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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2018
Financial Instruments [Abstract] |
Disclosure of detailed information derivatives | Accounting policies for derivatives is further detailed in note C.6. On December 31, 2018 and 2017 fair value of derivatives held by the Group can be summarized as follows:
| 2018 |  | 2017
| (US$ millions)
Derivatives |  |  |  |  |
Cash flow hedge derivatives | — |  |  | (56 | )
Net derivative asset (liability) | — |  |  | (56 | )
Disclosure of nature and extent of risks arising from financial instruments | Financing at December 31, 2018
| Amounts due within:
1 year |  | 1–2 years |  | 2–3 years |  | 3–4 years |  | 4–5 years |  | >5 years |  | Total
| (US$ millions)
Fixed rate financing | 140 |  |  | 162 |  |  | 137 |  |  | 436 |  |  | 204 |  |  | 2,036 |  |  | 3,115 |
Weighted average nominal interest rate | 6.35 | % |  | 6.59 | % |  | 6.64 | % |  | 6.61 | % |  | 4.10 | % |  | 6.47 | % |  | 6.34 | %
Floating rate financing | 319 |  |  | 175 |  |  | 266 |  |  | 133 |  |  | 263 |  |  | 309 |  |  | 1,465 |
Weighted average nominal interest rate | 10.28 | % |  | 5.89 | % |  | 2.73 | % |  | 0.49 | % |  | 4.41 | % |  | 1.13 | % |  | 1.98 | %
Total | 458 |  |  | 337 |  |  | 403 |  |  | 569 |  |  | 468 |  |  | 2,345 |  |  | 4,580 |
Weighted average nominal interest rate | 9.08 | % |  | 6.23 | % |  | 4.06 | % |  | 5.18 | % |  | 4.28 | % |  | 5.76 | % |  | 4.95 | %
Financing at December 31, 2017
| Amounts due within:
1 year |  | 1-2 years |  | 2-3 years |  | 3-4 years |  | 4-5 years |  | >5 years |  | Total
| (US$ millions)
Fixed rate financing | 87 |  |  | 365 |  |  | 141 |  |  | 104 |  |  | 396 |  |  | 1,369 |  |  | 2,462 |
Weighted average nominal interest rate | 7.17 | % |  | 5.52 | % |  | 8.28 | % |  | 9.92 | % |  | 7.73 | % |  | 7.68 | % |  | 7.48 | %
Floating rate financing | 98 |  |  | 134 |  |  | 206 |  |  | 327 |  |  | 188 |  |  | 370 |  |  | 1,323 |
Weighted average nominal interest rate | 4.24 | % |  | 2.37 | % |  | 8.40 | % |  | 12.20 | % |  | 1.98 | % |  | 2.25 | % |  | 3.06 | %
Total | 185 |  |  | 500 |  |  | 347 |  |  | 431 |  |  | 584 |  |  | 1,738 |  |  | 3,785 |
Weighted average nominal interest rate | 5.61 | % |  | 4.68 | % |  | 8.35 | % |  | 11.65 | % |  | 5.88 | % |  | 6.52 | % |  | 5.94 | %
Debt denomination at December 31
| 2018 |  | 2017
| (US$ millions)
Debt denominated in US dollars | 3,132 |  |  | 1,983 |
Debt denominated in currencies of the following countries: |  |  |  |  |
Colombia | 718 |  |  | 834 |
Chad | 62 |  |  | 61 |
Tanzania | 112 |  |  | 121 |
Bolivia | 306 |  |  | 337 |
Paraguay | 207 |  |  | 191 |
Luxembourg (SEK denominated) | 43 |  |  | 243 |
Other | — |  |  | 15 |
Total debt denominated in other currencies | 1,448 |  |  | 1,802 |
Total debt | 4,580 |  |  | 3,785 |
Disclosure of maturity analysis for derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2018 (i)
| Less than 1 year |  | 1 to 5 years |  | > 5 years |  | Total
| (US$ millions)
Total debt and financing | (458 | ) |  | (1,778 | ) |  | (2,345 | ) |  | (4,580 | )
Cash and cash equivalents | 528 |  |  | — |  |  | — |  |  | 528 |
Pledged deposits (related to bank borrowings) | 2 |  |  | — |  |  | — |  |  | 2 |
Derivative financial instruments (SEK currency swap) | — |  |  | — |  |  | — |  |  | — |
Net cash (debt) including derivatives related to debt | 72 |  |  | (1,778 | ) |  | (2,345 | ) |  | (4,051 | )
Future interest commitments | (248 | ) |  | (786 | ) |  | (77 | ) |  | (1,111 | )
Trade payables (excluding accruals) | (478 | ) |  | — |  |  | — |  |  | (478 | )
Other financial liabilities (including accruals) | (1,217 | ) |  | (135 | ) |  | — |  |  | (1,352 | )
Put Option liability | (239 | ) |  | — |  |  | — |  |  | (239 | )
Trade receivables | 343 |  |  | — |  |  | — |  |  | 343 |
Other financial assets | 184 |  |  | 126 |  |  | — |  |  | 310 |
Net financial liabilities | (1,583 | ) |  | (2,573 | ) |  | (2,422 | ) |  | (6,578 | )
(i) As from 2018, the Group has excluded 'restricted cash' from its definition of Net debt. 2017 figures have been re-presented accordingly. Maturity profile of net financial liabilities at December 31, 2017
| Less than 1 year |  | 1 to 5 years |  | > 5 years |  | Total
