Potential impairments/(reversal of impairments) resulting from changes in key assumptions | |||||||
US$ million | Capital employed1 | Discount rate2 | Short-to long-term price assumptions | Decrease/(increase) in price of 10%3 | Increase/(decrease) in discount rate of 1% | ||
Cash-generating unit | |||||||
Mt Isa zinc | 656 | 11.8% | Zn: 2,476 - 2,700 | 382 | (345) | 60 | (67) |
KCC copper/cobalt | 3,773 | 15.8% | Cu: 8,196 - 8,500 | 931 | \u2013 | 183 | \u2013 |
Co4: 20,668 - 37,203 | 304 | \u2013 | |||||
Coal South Africa | 1,845 | 10.1% | API4: $118/t flat | 505 | \u2013 | 79 | \u2013 |
Cash-generating unit | ||||||
US$ million | Thermal Australia | South Africa | Cerrej\u00f3n | Total thermal coal | Oil E&P | |
Base case assumptions in life of mine plan: | ||||||
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes)/ (million bbls) | 930 | 290 | 240 | 11 | ||
\u2013 projected year when 50% LOM tonnage / reserves depleted | 2031 | 2032 | 2028 | 2030 | 2025 | |
\u2013 projected year when 80% LOM tonnage / reserves depleted | 2038 | 2040 | 2031 | 2037 | 2026 | |
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms) | 128 | 118 | 105 | 65 | ||
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 10.1% | 10.9% | 11.1% | ||
Benchmark prices over LOM in selected scenarios ($/t, $/bbl): | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 | ||
\u2013 IEA SPS | 149 - 94 - 70 | 96 - 86 - 63 | 92 - 77 - 67 | 102 - 92 | ||
\u2013 IEA APS | 149 - 73 -50 | 96 - 67 - 43 | 92 - 78 - 49 | 100 - 80 | ||
\u2013 IEA NZE | 149 - 57 - 36 | 96 - 50 - 28 | 92 - 65 - 38 | 91 - 45 | ||
\u2013 CDS | n.a. | n.a. | n.a. | n.a. | ||
Carrying value of non-current capital employed as at 31 December 2023 | 6,857 | 1,845 | 1,117 | 9,819 | 122 | |
Impairment arising in selected scenarios: | ||||||
\u2013 IEA SPS | 1,000 | 1,300 | \u2013 | 2,300 | \u2013 | |
\u2013 IEA APS | 4,300 | 1,800 | 300 | 6,400 | \u2013 | |
\u2013 IEA NZE | 6,857 | 1,845 | 1,117 | 9,819 | 37 | |
\u2013 CDS1 | 8,274 | 1,995 | 2,227 | 12,496 | 208 | |
Breakdown of non-current capital employed as at 31 December 2023: | ||||||
Property, plant and equipment and intangible assets | 8,781 | 2,571 | 2,351 | 13,703 | 223 | |
Investments in associates and other investments | 504 | 25 | \u2013 | 529 | \u2013 | |
Deferred tax liabilities | (1,011) | (601) | (124) | (1,736) | (15) | |
Non-current provisions | (1,234) | (244) | (1,110) | (2,588) | (86) | |
Other non-current net assets/(liabilities) | (183) | 94 | \u2013 | (89) | \u2013 | |
Cash-generating unit | |||
US$ million | Steelmaking coal | Astron Energy | Coal marketing goodwill |
Base case assumptions in life of asset plan: | |||
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity ('000 bbls) | 81 | 100k bopd | n.a. |
\u2013 projected year when 50% LOA reserves depleted | 2028 | n.a. | n.a. |
\u2013 projected year when 80% LOA reserves depleted | 2033 | n.a. | n.a. |
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl | 241 | 10.9 - 13.7 | n.a. |
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 8.7% | n.a. |
\u2013 price to earnings multiple | 10x | ||
Percentage decrease to long-term pricing/PE multiples: | |||
\u2013 25% price / $1/bbl refining margin / 2x PE (20%) decrease | 181 | n.a. | 8x |
\u2013 30% price / $2/bbl refining margin / 4x PE (40%) decrease | 169 | n.a. | 6x |
Carrying value of non-current capital employed as at 31 December 2023 | 1,574 | 1,056 | 1,674 |
Impairment arising in selected scenarios: | |||
\u2013 25% price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease | 500 | 230 | \u2013 |
\u2013 30% price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease | 780 | 460 | \u2013 |
Breakdown of non-current capital employed as at 31 December 2023: | |||
Property, plant and equipment and intangible assets | 1,907 | 1,100 | 1,674 |
Investments in associates and other investments | 4 | 2 | |
Deferred tax liabilities | (70) | (18) | |
Non-current provisions | (267) | (4) | |
Other non-current net assets | \u2013 | (24) | |
Buildings | 10 \u2013 45 years |
Freehold land | not depreciated |
Plant and equipment | 3 \u2013 30 years/UOP |
Right-of-use assets | 2 \u2013 20 years |
Mineral and petroleum rights | UOP |
Deferred mining costs | UOP |
Port allocation rights | UOP |
Licences, trademarks and software | 3 \u2013 20 years |
Customer relationships | 5 \u2013 9 years |
Potential impairments/(reversal of impairments) resulting from changes in key assumptions | |||||||
US$ million | Capital employed1 | Discount rate2 | Short-to long-term price assumptions | Decrease/(increase) in price of 10%3 | Increase/(decrease) in discount rate of 1% | ||
Cash-generating unit | |||||||
Mt Isa zinc | 656 | 11.8% | Zn: 2,476 - 2,700 | 382 | (345) | 60 | (67) |
KCC copper/cobalt | 3,773 | 15.8% | Cu: 8,196 - 8,500 | 931 | \u2013 | 183 | \u2013 |
Co4: 20,668 - 37,203 | 304 | \u2013 | |||||
Coal South Africa | 1,845 | 10.1% | API4: $118/t flat | 505 | \u2013 | 79 | \u2013 |
Cash-generating unit | ||||||
US$ million | Thermal Australia | South Africa | Cerrej\u00f3n | Total thermal coal | Oil E&P | |
Base case assumptions in life of mine plan: | ||||||
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes)/ (million bbls) | 930 | 290 | 240 | 11 | ||
\u2013 projected year when 50% LOM tonnage / reserves depleted | 2031 | 2032 | 2028 | 2030 | 2025 | |
\u2013 projected year when 80% LOM tonnage / reserves depleted | 2038 | 2040 | 2031 | 2037 | 2026 | |
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms) | 128 | 118 | 105 | 65 | ||
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 10.1% | 10.9% | 11.1% | ||
Benchmark prices over LOM in selected scenarios ($/t, $/bbl): | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 | ||
\u2013 IEA SPS | 149 - 94 - 70 | 96 - 86 - 63 | 92 - 77 - 67 | 102 - 92 | ||
\u2013 IEA APS | 149 - 73 -50 | 96 - 67 - 43 | 92 - 78 - 49 | 100 - 80 | ||
\u2013 IEA NZE | 149 - 57 - 36 | 96 - 50 - 28 | 92 - 65 - 38 | 91 - 45 | ||
\u2013 CDS | n.a. | n.a. | n.a. | n.a. | ||
Carrying value of non-current capital employed as at 31 December 2023 | 6,857 | 1,845 | 1,117 | 9,819 | 122 | |
Impairment arising in selected scenarios: | ||||||
\u2013 IEA SPS | 1,000 | 1,300 | \u2013 | 2,300 | \u2013 | |
\u2013 IEA APS | 4,300 | 1,800 | 300 | 6,400 | \u2013 | |
\u2013 IEA NZE | 6,857 | 1,845 | 1,117 | 9,819 | 37 | |
\u2013 CDS1 | 8,274 | 1,995 | 2,227 | 12,496 | 208 | |
Breakdown of non-current capital employed as at 31 December 2023: | ||||||
Property, plant and equipment and intangible assets | 8,781 | 2,571 | 2,351 | 13,703 | 223 | |
Investments in associates and other investments | 504 | 25 | \u2013 | 529 | \u2013 | |
Deferred tax liabilities | (1,011) | (601) | (124) | (1,736) | (15) | |
Non-current provisions | (1,234) | (244) | (1,110) | (2,588) | (86) | |
Other non-current net assets/(liabilities) | (183) | 94 | \u2013 | (89) | \u2013 | |
Cash-generating unit | |||
US$ million | Steelmaking coal | Astron Energy | Coal marketing goodwill |
Base case assumptions in life of asset plan: | |||
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity ('000 bbls) | 81 | 100k bopd | n.a. |
\u2013 projected year when 50% LOA reserves depleted | 2028 | n.a. | n.a. |
\u2013 projected year when 80% LOA reserves depleted | 2033 | n.a. | n.a. |
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl | 241 | 10.9 - 13.7 | n.a. |
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 8.7% | n.a. |
\u2013 price to earnings multiple | 10x | ||
Percentage decrease to long-term pricing/PE multiples: | |||
\u2013 25% price / $1/bbl refining margin / 2x PE (20%) decrease | 181 | n.a. | 8x |
\u2013 30% price / $2/bbl refining margin / 4x PE (40%) decrease | 169 | n.a. | 6x |
Carrying value of non-current capital employed as at 31 December 2023 | 1,574 | 1,056 | 1,674 |
Impairment arising in selected scenarios: | |||
\u2013 25% price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease | 500 | 230 | \u2013 |
\u2013 30% price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease | 780 | 460 | \u2013 |
Breakdown of non-current capital employed as at 31 December 2023: | |||
Property, plant and equipment and intangible assets | 1,907 | 1,100 | 1,674 |
Investments in associates and other investments | 4 | 2 | |
Deferred tax liabilities | (70) | (18) | |
Non-current provisions | (267) | (4) | |
Other non-current net assets | \u2013 | (24) | |
Discount rate | ||
US$\u00a0million | Increase 1% | Decrease 1% |
Decrease/(increase) in overall rehabilitation provision | 936 | (1,224) |
(Decrease)/increase in property, plant and equipment | (769) | 998 |
Net increase/(decrease) in statement of income | 167 | (226) |
Effect in the following year | ||
Decrease/(increase) in depreciation expense | 40 | (53) |
(Increase)/decrease in interest expense | (26) | 40 |
Net increase/(decrease) in statement of income | 14 | (13) |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
Potential impairments/(reversal of impairments) resulting from changes in key assumptions | |||||||
US$ million | Capital employed1 | Discount rate2 | Short-to long-term price assumptions | Decrease/(increase) in price of 10%3 | Increase/(decrease) in discount rate of 1% | ||
Cash-generating unit | |||||||
Mt Isa zinc | 656 | 11.8% | Zn: 2,476 - 2,700 | 382 | (345) | 60 | (67) |
KCC copper/cobalt | 3,773 | 15.8% | Cu: 8,196 - 8,500 | 931 | \u2013 | 183 | \u2013 |
Co4: 20,668 - 37,203 | 304 | \u2013 | |||||
Coal South Africa | 1,845 | 10.1% | API4: $118/t flat | 505 | \u2013 | 79 | \u2013 |
Cash-generating unit | ||||||
US$ million | Thermal Australia | South Africa | Cerrej\u00f3n | Total thermal coal | Oil E&P | |
Base case assumptions in life of mine plan: | ||||||
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes)/ (million bbls) | 930 | 290 | 240 | 11 | ||
\u2013 projected year when 50% LOM tonnage / reserves depleted | 2031 | 2032 | 2028 | 2030 | 2025 | |
\u2013 projected year when 80% LOM tonnage / reserves depleted | 2038 | 2040 | 2031 | 2037 | 2026 | |
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms) | 128 | 118 | 105 | 65 | ||
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 10.1% | 10.9% | 11.1% | ||
Benchmark prices over LOM in selected scenarios ($/t, $/bbl): | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 | ||
\u2013 IEA SPS | 149 - 94 - 70 | 96 - 86 - 63 | 92 - 77 - 67 | 102 - 92 | ||
\u2013 IEA APS | 149 - 73 -50 | 96 - 67 - 43 | 92 - 78 - 49 | 100 - 80 | ||
\u2013 IEA NZE | 149 - 57 - 36 | 96 - 50 - 28 | 92 - 65 - 38 | 91 - 45 | ||
\u2013 CDS | n.a. | n.a. | n.a. | n.a. | ||
Carrying value of non-current capital employed as at 31 December 2023 | 6,857 | 1,845 | 1,117 | 9,819 | 122 | |
Impairment arising in selected scenarios: | ||||||
\u2013 IEA SPS | 1,000 | 1,300 | \u2013 | 2,300 | \u2013 | |
\u2013 IEA APS | 4,300 | 1,800 | 300 | 6,400 | \u2013 | |
\u2013 IEA NZE | 6,857 | 1,845 | 1,117 | 9,819 | 37 | |
\u2013 CDS1 | 8,274 | 1,995 | 2,227 | 12,496 | 208 | |
Breakdown of non-current capital employed as at 31 December 2023: | ||||||
Property, plant and equipment and intangible assets | 8,781 | 2,571 | 2,351 | 13,703 | 223 | |
Investments in associates and other investments | 504 | 25 | \u2013 | 529 | \u2013 | |
Deferred tax liabilities | (1,011) | (601) | (124) | (1,736) | (15) | |
Non-current provisions | (1,234) | (244) | (1,110) | (2,588) | (86) | |
Other non-current net assets/(liabilities) | (183) | 94 | \u2013 | (89) | \u2013 | |
Cash-generating unit | |||
US$ million | Steelmaking coal | Astron Energy | Coal marketing goodwill |
Base case assumptions in life of asset plan: | |||
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity ('000 bbls) | 81 | 100k bopd | n.a. |
\u2013 projected year when 50% LOA reserves depleted | 2028 | n.a. | n.a. |
\u2013 projected year when 80% LOA reserves depleted | 2033 | n.a. | n.a. |
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl | 241 | 10.9 - 13.7 | n.a. |
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 8.7% | n.a. |
\u2013 price to earnings multiple | 10x | ||
Percentage decrease to long-term pricing/PE multiples: | |||
\u2013 25% price / $1/bbl refining margin / 2x PE (20%) decrease | 181 | n.a. | 8x |
\u2013 30% price / $2/bbl refining margin / 4x PE (40%) decrease | 169 | n.a. | 6x |
Carrying value of non-current capital employed as at 31 December 2023 | 1,574 | 1,056 | 1,674 |
Impairment arising in selected scenarios: | |||
\u2013 25% price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease | 500 | 230 | \u2013 |
\u2013 30% price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease | 780 | 460 | \u2013 |
Breakdown of non-current capital employed as at 31 December 2023: | |||
Property, plant and equipment and intangible assets | 1,907 | 1,100 | 1,674 |
Investments in associates and other investments | 4 | 2 | |
Deferred tax liabilities | (70) | (18) | |
Non-current provisions | (267) | (4) | |
Other non-current net assets | \u2013 | (24) | |
Discount rate | ||
US$\u00a0million | Increase 1% | Decrease 1% |
Decrease/(increase) in overall rehabilitation provision | 936 | (1,224) |
(Decrease)/increase in property, plant and equipment | (769) | 998 |
Net increase/(decrease) in statement of income | 167 | (226) |
Effect in the following year | ||
Decrease/(increase) in depreciation expense | 40 | (53) |
(Increase)/decrease in interest expense | (26) | 40 |
Net increase/(decrease) in statement of income | 14 | (13) |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
Potential impairments/(reversal of impairments) resulting from changes in key assumptions | |||||||
US$ million | Capital employed1 | Discount rate2 | Short-to long-term price assumptions | Decrease/(increase) in price of 10%3 | Increase/(decrease) in discount rate of 1% | ||
Cash-generating unit | |||||||
Mt Isa zinc | 656 | 11.8% | Zn: 2,476 - 2,700 | 382 | (345) | 60 | (67) |
KCC copper/cobalt | 3,773 | 15.8% | Cu: 8,196 - 8,500 | 931 | \u2013 | 183 | \u2013 |
Co4: 20,668 - 37,203 | 304 | \u2013 | |||||
Coal South Africa | 1,845 | 10.1% | API4: $118/t flat | 505 | \u2013 | 79 | \u2013 |
Cash-generating unit | ||||||
US$ million | Thermal Australia | South Africa | Cerrej\u00f3n | Total thermal coal | Oil E&P | |
Base case assumptions in life of mine plan: | ||||||
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes)/ (million bbls) | 930 | 290 | 240 | 11 | ||
\u2013 projected year when 50% LOM tonnage / reserves depleted | 2031 | 2032 | 2028 | 2030 | 2025 | |
\u2013 projected year when 80% LOM tonnage / reserves depleted | 2038 | 2040 | 2031 | 2037 | 2026 | |
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms) | 128 | 118 | 105 | 65 | ||
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 10.1% | 10.9% | 11.1% | ||
Benchmark prices over LOM in selected scenarios ($/t, $/bbl): | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 - '50 | 2024 - '30 | ||
\u2013 IEA SPS | 149 - 94 - 70 | 96 - 86 - 63 | 92 - 77 - 67 | 102 - 92 | ||
\u2013 IEA APS | 149 - 73 -50 | 96 - 67 - 43 | 92 - 78 - 49 | 100 - 80 | ||
\u2013 IEA NZE | 149 - 57 - 36 | 96 - 50 - 28 | 92 - 65 - 38 | 91 - 45 | ||
\u2013 CDS | n.a. | n.a. | n.a. | n.a. | ||
Carrying value of non-current capital employed as at 31 December 2023 | 6,857 | 1,845 | 1,117 | 9,819 | 122 | |
Impairment arising in selected scenarios: | ||||||
\u2013 IEA SPS | 1,000 | 1,300 | \u2013 | 2,300 | \u2013 | |
\u2013 IEA APS | 4,300 | 1,800 | 300 | 6,400 | \u2013 | |
\u2013 IEA NZE | 6,857 | 1,845 | 1,117 | 9,819 | 37 | |
\u2013 CDS1 | 8,274 | 1,995 | 2,227 | 12,496 | 208 | |
Breakdown of non-current capital employed as at 31 December 2023: | ||||||
Property, plant and equipment and intangible assets | 8,781 | 2,571 | 2,351 | 13,703 | 223 | |
Investments in associates and other investments | 504 | 25 | \u2013 | 529 | \u2013 | |
Deferred tax liabilities | (1,011) | (601) | (124) | (1,736) | (15) | |
Non-current provisions | (1,234) | (244) | (1,110) | (2,588) | (86) | |
Other non-current net assets/(liabilities) | (183) | 94 | \u2013 | (89) | \u2013 | |
Cash-generating unit | |||
US$ million | Steelmaking coal | Astron Energy | Coal marketing goodwill |
Base case assumptions in life of asset plan: | |||
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity ('000 bbls) | 81 | 100k bopd | n.a. |
\u2013 projected year when 50% LOA reserves depleted | 2028 | n.a. | n.a. |
\u2013 projected year when 80% LOA reserves depleted | 2033 | n.a. | n.a. |
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl | 241 | 10.9 - 13.7 | n.a. |
\u2013 discount rate applied (ranges represent opencut / underground) | 8.9-9.5% | 8.7% | n.a. |
\u2013 price to earnings multiple | 10x | ||
Percentage decrease to long-term pricing/PE multiples: | |||
\u2013 25% price / $1/bbl refining margin / 2x PE (20%) decrease | 181 | n.a. | 8x |
\u2013 30% price / $2/bbl refining margin / 4x PE (40%) decrease | 169 | n.a. | 6x |
Carrying value of non-current capital employed as at 31 December 2023 | 1,574 | 1,056 | 1,674 |
Impairment arising in selected scenarios: | |||
\u2013 25% price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease | 500 | 230 | \u2013 |
\u2013 30% price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease | 780 | 460 | \u2013 |
Breakdown of non-current capital employed as at 31 December 2023: | |||
Property, plant and equipment and intangible assets | 1,907 | 1,100 | 1,674 |
Investments in associates and other investments | 4 | 2 | |
Deferred tax liabilities | (70) | (18) | |
Non-current provisions | (267) | (4) | |
Other non-current net assets | \u2013 | (24) | |
Discount rate | ||
US$\u00a0million | Increase 1% | Decrease 1% |
Decrease/(increase) in overall rehabilitation provision | 936 | (1,224) |
(Decrease)/increase in property, plant and equipment | (769) | 998 |
Net increase/(decrease) in statement of income | 167 | (226) |
Effect in the following year | ||
Decrease/(increase) in depreciation expense | 40 | (53) |
(Increase)/decrease in interest expense | (26) | 40 |
Net increase/(decrease) in statement of income | 14 | (13) |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
Port allocation rights | UOP |
Licences, trademarks and software | 3 \u2013 20 years |
Customer relationships | 5 \u2013 9 years |
Buildings | 10 \u2013 45 years |
Freehold land | not depreciated |
Plant and equipment | 3 \u2013 30 years/UOP |
Right-of-use assets | 2 \u2013 20 years |
Mineral and petroleum rights | UOP |
Deferred mining costs | UOP |
Buildings | 10 \u2013 45 years |
Freehold land | not depreciated |
Plant and equipment | 3 \u2013 30 years/UOP |
Right-of-use assets | 2 \u2013 20 years |
Mineral and petroleum rights | UOP |
Deferred mining costs | UOP |
Port allocation rights | UOP |
Licences, trademarks and software | 3 \u2013 20 years |
Customer relationships | 5 \u2013 9 years |
Port allocation rights | UOP |
Licences, trademarks and software | 3 \u2013 20 years |
Customer relationships | 5 \u2013 9 years |
2023 | Marketing activities | Industrial activities | Inter-segment eliminations | |
US$ million | Total | |||
Revenue | ||||
Metals and minerals | 69,293 | 35,556 | (22,808) | 82,041 |
Energy products | 117,415 | 24,858 | (3,933) | 138,340 |
Corporate and other | \u2013 | 7 | \u2013 | 7 |
Revenue \u2013 segmental | 186,708 | 60,421 | (26,741) | 220,388 |
Proportionate adjustment \u2013 revenue1 | \u2013 | (2,559) | \u2013 | (2,559) |
Revenue \u2013 reported measure | 186,708 | 57,862 | (26,741) | 217,829 |
Metals and minerals | ||||
Adjusted EBITDA | 1,774 | 5,445 | \u2013 | 7,219 |
Depreciation and amortisation | (60) | (3,165) | \u2013 | (3,225) |
Proportionate adjustment \u2013 depreciation1 | \u2013 | (729) | \u2013 | (729) |
Adjusted EBIT | 1,714 | 1,551 | \u2013 | 3,265 |
Energy products | ||||
Adjusted EBITDA | 2,098 | 8,452 | \u2013 | 10,550 |
Depreciation and amortisation | (390) | (2,320) | \u2013 | (2,710) |
Adjusted EBIT | 1,708 | 6,132 | \u2013 | 7,840 |
Corporate and other | ||||
Adjusted EBITDA2 | 28 | (695) | \u2013 | (667) |
Depreciation and amortisation | \u2013 | (46) | \u2013 | (46) |
Adjusted EBIT | 28 | (741) | \u2013 | (713) |
Total Adjusted EBITDA | 3,900 | 13,202 | \u2013 | 17,102 |
Total depreciation and amortisation | (450) | (5,531) | \u2013 | (5,981) |
Total depreciation Proportionate adjustment | \u2013 | (729) | \u2013 | (729) |
Total Adjusted EBIT | 3,450 | 6,942 | \u2013 | 10,392 |
Share of associates' significant items1,3 | (90) | |||
Viterra share in earnings post-held for sale classification2 | (186) | |||
Movement in unrealised inter-segment profit elimination adjustments4 | 258 | |||
Gain on acquisitions and disposals of non-current assets | 850 | |||
Other expense \u2013 net | (1,091) | |||
Impairments | (2,484) | |||
Interest expense \u2013 net | (1,900) | |||
Income tax expense | (2,207) | |||
Proportionate adjustment \u2013 net finance, impairment and income tax expense1 | (332) | |||
Income for the year | 3,210 | |||
2022 | Marketing activities | Industrial activities | Inter-segment eliminations | |
US$ million | Total | |||
Revenue | ||||
