Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Atotech Limited |
Entity Central Index Key | 0001762459 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Address, Address Line One | William Street, West Bromwich |
Entity Address, City or Town | West Midlands |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | B70 0BG |
Document Accounting Standard | International Financial Reporting Standards |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 194,695,832 |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Title of 12(b) Security | Common shares, $0.10 par value per share |
Trading Symbol | ATC |
Security Exchange Name | NYSE |
ICFR Auditor Attestation Flag | false |
Entity File Number | 001-40007 |
Entity Incorporation, State or Country Code | Y9 |
Auditor Name | KPMG AG Wirtschaftspruefungsgesellschaft |
Auditor Firm ID | 1021 |
Auditor Location | Berlin, Germany |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Erasmusstrasse 20 |
Entity Address, City or Town | 10553 Berlin |
Entity Address, Country | DE |
Entity Address, Postal Zip Code | 10553 |
Contact Personnel Name | Josh McMorrow |
Contact Personnel Fax Number | +49 30 349 85 703 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Profit or loss [abstract] | ||||
Revenue | [1] | $ 1,499.2 | $ 1,234.3 | $ 1,187.8 |
Cost of sales, excluding depreciation and amortization | [1] | (731.8) | (558) | (488.2) |
Depreciation and amortization | [1] | (181.4) | (450.3) | (170.1) |
Selling, general and administrative expenses | [1] | (289.5) | (270.2) | (277.1) |
Research and development expenses | [1] | (53.3) | (54.4) | (51.2) |
Restructuring benefit (expenses) | [1],[2] | 0.6 | (2.5) | (13.4) |
Operating profit (loss) | [1] | 243.8 | (101.2) | 187.8 |
Interest expense | [1] | (107.2) | (144.5) | (148.9) |
Other income (expense), net | [1] | (52.4) | 20.6 | 23.5 |
Income (loss) before income taxes | [1] | 84.1 | (225.1) | 62.4 |
Income tax expense | [1] | (76.6) | (64.3) | (54.8) |
Consolidated net income (loss) | [1] | $ 7.5 | $ (289.4) | $ 7.6 |
Earnings per share | ||||
Basic earnings (loss) per share | [1] | $ (0.04) | $ (4.64) | $ (1.23) |
Diluted earnings (loss) per share | [1] | $ (0.04) | $ (4.64) | $ (1.23) |
[1] | The notes are an integral part of these consolidated financial statements. | |||
[2] | Eliminates charges resulting from restructuring activities principally from the Group’s cost reduction efforts. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Profit or loss [abstract] | ||||
Consolidated net income (loss) | [1] | $ 7.5 | $ (289.4) | $ 7.6 |
Other comprehensive income (loss) | ||||
Actuarial gains and losses | [1] | 20.2 | (3.8) | (23) |
Tax effect | [1] | (5.9) | 1.1 | 6.8 |
Items not potentially reclassifiable to statement of income | [1] | 14.3 | (2.8) | (16.1) |
Currency translation adjustment | [1] | (77.1) | 114.9 | (20.6) |
Hedge reserve | [1] | (0.4) | (13.4) | (2.7) |
Thereof: Income (cost) of Hedging (OCI II) | [1] | 2.2 | 2 | (2.3) |
Other | [1] | 0.5 | 1.5 | (0.5) |
Items potentially reclassifiable to statement of income (loss), net of tax | (77) | 103 | (23.9) | |
Total other comprehensive income (loss), net amount | [1] | (62.7) | 100.2 | (40) |
Comprehensive loss | [1] | $ (55.2) | $ (189.2) | $ (32.4) |
[1] | The notes are an integral part of these consolidated financial statements. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-current assets | |||
Property, plant and equipment | [1] | $ 328.9 | $ 359.4 |
Intangible assets | [1] | 1,343 | 1,471 |
Goodwill | [1] | 786.9 | 804.1 |
Right-of-use assets | [1] | 83.4 | 104.1 |
Other financial assets | [1] | 8.9 | 70.3 |
Other non-financial assets | [1] | 3.5 | 2.7 |
Total non-current assets | [1] | 2,554.7 | 2,811.6 |
Current assets | |||
Inventories | [1] | 185.8 | 145.4 |
Trade receivables | [1] | 290.4 | 262 |
Other financial assets | [1] | 18.9 | 24.9 |
Other non-financial assets | [1] | 24.4 | 24.1 |
Tax assets | [1] | 51.2 | 46.4 |
Cash and cash equivalents | [1] | 371.6 | 320.1 |
Total current assets | [1] | 942.3 | 822.9 |
Total assets | [1] | 3,496.9 | 3,634.5 |
Shareholders' equity | |||
Common shares and preferred shares | [1] | 19.5 | 102.1 |
Paid-in surplus and retained earnings | [1] | 819.5 | 261.6 |
Currency translation adjustment and other reserves | [1] | 57.3 | 120 |
Total shareholders' equity | [1] | 896.3 | 483.7 |
Non-current liabilities | |||
Borrowings | [1] | 1,540.9 | 2,065.7 |
Deferred tax liabilities | [1] | 306.1 | 340.8 |
Employee benefits | [1] | 143.4 | 176.2 |
Provisions | [1] | 9.3 | 13.2 |
Lease liabilities | [1] | 52.1 | 67.7 |
Other financial liabilities | [1] | 0.1 | 1.5 |
Total non-current liabilities | [1] | 2,052 | 2,665.1 |
Current liabilities | |||
Borrowings | [1] | 10.7 | 0.5 |
Trade payables | [1] | 259.2 | 221 |
Tax liabilities | [1] | 93 | 99.2 |
Lease liabilities | [1] | 12.1 | 13.8 |
Other financial liabilities | [1] | 11.5 | 38.5 |
Other non-financial liabilities | [1] | 146.2 | 89.7 |
Provisions | [1] | 16.1 | 23 |
Total current liabilities | [1] | 548.7 | 485.8 |
Tota liabilities & shareholders' equity | [1] | $ 3,496.9 | $ 3,634.5 |
[1] | The notes are an integral part of these consolidated financial statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating activities | ||||
Consolidated net income (loss) | [1] | $ 7.5 | $ (289.4) | $ 7.6 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||
Depreciation and amortization | [1] | 181.4 | 450.3 | 170.1 |
Income taxes and changes in non-current provisions | [1] | 67 | 55.1 | 58.4 |
(Gains)/losses on disposals of assets | [1] | 1 | 1.5 | (5.2) |
Net (gain)/loss on financial instruments at fair value | [1] | 54.1 | (36.8) | (35.9) |
Accrued financial interest costs | [1] | 70.5 | 128.9 | 132.7 |
Amortization of deferred financing cost, including original issuance discounts | [1] | 35.3 | 15.6 | 16.4 |
Interest paid | [1] | (68.2) | (126.9) | (133) |
Taxes paid | [1] | (118) | (70.6) | (84.8) |
Other | [1] | (18.3) | (0.1) | (1.3) |
(Increase)/decrease in inventories | [1] | (46.4) | (10.8) | (3.1) |
(Increase)/decrease in trade receivables | [1] | (0.2) | (9.1) | (5.7) |
Increase/(decrease) in trade payables | [1] | 49.5 | 40.7 | 48.9 |
Changes in other assets and liabilities | [1] | (1.5) | 12.5 | (30.4) |
Cash flow used in operating activities | [1] | 213.7 | 160.6 | 134.8 |
Investing activities | ||||
Acquisition of subsidiaries, net of cash acquired | [1] | (2.7) | (4.5) | |
Intangible assets and property, plant and equipment additions | [1] | (56.5) | (52.8) | (75.7) |
Increase in non-current loans | [1] | (0.1) | (0.1) | |
Proceeds from the disposal of property, plant and equipment | [1] | 5.5 | 0.2 | 9.7 |
Repayments of non-current loans | [1] | 0.1 | 0.3 | 0.3 |
Cash flow used in investing activities | [1] | (51) | (55) | (70.3) |
Financing activities | ||||
Issuance of shares | [1] | 473.4 | ||
Issuance of non-current debt | [1] | 130 | 175.1 | |
Repayment of non-current debt | [1] | (685.7) | (255.2) | (115.8) |
Increase (decrease) in current borrowings and bank debt | [1] | 0.7 | (17.4) | (2) |
Increase (decrease) in current financial assets and liabilities | [1] | (1.5) | 0 | (1.1) |
Payment of lease liabilities | [1] | (15.3) | (15.3) | (15.9) |
Payment of deferred finance costs | [1] | (9.2) | (9.9) | |
Cash flow provided by financing activities | [1] | (98.4) | (122) | (144.6) |
Net decrease in cash and cash equivalents | [1] | 64.3 | (16.4) | (80.1) |
Effect of exchange rates | [1] | (12.8) | 33.7 | (3.4) |
Cash and cash equivalents at the beginning of the period | [1] | 320.1 | 302.7 | 386.2 |
Cash and cash equivalents at the end of the period | [1] | $ 371.6 | $ 320.1 | $ 302.7 |
[1] | The notes are an integral part of these consolidated financial statements. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders`Equity - USD ($) $ in Millions | Total | Common Shares [member] | Preference Shares [member] | Paid-in surplus and retained earnings [member] | Currency translation adjustment [member] | Hedge reserve [member] | Other [member] | |
Beginning balance at Dec. 31, 2018 | [1] | $ 704.7 | $ 9.1 | $ 92.9 | $ 542.9 | $ 72.1 | $ (15.1) | $ 2.7 |
Net income/(loss) for the period | [1] | 7.6 | 7.6 | |||||
Other comprehensive income (loss) | [1] | (40) | (20.6) | (2.7) | (16.7) | |||
Comprehensive loss | [1] | (32.4) | 7.6 | (20.6) | (2.7) | (16.7) | ||
Share-based payments | [1] | 0.2 | 0.2 | |||||
Ending balance at Dec. 31, 2019 | [1] | 672.5 | 9.1 | 92.9 | 550.7 | 51.5 | (17.8) | (13.9) |
Net income/(loss) for the period | [1] | (289.4) | (289.4) | |||||
Other comprehensive income (loss) | [1] | 100.2 | 114.9 | (13.4) | (1.3) | |||
Comprehensive loss | [1] | (189.2) | (289.4) | 114.9 | (13.4) | (1.3) | ||
Share-based payments | [1] | 0.3 | 0.3 | |||||
Ending balance at Dec. 31, 2020 | [1] | 483.7 | $ 9.1 | $ 92.9 | 261.6 | 166.4 | (31.2) | (15.2) |
Net income/(loss) for the period | [1] | 7.5 | 7.5 | |||||
Other comprehensive income (loss) | [1] | (62.7) | (77.1) | (0.4) | 14.9 | |||
Comprehensive loss | [1] | (55.2) | 7.5 | (77.1) | (0.4) | 14.9 | ||
Share-based payments | [1] | 9.5 | 9.5 | |||||
Conversion Of Preferred Stock Value Shares | [1] | 7.4 | (92.9) | |||||
Conversion Of Preferred Stock Value | [1] | 0 | 85.5 | |||||
IssueOfEquityShare | [1] | 2.9 | ||||||
Issue of equity | [1] | 498.3 | 495.4 | |||||
Transaction costs | [1] | (30.5) | (30.5) | |||||
Settlement of share-based payments | [1] | (6.6) | (6.6) | |||||
Reclassification to cash-settled share-based payments | [1] | (2.8) | (2.8) | |||||
Ending balance at Dec. 31, 2021 | [1] | $ 896.3 | $ 19.5 | $ 0 | $ 819.5 | $ 89.3 | $ (31.6) | $ (0.4) |
[1] | The notes are an integral part of these consolidated financial statements. |
Notes to the Consolidated Finan
Notes to the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Basis of Preparation | 2. Notes to the Consolidated Financial Statements 2.1 Basis of Preparation 2.1.1 General and Description of the Business Initial public offering Atotech Limited is a public company incorporated in Bailiwick of Jersey with its registered seat in 3rd floor, 44 Esplanade, St Helier, JE4 9WG, Jersey and the address of its registered head office in William Street, West Bromwich, West Midlands, B70 OBG, United Kingdom. Atotech Limited is listed on the New York Stock Exchange under the ticker symbol “ATC”. On Jan. 25, 2021, the Atotech Group commenced its initial public offering (“IPO”). In connection with the consummation of the IPO, Atotech Limited issued 64,997,558 additional common shares on a pro rata basis to all existing common shareholders (an additional 2.4851 shares for each existing share), increasing the number of common shares from 26,154,998 to 91,152,556. The effect of this share issuance was reflected on a retrospective basis for the year ended Dec. 31, 2020 and all 2020 interim periods. On Feb. 3, 2021, all outstanding preferred shares of Atotech Limited were converted to common shares with all accrued interest on the preferred shares capitalized and paid out as additional common shares substantially concurrently with the reduction in number of preferred shares to an amount that allowed for a one for one exchange of preferred shares for common shares based on the IPO offering price of $17.00 per common share. The number of common shares issued per preferred share was 0.0799 common shares per preferred share, resulting in the issuance of 74,243,600 additional common shares. On Feb. 4, 2021, Atotech Limited priced its IPO of 29,268,000 of its common shares at $17.00 per share on the New York Stock Exchange. The offering closed on Feb. 8, 2021. The proceeds from the offering were approximately $472.7 million, after deducting the underwriting discount and before deducting offering expenses. Following the consummation of the IPO, the number of common shares outstanding amounted to 194,664,156. Business The Company is a leading global provider of specialty electroplating solutions delivering chemistry, equipment, and service for high growth technology applications. The Company’s solutions are used in a wide variety of end markets, including smartphones, communication infrastructure, big data infrastructure, automotive and electronics. The Company has two operating and reportable segments which are the Electronics (“EL”) segment and the General Metal Finishing (“GMF”) segment. The EL segment supplies chemistry, production equipment and comprehensive services to the electronics industry, especially to the printed circuit board manufacturers, package substrate makers and semiconductor companies. Its products and technologies serve the main electronics end-markets, end-markets, MKS Acquisition On Jul. 1, 2021, MKS Instruments, Inc. (NASDAQ: MKSI) (“MKS”) and Atotech Limited announced that they have entered into a definitive agreement pursuant to which MKS will acquire Atotech for $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech common share. The transaction has been unanimously approved by MKS and Atotech boards of directors and was also approved by Atotech’s shareholders when over 99 percent of Atotech shares voted in favor of the acquisition in a general meeting held on Nov. 3, 2021. The pending acquisition has received the approval from 12 out of 13 global antitrust regulatory authorities, which approvals are conditions to the closing of the transaction. In China, the remaining jurisdiction, MKS and Atotech are continuing to work constructively with the State Administration for Market Regulation (“SAMR”). Atotech has agreed to extend the date for completing MKS’s pending acquisition of Atotech to September 30, 2022 from March 31, 2022. The extension is intended to allow additional time for receipt of regulatory approval from China’s SAMR. Completion of the transaction, which is to be effected by means of a scheme of arrangement under the laws of Bailiwick of Jersey, is also subject to obtaining the required sanction by the Royal Court of Jersey and the satisfaction of customary closing conditions. 2.1.2 Basis of Presentation The principal accounting policies applied in the preparation of the consolidated financial statements are set out below. These policies have been consistently applied for all periods presented, unless otherwise stated. The financial statements were authorized for issue by the Company’s board of directors on April 8, 2022 . The consolidated financial statements of the Group are presented in U.S. dollars. Unless otherwise indicated, all amounts are shown in millions of U.S. dollars rounded to one decimal place in accordance with standard commercial practice, which may result in rounding differences and percentage figures presented may not exactly reflect the absolute figures they relate to. Values of 0.0 indicate that the rounded value is equivalent to zero while an em dash (“—“) is used when no value is available. The preparation of the consolidated financial statements in accordance with IFRS (as issued by the IASB) requires management to exercise judgement and to make estimates and assumptions that affect the application of policies, reported amounts of revenues, expenses, assets, liabilities, and disclosures. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. New standards and interpretations adopted by the Group The accounting standards and interpretations adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended Dec. 31, 2020, except for the adoption of new standards effective as of Jan. 1, 2021: • Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IFRS 7, IFRS 4 and IFRS 16) • COVID-19-Related COVID-19-Related The new standards and interpretations shown above do not have a material impact on the consolidated financial statements of the Group. New standards and interpretations not yet adopted by the Company A number of new accounting standards, amendments and interpretations have been published that are not mandatory for reporting periods ended Dec. 31, 2021 and have not been early adopted by the Group. The following standards, amendments, and interpretations not yet effective are not expected to have a significant impact on the Group’s consolidated financial statements: • IFRS 17 “Insurance Contracts” • Amendments to: • IAS 1 “Presentation of Financial Statements”: Classification of liabilities as current or non-current • IAS 1 “Presentation of Financial Statements”: Disclosure of Accounting Policies • IAS 8: “Accounting Policies, Changes in Accounting Estimates and Errors”: Definition of Accounting Estimate • IAS 12: “Income Tax”: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction • IAS 16 “Property, Plant and Equipment”: Proceeds before Intended Use • IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”: Onerous Contracts – Cost of Fulfilling a Contract • Annual Improvements to IFRS Standards 2018-2020 • IFRS 3 “Business Combinations”: Reference to the Conceptual Framework 2.1.3 Summary of Significant Accounting Policies Basis of Consolidation Subsidiaries are entities controlled directly or indirectly by the parent company. The parent company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control commences until the date on which control ceases. All internal balances, transactions, and income are eliminated. Business Combinations Business combinations are accounted for using the acquisition method according to IFRS 3 “Business Combinations”. The purchase price allocation is finalized up to a maximum of one year from the acquisition date. The acquirer shall recognize goodwill at the acquisition date, being the excess of: • The consideration transferred, measured generally at fair value, the amount of non-controlling • Over the amount of acquired identifiable assets and assumed liabilities, measured generally at fair value, at the acquisition date. Atotech elects on a transaction-by-transaction non-controlling Acquisition related transaction costs are expensed as incurred. Foreign Currency Translation The Group’s consolidated financial statements are presented in U.S. Dollars. The financial statements of the Group`s subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency. The functional currency of certain subsidiaries are their respective local currencies. Transactions denominated in foreign currencies other than the functional currency of the subsidiaries of the Group are translated at the exchange rate on the transaction date. The income and cash flow statements are translated using the average exchange rates for the period (if deemed a reasonable proxy of transactions’ exchange rates). At each balance sheet date, monetary and non-monetary re-classifiable Current versus Non-Current The group classifies its assets and liabilities in the statement of financial position as current and non-current • it is expected to be realized, or intended to be sold or consumed, within the normal operating cycle • it is expected to be realized within 12 months after the reporting period or • it is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for a period of at least 12 months. All other assets are classified as non-current. A liability is classified as current if: • it is expected to be settled within the normal operating cycle • it is expected to be realized within 12 months of the end of the reporting period or • the company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current Property, Plant and Equipment Property, plant and equipment are carried at their historical cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the production of a qualifying asset incurred until assets are placed in service. Routine maintenance and repairs are charged to expense as incurred. Property, plant and equipment are depreciated using the straight-line method over their expected useful lives, which are as follows: (years) Building & improvements 10-33 Land improvements & Leasehold improvements 9-20 Transportation equipment, machinery, Computer & networking, Lab equipment 3-15 Furniture, office equipment, machinery and tools 3-10 Useful lives are reviewed on a regular basis. Such a review takes into consideration the nature of the assets, their intended use including but not limited to the closure of facilities and the evolution of the technology and competitive pressures that may lead to technical obsolescence. See Note (7) for the changes in property, plant and equipment. Intangible Assets and Goodwill Intangible assets primarily include trade name, developed technology and customer relationships. Intangible assets are carried at historical cost, less any accumulated amortization and impairment losses. Goodwill is not amortized but tested for impairment annually. Please refer to ‘ Impairment of non-financial (years) Trade names 20 Customer Relationships 13-20 Developed Technology 14-16 Capitalized Development costs 3-15 Other intangible assets 3-10 Useful lives are reviewed on a regular basis. Such a review takes into consideration the nature of the assets, their intended use including but not limited to the closure of facilities and the evolution of the technology and competitive pressures that may lead to technical obsolescence. See in Note (8) for the changes in intangible assets and goodwill. Research and Development Research and development costs that are directly attributable to the design and testing of newly developed products or processes are recognized as an expense at the time they are incurred unless they meet the recognition criteria of IAS 38 “Intangible Assets”. The Group assesses the progress of all development projects on a monthly basis under the recognition criteria of IAS 38, capitalizing the development costs once all criteria are met, and beginning amortization once projects are complete and ready for use. Development costs previously recognized as an expense are not capitalized in a subsequent period. Impairment of non-financial At each reporting date, the Group assesses whether there is an indication that a non-financial For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or Cash Generating Units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have existed, net of depreciation or amortization, if no impairment loss had been recognized. Inventories Inventories are measured at the lower of cost or net realizable value. Costs for chemical inventories are measured using the weighted-average cost method. Cost of manufactured chemical product inventories consist of raw material costs, direct labor costs, and an allocation of production overheads. General administrative costs and financing costs are excluded from the cost of these inventories. Cost of equipment inventories consist of cost incurred in the production of equipment, including direct labor costs and an allocation of production overheads. Product inventories purchased from entities external to the Group are valued at their purchase cost plus costs of transport. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, bank balances, short-term bank deposits with original maturities of three months or less and money market funds which undergo only insignificant value fluctuations and can be readily converted within one day into known amounts of cash. Financial Instruments Recognition and initial measurement Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the entity of the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not measured at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through Other Comprehensive Income (OCI) (FVOCI) – debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL (see Note (22) Financial assets – Subsequent measurement and gains and losses: Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method de-recognition Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On de-recognition, Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see note ( 22 Financial liabilities On initial recognition, a financial liability is classified as measured at: amortized cost or FVTPL. A financial liability is classified as at FVTPL (financial liability at fair value through profit or loss: FLFV) if it is classified as held-for-trading, de-recognition See Note (22) Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset are received or expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Refer to Note (13) for further discussion of the Group’s factoring arrangements during the periods presented. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Current and non-current non-derivative The Group has the following non-derivative Non-derivative Fair value of financial instruments Forward and option exchange contracts are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end Except for trade receivables all financial assets and liabilities are measured at fair value when first recorded. Trade receivables that do not have a significant financing component are measured at their transaction price at initial recognition. For current receivables and liabilities, their net book value is deemed to correspond to a reasonable approximation of their fair value due to their short-term nature. Fair value measurements A number of accounting and valuation methods require that the fair value of both financial and non-financial The following describes the Group’s assets and liabilities that are measured at fair value. The balance sheet classifications of the Group’s derivative instruments are presented in Note (22) Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. As at Dec. 31, 2021 and Dec. 31, 2020 no financial instruments are classified in level 1. Level 2: The fair value of financial instruments consisting of borrowings, bank debt, hedging derivatives and embedded derivatives that are not traded in an active market is determined by using valuation techniques based on quoted prices for identical or similar instruments in active markets, or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. As at Dec. 31, 2021 and Dec. 31, 2020 no financial instruments are classified in level 3. For the purpose of performing the annual impairment test the Group has applied Level 3 data. Refer to the discussion below the heading (22) Financial instruments not measured at fair value The Group’s financial instruments with short-term maturities include current receivables, payables, and current financial debt. Given the short-term nature of these financial instruments, their net book value is deemed to correspond to a reasonable approximation of their fair value in accordance with IFRS 7.29(a). The fair value of non-current Expected credit loss (ECL) assessment The Group applies the simplified approach in accordance with IFRS 9.5.5.15 for its trade receivables and contract assets where the loss allowance is always measured at an amount equal to lifetime expected credit losses. Each exposure is allocated to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: • the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or • the financial asset is more than 90 days past due. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the debtor; • a breach of contract such as a default or being more than 90 days past due; • the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; • it is probable that the debtor will enter bankruptcy or other financial reorganization; or • the disappearance of an active market for a security because of financial difficulties. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For each affected customer, the Group individually makes an assessment with respect to the timing and amount of write-off Derivative instruments The Group uses derivative instruments to manage its exposure to risks of changes in foreign exchange rates and interest rates. Derivative instruments are measured at fair value. Changes in fair value of derivative instruments are recognized in the statement of income or, if cash flow or net investment hedge accounting is applied, in other comprehensive income for the effective portion of changes in fair value, and are recognized in the balance sheet in the accounts corresponding to their nature. The derivative instruments used by the Group are foreign currency forwards and options as well as interest caps exclusively. The Group does not use any other derivatives; however, on occasion the Group is required to bifurcate and account for separately derivatives that are embedded in other contracts. Embedded derivatives are measured at fair value and recognized in the balance sheet accounts corresponding to their nature. Changes in fair value of such derivatives are recognized in the statement of income. Financial derivatives In the normal course of business, the Group may enter into derivative contracts for risk management purposes. For financial reporting purposes, a derivative instrument is designated in one of the following categories: (a) hedging instruments designated as a qualifying hedge under derivative accounting principles; (b) a non-designated Derivatives held for risk management purposes The Group’s risk management policy requires to identify, analyze, and manage risks arising from the activities conducted during the normal course of business. The Group uses derivative instruments as a risk management tool to manage the exposures to foreign currency risks in existing assets, liabilities, and equity. The accounting for changes in fair value of a derivative instrument depends on whether the derivative has been designated and qualifies for hedge accounting under derivative accounting principles of IFRS 9. Accounting principles for qualifying hedges require detailed documentation that describes the relationship between the hedging instrument and the hedged item, including, but not limited to, the risk management objectives and hedging strategy and the methods to assess the effectiveness of the hedging relationship. The Group designates derivative instruments to offset the foreign exchange risk arising from balance sheet assets, liabilities, and equity in foreign subsidiary investments. The Group assesses the hedging relationships, both at the inception of the hedge and on an ongoing basis, using a regression approach to determine whether the designated hedging instrument is highly effective in offsetting changes in the value due to foreign exchange rate fluctuation of the hedged item. Other derivatives – economic hedges Derivative instruments determined to be economic hedges that are not designated as hedging instruments under IFRS 9 are recorded at FVTPL. Realized and unrealized gains and losses are recognized in fair value of derivatives while the derivative asset or liability positions are reflected as non-current Other derivatives – embedded derivatives On Jan. 31, 2017, an indenture governing the Opco Notes was signed by the Group to issue $425.0 million of 6.25% Opco Notes to private investors. On May 30, 2018 Alpha 2 B.V. issued $300.0 million of 8.75%/9.50% Senior PIK Toggle Notes. Both agreements contained several embedded features required to be bifurcated and accounted for separately as derivatives under IFRS 9 “Financial Instruments”, related to prepayment call options available to the Group and put options available to the holder. Realized and unrealized gains and losses are recognized in fair value of derivatives while the derivative asset or liability positions are reflected as non-current non-current During the period ended Dec. 31, 2021, the embedded derivatives were fully derecognized through profit or loss due to the early repayment of borrowings. Please also refer to Notes (17) and (22) Revenue from Contracts with Customers The Group`s revenue is mainly generated by the sales of chemistry, historically constituting approximately 90% of consolidated revenue. Generally this revenue is recognized at a point of time. By contrast, for a certain amount of revenue from the manufacturing of production equipment, and an immaterial amount of revenue from the modifications and retrofits for equipment revenue is recognized over time. Accounting policy for revenue recognition The principles in IFRS 15 “Revenue from Contracts with Customers” must be applied by using the following five step model: • Identifying the contract; • Identifying performance obligations; • Determining the transaction price; • Allocating the transaction price to performance obligations; • Satisfaction of performance obligations Identifying performance obligations Atotech must assess whether the goods or services promised in a contract are (a) distinct – to be accounted for as separate performance obligations, (b) not distinct – to be combined with other promised goods or services until a bundle is identified that is distinct or (c) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. The sale of chemistry includes standard terms and conditions, results from spot orders of customers and shipment of chemistry to the customers based on incoterms, primarily ex works. Additionally, contracts for the manufacturing of production equipment, modifications and retrofits for such equipment to customer specifications each constitute only one performance obligation. Determining and allocating the transaction price to performance obligations At contract inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the present contract. In almost all cases, the transaction price does not include a variable element. Variable elements, if any, relate to volume rebates, discounts and returns for chemistry sales. Equipment contracts typically do not include variable elements. Estimates for volume rebates, discounts and returns of chemistry sales are accounted for as reductions of revenue when the earnings process is complete. Volume rebates and discounts are typically earned by customers based on annual sales volume targets. The Group records an estimate for these accruals based on contract terms and its historical experience with similar programs. An estimate for future expected sales returns is recorded based on historical experience with product retur |
Notes to the Consolidated State
Notes to the Consolidated Statements of Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Revenue | 2.2 Notes to the Consolidated Statements of Comprehensive Income/(Loss) (1) Revenue Set out below is the disaggregation of the Group’s revenue from contracts with customers: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Type of goods or service Chemistry revenue 1,304.3 1,114.0 1,065.5 Equipment revenue 194.9 120.3 122.3 Total revenue from contracts with customers 1,499.2 1,234.3 1,187.8 Geographical market Asia 1,112.4 897.8 808.4 Europe 264.2 232.2 254.2 Americas 122.6 104.3 125.2 Total revenue from contracts with customers 1,499.2 1,234.3 1,187.8 Timing of revenue recognition Recognized at a point in time 1,358.2 1,186.9 1,115.4 Recognized over time 140.9 47.4 72.4 Total revenue from contracts with customers 1,499.2 1,234.3 1,187.8 Regarding the geographical markets, the revenue mainly relates to the following countries: China (2021: $567.2 million, 2020: $459.9 million, 2019: $416.9 million), Taiwan (2021: $135.3 million, 2020: $129.7 million, 2019: $114.5 million) and Germany (2021: $121.5 million, 2020: $106.7 million, 2019: $118.4 million). |
Restructuring expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Restructuring expenses | (2) Restructuring expenses Restructuring expenses mainly consist of expenditures in relation to organizational changes and severance payments. For the year ended Dec. 31, 2021 the net restructuring benefit of $0.6 million mainly relates to the reversal of unused restructuring provisions in Germany. For the period ended Dec. 31, 2019 restructuring expenses in the amount of $13.4 million were mainly recognized for a restructuring program in Germany. |
Other income (expense), net