| (US$ millions)
Total debt and financing | (185 | ) |  | (1,862 | ) |  | (1,738 | ) |  | (3,785 | )
Cash and cash equivalents | 619 |  |  | — |  |  | — |  |  | 619 |
Pledged deposits (related to bank borrowings) | 1 |  |  | — |  |  | — |  |  | 1 |
Derivative financial instruments (SEK currency swap) | (56 | ) |  | — |  |  | — |  |  | (56 | )
Net cash (debt) including derivatives related to debt | 380 |  |  | (1,862 | ) |  | (1,738 | ) |  | (3,220 | )
Future interest commitments | (255 | ) |  | (785 | ) |  | (68 | ) |  | (1,108 | )
Trade payables (excluding accruals) | (427 | ) |  | — |  |  | — |  |  | (427 | )
Other financial liabilities (including accruals) | (1,094 | ) |  | (124 | ) |  | — |  |  | (1,218 | )
Trade receivables | 386 |  |  | — |  |  | — |  |  | 386 |
Other financial assets | 144 |  |  | 113 |  |  | — |  |  | 257 |
Net financial liabilities | (866 | ) |  | (2,658 | ) |  | (1,806 | ) |  | (5,330 | )
Disclosure of maturity analysis for non-derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2018 (i)
| Less than 1 year |  | 1 to 5 years |  | > 5 years |  | Total
| (US$ millions)
Total debt and financing | (458 | ) |  | (1,778 | ) |  | (2,345 | ) |  | (4,580 | )
Cash and cash equivalents | 528 |  |  | — |  |  | — |  |  | 528 |
Pledged deposits (related to bank borrowings) | 2 |  |  | — |  |  | — |  |  | 2 |
Derivative financial instruments (SEK currency swap) | — |  |  | — |  |  | — |  |  | — |
Net cash (debt) including derivatives related to debt | 72 |  |  | (1,778 | ) |  | (2,345 | ) |  | (4,051 | )
Future interest commitments | (248 | ) |  | (786 | ) |  | (77 | ) |  | (1,111 | )
Trade payables (excluding accruals) | (478 | ) |  | — |  |  | — |  |  | (478 | )
Other financial liabilities (including accruals) | (1,217 | ) |  | (135 | ) |  | — |  |  | (1,352 | )
Put Option liability | (239 | ) |  | — |  |  | — |  |  | (239 | )
Trade receivables | 343 |  |  | — |  |  | — |  |  | 343 |
Other financial assets | 184 |  |  | 126 |  |  | — |  |  | 310 |
Net financial liabilities | (1,583 | ) |  | (2,573 | ) |  | (2,422 | ) |  | (6,578 | )
(i) As from 2018, the Group has excluded 'restricted cash' from its definition of Net debt. 2017 figures have been re-presented accordingly. Maturity profile of net financial liabilities at December 31, 2017
| Less than 1 year |  | 1 to 5 years |  | > 5 years |  | Total
| (US$ millions)
Total debt and financing | (185 | ) |  | (1,862 | ) |  | (1,738 | ) |  | (3,785 | )
Cash and cash equivalents | 619 |  |  | — |  |  | — |  |  | 619 |
Pledged deposits (related to bank borrowings) | 1 |  |  | — |  |  | — |  |  | 1 |
Derivative financial instruments (SEK currency swap) | (56 | ) |  | — |  |  | — |  |  | (56 | )
Net cash (debt) including derivatives related to debt | 380 |  |  | (1,862 | ) |  | (1,738 | ) |  | (3,220 | )
Future interest commitments | (255 | ) |  | (785 | ) |  | (68 | ) |  | (1,108 | )
Trade payables (excluding accruals) | (427 | ) |  | — |  |  | — |  |  | (427 | )
Other financial liabilities (including accruals) | (1,094 | ) |  | (124 | ) |  | — |  |  | (1,218 | )
Trade receivables | 386 |  |  | — |  |  | — |  |  | 386 |
Other financial assets | 144 |  |  | 113 |  |  | — |  |  | 257 |
Net financial liabilities | (866 | ) |  | (2,658 | ) |  | (1,806 | ) |  | (5,330 | )
Disclosure of detailed information about managing capital | Net debt to EBITDA
| Note |  | 2018 |  | 2017
| (US$ millions)
Net debt | C.5. |  | 4,051 |  |  | 3,164 |
EBITDA | B.3. |  | 1,254 |  |  | 1,278 |
Net debt to EBITDA (i) |  |  | 3.23 |  |  | 2.48 |
(i) Ratio is above 3x on an IFRS basis. However, covenants are calculated on proportionate net debt/EBITDA, including Guatemala and Honduras, which show results below 3x. Gearing ratio
| Note |  | 2018 |  | 2017
| (US$ millions)
Net debt | C.5. |  | 4,051 |  |  | 3,164 |
Equity | C.1. |  | 2,542 |  |  | 3,096 |
Net debt and equity |  |  | 6,593 |  |  | 6,260 |
Gearing ratio |  |  | 0.61 |  |  | 0.51 |

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- Definition The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2018-01-01 -Paragraph 39 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2018-03-01&anchor=para_39_b&doctype=Standard -URIDate 2018-03-16 + Details
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