Metals and minerals | 77,382 | 38,993 | (25,499) | 90,876 |
Energy products | 137,720 | 39,333 | (9,256) | 167,797 |
Corporate and other | \u2013 | 6 | \u2013 | 6 |
Revenue \u2013 segmental | 215,102 | 78,332 | (34,755) | 258,679 |
Proportionate adjustment \u2013 revenue1 | \u2013 | (2,695) | \u2013 | (2,695) |
Revenue \u2013 reported measure | 215,102 | 75,637 | (34,755) | 255,984 |
Metals and minerals | ||||
Adjusted EBITDA | 1,694 | 9,274 | \u2013 | 10,968 |
Depreciation and amortisation | (54) | (3,776) | \u2013 | (3,830) |
Proportionate adjustment \u2013 depreciation1 | \u2013 | (416) | \u2013 | (416) |
Adjusted EBIT | 1,640 | 5,082 | \u2013 | 6,722 |
Energy products | ||||
Adjusted EBITDA | 5,558 | 18,590 | \u2013 | 24,148 |
Depreciation and amortisation | (359) | (2,740) | \u2013 | (3,099) |
Adjusted EBIT | 5,199 | 15,850 | \u2013 | 21,049 |
Corporate and other | ||||
Adjusted EBITDA2 | (457) | (599) | \u2013 | (1,056) |
Depreciation and amortisation | \u2013 | (58) | \u2013 | (58) |
Adjusted EBIT | (457) | (657) | \u2013 | (1,114) |
Total Adjusted EBITDA | 6,795 | 27,265 | \u2013 | 34,060 |
Total depreciation and amortisation | (413) | (6,574) | \u2013 | (6,987) |
Total depreciation Proportionate adjustment | \u2013 | (416) | \u2013 | (416) |
Total Adjusted EBIT | 6,382 | 20,275 | \u2013 | 26,657 |
Share of associates' significant items1,3 | (9) | |||
Movement in unrealised inter-segment profit elimination adjustments4 | 1,176 | |||
Gain on acquisitions and disposals of non-current assets | 1,287 | |||
Other expense \u2013 net | (911) | |||
Impairments | (3,337) | |||
Interest expense \u2013 net | (1,336) | |||
Income tax expense | (6,368) | |||
Proportionate adjustment \u2013 net finance, impairment and income tax expense1 | (648) | |||
Income for the year | 16,511 | |||
2023 | Marketing activities | Industrial activities | Corporate and other | |
US$ million | Total | |||
Current assets | 38,010 | 18,677 | \u2013 | 56,687 |
Current liabilities | (28,603) | (8,359) | \u2013 | (36,962) |
Allocatable current capital employed | 9,407 | 10,318 | \u2013 | 19,725 |
Property, plant and equipment | 987 | 38,246 | \u2013 | 39,233 |
Intangible assets | 5,144 | 858 | \u2013 | 6,002 |
Investments in associates and other investments | 699 | 8,637 | \u2013 | 9,336 |
Non-current advances and loans | 1,818 | 1,058 | \u2013 | 2,876 |
Inventories | \u2013 | 623 | \u2013 | 623 |
Allocatable non-current capital employed | 8,648 | 49,422 | \u2013 | 58,070 |
Other assets1 | 9,112 | 9,112 | ||
Other liabilities2 | (48,670) | (48,670) | ||
Total net assets | 18,055 | 59,740 | (39,558) | 38,237 |
Capital expenditure | ||||
Metals and minerals | 95 | 4,492 | \u2013 | 4,587 |
Energy products | 508 | 1,521 | \u2013 | 2,029 |
Corporate and other | \u2013 | 61 | \u2013 | 61 |
Capital expenditure \u2013 segmental | 603 | 6,074 | \u2013 | 6,677 |
Proportionate adjustment \u2013 capital expenditure3 | \u2013 | (1,291) | \u2013 | (1,291) |
Capital expenditure \u2013 reported measure4 | 603 | 4,783 | \u2013 | 5,386 |
2022 | Marketing activities | Industrial activities | Corporate and other | |
US$ million | Total | |||
Current assets | 47,534 | 17,326 | \u2013 | 64,860 |
Current liabilities | (32,495) | (9,258) | \u2013 | (41,753) |
Allocatable current capital employed | 15,039 | 8,068 | \u2013 | 23,107 |
Property, plant and equipment | 920 | 38,644 | \u2013 | 39,564 |
Intangible assets | 5,142 | 1,018 | \u2013 | 6,160 |
Investments in associates and other investments | 4,509 | 7,825 | \u2013 | 12,334 |
Non-current advances and loans | 1,666 | 988 | \u2013 | 2,654 |
Inventories | \u2013 | 605 | \u2013 | 605 |
Allocatable non-current capital employed | 12,237 | 49,080 | \u2013 | 61,317 |
Other assets1 | 6,406 | 6,406 | ||
Other liabilities2 | (45,611) | (45,611) | ||
Total net assets | 27,276 | 57,148 | (39,205) | 45,219 |
Capital expenditure | ||||
Metals and minerals | 60 | 3,597 | \u2013 | 3,657 |
Energy products | 239 | 1,172 | \u2013 | 1,411 |
Corporate and other | \u2013 | 38 | \u2013 | 38 |
Capital expenditure \u2013 segmental | 299 | 4,807 | \u2013 | 5,106 |
Proportionate adjustment \u2013 capital expenditure3 | \u2013 | (461) | \u2013 | (461) |
Capital expenditure \u2013 reported measure4 | 299 | 4,346 | \u2013 | 4,645 |
US$ million | 2023 | 2022 | |
Revenue from third parties1 | |||
The Americas | 42,495 | 44,354 | |
Europe | 64,129 | 87,662 | |
Asia | 95,459 | 104,861 | |
Africa | 11,570 | 13,238 | |
Oceania | 4,176 | 5,869 | |
217,829 | 255,984 | ||
Non-current assets2 | |||
The Americas | 19,627 | 17,183 | |
Europe | 7,465 | 11,297 | |
Asia | 3,481 | 3,966 | |
Africa | 10,068 | 11,300 | |
Oceania | 14,040 | 14,461 | |
54,681 | 58,207 | ||
US$ million | 2023 | 2022 | |
Sale of commodities | 214,286 | 252,356 | |
Freight, storage and other services | 3,543 | 3,628 | |
Total | 217,829 | 255,984 | |
US$ million | 2023 | 2022 | |
Sale of commodities | 214,286 | 252,356 | |
Freight, storage and other services | 3,543 | 3,628 | |
Total | 217,829 | 255,984 | |
US$ million | Notes | 2023 | 2022 |
Gain on sale of Cobar | 26 | 585 | \u2013 |
Gain on revaluation of MARA | 26 | 224 | \u2013 |
Gain on revaluation of Noranda Income Fund | 26 | 18 | \u2013 |
Gain on bargain purchase of Cerrej\u00f3n | 26 | \u2013 | 1,029 |
Gain on sale of Ernest Henry | 26 | \u2013 | 512 |
Loss on sale of Bolivia Zinc | 26 | \u2013 | (104) |
Loss on sale of E&P Chad | 26 | \u2013 | (34) |
Gain on sale of BaseCore | 11 | \u2013 | 131 |
Loss on sale of Los Quenuales | 26 | \u2013 | (180) |
Loss on sale of Access World | 26 | \u2013 | (23) |
Net gain on sale of other investments/operations | 3 | 71 | |
Gain/(loss) on disposal of property, plant and equipment | 20 | (115) | |
Total | 850 | 1,287 | |
US$ million | Notes | 2023 | 2022 |
Net foreign exchange gains | 46 | \u2013 | |
Gain on energy contracts | \u2013 | 264 | |
Other income | 130 | 101 | |
Total other income | 176 | 365 | |
Net foreign exchange losses | \u2013 | (349) | |
Net loss in mark-to-market valuations | (103) | (106) | |
Loss on energy contracts | (94) | \u2013 | |
Legal and regulatory proceedings | (168) | (302) | |
Closed sites rehabilitation provisioning | (503) | (370) | |
Closure and severance costs | (40) | \u2013 | |
Other expenses | (359) | (149) | |
Total other expenses | (1,267) | (1,276) | |
Net other expenses | (1,091) | (911) | |
US$ million | Notes | 2023 | 2022 |
Bank deposits and other financial assets | 604 | 290 | |
Interest income and accretion on certain advances repayable with product | 12 | \u2013 | 133 |
Loans to associates | 11 | 12 | |
Interest income | 615 | 435 | |
Interest expense for financial liabilities not classified at FVTPL | |||
Capital market notes | (1,334) | (869) | |
Revolving credit facilities | (195) | (118) | |
Lease liabilities | 9 | (117) | (88) |
Other bank loans | (346) | (225) | |
Less: capitalised interest | 9 | 51 | 31 |
Other interest | (262) | (178) | |
(2,203) | (1,447) | ||
Other interest expense | |||
Post-retirement employee benefits | 24 | (21) | (19) |
Deferred income | 22 | (89) | (97) |
Restoration and rehabilitation | 23 | (122) | (155) |
Other provisions | 23 | (43) | (36) |
Other accretion interest | (37) | (17) | |
(312) | (324) | ||
Interest expense | (2,515) | (1,771) | |
US$ million | Notes | 2023 | 2022 |
Bank deposits and other financial assets | 604 | 290 | |
Interest income and accretion on certain advances repayable with product | 12 | \u2013 | 133 |
Loans to associates | 11 | 12 | |
Interest income | 615 | 435 | |
Interest expense for financial liabilities not classified at FVTPL | |||
Capital market notes | (1,334) | (869) | |
Revolving credit facilities | (195) | (118) | |
Lease liabilities | 9 | (117) | (88) |
Other bank loans | (346) | (225) | |
Less: capitalised interest | 9 | 51 | 31 |
Other interest | (262) | (178) | |
(2,203) | (1,447) | ||
Other interest expense | |||
Post-retirement employee benefits | 24 | (21) | (19) |
Deferred income | 22 | (89) | (97) |
Restoration and rehabilitation | 23 | (122) | (155) |
Other provisions | 23 | (43) | (36) |
Other accretion interest | (37) | (17) | |
(312) | (324) | ||
Interest expense | (2,515) | (1,771) | |
US$ million | Notes | 2023 | 2022 |
Bank deposits and other financial assets | 604 | 290 | |
Interest income and accretion on certain advances repayable with product | 12 | \u2013 | 133 |
Loans to associates | 11 | 12 | |
Interest income | 615 | 435 | |
Interest expense for financial liabilities not classified at FVTPL | |||
Capital market notes | (1,334) | (869) | |
Revolving credit facilities | (195) | (118) | |
Lease liabilities | 9 | (117) | (88) |
Other bank loans | (346) | (225) | |
Less: capitalised interest | 9 | 51 | 31 |
Other interest | (262) | (178) | |
(2,203) | (1,447) | ||
Other interest expense | |||
Post-retirement employee benefits | 24 | (21) | (19) |
Deferred income | 22 | (89) | (97) |
Restoration and rehabilitation | 23 | (122) | (155) |
Other provisions | 23 | (43) | (36) |
Other accretion interest | (37) | (17) | |
(312) | (324) | ||
Interest expense | (2,515) | (1,771) | |
US$ million | Notes | 2023 | 2022 |
Bank deposits and other financial assets | 604 | 290 | |
Interest income and accretion on certain advances repayable with product | 12 | \u2013 | 133 |
Loans to associates | 11 | 12 | |
Interest income | 615 | 435 | |
Interest expense for financial liabilities not classified at FVTPL | |||
Capital market notes | (1,334) | (869) | |
Revolving credit facilities | (195) | (118) | |
Lease liabilities | 9 | (117) | (88) |
Other bank loans | (346) | (225) | |
Less: capitalised interest | 9 | 51 | 31 |
Other interest | (262) | (178) | |
(2,203) | (1,447) | ||
Other interest expense | |||
Post-retirement employee benefits | 24 | (21) | (19) |
Deferred income | 22 | (89) | (97) |
Restoration and rehabilitation | 23 | (122) | (155) |
Other provisions | 23 | (43) | (36) |
Other accretion interest | (37) | (17) | |
(312) | (324) | ||
Interest expense | (2,515) | (1,771) | |
US$ million | Notes | 2023 | 2022 |
Bank deposits and other financial assets | 604 | 290 | |
Interest income and accretion on certain advances repayable with product | 12 | \u2013 | 133 |
Loans to associates | 11 | 12 | |
Interest income | 615 | 435 | |
Interest expense for financial liabilities not classified at FVTPL | |||
Capital market notes | (1,334) | (869) | |
Revolving credit facilities | (195) | (118) | |
Lease liabilities | 9 | (117) | (88) |
Other bank loans | (346) | (225) | |
Less: capitalised interest | 9 | 51 | 31 |
Other interest | (262) | (178) | |
(2,203) | (1,447) | ||
Other interest expense | |||
Post-retirement employee benefits | 24 | (21) | (19) |
Deferred income | 22 | (89) | (97) |
Restoration and rehabilitation | 23 | (122) | (155) |
Other provisions | 23 | (43) | (36) |
Other accretion interest | (37) | (17) | |
(312) | (324) | ||
Interest expense | (2,515) | (1,771) | |
US$ million | Notes | 2023 | 2022 |
Bank deposits and other financial assets | 604 | 290 | |
Interest income and accretion on certain advances repayable with product | 12 | \u2013 | 133 |
Loans to associates | 11 | 12 | |
Interest income | 615 | 435 | |
Interest expense for financial liabilities not classified at FVTPL | |||
Capital market notes | (1,334) | (869) | |
Revolving credit facilities | (195) | (118) | |
Lease liabilities | 9 | (117) | (88) |
Other bank loans | (346) | (225) | |
Less: capitalised interest | 9 | 51 | 31 |
Other interest | (262) | (178) | |
(2,203) | (1,447) | ||
Other interest expense | |||
Post-retirement employee benefits | 24 | (21) | (19) |
Deferred income | 22 | (89) | (97) |
Restoration and rehabilitation | 23 | (122) | (155) |
Other provisions | 23 | (43) | (36) |
Other accretion interest | (37) | (17) | |
(312) | (324) | ||
Interest expense | (2,515) | (1,771) | |
US$\u00a0million | Notes | 2023 | 2022 |
Impairments of non-current assets | |||
Property, plant and equipment and intangible assets | 9/10 | (2,103) | (1,984) |
Investments | 11 | \u2013 | (167) |
Advances repayable with products | 12/14 | (156) | (389) |
VAT receivable \u2013 non-current | \u2013 | (632) | |
Inventory and other | (5) | (113) | |
(2,264) | (3,285) | ||
Impairments of financial assets | |||
Advances and loans \u2013 current and non-current | 12/14 | (220) | (52) |
(220) | (52) | ||
Total impairments1 | (2,484) | (3,337) | |
2023 impairment/ (reversal of impairment) | Impairments/(reversal of impairments) resulting from changes in key assumptions | ||||||||
US$ million | pre tax | post tax | Capital employed1 | Discount rate2 | Short-to long-term price assumption | Decrease/(increase) in price of 10%3 | Increase/(decrease) in discount rate of 1% | ||
Cash-generating unit | |||||||||
Mutanda copper/cobalt | 1,045 | 762 | 1,432 | 15.0% | Cu: 8,196 - 8,500 | 261 | (254) | 133 | (148) |
Co4: 20,668 - 37,203 | 307 | (292) | |||||||
McArthur River zinc | 211 | 118 | 758 | 10.6% | Zn: 2,476 - 2,700 | 364 | (332) | 70 | (79) |
Kazzinc Smelting zinc | 156 | 134 | 1,265 | 13.3% | Zn: 2,476 - 2,700 | 160 | (134) | 109 | (123) |
Kazzinc - Zhairem zinc | 77 | 62 | 522 | 13.3% | Zn: 2,476 - 2,700 | 125 | (126) | 16 | (18) |
Volcan zinc5 | 375 | 340 | 1,086 | \u2013 | \u2013 | \u2013 | \u2013 | ||
Nordenham Zinc5 | 231 | 191 | \u2013 | 9.2% | Zn: 2,476 - 2,700 | \u2013 | \u2013 | \u2013 | \u2013 |
Astron oil | (190) | (138) | 1,056 | 8.7% | Margin $/bbl: 10.9 - 13.7 | 243 | (48) | 88 | (48) |
Various other | 198 | 147 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | ||
2,103 | 1,616 | 6,119 | 1,460 | (1,186) | 416 | (416) | |||
2022 impairment/ (reversal of impairment) | Impairments/(reversal of impairments) resulting from changes in key assumptions | ||||||||
US$ million | pre tax | post tax | Capital employed1 | Discount rate2 | Short-to long-term price assumption | Decrease/(increase) in price of 10%3 | Increase/(decrease) in discount rate of 1% | ||
Cash-generating unit | |||||||||
Mt. Isa copper4 | 656 | 460 | \u2013 | 9.7% | Cu: 8,157 - 7,400 | \u2013 | \u2013 | \u2013 | \u2013 |
Mt. Isa zinc | 455 | 318 | 630 | 9.7% | Zn: 3,250 - 2,450 | 504 | (318) | 50 | (58) |
McArthur River zinc | 172 | 96 | 869 | 8.7% | Zn: 3,250 - 2,450 | 396 | (96) | 63 | (71) |
Zhairem zinc | 185 | 148 | 565 | 11.0% | Zn: 3,250 - 2,450 | 161 | (148) | 21 | (22) |
Portovesme zinc4 | 143 | 105 | 72 | 9.9% | Zn: 3,250 - 2,450 | \u2013 | \u2013 | \u2013 | \u2013 |
Volcan zinc | 164 | 116 | 1,243 | 9.4% | Zn: 3,250 - 2,450 | 303 | (242) | 69 | (96) |
Koniambo nickel4 | 227 | 227 | \u2013 | 10.7% | Ni: 19,500 - 18,400 | \u2013 | \u2013 | \u2013 | \u2013 |
Various other | (18) | (18) | \u2013 | ||||||
1,984 | 1,452 | 3,379 | 1,364 | (804) | 203 | (247) | |||
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2023 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Business combination | 26 | 8 | 541 | 6 | 969 | \u2013 | 2 | 1,526 |
Disposal of subsidiaries | 26 | (1) | (71) | \u2013 | (133) | \u2013 | \u2013 | (205) |
Additions | 46 | 3,571 | 821 | 145 | \u2013 | 772 | 5,355 | |
Disposals | (52) | (818) | (491) | (81) | \u2013 | (569) | (2,011) | |
Effect of foreign currency exchange movements | (8) | (178) | \u2013 | (156) | (1) | (31) | (374) | |
Other movements1 | 122 | (1,110) | (24) | 905 | 13 | 886 | 792 | |
31 December 2023 | 6,619 | 47,785 | 3,510 | 28,904 | 425 | 16,154 | 103,397 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2023 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Disposal of subsidiaries | 26 | \u2013 | (56) | \u2013 | (105) | \u2013 | \u2013 | (161) |
Disposals | (50) | (721) | (444) | (72) | \u2013 | (561) | (1,848) | |
Depreciation | 301 | 2,179 | 665 | 1,440 | 1 | 1,271 | 5,857 | |
Impairment | 7 | 72 | 334 | \u2013 | 980 | 29 | 295 | 1,710 |
Effect of foreign currency exchange movements | (4) | (89) | \u2013 | (67) | \u2013 | (10) | (170) | |
Other movements1 | 17 | (112) | (12) | (12) | \u2013 | 145 | 26 | |
31 December 2023 | 3,143 | 30,677 | 1,935 | 16,511 | 392 | 11,506 | 64,164 | |
Net book value 31 December 2023 | 3,476 | 17,108 | 1,575 | 12,393 | 33 | 4,648 | 39,233 | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2022 | 6,854 | 44,580 | 3,048 | 30,019 | 665 | 15,552 | 100,718 | |
Business combination | 26 | 542 | 1,009 | 20 | 961 | \u2013 | 271 | 2,803 |
Disposal of subsidiaries | 26 | (169) | (256) | (37) | (163) | (255) | (382) | (1,262) |
Additions | 67 | 3,179 | 425 | 84 | \u2013 | 876 | 4,631 | |
Disposals | (59) | (1,127) | (169) | (94) | (4) | (186) | (1,639) | |
Effect of foreign currency exchange movements | (8) | (171) | (1) | (145) | 2 | (30) | (353) | |
Reclassification to held for sale | 16 | (897) | (953) | (86) | (3,824) | \u2013 | (1,199) | (6,959) |
Other movements1 | 174 | (411) | (2) | 417 | 5 | 192 | 375 | |
31 December 2022 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2022 | 2,940 | 27,361 | 1,343 | 15,777 | 577 | 9,561 | 57,559 | |
Disposal of subsidiaries | 26 | (137) | (199) | (33) | (113) | (210) | (323) | (1,015) |
Disposals | (53) | (1,003) | (134) | (50) | (2) | (185) | (1,427) | |
Depreciation | 383 | 2,610 | 573 | 1,993 | \u2013 | 1,269 | 6,828 | |
Impairment | 7 | 91 | 910 | \u2013 | 323 | (2) | 660 | 1,982 |
Effect of foreign currency exchange movements | (3) | (89) | (2) | (54) | (1) | (7) | (156) | |
Reclassification to held for sale | 16 | (447) | (474) | (21) | (3,490) | \u2013 | (609) | (5,041) |
Other movements1 | 33 | 26 | \u2013 | (39) | \u2013 | \u2013 | 20 | |
31 December 2022 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Net book value 31 December 2022 | 3,697 | 16,708 | 1,472 | 12,908 | 51 | 4,728 | 39,564 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2023 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Business combination | 26 | \u2013 | \u2013 | \u2013 | 7 | 7 |
Disposal of subsidiaries | 26 | \u2013 | \u2013 | (12) | \u2013 | (12) |
Additions | \u2013 | \u2013 | 5 | 26 | 31 | |
Disposals | \u2013 | \u2013 | (5) | (23) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (79) | 6 | 10 | (63) | |
Other movements | \u2013 | \u2013 | 11 | 2 | 13 | |
31 December 2023 | 13,134 | 1,049 | 559 | 775 | 15,517 | |
Accumulated amortisation and impairment: | ||||||
1 January 2023 | 8,134 | 381 | 348 | 546 | 9,409 | |
Disposals | \u2013 | \u2013 | (5) | (12) | (17) | |
Amortisation expense1 | \u2013 | 52 | 40 | 32 | 124 | |
Impairment | 7 | \u2013 | \u2013 | \u2013 | 18 | 18 |
Effect of foreign currency exchange movements | \u2013 | (26) | 1 | 6 | (19) | |
Other movements | \u2013 | \u2013 | (2) | 2 | \u2013 | |
31 December 2023 | 8,134 | 407 | 382 | 592 | 9,515 | |
Net book value 31 December 2023 | 5,000 | 642 | 177 | 183 | 6,002 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2022 | 13,293 | 1,203 | 561 | 669 | 15,726 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Additions | \u2013 | 1 | 6 | 7 | 14 | |
Disposals | \u2013 | (1) | (25) | (2) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (73) | 3 | 2 | (68) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | (1) | (10) | (11) |
Other movements1 | \u2013 | (2) | 14 | 111 | 123 | |
31 December 2022 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Accumulated amortisation and impairment: | ||||||
1 January 2022 | 8,293 | 308 | 341 | 549 | 9,491 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Disposals | \u2013 | \u2013 | (24) | (3) | (27) | |
Amortisation expense2 | \u2013 | 97 | 34 | 28 | 159 | |
Impairment | 7 | \u2013 | \u2013 | 2 | \u2013 | 2 |
Effect of foreign currency exchange movements | \u2013 | (24) | \u2013 | 2 | (22) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | \u2013 | (6) | (6) |
Other movements | \u2013 | \u2013 | (1) | \u2013 | (1) | |
31 December 2022 | 8,134 | 381 | 348 | 546 | 9,409 | |
Net book value 31 December 2022 | 5,000 | 747 | 206 | 207 | 6,160 | |
US$ million | 2023 | 2022 |
Current income tax expense | (2,583) | (7,165) |
Adjustments in respect of prior year current income tax | (282) | (274) |
Deferred income tax credit | 697 | 998 |
Adjustments in respect of prior year deferred income tax | (39) | 73 |
Total tax expense reported in the statement of income | (2,207) | (6,368) |
Deferred income tax recognised directly in other comprehensive income | (17) | (65) |
Total tax expense recognised directly in other comprehensive income | (17) | (65) |
US$ million | 2023 | 2022 |
Income before income taxes | 5,417 | 22,879 |
Less: Share of income from associates and joint ventures | (1,337) | (2,300) |
Parent Company\u2019s and subsidiaries\u2019 income before income tax and attribution | 4,080 | 20,579 |
Income tax expense calculated at the Swiss income tax rate of 12% (2022: 12%) | (490) | (2,469) |
Tax effects of: | ||
Different tax rates from the standard Swiss income tax rate | (891) | (3,057) |
Tax-exempt income | 525 | 538 |
Items not tax deductible | (939) | (1,252) |
Foreign exchange fluctuations | 263 | (187) |
Changes in tax rates | 17 | (47) |
Utilisation and changes in recognition of tax losses and temporary differences | (198) | 385 |
