Notes to the Financial Statements d. Funding and Liquidity Risk The following chart summarises the Group's maturity profile of debt on an undiscounted basis by facility (US$m). US$m Private Placement QDI Bank and Other Borrowings 144A FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY38 FY42 FY52 FY54 FY62 0 250 500 750 1000 1250 1500 The following table analyses the Group’s interest-bearing liabilities and borrowings: 2026 2025 Interest-bearing liabilities and borrowings US$m US$m Current Bank and other borrowings – unsecured 39 282 Senior notes – unsecured 464 413 Senior 144A notes – unsecured 500 — Lease liabilities 139 109 1,142 804 Non-current Bank and other borrowings – unsecured 1,424 1,222 Senior notes – unsecured 2,245 2,713 Senior 144A notes – unsecured 4,711 5,206 Lease liabilities 1,374 1,553 9,754 10,694 Interest-bearing liabilities and borrowings Interest-bearing liabilities and borrowings are recognised initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, interest-bearing liabilities and borrowings are stated at amortised cost, with any difference between the proceeds (net of transaction costs) and the redemption value recognised in the statement of comprehensive income over the period of the borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Lease liabilities The Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses the incremental borrowing rate of the lessee at the lease commencement date. The lease payments include fixed payments (including in-substance fixed payments, extension and purchase option reasonably certain to be exercised) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. 116 116 Financial Report
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