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Financial assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial assets and liabilities |
Schedule of business net debt | At December 31, 2024, 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 |  | 468 | ​ | –
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 | ​ | 519 | ​ | –
4.000% Senior Green Notes | ​ | USD | ​ | 1,050 | ​ | 01-Sep-29 | ​ | Bullet | ​ | 1,050 | ​ | 1,050 | ​ | –
Senior Secured Term Loan | ​ | EUR | ​ | 269 | ​ | 24-Sep-29 | ​ | Bullet | ​ | 269 | ​ | 280 | ​ | –
Global Asset Based Loan Facility | ​ | USD | ​ | 272 | ​ | 06-Aug-26 | ​ | Revolving | ​ | – | ​ | – | ​ | 272
Bradesco Facility | ​ | BRL | ​ | 500 | ​ | 30-Sep-28 | ​ | Bullet | ​ | – | ​ | – | ​ | 81
Lease obligations |  | Various |  | – |  | Various | ​ | Amortizing |  | – |  | 374 | ​ | –
Other borrowings |  | Various |  | – |  | Rolling | ​ | Amortizing |  | – | ​ | 42 | ​ | –
Total borrowings |  |  |  |  |  |  |  |  |  | ​ |  | 3,933 |  | 353
Deferred debt issue costs |  |  |  |  |  |  |  |  |  |  |  | (31) | ​ | –
Net borrowings |  |  |  |  |  |  |  |  |  |  |  | 3,902 | ​ | 353
Cash, cash equivalents and restricted cash |  |  |  |  |  |  |  |  |  |  |  | (610) | ​ | 610
Derivative financial instruments used to hedge foreign currency and interest rate risk |  |  |  |  |  |  |  |  |  |  |  | 13 | ​ | –
Net debt / available liquidity |  |  |  |  |  |  |  |  |  |  |  | 3,305 | ​ | 963
​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 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 |  | 497 | ​ | –
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 | ​ | 553 | ​ | –
4.000% Senior Green Notes | ​ | USD | ​ | 1,050 | ​ | 01-Sep-29 | ​ | Bullet | ​ | 1,050 | ​ | 1,050 | ​ | –
Global Asset Based Loan Facility | ​ | USD | ​ | 369 | ​ | 06-Aug-26 | ​ | Revolving | ​ | – | ​ | - | ​ | 369
Lease obligations |  | Various |  | – |  | Various | ​ | Amortizing |  | – |  | 408 | ​ | –
Other borrowings |  | Various |  | – |  | Rolling | ​ | Amortizing |  | – | ​ | 54 | ​ | –
Total borrowings |  |  |  |  |  |  |  |  |  | ​ |  | 3,762 |  | 369
Deferred debt issue costs |  |  |  |  |  |  |  |  |  |  |  | (28) | ​ | –
Net borrowings |  |  |  |  |  |  |  |  |  |  |  | 3,734 | ​ | 369
Cash, cash equivalents and restricted cash |  |  |  |  |  |  |  |  |  |  |  | (443) | ​ | 443
Derivative financial instruments used to hedge foreign currency and interest rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21 | ​ | –
Net debt / available liquidity |  |  |  |  |  |  |  |  |  |  | ​ | 3,312 | ​ | 812
Schedule of business movement in net debt | ​
​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ | 2024 | ​ | 2023
​ |  | $’m |  | $’m
Net (increase)/decrease in cash, cash equivalents and restricted cash per consolidated statement of cash flows* | ​ | (167) | ​ | 112
Increase in net borrowings and derivative financial instruments | ​ | 160 | ​ | 163
(Decrease)/increase in net debt | ​ | (7) | ​ | 275
Net debt at January 1, | ​ | 3,312 | ​ | 3,037
Net debt at December 31, | ​ | 3,305 | ​ | 3,312
*Includes exchange losses on cash, cash equivalents and restricted cash
Schedule of maturity analysis of borrowings | ​
​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ | ​ | 2024 | ​ | 2023
​ |  | $’m |  | $’m
Within one year or on demand |  | 105 |  | 94
Between one and three years |  | 755 |  | 175
Between three and five years |  | 3,017 |  | 1,791
Greater than five years |  | 56 |  | 1,702
Total borrowings |  | 3,933 |  | 3,762
Deferred debt issue costs |  | (31) |  | (28)
Net borrowings |  | 3,902 |  | 3,734
Schedule of contracted undiscounted cash flows of lease liabilities | ​
​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ | ​ | 2024 | ​ | 2023
​ |  | $’m |  | $’m
Not later than one year |  | 110 |  | 99
Later than one year and not later than five years |  | 268 |  | 285
Later than five years |  | 66 |  | 110
​ |  | 444 |  | 494
