Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration report
Financial statements
Sustainability supplement
Security holder information
Section B: Notes to the Group financial statements for the year ended 30 June 2022
Section B: Notes to the Group financial statements for the year ended 30 June 2022
B15 Derivatives and financial risk management (continued) Liquidity risk (continued) Contractual maturities of financial liabilities The amounts disclosed in the following table are the contractual undiscounted cash flows of the Group’s financial liabilities.
Total contractual cash flows
2022
1 year or less
Over 1 to 2 years
Over 2 to 3 years
Over 3 to 4 years
Over 4 to 5 years
Over 5 years
Carrying amount
$M Trade payables
463
—
—
—
—
—
463
463
Borrowings
1,434
893
2,105
2,866
1,827
11,572
20,697
17,643
Interest rate swaps 1,2
(14)
(49)
(37)
(32)
(28)
(101)
(261)
(214) (580)
Cross-currency interest rate swaps 1,3 Power purchase agreements Concession and promissory notes
196
186
186
150
118
318
1,154
(3)
(3)
(2)
(6)
(5)
4
(15)
(14)
— 17
— 17
— 19
— 19
— 20
629
629 160 361
140 131 260
Lease liabilities Other liabilities
68
213
4
4
5
5
130
Total
2,306
1,048
2,275
3,002
1,937
12,620
23,188
17,829
Total contractual cash flows
2021
1 year or less
Over 1 to 2 years
Over 2 to 3 years
Over 3 to 4 years
Over 4 to 5 years
Over 5 years
Carrying amount
$M Trade payables
397
—
—
—
—
—
397
397
Borrowings
1,015
1,483
1,108
2,135
2,716
12,790
21,247
17,831
Interest rate swaps 1,2
66
48
32
19
9
26
200
187 367 133 141 133
Cross-currency interest rate swaps 1,3 Concession and promissory notes
210
209
198
198
163
474 601
1,452
— 16 86
— 16
— 17
— 19
— 19
601 174 243
Lease liabilities Other liabilities
87
4
4
5
5
139
Total
1,790
1,760
1,359
2,376
2,912
14,117
24,314
19,189
1. The carrying value of the interest rate and cross-currency interest rate swaps are presented on a net basis. The gross position is disclosed in the first table of Note B15. 2. Cash flows have been estimated using forward interest rates at the end of the reporting period. 3. Cash flows have been estimated using spot translation rates at the end of the reporting period. Capital management The Group's objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital, so that it can continue to provide returns to security holders and benefits for other stakeholders. Fair value measurements The carrying amount of the Group’s financial assets and liabilities approximate their fair value. With current borrowings, this is due to the interest payable being close to current market rates or the borrowings are of a short-term nature. The fair values of non-current borrowings are determined based on discounted cash flows using a current borrowing rate. They are classified as level 2 fair values in the fair value hierarchy due to the use of observable inputs. Fair value is categorised within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement as a whole: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2—inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and • Level 3—inputs for the asset or liability that are not based on observable market data (unobservable inputs). All of the Group’s financial instruments measured, recognised and disclosed at fair value are valued using market observable inputs (level 2), except for the Financial PPAs (level 3).
163 163
Made with FlippingBook Annual report maker