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Financial instruments and risk management (Tables)
 12 Months Ended
Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract]  
Schedule of net borrowings interest rate profile The interest rate profile of the group's net borrowings is as follows:
 
2024
2023
 
$ million
%
re-presented 
$ million
%
Fixed rate
16,174
77
15,071
77
Floating rate(1)
4,384
21
4,064
21
Impact of financial derivatives and fair value adjustments
(145)
(1)
(117)
(1)
Lease liabilities
604
3
564
3
Net borrowings
21,017
100
19,582
100
(1) The floating rate portion of net borrowings includes cash and cash equivalents, collaterals, floating rate loans and bonds and bank overdrafts.
Schedule of average monthly net borrowings and effective interest rate The table below sets out the average monthly net borrowings and effective interest rate:
Average monthly net borrowings
Effective interest rate
2024
$ million
2023
re-presented
$ million
2022
re-presented
$ million
2024
%
2023
%
2022
%
21,034
18,362
16,883
4.3
3.9
2.7
(i) For this calculation, net interest charge excludes fair value adjustments to derivative financial instruments and average monthly net borrowings include the impact
of interest rate swaps that are no longer in a hedge relationship but exclude the market value adjustment for cross currency interest rate swaps.
Schedule of fluctuations in interest and exchange rates to vary from hypothetical amounts The sensitivity analysis estimates the impact of changes in interest and foreign exchange rates. All hedges are expected to be highly
effective for this analysis and it considers the impact of all financial instruments including financial derivatives, cash and cash
equivalents, borrowings and other financial assets and liabilities. The results of the sensitivity analysis should not be considered as
projections of likely future events, gains or losses as actual results in the future may differ materially due to developments in the
global financial markets which may cause fluctuations in interest and exchange rates to vary from the hypothetical amounts disclosed
in the table below.
Comparative figures to currency risk sensitivity are not disclosed in fiscal 24. Due to the functional currency change of the parent
company that is applied prospectively from 1 July 2023 (see note 1), it would not be practicable to compare the re-presented results of
the data prior to the functional currency change with the results of the sensitivity analysis for fiscal 24.
 
Impact on income
statement
gain/(loss)
Impact on consolidated
comprehensive income
gain/(loss)(1) (2)
2024
2023 re-
presented
2024
2023 re-
presented
$ million
$ million
$ million
$ million
0.5% decrease in interest rates
22
19
43
43
0.5% increase in interest rates
(22)
(19)
(42)
(41)
10% weakening of US dollar
(39)
—
(974)
—
10% strengthening of US dollar
33
—
813
—
(1) The impact on foreign currency borrowings and derivatives in net investment hedges is largely offset by the foreign exchange difference arising on the translation of
net investments. 
(2) The impact on the consolidated statement of comprehensive income includes the impact on the income statement.
(3) In the year ended 30 June 2023, the impact of a 10% strengthening or weakening in sterling was £36 million gain and £45 million loss on the consolidated income
statement and £1,093 million gain and £1,336 million loss on the other comprehensive income.
Disclosure of derivative financial instruments [text block]
Gross amount
$ million
Right of asset
offset
$ million
Right of liability
offset
$ million
Net amount
$ million
2024
Derivative financial assets
483
(184)
(139)
160
Derivative financial liabilities
(486)
184
139
(163)
2023
Derivative financial assets
729
(294)
(161)
274
Derivative financial liabilities
(556)
294
161
(101)
Schedule of contractual cash flows Contractual cash flows 
 