Other income (expense), net | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of other operating income (expense) [text block] | (3) Other income (expense), net Other income and expenses are presented in the following table: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Valuation gains of financial instruments measured at FVPL 7.5 36.8 17.0 Financial income on marketable securities & cash equivalents 0.0 0.0 0.9 Exchange gains 13.0 0.0 2.4 Interest income 10.0 2.5 5.5 Other financial income 4.6 1.0 1.6 Other income 35.2 40.3 27.4 Valuation losses of financial instruments measured at FVPL (84.6 ) (1.8 ) (1.1 ) Exchange losses — (14.8 ) — Losses on disposal of PP&E and Intangible assets (1.5 ) (1.5 ) — Other financial expenses (1.5 ) (1.6 ) (2.8 ) Other expenses (87.6 ) (19.7 ) (3.9 ) Other income (expense), net (52.4 ) 20.6 23.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of income tax [text block] | (4) Income Taxes Income taxes include deferred taxes and current income taxes in the respective countries. They comprise trade taxes, corporate income tax and the equivalent foreign tax charges. As of the reporting date, the weighted average tax rate was 25.0% (25.0% in 2020 and 19% in 2019). The income tax expense recognized in the statement of income is as follows: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Current income tax (107.5 ) (83.4 ) (80.5 ) Deferred income tax benefits 30.9 19.1 25.8 Total tax expense (76.6 ) (64.3 ) (54.8 ) As of the reporting date, the Atotech Group maintains unused corporate income tax losses and interest carry-forward of $660 million (2020: $461 million). Thereof an amount of $650 million (2020: $458 million) cannot be utilized in the foreseeable future, since there will not be enough profit to be offset. The non-usable 5 million 4 million During the period ended Dec. 31, 2021, the Group was able to close a significant number of pending tax litigation cases in India regarding tax recognition of intercompany service charges. As a result, the Group released provisions for income tax litigations in the amount of $8.1 million consisting of interest income of $4.2 million presented under “Other income (expense), net” as well as an income tax benefit of $3.9 million presented under “Income tax expense”. The reasons for differences between expected tax expenses in the Group are as follows: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Consolidated net income/(loss ) 7.5 (289.4 ) 7.6 Income tax expense (76.6 ) (64.3 ) (54.8 ) Income (loss) before income taxes 84.1 (225.1 ) 62.3 Statutory tax rate 25.0 % 25.0 % 19.0 % Expected tax expense / (benefit) (21.0 ) 56.3 (11.8 ) Difference between weighted average and foreign income tax rates (0.1 ) 0.4 (8.5 ) Difference of deferred taxes relating to changes of foreign income tax rates 0.2 1.2 2.7 Impairment loss on Goodwill — (71.1 ) — Deferred tax not recognized 38.0 (34.0 ) (24.9 ) Recognition of previously unrecognized interest carry-forwards 0.9 — — Permanent differences (19.2 ) (19.2 ) (13.2 ) Prior-year effects 0.1 2.8 1.9 Other 0.6 (0.7 ) (1.0 ) Income tax expense (76.6 ) (64.3 ) (54.8 ) For the reporting period, the effective tax rate is 91.0%, compared to negative 28.6% for 2020 and 88.0% for 2019. For each reporting period, the difference to the weighted average rate is impacted by financing expenses incurred in our holding companies which cannot be offset against taxable profits, leading to a difference for unrecognized deferred taxes of $38.0 million ($34.0 million in 2020 and $24.9 million in 2019). Permanent differences of $19.2 million in the current reporting period ($19.2 million in 2020 and $13.2 million in 2019) result from withholding taxes, changes in provisions for uncertain tax positions and related interest, which are non-deductible |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure Of Personnel Expenses Explanatory [Text Block] | (5) Personnel expenses ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. Wages, salaries incl. other pension costs 277.2 244.3 244.6 Social security costs 47.3 38.5 38.4 Total 324.5 282.8 283.0 In addition to the personnel expense stated in the table above, the Group incurred expenses for share-based payments in the amount of $9.5 million for the year ended Dec. 31, 2021 (2020: $0.3 million; 2019: $0.2 million). The average number of employees is as follows: (number of employees) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Manufacturing (incl. Logistics) 902 835 759 Sales, Marketing and Technicians 1,740 1,765 1,841 Research and Development 510 496 484 Administration 597 582 601 Total 3,749 3,678 3,685 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of earnings per share [text block] | (6) Earnings per Share Basic earnings per share are determined by dividing the net income/(loss) for the period attributable to the ordinary shareholders of Atotech Limited by the basic weighted average number of ordinary shares outstanding during the period. Basic earnings per share are calculated as follows: ($ in millions, except share data and earnings per share) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Net income/(loss) for the period 7.5 (289.4 ) 7.6 Interest accrued on preferred shares (14.3 ) (133.7 ) (119.4 ) Net loss attributable to shareholders (6.8 ) (423.1 ) (111.8 ) Basic weighted average number of ordinary shares outstanding 184,962,274 91,152,556 91,152,556 Basic loss per share (0.04 ) (4.64 ) (1.23 ) During the period ended Dec. 31, 2021, the following transactions affected the basic weighted average number of ordinary shares outstanding: • Conversion of all outstanding preferred shares of Atotech Limited to common shares, resulting in the issuance of 74,243,600 additional common shares • IPO of 29,268,000 common shares on the New York Stock Exchange • Issuance of 31,676 common shares from the company’s share reserve As of Dec. 31, 2021, the number of common shares outstanding amounted to 194,695,832. Please also refer to note (15) for more information on common and preferred shares as well as the transactions described above. Interest accrued on preferred shares refers to the 12% compounded annual dividend on preferred shares prior to any dividend distributions made to holders of common shares. Following the conversion of the preferred shares to common shares on Feb. 3, 2021, the dividend on preferred shares described above also ceased to accrue. Diluted earnings per share are calculated by dividing the net income attributable to ordinary shareholders of Atotech Limited by the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. In all periods presented above, ordinary shares with a dilutive effect (stock options) were excluded, because the effect would be anti-dilutive. Hence, the basic earnings per share correspond to diluted earnings per share in 2021 and prior periods. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | (7) Property, Plant and Equipment Property, Plant and Equipment assets are presented in the following tables: As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in million) Gross carrying Depreciation & Net Carrying Gross carrying Depreciation & Net Carrying Land, buildings and infrastructure 220.9 (36.7 ) 184.2 227.4 (30.6 ) 196.9 Machinery and laboratory equipment 252.8 (141.3 ) 111.4 248.6 (129.7 ) 118.9 Other tangible assets 54.6 (36.9 ) 17.7 52.0 (25.4 ) 26.5 Construction in progress 15.5 — 15.5 17.2 (0.1 ) 17.1 Total 543.8 (214.9 ) 328.9 545.2 (185.8 ) 359.4 ($ in million) Land, buildings and infrastructure Machinery and laboratory equipment Other tangible assets Construction in progress Total As of Jan. 1, 2020 175.5 117.3 32.7 40.9 366.4 Additions 2.3 11.5 3.3 6.6 23.7 Disposals (0.4 ) (1.1 ) (0.2 ) — (1.6 ) Reclassifications 16.0 10.5 (0.6 ) (31.4 ) (5.4 ) Depreciation charge (7.2 ) (27.1 ) (7.7 ) — (41.9 ) Impairment — 0.8 (0.0 ) — 0.8 Currency translation and other changes 10.6 7.0 (1.0 ) 1.0 17.5 As of Dec. 31, 2020 196.9 118.9 26.5 17.1 359.4 Additions 0.3 9.2 3.8 14.2 27.6 Disposals (1.4 ) (1.8 ) (0.1 ) (0.1 ) (3.4 ) Reclassifications 1.2 18.4 (4.1 ) (15.6 ) (0.3 ) Depreciation charge (8.4 ) (30.5 ) (7.4 ) — (46.3 ) Currency translation and other changes (4.3 ) (2.8 ) (0.9 ) (0.1 ) (8.1 ) As of Dec. 31, 2021 184.2 111.4 17.7 15.5 328.9 In 2021, additions amounted to $27.6 million. Capital expenditures relate to the following regions: Asia (41.2%), Europe (20.8%) and the Americas (38.0%). During the year ended Dec. 31, 2021, the Group reassessed the classification of certain fixed assets and as a result, reclassified a net amount of $6.6 million from “other tangible assets” to “machinery and laboratory equipment”. In 2020, additions amounted to $23.7 million. Capital expenditures relate to the following regions: Asia (68.4%), Europe (17.8%) and the Americas (13.8%). The net movement of $5.4 million in the reclassifications is mainly due to assets held for sale which have been transferred from property plant and equipment to other current non-financial |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Intangible Assets and Goodwill | (8) Intangible Assets and Goodwill Development of intangible assets Intangible assets are presented in the following tables: As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in million) Gross carrying Amortization & Net Carrying Gross carrying Amortization & Net Carrying Goodwill 1,080.9 (294.0 ) 786.9 1,104.2 (300.1 ) 804.1 Customer relationships 1,066.9 (302.5 ) 764.5 1,095.5 (247.4 ) 848.2 Developed technology 569.9 (186.3 ) 383.6 585.2 (152.4 ) 432.8 Trade name 83.1 (20.8 ) 62.3 85.3 (17.1 ) 68.2 Other intangible assets 38.5 (20.3 ) 18.2 32.5 (12.4 ) 20.2 Capitalized development costs 130.3 (15.9 ) 114.5 109.5 (7.8 ) 101.7 Total 2,969.7 (839.8 ) 2,130.0 3,012.2 (737.1 ) 2,275.1 ($ in million) Goodwill Customer Developed Trade Other Capitalized Total As of Jan. 1, 2020 1,046.4 860.6 445.4 68.5 14.2 72.1 2,507.3 Additions — — — — 6.4 25.2 31.6 Acquisition of a subsidiary — — — — 2.9 — 2.9 Disposals — — — — (0.1 ) — (0.1 ) Amortization charge — (59.8 ) (36.8 ) (4.0 ) (4.8 ) (2.6 ) (108.1 ) Impairment (279.5 ) — — — — (0.1 ) (279.6 ) Currency translation and other changes 37.2 47.3 24.2 3.8 1.5 7.2 121.2 As of Dec. 31, 2020 804.1 848.2 432.8 68.2 20.2 101.7 2,275.1 Additions — — — — 3.6 27.8 31.3 Disposals — — — — — (0.5 ) (0.5 ) Reclassifications — — — — 0.9 0.1 1.0 Amortization charge — (62.4 ) (38.4 ) (4.2 ) (6.0 ) (2.9 ) (113.8 ) Impairment — — — — — (4.4 ) (4.4 ) Currency translation and other changes (17.2 ) (21.3 ) (10.8 ) (1.7 ) (0.4 ) (7.3 ) (58.8 ) As of Dec. 31, 2021 786.9 764.5 383.6 62.3 18.2 114.5 2,130.0 Annual Goodwill Impairment Test Goodwill is subjected to an impairment test at least annually in the fourth quarter. Goodwill is allocated for impairment test purposes to cash-generating units (“CGUs”), which corresponds to the Company’s two operating segments GMF and EL. The Company performed its annual impairment test of goodwill in the fourth quarter of 2021 and 2020 and determined there was no impairment at that time for the Company’s goodwill balance as the recoverable amount for each of the two CGUs was in excess of their respective carrying amounts. An impairment loss shall be recognized if, with regard to the individual CGUs, the carrying amount including goodwill exceeds the recoverable amount. This recoverable amount corresponds to the higher of fair value less costs of disposal and its value in use. The recoverable amount of the performed impairment tests was based on the concept of the fair value less costs of disposal measured using discounted cash flow projections. The goodwill was allocated to the CGUs of the Company as follows: ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 GMF 149.6 153.1 EL 637.3 651.0 Total 786.9 804.1 The following table shows the material assumptions used in determining the fair value less costs of disposal, including the input factors used for cash flow projections and the weighted cost of capital for each CGU as of Dec. 31, 2021 and Dec. 31, 2020: As of Dec. 31, 2021 As of Dec. 31, 2020 Planning Assumptions GMF EL GMF EL Average revenue growth p.a. in the first three planning periods (CAGR) 6.30 % 4.70 % 5.30 % 6.00 % Growth rate in the terminal period 1.00 % 1.00 % 1.00 % 1.00 % WACC 7.58 % 6.98 % 7.72 % 7.33 % Cost of Disposal 1.00 % 1.00 % 1.00 % 1.00 % The recoverable amounts of the CGUs were determined to be their fair values less costs of disposal during the annual impairment test. Fair value less cost of disposal was calculated using planning assumptions based on market studies of third parties and other internal and external planning data. The financial planning process for each CGU is based on a structured approach that is carried out once a year. The first three planning years (in this case 2022 to 2024) are planned in detail. For the fourth and the fifth planning year, a high level budget has been applied for impairment test purposes. The applied budget is in line with the Company’s mid-term mid-term Q2 2020 Goodwill Impairment Loss – GMF CGU The Group monitors and assesses on a quarterly basis whether there are any internal or external indications that goodwill of the CGUs GMF or EL might be impaired. The outbreak of COVID-19 COVID-19, An impairment loss shall be recognized if, with regard to the individual CGU, the carrying amount including goodwill exceeds the recoverable amount. This recoverable amount corresponds to the higher of fair value less costs of disposal and its value in use. The recoverable amount of the performed impairment test was based on the concept of the fair value less costs of disposal, measured using discounted cash flow projections. The Group determined that it was more likely than not that the fair value of GMF was lower than its carrying amount after including goodwill. As a result, the Group updated the business plan and external key parameters to assess the recoverability for GMF. For our GMF CGU, the cash flows were discounted with a Weighted Average Cost of Capital (“WACC”) of 8.6%. This pre-tax As mainly our GMF segment suffered from changed market conditions caused by COVID-19 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Leases | (9) Leases The Group’s leases mainly relate to property, for example office and factory spaces as well as land use rights. Other leases are reported under “other” and primarily relate to transportation equipment. The terms of the leases for “property” run up to 50 years (median term 2.0 years and average term 4.8 years) and for “other” up to 7 years (median term 3.0 years and average term 3.3 years). Extension and termination options are included in a number of property leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. The leases of the Group mainly involve fixed lease payments due monthly. Through the financial years 2021 and 2020, the carrying amount of right-of-use ($ in millions) Property Other Total Right-of-use 95.0 4.2 99.2 Additions 17.2 2.5 19.7 Depreciation (15.4 ) (2.3 ) (17.7 ) Currency translation and other changes 3.6 (0.7 ) 2.9 Right-of-use 100.5 3.6 104.1 Additions 5.5 2.5 8.0 Depreciation (15.5 ) (2.5 ) (18.1 ) Currency translation and other changes (10.3 ) (0.3 ) (10.6 ) Right-of-use 80.1 3.3 83.4 The following tables show the contractually agreed undiscounted lease payments including the expected extension options as of Dec. 31, 2021 and as of Dec. 31, 2020: $ in millions Up to one year Between one More than five Total Carrying Lease liabilities 12.6 26.8 28.6 68.0 64.2 $ in millions Up to one year Between one More than five Total Carrying Lease liabilities 14.7 33.9 38.6 87.2 81.5 Besides the depreciation charge shown in the table above, the Group recognized interest expenses included in finance costs in the amount of $0.8 million (2020: $1.1 million) and expenses relating to short-term and low value leases included in selling, general and administrative expenses of $2.0 million (2020: $1.8 million) in the consolidated income statement. The total cash outflow for leases in 2021 was $18.2 million (2020: $18.2 million). |
Other non-current financial and
Other non-current financial and non-financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Other non-current financial and non-financial assets | (10) Other non-current non-financial Other non-current non-financial ($ in millions) As of Dec. 31, As of Dec. 31, Fair value of non-current 4.5 66.1 Deposits 1.2 1.5 Other 3.2 2.7 Total other non-current 8.9 70.3 Prepaid expenses 2.3 1.8 Other 1.2 0.9 Total other non-current non-financial 3.5 2.7 Please refer to Note (22) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Inventories | (11) Inventories ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 Chemical products inventories 130.2 109.4 Equipment inventories 71.8 52.8 Valuation allowance on chemical product inventories (5.3 ) (4.8 ) Valuation allowance on Equipment inventories (11.0 ) (12.0 ) Total 185.8 145.4 Inventories comprise of the following: ($ in millions) As of Dec. 31, 2021 As of Dec. 31, Raw materials 105.0 76.7 Finished and unfinished goods 80.8 68.7 Total 185.8 145.4 |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Trade Receivables | (12) Trade Receivables ($ in millions) As of Dec. 31, As of Dec. 31, Trade receivables 297.8 274.7 Allowance for expected credit losses (7.4 ) (12.6 ) Total trade receivables 290.4 262.0 Contract assets 15.5 8.9 Allowance for expected credit losses (0.0 ) (0.0 ) Total trade receivables and contract assets 305.9 270.9 Contract assets are shown in other current non-financial (13) The allowance for expected credit losses as of Dec. 31, 2021 are as follows: ($ in millions) Current (not past due) Within 90 days Between 90 days and 6 months past due Between 6 and 12 months past due More than 12 months past due Total Total trade receivables and contract assets, gross carrying amount 289.0 17.9 1.2 1.5 3.7 313.3 Allowances for expected credit losses (1.7 ) (0.5 ) (0.2 ) (1.4 ) (3.6 ) (7.4 ) Expected loss rate 0.6 % 3.0 % 13.3 % 94.9 % 95.6 % 2.4 % The allowance for expected credit losses as of Dec. 31, 2020 are as follows: ($ in millions) Current (not past due) Within 90 days Between 90 Between 6 and More than 12 Total Total trade receivables and contract assets, gross carrying amount 266.6 11.1 1.0 1.0 3.9 283.6 Allowances for expected credit losses (7.3 ) (1.0 ) (0.1 ) (0.5 ) (3.8 ) (12.6 ) Expected loss rate 2.7 % 8.8 % 12.7 % 52.1 % 96.8 % 4.5 % On aggregate, the allowance for expected credit losses developed as follows: ($ in millions) 2021 2020 As at Jan. 1 (12.6 ) (13.6 ) Additions in loss allowances recognized in profit or loss (2.0 ) (6.0 ) Reversals of unused amounts recognized in profit or loss 7.1 1.3 Utilizations — 6.2 Currency translation and other changes 0.2 (0.5 ) As at Dec. 31 (7.4 ) (12.6 ) |
Other current financial and non
Other current financial and non-financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Other current financial and non-financial assets | (13) Other current financial and non-financial Other current financial and non-financial ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 Fair value of current derivatives – assets 1.1 8.7 Factoring related assets 4.0 2.6 Notes receivable 10.9 11.4 Other receivables 2.9 2.3 Total other current financial assets 18.9 24.9 Assets held for sale — 3.2 Contract assets, net of valuation allowance 15.5 8.9 Prepaid expenses 5.9 8.8 Prepayments 3.0 3.2 Total other current non-financial 24.4 24.1 Please refer to note (22) During the year ended Dec. 31, 2021, the Assets held for sale which mainly comprised land and buildings in India were sold for approximately $3.2 million. Atotech entered into several factoring transactions. Resulting from these transactions, the amount of receivables sold and derecognized for the year ended Dec. 31, 2021 was $32.9 million (2020: $29.8 million). The factoring related asset results from receivables already sold, whereby the payments from the factoring provider are still outstanding as of the reporting date. The following two classes of factoring transactions are distinguished: • Factoring transactions with substantially all risks and rewards being transferred; • Factoring transactions involving the splitting of significant risks and rewards with control remaining at Atotech. In both classes, trade receivables are sold and fully derecognized and off-balance Notes receivables mainly includes promissory notes and mainly used for payment transactions in Asia. Contract assets relate to revenue earned from the ongoing manufacturing of equipment as well as the ongoing modifications and retrofits of equipment. As such, the balances of this account vary and depend on the number of ongoing equipment contracts at the end of the year. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | (14) Cash and Cash Equivalents The Group’s cash and cash equivalents comprise the categories presented in the following table: ($ in millions) As of Dec. 31, As of Dec. 31, Cash in bank 236.8 260.2 Money market funds 106.7 30.0 Short-term bank deposits 28.1 29.8 Other 0.0 0.1 Total 371.6 320.1 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Shareholders' Equity | (15) Shareholders’ Equity On Jan. 25, 2021, the Atotech Group commenced its IPO. In connection with the IPO, Atotech Limited issued 64,997,558 additional common shares on a pro rata basis to all existing common shareholders (an additional 2.4851 shares for each existing share), increasing the number of common shares from 26,154,998 to 91,152,556. The effect of this share issuance has been reflected on a retrospective basis for the year ended Dec. 31, 2020. On Feb. 3, 2021, all outstanding preferred shares of Atotech Limited were converted to common shares with all accrued interest on the preferred shares capitalized and paid out as additional common shares substantially concurrently with the reduction in number of preferred shares to an amount that allowed for a one for one exchange of preferred shares for common shares based on the IPO offering price of $17.00 per common share. The number of common shares issued per preferred share was 0.0799 common shares per preferred share, resulting in the issuance of 74,243,600 additional common shares. On Feb. 4, 2021, Atotech Limited has priced its IPO of 29,268,000 of its common shares at $17.00 per share on the New York Stock Exchange under the ticker symbol “ATC”. The offering was closed on Feb. 8, 2021, subject to customary closing conditions. The proceeds from the offering were approximately $472.7 million, after deducting the underwriting discount and before deducting offering expenses. As of Dec. 31, 2021, the Group recognized transaction costs accounted for as a deduction from equity in the amount of $30.5 million. These costs, directly attributable to the primary offering, have been deducted from paid-in On May 10, 2021, Atotech Limited issued 31,676 shares in connection with the Matching Share Plan (“MSP”) from the company’s share reserve. The total proceeds from this transaction were approximately $0.7 million. For more information on the MSP, please refer to note (16). As of Dec. 31, 2021, Atotech Limited’s share capital consists of 194,695,832 common shares (Dec. 31, 2020: 91,152,556 common shares) with a nominal value of $0.10 per share and zero preferred shares as all preferred shares were converted to common shares as described above. As of Dec. 31, 2020, the number of preferred shares amounted to 929,369,619 (nominal value $0.10 per share). Common shares have standard voting rights while preferred shares have no voting rights but are entitled to a 12% compounded annual dividend prior to any dividend distributions made to holders of common shares. Following the conversion of the preferred shares, the dividend on preferred shares also ceased to accrue. Shareholders’ equity is as follows: ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 Shareholders’ equity Common Shares 19.5 9.1 Preferred Shares — 92.9 Paid-in 819.5 261.6 Currency translation adjustment and other reserves 57.3 120.0 Total shareholders’ equity 896.3 483.7 The currency translation adjustment comprises the cumulative gains and losses arising from translating the financial statements of foreign operations that use functional currencies other than U.S. dollar. It also includes cumulative gains and losses from translating the already repaid Term Loan B-3 |
Share-Based Payment Plans
Share-Based Payment Plans | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Share-Based Payment Plans | (16) Share-Based Payment Plans During the year ended Dec. 31, 2021, the Group recognized expenses for share-based compensation in the amount of $ million (2020: $ million), of which $ million (2020: $ million) relates to equity-settled share-based payment awards while $ million (2020: $ million) relates to cash-settled share-based payment awards. The share-based payment programs of the Group are accounted for as equity-settled share-based payments, except the first tranche of the RSU plan which was modified from equity-settled to cash-settled at the end of the financial year 2021. Long-term Incentive Plan Share options to purchase Common Shares were granted beginning in May 2017 to certain employees of the Group pursuant to the Long-term Incentive Plan (“LTIP”). Options were granted with an exercise price that was fixed at the date of the grant. The contractual life and exercise terms of the options are dependent upon an Exit Event, which is defined further in the LTIP agreement. Options were valued on the basis of an option pricing model, and an estimate of approximate Exit Event timing. The Group has no legal or constructive obligation to repurchase or settle obligations in cash. In connection with the acquisition by MKS, the Group accelerated the vesting of 185,668 LTIP options during the period ended Dec. 31, 2021 and settled a total amount of $4.5 million in cash. The fair value of the awards at the date of grant has been measured using an option pricing model. The inputs used in the model for the year 2020 are set out below. During the year ended Dec. 31, 2021, no new options were issued. (weighted average, except options issued) Year ended Dec. Expected life of options (years) 1.2 Exercise price (in $) 0.29 Market value of underlying shares (in $) 6.52 Risk free rate 0.14 % Expected share price volatility 28.60 % Expected dividend yield 0.00 % Options issued 83,642 Management Equity Plan At the time of the acquisition of Atotech by Carlyle, the Group implemented an equity participation program to enable certain management of the Group to participate in any success of the Group. For this purpose, certain managers acquired interests in three pooling vehicles (the Pooling Vehicles). The three Pooling Vehicles are limited partnerships, with management representing the limited partners (the Participants) and their participation represented by a limited partnership interest in the Pooling Vehicles. The limited partnership interests held by the Participants correspond with the underlying Common Shares held by the Pooling Vehicles. The limited partnership interest of each Participant vests over time in accordance with the partnership agreement. Since Jan. 31, 2017, the Pooling Vehicles purchased approx. 8.127 million Common Shares and all related expenses were recognized in profit or loss of the Group in the respective years until Dec. 31, 2020. In connection with the consummation of the IPO, the Management Equity Plan was successfully dissolved in accordance with the applicable Investment and Shareholders’ Agreement. Certain Pooling Vehicles were thereby dissolved and a total of approx. 8.127 million common shares were transferred between the remaining Pooling Vehicles and the respective (former) MEP participants. Performance Restricted Share Unit Plan Performance Restricted Share Units (PSUs) were granted in June 2021 to certain employees of the Company pursuant to the Performance Restricted Share Unit Plan (PRSU). Each PSU represents the right to receive one common share of the Company. The PSUs were granted without an exercise price and will be earned based on the Company’s achievement of defined performance conditions. Thereby, a defined amount of PSUs per participant will be earned based on a performance condition related to the Company’s market value while the remaining amount of PSUs per participant will be earned based on a performance condition related to the Company’s operating profitability. The PSUs based on the Company’s operating profitability are earned in three installments at the end of each financial year during the performance period which ends on Dec. 31, 2023. In contrast, the PSUs which are dependent on the Company’s market value vest in one installment at the end of the performance period. The PRSU also contains an implicit service condition, because in the event of a participant’s termination of service for any reason, all unvested PSUs will automatically be cancelled and forfeited. The service condition starts at grant date (June 2021) and is completed at the end of the performance period (Dec. 31, 2023). In connection with the acquisition by MKS, the Group accelerated the vesting of 41,624 PSUs during the period ended Dec. 31, 2021 and settled a total amount of $1.0 million in cash. As of Dec. 31, 2021, 162,510 PSUs are recognized as equity-settled with a grant date fair value of $26.19 per share. Fair value per share was determined based on the share price of Atotech shares on the NYSE at grant date. Restricted Share Unit Plan Restricted Share Units (RSUs) were granted in June 2021 to certain employees of the Company pursuant to the Restricted Share Unit Plan (TRSU). Each RSU represents the right to receive one common share of the Company. The RSUs were granted without an exercise price and will vest in three annual installments on each of the three anniversaries following the vesting commencement date (Jan. 1, 2021). Consequently, the TRSU is defined by an implicit service condition that requires the beneficiary to complete a specified period of service during which services are provided to the Group. In the event of a participant’s termination of service for any reason, all unvested RSUs will automatically be cancelled and forfeited. In connection with the acquisition by MKS, the Group accelerated the vesting of 41,623 RSUs during the period ended Dec. 31, 2021 and settled a total amount of $1.0 million in cash. Furthermore, it was decided to settle the first tranche of RSUs in cash in Jan. 2022. Therefore, 110,068 RSUs with a measurement date fair value of $25.52 per share are accounted for as cash-settled share-based payment plans with a total fair value of $2.8 million which is presented under “personnel liabilities” on the consolidated statement of financial position. As of Dec. 31, 2021, 220,137 RSUs are recognized as equity-settled with a grant date fair value of $26.19 per share. Fair value per share was determined based on the share price of Atotech shares on the NYSE at grant date. Phantom Share Plan A total of 30,383 Phantom Shares were granted to two non-executive The fair value of the awards at the date of grant has been measured using an option pricing model. The inputs used in the model for the year 2020 are set out below. During the year ended Dec. 31, 2021, no new options were issued. Year ended Dec. Expected life of options (years) 5.0 Exercise price (in $) 32.91 Market value of underlying shares (in $) 32.91 Risk free rate (0.71 )% Expected share price volatility 28.60 % Expected dividend yield 0.00 % Options issued 30,383 Matching Share Plan The Matching Share Plan (“MSP”) is a voluntary employee share plan under which eligible employees have the opportunity to purchase common shares of the company from their net pay twice each year; provided, however, that no employee may contribute over $25,000 to the MSP in one one-year The weighted average remaining contractual life for the matching shares outstanding as at Dec. 31, 2021 was 0.4 years. The weighted average fair value of matching shares granted during the period ended Dec. 31, 2021 was $22.90 per share. Fair value per share was determined based on the share price of Atotech shares on the NYSE at grant date. Reconciliation of outstanding share options or awards The number of outstanding share options or awards of the Group’s active share-based payment programs developed as follows: (number of options/awards) LTIP PSU RSU Phantoms MSP Outstanding at Jan. 1, 2021 2,154,048 — — 30,383 — Granted during the period — 204,134 372,973 — 36,426 Settled during the period (185,668 ) (41,624 ) (41,623 ) — — Forfeited during the period (111,521 ) — (1,145 ) — (386 ) Outstanding at Dec. 31, 2021 1,856,859 162,510 330,205 30,383 36,040 Exercisable at Dec. 31, 2021 — — — — — |
Non-current and current Borrowi
Non-current and current Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Non-current and current Borrowings | (17) Non-current ($ in millions) As of Dec. 31, As of Dec. 31, Other non-current 1,540.9 1,422.4 Opco Notes — 425.0 Holdco Notes — 218.3 Non-current 1,540.9 2,065.7 Current portion of non-current 10.7 0.5 Current borrowings 10.7 0.5 Total borrowings 1,551.6 2,066.2 The following is a summary of the Company’s current and non-current ($ in millions) As of Dec. 31, As of Dec. 31, Senior Secured Credit Facilities: Term Loans 1,556.3 1,438.5 6.25% Opco Notes — 425.0 8.75%/9.50% Holdco Notes — 219.0 Less – Deferred financing costs (15.4 ) (16.8 ) Total non-current 1,540.9 2,065.7 Senior Secured Credit Facilities: Term Loans 13.5 16.2 Short-term financing costs (2.8 ) (15.8 ) Total current borrowings 10.7 0.5 Total borrowings 1,551.6 2,066.2 On Feb. 12, 2021, the IPO proceeds were used to repay borrowings (Opco Notes and Holdco Notes) in the amount of $643.0 million. For this purpose, the Group elected to draw down an additional $100.0 million from the existing revolving credit facility (“RCF”). Due to the repayment of the borrowings, an early repayment fee in the amount of $8.8 million was incurred. In total, the Group recorded expenses of $75.6 million during the period ended Dec. 31, 2021 in the consolidated statement of profit or loss, whereby only the early repayment fee was in cash. The expense of $75.6 million also includes the de-recognition (22) Effective on Mar. 18, 2021, the existing RCF was replaced by a new RCF which provides for revolving loans and letters of credit pursuant to commitments in an aggregate principal amount of $250.0 million until Mar. 2026. Borrowings under the RCF bear interest at a floating rate of 1.00% – 2.00% + IBOR* (floor 0.0%) per annum, depending on the net leverage ratio of the Group determined in accordance with the credit agreement. For undrawn amounts, a commitment fee of 0.25% – 0.375% per annum accrues, depending on the net leverage ratio of the Group determined in accordance with the credit agreement. As of Dec. 31, 2021 the Group had $232.5 million of available borrowings under its RCF due to the use of $17.5 million of Ancillary Facilities. Effective o B-1 B-3 B-1: B-1”) B-2: B-2”). follows: Loan Currency Nominal interest rate p.a. Maturity date Repayment of Payment of TL B-1 USD 2.50% + IBOR* (0.5% floor) Mar. 2028 0.25% of principal per quarter end of interest period TL B-2 EUR 2.75% + IBOR* (0.0% floor) Mar. 2028 on maturity end of interest period * The Group can elect interest periods of one, three or six months. Depending on the interest period chosen, the IBOR is amended to this term Interest and repayments regarding the Term Loans are paid quarterly, whereas the full principal of TL B-2 Due to the early refinancing of the Group’s debt, capitalized financing costs were de-recognized The term loans are collateralized by a material amount of assets of the Group and include covenants that define a maximum net leverage ratio. However, the net leverage ratio is only applicable when the amount drawn is higher than 40% of the total commitment. As of Dec. 31, 2021, no amounts have been drawn on the facility. Hence, the Group was in compliance with all financial covenants through the period to Dec. 31, 2021. Changes in liabilities from financing activities Changes in liabilities from financing activities are as follows: ($ in millions) As of Jan. 1, Cash inflows Cash outflows Currency Other non-cash As of Dec. 31, Borrowings (current and non-current) 2,066.2 130.0 (685.7 ) (13.6 ) 54.7 1,551.6 Other liabilities 17.5 0.7 — (0.1 ) (13.4 ) 4.7 Lease liabilities (current and non-current) 81.5 — (15.3 ) (5.3 ) 3.4 64.2 Total liabilities from financing activities 2,165.2 130.7 (701.0 ) (19.0 ) 44.6 1,620.5 ($ in millions) As of Jan. 1, Cash inflows Cash outflows Currency Other non-cash As of Dec. 31, Borrowings (current and non-current) 2,115.6 175.1 (271.2 ) 30.4 16.2 2,066.2 Other liabilities 19.7 — (10.6 ) (0.1 ) 8.7 17.5 Lease liabilities (current and non-current) 75.1 — (15.3 ) 6.0 15.7 81.5 Total liabilities from financing activities 2,210.4 175.1 (297.1 ) 36.3 40.6 2,165.2 Other liabilities refer to positions that are allocated to the cash flow used in financing activities, such as “current bank debt” (presented in “other current financial liabilities” on the consolidated statement of financial position). Please also refer to note (21) for more information on other current financial liabilities. In 2021, other non-cash de-recognition non-cash |
