Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer.

Interest rate risk

The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy.

The majority of the Group’s debt is issued at fixed interest rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2021, 82 per cent of the Group’s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2020: 87 per cent).

The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy of this note.

Based on the net debt position as at 30 June 2021, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the US LIBOR interest rate will increase the Group’s equity and profit after taxation by US$7 million (2020: decrease of US$47 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year.

Interest Rate Benchmark Reform

The London Interbank Offered Rate (LIBOR) and other benchmark interest rates are expected to be replaced by alternative risk-free rates (ARR) by the end of CY2021 as part of inter-bank offer rate (IBOR) reform. The Group has established a project to assess the implications of IBOR reform across the Group, and to manage and execute the transition from current discontinuing IBORs rates to ARR, including updating policies, systems and processes. A detailed due diligence review has identified a range of contracts that reference IBORs, including derivative instruments, money market deposits, lease agreements, supply contracts and joint venture agreements. The Group is in the process of developing action plans for each of these arrangements to ensure a smooth transition to ARR.

The Group has early adopted amendments to IFRS 9 ‘Financial Instruments’, IFRS 7 ‘Financial Instruments: Disclosures’ and IFRS 16 ‘Leases’ in relation to IBOR reform (refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’). In particular, the IBOR reform impacts the Group’s interest rate swaps, which reference US LIBOR, and the associated hedge accounting. Refer to section 23.4 ‘Derivatives and hedge accounting’ for further information.

Currency risk

The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group’s potential currency exposures comprise:

•

translational exposure in respect of

non-functional

currency monetary items

•

transactional exposure in respect of

non-functional

currency expenditure and revenues

The Group’s foreign currency risk is managed as part of the portfolio risk management strategy.

Translational exposure in respect of

non-functional

currency monetary items

Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are periodically restated to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment.

The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect of monetary items into US dollars. Fluctuations in foreign exchange rates are therefore not expected to have a significant impact on equity and profit after tax.

The following table shows the foreign currency risk arising from financial assets and liabilities, which are denominated in currencies other than the US dollar:


Net financial (liabilities)/assets - by currency of denomination	2021			2020
	US$M			US$M
Australian dollar s		(4,421	)		(3,788	)
Chilean peso		(649	)		(369	)
British pound sterling		535			587
Euro		366			619
Other		128			(17	)

Total		(4,041	)		(2,968	)

The principal

non-functional

currencies to which the Group is exposed are the Australian dollar, the Chilean peso, the Pound sterling and the Euro. Based on the Group’s net financial assets and liabilities as at 30 June 2021, a weakening of the US dollar against these currencies (one cent strengthening in Australian dollar, 10 pesos strengthening in Chilean peso, one penny strengthening in Pound sterling and one cent strengthening in Euro), with all other variables held constant, would decrease the Group’s equity and profit after taxation by US$21 million (2020: decrease of US$12 million).

Transactional exposure in respect of

non-functional

currency expenditure and revenues

Certain operating and capital expenditure is incurred in currencies other than an operation’s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy.

Commodity price risk

The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Substantially all of the Group’s commodity production is sold on market-based index pricing terms, with derivatives used from time to time to achieve a specific outcome.

Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with a net assets fair value of US$138 million (2020: US$159 million). Significant commodity price risk instruments within other derivative balances include derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with a net assets fair value of US$121 million (2020: US$180 million). These are included within other derivatives and fair value measurement related to these resulted in an expense of US$59 million (2020: expense of US$22 million).

The potential effect on these derivatives’ fair values of using reasonably possible alternative assumptions in the valuation models, based on a change in the most significant input, such as commodity prices, by 10 per cent with all other factors held constant (including the pricing on underlying physical exposures), would increase or decrease profit after taxation by US$26 million (2020: US$8 million).

Provisionally priced commodity sales and purchases contracts

Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit and loss using a method categorised as Level 2 based on forecast selling prices in the quotation period. The Group’s exposure at 30 June 2021 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper.

The Group had 254 thousand tonnes of copper exposure as at 30 June 2021 (2020: 301 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2022. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$166 million (2020: US$134 million).

The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices.

Liquidity risk

Refer to note 20 ‘Net debt’ for details on the Group’s liquidity risk.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments.

