||||
Purchase of property, plant and equipment and intangible assets | (169) | (121) | (286) | (289) |
Other investing activities | 1 | |||
Net cash used in investing activities | (169) | (121) | (286) | (288) |
Cash flows from financing activities | ||||
Proceeds from borrowings | 600 | 2,766 | 700 | 2,766 |
Repayment of borrowings | (105) | (3) | (109) | (5) |
Deferred debt issue costs paid | (4) | (25) | (6) | (25) |
Lease payments | (13) | (11) | (26) | (22) |
Dividends paid | (121) | (121) | ||
Treasury shares purchased | (3) | (3) | ||
Other financing activities | (1) | (1) | ||
Repayment of related party borrowings to Ardagh | (1,741) | (1,741) | ||
Payment as part of capital reorganization | (574) | (574) | ||
Proceeds from related party borrowings from Ardagh | 15 | 15 | ||
Cash received from Ardagh | 206 | |||
Redemption premium and issuance costs paid | (52) | |||
Net cash inflow from financing activities | 353 | 427 | 434 | 568 |
Net increase in cash and cash equivalents | 239 | 459 | 9 | 340 |
Cash and cash equivalents at beginning of period | 225 | 130 | 463 | 257 |
Foreign exchange losses on cash and cash equivalents | (28) | (2) | (36) | (10) |
Cash and cash equivalents at end of period | $ 436 | $ 587 | $ 436 | $ 587 |
General information
General information | 6 Months Ended |
Jun. 30, 2022 | |
General information | |
General information | 1. General information Ardagh Metal Packaging S.A. (the “Company”) was incorporated in the Grand Duchy of Luxembourg on January 21, 2021. The Company’s registered office is 56, rue Charles Martel, L-2134 Luxembourg, Luxembourg. Ardagh Metal Packaging S.A. and its subsidiaries (together the “Group” or “AMP”) are a leading supplier of metal beverage cans globally, with a particular focus on the Americas and Europe. The group supplies sustainable and infinitely recyclable metal packaging to a diversified customer base of the leading global, regional and national beverage producers. AMP operates 24 production facilities in Europe and the Americas and employs approximately 5,800 people. The Group does not have any operations within Russia or Ukraine and continues to monitor and comply with the various sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the European Union, the United Kingdom and the United Nations Security Committee that have been imposed on the Russian government, certain Russian entities and individuals. These unaudited consolidated interim financial statements reflect the consolidation of the legal entities forming the Group for the periods presented. The significant accounting policies that have been applied to the unaudited consolidated interim financial statements are described in note 3. |
Statement of directors approval
Statement of directors approval | 6 Months Ended |
Jun. 30, 2022 | |
Statement of directors' approval | |
Statement of directors' approval | 2. Statement of directors’ approval The unaudited consolidated interim financial statements were approved for issue by the board of directors of Ardagh Metal Packaging S.A. (the “Board”) on July 26, 2022. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies. | 3. Summary of significant accounting policies Basis of preparation The unaudited consolidated interim financial statements of the Group for the three and six months ended June 30, 2022 and 2021, have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The unaudited consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Annual Report for the year ended December 31, 2021 which was prepared in accordance with International Financial Reporting Standards (“IFRS”). The unaudited consolidated interim financial statements are presented in U.S. dollar rounded to the nearest million. The functional currency of the Company is euro. Income tax in interim periods is accrued using the effective tax rate expected to be applied to annual earnings. The accounting policies, presentation and methods of computation followed in the unaudited consolidated interim financial statements are consistent with those applied in the Group’s latest Annual Report. Basis of preparation prior to the AMP Transfer For the periods prior to the “AMP Transfer” (AMP Transfer references to a series of transactions pursuant to the Transfer Agreement in connection with the Business Combination effected by AGSA on April 1, 2021, as further explained in the Annual Report for the year ended December 31, 2021), the unaudited combined interim financial statements have been prepared on a carve-out basis from the consolidated financial statements of Ardagh Group S.A. (“Ardagh” or “AGSA”), to represent the financial position and performance of the AMP Business (“the Business”) as if the Business had existed on a stand-alone basis for the three months ended March 31, 2021 for the unaudited consolidated interim income statement, statement of comprehensive income and statement of cash flows. However, those unaudited combined interim financial statements are not necessarily indicative of the results that would have occurred if the Business had been a stand-alone entity during the period presented. Corporate center costs of $9 million for the three months ended March 31, 2021, which were allocated by Ardagh primarily based on Adjusted EBITDA, have been included in selling, general and administration (“SGA”) expenses with settlement of these costs recorded within invested capital. The allocations reflected all the costs of doing business and management believes that the allocations were reasonable and materially reflected what the expenses would have been on a stand-alone basis. These costs reflected the arrangements that existed in Ardagh and are not necessarily representative of costs that may arise in the future. For information relating to corporate center costs in the three and six months ended June 30, 2022, from Ardagh to AMP and included within SGA expenses, see note 15. Basis of preparation after the AMP Transfer For the periods subsequent to the AMP Transfer, effective on April 1, 2021, unaudited consolidated financial statements have been prepared for the Group as a stand-alone business. Recent changes in accounting pronouncements The impact of new standards, amendments to existing standards and interpretations issued and effective for annual periods beginning on or after January 1, 2022 have been assessed by the Directors. No new standards or amendments to existing standards effective January 1, 2022 have had or are expected to have a material impact for the Group. The Directors’ 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 interim financial statements is on-going. |
Segment analysis
Segment analysis | 6 Months Ended |
Jun. 30, 2022 | |
Segment analysis | |
Segment analysis | 4. Segment analysis The Group’s two operating and reportable segments, Europe and Americas, reflect the basis on which the Group’s performance is reviewed by management and presented to the Chief Operating Decision Maker (“CODM”). The CODM has been identified as being the Executive Committee of Ardagh for the periods prior and the Board and Chief Financial Officer for the periods after the AMP Transfer, respectively. Performance of the Group is assessed based on Adjusted EBITDA. Adjusted EBITDA is the profit or loss for the period before income tax charge or credit, net finance income or expense, depreciation and amortization and exceptional operating items. 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 is not material. Reconciliation of profit/(loss) for the period to Adjusted EBITDA Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Profit/(loss) for the period 100 26 157 (48) Income tax charge 12 27 19 10 Net finance (income)/expense (40) 22 (63) 171 Depreciation and amortization 89 86 175 170 Exceptional operating items 20 12 38 18 Adjusted EBITDA 181 173 326 321 Segment results for the three months ended June 30, 2022 and 2021 are: Revenue Adjusted EBITDA 2022 2021 2022 2021 $'m $'m $'m $'m Europe 533 464 61 85 Americas 770 527 120 88 Group 1,303 991 181 173 Segment results for the six months ended June 30, 2022 and 2021 are: Revenue Adjusted EBITDA 2022 2021 2022 2021 $'m $'m $'m $'m Europe 1,032 900 117 151 Americas 1,408 1,030 209 170 Group 2,440 1,930 326 321 One customer accounted for greater than 10% of total Group revenue across both reportable segments in the six months ended June 30, 2022 (2021: one ). 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 are not necessary. The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2022: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 530 2 1 533 Americas – 597 173 770 Group 530 599 174 1,303 The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2021: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 461 1 2 464 Americas – 434 93 527 Group 461 435 95 991 The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2022: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 1,025 4 3 1,032 Americas – 1,116 292 1,408 Group 1,025 1,120 295 2,440 The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2021: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 894 2 4 900 Americas – 832 198 1,030 Group 894 834 202 1,930 The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Over time 1,036 763 1,950 1,487 Point in time 267 228 490 443 Group 1,303 991 2,440 1,930 |
