v3.26.1
Financial instruments and risk management (Tables)
 12 Months Ended
Jun. 30, 2026
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: 
2026
2025
$ million
$ million
Fixed rate
18,547
19,051
Floating rate(1)
1,368
2,289
Impact of financial derivatives and fair value
adjustments
(118)
(139)
Lease liabilities
685
653
Net borrowings
20,482
21,854
(1)The floating rate portion of net borrowings includes cash and cash equivalents, 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
2026
$ million
2025
$ million
2024
$ million
2026
%
2025
%
2024
%
21,684
21,540
21,034
3.9
4.1
4.3
(i)For this calculation, net interest charge includes interest capitalised and 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. The sensitivity analysis
excludes the impact of market risk on the net post-employment benefit assets and
liabilities, and corporate tax payable. The results of the sensitivity analysis
should not be considered as projections of likely future events as actual gains or
losses in the future may differ materially due to fluctuations in interest and
exchange rates to vary from the hypothetical amounts disclosed in the table
below. 
Impact on income
statement
gain/(loss)
Impact on consolidated
comprehensive income
gain/(loss)(1)
2026
$ million
2025
$ million
2026
$ million
2025
$ million
0.5% decrease in interest rates
24
30
28
38
0.5% increase in interest rates
(23)
(29)
(27)
(37)
10% weakening of US dollar
(33)
(46)
(491)
(1,049)
10% strengthening of US dollar
26
37
411
867
(1)The impact on the consolidated statement of comprehensive income includes the impact
on the income statement.
Schedule of derivative financial instruments
Gross
amount
$ million
Right of
asset offset
$ million
Right of
liability
offset
$ million
Net amount
$ million
2026
Derivative financial assets
656
(210)
(67)
379
Derivative financial liabilities
(342)
210
67
(65)
2025
Derivative financial assets
733
(147)
(72)
514
Derivative financial liabilities
(275)
147
72
(56)
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
2026
Borrowings(1)(2)(3)
(3,349)
(5,449)
(4,926)
(13,189)
(26,913)
(21,733)
Leases(3)
(141)
(207)
(142)
(326)
(816)
(685)
Trade and other financial liabilities(4)
(5,451)
(130)
(17)
(4)
(5,602)
(5,353)
Non-derivative financial liabilities
(8,941)
(5,786)
(5,085)
(13,519)
(33,331)
(27,771)
Derivative financial instruments
Receivable
6,684
3,449
515
6,429
17,077
Payable
(6,719)
(3,531)
(543)
(6,065)
(16,858)
Derivative instruments(2)(5)
(35)
(82)
(28)
364
219
302
2025
Borrowings(1)(2)(3)
(3,873)
(5,970)
(5,392)
(14,398)
(29,633)
(24,100)
Leases(3)
(137)
(198)
(136)
(306)
(777)
(653)
Trade and other financial liabilities(4)
(5,912)
(165)
(16)
(23)
(6,116)
(6,039)
Non-derivative financial liabilities
(9,922)
(6,333)
(5,544)
(14,727)
(36,526)
(30,792)
Derivative financial instruments
Receivable
7,715
1,718
1,153
5,099
15,685
Payable
(7,702)
(1,741)
(1,184)
(4,596)
(15,223)
Derivative instruments(2)(5)
13
(23)
(31)
503
462
438
(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 payables is included within interest payable in note 15.
(3)Including both principal and interest. 
(4)Primarily consists of trade and other payables that meet the definition of financial liabilities under IAS 32. 
(5)Derivative financial instruments consist of foreign currency swaps and forwards, cross currency swaps, interest rate swaps and commodity trades.