Tax losses not recognised | (255) | (98) |
Adjustments in respect of prior years | (321) | (201) |
Other | 82 | 20 |
Income tax expense | (2,207) | (6,368) |
US$ million | 2023 | Recognised in the statement of income | Recognised in other comprehensive income | Business combination and disposal of subsidiaries | Foreign currency exchange movements | Other | 2022 |
Deferred tax assets1 | |||||||
Tax losses carried forward | 1,170 | (357) | \u2013 | 11 | 1 | \u2013 | 1,515 |
Other | 220 | (108) | (17) | 22 | 1 | \u2013 | 322 |
Total | 1,390 | (465) | (17) | 33 | 2 | \u2013 | 1,837 |
Deferred tax liabilities1 | |||||||
Depreciation and amortisation | (2,097) | 1,639 | \u2013 | (438) | 61 | (60) | (3,299) |
Mark-to-market valuations | (306) | (183) | 2 | \u2013 | \u2013 | \u2013 | (125) |
Other | (567) | (333) | (2) | \u2013 | (2) | (3) | (227) |
Total | (2,970) | 1,123 | \u2013 | (438) | 59 | (63) | (3,651) |
Total Deferred tax - net | (1,580) | 658 | (17) | (405) | 61 | (63) | (1,814) |
US$ million | 2022 | Recognised in the statement of income | Recognised in other comprehensive income | Business combination and disposal of subsidiaries | Foreign currency exchange movements | Other | 2021 |
Deferred tax assets1 | |||||||
Tax losses carried forward | 1,515 | 116 | \u2013 | (4) | 1 | (16) | 1,418 |
Other | 322 | (18) | (2) | (17) | (2) | \u2013 | 361 |
Total | 1,837 | 98 | (2) | (21) | (1) | (16) | 1,779 |
Deferred tax liabilities1 | |||||||
Depreciation and amortisation | (3,299) | 1,254 | \u2013 | (625) | 60 | 168 | (4,156) |
Mark-to-market valuations | (125) | (1) | (2) | 5 | \u2013 | \u2013 | (127) |
Other | (227) | (280) | (61) | 295 | 5 | \u2013 | (186) |
Total | (3,651) | 973 | (63) | (325) | 65 | 168 | (4,469) |
Total Deferred tax - net | (1,814) | 1,071 | (65) | (346) | 64 | 152 | (2,690) |
US$ million | 2023 | 2022 |
Income tax receivable | 1,229 | 401 |
Income tax payable | (1,850) | (4,660) |
Net income tax payable | (621) | (4,259) |
US$ million | 2023 | 2022 |
1 year | 18 | 115 |
2 years | 217 | 48 |
3 years | 16 | 44 |
Thereafter | 12,193 | 9,642 |
Unlimited | 17,212 | 13,806 |
Total | 29,656 | 23,655 |
US$ million | 2023 | Recognised in the statement of income | Recognised in other comprehensive income | Business combination and disposal of subsidiaries | Foreign currency exchange movements | Other | 2022 |
Deferred tax assets1 | |||||||
Tax losses carried forward | 1,170 | (357) | \u2013 | 11 | 1 | \u2013 | 1,515 |
Other | 220 | (108) | (17) | 22 | 1 | \u2013 | 322 |
Total | 1,390 | (465) | (17) | 33 | 2 | \u2013 | 1,837 |
Deferred tax liabilities1 | |||||||
Depreciation and amortisation | (2,097) | 1,639 | \u2013 | (438) | 61 | (60) | (3,299) |
Mark-to-market valuations | (306) | (183) | 2 | \u2013 | \u2013 | \u2013 | (125) |
Other | (567) | (333) | (2) | \u2013 | (2) | (3) | (227) |
Total | (2,970) | 1,123 | \u2013 | (438) | 59 | (63) | (3,651) |
Total Deferred tax - net | (1,580) | 658 | (17) | (405) | 61 | (63) | (1,814) |
US$ million | 2022 | Recognised in the statement of income | Recognised in other comprehensive income | Business combination and disposal of subsidiaries | Foreign currency exchange movements | Other | 2021 |
Deferred tax assets1 | |||||||
Tax losses carried forward | 1,515 | 116 | \u2013 | (4) | 1 | (16) | 1,418 |
Other | 322 | (18) | (2) | (17) | (2) | \u2013 | 361 |
Total | 1,837 | 98 | (2) | (21) | (1) | (16) | 1,779 |
Deferred tax liabilities1 | |||||||
Depreciation and amortisation | (3,299) | 1,254 | \u2013 | (625) | 60 | 168 | (4,156) |
Mark-to-market valuations | (125) | (1) | (2) | 5 | \u2013 | \u2013 | (127) |
Other | (227) | (280) | (61) | 295 | 5 | \u2013 | (186) |
Total | (3,651) | 973 | (63) | (325) | 65 | 168 | (4,469) |
Total Deferred tax - net | (1,814) | 1,071 | (65) | (346) | 64 | 152 | (2,690) |
US$ million | 2023 | 2022 |
1 year | 18 | 115 |
2 years | 217 | 48 |
3 years | 16 | 44 |
Thereafter | 12,193 | 9,642 |
Unlimited | 17,212 | 13,806 |
Total | 29,656 | 23,655 |
US$ million | 2023 | 2022 |
Income tax receivable | 1,229 | 401 |
Income tax payable | (1,850) | (4,660) |
Net income tax payable | (621) | (4,259) |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2023 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Business combination | 26 | 8 | 541 | 6 | 969 | \u2013 | 2 | 1,526 |
Disposal of subsidiaries | 26 | (1) | (71) | \u2013 | (133) | \u2013 | \u2013 | (205) |
Additions | 46 | 3,571 | 821 | 145 | \u2013 | 772 | 5,355 | |
Disposals | (52) | (818) | (491) | (81) | \u2013 | (569) | (2,011) | |
Effect of foreign currency exchange movements | (8) | (178) | \u2013 | (156) | (1) | (31) | (374) | |
Other movements1 | 122 | (1,110) | (24) | 905 | 13 | 886 | 792 | |
31 December 2023 | 6,619 | 47,785 | 3,510 | 28,904 | 425 | 16,154 | 103,397 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2023 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Disposal of subsidiaries | 26 | \u2013 | (56) | \u2013 | (105) | \u2013 | \u2013 | (161) |
Disposals | (50) | (721) | (444) | (72) | \u2013 | (561) | (1,848) | |
Depreciation | 301 | 2,179 | 665 | 1,440 | 1 | 1,271 | 5,857 | |
Impairment | 7 | 72 | 334 | \u2013 | 980 | 29 | 295 | 1,710 |
Effect of foreign currency exchange movements | (4) | (89) | \u2013 | (67) | \u2013 | (10) | (170) | |
Other movements1 | 17 | (112) | (12) | (12) | \u2013 | 145 | 26 | |
31 December 2023 | 3,143 | 30,677 | 1,935 | 16,511 | 392 | 11,506 | 64,164 | |
Net book value 31 December 2023 | 3,476 | 17,108 | 1,575 | 12,393 | 33 | 4,648 | 39,233 | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2022 | 6,854 | 44,580 | 3,048 | 30,019 | 665 | 15,552 | 100,718 | |
Business combination | 26 | 542 | 1,009 | 20 | 961 | \u2013 | 271 | 2,803 |
Disposal of subsidiaries | 26 | (169) | (256) | (37) | (163) | (255) | (382) | (1,262) |
Additions | 67 | 3,179 | 425 | 84 | \u2013 | 876 | 4,631 | |
Disposals | (59) | (1,127) | (169) | (94) | (4) | (186) | (1,639) | |
Effect of foreign currency exchange movements | (8) | (171) | (1) | (145) | 2 | (30) | (353) | |
Reclassification to held for sale | 16 | (897) | (953) | (86) | (3,824) | \u2013 | (1,199) | (6,959) |
Other movements1 | 174 | (411) | (2) | 417 | 5 | 192 | 375 | |
31 December 2022 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2022 | 2,940 | 27,361 | 1,343 | 15,777 | 577 | 9,561 | 57,559 | |
Disposal of subsidiaries | 26 | (137) | (199) | (33) | (113) | (210) | (323) | (1,015) |
Disposals | (53) | (1,003) | (134) | (50) | (2) | (185) | (1,427) | |
Depreciation | 383 | 2,610 | 573 | 1,993 | \u2013 | 1,269 | 6,828 | |
Impairment | 7 | 91 | 910 | \u2013 | 323 | (2) | 660 | 1,982 |
Effect of foreign currency exchange movements | (3) | (89) | (2) | (54) | (1) | (7) | (156) | |
Reclassification to held for sale | 16 | (447) | (474) | (21) | (3,490) | \u2013 | (609) | (5,041) |
Other movements1 | 33 | 26 | \u2013 | (39) | \u2013 | \u2013 | 20 | |
31 December 2022 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Net book value 31 December 2022 | 3,697 | 16,708 | 1,472 | 12,908 | 51 | 4,728 | 39,564 | |
US$ million | 2023 | 2022 | |
Depreciation on right-of-use assets | (665) | (573) | |
Interest expense on lease liabilities | (117) | (88) | |
Expense relating to short-term leases | (992) | (781) | |
Expense relating to low-value leases | (17) | (16) | |
Expense relating to variable lease payments not included in the measurement of the lease liability | (34) | (7) | |
Income from subleasing right-of-use assets | 187 | 153 | |
Total | (1,638) | (1,312) | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2023 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Business combination | 26 | 8 | 541 | 6 | 969 | \u2013 | 2 | 1,526 |
Disposal of subsidiaries | 26 | (1) | (71) | \u2013 | (133) | \u2013 | \u2013 | (205) |
Additions | 46 | 3,571 | 821 | 145 | \u2013 | 772 | 5,355 | |
Disposals | (52) | (818) | (491) | (81) | \u2013 | (569) | (2,011) | |
Effect of foreign currency exchange movements | (8) | (178) | \u2013 | (156) | (1) | (31) | (374) | |
Other movements1 | 122 | (1,110) | (24) | 905 | 13 | 886 | 792 | |
31 December 2023 | 6,619 | 47,785 | 3,510 | 28,904 | 425 | 16,154 | 103,397 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2023 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Disposal of subsidiaries | 26 | \u2013 | (56) | \u2013 | (105) | \u2013 | \u2013 | (161) |
Disposals | (50) | (721) | (444) | (72) | \u2013 | (561) | (1,848) | |
Depreciation | 301 | 2,179 | 665 | 1,440 | 1 | 1,271 | 5,857 | |
Impairment | 7 | 72 | 334 | \u2013 | 980 | 29 | 295 | 1,710 |
Effect of foreign currency exchange movements | (4) | (89) | \u2013 | (67) | \u2013 | (10) | (170) | |
Other movements1 | 17 | (112) | (12) | (12) | \u2013 | 145 | 26 | |
31 December 2023 | 3,143 | 30,677 | 1,935 | 16,511 | 392 | 11,506 | 64,164 | |
Net book value 31 December 2023 | 3,476 | 17,108 | 1,575 | 12,393 | 33 | 4,648 | 39,233 | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2022 | 6,854 | 44,580 | 3,048 | 30,019 | 665 | 15,552 | 100,718 | |
Business combination | 26 | 542 | 1,009 | 20 | 961 | \u2013 | 271 | 2,803 |
Disposal of subsidiaries | 26 | (169) | (256) | (37) | (163) | (255) | (382) | (1,262) |
Additions | 67 | 3,179 | 425 | 84 | \u2013 | 876 | 4,631 | |
Disposals | (59) | (1,127) | (169) | (94) | (4) | (186) | (1,639) | |
Effect of foreign currency exchange movements | (8) | (171) | (1) | (145) | 2 | (30) | (353) | |
Reclassification to held for sale | 16 | (897) | (953) | (86) | (3,824) | \u2013 | (1,199) | (6,959) |
Other movements1 | 174 | (411) | (2) | 417 | 5 | 192 | 375 | |
31 December 2022 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2022 | 2,940 | 27,361 | 1,343 | 15,777 | 577 | 9,561 | 57,559 | |
Disposal of subsidiaries | 26 | (137) | (199) | (33) | (113) | (210) | (323) | (1,015) |
Disposals | (53) | (1,003) | (134) | (50) | (2) | (185) | (1,427) | |
Depreciation | 383 | 2,610 | 573 | 1,993 | \u2013 | 1,269 | 6,828 | |
Impairment | 7 | 91 | 910 | \u2013 | 323 | (2) | 660 | 1,982 |
Effect of foreign currency exchange movements | (3) | (89) | (2) | (54) | (1) | (7) | (156) | |
Reclassification to held for sale | 16 | (447) | (474) | (21) | (3,490) | \u2013 | (609) | (5,041) |
Other movements1 | 33 | 26 | \u2013 | (39) | \u2013 | \u2013 | 20 | |
31 December 2022 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Net book value 31 December 2022 | 3,697 | 16,708 | 1,472 | 12,908 | 51 | 4,728 | 39,564 | |
US$ million | 2023 | 2022 | |
Depreciation on right-of-use assets | (665) | (573) | |
Interest expense on lease liabilities | (117) | (88) | |
Expense relating to short-term leases | (992) | (781) | |
Expense relating to low-value leases | (17) | (16) | |
Expense relating to variable lease payments not included in the measurement of the lease liability | (34) | (7) | |
Income from subleasing right-of-use assets | 187 | 153 | |
Total | (1,638) | (1,312) | |
2023 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2023 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
Cash-related movements2 | |||||
Proceeds from issuance of capital market notes | 3,474 | \u2013 | 3,474 | \u2013 | 3,474 |
Repayment of capital market notes | (2,996) | \u2013 | (2,996) | (163) | (3,159) |
Proceeds from revolving credit facilities | 1,289 | \u2013 | 1,289 | \u2013 | 1,289 |
Repayment of other non-current borrowings | (314) | \u2013 | (314) | \u2013 | (314) |
Repayment of lease liabilities | \u2013 | (616) | (616) | \u2013 | (616) |
Margin receipts from financing-related hedging activities | \u2013 | \u2013 | \u2013 | 897 | 897 |
Proceeds from US commercial papers | 711 | \u2013 | 711 | \u2013 | 711 |
Proceeds from current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
2,594 | (616) | 1,978 | 734 | 2,712 | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 6 | 9 | 15 | \u2013 | 15 |
Fair value adjustment to fair value hedged borrowings | 410 | \u2013 | 410 | \u2013 | 410 |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | (525) | (525) |
Foreign exchange movements | 248 | (1) | 247 | \u2013 | 247 |
Change in lease liabilities | \u2013 | 737 | 737 | \u2013 | 737 |
Interest on convertible bonds | 22 | \u2013 | 22 | \u2013 | 22 |
Other movements | 55 | \u2013 | 55 | \u2013 | 55 |
741 | 745 | 1,486 | (525) | 961 | |
31 December 2023 | 30,733 | 1,508 | 32,241 | 55 | 32,296 |
2022 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2022 | 33,023 | 1,618 | 34,641 | 23 | 34,664 |
Cash-related movements2 | |||||
Repayment of capital market notes | (2,850) | \u2013 | (2,850) | \u2013 | (2,850) |
Repurchase of capital market notes | (103) | \u2013 | (103) | \u2013 | (103) |
Repayment of revolving credit facilities | (2,563) | \u2013 | (2,563) | \u2013 | (2,563) |
Proceeds from other non-current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
Repayment of other non-current borrowings | (73) | \u2013 | (73) | \u2013 | (73) |
Repayment of lease liabilities | \u2013 | (577) | (577) | \u2013 | (577) |
Margin payments for financing-related hedging activities | \u2013 | \u2013 | \u2013 | (1,824) | (1,824) |
Proceeds from US commercial papers | (1,407) | \u2013 | (1,407) | \u2013 | (1,407) |
Repayment of current borrowings | 3,306 | \u2013 | 3,306 | \u2013 | 3,306 |
(3,260) | (577) | (3,837) | (1,824) | (5,661) | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 52 | 30 | 82 | \u2013 | 82 |
Borrowings reclassified to held for sale4 | (762) | (38) | (800) | \u2013 | (800) |
Borrowings derecognised on disposal of subsidiaries3 | \u2013 | (2) | (2) | \u2013 | (2) |
Fair value adjustment to fair value hedged borrowings | (1,250) | \u2013 | (1,250) | \u2013 | (1,250) |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | 1,647 | 1,647 |
Foreign exchange movements | (436) | (41) | (477) | \u2013 | (477) |
Change in lease liabilities | \u2013 | 389 | 389 | \u2013 | 389 |
Interest on convertible bonds | 21 | \u2013 | 21 | \u2013 | 21 |
Other movements | 10 | \u2013 | 10 | \u2013 | 10 |
(2,365) | 338 | (2,027) | 1,647 | (380) | |
31 December 2022 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2023 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Business combination | 26 | 8 | 541 | 6 | 969 | \u2013 | 2 | 1,526 |
Disposal of subsidiaries | 26 | (1) | (71) | \u2013 | (133) | \u2013 | \u2013 | (205) |
Additions | 46 | 3,571 | 821 | 145 | \u2013 | 772 | 5,355 | |
Disposals | (52) | (818) | (491) | (81) | \u2013 | (569) | (2,011) | |
Effect of foreign currency exchange movements | (8) | (178) | \u2013 | (156) | (1) | (31) | (374) | |
Other movements1 | 122 | (1,110) | (24) | 905 | 13 | 886 | 792 | |
31 December 2023 | 6,619 | 47,785 | 3,510 | 28,904 | 425 | 16,154 | 103,397 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2023 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Disposal of subsidiaries | 26 | \u2013 | (56) | \u2013 | (105) | \u2013 | \u2013 | (161) |
Disposals | (50) | (721) | (444) | (72) | \u2013 | (561) | (1,848) | |
Depreciation | 301 | 2,179 | 665 | 1,440 | 1 | 1,271 | 5,857 | |
Impairment | 7 | 72 | 334 | \u2013 | 980 | 29 | 295 | 1,710 |
Effect of foreign currency exchange movements | (4) | (89) | \u2013 | (67) | \u2013 | (10) | (170) | |
Other movements1 | 17 | (112) | (12) | (12) | \u2013 | 145 | 26 | |
31 December 2023 | 3,143 | 30,677 | 1,935 | 16,511 | 392 | 11,506 | 64,164 | |
Net book value 31 December 2023 | 3,476 | 17,108 | 1,575 | 12,393 | 33 | 4,648 | 39,233 | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2022 | 6,854 | 44,580 | 3,048 | 30,019 | 665 | 15,552 | 100,718 | |
Business combination | 26 | 542 | 1,009 | 20 | 961 | \u2013 | 271 | 2,803 |
Disposal of subsidiaries | 26 | (169) | (256) | (37) | (163) | (255) | (382) | (1,262) |
Additions | 67 | 3,179 | 425 | 84 | \u2013 | 876 | 4,631 | |
Disposals | (59) | (1,127) | (169) | (94) | (4) | (186) | (1,639) | |
Effect of foreign currency exchange movements | (8) | (171) | (1) | (145) | 2 | (30) | (353) | |
Reclassification to held for sale | 16 | (897) | (953) | (86) | (3,824) | \u2013 | (1,199) | (6,959) |
Other movements1 | 174 | (411) | (2) | 417 | 5 | 192 | 375 | |
31 December 2022 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2022 | 2,940 | 27,361 | 1,343 | 15,777 | 577 | 9,561 | 57,559 | |
Disposal of subsidiaries | 26 | (137) | (199) | (33) | (113) | (210) | (323) | (1,015) |
Disposals | (53) | (1,003) | (134) | (50) | (2) | (185) | (1,427) | |
Depreciation | 383 | 2,610 | 573 | 1,993 | \u2013 | 1,269 | 6,828 | |
Impairment | 7 | 91 | 910 | \u2013 | 323 | (2) | 660 | 1,982 |
Effect of foreign currency exchange movements | (3) | (89) | (2) | (54) | (1) | (7) | (156) | |
Reclassification to held for sale | 16 | (447) | (474) | (21) | (3,490) | \u2013 | (609) | (5,041) |
Other movements1 | 33 | 26 | \u2013 | (39) | \u2013 | \u2013 | 20 | |
31 December 2022 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Net book value 31 December 2022 | 3,697 | 16,708 | 1,472 | 12,908 | 51 | 4,728 | 39,564 | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2023 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Business combination | 26 | 8 | 541 | 6 | 969 | \u2013 | 2 | 1,526 |
Disposal of subsidiaries | 26 | (1) | (71) | \u2013 | (133) | \u2013 | \u2013 | (205) |
Additions | 46 | 3,571 | 821 | 145 | \u2013 | 772 | 5,355 | |
Disposals | (52) | (818) | (491) | (81) | \u2013 | (569) | (2,011) | |
Effect of foreign currency exchange movements | (8) | (178) | \u2013 | (156) | (1) | (31) | (374) | |
Other movements1 | 122 | (1,110) | (24) | 905 | 13 | 886 | 792 | |
31 December 2023 | 6,619 | 47,785 | 3,510 | 28,904 | 425 | 16,154 | 103,397 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2023 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Disposal of subsidiaries | 26 | \u2013 | (56) | \u2013 | (105) | \u2013 | \u2013 | (161) |
Disposals | (50) | (721) | (444) | (72) | \u2013 | (561) | (1,848) | |
Depreciation | 301 | 2,179 | 665 | 1,440 | 1 | 1,271 | 5,857 | |
Impairment | 7 | 72 | 334 | \u2013 | 980 | 29 | 295 | 1,710 |
Effect of foreign currency exchange movements | (4) | (89) | \u2013 | (67) | \u2013 | (10) | (170) | |
Other movements1 | 17 | (112) | (12) | (12) | \u2013 | 145 | 26 | |
31 December 2023 | 3,143 | 30,677 | 1,935 | 16,511 | 392 | 11,506 | 64,164 | |
Net book value 31 December 2023 | 3,476 | 17,108 | 1,575 | 12,393 | 33 | 4,648 | 39,233 | |
US$ million | Notes | Freehold land and buildings | Plant and equipment | Right-of-use assets | Mineral and petroleum rights | Exploration and evaluation | Deferred mining costs | Total |
Gross carrying amount: | ||||||||
1 January 2022 | 6,854 | 44,580 | 3,048 | 30,019 | 665 | 15,552 | 100,718 | |
Business combination | 26 | 542 | 1,009 | 20 | 961 | \u2013 | 271 | 2,803 |
Disposal of subsidiaries | 26 | (169) | (256) | (37) | (163) | (255) | (382) | (1,262) |
Additions | 67 | 3,179 | 425 | 84 | \u2013 | 876 | 4,631 | |
Disposals | (59) | (1,127) | (169) | (94) | (4) | (186) | (1,639) | |
Effect of foreign currency exchange movements | (8) | (171) | (1) | (145) | 2 | (30) | (353) | |
Reclassification to held for sale | 16 | (897) | (953) | (86) | (3,824) | \u2013 | (1,199) | (6,959) |
Other movements1 | 174 | (411) | (2) | 417 | 5 | 192 | 375 | |
31 December 2022 | 6,504 | 45,850 | 3,198 | 27,255 | 413 | 15,094 | 98,314 | |
Accumulated depreciation and impairment: | ||||||||
1 January 2022 | 2,940 | 27,361 | 1,343 | 15,777 | 577 | 9,561 | 57,559 | |
Disposal of subsidiaries | 26 | (137) | (199) | (33) | (113) | (210) | (323) | (1,015) |
Disposals | (53) | (1,003) | (134) | (50) | (2) | (185) | (1,427) | |
Depreciation | 383 | 2,610 | 573 | 1,993 | \u2013 | 1,269 | 6,828 | |
Impairment | 7 | 91 | 910 | \u2013 | 323 | (2) | 660 | 1,982 |
Effect of foreign currency exchange movements | (3) | (89) | (2) | (54) | (1) | (7) | (156) | |
Reclassification to held for sale | 16 | (447) | (474) | (21) | (3,490) | \u2013 | (609) | (5,041) |
Other movements1 | 33 | 26 | \u2013 | (39) | \u2013 | \u2013 | 20 | |
31 December 2022 | 2,807 | 29,142 | 1,726 | 14,347 | 362 | 10,366 | 58,750 | |
Net book value 31 December 2022 | 3,697 | 16,708 | 1,472 | 12,908 | 51 | 4,728 | 39,564 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2023 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Business combination | 26 | \u2013 | \u2013 | \u2013 | 7 | 7 |
Disposal of subsidiaries | 26 | \u2013 | \u2013 | (12) | \u2013 | (12) |
Additions | \u2013 | \u2013 | 5 | 26 | 31 | |
Disposals | \u2013 | \u2013 | (5) | (23) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (79) | 6 | 10 | (63) | |
Other movements | \u2013 | \u2013 | 11 | 2 | 13 | |
31 December 2023 | 13,134 | 1,049 | 559 | 775 | 15,517 | |
Accumulated amortisation and impairment: | ||||||
1 January 2023 | 8,134 | 381 | 348 | 546 | 9,409 | |
Disposals | \u2013 | \u2013 | (5) | (12) | (17) | |
Amortisation expense1 | \u2013 | 52 | 40 | 32 | 124 | |
Impairment | 7 | \u2013 | \u2013 | \u2013 | 18 | 18 |
Effect of foreign currency exchange movements | \u2013 | (26) | 1 | 6 | (19) | |
Other movements | \u2013 | \u2013 | (2) | 2 | \u2013 | |
31 December 2023 | 8,134 | 407 | 382 | 592 | 9,515 | |
