28. Net debt (non-GAAP measure)
(a) Analysis by nature
2022 US$m | 2021 (Restated) (Note 6) US$m | |
Cash and cash equivalents (net of overdrafts) | 176 | 170 |
Debt due within one year – commercial paper | — | (25) |
Debt due within one year – bonds and notes | — | (554) |
Debt due within one year – lease obligations | (53) | (56) |
Debt due after more than one year – bonds and notes | (3,903) | (3,526) |
Debt due after more than one year – bank loans | (2) | (2) |
Debt due after more than one year – lease obligations | (126) | (144) |
Derivatives hedging loans and borrowings | (42) | 111 |
(3,950) | (4,026) |
(b) Analysis by balance sheet caption
2022 US$m | 2021 (Restated) (Note 6) US$m | |
Cash and cash equivalents | 179 | 180 |
Current borrowings | (57) | (655) |
Non-current borrowings | (4,039) | (3,682) |
Borrowings | (4,096) | (4,337) |
Total of Group balance sheet line items | (3,917) | (4,157) |
Accrued interest reported within borrowings excluded from Net debt | 9 | 20 |
Derivatives reported within Other financial assets | 20 | 117 |
Derivatives reported within Other financial liabilities | (62) | (6) |
(3,950) | (4,026) |
(c) Analysis of movements in Net debt
Derivatives hedging loans and borrowings US$m | Current borrowings US$m | Non-current borrowings US$m | Liabilities from financing activities US$m | Accrued interest US$m | Cash and cash equivalents US$m | Net debt (Restated) (Note 6) US$m | |
At 1 April 20211 | 111 | (655) | (3,682) | (4,226) | 20 | 180 | (4,026) |
Cash flow | 16 | 56 | 1 | 73 | — | (35) | 38 |
Borrowings cash flow | — | 583 | (571) | 12 | — | — | 12 |
Reclassification of borrowings | — | (45) | 45 | — | — | — | — |
Net interest paid | — | — | — | — | — | 121 | 121 |
Movement on accrued interest | — | 11 | — | 11 | (11) | — | — |
Net cash flow | 16 | 605 | (525) | 96 | (11) | 86 | 171 |
Non-cash lease obligation additions and disposals | — | (8) | (27) | (35) | — | — | (35) |
Principal lease payments | — | — | — | — | — | 57 | 57 |
Net share purchases | — | — | — | — | — | (149) | (149) |
Additions through business combinations | — | (2) | — | (2) | — | — | (2) |
Fair value gains/(losses) | (65) | 4 | 40 | (21) | — | — | (21) |
Exchange and other movements | (104) | (1) | 155 | 50 | — | 5 | 55 |
At 31 March 2022 | (42) | (57) | (4,039) | (4,138) | 9 | 179 | (3,950) |
Derivatives hedging loans and borrowings US$m | Current borrowings US$m | Non-current borrowings US$m | Liabilities from financing activities US$m | Accrued interest US$m | Cash and cash equivalents US$m | Net debt (Restated) (Note 6) US$m | |
At 1 April 2020 | 35 | (498) | (3,916) | (4,379) | 5 | 277 | (4,097) |
Cash flow | (54) | 56 | — | 2 | — | (276) | (274) |
Borrowings cash flow | — | 424 | (98) | 326 | — | — | 326 |
Reclassification of borrowings | — | (558) | 558 | — | — | — | — |
Net interest paid | — | — | — | — | — | 115 | 115 |
Movement on accrued interest | — | (1) | (14) | (15) | 15 | — | — |
Net cash flow | (54) | (79) | 446 | 313 | 15 | (161) | 167 |
Non-cash lease obligation additions and disposals | — | (15) | (34) | (49) | — | — | (49) |
Principal lease payments | — | — | — | — | — | 56 | 56 |
Net share purchases | — | — | — | — | — | 19 | 19 |
Additions through business combinations | — | (3) | (16) | (19) | — | — | (19) |
Fair value gains | 10 | 3 | 31 | 44 | — | — | 44 |
Exchange and other movements | 120 | (63) | (193) | (136) | — | (11) | (147) |
At 31 March 20211 | 111 | (655) | (3,682) | (4,226) | 20 | 180 | (4,026) |
1 Following the implementation of IFRS 16, we have reviewed emerging practice and have updated our definition of Net debt to include lease obligations. The comparative position has been revised to include lease liabilities, net of accrued interest, of US$200m. Lease obligation disposals in the year ended 31 March 2021 of US$8m, previously reported within exchange and other movements, are now recorded within non-cash lease obligation additions and disposals.