Note 10: Financial Risk Management continued Subsequent to initial recognition, lease liabilities are measured at amortised cost. Lease liabilities are remeasured if there is a modification, such as a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Contractual maturities of financial liabilities The following table categorises the financial liabilities into relevant maturity periods, taking into account the remaining period at the reporting date and the contractual maturity date. The weighted average contractual maturity date and interest rate of interest bearing liabilities (excluding lease liabilities) as at 30 June 2024 is 11 years and 4.2% respectively (2023: 9 years and 4.1%). The amounts disclosed represent principal and interest cash flows, so they may differ from the equivalent reported amounts in the balance sheet. Contractual payments due as at 30 June 1 year or less Between 1 year and 5 years Over 5 years Total Weighted average interest rate US$m US$m US$m US$m % 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Trade and other payables (non-interest bearing) 3,345 2,947 — — — — 3,345 2,947 — — Bank overdraft – unsecured (floating rates) 14 39 — — — — 14 39 — — Bank borrowings – unsecured (floating rates) 623 661 1,313 2,192 — — 1,936 2,853 5.6% 5.5% Bank borrowings – unsecured (fixed rates) 39 40 92 127 11 17 142 184 1.0% 1.0% Senior notes – unsecured (floating rates) 31 13 514 518 — — 545 531 6.2% 5.9% Senior notes – unsecured (fixed rates) 337 450 1,501 1,602 1,419 1,660 3,257 3,712 2.8% 2.8% Senior 144A notes – unsecured (fixed rates) 232 177 1,881 1,187 7,641 5,968 9,754 7,332 4.4% 4.1% Lease liabilities (fixed rates) 96 105 314 309 1,254 1,296 1,664 1,710 3.7% 3.6% 4,717 4,432 5,615 5,935 10,325 8,941 20,657 19,308 Available debt facilities As at 30 June 2024, the Group had the following available debt facilities (undiscounted and excludes bank overdrafts): • Revolving committed bank facilities totalling $1,844m, which included $1,786m in undrawn funds (2023: $1,604m which included $1,551m in undrawn funds) • Bilateral credit facilities totalling $1,768m, fully drawn (2023: $2,500m fully drawn) • Senior unsecured notes in the the US private placement market totalling $2,845m (2023: $3,217m) • Senior unsecured notes in the 144A US private placement market totalling $5,250m (2023: $4,000m) • Senior unsecured notes in the Hong Kong market (QDI) totalling $500m (2023: $500m) • Commercial paper program totalling $750m undrawn (2023: $750m undrawn) • Other bank facilities totalling $138m (2023: $262m) The Group is in compliance with all debt covenants as at 30 June 2024. 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 and cash equivalents Cash and cash equivalents are held for the purpose of meeting short term cash commitments rather than for investment or other purposes. They are made up of cash on hand, at call deposits with bank or financial institutions and investments in money market instruments that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. The carrying value of cash and cash equivalents 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. 130 Notes to the Financial Statements Limited Annual Report 2023/24
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