Net book value 31 December 2023 | 5,000 | 642 | 177 | 183 | 6,002 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2022 | 13,293 | 1,203 | 561 | 669 | 15,726 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Additions | \u2013 | 1 | 6 | 7 | 14 | |
Disposals | \u2013 | (1) | (25) | (2) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (73) | 3 | 2 | (68) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | (1) | (10) | (11) |
Other movements1 | \u2013 | (2) | 14 | 111 | 123 | |
31 December 2022 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Accumulated amortisation and impairment: | ||||||
1 January 2022 | 8,293 | 308 | 341 | 549 | 9,491 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Disposals | \u2013 | \u2013 | (24) | (3) | (27) | |
Amortisation expense2 | \u2013 | 97 | 34 | 28 | 159 | |
Impairment | 7 | \u2013 | \u2013 | 2 | \u2013 | 2 |
Effect of foreign currency exchange movements | \u2013 | (24) | \u2013 | 2 | (22) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | \u2013 | (6) | (6) |
Other movements | \u2013 | \u2013 | (1) | \u2013 | (1) | |
31 December 2022 | 8,134 | 381 | 348 | 546 | 9,409 | |
Net book value 31 December 2022 | 5,000 | 747 | 206 | 207 | 6,160 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2023 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Business combination | 26 | \u2013 | \u2013 | \u2013 | 7 | 7 |
Disposal of subsidiaries | 26 | \u2013 | \u2013 | (12) | \u2013 | (12) |
Additions | \u2013 | \u2013 | 5 | 26 | 31 | |
Disposals | \u2013 | \u2013 | (5) | (23) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (79) | 6 | 10 | (63) | |
Other movements | \u2013 | \u2013 | 11 | 2 | 13 | |
31 December 2023 | 13,134 | 1,049 | 559 | 775 | 15,517 | |
Accumulated amortisation and impairment: | ||||||
1 January 2023 | 8,134 | 381 | 348 | 546 | 9,409 | |
Disposals | \u2013 | \u2013 | (5) | (12) | (17) | |
Amortisation expense1 | \u2013 | 52 | 40 | 32 | 124 | |
Impairment | 7 | \u2013 | \u2013 | \u2013 | 18 | 18 |
Effect of foreign currency exchange movements | \u2013 | (26) | 1 | 6 | (19) | |
Other movements | \u2013 | \u2013 | (2) | 2 | \u2013 | |
31 December 2023 | 8,134 | 407 | 382 | 592 | 9,515 | |
Net book value 31 December 2023 | 5,000 | 642 | 177 | 183 | 6,002 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2022 | 13,293 | 1,203 | 561 | 669 | 15,726 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Additions | \u2013 | 1 | 6 | 7 | 14 | |
Disposals | \u2013 | (1) | (25) | (2) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (73) | 3 | 2 | (68) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | (1) | (10) | (11) |
Other movements1 | \u2013 | (2) | 14 | 111 | 123 | |
31 December 2022 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Accumulated amortisation and impairment: | ||||||
1 January 2022 | 8,293 | 308 | 341 | 549 | 9,491 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Disposals | \u2013 | \u2013 | (24) | (3) | (27) | |
Amortisation expense2 | \u2013 | 97 | 34 | 28 | 159 | |
Impairment | 7 | \u2013 | \u2013 | 2 | \u2013 | 2 |
Effect of foreign currency exchange movements | \u2013 | (24) | \u2013 | 2 | (22) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | \u2013 | (6) | (6) |
Other movements | \u2013 | \u2013 | (1) | \u2013 | (1) | |
31 December 2022 | 8,134 | 381 | 348 | 546 | 9,409 | |
Net book value 31 December 2022 | 5,000 | 747 | 206 | 207 | 6,160 | |
US$\u00a0million | 2023 | 2022 |
Metals and minerals marketing business | 3,326 | 3,326 |
Coal marketing business | 1,674 | 1,674 |
Total | 5,000 | 5,000 |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2023 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Business combination | 26 | \u2013 | \u2013 | \u2013 | 7 | 7 |
Disposal of subsidiaries | 26 | \u2013 | \u2013 | (12) | \u2013 | (12) |
Additions | \u2013 | \u2013 | 5 | 26 | 31 | |
Disposals | \u2013 | \u2013 | (5) | (23) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (79) | 6 | 10 | (63) | |
Other movements | \u2013 | \u2013 | 11 | 2 | 13 | |
31 December 2023 | 13,134 | 1,049 | 559 | 775 | 15,517 | |
Accumulated amortisation and impairment: | ||||||
1 January 2023 | 8,134 | 381 | 348 | 546 | 9,409 | |
Disposals | \u2013 | \u2013 | (5) | (12) | (17) | |
Amortisation expense1 | \u2013 | 52 | 40 | 32 | 124 | |
Impairment | 7 | \u2013 | \u2013 | \u2013 | 18 | 18 |
Effect of foreign currency exchange movements | \u2013 | (26) | 1 | 6 | (19) | |
Other movements | \u2013 | \u2013 | (2) | 2 | \u2013 | |
31 December 2023 | 8,134 | 407 | 382 | 592 | 9,515 | |
Net book value 31 December 2023 | 5,000 | 642 | 177 | 183 | 6,002 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2022 | 13,293 | 1,203 | 561 | 669 | 15,726 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Additions | \u2013 | 1 | 6 | 7 | 14 | |
Disposals | \u2013 | (1) | (25) | (2) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (73) | 3 | 2 | (68) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | (1) | (10) | (11) |
Other movements1 | \u2013 | (2) | 14 | 111 | 123 | |
31 December 2022 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Accumulated amortisation and impairment: | ||||||
1 January 2022 | 8,293 | 308 | 341 | 549 | 9,491 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Disposals | \u2013 | \u2013 | (24) | (3) | (27) | |
Amortisation expense2 | \u2013 | 97 | 34 | 28 | 159 | |
Impairment | 7 | \u2013 | \u2013 | 2 | \u2013 | 2 |
Effect of foreign currency exchange movements | \u2013 | (24) | \u2013 | 2 | (22) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | \u2013 | (6) | (6) |
Other movements | \u2013 | \u2013 | (1) | \u2013 | (1) | |
31 December 2022 | 8,134 | 381 | 348 | 546 | 9,409 | |
Net book value 31 December 2022 | 5,000 | 747 | 206 | 207 | 6,160 | |
US$\u00a0million | 2023 | 2022 |
Metals and minerals marketing business | 3,326 | 3,326 |
Coal marketing business | 1,674 | 1,674 |
Total | 5,000 | 5,000 |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2023 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Business combination | 26 | \u2013 | \u2013 | \u2013 | 7 | 7 |
Disposal of subsidiaries | 26 | \u2013 | \u2013 | (12) | \u2013 | (12) |
Additions | \u2013 | \u2013 | 5 | 26 | 31 | |
Disposals | \u2013 | \u2013 | (5) | (23) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (79) | 6 | 10 | (63) | |
Other movements | \u2013 | \u2013 | 11 | 2 | 13 | |
31 December 2023 | 13,134 | 1,049 | 559 | 775 | 15,517 | |
Accumulated amortisation and impairment: | ||||||
1 January 2023 | 8,134 | 381 | 348 | 546 | 9,409 | |
Disposals | \u2013 | \u2013 | (5) | (12) | (17) | |
Amortisation expense1 | \u2013 | 52 | 40 | 32 | 124 | |
Impairment | 7 | \u2013 | \u2013 | \u2013 | 18 | 18 |
Effect of foreign currency exchange movements | \u2013 | (26) | 1 | 6 | (19) | |
Other movements | \u2013 | \u2013 | (2) | 2 | \u2013 | |
31 December 2023 | 8,134 | 407 | 382 | 592 | 9,515 | |
Net book value 31 December 2023 | 5,000 | 642 | 177 | 183 | 6,002 | |
US$\u00a0million | Notes | Goodwill | Port allocation rights | Licences, trademarks and software | Customer relationships and other | Total |
Cost: | ||||||
1 January 2022 | 13,293 | 1,203 | 561 | 669 | 15,726 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Additions | \u2013 | 1 | 6 | 7 | 14 | |
Disposals | \u2013 | (1) | (25) | (2) | (28) | |
Effect of foreign currency exchange movements | \u2013 | (73) | 3 | 2 | (68) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | (1) | (10) | (11) |
Other movements1 | \u2013 | (2) | 14 | 111 | 123 | |
31 December 2022 | 13,134 | 1,128 | 554 | 753 | 15,569 | |
Accumulated amortisation and impairment: | ||||||
1 January 2022 | 8,293 | 308 | 341 | 549 | 9,491 | |
Disposal of subsidiaries | 26 | (159) | \u2013 | (4) | (24) | (187) |
Disposals | \u2013 | \u2013 | (24) | (3) | (27) | |
Amortisation expense2 | \u2013 | 97 | 34 | 28 | 159 | |
Impairment | 7 | \u2013 | \u2013 | 2 | \u2013 | 2 |
Effect of foreign currency exchange movements | \u2013 | (24) | \u2013 | 2 | (22) | |
Reclassification to held for sale | 16 | \u2013 | \u2013 | \u2013 | (6) | (6) |
Other movements | \u2013 | \u2013 | (1) | \u2013 | (1) | |
31 December 2022 | 8,134 | 381 | 348 | 546 | 9,409 | |
Net book value 31 December 2022 | 5,000 | 747 | 206 | 207 | 6,160 | |
US$\u00a0million | Notes | 2023 | 2022 |
1 January | 11,878 | 12,294 | |
Additions | 829 | 157 | |
Disposals | (22) | (232) | |
Share of income from associates and joint ventures | 1,337 | 2,300 | |
Share of other comprehensive income/(loss) from associates and joint ventures | 16 | (100) | |
Transfer of previously held equity accounted investment to subsidiary | 26 | (175) | (598) |
Impairments | 7 | \u2013 | (113) |
Dividends received | (1,328) | (1,691) | |
Reclassification to held for sale | 16 | (3,711) | (148) |
Other movements | (1) | 9 | |
31 December | 8,823 | 11,878 | |
Of which: | |||
Investments in associates | 5,281 | 4,806 | |
Investments in joint ventures | 3,542 | 7,072 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra2 | Total material joint ventures | Total material associates and joint ventures | |
Non-current assets | 6,275 | 6,275 | 6,914 | \u2013 | 6,914 | 13,189 | |
Current assets | 1,596 | 1,596 | 2,173 | \u2013 | 2,173 | 3,769 | |
Non-current liabilities | (2,488) | (2,488) | (2,662) | \u2013 | (2,662) | (5,150) | |
Current liabilities | (857) | (857) | (718) | \u2013 | (718) | (1,575) | |
The above assets and liabilities include the following: | |||||||
Cash and cash equivalents | 71 | 71 | 327 | \u2013 | 327 | 398 | |
Current financial liabilities1 | (106) | (106) | (31) | \u2013 | (31) | (137) | |
Non-current financial liabilities1 | (1,138) | (1,138) | (1,091) | \u2013 | (1,091) | (2,229) | |
Net assets 31 December 2023 | 4,526 | 4,526 | 5,707 | \u2013 | 5,707 | 10,233 | |
Glencore's ownership interest | 33.8% | 44.0% | 49.9% | ||||
Acquisition fair value and other adjustments | 1,618 | 1,618 | 1,031 | \u2013 | 1,031 | 2,649 | |
Carrying value | 3,148 | 3,148 | 3,542 | \u2013 | 3,542 | 6,690 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra3 | Total material joint ventures | Total material associates and joint ventures | |
Revenue | 4,243 | 4,243 | 4,648 | \u2013 | 4,648 | 8,891 | |
Income for the year | 1,206 | 1,206 | 1,471 | \u2013 | 1,471 | 2,677 | |
Other comprehensive loss | \u2013 | \u2013 | (18) | \u2013 | (18) | (18) | |
Total comprehensive income | 1,206 | 1,206 | 1,453 | \u2013 | 1,453 | 2,659 | |
Glencore's share of dividends paid | 452 | 452 | 308 | \u2013 | 308 | 760 | |
The above income for the year includes the following: | |||||||
Depreciation and amortisation | (1,193) | (1,193) | (741) | \u2013 | (741) | (1,934) | |
Interest income1 | 34 | 34 | 20 | \u2013 | 20 | 54 | |
Interest expense2 | (21) | (21) | (18) | \u2013 | (18) | (39) | |
Income tax expense | (664) | (664) | (761) | \u2013 | (761) | (1,425) | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra | Total material joint ventures | Total material associates and joint ventures | |
Non-current assets | 5,137 | 5,137 | 5,540 | 7,207 | 12,747 | 17,884 | |
Current assets | 2,105 | 2,105 | 2,405 | 16,480 | 18,885 | 20,990 | |
Non-current liabilities | (2,129) | (2,129) | (2,602) | (7,496) | (10,098) | (12,227) | |
Current liabilities | (681) | (681) | (436) | (10,958) | (11,394) | (12,075) | |
The above assets and liabilities include the following: | |||||||
Cash and cash equivalents | 87 | 87 | 446 | 637 | 1,083 | 1,170 | |
Current financial liabilities1 | (50) | (50) | (21) | (4,007) | (4,028) | (4,078) | |
Non-current financial liabilities1 | (1,089) | (1,089) | (1,084) | (6,759) | (7,843) | (8,932) | |
Net assets 31 December 2022 | 4,432 | 4,432 | 4,907 | 5,233 | 10,140 | 14,572 | |
Glencore's ownership interest | 33.8% | 44.0% | 49.9% | ||||
Acquisition fair value and other adjustments | 1,694 | 1,694 | 1,046 | 1,256 | 2,302 | 3,996 | |
Carrying value | 3,192 | 3,192 | 3,205 | 3,867 | 7,072 | 10,264 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra | Total material joint ventures | Total material associates and joint ventures | |
Revenue | 4,668 | 4,668 | 4,817 | 53,854 | 58,671 | 63,339 | |
Income for the year | 1,601 | 1,601 | 1,807 | 995 | 2,802 | 4,403 | |
Other comprehensive loss | \u2013 | \u2013 | (13) | (155) | (168) | (168) | |
Total comprehensive income | 1,601 | 1,601 | 1,794 | 840 | 2,634 | 4,235 | |
Glencore's share of dividends paid | 472 | 472 | 660 | 200 | 860 | 1,332 | |
The above (loss)/income for the year includes the following: | |||||||
Depreciation and amortisation | (1,039) | (1,039) | (658) | (936) | (1,594) | (2,633) | |
Interest income1 | 86 | 86 | 9 | 131 | 140 | 226 | |
Interest expense2 | (5) | (5) | (120) | (397) | (517) | (522) | |
Income tax expense | (952) | (952) | (832) | (463) | (1,295) | (2,247) | |
US$ million | 2023 | 2022 | |
The Group's share of income | 282 | 467 | |
The Group's share of other comprehensive gain/(loss) | 24 | (17) | |
The Group's share of total comprehensive income | 306 | 450 | |
Aggregate carrying value of the Group's interests | 2,133 | 1,614 | |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal joint ventures7 | ||||
Viterra Group | Jersey | 49.9 | 49.9 | Agriculture business |
Compania Minera Dona Ines de Collahuasi SCM | Chile | 44.0 | 44.0 | Copper production |
Principal joint operation and other unincorporated arrangement8 | ||||
Bulga Joint Venture | Australia | 87.5 | 87.5 | Coal production |
Hail Creek Joint Venture | Australia | 84.7 | 84.7 | Coal production |
Hunter Valley Operations Joint Venture | Australia | 49.0 | 49.0 | Coal production |
Liddell and Foybrook Joint Ventures | Australia | 67.5 | 67.5 | Coal production |
Oaky Creek Coal Joint Venture | Australia | 55.0 | 55.0 | Coal production |
United Wambo Joint Venture | Australia | 47.5 | 47.5 | Coal production |
Goedgevonden Joint Venture9 | South Africa | 74.0 | 74.0 | Coal production |
Glencore Merafe Chrome Pooling and Share Joint Venture | South Africa | 79.5 | 79.5 | Ferroalloys production |
Glencore Bakwena-Ba-Mogopa Rhovan Pooling and Sharing Joint Venture9 | South Africa | 74.0 | 74.0 | Vanadium production |
NewRange Copper Nickel LLC | USA | 50.0 | \u2013 | Copper production |
US$\u00a0million | Notes | 2023 | 2022 |
1 January | 11,878 | 12,294 | |
Additions | 829 | 157 | |
Disposals | (22) | (232) | |
Share of income from associates and joint ventures | 1,337 | 2,300 | |
Share of other comprehensive income/(loss) from associates and joint ventures | 16 | (100) | |
Transfer of previously held equity accounted investment to subsidiary | 26 | (175) | (598) |
Impairments | 7 | \u2013 | (113) |
Dividends received | (1,328) | (1,691) | |
Reclassification to held for sale | 16 | (3,711) | (148) |
Other movements | (1) | 9 | |
31 December | 8,823 | 11,878 | |
Of which: | |||
Investments in associates | 5,281 | 4,806 | |
Investments in joint ventures | 3,542 | 7,072 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra2 | Total material joint ventures | Total material associates and joint ventures | |
Non-current assets | 6,275 | 6,275 | 6,914 | \u2013 | 6,914 | 13,189 | |
Current assets | 1,596 | 1,596 | 2,173 | \u2013 | 2,173 | 3,769 | |
Non-current liabilities | (2,488) | (2,488) | (2,662) | \u2013 | (2,662) | (5,150) | |
Current liabilities | (857) | (857) | (718) | \u2013 | (718) | (1,575) | |
The above assets and liabilities include the following: | |||||||
Cash and cash equivalents | 71 | 71 | 327 | \u2013 | 327 | 398 | |
Current financial liabilities1 | (106) | (106) | (31) | \u2013 | (31) | (137) | |
Non-current financial liabilities1 | (1,138) | (1,138) | (1,091) | \u2013 | (1,091) | (2,229) | |
Net assets 31 December 2023 | 4,526 | 4,526 | 5,707 | \u2013 | 5,707 | 10,233 | |
Glencore's ownership interest | 33.8% | 44.0% | 49.9% | ||||
Acquisition fair value and other adjustments | 1,618 | 1,618 | 1,031 | \u2013 | 1,031 | 2,649 | |
Carrying value | 3,148 | 3,148 | 3,542 | \u2013 | 3,542 | 6,690 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra3 | Total material joint ventures | Total material associates and joint ventures | |
Revenue | 4,243 | 4,243 | 4,648 | \u2013 | 4,648 | 8,891 | |
Income for the year | 1,206 | 1,206 | 1,471 | \u2013 | 1,471 | 2,677 | |
Other comprehensive loss | \u2013 | \u2013 | (18) | \u2013 | (18) | (18) | |
Total comprehensive income | 1,206 | 1,206 | 1,453 | \u2013 | 1,453 | 2,659 | |
Glencore's share of dividends paid | 452 | 452 | 308 | \u2013 | 308 | 760 | |
The above income for the year includes the following: | |||||||
Depreciation and amortisation | (1,193) | (1,193) | (741) | \u2013 | (741) | (1,934) | |
Interest income1 | 34 | 34 | 20 | \u2013 | 20 | 54 | |
Interest expense2 | (21) | (21) | (18) | \u2013 | (18) | (39) | |
Income tax expense | (664) | (664) | (761) | \u2013 | (761) | (1,425) | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra | Total material joint ventures | Total material associates and joint ventures | |
Non-current assets | 5,137 | 5,137 | 5,540 | 7,207 | 12,747 | 17,884 | |
Current assets | 2,105 | 2,105 | 2,405 | 16,480 | 18,885 | 20,990 | |
Non-current liabilities | (2,129) | (2,129) | (2,602) | (7,496) | (10,098) | (12,227) | |
Current liabilities | (681) | (681) | (436) | (10,958) | (11,394) | (12,075) | |
The above assets and liabilities include the following: | |||||||
Cash and cash equivalents | 87 | 87 | 446 | 637 | 1,083 | 1,170 | |
Current financial liabilities1 | (50) | (50) | (21) | (4,007) | (4,028) | (4,078) | |
Non-current financial liabilities1 | (1,089) | (1,089) | (1,084) | (6,759) | (7,843) | (8,932) | |
Net assets 31 December 2022 | 4,432 | 4,432 | 4,907 | 5,233 | 10,140 | 14,572 | |
Glencore's ownership interest | 33.8% | 44.0% | 49.9% | ||||
Acquisition fair value and other adjustments | 1,694 | 1,694 | 1,046 | 1,256 | 2,302 | 3,996 | |
Carrying value | 3,192 | 3,192 | 3,205 | 3,867 | 7,072 | 10,264 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra | Total material joint ventures | Total material associates and joint ventures | |
Revenue | 4,668 | 4,668 | 4,817 | 53,854 | 58,671 | 63,339 | |
Income for the year | 1,601 | 1,601 | 1,807 | 995 | 2,802 | 4,403 | |
Other comprehensive loss | \u2013 | \u2013 | (13) | (155) | (168) | (168) | |
Total comprehensive income | 1,601 | 1,601 | 1,794 | 840 | 2,634 | 4,235 | |
Glencore's share of dividends paid | 472 | 472 | 660 | 200 | 860 | 1,332 | |
The above (loss)/income for the year includes the following: | |||||||
Depreciation and amortisation | (1,039) | (1,039) | (658) | (936) | (1,594) | (2,633) | |
Interest income1 | 86 | 86 | 9 | 131 | 140 | 226 | |
Interest expense2 | (5) | (5) | (120) | (397) | (517) | (522) | |
Income tax expense | (952) | (952) | (832) | (463) | (1,295) | (2,247) | |
US$ million | 2023 | 2022 | |
The Group's share of income | 282 | 467 | |
The Group's share of other comprehensive gain/(loss) | 24 | (17) | |
The Group's share of total comprehensive income | 306 | 450 | |
Aggregate carrying value of the Group's interests | 2,133 | 1,614 | |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal joint ventures7 | ||||
Viterra Group | Jersey | 49.9 | 49.9 | Agriculture business |
Compania Minera Dona Ines de Collahuasi SCM | Chile | 44.0 | 44.0 | Copper production |
Principal joint operation and other unincorporated arrangement8 | ||||
Bulga Joint Venture | Australia | 87.5 | 87.5 | Coal production |
Hail Creek Joint Venture | Australia | 84.7 | 84.7 | Coal production |
Hunter Valley Operations Joint Venture | Australia | 49.0 | 49.0 | Coal production |
Liddell and Foybrook Joint Ventures | Australia | 67.5 | 67.5 | Coal production |
Oaky Creek Coal Joint Venture | Australia | 55.0 | 55.0 | Coal production |
United Wambo Joint Venture | Australia | 47.5 | 47.5 | Coal production |
Goedgevonden Joint Venture9 | South Africa | 74.0 | 74.0 | Coal production |
Glencore Merafe Chrome Pooling and Share Joint Venture | South Africa | 79.5 | 79.5 | Ferroalloys production |
Glencore Bakwena-Ba-Mogopa Rhovan Pooling and Sharing Joint Venture9 | South Africa | 74.0 | 74.0 | Vanadium production |
NewRange Copper Nickel LLC | USA | 50.0 | \u2013 | Copper production |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal associates | ||||
Newcastle Coal Shippers Pty Limited10 | Australia | 52.6 | 52.6 | Coal terminal |
GS Coal Holdings Pty Ltd | Australia | 50.0 | 50.0 | Coal production |
Richards Bay Coal Terminal Company Limited11 | South Africa | 19.8 | 19.8 | Coal terminal |
Century Aluminum Company12 | USA | 46.0 | 46.1 | Aluminium production |
Alumina do Norte do Brasil S.A | Brazil | 30.0 | \u2013 | Alumina production |
Minera\u00e7\u00e3o Rio do Norte S.A. | Brazil | 45.0 | \u2013 | Bauxite production |
PT CITA Mineral Investindo Tbk | Indonesia | 31.7 | 31.7 | Alumina production |
Aquarius Energy Limited | Jersey | 49.0 | 49.0 | Oil storage |
Compania Minera Antamina S.A. | Peru | 33.8 | 33.8 | Zinc/Copper production |
Metals Acquisition Limited | Jersey | 19.9 | \u2013 | Copper production |
US$\u00a0million | Notes | 2023 | 2022 |