Refer to note 8 ‘Trade and other receivables’ and note 20 ‘Net debt’ for details on the Group credit risk.

23.2 Recognition and measurement

All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date.

Financial assets are subsequently carried at fair value or amortised cost based on:

•

the Group’s purpose, or business model, for holding the financial asset

•

whether the financial asset’s contractual terms give rise to cash flows that are solely payments of principal and interest

The resulting Financial Statements classifications of financial assets can be summarised as follows:


Contractual cash flows	Business model	Category
Solely principal and interest	Hold in order to collect contractual cash flows	Amortised cost

Solely principal and interest	Hold in order to collect contractual cash flows and sell	Fair value through other comprehensive income

Solely principal and interest	Hold in order to sell	Fair value through profit or loss

Other	Any of those mentioned above	Fair value through profit or loss

Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through the income statement under IFRS 9.

The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as ‘hold in order to sell’, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution.

With the exception of derivative contracts and provisionally priced trade payables, the Group’s financial liabilities are classified as subsequently measured at amortised cost.

The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss.

Derivatives are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value.

Fair value measurement

The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group’s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates.

The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income.

For financial assets and liabilities carried at fair value, the Group uses the following to categorise the method used based on the lowest level input that is significant to the fair value measurement as a whole:


IFRS 13 Fair value hierarchy	Level 1	Level 2	Level 3
Valuation method	Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities.	Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices).	Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling.

23.3 Financial assets and liabilities

The financial assets and liabilities are presented by class in the table below at their carrying amounts.


	IFRS 13 Fair value hierarchy Level (1)		IFRS 9 Classification	2021 US$M		2020 US$M Restated
Current cross currency and interest rate swaps ( 2)		2	Fair value through profit or loss		20		3
Current other derivative contracts (3)		2,3	Fair value through profit or loss		207		45
Current other investments (4)		1,2	Fair value through profit or loss		3		36
Non-current cross currency and interest rate swaps (2)		2	Fair value through profit or loss		1,123		2,009
Non-current other derivative contracts (3)		2,3	Fair value through profit or loss		152		159
Non-current investment in share s		3	Fair value through other comprehensive income		31		32
Non-current other investments (4)(5)		1,2,3	Fair value through profit or loss		304		322

Total other financial assets					1,840		2,606
Cash and cash equivalents			Amortised cost		15,246		13,426
Trade and other receivables (6)			Amortised cost		2,363		1,633
Provisionally priced trade receivables		2	Fair value through profit or loss		3,547		1,480
Loans to equity accounted investments			Amortised cost		–		40

Total financial assets					22,996		19,185

Non-financial assets					85,931		86,548

Total assets					108,927		105,733


Current cross currency and interest rate swaps (2)		2	Fair value through profit or loss		–		165
Current other derivative contracts (3)		2,3	Fair value through profit or loss		52		60
Current other financial liabilities (7)			Amortised cost		78		–
Non-current cross currency and interest rate swaps (2)		2	Fair value through profit or loss		586		1,414
Non-current other financial liabilities (7)			Amortised cost		560		–

Total other financial liabilities					1,276		1,639
Trade and other payables (8)			Amortised cost		6,277		5,354
Provisionally priced trade payables		2	Fair value through profit or loss		574		269
Bank loans (9)			Amortised cost		2,260		2,492
Notes and debentures (9)			Amortised cost		14,769		21,045
Lease liabilities					3,896		3,443
Other (9)			Amortised cost		58		68

Total financial liabilities					29,110		34,310

Non-financial liabilities					24,212		19,248

Total liabilities					53,322		53,558

(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)

Cross currency and interest rate swaps are valued using market data including interest rate curves (which include the base LIBOR rate and swap rates) and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date.

(3 )	Includes other derivative contracts of US$121 million (2020: US$179 million) categorised as Level 3. Significant items are derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with net assets fair value of US$121 million (2020: US$180 million).

(4)	Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$260 million (2020: US$296 million) of which other investment (US Treasury Notes) of US$72 million categorised as Level 1 (2020: US$87 million).

(5)	Includes other investments of US$46 million (2020: US$47 million) categorised as Level 3.

(6)	Excludes input taxes of US$486 million (2020: US$478 million) included in other receivables.

(7)	Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group’s Escondida operations.

