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Financial risk management (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

Disclosure of detailed information derivatives

On December 31, 2024 and 2023 fair value of derivatives held by the Group can be summarized as follows:

			2024			2023
			(US$ millions)
Derivatives
Cash flow hedge derivatives			(59)			(40)
Net derivative asset (liability)			(59)			(40)

Disclosure of nature and extent of risks arising from financial instruments

D.1.1. Fixed and floating rate debt

Financing at December 31, 2024

			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			206			244			410			781			639			2,587			4,867
Floating rate financing			75			213			286			124			44			206			948
Total			281			457			696			905			683			2,793			5,815
Weighted average nominal interest rate			6.67		%	6.99		%	7.47		%	6.39		%	6.72		%	5.56		%	6.22		%

Financing at December 31, 2023

			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			190			369			403			582			855			2,912			5,311
Floating rate financing			12			76			433			420			147			279			1,367
Total (i)			202			445			836			1,002			1,002			3,191			6,678
Weighted average nominal interest rate			6.85		%	6.81		%	7.93		%	6.98		%	6.75		%	5.83		%	6.56		%

(i) Excluding vendor financing of $18 million, due within one year, as of December 31, 2023

A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2024 would increase or reduce profit before tax from continuing operations for the year by approximately $9 million (2023: $14 million).

Debt denomination at December 31

			2024			2023
			(US$ millions)
Debt denominated in US dollars			3,429			3,859
Debt denominated in currencies of the following countries:
Guatemala			496			640
Colombia			554			694
Bolivia			153			246
Paraguay			233			158
El Salvador(i)			71			174
Panama(i)			734			759
Luxembourg (COP denominated)			33			38
Costa Rica			113			110
Total debt denominated in other currencies			2,386			2,819
Total debt (ii)			5,815			6,678

(i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. The Group's local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY).

(ii) Excluding vendor financing of $18 million in Colombia, due within one year, as of December 31, 2023.

Disclosure of maturity analysis for derivative financial liabilities

Maturity profile of net financial liabilities at December 31, 2024

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Outstanding debt and financing			(283)			(2,757)			(2,829)			(5,869)
Outstanding amortized costs undiscounted			1			16			36			54
Lease liability			(156)			(445)			(352)			(954)
Cash and equivalents			699			—			—			699
Derivative financial instruments			—			(59)			—			(59)
Net cash (debt) including derivatives related to debt			262			(3,245)			(3,145)			(6,128)
Future interest commitments related to debt and financing			(352)			(1,830)			(144)			(2,326)
Future interest commitments related to leases			(90)			(253)			(121)			(463)
Trade payables (excluding accruals)			(467)			—			—			(467)
Other financial liabilities (including accruals)			(1,219)			—			—			(1,219)
Trade receivables			390			—			—			390
Other financial assets			171			71			—			242
Net financial liabilities			(1,305)			(5,257)			(3,410)			(9,971)

Maturity profile of net financial liabilities at December 31, 2023

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Outstanding debt and financing (i)			(203)			(3,309)			(3,232)			(6,744)
Outstanding amortized costs undiscounted			1			24			41			66
Lease liability			(189)			(498)			(355)			(1,043)
Cash and equivalents			775			—			—			775
Derivative financial instruments			(12)			(46)			—			(58)
Pledged deposits (related to back borrowings)			5			—			—			5
Net cash (debt) including derivatives related to debt			377			(3,829)			(3,547)			(6,999)
Future interest commitments related to debt and financing			(427)			(1,270)			(93)			(1,791)
Future interest commitments related to leases			(108)			(286)			(108)			(502)
Trade payables (excluding accruals)			(582)			—			—			(582)
Other financial liabilities (including accruals)			(957)			—			—			(957)
Trade receivables			443			—			—			443
Other financial assets			224			78			—			302
Net financial liabilities			(1,031)			(5,307)			(3,748)			(10,086)

(i) Excluding vendor financing of $18 million as of December 31, 2023.

Disclosure of maturity analysis for non-derivative financial liabilities

Maturity profile of net financial liabilities at December 31, 2024

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Outstanding debt and financing			(283)			(2,757)			(2,829)			(5,869)
Outstanding amortized costs undiscounted			1			16			36			54
Lease liability			(156)			(445)			(352)			(954)
Cash and equivalents			699			—			—			699
Derivative financial instruments			—			(59)			—			(59)
Net cash (debt) including derivatives related to debt			262			(3,245)			(3,145)			(6,128)
Future interest commitments related to debt and financing			(352)			(1,830)			(144)			(2,326)
Future interest commitments related to leases			(90)			(253)			(121)			(463)
Trade payables (excluding accruals)			(467)			—			—			(467)
Other financial liabilities (including accruals)			(1,219)			—			—			(1,219)
Trade receivables			390			—			—			390
Other financial assets			171			71			—			242
Net financial liabilities			(1,305)			(5,257)			(3,410)			(9,971)

Maturity profile of net financial liabilities at December 31, 2023

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Outstanding debt and financing (i)			(203)			(3,309)			(3,232)			(6,744)
Outstanding amortized costs undiscounted			1			24			41			66
Lease liability			(189)			(498)			(355)			(1,043)
Cash and equivalents			775			—			—			775
Derivative financial instruments			(12)			(46)			—			(58)
Pledged deposits (related to back borrowings)			5			—			—			5
Net cash (debt) including derivatives related to debt			377			(3,829)			(3,547)			(6,999)
Future interest commitments related to debt and financing			(427)			(1,270)			(93)			(1,791)
Future interest commitments related to leases			(108)			(286)			(108)			(502)
Trade payables (excluding accruals)			(582)			—			—			(582)
Other financial liabilities (including accruals)			(957)			—			—			(957)
Trade receivables			443			—			—			443
Other financial assets			224			78			—			302
Net financial liabilities			(1,031)			(5,307)			(3,748)			(10,086)

(i) Excluding vendor financing of $18 million as of December 31, 2023.

Disclosure of detailed information about managing capital

Gearing ratio

The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity attributable to the equity holders of the parent.

			Note			2024			2023
			(US$ millions)
Net debt			C.6.			5,174			5,956
Equity attributable to Owners of the Company			C.1.			3,628			3,529
Net debt and equity						8,802			9,485
Gearing ratio						0.59			0.63

X

- Definition

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

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The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Classes of financial instruments [domain]]

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Financial Instruments [Abstract]

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