Notes to the Financial Statements Note 11: Financial Risk Management continued Contractual payments due as at 30 June 1 year or less US$m Between 1 year and 5 years US$m Over 5 years US$m Total US$m Weighted average interest rate % 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Trade and other payables (non-interest bearing) 2,301.2 2,089.4 – – – – 2,301.2 2,089.4 – – Bank borrowings – unsecured (floating rates)13 62.7 31.2 – 36.4 – – 62.7 67.6 2.0% 1.8% Bank borrowings – unsecured (fixed rates) 38.8 38.1 149.4 148.7 27.7 40.8 215.9 227.6 1.0% 1.0% Bank overdraft – unsecured (floating rates)13 102.0 78.7 – – – – 102.0 78.7 – – Senior unsecured notes (fixed rates) 358.8 350.7 1,771.8 1,343.6 1,964.5 2,768.7 4,095.1 4,463.0 2.8% 2.8% Senior unsecured 144A notes (fixed rates)14 177.4 – 1,209.5 – 6,153.6 – 7,540.5 – 4.1% – Senior unsecured notes (floating rates)13 12.6 5.0 506.3 507.6 – – 518.9 512.6 2.5% 1.0% Lease liabilities (fixed rates) 79.2 108.7 283.3 365.1 1,011.9 1,095.6 1,374.4 1,569.4 3.0% 2.9% Other borrowings (fixed rates) 7.3 7.4 4.4 5.6 5.7 6.1 17.4 19.1 5.1% 5.2% 3,140.0 2,709.2 3,924.7 2,407.0 9,163.4 3,911.2 16,228.1 9,027.4 13 F loating interest rates represent the most recently determined rate applicable to the instrument at balance sheet date. All interest rates on floating rate financial assets and liabilities are subject to reset within the next six months. 14 C ontractual maturities of financial liabilities excludes the mandatory redemption feature included within the 144A senior unsecured notes. Refer to Note 11(d) for detail regarding this redemption feature. Available debt facilities As at 30 June 2022, the Group had the following available interest-bearing liabilities and borrowings (undiscounted and excludes bank overdrafts and lease liabilities): Unsecured • Five revolving committed bank facilities totalling US$1,604.0m, which includes US$1,542.5m in undrawn available funds • Senior unsecured notes in the US private placement market totalling US$3,435.0m • Senior unsecured notes in the 144A US private placement market totalling US$4,000.0m • Unsecured notes in the Hong Kong market (“QDI”) totalling US$500.0m • Commercial paper program totalling US$750.0mwhich remains undrawn and available • Bank facility (“KFW”) totalling US$216.3m In addition to the above, the Group entered into US$2,500.0m in bilateral credit facilities (floating rate) inMay 2022 with proceeds restricted to the acquisition of Vifor (Note 2). Subsequent to 30 June 2022, the Group has completed the acquisition of Vifor (Note 2) and has drawn down the available $2,500.0m in August 2022. Secured • Other secured borrowings totalling US$13.1m The Group is in compliance with all debt covenants as at 30 June 2022. e. Fair value of financial assets and financial liabilities The carrying value of financial assets and liabilities is materially the same as the fair value. The following methods and assumptions were used to determine the net fair values of financial assets and liabilities. Cash The carrying value of cash equals fair value, due to the liquid nature of cash. Receivables, contract assets and payables Carrying value of receivables, contract assets and payables with a remaining life of less than one year is deemed to equal fair value. Other financial assets Other financial assets includes equity securities carried at fair value through other comprehensive income which are not held for trading. The publicly traded securities held in connection with the acquisition of Vifor (refer to Note 2 and Note 12(b)) are measured at fair value calculated based on quoted prices (unadjusted) in an active market. Interest-bearing liabilities Fair value is calculated based on the discounted expected principal and interest cash flows, using rates currently available for debt of similar terms, credit risk and remaining maturities. CSL Limited Annual Report 2021/22 124
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