Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Entity Registrant Name | ARDAGH METAL PACKAGING S.A. |
Document Fiscal Year Focus | 2023 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | $ 1,255 | $ 1,303 | $ 2,386 | $ 2,440 |
Cost of sales | (1,146) | (1,139) | (2,164) | (2,139) |
Gross profit | 109 | 164 | 222 | 301 |
Sales, general and administration expenses | (63) | (57) | (128) | (117) |
Intangible amortization | (35) | (35) | (70) | (71) |
Operating profit | 11 | 72 | 24 | 113 |
Net finance (expense)/income | (23) | 40 | (46) | 63 |
(Loss)/profit before tax | (12) | 112 | (22) | 176 |
Income tax credit (charge) | 2 | (12) | 11 | (19) |
(Loss)/profit for the period | (10) | 100 | (11) | 157 |
(Loss)/profit attributable to: | ||||
Equity holders | $ (10) | $ 100 | $ (11) | $ 157 |
(Loss)/earnings per share: | ||||
Basic (loss)/earnings per share attributable to equity holders | $ (0.03) | $ 0.17 | $ (0.04) | $ 0.26 |
Diluted (loss)/earnings per share attributable to equity holders | $ (0.03) | $ 0.17 | $ (0.04) | $ 0.26 |
Before exceptional items | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | $ 1,255 | $ 1,303 | $ 2,386 | $ 2,440 |
Cost of sales | (1,109) | (1,123) | (2,117) | (2,109) |
Gross profit | 146 | 180 | 269 | 331 |
Sales, general and administration expenses | (60) | (53) | (116) | (109) |
Intangible amortization | (35) | (35) | (70) | (71) |
Operating profit | 51 | 92 | 83 | 151 |
Net finance (expense)/income | (49) | (34) | (99) | (62) |
(Loss)/profit before tax | 2 | 58 | (16) | 89 |
Income tax credit (charge) | (16) | 5 | (25) | |
(Loss)/profit for the period | 2 | 42 | (11) | 64 |
Exceptional items. | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Cost of sales | (37) | (16) | (47) | (30) |
Gross profit | (37) | (16) | (47) | (30) |
Sales, general and administration expenses | (3) | (4) | (12) | (8) |
Operating profit | (40) | (20) | (59) | (38) |
Net finance (expense)/income | 26 | 74 | 53 | 125 |
(Loss)/profit before tax | (14) | 54 | (6) | 87 |
Income tax credit (charge) | 2 | 4 | $ 6 | 6 |
(Loss)/profit for the period | $ (12) | $ 58 | $ 93 |
CONSOLIDATED INTERIM STATEMENT
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME | ||||
(Loss)/profit for the period | $ (10) | $ 100 | $ (11) | $ 157 |
Foreign currency translation adjustments: | ||||
-Arising in the period | 3 | 1 | 7 | 2 |
Foreign currency translation adjustments | 3 | 1 | 7 | 2 |
Effective portion of changes in fair value of cash flow hedges: | ||||
-New fair value adjustments into reserve | (33) | (49) | (59) | 40 |
-Movement out of reserve to income statement | 5 | 12 | ||
-Movement in deferred tax | 3 | 15 | 5 | 7 |
Effective portion of changes in fair value of cash flow hedges | (25) | (34) | (42) | 47 |
Items that will not be reclassified to income statement | ||||
Re-measurement of employee benefit obligations | (7) | 24 | (8) | 52 |
-Deferred tax movement on employee benefit obligations | 2 | (7) | 2 | (15) |
Total other comprehensive income that will not be reclassified to income statement | (5) | 17 | (6) | 37 |
Total other comprehensive (expense)/income for the period | (27) | (16) | (41) | 86 |
Total comprehensive (expense)/income for the period | (37) | 84 | (52) | 243 |
Attributable to: | ||||
Equity holders | $ (37) | $ 84 | $ (52) | $ 243 |
CONSOLIDATED INTERIM STATEMEN_2
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets | $ 1,431 | $ 1,473 |
Property, plant and equipment | 2,575 | 2,390 |
Derivative financial instruments | 2 | 9 |
Deferred tax assets | 75 | 54 |
Employee benefit assets | 20 | 27 |
Other non-current assets | 4 | 4 |
Non-current assets | 4,107 | 3,957 |
Current assets | ||
Inventories | 570 | 567 |
Trade and other receivables | 587 | 509 |
Contract assets | 270 | 239 |
Derivative financial instruments | 19 | 38 |
Cash, cash equivalents and restricted cash | 182 | 555 |
Total current assets | 1,628 | 1,908 |
TOTAL ASSETS | 5,735 | 5,865 |
Equity attributable to owners of the parent | ||
Equity share capital | 267 | 267 |
Share premium | 5,989 | 5,989 |
Other reserves | (5,692) | (5,657) |
Retained earnings | (292) | (144) |
Equity attributable to owners of parent | 272 | 455 |
Non-controlling interests | 5 | |
TOTAL EQUITY | 277 | 455 |
Non-current liabilities | ||
Borrowings | 3,611 | 3,524 |
Employee benefit obligations | 149 | 149 |
Derivative financial instruments | 41 | 17 |
Deferred tax liabilities | 146 | 158 |
Other liabilities and provisions | 49 | 98 |
Non-current liabilities | 3,996 | 3,946 |
Current liabilities | ||
Borrowings | 140 | 68 |
Interest payable | 14 | 13 |
Derivative financial instruments | 49 | 40 |
Trade and other payables | 1,199 | 1,298 |
Income tax payable | 33 | 35 |
Provisions | 27 | 10 |
Current liabilities | 1,462 | 1,464 |
TOTAL LIABILITIES | 5,458 | 5,410 |
TOTAL EQUITY and LIABILITIES | $ 5,735 | $ 5,865 |
CONSOLIDATED INTERIM STATEMEN_3
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Attributable to the owner of the parent | Share capital | Share premium | Treasury shares | Other reserves | Retained earnings | Non-controlling interests. | Total |
Balance at beginning of the period at Dec. 31, 2021 | $ 286 | $ 7 | $ 5,992 | $ (5,593) | $ (120) | $ 286 | ||
(Loss)/profit for the period | 157 | 157 | 157 | |||||
Other comprehensive income (expense) | 86 | 49 | 37 | 86 | ||||
Hedging gains transferred to cost of inventory | (72) | (72) | (72) | |||||
Shares acquired by AMPSA (Treasury shares) | (3) | $ (3) | (3) | |||||
Dividends | (121) | (121) | (121) | |||||
Balance at end of the period at Jun. 30, 2022 | 333 | 7 | 5,992 | $ (3) | (5,616) | (47) | 333 | |
Balance at beginning of the period at Dec. 31, 2022 | 455 | 267 | 5,989 | (5,657) | (144) | 455 | ||
(Loss)/profit for the period | (11) | (11) | (11) | |||||
Other comprehensive income (expense) | (41) | (35) | (6) | (41) | ||||
Hedging losses transferred to cost of inventory | 6 | 6 | 6 | |||||
Dividends | (131) | (131) | (131) | |||||
NOMOQ acquisition | (6) | (6) | $ 5 | (1) | ||||
Balance at end of the period at Jun. 30, 2023 | $ 272 | $ 267 | $ 5,989 | $ (5,692) | $ (292) | $ 5 | $ 277 |
CONSOLIDATED INTERIM STATEMEN_4
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Cash flows from/(used in) operating activities | |||||
Cash generated from/(used in) operations | $ 302 | $ 91 | $ 74 | $ (103) | |
Net interest paid | [1] | (74) | (48) | (82) | (51) |
Settlement of foreign currency derivative financial instruments | [1] | 1 | 20 | (11) | 30 |
Income tax paid | (6) | (8) | (15) | (15) | |
Cash flows from/(used in) operating activities | 223 | 55 | (34) | (139) | |
Cash flows used in investing activities | |||||
Purchase of property, plant and equipment and intangible assets | (96) | (169) | (222) | (286) | |
Net cash used in investing activities | (96) | (169) | (222) | (286) | |
Cash flows (used in)/received from financing activities | |||||
Proceeds from borrowings | 34 | 600 | 70 | 700 | |
Repayment of borrowings | (10) | (105) | (12) | (109) | |
Deferred debt issue costs paid | (1) | (4) | (2) | (6) | |
Lease payments | (22) | (13) | (38) | (26) | |
Dividends paid | (65) | (121) | (131) | (121) | |
Treasury shares purchased | (3) | (3) | |||
Other financing activities | (1) | (1) | |||