1 January | 11,878 | 12,294 | |
Additions | 829 | 157 | |
Disposals | (22) | (232) | |
Share of income from associates and joint ventures | 1,337 | 2,300 | |
Share of other comprehensive income/(loss) from associates and joint ventures | 16 | (100) | |
Transfer of previously held equity accounted investment to subsidiary | 26 | (175) | (598) |
Impairments | 7 | \u2013 | (113) |
Dividends received | (1,328) | (1,691) | |
Reclassification to held for sale | 16 | (3,711) | (148) |
Other movements | (1) | 9 | |
31 December | 8,823 | 11,878 | |
Of which: | |||
Investments in associates | 5,281 | 4,806 | |
Investments in joint ventures | 3,542 | 7,072 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra2 | Total material joint ventures | Total material associates and joint ventures | |
Non-current assets | 6,275 | 6,275 | 6,914 | \u2013 | 6,914 | 13,189 | |
Current assets | 1,596 | 1,596 | 2,173 | \u2013 | 2,173 | 3,769 | |
Non-current liabilities | (2,488) | (2,488) | (2,662) | \u2013 | (2,662) | (5,150) | |
Current liabilities | (857) | (857) | (718) | \u2013 | (718) | (1,575) | |
The above assets and liabilities include the following: | |||||||
Cash and cash equivalents | 71 | 71 | 327 | \u2013 | 327 | 398 | |
Current financial liabilities1 | (106) | (106) | (31) | \u2013 | (31) | (137) | |
Non-current financial liabilities1 | (1,138) | (1,138) | (1,091) | \u2013 | (1,091) | (2,229) | |
Net assets 31 December 2023 | 4,526 | 4,526 | 5,707 | \u2013 | 5,707 | 10,233 | |
Glencore's ownership interest | 33.8% | 44.0% | 49.9% | ||||
Acquisition fair value and other adjustments | 1,618 | 1,618 | 1,031 | \u2013 | 1,031 | 2,649 | |
Carrying value | 3,148 | 3,148 | 3,542 | \u2013 | 3,542 | 6,690 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra3 | Total material joint ventures | Total material associates and joint ventures | |
Revenue | 4,243 | 4,243 | 4,648 | \u2013 | 4,648 | 8,891 | |
Income for the year | 1,206 | 1,206 | 1,471 | \u2013 | 1,471 | 2,677 | |
Other comprehensive loss | \u2013 | \u2013 | (18) | \u2013 | (18) | (18) | |
Total comprehensive income | 1,206 | 1,206 | 1,453 | \u2013 | 1,453 | 2,659 | |
Glencore's share of dividends paid | 452 | 452 | 308 | \u2013 | 308 | 760 | |
The above income for the year includes the following: | |||||||
Depreciation and amortisation | (1,193) | (1,193) | (741) | \u2013 | (741) | (1,934) | |
Interest income1 | 34 | 34 | 20 | \u2013 | 20 | 54 | |
Interest expense2 | (21) | (21) | (18) | \u2013 | (18) | (39) | |
Income tax expense | (664) | (664) | (761) | \u2013 | (761) | (1,425) | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra | Total material joint ventures | Total material associates and joint ventures | |
Non-current assets | 5,137 | 5,137 | 5,540 | 7,207 | 12,747 | 17,884 | |
Current assets | 2,105 | 2,105 | 2,405 | 16,480 | 18,885 | 20,990 | |
Non-current liabilities | (2,129) | (2,129) | (2,602) | (7,496) | (10,098) | (12,227) | |
Current liabilities | (681) | (681) | (436) | (10,958) | (11,394) | (12,075) | |
The above assets and liabilities include the following: | |||||||
Cash and cash equivalents | 87 | 87 | 446 | 637 | 1,083 | 1,170 | |
Current financial liabilities1 | (50) | (50) | (21) | (4,007) | (4,028) | (4,078) | |
Non-current financial liabilities1 | (1,089) | (1,089) | (1,084) | (6,759) | (7,843) | (8,932) | |
Net assets 31 December 2022 | 4,432 | 4,432 | 4,907 | 5,233 | 10,140 | 14,572 | |
Glencore's ownership interest | 33.8% | 44.0% | 49.9% | ||||
Acquisition fair value and other adjustments | 1,694 | 1,694 | 1,046 | 1,256 | 2,302 | 3,996 | |
Carrying value | 3,192 | 3,192 | 3,205 | 3,867 | 7,072 | 10,264 | |
US$ million | Antamina | Total material associates | Collahuasi | Viterra | Total material joint ventures | Total material associates and joint ventures | |
Revenue | 4,668 | 4,668 | 4,817 | 53,854 | 58,671 | 63,339 | |
Income for the year | 1,601 | 1,601 | 1,807 | 995 | 2,802 | 4,403 | |
Other comprehensive loss | \u2013 | \u2013 | (13) | (155) | (168) | (168) | |
Total comprehensive income | 1,601 | 1,601 | 1,794 | 840 | 2,634 | 4,235 | |
Glencore's share of dividends paid | 472 | 472 | 660 | 200 | 860 | 1,332 | |
The above (loss)/income for the year includes the following: | |||||||
Depreciation and amortisation | (1,039) | (1,039) | (658) | (936) | (1,594) | (2,633) | |
Interest income1 | 86 | 86 | 9 | 131 | 140 | 226 | |
Interest expense2 | (5) | (5) | (120) | (397) | (517) | (522) | |
Income tax expense | (952) | (952) | (832) | (463) | (1,295) | (2,247) | |
US$ million | 2023 | 2022 | |
The Group's share of income | 282 | 467 | |
The Group's share of other comprehensive gain/(loss) | 24 | (17) | |
The Group's share of total comprehensive income | 306 | 450 | |
Aggregate carrying value of the Group's interests | 2,133 | 1,614 | |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal associates | ||||
Newcastle Coal Shippers Pty Limited10 | Australia | 52.6 | 52.6 | Coal terminal |
GS Coal Holdings Pty Ltd | Australia | 50.0 | 50.0 | Coal production |
Richards Bay Coal Terminal Company Limited11 | South Africa | 19.8 | 19.8 | Coal terminal |
Century Aluminum Company12 | USA | 46.0 | 46.1 | Aluminium production |
Alumina do Norte do Brasil S.A | Brazil | 30.0 | \u2013 | Alumina production |
Minera\u00e7\u00e3o Rio do Norte S.A. | Brazil | 45.0 | \u2013 | Bauxite production |
PT CITA Mineral Investindo Tbk | Indonesia | 31.7 | 31.7 | Alumina production |
Aquarius Energy Limited | Jersey | 49.0 | 49.0 | Oil storage |
Compania Minera Antamina S.A. | Peru | 33.8 | 33.8 | Zinc/Copper production |
Metals Acquisition Limited | Jersey | 19.9 | \u2013 | Copper production |
2023 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 419 | 37 | 456 |
Additions | 62 | 108 | 170 |
Disposals | \u2013 | (39) | (39) |
Changes in mark-to-market valuations | (94) | 20 | (74) |
Total | 387 | 126 | 513 |
2022 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 1,620 | \u2013 | 1,620 |
Additions | 338 | 50 | 388 |
Disposals | (312) | (10) | (322) |
Changes in mark-to-market valuations | (1,124) | (17) | (1,141) |
Impairments | (54) | \u2013 | (54) |
Reclassification to held for sale | (38) | \u2013 | (38) |
Other movements | (11) | 14 | 3 |
Total | 419 | 37 | 456 |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Other investments | ||||
Shenzhen Energy Gas Investment Holding Co. Ltd | China | 7.8 | 7.8 | Energy distribution |
Press Metal Aluminium Holdings Berhad | Malaysia | 1.5 | \u2013 | Aluminium production |
PT Amman Mineral Internasional Tbk. | Indonesia | 1.2 | \u2013 | Copper production |
2023 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 419 | 37 | 456 |
Additions | 62 | 108 | 170 |
Disposals | \u2013 | (39) | (39) |
Changes in mark-to-market valuations | (94) | 20 | (74) |
Total | 387 | 126 | 513 |
2022 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 1,620 | \u2013 | 1,620 |
Additions | 338 | 50 | 388 |
Disposals | (312) | (10) | (322) |
Changes in mark-to-market valuations | (1,124) | (17) | (1,141) |
Impairments | (54) | \u2013 | (54) |
Reclassification to held for sale | (38) | \u2013 | (38) |
Other movements | (11) | 14 | 3 |
Total | 419 | 37 | 456 |
2023 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 419 | 37 | 456 |
Additions | 62 | 108 | 170 |
Disposals | \u2013 | (39) | (39) |
Changes in mark-to-market valuations | (94) | 20 | (74) |
Total | 387 | 126 | 513 |
2022 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 1,620 | \u2013 | 1,620 |
Additions | 338 | 50 | 388 |
Disposals | (312) | (10) | (322) |
Changes in mark-to-market valuations | (1,124) | (17) | (1,141) |
Impairments | (54) | \u2013 | (54) |
Reclassification to held for sale | (38) | \u2013 | (38) |
Other movements | (11) | 14 | 3 |
Total | 419 | 37 | 456 |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$ million | Notes | 2023 | 2022 |
Financial liabilities at amortised cost | |||
Trade payables1 | 4,669 | 6,865 | |
Margin calls received and other broker balances | 597 | 112 | |
Associated companies | 992 | 903 | |
Other payables and accrued liabilities | 754 | 644 | |
7,012 | 8,524 | ||
Financial liabilities at fair value through profit and loss | |||
Trade payables containing provisional pricing features1 | 28 | 20,423 | 18,258 |
Other payables2 | 28 | 24 | 484 |
20,447 | 18,742 | ||
Non-financial liabilities | |||
Advances settled in product2 | \u2013 | 294 | |
Other payables and accrued liabilities3 | 1,322 | 1,839 | |
Other tax and related payables | 508 | 327 | |
1,830 | 2,460 | ||
Total | 29,289 | 29,726 | |
2023 | Amortised cost | FVTPL1 | FVTOCI2 | |
US$ million | Total | |||
Assets | ||||
Other investments | \u2013 | 126 | 387 | 513 |
Non-current other financial assets | \u2013 | 367 | \u2013 | 367 |
Advances and loans | 1,708 | 282 | \u2013 | 1,990 |
Accounts receivable | 8,792 | 6,917 | \u2013 | 15,709 |
Other financial assets | \u2013 | 5,187 | \u2013 | 5,187 |
Cash and cash equivalents | 1,925 | \u2013 | \u2013 | 1,925 |
Total financial assets | 12,425 | 12,879 | 387 | 25,691 |
Liabilities | ||||
Borrowings | 32,241 | \u2013 | \u2013 | 32,241 |
Non-current other financial liabilities | \u2013 | 1,710 | \u2013 | 1,710 |
Accounts payable | 7,012 | 20,447 | \u2013 | 27,459 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Other financial liabilities | \u2013 | 3,671 | \u2013 | 3,671 |
Total financial liabilities | 39,253 | 26,716 | \u2013 | 65,969 |
2022 | Amortised cost | FVTPL1 | FVTOCI2 | Total |
US$ million | ||||
Assets | ||||
Other investments | \u2013 | 37 | 419 | 456 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Advances and loans3 | 1,000 | 337 | \u2013 | 1,337 |
Accounts receivable3 | 15,100 | 7,739 | \u2013 | 22,839 |
Other financial assets | \u2013 | 6,109 | \u2013 | 6,109 |
Cash and cash equivalents | 1,923 | \u2013 | \u2013 | 1,923 |
Total financial assets | 18,023 | 14,428 | 419 | 32,870 |
Liabilities | ||||
Borrowings | 28,777 | \u2013 | \u2013 | 28,777 |
Non-current other financial liabilities | 14 | 2,041 | \u2013 | 2,055 |
Accounts payable3 | 8,524 | 18,742 | \u2013 | 27,266 |
Deferred income3 | \u2013 | 1,193 | \u2013 | 1,193 |
Other financial liabilities | \u2013 | 4,882 | \u2013 | 4,882 |
Total financial liabilities | 37,315 | 26,858 | \u2013 | 64,173 |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2023 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 15,909 | (12,338) | 3,571 | (1,936) | (511) | 1,124 | 1,983 | 5,554 | |
Derivative liabilities1 | (16,127) | 12,338 | (3,789) | 1,936 | 1,471 | (382) | (1,592) | (5,381) | |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2022 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 3,422 | (2,141) | 1,281 | (608) | (26) | 647 | 5,034 | 6,315 | |
Derivative liabilities1 | (5,929) | 2,141 | (3,788) | 608 | 2,638 | (542) | (3,149) | (6,937) | |
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Glencore can assess at the measurement date; or |
Level 2 | Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or |
Level 3 | Unobservable inputs for the assets or liabilities, requiring Glencore to make market-based assumptions. |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables | \u2013 | 6,229 | \u2013 | 6,229 |
Prepaid commodity forward contracts | \u2013 | 543 | \u2013 | 543 |
Contingent consideration | \u2013 | 75 | 62 | 137 |
Other receivables | \u2013 | \u2013 | 8 | 8 |
Non-current prepaid commodity forward contracts | \u2013 | 124 | \u2013 | 124 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 136 | 136 |
Other investments | 390 | 123 | \u2013 | 513 |
Financial assets | 390 | 7,094 | 228 | 7,712 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures | 1,978 | 205 | \u2013 | 2,183 |
Options | 33 | 61 | \u2013 | 94 |
Swaps | 416 | 661 | 5 | 1,082 |
Physical forwards | \u2013 | 851 | 936 | 1,787 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 20 | \u2013 | 20 |
Foreign currency and interest rate contracts | \u2013 | 21 | \u2013 | 21 |
Current other financial assets | 2,427 | 1,819 | 941 | 5,187 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 73 | \u2013 | 73 |
Foreign currency and interest rate contracts | \u2013 | 127 | \u2013 | 127 |
Other financial derivative assets | \u2013 | \u2013 | 64 | 64 |
Purchased call options over Glencore shares1 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial assets | \u2013 | 303 | 64 | 367 |
Total | 2,817 | 9,216 | 1,233 | 13,266 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables2 | \u2013 | 7,018 | \u2013 | 7,018 |
Prepaid commodity forward contracts2 | \u2013 | 520 | \u2013 | 520 |
Contingent consideration | \u2013 | \u2013 | 128 | 128 |
Other receivables | \u2013 | \u2013 | 73 | 73 |
Non-current prepaid commodity forward contracts2 | \u2013 | 44 | \u2013 | 44 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 168 | 168 |
Non-current contingent consideration | \u2013 | \u2013 | 103 | 103 |
Other investments | 280 | 176 | \u2013 | 456 |
Financial assets | 280 | 7,758 | 494 | 8,532 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures2 | 809 | 156 | \u2013 | 965 |
Options | 120 | 4 | \u2013 | 124 |
Swaps2 | 40 | 165 | 18 | 223 |
Physical forwards | \u2013 | 1,786 | 2,949 | 4,735 |
Financial contracts | ||||
Foreign currency and interest rate contracts | \u2013 | 62 | \u2013 | 62 |
Current other financial assets | 969 | 2,173 | 2,967 | 6,109 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 24 | \u2013 | 24 |
Foreign currency and interest rate contracts | \u2013 | 1 | \u2013 | 1 |
Purchased call options over Glencore shares1 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Total | 1,249 | 10,137 | 3,461 | 14,847 |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | Contingent consideration | Convertible loan | Physical forwards | Swaps | Other | Total Level 3 |
1 January 2023 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
Total (loss)/gain recognised in revenue | \u2013 | \u2013 | (219) | 65 | \u2013 | (154) |
Total loss recognised in cost of goods sold | \u2013 | \u2013 | (1,167) | (66) | \u2013 | (1,233) |
Acquisition | (39) | 25 | \u2013 | \u2013 | 64 | 50 |
Fair value recognised in other income/(expense) | (37) | (57) | \u2013 | \u2013 | 20 | (74) |
Realised | (128) | \u2013 | (580) | (13) | (51) | (772) |
31 December 2023 | (47) | 136 | 870 | 4 | (215) | 748 |
1 January 2022 | 261 | \u2013 | 411 | 40 | (63) | 649 |
Total gain recognised in revenue | \u2013 | \u2013 | 231 | 67 | \u2013 | 298 |
Total gain/(loss) recognised in cost of goods sold | \u2013 | \u2013 | 2,403 | (70) | \u2013 | 2,333 |
Acquisition | (20) | 200 | \u2013 | \u2013 | \u2013 | 180 |
Fair value recognised in other income/(expense) | 105 | (32) | \u2013 | \u2013 | (173) | (100) |
Realised | (189) | \u2013 | (209) | (19) | (12) | (429) |
31 December 2022 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
2023 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 419 | 37 | 456 |
Additions | 62 | 108 | 170 |
Disposals | \u2013 | (39) | (39) |
Changes in mark-to-market valuations | (94) | 20 | (74) |
Total | 387 | 126 | 513 |
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Glencore can assess at the measurement date; or |
Level 2 | Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or |
Level 3 | Unobservable inputs for the assets or liabilities, requiring Glencore to make market-based assumptions. |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables | \u2013 | 6,229 | \u2013 | 6,229 |
Prepaid commodity forward contracts | \u2013 | 543 | \u2013 | 543 |
Contingent consideration | \u2013 | 75 | 62 | 137 |
Other receivables | \u2013 | \u2013 | 8 | 8 |
Non-current prepaid commodity forward contracts | \u2013 | 124 | \u2013 | 124 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 136 | 136 |
Other investments | 390 | 123 | \u2013 | 513 |
Financial assets | 390 | 7,094 | 228 | 7,712 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures | 1,978 | 205 | \u2013 | 2,183 |
Options | 33 | 61 | \u2013 | 94 |
Swaps | 416 | 661 | 5 | 1,082 |
Physical forwards | \u2013 | 851 | 936 | 1,787 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 20 | \u2013 | 20 |
Foreign currency and interest rate contracts | \u2013 | 21 | \u2013 | 21 |
Current other financial assets | 2,427 | 1,819 | 941 | 5,187 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 73 | \u2013 | 73 |
Foreign currency and interest rate contracts | \u2013 | 127 | \u2013 | 127 |
Other financial derivative assets | \u2013 | \u2013 | 64 | 64 |
Purchased call options over Glencore shares1 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial assets | \u2013 | 303 | 64 | 367 |
Total | 2,817 | 9,216 | 1,233 | 13,266 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables2 | \u2013 | 7,018 | \u2013 | 7,018 |
Prepaid commodity forward contracts2 | \u2013 | 520 | \u2013 | 520 |
Contingent consideration | \u2013 | \u2013 | 128 | 128 |
Other receivables | \u2013 | \u2013 | 73 | 73 |
Non-current prepaid commodity forward contracts2 | \u2013 | 44 | \u2013 | 44 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 168 | 168 |
Non-current contingent consideration | \u2013 | \u2013 | 103 | 103 |
Other investments | 280 | 176 | \u2013 | 456 |
Financial assets | 280 | 7,758 | 494 | 8,532 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures2 | 809 | 156 | \u2013 | 965 |
Options | 120 | 4 | \u2013 | 124 |
Swaps2 | 40 | 165 | 18 | 223 |
Physical forwards | \u2013 | 1,786 | 2,949 | 4,735 |
Financial contracts | ||||
Foreign currency and interest rate contracts | \u2013 | 62 | \u2013 | 62 |
Current other financial assets | 969 | 2,173 | 2,967 | 6,109 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 24 | \u2013 | 24 |
Foreign currency and interest rate contracts | \u2013 | 1 | \u2013 | 1 |
Purchased call options over Glencore shares1 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Total | 1,249 | 10,137 | 3,461 | 14,847 |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | Contingent consideration | Convertible loan | Physical forwards | Swaps | Other | Total Level 3 |
1 January 2023 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
Total (loss)/gain recognised in revenue | \u2013 | \u2013 | (219) | 65 | \u2013 | (154) |
Total loss recognised in cost of goods sold | \u2013 | \u2013 | (1,167) | (66) | \u2013 | (1,233) |
Acquisition | (39) | 25 | \u2013 | \u2013 | 64 | 50 |
Fair value recognised in other income/(expense) | (37) | (57) | \u2013 | \u2013 | 20 | (74) |
Realised | (128) | \u2013 | (580) | (13) | (51) | (772) |
31 December 2023 | (47) | 136 | 870 | 4 | (215) | 748 |
1 January 2022 | 261 | \u2013 | 411 | 40 | (63) | 649 |
Total gain recognised in revenue | \u2013 | \u2013 | 231 | 67 | \u2013 | 298 |
Total gain/(loss) recognised in cost of goods sold | \u2013 | \u2013 | 2,403 | (70) | \u2013 | 2,333 |
Acquisition | (20) | 200 | \u2013 | \u2013 | \u2013 | 180 |
Fair value recognised in other income/(expense) | 105 | (32) | \u2013 | \u2013 | (173) | (100) |
Realised | (189) | \u2013 | (209) | (19) | (12) | (429) |
31 December 2022 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
2023 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 419 | 37 | 456 |
Additions | 62 | 108 | 170 |
Disposals | \u2013 | (39) | (39) |
Changes in mark-to-market valuations | (94) | 20 | (74) |
Total | 387 | 126 | 513 |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
2023 | Loans to associates | Advances and loans and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20233 | 15 | 191 | 206 | 364 | 717 | 1,081 | 1,287 | ||
Increase during the period | \u2013 | 17 | 17 | 362 | 31 | 393 | 410 | ||
Decrease during the period | \u2013 | (2) | (2) | (70) | (262) | (332) | (334) | ||
Assumed in business combination | \u2013 | \u2013 | \u2013 | 8 | \u2013 | 8 | 8 | ||
Effect of foreign currency exchange movements | \u2013 | (5) | (5) | 1 | \u2013 | 1 | (4) | ||
Reclassifications | 1 | (1) | \u2013 | (143) | 748 | 605 | 605 | ||
31 December 2023 | 16 | 200 | 216 | 522 | 1,234 | 1,756 | 1,972 | ||
Allowance for credit loss | |||||||||
1 January 20233 | \u2013 | 76 | 76 | 9 | 350 | 359 | 435 | ||
Released during the period4 | \u2013 | (3) | (3) | (3) | (9) | (12) | (15) | ||
Charged during the period4 | \u2013 | 2 | 2 | 27 | 127 | 154 | 156 | ||
Utilised during the period | \u2013 | \u2013 | \u2013 | \u2013 | (203) | (203) | (203) | ||
Effect of foreign currency exchange movements | \u2013 | 1 | 1 | (5) | 1 | (4) | (3) | ||
Reclassifications | \u2013 | 3 | 3 | \u2013 | 39 | 39 | 42 | ||
31 December 2023 | \u2013 | 79 | 79 | 28 | 305 | 333 | 412 | ||
Net carrying value 31 December 2023 | 16 | 121 | 137 | 494 | 929 | 1,423 | 1,560 | ||
2022 | Loans to associates | Advances and loans and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20223 | 31 | 159 | 190 | 529 | 676 | 1,205 | 1,395 | ||
Increase during the period | 10 | 14 | 24 | 143 | 143 | 286 | 310 | ||
Decrease during the period | (1) | (5) | (6) | (75) | (150) | (225) | (231) | ||
Disposal of subsidiaries | (6) | \u2013 | (6) | (49) | \u2013 | (49) | (55) | ||
Reclassification to held for sale | 6 | \u2013 | 6 | 10 | \u2013 | 10 | 16 | ||
