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Financial risk management (Tables)
 12 Months Ended
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