Deferred Taxes
Deferred Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Deferred Taxes | (18) Deferred Taxes Deferred tax assets and liabilities recognized as of the reporting and comparative periods break down as follows: Deferred tax assets Deferred tax liabilities Net balances ($ in millions) As of Dec. 31, 2021 As of Dec. 31, As of Dec. 31, As of Dec. 31, As of Dec. 31, As of Dec. 31, Property, plant and equipment — — (14.9 ) (17.4 ) (14.9 ) (17.4 ) Intangible assets — — (335.7 ) (371.9 ) (335.7 ) (371.9 ) Right-of-use — — (23.4 ) (29.5 ) (23.4 ) (29.5 ) Inventories 19.8 10.5 — — 19.8 10.5 Employee benefits 23.9 32.1 — — 23.9 32.1 Other temporary non-deductible 3.6 4.9 — — 3.6 4.9 Lease liabilities 18.3 23.3 — — 18.3 23.3 Other temporary tax deductions — 6.5 (0.1 ) — (0.1 ) 6.5 Unused tax losses 2.4 0.8 — — 2.4 0.8 Total 68.1 78.1 (374.2 ) (418.8 ) (306.1 ) (340.7 ) Netting (68.1 ) (78.1 ) 68.1 78.1 — — Total recognized deferred tax assets and liabilities — — (306.1 ) (340.8 ) (306.1 ) (340.7 ) A decrease of $30.9 million of net deferred tax liabilities was recognized through profit or loss especially resulting from amortization of intangible assets originating from the purchase accounting in 2017. Actuarial losses in connection with defined benefit obligations had an equity-decreasing effect from deferred taxes of $(5.9) million, which is included in other comprehensive income. Moreover, currency translation decreased net deferred tax liabilities by $10.1 million. Some of the group holding companies are carrying forward losses that cannot be utilized in the foreseeable future. These holding companies are recognizing a positive fair value of its derivative financial instruments of $5.3 million (2020: $26 million); however a deferred tax liability has not been recognized as it would have been netted against a possible deferred tax asset from these tax losses. |
Employee Benefits Obligations
Employee Benefits Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Employee Benefits Obligations | (19) Employee Benefits Obligations Liabilities for employee benefits obligations consist of the following: ($ in millions) As of Dec. 31, As of Dec. 31, Pension benefits liabilities 141.3 174.3 Restructuring reserve (early retirement plans) 2.1 1.9 Total 143.4 176.2 Description of Plans and Risk Management The Company operates, for the benefit of its current and former employees, both defined benefits plans and defined contribution plans. The main defined benefits pension plans are located in Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following: • the benefits are usually based on the final salary and seniority; • they are usually funded (pension fund or insurer); • they are usually closed to new employees whom are covered by defined contribution pension plans; and • they are paid as an annuity or a lump sum. The pension benefits also include termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care. To finance its pension obligations Atotech invested in a pension fund in order to meet its obligations to a portion of its former employees. The target asset allocation is reviewed regularly. Accordingly, plan assets are aligned with long-term development of its obligations, taking into consideration the risks associated with the specific asset classes and the regulations relating to the investment of plan assets. The existing portfolio structure is oriented toward the target asset allocation. In addition, current market assessments are taken into consideration. In order to mitigate risks and maximize returns, a widely spread global portfolio of individual asset classes is held. To limit the risks of changing financial market conditions as well as demographic developments, several employees have been almost exclusively offered defined contributions plans for future years of service in recent years. Atotech’s management monitors the risks of all pension plans of the Company especially regarding the governance and risk management of pension plans and the portfolio structure of the existing plan assets. In some countries – especially in Germany – there are pension obligations subject to government supervision or similar legal restrictions. For example, there are minimum funding requirements to cover pension obligations, which are based on actuarial assumptions that may differ from those in IAS 19 “Employee Benefits.” The obligations and the plan assets used to fund the obligations are exposed to demographic, legal and economic risks. Economic risks are primarily due to unforeseen developments on commodity and capital markets. They affect, for example, pension adjustments based on the level of inflation in Germany, as well as the impact of the discount rate on the amount of the defined benefit obligation. The closing of these defined benefit plans to new employees led to a reduction in risk with regard to future benefit levels. The strategy of the Atotech Group with regard to financing pension commitments is aligned with country-specific supervisory and tax regulations. Change in Benefit Obligations and Plan Assets Movements in the defined benefit obligation and plan assets in the consolidated financial statements are detailed as follows: ($ in millions) As of Dec. 31, As of Dec. 31, Change in benefit obligation Benefit obligation at the beginning of the year 205.0 182.3 Current service cost 2.1 2.2 Interest cost 1.1 1.5 Past service cost (0.1 ) 0.1 Benefit paid (4.8 ) (4.7 ) Actuarial losses (gains) (18.6 ) 5.9 Foreign currency translation and other changes (14.8 ) 17.8 Benefit obligation at the end of the year 169.8 205.0 Change in fair value of plan assets Fair value of plan assets at the beginning of the year (30.7 ) (27.9 ) Interest income and costs (0.2 ) (0.2 ) Actuarial losses (gains) (1.6 ) (2.0 ) Employer contributions (0.2 ) (0.2 ) Benefits paid 2.1 2.1 Foreign currency translation and other changes 2.1 (2.5 ) Fair value of plan assets at the end of the year (28.5 ) (30.7 ) Net defined benefit liability 141.3 174.3 The fair value of the defined benefit obligations equals the carrying amount. As at Dec. 31, 2021, the contribution from the main geographical areas for the net pension benefits liability in the balance sheet is 97% (Dec. 31, 2020: 98%) from Europe and 3% (Dec. 31, 2020: 2%) from Asia. The amounts recognized in the consolidated s tate ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. Current service cost 2.1 2.2 2.1 Past service cost (0.1 ) 0.1 0.2 Net interest cost 0.9 1.2 2.2 Benefit amounts recognized in profit or loss 2.9 3.5 4.5 Actuarial losses (gains) Effect of changes in demographic assumptions 0.0 — — Effect of changes in financial assumptions (14.2 ) 5.7 24.0 Effect of experience adjustments (4.4 ) 0.2 (0.9 ) Actuarial return on plan assets (excluding interest income) (1.6 ) (2.0 ) (0.1 ) Asset ceiling — — — Benefit amounts recognized in other comprehensive income (20.2 ) 3.8 23.0 Total benefit amounts recognized in comprehensive income (17.3 ) 7.3 27.5 Expected Future Cash Outflow The average duration of accrued benefits is approximately 15 years for defined pension benefits. The expected future cash outflows are as follows: ($ in millions) Pension benefits 2022 5.8 2023 6.0 2024 6.5 2025 6.4 2026 7.5 After 2026 164.6 ($ in millions) As of Dec. 31, in% As of Dec. 31, in% Debt securities 18.3 64 % 20.0 65 % Equity securities 7.6 27 % 8.0 26 % Cash and cash equivalents 2.7 9 % 2.8 9 % Total 28.5 100 % 30.7 100 % At Dec. 31, 2021, $28.5 million (Dec. 31, 2020: $30.7 million) of total pension assets are presented as part of the employee benefits in the Consolidated Financial Statements. Investments on equity and debt markets are quoted on active markets. Main Actuarial Assumptions and Sensitivity Analysis Assumptions used to determine benefits obligations As of Dec. 31, As of Dec. 31, Discount rate (weighted average for all regions) 1.07 % 0.63 % Salary increase incl. inflation rate (weighted average for all regions) 2.76 % 2.76 % The discount rate retained is determined by reference to the high quality rates for AA-rated A 0.5% increase or decrease in discount rate or salary all other things being equal would have the following approximate impact on the benefit obligation: As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in millions) 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease Discount rate (11.9 ) 12.9 (15.3 ) 17.3 Salary increase incl. inflation rate 1.3 (1.2 ) 1.8 (1.7 ) |
Non-current and current Provisi
Non-current and current Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Non-current and current Provisions | (20) Non-current Changes in provisions ($ in millions) As of Jan. 1, Additions Release Consumption Currency Reclassi- As of Dec. 31, Current 23.0 11.9 (5.6 ) (12.2 ) (0.5 ) (0.5 ) 16.1 Non-current 13.2 3.9 (3.0 ) (4.2 ) (0.7 ) 0.1 9.3 ($ in millions) As of Jan. 1, Additions Release Consumption Currency Reclassi- As of Dec. 31, Current 22.5 16.4 (1.7 ) (12.5 ) 1.0 (2.6 ) 23.0 Non-current 22.2 11.1 (10.3 ) (5.2 ) 0.9 (5.6 ) 13.2 Provisions by nature As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in millions) Current Non-current Total Current Non-current Total Non-tax 0.2 0.3 0.5 0.3 1.2 1.5 Uncertain tax positions and related interest 5.3 0.1 5.4 9.3 0.0 9.3 Other operating items 9.4 6.8 16.2 8.6 10.7 19.4 Other non-operating 1.2 2.2 3.4 4.7 1.2 6.0 Total 16.1 9.3 25.5 23.0 13.2 36.2 |
Other current financial and n_2
Other current financial and non-financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Current Liabilities [Abstract] | |
Other current financial and non-financial liabilities | (21) Other current financial and non-financial The following table shows other current financial and non-financial ($ in millions) As of Dec. 31, As of Dec. 31, Accrued interest on financial debt 0.0 13.4 Current bank debt 4.7 4.1 Fair value of derivatives - current liabilities 0.4 14.8 Factoring related liabilities 0.7 0.7 Other 5.7 5.6 Total other current financial liabilities 11.5 38.5 Contract liabilities 65.2 19.1 Payables to personnel and social organizations 80.6 65.1 Deferred income 0.4 5.5 Total other current non-financial 146.2 89.7 Please refer to Note (22) During the period ended Dec. 31, 2021, bonus accruals in the amount of $9.3 million presented under “payables to personnel and social organizations” were reversed through profit or loss. Also, a government grant in China in the amount of $5.5 million presented under “deferred income” was fully de-recognized |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of financial instruments [text block] | (22) Financial Instruments The following values for derivative financial instruments were recognized in the balance sheet as of Dec. 31, 2021 and Dec. 31, 2020. ($ in millions) As of Dec. 31, As of Dec. 31, Embedded Derivatives — 65.7 Interest rate cap 4.5 0.4 Total derivatives included in non-current 4.5 66.1 Foreign exchange contracts (Forwards) 1.1 8.7 Total derivatives included in current financial assets 1.1 8.7 Foreign exchange contracts (Collars) — 4.3 Foreign exchange contracts (Forwards) 0.4 10.5 Total derivatives included in current financial liabilities 0.4 14.8 The following table presents information on gains and losses on derivative instruments which are recorded in “Other income (expense), net” on the statement of profit or loss: ($ in millions) Year ended Dec. Year ended Dec. Embedded Derivatives (65.7 ) 31.9 Interest rate cap 4.0 1.4 Foreign exchange contracts (11.4 ) 3.1 Total (73.1 ) 36.4 The carrying amounts of the financial instruments were derived as follows as of Dec. 31, 2021: ($ in millions) Classification Carrying Measured at Measured at Trade receivables FAAC 290.4 290.4 — Cash and cash equivalents FAAC 371.6 371.6 — Other financial assets FAAC 22.2 22.2 — Foreign exchange contracts not designated as hedging instrument FAFV 1.0 — 1.0 Interest rate cap FAFV 4.5 — 4.5 Total financial assets 689.8 684.2 5.5 Non-current FLAC 1,540.9 1,540.9 — Current borrowings FLAC 10.7 10.7 — Total debt 1,551.6 1,551.6 — Trade payables FLAC 259.2 259.2 — Lease liabilities FLAC 64.2 64.2 — Other financial liabilities FLAC 11.1 11.1 — Foreign exchange contracts not designated as hedging instrument FLFV 0.4 — 0.4 Total financial liabilities 1,886.5 1,886.1 0.4 FAAC = Financial Assets at amortized Cost FAFV = Financial Assets at Fair value through profit or loss FLFV = Financial Liability at Fair value through profit or loss FLAC = Financial Liabilities at amortized Cost The carrying amounts of the financial instruments were derived as follows as of Dec. 31, 2020: ($ in millions) Classification Carrying Measured at Measured at Trade receivables FAAC 262.0 262.0 — Cash and cash equivalents FAAC 320.1 320.1 — Other financial assets FAAC 20.4 20.4 — Embedded Derivatives FAFV 65.7 — 65.7 Foreign exchange contracts not designated as hedging instrument FAFV 8.7 — 8.7 Interest rate cap FAFV 0.4 — 0.4 Total financial assets 677.3 602.6 74.8 Non-current FLAC 2,065.7 2,065.7 — Current borrowings FLAC 0.5 0.5 — Total debt 2,066.2 2,066.2 — Trade payables FLAC 221.0 221.0 — Lease liabilities FLAC 81.5 81.5 — Other financial liabilities FLAC 25.3 25.3 — Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Forwards”) No class 10.5 — 10.5 Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Collars”) No class 4.3 — 4.3 Total financial liabilities 2,408.7 2,393.9 14.8 FAAC = Financial Assets at amortized Cost FAFV = Financial Assets at Fair value through profit or loss FLAC = Financial Liabilities at amortized Cost As in the prior year, no financial assets have been reclassified from one category to another in 2021. Net gains and losses of financial instruments for each measurement category breaks down as follows. ($ in millions) Year ended Dec. Year ended Dec. FAAC 7.3 (3.9 ) FLAC (107.2 ) (144.5 ) FAFV/FLFV (88.1 ) 33.3 No class 15.1 3.1 Total (173.0 ) (112.0 ) The net loss for the FLAC category is included in interest expense in the consolidated statement of comprehensive income while the net gains or losses of the other categories are shown in other income or expense. The net result of the FAAC measurement category contains impairment losses and reversals on trade receivables. The net result of the FAAC measurement category also includes interest income. The net result of the FLAC measurement category includes interest expenses for ongoing debt service as well as the result from loan amortization, which is also included in interest expense. For the period ended Dec. 31, 2021, it also includes the de-recognition As of Dec. 31, 2021, the embedded derivatives relating to Opco and Holdco notes were fully de-recognized The following tables show the carrying amounts and fair values of all financial instruments recognized in the consolidated financial statements as well as the hierarchy for the determination of fair value in accordance with IFRS 13. For further information on these levels and the reliability of the input parameters used, as well as the valuation techniques used, please refer to Note 2.1.3 . As of Dec. 31, 2021 Fair value ($ in millions) Carrying Level 1 Level 2 Level 3 Total Trade receivables 290.4 — — — — Cash and cash equivalents 371.6 — — — — Other financial assets 22.2 — — — — Foreign exchange contracts not designated as hedging instrument 1.0 — 1.0 — 1.0 Interest rate cap 4.5 — 4.5 — 4.5 Total financial assets 689.8 — 5.5 — 5.5 Non-current 1,540.9 — 1,569.8 — 1,569.8 Current borrowings 10.7 — — — — Total debt 1,551.6 — 1,569.8 — 1,569.8 Trade payables 259.2 — — — — Lease liabilities 64.2 — — — — Other financial liabilities 11.1 — — — — Foreign exchange contracts not designated as hedging instrument 0.4 — 0.4 — 0.4 Total financial liabilities 1,886.5 — 1,570.2 — 1,570.2 As of Dec. 31, 2020 Fair value ($ in millions) Carrying Level 1 Level 2 Level 3 Total Trade receivables 262.0 — — — — Cash and cash equivalents 320.1 — — — — Other financial assets 20.4 — — — — Embedded Derivatives 65.7 — 65.7 — 65.7 Foreign exchange contracts not designated as hedging instrument 8.7 — 8.7 — 8.7 Interest rate cap 0.4 — 0.4 — 0.4 Total financial assets 677.3 — 74.8 — 74.8 Non-current 2,065.7 — 2,194.2 — 2,194.2 Current borrowings 0.5 — — — — Total debt 2,066.2 — 2,194.2 — 2,194.2 Trade payables 221.0 — — — — Lease liabilities 81.5 — — — — Other financial liabilities 25.3 — — — — Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Forwards”) 10.5 — 10.5 — 10.5 Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Collars”) 4.3 — 4.3 — 4.3 Total financial liabilities 2,408.7 — 2,209.0 — 2,209.0 Offsetting and Transfers of Financial Assets In cases where the Company has a legally enforceable right to offset financial liabilities and financial assets, and has the intention settle these financial instruments on a net basis, Atotech offsets these financial instruments and reports the net amount on the balance sheet. As of Dec. 31, 2021, no financial instruments were subject to offsetting. The Group held no collateral of financial or non-financial Financial Risk Management In the course of its business, the Group is exposed to a number of financial risks, including market risks (including foreign exchange rate risk and interest rate risk), credit risk and liquidity risk. The Group seeks to manage and control these risks to mitigate potential financial losses. At each balance sheet date, the Company notes no risk concentrations. Market Risk Interest rate risk The Group is exposed to the risk that the fair value of future cash flows will fluctuate as a result of changes in prevailing market conditions. In order to manage that risk, the Group indebtedness may include both fixed and floating rate interest rates. The total nominal loan exposure of drawn debt amounts to $1,569.8 million (excluding appr. $4.7 million local lines of credit) of which none bore interests at a fixed rate. Additionally, the Group may, from time to time, engage in interest rate hedging transactions to manage the interest rate exposure. For example, on March 27, 2020, the Group entered into an interest rate cap derivative instrument to manage exposure related to the movement in interest rates. The derivative was entered into with the intention of reducing the risk associated with the variable interest rates on senior secured USD credit facilities. As of Dec. 31, 2021, an increase of interest rate of 100 basis points would have resulted in an increase of the market value (additional gain) of the interest rate cap in the amount of $10.7 million. Irrespective of the interest rate cap effects and 0.5% LIBOR floor applicable to the Group’s variable interest rate USD financing instruments, as of Dec. 31, 2021, an increase of interest rates of 100 basis points would have resulted in additional interest expense in the amount of $4.0 million per quarter. Credit Risk The Group is exposed to the risk of losses due to the default of a counterparty to fulfill its contractual obligations. The Group has established a credit policy under which individual credit evaluations are performed to determine credit limits and payment terms applicable to customers. Equipment projects will be monitored via internal process, the risks will be managed by Letter of Credits, Bank Guarantees and payment flows which are covering the open risk position. To further minimize credit risk, the Group will continue to implement certain working capital optimization measures and factoring instruments in 2022. The carrying amounts of financial assets and contract assets represent the Group’s maximum exposure to credit risk. Foreign Exchange Risk The Group is exposed to foreign exchange risks from transactions and translations. Translation risks arise from consolidation of financial statements of foreign operations into U.S. dollars, which is in principal not hedged. Transaction risks arise from transactions in foreign currency such as operating business, financing, planned sales as well as raw material purchased. These risks are constantly monitored by the Company. To mitigate the risk of changes in exchange rates, the Group uses FX forwards, non-deliverable At Dec. 31, 2021 the Group had the following open foreign currency contracts: • EURUSD FX forwards of $388.3 million due until Dec. 31, 2022 • Other FX forwards of $65.2 million due until Dec. 31, 2022 In order to hedge the risks arising from its investments in consolidated subsidiaries with CNY and TWD as their functional currency, the Company has designated a collar option and forwards into a hedge of a net investment in a foreign operation. For both currencies CNY and TWD the underlying exposure is higher than the designated hedged item. Due to the high correlation of the subsidiary´s functional currencies and the CNH respectively offshore TWD, the Company considers the hedge relationships to be highly effective. Both the designated collar option and forwards expired in 2021 and hence at Dec. 31, 2021, no instruments are designated into a hedge of a net investment into a foreign operation. For the period ended Dec. 31, 2021, an ineffectiveness of $0.3 million (Dec. 31, 2020: $(3.8) million) has been expensed in the line item “Other income (expense), net” for all hedging instruments. The income (cost) of hedging (OCI II) is included in the line item “Hedge reserve” in other comprehensive income. In addition to the net investment hedges, the Company hedges uncertain future cash flows arising from their operations in different countries around the globe that have different currency than the company’s functional currency. The company hedges the cash flows arising from cost-sharing agreements and other highly probable future transactions in certain currencies. All future cash flows are estimated to be highly probable. The Company uses cash flow hedge accounting in accordance with IFRS 9. It uses foreign exchange forwards and non-deliverable Hedge effectiveness is assessed at inception of the hedge, at each reporting date, and upon a significant change in the circumstances affecting the hedge effectiveness requirements. The effect of credit risk is considered minimal due to the highly rated counterparties and does not significantly influence the value changes that result from economic relationship. Potential sources of ineffectiveness are changes of the payment dates or a reduction in the total amount of the hedged item and a significant change of the credit risk of either party to the hedging relationship. The effective change in value resulting from the spot is recognized in the cash flow hedge reserve whereas the time component of the derivatives is recognized in the cost of hedging reserve. The effective change in value resulting from the cross-currency basis is recognized either in the hedge reserve or in the cost of hedging reserve of other comprehensive income. Based on its hedging strategy the Company decides at inception case-by-case As at Dec. 31, 2021, no derivative instruments have been designated for hedge accounting. The tables below summarize the Company´s items designated as hedging instruments for cash flow hedges and net investment hedges as of Dec. 31, 2020. As of Dec. 31, 2020 Notional Carrying amount Value of the ($ in millions) Financial Financial Net investment hedge FX Forwards 200.0 — (10.5 ) (8.8 ) FX collar 50.0 — (4.3 ) (2.2 ) * used for calculating hedge ineffectiveness (designated component) Notional value of Derivative Contracts The tables below summarize the notional value of the Company´s derivative contracts as of Dec. 31, 2020: As of Dec. 31, 2020 Less than 12 1-5 years More than 5 years Notional ($ in millions) Foreign Exchange Forwards USD - CNH 200.0 — — 200.0 EUR - USD 210.3 — — 210.3 EUR - GBP 11.6 — — 11.6 EUR - CNY 14.2 — — 14.2 EUR - CAD 0.6 — — 0.6 EUR - AUD 0.1 — — 0.1 EUR - TRY 0.2 — — 0.2 Foreign Exchange Collar USD - TWD 50.0 — — 50.0 Tables below shows the change of reserve for hedging instruments for year ended Dec. 31, 2021 and Dec. 31, 2020: OCI I: Hedge Reserve ($ in millions) OCI II: Cost of Intrinsic value options Foreign Transactions* Total hedge Opening balance as of Jan. 1, 2021 5.0 (2.2 ) (56.9 ) (54.1 ) Change in fair value recognized in OCI — (0.8 ) (4.3 ) (5.1 ) Costs of hedging recognized in OCI 2.2 — — 2.2 Closing balance as of Dec. 31, 2021 7.2 (3.0 ) (61.2 ) (57.0 ) * The change in fair value recognized in OCI I includes the cumulative gains and losses from translating Term Loan B-3 OCI I: Hedge Reserve ($ in millions) OCI II: Cost of Intrinsic value options Foreign Transactions* Total hedge Opening balance as of Jan. 1, 2020 3.0 — (12.9 ) (9.9 ) Change in fair value recognized in OCI — (2.2 ) (44.8 ) (47.0 ) Costs of hedging recognized in OCI 2.0 — — 2.0 Reclassified from OCI to profit or loss — — 0.9 0.9 Closing balance as of Dec. 31, 2020 5.0 (2.2 ) (56.9 ) (54.1 ) * The change in fair value recognized in OCI I includes the cumulative gains and losses from translating Term Loan B-3 A reasonably possible strengthening (weakening) of the Euro (in 2021), Renminbi or Taiwan dollar against the US dollar would have affected the measurement of financial instruments denominated in a foreign currency and affected equity (in 2020) and profit or loss (in 2021) by the amounts shown below: Dec. 31, 2021 Change of Foreign Exchange rate by ($ in millions) Exposure +10% -10% EUR 44.9 (38.8 ) 38.1 CNH / CNY 21.4 (3.6 ) 4.4 TWD 15.9 (1.4 ) 1.8 Dec. 31, 2020 Change of Foreign Exchange rate by ($ in millions) Exposure +10% -10% CNH / CNY (10.5 ) 19.1 (23.4 ) TWD (4.3 ) 3.7 (5.9 ) Liquidity risk As of Dec. 31, 2021, the Group held cash and cash equivalents of $ 371.6 million. In order to facilitate group-wide liquidity, the Group entered into a Revolving Credit Facility (RCF) as well as bilateral credit lines that allow the Group to account for dynamically changing liquidity requirements. The table below summarizes the Group´s financial liabilities (both derivative and non-derivative) ($ in millions) < 12 months 1 - 3 years 3 - 5 years > 5 years Total Carrying amount Trade payables 258.5 0.5 0.2 — 259.2 259.2 Borrowings 59.8 118.9 117.0 1,529.6 1,825.3 1,551.6 Other financial liabilities 11.5 — 0.0 — 11.5 11.5 thereof derivative financial instruments 0.4 — — — 0.4 0.4 Total 329.9 119.4 117.2 1,529.6 2,096.0 1,822.3 The maturities of lease liabilities are shown in note (9). As of Dec. 31, 2021, there are no risk concentrations at the Group with regard to liquidity risk. As of Dec. 31, 2020, the Group held cash and cash equivalents of $320.1 million. In order to facilitate group-wide liquidity, the Group entered into a Revolving Credit Facility (RCF) as well as bilateral credit lines that allow the Group to account for dynamically changing liquidity requirements. The table below summarizes the Group´s financial liabilities (both derivative and non-derivative) ($ in millions) < 12 months 1 - 3 years 3 - 5 years > 5 years Total Carrying Trade payables 218.6 1.9 0.1 0.4 221.0 221.0 Borrowings 134.6 476.0 1,907.4 — 2,518.1 2,066.2 Other financial liabilities 38.5 1.5 0.0 0.0 40.1 40.1 thereof derivative financial instruments 14.8 — — — 14.8 14.8 Total 391.8 479.4 1,907.5 0.5 2,779.1 2,327.2 As of Dec. 31, 2020, there are no risk concentrations at the Group with regard to liquidity risk. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Segment Reporting | (23) Segment Reporting The Group identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM) as defined under IFRS 8 “Operating Segments” to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. The Group’s CODM is identified as Geoffrey Wild, CEO and member of Board of Directors, because he has final authority over performance assessment and resource allocation decisions. The Group’s segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines. The EL segment services the electronics supply chain, with specialty chemicals used in the plating process for PCBs embedded in smartphones, computing hardware, tablets, semiconductor packing, other electronic devices and production equipment which are a critical element of the electronics value chain. The GMF segment supplies specialty plating chemicals for functional and decorative surface finishing applications to a diverse set of customers, including automotive, building products, heavy machinery, household fixtures, decorative hardware as well as production equipment. The CODM assesses the performance of the operating segments based on Segment Adjusted EBITDA. This measure is defined as EBITDA (consolidated net income (loss) before interest, taxes, depreciation and amortization, excluding impairment charges) adjusted for certain items which management believes do not reflect the core operating performance of the operating segments. Such adjustments described below in more detail include non-cash non-operating No segment asset or liability measures are reported to the CODM, and such measures are not used for purposes of assessing performance or allocating resources. The following tables summarize selected financial information by segment: Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 ($ in millions) EL GMF Total EL GMF Total EL GMF Total Revenue 981.3 517.8 1,499.2 797.7 436.6 1,234.3 682.9 504.9 1,187.8 thereof Chemistry revenue 803.0 501.3 1,304.3 690.0 424.0 1,114.0 596.2 469.3 1,065.5 thereof Equipment revenue 178.4 16.5 194.9 107.7 12.6 120.3 86.7 35.6 122.3 Segment Adjusted EBITDA 330.7 127.3 458.0 259.0 104.9 363.9 241.6 138.5 380.1 Reconciliation of Segment Adjusted EBITDA to consolidated net income/(loss) is as follows: ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. EL Segment Adjusted EBITDA 330.7 259.0 241.6 GMF Segment Adjusted EBITDA 127.3 104.9 138.5 Gain on disposal of fixed assets (a) — — 6.1 Non-cash (b) (89.7 ) (250.7 ) 10.2 Foreign exchange gain/(loss) (c) 13.0 (14.8 ) 2.4 Restructuring (d) 0.6 (2.5 ) (13.4 ) Transaction related costs (e) (19.9 ) (7.6 ) (7.1 ) Management fee (f) (2.6 ) (2.7 ) (2.4 ) COVID-19 (g) (0.9 ) (2.2 ) — Interest expense, net (97.2 ) (142.0 ) (148.1 ) Income taxes (76.6 ) (64.3 ) (54.8 ) Depreciation and amortization (excluding impairment charges) (177.0 ) (166.4 ) (165.4 ) Consolidated net income (loss) 7.5 (289.4 ) 7.6 (a) Eliminates the cash impact of gains on the sale of fixed assets. (b) Eliminates the impact of (1) share-based (4) mark-to-market de-recognition earn-out (c) Eliminates net foreign currency transactional gains and losses. (d) Eliminates charges resulting from restructuring activities principally from the Group’s cost reduction efforts. (e) The value for the year ended December 31, 2021 reflects an adjustment to eliminate (1) IPO-related (f) Reflects an adjustment to eliminate fees paid to Carlyle. The consulting agreement pursuant to which management fees are paid to Carlyle will terminate on the earlier of (i) the second anniversary of the IPO and (ii) the date upon which Carlyle ceases to own more than ten percent of the outstanding voting securities of the Company. (g) Eliminates charges in connection with COVID-19, COVID-19 Non-current 5 ($ in millions) As of Dec. 31, As of Dec. 31, China 863.2 881.7 Germany 729.4 816.1 Other countries 954.4 1,044.7 Total 2,547.0 2,742.5 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Related Parties | (24) Related Parties Atotech identified related parties in accordance with IAS 24. Atotech had transactions with related parties in the reporting period in the ordinary course of business. The Group entered into a consulting agreement with the controlling shareholder (The Carlyle Group; “Carlyle”) under which the Company, or its subsidiaries, will pay Carlyle an annual fee for consulting services. The annual fee is payable on a quarterly basis. For the year ended Dec. 31, 2021, the Group paid Carlyle $2.6 million for consulting services (2020: $1.8 million) and $0.0 million for expense reimbursements (2020: $0.2 million). Additionally, the Group ordered goods and services in the amount of $1.2 million (prior year: $— million) from related parties throughout the reporting period. As of Dec. 31, 2021, trade receivables from related parties amounted to $0.4 million (prior year: $0.5 million). 5 Excluding financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts. Transactions with Key Management Personnel Key management personnel consists of a total of nineteen individuals as of Dec. 31, 2021, who constitute people having authority and responsibility for planning, directing, and controlling the Company’s activities. For the year ended Dec. 31, 2021, key management personnel compensation related to share-based payments was $4.2 million. Furthermore, members of the key management personnel received cash payments in the amount of $6.6 million for the accelerated vesting of certain share-based payment awards. These transactions have been accounted for as a repurchase of equity. Moreover, the amount of cash-settled share-based payments recognized as a liability as of Dec. 31, 2021 attributable to key management personnel amounts to $0.9 million. Please also refer to note (16) for further details regarding the Group’s share-based payment plans. As of Dec. 31, 2021, the key management personnel of the Company consists of the members of the Senior Management Team (CEO, CFO, COO, two Presidents, and four Vice Presidents) and the Board of Directors. Compensation of the Company’s key management personnel includes salaries, short- and long-term benefits as well as post-employment benefits. Additionally, the entire key management personnel participate in the Company’s Performance Shares Program. ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. Short-term employee benefits 10.2 8.6 7.0 Post-employment benefits 0.4 0.3 0.2 Share-based payment expense 4.2 0.1 0.1 Total 14.8 9.0 7.3 |
List of Subsidiaries
List of Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
List of Subsidiaries | (25) List of Subsidiaries Dec. 31, 2021 Dec. 31, 2020 No. Entity Name Status Equity Held by Status Equity Held by 1 Atotech Ltd. FC FC 2 Alpha 2 B.V. FC 100 % 37 FC 100 % 37 3 Alpha 3 B.V. FC 100 % 2 FC 100 % 2 4 Alpha 4 B.V. FC 100 % 11 FC 100 % 11 5 Alpha 5 B.V. FC 100 % 11 FC 100 % 11 6 Alpha Germany Bidco GmbH FC 100 % 4 FC 100 % 4 7 Alpha US Bidco, Inc. FC 100 % 3 FC 100 % 3 8 Atotech (Singapore) Chemicals Pte. Ltd. FC 100 % 11 FC 100 % 11 9 Atotech (Yangzhou) Chemicals Ltd FC 100 % 11 FC 100 % 11 10 Atotech Asia Pacific Ltd. FC 100 % 11 FC 100 % 11 11 Atotech B.V. FC 100 % 3 FC 100 % 3 12 Atotech Beteiligungs und Management GmbH & Co KG FC 100 % 4 FC 100 % 4 13 Atotech Bulgaria EOOD FC 100 % 11 FC 100 % 11 14 Atotech Canada Ltd. FC 100 % 11 FC 100 % 11 15 Atotech China Chemicals Ltd. FC 100 % 11 FC 100 % 11 16 Atotech CZ, a.s. FC 100 % 11 FC 100 % 11 17 Atotech de México S.A. de C.V. FC 100 % 11, 18 FC 100 % 11, 18 18 Atotech Deutschland GmbH & Co. KG (formerly: Atotech Deutschland GmbH) FC 100 % 12, 41 FC 100 % 12, 11 19 Atotech Development Center Private Limited FC 99.99 %* 11 FC 99.99 %* 11 20 Atotech Do Brasil Galvanotécnica Ltda. FC 100 % 11, 18 FC 100 % 11, 18 21 Atotech Espana S.A. FC 100 % 11 FC 100 % 11 22 Atotech France S.A. FC 99.99 %* 11 FC 99.99 %* 11 23 Atotech India Private Limited FC 99.99 %* 11 FC 99.99 %* 11 24 Atotech Istanbul Kimya Sanayi Ticaret Ltd Sti FC 100 % 11, 18 FC 100 % 11, 18 25 Atotech Italia S.r.l. FC 100 % 11 FC 100 % 11 26 Atotech Japan K.K. FC 100 % 11 FC 100 % 11 27 Atotech Korea Ltd. FC 100 % 11 FC 100 % 11 28 Atotech Malaysia Sdn. Bhd. FC 100 % 11 FC 100 % 11 29 Atotech Österreich GmbH FC 100 % 12 FC 100 % 12 30 Atotech Poland Sp. z.o.o. FC 100 % 11 FC 100 % 11 31 Atotech Servicios de México S.A. de C.V. FC 100 % 11, 17 FC 100 % 11, 17 32 Atotech SK, s.r.o. FC 100 % 16 FC 100 % 16 33 Atotech Skandinavien AB FC 100 % 11 FC 100 % 11 34 Atotech Taiwan Limited FC 100 % 11 FC 100 % 11 35 Atotech Thailand Ltd. FC 99.99 %* 11 FC 99.99 %* 11 36 Atotech UK Ltd. FC 100 % 11 FC 100 % 11 37 Atotech UK Topco Ltd. FC 100 % 1 FC 100 % 1 38 Atotech USA, LLC. FC 100 % 7 FC 100 % 7 39 Atotech Vietnam C.o. Ltd. FC 100 % 11 FC 100 % 11 40 Atotech Slovenija d.d. FC 100 % 12 FC 100 % 12 41 Brillant 3670. GmbH FC 100 % 12 — — — 42 J-KEM FC 100 % 33 FC 100 % 33 43 UAB Atotech Chemata (Lithuania) FC 100 % 11 FC 100 % 11 44 Visutech Plating Ltd. FC 100 % 11 FC 100 % 11 45 Atotech (Philippines) Chemicals, Inc. NC 99 %* 11 NC 99 %* 11 46 Atotech Argentina S.A. NC 98 %* 11 NC 98 %* 11 47 Atotech Australia PTY Ltd. NC 100 % 11 NC 100 % 11 48 Atotech Global Services Private Limited NC 99.99 %* 11 — — — 49 OOO Atotech-Chemeta (Russia) NC 100 % 11, 18 NC 100 % 11, 18 50 PT. Atotech Indonesia Chemicals NC 100 % 11, 18 NC 100 % 11, 18 * Minority interests owned by Management staff. FC Fully consolidated NC Non-consolidated |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Commitments | (26) Commitments During the year ended Dec. 31, 2021, the Group appointed a bank as its lead financial advisor with respect to the MKS transaction. Upon closing of the transaction, the Group shall pay the bank a transaction fee equal to 0.5% of the aggregate value of the transaction. As of Dec. 31, 2021, the transaction fee is estimated at approx. $25.5 million. Additionally, as of Dec. 31, 2021, the Group had commitments of $113.5 million which mainly relate to purchase obligations and are mostly due in one year or less. As of Dec. 31, 2020, the commitments of the Group amounted to $26.4 million which mainly related to purchase obligations and were mostly due in one year or less. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Subsequent Events | (27) Subsequent Events No events occurred between the reporting date (Dec. 31, 2021) and the date the consolidated financial statements were authorized for the issue by the Management Board (Mar. 24, 2022) which could materially affect the presentation of the financial performance and position of the group. |
