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Segment analysis | 6 Months Ended
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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
​

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