Ardagh Metal Packaging (AMBP) 6-K28 Jul 22Index to the Unaudited Consolidated Interim Financial StatementsFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	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
General information	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
Statement of directors approval	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
Summary of significant accounting policies	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
Segment analysis	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
Exceptional items	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
Net finance (income) expense	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
Earnings per share	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
Intangible assets and property, plant and equipment	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
Equity share capital and share premium	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
Financial assets and liabilities	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
Employee benefit obligations	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
Other liabilities and provisions	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
Cash (used in) operating activities	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
Dividends	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
Related party transactions	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
Other reserves	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
Contingencies	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
Seasonality of operations	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
Events after the reporting period	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
Summary of significant accounting policies (Policies)	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
Segment analysis (Tables)	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
Exceptional items (Tables)	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
Net finance (income) expense (Tables)	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
Earnings per share (Tables)	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
Equity share capital and share premium (Tables)	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
Financial assets and liabilities (Tables)	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
Other liabilities and provisions (Tables)	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
Cash (used in) operating activities (Tables)	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
Dividends (Tables)	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
Related party transactions (Tables)	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
Other reserves (Tables)	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
Segment analysis (Details) $ in Millions	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
Segment analysis - Segment Results (Details) $ in Millions	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
Exceptional items (Details) - USD ($) $ in Millions	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
Other reserves (Details) - USD ($) $ in Millions	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