Parent Company Only Financial I
Parent Company Only Financial Information – Atotech Limited | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Separate Unaudited Financial Statements of Atotech Ltd. | (28) Parent Company Only Financial Information – Atotech Limited Statements of Profit or loss ($ in millions) Year ended Dec. Year ended Dec. Selling, general and administrative expenses (18.7 ) (7.4 ) Operating profit (loss) (18.7 ) (7.4 ) Interest expense (0.2 ) — Other income (expense), net 0.0 — Income (loss) before income taxes (19.0 ) (7.4 ) Income tax expense — — Net income (loss) (19.0 ) (7.4 ) Statements of Financial Position ($ in millions) As of Dec. 31, As of Dec. 31, Assets Non-current Investments in subsidiaries 567.8 95.6 Total non-current 567.8 95.6 Current assets Prepaid expenses 0.0 3.5 Cash and cash equivalents 0.1 0.0 Total current assets 0.1 3.5 Total assets 567.9 99.1 Liabilities & shareholders’ equity Shareholders’ equity Common shares and preferred shares 19.5 95.6 Paid-in 517.8 (7.1 ) Total shareholders’ equity 537.3 88.5 Non-current Borrowings 12.9 0.9 Thereof from subsidiaries 12.9 0.9 Total non-current 12.9 0.9 Current liabilities Trade payables 14.8 9.3 Thereof from subsidiaries 14.0 7.4 Personnel Liabilities (RSU Settlement) 2.8 — Current Financial debt 0.1 — Thereof from subsidiaries 0.1 — Tax liabilities 0.0 0.4 Total current liabilities 17.6 9.7 Total liabilities & shareholders’ equity 567.9 99.1 Statements of Cash Flows ($ in millions) Year ended Dec. Year ended Dec. Operating activities Net loss (19.0 ) (7.4 ) Adjustments to reconcile net loss to cash used in operating activities: Non-cash 0.2 — Personnel costs - Share-based payment 9.5 — Interest paid (0.2 ) — Taxes paid (0.1 ) — (Increase)/decrease in trade receivables and other assets (2.1 ) (3.5 ) Increase/(decrease) in trade payables and other liabilities (1.5 ) 10.0 Cash flow used in operating activities (13.2 ) (0.9 ) Investing activities Investment in subsidiaries (472.2 ) — Cash flow used in investing activities (472.2 ) — Financing activities Issuance of shares 473.4 — Issuance of non-current 12.0 — Increase (decrease) in current borrowings 0.1 0.9 Cash flow provided by financing activities 485.5 0.9 Net (decrease)/increase in cash and cash equivalents 0.1 0.0 Cash and cash equivalents at the beginning of the period 0.0 — Cash and cash equivalents at the end of the period 0.1 0.0 Basis of preparation This Atotech Limited (“Parent Company”) only financial information has been prepared following the guidance in Rule 12-04 S-X, 5-04, S-X. Atotech Limited is a holding company that conducts substantially all its business operations through its subsidiaries. This Parent Company only financial information has been prepared using the same accounting principles and policies described in the notes to the Financial Statements, with the only exception being that the Parent Company accounts for investments in its subsidiaries at cost. This financial information should be read in conjunction with the Consolidated Financial Statements and related notes thereto. The cash settlements of certain share-based payment awards described in Note (16) of the Consolidated Financial Statements have been carried out by subsidiaries. As the respective intercompany liabilities were not paid as of 31 Dec. 2021, these transactions were not cash effective for Atotech Ltd. As described in Note (16) of the Consolidated Financial Statements, the expenses for share-based compensation for the year ended Dec. 31, 2021 was $ 9.5 Until Dec. 31, 2019, Atotech Limited had no operations, assets, or liabilities. Accordingly, the statements of Profit and Losses and Cash Flows for the period ending December 31, 2019 have been omitted. Any material contingencies, long-term obligations and guarantees have been presented elsewhere within the Notes to the Consolidated Financial Statements. Restated financial information Comparative financial information for the period ended Dec. 31, 2020 was restated due to the shifting of selling, general and administrative expenses from the former parent company of the Atotech Group (Atotech UK Topco Ltd.) to Atotech Ltd. This change has no effect on the Consolidated Financial Statements as both Atotech Ltd and Atotech UK Topco Ltd are fully consolidated. |
Notes to the Consolidated Fin_2
Notes to the Consolidated Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Basis of Consolidation | Basis of Consolidation Subsidiaries are entities controlled directly or indirectly by the parent company. The parent company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control commences until the date on which control ceases. All internal balances, transactions, and income are eliminated. |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method according to IFRS 3 “Business Combinations”. The purchase price allocation is finalized up to a maximum of one year from the acquisition date. The acquirer shall recognize goodwill at the acquisition date, being the excess of: • The consideration transferred, measured generally at fair value, the amount of non-controlling • Over the amount of acquired identifiable assets and assumed liabilities, measured generally at fair value, at the acquisition date. Atotech elects on a transaction-by-transaction non-controlling Acquisition related transaction costs are expensed as incurred. |
Foreign Currency Translation | Foreign Currency Translation The Group’s consolidated financial statements are presented in U.S. Dollars. The financial statements of the Group`s subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency. The functional currency of certain subsidiaries are their respective local currencies. Transactions denominated in foreign currencies other than the functional currency of the subsidiaries of the Group are translated at the exchange rate on the transaction date. The income and cash flow statements are translated using the average exchange rates for the period (if deemed a reasonable proxy of transactions’ exchange rates). At each balance sheet date, monetary and non-monetary re-classifiable |
Current versus Non-Current Classification | Current versus Non-Current The group classifies its assets and liabilities in the statement of financial position as current and non-current • it is expected to be realized, or intended to be sold or consumed, within the normal operating cycle • it is expected to be realized within 12 months after the reporting period or • it is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for a period of at least 12 months. All other assets are classified as non-current. A liability is classified as current if: • it is expected to be settled within the normal operating cycle • it is expected to be realized within 12 months of the end of the reporting period or • the company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at their historical cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the production of a qualifying asset incurred until assets are placed in service. Routine maintenance and repairs are charged to expense as incurred. Property, plant and equipment are depreciated using the straight-line method over their expected useful lives, which are as follows: (years) Building & improvements 10-33 Land improvements & Leasehold improvements 9-20 Transportation equipment, machinery, Computer & networking, Lab equipment 3-15 Furniture, office equipment, machinery and tools 3-10 Useful lives are reviewed on a regular basis. Such a review takes into consideration the nature of the assets, their intended use including but not limited to the closure of facilities and the evolution of the technology and competitive pressures that may lead to technical obsolescence. See Note (7) for the changes in property, plant and equipment. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets primarily include trade name, developed technology and customer relationships. Intangible assets are carried at historical cost, less any accumulated amortization and impairment losses. Goodwill is not amortized but tested for impairment annually. Please refer to ‘ Impairment of non-financial (years) Trade names 20 Customer Relationships 13-20 Developed Technology 14-16 Capitalized Development costs 3-15 Other intangible assets 3-10 Useful lives are reviewed on a regular basis. Such a review takes into consideration the nature of the assets, their intended use including but not limited to the closure of facilities and the evolution of the technology and competitive pressures that may lead to technical obsolescence. See in Note (8) for the changes in intangible assets and goodwill. |
Research and Development | Research and Development Research and development costs that are directly attributable to the design and testing of newly developed products or processes are recognized as an expense at the time they are incurred unless they meet the recognition criteria of IAS 38 “Intangible Assets”. The Group assesses the progress of all development projects on a monthly basis under the recognition criteria of IAS 38, capitalizing the development costs once all criteria are met, and beginning amortization once projects are complete and ready for use. Development costs previously recognized as an expense are not capitalized in a subsequent period. |
Impairment of non-financial assets (including Goodwill) | Impairment of non-financial At each reporting date, the Group assesses whether there is an indication that a non-financial For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or Cash Generating Units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have existed, net of depreciation or amortization, if no impairment loss had been recognized. |
Inventories | Inventories Inventories are measured at the lower of cost or net realizable value. Costs for chemical inventories are measured using the weighted-average cost method. Cost of manufactured chemical product inventories consist of raw material costs, direct labor costs, and an allocation of production overheads. General administrative costs and financing costs are excluded from the cost of these inventories. Cost of equipment inventories consist of cost incurred in the production of equipment, including direct labor costs and an allocation of production overheads. Product inventories purchased from entities external to the Group are valued at their purchase cost plus costs of transport. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, bank balances, short-term bank deposits with original maturities of three months or less and money market funds which undergo only insignificant value fluctuations and can be readily converted within one day into known amounts of cash. |
Financial Instruments-Recognition and initial measurement | Financial Instruments Recognition and initial measurement Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the entity of the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not measured at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. |
Classification and subsequent measurement -Financial assets | Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through Other Comprehensive Income (OCI) (FVOCI) – debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment |
Financial assets – Subsequent measurement and gains and losses | Financial assets – Subsequent measurement and gains and losses: Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method de-recognition Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On de-recognition, Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see note ( 22 |
Financial liabilities | Financial liabilities On initial recognition, a financial liability is classified as measured at: amortized cost or FVTPL. A financial liability is classified as at FVTPL (financial liability at fair value through profit or loss: FLFV) if it is classified as held-for-trading, de-recognition See Note (22) |
Derecognition Financial assets | Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset are received or expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Refer to Note (13) for further discussion of the Group’s factoring arrangements during the periods presented. |
Derecognition Financial liabilities | Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash |
Derecognition Offsetting | Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
Current and non-current non-derivative financial liabilities measured at amortized cost | Current and non-current non-derivative The Group has the following non-derivative Non-derivative |
Fair value of financial instruments | Fair value of financial instruments Forward and option exchange contracts are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end Except for trade receivables all financial assets and liabilities are measured at fair value when first recorded. Trade receivables that do not have a significant financing component are measured at their transaction price at initial recognition. For current receivables and liabilities, their net book value is deemed to correspond to a reasonable approximation of their fair value due to their short-term nature. |
Fair value measurements | Fair value measurements A number of accounting and valuation methods require that the fair value of both financial and non-financial The following describes the Group’s assets and liabilities that are measured at fair value. The balance sheet classifications of the Group’s derivative instruments are presented in Note (22) Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. As at Dec. 31, 2021 and Dec. 31, 2020 no financial instruments are classified in level 1. Level 2: The fair value of financial instruments consisting of borrowings, bank debt, hedging derivatives and embedded derivatives that are not traded in an active market is determined by using valuation techniques based on quoted prices for identical or similar instruments in active markets, or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. As at Dec. 31, 2021 and Dec. 31, 2020 no financial instruments are classified in level 3. For the purpose of performing the annual impairment test the Group has applied Level 3 data. Refer to the discussion below the heading (22) |
Financial instruments not measured at fair value | Financial instruments not measured at fair value The Group’s financial instruments with short-term maturities include current receivables, payables, and current financial debt. Given the short-term nature of these financial instruments, their net book value is deemed to correspond to a reasonable approximation of their fair value in accordance with IFRS 7.29(a). The fair value of non-current |
Expected credit loss (ECL) assessment | Expected credit loss (ECL) assessment The Group applies the simplified approach in accordance with IFRS 9.5.5.15 for its trade receivables and contract assets where the loss allowance is always measured at an amount equal to lifetime expected credit losses. Each exposure is allocated to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Exposures within each credit risk grade are segmented by geographic region and industry classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past years. These rates are adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions as well as the Group’s view of economic conditions over the expected life of the receivables. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: • the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or • the financial asset is more than 90 days past due. |
Credit-impaired financial assets | Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the debtor; • a breach of contract such as a default or being more than 90 days past due; • the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; • it is probable that the debtor will enter bankruptcy or other financial reorganization; or • the disappearance of an active market for a security because of financial difficulties. |
Write-off | Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For each affected customer, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of due amounts. |
Derivative instruments | Derivative instruments The Group uses derivative instruments to manage its exposure to risks of changes in foreign exchange rates and interest rates. Derivative instruments are measured at fair value. Changes in fair value of derivative instruments are recognized in the statement of income or, if cash flow or net investment hedge accounting is applied, in other comprehensive income for the effective portion of changes in fair value, and are recognized in the balance sheet in the accounts corresponding to their nature. The derivative instruments used by the Group are foreign currency forwards and options as well as interest caps exclusively. The Group does not use any other derivatives; however, on occasion the Group is required to bifurcate and account for separately derivatives that are embedded in other contracts. Embedded derivatives are measured at fair value and recognized in the balance sheet accounts corresponding to their nature. Changes in fair value of such derivatives are recognized in the statement of income. |
Financial derivatives | Financial derivatives In the normal course of business, the Group may enter into derivative contracts for risk management purposes. For financial reporting purposes, a derivative instrument is designated in one of the following categories: (a) hedging instruments designated as a qualifying hedge under derivative accounting principles; (b) a non-designated |
Derivatives held for risk management purposes | Derivatives held for risk management purposes The Group’s risk management policy requires to identify, analyze, and manage risks arising from the activities conducted during the normal course of business. The Group uses derivative instruments as a risk management tool to manage the exposures to foreign currency risks in existing assets, liabilities, and equity. The accounting for changes in fair value of a derivative instrument depends on whether the derivative has been designated and qualifies for hedge accounting under derivative accounting principles of IFRS 9. Accounting principles for qualifying hedges require detailed documentation that describes the relationship between the hedging instrument and the hedged item, including, but not limited to, the risk management objectives and hedging strategy and the methods to assess the effectiveness of the hedging relationship. The Group designates derivative instruments to offset the foreign exchange risk arising from balance sheet assets, liabilities, and equity in foreign subsidiary investments. The Group assesses the hedging relationships, both at the inception of the hedge and on an ongoing basis, using a regression approach to determine whether the designated hedging instrument is highly effective in offsetting changes in the value due to foreign exchange rate fluctuation of the hedged item. |
Other derivatives – economic hedges | Other derivatives – economic hedges Derivative instruments determined to be economic hedges that are not designated as hedging instruments under IFRS 9 are recorded at FVTPL. Realized and unrealized gains and losses are recognized in fair value of derivatives while the derivative asset or liability positions are reflected as non-current |
Other derivatives – embedded derivatives | Other derivatives – embedded derivatives On Jan. 31, 2017, an indenture governing the Opco Notes was signed by the Group to issue $425.0 million of 6.25% Opco Notes to private investors. On May 30, 2018 Alpha 2 B.V. issued $300.0 million of 8.75%/9.50% Senior PIK Toggle Notes. Both agreements contained several embedded features required to be bifurcated and accounted for separately as derivatives under IFRS 9 “Financial Instruments”, related to prepayment call options available to the Group and put options available to the holder. Realized and unrealized gains and losses are recognized in fair value of derivatives while the derivative asset or liability positions are reflected as non-current non-current During the period ended Dec. 31, 2021, the embedded derivatives were fully derecognized through profit or loss due to the early repayment of borrowings. Please also refer to Notes (17) and (22) |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Group`s revenue is mainly generated by the sales of chemistry, historically constituting approximately 90% of consolidated revenue. Generally this revenue is recognized at a point of time. By contrast, for a certain amount of revenue from the manufacturing of production equipment, and an immaterial amount of revenue from the modifications and retrofits for equipment revenue is recognized over time. |
Accounting policy for revenue recognition | Accounting policy for revenue recognition The principles in IFRS 15 “Revenue from Contracts with Customers” must be applied by using the following five step model: • Identifying the contract; • Identifying performance obligations; • Determining the transaction price; • Allocating the transaction price to performance obligations; • Satisfaction of performance obligations |
Identifying performance obligations | Identifying performance obligations Atotech must assess whether the goods or services promised in a contract are (a) distinct – to be accounted for as separate performance obligations, (b) not distinct – to be combined with other promised goods or services until a bundle is identified that is distinct or (c) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. The sale of chemistry includes standard terms and conditions, results from spot orders of customers and shipment of chemistry to the customers based on incoterms, primarily ex works. Additionally, contracts for the manufacturing of production equipment, modifications and retrofits for such equipment to customer specifications each constitute only one performance obligation. |
Determining and allocating the transaction price to performance obligations | Determining and allocating the transaction price to performance obligations At contract inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the present contract. In almost all cases, the transaction price does not include a variable element. Variable elements, if any, relate to volume rebates, discounts and returns for chemistry sales. Equipment contracts typically do not include variable elements. Estimates for volume rebates, discounts and returns of chemistry sales are accounted for as reductions of revenue when the earnings process is complete. Volume rebates and discounts are typically earned by customers based on annual sales volume targets. The Group records an estimate for these accruals based on contract terms and its historical experience with similar programs. An estimate for future expected sales returns is recorded based on historical experience with product returns within the defined period of time to return these products; however, changes to these estimates may be required if the historical data used in the calculation differs from actual experience. Differences between these estimates and actuals are typically immaterial and are recognized as a reduction of revenues in the period such differences are determined. Variable consideration for volume rebates, discounts and expected returns are recorded as contract liabilities and settled with the customer in accordance with the terms of the applicable contract, typically when program requirements are achieved by the customer. The Group applies the constraint included in IFRS 15.56 for estimating the consideration and includes in the transaction price only the amount of the variable consideration to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For substantially all equipment contracts and chemistry product sales, only one performance obligation per contract exists. Therefore, the allocation of the transaction price is generally not required. |
Satisfaction of performance obligations | Satisfaction of performance obligations For each performance obligation to be recognized over time, the Group applies a measure of progress that faithfully depicts the Group’s performance in transferring control of the goods or |
Revenue from chemistry products | Revenue from chemistry products For substantially all sales of chemistry products, the Group recognizes revenue at the point in time at which it transfers control of the goods to the customer. Depending on the contractually agreed incoterms, control is transferred either upon shipment or delivery, when the Group’s performance obligation has been fulfilled and collectability is probable. If products are delivered to a customer’s warehouse on consignment, the Group normally retains control. Revenue is recognized at the point in time when the customer retrieves the goods from the warehouse. |
Revenue from production equipment contracts | Revenue from production equipment contracts The Group recognizes revenue over time for contracts relating to the manufacturing, modification and retrofit of equipment, as such equipment is built to customer specification and the Group has an enforceable right to payment for the performance completed. For these sales, the Group uses the cost-to-cost input method to measure progress. In cases, where cost-to-cost is not proportionate to the Group’s progress in satisfying the performance obligation because of uninstalled materials, the Group adjusts the measure of progress and recognizes revenue to the extent of cost incurred to satisfy the performance obligation under the contract. |
Contract liabilities, contract assets and receivables | Contract liabilities, contract assets and receivables The Group’s customer contracts related to the sale of equipment as well as modifications and retrofits for equipment may include a diverse range of payment schedules dependent upon the nature and type of goods and services being provided. Atotech often agrees payment schedules under which it receives payments throughout the term of the contracts. A contract liability is an obligation of the Group to transfer goods or services to a customer for which it receives consideration (or will receive one). If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when payment is made. Contract liabilities are recognized as revenue when the Group has fulfilled its contractual obligations. Contract liabilities are contained in the balance sheet-position “Other current non-financial A contract asset is the right to consideration in exchange for goods or services that Atotech has transferred to a customer. If Atotech performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, the contract is presented as a contract asset, excluding any amounts presented as a receivable. Contract assets are contained in the balance sheet position “Other current non-financial (13) A receivable is the right to consideration that is unconditional. A right to consideration is unconditional only if the passage of time is required before payment of that consideration is due. The impairment model is contained in section (12) In determining the amount of revenue to record, and related balance sheet items (such as contract assets, contract liabilities and trade receivables) to recognize in the period, management is required to perform the following: • Determining whether contracts with multiple components contain distinct goods or services; • For sales of equipment, assessing the nature of the goods or services that the Group has promised to transfer, as well as the timing of when the goods and services are provided and control transfers to the customer in determining whether to recognize revenue at a point in time or over time; and • Assessing the timing of satisfaction of performance obligations. |
Income Taxes | Income Taxes Income Taxes are accounted for under IAS 12. Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. Interest and penalties related to income taxes are accounted for under IAS 37 “Provisions, Contingent Liabilities and Contingent Assets.” Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is the best estimate of the tax amount to be paid or received that reflects uncertainty related to income taxes, if any, and is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. When there is uncertainty about the income tax treatment IFRIC 23 clarifies the application of the recognition and measurement requirements of IAS 12. For recognition and measurement, estimates and assumptions must be made, e.g. whether an estimate is made separately or together with other uncertainties, a most likely amount or expected amount for the uncertainty is used and whether changes have occurred compared to the previous period. The risk of detection from tax authorities is irrelevant for the recognition of uncertain balance sheet items. Accounting is based on the assumption that the tax authorities are investigating the matter in question and that they have all relevant information at their disposal. The group companies are subject to income taxes in numerous jurisdictions around the world. In assessing worldwide income tax assets and liabilities, particularly the interpretation of tax regulations can be subject to uncertainty. A different view of the respective tax authorities regarding the correct interpretation of tax standards cannot be excluded. Changes in assumptions regarding the correct interpretation of tax standards, such as those resulting from changes in case law, are reflected in the recognition of uncertain income tax assets and liabilities in the corresponding financial year. Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases, and on carry-forwards of unused tax losses and tax credits. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective periods of realization, provided they are enacted or substantively enacted by the end of the reporting period, and reflect uncertainties related to income taxes, if any. Deferred tax assets are recognized to the extent that it is probable that they will be able to be utilized against future taxable income, based on the Atotech’s forecast of future operating results which is adjusted for significant nontaxable income and expenses and specific limits to the use of any unused tax loss or credit. Deferred tax liabilities are always provided for in full. Deferred tax assets and liabilities are offset only when the Atotech has a right and intention to set off current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. |
Employee Benefits | Employee Benefits In accordance with the laws and practices of each country in which the Company operates, the Group participates in employee benefit plans offering retirement, death and disability, healthcare, and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits. These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various mutual funds and insurance contracts. For defined contribution plans, expenses correspond to the contributions paid. Defined benefit obligations are determined according to the projected unit cost method (PUCM). Plan assets are measured at fair value. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments and between projected and actual return of plan assets. Such gains or losses are recognized immediately in the statement of other comprehensive income (loss) and are not subsequently recycled to the statement of income (loss). Past service cost is recorded immediately in the statement of income, whether vested or unvested. The net interest expense and service cost is recognized under “Selling, general, and administrative expenses.” |
Share-based Payments | Share-based Payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Please refer to Note (16) for more information on the Group’s share-based payment plans. |
Equity-settled transactions | Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are described in Note (16). That cost is recognized as personnel expense in accordance with the cost-of-sales method together with a corresponding increase in equity (“paid-in surplus and retained earnings”), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the Group or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. |
Cancellation and settlement | Cancellation and settlement Where an award is cancelled or settled, other than by forfeiture for failure to satisfy the vesting conditions: If the cancellation or settlement occurs during the vesting period, it is treated as an acceleration of vesting, and the Group recognizes immediately the amount that would otherwise have been recognized for services received over the remainder of the vesting period. Where the Group pays compensation for a cancelled award: a) Any compensation paid up to the fair value of the award at cancellation or settlement date is accounted for as a deduction from equity, as being equivalent to the redemption of an equity instrument. b) Any compensation paid in excess of the fair value of the award at cancellation or settlement date is accounted for as an expense in profit or loss. c) If the share-based payment arrangement includes liability components, the fair value of the liability is remeasured at the date of cancellation or settlement. Any payment made to settle the liability component is accounted for as an extinguishment of the liability. If the Group grants new equity instruments during the vesting period and, on the date that they are granted, identifies them as replacing the cancelled or settled instruments, the Group is required to account for the new equity instruments as if they were a modification of the cancelled or settled award. Otherwise, it accounts for the new instruments as an entirely new award. |
Equitysettled award modified to cashsettled award | Equity-settled award modified to cash-settled award At the date of modification, a liability is recognized based on the fair value of the cash-settled award as at that date and the extent to which the vesting period has expired. The corresponding debit is taken to equity only to the extent of the fair value of the original equity-settled award as at the date of modification. Any incremental fair value of the cash-settled award over the equity-settled award as at the modification date is expensed immediately on modification to the extent that the vesting period has expired. The remainder of any incremental value is expensed over the period from the date of modification to the date of settlement. In case the fair value of the cash-settled award is lower than the fair value of the original equity-settled award as at the modification date, no gain for the reduction in fair value is recognized in profit or loss consistent with the general principle in IFRS 2 that the cost recognized for an equity-settled award must be at least the grant date fair value of the award. |