Exceptional items
Exceptional items | 6 Months Ended |
Jun. 30, 2022 | |
Exceptional items | |
Exceptional items | 5. Exceptional items Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Start-up related and other costs 16 5 30 8 Exceptional items – cost of sales 16 5 30 8 Transaction-related and other costs 4 7 8 10 Exceptional items – SGA expenses 4 7 8 10 Exceptional finance (income)/expense (74) (6) (125) 51 Exceptional items – finance (income)/expense (74) (6) (125) 51 Exceptional income tax (credit)/charge (4) 1 (6) (9) Total exceptional items, net of tax (58) 7 (93) 60 Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence. 2022 Exceptional items of $93 million have been recognized in the six months ended June 30, 2022, primarily comprising: ● $30 million start-up related and other costs in Europe ( $16 million) and the Americas ( $14 million), primarily relating to the Group’s investment programs. ● $8 million transaction-related and other costs, primarily comprised of professional advisory fees in relation to transformation initiatives. ● $125 million net exceptional finance income relates to a gain on movements in the fair market values of $146 million on the Earnout Shares, Public Warrants and Private Warrants, partly offset by a foreign currency loss of $21 million thereon. ● $6 million from tax credits relating to the above exceptional items. 2021 Exceptional items of $60 million have been recognized in the six months ended June 30, 2021 primarily comprising: ● $8 million start-up related costs in the Americas ( $5 million) and Europe ( $3 million), relating to the Group’s investment programs. ● $10 million transaction-related and other costs primarily comprised of professional advisory fees, and other costs related to transformation initiatives. ● $51 million exceptional finance expense comprised of a charge of $52 million from AGSA for redemption premiums and issuance costs on related party borrowings in conjunction with the AMP Transfer, net $9 million of fair market value and foreign currency movements on the Earnout Shares and $5 million interest payable on the AMP Notes Issuance in March 2021 related to the period prior to completion of the AMP Transfer on April 1, 2021, offset by a foreign currency translation gain of $15 million on the AMP Promissory Note. ● $9 million from tax credits relating to the above exceptional items. |
Net finance (income) expense
Net finance (income) expense | 6 Months Ended |
Jun. 30, 2022 | |
Net finance (income)/expense | |
Net finance (income)/expense | 6. Net finance (income)/expense Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Senior Secured Green and Senior Green Notes 25 24 48 24 Interest on related party borrowings – – – 43 Net pension interest costs 1 1 2 2 Foreign currency translation losses 3 1 4 45 Gains on derivative financial instruments – (1) – – Other net finance expense 5 3 8 6 Net finance expense before exceptional items 34 28 62 120 Exceptional finance (income)/expense (note 5) (74) (6) (125) 51 Net finance (income)/expense (40) 22 (63) 171 |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share | |
Earnings per share | # 7. Earnings per share Basic earnings per share (“EPS”) is calculated by dividing the profit/(loss) for the period attributable to equity holders by the weighted average number of common shares outstanding during the period. The following table reflects the income statement profit/(loss) and share data used in the basic EPS calculations: Three months ended June 30, Six months ended June 30, 2022 2021 (i) 2022 2021 (i) $'m $'m $'m $'m Profit/(loss) attributable to equity holders 100 26 157 (48) Weighted average number of common shares for EPS (millions) (ii) 603.3 493.8 603.3 493.8 Earnings/(loss) per share $ 0.17 $ 0.05 $ 0.26 $ (0.10) Diluted earnings per share is consistent with basic earnings per share, as there are no dilutive potential shares during the periods presented above. (i) In advance of the completion of the business combination with Gores Holdings V, 493,763,520 shares of the Company, with a par value € 0.01 per share, were issued to AGSA. This number of shares issued is utilized for the calculation of basic earnings per share (“EPS”) for the three months ended March 31, 2021 and six months ended June 30, 2021. (ii) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as treasury shares. The number of shares so held at the balance sheet date is detailed in note 9. Please refer to note 9 for details of any transactions involving common shares for the six months ended June 30, 2022. |
Intangible assets and property,
Intangible assets and property, plant and equipment | 6 Months Ended |
Jun. 30, 2022 | |
Intangible assets and property, plant and equipment | |
Intangible assets and property, plant and equipment | 8. Intangible assets and property, plant and equipment Property, Intangible plant and assets equipment $'m $'m Net book value at January 1, 2022 1,662 1,842 Additions 3 378 Acquisition * 1 – Disposals – (1) Charge for the period (71) (104) Foreign exchange (82) (68) Net book value at June 30, 2022 1,513 2,047 * During the six months ended June 30, 2022, additional fair value adjustments to customer relationships and goodwill, net of deferred tax, were made in relation to the net assets acquired as part of the business combination with Hart Print which was acquired in November 2021. At June 30, 2022, the carrying amount of goodwill included within intangible assets was $962 million (December 31, 2021: $1,010 million). At June 30, 2022, the carrying amount of the right-of-use assets included within property, plant and equipment was $226 million (December 31, 2021: $179 million). The Group recognized a depreciation charge of $104 million in the six months ended June 30, 2022 (2021: $92 million), of which $26 million (2021: $19 million) relates to right-of-use assets. Impairment test for goodwill Goodwill is not subject to amortization and is tested annually for impairment following the approval of the annual budget (normally at the end of the financial year), or more frequently if events or changes in circumstances indicate a potential impairment. Management has considered whether any impairment indicators existed at the reporting date, and has concluded that the carrying amount of the goodwill is fully recoverable as at June 30, 2022. |
Equity share capital and share
Equity share capital and share premium | 6 Months Ended |
Jun. 30, 2022 | |
Equity share capital and share premium | |
Equity share capital and share premium | 9. Equity share capital and share premium Issued and fully paid shares: Total shares (par value €0.01 ) Total share capital Total share premium (million) $'m $'m At December 31, 2021 and at June 30, 2022 603 7 5,992 At June 30, 2022, the Company has repurchased a total of 443,450 shares (December 31, 2021: nil shares) returning $3 million to shareholders. The repurchased shares have not yet been cancelled and are presented as a deduction of equity within treasury shares within the Interim Statement of Changes in Equity, together with any directly related expense. There were no other material share transactions in the six months ended June 30, 2022. |