(8)	Excludes input taxes of US$176 million (2020: US$145 million) included in other payables.

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

The carrying amounts in the table above generally approximate to fair value. In the case of US$3,018 million (2020: US$3,019 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2021 was US$4,052 million (2020: US$4,114 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions.

For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period.

Offsetting financial assets and liabilities

The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related amounts to be

set-off

in certain circumstances. The amounts set out as cross currency and interest rate swaps in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis.

23.4 Derivatives and hedge accounting

The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting.

Hedge accounting

Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are expected to be settled within 12 months otherwise they are classified as

non-current.

Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective.

The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks in its notes and debentures:

•

Fair value hedges – the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement.

If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate.

•

Cash flow hedges – changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement.

When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item’s maturity.

When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement.

The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them:

•

The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge.

•

The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments.

•

The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement.


			Fair value of derivatives
2021 US$M	Carrying amount of notes and debentures		Foreign exchange notional at spot rates		Interest rate risk			Recognised in cash flow hedging reserve			Recognised in cost of hedging reserve		Recognised in the income statement (1)			Accrued cash flows			Total			Hedged value of notes and debentures (2)
	A		B		C			D			E		F			G			B to G			A + B + C
USD		6,270		–		(318	)		–			–		11			77			(230	)		5,952
GBP		3,387		435		(544	)		(81	)		25		(34	)		53			(146	)		3,278
EUR		4,486		73		(418	)		(33	)		27		7			49			(295	)		4,141
CA D		626		142		(21	)		(28	)		25		(2	)		(2	)		114			747

Total		14,769		650		(1,301	)		(142	)		77		(18	)		177			(557	)		14,118


			Fair value of derivatives
2020 US$M	Carrying amount of notes and debentures		Foreign exchange notional at spot rates		Interest rate risk			Recognised in cash flow hedging reserve			Recognised in cost of hedging reserve			Recognised in the income statement (1)			Accrued cash flows			Total			Hedged value of notes and debentures (2)
	A		B		C			D			E			F			G			B to G			A + B + C
USD		9,926		–		(742	)		–			–			29			74			(639	)		9,184
GBP		3,245		764		(730	)		(16	)		13			(18	)		47			60			3,279
EUR		7,294		500		(576	)		(55	)		21			65			32			(13	)		7,218
CAD		580		199		(32	)		–			(2	)		(4	)		(2	)		159			747

Total		21,045		1,463		(2,080	)		(71	)		32			72			151			(433	)		20,428

(1)	Predominantly related to ineffectiveness.

(2)	Includes US$3,018 million (2020: US$3,019 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship.

The weighted average interest rate payable is USD LIBOR + 2.18 per cent (2020: USD LIBOR + 2.95 per cent). Refer to note 22 ‘Net finance costs’ for details of net finance costs for the year.

Interest Rate Benchmark Reform

IBOR reform impacts the Group’s interest rate swaps, which reference 3-month US LIBOR, and the associated hedge accounting. At 30 June 2021, the notional value of hedging instruments that reference 3-month US LIBOR is US$16.8 billion. It is anticipated that the Secured Overnight Financing Rate (SOFR) benchmark rate will be widely adopted by market participants and effectively replace US LIBOR in new contracts during FY2022. However, a number of US LIBOR settings, including 3-month US LIBOR, will continue to be published until 30 June 2023. Accordingly, absent of any agreement with counterparties to transition to an alternative risk-free rate before this date, the Group’s existing interest rate swaps with maturity dates beyond 30 June 2023 will only transition to ARR once US LIBOR publication ceases. As at 30 June 2021, the Group has not transitioned any of its existing interest rate swaps to alternative risk-free rates.


Hedging instrument	Notional currency	Notional value US$M		Notional value to mature before LIBOR expires FY2023 US$M
Interest rate swaps	USD		11,950		1,979

Cross-currency interest rate swaps	EUR		3,187		404
	GBP		1,673		923

	Total		16,810		3,306

In addition, the Group has other arrangements which reference 3-month US LIBOR benchmarks and extend beyond 2021. These include USD bank loans of US$2.3 billion and an undrawn revolving credit facility (refer to note 20 ‘Net debt’).