Cash-settled transactions | Cash-settled transactions A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized as personnel expense in accordance with the cost-of-sales method. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. |
Provisions | Provisions Provisions comprise liabilities of uncertain timing or amount that arise from environmental risks, legal and tax risks, litigation, and other risks. A provision is recognized when the Group has a present obligation (legal or constructive) as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate. |
Leases (Group as a lessee) | Leases (Group as a lessee) The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. |
Right-of-use assets | Right-of-use If a contract is, or contains, a lease, the Group recognizes right-of-use Right-of-use re-measurement The cost of right-of-use Right-of-use Right-of-use non-financial |
Lease liabilities | Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease payments include fixed payments (including in-substance The lease term determined by the Group comprises non-cancellable The lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities are re-measured |
Short-term leases and leases of low-value assets | Short-term leases and leases of low-value The Group has elected not to recognize right-of-use low-value |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in accordance with IFRS requires management to make assumptions and estimates that have effects on the amounts recognized in the financial statements and the related disclosures. Although these estimates are based on current events and circumstances, there may be deviations between estimated and actual results. Significant estimates and assumptions have been used for the following matters in particular: • measuring progress of revenue recognition over-time for equipment sales based on the key assumption project progress, • recognition of deferred tax assets: key assumption is the availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilised, see comments under Notes (4) and (18), • impairment test for goodwill; key assumption is the average revenue growth per year in the first three planning periods (CAGR), see comments under Note (8) |
Notes to the Consolidated Sta_2
Notes to the Consolidated Statements of Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of useful life of Property, plant and equipment | Property, plant and equipment are depreciated using the straight-line method over their expected useful lives, which are as follows: (years) Building & improvements 10-33 Land improvements & Leasehold improvements 9-20 Transportation equipment, machinery, Computer & networking, Lab equipment 3-15 Furniture, office equipment, machinery and tools 3-10 |
Disclosure of useful life of intangible assets | (years) Trade names 20 Customer Relationships 13-20 Developed Technology 14-16 Capitalized Development costs 3-15 Other intangible assets 3-10 |
Summary of the disaggregation of the Group's revenue from contracts with customers | Set out below is the disaggregation of the Group’s revenue from contracts with customers: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Type of goods or service Chemistry revenue 1,304.3 1,114.0 1,065.5 Equipment revenue 194.9 120.3 122.3 Total revenue from contracts with customers 1,499.2 1,234.3 1,187.8 Geographical market Asia 1,112.4 897.8 808.4 Europe 264.2 232.2 254.2 Americas 122.6 104.3 125.2 Total revenue from contracts with customers 1,499.2 1,234.3 1,187.8 Timing of revenue recognition Recognized at a point in time 1,358.2 1,186.9 1,115.4 Recognized over time 140.9 47.4 72.4 Total revenue from contracts with customers 1,499.2 1,234.3 1,187.8 |
Other income (expense), net (Ta
Other income (expense), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Other Operating Income Expense Explanatory [Table Text Block] | Other income and expenses are presented in the following table: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Valuation gains of financial instruments measured at FVPL 7.5 36.8 17.0 Financial income on marketable securities & cash equivalents 0.0 0.0 0.9 Exchange gains 13.0 0.0 2.4 Interest income 10.0 2.5 5.5 Other financial income 4.6 1.0 1.6 Other income 35.2 40.3 27.4 Valuation losses of financial instruments measured at FVPL (84.6 ) (1.8 ) (1.1 ) Exchange losses — (14.8 ) — Losses on disposal of PP&E and Intangible assets (1.5 ) (1.5 ) — Other financial expenses (1.5 ) (1.6 ) (2.8 ) Other expenses (87.6 ) (19.7 ) (3.9 ) Other income (expense), net (52.4 ) 20.6 23.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Components of Tax Expense Income | The income tax expense recognized in the statement of income is as follows: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Current income tax (107.5 ) (83.4 ) (80.5 ) Deferred income tax benefits 30.9 19.1 25.8 Total tax expense (76.6 ) (64.3 ) (54.8 ) |
Summary of expected tax expenses | The reasons for differences between expected tax expenses in the Group are as follows: ($ in millions) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Consolidated net income/(loss ) 7.5 (289.4 ) 7.6 Income tax expense (76.6 ) (64.3 ) (54.8 ) Income (loss) before income taxes 84.1 (225.1 ) 62.3 Statutory tax rate 25.0 % 25.0 % 19.0 % Expected tax expense / (benefit) (21.0 ) 56.3 (11.8 ) Difference between weighted average and foreign income tax rates (0.1 ) 0.4 (8.5 ) Difference of deferred taxes relating to changes of foreign income tax rates 0.2 1.2 2.7 Impairment loss on Goodwill — (71.1 ) — Deferred tax not recognized 38.0 (34.0 ) (24.9 ) Recognition of previously unrecognized interest carry-forwards 0.9 — — Permanent differences (19.2 ) (19.2 ) (13.2 ) Prior-year effects 0.1 2.8 1.9 Other 0.6 (0.7 ) (1.0 ) Income tax expense (76.6 ) (64.3 ) (54.8 ) |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Employee Costs Explanatory [Table Text Block] | ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. Wages, salaries incl. other pension costs 277.2 244.3 244.6 Social security costs 47.3 38.5 38.4 Total 324.5 282.8 283.0 |
Disclosure Of Number Of Employees Explanatory [Table Text Block] | The average number of employees is as follows: (number of employees) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Manufacturing (incl. Logistics) 902 835 759 Sales, Marketing and Technicians 1,740 1,765 1,841 Research and Development 510 496 484 Administration 597 582 601 Total 3,749 3,678 3,685 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of basic earnings per share | Basic earnings per share are calculated as follows: ($ in millions, except share data and earnings per share) Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 Net income/(loss) for the period 7.5 (289.4 ) 7.6 Interest accrued on preferred shares (14.3 ) (133.7 ) (119.4 ) Net loss attributable to shareholders (6.8 ) (423.1 ) (111.8 ) Basic weighted average number of ordinary shares outstanding 184,962,274 91,152,556 91,152,556 Basic loss per share (0.04 ) (4.64 ) (1.23 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Property, Plant and Equipment assets are presented in the following tables: As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in million) Gross carrying Depreciation & Net Carrying Gross carrying Depreciation & Net Carrying Land, buildings and infrastructure 220.9 (36.7 ) 184.2 227.4 (30.6 ) 196.9 Machinery and laboratory equipment 252.8 (141.3 ) 111.4 248.6 (129.7 ) 118.9 Other tangible assets 54.6 (36.9 ) 17.7 52.0 (25.4 ) 26.5 Construction in progress 15.5 — 15.5 17.2 (0.1 ) 17.1 Total 543.8 (214.9 ) 328.9 545.2 (185.8 ) 359.4 |
Summary of reconciliation of changes in property, plant and equipment | ($ in million) Land, buildings and infrastructure Machinery and laboratory equipment Other tangible assets Construction in progress Total As of Jan. 1, 2020 175.5 117.3 32.7 40.9 366.4 Additions 2.3 11.5 3.3 6.6 23.7 Disposals (0.4 ) (1.1 ) (0.2 ) — (1.6 ) Reclassifications 16.0 10.5 (0.6 ) (31.4 ) (5.4 ) Depreciation charge (7.2 ) (27.1 ) (7.7 ) — (41.9 ) Impairment — 0.8 (0.0 ) — 0.8 Currency translation and other changes 10.6 7.0 (1.0 ) 1.0 17.5 As of Dec. 31, 2020 196.9 118.9 26.5 17.1 359.4 Additions 0.3 9.2 3.8 14.2 27.6 Disposals (1.4 ) (1.8 ) (0.1 ) (0.1 ) (3.4 ) Reclassifications 1.2 18.4 (4.1 ) (15.6 ) (0.3 ) Depreciation charge (8.4 ) (30.5 ) (7.4 ) — (46.3 ) Currency translation and other changes (4.3 ) (2.8 ) (0.9 ) (0.1 ) (8.1 ) As of Dec. 31, 2021 184.2 111.4 17.7 15.5 328.9 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of information for cash-generating units [line items] | |
Summary of detailed information about intangible assets and goodwill | Intangible assets are presented in the following tables: As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in million) Gross carrying Amortization & Net Carrying Gross carrying Amortization & Net Carrying Goodwill 1,080.9 (294.0 ) 786.9 1,104.2 (300.1 ) 804.1 Customer relationships 1,066.9 (302.5 ) 764.5 1,095.5 (247.4 ) 848.2 Developed technology 569.9 (186.3 ) 383.6 585.2 (152.4 ) 432.8 Trade name 83.1 (20.8 ) 62.3 85.3 (17.1 ) 68.2 Other intangible assets 38.5 (20.3 ) 18.2 32.5 (12.4 ) 20.2 Capitalized development costs 130.3 (15.9 ) 114.5 109.5 (7.8 ) 101.7 Total 2,969.7 (839.8 ) 2,130.0 3,012.2 (737.1 ) 2,275.1 |
Summary of Changes In Intangible Assets And Goodwill | ($ in million) Goodwill Customer Developed Trade Other Capitalized Total As of Jan. 1, 2020 1,046.4 860.6 445.4 68.5 14.2 72.1 2,507.3 Additions — — — — 6.4 25.2 31.6 Acquisition of a subsidiary — — — — 2.9 — 2.9 Disposals — — — — (0.1 ) — (0.1 ) Amortization charge — (59.8 ) (36.8 ) (4.0 ) (4.8 ) (2.6 ) (108.1 ) Impairment (279.5 ) — — — — (0.1 ) (279.6 ) Currency translation and other changes 37.2 47.3 24.2 3.8 1.5 7.2 121.2 As of Dec. 31, 2020 804.1 848.2 432.8 68.2 20.2 101.7 2,275.1 Additions — — — — 3.6 27.8 31.3 Disposals — — — — — (0.5 ) (0.5 ) Reclassifications — — — — 0.9 0.1 1.0 Amortization charge — (62.4 ) (38.4 ) (4.2 ) (6.0 ) (2.9 ) (113.8 ) Impairment — — — — — (4.4 ) (4.4 ) Currency translation and other changes (17.2 ) (21.3 ) (10.8 ) (1.7 ) (0.4 ) (7.3 ) (58.8 ) As of Dec. 31, 2021 786.9 764.5 383.6 62.3 18.2 114.5 2,130.0 |
Summary of Goodwill Allocated to CGU | ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 GMF 149.6 153.1 EL 637.3 651.0 Total 786.9 804.1 |
Summary of information for cash-generating units | The following table shows the material assumptions used in determining the fair value less costs of disposal, including the input factors used for cash flow projections and the weighted cost of capital for each CGU as of Dec. 31, 2021 and Dec. 31, 2020: As of Dec. 31, 2021 As of Dec. 31, 2020 Planning Assumptions GMF EL GMF EL Average revenue growth p.a. in the first three planning periods (CAGR) 6.30 % 4.70 % 5.30 % 6.00 % Growth rate in the terminal period 1.00 % 1.00 % 1.00 % 1.00 % WACC 7.58 % 6.98 % 7.72 % 7.33 % Cost of Disposal 1.00 % 1.00 % 1.00 % 1.00 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Right-of-use assets | Through the financial years 2021 and 2020, the carrying amount of right-of-use ($ in millions) Property Other Total Right-of-use 95.0 4.2 99.2 Additions 17.2 2.5 19.7 Depreciation (15.4 ) (2.3 ) (17.7 ) Currency translation and other changes 3.6 (0.7 ) 2.9 Right-of-use 100.5 3.6 104.1 Additions 5.5 2.5 8.0 Depreciation (15.5 ) (2.5 ) (18.1 ) Currency translation and other changes (10.3 ) (0.3 ) (10.6 ) Right-of-use 80.1 3.3 83.4 |
Summary of Undiscounted Lease Payments | The following tables show the contractually agreed undiscounted lease payments including the expected extension options as of Dec. 31, 2021 and as of Dec. 31, 2020: $ in millions Up to one year Between one More than five Total Carrying Lease liabilities 12.6 26.8 28.6 68.0 64.2 $ in millions Up to one year Between one More than five Total Carrying Lease liabilities 14.7 33.9 38.6 87.2 81.5 |
Other non-current financial a_2
Other non-current financial and non-financial assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Non-current Financial and Non-financial Assets | Other non-current non-financial ($ in millions) As of Dec. 31, As of Dec. 31, Fair value of non-current 4.5 66.1 Deposits 1.2 1.5 Other 3.2 2.7 Total other non-current 8.9 70.3 Prepaid expenses 2.3 1.8 Other 1.2 0.9 Total other non-current non-financial 3.5 2.7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Inventories by Product Type | ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 Chemical products inventories 130.2 109.4 Equipment inventories 71.8 52.8 Valuation allowance on chemical product inventories (5.3 ) (4.8 ) Valuation allowance on Equipment inventories (11.0 ) (12.0 ) Total 185.8 145.4 |
Summary of Inventories | Inventories comprise of the following: ($ in millions) As of Dec. 31, 2021 As of Dec. 31, Raw materials 105.0 76.7 Finished and unfinished goods 80.8 68.7 Total 185.8 145.4 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Trade Receivables and Contract Assets | ($ in millions) As of Dec. 31, As of Dec. 31, Trade receivables 297.8 274.7 Allowance for expected credit losses (7.4 ) (12.6 ) Total trade receivables 290.4 262.0 Contract assets 15.5 8.9 Allowance for expected credit losses (0.0 ) (0.0 ) Total trade receivables and contract assets 305.9 270.9 |
Summary Of Loss Allowances of Financial Assets | The allowance for expected credit losses as of Dec. 31, 2021 are as follows: ($ in millions) Current (not past due) Within 90 days Between 90 days and 6 months past due Between 6 and 12 months past due More than 12 months past due Total Total trade receivables and contract assets, gross carrying amount 289.0 17.9 1.2 1.5 3.7 313.3 Allowances for expected credit losses (1.7 ) (0.5 ) (0.2 ) (1.4 ) (3.6 ) (7.4 ) Expected loss rate 0.6 % 3.0 % 13.3 % 94.9 % 95.6 % 2.4 % The allowance for expected credit losses as of Dec. 31, 2020 are as follows: ($ in millions) Current (not past due) Within 90 days Between 90 Between 6 and More than 12 Total Total trade receivables and contract assets, gross carrying amount 266.6 11.1 1.0 1.0 3.9 283.6 Allowances for expected credit losses (7.3 ) (1.0 ) (0.1 ) (0.5 ) (3.8 ) (12.6 ) Expected loss rate 2.7 % 8.8 % 12.7 % 52.1 % 96.8 % 4.5 % |
Summary Of Changes in Allowance Account for Credit Losses of Financial Assets | ($ in millions) 2021 2020 As at Jan. 1 (12.6 ) (13.6 ) Additions in loss allowances recognized in profit or loss (2.0 ) (6.0 ) Reversals of unused amounts recognized in profit or loss 7.1 1.3 Utilizations — 6.2 Currency translation and other changes 0.2 (0.5 ) As at Dec. 31 (7.4 ) (12.6 ) |
Other current financial and n_3
Other current financial and non-financial assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Current Financial and Non-financial Assets | Other current financial and non-financial ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 Fair value of current derivatives – assets 1.1 8.7 Factoring related assets 4.0 2.6 Notes receivable 10.9 11.4 Other receivables 2.9 2.3 Total other current financial assets 18.9 24.9 Assets held for sale — 3.2 Contract assets, net of valuation allowance 15.5 8.9 Prepaid expenses 5.9 8.8 Prepayments 3.0 3.2 Total other current non-financial 24.4 24.1 |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of The number of outstanding share options or awards of the Group's active share based payment programs developed | The number of outstanding share options or awards of the Group’s active share-based payment programs developed as follows: (number of options/awards) LTIP PSU RSU Phantoms MSP Outstanding at Jan. 1, 2021 2,154,048 — — 30,383 — Granted during the period — 204,134 372,973 — 36,426 Settled during the period (185,668 ) (41,624 ) (41,623 ) — — Forfeited during the period (111,521 ) — (1,145 ) — (386 ) Outstanding at Dec. 31, 2021 1,856,859 162,510 330,205 30,383 36,040 Exercisable at Dec. 31, 2021 — — — — — |
Long term Incentive Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Share Based Arrangement Valuation Assumptions | The fair value of the awards at the date of grant has been measured using an option pricing model. The inputs used in the model for the year 2020 are set out below. During the year ended Dec. 31, 2021, no new options were issued. (weighted average, except options issued) Year ended Dec. Expected life of options (years) 1.2 Exercise price (in $) 0.29 Market value of underlying shares (in $) 6.52 Risk free rate 0.14 % Expected share price volatility 28.60 % Expected dividend yield 0.00 % Options issued 83,642 |
Phantom Share Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Share Based Arrangement Valuation Assumptions | The fair value of the awards at the date of grant has been measured using an option pricing model. The inputs used in the model for the year 2020 are set out below. During the year ended Dec. 31, 2021, no new options were issued. Year ended Dec. Expected life of options (years) 5.0 Exercise price (in $) 32.91 Market value of underlying shares (in $) 32.91 Risk free rate (0.71 )% Expected share price volatility 28.60 % Expected dividend yield 0.00 % Options issued 30,383 |
Non-current and current Borro_2
Non-current and current Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Borrowings | ($ in millions) As of Dec. 31, As of Dec. 31, Other non-current 1,540.9 1,422.4 Opco Notes — 425.0 Holdco Notes — 218.3 Non-current 1,540.9 2,065.7 Current portion of non-current 10.7 0.5 Current borrowings 10.7 0.5 Total borrowings 1,551.6 2,066.2 |
Summary of Current and Non-current Borrowings | The following is a summary of the Company’s current and non-current ($ in millions) As of Dec. 31, As of Dec. 31, Senior Secured Credit Facilities: Term Loans 1,556.3 1,438.5 6.25% Opco Notes — 425.0 8.75%/9.50% Holdco Notes — 219.0 Less – Deferred financing costs (15.4 ) (16.8 ) Total non-current 1,540.9 2,065.7 Senior Secured Credit Facilities: Term Loans 13.5 16.2 Short-term financing costs (2.8 ) (15.8 ) Total current borrowings 10.7 0.5 Total borrowings 1,551.6 2,066.2 |
Summary of Changes in Liabilities from Financing Activities | Changes in liabilities from financing activities are as follows: ($ in millions) As of Jan. 1, Cash inflows Cash outflows Currency Other non-cash As of Dec. 31, Borrowings (current and non-current) 2,066.2 130.0 (685.7 ) (13.6 ) 54.7 1,551.6 Other liabilities 17.5 0.7 — (0.1 ) (13.4 ) 4.7 Lease liabilities (current and non-current) 81.5 — (15.3 ) (5.3 ) 3.4 64.2 Total liabilities from financing activities 2,165.2 130.7 (701.0 ) (19.0 ) 44.6 1,620.5 ($ in millions) As of Jan. 1, Cash inflows Cash outflows Currency Other non-cash As of Dec. 31, Borrowings (current and non-current) 2,115.6 175.1 (271.2 ) 30.4 16.2 2,066.2 Other liabilities 19.7 — (10.6 ) (0.1 ) 8.7 17.5 Lease liabilities (current and non-current) 75.1 — (15.3 ) 6.0 15.7 81.5 Total liabilities from financing activities 2,210.4 175.1 (297.1 ) 36.3 40.6 2,165.2 |
Deferred Taxes (Tables)
Deferred Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Summary of Deferred Tax Assets and Liabilities Recognized for the Period | Deferred tax assets and liabilities recognized as of the reporting and comparative periods break down as follows: Deferred tax assets Deferred tax liabilities Net balances ($ in millions) As of Dec. 31, 2021 As of Dec. 31, As of Dec. 31, As of Dec. 31, As of Dec. 31, As of Dec. 31, Property, plant and equipment — — (14.9 ) (17.4 ) (14.9 ) (17.4 ) Intangible assets — — (335.7 ) (371.9 ) (335.7 ) (371.9 ) Right-of-use — — (23.4 ) (29.5 ) (23.4 ) (29.5 ) Inventories 19.8 10.5 — — 19.8 10.5 Employee benefits 23.9 32.1 — — 23.9 32.1 Other temporary non-deductible 3.6 4.9 — — 3.6 4.9 Lease liabilities 18.3 23.3 — — 18.3 23.3 Other temporary tax deductions — 6.5 (0.1 ) — (0.1 ) 6.5 Unused tax losses 2.4 0.8 — — 2.4 0.8 Total 68.1 78.1 (374.2 ) (418.8 ) (306.1 ) (340.7 ) Netting (68.1 ) (78.1 ) 68.1 78.1 — — Total recognized deferred tax assets and liabilities — — (306.1 ) (340.8 ) (306.1 ) (340.7 ) |
Employee Benefits Obligations (
Employee Benefits Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Employee Benefits Obligations | Liabilities for employee benefits obligations consist of the following: ($ in millions) As of Dec. 31, As of Dec. 31, Pension benefits liabilities 141.3 174.3 Restructuring reserve (early retirement plans) 2.1 1.9 Total 143.4 176.2 |
Summary of Movements in Defined Benefit Obligation and Plan Assets | Movements in the defined benefit obligation and plan assets in the consolidated financial statements are detailed as follows: ($ in millions) As of Dec. 31, As of Dec. 31, Change in benefit obligation Benefit obligation at the beginning of the year 205.0 182.3 Current service cost 2.1 2.2 Interest cost 1.1 1.5 Past service cost (0.1 ) 0.1 Benefit paid (4.8 ) (4.7 ) Actuarial losses (gains) (18.6 ) 5.9 Foreign currency translation and other changes (14.8 ) 17.8 Benefit obligation at the end of the year 169.8 205.0 Change in fair value of plan assets Fair value of plan assets at the beginning of the year (30.7 ) (27.9 ) Interest income and costs (0.2 ) (0.2 ) Actuarial losses (gains) (1.6 ) (2.0 ) Employer contributions (0.2 ) (0.2 ) Benefits paid 2.1 2.1 Foreign currency translation and other changes 2.1 (2.5 ) Fair value of plan assets at the end of the year (28.5 ) (30.7 ) Net defined benefit liability 141.3 174.3 |
Summary of Employee Benefit Expense | The amounts recognized in the consolidated s tate ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. Current service cost 2.1 2.2 2.1 Past service cost (0.1 ) 0.1 0.2 Net interest cost 0.9 1.2 2.2 Benefit amounts recognized in profit or loss 2.9 3.5 4.5 Actuarial losses (gains) Effect of changes in demographic assumptions 0.0 — — Effect of changes in financial assumptions (14.2 ) 5.7 24.0 Effect of experience adjustments (4.4 ) 0.2 (0.9 ) Actuarial return on plan assets (excluding interest income) (1.6 ) (2.0 ) (0.1 ) Asset ceiling — — — Benefit amounts recognized in other comprehensive income (20.2 ) 3.8 23.0 Total benefit amounts recognized in comprehensive income (17.3 ) 7.3 27.5 |
Summary of Maturity Analysis of Defined Benefit Obligation | The average duration of accrued benefits is approximately 15 years for defined pension benefits. The expected future cash outflows are as follows: ($ in millions) Pension benefits 2022 5.8 2023 6.0 2024 6.5 2025 6.4 2026 7.5 After 2026 164.6 |
Summary of Fair Value Of Plan Assets | ($ in millions) As of Dec. 31, in% As of Dec. 31, in% Debt securities 18.3 64 % 20.0 65 % Equity securities 7.6 27 % 8.0 26 % Cash and cash equivalents 2.7 9 % 2.8 9 % Total 28.5 100 % 30.7 100 % |
Summary of Actuarial Assumptions Used In Defined Benefit Plans | Main Actuarial Assumptions and Sensitivity Analysis Assumptions used to determine benefits obligations As of Dec. 31, As of Dec. 31, Discount rate (weighted average for all regions) 1.07 % 0.63 % Salary increase incl. inflation rate (weighted average for all regions) 2.76 % 2.76 % |
Summary of Sensitivity Analysis For Actuarial Assumptions | A 0.5% increase or decrease in discount rate or salary all other things being equal would have the following approximate impact on the benefit obligation: As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in millions) 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease Discount rate (11.9 ) 12.9 (15.3 ) 17.3 Salary increase incl. inflation rate 1.3 (1.2 ) 1.8 (1.7 ) |
Non-current and current Provi_2
Non-current and current Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Summary of Changes in Provisions | Changes in provisions ($ in millions) As of Jan. 1, Additions Release Consumption Currency Reclassi- As of Dec. 31, Current 23.0 11.9 (5.6 ) (12.2 ) (0.5 ) (0.5 ) 16.1 Non-current 13.2 3.9 (3.0 ) (4.2 ) (0.7 ) 0.1 9.3 ($ in millions) As of Jan. 1, Additions Release Consumption Currency Reclassi- As of Dec. 31, Current 22.5 16.4 (1.7 ) (12.5 ) 1.0 (2.6 ) 23.0 Non-current 22.2 11.1 (10.3 ) (5.2 ) 0.9 (5.6 ) 13.2 |
Summary Provisions by Nature | Provisions by nature As of Dec. 31, 2021 As of Dec. 31, 2020 ($ in millions) Current Non-current Total Current Non-current Total Non-tax 0.2 0.3 0.5 0.3 1.2 1.5 Uncertain tax positions and related interest 5.3 0.1 5.4 9.3 0.0 9.3 Other operating items 9.4 6.8 16.2 8.6 10.7 19.4 Other non-operating 1.2 2.2 3.4 4.7 1.2 6.0 Total 16.1 9.3 25.5 23.0 13.2 36.2 |
Other current financial and n_4
Other current financial and non-financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Current Liabilities [Abstract] | |
Summary of Other Current Financial and Non-financial Liabilities | The following table shows other current financial and non-financial ($ in millions) As of Dec. 31, As of Dec. 31, Accrued interest on financial debt 0.0 13.4 Current bank debt 4.7 4.1 Fair value of derivatives - current liabilities 0.4 14.8 Factoring related liabilities 0.7 0.7 Other 5.7 5.6 Total other current financial liabilities 11.5 38.5 Contract liabilities 65.2 19.1 Payables to personnel and social organizations 80.6 65.1 Deferred income 0.4 5.5 Total other current non-financial 146.2 89.7 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents comprise the categories presented | (14) Cash and Cash Equivalents The Group’s cash and cash equivalents comprise the categories presented in the following table: ($ in millions) As of Dec. 31, As of Dec. 31, Cash in bank 236.8 260.2 Money market funds 106.7 30.0 Short-term bank deposits 28.1 29.8 Other 0.0 0.1 Total 371.6 320.1 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Summary of Shareholders' Equity | Shareholders’ equity is as follows: ($ in millions) As of Dec. 31, 2021 As of Dec. 31, 2020 Shareholders’ equity Common Shares 19.5 9.1 Preferred Shares — 92.9 Paid-in 819.5 261.6 Currency translation adjustment and other reserves 57.3 120.0 Total shareholders’ equity 896.3 483.7 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of derivative financial instruments | The following values for derivative financial instruments were recognized in the balance sheet as of Dec. 31, 2021 and Dec. 31, 2020. ($ in millions) As of Dec. 31, As of Dec. 31, Embedded Derivatives — 65.7 Interest rate cap 4.5 0.4 Total derivatives included in non-current 4.5 66.1 Foreign exchange contracts (Forwards) 1.1 8.7 Total derivatives included in current financial assets 1.1 8.7 Foreign exchange contracts (Collars) — 4.3 Foreign exchange contracts (Forwards) 0.4 10.5 Total derivatives included in current financial liabilities 0.4 14.8 |
Summary of carrying amounts of the financial instruments | The carrying amounts of the financial instruments were derived as follows as of Dec. 31, 2021: ($ in millions) Classification Carrying Measured at Measured at Trade receivables FAAC 290.4 290.4 — Cash and cash equivalents FAAC 371.6 371.6 — Other financial assets FAAC 22.2 22.2 — Foreign exchange contracts not designated as hedging instrument FAFV 1.0 — 1.0 Interest rate cap FAFV 4.5 — 4.5 Total financial assets 689.8 684.2 5.5 Non-current FLAC 1,540.9 1,540.9 — Current borrowings FLAC 10.7 10.7 — Total debt 1,551.6 1,551.6 — Trade payables FLAC 259.2 259.2 — Lease liabilities FLAC 64.2 64.2 — Other financial liabilities FLAC 11.1 11.1 — Foreign exchange contracts not designated as hedging instrument FLFV 0.4 — 0.4 Total financial liabilities 1,886.5 1,886.1 0.4 The carrying amounts of the financial instruments were derived as follows as of Dec. 31, 2020: ($ in millions) Classification Carrying Measured at Measured at Trade receivables FAAC 262.0 262.0 — Cash and cash equivalents FAAC 320.1 320.1 — Other financial assets FAAC 20.4 20.4 — Embedded Derivatives FAFV 65.7 — 65.7 Foreign exchange contracts not designated as hedging instrument FAFV 8.7 — 8.7 Interest rate cap FAFV 0.4 — 0.4 Total financial assets 677.3 602.6 74.8 Non-current FLAC 2,065.7 2,065.7 — Current borrowings FLAC 0.5 0.5 — Total debt 2,066.2 2,066.2 — Trade payables FLAC 221.0 221.0 — Lease liabilities FLAC 81.5 81.5 — Other financial liabilities FLAC 25.3 25.3 — Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Forwards”) No class 10.5 — 10.5 Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Collars”) No class 4.3 — 4.3 Total financial liabilities 2,408.7 2,393.9 14.8 |
Summary of net gains and losses of financial instruments | Net gains and losses of financial instruments for each measurement category breaks down as follows. ($ in millions) Year ended Dec. Year ended Dec. FAAC 7.3 (3.9 ) FLAC (107.2 ) (144.5 ) FAFV/FLFV (88.1 ) 33.3 No class 15.1 3.1 Total (173.0 ) (112.0 ) |
Summary of Fair Value Of Financial Instruments | As of Dec. 31, 2021 Fair value ($ in millions) Carrying Level 1 Level 2 Level 3 Total Trade receivables 290.4 — — — — Cash and cash equivalents 371.6 — — — — Other financial assets 22.2 — — — — Foreign exchange contracts not designated as hedging instrument 1.0 — 1.0 — 1.0 Interest rate cap 4.5 — 4.5 — 4.5 Total financial assets 689.8 — 5.5 — 5.5 Non-current 1,540.9 — 1,569.8 — 1,569.8 Current borrowings 10.7 — — — — Total debt 1,551.6 — 1,569.8 — 1,569.8 Trade payables 259.2 — — — — Lease liabilities 64.2 — — — — Other financial liabilities 11.1 — — — — Foreign exchange contracts not designated as hedging instrument 0.4 — 0.4 — 0.4 Total financial liabilities 1,886.5 — 1,570.2 — 1,570.2 As of Dec. 31, 2020 Fair value ($ in millions) Carrying Level 1 Level 2 Level 3 Total Trade receivables 262.0 — — — — Cash and cash equivalents 320.1 — — — — Other financial assets 20.4 — — — — Embedded Derivatives 65.7 — 65.7 — 65.7 Foreign exchange contracts not designated as hedging instrument 8.7 — 8.7 — 8.7 Interest rate cap 0.4 — 0.4 — 0.4 Total financial assets 677.3 — 74.8 — 74.8 Non-current 2,065.7 — 2,194.2 — 2,194.2 Current borrowings 0.5 — — — — Total debt 2,066.2 — 2,194.2 — 2,194.2 Trade payables 221.0 — — — — Lease liabilities 81.5 — — — — Other financial liabilities 25.3 — — — — Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Forwards”) 10.5 — 10.5 — 10.5 Foreign exchange contracts designated as hedge of an investment in a foreign operation (“Collars”) 4.3 — 4.3 — 4.3 Total financial liabilities 2,408.7 — 2,209.0 — 2,209.0 |
Summary of detailed information about hedges | The tables below summarize the Company´s items designated as hedging instruments for cash flow hedges and net investment hedges as of Dec. 31, 2020. As of Dec. 31, 2020 Notional Carrying amount Value of the ($ in millions) Financial Financial Net investment hedge FX Forwards 200.0 — (10.5 ) (8.8 ) FX collar 50.0 — (4.3 ) (2.2 ) * used for calculating hedge ineffectiveness (designated component) |
Summary of notional value of derivative contracts | The tables below summarize the notional value of the Company´s derivative contracts as of Dec. 31, 2020: As of Dec. 31, 2020 Less than 12 1-5 years More than 5 years Notional ($ in millions) Foreign Exchange Forwards USD - CNH 200.0 — — 200.0 EUR - USD 210.3 — — 210.3 EUR - GBP 11.6 — — 11.6 EUR - CNY 14.2 — — 14.2 EUR - CAD 0.6 — — 0.6 EUR - AUD 0.1 — — 0.1 EUR - TRY 0.2 — — 0.2 Foreign Exchange Collar USD - TWD 50.0 — — 50.0 |
Summary ofchanges in reserve for hedging instruments | OCI I: Hedge Reserve ($ in millions) OCI II: Cost of Intrinsic value options Foreign Transactions* Total hedge Opening balance as of Jan. 1, 2021 5.0 (2.2 ) (56.9 ) (54.1 ) Change in fair value recognized in OCI — (0.8 ) (4.3 ) (5.1 ) Costs of hedging recognized in OCI 2.2 — — 2.2 Closing balance as of Dec. 31, 2021 7.2 (3.0 ) (61.2 ) (57.0 ) * The change in fair value recognized in OCI I includes the cumulative gains and losses from translating Term Loan B-3 OCI I: Hedge Reserve ($ in millions) OCI II: Cost of Intrinsic value options Foreign Transactions* Total hedge Opening balance as of Jan. 1, 2020 3.0 — (12.9 ) (9.9 ) Change in fair value recognized in OCI — (2.2 ) (44.8 ) (47.0 ) Costs of hedging recognized in OCI 2.0 — — 2.0 Reclassified from OCI to profit or loss — — 0.9 0.9 Closing balance as of Dec. 31, 2020 5.0 (2.2 ) (56.9 ) (54.1 ) * The change in fair value recognized in OCI I includes the cumulative gains and losses from translating Term Loan B-3 |
Summary of Maturity Analysis For Financial Liabilities | ($ in millions) < 12 months 1 - 3 years 3 - 5 years > 5 years Total Carrying amount Trade payables 258.5 0.5 0.2 — 259.2 259.2 Borrowings 59.8 118.9 117.0 1,529.6 1,825.3 1,551.6 Other financial liabilities 11.5 — 0.0 — 11.5 11.5 thereof derivative financial instruments 0.4 — — — 0.4 0.4 Total 329.9 119.4 117.2 1,529.6 2,096.0 1,822.3 ($ in millions) < 12 months 1 - 3 years 3 - 5 years > 5 years Total Carrying Trade payables 218.6 1.9 0.1 0.4 221.0 221.0 Borrowings 134.6 476.0 1,907.4 — 2,518.1 2,066.2 Other financial liabilities 38.5 1.5 0.0 0.0 40.1 40.1 thereof derivative financial instruments 14.8 — — — 14.8 14.8 Total 391.8 479.4 1,907.5 0.5 2,779.1 2,327.2 |
Summary of Gains and losses on derivative instruments | The following table presents information on gains and losses on derivative instruments which are recorded in “Other income (expense), net” on the statement of profit or loss: ($ in millions) Year ended Dec. Year ended Dec. Embedded Derivatives (65.7 ) 31.9 Interest rate cap 4.0 1.4 Foreign exchange contracts (11.4 ) 3.1 Total (73.1 ) 36.4 |
Summary of financial instruments denominated in a foreign currency and affected equity | A reasonably possible strengthening (weakening) of the Euro (in 2021), Renminbi or Taiwan dollar against the US dollar would have affected the measurement of financial instruments denominated in a foreign currency and affected equity (in 2020) and profit or loss (in 2021) by the amounts shown below: Dec. 31, 2021 Change of Foreign Exchange rate by ($ in millions) Exposure +10% -10% EUR 44.9 (38.8 ) 38.1 CNH / CNY 21.4 (3.6 ) 4.4 TWD 15.9 (1.4 ) 1.8 Dec. 31, 2020 Change of Foreign Exchange rate by ($ in millions) Exposure +10% -10% CNH / CNY (10.5 ) 19.1 (23.4 ) TWD (4.3 ) 3.7 (5.9 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of financial information by segment | Year ended Dec. 31, 2021 Year ended Dec. 31, 2020 Year ended Dec. 31, 2019 ($ in millions) EL GMF Total EL GMF Total EL GMF Total Revenue 981.3 517.8 1,499.2 797.7 436.6 1,234.3 682.9 504.9 1,187.8 thereof Chemistry revenue 803.0 501.3 1,304.3 690.0 424.0 1,114.0 596.2 469.3 1,065.5 thereof Equipment revenue 178.4 16.5 194.9 107.7 12.6 120.3 86.7 35.6 122.3 Segment Adjusted EBITDA 330.7 127.3 458.0 259.0 104.9 363.9 241.6 138.5 380.1 |
Summary of reconciliation of Segment Adjusted EBITDA to consolidated net income | ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. EL Segment Adjusted EBITDA 330.7 259.0 241.6 GMF Segment Adjusted EBITDA 127.3 104.9 138.5 Gain on disposal of fixed assets (a) — — 6.1 Non-cash (b) (89.7 ) (250.7 ) 10.2 Foreign exchange gain/(loss) (c) 13.0 (14.8 ) 2.4 Restructuring (d) 0.6 (2.5 ) (13.4 ) Transaction related costs (e) (19.9 ) (7.6 ) (7.1 ) Management fee (f) (2.6 ) (2.7 ) (2.4 ) COVID-19 (g) (0.9 ) (2.2 ) — Interest expense, net (97.2 ) (142.0 ) (148.1 ) Income taxes (76.6 ) (64.3 ) (54.8 ) Depreciation and amortization (excluding impairment charges) (177.0 ) (166.4 ) (165.4 ) Consolidated net income (loss) 7.5 (289.4 ) 7.6 (a) Eliminates the cash impact of gains on the sale of fixed assets. (b) Eliminates the impact of (1) share-based (4) mark-to-market de-recognition earn-out (c) Eliminates net foreign currency transactional gains and losses. (d) Eliminates charges resulting from restructuring activities principally from the Group’s cost reduction efforts. (e) The value for the year ended December 31, 2021 reflects an adjustment to eliminate (1) IPO-related (f) Reflects an adjustment to eliminate fees paid to Carlyle. The consulting agreement pursuant to which management fees are paid to Carlyle will terminate on the earlier of (i) the second anniversary of the IPO and (ii) the date upon which Carlyle ceases to own more than ten percent of the outstanding voting securities of the Company. (g) Eliminates charges in connection with COVID-19, COVID-19 |
