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Segment analysis | 12 Months Ended
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Dec. 31, 2024
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 CODM. ​ Performance of the Group is assessed based on Adjusted EBITDA. Adjusted EBITDA is the loss or profit for the period before income tax charge or credit, net finance expense or income, depreciation and amortization and exceptional operating items. Sales contracts generally provide for the pass through of metal and energy price fluctuations as well as a mechanism for the recovery of other input cost inflation, while certain contracts have tolling arrangements whereby customers arrange for the procurement of metal themselves. Consequently, the CODM evaluates the financial effects of the business activities of the reportable segments based on Adjusted EBITDA, which includes the net impact of the pass through pricing model operated by the business. 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-segmental revenue is not material. Reconciliation of (loss)/profit for the year to Adjusted EBITDA ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ |  | $’m |  | $’m |  | $’m
(Loss)/profit for the year |  | (3) | ​ | (50) | ​ | 237
Income tax charge/(credit) (note 7) |  | 13 |  | (21) |  | 19
Net finance expense/(income) (note 6) |  | 192 |  | 147 |  | (80)
Depreciation and amortization (notes 10, 11) |  | 449 |  | 418 |  | 359
Exceptional operating items (note 5) |  | 21 |  | 106 |  | 90
Adjusted EBITDA |  | 672 |  | 600 |  | 625
​ The segment results for the year ended December 31, 2024 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Europe | ​ | Americas | ​ | Total
​ |  | $’m |  | $’m |  | $’m
Revenue |  | 2,161 | ​ | 2,747 | ​ | 4,908
Adjusted EBITDA |  | 257 | ​ | 415 | ​ | 672
Capital expenditure |  | 76 | ​ | 103 | ​ | 179
Segment assets |  | 2,589 | ​ | 2,873 | ​ | 5,462
​ The segment results for the year ended December 31, 2023 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Europe | ​ | Americas | ​ | Total
​ |  | $’m |  | $’m |  | $’m
Revenue |  | 2,030 |  | 2,782 |  | 4,812
Adjusted EBITDA |  | 211 |  | 389 |  | 600
Capital expenditure |  | 155 |  | 223 |  | 378
Segment assets |  | 2,648 |  | 3,021 |  | 5,669
​ The segment results for the year ended December 31, 2022 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Europe | ​ | Americas | ​ | Total
​ |  | $’m |  | $’m |  | $’m
Revenue |  | 1,963 |  | 2,726 |  | 4,689
Adjusted EBITDA |  | 200 |  | 425 |  | 625
Capital expenditure |  | 213 |  | 382 |  | 595
Segment assets |  | 2,754 |  | 3,111 |  | 5,865
​ One customer accounted for greater than 10% of total revenue in 2024 (2023: one; 2022: one). Capital expenditure is the sum of purchases of property, plant and equipment and software and other intangibles, net of proceeds from disposal of property, plant and equipment, as per the consolidated statement of cash flows. Segment assets consist of intangible assets, property, plant and equipment, derivative financial instrument assets, deferred tax assets, other non-current assets, employee benefit assets, inventories, contract assets, trade and other receivables, income tax receivable and cash, cash equivalents, and restricted cash. The accounting policies of the segments are the same as those in the consolidated financial statements of the Group as set out in note 3. Total revenue from the Group in countries which account for more than 10% of total revenue, in the current or prior years presented, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Revenue |  | $’m |  | $’m |  | $’m
U.S. |  | 2,122 |  | 2,307 |  | 2,181
U.K. | ​ | 509 | ​ | 495 | ​ | 385
​ The revenue above is attributed to countries on a destination basis. ​ Non-current assets, excluding derivative financial instrument assets, taxes, employee benefit assets and goodwill arising on acquisitions in countries which account for more than 10% of non-current assets are the U.S. 47% (2023: 44%), Brazil 17% (2023: 17%) and Germany 13% (2023: 12%). ​ The Company is domiciled in Luxembourg. During the year the Group had revenues of $nil (2023: $nil, 2022: $nil) with customers in Luxembourg. Non-current assets located in Luxembourg were $nil (2023: $nil). ​ 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 is not necessary. ​ Disaggregation of revenue The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 2,134 | ​ | 3 | ​ | 24 | ​ | 2,161
Americas | ​ | — | ​ | 2,295 | ​ | 452 | ​ | 2,747
Group | ​ | 2,134 | ​ | 2,298 | ​ | 476 | ​ | 4,908
​ The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 2,010 | ​ | 7 | ​ | 13 | ​ | 2,030
Americas | ​ | – | ​ | 2,311 | ​ | 471 | ​ | 2,782
Group | ​ | 2,010 | ​ | 2,318 | ​ | 484 | ​ | 4,812
​ The following illustrates the disaggregation of revenue by destination for the year ended December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 1,937 | ​ | 10 | ​ | 16 | ​ | 1,963
Americas | ​ | – | ​ | 2,178 | ​ | 548 | ​ | 2,726
Group | ​ | 1,937 | ​ | 2,188 | ​ | 564 | ​ | 4,689
​ The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ |  | $’m |  | $’m |  | $’m
Over time |  | 3,876 |  | 3,831 |  | 3,747
Point in time |  | 1,032 |  | 981 |  | 942
Total |  | 4,908 |  | 4,812 |  | 4,689
​

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