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Net debt (Tables)

12 Months Ended

Jun. 30, 2021

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