Schedule of available undrawn committed bank facilities The group had available undrawn committed bank facilities as follows:
2026
$ million
2025
$ million
Expiring within one year
1,063
1,040
Expiring after one year
3,500
2,460
4,563
3,500
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:
2026
$ million
2025
$ million
Derivative assets
656
733
Derivative liabilities
(342)
(275)
Valuation techniques based on observable market input (Level 2)
314
458
Financial assets - other
51
75
Financial liabilities - other
(140)
(226)
Valuation techniques based on unobservable market input (Level 3)
(89)
(151)
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:
Financial
liabilities - other
(level 3)
Financial
liabilities - other
(level 3)
2026
$ million
2025
$ million
At the beginning of the year
(226)
(443)
Net gains included in the income statement
81
140
Net gains/(losses) included in exchange in other comprehensive income
2
(8)
Net (losses)/gains included in retained earnings
(10)
89
Acquisitions
—
(12)
Settlement of liabilities
13
8
At the end of the year
(140)
(226)
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
2026
Net investment hedges
Derivatives in net investment hedges of foreign operations
1,704
August 2026 - October 2027
Canadian dollar 1.32 - 1.45
Chinese yuan 6.62 - 7.29
Indian rupees 94.34
Foreign currency borrowings in net investment hedges
5,465
June 2029 - August 2044
sterling 0.73 - 0.76 
euro 0.86 - 0.87
Cash flow hedges
Derivatives in cash flow hedge (foreign currency debt)(1)
4,684
October 2027 - June 2034
euro 0.87 - 0.90
sterling 0.74 - 0.75
Derivatives in cash flow hedge (foreign currency risk)(2)
1,489
September 2026 - August 2028
sterling 0.73 - 0.81
Mexican peso 17.95 - 23.69
Derivatives in cash flow hedge (commodity price risk)(2)
223
July 2026 - September 2028
Wheat: 180.00 - 200.00 GBP/Mt
Natural Gas: 0.60 - 0.93 GBP/therm
Fair value hedges
Derivatives in fair value hedge(3)
4,248
March 2027 - June 2038
EURIBOR 1.93 - 1.94%
SOFR 0.00 - 1.61%
SONIA 0.00 - 0.14%
2025
Net investment hedges
Derivatives in net investment hedges of foreign operations
2,255
August 2025 - October 2027
euro 0.84 - 0.85
Canadian dollar 1.29 - 1.48
Chinese yuan 6.93 - 7.29
Foreign currency borrowings in net investment hedges
9,561
May 2026 - August 2044
sterling 0.75 - 0.82 
euro 0.86 - 0.94
Cash flow hedges
Derivatives in cash flow hedge (foreign currency debt)(1)
2,873
September 2028 - June 2034
euro 0.89 - 0.90
Derivatives in cash flow hedge (foreign currency risk)(2)
1,586
September 2025 - January 2028
sterling 0.74 - 0.81
Mexican peso 17.73 - 23.69
Derivatives in cash flow hedge (commodity price risk)(2)
275
July 2025 - June 2027
Aluminium: 2,426.00 - 2,693.50 USD/Mt
Natural Gas: 0.74 - 1.38 GBP/therm
Fair value hedges
Derivatives in fair value hedge(3)
4,229
September 2025 - April 2035
EURIBOR 1.93 - 1.94% 
SOFR 0.27 - 1.61%
(1)For cash flow hedges in respect of foreign currency debt, the notional amount of hedged items recognised in the consolidated balance sheet equals the notional value of the hedging
instruments at 30 June 2026 and is included within borrowings. Exchange retranslation and the interest on the hedged bonds are expected to offset those on the cross currency swaps in
the income statement in each of the years.
(2)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.