Net cash (used in)/received from financing activities | (64) | 353 | (113) | 434 | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 63 | 239 | (369) | 9 | |
Cash, cash equivalents and restricted cash at beginning of period | 124 | 225 | 555 | 463 | |
Foreign exchange losses on cash, cash equivalents and restricted cash | (5) | (28) | (4) | (36) | |
Cash, cash equivalents and restricted cash at end of period | $ 182 | $ 436 | $ 182 | $ 436 | |
[1] Prior year amounts which had been included in Interest paid previously have been reclassified to conform to the current year presentation. |
General information
General information | 6 Months Ended |
Jun. 30, 2023 | |
General information | |
General information | 1. General information Ardagh Metal Packaging S.A. (the “Company”) was incorporated in the Grand Duchy of Luxembourg on January 20, 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 6,300 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 and 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' approva
Statement of directors' approval | 6 Months Ended |
Jun. 30, 2023 | |
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 (the “Directors”) of the Company (the “Board”) on July 25, 2023. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022, 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, 2022 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. 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, 2023 have been assessed by the Directors. No new standards or amendments to existing standards effective January 1, 2023 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 , but is not expected to have a material impact for the Group . |
Segment analysis
Segment analysis | 6 Months Ended |
Jun. 30, 2023 | |
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 Board and Chief Financial Officer. 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 (loss)/profit for the period to Adjusted EBITDA Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m (Loss)/profit for the period (10) 100 (11) 157 Income tax (credit)/charge (2) 12 (11) 19 Net finance expense/(income) 23 (40) 46 (63) Depreciation and amortization 100 89 198 175 Exceptional operating items 40 20 59 38 Adjusted EBITDA 151 181 281 326 Segment results for the three months ended June 30, 2023 and 2022 are: Revenue Adjusted EBITDA 2023 2022 2023 2022 $'m $'m $'m $'m Europe 555 533 64 61 Americas 700 770 87 120 Group 1,255 1,303 151 181 Segment results for the six months ended June 30, 2023 and 2022 are: Revenue Adjusted EBITDA 2023 2022 2023 2022 $'m $'m $'m $'m Europe 1,041 1,032 113 117 Americas 1,345 1,408 168 209 Group 2,386 2,440 281 326 One customer accounted for greater than 10% of total Group revenue across both reportable segments in the three and six months ended June 30, 2023 (2022: 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, 2023: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 552 — 3 555 Americas — 608 92 700 Group 552 608 95 1,255 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 six months ended June 30, 2023: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 1,030 7 4 1,041 Americas — 1,150 195 1,345 Group 1,030 1,157 199 2,386 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 based on the timing of transfer of goods and services: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Over time 998 1,036 1,910 1,950 Point in time 257 267 476 490 Group 1,255 1,303 2,386 2,440 |
Exceptional items
Exceptional items | 6 Months Ended |
Jun. 30, 2023 | |
Exceptional items | |
Exceptional items | 5. Exceptional items Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Start-up related and other costs 11 16 21 30 Impairment - property, plant and equipment 11 — 11 — Restructuring costs 15 — 15 — Exceptional items – cost of sales 37 16 47 30 Transaction-related and other costs 3 4 12 8 Exceptional items – SG&A expenses 3 4 12 8 Exceptional net finance income (26) (74) (53) (125) Exceptional items – net finance income (26) (74) (53) (125) Exceptional income tax credit (2) (4) (6) (6) Total exceptional items, net of tax 12 (58) — (93) ss Exceptional items are those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence. 2023 Exceptional items of $6 million, before tax, have been recognized in the six months ended June 30, 2023, primarily comprising: ● $21 million start-up related and other costs in the Americas ( $14 million) and Europe ( $7 million), primarily relating to the Group’s investment programs. ● $11 million and $15 million relating to the impairment of property, plant and equipment and restructuring costs respectively, in Europe following the decision to close the remaining steel lines in the Weissenthurm production facility in Germany, completing the conversion to an aluminum only facility. ● $12 million transaction-related and other costs, comprised of a $6 million legal settlement in respect of a contract manufacturing agreement arising from Ardagh Group S.A.’s (“AGSA”) acquisition of the beverage can business and $6 million of professional advisory fees and other costs primarily in relation to transformation initiatives. ● $53 million net exceptional finance income primarily relates to a gain on movements in the fair market values on the Earnout Shares, Public Warrants and Private Warrants. ● Tax credits of $6 million have been incurred relating to the above exceptional items. 2022 Exceptional items of $87 million, before tax, 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 relates to professional advisory fees in relation to costs related 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 and Public and Private Warrants, partly offset by a foreign currency loss of $21 million thereon. ● Tax credits of $6 million have been incurred relating to the above exceptional items. |
Net finance expense_(income)
Net finance expense/(income) | 6 Months Ended |
Jun. 30, 2023 | |
Net finance expense/(income) | |
Net finance expense/(income) | 6. Net finance expense/(income) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Senior Secured Green and Senior Green Notes 33 25 66 48 Net pension interest costs 1 1 2 2 (Gains)/ losses on derivative financial instruments (1) — 3 — Foreign currency translation losses 2 3 4 4 Other net finance expense 14 5 24 8 Net finance expense before exceptional items 49 34 99 62 Exceptional finance income (note 5) (26) (74) (53) (125) Net finance expense/(income) 23 (40) 46 (63) |
(Loss)_earnings per share
(Loss)/earnings per share | 6 Months Ended |
Jun. 30, 2023 | |
(Loss)/earnings per share | |
(Loss)/earnings per share | 7. (Loss)/earnings per share Basic (loss)/earnings per share (“EPS”) is calculated by dividing the (loss)/profit for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period. The following table reflects the income statement (loss)/profit and share data used in the basic EPS calculations: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m (Loss)/profit attributable to equity holders as presented in the income statement (10) 100 (11) 157 Less: Dividend on preferred shares (see note 14) (6) — (12) — (Loss)/profit attributable to equity holders used in calculating earnings per share (16) 100 (23) 157 Weighted average number of ordinary shares for EPS (millions) 597.6 603.3 597.6 603.3 (Loss)/earnings per share $ (0.03) $ 0.17 $ (0.04) $ 0.26 Diluted (loss)/earnings per share is consistent with basic (loss)/earnings per share, as there are no dilutive potential shares during the periods presented above. Please refer to note 9 for details of any transactions involving the ordinary shares for the three and six months ended June 30, 2023. |
