| | | |
Form 20-F ☒
|
| |
Form 40-F ☐
|
| | | |
|
Exhibit
No. |
| |
Exhibit
|
|
|
99.1
|
| | |
| Unaudited Consolidated Interim Financial Statements | | | |||||
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 24 | | | |
| | | | | 37 | | |
| | As used herein, “AMPSA” or the “Company” refer to Ardagh Metal Packaging S.A., and “we”, “our”, “us”, “AMP” and the “Group” refer to AMP and its consolidated subsidiaries, unless the context requires otherwise. | | |
| | | | | | | | |
Unaudited
Three months ended September 30, 2021 |
| |
Unaudited
Three months ended September 30, 2020 |
| ||||||||||||||||||||||||||||||
| | |
Note
|
| |
Before
exceptional items $’m |
| |
Exceptional
items $’m |
| |
Total
$’m |
| |
Before
exceptional items $’m |
| |
Exceptional
items $’m |
| |
Total
$’m |
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Note 5
|
| | | | | | | | | | | | | |
Note 5
|
| | | | | | | ||||||
Revenue
|
| | | | 4 | | | | | | 1,038 | | | | | | — | | | | | | 1,038 | | | | | | 899 | | | | | | — | | | | | | 899 | | |
Cost of sales
|
| | | | | | | | | | (869) | | | | | | (8) | | | | | | (877) | | | | | | (749) | | | | | | (2) | | | | | | (751) | | |
Gross profit
|
| | | | | | | | | | 169 | | | | | | (8) | | | | | | 161 | | | | | | 150 | | | | | | (2) | | | | | | 148 | | |
Sales, general and administration
expenses |
| | | | | | | | | | (40) | | | | | | (230) | | | | | | (270) | | | | | | (41) | | | | | | (4) | | | | | | (45) | | |
Intangible amortization
|
| | | | | | | | | | (37) | | | | | | — | | | | | | (37) | | | | | | (38) | | | | | | — | | | | | | (38) | | |
Operating (loss)/profit
|
| | | | | | | | | | 92 | | | | | | (238) | | | | | | (146) | | | | | | 71 | | | | | | (6) | | | | | | 65 | | |
Net finance (expense)/income
|
| | | | 6 | | | | | | (27) | | | | | | 9 | | | | | | (18) | | | | | | 1 | | | | | | — | | | | | | 1 | | |
(Loss)/profit before tax
|
| | | | | | | | | | 65 | | | | | | (229) | | | | | | (164) | | | | | | 72 | | | | | | (6) | | | | | | 66 | | |
Income tax charge
|
| | | | | | | | | | (16) | | | | | | 2 | | | | | | (14) | | | | | | (15) | | | | | | 1 | | | | | | (14) | | |
(Loss)/profit for the period
|
| | | | | | | | | | 49 | | | | | | (227) | | | | | | (178) | | | | | | 57 | | | | | | (5) | | | | | | 52 | | |
(Loss)/earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share attributable to equity holders
|
| | | | 7 | | | | | | | | | | | | | | | | |
$
|
(0.32)
|
| | | | | | | | | | | | | | | |
$
|
0.11
|
| |
| | | | | | | | |
Unaudited
Nine months ended September 30, 2021 |
| |
Unaudited
Nine months ended September 30, 2020 |
| ||||||||||||||||||||||||||||||
| | |
Note
|
| |
Before
exceptional items $’m |
| |
Exceptional
items $’m |
| |
Total
$’m |
| |
Before
exceptional items $’m |
| |
Exceptional
items $’m |
| |
Total
$’m |
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Note 5
|
| | | | | | | | | | | | | |
Note 5
|
| | | | | | | ||||||
Revenue
|
| | | | 4 | | | | | | 2,968 | | | | | | — | | | | | | 2,968 | | | | | | 2,558 | | | | | | — | | | | | | 2,558 | | |
Cost of sales
|
| | | | | | | | | | (2,477) | | | | | | (16) | | | | | | (2,493) | | | | | | (2,149) | | | | | | (4) | | | | | | (2,153) | | |
Gross profit
|
| | | | | | | | | | 491 | | | | | | (16) | | | | | | 475 | | | | | | 409 | | | | | | (4) | | | | | | 405 | | |
Sales, general and administration expenses
|
| | | | | | | | | | (133) | | | | | | (240) | | | | | | (373) | | | | | | (126) | | | | | | (6) | | | | | | (132) | | |
Intangible amortization
|
| | | | | | | | | | (115) | | | | | | — | | | | | | (115) | | | | | | (111) | | | | | | — | | | | | | (111) | | |
Operating (loss)/profit
|
| | | | | | | | | | 243 | | | | | | (256) | | | | | | (13) | | | | | | 172 | | | | | | (10) | | | | | | 162 | | |
Net finance expense
|
| | | | 6 | | | | | | (147) | | | | | | (42) | | | | | | (189) | | | | | | (83) | | | | | | — | | | | | | (83) | | |
(Loss)/profit before tax
|
| | | | | | | | | | 96 | | | | | | (298) | | | | | | (202) | | | | | | 89 | | | | | | (10) | | | | | | 79 | | |
Income tax charge
|
| | | | | | | | | | (35) | | | | | | 11 | | | | | | (24) | | | | | | (37) | | | | | | 5 | | | | | | (32) | | |
(Loss)/profit for the period
|
| | | | | | | | | | 61 | | | | | | (287) | | | | | | (226) | | | | | | 52 | | | | | | (5) | | | | | | 47 | | |
(Loss)/earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted loss per share attributable to equity holders
|
| | | | 7 | | | | | | | | | | | | | | | | |
$
|
(0.44)
|
| | | | | | | | | | | | | | | |
$
|
0.10
|
| |
| | | | | | | | |