Summary of non current assets by country | Non-current 5 ($ in millions) As of Dec. 31, As of Dec. 31, China 863.2 881.7 Germany 729.4 816.1 Other countries 954.4 1,044.7 Total 2,547.0 2,742.5 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of information about key management personnel | ($ in millions) Year ended Dec. Year ended Dec. Year ended Dec. Short-term employee benefits 10.2 8.6 7.0 Post-employment benefits 0.4 0.3 0.2 Share-based payment expense 4.2 0.1 0.1 Total 14.8 9.0 7.3 |
List of Subsidiaries (Tables)
List of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of investments in subsidiaries | Dec. 31, 2021 Dec. 31, 2020 No. Entity Name Status Equity Held by Status Equity Held by 1 Atotech Ltd. FC FC 2 Alpha 2 B.V. FC 100 % 37 FC 100 % 37 3 Alpha 3 B.V. FC 100 % 2 FC 100 % 2 4 Alpha 4 B.V. FC 100 % 11 FC 100 % 11 5 Alpha 5 B.V. FC 100 % 11 FC 100 % 11 6 Alpha Germany Bidco GmbH FC 100 % 4 FC 100 % 4 7 Alpha US Bidco, Inc. FC 100 % 3 FC 100 % 3 8 Atotech (Singapore) Chemicals Pte. Ltd. FC 100 % 11 FC 100 % 11 9 Atotech (Yangzhou) Chemicals Ltd FC 100 % 11 FC 100 % 11 10 Atotech Asia Pacific Ltd. FC 100 % 11 FC 100 % 11 11 Atotech B.V. FC 100 % 3 FC 100 % 3 12 Atotech Beteiligungs und Management GmbH & Co KG FC 100 % 4 FC 100 % 4 13 Atotech Bulgaria EOOD FC 100 % 11 FC 100 % 11 14 Atotech Canada Ltd. FC 100 % 11 FC 100 % 11 15 Atotech China Chemicals Ltd. FC 100 % 11 FC 100 % 11 16 Atotech CZ, a.s. FC 100 % 11 FC 100 % 11 17 Atotech de México S.A. de C.V. FC 100 % 11, 18 FC 100 % 11, 18 18 Atotech Deutschland GmbH & Co. KG (formerly: Atotech Deutschland GmbH) FC 100 % 12, 41 FC 100 % 12, 11 19 Atotech Development Center Private Limited FC 99.99 %* 11 FC 99.99 %* 11 20 Atotech Do Brasil Galvanotécnica Ltda. FC 100 % 11, 18 FC 100 % 11, 18 21 Atotech Espana S.A. FC 100 % 11 FC 100 % 11 22 Atotech France S.A. FC 99.99 %* 11 FC 99.99 %* 11 23 Atotech India Private Limited FC 99.99 %* 11 FC 99.99 %* 11 24 Atotech Istanbul Kimya Sanayi Ticaret Ltd Sti FC 100 % 11, 18 FC 100 % 11, 18 25 Atotech Italia S.r.l. FC 100 % 11 FC 100 % 11 26 Atotech Japan K.K. FC 100 % 11 FC 100 % 11 27 Atotech Korea Ltd. FC 100 % 11 FC 100 % 11 28 Atotech Malaysia Sdn. Bhd. FC 100 % 11 FC 100 % 11 29 Atotech Österreich GmbH FC 100 % 12 FC 100 % 12 30 Atotech Poland Sp. z.o.o. FC 100 % 11 FC 100 % 11 31 Atotech Servicios de México S.A. de C.V. FC 100 % 11, 17 FC 100 % 11, 17 32 Atotech SK, s.r.o. FC 100 % 16 FC 100 % 16 33 Atotech Skandinavien AB FC 100 % 11 FC 100 % 11 34 Atotech Taiwan Limited FC 100 % 11 FC 100 % 11 35 Atotech Thailand Ltd. FC 99.99 %* 11 FC 99.99 %* 11 36 Atotech UK Ltd. FC 100 % 11 FC 100 % 11 37 Atotech UK Topco Ltd. FC 100 % 1 FC 100 % 1 38 Atotech USA, LLC. FC 100 % 7 FC 100 % 7 39 Atotech Vietnam C.o. Ltd. FC 100 % 11 FC 100 % 11 40 Atotech Slovenija d.d. FC 100 % 12 FC 100 % 12 41 Brillant 3670. GmbH FC 100 % 12 — — — 42 J-KEM FC 100 % 33 FC 100 % 33 43 UAB Atotech Chemata (Lithuania) FC 100 % 11 FC 100 % 11 44 Visutech Plating Ltd. FC 100 % 11 FC 100 % 11 45 Atotech (Philippines) Chemicals, Inc. NC 99 %* 11 NC 99 %* 11 46 Atotech Argentina S.A. NC 98 %* 11 NC 98 %* 11 47 Atotech Australia PTY Ltd. NC 100 % 11 NC 100 % 11 48 Atotech Global Services Private Limited NC 99.99 %* 11 — — — 49 OOO Atotech-Chemeta (Russia) NC 100 % 11, 18 NC 100 % 11, 18 50 PT. Atotech Indonesia Chemicals NC 100 % 11, 18 NC 100 % 11, 18 * Minority interests owned by Management staff. |
Parent Company Only Financial_2
Parent Company Only Financial Information – Atotech Limited (Tables) - Separate [member] | 12 Months Ended |
Dec. 31, 2021 | |
Statement [Line Items] | |
Summary of separate statements of profit or loss | Statements of Profit or loss ($ in millions) Year ended Dec. Year ended Dec. Selling, general and administrative expenses (18.7 ) (7.4 ) Operating profit (loss) (18.7 ) (7.4 ) Interest expense (0.2 ) — Other income (expense), net 0.0 — Income (loss) before income taxes (19.0 ) (7.4 ) Income tax expense — — Net income (loss) (19.0 ) (7.4 ) |
Summary of separate statements of financial position | Statements of Financial Position ($ in millions) As of Dec. 31, As of Dec. 31, Assets Non-current Investments in subsidiaries 567.8 95.6 Total non-current 567.8 95.6 Current assets Prepaid expenses 0.0 3.5 Cash and cash equivalents 0.1 0.0 Total current assets 0.1 3.5 Total assets 567.9 99.1 Liabilities & shareholders’ equity Shareholders’ equity Common shares and preferred shares 19.5 95.6 Paid-in 517.8 (7.1 ) Total shareholders’ equity 537.3 88.5 Non-current Borrowings 12.9 0.9 Thereof from subsidiaries 12.9 0.9 Total non-current 12.9 0.9 Current liabilities Trade payables 14.8 9.3 Thereof from subsidiaries 14.0 7.4 Personnel Liabilities (RSU Settlement) 2.8 — Current Financial debt 0.1 — Thereof from subsidiaries 0.1 — Tax liabilities 0.0 0.4 Total current liabilities 17.6 9.7 Total liabilities & shareholders’ equity 567.9 99.1 |
Summary of separate statement of cash flows | ($ in millions) Year ended Dec. Year ended Dec. Operating activities Net loss (19.0 ) (7.4 ) Adjustments to reconcile net loss to cash used in operating activities: Non-cash 0.2 — Personnel costs - Share-based payment 9.5 — Interest paid (0.2 ) — Taxes paid (0.1 ) — (Increase)/decrease in trade receivables and other assets (2.1 ) (3.5 ) Increase/(decrease) in trade payables and other liabilities (1.5 ) 10.0 Cash flow used in operating activities (13.2 ) (0.9 ) Investing activities Investment in subsidiaries (472.2 ) — Cash flow used in investing activities (472.2 ) — Financing activities Issuance of shares 473.4 — Issuance of non-current 12.0 — Increase (decrease) in current borrowings 0.1 0.9 Cash flow provided by financing activities 485.5 0.9 Net (decrease)/increase in cash and cash equivalents 0.1 0.0 Cash and cash equivalents at the beginning of the period 0.0 — Cash and cash equivalents at the end of the period 0.1 0.0 |
Notes to the Consolidated Fin_3
Notes to the Consolidated Financial Statements - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||
Dec. 31, 2021USD ($)shares | Nov. 03, 2021 | Jul. 01, 2021USD ($)BasisPoints | Feb. 08, 2021$ / shares | Feb. 04, 2021$ / sharesshares | Feb. 03, 2021$ / shares | Jan. 25, 2021shares | Jan. 24, 2021shares | May 30, 2018USD ($) | Jan. 31, 2017USD ($) | ||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Par value per share | $ / shares | $ 17 | ||||||||||
Proceeds from issue of ordinary shares | $ | [1] | $ 473,400 | |||||||||
chemistry [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Concentration risk percentage | 90 | ||||||||||
Opco Notes [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Notes issued | $ | $ 425,000 | ||||||||||
Opco Notes [member] | Bottom of range [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Interest rate | 6.25% | ||||||||||
Senior PIK Toggle Notes [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Notes issued | $ | $ 300,000 | ||||||||||
Senior PIK Toggle Notes [member] | Bottom of range [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Interest rate | 8.75% | ||||||||||
Senior PIK Toggle Notes [member] | Top of range [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Interest rate | 9.50% | ||||||||||
Non Adjusting Event [member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Number of additional shares issued | shares | 64,997,558 | ||||||||||
Ratio of additional shares issued | 2.4851 | ||||||||||
Number of shares issued | shares | 91,152,556 | 26,154,998 | |||||||||
MKS Instruments Inc [Member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Cash transferred | $ | $ 16,200 | ||||||||||
Number of instruments or interests issued or issuable | BasisPoints | 0.0552 | ||||||||||
Percentage of voting equity interests acquired | 99.00% | ||||||||||
IPO [Member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Number of shares outstanding | shares | 194,664,156 | ||||||||||
IPO [Member] | Atotech Limited [Member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Number of shares issued | shares | 74,243,600 | ||||||||||
Par value per share | $ / shares | $ 17 | ||||||||||
Entity Listing, Depository Receipt Ratio | 0.0799 | ||||||||||
NEW YORK STOCK EXCHANGE, INC. [Member] | IPO [Member] | |||||||||||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||||||||||
Number of shares issued | shares | 29,268,000 | ||||||||||
Par value per share | $ / shares | $ 17 | ||||||||||
Proceeds from issue of ordinary shares | $ | $ 472,700 | ||||||||||
[1] | The notes are an integral part of these consolidated financial statements. |
Notes to the Consolidated Fin_4
Notes to the Consolidated Financial Statements - Summary of property, plant and equipment are depreciated using the straight-line method over their expected useful lives (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Building & improvements | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 10 years |
Building & improvements | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 33 years |
Land improvements & Leasehold improvements | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 9 years |
Land improvements & Leasehold improvements | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 20 years |
Transportation equipment, machinery, Computer & networking, Lab equipment | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 3 years |
Transportation equipment, machinery, Computer & networking, Lab equipment | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 15 years |
Furniture, office equipment, machinery and tools | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 3 years |
Furniture, office equipment, machinery and tools | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment useful life | 10 years |
Notes to the Consolidated Fin_5
Notes to the Consolidated Financial Statements - Summary of the Groups intangible assets have a finite useful life and are amortized on a straight line basis (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Trade names | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 20 years |
Bottom of range [member] | Customer Relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 13 years |
Bottom of range [member] | Developed Technology | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 14 years |
Bottom of range [member] | Capitalized Development costs | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 3 years |
Bottom of range [member] | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 3 years |
Top of range [member] | Customer Relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 20 years |
Top of range [member] | Developed Technology | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 16 years |
Top of range [member] | Capitalized Development costs | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 15 years |
Top of range [member] | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill useful life | 10 years |
Notes to the Consolidated Sta_3
Notes to the Consolidated Statements of Comprehensive Income - Summary of the disaggregation of the Groups revenue from contracts with customers (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | [1] | $ 1,499.2 | $ 1,234.3 | $ 1,187.8 |
Recognized at a point in time | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | 1,358.2 | 1,186.9 | 1,115.4 | |
Recognized over time | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | 140.9 | 47.4 | 72.4 | |
Asia | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | 1,112.4 | 897.8 | 808.4 | |
Europe | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | 264.2 | 232.2 | 254.2 | |
Americas | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | 122.6 | 104.3 | 125.2 | |
Chemistry revenue | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | 1,304.3 | 1,114 | 1,065.5 | |
Equipment revenue | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue | $ 194.9 | $ 120.3 | $ 122.3 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Notes to the Consolidated Sta_4
Notes to the Consolidated Statements of Comprehensive Income - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | [1] | $ 1,499.2 | $ 1,234.3 | $ 1,187.8 |
China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 567.2 | 459.9 | 416.9 | |
Taiwan [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 135.3 | 129.7 | 114.5 | |
Germany [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 121.5 | $ 106.7 | $ 118.4 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Restructuring expenses - Additi
Restructuring expenses - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
GERMANY | ||
Statement [Line Items] | ||
Restructuring Expenses | $ 0.6 | $ 13.4 |
Other income (expense), net - S
Other income (expense), net - Summary of Other Operating Income Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Detailed Information About Other Operating Income Expense [Abstract] | ||||
Valuation gains of financial instruments measured at FVPL | $ 7.5 | $ 36.8 | $ 17 | |
Financial income on marketable securities & cash equivalents | 0 | 0 | 0.9 | |
Exchange gains | 13 | 0 | 2.4 | |
Interest income | 10 | 2.5 | 5.5 | |
Other financial income | 4.6 | 1 | 1.6 | |
Other income | 35.2 | 40.3 | 27.4 | |
Valuation losses of financial instruments measured at FVPL | (84.6) | (1.8) | (1.1) | |
Exchange losses | (14.8) | |||
Losses on disposal of PP&E and Intangible assets | (1.5) | (1.5) | ||
Other financial expenses | (1.5) | (1.6) | (2.8) | |
Other expenses | (87.6) | (19.7) | (3.9) | |
Other income (expense), net | [1] | $ (52.4) | $ 20.6 | $ 23.5 |
[1] | The notes are an integral part of these consolidated financial statements. |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Tax Expense Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||||
Current income tax | $ (107.5) | $ (83.4) | $ (80.5) | |
Deferred income tax benefits | 30.9 | 19.1 | 25.8 | |
Total tax expense | [1] | $ (76.6) | $ (64.3) | $ (54.8) |
[1] | The notes are an integral part of these consolidated financial statements. |
Income Taxes - Summary of expec
Income Taxes - Summary of expected tax expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Differences Between Expected Tax Expenses [Line Items] | ||||
Consolidated net income/(loss ) | $ 7.5 | $ (289.4) | $ 7.6 | |
Income tax expense | (76.6) | (64.3) | (54.8) | |
Income (loss) before income taxes | $ 84.1 | $ (225.1) | $ 62.3 | |
Statutory tax rate | 25.00% | 25.00% | 19.00% | |
Expected tax expense / (benefit) | $ (21) | $ 56.3 | $ (11.8) | |
Difference between weighted average and foreign income tax rates | (0.1) | 0.4 | (8.5) | |
Difference of deferred taxes relating to changes of foreign income tax rates | 0.2 | 1.2 | 2.7 | |
Impairment loss on Goodwill | (71.1) | |||
Deferred tax not recognized | $ 38 | (34) | (24.9) | |
Recognition of previously unrecognized interest carry-forwards | 0.90% | |||
Permanent differences | $ (19.2) | (19.2) | (13.2) | |
Prior-year effects | 0.1 | 2.8 | 1.9 | |
Other | 0.6 | (0.7) | (1) | |
Income tax expense | [1] | $ (76.6) | $ (64.3) | $ (54.8) |
[1] | The notes are an integral part of these consolidated financial statements. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | |||
Unused corporate income tax losses and interest carry-forward | $ 660 | $ 461 | |
Non-usable unused corporate income tax losses and interest carry-forward | 650 | 458 | |
Tax effect of deferred tax not recognized | $ (38) | $ 34 | $ 24.9 |
Effective tax rate | 91.00% | 28.60% | 88.00% |
Tax effect of permanent differences | $ 19.2 | $ 19.2 | $ 13.2 |
Income Tax Litigations | 8.1 | ||
Interest Income | 4.2 | ||
Tax Benefit | 3.9 | ||
Deferred taxes expenses | 1.7 | 0.2 | 0.4 |
Tax expense income relating to prior period effects | 1.8 | 2.6 | $ 1.5 |
NL | |||
Statement [Line Items] | |||
Non-usable unused corporate income tax losses and interest carry-forward | 537 | 413 | |
DE | |||
Statement [Line Items] | |||
Non-usable unused corporate income tax losses and interest carry-forward | 36 | 34 | |
US | |||
Statement [Line Items] | |||
Unrecognized interest carry-forwards | 0.9 | ||
CN | |||
Statement [Line Items] | |||
Net operating losses | $ 5 | $ 4 |
Personnel expenses - Employee C
Personnel expenses - Employee Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Employee Costs [Line Items] | |||
Wages, salaries incl. other pension costs | $ 277.2 | $ 244.3 | $ 244.6 |
Social security costs | 47.3 | 38.5 | 38.4 |
Total | $ 324.5 | $ 282.8 | $ 283 |
Personnel expenses - Number Of
Personnel expenses - Number Of Employees (Detail) - Employees | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Number Of Employees [Line Items] | |||
Average number of employees | 3,749 | 3,678 | 3,685 |
Manufacturing [Member] | |||
Disclosure Of Number Of Employees [Line Items] | |||
Average number of employees | 902 | 835 | 759 |
Sales, Marketing and Technicians [Member] | |||
Disclosure Of Number Of Employees [Line Items] | |||
Average number of employees | 1,740 | 1,765 | 1,841 |
Research And Development [Member] | |||
Disclosure Of Number Of Employees [Line Items] | |||
Average number of employees | 510 | 496 | 484 |
Administration [Member] | |||
Disclosure Of Number Of Employees [Line Items] | |||
Average number of employees | 597 | 582 | 601 |
Personnel expenses - Additional
Personnel expenses - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | |||
Expense from share-based payment transactions with employees | $ 9,500,000 | $ 300,000 | $ 200,000 |
Earnings per Share - Summary of
Earnings per Share - Summary of basic earnings per share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings per share [line items] | ||||
Net income/(loss) for the period | [1] | $ 7.5 | $ (289.4) | $ 7.6 |
Interest accrued on preference shares | (14.3) | (133.7) | (119.4) | |
Net loss attributable to shareholders | $ (6.8) | $ (423.1) | $ (111.8) | |
Basic weighted average number of ordinary shares outstanding | 184,962,274 | 91,152,556 | 91,152,556 | |
Basic earnings per share | [1] | $ (0.04) | $ (4.64) | $ (1.23) |
[1] | The notes are an integral part of these consolidated financial statements. |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2021 | May 10, 2021 | Feb. 04, 2021 | Jan. 25, 2021 | Dec. 31, 2020 | |
Ordinary shares [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of shares outstanding | 194,695,832 | 26,154,998 | |||
Additional common shares | 91,152,556 | ||||
Matching Share Plan [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Additional common shares | 31,676 | 31,676 | |||
IPO [member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Additional common shares | 29,268,000 | 29,268,000 | |||
IPO [member] | Atotech Limited [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Additional common shares | 74,243,600 | ||||
Major ordinary share transactions [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of preferred stock dividend | 12.00% | ||||
Major ordinary share transactions [member] | Ordinary shares [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of shares outstanding | 91,152,556 |
Property, Plant and Equipment -
Property, Plant and Equipment - Disclosure Of Detailed Information About Property Plant And Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 328.9 | [1] | $ 359.4 | [1] | $ 366.4 |
Land, buildings and infrastructure | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 184.2 | 196.9 | 175.5 | ||
Machinery and laboratory equipment | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 111.4 | 118.9 | 117.3 | ||
Other tangible assets | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 17.7 | 26.5 | 32.7 | ||
Construction in progress | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 15.5 | 17.1 | $ 40.9 | ||
Gross carrying amount | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 543.8 | 545.2 | |||
Gross carrying amount | Land, buildings and infrastructure | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 220.9 | 227.4 | |||
Gross carrying amount | Machinery and laboratory equipment | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 252.8 | 248.6 | |||
Gross carrying amount | Other tangible assets | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 54.6 | 52 | |||
Gross carrying amount | Construction in progress | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 15.5 | 17.2 | |||
Depreciation & Impairment | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | (214.9) | (185.8) | |||
Depreciation & Impairment | Land, buildings and infrastructure | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | (36.7) | (30.6) | |||
Depreciation & Impairment | Machinery and laboratory equipment | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | (141.3) | (129.7) | |||
Depreciation & Impairment | Other tangible assets | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | (36.9) | (25.4) | |||
Depreciation & Impairment | Construction in progress | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 0 | $ (0.1) | |||
[1] | The notes are an integral part of these consolidated financial statements. |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of reconciliation of changes in property, plant and equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 359.4 | [1] | $ 366.4 | |
Additions | 27.6 | 23.7 | ||
Disposals | (3.4) | (1.6) | ||
Reclassifications | (0.3) | (5.4) | ||
Depreciation charge | (46.3) | (41.9) | ||
Impairment | 0.8 | |||
Currency translation and other changes | (8.1) | 17.5 | ||
Ending balance | [1] | 328.9 | 359.4 | |
Land, buildings and infrastructure | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 196.9 | 175.5 | ||
Additions | 0.3 | 2.3 | ||
Disposals | (1.4) | (0.4) | ||
Reclassifications | 1.2 | 16 | ||
Depreciation charge | (8.4) | (7.2) | ||
Currency translation and other changes | (4.3) | 10.6 | ||
Ending balance | 184.2 | 196.9 | ||
Machinery and laboratory equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 118.9 | 117.3 | ||
Additions | 9.2 | 11.5 | ||
Disposals | (1.8) | (1.1) | ||
Reclassifications | 18.4 | 10.5 | ||
Depreciation charge | (30.5) | (27.1) | ||
Impairment | 0.8 | |||
Currency translation and other changes | (2.8) | 7 | ||
Ending balance | 111.4 | 118.9 | ||
Other tangible assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 26.5 | 32.7 | ||
Additions | 3.8 | 3.3 | ||
Disposals | (0.1) | (0.2) | ||
Reclassifications | (4.1) | (0.6) | ||
Depreciation charge | (7.4) | (7.7) | ||
Impairment | 0 | |||
Currency translation and other changes | (0.9) | (1) | ||
Ending balance | 17.7 | 26.5 | ||
Construction in progress | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 17.1 | 40.9 | ||
Additions | 14.2 | 6.6 | ||
Disposals | (0.1) | |||
Reclassifications | (15.6) | (31.4) | ||
Currency translation and other changes | (0.1) | 1 | ||
Ending balance | $ 15.5 | $ 17.1 | ||
[1] | The notes are an integral part of these consolidated financial statements. |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions | $ 27.6 | $ 23.7 |
Reclassifications | 0.3 | $ 5.4 |
Machinery and Laboratory equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Reclassifications | $ 6.6 | |
Asia [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Percentage Of Capital Expenditure | 41.20% | 68.40% |
Europe [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Percentage Of Capital Expenditure | 20.80% | 17.80% |
Americas [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Percentage Of Capital Expenditure | 38.00% | 13.80% |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of detailed information about intangible assets and goodwill (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | $ 2,130 | $ 2,275.1 | $ 2,507.3 |
Goodwill | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 786.9 | 804.1 | 1,046.4 |
Customer relationships | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 764.5 | 848.2 | 860.6 |
Developed technology | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 383.6 | 432.8 | 445.4 |
Trade name | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 62.3 | 68.2 | 68.5 |
Other intangible assets | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 18.2 | 20.2 | 14.2 |
Capitalized development costs | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 114.5 | 101.7 | $ 72.1 |
Gross carrying amount | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 2,969.7 | 3,012.2 | |
Gross carrying amount | Goodwill | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 1,080.9 | 1,104.2 | |
Gross carrying amount | Customer relationships | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 1,066.9 | 1,095.5 | |
Gross carrying amount | Developed technology | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 569.9 | 585.2 | |
Gross carrying amount | Trade name | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 83.1 | 85.3 | |
Gross carrying amount | Other intangible assets | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 38.5 | 32.5 | |
Gross carrying amount | Capitalized development costs | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | 130.3 | 109.5 | |
Amortization & Impairment | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | (839.8) | (737.1) | |
Amortization & Impairment | Goodwill | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | (294) | (300.1) | |
Amortization & Impairment | Customer relationships | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | (302.5) | (247.4) | |
Amortization & Impairment | Developed technology | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | (186.3) | (152.4) | |
Amortization & Impairment | Trade name | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | (20.8) | (17.1) | |
Amortization & Impairment | Other intangible assets | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | (20.3) | (12.4) | |
Amortization & Impairment | Capitalized development costs | |||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | |||
Intangible assets | $ (15.9) | $ (7.8) |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summary of Changes In Intangible Assets And Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | $ 2,275.1 | $ 2,507.3 |
Additions | 31.3 | 31.6 |
Acquisition of a subsidiary | 2.9 | |
Disposals | (0.5) | (0.1) |
Reclassifications | 1 | |
Amortization charge | (113.8) | (108.1) |
Impairment | (4.4) | (279.6) |
Currency translation and other changes | (58.8) | 121.2 |
Ending balance | 2,130 | 2,275.1 |
Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 804.1 | 1,046.4 |
Impairment | (279.5) | |
Currency translation and other changes | (17.2) | 37.2 |
Ending balance | 786.9 | 804.1 |
Customer relationships | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 848.2 | 860.6 |
Amortization charge | (62.4) | (59.8) |
Currency translation and other changes | (21.3) | 47.3 |
Ending balance | 764.5 | 848.2 |
Developed technology | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 432.8 | 445.4 |
Amortization charge | (38.4) | (36.8) |
Currency translation and other changes | (10.8) | 24.2 |
Ending balance | 383.6 | 432.8 |
Trade name | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 68.2 | 68.5 |
Amortization charge | (4.2) | (4) |
Currency translation and other changes | (1.7) | 3.8 |
Ending balance | 62.3 | 68.2 |
Other intangible assets | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 20.2 | 14.2 |
Additions | 3.6 | 6.4 |
Acquisition of a subsidiary | 2.9 | |
Disposals | (0.1) | |
Reclassifications | 0.9 | |
Amortization charge | (6) | (4.8) |
Currency translation and other changes | (0.4) | 1.5 |
Ending balance | 18.2 | 20.2 |
Capitalized development costs | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning balance | 101.7 | 72.1 |
Additions | 27.8 | 25.2 |
Disposals | (0.5) | |
Reclassifications | 0.1 | |
Amortization charge | (2.9) | (2.6) |
Impairment | (4.4) | (0.1) |
Currency translation and other changes | (7.3) | 7.2 |
Ending balance | $ 114.5 | $ 101.7 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Summary of Goodwill Allocated to CGU (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for cash-generating units [line items] | |||
Goodwill | [1] | $ 786.9 | $ 804.1 |
GMF | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 149.6 | 153.1 | |
EL | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 637.3 | $ 651 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Summary of information for cash-generating (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information for cash-generating units [line items] | ||
Growth rate in the terminal period | 0.50% | |
WACC | 1.00% | |
GMF | ||
Disclosure of information for cash-generating units [line items] | ||
Average revenue growth p.a. in the first three planning periods (CAGR) | 6.30% | 5.30% |
Growth rate in the terminal period | 1.00% | 1.00% |
WACC | 7.58% | 7.72% |
Cost of Disposal | 1.00% | 1.00% |
EL | ||
Disclosure of information for cash-generating units [line items] | ||
Average revenue growth p.a. in the first three planning periods (CAGR) | 4.70% | 6.00% |
Growth rate in the terminal period | 1.00% | 1.00% |
WACC | 6.98% | 7.33% |
Cost of Disposal | 1.00% | 1.00% |
Intangible Assets and Goodwil_6
Intangible Assets and Goodwill - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets and goodwill [Line Items] | ||
Description Of Weighted Average Cost Of Capital Rate Applied To Cash Flow Projections | 1.00% | |
Decrease of the long-term growth rate | 0.50% | |
Impairment loss | $ 4.4 | $ 279.6 |
EBITDA Margin In The Terminal Period Rate | 1.00% | |
General Metal Finishing CGU [Member] | ||
Disclosure of detailed information about intangible assets and goodwill [Line Items] | ||
Description Of Weighted Average Cost Of Capital Rate Applied To Cash Flow Projections | 8.60% | |
Description Of WACC Application Term | 5 years | |
Risk Free Interest Rate Applied To Cash Flow Projections | 1.50% | |
Description Of Market Risk Premium Rate Applied To Cash Flow Projections | 5.00% | |
Decrease of the long-term growth rate | 1.00% | |
Impairment loss | $ 279.5 |
Leases - Summary of Right-of-us
Leases - Summary of Right-of-use assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Right-of-use assets | $ 104.1 | [1] | $ 99.2 | |
Additions | 8 | 19.7 | ||
Depreciation | (18.1) | (17.7) | ||
Currency translation and other changes | (10.6) | 2.9 | ||
Right-of-use assets | [1] | 83.4 | 104.1 | |
Property [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Right-of-use assets | 100.5 | 95 | ||
Additions | 5.5 | 17.2 | ||
Depreciation | (15.5) | (15.4) | ||
Currency translation and other changes | (10.3) | 3.6 | ||
Right-of-use assets | 80.1 | 100.5 | ||
Other [Mmeber] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Right-of-use assets | 3.6 | 4.2 | ||
Additions | 2.5 | 2.5 | ||
Depreciation | (2.5) | (2.3) | ||
Currency translation and other changes | (0.3) | (0.7) | ||
Right-of-use assets | $ 3.3 | $ 3.6 | ||
[1] | The notes are an integral part of these consolidated financial statements. |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Lease Payments (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 64.2 | $ 81.5 |
Up to one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 12.6 | 14.7 |
Between one and five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 26.8 | 33.9 |
More than five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 28.6 | 38.6 |
Total contractual cash flow | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 68 | $ 87.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Line Items] | ||
Interest expense on lease liabilities | $ 0.8 | $ 1.1 |
Expense relating to short-term leases | 2 | 1.8 |
Cash outflow for leases | $ 18.2 | $ 18.2 |
Property [member] | ||
Leases [Line Items] | ||
Property, plant and equipment useful life | 50 years | |
Property [member] | Weighted average [member] | ||
Leases [Line Items] | ||
Property, plant and equipment useful life | 4 years 9 months 18 days | |
Property [member] | Median [Member] | ||
Leases [Line Items] | ||
Property, plant and equipment useful life | 2 years | |
Other [Mmeber] | ||
Leases [Line Items] | ||
Property, plant and equipment useful life | 7 years | |
Other [Mmeber] | Weighted average [member] | ||
Leases [Line Items] | ||
Property, plant and equipment useful life | 3 years 3 months 18 days | |
Other [Mmeber] | Median [Member] | ||
Leases [Line Items] | ||
Property, plant and equipment useful life | 3 years |
Other non-current financial a_3
Other non-current financial and non-financial assets - Summary of Other Non-current Financial and Non-financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Text Block [Abstract] | ||
Fair value of non-current derivatives – assets | $ 4.5 | $ 66.1 |
Deposits | 1.2 | 1.5 |
Other | 3.2 | 2.7 |
Total other non-current financial assets | 8.9 | 70.3 |
Prepaid expenses | 2.3 | 1.8 |
Other | 1.2 | 0.9 |
Total other non-current non-financial assets | $ 3.5 | $ 2.7 |
Inventories - Summary of Invent
Inventories - Summary of Inventories by Product Type (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Inventories By Product [Line Items] | |||
Inventories | [1] | $ 185.8 | $ 145.4 |
Chemical products inventories | |||
Disclosure Of Detailed Information About Inventories By Product [Line Items] | |||
Inventories | 130.2 | 109.4 | |
Valuation allowance | (5.3) | (4.8) | |
Equipment inventories | |||
Disclosure Of Detailed Information About Inventories By Product [Line Items] | |||
Inventories | 71.8 | 52.8 | |
Valuation allowance | $ (11) | $ (12) | |
[1] | The notes are an integral part of these consolidated financial statements. |
Inventories - Summary of Inve_2
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about inventories [Abstract] | |||
Raw materials | $ 105 | $ 76.7 | |
Finished and unfinished goods | 80.8 | 68.7 | |
Total | [1] | $ 185.8 | $ 145.4 |
[1] | The notes are an integral part of these consolidated financial statements. |
Trade Receivables - Summary of
Trade Receivables - Summary of Trade Receivables and Contract Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Trade receivables | $ 689.8 | $ 677.3 |
Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 297.8 | 274.7 |
Allowance for expected credit losses | (7.4) | (12.6) |
Total trade receivables | 290.4 | 262 |
Contract assets [member] | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 15.5 | 8.9 |
Allowance for expected credit losses | 0 | 0 |
Trade receivables and contract assets [Member] | ||
Disclosure of financial assets [line items] | ||
Total trade receivables | $ 305.9 | $ 270.9 |
Trade Receivables - Summary O_2
Trade Receivables - Summary Of Loss Allowances of Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | $ 689.8 | $ 677.3 | |
Trade receivables and contract assets [Member] | |||
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | 313.3 | 283.6 | |
Allowance for expected credit losses | $ (7.4) | $ (12.6) | $ (13.6) |
Expected loss rate | 2.40% | 4.50% | |
Trade receivables and contract assets [Member] | Current (not past due) [Member] | |||
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | $ 289 | $ 266.6 | |
Allowance for expected credit losses | $ (1.7) | $ (7.3) | |
Expected loss rate | 0.60% | 2.70% | |
Trade receivables and contract assets [Member] | Within 90 days past due [Member] | |||
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | $ 17.9 | $ 11.1 | |
Allowance for expected credit losses | $ (0.5) | $ (1) | |
Expected loss rate | 3.00% | 8.80% | |
Trade receivables and contract assets [Member] | Between 90 days and 6 months past due [Member] | |||
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | $ 1.2 | $ 1 | |
Allowance for expected credit losses | $ (0.2) | $ (0.1) | |
Expected loss rate | 13.30% | 12.70% | |
Trade receivables and contract assets [Member] | Between 6 and 12 months past due [Member] | |||
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | $ 1.5 | $ 1 | |
Allowance for expected credit losses | $ (1.4) | $ (0.5) | |
Expected loss rate | 94.90% | 52.10% | |
Trade receivables and contract assets [Member] | More than 12 months past due [Member] | |||
Disclosure of provision matrix [line items] | |||
Total trade receivables and contract assets, gross carrying amount | $ 3.7 | $ 3.9 | |
Allowance for expected credit losses | $ (3.6) | $ (3.8) | |
Expected loss rate | 95.60% | 96.80% |
Trade Receivables - Summary O_3
Trade Receivables - Summary Of Changes in Allowance Account for Credit Losses of Financial Assets (Detail) - Trade receivables and contract assets [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