Intangible assets and property,
Intangible assets and property, plant and equipment | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 1,473 2,390 Additions 5 297 Acquisition 6 4 Disposals — (4) Impairment — (11) Charge for the period (70) (128) Foreign exchange 17 27 Net book value at June 30, 2023 1,431 2,575 In February 2023, the Group completed the acquisition of a majority share in NOMOQ AG (“NOMOQ”), a start-up digital can printer based in Zurich, Switzerland, for an initial consideration of €15 million, with a further €10 million payable in 2024, subject to NOMOQ achieving certain milestones. Net of €15 million cash acquired; the transaction did not result in a cash outflow for the Group. These consolidated financial statements include management’s preliminary estimate of the fair values of assets acquired and liabilities assumed. In conjunction with this transaction, the Group has entered into put and call option arrangements for the acquisition of the outstanding non-controlling interest (“NCI”), part of which are treated as a compensation arrangement for accounting purposes, and could result in future payments to the holders of such NCI, depending on the future performance of NOMOQ. An initial estimate of the fair value of such obligation, which has been reflected in other reserves and other liabilities and provisions, respectively, has been calibrated such that the present value of the liability is equal to the fair value of the NCI that is subject to the put and call arrangement as of the valuation date. At June 30, 2023, the carrying amount of goodwill included within intangible assets was $990 million (December 31, 2022: $976 million). At June 30, 2023, the carrying amount of the right-of-use assets included within property, plant and equipment was $397 million (December 31, 2022: $327 million). The Group recognized a depreciation charge of $128 million in the six months ended June 30, 2023 (2022: $104 million), of which $32 million (2022: $26 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, 2023. |
Equity share capital and share
Equity share capital and share premium | 6 Months Ended |
Jun. 30, 2023 | |
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 ordinary shares (par value €0.01 ) Total share capital Total share premium (million) $'m $'m At June 30, 2023 and at December 31, 2022 597.6 267 5,989 There were no material share transactions in the three and six months ended June 30, 2023. |
Financial assets and liabilitie
Financial assets and liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Financial assets and liabilities | |
Financial assets and liabilities | 10. Financial assets and liabilities At June 30, 2023 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 450 489 — 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 500 543 — 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 — Global Asset Based Loan Facility USD 407 06-Aug-26 Revolving — 70 337 Lease obligations Various — — Amortizing — 392 — Other borrowings Various — Rolling Amortizing — 40 — Total borrowings 3,784 337 Deferred debt issue costs (33) — Net borrowings 3,751 337 Cash, cash equivalents and restricted cash (182) 182 Derivative financial instruments used to hedge foreign currency and interest rate risk 12 — Net debt / available liquidity 3,581 519 The fair value of the Group’s total borrowings, excluding lease obligations at June 30, 2023 is $2,847 million (December 31, 2022: $2,742 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 of a nature customary for such facilities. At December 31, 2022 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 450 480 — 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 500 533 — 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 — Global Asset Based Loan Facility USD 415 06-Aug-26 Revolving — — 415 Lease obligations Various — — Amortizing — 327 — Other borrowings Various — Rolling Amortizing — 40 — Total borrowings 3,630 415 Deferred debt issue costs (38) — Net borrowings 3,592 415 Cash, cash equivalents and restricted cash (555) 555 Net debt / available liquidity 3,037 970 The maturity profile of the Group’s net borrowings is as follows: At June 30, At December 31, 2023 2022 $'m $'m Within one year or on demand 140 68 Between one and three years 132 100 Between three and five years 720 704 Greater than five years 2,792 2,758 Total borrowings 3,784 3,630 Deferred debt issue costs (33) (38) Net borrowings 3,751 3,592 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 Lease obligations at June 30, 2023 of $392 million (December 31, 2022: $327 million), primarily reflects $103 million of new lease liabilities, partly offset by $38 million of principal repayments, in the six months ended June 30, 2023. At June 30, 2023, the Group had $337 million available under the Global Asset Based Loan Facility (December 31, 2022: $415 million). 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) Cross currency interest rate swaps (“CCIRS”) – The fair values of the CCIRS are based on quoted market prices and represent Level 2 inputs. (iv) Commodity and foreign exchange derivatives – the fair value of these derivatives are based on quoted market prices and represent Level 2 inputs. (v) 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. Foreign currency derivative financial instruments The Group operates in a number of currencies and, accordingly, hedges a portion of its currency transaction risk. Cash of $1 million was received and cash of $11 million was paid in respect of hedging in the three and six months ended June 30, 2023 respectively (2022: $20 million and $30 million recieved) and is presented as settlement of foreign currency derivative instruments in the unaudited consolidated interim statement of cash flows. Cross currency interest rate swaps In the six months ended June 30, 2023, the Group entered into a series of CCIRS, swapping $300 million into synthetic GBP debt. These CCIRS were designated as hedge accounting arrangements to hedge certain portions of it borrowings and interest thereon, and had a net liability position of $12 million at June 30, 2023. |
Employee benefit assets and obl
Employee benefit assets and obligations | 6 Months Ended |
Jun. 30, 2023 | |
Employee benefit assets and obligations | |
Employee benefit assets and obligations | 11. Employee benefit assets and obligations Employee benefit assets and obligations at June 30, 2023 have been reviewed in respect of the latest discount rates, inflation rates and asset valuations. A net re-measurement loss of $7 million and $8 million (2022: gain of $24 million and $52 million) has been recognized in the unaudited consolidated interim statement of comprehensive income for the three and six months ended June 30, 2023, respectively. The re-measurement loss recognized for the three months ended June 30, 2023 consisted of a decrease in the asset valuations of $14 million (2022: decrease of $59 million), partly offset by a decrease in the obligations of $7 million (2022: decrease of $83 million) . The re-measurement loss recognized for the six months ended June 30, 2023 consisted of a decrease in asset valuations of $7 million (2022: decrease of $95 million) and an increase in the obligations of $1 million (2022: decrease of $147 million). |