Unaudited
|
| |||||||||||||||||||||
| | | | | | | | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
Note
|
| |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| |||||||||||||||
(Loss)/profit for the period
|
| | | | | | | | | | (178) | | | | | | 52 | | | | | | (226) | | | | | | 47 | | |
Other comprehensive income/(expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Items that may subsequently be reclassified to income statement | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Arising in the period
|
| | | | | | | | | | — | | | | | | (21) | | | | | | 1 | | | | | | (21) | | |
| | | | | | | | | | | — | | | | | | (21) | | | | | | 1 | | | | | | (21) | | |
Effective portion of changes in fair value of cash flow hedges:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– New fair value adjustments into reserve
|
| | | | | | | | | | 51 | | | | | | 22 | | | | | | 154 | | | | | | (4) | | |
– Movement in deferred tax
|
| | | | | | | | | | (4) | | | | | | (5) | | | | | | (16) | | | | | | (3) | | |
| | | | | | | | | | | 47 | | | | | | 17 | | | | | | 138 | | | | | | (7) | | |
Items that will not be reclassified to income statement | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Re-measurement of employee benefit obligations
|
| | | | 11 | | | | | | (4) | | | | | | (15) | | | | | | 12 | | | | | | (20) | | |
– Deferred tax movement on employee benefit obligations
|
| | | | | | | | | | 1 | | | | | | 4 | | | | | | (1) | | | | | | 6 | | |
| | | | | | | | | | | (3) | | | | | | (11) | | | | | | 11 | | | | | | (14) | | |
Total other comprehensive income/(expense) for the period
|
| | | | | | | | | | 44 | | | | | | (15) | | | | | | 150 | | | | | | (42) | | |
Total comprehensive (expense)/income for the period
|
| | | | | | | | | | (134) | | | | | | 37 | | | | | | (76) | | | | | | 5 | | |
| | | | | | | | |
Unaudited
|
| |
Unaudited
|
| ||||||
| | |
Note
|
| |
At September 30,
2021 $’m |
| |
At December 31,
2020 $’m |
| |||||||||
Non-current assets | | | | | | | | | | | | | | | | | | | |
Intangible assets
|
| | | | 8 | | | | | | 1,711 | | | | | | 1,884 | | |
Property, plant and equipment
|
| | | | 8 | | | | | | 1,620 | | | | | | 1,232 | | |
Derivative financial instruments
|
| | | | | | | | | | 17 | | | | | | 9 | | |
Deferred tax assets
|
| | | | | | | | | | 90 | | | | | | 88 | | |
Other non-current assets
|
| | | | | | | | | | 4 | | | | | | 4 | | |
| | | | | | | | | | | 3,442 | | | | | | 3,217 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Inventories
|
| | | | | | | | | | 366 | | | | | | 250 | | |
Trade and other receivables
|
| | | | | | | | | | 624 | | | | | | 368 | | |
Contract assets
|
| | | | | | | | | | 162 | | | | | | 139 | | |
Derivative financial instruments
|
| | | | | | | | | | 121 | | | | | | 23 | | |
Cash and cash equivalents
|
| | | | | | | | | | 496 | | | | | | 257 | | |
| | | | | | | | | | | 1,769 | | | | | | 1,037 | | |
TOTAL ASSETS
|
| | | | | | | | | | 5,211 | | | | | | 4,254 | | |
Equity attributable to owners of the parent | | | | | | | | | | | | | | | | | | | |
Invested capital attributable to the AMP business
|
| | | | | | | | | | — | | | | | | 63 | | |
Issued capital
|
| | | | 9 | | | | | | 7 | | | | | | — | | |
Share premium
|
| | | | 9 | | | | | | 5,991 | | | | | | — | | |
Other reserves
|
| | | | 15 | | | | | | (5,575) | | | | | | (15) | | |
Retained earnings
|
| | | | | | | | | | (152) | | | | | | — | | |
TOTAL EQUITY
|
| | | | | | | | | | 271 | | | | | | 48 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Borrowings
|
| | | | 10 | | | | | | 2,851 | | | | | | 2,793 | | |
Employee benefit obligations
|
| | | | | | | | | | 204 | | | | | | 219 | | |
Deferred tax liabilities
|
| | | | | | | | | | 237 | | | | | | 203 | | |
Other liabilities and provisions
|
| | | | 12 | | | | | | 339 | | | | | | 20 | | |
Derivative financial instruments
|
| | | | | | | | | | 1 | | | | | | 2 | | |
| | | | | | | | | | | 3,632 | | | | | | 3,237 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Borrowings
|
| | | | 10 | | | | | | 54 | | | | | | 42 | | |
Interest payable
|
| | | | | | | | | | 49 | | | | | | — | | |
Derivative financial instruments
|
| | | | | | | | | | 4 | | | | | | 12 | | |
Trade and other payables
|
| | | | | | | | | | 1,139 | | | | | | 843 | | |
Income tax payable
|
| | | | | | | | | | 49 | | | | | | 59 | | |
Provisions
|
| | | | | | | | | | 12 | | | | | | 13 | | |
Deferred income
|
| | | | | | | | | | 1 | | | | | | — | | |
| | | | | | | | | | | 1,308 | | | | | | 969 | | |
TOTAL LIABILITIES
|
| | | | | | | | | | 4,940 | | | | | | 4,206 | | |
