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 % 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Trade and other payables (non-interest bearing) 2,947 2,301 – – – – 2,947 2,301 – – Bank overdraft – unsecured (floating rates)18 39 102 – – – – 39 102 – – Bank borrowings – unsecured (floating rates)18 661 63 2,192 – – – 2,853 63 5.5% 2.0% Bank borrowings – unsecured (fixed rates) 40 39 127 149 17 28 184 216 1.0% 1.0% Senior notes – unsecured (floating rates)18 13 13 518 506 – – 531 519 5.9% 2.5% Senior notes – unsecured (fixed rates) 450 359 1,602 1,772 1,660 1,965 3,712 4,096 2.8% 2.8% Senior 144A notes – unsecured (fixed rates)19 177 177 1,187 1,210 5,968 6,154 7,332 7,541 4.1% 4.1% Lease liabilities (fixed rates) 105 86 309 288 1,296 1,018 1,710 1,392 3.6% 3.0% 4,432 3,140 5,935 3,925 8,941 9,165 19,308 16,230 18 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 liabilities are subject to reset within the next six months. 19 Contractual payments due within 1 year from 30 June 2023 related to the senior unsecured 144A notes represents interest payments only. Available debt facilities As at 30 June 2023, the Group had the following available debt facilities (undiscounted and excludes bank overdrafts and lease liabilities): • Five revolving committed bank facilities totalling $1,604m, which includes $1,551m in undrawn funds (2022: $1,604m which included $1,543m in undrawn funds) • Bilateral credit facility restricted to the acquisition of CSL Vifor (Note 2) totalling $2,500m (2022: $2,500m undrawn) • Senior unsecured notes in the the US private placement market totalling $3,217m (2022: $3,435m) • Senior unsecured notes in the 144A US private placement market totalling $4,000m (2022: $4,000m) • Senior unsecured notes in the Hong Kong market (QDI) totalling $500m (2022: $500m) • Commercial paper program totalling US$750m undrawn (2022: $750m undrawn) • Other bank facilities totalling $262m (2022: $216m) The Group is in compliance with all debt covenants as at 30 June 2023. e. Fair value of financial assets and financial liabilities The carrying value of financial assets and liabilities approximates fair value, with the exception of the Group’s fixed interest rate debt. The following methods and assumptions were used to determine the 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 (publicly traded securities) carried at fair value through OCI (FVTOCI) which are not held for trading. The value of the publicly traded securities depends on the share price quoted on the corresponding stock exchange. Other financial assets also includes investments in venture funds which are not publicly traded carried at fair value through the profit or loss (FVTPL). The value of the venture funds depends on the net asset value of the underlying investments and not directly on a share index. Interest-bearing and other financial liabilities The carrying amount of the interest-bearing liabilities approximates the fair value, with the exception of the Group’s fixed interest rate debt. At 30 June 2023, the total fixed rate debt (excluding lease liabilities) has a carrying amount of $7,353m (FY22: $7,605m) and a fair value of $6,684m (FY22: $7,300m). 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. The Group also has foreign currency loans payable that have been designated as a cash flow hedge against forecast sale transactions in foreign currency. An effective hedge is one that meets certain criteria. Gains or losses on the cash flow hedge that relate to the effective portion of the hedge are recognised in equity. Gains or losses relating to the ineffective portion, if any, are recognised in the profit or loss. Other financial liabilities also includes contingent consideration liabilities from business combinations. CSL Limited Annual Report 2022/23 144
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