Financial assets and liabilitie
Financial assets and liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Financial assets and liabilities | |
Financial assets and liabilities | 10. Financial assets and liabilities At June 30, 2022 the Group’s net debt and available liquidity was as set out below: Maximum Final amount maturity Facility Available Facility Currency drawable date type Amount drawn liquidity Local Local currency currency $'m $'m m m 2.000% Senior Secured Green Notes EUR 450 01-Sep-28 Bullet 450 467 – 3.250% Senior Secured Green Notes USD 600 01-Sep-28 Bullet 600 600 – 6.000% Senior Secured Green Notes USD 600 15-Jun-27 Bullet 600 600 – 3.000% Senior Green Notes EUR 500 01-Sep-29 Bullet 500 519 – 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 – Global Asset Based Loan Facility USD 325 06-Aug-26 Revolving – – 325 Lease obligations Various – – Amortizing – 231 – Other borrowings Various – Rolling Amortizing – 16 – Total borrowings 3,483 325 Deferred debt issue costs (39) – Net borrowings 3,444 325 Cash and cash equivalents (436) 436 Net debt / available liquidity 3,008 761 The fair value of the Group’s total borrowings, excluding lease obligations at June 30, 2022 is $2,694 million (December 31, 2021: $2,701 million). A number of the Group’s borrowing agreements contain certain covenants that restrict the Group’s flexibility in areas such as the incurrence of additional indebtedness (primarily maximum secured 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, 2021 the Group’s net debt and available liquidity was as follows: Maximum Final amount maturity Facility Available Facility Currency drawable date type Amount drawn liquidity Local Local currency currency $'m $'m m m 2.000% Senior Secured Green Notes EUR 450 01-Sep-28 Bullet 450 510 – 3.250% Senior Secured Green Notes USD 600 01-Sep-28 Bullet 600 600 – 3.000% Senior Green Notes EUR 500 01-Sep-29 Bullet 500 566 – 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 – Global Asset Based Loan Facility USD 325 06-Aug-26 Revolving – – 325 Lease obligations Various – – Amortizing – 182 – Other borrowings Various – Rolling Amortizing – 19 – Total borrowings 2,927 325 Deferred debt issue costs (40) – Net borrowings 2,887 325 Cash and cash equivalents (463) 463 Net debt / available liquidity 2,424 788 The maturity profile of the Group’s net borrowings is as follows: At June 30, At December 31, 2022 2021 $'m $'m Within one year or on demand 49 56 Between one and three years 72 55 Between three and five years 672 59 Greater than five years 2,690 2,757 Total borrowings 3,483 2,927 Deferred debt issue costs (39) (40) Net borrowings 3,444 2,887 Earnout Shares and Warrants Please refer to note 12 for further details about the recognition and measurement of the Earnout Shares as well as the Public Warrants and Private Warrants. Financing activity 2022 On June 8, 2022, the Group issued $600 million 6.000% Senior Secured Green Notes due 2027. Net proceeds from the issuance of the notes will be used for general corporate purposes. Lease obligations at June 30, 2022 of $231 million (December 31, 2021: $182 million), primarily reflects $75 million of new lease liabilities and foreign currency movements, partly offset by $26 million of principal repayments, in the six months ended June 30, 2022. At June 30, 2022, the Group had $325 million available under the Global Asset Based Loan Facility. Fair value methodology There has been no change to the fair value hierarchies for determining and disclosing the fair value of financial instruments. Fair values are calculated as follows: (i) Senior Secured Green and Senior Green 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. (ii) Global Asset Based Loan Facility and other borrowings – the fair values of the borrowings in issue is based on valuation techniques in which all significant inputs are based on observable market data and represent Level 2 inputs. (iii) Commodity and foreign exchange derivatives – the fair value of these derivatives are based on quoted market prices and represent Level 2 inputs. (iv) Earnout Shares, Private Warrants and Public Warrants - the fair values of the Earnout Shares and Private Warrants are based on valuation techniques using an unobservable volatility assumption which represents Level 3 inputs, whereas the fair value of the Public Warrants is based on an observable market price and represents a Level 1 input. Derivative financial instruments – foreign currency swaps The Group operates in a number of currencies and, accordingly, hedges a portion of its currency transaction risk. A cash gain of $16 million and $26 million on hedging was recognized in the three and six months ended June 30, 2022, respectively (2021: loss of $1 million and $1 million) and has been reflected within net interest paid in the unaudited consolidated interim statement of cash flows. |
Employee benefit obligations
Employee benefit obligations | 6 Months Ended |
Jun. 30, 2022 | |
Employee benefit obligations. | |
Employee benefit obligations | 11. Employee benefit obligations Employee benefit obligations at June 30, 2022 have been reviewed in respect of the latest discount rates, inflation rates and asset valuations. A re-measurement gain of $24 million and $52 million (2021: gain of $1 million and $16 million) has been recognized in the unaudited consolidated interim statement of comprehensive income for the three and six months ended June 30, 2022, respectively. The re-measurement gain recognized for the three months ended June 30, 2022 consisted of a decrease in the obligations of $83 million (2021: increase of $12 million), partly offset by a decrease in asset valuations of $59 million (2021: increase of $13 million) . The re-measurement gain recognized for the six months ended June 30, 2022 consisted of a decrease in the obligations of $147 million (2021: decrease of $38 million), partly offset by a decrease in asset valuations of $95 million (2021: decrease of $22 million). |
Other liabilities and provision
Other liabilities and provisions | 6 Months Ended |
Jun. 30, 2022 | |
Other liabilities and provisions | |
Other liabilities and provisions | 12. Other liabilities and provisions At June 30, At December 31, 2022 2021 $'m $'m Other liabilities Non-current 179 325 Provisions Current 14 10 Non-current 16 18 209 353 Other liabilities Resulting from the AMP Transfer, effective on April 1, 2021, AGSA has a contingent right to receive up to 60.73 million Earnout Shares. The Earnout Shares are issuable by AMP to AGSA subject to attainment of certain stock price hurdles, with equal amounts of shares at $13 , $15 , $16.50 , $18 , and $19.50 , respectively, over a five-year period from the 180 th day following the closing of the Merger on August 4, 2021. In accordance with IAS 32 (Financial Instruments—Presentation), the arrangement has been assessed to determine whether the Earnout Shares represent a liability or an equity instrument. As the arrangement may result in AMP issuing a variable number of shares in the future, albeit capped at a total of 60.73 million shares, the Earnout Shares have, in accordance with the requirements of IAS 32, been recognized as a financial liability measured at fair value in the consolidated financial statements. A valuation assessment was performed for the purpose of determining the financial liability using a Monte Carlo simulation using key assumptions for: volatility ( 50% ) (December 31, 2021: volatility 34% ); a dividend yield implicit from the traded closing price of the AMP warrants; risk-free rate; and traded closing AMP share price. The estimated valuation of the liability as of June 30, 2022, and December 31, 2021, were $162 million and $292 million, respectively. Any changes in the valuation have been reflected in net exceptional finance income. Any increase or decrease in volatility of 5% would result in an increase or decrease in the liability as of June 30, 2022, of approximately $21 million. Alternatively, an increase in the market-implied dividend yield of 1% would result in a decrease in the liability as of June 30, 2022, of approximately $8 million. On August 4, 2021, all warrants previously exercisable for the purchase of shares in Gores Holdings V were converted into AMP warrants