As at Jan. 1 | $ (12.6) | $ (13.6) |
Additions in loss allowances recognized in profit or loss | (2) | (6) |
Reversals of unused amounts recognized in profit or loss | 7.1 | 1.3 |
Utilizations | 6.2 | |
Currency translation and other changes | 0.2 | (0.5) |
As at Dec. 31 | $ (7.4) | $ (12.6) |
Other current financial and n_5
Other current financial and non-financial assets - Summary of Other Current Financial and Non-financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Text Block [Abstract] | |||
Fair value of current derivatives – assets | $ 1.1 | $ 8.7 | |
Factoring related assets | 4 | 2.6 | |
Notes receivable | 10.9 | 11.4 | |
Other receivables | 2.9 | 2.3 | |
Total other current financial assets | [1] | 18.9 | 24.9 |
Assets held for sale | 3.2 | ||
Contract assets, net of valuation allowance | 15.5 | 8.9 | |
Prepaid expenses | 5.9 | 8.8 | |
Prepayments | 3 | 3.2 | |
Total other current non-financial assets | [1] | $ 24.4 | $ 24.1 |
[1] | The notes are an integral part of these consolidated financial statements. |
Other current financial and n_6
Other current financial and non-financial assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Current Financial And Non financial Assets [Line Items] | ||
Factoring Expense | $ 0.6 | $ 0.5 |
Assets held for sale | 3.2 | |
Land and buildings [member] | INDIA | ||
Other Current Financial And Non financial Assets [Line Items] | ||
Assets held for sale | 3.2 | |
Factoring of receivables [member] | ||
Other Current Financial And Non financial Assets [Line Items] | ||
Receivables sold and derecognized | 32.9 | 29.8 |
Proceeds From Borrowings Classified As Financing Activities | 29.6 | 27.9 |
Factoring Assets that entity continues to recognise | 3.3 | 1.9 |
Factoring Assets that entity continues to recognise to extent of continuing involvement | $ 0.7 | $ 0.7 |
Cash and Cash Equivalents - Cas
Cash and Cash Equivalents - Cash and cash equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |||||
Cash in bank | $ 236.8 | $ 260.2 | |||
Money market funds | 106.7 | 30 | |||
Short-term bank deposits | 28.1 | 29.8 | |||
Other | 0 | 0.1 | |||
Total | [1] | $ 371.6 | $ 320.1 | $ 302.7 | $ 386.2 |
[1] | The notes are an integral part of these consolidated financial statements. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Shareholders' Equity (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholders' Equity | |||||
Share | [1] | $ 19.5 | $ 102.1 | ||
Paid-in surplus and retained earnings | 819.5 | 261.6 | |||
Currency translation adjustment and other reserves | [1] | 57.3 | 120 | ||
Total shareholders' equity | [1] | 896.3 | 483.7 | $ 672.5 | $ 704.7 |
Ordinary shares [member] | |||||
Shareholders' Equity | |||||
Share | $ 19.5 | 9.1 | |||
Preference shares [member] | |||||
Shareholders' Equity | |||||
Share | $ 92.9 | ||||
[1] | The notes are an integral part of these consolidated financial statements. |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions | May 10, 2021USD ($)shares | Jan. 25, 2021shares | Dec. 31, 2021USD ($)$ / sharesshares | Feb. 04, 2021$ / sharesshares | Feb. 03, 2021$ / shares | Dec. 31, 2020shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
IPO offering price | $ / shares | $ 17 | ||||||
Proceeds from offering | $ | [1] | $ 473.4 | |||||
Transaction Costs | $ | $ 0.7 | ||||||
Matching Share Plan [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Issuance of common shares from the company share reserve | 31,676 | 31,676 | |||||
Issuance of IPO , shares | 31,676 | 31,676 | |||||
Ordinary shares [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Common shares outstanding | 194,695,832 | 26,154,998 | |||||
Issuance of common shares from the company share reserve | 91,152,556 | ||||||
IPO offering price | $ / shares | $ 0.10 | ||||||
Issuance of IPO , shares | 91,152,556 | ||||||
Preference shares [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Issuance of common shares from the company share reserve | 929,369,619 | ||||||
IPO offering price | $ / shares | $ 0.10 | ||||||
Percentage of preferred stock dividend | 12.00% | ||||||
Issuance of IPO , shares | 929,369,619 | ||||||
IPO [member] | XNYS | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Issuance of common shares from the company share reserve | 29,268,000 | 29,268,000 | |||||
Issuance of IPO , shares | 29,268,000 | 29,268,000 | |||||
Proceeds from offering | $ | $ 472.7 | ||||||
Transaction Costs | $ | $ 30.5 | ||||||
IPO [member] | Atotech Limited [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Issuance of common shares from the company share reserve | 74,243,600 | ||||||
IPO offering price | $ / shares | $ 17 | ||||||
Entity Listing, Depository Receipt Ratio | 0.0799 | ||||||
Issuance of IPO , shares | 74,243,600 | ||||||
Major ordinary share transactions [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of preferred stock dividend | 12.00% | ||||||
Major ordinary share transactions [member] | Ordinary shares [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Common shares outstanding | 91,152,556 | ||||||
Major ordinary share transactions [member] | IPO [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Shares issued during the period new issues | 64,997,558 | ||||||
Shares issuance ratio | 2.4851 | ||||||
[1] | The notes are an integral part of these consolidated financial statements. |
Share-Based Payment Plans - Sum
Share-Based Payment Plans - Summary of Share Based Arrangement Valuation Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($)sharesBasisPointsyr$ / shares | |
Management Equity Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Market value of underlying shares (in $) | $ 32.91 |
Risk free rate | (0.71%) |
Expected share price volatility | 28.60% |
Expected dividend yield | $ | $ 0 |
Options issued | BasisPoints | 30,383 |
Equity value per share (in $) | $ 5 |
Strike price per share (in $) | $ 32.91 |
Long term Incentive Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected life of options (years) | yr | 1.2 |
Exercise price (in $) | $ 0.29 |
Market value of underlying shares (in $) | $ 6.52 |
Risk free rate | 0.14% |
Expected share price volatility | 28.60% |
Expected dividend yield | $ | $ 0 |
Options issued | shares | 83,642 |
Share-Based Payment Plans - Add
Share-Based Payment Plans - Additional Information (Detail) | 12 Months Ended | 47 Months Ended | |||||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021USD ($)BasisPoints | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Grant-date fair value of options granted | $ | $ 9,500,000 | $ 9,500,000 | $ 9,500,000 | $ 9,500,000 | $ 9,500,000 | $ 9,500,000 | $ 300,000 | $ 300,000 | |
Expense from share-based payment transactions | $ | 9,500,000 | 300,000 | $ 200,000 | ||||||
Number of share options Issued in share-based payment arrangement | shares | 0 | ||||||||
MKS Instruments Inc [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | shares | 185,668 | ||||||||
Cash | $ | 4,500,000 | 4,500,000 | $ 4,500,000 | 4,500,000 | 4,500,000 | 4,500,000 | |||
Equity Settled Share Based Payment Awards [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Expense from share-based payment transactions | $ | 8,900,000 | 300,000 | |||||||
Cash settled share based payment awards [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Expense from share-based payment transactions | $ | 600,000 | $ 0 | |||||||
Performance Restricted Share Unit Plan [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | shares | 41,624 | ||||||||
Cash | $ | 1,000,000 | 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | 1,000,000 | |||
Number of share options granted in share-based payment arrangement | BasisPoints | 204,134 | ||||||||
Weighted average share price, share options granted | $ / shares | $ 26.19 | ||||||||
Shares recognized as equity settled with grant date fair value | shares | 162,510 | ||||||||
Restricted Share Unit Plan [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | shares | 41,623 | ||||||||
Cash | $ | 1,000,000 | 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | 1,000,000 | |||
Number of share options granted in share-based payment arrangement | BasisPoints | 372,973 | ||||||||
Weighted average share price, share options granted | $ / shares | $ 26.19 | ||||||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ / shares | $ 25.52 | ||||||||
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 2,800,000 | 2,800,000 | $ 2,800,000 | $ 2,800,000 | $ 2,800,000 | $ 2,800,000 | |||
Number of instruments granted in share-based payment arrangement | shares | 110,068 | ||||||||
Shares recognized as equity settled with grant date fair value | shares | 220,137 | ||||||||
Phantom Share Plan [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | 30,383 | 0 | |||||||
Number of share options Issued in share-based payment arrangement | shares | 0 | ||||||||
Number of share options granted in share-based payment arrangement, value | $ | 500,000 | ||||||||
Matching Share Plan [Member] | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | BasisPoints | 36,426 | ||||||||
Weighted average share price, share options granted | $ / shares | $ 22.90 | ||||||||
Maturity period of employee contribution | 1 year | ||||||||
Percentage of contribution from gross annual salary | 10.00% | ||||||||
Holding period of shares | 1 year | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 months 24 days | ||||||||
Employee contributions | $ | $ 25,000 | ||||||||
Pooling Vehicles | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number Of Share Options Exercised | shares | 8,127,000 | ||||||||
Stock Transferred, Shares, During The Period | shares | 8,127,000 |
Share-Based Payment Plans - Rec
Share-Based Payment Plans - Reconciliation of outstanding share options or awards (Detail) | 12 Months Ended | |
Dec. 31, 2021shares | Dec. 31, 2021BasisPoints | |
Long term Incentive Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at Jan. 1, 2021 | 2,154,048 | |
Granted during the period | 0 | |
Settled during the period | (185,668) | |
Forfeited during the period | (111,521) | |
Outstanding at Dec. 31, 2021 | 1,856,859 | |
Exercisable at Dec. 31, 2021 | 0 | |
Performance Restricted Share Unit Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at Jan. 1, 2021 | 0 | |
Granted during the period | 204,134 | |
Settled during the period | (41,624) | |
Forfeited during the period | 0 | |
Outstanding at Dec. 31, 2021 | 162,510 | |
Exercisable at Dec. 31, 2021 | 0 | |
Restricted Share Unit Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at Jan. 1, 2021 | 0 | |
Granted during the period | 372,973 | |
Settled during the period | (41,623) | |
Forfeited during the period | (1,145) | |
Outstanding at Dec. 31, 2021 | 330,205 | |
Exercisable at Dec. 31, 2021 | 0 | |
Phantom Share Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at Jan. 1, 2021 | 30,383 | |
Granted during the period | 30,383 | 0 |
Settled during the period | 0 | |
Forfeited during the period | 0 | |
Outstanding at Dec. 31, 2021 | 30,383 | |
Exercisable at Dec. 31, 2021 | 0 | |
Matching Share Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at Jan. 1, 2021 | 0 | |
Granted during the period | 36,426 | |
Settled during the period | 0 | |
Forfeited during the period | (386) | |
Outstanding at Dec. 31, 2021 | 36,040 | |
Exercisable at Dec. 31, 2021 | 0 |
Non-current and current Borro_3
Non-current and current Borrowings - Summary of Detailed Information About Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 18, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||
Other non-current financial borrowings | $ 1,540.9 | $ 1,422.4 | ||
Non-current borrowings | [1] | 1,540.9 | 2,065.7 | |
Current portion of non-current financial borrowings | 10.7 | 0.5 | ||
Current borrowings | 10.7 | 0.5 | ||
Total borrowings | $ 1,551.6 | $ 17.5 | 2,066.2 | |
OPCO Notes [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Other non-current financial borrowings | 425 | |||
Holdco Notes [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Other non-current financial borrowings | $ 218.3 | |||
[1] | The notes are an integral part of these consolidated financial statements. |
Non-current and current Borro_4
Non-current and current Borrowings - Summary of Current and Non-current Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 18, 2021 | Dec. 31, 2020 | |
Non-current portion of non-current borrowings, by type [abstract] | ||||
Non-current portion of non-current loans received | $ 1,556.3 | $ 1,438.5 | ||
Less – Deferred financing costs | (15.4) | (16.8) | ||
Total non-current borrowings | [1] | 1,540.9 | 2,065.7 | |
Current borrowings and current portion of non-current borrowings [abstract] | ||||
Current portion of non-current borrowings | 10.7 | 0.5 | ||
Short-term financing costs | (2.8) | (15.8) | ||
Total current borrowings | 10.7 | 0.5 | ||
Total borrowings | 1,551.6 | $ 17.5 | 2,066.2 | |
6.25% OPCO Notes [Member] | ||||
Non-current portion of non-current borrowings, by type [abstract] | ||||
Non-current portion of non-current notes and debentures issued | 425 | |||
8.75%/9.50% Holdco Notes [Member] | ||||
Non-current portion of non-current borrowings, by type [abstract] | ||||
Non-current portion of non-current notes and debentures issued | 219 | |||
Term Loan [Member] | ||||
Current borrowings and current portion of non-current borrowings [abstract] | ||||
Current portion of non-current borrowings | $ 13.5 | $ 16.2 | ||
[1] | The notes are an integral part of these consolidated financial statements. |
Non-current and current Borro_5
Non-current and current Borrowings - Summary of Current and Non-current Borrowings (Parenthetical) (Detail) | Dec. 31, 2021 |
Six Point Two Five Percent OPCO Notes [Member] | Fixed interest rate [member] | |
Disclosure of detailed information about borrowings [line items] | |
Interest Rate | 6.25% |
Holdco Notes [Member] | Bottom of range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Interest Rate | 8.75% |
Holdco Notes [Member] | Top of range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Interest Rate | 9.50% |
Non-current and current Borro_6
Non-current and current Borrowings - Summary of Terms and Conditions of Term Loans (Detail) - New Senior Secured Term Loan [Member] | 12 Months Ended |
Dec. 31, 2021 | |
TL B-1 | |
Disclosure In Tabular Form Of Senior Secured Term Loan Structure [Line Items] | |
Currency | USD |
Nominal interest rate p.a. | 2.50% + IBOR* (0.5% floor) |
Maturity date | Mar. 2028 |
Repayment of principal | 0.25% of principal per quarter |
Payment of interest | end of interest period |
TL B-2 | |
Disclosure In Tabular Form Of Senior Secured Term Loan Structure [Line Items] | |
Currency | EUR |
Nominal interest rate p.a. | 2.75% + IBOR* (0.0% floor) |
Maturity date | Mar. 2028 |
Repayment of principal | on maturity |
Payment of interest | end of interest period |
Non-current and current Borro_7
Non-current and current Borrowings - Summary of Terms and Conditions of Term Loans (Parenthetical) (Detail) - New Senior Secured Term Loan [Member] | Dec. 31, 2021 | Mar. 18, 2021 |
TL B-1 | LIBOR [Member] | ||
Disclosure In Tabular Form Of Senior Secured Term Loan Structure [Line Items] | ||
Basis Spread on Variable Rate | 2.50% | |
TL B-1 | LIBOR Floor [Member] | ||
Disclosure In Tabular Form Of Senior Secured Term Loan Structure [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | 0.50% |
TL B-2 | LIBOR [Member] | ||
Disclosure In Tabular Form Of Senior Secured Term Loan Structure [Line Items] | ||
Basis Spread on Variable Rate | 2.75% | |
TL B-2 | LIBOR Floor [Member] | ||
Disclosure In Tabular Form Of Senior Secured Term Loan Structure [Line Items] | ||
Basis Spread on Variable Rate | 0.00% |
Non-current and current Borro_8
Non-current and current Borrowings - Summary of Changes in Liabilities from Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | $ 2,165.2 | $ 2,210.4 |
Cash inflows | 130.7 | 175.1 |
Cash outflows | (701) | (297.1) |
Currency translation | (19) | 36.3 |
Other non-cash changes | 44.6 | 40.6 |
Ending Balance | 1,620.5 | 2,165.2 |
Borrowings (current and non-current) | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 2,066.2 | 2,115.6 |
Cash inflows | 130 | 175.1 |
Cash outflows | (685.7) | (271.2) |
Currency translation | (13.6) | 30.4 |
Other non-cash changes | 54.7 | 16.2 |
Ending Balance | 1,551.6 | 2,066.2 |
Other liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 17.5 | 19.7 |
Cash inflows | 0.7 | |
Cash outflows | (10.6) | |
Currency translation | (0.1) | (0.1) |
Other non-cash changes | (13.4) | 8.7 |
Ending Balance | 4.7 | 17.5 |
Lease liabilities (current and non-current) | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 81.5 | 75.1 |
Cash outflows | (15.3) | (15.3) |
Currency translation | (5.3) | 6 |
Other non-cash changes | 3.4 | 15.7 |
Ending Balance | $ 64.2 | $ 81.5 |
Non-current and current Borro_9
Non-current and current Borrowings - Additional Information (Detail) € in Millions, $ in Millions | Feb. 12, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | [1] | Mar. 18, 2021USD ($) | Mar. 18, 2021EUR (€) | ||
Disclosure of detailed information about borrowings [line items] | |||||||||
Maximum Borrowing Capacity | $ 250 | ||||||||
Available Borrowing Capacity | $ 232.5 | ||||||||
Borrowings | 1,551.6 | $ 2,066.2 | 17.5 | ||||||
Debt Face Amount | $ 1,569.8 | ||||||||
Minimum Percentage Of Credit Facility Should Be Availed For Applicability Of Net Leverage Ratio | 40.00% | ||||||||
Repayment of non current borrowings | $ 643 | $ 685.7 | [1] | 255.2 | [1] | $ 115.8 | |||
Proceeds from non current borrowings | 100 | 130 | [1] | $ 175.1 | [1] | ||||
Expenses in connection with availing additional facility | 75.6 | ||||||||
Payment for extinguishment of debt | $ 8.8 | ||||||||
TL B-1 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Debt Face Amount | $ 1,350 | ||||||||
TL B-2 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Debt Face Amount | € | € 200 | ||||||||
Bottom of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Commitment fee percentage on unused facility | 0.25% | 0.25% | |||||||
Top of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Commitment fee percentage on unused facility | 0.375% | 0.375% | |||||||
LIBOR [Member] | Bottom of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Basis Spread on Variable Rate | 1.00% | 1.00% | |||||||
LIBOR [Member] | Top of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Basis Spread on Variable Rate | 2.00% | 2.00% | |||||||
Revolving Credit Facility [Member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 0 | ||||||||
[1] | The notes are an integral part of these consolidated financial statements. |
Deferred Taxes - Summary of Def
Deferred Taxes - Summary of Deferred Tax Assets and Liabilities Recognized for the Period (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | [1] | $ (306.1) | $ (340.8) |
Net balances | (306.1) | (340.7) | |
Deferred tax liability (asset) | (306.1) | (340.7) | |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (14.9) | (17.4) | |
Net balances | (14.9) | (17.4) | |
Deferred tax liability (asset) | (14.9) | (17.4) | |
Intangible assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (335.7) | (371.9) | |
Net balances | (335.7) | (371.9) | |
Deferred tax liability (asset) | (335.7) | (371.9) | |
Right-of-use assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (23.4) | (29.5) | |
Net balances | (23.4) | (29.5) | |
Deferred tax liability (asset) | (23.4) | (29.5) | |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 19.8 | 10.5 | |
Net balances | 19.8 | 10.5 | |
Deferred tax liability (asset) | 19.8 | 10.5 | |
Employee benefits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 23.9 | 32.1 | |
Net balances | 23.9 | 32.1 | |
Deferred tax liability (asset) | 23.9 | 32.1 | |
Other temporary non-deductible provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3.6 | 4.9 | |
Net balances | 3.6 | 4.9 | |
Deferred tax liability (asset) | 3.6 | 4.9 | |
Lease liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 18.3 | 23.3 | |
Net balances | 18.3 | 23.3 | |
Deferred tax liability (asset) | 18.3 | 23.3 | |
Other temporary tax deductions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6.5 | ||
Deferred tax liabilities | (0.1) | ||
Net balances | (0.1) | 6.5 | |
Deferred tax liability (asset) | (0.1) | 6.5 | |
Unused tax losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2.4 | 0.8 | |
Net balances | 2.4 | 0.8 | |
Deferred tax liability (asset) | 2.4 | 0.8 | |
Total [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 68.1 | 78.1 | |
Deferred tax liabilities | (374.2) | (418.8) | |
Net balances | (306.1) | (340.7) | |
Deferred tax liability (asset) | (306.1) | (340.7) | |
Deferred Tax Assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net balances | (68.1) | (78.1) | |
Deferred tax liability (asset) | (68.1) | (78.1) | |
Deferred Tax Liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net balances | 68.1 | 78.1 | |
Deferred tax liability (asset) | $ 68.1 | $ 78.1 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Deferred Taxes - Additional Inf
Deferred Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Taxes [Line Items] | ||
Deferred tax relating to items credited (charged) directly to equity | $ (5.9) | |
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 10.1 | |
Credit derivative, fair value | 5.3 | $ 26 |
Intangible assets [Member] | ||
Deferred Taxes [Line Items] | ||
Increase (decrease) in deferred tax liability (asset) | $ 30.9 |
Employee Benefits Obligations -
Employee Benefits Obligations - Summary of Employee Benefits Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||
Non-current net defined benefit liability | $ 143.4 | $ 176.2 |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Non-current net defined benefit liability | 141.3 | 174.3 |
Restructuring reserve (early retirement plans) | ||
Disclosure of defined benefit plans [line items] | ||
Non-current net defined benefit liability | $ 2.1 | $ 1.9 |
Employee Benefits Obligations_2
Employee Benefits Obligations - Summary of Movements in Defined Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Benefit obligation at the beginning of the year | $ 174.3 | ||
Current service cost | 2.1 | $ 2.2 | $ 2.1 |
Interest income and costs | (0.9) | (1.2) | (2.2) |
Past service cost | 0.1 | (0.1) | (0.2) |
Net defined benefit liability | 141.3 | 174.3 | |
Benefit obligation at the end of the year | 141.3 | 174.3 | |
Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Benefit obligation at the beginning of the year | 205 | 182.3 | |
Current service cost | 2.1 | 2.2 | |
Interest income and costs | 1.1 | 1.5 | |
Past service cost | (0.1) | 0.1 | |
Benefit paid | (4.8) | (4.7) | |
Actuarial losses (gains) | (18.6) | 5.9 | |
Foreign currency translation and other changes | (14.8) | 17.8 | |
Net defined benefit liability | 169.8 | 205 | 182.3 |
Benefit obligation at the end of the year | 169.8 | 205 | 182.3 |
Plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Benefit obligation at the beginning of the year | (30.7) | (27.9) | |
Interest income and costs | (0.2) | (0.2) | |
Employer contributions | (0.2) | (0.2) | |
Benefit paid | 2.1 | 2.1 | |
Actuarial losses (gains) | (1.6) | (2) | |
Foreign currency translation and other changes | 2.1 | (2.5) | |
Net defined benefit liability | (28.5) | (30.7) | (27.9) |
Benefit obligation at the end of the year | $ (28.5) | $ (30.7) | $ (27.9) |
Employee Benefits Obligations_3
Employee Benefits Obligations - Summary of Employee Benefit Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | $ 2.1 | $ 2.2 | $ 2.1 |
Past service cost | (0.1) | 0.1 | 0.2 |
Net interest cost | 0.9 | 1.2 | 2.2 |
Benefit amounts recognized in profit or loss | 2.9 | 3.5 | 4.5 |
Effect of changes in demographic assumptions | 0 | ||
Effect of changes in financial assumptions | (14.2) | 5.7 | 24 |
Effect of experience adjustments | (4.4) | 0.2 | (0.9) |
Actuarial return on plan assets (excluding interest income) | (1.6) | (2) | (0.1) |
Benefit amounts recognized in other comprehensive income | (20.2) | 3.8 | 23 |
Total benefit amounts recognized in comprehensive income | $ (17.3) | $ 7.3 | $ 27.5 |
Employee Benefits Obligations_4
Employee Benefits Obligations - Summary of Maturity analysis of Defined Benefit Obligation (Detail) $ in Millions | Dec. 31, 2021USD ($) |
2022 | |
Disclosure of defined benefit plans [line items] | |
Defined benefit obligation, at present value | $ 5.8 |
2023 | |
Disclosure of defined benefit plans [line items] | |
Defined benefit obligation, at present value | 6 |
2024 | |
Disclosure of defined benefit plans [line items] | |
Defined benefit obligation, at present value | 6.5 |
2025 | |
Disclosure of defined benefit plans [line items] | |
Defined benefit obligation, at present value | 6.4 |
2026 | |
Disclosure of defined benefit plans [line items] | |
Defined benefit obligation, at present value | 7.5 |
After 2026 | |
Disclosure of defined benefit plans [line items] | |
Defined benefit obligation, at present value | $ 164.6 |
Employee Benefits Obligations_5
Employee Benefits Obligations - Summary of Fair Value Of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value of plan assets [line items] | ||
Debt securities | $ 18.3 | $ 20 |
Equity securities | 7.6 | 8 |
Cash and cash equivalents | 2.7 | 2.8 |
Total | $ 28.5 | $ 30.7 |
Percentage Of Debt Instruments | 64.00% | 65.00% |
Percentage Of Equity securities | 27.00% | 26.00% |
Percentage Of Cash And Cash Equivalents | 9.00% | 9.00% |
Percentage Of Plan Assets | 100.00% | 100.00% |
Employee Benefits Obligations_6
Employee Benefits Obligations - Summary of Actuarial Assumptions Used In Defined Benefit Plans (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||
Discount rate (weighted average for all regions) | 1.07% | 0.63% |
Salary increase incl. inflation rate (weighted average for all regions) | 2.76% | 2.76% |
Employee Benefits Obligations_7
Employee Benefits Obligations - Summary of Sensitivity Analysis For Actuarial Assumptions (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (11.9) | $ (15.3) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 12.9 | 17.3 |
Salary increase incl. inflation rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 1.3 | 1.8 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (1.2) | $ (1.7) |
Employee Benefits Obligations_8
Employee Benefits Obligations - Summary of Sensitivity Analysis For Actuarial Assumptions (Parenthetical) (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% |
Employee Benefits Obligations_9
Employee Benefits Obligations - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||
Fair value Of Plan Assets | $ 28.5 | $ 30.7 |
Weighted average duration of defined benefit obligation | 15 years | |
Percentage Of Increase In Actuarial Assumption | 0.50% | 0.50% |
Percentage Of Decrease In Actuarial Assumption | 0.50% | 0.50% |
Europe [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage Of Liability Asset Of Defined Benefit Plans Contributions | 97.00% | 98.00% |
Asia [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage Of Liability Asset Of Defined Benefit Plans Contributions | 3.00% | 2.00% |
Actuarial assumption of discount rates [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage Of Increase In Actuarial Assumption | 0.50% | 0.50% |
Percentage Of Decrease In Actuarial Assumption | 0.50% | 0.50% |
Actuarial assumption of expected rates of salary increases [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage Of Increase In Actuarial Assumption | 0.50% | 0.50% |
Percentage Of Decrease In Actuarial Assumption | 0.50% | 0.50% |
Non-current and current Provi_3
Non-current and current Provisions - Summary of Changes in Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | ||
Disclosure of other provisions [line items] | ||
Beginning balance | $ 23 | $ 22.5 |
Additions | 11.9 | 16.4 |
Release | (5.6) | (1.7) |
Consumption | (12.2) | (12.5) |
Currency translation adjustment | (0.5) | 1 |
Reclassifications | (0.5) | (2.6) |
Ending balance | 16.1 | 23 |
Non-current | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 13.2 | 22.2 |
Additions | 3.9 | 11.1 |
Release | (3) | (10.3) |
Consumption | (4.2) | (5.2) |
Currency translation adjustment | (0.7) | 0.9 |
Reclassifications | 0.1 | (5.6) |
Ending balance | $ 9.3 | $ 13.2 |
Non-current and current Provi_4
Non-current and current Provisions - Summary Provisions by Nature (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of uncertain tax positions which is presented in income tax liabilities | |||
Current | [1] | $ 16.1 | $ 23 |
Non-current | [1] | 9.3 | 13.2 |
Total | 25.5 | 36.2 | |
Non-tax litigation | |||
Summary of uncertain tax positions which is presented in income tax liabilities | |||
Current | 0.2 | 0.3 | |
Non-current | 0.3 | 1.2 | |
Total | 0.5 | 1.5 | |
Uncertain tax positions and related interest | |||
Summary of uncertain tax positions which is presented in income tax liabilities | |||
Current | 5.3 | 9.3 | |
Non-current | 0.1 | 0 | |
Total | 5.4 | 9.3 | |
Other operating items | |||
Summary of uncertain tax positions which is presented in income tax liabilities | |||
Current | 9.4 | 8.6 | |
Non-current | 6.8 | 10.7 | |
Total | 16.2 | 19.4 | |
Other non-operating items | |||
Summary of uncertain tax positions which is presented in income tax liabilities | |||
Current | 1.2 | 4.7 | |
Non-current | 2.2 | 1.2 | |
Total | $ 3.4 | $ 6 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Other current financial and n_7
Other current financial and non-financial liabilities - Summary of Other Current Financial and Non-financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current financial liabilities | [1] | $ 11.5 | $ 38.5 |
Total other current non-financial liabilities | [1] | 146.2 | 89.7 |
Accrued interest on financial debt | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current financial liabilities | 0 | 13.4 | |
Current bank debt | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current financial liabilities | 4.7 | 4.1 | |
Fair value of derivatives - current liabilities | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current financial liabilities | 0.4 | 14.8 | |
Factoring related liabilities | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current financial liabilities | 0.7 | 0.7 | |
Other | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current financial liabilities | 5.7 | 5.6 | |
Contract liabilities | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current non-financial liabilities | 65.2 | 19.1 | |
Payables to personnel and social organizations | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current non-financial liabilities | 80.6 | 65.1 | |
Deferred income | |||
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |||
Total other current non-financial liabilities | $ 0.4 | $ 5.5 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Other current financial and n_8
Other current financial and non-financial liabilities - Additional Information (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Payables to personnel and social organizations | |
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |
Bonus accural | $ 9.3 |
Deferred income | |
Disclosure of other current financial and nonfinancial liabilities [Line Items] | |
Non-current government grants | $ 5.5 |
Financial Instruments - Summary
Financial Instruments - Summary of derivative financial instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Non-current derivative financial assets | $ 4.5 | $ 66.1 |
Current derivative financial assets | 1.1 | 8.7 |
Current derivative financial liabilities | 0.4 | 14.8 |
Embedded Derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current derivative financial assets | 0 | 65.7 |
Foreign Exchange Forward Contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current derivative financial assets | 8.7 | |
Current derivative financial assets | 0.4 | 1.1 |
Current derivative financial liabilities | 10.5 | |
Interest rate cap [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current derivative financial assets | $ 4.5 | 0.4 |
Foreign Exchange Collar Contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current derivative financial liabilities | $ 4.3 |
Financial Instruments - Summa_2
Financial Instruments - Summary of carrying amounts of the financial instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 689.8 | $ 677.3 |
Financial liabilities | 1,886.5 | 2,408.7 |
Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 684.2 | 602.6 |
Financial liabilities | 1,886.1 | 2,393.9 |
Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5.5 | 74.8 |
Financial liabilities | 0.4 | 14.8 |
Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 297.8 | 274.7 |
Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,551.6 | 2,066.2 |
Borrowings [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,551.6 | 2,066.2 |
Borrowings [member] | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 0 | 0 |
Financial liabilities | 0 | 0 |
Foreign exchange forward contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0.4 | 10.5 |
Foreign exchange forward contract [member] | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0.4 | 10.5 |
Foreign exchange collar contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4.3 | |
Foreign exchange collar contract [member] | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4.3 | |
Financial liabilities at amortised cost, category [member] | Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 1,540.9 | 2,065.7 |
Current financial liabilities | 10.7 | 0.5 |
Financial liabilities at amortised cost, category [member] | Borrowings [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 1,540.9 | 2,065.7 |
Current financial liabilities | 10.7 | 0.5 |
Financial liabilities at amortised cost, category [member] | Trade payables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 259.2 | 221 |
Financial liabilities at amortised cost, category [member] | Trade payables [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 259.2 | 221 |
Financial liabilities at amortised cost, category [member] | Lease liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 64.2 | 81.5 |
Financial liabilities at amortised cost, category [member] | Lease liabilities [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 64.2 | 81.5 |
Financial liabilities at amortised cost, category [member] | Other financial liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 11.1 | 25.3 |
Financial liabilities at amortised cost, category [member] | Other financial liabilities [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 11.1 | 25.3 |
Financial assets at amortised cost, category [member] | Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 290.4 | 262 |
Financial assets at amortised cost, category [member] | Trade receivables [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 290.4 | 262 |
Financial assets at amortised cost, category [member] | Cash and cash equivalents [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 371.6 | 320.1 |
Financial assets at amortised cost, category [member] | Cash and cash equivalents [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 371.6 | 320.1 |
Financial assets at amortised cost, category [member] | Other financial assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 22.2 | 20.4 |
Financial assets at amortised cost, category [member] | Other financial assets [member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 22.2 | 20.4 |
Financial assets at fair value through profit or loss, category [member] | Embedded derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 65.7 | |
Financial assets at fair value through profit or loss, category [member] | Embedded derivatives [member] | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 65.7 | |
Financial assets at fair value through profit or loss, category [member] | Foreign exchange contracts not designated as hedging instrument [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1 | 8.7 |
Financial assets at fair value through profit or loss, category [member] | Foreign exchange contracts not designated as hedging instrument [member] | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1 | 8.7 |
