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Segment analysis

6 Months Ended

Jun. 30, 2023

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

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