(3)In case of derivatives in fair value hedges, the range of the floating interest rates of the derivatives 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:
Other comprehensive income
At the
beginning
of the year
$ million
Consolidated
income
statement
$ million
Recognised in
other
comprehensive
income
$ million
Recycled to
income
statement
$ million
Other(2)
$ million
At the end
of the year
$ million
2026
Net investment hedges(1)
Derivatives in net investment hedges of foreign operations(3)
(17)
24
(34)
(9)
6
(30)
Foreign currency borrowings in net investment hedges
(9,561)
(7)
221
7
3,875
(5,465)
Cash flow hedges(1)
Derivatives in cash flow hedge (foreign currency debt)
185
(126)
(113)
126
16
88
Derivatives in cash flow hedge (foreign currency risk)
103
74
58
(78)
(74)
83
Derivatives in cash flow hedge (commodity price risk)
(8)
(8)
21
8
11
24
Fair value hedges(1)
Derivatives in fair value hedge (interest rate risk)
(210)
11
—
—
—
(199)
Borrowings in fair value hedge
205
(9)
—
—
—
196
Instruments in fair value hedge relationship
(5)
2
—
—
—
(3)
2025
Net investment hedges(1)
Derivatives in net investment hedges of foreign operations
367
44
24
(26)
(426)
(17)
Foreign currency borrowings in net investment hedges
(8,109)
—
(768)
—
(684)
(9,561)
Cash flow hedges(1)
Derivatives in cash flow hedge (foreign currency debt)
(32)
230
161
(230)
56
185
Derivatives in cash flow hedge (foreign currency risk)
27
54
144
(68)
(54)
103
Derivatives in cash flow hedge (commodity price risk)
(9)
(19)
(20)
19
21
(8)
Fair value hedges(1)
Derivatives in fair value hedge (interest rate risk)
(376)
166
—
—
—
(210)
Borrowings in fair value hedge
368
(163)
—
—
—
205
Instruments in fair value hedge relationship
(8)
3
—
—
—
(5)
(1)There was no significant ineffectiveness on net investment, cash flow and fair value hedges during the years ended 30 June 2026 and 2025, accordingly the fair value movement of the
hedged items was materially similar and offsetting 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 hedges and reclassification of hedging
instruments between hedge portfolios and de-designation of hedging instruments.
(3)In respect of derivatives in net investment hedges, in the year ended 30 June 2026 a loss of $22 million (2025 - $77 million) was recognised in net investment hedge reserve, a loss of $12
million (2025 - a gain of $101 million) was recognised in cost of hedging and a gain of $9 million (2025 - a gain of $26 million) was transferred out of other comprehensive income to
other finance charge.
Schedule of financial assets and liabilities The table below sets out the group’s accounting classification of each class of financial assets and liabilities: 
2026
2025
Category
Current
$ million
Non-current
$ million
Total
$ million
Current
$ million
Non-current
$ million
Total
$ million
Other investments and loans(1)
a/b
—
53
53
—
76
76
Trade and other receivables(2)
b/c
3,277
64
3,341
3,504
38
3,542
Cash and cash equivalents
b
1,520
—
1,520
2,200
—
2,200
Derivatives
a
150
506
656
118
615
733
Mutual fund
b
261
7
268
318
8
326
Receivable from share trusts
b
86
—
86
88
—
88
Total other financial assets
497
513
1,010
524
623
1,147
Total financial assets
5,294
630
5,924
6,228
737
6,965
Borrowings(3)
b
(2,449)
(19,062)
(21,511)
(2,928)
(20,820)
(23,748)
Trade and other payables(2)
b/c
(6,425)
(150)
(6,575)
(6,952)
(192)
(7,144)
Derivatives
a
(113)
(229)
(342)
(65)
(210)
(275)
Put option
a
(112)
—
(112)
(101)
—
(101)
Leases
b
(118)
(567)
(685)
(112)
(541)
(653)
Total other financial liabilities
(343)
(796)
(1,139)
(278)
(751)
(1,029)
Total financial liabilities
(9,217)
(20,008)
(29,225)
(10,158)
(21,763)
(31,921)
Total net financial liabilities
(3,923)
(19,378)
(23,301)
(3,930)
(21,026)
(24,956)
(1)Other investments and loans include those in respect of associates. Out of the total balance, $51 million (2025 - $75 million) is measured at fair value through profit or loss and $2
million (2025 - $1 million) at amortised cost. 
(2)Trade receivables comprise $2,922 million (2025 - $3,120 million) measured at amortised cost and $419 million (2025 - $422 million) relating to items not categorised as financial
instruments. Trade payables include balances measured at amortised cost of $5,572 million (2025 - $5,979 million), at fair value through profit or loss of $28 million (2025 - $125
million) and item not categorised as financial instruments of $975 million (2025 - $1,040 million).
(3)Borrowings are defined as gross borrowings excluding lease liabilities and the fair value of derivative instruments. 
a.Financial instruments at fair value through profit or loss.
b.Financial instruments measured at amortised cost.
c.Not categorised as a financial instrument.