TOTAL EQUITY and LIABILITIES
|
| | | | | | | | | | 5,211 | | | | | | 4,254 | | |
| | |
Unaudited
|
| |||||||||||||||||||||||||||||||||
| | |
Attributable to the owner of the parent
|
| |||||||||||||||||||||||||||||||||
| | |
Invested
capital $’m |
| |
Share
capital $’m |
| |
Share
premium $’m |
| |
Other
reserves $’m |
| |
Retained
earnings $’m |
| |
Total
$’m |
| ||||||||||||||||||
| | | | | | | | |
Note 9
|
| |
Note 9
|
| |
Note 15
|
| | | | | | | | | | | | | |||||||||
At January 1, 2020
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | (4) | | | | | | — | | | | | | 12 | | |
Profit for the period
|
| | | | 47 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
47
|
| |
Other comprehensive expense
|
| | | | (14) | | | | | | — | | | | | | — | | | | | | (28) | | | | | | — | | | | |
|
(42)
|
| |
Hedging losses transferred to cost of inventory
|
| | | | — | | | | | | — | | | | | | — | | | | | | 22 | | | | | | — | | | | |
|
22
|
| |
Increase in invested capital
|
| | | | 101 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
101
|
| |
At September 30, 2020
|
| | | | 150 | | | | | | — | | | | | | — | | | | | | (10) | | | | | | — | | | | | | 140 | | |
At January 1, 2021
|
| | | | 63 | | | | | | — | | | | | | — | | | | | | (15) | | | | | | — | | | | | | 48 | | |
Loss for the period pre AMP transfer*
|
| | | | (74) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(74)
|
| |
Other comprehensive income pre AMP transfer*
|
| | | | 11 | | | | | | — | | | | | | — | | | | | | 55 | | | | | | — | | | | |
|
66
|
| |
Hedging gains transferred to cost of inventory pre AMP transfer
|
| | | | — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | |
|
(6)
|
| |
Capital contribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | 113 | | | | | | — | | | | |
|
113
|
| |
Increase in invested capital
|
| | | | 176 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
176
|
| |
AMP transfer
|
| | | | (176) | | | | | | 6 | | | | | | 4,982 | | | | | | (5,924) | | | | | | — | | | | |
|
(1,112)
|
| |
Business Combination (see Note 1 and 15)
|
| | | | — | | | | | | 1 | | | | | | 1,009 | | | | | | 164 | | | | | | — | | | | |
|
1,174
|
| |
Loss for the period post AMP transfer*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (152) | | | | |
|
(152)
|
| |
Other comprehensive income post AMP transfer*
|
| | | | — | | | | | | — | | | | | | — | | | | | | 84 | | | | | | — | | | | |
|
84
|
| |
Hedging gains transferred to cost of inventory post AMP transfer
|
| | | | — | | | | | | — | | | | | | — | | | | | | (46) | | | | | | — | | | | |
|
(46)
|
| |
At September 30, 2021
|
| | | | — | | | | | | 7 | | | | | | 5,991 | | | | | | (5,575) | | | | | | (152) | | | | | | 271 | | |
| | | | | | | | |
Unaudited
|
| |||||||||||||||||||||
| | | | | | | | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
Note
|
| |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| |||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash generated from operations
|
| | | | 13 | | | | | | 138 | | | | | | 248 | | | | | | 275 | | | | | | 328 | | |
Interest received/(paid)
|
| | | | | | | | | | 7 | | | | | | (40) | | | | | | (42) | | | | | | (121) | | |
Income tax paid
|
| | | | | | | | | | (7) | | | | | | (2) | | | | | | (35) | | | | | | (13) | | |
Cash flows from operating activities
|
| | | | | | | | |
|
138
|
| | | |
|
206
|
| | | |
|
198
|
| | | |
|
194
|
| |
Cash flows used in investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment and intangible
assets |
| | | | | | | | | | (139) | | | | | | (63) | | | | | | (428) | | | | | | (177) | | |
Other investing cash flows
|
| | | | | | | | | | — | | | | | | 1 | | | | | | 1 | | | | | | 2 | | |
Net cash used in investing activities
|
| | | | | | | | |
|
(139)
|
| | | |
|
(62)
|
| | | |
|
(427)
|
| | | |
|
(175)
|
| |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| | | | 10 | | | | | | 7 | | | | | | — | | | | | | 2,773 | | | | | | 63 | | |
Repayment of borrowings
|
| | | | 10 | | | | | | — | | | | | | (45) | | | | | | (5) | | | | | | (61) | | |
Repayment of related party borrowings to Ardagh
|
| | | | | | | | | | (996) | | | | | | — | | | | | | (2,737) | | | | | | — | | |
Proceeds from share issuance, net of costs
|
| | | | 9 | | | | | | 934 | | | | | | — | | | | | | 934 | | | | | | — | | |
Payment as part of capital reorganization
|
| | | | | | | | | | — | | | | | | — | | | | | | (574) | | | | | | — | | |
Proceeds from related party borrowings from Ardagh
|
| | | | | | | | | | — | | | | | | — | | | | | | 15 | | | | | | — | | |