exercisable for the purchase of shares in AMP at an exercise price of $11.50 over a five-year period after the closing of the Merger on August 4, 2021. In accordance with IAS 32, those warrants have been recognized as a financial liability measured at fair value in the consolidated financial statements. For the warrants issued to the former sponsors of Gores Holdings V (“Private Warrants”) a valuation was performed for the purpose of determining the financial liability. The valuation applied a Black Scholes model, using key assumptions for volatility ( 50% ) (December 31, 2021: volatility 34% ); a dividend yield implicit from the traded closing price of the AMP warrants; and risk-free rate. All other outstanding warrants (“Public Warrants”) were valued using the traded closing prices of the AMP warrants. The estimated valuation of the liability as of June 30, 2022, and December 31, 2021, were $17 million and $33 million, respectively. Any changes in the valuation have been reflected in net exceptional finance income. Any increase or decrease in volatility of 5% would result in an increase or decrease in the fair value of the Private Warrants as of June 30, 2022, of approximately $1 million. Alternatively, an increase in the market-implied dividend yield of 1% would not result in a significant change in the fair value of the Private Warrants as of June 30, 2022. |
Cash (used in) operating activi
Cash (used in) operating activities | 6 Months Ended |
Jun. 30, 2022 | |
Cash (used in) operating activities | |
Cash (used in) operating activities | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Profit/(loss) for the period 100 26 157 (48) Income tax charge 12 27 19 10 Net finance (income)/expense (40) 22 (63) 171 Depreciation and amortization 89 86 175 170 Exceptional operating items 20 12 38 18 Movement in working capital (70) (1) (395) (170) Transaction-related, start-up and other exceptional costs paid (19) (8) (33) (14) Exceptional restructuring paid (1) — (1) — Cash generated from/(used in) operations 91 164 (103) 137 |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2022 | |
Dividends | |
Dividends | 14. Dividends Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Cash dividends on common shares paid: Interim dividend for 2022: $0.10 per share 60 – 60 – Interim dividend for 2022: $0.10 per share 61 – 61 – 121 – 121 – On April 26, 2022, the Company approved a cash dividend of $0.10 per common share. The dividend of $60 million was paid on June 28, 2022 to shareholders of record on June 14, 2022. On June 1, 2022, the Company approved a cash dividend of $0.10 per common share. The dividend of $61 million was paid on June 28, 2022 to shareholders of record on June 14, 2022. |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related party transactions | |
Related party transactions | 15. Related party transactions i. Pension scheme – the pension schemes are related parties. For details for all transactions during the year, see note 11. ii. Services Agreement between AMP and AGSA. A net charge of $9 million has been included in SGA expenses for the three months ended June 30, 2022 (six months: $19 million). iii. Earnout Shares – see note 12. iv. Derivative financial instruments – during the three and six months ended June 30, 2022, no new derivatives were transacted by AGSA on behalf of AMP. v. Movement in working capital in the three and six months ended June 30, 2022, includes transaction and other costs reimbursed to AGSA of $1 million and $12 million from AGSA respectively. vi. Dividends – see note 14. vii. Other related party transactions – the table below reflects the following related party transactions recorded through invested capital in the three months ended March 31, 2021: Three months ended March 31, 2021 $'m Net cash received from Ardagh 206 Tax offset in invested capital (34) Other changes in intercompany balances 4 176 There were no other related party transactions in the three and six months ended June 30, 2022. |
Other reserves
Other reserves | 6 Months Ended |
Jun. 30, 2022 | |
Other reserves. | |
Other reserves | 16. Other reserves Foreign currency translation reserve Cash flow hedge reserve Other reserves Total other reserves $'m $'m $'m $'m At January 1, 2021 (32) 17 — (15) Total other comprehensive income for the period pre AMP Transfer 14 41 — 55 Hedging gains transferred to cost of inventory pre AMP Transfer — (6) — (6) Capital contribution — — 113 113 AMP Transfer — — (5,924) (5,924) Total other comprehensive income for the period post AMP Transfer (13) 50 — 37 Hedging gains transferred to cost of inventory post AMP Transfer — (17) — (17) At June 30, 2021 (31) 85 (5,811) (5,757) At January 1, 2022 (28) 82 (5,647) (5,593) Total other comprehensive income for the period 2 47 — 49 Hedging gains transferred to cost of inventory — (72) — (72) At June 30, 2022 (26) 57 (5,647) (5,616) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Contingencies | |
Contingencies | 17. Contingencies Environmental issues AMP 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 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 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 The Group is involved in certain 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 . |
Seasonality of operations
Seasonality of operations | 6 Months Ended |
Jun. 30, 2022 | |
Seasonality of operations | |
Seasonality of operations | 18. Seasonality of operations The Group’s revenue and cash flows are both subject to seasonal fluctuations, with the Group generally building inventories in anticipation of these seasonal demands resulting in working capital requirements typically being the greatest at the end of the first quarter of the year. The demand for our metal beverage products is strongest during spells of warm weather and therefore demand typically peaks during the summer months, as well as in the period leading up to holidays in December. The Group manages the seasonality of working capital principally by supplementing operating cash flows with drawings under our Global Asset Based Loan Facility. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2022 | |
Events after the reporting period | |
Events after the reporting period | 19. Events after the reporting period At the AMP extraordinary general meeting of shareholders held on July 8, 2022, AMP’s shareholders approved a resolution to amend AMP’s articles of association to create preferred shares. Following shareholder approval of this resolution, on July 8, 2022, AMP issued 56,306,306 non-convertible, non-voting 9% preferred shares of nominal value of €4.44 per preferred share to AGSA for €250 million (approximately $260 million). Since June 30, 2022, the Company has repurchased circa 2 million additional shares returning approximately $12 million to shareholders. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of significant accounting policies | |
Basis of preparation | Basis of preparation The unaudited consolidated interim financial statements of the Group for the three and six months ended June 30, 2022 and 2021, have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The unaudited consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Annual Report for the year ended December 31, 2021 which was prepared in accordance with International Financial Reporting Standards (“IFRS”). The unaudited consolidated interim financial statements are presented in U.S. dollar rounded to the nearest million. The functional currency of the Company is euro. Income tax in interim periods is accrued using the effective tax rate expected to be applied to annual earnings. The accounting policies, presentation and methods of computation followed in the unaudited consolidated interim financial statements are consistent with those applied in the Group’s latest Annual Report. Basis of preparation prior to the AMP Transfer For the periods prior to the “AMP Transfer” (AMP Transfer references to a series of transactions pursuant to the Transfer Agreement in connection with the Business Combination effected by AGSA on April 1, 2021, as further explained in the Annual Report for the year ended December 31, 2021), the unaudited combined interim financial statements have been prepared on a carve-out