Other liabilities and provision
Other liabilities and provisions | 6 Months Ended |
Jun. 30, 2023 | |
Other liabilities and provisions | |
Other liabilities and provisions | 12. Other liabilities and provisions At June 30, At December 31, 2023 2022 $'m $'m Other liabilities Non-current 35 83 Provisions Current 27 10 Non-current 14 15 76 108 Other liabilities Earnout shares AGSA has a contingent right to receive up to 60.73 million additional shares in the Company (the “Earnout Shares”). The Earnout Shares are issuable by AMP to AGSA subject to attainment of certain share price hurdles, with equal amounts of shares at $13 , $15 , $16.50 , $18 , and $19.50 , respectively, over a five-year period ending on January 31, 2027. 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 interim financial statements. A valuation assessment was performed for the purpose of determining the financial liability using a Monte Carlo simulation using key data inputs for: share price hurdles; risk-free rate ( 4% ); and traded closing AMP share price, with estimates of volatility ( 50% ) (December 31, 2022: volatility 50% ) and dividend yield. The estimated valuations of the liability at June 30, 2023, and December 31, 2022, were $27 million and $76 million, respectively. Changes in the fair market valuation of the Earnout Shares of $49 million have been reflected as exceptional finance income within net finance expense for the six months ended June 30, 2023 (June 30, 2022: $130 million). Any increase or decrease in volatility of 5% would result in an increase or decrease in the liability as at June 30, 2023, of approximately $10 million (December 31, 2022: $17 million). Warrants AMP warrants are exercisable for the purchase of ordinary shares in AMP at an exercise price of $11.50 over a five-year period. In accordance with IAS 32, those warrants have been recognized as a financial liability measured at fair value in the consolidated interim financial statements. For certain warrants issued to the former sponsors of Gores Holdings V, Inc. (“Private Warrants”) a valuation was performed for the purpose of determining the financial liability. The valuation applied a Black Scholes model, using a key data input for the risk-free rate ( 4% ), with estimates for volatility ( 50% ) (December 31, 2022: volatility 50% ) and dividend yield. All other outstanding warrants (“Public Warrants”) were valued using the traded closing prices of the AMP warrants. The estimated valuations of the liability at June 30, 2023, and December 31, 2022, were $2 million and $7 million, respectively. Changes in the valuation of the Public and Private Warrants of $5 million have been reflected as exceptional finance income within net finance expense for the six months ended June 30, 2023 (June 30, 2022: $16 million). Any increase or decrease in volatility of 5% would not result in a significant change in the fair value of the Private Warrants at June 30, 2023 (December 31, 2022: $1 million). Please refer to note 8 – Intangible assets and property, plant and equipment and note 5 – Exceptional Items for further information on the NOMOQ acquisition and the Weissenthurm provision respectively . |
Cash used in operating activiti
Cash used in operating activities | 6 Months Ended |
Jun. 30, 2023 | |
Cash used in operating activities | |
Cash used in operating activities | 13. Cash used in operating activities Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 $'m $'m $'m $'m (Loss)/profit for the period (10) 100 (11) 157 Income tax (credit)/charge (2) 12 (11) 19 Net finance expense/(income) 23 (40) 46 (63) Depreciation and amortization 100 89 198 175 Exceptional operating items 40 20 59 38 Movement in working capital 171 (70) (175) (395) Exceptional costs paid, including restructuring (20) (20) (32) (34) Cash used in operations 302 91 74 (103) |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2023 | |
Dividends | |
Dividends | 14. Dividends Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Cash dividends on ordinary shares declared and paid: Interim dividend for 2023: $0.10 per share — — 60 — Interim dividend for 2023: $0.10 per share 59 — 59 — Interim dividend for 2022: $0.10 per share — 60 — 60 Interim dividend for 2022: $0.10 per share — 61 — 61 Cash dividends on preferred shares declared and paid: Interim dividend for 2023 — — 6 — Interim dividend for 2023 6 — 6 — 65 121 131 121 On February 21, 2023, the Board approved an interim cash dividend of $0.10 per ordinary share. The interim cash dividend of $60 million was paid on March 28, 2023 to shareholders of record on March 14, 2023. On February 21, 2023, the Board approved an interim cash dividend on the annual 9% dividend of the preferred shares. The interim cash dividend of €6 million ( $6 million) was paid on March 28, 2023. On April 25, 2023, the Board approved an interim cash dividend of $0.10 per ordinary share. The interim cash dividend of $59 million was paid on June 28, 2023 to shareholders of record on June 14, 2023. On April 25, 2023, the Board approved an interim cash dividend on the annual 9% dividend of the preferred shares. The interim cash dividend of €6 million ( $6 million) was paid on June 28, 2023. |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions | |
Related party transactions | 15. Related party transactions (i) Pension scheme – the pension schemes are related parties. For details for all significant transactions during the year, see note 11. (ii) Services Agreement between the Company and AGSA. A net charge of $10 million and $19 million has been included in SG&A expenses for the three and six months ended June 30, 2023, respectively (2022: $9 million and $19 million). (iii) Earnout Shares – see note 12. (iv) Movement in working capital in the three and six months ended June 30, 2023 includes transaction and other costs reimbursed of $nil and $2 million to AGSA (2022: reimbursed to AGSA of $1 million and $12 million reimbursed from AGSA). (v) Dividends – see note 14. (vi) In the six months ended June 30, 2023, transactions with Trivium Packaging B.V., an associate of AMPSA, were immaterial. There were no other significant related party transactions in the three and six months ended June 30, 2023. |
Other reserves
Other reserves | 6 Months Ended |
Jun. 30, 2023 | |
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, 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) At January 1, 2023 (18) 8 (5,647) (5,657) Total other comprehensive expense for the period 7 (42) — (35) Hedging losses transferred to cost of inventory — 6 — 6 NOMOQ acquisition (note 8) — — (6) (6) At June 30, 2023 (11) (28) (5,653) (5,692) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Contingencies | |