Cash received from Ardagh
|
| | | | | | | | | | — | | | | | | 26 | | | | | | 206 | | | | | | 96 | | |
Redemption premium and issuance costs paid
|
| | | | | | | | | | — | | | | | | — | | | | | | (52) | | | | | | — | | |
Deferred debt issue costs paid
|
| | | | | | | | | | (8) | | | | | | — | | | | | | (33) | | | | | | — | | |
Lease payments
|
| | | | | | | | | | (12) | | | | | | (9) | | | | | | (34) | | | | | | (26) | | |
Net cash (outflow)/inflow from financing activities
|
| | | | | | | | |
|
(75)
|
| | | |
|
(28)
|
| | | |
|
493
|
| | | |
|
72
|
| |
Net (decrease)/increase in cash and cash equivalents
|
| | | | | | | | | | (76) | | | | | | 116 | | | | | | 264 | | | | | | 91 | | |
Cash and cash equivalents at beginning of period
|
| | | | | | | | | | 587 | | | | | | 254 | | | | | | 257 | | | | | | 284 | | |
Foreign exchange (losses)/gains on cash and cash equivalents
|
| | | | | | | | | | (15) | | | | | | 2 | | | | | | (25) | | | | | | (3) | | |
Cash and cash equivalents at end of period
|
| | | | | | | | | | 496 | | | | | | 372 | | | | | | 496 | | | | | | 372 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
(Loss)/profit for the period
|
| | | | (178) | | | | | | 52 | | | | | | (226) | | | | | | 47 | | |
Income tax charge
|
| | | | 14 | | | | | | 14 | | | | | | 24 | | | | | | 32 | | |
Net finance expense/(income)
|
| | | | 18 | | | | | | (1) | | | | | | 189 | | | | | | 83 | | |
Depreciation and amortization
|
| | | | 84 | | | | | | 80 | | | | | | 254 | | | | | | 233 | | |
Exceptional operating items
|
| | | | 238 | | | | | | 6 | | | | | | 256 | | | | | | 10 | | |
Adjusted EBITDA
|
| | | | 176 | | | | | | 151 | | | | | | 497 | | | | | | 405 | | |
| | |
Revenue
|
| |
Adjusted EBITDA
|
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
Europe
|
| | | | 483 | | | | | | 421 | | | | | | 76 | | | | | | 73 | | |
Americas
|
| | | | 555 | | | | | | 478 | | | | | | 100 | | | | | | 78 | | |
Group | | | | | 1,038 | | | | | | 899 | | | | | | 176 | | | | | | 151 | | |
| | |
Revenue
|
| |
Adjusted EBITDA
|
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
Europe
|
| | | | 1,383 | | | | | | 1,201 | | | | | | 227 | | | | | | 197 | | |
Americas
|
| | | | 1,585 | | | | | | 1,357 | | | | | | 270 | | | | | | 208 | | |
Group | | | | | 2,968 | | | | | | 2,558 | | | | | | 497 | | | | | | 405 | | |
| | |
Europe
$’m |
| |
North
America $’m |
| |
Rest of the
world $’m |
| |
Total
$’m |
| ||||||||||||
Europe
|
| | | | 479 | | | | | | 2 | | | | | | 2 | | | | | | 483 | | |
Americas
|
| | | | 1 | | | | | | 447 | | | | | | 107 | | | | | | 555 | | |
Group | | | | | 480 | | | | | | 449 | | | | | | 109 | | | | | | 1,038 | | |
| | |
Europe
$’m |
| |
North
America $’m |
| |
Rest of the
world $’m |
| |
Total
$’m |
| ||||||||||||
Europe
|
| | | | 419 | | | | | | 1 | | | | | | 1 | | | | | | 421 | | |
Americas
|
| | | | 1 | | | | | | 388 | | | | | | 89 | | | | | | 478 | | |
Group | | | | | 420 | | | | | | 389 | | | | | | 90 | | | | | | 899 | | |
| | |
Europe
$’m |
| |
North
America $’m |
| |
Rest of the
world $’m |
| |
Total
$’m |
| ||||||||||||
Europe
|
| | | | 1,373 | | | | | | 4 | | | | | | 6 | | | | | | 1,383 | | |
Americas
|
| | | | 1 | | | | | | 1,279 | | | | | | 305 | | | | | | 1,585 | | |
Group | | | | | 1,374 | | | | | | 1,283 | | | | | | 311 | | | | | | 2,968 | | |
| | |
Europe
$’m |
| |
North
America $’m |
| |
Rest of the
world $’m |
| |
Total
$’m |
| ||||||||||||
Europe
|
| | | | 1,192 | | | | | | 2 | | | | | | 7 | | | | | | 1,201 | | |
Americas
|
| | | | 2 | | | | | | 1,121 | | | | | | 234 | | | | | | 1,357 | | |
Group | | | | | 1,194 | | | | | | 1,123 | | | | | | 241 | | | | | | 2,558 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
Over time
|
| | | | 811 | | | | | | 672 | | | | | | 2,298 | | | | | | 1,941 | | |
Point in time
|
| | | | 227 | | | | | | 227 | | | | | | 670 | | | | | | 617 | | |
Group | | | | | 1,038 | | | | | | 899 | | | | | | 2,968 | | | | | | 2,558 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
Start-up related costs
|
| | | | 8 | | | | | | 2 | | | | | | 16 | | | | | | 4 | | |
Exceptional items – cost of sales
|
| | | | 8 | | | | | | 2 | | | | | | 16 | | | | | | 4 | | |
Transaction-related and other costs
|
| | | | 230 | | | | | | 4 | | | | | | 240 | | | | | | 6 | | |
Exceptional items – SGA expenses
|
| | | | 230 | | | | | | 4 | | | | | | 240 | | | | | | 6 | | |
Exceptional finance (income)/expense
|
| | | | (9) | | | | | | — | | | | | | 42 | | | | | | — | | |
Exceptional items – finance (income)/expense
|
| | | | (9) | | | | | | — | | | | | | 42 | | | | | | — | | |