Reclassifications | (25) | 23 | (2) | (194) | 48 | (146) | (148) | ||
31 December 2022 | 15 | 191 | 206 | 364 | 717 | 1,081 | 1,287 | ||
Loss allowances | |||||||||
1 January 20223 | \u2013 | 62 | 62 | 14 | 278 | 292 | 354 | ||
Released during the period4 | \u2013 | \u2013 | \u2013 | \u2013 | (9) | (9) | (9) | ||
Charged during the period4 | \u2013 | 14 | 14 | \u2013 | 91 | 91 | 105 | ||
Reclassifications | \u2013 | \u2013 | \u2013 | (5) | (10) | (15) | (15) | ||
31 December 2022 | \u2013 | 76 | 76 | 9 | 350 | 359 | 435 | ||
Net carrying value 31 December 2022 | 15 | 115 | 130 | 355 | 367 | 722 | 852 | ||
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$ million | Trade receivables \u2013 days past due | |||||
As at 31 December 2023 | Not past due | <30 | 31 \u2013 60 | 61 \u2013 90 | >90 | Total |
Gross carrying amount | 2,865 | 251 | 20 | 42 | 1,269 | 4,447 |
Weighted average expected credit loss rate | 0.43% | 0.62% | 1.01% | 1.01% | 11.18% | |
Lifetime expected credit loss | (12) | (2) | \u2013 | \u2013 | (152) | (166) |
Total | 2,853 | 249 | 20 | 42 | 1,117 | 4,281 |
US$ million | Trade receivables \u2013 days past due | |||||
As at 31 December 2022 | Not past due | <30 | 31 \u2013 60 | 61 \u2013 90 | >90 | Total |
Gross carrying amount | 3,422 | 444 | 158 | 85 | 1,673 | 5,782 |
Weighted average expected credit loss rate | 0.45% | 0.67% | 0.98% | 1.17% | 7.34% | |
Lifetime expected credit loss | (23) | (3) | (2) | (1) | (143) | (172) |
Total | 3,399 | 441 | 156 | 84 | 1,530 | 5,610 |
2023 | Receivables from associates | Other receivables and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20233 | 432 | 136 | 568 | 896 | 185 | 1,081 | 1,649 | ||
Increase during the period | 77 | 1 | 78 | 491 | 3 | 494 | 572 | ||
Decrease during the period | (166) | (16) | (182) | (429) | (84) | (513) | (695) | ||
Assumed in business combination | \u2013 | \u2013 | \u2013 | 13 | \u2013 | 13 | 13 | ||
Effect of foreign currency exchange movements | 1 | 4 | 5 | (8) | 3 | (5) | \u2013 | ||
Reclassifications | (2) | 2 | \u2013 | (34) | 292 | 258 | 258 | ||
31 December 2023 | 342 | 127 | 469 | 929 | 399 | 1,328 | 1,797 | ||
Allowance for credit loss | |||||||||
1 January 20233 | \u2013 | 127 | 127 | 39 | 104 | 143 | 270 | ||
Released during the period4 | \u2013 | (15) | (15) | (30) | \u2013 | (30) | (45) | ||
Charged during the period4 | \u2013 | 4 | 4 | 11 | 101 | 112 | 116 | ||
Utilised during the period | \u2013 | \u2013 | \u2013 | \u2013 | (30) | (30) | (30) | ||
Effect of foreign currency exchange movements | \u2013 | 4 | 4 | (1) | 4 | 3 | 7 | ||
Reclassifications | \u2013 | (3) | (3) | 2 | 5 | 7 | 4 | ||
31 December 2023 | \u2013 | 117 | 117 | 21 | 184 | 205 | 322 | ||
Net carrying value 31 December 2023 | 342 | 10 | 352 | 908 | 215 | 1,123 | 1,475 | ||
2022 | Receivables from associates | Other receivables and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20223 | 391 | 138 | 529 | 387 | 199 | 586 | 1,115 | ||
Increase during the period | 136 | 20 | 156 | 427 | 26 | 453 | 609 | ||
Decrease during the period | (94) | (15) | (109) | (81) | (10) | (91) | (200) | ||
Business combination | \u2013 | \u2013 | \u2013 | 28 | \u2013 | 28 | 28 | ||
Disposal of subsidiaries | (2) | \u2013 | (2) | (14) | \u2013 | (14) | (16) | ||
Effect of foreign currency exchange movements | (2) | (7) | (9) | (18) | \u2013 | (18) | (27) | ||
Reclassification to held for sale | 1 | \u2013 | 1 | (1) | (8) | (9) | (8) | ||
Reclassifications | 2 | \u2013 | 2 | 168 | (22) | 146 | 148 | ||
31 December 2022 | 432 | 136 | 568 | 896 | 185 | 1,081 | 1,649 | ||
Allowance for credit loss | |||||||||
1 January 20223 | \u2013 | 116 | 116 | 23 | 106 | 129 | 245 | ||
Released during the period4 | \u2013 | (2) | (2) | (5) | \u2013 | (5) | (7) | ||
Charged during the period4 | \u2013 | 21 | 21 | 34 | 16 | 50 | 71 | ||
Utilised during the period | \u2013 | \u2013 | \u2013 | (3) | (4) | (7) | (7) | ||
Effect of foreign currency exchange movements | \u2013 | (8) | (8) | \u2013 | (4) | (4) | (12) | ||
Reclassification to held for sale | \u2013 | \u2013 | \u2013 | \u2013 | (6) | (6) | (6) | ||
Reclassifications | \u2013 | \u2013 | \u2013 | (10) | (4) | (14) | (14) | ||
31 December 2022 | \u2013 | 127 | 127 | 39 | 104 | 143 | 270 | ||
Net carrying value 31 December 2022 | 432 | 9 | 441 | 857 | 81 | 938 | 1,379 | ||
US$ million | Notes | 2023 | 2022 |
Non-current borrowings | |||
Capital market notes | 18,587 | 17,229 | |
Amount drawn under revolving credit facilities | 1,306 | \u2013 | |
Lease liabilities | 961 | 934 | |
Other bank loans | 421 | 688 | |
Total non-current borrowings | 21,275 | 18,851 | |
Current borrowings | |||
Secured inventory/receivables/other facilities | 11/13/14 | 2,680 | 3,292 |
Amount drawn under revolving credit facilities | 150 | \u2013 | |
US commercial paper | 1,044 | 333 | |
Capital market notes | 2,823 | 2,977 | |
Lease liabilities | 547 | 445 | |
Other bank loans1 | 3,722 | 2,879 | |
Total current borrowings | 10,966 | 9,926 | |
Total borrowings | 32,241 | 28,777 | |
US$ million | Notes | 2023 | 2022 |
Financial liabilities at amortised cost | |||
Trade payables1 | 4,669 | 6,865 | |
Margin calls received and other broker balances | 597 | 112 | |
Associated companies | 992 | 903 | |
Other payables and accrued liabilities | 754 | 644 | |
7,012 | 8,524 | ||
Financial liabilities at fair value through profit and loss | |||
Trade payables containing provisional pricing features1 | 28 | 20,423 | 18,258 |
Other payables2 | 28 | 24 | 484 |
20,447 | 18,742 | ||
Non-financial liabilities | |||
Advances settled in product2 | \u2013 | 294 | |
Other payables and accrued liabilities3 | 1,322 | 1,839 | |
Other tax and related payables | 508 | 327 | |
1,830 | 2,460 | ||
Total | 29,289 | 29,726 | |
2023 | Amortised cost | FVTPL1 | FVTOCI2 | |
US$ million | Total | |||
Assets | ||||
Other investments | \u2013 | 126 | 387 | 513 |
Non-current other financial assets | \u2013 | 367 | \u2013 | 367 |
Advances and loans | 1,708 | 282 | \u2013 | 1,990 |
Accounts receivable | 8,792 | 6,917 | \u2013 | 15,709 |
Other financial assets | \u2013 | 5,187 | \u2013 | 5,187 |
Cash and cash equivalents | 1,925 | \u2013 | \u2013 | 1,925 |
Total financial assets | 12,425 | 12,879 | 387 | 25,691 |
Liabilities | ||||
Borrowings | 32,241 | \u2013 | \u2013 | 32,241 |
Non-current other financial liabilities | \u2013 | 1,710 | \u2013 | 1,710 |
Accounts payable | 7,012 | 20,447 | \u2013 | 27,459 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Other financial liabilities | \u2013 | 3,671 | \u2013 | 3,671 |
Total financial liabilities | 39,253 | 26,716 | \u2013 | 65,969 |
2022 | Amortised cost | FVTPL1 | FVTOCI2 | Total |
US$ million | ||||
Assets | ||||
Other investments | \u2013 | 37 | 419 | 456 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Advances and loans3 | 1,000 | 337 | \u2013 | 1,337 |
Accounts receivable3 | 15,100 | 7,739 | \u2013 | 22,839 |
Other financial assets | \u2013 | 6,109 | \u2013 | 6,109 |
Cash and cash equivalents | 1,923 | \u2013 | \u2013 | 1,923 |
Total financial assets | 18,023 | 14,428 | 419 | 32,870 |
Liabilities | ||||
Borrowings | 28,777 | \u2013 | \u2013 | 28,777 |
Non-current other financial liabilities | 14 | 2,041 | \u2013 | 2,055 |
Accounts payable3 | 8,524 | 18,742 | \u2013 | 27,266 |
Deferred income3 | \u2013 | 1,193 | \u2013 | 1,193 |
Other financial liabilities | \u2013 | 4,882 | \u2013 | 4,882 |
Total financial liabilities | 37,315 | 26,858 | \u2013 | 64,173 |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2023 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 15,909 | (12,338) | 3,571 | (1,936) | (511) | 1,124 | 1,983 | 5,554 | |
Derivative liabilities1 | (16,127) | 12,338 | (3,789) | 1,936 | 1,471 | (382) | (1,592) | (5,381) | |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2022 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 3,422 | (2,141) | 1,281 | (608) | (26) | 647 | 5,034 | 6,315 | |
Derivative liabilities1 | (5,929) | 2,141 | (3,788) | 608 | 2,638 | (542) | (3,149) | (6,937) | |
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Glencore can assess at the measurement date; or |
Level 2 | Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or |
Level 3 | Unobservable inputs for the assets or liabilities, requiring Glencore to make market-based assumptions. |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables | \u2013 | 6,229 | \u2013 | 6,229 |
Prepaid commodity forward contracts | \u2013 | 543 | \u2013 | 543 |
Contingent consideration | \u2013 | 75 | 62 | 137 |
Other receivables | \u2013 | \u2013 | 8 | 8 |
Non-current prepaid commodity forward contracts | \u2013 | 124 | \u2013 | 124 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 136 | 136 |
Other investments | 390 | 123 | \u2013 | 513 |
Financial assets | 390 | 7,094 | 228 | 7,712 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures | 1,978 | 205 | \u2013 | 2,183 |
Options | 33 | 61 | \u2013 | 94 |
Swaps | 416 | 661 | 5 | 1,082 |
Physical forwards | \u2013 | 851 | 936 | 1,787 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 20 | \u2013 | 20 |
Foreign currency and interest rate contracts | \u2013 | 21 | \u2013 | 21 |
Current other financial assets | 2,427 | 1,819 | 941 | 5,187 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 73 | \u2013 | 73 |
Foreign currency and interest rate contracts | \u2013 | 127 | \u2013 | 127 |
Other financial derivative assets | \u2013 | \u2013 | 64 | 64 |
Purchased call options over Glencore shares1 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial assets | \u2013 | 303 | 64 | 367 |
Total | 2,817 | 9,216 | 1,233 | 13,266 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables2 | \u2013 | 7,018 | \u2013 | 7,018 |
Prepaid commodity forward contracts2 | \u2013 | 520 | \u2013 | 520 |
Contingent consideration | \u2013 | \u2013 | 128 | 128 |
Other receivables | \u2013 | \u2013 | 73 | 73 |
Non-current prepaid commodity forward contracts2 | \u2013 | 44 | \u2013 | 44 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 168 | 168 |
Non-current contingent consideration | \u2013 | \u2013 | 103 | 103 |
Other investments | 280 | 176 | \u2013 | 456 |
Financial assets | 280 | 7,758 | 494 | 8,532 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures2 | 809 | 156 | \u2013 | 965 |
Options | 120 | 4 | \u2013 | 124 |
Swaps2 | 40 | 165 | 18 | 223 |
Physical forwards | \u2013 | 1,786 | 2,949 | 4,735 |
Financial contracts | ||||
Foreign currency and interest rate contracts | \u2013 | 62 | \u2013 | 62 |
Current other financial assets | 969 | 2,173 | 2,967 | 6,109 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 24 | \u2013 | 24 |
Foreign currency and interest rate contracts | \u2013 | 1 | \u2013 | 1 |
Purchased call options over Glencore shares1 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Total | 1,249 | 10,137 | 3,461 | 14,847 |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | Contingent consideration | Convertible loan | Physical forwards | Swaps | Other | Total Level 3 |
1 January 2023 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
Total (loss)/gain recognised in revenue | \u2013 | \u2013 | (219) | 65 | \u2013 | (154) |
Total loss recognised in cost of goods sold | \u2013 | \u2013 | (1,167) | (66) | \u2013 | (1,233) |
Acquisition | (39) | 25 | \u2013 | \u2013 | 64 | 50 |
Fair value recognised in other income/(expense) | (37) | (57) | \u2013 | \u2013 | 20 | (74) |
Realised | (128) | \u2013 | (580) | (13) | (51) | (772) |
31 December 2023 | (47) | 136 | 870 | 4 | (215) | 748 |
1 January 2022 | 261 | \u2013 | 411 | 40 | (63) | 649 |
Total gain recognised in revenue | \u2013 | \u2013 | 231 | 67 | \u2013 | 298 |
Total gain/(loss) recognised in cost of goods sold | \u2013 | \u2013 | 2,403 | (70) | \u2013 | 2,333 |
Acquisition | (20) | 200 | \u2013 | \u2013 | \u2013 | 180 |
Fair value recognised in other income/(expense) | 105 | (32) | \u2013 | \u2013 | (173) | (100) |
Realised | (189) | \u2013 | (209) | (19) | (12) | (429) |
31 December 2022 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
2023 | |||
US$ million | FVTOCI1 | FVTPL2 | Total |
1 January | 419 | 37 | 456 |
Additions | 62 | 108 | 170 |
Disposals | \u2013 | (39) | (39) |
Changes in mark-to-market valuations | (94) | 20 | (74) |
Total | 387 | 126 | 513 |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
2023 | Amortised cost | FVTPL1 | FVTOCI2 | |
US$ million | Total | |||
Assets | ||||
Other investments | \u2013 | 126 | 387 | 513 |
Non-current other financial assets | \u2013 | 367 | \u2013 | 367 |
Advances and loans | 1,708 | 282 | \u2013 | 1,990 |
Accounts receivable | 8,792 | 6,917 | \u2013 | 15,709 |
Other financial assets | \u2013 | 5,187 | \u2013 | 5,187 |
Cash and cash equivalents | 1,925 | \u2013 | \u2013 | 1,925 |
Total financial assets | 12,425 | 12,879 | 387 | 25,691 |
Liabilities | ||||
Borrowings | 32,241 | \u2013 | \u2013 | 32,241 |
Non-current other financial liabilities | \u2013 | 1,710 | \u2013 | 1,710 |
Accounts payable | 7,012 | 20,447 | \u2013 | 27,459 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Other financial liabilities | \u2013 | 3,671 | \u2013 | 3,671 |
Total financial liabilities | 39,253 | 26,716 | \u2013 | 65,969 |
2022 | Amortised cost | FVTPL1 | FVTOCI2 | Total |
US$ million | ||||
Assets | ||||
Other investments | \u2013 | 37 | 419 | 456 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Advances and loans3 | 1,000 | 337 | \u2013 | 1,337 |
Accounts receivable3 | 15,100 | 7,739 | \u2013 | 22,839 |
Other financial assets | \u2013 | 6,109 | \u2013 | 6,109 |
Cash and cash equivalents | 1,923 | \u2013 | \u2013 | 1,923 |
Total financial assets | 18,023 | 14,428 | 419 | 32,870 |
Liabilities | ||||
Borrowings | 28,777 | \u2013 | \u2013 | 28,777 |
Non-current other financial liabilities | 14 | 2,041 | \u2013 | 2,055 |
Accounts payable3 | 8,524 | 18,742 | \u2013 | 27,266 |
Deferred income3 | \u2013 | 1,193 | \u2013 | 1,193 |
Other financial liabilities | \u2013 | 4,882 | \u2013 | 4,882 |
Total financial liabilities | 37,315 | 26,858 | \u2013 | 64,173 |
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Glencore can assess at the measurement date; or |
Level 2 | Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or |
Level 3 | Unobservable inputs for the assets or liabilities, requiring Glencore to make market-based assumptions. |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables | \u2013 | 6,229 | \u2013 | 6,229 |
Prepaid commodity forward contracts | \u2013 | 543 | \u2013 | 543 |
Contingent consideration | \u2013 | 75 | 62 | 137 |
Other receivables | \u2013 | \u2013 | 8 | 8 |
Non-current prepaid commodity forward contracts | \u2013 | 124 | \u2013 | 124 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 136 | 136 |
Other investments | 390 | 123 | \u2013 | 513 |
Financial assets | 390 | 7,094 | 228 | 7,712 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures | 1,978 | 205 | \u2013 | 2,183 |
Options | 33 | 61 | \u2013 | 94 |
Swaps | 416 | 661 | 5 | 1,082 |
Physical forwards | \u2013 | 851 | 936 | 1,787 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 20 | \u2013 | 20 |
Foreign currency and interest rate contracts | \u2013 | 21 | \u2013 | 21 |
Current other financial assets | 2,427 | 1,819 | 941 | 5,187 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 73 | \u2013 | 73 |
Foreign currency and interest rate contracts | \u2013 | 127 | \u2013 | 127 |
Other financial derivative assets | \u2013 | \u2013 | 64 | 64 |
Purchased call options over Glencore shares1 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial assets | \u2013 | 303 | 64 | 367 |
Total | 2,817 | 9,216 | 1,233 | 13,266 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables2 | \u2013 | 7,018 | \u2013 | 7,018 |
Prepaid commodity forward contracts2 | \u2013 | 520 | \u2013 | 520 |
Contingent consideration | \u2013 | \u2013 | 128 | 128 |
Other receivables | \u2013 | \u2013 | 73 | 73 |
Non-current prepaid commodity forward contracts2 | \u2013 | 44 | \u2013 | 44 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 168 | 168 |
Non-current contingent consideration | \u2013 | \u2013 | 103 | 103 |
Other investments | 280 | 176 | \u2013 | 456 |
Financial assets | 280 | 7,758 | 494 | 8,532 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures2 | 809 | 156 | \u2013 | 965 |
Options | 120 | 4 | \u2013 | 124 |
Swaps2 | 40 | 165 | 18 | 223 |
Physical forwards | \u2013 | 1,786 | 2,949 | 4,735 |
Financial contracts | ||||
Foreign currency and interest rate contracts | \u2013 | 62 | \u2013 | 62 |
Current other financial assets | 969 | 2,173 | 2,967 | 6,109 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 24 | \u2013 | 24 |
Foreign currency and interest rate contracts | \u2013 | 1 | \u2013 | 1 |
Purchased call options over Glencore shares1 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Total | 1,249 | 10,137 | 3,461 | 14,847 |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | Contingent consideration | Convertible loan | Physical forwards | Swaps | Other | Total Level 3 |
1 January 2023 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
Total (loss)/gain recognised in revenue | \u2013 | \u2013 | (219) | 65 | \u2013 | (154) |
Total loss recognised in cost of goods sold | \u2013 | \u2013 | (1,167) | (66) | \u2013 | (1,233) |
Acquisition | (39) | 25 | \u2013 | \u2013 | 64 | 50 |
Fair value recognised in other income/(expense) | (37) | (57) | \u2013 | \u2013 | 20 | (74) |
Realised | (128) | \u2013 | (580) | (13) | (51) | (772) |
31 December 2023 | (47) | 136 | 870 | 4 | (215) | 748 |
1 January 2022 | 261 | \u2013 | 411 | 40 | (63) | 649 |
Total gain recognised in revenue | \u2013 | \u2013 | 231 | 67 | \u2013 | 298 |
Total gain/(loss) recognised in cost of goods sold | \u2013 | \u2013 | 2,403 | (70) | \u2013 | 2,333 |
Acquisition | (20) | 200 | \u2013 | \u2013 | \u2013 | 180 |
Fair value recognised in other income/(expense) | 105 | (32) | \u2013 | \u2013 | (173) | (100) |
Realised | (189) | \u2013 | (209) | (19) | (12) | (429) |
31 December 2022 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Loans to associates | 137 | 130 | |
Advances and loans1,2 | 1,363 | 580 | |
Deferred consideration | 26 | 60 | 142 |
Rehabilitation trust fund3 | 148 | 148 | |
1,708 | 1,000 | ||
Financial assets at fair value through profit and loss | |||
Prepaid commodity forward contracts2,4 | 28 | 124 | 44 |
Other non-current receivables and loans | 28 | 22 | 22 |
Convertible loan | 28 | 136 | 168 |
Contingent consideration | 28 | \u2013 | 103 |
282 | 337 | ||
Non-financial assets | |||
Pension surpluses | 24 | 189 | 148 |
Advances repayable with product2 | 447 | 939 | |
Land rights prepayment | 150 | 150 | |
Other tax and related non-current receivables | 100 | 80 | |
886 | 1,317 | ||
Total | 2,876 | 2,654 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$ million | Trade receivables \u2013 days past due | |||||
As at 31 December 2023 | Not past due | <30 | 31 \u2013 60 | 61 \u2013 90 | >90 | Total |
Gross carrying amount | 2,865 | 251 | 20 | 42 | 1,269 | 4,447 |
Weighted average expected credit loss rate | 0.43% | 0.62% | 1.01% | 1.01% | 11.18% | |
Lifetime expected credit loss | (12) | (2) | \u2013 | \u2013 | (152) | (166) |
Total | 2,853 | 249 | 20 | 42 | 1,117 | 4,281 |
US$ million | Trade receivables \u2013 days past due | |||||
As at 31 December 2022 | Not past due | <30 | 31 \u2013 60 | 61 \u2013 90 | >90 | Total |
Gross carrying amount | 3,422 | 444 | 158 | 85 | 1,673 | 5,782 |
Weighted average expected credit loss rate | 0.45% | 0.67% | 0.98% | 1.17% | 7.34% | |
Lifetime expected credit loss | (23) | (3) | (2) | (1) | (143) | (172) |
Total | 3,399 | 441 | 156 | 84 | 1,530 | 5,610 |
2023 | Loans to associates | Advances and loans and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20233 | 15 | 191 | 206 | 364 | 717 | 1,081 | 1,287 | ||
Increase during the period | \u2013 | 17 | 17 | 362 | 31 | 393 | 410 | ||
Decrease during the period | \u2013 | (2) | (2) | (70) | (262) | (332) | (334) | ||
Assumed in business combination | \u2013 | \u2013 | \u2013 | 8 | \u2013 | 8 | 8 | ||
Effect of foreign currency exchange movements | \u2013 | (5) | (5) | 1 | \u2013 | 1 | (4) | ||
Reclassifications | 1 | (1) | \u2013 | (143) | 748 | 605 | 605 | ||
31 December 2023 | 16 | 200 | 216 | 522 | 1,234 | 1,756 | 1,972 | ||
Allowance for credit loss | |||||||||
1 January 20233 | \u2013 | 76 | 76 | 9 | 350 | 359 | 435 | ||
Released during the period4 | \u2013 | (3) | (3) | (3) | (9) | (12) | (15) | ||
Charged during the period4 | \u2013 | 2 | 2 | 27 | 127 | 154 | 156 | ||
Utilised during the period | \u2013 | \u2013 | \u2013 | \u2013 | (203) | (203) | (203) | ||
Effect of foreign currency exchange movements | \u2013 | 1 | 1 | (5) | 1 | (4) | (3) | ||
Reclassifications | \u2013 | 3 | 3 | \u2013 | 39 | 39 | 42 | ||
31 December 2023 | \u2013 | 79 | 79 | 28 | 305 | 333 | 412 | ||
Net carrying value 31 December 2023 | 16 | 121 | 137 | 494 | 929 | 1,423 | 1,560 | ||
2022 | Loans to associates | Advances and loans and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20223 | 31 | 159 | 190 | 529 | 676 | 1,205 | 1,395 | ||
