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Assets Held for Sale and Discontinued Operations
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
Assets Held for Sale and Discontinued Operations
3.  Assets Held for Sale and Discontinued Operations
 
 
No businesses divested in 2021 or 2020 are considered to be either separate major lines of business or geographical areas of operation and therefore do not constitute discontinued operations.
No businesses met the IFRS 5
Non-Current Assets Held for Sale and Discontinued Operations
held for sale criteria at 31 December 2021.
In February 2022, the Group reached agreement to divest of its Building Envelope business for an enterprise value of $3.8 billion. Building Envelope which forms part of our Building Products segment provides architectural glass, storefront systems, architectural glazing systems and related hardware to customers primarily in North America.The transaction which is subject to customary conditions and regulatory approvals is expected to close in the first half of 2022.
A. Loss on disposal of discontinued operations
 
In October 2019, the Group completed the divestment of its Europe Distribution business, formerly part of our Building Products segment. This was considered to be a discontinued operation as defined in IFRS 5 and was classified accordingly in 2019.
The table below sets out the proceeds and related loss recognised on divestment which were included in profit after tax for the financial year 2019 from discontinued operations.
 
    
2019
$m
  
Assets/(liabilities) disposed of at net carrying amount:
         
-
non-current
assets
      1,462  
- cash and cash equivalents
      112  
- working capital and provisions
      665  
- current tax
      2  
- lease liabilities
      (410)  
- deferred tax
      (32)  
- retirement benefit obligations
      (47)  
-
non-controlling
interests
      (9)  
Net assets disposed
      1,743  
Reclassification of currency translation effects on disposal
      117  
Total
      1,860  
Proceeds from disposal (net of disposal costs)
      1,855  
Loss on disposal from discontinued operations
      (5)  
   
Net cash inflow arising on disposal
         
Proceeds from disposal from discontinued operations
      1,855  
Less: cash and cash equivalents disposed
      (112)  
Total
      1,743  
 

B. Results of discontinued operations
The results of the discontinued operations included in the Group profit for the financial year 2019 are set out as follows:
 
    
2019
$m
  
Revenue
      3,557  
   
EBITDA (as defined)*
      224  
Depreciation
      (108)  
Amortisation
      (2)  
Impairment
      (1)  
Operating profit
      113  
Loss on disposals
      (2)  
Profit before finance costs
      111  
Finance costs
      (8)  
Share of equity accounted investments’ profit
      14  
Profit before tax
      117  
Attributable income tax expense
      (26)  
Profit after tax for the financial year from discontinued operations
      91  
   
Profit attributable to:
         
Equity holders of the Company
      90  
Non-controlling
interests
      1  
Profit for the financial year from discontinued operations
      91  
   
Basic earnings per Ordinary Share from discontinued operations
      11.3c  
Diluted earnings per Ordinary Share from discontinued operations
      11.2c  
   
Cash flows from discontinued operations
         
Net cash inflow from operating activities
      36  
Net cash inflow from investing activities
      1,722  
Net cash outflow from financing activities
      (80)  
Net cash inflow
      1,678