Exceptional income tax credit
|
| | | | (2) | | | | | | (1) | | | | | | (11) | | | | | | (5) | | |
Total exceptional items, net of tax
|
| | | | 227 | | | | | | 5 | | | | | | 287 | | | | | | 5 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
Senior Secured and Senior Notes
|
| | | | 24 | | | | | | — | | | | | | 48 | | | | | | — | | |
Interest on related party borrowings
|
| | | | — | | | | | | 38 | | | | | | 43 | | | | | | 115 | | |
Net pension interest costs
|
| | | | 1 | | | | | | — | | | | | | 3 | | | | | | 2 | | |
Foreign currency translation (gains)/losses
|
| | | | — | | | | | | (47) | | | | | | 45 | | | | | | (45) | | |
Losses on derivative financial instruments
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | 3 | | |
Other net finance expense
|
| | | | 2 | | | | | | 4 | | | | | | 8 | | | | | | 8 | | |
Net finance expense/(income) before exceptional items
|
| | | | 27 | | | | | | (1) | | | | | | 147 | | | | | | 83 | | |
Exceptional finance (income)/expense (Note 5)
|
| | | | (9) | | | | | | — | | | | | | 42 | | | | | | — | | |
Net finance expense/(income)
|
| | | | 18 | | | | | | (1) | | | | | | 189 | | | | | | 83 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
(Loss)/profit attributable to equity holders
|
| | | | (178) | | | | | | 52 | | | | | | (226) | | | | | | 47 | | |
Weighted average number of common shares for EPS (millions)
|
| | | | 562.8 | | | | | | 493.8 | | | | | | 517.0 | | | | | | 493.8 | | |
(Loss)/earnings per share
|
| | | $ | (0.32) | | | | | $ | 0.11 | | | | | $ | (0.44) | | | | | $ | 0.10 | | |
| | |
Intangible
assets $’m |
| |
Property,
plant and equipment $’m |
| ||||||
Net book value at January 1, 2021
|
| | | | 1,884 | | | | | | 1,232 | | |
Additions
|
| | | | 5 | | | | | | 564 | | |
Disposals
|
| | | | — | | | | | | (4) | | |
Charge for the period
|
| | | | (115) | | | | | | (139) | | |
Foreign exchange
|
| | | | (63) | | | | | | (33) | | |
Net book value at September 30, 2021
|
| | | | 1,711 | | | | | | 1,620 | | |
| | |
Total shares
(par value €0.01) (million) |
| |
Total share
capital $’m |
| |
Total share
premium $’m |
| |||||||||
At December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | |
Share issuance
|
| | | | 603 | | | | | | 7 | | | | | | 5,991 | | |
At September 30, 2021
|
| | | | 603 | | | | | | 7 | | | | | | 5,991 | | |
Facility
|
| |
Currency
|
| |
Maximum
amount drawable |
| |
Final
maturity date |
| |
Facility
type |
| |
Amount drawn
|
| |
Available
liquidity |
| |||||||||||||||
| | | | | |
Local
currency m |
| | | | | | | |
Local
currency m |
| |
$’m
|
| |
$’m
|
| ||||||||||||
2.000% Senior Secured Notes
|
| |
EUR
|
| | | | 450 | | | |
01-Sep-28
|
| |
Bullet
|
| | | | 450 | | | | | | 521 | | | | | | — | | |
3.250% Senior Secured Notes
|
| |
USD
|
| | | | 600 | | | |
01-Sep-28
|
| |
Bullet
|
| | | | 600 | | | | | | 600 | | | | | | — | | |
3.000% Senior Notes
|
| |
EUR
|
| | | | 500 | | | |
01-Sep-29
|
| |
Bullet
|
| | | | 500 | | | | | | 579 | | | | | | — | | |
4.000% Senior 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
|
| | | | — | | | | | | 185 | | | | | | — | | |
Other borrowings
|
| |
Various
|
| | | | — | | | |
Rolling
|
| |
Amortizing
|
| | | | — | | | | | | 11 | | | | | | — | | |
Total borrowings
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2,946 | | | | | | 325 | | |
Deferred debt issue costs
|
| | | | | | | | | | | | | | | | | | | | | | | | | (41) | | | | | | — | | |
Net borrowings
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2,905 | | | | | | 325 | | |
Cash and cash equivalents
|
| | | | | | | | | | | | | | | | | | | | | | | | | (496) | | | | | | 496 | | |
Net debt / available liquidity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2,409 | | | | | | 821 | | |
Facility
|
| |
Amount
drawn |
| |
Available
liquidity |
| ||||||
| | |
$’m
|
| |
$’m
|
| ||||||
Related party borrowings
|
| | | | 2,690 | | | | | | | | |
Lease obligations
|
| | | | 136 | | | | | | | | |
Other borrowings
|
| | | | 9 | | | | | | | | |
Net borrowings
|
| | | | 2,835 | | | | | | — | | |
Cash and cash equivalents
|
| | | | (257) | | | | | | 257 | | |
Net debt / available liquidity
|
| | | | 2,578 | | | | | | 257 | | |
| | |
At September 30,
2021 $’m |
| |
At December 31,
2020 $’m |
| ||||||
Within one year or on demand
|
| | | | 54 | | | | | | 42 | | |
Between one and three years
|
| | | | 53 | | | | | | 46 | | |
Between three and five years
|
| | | | 37 | | | | | | 2,055 | | |
Greater than five years
|
| | | | 2,802 | | | | | | 692 | | |
Total borrowings
|
