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Net debt (Tables) | 12 Months Ended
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Jun. 30, 2020
Statement [LineItems] |
Summary of Net Debt Balance and Gearing Ratio |
|  | 2020 |  |  | 2019 Restated |
US$M |  | Current |  |  | Non-current |  |  | Current |  |  | Non-current |
Interest bearing liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 737 |  |  |  | 1,755 |  |  |  | 508 |  |  |  | 1,990 |
Notes and debentures |  |  | 3,354 |  |  |  | 17,691 |  |  |  | 1,002 |  |  |  | 20,527 |
Lease liabilities (1) |  |  | 853 |  |  |  | 2,590 |  |  |  | 65 |  |  |  | 650 |
Bank overdraft and short-term borrowings |  |  | – |  |  |  | – |  |  |  | 20 |  |  |  | – |
Other |  |  | 68 |  |  |  | – |  |  |  | 66 |  |  |  | – |
Total interest bearing liabilities |  |  | 5,012 |  |  |  | 22,036 |  |  |  | 1,661 |  |  |  | 23,167 |
Less: Lease liability associated with index-linked freight contracts |  |  | 379 |  |  |  | 781 |  |  |  | – |  |  |  | – |
Less: Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | 3,493 |  |  |  | – |  |  |  | 2,210 |  |  |  | – |
Short-term deposits |  |  | 9,933 |  |  |  | – |  |  |  | 13,403 |  |  |  | – |
Less: Total cash and cash equivalents |  |  | 13,426 |  |  |  | – |  |  |  | 15,613 |  |  |  | – |
Less: Derivatives included in net debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt management related instruments (2) |  |  | (162 | ) |  |  | 595 |  |  |  | (48 | ) |  |  | (156 | )
Net cash management related instruments (3) |  |  | (15 | ) |  |  | – |  |  |  | (27 | ) |  |  | – |
Less: Total derivatives included in net debt |  |  | (177 | ) |  |  | 595 |  |  |  | (75 | ) |  |  | (156 | )
Net debt |  |  |  |  |  |  | 12,044 |  |  |  |  |  |  |  | 9,446 |
Net assets |  |  |  |  |  |  | 52,246 |  |  |  |  |  |  |  | 51,824 |
Gearing |  |  |  |  |  |  | 18.7% |  |  |  |  |  |  |  | 15.4% |
(1) | Reflects the impact of IFRS 16. Refer to note 20 ‘Leases’.
(2) | Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current other financial assets and liabilities.
(3) | Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities.
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.
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | US$M |  |  | US$M |  |  | US$M |
Total cash and cash equivalents |  |  | 13,426 |  |  |  | 15,613 |  |  |  | 15,871 |
Bank overdrafts and short-term borrowings |  |  | – |  |  |  | (20 | ) |  |  | (58 | )
Total cash and cash equivalents, net of overdrafts |  |  | 13,426 |  |  |  | 15,593 |  |  |  | 15,813 |
Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts | The maturity profile of the G r oup’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows:
2020 US$M |  | Bank loans, debentures and other loans |  |  | Expected future interest payments |  |  | Derivatives related to debentures |  |  | Other derivatives |  |  | Obligations under lease liabilities (1) |  |  | Trade and other payables (2) |  |  | Total |
Due for payment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In one year or less or on demand |  |  | 4,138 |  |  |  | 813 |  |  |  | 260 |  |  |  | 60 |  |  |  | 927 |  |  |  | 5,622 |  |  |  | 11,820 |
In more than one year but not more than two years |  |  | 1,665 |  |  |  | 702 |  |  |  | 81 |  |  |  | – |  |  |  | 630 |  |  |  | 1 |  |  |  | 3,079 |
In more than two years but not more than five years |  |  | 5,727 |  |  |  | 1,713 |  |  |  | 819 |  |  |  | – |  |  |  | 1,335 |  |  |  | – |  |  |  | 9,594 |
In more than five years |  |  | 10,101 |  |  |  | 4,368 |  |  |  | 974 |  |  |  | – |  |  |  | 1,043 |  |  |  | – |  |  |  | 16,486 |
Total |  |  | 21,631 |  |  |  | 7,596 |  |  |  | 2,134 |  |  |  | 60 |  |  |  | 3,935 |  |  |  | 5,623 |  |  |  | 40,979 |
Carrying amount |  |  | 23,605 |  |  |  | – |  |  |  | 1,579 |  |  |  | 60 |  |  |  | 3,443 |  |  |  | 5,623 |  |  |  | 34,310 |
2019 US$M |  | Bank loans, debentures and other loans |  |  | Expected future interest payments |  |  | Derivatives related to debentures |  |  | Other derivatives |  |  | Obligations under lease liabilities (1) |  |  | Trade and other payables (2) |  |  | Total |
Due for payment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In one year or less or on demand |  |  | 1,587 |  |  |  | 864 |  |  |  | 200 |  |  |  | 64 |  |  |  | 110 |  |  |  | 6,555 |  |  |  | 9,380 |
In more than one year but not more than two years |  |  | 4,107 |  |  |  | 775 |  |  |  | 226 |  |  |  | 1 |  |  |  | 110 |  |  |  | 5 |  |  |  | 5,224 |
In more than two years but not more than five years |  |  | 5,513 |  |  |  | 1,864 |  |  |  | 558 |  |  |  | – |  |  |  | 307 |  |  |  | – |  |  |  | 8,242 |
In more than five years |  |  | 11,662 |  |  |  | 4,896 |  |  |  | 1,102 |  |  |  | – |  |  |  | 501 |  |  |  | – |  |  |  | 18,161 |
Total |  |  | 22,869 |  |  |  | 8,399 |  |  |  | 2,086 |  |  |  | 65 |  |  |  | 1,028 |  |  |  | 6,560 |  |  |  | 41,007 |
Carrying amount |  |  | 24,113 |  |  |  | – |  |  |  | 958 |  |  |  | 65 |  |  |  | 715 |  |  |  | 6,560 |  |  |  | 32,411 |
(1) | Lease obligations as at 30 June 2020 and 30 June 2019 relate to lease liabilities under IFRS 16 and finance lease liabilities under IAS 17, respectively.
(2) | Excludes input taxes of US$145 million (2019: US$162 million) included in other payables. Refer to note 9 ‘Trade and other payables’.
Currency risk [member] |
Statement [LineItems] |
Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency | Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies:
|  | Interest bearing liabilities |  |  | Cash and cash equivalents |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |
USD |  |  | 14,625 |  |  |  | 12,485 |  |  |  | 9,555 |  |  |  | 9,214 |
EUR |  |  | 7,323 |  |  |  | 7,680 |  |  |  | 4 |  |  |  | 6 |
GBP |  |  | 3,272 |  |  |  | 3,118 |  |  |  | 519 |  |  |  | 48 |
AUD |  |  | 1,055 |  |  |  | 951 |  |  |  | 1,011 |  |  |  | 3,023 |
CAD |  |  | 597 |  |  |  | 594 |  |  |  | 2,131 |  |  |  | 3,092 |
Other |  |  | 176 |  |  |  | – |  |  |  | 206 |  |  |  | 230 |
Total |  |  | 27,048 |  |  |  | 24,828 |  |  |  | 13,426 |  |  |  | 15,613 |

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