Schedule of contracted undiscounted cash flows of financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Derivative | ​ | ​
​ | ​ | Total | ​ | financial | ​ | Trade
​ | ​ | borrowings | ​ | instruments | ​ | payables
At December 31, 2024 |  | $’m |  | $’m |  | $’m
Within one year or on demand |  | 270 | ​ | 32 | ​ | 1,170
Between one and three years |  | 1,049 | ​ | 20 | ​ | —
Between three and five years |  | 3,181 | ​ | 1 | ​ | —
Greater than five years |  | 67 | ​ | — | ​ | —
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Derivative | ​ | ​
​ | ​ | Total | ​ | financial | ​ | Trade
​ | ​ | borrowings | ​ | instruments | ​ | payables
At December 31, 2023 |  | $’m |  | $’m |  | $’m
Within one year or on demand |  | 244 | ​ | 32 | ​ | 1,240
Between one and three years |  | 458 | ​ | 41 | ​ | —
Between three and five years |  | 1,994 | ​ | 11 | ​ | —
Greater than five years |  | 1,761 | ​ | — | ​ | —
Schedule of carrying value and fair value of the related party | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying value | ​ | ​
​ | ​ | Amount | ​ | Deferred debt | ​ | ​ | ​ | ​
​ | ​ | drawn | ​ | issue costs | ​ | Total | ​ | Fair value
At December 31, 2024 | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Senior Facilities* |  | 3,517 | ​ | (28) | ​ | 3,489 | ​ | 3,173
Other borrowings | ​ | 42 | ​ | (3) | ​ | 39 | ​ | 42
​ | ​ | 3,559 | ​ | (31) | ​ | 3,528 | ​ | 3,215
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying value | ​ | ​
​ | ​ | Amount | ​ | Deferred debt | ​ | ​ | ​ | ​
​ | ​ | drawn | ​ | issue costs | ​ | Total | ​ | Fair value
At December 31, 2023 | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Senior Facilities* | ​ | 3,300 | ​ | (23) | ​ | 3,277 | ​ | 2,885
Other borrowings | ​ | 54 | ​ | (5) | ​ | 49 | ​ | 54
​ | ​ | 3,354 | ​ | (28) | ​ | 3,326 | ​ | 2,939
Schedule of effective interest rates of financial liabilities and lease liabilities |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2024 | ​ | 2023
​ | USD | ​ | EUR | ​ | USD | ​ | EUR
2.000% Senior Secured Green Notes due 2028 | — | ​ | 2.27% | ​ | — | ​ | 2.27%
3.250% Senior Secured Green Notes due 2028 | 3.52% | ​ | — | ​ | 3.52% | ​ | —
6.000% Senior Secured Green Notes due 2027 | 6.72% | ​ | — | ​ | 6.72% | ​ | —
3.000% Senior Green Notes due 2029 | — | ​ | 3.25% | ​ | — | ​ | 3.25%
4.000% Senior Green Notes due 2029 | 4.26% | ​ | — | ​ | 4.26% | ​ | —
Senior Secured Term Loan | — | ​ | 10.12% | ​ | — | ​ | —
​
​ | ​ | ​ | ​
​ | 2024 | ​ | 2023
​ | Various Currencies
Lease obligations | 6.27% | ​ | 6.47%
Schedule of net borrowings denominated by currency | ​
​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ | ​ | 2024 | ​ | 2023
​ |  | $’m |  | $’m
Euro |  | 1,306 |  | 1,110
U.S. dollar |  | 2,555 |  | 2,562
GBP |  | 27 |  | 40
Other |  | 14 |  | 22
​ |  | 3,902 |  | 3,734
​
Summary of derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets | ​ | Liabilities | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | Contractual
​ | ​ | Fair | ​ | Fair | ​ | or notional
​ | ​ | values | ​ | values | ​ | amounts
​ |  | $’m |  | $’m |  | $’m
Fair Value Derivatives |  |  |  |  |  |
Commodity contracts |  | 14 | ​ | 30 | ​ | 301
Forward foreign exchange contracts |  | 5 | ​ | 7 | ​ | 592
Cross currency interest rate swaps | ​ | 3 | ​ | 16 | ​ | 300
At December 31, 2024 |  | 22 |  | 53 |  | 1,193
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets | ​ | Liabilities | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | Contractual
​ | ​ | Fair | ​ | Fair | ​ | or notional
​ | ​ | values | ​ | values | ​ | amounts
​ |  | $’m |  | $’m |  | $’m
Fair Value Derivatives |  |  |  |  |  |
Commodity forward contracts |  | 10 | ​ | 51 | ​ | 436
Forward foreign exchange contracts |  | 2 | ​ | 12 | ​ | 595
Cross currency interest rate swaps | ​ | — | ​ | 21 | ​ | 300
At December 31, 2023 |  | 12 |  | 84 |  | 1,331

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