basis from the consolidated financial statements of Ardagh Group S.A. (“Ardagh” or “AGSA”), to represent the financial position and performance of the AMP Business (“the Business”) as if the Business had existed on a stand-alone basis for the three months ended March 31, 2021 for the unaudited consolidated interim income statement, statement of comprehensive income and statement of cash flows. However, those unaudited combined interim financial statements are not necessarily indicative of the results that would have occurred if the Business had been a stand-alone entity during the period presented. Corporate center costs of $9 million for the three months ended March 31, 2021, which were allocated by Ardagh primarily based on Adjusted EBITDA, have been included in selling, general and administration (“SGA”) expenses with settlement of these costs recorded within invested capital. The allocations reflected all the costs of doing business and management believes that the allocations were reasonable and materially reflected what the expenses would have been on a stand-alone basis. These costs reflected the arrangements that existed in Ardagh and are not necessarily representative of costs that may arise in the future. For information relating to corporate center costs in the three and six months ended June 30, 2022, from Ardagh to AMP and included within SGA expenses, see note 15. Basis of preparation after the AMP Transfer For the periods subsequent to the AMP Transfer, effective on April 1, 2021, unaudited consolidated financial statements have been prepared for the Group as a stand-alone business. |
Recent changes in accounting pronouncements | Recent changes in accounting pronouncements The impact of new standards, amendments to existing standards and interpretations issued and effective for annual periods beginning on or after January 1, 2022 have been assessed by the Directors. No new standards or amendments to existing standards effective January 1, 2022 have had or are expected to have a material impact for the Group. The Directors’ 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 interim financial statements is on-going. |
Segment analysis (Tables)
Segment analysis (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment analysis | |
Schedule of reconciliation of (loss)/profit for the year to Adjusted EBITDA | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Profit/(loss) for the period 100 26 157 (48) Income tax charge 12 27 19 10 Net finance (income)/expense (40) 22 (63) 171 Depreciation and amortization 89 86 175 170 Exceptional operating items 20 12 38 18 Adjusted EBITDA 181 173 326 321 |
Schedule of segment results | Segment results for the three months ended June 30, 2022 and 2021 are: Revenue Adjusted EBITDA 2022 2021 2022 2021 $'m $'m $'m $'m Europe 533 464 61 85 Americas 770 527 120 88 Group 1,303 991 181 173 Segment results for the six months ended June 30, 2022 and 2021 are: Revenue Adjusted EBITDA 2022 2021 2022 2021 $'m $'m $'m $'m Europe 1,032 900 117 151 Americas 1,408 1,030 209 170 Group 2,440 1,930 326 321 |
Schedule of disaggregation of revenue | The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2022: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 530 2 1 533 Americas – 597 173 770 Group 530 599 174 1,303 The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2021: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 461 1 2 464 Americas – 434 93 527 Group 461 435 95 991 The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2022: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 1,025 4 3 1,032 Americas – 1,116 292 1,408 Group 1,025 1,120 295 2,440 The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2021: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 894 2 4 900 Americas – 832 198 1,030 Group 894 834 202 1,930 The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Over time 1,036 763 1,950 1,487 Point in time 267 228 490 443 Group 1,303 991 2,440 1,930 |
Exceptional items (Tables)
Exceptional items (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Exceptional items | |
Schedule of exceptional items | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Start-up related and other costs 16 5 30 8 Exceptional items – cost of sales 16 5 30 8 Transaction-related and other costs 4 7 8 10 Exceptional items – SGA expenses 4 7 8 10 Exceptional finance (income)/expense (74) (6) (125) 51 Exceptional items – finance (income)/expense (74) (6) (125) 51 Exceptional income tax (credit)/charge (4) 1 (6) (9) Total exceptional items, net of tax (58) 7 (93) 60 |
Net finance (income) expense (T
Net finance (income) expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Net finance (income)/expense | |
Schedule of net finance expense | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Senior Secured Green and Senior Green Notes 25 24 48 24 Interest on related party borrowings – – – 43 Net pension interest costs 1 1 2 2 Foreign currency translation losses 3 1 4 45 Gains on derivative financial instruments – (1) – – Other net finance expense 5 3 8 6 Net finance expense before exceptional items 34 28 62 120 Exceptional finance (income)/expense (note 5) (74) (6) (125) 51 Net finance (income)/expense (40) 22 (63) 171 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share | |
Schedule of basic earnings per share | Three months ended June 30, Six months ended June 30, 2022 2021 (i) 2022 2021 (i) $'m $'m $'m $'m Profit/(loss) attributable to equity holders 100 26 157 (48) Weighted average number of common shares for EPS (millions) (ii) 603.3 493.8 603.3 493.8 Earnings/(loss) per share $ 0.17 $ 0.05 $ 0.26 $ (0.10) |
Intangible assets and propert_2
Intangible assets and property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Intangible assets and property, plant and equipment | |
Schedule of intangibles | Property, Intangible plant and assets equipment $'m $'m Net book value at January 1, 2022 1,662 1,842 Additions 3 378 Acquisition * 1 – Disposals – (1) Charge for the period (71) (104) Foreign exchange (82) (68) Net book value at June 30, 2022 1,513 2,047 * During the six months ended June 30, 2022, additional fair value adjustments to customer relationships and goodwill, net of deferred tax, were made in relation to the net assets acquired as part of the business combination with Hart Print which was acquired in November 2021. |
Schedule of property, plant and equipment | Property, Intangible plant and assets equipment $'m $'m Net book value at January 1, 2022 1,662 1,842 Additions 3 378 Acquisition * 1 – Disposals – (1) Charge for the period (71) (104) Foreign exchange (82) (68) Net book value at June 30, 2022 1,513 2,047 * During the six months ended June 30, 2022, additional fair value adjustments to customer relationships and goodwill, net of deferred tax, were made in relation to the net assets acquired as part of the business combination with Hart Print which was acquired in November 2021. |
Equity share capital and shar_2
Equity share capital and share premium (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity share capital and share premium | |
Schedule of share capital and share premium | Total shares (par value €0.01 ) Total share capital Total share premium (million) $'m $'m At December 31, 2021 and at June 30, 2022 603 7 5,992 |
Financial assets and liabilit_2
Financial assets and liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial assets and liabilities | |
Schedule of business net debt | Maximum Final amount maturity Facility Available Facility Currency drawable date type Amount drawn liquidity Local Local currency currency $'m $'m m m 2.000% Senior Secured Green Notes EUR 450 01-Sep-28 Bullet 450 467 – 3.250% Senior Secured Green Notes USD 600 01-Sep-28 Bullet 600 600 – 6.000% Senior Secured Green Notes USD 600 15-Jun-27 Bullet 600 600 – 3.000% Senior Green Notes EUR 500 01-Sep-29 Bullet 500 519 – 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 – Global Asset Based Loan Facility USD 325 06-Aug-26 Revolving – – 325 Lease obligations Various – – Amortizing – 231 – Other borrowings Various – Rolling Amortizing – 16 – Total borrowings 3,483 325 Deferred debt issue costs (39) – Net borrowings 3,444 325 Cash and cash equivalents (436) 436 Net debt / available liquidity 3,008 761 Maximum Final amount maturity Facility Available Facility Currency drawable date type Amount drawn liquidity Local Local currency currency $'m $'m m m 2.000% Senior Secured Green Notes EUR 450 01-Sep-28 Bullet 450 510 – 3.250% Senior Secured Green Notes USD 600 01-Sep-28 Bullet 600 600 – 3.000% Senior Green Notes EUR 500 01-Sep-29 Bullet 500 566 – 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 – Global Asset Based Loan Facility USD 325 06-Aug-26 Revolving – – 325 Lease obligations Various – – Amortizing – 182 – Other borrowings Various – Rolling Amortizing – 19 – Total borrowings 2,927 325 Deferred debt issue costs (40) – Net borrowings 2,887 325 Cash and cash equivalents (463) 463 Net debt / available liquidity 2,424 788 |