Due within
1 year
$ million
Due between
1 and 3 years
$ million
Due between
3 and 5 years
$ million
Due after
5 years
$ million
Total
$ million
Carrying
amount at
balance
sheet date
$ million
2024
Borrowings(1)
(2,902)
(4,991)
(4,259)
(9,812)
(21,964)
(21,501)
Interest on borrowings(1)(2)
(791)
(1,043)
(789)
(1,866)
(4,489)
(291)
Lease capital repayments
(95)
(148)
(95)
(266)
(604)
(604)
Lease future interest payments
(19)
(30)
(22)
(44)
(115)
—
Trade and other financial liabilities(3)
(5,316)
(280)
(217)
(5)
(5,818)
(5,619)
Non-derivative financial liabilities
(9,123)
(6,492)
(5,382)
(11,993)
(32,990)
(28,015)
Cross currency swaps (gross)
Receivable
128
549
1,249
3,666
5,592
Payable
(126)
(549)
(1,303)
(3,341)
(5,319)
Other derivative instruments (net)
(39)
(139)
(76)
(33)
(287)
Derivative instruments(2)
(37)
(139)
(130)
292
(14)
(23)
2023 (re-presented)
Borrowings(1)
(2,152)
(4,553)
(3,754)
(10,903)
(21,362)
(20,791)
Interest on borrowings(1)(2)
(681)
(945)
(784)
(1,894)
(4,304)
(274)
Lease capital repayments
(94)
(131)
(86)
(253)
(564)
(564)
Lease future interest payments
(23)
(35)
(25)
(48)
(131)
—
Trade and other financial liabilities(3)
(5,565)
(291)
(154)
(121)
(6,131)
(6,025)
Non-derivative financial liabilities
(8,515)
(5,955)
(4,803)
(13,219)
(32,492)
(27,654)
Cross currency swaps (gross)
Receivable
55
109
109
1,690
1,963
Payable
(35)
(70)
(70)
(1,172)
(1,347)
Other derivative instruments (net)
24
(111)
(99)
(68)
(254)
Derivative instruments(2)
44
(72)
(60)
450
362
168
(1) For the purposes of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments as disclosed in note
17. 
(2) Carrying amount of interest on borrowings, interest on derivatives and interest on other payable is included within interest payable in note 15. 
(3) Primarily consists of trade and other payables that meet the definition of financial liabilities under IAS 32.
Schedule of available undrawn committed bank facilities The group had available undrawn committed bank facilities as follows:
 
2024
$ million
2023
re-presented
$ million
Expiring within one year
625
125
Expiring between one and two years
1,040
625
Expiring after two years
1,585
2,625
3,250
3,375
Schedule of financial assets and liabilities measured at fair value The group’s financial assets and liabilities measured at fair value are categorised as follows:
 
2024
$ million
2023
re-presented
$ million
Derivative assets
497
748
Derivative liabilities
(486)
(556)
Valuation techniques based on observable market input (Level 2)
11
192
Financial assets - other
333
249
Financial liabilities - other
(443)
(665)
Valuation techniques based on unobservable market input (Level 3)
(110)
(416)
Schedule of movements in level 3 measured on recurring basis The movements in level 3 liability instruments, measured on a recurring basis, are as follows:
 