Contingencies | 17. Contingencies Environmental issues The Group is regulated under various national and local environmental, occupational health and safety and other governmental laws and regulations relating to: ● the operation of installations for manufacturing of metal packaging and surface treatment using solvents; ● the 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 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. Finally, the Group believes that the potential impact of climate change on the Group has not resulted in a contingent obligation at June 30, 2023. 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 . Other matters On March 28, 2023, the Brazilian beverages company, Grupo Petrópolis, which is a customer of AMPSA, filed for a court-supervised reorganization. The Group has assessed the impact of the Grupo Petrópolis filing and concluded that there is no impact on the statement of financial position for the six months ended June 30, 2023. |
Seasonality of operations
Seasonality of operations | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 | |
Events after the reporting period | |
Events after the reporting period | 19. Events after the reporting period On July 25, 2023, the Board approved an interim cash dividend of $0.10 per ordinary share. The interim cash dividend will be paid on September 28, 2023 to shareholders of record on September 14, 2023. On July 25, 2023, the Board approved an interim cash dividend on the annual 9% dividend of the preferred shares. The interim cash dividend will be paid on September 28, 2023 to shareholders of record on September 14, 2023. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022, 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, 2022 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. |
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, 2023 have been assessed by the Directors. No new standards or amendments to existing standards effective January 1, 2023 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 , but is not expected to have a material impact for the Group . |
Segment analysis (Tables)
Segment analysis (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment analysis | |
Schedule of reconciliation of (loss)/profit for the year to Adjusted EBITDA | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m (Loss)/profit for the period (10) 100 (11) 157 Income tax (credit)/charge (2) 12 (11) 19 Net finance expense/(income) 23 (40) 46 (63) Depreciation and amortization 100 89 198 175 Exceptional operating items 40 20 59 38 Adjusted EBITDA 151 181 281 326 |
Schedule of segment results | Segment results for the three months ended June 30, 2023 and 2022 are: Revenue Adjusted EBITDA 2023 2022 2023 2022 $'m $'m $'m $'m Europe 555 533 64 61 Americas 700 770 87 120 Group 1,255 1,303 151 181 Segment results for the six months ended June 30, 2023 and 2022 are: Revenue Adjusted EBITDA 2023 2022 2023 2022 $'m $'m $'m $'m Europe 1,041 1,032 113 117 Americas 1,345 1,408 168 209 Group 2,386 2,440 281 326 |
Schedule of disaggregation of revenue | The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2023: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 552 — 3 555 Americas — 608 92 700 Group 552 608 95 1,255 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 six months ended June 30, 2023: North Rest of the Europe America world Total $'m $'m $'m $'m Europe 1,030 7 4 1,041 Americas — 1,150 195 1,345 Group 1,030 1,157 199 2,386 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 based on the timing of transfer of goods and services: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Over time 998 1,036 1,910 1,950 Point in time 257 267 476 490 Group 1,255 1,303 2,386 2,440 |
Exceptional items (Tables)
Exceptional items (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Exceptional items | |
Schedule of exceptional items | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Start-up related and other costs 11 16 21 30 Impairment - property, plant and equipment 11 — 11 — Restructuring costs 15 — 15 — Exceptional items – cost of sales 37 16 47 30 Transaction-related and other costs 3 4 12 8 Exceptional items – SG&A expenses 3 4 12 8 Exceptional net finance income (26) (74) (53) (125) Exceptional items – net finance income (26) (74) (53) (125) Exceptional income tax credit (2) (4) (6) (6) Total exceptional items, net of tax 12 (58) — (93) |
Net finance expense_(income) (T
Net finance expense/(income) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net finance expense/(income) | |
Schedule of net finance expense | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Senior Secured Green and Senior Green Notes 33 25 66 48 Net pension interest costs 1 1 2 2 (Gains)/ losses on derivative financial instruments (1) — 3 — Foreign currency translation losses 2 3 4 4 Other net finance expense 14 5 24 8 Net finance expense before exceptional items 49 34 99 62 Exceptional finance income (note 5) (26) (74) (53) (125) Net finance expense/(income) 23 (40) 46 (63) |
(Loss)_earnings per share (Tabl
(Loss)/earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
(Loss)/earnings per share | |
Schedule of basic earnings per share | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m (Loss)/profit attributable to equity holders as presented in the income statement (10) 100 (11) 157 Less: Dividend on preferred shares (see note 14) (6) — (12) — (Loss)/profit attributable to equity holders used in calculating earnings per share (16) 100 (23) 157 Weighted average number of ordinary shares for EPS (millions) 597.6 603.3 597.6 603.3 (Loss)/earnings per share $ (0.03) $ 0.17 $ (0.04) $ 0.26 |
Intangible assets and propert_2
Intangible assets and property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible assets and property, plant and equipment | |
Schedule of intangibles | Property, Intangible plant and assets equipment $'m $'m Net book value at January 1, 2023 1,473 2,390 Additions 5 297 Acquisition 6 4 Disposals — (4) Impairment — (11) Charge for the period (70) (128) Foreign exchange 17 27 Net book value at June 30, 2023 1,431 2,575 |
Schedule of property, plant and equipment | Property, Intangible plant and assets equipment $'m $'m Net book value at January 1, 2023 1,473 2,390 Additions 5 297 Acquisition 6 4 Disposals — (4) Impairment — (11) Charge for the period (70) (128) Foreign exchange 17 27 Net book value at June 30, 2023 1,431 2,575 |
Equity share capital and shar_2
Equity share capital and share premium (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity share capital and share premium | |
Schedule of equity share capital and share premium | Total ordinary shares (par value €0.01 ) Total share capital Total share premium (million) $'m $'m At June 30, 2023 and at December 31, 2022 597.6 267 5,989 |
Financial assets and liabilit_2