Schedule of maturity analysis of borrowings | At June 30, At December 31, 2022 2021 $'m $'m Within one year or on demand 49 56 Between one and three years 72 55 Between three and five years 672 59 Greater than five years 2,690 2,757 Total borrowings 3,483 2,927 Deferred debt issue costs (39) (40) Net borrowings 3,444 2,887 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other liabilities and provisions | |
Schedule of other liabilities and provisions | At June 30, At December 31, 2022 2021 $'m $'m Other liabilities Non-current 179 325 Provisions Current 14 10 Non-current 16 18 209 353 |
Cash (used in) operating acti_2
Cash (used in) operating activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash (used in) operating activities | |
Summary of cash (used in) operating activities | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Profit/(loss) for the period 100 26 157 (48) Income tax charge 12 27 19 10 Net finance (income)/expense (40) 22 (63) 171 Depreciation and amortization 89 86 175 170 Exceptional operating items 20 12 38 18 Movement in working capital (70) (1) (395) (170) Transaction-related, start-up and other exceptional costs paid (19) (8) (33) (14) Exceptional restructuring paid (1) — (1) — Cash generated from/(used in) operations 91 164 (103) 137 |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Dividends | |
Summary of dividends | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 $'m $'m $'m $'m Cash dividends on common shares paid: Interim dividend for 2022: $0.10 per share 60 – 60 – Interim dividend for 2022: $0.10 per share 61 – 61 – 121 – 121 – |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related party transactions | |
Summary of other related party transactions | Three months ended March 31, 2021 $'m Net cash received from Ardagh 206 Tax offset in invested capital (34) Other changes in intercompany balances 4 176 |
Other reserves (Tables)
Other reserves (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other reserves. | |
Summary of other reserves | Foreign currency translation reserve Cash flow hedge reserve Other reserves Total other reserves $'m $'m $'m $'m At January 1, 2021 (32) 17 — (15) Total other comprehensive income for the period pre AMP Transfer 14 41 — 55 Hedging gains transferred to cost of inventory pre AMP Transfer — (6) — (6) Capital contribution — — 113 113 AMP Transfer — — (5,924) (5,924) Total other comprehensive income for the period post AMP Transfer (13) 50 — 37 Hedging gains transferred to cost of inventory post AMP Transfer — (17) — (17) At June 30, 2021 (31) 85 (5,811) (5,757) At January 1, 2022 (28) 82 (5,647) (5,593) Total other comprehensive income for the period 2 47 — 49 Hedging gains transferred to cost of inventory — (72) — (72) At June 30, 2022 (26) 57 (5,647) (5,616) |
General information (Details)
General information (Details) | Jun. 30, 2022 employee facility |
General information | |
Number of production facilities operated | facility | 24 |
Number of employees | employee | 5,800 |
Summary of significant accoun_3
Summary of significant accounting policies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021 USD ($) | |
Summary of significant accounting policies | |
Allocated corporate center costs | $ 9 |
Segment analysis (Details)
Segment analysis (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment analysis | ||||
Number of operating segments. | segment | 2 | |||
Number of reportable segments | segment | 2 | |||
Profit/(loss) for the period | $ 100 | $ 26 | $ 157 | $ (48) |
Income tax charge | 12 | 27 | 19 | 10 |
Net finance (income)/expense | (40) | 22 | (63) | 171 |
Depreciation and amortization | 89 | 86 | 175 | 170 |
Exceptional operating items | 20 | 12 | 38 | 18 |
Adjusted EBITDA | $ 181 | $ 173 | $ 326 | $ 321 |
Segment analysis - Segment Resu
Segment analysis - Segment Results (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) customer | Jun. 30, 2021 USD ($) customer | |
Segment analysis | ||||
Revenue | $ 1,303 | $ 991 | $ 2,440 | $ 1,930 |
Adjusted EBITDA | 181 | 173 | $ 326 | $ 321 |
Number of customers accounting for greater than 10% of revenue | customer | 1 | 1 | ||
Europe | ||||
Segment analysis | ||||
Revenue | 533 | 464 | $ 1,032 | $ 900 |
Adjusted EBITDA | 61 | 85 | 117 | 151 |
Americas | ||||
Segment analysis | ||||
Revenue | 770 | 527 | 1,408 | 1,030 |
Adjusted EBITDA | $ 120 | $ 88 | $ 209 | $ 170 |
Segment analysis - Disaggregati
Segment analysis - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment analysis | ||||
Revenue | $ 1,303 | $ 991 | $ 2,440 | $ 1,930 |
Europe | ||||
Segment analysis | ||||
Revenue | 533 | 464 | 1,032 | 900 |
Americas | ||||
Segment analysis | ||||
Revenue | 770 | 527 | 1,408 | 1,030 |
Europe | ||||
Segment analysis | ||||
Revenue | 530 | 461 | 1,025 | 894 |
Europe | Europe | ||||
Segment analysis | ||||
Revenue | 530 | 461 | 1,025 | 894 |
North America | ||||
Segment analysis | ||||
Revenue | 599 | 435 | 1,120 | 834 |
North America | Europe | ||||
Segment analysis | ||||
Revenue | 2 | 1 | 4 | 2 |
North America | Americas | ||||
Segment analysis | ||||
Revenue | 597 | 434 | 1,116 | 832 |
Rest of the world | ||||
Segment analysis | ||||
Revenue | 174 | 95 | 295 | 202 |
Rest of the world | Europe | ||||
Segment analysis | ||||
Revenue | 1 | 2 | 3 | 4 |
Rest of the world | Americas | ||||
Segment analysis | ||||
Revenue | 173 | 93 | 292 | 198 |
Over time | ||||
Segment analysis | ||||
Revenue | 1,036 | 763 | 1,950 | 1,487 |
Point in time | ||||
Segment analysis | ||||
Revenue | $ 267 | $ 228 | $ 490 | $ 443 |
Exceptional items (Details)
Exceptional items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Exceptional items | ||||
Cost of sales | $ 1,139 | $ 826 | $ 2,139 | $ 1,616 |
Sales, general and administration expenses | 57 | 51 | 117 | 103 |
Net finance (income)/expense | (40) | 22 | (63) | 171 |
Exceptional income tax charge/(credit) | 12 | 27 | 19 | 10 |
Exceptional items. | ||||
Exceptional items | ||||
Start-up related and other costs | 16 | 5 | 30 | 8 |
Cost of sales | 16 | 5 | 30 | 8 |
Transaction related and other costs | 4 | 7 | 8 | 10 |
Sales, general and administration expenses | 4 | 7 | 8 | 10 |
Net finance (income)/expense | (74) | (6) | (125) | 51 |
Exceptional income tax charge/(credit) | (4) | 1 | (6) | (9) |
Total exceptional items, net of tax | $ (58) | $ 7 | $ (93) | $ 60 |
Exceptional items - Additional
Exceptional items - Additional information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Exceptional items | |||||
Foreign exchange gain (loss) | $ (3) | $ (1) | $ (4) | $ (45) | |
Net finance (income)/expense | (40) | 22 | (63) | 171 | |
Exceptional income tax charge/(credit) | 12 | 27 | 19 | 10 | |
Exceptional items. | |||||
Exceptional items | |||||
Exceptional operating items, after tax | (58) | 7 | (93) | 60 | |
Start-up related and other costs | 16 | 5 | 30 | 8 | |
Transaction related and other costs | 4 | 7 | 8 | 10 | |
Net gains (losses) on financial liabilities fair value movement and foreign exchange differences | (9) | ||||
Gain on movement in fair market values | 146 | ||||
Net finance (income)/expense | (74) | (6) | (125) | 51 | |
Exceptional income tax charge/(credit) | $ (4) | $ 1 | (6) | (9) | |
Redemption premiums and issuance costs on related party borrowing | 52 | ||||
Interest expense on notes issuance | $ 5 | ||||
Income tax benefit | 6 | 9 | |||
Exceptional items. | Promissory Note | |||||
Exceptional items | |||||
Foreign exchange gain (loss) | (21) | 15 | |||