Zacapa
financial
liability
Contingent
consideration
recognised on
acquisition of
businesses
Zacapa
financial
liability
Contingent
consideration
recognised on
acquisition of
businesses
2024
2024
2023
2023
$ million
$ million
re-presented
$ million
re-presented
$ million
At the beginning of the year
(274)
(391)
(261)
(449)
Net gains/(losses) included in the income statement
—
145
(10)
145
Net losses included in exchange in other comprehensive income
—
—
—
(4)
Net gains/(losses) included in retained earnings
73
—
(19)
—
Acquisitions
—
—
—
(92)
Settlement of liabilities
3
1
16
9
At the end of the year
(198)
(245)
(274)
(391)
Schedule of notional amounts, contractual maturities and rates of hedging instruments designated in hedging relationships by main risk categories Further to the foreign currency borrowings in net investment hedge relationships disclosed in note 16 (a), the notional amounts,
contractual maturities and rates of the hedging instruments designated in hedging relationships by the main risk categories are as
follows:
Notional amounts
$ million
Maturity
Range of hedged rates(1)
2024
Net investment hedges
Derivatives in net investment hedges of foreign operations
3,198
September 2024 - April 2043
sterling 0.53 - 0.78
euro 0.91 - 0.93
Chinese yuan 6.93 - 7.29
Foreign currency borrowings in net investment hedges
8,109
September 2024 - June 2038
sterling 0.76 - 0.82 
euro 0.89 - 0.94
Cash flow hedges
Derivatives in cash flow hedge (foreign currency debt)
2,747
September 2028 - June 2034
euro 0.89  -  0.90
Derivatives in cash flow hedge (foreign currency risk)
1,855
September 2024 -
December 2025
sterling 0.78 - 0.94
euro 0.87 - 0.93
Mexican peso 17.73 - 20.57
Derivatives in cash flow hedge (commodity price risk)
207
July 2024 - September 2025
Feed Wheat: 177.50 - 206.00 USD/Bu
Natural Gas: 0.86 - 1.40 USD/therm
Fair value hedges
Derivatives in fair value hedge (interest rate risk)
4,044
April 2025 - April 2030
EURIBOR 0.63 - 1.88%
SOFR 1.38 - 3.09%
(1) In case of derivatives in cash flow hedges (commodity price risk and foreign currency risk), the range of the most significant contract’s hedged rates are presented.
The below re-presented disclosures of the fiscal 23 sterling reporting currency group and the quoted rates are applicable to the risk
exposures observed by the group at the date of 30 June 2023. Accordingly, nominal amounts have been re-presented in US dollar,
without adjustments to rates achieved on hedges of exposures observed at the time. The change in functional currency at 1 July 2023
has fundamentally changed the group foreign currency exposures. This exposure set change resulted in a realignment of the group's
financial risk management hedge portfolio, but no change in overall risk management strategy.
Notional amounts
re-presented
$ million
Maturity
Range of hedged rates(1)
2023 (re-presented)
Net investment hedges
Derivatives in net investment hedges of foreign operations
803
July 2023
US dollar 1.27
Foreign currency borrowings in net investment hedges
12,584
September 2023 - March 2032
euro 1.07 - 1.37
Cash flow hedges
Derivatives in cash flow hedge (foreign currency debt)
1,100
September 2036 - April 2043
US dollar 1.60 - 1.88
Derivatives in cash flow hedge (foreign currency risk)
2,185
September 2023 -
December 2024
US dollar 1.05 - 1.33, Mexican peso 14.76
- 18.38
Derivatives in cash flow hedge (commodity price risk)
273
July 2023 - September 2024
Feed Wheat: 183.75 - 240.00 USD/Bu
LME Aluminium: 2,248 - 3,399 USD/Mt
Fair value hedges
Derivatives in fair value hedge (interest rate risk)
5,038
September 2023 - April 2030
EURIBOR(0.01) - 1.88%
SOFR 2.38 - 2.39%
USDLIBOR 1.38 - 3.09%
(1) In case of derivatives in cash flow hedges (commodity price risk and foreign currency risk), the range of the most significant contract’s hedged rates are presented.
Schedule of effectiveness and impacts of hedging relationships The following table sets out information regarding the effectiveness of hedging relationships designated by the group, as well as
the impacts on the income statement and other comprehensive income:
At the
beginning
of the year
$ million
Consolidated
income
statement
$ million
Consolidated
statement of
comprehensive
income
$ million
Other(2)
$ million
At the end
of the year
$ million
2024
Net investment hedges(1)
Derivatives in net investment hedges of foreign operations
—
22
(66)
411
367
Foreign currency borrowings in net investment hedges
(12,584)
—
(82)
4,557
(8,109)
Cash flow hedges(1)
Derivatives in cash flow hedge (foreign currency debt)
438
