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Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2019
Financial Instruments [Abstract]  
Disclosure of detailed information derivatives
On December 31, 2019 and 2018 fair value of derivatives held by the Group can be summarized as follows:
 
2019
2018
 
(US$ millions)
Derivatives
 
 
Cash flow hedge derivatives
(17
)
—

Net derivative asset (liability)
(17
)
—
Disclosure of nature and extent of risks arising from financial instruments
Financing at December 31, 2019
 
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
118

117

118

332

431

3,428

4,543

Weighted average nominal interest rate
6.32
%
5.46
%
5.01
%
7.24
%
5.44
%
5.81
%
5.86
%
Floating rate financing
68

38

27

185

654

457

1,429

Weighted average nominal interest rate
2.97
%
1.77
%
1.41
%
3.25
%
4.26
%
0.96
%
1.52
%
Total
186

155

145

517

1,085

3,884

5,972

Weighted average nominal interest rate
5.10
%
4.55
%
4.34
%
5.81
%
4.73
%
5.24
%
4.82
%
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

3,116

Weighted average nominal interest rate
6.35
%
6.59
%
6.64
%
6.61
%
4.10
%
6.47
%
6.34
%
Floating rate financing
318

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

570

468

2,345

4,580

Weighted average nominal interest rate
9.08
%
6.23
%
4.06
%
5.18
%
4.28
%
5.76
%
4.95
%
Debt denomination at December 31
 
2019
2018
 
(US$ millions)
Debt denominated in US dollars
3,535

2,572

Debt denominated in currencies of the following countries
 
 
Colombia
531

718

Chad
—

62

Tanzania
14

112

Bolivia
350

306

Paraguay
206

207

El Salvador(i)
268

299

Panama(i)
918

261

Luxembourg (COP denominated)
43

43

Costa Rica
107

—

Total debt denominated in other currencies
2,437

2,008

Total debt
5,972

4,580


(i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY).
Disclosure of maturity analysis for derivative financial liabilities
Maturity profile of net financial liabilities at December 31, 2019
 
Less than 1 year
1 to 5 years
>5yrs
Total
 
(US$ millions)
Total debt and financing
(186
)
(1,902
)
(3,884
)
(5,972
)
Lease liability
(97
)
(490
)
(476
)
(1,063
)
Cash and equivalents
1,164

—

—

1,164

Pledged deposits (related to back borrowings)
1

—

—

1

Refundable deposit
—

—

—

—

Derivative financial instruments
(17
)
—

—

(17
)
Net cash (debt) including derivatives related to debt
865

(2,392
)
(4,361
)
(5,888
)
Future interest commitments related to debt and financing
(308
)
(1,088
)
(106
)
(1,502
)
Future interest commitments related to leases
(157
)
(476
)
(295
)
(928
)
Trade payables (excluding accruals)
(510
)
—

—

(510
)
Other financial liabilities (including accruals)
(1,052
)
(337
)
—

(1,388
)
Derivative instruments
(17
)
—

—

(17
)
Put option liability
(264
)
—

—

(264
)
Trade receivables
371

—

—

371

Other financial assets
602

104

—

707

Net financial liabilities
(469
)
(4,189
)
(4,762
)
(9,420
)

Maturity profile of net financial liabilities at December 31, 2018
 
Less than 1 year
1 to 5 years
>5yrs
Total
 
(US$ millions)
Total debt and financing(i)
(458
)
(1,778
)
(2,345
)
(4,580
)
Cash and equivalents
528

—

—

528

Pledged deposits (related to back borrowings)
2

—

—

2

Net cash (debt) including derivatives related to debt
72

(1,778
)
(2,345
)
(4,051
)
Future interest commitments related to debt and financing
(248
)
(786
)
(77
)
(1,111
)
Trade payables (excluding accruals)
(478
)
—