Financial assets at fair value through profit or loss, category [member] | Interest rate cap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 4.5 | 0.4 |
Financial assets at fair value through profit or loss, category [member] | Interest rate cap [member] | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 4.5 | $ 0.4 |
Financial Instruments - Summa_3
Financial Instruments - Summary of net gains and losses of financial instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gains (losses) on financial instruments [abstract] | ||
FAAC | $ 7.3 | $ (3.9) |
FLAC | (107.2) | (144.5) |
FAFV | (88.1) | 33.3 |
No class | 15.1 | 3.1 |
Total | $ (173) | $ (112) |
Financial Instruments - Summa_4
Financial Instruments - Summary of fair value of financial instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 689.8 | $ 677.3 |
Financial liabilities | 1,886.5 | 2,408.7 |
Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 297.8 | 274.7 |
Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,551.6 | 2,066.2 |
Foreign exchange forward contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0.4 | 10.5 |
Foreign exchange collar contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4.3 | |
Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 684.2 | 602.6 |
Financial liabilities | 1,886.1 | 2,393.9 |
Measured at amortized cost [member] | Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,551.6 | 2,066.2 |
Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5.5 | 74.8 |
Financial liabilities | 0.4 | 14.8 |
Measured at fair value [member] | Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current borrowings | 0 | 0 |
Financial liabilities | 0 | 0 |
Measured at fair value [member] | Foreign exchange forward contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0.4 | 10.5 |
Measured at fair value [member] | Foreign exchange collar contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4.3 | |
Derivative Financial Instrument [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5.5 | 74.8 |
Financial liabilities | 1,570.2 | 2,209 |
Derivative Financial Instrument [Member] | Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivative Financial Instrument [Member] | Cash and cash equivalents [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivative Financial Instrument [Member] | Other financial assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivative Financial Instrument [Member] | Embedded derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 65.7 | |
Derivative Financial Instrument [Member] | Foreign exchange contracts not designated as hedging instrument [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1 | 8.7 |
Derivative Financial Instrument [Member] | Interest rate cap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 4.5 | 0.4 |
Derivative Financial Instrument [Member] | Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current borrowings | 1,569.8 | 2,194.2 |
Current borrowings | 0 | 0 |
Financial liabilities | 1,569.8 | 2,194.2 |
Derivative Financial Instrument [Member] | Trade payables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Derivative Financial Instrument [Member] | Lease liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Derivative Financial Instrument [Member] | Other financial liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Derivative Financial Instrument [Member] | Foreign exchange forward contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0.4 | 10.5 |
Derivative Financial Instrument [Member] | Foreign exchange collar contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4.3 | |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 689.8 | 677.3 |
Financial liabilities | 1,886.5 | 2,408.7 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 290.4 | 262 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Cash and cash equivalents [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 371.6 | 320.1 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Other financial assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 22.2 | 20.4 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Embedded derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 65.7 | |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Foreign exchange contracts not designated as hedging instrument [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1 | 8.7 |
Financial liabilities | 0.4 | |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Interest rate cap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 4.5 | 0.4 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current borrowings | 1,540.9 | 2,065.7 |
Current borrowings | 10.7 | 0.5 |
Financial liabilities | 1,551.6 | 2,066.2 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Trade payables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 259.2 | 221 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Lease liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 64.2 | 81.5 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Other financial liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 11.1 | 25.3 |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Foreign exchange forward contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 10.5 | |
Derivative Financial Instrument [Member] | Measured at amortized cost [member] | Foreign exchange collar contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4.3 | |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5.5 | 74.8 |
Financial liabilities | 1,570.2 | 2,209 |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | Embedded derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 65.7 | |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | Foreign exchange contracts not designated as hedging instrument [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1 | 8.7 |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | Interest rate cap [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 4.5 | 0.4 |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | Borrowings [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current borrowings | 1,569.8 | 2,194.2 |
Financial liabilities | 1,569.8 | 2,194.2 |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | Foreign exchange forward contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 0.4 | 10.5 |
Derivative Financial Instrument [Member] | Level 2 | Measured at fair value [member] | Foreign exchange collar contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 4.3 |
Financial Instruments - Summa_5
Financial Instruments - Summary of detailed information about hedges (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedges [line items] | ||
Notional | $ 1,569.8 | |
Financial liabilities | 1,886.5 | $ 2,408.7 |
Foreign exchange forward contract [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Financial liabilities | $ 0.4 | 10.5 |
Foreign exchange collar contract [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Financial liabilities | 4.3 | |
Hedges of net investment in foreign operations [member] | Foreign exchange forward contract [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional | 200 | |
Financial liabilities | (10.5) | |
Value of the hedging instrument | (8.8) | |
Hedges of net investment in foreign operations [member] | Foreign exchange collar contract [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional | 50 | |
Financial liabilities | (4.3) | |
Value of the hedging instrument | $ (2.2) |
Financial Instruments - Summa_6
Financial Instruments - Summary of notional value of derivative contracts (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 1,569.8 | |
Foreign exchange forward contract [member] | USD and CNH | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 200 | |
Foreign exchange forward contract [member] | EUR and USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 210.3 | |
Foreign exchange forward contract [member] | EUR and GBP | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 11.6 | |
Foreign exchange forward contract [member] | EUR and CNY | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 14.2 | |
Foreign exchange forward contract [member] | EUR and CAD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 0.6 | |
Foreign exchange forward contract [member] | EUR and AUD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 0.1 | |
Foreign exchange forward contract [member] | EUR and TRY | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 0.2 | |
Foreign exchange collar contract [member] | USD and TWD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 50 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | USD and CNH | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 200 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | EUR and USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 210.3 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | EUR and GBP | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 11.6 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | EUR and CNY | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 14.2 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | EUR and CAD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 0.6 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | EUR and AUD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 0.1 | |
Less than 12 months [member] | Foreign exchange forward contract [member] | EUR and TRY | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | 0.2 | |
Less than 12 months [member] | Foreign exchange collar contract [member] | USD and TWD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional | $ 50 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 18, 2021 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 10.7 | ||||||
Nominal loan exposure | 1,569.8 | $ 1,569.8 | |||||
Other operating income (expense) | [1] | (52.4) | $ 20.6 | $ 23.5 | |||
Cash and cash equivalents | [1] | 371.6 | 371.6 | 320.1 | $ 302.7 | $ 386.2 | |
Financial assets | 689.8 | 689.8 | 677.3 | ||||
Hedges of net investment in foreign operations [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets | $ 0 | 0 | |||||
Term Loan B One [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Nominal loan exposure | $ 1,350 | ||||||
Hedging instrument [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Other operating income (expense) | $ 0.3 | $ 3.8 | |||||
Interest rate cap [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Percentage of reasonably possible increase in unobservable input liabilities | 100.00% | 100.00% | |||||
Currency risk [member] | Other FX forwards [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Credit derivative, nominal amount | $ 65.2 | $ 65.2 | |||||
Currency risk [member] | Other Forwards And Collar Option [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Derivative assets designated as hedge accounting | 0 | 0 | |||||
Currency risk [member] | EURUSD FX [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Credit derivative, nominal amount | 388.3 | 388.3 | |||||
Local lines of credit [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Nominal loan exposure | $ 4.7 | 4.7 | |||||
Holdco Notes And Six Point Two Five Percent Opco Notes [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Write off of deferred debt issuance costs | 54.7 | ||||||
New Senior Secured Term Loan [Member] | Term Loan B One [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Percentage points increase in the interest rate | 100.00% | ||||||
Impact of perentage points increase in the interest rate on interest expense per quarter | $ 4 | ||||||
New Senior Secured Term Loan [Member] | Term Loan B One [Member] | LIBOR Floor [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Basis Spread on Variable Rate | 0.50% | 0.50% | 0.50% | ||||
[1] | The notes are an integral part of these consolidated financial statements. |
Financial Instruments - Summa_7
Financial Instruments - Summary of changes in reserve for hedging instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about changes in reserve for hedging instruments [line items] | ||
Opening balance | $ (54.1) | $ (9.9) |
Change in fair value recognized in OCI | (5.1) | (47) |
Costs of hedging recognized in OCI | 2.2 | 2 |
Reclassified from OCI to profit or loss | 0.9 | |
Closing balance | (57) | (54.1) |
Reserve of hedging Costs [member] | ||
Disclosure of detailed information about changes in reserve for hedging instruments [line items] | ||
Opening balance | 5 | 3 |
Costs of hedging recognized in OCI | 2.2 | 2 |
Closing balance | 7.2 | 5 |
Reserve of intrinsic value of options [member] | ||
Disclosure of detailed information about changes in reserve for hedging instruments [line items] | ||
Opening balance | (2.2) | |
Change in fair value recognized in OCI | (0.8) | (2.2) |
Closing balance | (3) | (2.2) |
Reserve of foreign exchange transactions [member] | ||
Disclosure of detailed information about changes in reserve for hedging instruments [line items] | ||
Opening balance | (56.9) | (12.9) |
Change in fair value recognized in OCI | (4.3) | (44.8) |
Reclassified from OCI to profit or loss | 0.9 | |
Closing balance | $ (61.2) | $ (56.9) |
Financial Instruments - Summa_8
Financial Instruments - Summary of maturity analysis for financial liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 18, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for financial liabilities [line items] | |||
Trade and other payables, undiscounted cash flows | $ 259.2 | $ 221 | |
Borrowings | 1,551.6 | $ 17.5 | 2,066.2 |
Bank borrowings, undiscounted cash flows | 1,825.3 | 2,518.1 | |
Other financial liabilities undiscounted cash flows | 11.5 | 40.1 | |
Derivative financial liabilities, undiscounted cash flows | 0.4 | 14.8 | |
Financial liabilities | 1,886.5 | 2,408.7 | |
Financial liabilities undiscounted cash flows | 2,096 | 2,779.1 | |
At cost [member] | |||
Disclosure of maturity analysis for financial liabilities [line items] | |||
Trade payables | 259.2 | 221 | |
Borrowings | 1,551.6 | 2,066.2 | |
Other financial liabilities | 11.5 | 40.1 | |
Derivative financial liabilities | 0.4 | 14.8 | |
Financial liabilities | 1,822.3 | 2,327.2 | |
Not later than one year [member] | |||
Disclosure of maturity analysis for financial liabilities [line items] | |||
Trade payables | 258.5 | 218.6 | |
Borrowings | 59.8 | 134.6 | |
Other financial liabilities | 11.5 | 38.5 | |
Derivative financial liabilities | 0.4 | 14.8 | |
Financial liabilities | 329.9 | 391.8 | |
Later than one year and not later than three years [member] | |||
Disclosure of maturity analysis for financial liabilities [line items] | |||
Trade payables | 0.5 | 1.9 | |
Borrowings | 118.9 | 476 | |
Other financial liabilities | 0 | 1.5 | |
Financial liabilities | 119.4 | 479.4 | |
Later than three years and not later than five years [member] | |||
Disclosure of maturity analysis for financial liabilities [line items] | |||
Trade payables | 0.2 | 0.1 | |
Borrowings | 117 | 1,907.4 | |
Other financial liabilities | 0 | 0 | |
Financial liabilities | 117.2 | 1,907.5 | |
Later than five years [member] | |||
Disclosure of maturity analysis for financial liabilities [line items] | |||
Trade payables | 0 | 0.4 | |
Borrowings | 1,529.6 | ||
Other financial liabilities | 0 | 0 | |
Financial liabilities | $ 1,529.6 | $ 0.5 |
Financial Instruments - Summa_9
Financial Instruments - Summary of gains and losses on derivative instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure In Tabular Form Of Gains Losses On Derivative Financial Instruments [Line Items] | ||
Gains (losses) on change in fair value of derivatives | $ 15.1 | $ 3.1 |
Other Income Expense Net [Member] | ||
Disclosure In Tabular Form Of Gains Losses On Derivative Financial Instruments [Line Items] | ||
Gains (losses) on change in fair value of derivatives | (73.1) | 36.4 |
Embedded Derivatives [Member] | Other Income Expense Net [Member] | ||
Disclosure In Tabular Form Of Gains Losses On Derivative Financial Instruments [Line Items] | ||
Gains (losses) on change in fair value of derivatives | (65.7) | 31.9 |
Interest rate cap [Member] | Other Income Expense Net [Member] | ||
Disclosure In Tabular Form Of Gains Losses On Derivative Financial Instruments [Line Items] | ||
Gains (losses) on change in fair value of derivatives | 4 | 1.4 |
Foreign Exchange Forward Contract [Member] | Other Income Expense Net [Member] | ||
Disclosure In Tabular Form Of Gains Losses On Derivative Financial Instruments [Line Items] | ||
Gains (losses) on change in fair value of derivatives | $ (11.4) | $ 3.1 |
Financial Instruments - Summ_10
Financial Instruments - Summary of financial instruments denominated in a foreign currency and affected equity (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis For Financial Liabilities [Line Items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 10.7 | |
Currency risk [member] | Euro Member Countries, Euro | ||
Disclosure Of Maturity Analysis For Financial Liabilities [Line Items] | ||
Hedging instrument, assets | 44.9 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets | 38.8 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets | 38.1 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, assets | 38.8 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, assets | 38.1 | |
Currency risk [member] | CNH And CNY [Member] | ||
Disclosure Of Maturity Analysis For Financial Liabilities [Line Items] | ||
Hedging instrument, assets | 21.4 | |
Hedging instrument, liabilities | $ 10.5 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets | 3.6 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets | 4.4 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | 19.1 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | 23.4 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, entity's own equity instruments | 19.1 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, entity's own equity instruments | 23.4 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, assets | 3.6 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, assets | 4.4 | |
Currency risk [member] | Taiwan, New Dollars | ||
Disclosure Of Maturity Analysis For Financial Liabilities [Line Items] | ||
Hedging instrument, assets | 15.9 | |
Hedging instrument, liabilities | 4.3 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets | 1.4 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets | 1.8 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | 3.7 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | 5.9 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, entity's own equity instruments | 3.7 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, entity's own equity instruments | $ 5.9 | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, after tax, assets | 1.4 | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, assets | $ 1.8 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information By Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | [1] | $ 1,499.2 | $ 1,234.3 | $ 1,187.8 |
Segment Adjusted EBITDA | 458 | 363.9 | 380.1 | |
Chemistry [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 1,304.3 | 1,114 | 1,065.5 | |
Equipment [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 194.9 | 120.3 | 122.3 | |
EL Segment [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 981.3 | 797.7 | 682.9 | |
Segment Adjusted EBITDA | 330.7 | 259 | 241.6 | |
EL Segment [Member] | Chemistry [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 803 | 690 | 596.2 | |
EL Segment [Member] | Equipment [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 178.4 | 107.7 | 86.7 | |
GMF Segment [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 517.8 | 436.6 | 504.9 | |
Segment Adjusted EBITDA | 127.3 | 104.9 | 138.5 | |
GMF Segment [Member] | Chemistry [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | 501.3 | 424 | 469.3 | |
GMF Segment [Member] | Equipment [Member] | ||||
Disclosure Of Entitys Reportable Segments [Line Items] | ||||
Revenue | $ 16.5 | $ 12.6 | $ 35.6 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Reconciliation of Segment Adjusted EBITDA To Consolidated Net Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Reconciliation Of Segment Adjusted EBITDA To Consolidated Net Income [Abstract] | ||||
EL Segment Adjusted EBITDA | $ 330.7 | $ 259 | $ 241.6 | |
GMF Segment Adjusted EBITDA | 127.3 | 104.9 | 138.5 | |
Gain on disposal of fixed assets | [1] | 0 | 0 | 6.1 |
Non-cash adjustments | [2] | (89.7) | (250.7) | 10.2 |
Foreign exchange loss | [3] | 13 | (14.8) | 2.4 |
Restructuring | [4],[5] | 0.6 | (2.5) | (13.4) |
Transaction related costs | [6] | (19.9) | (7.6) | (7.1) |
Management fee | [7] | (2.6) | (2.7) | (2.4) |
COVID-19 adjustment | [8] | (0.9) | (2.2) | |
Interest expense, net | (97.2) | (142) | (148.1) | |
Income tax expense | [5] | (76.6) | (64.3) | (54.8) |
Depreciation and amortization (excluding impairment charges) | (177) | (166.4) | (165.4) | |
Consolidated net income (loss) | [5] | $ 7.5 | $ (289.4) | $ 7.6 |
[1] | Eliminates the cash impact of gains on the sale of fixed assets. | |||
[2] | Eliminates the impact of (1) share-based compensation expenses, (2) losses on the sale of fixed assets, (3) impairment charges, (4) mark-to-market adjustments related to our foreign currency derivatives entered into in connection with certain redenomination transactions not linked to underlying individual transactions as well as the de-recognition of bifurcated embedded derivatives related to certain redemption features of the Opco Notes and Holdco Notes, and (5) valuation adjustments from the revaluation of the earn-out liability initially recognized in 2019. | |||
[3] | Eliminates net foreign currency transactional gains and losses. | |||
[4] | Eliminates charges resulting from restructuring activities principally from the Group’s cost reduction efforts. | |||
[5] | The notes are an integral part of these consolidated financial statements. | |||
[6] | The value for the year ended December 31, 2021 reflects an adjustment to eliminate (1) IPO-related costs linked to the existing equity, (2) professional fees paid to third-party advisors in connection with the implementation of strategic initiatives and (3) the increased expenses of the D&O insurance in connection with the IPO. The values for the years ended December 31, 2020 and 2019 reflect an adjustment to eliminate (1) fees associated with the foreign currency exchange derivatives entered into in conjunction with the Acquisition, (2) professional fees paid to third party advisors in connection with the implementation of strategic initiatives and (3) IPO related costs, linked to the existing equity. | |||
[7] | Reflects an adjustment to eliminate fees paid to Carlyle. The consulting agreement pursuant to which management fees are paid to Carlyle will terminate on the earlier of (i) the second anniversary of the IPO and (ii) the date upon which Carlyle ceases to own more than ten percent of the outstanding voting securities of the Company. | |||
[8] | Eliminates charges in connection with COVID-19, including $0.9 million for the year ended December 31, 2021 and $1.7 million for the year ended December 31, 2020 for masks, sanitizers, and other COVID-19 related expenses at certain plant and office locations as well as $0.5 million of expenses incurred during locally mandated plant shutdowns in China, Malaysia, India, and Mexico for the year ended December 31, 2020. |
Segment Reporting - Summary o_3
Segment Reporting - Summary of Reconciliation of Segment Adjusted EBITDA To Consolidated Net Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation Of Segment Adjusted EBITDA To Consolidated Net Income [Abstract] | ||
Extraordinary charges in connection with COVID-19 | $ 0.9 | $ 1.7 |
Expenses incurred during locally mandated shutdowns | $ 0.5 |
Segment Reporting - Summary o_4
Segment Reporting - Summary of Non Current Assets By Country (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Non Current Assets By Country [Line Items] | |||
Non-current assets | [1] | $ 2,554.7 | $ 2,811.6 |
Operating segments [member] | |||
Disclosure Of Non Current Assets By Country [Line Items] | |||
Non-current assets | 2,547 | 2,742.5 | |
Operating segments [member] | China [member] | |||
Disclosure Of Non Current Assets By Country [Line Items] | |||
Non-current assets | 863.2 | 881.7 | |
Operating segments [member] | Germany [member] | |||
Disclosure Of Non Current Assets By Country [Line Items] | |||
Non-current assets | 729.4 | 816.1 | |
Operating segments [member] | Other Countries [Member] | |||
Disclosure Of Non Current Assets By Country [Line Items] | |||
Non-current assets | $ 954.4 | $ 1,044.7 | |
[1] | The notes are an integral part of these consolidated financial statements. |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of transactions between related parties [line items] | ||||
Purchases of goods, related party transactions | $ 1.2 | |||
Trade receivables from related parties | 0.4 | 0.5 | ||
Share-based payments | 4.2 | 0.1 | $ 0.1 | |
Settlement of share-based payments | [1] | 6.6 | ||
Sponsor [Member] | Consulting Services [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Related party expense | 2.6 | 1.8 | ||
Sponsor [Member] | Reimbursements [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Related party expense | 0 | $ 0.2 | ||
Cash Settled Share Based Transaction [Member] | Key management personnel of entity or parent [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Liabilities from share-based payment transactions | 0.9 | |||
Paid In Surplus And Retained Earnings [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Settlement of share-based payments | [1] | $ 6.6 | ||
[1] | The notes are an integral part of these consolidated financial statements. |
Related Parties - Disclosure Of
Related Parties - Disclosure Of Information About Key Management Personnel (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | |||
Short-term employee benefits | $ 10.2 | $ 8.6 | $ 7 |
Post-employment benefits | 0.4 | 0.3 | 0.2 |
Share-based payments | 4.2 | 0.1 | 0.1 |
Total | $ 14.8 | $ 9 | $ 7.3 |
List of Subsidiaries - Summary
List of Subsidiaries - Summary of Investments In Subsidiaries (Detail) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Atotech Japan K.K. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Korea Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Malaysia Sdn. Bhd. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Osterreich GmbH [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Poland Sp. z.o.o. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Servicios de Mexico S.A. de C.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech S.K. s.r.o. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Skandinavien AB [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Taiwan Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Thailand Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | [1] | 99.99% | 99.99% | |
Atotech UK Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech UK Topco Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech USA LLC [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Vietnam Co Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Slovenija d.d. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Brillant 3670. GmbH [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | ||
J-KEM International AB [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
UAB Atotech Chemata Lithuania [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Visutech Plating Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Philippines Chemicals Inc [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | [1] | 99.00% | 99.00% | |
Atotech Argentina S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | [1] | 98.00% | 98.00% | |
Atotech Australia PTY Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Atotech Global Services Private Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 99.99% | [1] | 0.00% | |
OOO AtotechChemeta Russia [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
PT. Atotech Indonesia Chemicals [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Alpha 2 B.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Alpha 3 B.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Alpha 4 B.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Alpha 5 B.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Alpha Germany Bidco GmbH [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Alpha US Bidco Inc [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Singapore Chemicals Pte Ltd formerly Atotech S.E.A. Pte Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Yangzhou Chemicals Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Asia Pacific Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech B.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Beteiligungs und Management GmbH Co KG [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Bulgaria EOOD [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Canada Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech China Chemicals Ltd [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech CZ, a.s. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech de Mexico S.A. de C.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Deutschland GmbH [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Development Center Private Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | [1] | 99.99% | 99.99% | |
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Do Brasil Galvanotecnica Ltda [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Espana S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech France S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | [1] | 99.99% | 99.99% | |
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech India Private Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | [1] | 99.99% | 99.99% | |
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Istanbul Kimya Sanayi Ticaret Ltd Sti [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
Unconsolidated subsidiaries that investment entity controls directly [member] | Atotech Italia S.r.l [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||
[1] | Minority interests owned by Management staff. |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Transaction Fee Payable To The Bank In Connection With MKS Transaction [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Bank fee as a percentage of estimated value of the transaction | 0.50% | |
Estimated financial effect of contingent liabilities | $ 25.5 | |
Not later than one year [member] | ||
Disclosure Of Commitments [Line Items] | ||
Contractual purchase commitments | $ 113.5 | $ 26.4 |
Parent Company Only Financial_3
Parent Company Only Financial Information – Atotech Limited.- Summary of Separate Statements of Profit or Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement [Line Items] | ||||
Selling, general and administrative expenses | [1] | $ (289.5) | $ (270.2) | $ (277.1) |
Operating profit (loss) | [1] | 243.8 | (101.2) | 187.8 |
Interest expense | [1] | (107.2) | (144.5) | (148.9) |
Other income (expense), net | [1] | (52.4) | 20.6 | 23.5 |
Income (loss) before income taxes | [1] | 84.1 | (225.1) | 62.4 |
Income tax expense | [1] | 76.6 | 64.3 | 54.8 |
Consolidated net income (loss) | [1] | 7.5 | (289.4) | $ 7.6 |
Separate [member] | ||||
Statement [Line Items] | ||||
Selling, general and administrative expenses | (18.7) | (7.4) | ||
Operating profit (loss) | (18.7) | (7.4) | ||
Interest expense | (0.2) | 0 | ||
Other income (expense), net | 0 | 0 | ||
Income (loss) before income taxes | (19) | (7.4) | ||
Income tax expense | 0 | 0 | ||
Consolidated net income (loss) | $ (19) | $ (7.4) | ||
[1] | The notes are an integral part of these consolidated financial statements. |
Parent Company Only Financial_4
Parent Company Only Financial Information – Atotech Limited.- Summary of Separate Statements of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-current assets | |||||
Total non-current assets | [1] | $ 2,554.7 | $ 2,811.6 | ||
Current assets | |||||
Total current assets | [1] | 942.3 | 822.9 | ||
Prepaid expenses | 5.9 | 8.8 | |||
Cash and cash equivalents | [1] | 371.6 | 320.1 | $ 302.7 | $ 386.2 |
Total assets | [1] | 3,496.9 | 3,634.5 | ||
Shareholders' equity | |||||
Common shares and preferred shares | [1] | 19.5 | 102.1 | ||
Paid-in surplus and retained earnings | 819.5 | 261.6 | |||
Total shareholders' equity | [1] | 896.3 | 483.7 | 672.5 | $ 704.7 |
Non-current liabilities | |||||
Borrowings | [1] | 1,540.9 | 2,065.7 | ||
Total non-current liabilities | [1] | 2,052 | 2,665.1 | ||
Current liabilities | |||||
Tax liabilities | [1] | 93 | 99.2 | ||
Total current liabilities | [1] | 548.7 | 485.8 | ||
Tota liabilities & shareholders' equity | [1] | 3,496.9 | 3,634.5 | ||
Separate [member] | |||||
Non-current assets | |||||
Investments in subsidiaries | 567.8 | 95.6 | |||
Total non-current assets | 567.8 | 95.6 | |||
Current assets | |||||
Total current assets | 0.1 | 3.5 | |||
Prepaid expenses | 0 | 3.5 | |||
Cash and cash equivalents | 0.1 | 0 | $ 0 | ||
Total assets | 567.9 | 99.1 | |||
Shareholders' equity | |||||
Common shares and preferred shares | 19.5 | 95.6 | |||
Paid-in surplus and retained earnings | 517.8 | (7.1) | |||
Total shareholders' equity | 537.3 | 88.5 | |||
Non-current liabilities | |||||
Borrowings | 12.9 | 0.9 | |||
Thereof from subsidiaries | 12.9 | 0.9 | |||
Total non-current liabilities | 12.9 | 0.9 | |||
Current liabilities | |||||
Trade payables | 14.8 | 9.3 | |||
Thereof from subsidiaries | 14 | 7.4 | |||
Tax liabilities | 0 | 0.4 | |||
Total current liabilities | 17.6 | 9.7 | |||
Personnel Liabilities (RSU Settlement) | 2.8 | 0 | |||
Current Financial debt | 0.1 | 0 | |||
Current financial debt due to subsidiary. | 0.1 | 0 | |||
Tota liabilities & shareholders' equity | $ 567.9 | $ 99.1 | |||
[1] | The notes are an integral part of these consolidated financial statements. |
Parent Company Only Financial_5
Parent Company Only Financial Information – Atotech Limited.- Summary of Separate Statements of Cash Flows (Detail) - USD ($) $ in Millions | Feb. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Operating activities | |||||||
Net loss | [1] | $ 7.5 | $ (289.4) | $ 7.6 | |||
Adjustments to reconcile net loss to cash used in operating activities: | |||||||
Interest paid | [1] | (68.2) | (126.9) | (133) | |||
Taxes paid | [1] | (118) | (70.6) | (84.8) | |||
Cash flow used in operating activities | [1] | 213.7 | 160.6 | 134.8 | |||
Investing activities | |||||||
Investment in subsidiaries | [1] | 2.7 | 4.5 | ||||
Cash flow used in investing activities | [1] | (51) | (55) | (70.3) | |||
Financing activities | |||||||
Issuance of non-current debt | $ 100 | 130 | [1] | 175.1 | [1] | ||
Cash flow provided by financing activities | [1] | (98.4) | (122) | (144.6) | |||
Cash and cash equivalents at the beginning of the period | [1] | 320.1 | 302.7 | 386.2 | |||
Cash and cash equivalents at the end of the period | [1] | 371.6 | 320.1 | 302.7 | |||
Separate [member] | |||||||
Operating activities | |||||||
Net loss | (19) | (7.4) | |||||
Adjustments to reconcile net loss to cash used in operating activities: | |||||||
Non-cash financial costs | 0.2 | 0 | |||||
Personnel costs - Share-based payment | 9.5 | 0 | |||||
Interest paid | (0.2) | 0 | |||||
Taxes paid | (0.1) | 0 | |||||
(Increase)/decrease in trade receivables and other assets | (2.1) | (3.5) | |||||
Increase/(decrease) in trade payables and other liabilities | (1.5) | 10 | |||||
Cash flow used in operating activities | (13.2) | (0.9) | |||||
Investing activities | |||||||
Investment in subsidiaries | (472.2) | 0 | |||||
Cash flow used in investing activities | (472.2) | 0 | |||||
Financing activities | |||||||
Issuance of shares | 473.4 | 0 | |||||
Issuance of non-current debt | 12 | 0 | |||||
Increase (decrease) in current borrowings | 0.1 | 0.9 | |||||
Cash flow provided by financing activities | 485.5 | 0.9 | |||||
Net (decrease)/increase in cash and cash equivalents | 0.1 | 0 | |||||
Cash and cash equivalents at the beginning of the period | 0 | 0 | |||||
Cash and cash equivalents at the end of the period | $ 0.1 | $ 0 | $ 0 | ||||
[1] | The notes are an integral part of these consolidated financial statements. |