Net debt (Tables)

12 Months Ended

Jun. 30, 2023

Summary of Net Debt Balance and Gearing Ratio


	2023						2022
US$M	Current			Non-current			Current			Non-current
Interest bearing liabilities
Bank loans		5,310			2,192			397			2,075
Notes and debentures		1,337			10,482			1,690			9,673
Lease liabilities		521			2,498			519			2,057
Bank overdraft and short-term borrowings		5			–			–			–
Other		–			–			16			1

Total interest bearing liabilities		7,173			15,172			2,622			13,806

Less: Lease liability associated with index-linked freight contracts		114			173			113			161

Less: Cash and cash equivalents
Cash		7,206			–			5,728			–
Short-term deposits		5,222			–			11,508			–

Less: Total cash and cash equivalents		12,428			–			17,236			–

Less: Derivatives included in net debt
Net debt management related instruments 1		(113	)		(1,459	)		(358	)		(1,330	)
Net cash management related instruments 2		36			–			273			–

Less: Total derivatives included in net debt		(77	)		(1,459	)		(85	)		(1,330	)

Net debt					11,166						333

Net assets					48,530						48,766

Gearing					18.7	%					0.7	%

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.


	2023			2022		2021
	US$M			US$M		US$M
Total cash and cash equivalents		12,428			17,236		15,246
Bank overdrafts and short-term borrowings		(5	)		–		–

Total cash and cash equivalents, net of overdrafts		12,423			17,236		15,246

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:


2023 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		6,659		757		536		257		658		6,175		15,042
In more than one year but not more than two years		1,399		595		388		126		538		4		3,050
In more than two years but not more than five years		4,058		1,410		399		267		1,031		–		7,165
In more than five years		8,093		3,693		1,020		211		1,846		–		14,863

Total		20,209		6,455		2,343		861		4,073		6,179		40,120

Carrying amount		19,326		–		1,755		804		3,019		6,179		31,083


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

1	Excludes input taxes of US$121 million (2022: US$79 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
	2023		2022		2023		2022
	US$M		US$M		US$M		US$M
USD		16,289		8,813		5,925		7,654
EUR		3,050		3,463		544		2,656
GBP		1,587		2,621		674		30
AUD		1,233		783		1,797		3,360
CAD		7		584		3,362		3,437
Other		179		164		126		99

Total		22,345		16,428		12,428		17,236