Summary of Net Debt Balance and Gearing Ratio


	2025						2024
US$M	Current			Non-current			Current			Non-current
Interest bearing liabilities
Bank loans		40			3,691			540			2,070
Notes and debentures		1,316			16,337			848			14,084
Lease liabilities		641			2,312			686			2,430
Bank overdraft and short-term borrowings		1			–			3			–
Other		20			138			7			50

Total interest bearing liabilities		2,018			22,478			2,084			18,634

Less: Lease liability associated with index-linked freight contracts		185			148			267			244

Less: Cash and cash equivalents
Cash		7,244			–			8,150			–
Short-term deposits		4,650			–			4,351			–

Less: Total cash and cash equivalents		11,894			–			12,501			–

Less: Derivatives included in net debt
Net debt management related instruments 1		13			(608	)		(171	)		(1,224	)
Net cash management related instruments 2		(60	)		–			(19	)		–

Less: Total derivatives included in net debt		(47	)		(608	)		(190	)		(1,224	)

Net debt					12,924						9,120

Net assets					52,218						49,120

Gearing					19.8	%					15.7	%

1	Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current other financial assets and liabilities.

2	Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities.

Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts

The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows:


2025 US$M	Bank loans, debentures and other loans		Expected future interest payments		Derivatives related to debentures		Other financial liabilities		Obligations under lease liabilities 1		Trade and other payables 2		Total
Due for payment:
In one year or less or on demand		1,380		1,062		129		214		787		6,547		10,119
In more than one year but not more than two years		1,757		960		56		82		603		11		3,469
In more than two years but not more than five years		7,316		2,267		151		253		938		19		10,944
In more than five years		11,959		4,751		1,229		–		1,665		3		19,607

Total		22,412		9,040		1,565		549		3,993		6,580		44,139

Carrying amount		21,543		–		1,056		522		2,953		6,580		32,654


2024 US$M	Bank loans, debentures and other loans		Expected future interest payments		Derivatives related to debentures		Other financial liabilities		Obligations under lease liabilities 1		Trade and other payables 2		Total
Due for payment:
In one year or less or on demand		1,402		884		485		333		836		6,618		10,558
In more than one year but not more than two years		1,362		827		171		67		591		15		3,033
In more than two years but not more than five years		4,960		1,923		377		233		1,012		27		8,532
In more than five years		10,999		4,784		1,131		163		1,761		3		18,841

Total		18,723		8,418		2,164		796		4,200		6,663		40,964

Carrying amount		17,602		–		1,513		758		3,116		6,663		29,652

1	Lease liabilities due for payment in more than five years includes US$820 million (2024: US$738 million) due for payment in more than ten years.

2	Excludes input taxes of US$90 million (2024: US$101 million) included in other payables.

Statement [Line Items]