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Net debt (Tables)

12 Months Ended

Jun. 30, 2022

Summary of Net Debt Balance and Gearing Ratio


	2022						2021
US$M	Current			Non-current			Current		Non-current
Interest bearing liabilities
Bank loans		397			2,075			437		1,823
Notes and debentures		1,690			9,673			1,244		13,525
Lease liabilities		519			2,057			889		3,007
Bank overdraft and short-term borrowings		–			–			–		–
Other		16			1			58		–

Total interest bearing liabilities		2,622			13,806			2,628		18,355

Less: Lease liability associated with index-linked freight contracts		113			161			346		679

Less: Cash and cash equivalents
Cash		5,728			–			4,408		–
Short-term deposits		11,508			–			10,838		–

Less: Total cash and cash equivalents		17,236			–			15,246		–

Less: Derivatives included in net debt
Net debt management related instruments 1		(358	)		(1,330	)		20		537
Net cash management related instruments 2		273			–			34		–

Less: Total derivatives included in net debt		(85	)		(1,330	)		54		537

Net debt					333					4,121

Net assets					48,766					55,605

Gearing					0.7	%				6.9	%

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.

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.


	2022		2021		2020
	US$M		US$M		US$M
Total cash and cash equivalents		17,236		15,246		13,426
Bank overdrafts and short-term borrowings		–		–		–

Total cash and cash equivalents, net of overdrafts		17,236		15,246		13,426

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:


2022 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		2,109		492		525		221		579		6,608		10,534
In more than one year but not more than two years		1,634		427		300		112		443		–		2,916
In more than two years but not more than five years		2,609		1,032		492		246		936		–		5,315
In more than five years		7,550		3,705		1,467		245		1,470		–		14,437

Total		13,902		5,656		2,784		824		3,428		6,608		33,202

Carrying amount		13,852		–		1,824		752		2,576		6,608		25,612


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 years		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

1	Excludes input taxes of US$79 million (2021: US$176 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
	2022		2021		2022		2021
	US$M		US$M		US$M		US$M
USD		8,813		11,146		7,654		12,003
EUR		3,463		4,505		2,656		4
GBP		2,621		3,415		30		32
AUD		783		1,053		3,360		573
CAD		584		635		3,437		2,455
Other		164		229		99		179

Total		16,428		20,983		17,236		15,246