Americas | Exceptional items. | |||||
Exceptional items | |||||
Start-up related and other costs | 14 | 5 | |||
Europe | Exceptional items. | |||||
Exceptional items | |||||
Start-up related and other costs | $ 16 | $ 3 |
Net finance (income) expense (D
Net finance (income) expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net finance (income)/expense | ||||
Senior Secured and Senior Notes | $ 25 | $ 24 | $ 48 | $ 24 |
Interest on related party borrowings | 43 | |||
Net pension interest costs | 1 | 1 | 2 | 2 |
Foreign currency translation losses | 3 | 1 | 4 | 45 |
Gains on derivative financial instruments | (1) | |||
Other net finance expense | 5 | 3 | 8 | 6 |
Net finance expense before exceptional items | 34 | 28 | 62 | 120 |
Exceptional finance (income)/expense (note 5) | (74) | (6) | (125) | 51 |
Net finance (income)/expense | $ (40) | $ 22 | $ (63) | $ 171 |
Earnings per share - EPS Data (
Earnings per share - EPS Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per share | ||||
Profit/(loss) attributable to equity holders | $ 100 | $ 26 | $ 157 | $ (48) |
Weighted average number of common shares for EPS (millions) | 603.3 | 493.8 | 603.3 | 493.8 |
Earnings/(loss) per share - Basic | $ 0.17 | $ 0.05 | $ 0.26 | $ (0.10) |
Earnings/(loss) per share - Diluted | $ 0.17 | $ 0.05 | $ 0.26 | $ (0.10) |
Dilutive potential shares | 0 | 0 | 0 | 0 |
Earnings per share - Additional
Earnings per share - Additional information (Details) - € / shares | Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Earnings per share | |||
Par value per share | € 0.01 | € 0.01 | € 0.01 |
AGSA | |||
Earnings per share | |||
Number of shares issued | 493,763,520 |
Intangible assets and propert_3
Intangible assets and property, plant and equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Intangible assets | ||
Beginning balance | $ 1,662 | |
Additions | 3 | |
Acquisition | 1 | |
Charge for the period | (71) | |
Foreign exchange | (82) | |
Ending balance | 1,513 | |
Property, plant and equipment | ||
Beginning balance | 1,842 | |
Additions | 378 | |
Disposals | (1) | |
Charge for the period | (104) | $ (92) |
Foreign exchange | (68) | |
Ending balance | $ 2,047 |
Intangible assets and propert_4
Intangible assets and property, plant and equipment - Additional information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Intangible assets and property, plant and equipment | |||
Goodwill. | $ 962 | $ 1,010 | |
Depreciation, right-of-use assets | 26 | $ 19 | |
Right-of-use assets. | 226 | $ 179 | |
Depreciation, property, plant and equipment | $ 104 | $ 92 |
Equity share capital and shar_3
Equity share capital and share premium (Details) $ in Millions | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 € / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 € / shares | Jun. 30, 2021 USD ($) | Mar. 31, 2021 € / shares | Dec. 31, 2020 USD ($) | |
Issued capital and share premium | |||||||
Total shares | shares | 603,000,000 | 603,000,000 | |||||
Total shares capital / premium | $ 333 | $ 286 | $ (740) | $ 48 | |||
Par value | € / shares | € 0.01 | € 0.01 | € 0.01 | ||||
Shares repurchased | shares | 443,450 | 0 | |||||
Purchase of treasury shares | $ 3 | ||||||
Equity share capital | |||||||
Issued capital and share premium | |||||||
Total shares capital / premium | 7 | $ 7 | 6 | ||||
Share premium | |||||||
Issued capital and share premium | |||||||
Total shares capital / premium | $ 5,992 | $ 5,992 | $ 4,982 |
Financial assets and liabilit_3
Financial assets and liabilities - Net debt and available liquidity (Details) € in Millions, $ in Millions | Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 08, 2022 | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Financial assets and liabilities | |||||||||
Maximum amount drawable | $ 325 | ||||||||
Amount drawn | 3,483 | $ 2,927 | |||||||
Available liquidity | 325 | 325 | |||||||
Deferred debt issue costs | (39) | (40) | |||||||
Net borrowings | 3,444 | 2,887 | |||||||
Cash and cash equivalents | (436) | $ (225) | (463) | $ (587) | $ (130) | $ (257) | |||
Net debt | 3,008 | 2,424 | |||||||
Total Available Liquidity | 761 | 788 | |||||||
Borrowings [Member] | |||||||||
Financial assets and liabilities | |||||||||
Fair Value | 2,694 | 2,701 | |||||||
2.000% Senior Secured Green Notes | |||||||||
Financial assets and liabilities | |||||||||
Maximum amount drawable - Notes | € | € 450 | € 450 | |||||||
Amount drawn | $ 467 | € 450 | $ 510 | € 450 | |||||
Stated interest rate | 2% | 2% | 2% | 2% | |||||
3.250% Senior Secured Green Notes | |||||||||
Financial assets and liabilities | |||||||||
Maximum amount drawable - Notes | $ 600 | $ 600 | |||||||
Amount drawn | $ 600 | $ 600 | |||||||
Stated interest rate | 3.25% | 3.25% | 3.25% | 3.25% | |||||
6.000% Senior Secured Green Notes | |||||||||
Financial assets and liabilities | |||||||||
Maximum amount drawable - Notes | $ 600 | ||||||||
Amount drawn | $ 600 | ||||||||
Stated interest rate | 6% | 6% | 6% | ||||||
3.000% Senior Green Notes | |||||||||
Financial assets and liabilities | |||||||||
Maximum amount drawable - Notes | € | € 500 | € 500 | |||||||
Amount drawn | $ 519 | € 500 | $ 566 | € 500 | |||||
Stated interest rate | 3% | 3% | 3% | 3% | |||||
4.000% Senior Green Notes | |||||||||
Financial assets and liabilities | |||||||||
Maximum amount drawable - Notes | $ 1,050 | $ 1,050 | |||||||
Amount drawn | $ 1,050 | $ 1,050 | |||||||
Stated interest rate | 4% | 4% | 4% | 4% | |||||
Global Asset Based Loan Facility | |||||||||
Financial assets and liabilities | |||||||||
Maximum amount drawable - Notes | $ 325 | $ 325 | |||||||
Available liquidity | $ 325 | 325 | |||||||
Draw percentage threshold which, when exceeded, will trigger a fixed charge coverage covenant | 90% | 90% | |||||||
Lease obligations | |||||||||
Financial assets and liabilities | |||||||||
Amount drawn | $ 231 | 182 | |||||||
Other borrowings | |||||||||
Financial assets and liabilities | |||||||||
Amount drawn | $ 16 | $ 19 |
Financial assets and liabilit_4
Financial assets and liabilities - Maturity profile of the Business' borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financial liabilities | ||
Total borrowings | $ 3,483 | $ 2,927 |
Deferred debt issue costs | (39) | (40) |
Net borrowings | 3,444 | 2,887 |
Within one year or on demand | ||
Financial liabilities | ||
Total borrowings | 49 | 56 |
Between one and three years | ||
Financial liabilities | ||
Total borrowings | 72 | 55 |
Between three and five years | ||
Financial liabilities | ||
Total borrowings | 672 | 59 |
Greater than five years | ||
Financial liabilities | ||
Total borrowings | $ 2,690 | $ 2,757 |
Financial assets and liabilit_5
Financial assets and liabilities - Financing activity (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 08, 2022 | Dec. 31, 2021 | |
Financial assets and liabilities | |||
Maximum amount drawable | $ 325 | ||
Lease obligations | 231 | $ 182 | |
New lease liabilities incurred during the year | 75 | ||
Payments of lease liabilities and foreign currency movements | $ 26 | ||
6.000% Senior Secured Green Notes | |||
Financial assets and liabilities | |||
Issuance of notes | $ 600 | ||
Stated interest rate | 6% | 6% |
Financial assets and liabilit_6
Financial assets and liabilities - Derivative financial instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Forward foreign exchange contracts | ||||
Financial assets and liabilities | ||||
Cash gain (loss) on hedging recognized | $ 16 | $ (1) | $ 26 | $ (1) |
Employee benefit obligations (D
Employee benefit obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee benefit obligations. | ||||
Re-measurement gain on employee benefit obligations | $ 24 | $ 1 | $ 52 | $ 16 |
Increase (decrease) in benefit liability (asset) resulting from re-measurement | (83) | 12 | (147) | (38) |
Increase (decrease) resulting from decrease in assets valuation | $ (59) | $ 13 | $ (95) | $ (22) |
Other liabilities and provisi_3
Other liabilities and provisions - Classification (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other liabilities and provisions | ||
Other non-current liabilities | $ 179 | $ 325 |
Current Provisions | 14 | 10 |
Non-current Provisions | 16 | 18 |
Other liabilities and provisions | $ 209 | $ 353 |
Other liabilities and provisi_4
