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Financial risk management (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Disclosure of detailed information derivatives

On December 31, 2020 and 2019 fair value of derivatives held by the Group can be summarized as follows:

			2020			2019
			(US$ millions)
Derivatives
Cash flow hedge derivatives			12			(17)
Net derivative asset (liability)			12			(17)

Disclosure of nature and extent of risks arising from financial instruments

Financing at December 31, 2020

			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			80			90			268			561			269			3,498			4,766
Floating rate financing			33			17			171			250			197			256			926
Total			113			107			439			811			467			3,755			5,691
Weighted average nominal interest rate			4.65		%	4.95		%	5.76		%	4.15		%	5.09		%	5.21		%	4.90		%

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
Floating rate financing			68			38			27			185			654			457			1,429
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		%

Debt denomination at December 31

			2020			2019
			(US$ millions)
Debt denominated in US dollars			3,384			3,535
Debt denominated in currencies of the following countries
Colombia			614			531
Tanzania			40			14
Bolivia			337			350
Paraguay			180			206
El Salvador(i)			118			268
Panama(i)			869			918
Luxembourg (COP denominated)			41			43
Costa Rica			107			107
Total debt denominated in other currencies			2,307			2,437
Total debt			5,691			5,972

(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, 2020

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Total debt and financing			(113)			(1,824)			(3,755)			(5,691)
Lease liability			(123)			(525)			(373)			(1,021)
Cash and equivalents			875			—			—			875
Pledged deposits (related to back borrowings)			—			—			—			—
Refundable deposit			—			—			—			—
Derivative financial instruments			—			12			—			12
Net cash (debt) including derivatives related to debt			639			(2,336)			(4,128)			(5,825)
Future interest commitments related to debt and financing			(311)			(1,069)			(104)			(1,484)
Future interest commitments related to leases			(146)			(410)			(203)			(759)
Trade payables (excluding accruals)			(576)			—			—			(576)
Other financial liabilities (including accruals)			(1,185)			(29)			—			(1,214)
Put option liability			(262)			—			—			(262)
Trade receivables			351			—			—			351
Other financial assets			568			167			—			735
Net financial liabilities			(922)			(3,676)			(4,435)			(9,034)

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(i)			(107)			(490)			(498)			(1,096)
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			855			(2,392)			(4,383)			(5,920)
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)			—			(1,389)
Put option liability			(264)			—			—			(264)
Trade receivables			371			—			—			371
Other financial assets			613			104			—			717
Net financial liabilities			(452)			(4,189)			(4,784)			(9,425)

(i)    Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).

Disclosure of maturity analysis for non-derivative financial liabilities

Maturity profile of net financial liabilities at December 31, 2020

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Total debt and financing			(113)			(1,824)			(3,755)			(5,691)
Lease liability			(123)			(525)			(373)			(1,021)
Cash and equivalents			875			—			—			875
Pledged deposits (related to back borrowings)			—			—			—			—
Refundable deposit			—			—			—			—
Derivative financial instruments			—			12			—			12
Net cash (debt) including derivatives related to debt			639			(2,336)			(4,128)			(5,825)
Future interest commitments related to debt and financing			(311)			(1,069)			(104)			(1,484)
Future interest commitments related to leases			(146)			(410)			(203)			(759)
Trade payables (excluding accruals)			(576)			—			—			(576)
Other financial liabilities (including accruals)			(1,185)			(29)			—			(1,214)
Put option liability			(262)			—			—			(262)
Trade receivables			351			—			—			351
Other financial assets			568			167			—			735
Net financial liabilities			(922)			(3,676)			(4,435)			(9,034)

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(i)			(107)			(490)			(498)			(1,096)
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			855			(2,392)			(4,383)			(5,920)
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)			—			(1,389)
Put option liability			(264)			—			—			(264)
Trade receivables			371			—			—			371
Other financial assets			613			104			—			717
Net financial liabilities			(452)			(4,189)			(4,784)			(9,425)

(i)    Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).

Disclosure of detailed information about managing capital

Net financial obligations to EBITDA

			Note			2020			2019
			(US$ millions)
Net financial obligations (ii)			C.6.			5,837			5,902
EBITDA			B.3.			1,495			1,530
Net financial obligations to EBITDA (i)						3.90			3.86

(i) The ratio is above 3.0x on an IFRS basis. However, according to the terms of the indenture, this ratio is calculated differently, resulting in a ratio below 3.0x for covenant purposes.

(ii) 2019 figure has been restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).

Gearing ratio

			Note			2020			2019
			(US$ millions)
Net financial obligations (i)			C.6.			5,837			5,902
Equity attributable to Owners of the Company			C.1.			2,059			2,410
Net financial obligations and equity						7,896			8,312
Gearing ratio						0.74			0.71

(i) 2019 figure has been restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).

X

- Definition

The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]]

+ References

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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]

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The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities]

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