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Financial risk management (Tables)

12 Months Ended

Jun. 30, 2018

Text block1 [abstract]

Summary of Financial Assets and Liabilities by Class

2018 US$M

Loans and receivables

Available for sale securities

Held at fair value through profit or loss

Cash flow hedges

Other financial assets and liabilities at amortised cost

Total

Fair value hierarchy (1)

Level 3

Levels 1,2 & 3

Level 2

Current cross currency and interest rate swaps

–

–

12

–

–

12

Current other derivative contracts (2)

–

–

170

–

–

170

Current available for sale shares and other investments (3)(4)

–

–

18

–

–

18

Non-current cross currency and interest rate swaps

–

–

423

(27

)

–

396

Non-current other derivative contracts (2)

–

–

195

–

–

195

Non-current available for sale shares and other investments (3)(4)(5)

–

80

328

–

–

408

Total other financial assets

–

80

1,146

(27

)

–

1,199

Cash and cash equivalents

15,871

–

–

–

–

15,871

Trade and other receivables (6)

1,799

–

1,126

–

–

2,925

Loans to equity accounted investments

13

–

–

–

–

13

Total financial assets

17,683

80

2,272

(27

)

–

20,008

Non-financial assets

91,985

Total assets

111,993

Current cross currency and interest rate swaps

–

–

171

(50

)

–

121

Current other derivative contracts (2)(7)

–

–

17

–

–

17

Non-current cross currency and interest rate swaps

–

–

298

794

–

1,092

Non-current other derivative contracts (2)(7)

–

–

1

–

–

1

Total other financial liabilities

–

–

487

744

–

1,231

Trade and other payables (8)

–

–

377

–

5,414

5,791

Bank overdrafts and short-term borrowings (9)

–

–

–

–

58

58

Bank loans (9)

–

–

–

–

2,555

2,555

Notes and debentures (9)

–

–

–

–

23,298

23,298

Finance leases

–

–

–

–

802

802

Other (9)

–

–

–

–

92

92

Total financial liabilities

–

–

864

744

32,219

33,827

Non-financial liabilities

17,496

Total liabilities

51,323

2017 US$M

Loans and receivables

Available for sale securities

Held at fair value through profit or loss

Cash flow hedges

Other financial assets and liabilities at amortised cost

Total

Fair value hierarchy (1)

Level 3

Levels 1,2 & 3

Level 2

Current other derivative contracts (2)

–

–

41

–

–

41

Current available for sale shares and other investments (3) (4)

–

–

31

–

–

31

Non-current cross currency and interest rate swaps

–

–

578

27

–

605

Non-current other derivative contracts (2)

–

–

332

–

–

332

Non-current available for sale shares and other investments (3) (4) (5)

–

70

274

–

–

344

Total other financial assets

–

70

1,256

27

–

1,353

Cash and cash equivalents

14,153

–

–

–

–

14,153

Trade and other receivables (6)

1,813

–

920

–

–

2,733

Loans to equity accounted investments

644

–

–

–

–

644

Total financial assets

16,610

70

2,176

27

–

18,883

Non-financial assets

98,123

Total assets

117,006

Current cross currency and interest rate swaps

–

–

(4

)

254

–

250

Current other derivative contracts (2) (7)

–

–

144

–

–

144

Non-current cross currency and interest rate swaps

–

–

42

1,053

–

1,095

Non-current other derivative contracts (2) (7)

–

–

4

7

–

11

Total other financial liabilities

–

–

186

1,314

–

1,500

Trade and other payables (8)

–

–

502

–

4,920

5,422

Bank overdrafts and short-term borrowings (9)

–

–

–

–

45

45

Bank loans (9)

–

–

–

–

2,281

2,281

Notes and debentures (9)

–

–

–

–

27,041

27,041

Finance leases

–

–

–

–

897

897

Other (9)

–

–

–

–

210

210

Total financial liabilities

–

–

688

1,314

35,394

37,396

Non-financial liabilities

16,884

Total liabilities

54,280

⁽¹⁾ All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes.

⁽²⁾ Includes other derivative contracts of US$213 million (2017: US$365 million) categorised as Level 3.

⁽³⁾  Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$343 million (2017: US$304 million).

⁽⁴⁾  Includes other investments held at fair value through profit or loss (US Treasury Notes) of US$108 million categorised as Level 1 (2017: US$97 million).

⁽⁵⁾  Includes shares and other investments available for sale of US$80 million (2017: US$70 million) categorised as Level 3.

⁽⁶⁾  Excludes input taxes of US$338 million (2017: US$262 million) included in other receivables. Refer to note 7 ‘Trade and other receivables’.

⁽⁷⁾  Includes US$nil (2017: US$7 million) natural gas futures contracts used by the Group to mitigate price risk designated as cash flow hedges.

⁽⁸⁾  Excludes input taxes of US$189 million (2017: US$134 million) included in other payables. Refer to note 8 ‘Trade and other payables’.

⁽⁹⁾  All interest bearing liabilities, excluding finance leases, are unsecured.

Summary of Movement of Interest Bearing Liabilities and Related Derivatives

The movement in the year in the Group’s interest bearing liabilities and related derivatives is as follows:

2018 US$M		Interest bearing liabilities																				Derivatives (assets)/ liabilities
		Bank loans				Notes and debentures				Finance leases				Bank overdraft and short- term borrowings				Other				Cross currency and interest rate swaps				Total
At the beginning of the financial year			2,281				27,041				897				45				210				740
Proceeds from interest bearing liabilities			500				–				–				–				28				–				528
Settlements of debt related instruments			–				–				–				–				–				(218	)			(218	)
Repayment of interest bearing liabilities			(221	)			(3,736	)			(81	)			–				(150	)			–				(4,188	)
Change from Net financing cash flows			279				(3,736	)			(81	)			–				(122	)			(218	)			(3,878	)
Other movements:
Interest rate impacts			–				(353	)			–				–				–				329
Foreign exchange impacts			–				245				(9	)			–				–				(254	)
Other interest bearing liabilities/derivative related changes			(5	)			101				–				13				4				208
Liabilities transferred to held for sale			–				–				(5	)			–				–				–
At the end of the financial year			2,555				23,298				802				58				92				805

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