Increase during the period | 10 | 14 | 24 | 143 | 143 | 286 | 310 | ||
Decrease during the period | (1) | (5) | (6) | (75) | (150) | (225) | (231) | ||
Disposal of subsidiaries | (6) | \u2013 | (6) | (49) | \u2013 | (49) | (55) | ||
Reclassification to held for sale | 6 | \u2013 | 6 | 10 | \u2013 | 10 | 16 | ||
Reclassifications | (25) | 23 | (2) | (194) | 48 | (146) | (148) | ||
31 December 2022 | 15 | 191 | 206 | 364 | 717 | 1,081 | 1,287 | ||
Loss allowances | |||||||||
1 January 20223 | \u2013 | 62 | 62 | 14 | 278 | 292 | 354 | ||
Released during the period4 | \u2013 | \u2013 | \u2013 | \u2013 | (9) | (9) | (9) | ||
Charged during the period4 | \u2013 | 14 | 14 | \u2013 | 91 | 91 | 105 | ||
Reclassifications | \u2013 | \u2013 | \u2013 | (5) | (10) | (15) | (15) | ||
31 December 2022 | \u2013 | 76 | 76 | 9 | 350 | 359 | 435 | ||
Net carrying value 31 December 2022 | 15 | 115 | 130 | 355 | 367 | 722 | 852 | ||
2023 | Receivables from associates | Other receivables and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20233 | 432 | 136 | 568 | 896 | 185 | 1,081 | 1,649 | ||
Increase during the period | 77 | 1 | 78 | 491 | 3 | 494 | 572 | ||
Decrease during the period | (166) | (16) | (182) | (429) | (84) | (513) | (695) | ||
Assumed in business combination | \u2013 | \u2013 | \u2013 | 13 | \u2013 | 13 | 13 | ||
Effect of foreign currency exchange movements | 1 | 4 | 5 | (8) | 3 | (5) | \u2013 | ||
Reclassifications | (2) | 2 | \u2013 | (34) | 292 | 258 | 258 | ||
31 December 2023 | 342 | 127 | 469 | 929 | 399 | 1,328 | 1,797 | ||
Allowance for credit loss | |||||||||
1 January 20233 | \u2013 | 127 | 127 | 39 | 104 | 143 | 270 | ||
Released during the period4 | \u2013 | (15) | (15) | (30) | \u2013 | (30) | (45) | ||
Charged during the period4 | \u2013 | 4 | 4 | 11 | 101 | 112 | 116 | ||
Utilised during the period | \u2013 | \u2013 | \u2013 | \u2013 | (30) | (30) | (30) | ||
Effect of foreign currency exchange movements | \u2013 | 4 | 4 | (1) | 4 | 3 | 7 | ||
Reclassifications | \u2013 | (3) | (3) | 2 | 5 | 7 | 4 | ||
31 December 2023 | \u2013 | 117 | 117 | 21 | 184 | 205 | 322 | ||
Net carrying value 31 December 2023 | 342 | 10 | 352 | 908 | 215 | 1,123 | 1,475 | ||
2022 | Receivables from associates | Other receivables and deferred consideration | |||||||
US$ million | 12-Month ECL | Lifetime ECL1 | Total | 12-Month ECL | Lifetime ECL2 | Total | Total | ||
Gross carrying value | |||||||||
1 January 20223 | 391 | 138 | 529 | 387 | 199 | 586 | 1,115 | ||
Increase during the period | 136 | 20 | 156 | 427 | 26 | 453 | 609 | ||
Decrease during the period | (94) | (15) | (109) | (81) | (10) | (91) | (200) | ||
Business combination | \u2013 | \u2013 | \u2013 | 28 | \u2013 | 28 | 28 | ||
Disposal of subsidiaries | (2) | \u2013 | (2) | (14) | \u2013 | (14) | (16) | ||
Effect of foreign currency exchange movements | (2) | (7) | (9) | (18) | \u2013 | (18) | (27) | ||
Reclassification to held for sale | 1 | \u2013 | 1 | (1) | (8) | (9) | (8) | ||
Reclassifications | 2 | \u2013 | 2 | 168 | (22) | 146 | 148 | ||
31 December 2022 | 432 | 136 | 568 | 896 | 185 | 1,081 | 1,649 | ||
Allowance for credit loss | |||||||||
1 January 20223 | \u2013 | 116 | 116 | 23 | 106 | 129 | 245 | ||
Released during the period4 | \u2013 | (2) | (2) | (5) | \u2013 | (5) | (7) | ||
Charged during the period4 | \u2013 | 21 | 21 | 34 | 16 | 50 | 71 | ||
Utilised during the period | \u2013 | \u2013 | \u2013 | (3) | (4) | (7) | (7) | ||
Effect of foreign currency exchange movements | \u2013 | (8) | (8) | \u2013 | (4) | (4) | (12) | ||
Reclassification to held for sale | \u2013 | \u2013 | \u2013 | \u2013 | (6) | (6) | (6) | ||
Reclassifications | \u2013 | \u2013 | \u2013 | (10) | (4) | (14) | (14) | ||
31 December 2022 | \u2013 | 127 | 127 | 39 | 104 | 143 | 270 | ||
Net carrying value 31 December 2022 | 432 | 9 | 441 | 857 | 81 | 938 | 1,379 | ||
US$ million | 2023 | 2022 | |
Inventory at fair value less costs of disposal1 | 14,441 | 15,608 | |
Raw materials and consumables | 5,827 | 5,970 | |
Semi finished products | 4,955 | 5,527 | |
Finished goods1 | 6,346 | 6,355 | |
Inventory at the lower of cost or net realisable value | 17,128 | 17,852 | |
Total current inventory | 31,569 | 33,460 | |
Raw materials and consumables | 623 | 605 | |
Inventory at the lower of cost or net realisable value | 623 | 605 | |
Total non-current inventory | 623 | 605 | |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$ million | Trade receivables \u2013 days past due | |||||
As at 31 December 2023 | Not past due | <30 | 31 \u2013 60 | 61 \u2013 90 | >90 | Total |
Gross carrying amount | 2,865 | 251 | 20 | 42 | 1,269 | 4,447 |
Weighted average expected credit loss rate | 0.43% | 0.62% | 1.01% | 1.01% | 11.18% | |
Lifetime expected credit loss | (12) | (2) | \u2013 | \u2013 | (152) | (166) |
Total | 2,853 | 249 | 20 | 42 | 1,117 | 4,281 |
US$ million | Trade receivables \u2013 days past due | |||||
As at 31 December 2022 | Not past due | <30 | 31 \u2013 60 | 61 \u2013 90 | >90 | Total |
Gross carrying amount | 3,422 | 444 | 158 | 85 | 1,673 | 5,782 |
Weighted average expected credit loss rate | 0.45% | 0.67% | 0.98% | 1.17% | 7.34% | |
Lifetime expected credit loss | (23) | (3) | (2) | (1) | (143) | (172) |
Total | 3,399 | 441 | 156 | 84 | 1,530 | 5,610 |
US$ million | Notes | 2023 | 2022 |
Financial assets at amortised cost | |||
Trade receivables1 | 4,281 | 5,610 | |
Margin calls paid and other broker balances | 3,036 | 8,111 | |
Receivables from associates | 352 | 441 | |
Deferred consideration | 26 | 73 | 333 |
Other receivables2,3,4 | 1,050 | 605 | |
8,792 | 15,100 | ||
Financial assets at fair value through profit and loss | |||
Trade receivables containing provisional pricing features1 | 28 | 6,229 | 7,018 |
Prepaid commodity forward contracts2,5 | 28 | 543 | 520 |
Contingent consideration | 28 | 137 | 128 |
Other receivables | 28 | 8 | 73 |
6,917 | 7,739 | ||
Non-financial assets | |||
Advances repayable with product2 | 624 | 223 | |
Other tax and related receivables6 | 2,052 | 1,503 | |
2,676 | 1,726 | ||
Total | 18,385 | 24,565 | |
US$\u00a0million | 2023 | 2022 | |
Bank and cash on hand | 1,415 | 1,445 | |
Deposits and treasury bills | 510 | 478 | |
Total | 1,925 | 1,923 | |
US$ million | Viterra | Volcan | Total |
Non-current assets | |||
Property, plant and equipment | \u2013 | 1,245 | 1,245 |
Intangible assets | \u2013 | 10 | 10 |
Investments in associates and joint ventures | 3,711 | 148 | 3,859 |
Advances and loans | \u2013 | 72 | 72 |
Deferred tax assets | \u2013 | 37 | 37 |
3,711 | 1,512 | 5,223 | |
Current assets | |||
Inventories | \u2013 | 48 | 48 |
Accounts receivable | \u2013 | 65 | 65 |
Income tax receivable | \u2013 | 28 | 28 |
Prepaid expenses | \u2013 | 4 | 4 |
Cash and cash equivalents | \u2013 | 62 | 62 |
\u2013 | 207 | 207 | |
Total assets held for sale | 3,711 | 1,719 | 5,430 |
Non-current liabilities | |||
Borrowings | \u2013 | (668) | (668) |
Deferred tax liabilities | \u2013 | (94) | (94) |
Provisions | \u2013 | (329) | (329) |
Deferred income | \u2013 | (3) | (3) |
\u2013 | (1,094) | (1,094) | |
Current liabilities | |||
Borrowings | \u2013 | (123) | (123) |
Accounts payable | \u2013 | (300) | (300) |
Provisions | \u2013 | (18) | (18) |
Income tax payable | \u2013 | (15) | (15) |
\u2013 | (456) | (456) | |
Total liabilities held for sale | \u2013 | (1,550) | (1,550) |
Total net assets held for sale | 3,711 | 169 | 3,880 |
Non-controlling interest | \u2013 | 302 | 302 |
US$ million | Cobar | Volcan | Total |
Non-current assets | |||
Property, plant and equipment | 451 | 1,467 | 1,918 |
Intangible assets | 1 | 4 | 5 |
Investments in associates and joint ventures | \u2013 | 148 | 148 |
Advances and loans | \u2013 | 71 | 71 |
Deferred tax assets | \u2013 | 32 | 32 |
452 | 1,722 | 2,174 | |
Current assets | |||
Inventories | 25 | 57 | 82 |
Accounts receivable | 4 | 68 | 72 |
Income tax receivable | \u2013 | 29 | 29 |
Prepaid expenses | 3 | 5 | 8 |
Cash and cash equivalents | 1 | 74 | 75 |
33 | 233 | 266 | |
Total assets held for sale | 485 | 1,955 | 2,440 |
Non-current liabilities | |||
Borrowings | \u2013 | (777) | (777) |
Deferred tax liabilities | (25) | (151) | (176) |
Provisions | (20) | (322) | (342) |
Deferred income | \u2013 | (6) | (6) |
Post-retirement and other employee benefits | (1) | \u2013 | (1) |
(46) | (1,256) | (1,302) | |
Current liabilities | |||
Borrowings | (1) | (22) | (23) |
Accounts payable | (42) | (315) | (357) |
Provisions | \u2013 | (31) | (31) |
Income tax payable | \u2013 | (28) | (28) |
(43) | (396) | (439) | |
Total liabilities held for sale | (89) | (1,652) | (1,741) |
Total net assets held for sale | 396 | 303 | 699 |
Non-controlling interest | \u2013 | 201 | 201 |
US$ million | Viterra | Volcan | Total |
Non-current assets | |||
Property, plant and equipment | \u2013 | 1,245 | 1,245 |
Intangible assets | \u2013 | 10 | 10 |
Investments in associates and joint ventures | 3,711 | 148 | 3,859 |
Advances and loans | \u2013 | 72 | 72 |
Deferred tax assets | \u2013 | 37 | 37 |
3,711 | 1,512 | 5,223 | |
Current assets | |||
Inventories | \u2013 | 48 | 48 |
Accounts receivable | \u2013 | 65 | 65 |
Income tax receivable | \u2013 | 28 | 28 |
Prepaid expenses | \u2013 | 4 | 4 |
Cash and cash equivalents | \u2013 | 62 | 62 |
\u2013 | 207 | 207 | |
Total assets held for sale | 3,711 | 1,719 | 5,430 |
Non-current liabilities | |||
Borrowings | \u2013 | (668) | (668) |
Deferred tax liabilities | \u2013 | (94) | (94) |
Provisions | \u2013 | (329) | (329) |
Deferred income | \u2013 | (3) | (3) |
\u2013 | (1,094) | (1,094) | |
Current liabilities | |||
Borrowings | \u2013 | (123) | (123) |
Accounts payable | \u2013 | (300) | (300) |
Provisions | \u2013 | (18) | (18) |
Income tax payable | \u2013 | (15) | (15) |
\u2013 | (456) | (456) | |
Total liabilities held for sale | \u2013 | (1,550) | (1,550) |
Total net assets held for sale | 3,711 | 169 | 3,880 |
Non-controlling interest | \u2013 | 302 | 302 |
US$ million | Cobar | Volcan | Total |
Non-current assets | |||
Property, plant and equipment | 451 | 1,467 | 1,918 |
Intangible assets | 1 | 4 | 5 |
Investments in associates and joint ventures | \u2013 | 148 | 148 |
Advances and loans | \u2013 | 71 | 71 |
Deferred tax assets | \u2013 | 32 | 32 |
452 | 1,722 | 2,174 | |
Current assets | |||
Inventories | 25 | 57 | 82 |
Accounts receivable | 4 | 68 | 72 |
Income tax receivable | \u2013 | 29 | 29 |
Prepaid expenses | 3 | 5 | 8 |
Cash and cash equivalents | 1 | 74 | 75 |
33 | 233 | 266 | |
Total assets held for sale | 485 | 1,955 | 2,440 |
Non-current liabilities | |||
Borrowings | \u2013 | (777) | (777) |
Deferred tax liabilities | (25) | (151) | (176) |
Provisions | (20) | (322) | (342) |
Deferred income | \u2013 | (6) | (6) |
Post-retirement and other employee benefits | (1) | \u2013 | (1) |
(46) | (1,256) | (1,302) | |
Current liabilities | |||
Borrowings | (1) | (22) | (23) |
Accounts payable | (42) | (315) | (357) |
Provisions | \u2013 | (31) | (31) |
Income tax payable | \u2013 | (28) | (28) |
(43) | (396) | (439) | |
Total liabilities held for sale | (89) | (1,652) | (1,741) |
Total net assets held for sale | 396 | 303 | 699 |
Non-controlling interest | \u2013 | 201 | 201 |
Number of ordinary shares (thousand) | Share capital (US$\u00a0million) | Share premium (US$\u00a0million) | |
Authorised: | |||
31 December 2023 and 2022 Ordinary shares with a par value of $0.01 each | 50,000,000 | ||
Issued and fully paid up: | |||
1 January 2022 \u2013 Ordinary shares | 14,586,200 | 146 | 43,679 |
Own shares cancelled during the year | (500,000) | (5) | (2,130) |
Distributions paid (see note 19) | \u2013 | \u2013 | (4,832) |
31 December 2022 \u2013 Ordinary shares | 14,086,200 | 141 | 36,717 |
Own shares cancelled during the year | (536,200) | (5) | (1,898) |
Distributions paid (see note 19) | \u2013 | \u2013 | (6,450) |
31 December 2023 \u2013 Ordinary shares | 13,550,000 | 136 | 28,369 |
Treasury Shares | Trust Shares | Total | ||||||
Number of shares (thousand) | Own shares (US$\u00a0million) | Number of shares (thousand) | Own shares (US$\u00a0million) | Number of shares (thousand) | Own shares (US$\u00a0million) | |||
Own shares: | ||||||||
1 January 2022 | 1,390,388 | (5,417) | 99,213 | (460) | 1,489,601 | (5,877) | ||
Own shares purchased during the year | 425,309 | (2,503) | \u2013 | \u2013 | 425,309 | (2,503) | ||
Own shares transferred to satisfy employee share awards | (50,000) | 225 | 50,000 | (271) | \u2013 | (46) | ||
Own shares disposed during the year | \u2013 | \u2013 | (93,567) | 430 | (93,567) | 430 | ||
Own shares cancelled during the year | (500,000) | 2,135 | \u2013 | \u2013 | (500,000) | 2,135 | ||
31 December 2022 | 1,265,697 | (5,560) | 55,646 | (301) | 1,321,343 | (5,861) | ||
1 January 2023 | 1,265,697 | (5,560) | 55,646 | (301) | 1,321,343 | (5,861) | ||
Own shares purchased during the year | 625,956 | (3,672) | \u2013 | \u2013 | 625,956 | (3,672) | ||
Own shares transferred to satisfy employee share awards | (25,000) | 75 | 25,000 | (132) | \u2013 | (57) | ||
Own shares disposed during the year | \u2013 | \u2013 | (34,511) | 187 | (34,511) | 187 | ||
Own shares cancelled during the year | (536,200) | 1,903 | \u2013 | \u2013 | (536,200) | 1,903 | ||
31 December 2023 | 1,330,453 | (7,254) | 46,135 | (246) | 1,376,588 | (7,500) | ||
US$\u00a0million | Foreign currency translation reserve | Cash flow hedge reserve | Net unrealised gain/(loss) | Net ownership changes in subsidiaries | Total |
1 January 2023 | (2,673) | (97) | (1,417) | (2,646) | (6,833) |
Exchange loss on translation of foreign operations | (170) | \u2013 | \u2013 | \u2013 | (170) |
Items recycled to the statement of income upon disposal of subsidiaries (see note 26) | (3) | \u2013 | \u2013 | \u2013 | (3) |
Gain on cash flow hedges, net of tax | \u2013 | 55 | \u2013 | \u2013 | 55 |
Loss on equity investments accounted for at fair value through other comprehensive income, net of tax | \u2013 | \u2013 | (93) | \u2013 | (93) |
Change in ownership interest in subsidiaries (see note 34) | \u2013 | \u2013 | \u2013 | 24 | 24 |
Loss due to changes in credit risk on financial liabilities accounted for at fair value through profit and loss | \u2013 | \u2013 | (12) | \u2013 | (12) |
31 December 2023 | (2,846) | (42) | (1,522) | (2,622) | (7,032) |
1 January 2022 | (2,898) | (124) | (300) | (2,609) | (5,931) |
Exchange loss on translation of foreign operations | (290) | \u2013 | \u2013 | \u2013 | (290) |
Items recycled to the statement of income on restructuring of intragroup debt (see note 5) | 431 | \u2013 | \u2013 | \u2013 | 431 |
Items recycled to the statement of income upon disposal of subsidiaries (see note 26) | 84 | \u2013 | \u2013 | (34) | 50 |
Gain on cash flow hedges, net of tax | \u2013 | 27 | \u2013 | \u2013 | 27 |
Loss on equity investments accounted for at fair value through other comprehensive income, net of tax | \u2013 | \u2013 | (1,122) | \u2013 | (1,122) |
Change in ownership interest in subsidiaries (see note 34) | \u2013 | \u2013 | \u2013 | (3) | (3) |
Gain due to changes in credit risk on financial liabilities accounted for at fair value through profit and loss | \u2013 | \u2013 | 2 | \u2013 | 2 |
Reclassifications | \u2013 | \u2013 | 3 | \u2013 | 3 |
31 December 2022 | (2,673) | (97) | (1,417) | (2,646) | (6,833) |
Number of ordinary shares (thousand) | Share capital (US$\u00a0million) | Share premium (US$\u00a0million) | |
Authorised: | |||
31 December 2023 and 2022 Ordinary shares with a par value of $0.01 each | 50,000,000 | ||
Issued and fully paid up: | |||
1 January 2022 \u2013 Ordinary shares | 14,586,200 | 146 | 43,679 |
Own shares cancelled during the year | (500,000) | (5) | (2,130) |
Distributions paid (see note 19) | \u2013 | \u2013 | (4,832) |
31 December 2022 \u2013 Ordinary shares | 14,086,200 | 141 | 36,717 |
Own shares cancelled during the year | (536,200) | (5) | (1,898) |
Distributions paid (see note 19) | \u2013 | \u2013 | (6,450) |
31 December 2023 \u2013 Ordinary shares | 13,550,000 | 136 | 28,369 |
Number of ordinary shares (thousand) | Share capital (US$\u00a0million) | Share premium (US$\u00a0million) | |
Authorised: | |||
31 December 2023 and 2022 Ordinary shares with a par value of $0.01 each | 50,000,000 | ||
Issued and fully paid up: | |||
1 January 2022 \u2013 Ordinary shares | 14,586,200 | 146 | 43,679 |
Own shares cancelled during the year | (500,000) | (5) | (2,130) |
Distributions paid (see note 19) | \u2013 | \u2013 | (4,832) |
31 December 2022 \u2013 Ordinary shares | 14,086,200 | 141 | 36,717 |
Own shares cancelled during the year | (536,200) | (5) | (1,898) |
Distributions paid (see note 19) | \u2013 | \u2013 | (6,450) |
31 December 2023 \u2013 Ordinary shares | 13,550,000 | 136 | 28,369 |
US$ million | 2023 | 2022 |
Paid during the year: | ||
First tranche distribution \u2013 $0.22 per ordinary share (2022: $0.13) | 2,750 | 1,707 |
Second tranche and additional distribution \u2013 $0.30 per ordinary share (2022: $0.24) | 3,700 | 3,125 |
Total | 6,450 | 4,832 |
US$\u00a0million | Foreign currency translation reserve | Cash flow hedge reserve | Net unrealised gain/(loss) | Net ownership changes in subsidiaries | Total |
1 January 2023 | (2,673) | (97) | (1,417) | (2,646) | (6,833) |
Exchange loss on translation of foreign operations | (170) | \u2013 | \u2013 | \u2013 | (170) |
Items recycled to the statement of income upon disposal of subsidiaries (see note 26) | (3) | \u2013 | \u2013 | \u2013 | (3) |
Gain on cash flow hedges, net of tax | \u2013 | 55 | \u2013 | \u2013 | 55 |
Loss on equity investments accounted for at fair value through other comprehensive income, net of tax | \u2013 | \u2013 | (93) | \u2013 | (93) |
Change in ownership interest in subsidiaries (see note 34) | \u2013 | \u2013 | \u2013 | 24 | 24 |
Loss due to changes in credit risk on financial liabilities accounted for at fair value through profit and loss | \u2013 | \u2013 | (12) | \u2013 | (12) |
31 December 2023 | (2,846) | (42) | (1,522) | (2,622) | (7,032) |
1 January 2022 | (2,898) | (124) | (300) | (2,609) | (5,931) |
Exchange loss on translation of foreign operations | (290) | \u2013 | \u2013 | \u2013 | (290) |
Items recycled to the statement of income on restructuring of intragroup debt (see note 5) | 431 | \u2013 | \u2013 | \u2013 | 431 |
Items recycled to the statement of income upon disposal of subsidiaries (see note 26) | 84 | \u2013 | \u2013 | (34) | 50 |
Gain on cash flow hedges, net of tax | \u2013 | 27 | \u2013 | \u2013 | 27 |
Loss on equity investments accounted for at fair value through other comprehensive income, net of tax | \u2013 | \u2013 | (1,122) | \u2013 | (1,122) |
Change in ownership interest in subsidiaries (see note 34) | \u2013 | \u2013 | \u2013 | (3) | (3) |
Gain due to changes in credit risk on financial liabilities accounted for at fair value through profit and loss | \u2013 | \u2013 | 2 | \u2013 | 2 |
Reclassifications | \u2013 | \u2013 | 3 | \u2013 | 3 |
31 December 2022 | (2,673) | (97) | (1,417) | (2,646) | (6,833) |
US$ million | 2023 | 2022 |
Income attributable to equity holders of the Parent for basic earnings per share | 4,280 | 17,320 |
Weighted average number of shares for the purposes of basic earnings per share (thousand) | 12,425,821 | 13,042,304 |
Effect of dilution: | ||
Equity-settled share-based payments (thousand) | 112,115 | 98,454 |
Weighted average number of shares for the purposes of diluted earnings per share (thousand) | 12,537,936 | 13,140,758 |
Basic earnings per share (US$) | 0.34 | 1.33 |
Diluted earnings per share (US$) | 0.34 | 1.32 |
US$ million | 2023 | 2022 |
Income attributable to equity holders of the Parent for basic earnings per share | 4,280 | 17,320 |
Net gain on acquisitions and disposals1 | (850) | (1,287) |
Net gain on acquisitions and disposals \u2013 non-controlling interest | (5) | (4) |
Net gain on acquisitions and disposals \u2013 tax | 192 | 86 |
Impairments2 | 2,731 | 3,181 |
Impairments \u2013 non-controlling interest | (349) | (404) |
Impairments \u2013 tax | (495) | (585) |
Headline and diluted earnings for the year | 5,504 | 18,307 |
Headline earnings per share (US$) | 0.44 | 1.40 |
Diluted headline earnings per share (US$) | 0.44 | 1.39 |
Number of awards granted (thousands) | Fair value at grant date (US$ million) | Number of awards outstanding 2023 (thousands) | Number of awards outstanding 2022 (thousands) | Expense recognised 2023 (US$ million) | Expense recognised 2022 (US$ million) | ||
Deferred awards | |||||||
2018 Series | 12,891 | 65 | 1,170 | 3,535 | 2 | 3 | |
2019 Series | 10,791 | 37 | 667 | 667 | \u2013 | \u2013 | |
2021 Series | 21,327 | 94 | 217 | 13,016 | \u2013 | (1) | |
2022 Series1 | 6,719 | 40 | 2,875 | 5,267 | 1 | 30 | |
2023 Series | 37,555 | 202 | 36,915 | \u2013 | 198 | \u2013 | |
89,283 | 41,844 | 22,485 | 201 | 32 | |||
Performance share awards | |||||||
2017 Series | 19,750 | 95 | \u2013 | 344 | \u2013 | \u2013 | |
2018 Series | 28,499 | 104 | 2,218 | 2,293 | 1 | 2 | |