Other liabilities and provisions (Details) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | |||
Aug. 04, 2021 $ / shares | Apr. 01, 2021 shares | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Earnout Shares | ||||
Other liabilities and provisions | ||||
Period over which Earnout Shares are to be issued | 5 years | |||
Period following merger after which earnout shares issue period begins | 180 days | |||
Earnout Shares | Maximum | ||||
Other liabilities and provisions | ||||
Shares issued under contingent earn out liability | shares | 60,730 | |||
Earnout Shares | Other Liabilities | ||||
Other liabilities and provisions | ||||
Liabilities, fair value | $ 162 | $ 292 | ||
Earnout Shares | Option Pricing | Volatility for shares, measurement input | ||||
Other liabilities and provisions | ||||
Valuation assumption | 50 | 34 | ||
Percentage of reasonably possible increase in unobservable input | 5% | |||
Percentage of reasonably possible decrease in unobservable input | 5% | |||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input | $ 21 | |||
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input | $ (21) | |||
Earnout Shares | Option Pricing | Market Implied Dividend Yield Measurement Input | Other Liabilities | ||||
Other liabilities and provisions | ||||
Percentage of reasonably possible increase in unobservable input | 1% | |||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input | $ (8) | |||
Earnout Shares | Year 1 | ||||
Other liabilities and provisions | ||||
Value per share of Earnout Shares | $ / shares | $ 13 | |||
Earnout Shares | Year 2 | ||||
Other liabilities and provisions | ||||
Value per share of Earnout Shares | $ / shares | 15 | |||
Earnout Shares | Year 3 | ||||
Other liabilities and provisions | ||||
Value per share of Earnout Shares | $ / shares | 16.50 | |||
Earnout Shares | Year 4 | ||||
Other liabilities and provisions | ||||
Value per share of Earnout Shares | $ / shares | 18 | |||
Earnout Shares | Year 5 | ||||
Other liabilities and provisions | ||||
Value per share of Earnout Shares | $ / shares | 19.50 | |||
AMP Private Warrants | ||||
Other liabilities and provisions | ||||
Exercise price of warrants | $ / shares | $ 11.50 | |||
Warrant exercise period | 5 years | |||
AMP Private Warrants | Other Liabilities | ||||
Other liabilities and provisions | ||||
Warrant liability | $ 17 | $ 33 | ||
AMP Private Warrants | Option Pricing | Volatility for shares, measurement input | ||||
Other liabilities and provisions | ||||
Valuation assumption | 50 | 34 | ||
Percentage of reasonably possible increase in unobservable input | 5% | |||
Percentage of reasonably possible decrease in unobservable input | 5% | |||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input | $ 1 | |||
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input | $ (1) | |||
AMP Private Warrants | Option Pricing | Market Implied Dividend Yield Measurement Input | ||||
Other liabilities and provisions | ||||
Percentage of reasonably possible increase in unobservable input | 1% |
Cash (used in) operating acti_3
Cash (used in) operating activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash (used in) operating activities | ||||
Profit/(loss) for the period | $ 100 | $ 26 | $ 157 | $ (48) |
Income tax charge | 12 | 27 | 19 | 10 |
Net finance (income)/expense | (40) | 22 | (63) | 171 |
Depreciation and amortization | 89 | 86 | 175 | 170 |
Exceptional operating items | 20 | 12 | 38 | 18 |
Movement in working capital | (70) | (1) | (395) | (170) |
Transaction-related, start-up and other exceptional costs paid | (19) | (8) | (33) | (14) |
Exceptional restructuring paid | (1) | (1) | ||
Cash generated from/(used in) operations | $ 91 | $ 164 | $ (103) | $ 137 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2022 | Jun. 01, 2022 | Apr. 26, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Cash dividends on common shares paid: | |||||
Interim dividend for 2022: $0.10 per share, Dividend one | $ 60 | $ 60 | $ 60 | ||
Interim dividend for 2022: $0.10 per share, Dividend two | $ 61 | 61 | 61 | ||
Cash dividends on common shares paid | $ 121 | $ 121 | |||
Cash dividends per common share declared | $ 0.10 | $ 0.10 | |||
Cash dividend paid per common share, Dividend one | $ 0.10 | ||||
Cash dividend paid per common share, Dividend two | $ 0.10 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | |
Other related party transactions | |||
Net cash received from Ardagh | $ 206 | ||
Tax offset in invested capital | (34) | ||
Other changes in intercompany balances | 4 | ||
Other related party transactions | $ 0 | $ 176 | $ 0 |
AGSA | |||
Related party borrowings and receivables | |||
Transaction and other costs reimbursed | 1 | 12 | |
AGSA | Selling, general and administrative expenses | |||
Related party borrowings and receivables | |||
Corporate and business unit services | $ 9 | $ 19 |
Other reserves (Details)
Other reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance at beginning of the period | $ 286 | $ 48 | ||
Total other comprehensive income for the period pre AMP Transfer | 66 | |||
Capital contribution | 113 | |||
AMP Transfer | (1,112) | |||
Total other comprehensive income for the period post AMP transfer | 40 | |||
Hedging gains transferred to cost of inventory post AMP transfer | (17) | |||
Total other comprehensive income for the year | $ (16) | $ 40 | 86 | 106 |
Hedging gains or losses transferred to cost of inventory | (72) | |||
Balance at end of the period | 333 | (740) | 333 | (740) |
Other reserves | ||||
Balance at beginning of the period | (5,593) | (15) | ||
Total other comprehensive income for the period pre AMP Transfer | 55 | |||
Hedging gains transferred to cost of inventory pre AMP Transfer | (6) | |||
Capital contribution | 113 | |||
AMP Transfer | (5,924) | |||
Total other comprehensive income for the period post AMP transfer | 37 | |||
Hedging gains transferred to cost of inventory post AMP transfer | (17) | |||
Total other comprehensive income for the year | 49 | |||
Hedging gains or losses transferred to cost of inventory | (72) | |||
Balance at end of the period | (5,616) | (5,757) | (5,616) | (5,757) |
Foreign currency translation reserve | ||||
Balance at beginning of the period | (28) | (32) | ||
Total other comprehensive income for the period pre AMP Transfer | 14 | |||
Total other comprehensive income for the period post AMP transfer | (13) | |||
Total other comprehensive income for the year | 2 | |||
Balance at end of the period | (26) | (31) | (26) | (31) |
Cash flow hedges reserve | ||||
Balance at beginning of the period | 82 | 17 | ||
Total other comprehensive income for the period pre AMP Transfer | 41 | |||
Hedging gains transferred to cost of inventory pre AMP Transfer | (6) | |||
Total other comprehensive income for the period post AMP transfer | 50 | |||
Hedging gains transferred to cost of inventory post AMP transfer | (17) | |||
Total other comprehensive income for the year | 47 | |||
Hedging gains or losses transferred to cost of inventory | (72) | |||
Balance at end of the period | 57 | 85 | 57 | 85 |
Other reserve | ||||
Balance at beginning of the period | (5,647) | |||
Capital contribution | 113 | |||
AMP Transfer | (5,924) | |||
Balance at end of the period | $ (5,647) | $ (5,811) | $ (5,647) | $ (5,811) |
Events after the reporting pe_2
Events after the reporting period (Details) € / shares in Units, € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 08, 2022 USD ($) shares | Jul. 08, 2022 EUR (€) € / shares shares | Jul. 28, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proceeds from issuance of debt | $ | $ 600 | $ 2,766 | $ 700 | $ 2,766 | ||||
Shares repurchased | shares | 443,450 | 443,450 | 0 | |||||
Purchase of treasury shares | $ | $ 3 | |||||||
Issuance of preferred shares | Preferred shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares issued | shares | 56,306,306 | 56,306,306 | ||||||
Preferred shares stated dividend rate | 9% | 9% | ||||||
Price per share | € / shares | € 4.44 | |||||||
Proceeds from share issuance | $ 260 | € 250 | ||||||
Share repurchase | Ordinary shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Shares repurchased | shares | 2,000,000 | |||||||
Purchase of treasury shares | $ | $ 12 |