| | | | 2,946 | | | | | | 2,835 | | |
Deferred debt issue costs
|
| | | | (41) | | | | | | — | | |
Net borrowings
|
| | | | 2,905 | | | | | | 2,835 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
(Loss)/profit for the period
|
| | | | (178) | | | | | | 52 | | | | | | (226) | | | | | | 47 | | |
Income tax charge
|
| | | | 14 | | | | | | 14 | | | | | | 24 | | | | | | 32 | | |
Net finance expense/(income)
|
| | | | 18 | | | | | | (1) | | | | | | 189 | | | | | | 83 | | |
Depreciation and amortization
|
| | | | 84 | | | | | | 80 | | | | | | 254 | | | | | | 233 | | |
Exceptional operating items
|
| | | | 238 | | | | | | 6 | | | | | | 256 | | | | | | 10 | | |
Movement in working capital
|
| | | | (23) | | | | | | 102 | | | | | | (193) | | | | | | (62) | | |
Transaction-related, start-up and other exceptional costs paid
|
| | | | (15) | | | | | | (3) | | | | | | (29) | | | | | | (12) | | |
Exceptional restructuring paid
|
| | | | — | | | | | | (2) | | | | | | — | | | | | | (3) | | |
Cash generated from operations
|
| | | | 138 | | | | | | 248 | | | | | | 275 | | | | | | 328 | | |
| | |
Three months ended
March 31, |
| |
Nine months ended
September 30, |
| ||||||
| | |
$’m
|
| |
$’m
|
| ||||||
| | |
2021
$’m |
| |
2020
$’m |
| ||||||
Net cash received from Ardagh
|
| | | | 206 | | | | | | 96 | | |
| | |
Three months ended
March 31, |
| |
Nine months ended
September 30, |
| ||||||
| | |
$’m
|
| |
$’m
|
| ||||||
| | |
2021
$’m |
| |
2020
$’m |
| ||||||
Tax offset in invested capital
|
| | | | (34) | | | | | | 1 | | |
Other changes in intercompany balances
|
| | | | 4 | | | | | | 4 | | |
| | | | | 176 | | | | | | 101 | | |
|
| | |
Foreign
currency translation reserve $’m |
| |
Cash flow
hedge reserve $’m |
| |
Cost of
hedging reserve $’m |
| |
Other
reserves $’m |
| |
Total
other reserves $’m |
| |||||||||||||||
At January 1, 2020
|
| | | | 10 | | | | | | (14) | | | | | | — | | | | | | — | | | | | | (4) | | |
Total other comprehensive expense for the period
|
| | | | (21) | | | | | | (7) | | | | | | — | | | | |
|
—
|
| | | | | (28) | | |
Hedging losses transferred to cost of inventory
|
| | | | — | | | | | | 22 | | | | | | — | | | | |
|
—
|
| | | | | 22 | | |
At September 30, 2020
|
| | | | (11) | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (10) | | |
| | |
Foreign
currency translation reserve $’m |
| |
Cash flow
hedge reserve $’m |
| |
Cost of
hedging reserve $’m |
| |
Other
reserves $’m |
| |
Total
other reserves $’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(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,924) | | | | | | (5,924) | | |
Business Combination(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 164 | | | | | | 164 | | |
Total other comprehensive income for the period post AMP transfer
|
| | | | (13) | | | | | | 97 | | | | | | — | | | | | | — | | | | | | 84 | | |
Hedging gains transferred to cost of inventory post AMP transfer
|
| | | | — | | | | | | (46) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (46) | | |
At September 30, 2021
|
| | | | (31) | | | | | | 103 | | | | | | — | | | | | | (5,647) | | | | | | (5,575) | | |
| | |
$’m
|
| |||
Equity issued to AGSA (see note 9):
|
| | | | 4,988 | | |
AMP Promissory Note (see notes 1 and 10):
|
| | | | 1,085 | | |
Cash payment (see cash flow statement):
|
| | | | 574 | | |
Initial fair value of Earnout Shares (see note 12):
|
| | | | 284 | | |
Total Consideration given:
|
| | | | 6,931 | | |
| | |
$’m
|
| |||
Less aggregate carrying value of net assets acquired*:
|
| | | | (323) | | |
Impact from predecessor accounting:
|
| | | | 6,608 | | |
Non-cash capital contribution (see note 10):
|
| | | | (814) | | |
Other reserves on AMP Transfer at date of reorganization:
|
| | | | 130 | | |
Total impact on other reserves:
|
| | | | 5,924 | | |
|
| | |
Shares
|
| |
$’m
|
| ||||||
Class A stockholders
|
| | | | 30,175,827 | | | | | | | | |
Class F stockholders
|
| | | | 9,843,750 | | | | | | | | |
Total shares to be issued to Gores Holdings V stockholders
|
| | | | 40,019,577 | | | | | | | | |
Market value per share at the Closing Date
|
| | | $ | 10.59 | | | | | | | | |
Fair value of shares to be issued to Gores Holdings V in consideration for combination
|
| | | | | | | | | | 424 | | |
Net assets of Gores Holdings V at Closing Date (including fair value of assumed Public and Private Warrants as discussed in note 12)
|
| | | | | | | | | | 219 | | |
Difference – being IFRS 2 cost for listing services
|
| | | | | | | | | | 205 | | |
| | |
Unaudited
|
| |||||||||
| | |
(in $ millions)
|