—

(478
)
Other financial liabilities (including accruals)
(1,212
)
(135
)
—

(1,347
)
Put option liability
(239
)
—

—

(239
)
Trade receivables
343

—

—

343

Other financial assets
181

126

—

306

Net financial liabilities
(1,582
)
(2,573
)
(2,422
)
(6,577
)

(i)
As at December 31, 2018, Debt and financing included finance lease liabilities of $353 million. As at December 31, 2019, and as a result of the application of IFRS 16, these are now shown in a separate line under Lease liabilities.
Disclosure of maturity analysis for non-derivative financial liabilities
Maturity profile of net financial liabilities at December 31, 2019
 
Less than 1 year
1 to 5 years
>5yrs
Total
 
(US$ millions)
Total debt and financing
(186
)
(1,902
)
(3,884
)
(5,972
)
Lease liability
(97
)
(490
)
(476
)
(1,063
)
Cash and equivalents
1,164

—

—

1,164

Pledged deposits (related to back borrowings)
1

—

—

1

Refundable deposit
—

—

—

—

Derivative financial instruments
(17
)
—

—

(17
)
Net cash (debt) including derivatives related to debt
865

(2,392
)
(4,361
)
(5,888
)
Future interest commitments related to debt and financing
(308
)
(1,088
)
(106
)
(1,502
)
Future interest commitments related to leases
(157
)
(476
)
(295
)
(928
)
Trade payables (excluding accruals)
(510
)
—

—

(510
)
Other financial liabilities (including accruals)
(1,052
)
(337
)
—

(1,388
)
Derivative instruments
(17
)
—

—

(17
)
Put option liability
(264
)
—

—

(264
)
Trade receivables
371

—

—

371

Other financial assets
602

104

—

707

Net financial liabilities
(469
)
(4,189
)
(4,762
)
(9,420
)

Maturity profile of net financial liabilities at December 31, 2018
 
Less than 1 year
1 to 5 years
>5yrs
Total
 
(US$ millions)
Total debt and financing(i)
(458
)
(1,778
)
(2,345
)
(4,580
)
Cash and equivalents
528

—

—

528

Pledged deposits (related to back borrowings)
2

—

—

2

Net cash (debt) including derivatives related to debt
72

(1,778
)
(2,345
)
(4,051
)
Future interest commitments related to debt and financing
(248
)
(786
)
(77
)
(1,111
)
Trade payables (excluding accruals)
(478
)
—

—

(478
)
Other financial liabilities (including accruals)
(1,212
)
(135
)
—

(1,347
)
Put option liability
(239
)
—

—

(239
)
Trade receivables
343

—

—

343

Other financial assets
181

126

—

306

Net financial liabilities
(1,582
)
(2,573
)
(2,422
)
(6,577
)

(i)
As at December 31, 2018, Debt and financing included finance lease liabilities of $353 million. As at December 31, 2019, and as a result of the application of IFRS 16, these are now shown in a separate line under Lease liabilities.
Disclosure of detailed information about managing capital
Net financial obligations to EBITDA
 
Note
2019
2018
 
(US$ millions)
Net financial obligations (i)
C.6.
5,870

4,051

EBITDA
B.3.
1,530

1,213

Net financial obligations to EBITDA (ii)
 
3.84

3.34

(i)
As at December 31, 2018, Net financial obligations included finance lease liabilities of $353 million. As at December 31, 2019, Net financial obligations also include Lease liabilities recognized under IFRS 16.
(ii) Ratio is above 3x on an IFRS basis. However, covenants are calculated on proportionate net financial obligations/EBITDA, including Guatemala and Honduras, which show results below 3x.
Gearing ratio
 
Note
2019
2018
 
(US$ millions)
Net financial obligations (i)
C.6.
5,870

4,051

Equity
C.1.
2,410

2,542

Net financial obligations and equity
 
8,280

6,593

Gearing ratio
 
0.71

0.61


(i)
Same comment as (i) in the table above.