Net debt (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Net Debt Balance and Gearing Ratio


	2024						2023
US$M	Current			Non-current			Current			Non-current
Interest bearing liabilities
Bank loans		540			2,070			5,310			2,192
Notes and debentures		848			14,084			1,337			10,482
Lease liabilities		686			2,430			521			2,498
Bank overdraft and short-term borrowings		3			–			5			–
Other		7			50			–			–

Total interest bearing liabilities		2,084			18,634			7,173			15,172

Less: Lease liability associated with index-linked freight contracts		267			244			114			173

Less: Cash and cash equivalents
Cash		8,150			–			7,206			–
Short-term deposits		4,351			–			5,222			–

Less: Total cash and cash equivalents		12,501			–			12,428			–

Less: Derivatives included in net debt
Net debt management related instruments 1		(171	)		(1,224	)		(113	)		(1,459	)
Net cash management related instruments 2		(19	)		–			36			–

Less: Total derivatives included in net debt		(190	)		(1,224	)		(77	)		(1,459	)

Net debt					9,120						11,166

Net assets					49,120						48,530

Gearing					15.7	%					18.7	%

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.


	2024			2023			2022
	US$M			US$M			US$M
Total cash and cash equivalents		12,501			12,428			17,236
Bank overdrafts and short-term borrowings		(3	)		(5	)		–

Total cash and cash equivalents, net of overdrafts		12,498			12,423			17,236

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:


2024 US$M	Bank loans, debentures and other loans		Expected future interest payments		Derivatives related to debentures		Other financial liabilities		Obligations under lease liabilities		Trade and other payables 1		Total
Due for payment:
In one year or less or on demand		1,402		884		485		333		836		6,618		10,558
In more than one year but not more than two years		1,362		827		171		67		591		15		3,033
In more than two years but not more than five years		4,960		1,923		377		233		1,012		27		8,532
In more than five years		10,999		4,784		1,131		163		1,761		3		18,841

Total		18,723		8,418		2,164		796		4,200		6,663		40,964

Carrying amount		17,602		–		1,513		758		3,116		6,663		29,652


2023 US$M	Bank loans, debentures and other loans		Expected future interest payments		Derivatives related to debentures		Other financial liabilities		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

1	Excludes input taxes of US$101 million (2023: US$121 million) included in 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
	2024		2023		2024		2023
	US$M		US$M		US$M		US$M
USD		15,203		16,289		4,445		5,925
EUR		2,440		3,050		5		544
GBP		1,613		1,587		711		674
AUD		1,265		1,233		3,840		1,797
CAD		5		7		3,259		3,362
Other		192		179		241		126

Total		20,718		22,345		12,501		12,428