Net debt (Tables)

12 Months Ended

Jun. 30, 2020


	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.

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

The maturity profile of the G

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’.

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