(152)
94
(412)
(32)
Derivatives in cash flow hedge (foreign currency risk)
232
203
(205)
(203)
27
Derivatives in cash flow hedge (commodity price risk)
(32)
(9)
22
10
(9)
Fair value hedges(1)
Derivatives in fair value hedge (interest rate risk)
(476)
100
—
—
(376)
Fair value hedge hedged item
469
(101)
—
—
368
Instruments in fair value hedge relationship
(7)
(1)
—
—
(8)
2023 (re-presented)
Net investment hedges(1)
Derivatives in net investment hedges of foreign operations
(1)
—
1
—
—
Foreign currency borrowings in net investment hedges
(10,558)
—
499
(2,525)
(12,584)
Cash flow hedges(1)
Derivatives in cash flow hedge (foreign currency debt)
444
(65)
90
(31)
438
Derivatives in cash flow hedge (foreign currency risk)
(93)
(20)
325
20
232
Derivatives in cash flow hedge (commodity price risk)
60
39
(107)
(24)
(32)
Fair value hedges(1)
Derivatives in fair value hedge (interest rate risk)
(342)
(113)
(21)
—
(476)
Fair value hedge hedged item
335
115
19
—
469
Instruments in fair value hedge relationship
(7)
2
(2)
—
(7)
(1) There was no significant ineffectiveness on net investment, cash flow hedges and fair value hedges during the years ended 30 June 2024 and 2023, accordingly the
fair value movement of the hedged items was materially similar and offsetting to the movement of the hedges.
(2)Other movements include cash flows on result of matured derivatives, notional of bonds designated in or de-designated from net investment hedge and reclassification
of hedging instruments between hedge portfolios.
Schedule of financial assets and liabilities The table below sets out the group’s accounting classification of each class of financial assets and liabilities:
Fair value
through income
statement
$ million
Assets and
liabilities at
amortised cost
$ million
Not categorised
as a financial
instrument
$ million
Total
$ million
Current
$ million
Non-current
$ million
2024
Other investments and loans(1)
333
59
—
392
—
392
Trade and other receivables
—
2,971
554
3,525
3,487
38
Cash and cash equivalents
—
1,130
—
1,130
1,130
—
Derivatives in cash flow hedge (foreign currency risk)
62
—
—
62
58
4
Derivatives in cash flow hedge (commodity price risk)
5
—
—
5
5
—
Derivatives in net investment hedge
386
—
—
386
17
369
Other instruments
275
—
—
275
275
—
Total other financial assets
728
—
—
728
355
373
Total financial assets
1,061
4,160
554
5,775
4,972
803
Borrowings(2)
—
(21,501)
—
(21,501)
(2,885)
(18,616)
Trade and other payables
(245)
(5,373)
(1,040)
(6,658)
(6,354)
(304)
Derivatives in fair value hedge (interest rate risk)
(376)
—
—
(376)
(16)
(360)
Derivatives in cash flow hedge (foreign currency debt)
(32)
—
—
(32)
—
(32)
Derivatives in cash flow hedge (foreign currency risk)
(35)
—
—
(35)
(14)
(21)
Derivatives in cash flow hedge (commodity price risk)
(14)
—
—
(14)
(14)
—
Derivatives in net investment hedge
(19)
—
—
(19)
(1)
(18)
Other instruments
(208)
—
—
(208)
(208)
—
Leases
—
(604)
—
(604)
(95)
(509)
Total other financial liabilities
(684)
(604)
—
(1,288)
(348)
(940)
Total financial liabilities
(929)
(27,478)
(1,040)
(29,447)
(9,587)
(19,860)
Total net financial assets/(liabilities)
132
(23,318)
(486)
(23,672)
(4,615)
(19,057)
2023 (re-presented)
Other investments and loans(1)
249
38
2
289
—
289
Trade and other receivables
—
2,815
651
3,466
3,427
39
Cash and cash equivalents
—
1,813
—
1,813
1,813
—
Derivatives in cash flow hedge (foreign currency debt)
438
—
—
438
—
438
Derivatives in cash flow hedge (foreign currency risk)
243
—
—
243
186
57
Derivatives in cash flow hedge (commodity price risk)
2
—
—
2
2
—
Other instruments
249
—
—
249
249
—
Leases
—
2
—
2
—
2
Total other financial assets
932
2
—
934
437
497
Total financial assets
1,181
4,668
653
6,502
5,677
825
Borrowings(2)
—
(20,791)
—
(20,791)
(2,142)
(18,649)
Trade and other payables
(391)
(5,634)
(1,116)
(7,141)
(6,678)
(463)
Derivatives in fair value hedge (interest rate risk)
(476)
—
—
(476)
(8)
(468)
Derivatives in cash flow hedge (foreign currency risk)
(11)
—
—
(11)
(9)
(2)
Derivatives in cash flow hedge (commodity price risk)
(34)
—
—
(34)
(33)
(1)
Other instruments
(309)
—
—
(309)
(309)
—
Leases
—
(564)
—
(564)
(94)
(470)
Total other financial liabilities
(830)
(564)
—
(1,394)
(453)
(941)
Total financial liabilities
(1,221)
(26,989)
(1,116)
(29,326)
(9,273)
(20,053)
Total net financial liabilities
(40)
(22,321)
(463)
(22,824)
(3,596)
(19,228)
(1)Other investments and loans include those in respect of associates.
(2)Borrowings are defined as gross borrowings excluding lease liabilities and the fair value of derivative instruments.