Financial assets and liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 450 489 — 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 500 543 — 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 — Global Asset Based Loan Facility USD 407 06-Aug-26 Revolving — 70 337 Lease obligations Various — — Amortizing — 392 — Other borrowings Various — Rolling Amortizing — 40 — Total borrowings 3,784 337 Deferred debt issue costs (33) — Net borrowings 3,751 337 Cash, cash equivalents and restricted cash (182) 182 Derivative financial instruments used to hedge foreign currency and interest rate risk 12 — Net debt / available liquidity 3,581 519 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 450 480 — 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 500 533 — 4.000% Senior Green Notes USD 1,050 01-Sep-29 Bullet 1,050 1,050 — Global Asset Based Loan Facility USD 415 06-Aug-26 Revolving — — 415 Lease obligations Various — — Amortizing — 327 — Other borrowings Various — Rolling Amortizing — 40 — Total borrowings 3,630 415 Deferred debt issue costs (38) — Net borrowings 3,592 415 Cash, cash equivalents and restricted cash (555) 555 Net debt / available liquidity 3,037 970 |
Schedule of maturity analysis of borrowings | At June 30, At December 31, 2023 2022 $'m $'m Within one year or on demand 140 68 Between one and three years 132 100 Between three and five years 720 704 Greater than five years 2,792 2,758 Total borrowings 3,784 3,630 Deferred debt issue costs (33) (38) Net borrowings 3,751 3,592 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other liabilities and provisions | |
Schedule of other liabilities and provisions | At June 30, At December 31, 2023 2022 $'m $'m Other liabilities Non-current 35 83 Provisions Current 27 10 Non-current 14 15 76 108 |
Cash used in operating activi_2
Cash used in operating activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash used in operating activities | |
Summary of cash (used in) operating activities | Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 $'m $'m $'m $'m (Loss)/profit for the period (10) 100 (11) 157 Income tax (credit)/charge (2) 12 (11) 19 Net finance expense/(income) 23 (40) 46 (63) Depreciation and amortization 100 89 198 175 Exceptional operating items 40 20 59 38 Movement in working capital 171 (70) (175) (395) Exceptional costs paid, including restructuring (20) (20) (32) (34) Cash used in operations 302 91 74 (103) |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Dividends | |
Summary of dividends | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 $'m $'m $'m $'m Cash dividends on ordinary shares declared and paid: Interim dividend for 2023: $0.10 per share — — 60 — Interim dividend for 2023: $0.10 per share 59 — 59 — Interim dividend for 2022: $0.10 per share — 60 — 60 Interim dividend for 2022: $0.10 per share — 61 — 61 Cash dividends on preferred shares declared and paid: Interim dividend for 2023 — — 6 — Interim dividend for 2023 6 — 6 — 65 121 131 121 |
Other reserves (Tables)
Other reserves (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 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) At January 1, 2023 (18) 8 (5,647) (5,657) Total other comprehensive expense for the period 7 (42) — (35) Hedging losses transferred to cost of inventory — 6 — 6 NOMOQ acquisition (note 8) — — (6) (6) At June 30, 2023 (11) (28) (5,653) (5,692) |
General information (Details)
General information (Details) | Jun. 30, 2023 employee facility |
General information | |
Number of production facilities operated | facility | 24 |
Number of employees | employee | 6,300 |
Segment analysis (Details)
Segment analysis (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Segment analysis | ||||
Number of operating segments. | segment | 2 | |||
Number of reportable segments | segment | 2 | |||
(Loss)/profit for the period | $ (10) | $ 100 | $ (11) | $ 157 |
Income tax (credit)/charge | (2) | 12 | (11) | 19 |
Net finance expense/(income) | 23 | (40) | 46 | (63) |
Depreciation and amortization | 100 | 89 | 198 | 175 |
Exceptional operating items | 40 | 20 | 59 | 38 |
Adjusted EBITDA | $ 151 | $ 181 | $ 281 | $ 326 |
Segment analysis - Segment Resu
Segment analysis - Segment Results (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) customer | Jun. 30, 2022 USD ($) customer | Jun. 30, 2023 USD ($) customer | Jun. 30, 2022 USD ($) customer | |
Segment analysis | ||||
Revenue | $ 1,255 | $ 1,303 | $ 2,386 | $ 2,440 |
Adjusted EBITDA | $ 151 | $ 181 | $ 281 | $ 326 |
Number of customers accounting for greater than 10% of revenue | customer | 1 | 1 | 1 | 1 |
Europe | ||||
Segment analysis | ||||
Revenue | $ 555 | $ 533 | $ 1,041 | $ 1,032 |
Adjusted EBITDA | 64 | 61 | 113 | 117 |
Americas | ||||
Segment analysis | ||||
Revenue | 700 | 770 | 1,345 | 1,408 |
Adjusted EBITDA | $ 87 | $ 120 | $ 168 | $ 209 |
Segment analysis - Disaggregati
Segment analysis - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment analysis | ||||
Revenue | $ 1,255 | $ 1,303 | $ 2,386 | $ 2,440 |
Europe | ||||
Segment analysis | ||||
Revenue | 555 | 533 | 1,041 | 1,032 |
Americas | ||||
Segment analysis | ||||
Revenue | 700 | 770 | 1,345 | 1,408 |
Europe | ||||
Segment analysis | ||||
Revenue | 552 | 530 | 1,030 | 1,025 |
Europe | Europe | ||||
Segment analysis | ||||
Revenue | 552 | 530 | 1,030 | 1,025 |
North America | ||||
Segment analysis | ||||
Revenue | 608 | 599 | 1,157 | 1,120 |
North America | Europe | ||||
Segment analysis | ||||
Revenue | 2 | 7 | 4 | |
North America | Americas | ||||
Segment analysis | ||||
Revenue | 608 | 597 | 1,150 | 1,116 |
Rest of the world | ||||
Segment analysis | ||||
Revenue | 95 | 174 | 199 | 295 |
Rest of the world | Europe | ||||
Segment analysis | ||||
Revenue | 3 | 1 | 4 | 3 |
Rest of the world | Americas | ||||
Segment analysis | ||||
Revenue | 92 | 173 | 195 | 292 |
Over time | ||||
Segment analysis | ||||
Revenue | 998 | 1,036 | 1,910 | 1,950 |
Point in time | ||||
Segment analysis | ||||
Revenue | $ 257 | $ 267 | $ 476 | $ 490 |
Exceptional items (Details)
Exceptional items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Exceptional items | ||||
Impairment - property, plant and equipment | $ 11 | |||
Exceptional items - cost of sales | $ 1,146 | $ 1,139 | 2,164 | $ 2,139 |
Exceptional items - SG&A expenses | 63 | 57 | 128 | 117 |
Exceptional net finance income | 23 | (40) | 46 | (63) |
Income tax (credit)/charge | (2) | 12 | (11) | 19 |
Exceptional items. | ||||
Exceptional items | ||||
Start-up related and other costs | 11 | 16 | 21 | 30 |
Impairment - property, plant and equipment | 11 | 11 | ||
Restructuring costs | 15 | 15 | ||
Exceptional items - cost of sales | 37 | 16 | 47 | 30 |
Transaction related and other costs | 3 | 4 | 12 | 8 |
Exceptional items - SG&A expenses | 3 | 4 | 12 | 8 |
Exceptional net finance income | (26) | (74) | (53) | (125) |
Income tax (credit)/charge | (2) | (4) | $ (6) | (6) |
Total exceptional items, net of tax | $ 12 | $ (58) | $ (93) |
Exceptional items - Additional
Exceptional items - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Exceptional items | ||||
Impairment - property, plant and equipment | $ 11 | |||
Foreign exchange gain (loss) | $ (2) | $ (3) | (4) | $ (4) |
Net finance income | (23) | 40 | (46) | 63 |
Exceptional income tax (credit)/charge | (2) | 12 | (11) | 19 |
Exceptional items. | ||||
Exceptional items | ||||
Exceptional items before tax | 6 | (87) | ||
Impairment - property, plant and equipment | 11 | 11 | ||
Restructuring costs | 15 | 15 | ||
Exceptional operating items, after tax | 12 | (58) | (93) | |
Start-up related and other costs | 11 | 16 | 21 | 30 |