| |||||||||
| | |
Three months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | | 1,038 | | | | | | 899 | | |
Cost of sales
|
| | | | (877) | | | | | | (751) | | |
Gross profit
|
| | | | 161 | | | | | | 148 | | |
Sales, general and administration expenses
|
| | | | (270) | | | | | | (45) | | |
Intangible amortization
|
| | | | (37) | | | | | | (38) | | |
Operating (loss)/profit
|
| | | | (146) | | | | | | 65 | | |
Net finance (expense)/income
|
| | | | (18) | | | | | | 1 | | |
(Loss)/profit before tax
|
| | | | (164) | | | | | | 66 | | |
Income tax charge
|
| | | | (14) | | | | | | (14) | | |
(Loss)/profit for the period
|
| | | | (178) | | | | | | 52 | | |
| | |
Unaudited
|
| |||||||||
| | |
(in $ millions)
|
| |||||||||
| | |
Three months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Interest expense
|
| | | | 24 | | | | | | — | | |
Interest on related party borrowings
|
| | | | — | | | | | | 38 | | |
Net pension interest costs
|
| | | | 1 | | | | | | — | | |
Foreign currency translation gains
|
| | | | — | | | | | | (47) | | |
Losses on derivative financial instruments
|
| | | | — | | | | | | 4 | | |
Other net finance expense
|
| | | | 2 | | | | | | 4 | | |
Net finance expense/(income) before exceptional items
|
| | | | 27 | | | | | | (1) | | |
Exceptional finance income
|
| | | | (9) | | | | | | — | | |
Net finance expense/(income)
|
| | | | 18 | | | | | | (1) | | |
| | |
Unaudited
|
| |||||||||
| | |
(in $ millions)
|
| |||||||||
| | |
Nine months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | | 2,968 | | | | | | 2,558 | | |
Cost of sales
|
| | | | (2,493) | | | | | | (2,153) | | |
Gross profit
|
| | | | 475 | | | | | | 405 | | |
Sales, general and administration expenses
|
| | | | (373) | | | | | | (132) | | |
Intangible amortization
|
| | | | (115) | | | | | | (111) | | |
Operating (loss)profit
|
| | | | (13) | | | | | | 162 | | |
Net finance expense
|
| | | | (189) | | | | | | (83) | | |
(Loss)/profit before tax
|
| | | | (202) | | | | | | 79 | | |
Income tax charge
|
| | | | (24) | | | | | | (32) | | |
(Loss)/profit for the period
|
| | | | (226) | | | | | | 47 | | |
| | |
Unaudited
|
| |||||||||
| | |
(in $ millions)
|
| |||||||||
| | |
Nine months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Interest expense
|
| | | | 48 | | | | | | — | | |
Interest on related party borrowings
|
| | | | 43 | | | | | | 115 | | |
Net pension interest costs
|
| | | | 3 | | | | | | 2 | | |
Foreign currency translation losses/(gains)
|
| | | | 45 | | | | | | (45) | | |
Losses on derivative financial instruments
|
| | | | — | | | | | | 3 | | |
Other net finance expense
|
| | | | 8 | | | | | | 8 | | |
Finance expense before exceptional items
|
| | | | 147 | | | | | | 83 | | |
Exceptional finance expense
|
| | | | 42 | | | | | | — | | |
Net finance expense
|
| | | | 189 | | | | | | 83 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2021
$’m |
| |
2020
$’m |
| |
2021
$’m |
| |
2020
$’m |
| ||||||||||||
Start-up related costs
|
| | | | 8 | | | | | | 2 | | | | | | 16 | | | | | | 4 | | |
Exceptional items – cost of sales
|
| | | | 8 | | | | | | 2 | | | | | | 16 | | | | | | 4 | | |
Transaction-related and other costs
|
| | | | 230 | | | | | | 4 | | | | | | 240 | | | | | | 6 | | |
Exceptional items – SGA expenses
|
| | | | 230 | | | | | | 4 | | | | | | 240 | | | | | | 6 | | |
Exceptional finance (income)/expense
|
| | | | (9) | | | | | | — | | | | | | 42 | | | | | | — | | |
Exceptional items – finance (income)/expense
|
| | | | (9) | | | | | | — | | | | | | 42 | | | | | | — | | |
Exceptional income tax credit
|
| | | | (2) | | | | | | (1) | | | | | | (11) | | | | | | (5) | | |
Total exceptional items, net of tax
|
| | | | 227 | | | | | | 5 | | | | | | 287 | | | | | | 5 | | |
| | |
(in $ millions)
|
| |||||||||||||||||||||
| | |
Revenue
|
| |
Adjusted EBITDA
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Europe
|
| | | | 483 | | | | | | 421 | | | | | | 76 | | | | | | 73 | | |
Americas
|
| | | | 555 | | | | | | 478 | | | | | | 100 | | | | | | 78 | | |
Group | | | | | 1,038 | | | | | | 899 | | | | | | 176 | | | | | | 151 | | |
| | |
(in $ millions)
|
| |||||||||||||||||||||
| | |
Revenue
|
| |
Adjusted EBITDA
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Europe
|
| | | | 1,383 | | | | | | 1,201 | | | | | | 227 | | | | | | 197 | | |
Americas
|
| | | | 1,585 | | | | | | 1,357 | | | | | | 270 | | | | | | 208 | | |
Group | | | | | 2,968 | | | | | | 2,558 | | | | | | 497 | | | | | | 405 | | |
Facility
|
| |
Currency
|
| |
Maximum
amount drawable |
| |
