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v3.21.2

Net debt (Tables) | 12 Months Ended
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Jun. 30, 2021
Statement [Line Items] |
Summary of Net Debt Balance and Gearing Ratio |
|  | 2021 |  |  | 2020 Restated |
US$M |  | Current |  |  | Non-current |  |  | Current |  |  | Non-current |
Interest bearing liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 437 |  |  |  | 1,823 |  |  |  | 737 |  |  |  | 1,755 |
Notes and debentures |  |  | 1,244 |  |  |  | 13,525 |  |  |  | 3,354 |  |  |  | 17,691 |
Lease liabilities |  |  | 889 |  |  |  | 3,007 |  |  |  | 853 |  |  |  | 2,590 |
Bank overdraft and short-term borrowings |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Other |  |  | 58 |  |  |  | – |  |  |  | 68 |  |  |  | – |
Total interest bearing liabilities |  |  | 2,628 |  |  |  | 18,355 |  |  |  | 5,012 |  |  |  | 22,036 |
Less: Lease liability associated with index-linked freight contracts |  |  | 346 |  |  |  | 679 |  |  |  | 379 |  |  |  | 781 |
Less: Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | 4,408 |  |  |  | – |  |  |  | 3,493 |  |  |  | – |
Short-term deposits |  |  | 10,838 |  |  |  | – |  |  |  | 9,933 |  |  |  | – |
Less: Total cash and cash equivalents |  |  | 15,246 |  |  |  | – |  |  |  | 13,426 |  |  |  | – |
Less: Derivatives included in net debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt management related instruments (1) |  |  | 20 |  |  |  | 537 |  |  |  | (162 | ) |  |  | 595 |
Net cash management related instruments (2) |  |  | 34 |  |  |  | – |  |  |  | (15 | ) |  |  | – |
Less: Total derivatives included in net debt |  |  | 54 |  |  |  | 537 |  |  |  | (177 | ) |  |  | 595 |
Net debt |  |  |  |  |  |  | 4,121 |  |  |  |  |  |  |  | 12,044 |
Net assets (3) |  |  |  |  |  |  | 55,605 |  |  |  |  |  |  |  | 52,175 |
Gearing |  |  |  |  |  |  | 6.9 | % |  |  |  |  |  |  | 18.8 | %
(1) | 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.
(2) | Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities.
(3) | 30 June 2020 net assets have been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’ resulting in a retrospective decrease of US$71 million. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’.
Summary of Cash and Cash Equivalents, Net of Overdrafts | Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call.
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$M |  |  | US$M |  |  | US$M |
Total cash and cash equivalents |  |  | 15,246 |  |  |  | 13,426 |  |  |  | 15,613 |
Bank overdrafts and short-term borrowings |  |  | – |  |  |  | – |  |  |  | (20 | )
Total cash and cash equivalents, net of overdrafts |  |  | 15,246 |  |  |  | 13,426 |  |  |  | 15,593 |
Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts | The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows:
2021 US$M |  | Bank loans, debentures and other loans |  |  | Expected future interest payments |  |  | Derivatives related to debentures |  |  | Other derivatives |  |  | Obligations under lease liabilities |  |  | Trade and other payables (1) |  |  | Total |
Due for payment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In one year or less or on demand |  |  | 1,722 |  |  |  | 729 |  |  |  | 61 |  |  |  | 149 |  |  |  | 980 |  |  |  | 6,851 |  |  |  | 10,492 |
In more than one year but not more than two years |  |  | 2,278 |  |  |  | 661 |  |  |  | 267 |  |  |  | 80 |  |  |  | 680 |  |  |  | – |  |  |  | 3,966 |
In more than two years but not more than five years |  |  | 4,062 |  |  |  | 1,492 |  |  |  | 256 |  |  |  | 240 |  |  |  | 1,397 |  |  |  | – |  |  |  | 7,447 |
In more than five year s |  |  | 7,801 |  |  |  | 4,136 |  |  |  | 585 |  |  |  | 317 |  |  |  | 1,842 |  |  |  | – |  |  |  | 14,681 |
Total |  |  | 15,863 |  |  |  | 7,018 |  |  |  | 1,169 |  |  |  | 786 |  |  |  | 4,899 |  |  |  | 6,851 |  |  |  | 36,586 |
Carrying amount |  |  | 17,087 |  |  |  | – |  |  |  | 586 |  |  |  | 690 |  |  |  | 3,896 |  |  |  | 6,851 |  |  |  | 29,110 |
2020 US$M |  | Bank loans, debentures and other loans |  |  | Expected future interest payments |  |  | Derivatives related to debentures |  |  | Other derivatives |  |  | Obligations under lease liabilities |  |  | Trade and other payables (1) |  |  | 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 |
(1) | Excludes input taxes of US$176 million (2020: US$145 million) included in other payables. Refer to note 9 ‘Trade and other payables’.
Currency risk [member] |
Statement [Line Items] |
Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency | Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies:
|  | Interest bearing liabilities |  |  | Cash and cash equivalents |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |
USD |  |  | 11,146 |  |  |  | 14,625 |  |  |  | 12,003 |  |  |  | 9,555 |
EUR |  |  | 4,505 |  |  |  | 7,323 |  |  |  | 4 |  |  |  | 4 |
GBP |  |  | 3,415 |  |  |  | 3,272 |  |  |  | 32 |  |  |  | 519 |
AUD |  |  | 1,053 |  |  |  | 1,055 |  |  |  | 573 |  |  |  | 1,011 |
CAD |  |  | 635 |  |  |  | 597 |  |  |  | 2,455 |  |  |  | 2,131 |
Other |  |  | 229 |  |  |  | 176 |  |  |  | 179 |  |  |  | 206 |
Total |  |  | 20,983 |  |  |  | 27,048 |  |  |  | 15,246 |  |  |  | 13,426 |

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