Transaction related and other costs | 3 | 4 | 12 | 8 |
Gain on movement in fair market values | 53 | 146 | ||
Net finance income | 26 | 74 | 53 | 125 |
Exceptional income tax (credit)/charge | $ (2) | $ (4) | (6) | (6) |
Legal settlement | 6 | |||
Professional fees | 6 | |||
Income tax benefit | 6 | 6 | ||
Exceptional items. | Promissory Note | ||||
Exceptional items | ||||
Foreign exchange gain (loss) | (21) | |||
Americas | Exceptional items. | ||||
Exceptional items | ||||
Start-up related and other costs | 14 | 14 | ||
Europe | Exceptional items. | ||||
Exceptional items | ||||
Impairment - property, plant and equipment | 11 | |||
Restructuring costs | 15 | |||
Start-up related and other costs | $ 7 | $ 16 |
Net finance expense_(income) (D
Net finance expense/(income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net finance expense/(income) | ||||
Senior Secured Green and Senior Green Notes | $ 33 | $ 25 | $ 66 | $ 48 |
Net pension interest costs | 1 | 1 | 2 | 2 |
(Gains)/losses on derivative financial instruments | (1) | 3 | ||
Foreign currency translation losses | 2 | 3 | 4 | 4 |
Other net finance expense | 14 | 5 | 24 | 8 |
Net finance expense before exceptional items | 49 | 34 | 99 | 62 |
Exceptional finance income (note 5) | (26) | (74) | (53) | (125) |
Net finance expense/(income) | $ 23 | $ (40) | $ 46 | $ (63) |
(Loss)_earnings per share (Deta
(Loss)/earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
(Loss)/earnings per share | ||||
(Loss)/profit attributable to equity holders as presented in the income statement | $ (10) | $ 100 | $ (11) | $ 157 |
Less: Dividend on preferred shares (see note 14) | (6) | (12) | ||
(Loss)/profit attributable to equity holders used in calculating earnings per share | $ (16) | $ 100 | $ (23) | $ 157 |
Weighted average number of common shares for EPS - Basic (millions) | 597.6 | 603.3 | 597.6 | 603.3 |
(Loss)/earnings per share - Basic | $ (0.03) | $ 0.17 | $ (0.04) | $ 0.26 |
(Loss)/profit attributable to equity holders used in calculating earnings per share - Diluted | $ (16) | $ 100 | $ (23) | $ 157 |
Weighted average number of ordinary shares for EPS - Diluted (millions) | 597.6 | 603.3 | 597.6 | 603.3 |
(Loss)/earnings per share - Diluted | $ (0.03) | $ 0.17 | $ (0.04) | $ 0.26 |
Dilutive potential shares | 0 | 0 | 0 | 0 |
Intangible assets and propert_3
Intangible assets and property, plant and equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Intangible assets | ||
Beginning balance | $ 1,473 | |
Additions | 5 | |
Acquisition | 6 | |
Charge for the period | (70) | |
Foreign exchange | 17 | |
Ending balance | 1,431 | |
Property, plant and equipment | ||
Beginning balance | 2,390 | |
Additions | 297 | |
Acquisition | 4 | |
Disposals | (4) | |
Impairment | (11) | |
Charge for the period | (128) | $ (104) |
Foreign exchange | 27 | |
Ending balance | $ 2,575 |
Intangible assets and propert_4
Intangible assets and property, plant and equipment - Additional information (Details) € in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||
Goodwill. | $ 990 | $ 976 | ||
Depreciation, right-of-use assets | 32 | $ 26 | ||
Right-of-use assets. | 397 | $ 327 | ||
Depreciation, property, plant and equipment | $ 128 | $ 104 | ||
NOMOQ AG | ||||
Disclosure of detailed information about business combination [line items] | ||||
Payments to acquire business | € | € 15 | |||
Contingent consideration based on achievement of future milestones | € | 10 | |||
Cash acquired | € | € 15 |
Equity share capital and shar_3
Equity share capital and share premium (Details) shares in Millions, $ in Millions | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 € / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 € / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Issued capital and share premium | ||||||
Total shares | shares | 597.6 | 597.6 | ||||
Total shares capital / premium | $ 277 | $ 455 | $ 333 | $ 286 | ||
Par value | € / shares | € 0.01 | € 0.01 | ||||
Share capital | ||||||
Issued capital and share premium | ||||||
Total shares capital / premium | 267 | 267 | 7 | 7 | ||
Share premium | ||||||
Issued capital and share premium | ||||||
Total shares capital / premium | $ 5,989 | $ 5,989 | $ 5,992 | $ 5,992 |
Financial assets and liabilit_3
Financial assets and liabilities - Net debt and available liquidity (Details) € in Millions, $ in Millions | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financial assets and liabilities | ||||||||
Amount drawn | $ 3,784 | $ 3,630 | ||||||
Available liquidity | 337 | 415 | ||||||
Deferred debt issue costs | (33) | (38) | ||||||
Net borrowings | 3,751 | 3,592 | ||||||
Cash, cash equivalents and restricted cash | (182) | $ (124) | (555) | $ (436) | $ (225) | $ (463) | ||
Derivative financial instruments used to hedge foreign currency and interest rate risk | 12 | |||||||
Net debt | 3,581 | 3,037 | ||||||
Total Available Liquidity | 519 | 970 | ||||||
Borrowings. | ||||||||
Financial assets and liabilities | ||||||||
Fair Value | 2,847 | 2,742 | ||||||
2.000% Senior Secured Green Notes | ||||||||
Financial assets and liabilities | ||||||||
Maximum amount drawable - Notes | € | € 450 | € 450 | ||||||
Amount drawn | $ 489 | € 450 | $ 480 | € 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 | $ 600 | ||||||
Amount drawn | $ 600 | $ 600 | ||||||
Stated interest rate | 6% | 6% | 6% | 6% | ||||
3.000% Senior Green Notes | ||||||||
Financial assets and liabilities | ||||||||
Maximum amount drawable - Notes | € | € 500 | € 500 | ||||||
Amount drawn | $ 543 | € 500 | $ 533 | € 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 | $ 407 | $ 415 | ||||||
Maximum amount drawable | 337 | 415 | ||||||
Amount drawn | 70 | |||||||
Available liquidity | $ 337 | 415 | ||||||
Draw percentage threshold which, when exceeded, will trigger a fixed charge coverage covenant | 90% | 90% | ||||||
Lease obligations | ||||||||
Financial assets and liabilities | ||||||||
Amount drawn | $ 392 | 327 | ||||||
Other borrowings | ||||||||
Financial assets and liabilities | ||||||||
Amount drawn | $ 40 | $ 40 |
Financial assets and liabilit_4
Financial assets and liabilities - Maturity profile of the Business' borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financial liabilities | ||
Total borrowings | $ 3,784 | $ 3,630 |
Deferred debt issue costs | (33) | (38) |
Net borrowings | 3,751 | 3,592 |
Within one year or on demand | ||
Financial liabilities | ||
Total borrowings | 140 | 68 |
Between one and three years | ||
Financial liabilities | ||
Total borrowings | 132 | 100 |
Between three and five years | ||
Financial liabilities | ||
Total borrowings | 720 | 704 |
Greater than five years | ||
Financial liabilities | ||
Total borrowings | $ 2,792 | $ 2,758 |
Financial assets and liabilit_5
Financial assets and liabilities - Financing activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financial assets and liabilities | |||||
Lease obligations | $ 392 | $ 392 | $ 327 | ||
New lease liabilities incurred during the year | 103 | ||||
Lease payments | 22 | $ 13 | 38 | $ 26 | |
Global Asset Based Loan Facility | |||||
Financial assets and liabilities | |||||
Maximum amount drawable | $ 337 | $ 337 | $ 415 |
Financial assets and liabilit_6
