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Net debt (Tables)
 12 Months Ended
Jun. 30, 2018
Summary of Net Debt Balance and Gearing Ratio

The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets.

 

     2018     2017  

US$M

    Current      Non-current     Current      Non-current  

Interest bearing liabilities

           

Bank loans

      308        2,247       192        2,089  

Notes and debentures

      2,228        21,070       771        26,270  

Finance leases

      77        725       82        815  

Bank overdraft and short-term borrowings

      58        –       45        –  

Other

      65        27       151        59  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total interest bearing liabilities

      2,736        24,069       1,241        29,233  
  

 

 

     

 

 

    

 

 

     

 

 

  

Less cash and cash equivalents

           

Cash

      1,065        –       882        –  

Short-term deposits

      14,806        –       13,271        –  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total cash and cash equivalents

      15,871        –       14,153        –  
  

 

 

     

 

 

    

 

 

     

 

 

  

Net debt

         10,934          16,321  
     

 

 

       

 

 

  

Net assets

         60,670          62,726  
     

 

 

       

 

 

  

Gearing

         15.3 %         20.6 % 
     

 

 

       

 

 

  
Summary of Cash and Cash Equivalents, Net of Overdrafts

Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call.

 

     2018     2017     2016  
     US$M     US$M     US$M  

Total cash and cash equivalents

      15,871       14,153       10,319  

Bank overdrafts and short-term borrowing

      (58 )      (45 )      (43 ) 
  

 

 

    

 

 

    

 

 

  

Total cash and cash equivalents, net of overdrafts

      15,813       14,108       10,276  
  

 

 

    

 

 

    

 

 

  
Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts

The maturity profile of the Group’s financial liabilities based on the contractual amounts, taking into account the derivatives related to debt, is as follows:

 

2018

US$M

   Bank loans,
debentures and
other loans		     Expected
future
interest
payments		     Derivatives
related to
net debt		     Other
derivatives		     Obligations
under
finance
leases		     Trade and
other
payables		     Total  

Due for payment:

              

In one year or less or on demand

     2,647       682       302       17       127       5,788       9,563  

In more than one year but not more than two years

     1,545       957       188       1       113       3       2,807  

In more than two years but not more than five years

     8,019       2,203       823       –       335       –       11,380  

In more than five years

     13,287       5,519       1,191       –       590       –       20,587  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     25,498       9,361       2,504       18       1,165       5,791       44,337  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Carrying amount

     26,003       –       1,213       18       802       5,791       33,827  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

2017

US$M

   Bank loans,
debentures and
other loans		     Expected
future
interest
payments		     Derivatives
related to
net debt		     Other
derivatives		     Obligations
under
finance
leases		     Trade and
other
payables		     Total  

Due for payment:

              

In one year or less or on demand

     1,157       686       267       144       135       5,417       7,806  

In more than one year but not more than two years

     2,471       1,022       245       4       132       5       3,879  

In more than two years but not more than five years

     8,279       2,611       503       7       343       –       11,743  

In more than five years

     16,706       6,248       1,975       –       705       –       25,634  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     28,613       10,567       2,990       155       1,315       5,422       49,062  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Carrying amount

     29,577       –       1,345       155       897       5,422       37,396  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Currency risk [member]  
Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency

Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies:

 

     Interest bearing liabilities      Cash and cash equivalents  
     2018      2017      2018      2017  
     US$M      US$M      US$M      US$M  

USD

      12,981        14,035        7,024        7,980  

EUR

      9,070        10,324        5,845        4,663  

GBP

      3,104        3,520        1,560        1,318  

AUD

      1,077        1,987        9        9  

CAD

      573        608        1,301        77  

Other

      –        –        132        106  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

      26,805        30,474        15,871        14,153