Final
maturity date |
| |
Facility
type |
| |
Amount drawn
|
| |
Available
liquidity |
| |||||||||||||||||||||
| | | | | |
Local
currency m |
| | | | | | | | | | | | | |
Local
currency m |
| |
$’m
|
| |
$’m
|
| ||||||||||||
2.000% Senior Secured Notes
|
| |
EUR
|
| | | | 450 | | | | | | 01-Sep-28 | | | | | | Bullet | | | | | | 450 | | | | | | 521 | | | | | | — | | |
3.250% Senior Secured Notes
|
| |
USD
|
| | | | 600 | | | | | | 01-Sep-28 | | | | | | Bullet | | | | | | 600 | | | | | | 600 | | | | | | — | | |
3.000% Senior Notes
|
| |
EUR
|
| | | | 500 | | | | | | 01-Sep-29 | | | | | | Bullet | | | | | | 500 | | | | | | 579 | | | | | | — | | |
4.000% Senior 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 | | | | | | — | | | | | | 185 | | | | | | — | | |
Other borrowings
|
| |
Various
|
| | | | — | | | | | | Rolling | | | | | | Amortizing | | | | | | — | | | | | | 11 | | | | | | — | | |
Total borrowings
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,946 | | | | | | 325 | | |
Deferred debt issue costs
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (41) | | | | | | — | | |
Net borrowings
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,905 | | | | | | 325 | | |
Cash and cash equivalents
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (496) | | | | | | 496 | | |
Net debt / available liquidity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,409 | | | | | | 821 | | |
Facility
|
| |
Currency
|
| |
Maximum
Amount Drawable Local Currency |
| |
Final
Maturity Date |
| |
Facility
Type |
| |
Minimum net
repayment for the twelve months ending September 30, 2022 |
| |||||||||||||||
| | | | | | | | |
(in millions)
|
| | | | | | | | | | | | | |
(in $ millions)
|
| ||||||
Lease obligations
|
| | | | Various | | | | | | — | | | | | | — | | | | | | Amortizing | | | | | | 43 | | |
Other borrowings
|
| | | | Various | | | | | | — | | | | | | Rolling | | | | | | Amortizing | | | | | | 11 | | |
Minimum net repayment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 54 | | |
| | |
Unaudited
|
| |||||||||
| | |
(in $ millions)
|
| |||||||||
| | |
Nine months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating (loss)/profit
|
| | | | (13) | | | | | | 162 | | |
Depreciation and amortization
|
| | | | 254 | | | | | | 233 | | |
Exceptional operating items
|
| | | | 256 | | | | | | 10 | | |
Movement in working capital(1)
|
| | | | (193) | | | | | | (62) | | |
Transaction-related, start-up and other exceptional costs paid
|
| | | | (29) | | | | | | (12) | | |
Exceptional restructuring paid
|
| | | | — | | | | | | (3) | | |
Cash generated from operations
|
| | | | 275 | | | | | | 328 | | |
Interest paid
|
| | | | (42) | | | | | | (121) | | |
Income tax paid
|
| | | | (35) | | | | | | (13) | | |
Cash flows from operating activities
|
| | | | 198 | | | | | | 194 | | |
Capital expenditure(2)
|
| | | | (428) | | | | | | (177) | | |
Other investing cash flows
|
| | | | 1 | | | | | | 2 | | |
Net cash used in investing activities
|
| | | | (427) | | | | | | (175) | | |
Proceeds from borrowings
|
| | | | 2,773 | | | | | | 63 | | |
Repayment of borrowings
|
| | | | (5) | | | | | | (61) | | |
Repayment of related party borrowings to Ardagh
|
| | | | (2,737) | | | | | | — | | |
Proceeds from share issuance, net of costs
|
| | | | 934 | | | | | | — | | |
Payment as part of capital reorganization
|
| | | | (574) | | | | | | — | | |
| | |
Unaudited
|
| |||||||||
| | |
(in $ millions)
|
| |||||||||
| | |
Nine months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Proceeds from related party borrowings from Ardagh
|
| | | | 15 | | | | | | — | | |
Cash received from Ardagh
|
| | | | 206 | | | | | | 96 | | |
Redemption premium and issuance costs paid
|
| | | | (52) | | | | | | — | | |
Deferred debt issue costs paid
|
| | | | (33) | | | | | | — | | |
Lease payments
|
| | | | (34) | | | | | | (26) | | |
Net cash inflow from financing activities
|
| | | | 493 | | | | | | 72 | | |
Net increase in cash and cash equivalents
|
| | | | 264 | | | | | | 91 | | |
Cash and cash equivalents at beginning of period
|
| | | | 257 | | | | | | 284 | | |
Foreign exchange losses on cash and cash equivalents
|
| | | | (25) | | | | | | (3) | | |
Cash and cash equivalents at end of period
|
| | | | 496 | | | | | | 372 | | |
|
| | |
(in $ millions)
|
| |||||||||
| | |
Nine months ended September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Europe
|
| | | | 104 | | | | | | 65 | | |
Americas
|
| | | | 324 | | | | | | 112 | | |
Net capital expenditure
|
| | | | 428 | | | | | | 177 | | |