Financial assets and liabilities - Derivative financial instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commodity forward contracts | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash gain (loss) on hedging recognized | $ 1 | $ 20 | $ (11) | $ 30 |
Financial assets and liabilit_7
Financial assets and liabilities - Cross currency interest rate swaps (Details) - Cross currency interest rate swap - Interest rate risk $ in Millions | Jun. 30, 2023 USD ($) |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 300 |
Hedging instrument, liabilities | $ 12 |
Employee benefit assets and o_2
Employee benefit assets and obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee benefit assets and obligations | ||||
Re-measurement of employee benefit obligations | $ (7) | $ 24 | $ (8) | $ 52 |
Increase (decrease) resulting from decrease in assets valuation | (14) | (59) | (7) | (95) |
Increase (decrease) in benefit liability (asset) resulting from re-measurement | $ (7) | $ (83) | $ 1 | $ (147) |
Other liabilities and provisi_3
Other liabilities and provisions - Classification (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Other liabilities and provisions | ||
Other non-current liabilities | $ 35 | $ 83 |
Current Provisions | 27 | 10 |
Non-current Provisions | 14 | 15 |
Other liabilities and provisions | $ 76 | $ 108 |
Other liabilities and provisi_4
Other liabilities and provisions (Details) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Earnout Shares | |||
Other liabilities and provisions | |||
Period over which Earnout Shares are to be issued | 5 years | ||
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 | $ 27 | $ 76 | |
Earnout Shares | Option Pricing | Risk-free rate | |||
Other liabilities and provisions | |||
Valuation assumption | 0.04 | ||
Earnout Shares | Option Pricing | Volatility for shares, measurement input | |||
Other liabilities and provisions | |||
Valuation assumption | 0.50 | 0.50 | |
Change in valuation of the Public and Private Warrants | $ 49 | $ 130 | |
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 | $ 10 | $ 17 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input | $ (10) | (17) | |
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 | $ 2 | $ 7 | |
AMP Private Warrants | Option Pricing | Risk-free rate | |||
Other liabilities and provisions | |||
Valuation assumption | 0.04 | ||
AMP Private Warrants | Option Pricing | Volatility for shares, measurement input | |||
Other liabilities and provisions | |||
Valuation assumption | 0.50 | 0.50 | |
Change in valuation of the Public and Private Warrants | $ 5 | $ 16 | |
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) |
Cash used in operating activi_3
Cash used in operating activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash used in operating activities | ||||
(Loss)/profit for the period | $ (10) | $ 100 | $ (11) | $ 157 |
Income tax (credit)/charge | (2) | 12 | (11) | 19 |
Net finance expense/(income) | 23 | (40) | 46 | (63) |
Depreciation and amortization | 100 | 89 | 198 | 175 |
Exceptional operating items | 40 | 20 | 59 | 38 |
Movement in working capital | 171 | (70) | (175) | (395) |
Exceptional costs paid, including restructuring | (20) | (20) | (32) | (34) |
Cash used in operations | $ 302 | $ 91 | $ 74 | $ (103) |
Dividends (Details)
Dividends (Details) $ / shares in Units, € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 28, 2023 USD ($) | Jun. 28, 2023 EUR (€) | Apr. 25, 2023 $ / shares | Mar. 28, 2023 USD ($) | Mar. 28, 2023 EUR (€) | Feb. 21, 2023 $ / shares | Jun. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Dividends | ||||||||||||
Cash dividends on preferred shares declared and paid | $ | $ 6 | $ 12 | ||||||||||
Total dividends paid | $ | 65 | $ 121 | 131 | $ 121 | ||||||||
Dividend Installment One | Ordinary shares | ||||||||||||
Dividends | ||||||||||||
Cash dividends on ordinary shares declared and paid | $ | $ 60 | 60 | 60 | 60 | ||||||||
Cash dividend paid per ordinary share | $ / shares | $ 0.10 | $ 0.10 | ||||||||||
Cash dividend declared per ordinary share | $ / shares | $ 0.10 | |||||||||||
Dividend Installment One | Preferred shares | ||||||||||||
Dividends | ||||||||||||
Cash dividends on preferred shares declared and paid | $ 6 | € 6 | 6 | |||||||||
Dividend rate (as a percentage) | 9% | |||||||||||
Dividend Installment Two | Ordinary shares | ||||||||||||
Dividends | ||||||||||||
Cash dividends on ordinary shares declared and paid | $ | $ 59 | $ 59 | $ 61 | 59 | $ 61 | |||||||
Cash dividend paid per ordinary share | $ / shares | $ 0.10 | $ 0.10 | ||||||||||
Cash dividend declared per ordinary share | $ / shares | $ 0.10 | |||||||||||
Dividend Installment Two | Preferred shares | ||||||||||||
Dividends | ||||||||||||
Cash dividends on preferred shares declared and paid | $ 6 | € 6 | $ 6 | $ 6 | ||||||||
Dividend rate (as a percentage) | 9% |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other related party transactions | ||||
Other related party transactions | $ 0 | |||
AGSA | ||||
Related party borrowings and receivables | ||||
Transaction and other costs reimbursed to (from) AGSA | $ 1 | 2 | $ (12) | |
AGSA | Selling, general and administrative expenses | ||||
Related party borrowings and receivables | ||||
Corporate and business unit services | $ 10 | $ 9 | $ 19 | $ 19 |
Other reserves (Details)
Other reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance at beginning of the period | $ 455 | $ 286 | ||
Other comprehensive income (expense) | $ (27) | $ (16) | (41) | 86 |
Hedging losses transferred to cost of inventory | 6 | |||
Hedging gains transferred to cost of inventory | (72) | |||
NOMOQ acquisition (note 8) | (1) | |||
Balance at end of the period | 277 | 333 | 277 | 333 |
Other reserves | ||||
Balance at beginning of the period | (5,657) | (5,593) | ||
Other comprehensive income (expense) | (35) | 49 | ||
Hedging losses transferred to cost of inventory | 6 | |||
Hedging gains transferred to cost of inventory | (72) | |||
NOMOQ acquisition (note 8) | (6) | |||
Balance at end of the period | (5,692) | (5,616) | (5,692) | (5,616) |
Foreign currency translation reserve | ||||
Balance at beginning of the period | (18) | (28) | ||
Other comprehensive income (expense) | 7 | 2 | ||
Balance at end of the period | (11) | (26) | (11) | (26) |
Cash flow hedges reserve | ||||
Balance at beginning of the period | 8 | 82 | ||
Other comprehensive income (expense) | (42) | 47 | ||
Hedging losses transferred to cost of inventory | 6 | |||
Hedging gains transferred to cost of inventory | (72) | |||
Balance at end of the period | (28) | 57 | (28) | 57 |
Other reserve | ||||
Balance at beginning of the period | (5,647) | (5,647) | ||
NOMOQ acquisition (note 8) | (6) | |||
Balance at end of the period | $ (5,653) | $ (5,647) | $ (5,653) | $ (5,647) |
Events after the reporting pe_2
Events after the reporting period (Details) | Jul. 25, 2023 $ / shares |
Share repurchase | Preferred shares | |
Disclosure of non-adjusting events after reporting period [line items] | |
Cash dividend per ordinary share | $ 0.10 |
Issuance of preferred shares | Ordinary shares | |
Disclosure of non-adjusting events after reporting period [line items] | |
Dividend rate (as a percentage) | 9% |