The Group has early adopted amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ in relation to IBOR Reform (refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’). These amendments provide reliefs from applying specific hedge accounting requirements to hedging arrangements directly impacted by these reforms. In particular, where changes to the Group’s instruments arise solely as a result of IBOR reform and do not change the economic substance of the Group’s arrangements, the Group is able to maintain its existing hedge relationships and accounting. The Group has applied these reliefs resulting in no impact on the Group’s hedge accounting. Upon transition to alternative risk-free rates, the Group will seek to apply further reliefs in IFRS 9 and continue to apply hedge accounting to its hedging arrangements.

Movements in reserves relating to hedge accounting

The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 17 ‘Other equity’.


2021 US$M	Cash flow hedging reserve									Cost of hedging reserve								Total
	Gross			Tax			Net			Gross			Tax		Net

At the beginning of the financial yea r		71			(21	)		50			(32	)		9		(23	)		27
Add: Change in fair value of hedging instrument recognised in OCI		863			(259	)		604			–			–		–			604
Less: Reclassified from reserves to financial expenses – recognised through OCI		(792	)		238			(554	)		(45	)		14		(31	)		(585	)

At the end of the financial year		142			(42	)		100			(77	)		23		(54	)		46


2020 US$M	Cash flow hedging reserve									Cost of hedging reserve									Total
	Gross			Tax			Net			Gross			Tax			Net
At the beginning of the financial year		163			(49	)		114			(106	)		32			(74	)		40
Add: Change in fair value of hedging instrument recognised in OCI		(315	)		94			(221	)		–			–			–			(221	)
Less: Reclassified from reserves to financial expenses – recognised through OCI		223			(66	)		157			74			(23	)		51			208

At the end of the financial year		71			(21	)		50			(32	)		9			(23	)		27

Changes in interest bearing liabilities and related derivatives resulting from financing activities

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


	Interest bearing liabilities															Derivatives (assets)/ liabilities
2021 US$M	Bank loans			Notes and debentures			Lease liabilities			Bank overdraft and short- term borrowings			Other			Cross currency and interest rate swaps			Total
At the beginning of the financial year		2,492			21,045			3,443			–			68			(433	)
Proceeds from interest bearing liabilities		504			–			–			–			64			–			568
Settlements of debt related instruments		–			–			–			–			–			167			167
Repayment of interest bearing liabilities		(737	)		(6,888	)		(770	)		–			–			–			(8,395	)

Change from Net financing cash flows		(233	)		(6,888	)		(770	)		–			64			167			(7,660	)

Other movements:
Loss on bond repurchase		–			579			–			–			–			(184	)
Interest rate impacts		–			(764	)		–			–			–			704
Foreign exchange impacts		(1	)		798			115			–			(14	)		(796	)
Lease additions		–			–			1,223			–			–			–
Remeasurement of index-linked freight contracts		–			–			(59	)		–			–			–
Other interest bearing liabilities/derivative related changes		2			(1	)		(56	)		–			(60	)		(15	)

At the end of the financial year		2,260			14,769			3,896			–			58			(557	)


	Interest bearing liabilities															Derivatives (assets)/ liabilities
2020 US$M	Bank loans			Notes and debentures			Lease liabilities			Bank overdraft and short- term borrowings			Other			Cross currency and interest rate swaps			Total
At the beginning of the financial year		2,498			21,529			715			20			66			204
Proceeds from interest bearing liabilitie s		514			–			–			–			–			–			514
Settlements of debt related instruments		–			–			–			–			–			(157	)		(157	)
Repayment of interest bearing liabilities		(522	)		(859	)		(671	)		–			5			–			(2,047	)

Change from Net financing cash flows		(8	)		(859	)		(671	)		–			5			(157	)		(1,690	)

Other movements:
Interest rate impacts		–			720			–			–			–			(788	)
Foreign exchange impacts		–			(354	)		(43	)		–			(4	)		316
Leases recognised on IFRS 16 transition		–			–			2,301			–			–			–
Lease additions		–			–			436			–			–			–
Remeasurement of index-linked freight contracts		–			–			733			–			–			–
Other interest bearing liabilities/derivative related changes		2			9			(28	)		(20	)		1			(8	)

At the end of the financial year		2,492			21,045			3,443			–			68			(433	)