2019 Series | 29,705 | 90 | 690 | 9,066 | 1 | 9 | |
2020 Series | 33,583 | 104 | 8,933 | 19,555 | 10 | 26 | |
2021 Series1 | 27,012 | 130 | 16,039 | 24,918 | 33 | 69 | |
2022 Series1 | 25,580 | 166 | 22,134 | 19,793 | 79 | 12 | |
2023 Series | 20,247 | 116 | 20,257 | \u2013 | 3 | \u2013 | |
184,376 | 70,271 | 75,969 | 127 | 118 | |||
Total | 273,659 | 112,115 | 98,454 | 328 | 150 | ||
Total options outstanding (thousands) | Weighted average exercise price (GBP) | ||||||
1 January 2022 | 44,537 | 3.91 | |||||
Exercised | (44,537) | 4.16 | |||||
31 December 2022 | \u2013 | \u2013 | |||||
US$ million | Notes | 2023 | 2022 |
Non-current borrowings | |||
Capital market notes | 18,587 | 17,229 | |
Amount drawn under revolving credit facilities | 1,306 | \u2013 | |
Lease liabilities | 961 | 934 | |
Other bank loans | 421 | 688 | |
Total non-current borrowings | 21,275 | 18,851 | |
Current borrowings | |||
Secured inventory/receivables/other facilities | 11/13/14 | 2,680 | 3,292 |
Amount drawn under revolving credit facilities | 150 | \u2013 | |
US commercial paper | 1,044 | 333 | |
Capital market notes | 2,823 | 2,977 | |
Lease liabilities | 547 | 445 | |
Other bank loans1 | 3,722 | 2,879 | |
Total current borrowings | 10,966 | 9,926 | |
Total borrowings | 32,241 | 28,777 | |
2023 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2023 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
Cash-related movements2 | |||||
Proceeds from issuance of capital market notes | 3,474 | \u2013 | 3,474 | \u2013 | 3,474 |
Repayment of capital market notes | (2,996) | \u2013 | (2,996) | (163) | (3,159) |
Proceeds from revolving credit facilities | 1,289 | \u2013 | 1,289 | \u2013 | 1,289 |
Repayment of other non-current borrowings | (314) | \u2013 | (314) | \u2013 | (314) |
Repayment of lease liabilities | \u2013 | (616) | (616) | \u2013 | (616) |
Margin receipts from financing-related hedging activities | \u2013 | \u2013 | \u2013 | 897 | 897 |
Proceeds from US commercial papers | 711 | \u2013 | 711 | \u2013 | 711 |
Proceeds from current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
2,594 | (616) | 1,978 | 734 | 2,712 | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 6 | 9 | 15 | \u2013 | 15 |
Fair value adjustment to fair value hedged borrowings | 410 | \u2013 | 410 | \u2013 | 410 |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | (525) | (525) |
Foreign exchange movements | 248 | (1) | 247 | \u2013 | 247 |
Change in lease liabilities | \u2013 | 737 | 737 | \u2013 | 737 |
Interest on convertible bonds | 22 | \u2013 | 22 | \u2013 | 22 |
Other movements | 55 | \u2013 | 55 | \u2013 | 55 |
741 | 745 | 1,486 | (525) | 961 | |
31 December 2023 | 30,733 | 1,508 | 32,241 | 55 | 32,296 |
2022 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2022 | 33,023 | 1,618 | 34,641 | 23 | 34,664 |
Cash-related movements2 | |||||
Repayment of capital market notes | (2,850) | \u2013 | (2,850) | \u2013 | (2,850) |
Repurchase of capital market notes | (103) | \u2013 | (103) | \u2013 | (103) |
Repayment of revolving credit facilities | (2,563) | \u2013 | (2,563) | \u2013 | (2,563) |
Proceeds from other non-current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
Repayment of other non-current borrowings | (73) | \u2013 | (73) | \u2013 | (73) |
Repayment of lease liabilities | \u2013 | (577) | (577) | \u2013 | (577) |
Margin payments for financing-related hedging activities | \u2013 | \u2013 | \u2013 | (1,824) | (1,824) |
Proceeds from US commercial papers | (1,407) | \u2013 | (1,407) | \u2013 | (1,407) |
Repayment of current borrowings | 3,306 | \u2013 | 3,306 | \u2013 | 3,306 |
(3,260) | (577) | (3,837) | (1,824) | (5,661) | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 52 | 30 | 82 | \u2013 | 82 |
Borrowings reclassified to held for sale4 | (762) | (38) | (800) | \u2013 | (800) |
Borrowings derecognised on disposal of subsidiaries3 | \u2013 | (2) | (2) | \u2013 | (2) |
Fair value adjustment to fair value hedged borrowings | (1,250) | \u2013 | (1,250) | \u2013 | (1,250) |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | 1,647 | 1,647 |
Foreign exchange movements | (436) | (41) | (477) | \u2013 | (477) |
Change in lease liabilities | \u2013 | 389 | 389 | \u2013 | 389 |
Interest on convertible bonds | 21 | \u2013 | 21 | \u2013 | 21 |
Other movements | 10 | \u2013 | 10 | \u2013 | 10 |
(2,365) | 338 | (2,027) | 1,647 | (380) | |
31 December 2022 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
US$\u00a0million | Maturity | 2023 | 2022 |
Euro 600 million 0.625% coupon bonds | Sep 2024 | \u2013 | 644 |
Euro 750 million 1.75% coupon bonds | Mar 2025 | 799 | 749 |
Euro 500 million 3.75% coupon bonds | Apr 2026 | 534 | 499 |
Euro 500 million 1.50% coupon bonds | Oct 2026 | 512 | 470 |
Euro 950 million 1.125% coupon bonds | Mar 2028 | 1,050 | 1,014 |
Euro 600 million 0.75% coupon bonds | Mar 2029 | 570 | 510 |
Euro 500 million 1.25% coupon bonds | Mar 2033 | 421 | 367 |
Eurobonds | 3,886 | 4,253 | |
GBP 500 million 3.125% coupon bonds | Mar 2026 | 596 | 541 |
Sterling bonds | 596 | 541 | |
CHF 175 million 1.25% coupon bonds | Oct 2024 | \u2013 | 184 |
CHF 250 million 0.35% coupon bonds | Sep 2025 | 297 | 270 |
CHF 225 million 1.00% coupon bonds | Mar 2027 | 268 | 244 |
CHF 150 million 0.50% coupon bonds | Sep 2028 | 167 | 142 |
Swiss Franc bonds | 732 | 840 | |
US$ 974 million 4.125% coupon bonds | Mar 2024 | \u2013 | 972 |
US$ 990 million 4.625% coupon bonds | Apr 2024 | \u2013 | 960 |
US$ 625 million non-dilutive convertible bonds | Mar 2025 | 596 | 574 |
US$ 500 million 4.00% coupon bonds | Apr 2025 | 481 | 470 |
US$ 1,000 million 1.625% coupon bonds | Sep 2025 | 997 | 995 |
US$ 600 million 1.625% coupon bonds | Apr 2026 | 554 | 503 |
US$ 1,000 million 4.00% coupon bonds | Mar 2027 | 945 | 926 |
US$ 50 million 4.00% coupon bonds | Mar 2027 | 50 | 50 |
US$ 500 million 3.875% coupon bonds | Oct 2027 | 470 | 460 |
US$ 500 million 5.40% coupon bonds | May 2028 | 492 | \u2013 |
US$ 750 million 6.125% coupon bonds | Oct 2028 | 773 | \u2013 |
US$ 750 million 4.875% coupon bonds | Mar 2029 | 709 | 697 |
US$ 1,000 million 2.50% coupon bonds | Sep 2030 | 994 | 993 |
US$ 750 million 6.375% coupon bonds | Oct 2030 | 781 | \u2013 |
US$ 600 million 2.85% coupon bonds | Apr 2031 | 514 | 535 |
US$ 750 million 2.625% coupon bonds | Sep 2031 | 638 | 621 |
US$ 500 million 5.70% coupon bonds | May 2033 | 485 | \u2013 |
US$ 1,000 million 6.50% coupon bonds | Oct 2033 | 1,059 | \u2013 |
US$ 250 million 6.20% coupon bonds | Jun 2035 | 267 | 269 |
US$ 500 million 6.90% coupon bonds | Nov 2037 | 575 | 580 |
US$ 497 million 6.00% coupon bonds | Nov 2041 | 533 | 535 |
US$ 468 million 5.30% coupon bonds | Oct 2042 | 473 | 473 |
US$ 500 million 3.875% coupon bonds | Apr 2051 | 496 | 496 |
US$ 500 million 3.375% coupon bonds | Sep 2051 | 491 | 486 |
US$ bonds | 13,373 | 11,595 | |
Total non-current bonds | 18,587 | 17,229 | |
Euro 1,000 million 1.875% coupon bonds | Sep 2023 | \u2013 | 1,070 |
Euro 400 million 3.70% coupon bonds | Oct 2023 | \u2013 | 422 |
Euro 600 million 0.625% coupon bonds | Sep 2024 | 663 | \u2013 |
CHF 175 million 1.25% coupon bonds | Oct 2024 | 205 | \u2013 |
US$ 1,500 million 4.125% coupon bonds | May 2023 | \u2013 | 1,485 |
US$ 974 million 4.125% coupon bonds | Mar 2024 | 974 | \u2013 |
US$ 990 million 4.625% coupon bonds | Apr 2024 | 981 | \u2013 |
Total current bonds | 2,823 | 2,977 | |
US$\u00a0million | Maturity1 | Interest | 2023 | 2022 | |
Syndicated committed metals inventory/receivables facilities - US$ 2 | Nov 2024 | 3.2% | 84 | 81 | |
Syndicated uncommitted metals inventory/receivables facilities - non-US$2 | Sep 2024 | 19.0% | 61 | 20 | |
Syndicated uncommitted metals and oil inventory/receivables facilities2 | Oct 2024 | SOFR + 65 bps | 712 | 610 | |
Other secured facilities2,3 | Jan 2024 & Dec 2024 | 6.0% | 1,823 | 2,661 | |
Total | 2,680 | 3,372 | |||
Current | 2,680 | 3,292 | |||
Non-current | \u2013 | 80 | |||
US$ million | Notes | 2023 | 2022 |
Non-current borrowings | |||
Capital market notes | 18,587 | 17,229 | |
Amount drawn under revolving credit facilities | 1,306 | \u2013 | |
Lease liabilities | 961 | 934 | |
Other bank loans | 421 | 688 | |
Total non-current borrowings | 21,275 | 18,851 | |
Current borrowings | |||
Secured inventory/receivables/other facilities | 11/13/14 | 2,680 | 3,292 |
Amount drawn under revolving credit facilities | 150 | \u2013 | |
US commercial paper | 1,044 | 333 | |
Capital market notes | 2,823 | 2,977 | |
Lease liabilities | 547 | 445 | |
Other bank loans1 | 3,722 | 2,879 | |
Total current borrowings | 10,966 | 9,926 | |
Total borrowings | 32,241 | 28,777 | |
2023 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2023 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
Cash-related movements2 | |||||
Proceeds from issuance of capital market notes | 3,474 | \u2013 | 3,474 | \u2013 | 3,474 |
Repayment of capital market notes | (2,996) | \u2013 | (2,996) | (163) | (3,159) |
Proceeds from revolving credit facilities | 1,289 | \u2013 | 1,289 | \u2013 | 1,289 |
Repayment of other non-current borrowings | (314) | \u2013 | (314) | \u2013 | (314) |
Repayment of lease liabilities | \u2013 | (616) | (616) | \u2013 | (616) |
Margin receipts from financing-related hedging activities | \u2013 | \u2013 | \u2013 | 897 | 897 |
Proceeds from US commercial papers | 711 | \u2013 | 711 | \u2013 | 711 |
Proceeds from current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
2,594 | (616) | 1,978 | 734 | 2,712 | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 6 | 9 | 15 | \u2013 | 15 |
Fair value adjustment to fair value hedged borrowings | 410 | \u2013 | 410 | \u2013 | 410 |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | (525) | (525) |
Foreign exchange movements | 248 | (1) | 247 | \u2013 | 247 |
Change in lease liabilities | \u2013 | 737 | 737 | \u2013 | 737 |
Interest on convertible bonds | 22 | \u2013 | 22 | \u2013 | 22 |
Other movements | 55 | \u2013 | 55 | \u2013 | 55 |
741 | 745 | 1,486 | (525) | 961 | |
31 December 2023 | 30,733 | 1,508 | 32,241 | 55 | 32,296 |
2022 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2022 | 33,023 | 1,618 | 34,641 | 23 | 34,664 |
Cash-related movements2 | |||||
Repayment of capital market notes | (2,850) | \u2013 | (2,850) | \u2013 | (2,850) |
Repurchase of capital market notes | (103) | \u2013 | (103) | \u2013 | (103) |
Repayment of revolving credit facilities | (2,563) | \u2013 | (2,563) | \u2013 | (2,563) |
Proceeds from other non-current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
Repayment of other non-current borrowings | (73) | \u2013 | (73) | \u2013 | (73) |
Repayment of lease liabilities | \u2013 | (577) | (577) | \u2013 | (577) |
Margin payments for financing-related hedging activities | \u2013 | \u2013 | \u2013 | (1,824) | (1,824) |
Proceeds from US commercial papers | (1,407) | \u2013 | (1,407) | \u2013 | (1,407) |
Repayment of current borrowings | 3,306 | \u2013 | 3,306 | \u2013 | 3,306 |
(3,260) | (577) | (3,837) | (1,824) | (5,661) | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 52 | 30 | 82 | \u2013 | 82 |
Borrowings reclassified to held for sale4 | (762) | (38) | (800) | \u2013 | (800) |
Borrowings derecognised on disposal of subsidiaries3 | \u2013 | (2) | (2) | \u2013 | (2) |
Fair value adjustment to fair value hedged borrowings | (1,250) | \u2013 | (1,250) | \u2013 | (1,250) |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | 1,647 | 1,647 |
Foreign exchange movements | (436) | (41) | (477) | \u2013 | (477) |
Change in lease liabilities | \u2013 | 389 | 389 | \u2013 | 389 |
Interest on convertible bonds | 21 | \u2013 | 21 | \u2013 | 21 |
Other movements | 10 | \u2013 | 10 | \u2013 | 10 |
(2,365) | 338 | (2,027) | 1,647 | (380) | |
31 December 2022 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
US$\u00a0million | Maturity | 2023 | 2022 |
Euro 600 million 0.625% coupon bonds | Sep 2024 | \u2013 | 644 |
Euro 750 million 1.75% coupon bonds | Mar 2025 | 799 | 749 |
Euro 500 million 3.75% coupon bonds | Apr 2026 | 534 | 499 |
Euro 500 million 1.50% coupon bonds | Oct 2026 | 512 | 470 |
Euro 950 million 1.125% coupon bonds | Mar 2028 | 1,050 | 1,014 |
Euro 600 million 0.75% coupon bonds | Mar 2029 | 570 | 510 |
Euro 500 million 1.25% coupon bonds | Mar 2033 | 421 | 367 |
Eurobonds | 3,886 | 4,253 | |
GBP 500 million 3.125% coupon bonds | Mar 2026 | 596 | 541 |
Sterling bonds | 596 | 541 | |
CHF 175 million 1.25% coupon bonds | Oct 2024 | \u2013 | 184 |
CHF 250 million 0.35% coupon bonds | Sep 2025 | 297 | 270 |
CHF 225 million 1.00% coupon bonds | Mar 2027 | 268 | 244 |
CHF 150 million 0.50% coupon bonds | Sep 2028 | 167 | 142 |
Swiss Franc bonds | 732 | 840 | |
US$ 974 million 4.125% coupon bonds | Mar 2024 | \u2013 | 972 |
US$ 990 million 4.625% coupon bonds | Apr 2024 | \u2013 | 960 |
US$ 625 million non-dilutive convertible bonds | Mar 2025 | 596 | 574 |
US$ 500 million 4.00% coupon bonds | Apr 2025 | 481 | 470 |
US$ 1,000 million 1.625% coupon bonds | Sep 2025 | 997 | 995 |
US$ 600 million 1.625% coupon bonds | Apr 2026 | 554 | 503 |
US$ 1,000 million 4.00% coupon bonds | Mar 2027 | 945 | 926 |
US$ 50 million 4.00% coupon bonds | Mar 2027 | 50 | 50 |
US$ 500 million 3.875% coupon bonds | Oct 2027 | 470 | 460 |
US$ 500 million 5.40% coupon bonds | May 2028 | 492 | \u2013 |
US$ 750 million 6.125% coupon bonds | Oct 2028 | 773 | \u2013 |
US$ 750 million 4.875% coupon bonds | Mar 2029 | 709 | 697 |
US$ 1,000 million 2.50% coupon bonds | Sep 2030 | 994 | 993 |
US$ 750 million 6.375% coupon bonds | Oct 2030 | 781 | \u2013 |
US$ 600 million 2.85% coupon bonds | Apr 2031 | 514 | 535 |
US$ 750 million 2.625% coupon bonds | Sep 2031 | 638 | 621 |
US$ 500 million 5.70% coupon bonds | May 2033 | 485 | \u2013 |
US$ 1,000 million 6.50% coupon bonds | Oct 2033 | 1,059 | \u2013 |
US$ 250 million 6.20% coupon bonds | Jun 2035 | 267 | 269 |
US$ 500 million 6.90% coupon bonds | Nov 2037 | 575 | 580 |
US$ 497 million 6.00% coupon bonds | Nov 2041 | 533 | 535 |
US$ 468 million 5.30% coupon bonds | Oct 2042 | 473 | 473 |
US$ 500 million 3.875% coupon bonds | Apr 2051 | 496 | 496 |
US$ 500 million 3.375% coupon bonds | Sep 2051 | 491 | 486 |
US$ bonds | 13,373 | 11,595 | |
Total non-current bonds | 18,587 | 17,229 | |
Euro 1,000 million 1.875% coupon bonds | Sep 2023 | \u2013 | 1,070 |
Euro 400 million 3.70% coupon bonds | Oct 2023 | \u2013 | 422 |
Euro 600 million 0.625% coupon bonds | Sep 2024 | 663 | \u2013 |
CHF 175 million 1.25% coupon bonds | Oct 2024 | 205 | \u2013 |
US$ 1,500 million 4.125% coupon bonds | May 2023 | \u2013 | 1,485 |
US$ 974 million 4.125% coupon bonds | Mar 2024 | 974 | \u2013 |
US$ 990 million 4.625% coupon bonds | Apr 2024 | 981 | \u2013 |
Total current bonds | 2,823 | 2,977 | |
2023 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2023 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
Cash-related movements2 | |||||
Proceeds from issuance of capital market notes | 3,474 | \u2013 | 3,474 | \u2013 | 3,474 |
Repayment of capital market notes | (2,996) | \u2013 | (2,996) | (163) | (3,159) |
Proceeds from revolving credit facilities | 1,289 | \u2013 | 1,289 | \u2013 | 1,289 |
Repayment of other non-current borrowings | (314) | \u2013 | (314) | \u2013 | (314) |
Repayment of lease liabilities | \u2013 | (616) | (616) | \u2013 | (616) |
Margin receipts from financing-related hedging activities | \u2013 | \u2013 | \u2013 | 897 | 897 |
Proceeds from US commercial papers | 711 | \u2013 | 711 | \u2013 | 711 |
Proceeds from current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
2,594 | (616) | 1,978 | 734 | 2,712 | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 6 | 9 | 15 | \u2013 | 15 |
Fair value adjustment to fair value hedged borrowings | 410 | \u2013 | 410 | \u2013 | 410 |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | (525) | (525) |
Foreign exchange movements | 248 | (1) | 247 | \u2013 | 247 |
Change in lease liabilities | \u2013 | 737 | 737 | \u2013 | 737 |
Interest on convertible bonds | 22 | \u2013 | 22 | \u2013 | 22 |
Other movements | 55 | \u2013 | 55 | \u2013 | 55 |
741 | 745 | 1,486 | (525) | 961 | |
31 December 2023 | 30,733 | 1,508 | 32,241 | 55 | 32,296 |
2022 | |||||
US$ million | Borrowings excluding lease liabilities | Lease liabilities | Total borrowings | Cross-currency and interest rate swaps and net margins1 | Total liabilities arising from financing activities |
1 January 2022 | 33,023 | 1,618 | 34,641 | 23 | 34,664 |
Cash-related movements2 | |||||
Repayment of capital market notes | (2,850) | \u2013 | (2,850) | \u2013 | (2,850) |
Repurchase of capital market notes | (103) | \u2013 | (103) | \u2013 | (103) |
Repayment of revolving credit facilities | (2,563) | \u2013 | (2,563) | \u2013 | (2,563) |
Proceeds from other non-current borrowings | 430 | \u2013 | 430 | \u2013 | 430 |
Repayment of other non-current borrowings | (73) | \u2013 | (73) | \u2013 | (73) |
Repayment of lease liabilities | \u2013 | (577) | (577) | \u2013 | (577) |
Margin payments for financing-related hedging activities | \u2013 | \u2013 | \u2013 | (1,824) | (1,824) |
Proceeds from US commercial papers | (1,407) | \u2013 | (1,407) | \u2013 | (1,407) |
Repayment of current borrowings | 3,306 | \u2013 | 3,306 | \u2013 | 3,306 |
(3,260) | (577) | (3,837) | (1,824) | (5,661) | |
Non-cash related movements | |||||
Borrowings acquired in business combinations3 | 52 | 30 | 82 | \u2013 | 82 |
Borrowings reclassified to held for sale4 | (762) | (38) | (800) | \u2013 | (800) |
Borrowings derecognised on disposal of subsidiaries3 | \u2013 | (2) | (2) | \u2013 | (2) |
Fair value adjustment to fair value hedged borrowings | (1,250) | \u2013 | (1,250) | \u2013 | (1,250) |
Fair value movement of hedging derivatives | \u2013 | \u2013 | \u2013 | 1,647 | 1,647 |
Foreign exchange movements | (436) | (41) | (477) | \u2013 | (477) |
Change in lease liabilities | \u2013 | 389 | 389 | \u2013 | 389 |
Interest on convertible bonds | 21 | \u2013 | 21 | \u2013 | 21 |
Other movements | 10 | \u2013 | 10 | \u2013 | 10 |
(2,365) | 338 | (2,027) | 1,647 | (380) | |
31 December 2022 | 27,398 | 1,379 | 28,777 | (154) | 28,623 |
US$\u00a0million | Notes | Unfavourable contracts | Prepayments1 | Prepayments at FVTPL1,2 (see note 28) | Total |
1 January 2023 | 265 | 1,149 | 1,193 | 2,607 | |
Additions | \u2013 | 113 | 822 | 935 | |
Accretion in the year | \u2013 | 89 | \u2013 | 89 | |
Revenue recognised in the year | (64) | (145) | (1,130) | (1,339) | |
Acquired in business combination | 26 | \u2013 | 39 | \u2013 | 39 |
Effect of foreign currency exchange difference | (4) | 8 | \u2013 | 4 | |
Mark-to-market | \u2013 | \u2013 | 3 | 3 | |
31 December 2023 | 197 | 1,253 | 888 | 2,338 | |
Current | 73 | 193 | 778 | 1,044 | |
Non-current | 124 | 1,060 | 110 | 1,294 | |
1 January 2022 | 336 | 1,157 | 2,168 | 3,661 | |
Additions | \u2013 | 41 | 521 | 562 | |
Accretion in the year | \u2013 | 97 | \u2013 | 97 | |
Revenue recognised in the year | (66) | (133) | (1,500) | (1,699) | |
Reclassification to held for sale | 16 | \u2013 | (6) | \u2013 | (6) |
Effect of foreign currency exchange difference | (5) | (7) | 4 | (8) | |
31 December 2022 | 265 | 1,149 | 1,193 | 2,607 | |
Current | 72 | 89 | 899 | 1,060 | |
Non-current | 193 | 1,060 | 294 | 1,547 | |
US$\u00a0million | Notes | Rehabilitation costs | Onerous contracts | Legal investigations | Other provisions | Total |
1 January 2023 | 6,963 | 530 | 484 | 611 | 8,588 | |
Utilised | (366) | (157) | (484) | (92) | (1,099) | |
Released | (20) | (100) | \u2013 | (29) | (149) | |
Accretion | 122 | 35 | \u2013 | 8 | 165 | |
Assumed in business combination | 26 | 213 | \u2013 | \u2013 | 46 | 259 |
Disposal of subsidiaries | 26 | (33) | \u2013 | \u2013 | \u2013 | (33) |
Additions | 1,350 | 12 | \u2013 | 153 | 1,515 | |
Effect of foreign currency exchange movements | (49) | \u2013 | \u2013 | 16 | (33) | |
31 December 2023 | 8,180 | 320 | \u2013 | 713 | 9,213 | |
Current | 680 | 153 | \u2013 | 275 | 1,108 | |
Non-current | 7,500 | 167 | \u2013 | 438 | 8,105 | |
1 January 2022 | 5,731 | 455 | 1,500 | 524 | 8,210 | |
Utilised | (238) | (143) | (883) | (152) | (1,416) | |
Released | (30) | (71) | (133) | (30) | (264) | |
Accretion | 155 | 26 | \u2013 | 10 | 191 | |
Assumed in business combination | 26 | 998 | \u2013 | \u2013 | 73 | 1,071 |
Disposal of subsidiaries | 26 | (158) | \u2013 | \u2013 | (9) | (167) |
Additions | 840 | 265 | \u2013 | 285 | 1,390 | |
Reclassification to held for sale | 16 | (290) | \u2013 | \u2013 | (83) | (373) |
Effect of foreign currency exchange movements | (45) | (2) | \u2013 | (7) | (54) | |
31 December 2022 | 6,963 | 530 | 484 | 611 | 8,588 | |
Current | 531 | 185 | 484 | 225 | 1,425 | |
Non-current | 6,432 | 345 | \u2013 | 386 | 7,163 | |
Discount rate | ||
US$\u00a0million | Increase 1% | Decrease 1% |
Decrease/(increase) in overall rehabilitation provision | 936 | (1,224) |
(Decrease)/increase in property, plant and equipment | (769) | 998 |
Net increase/(decrease) in statement of income | 167 | (226) |
Effect in the following year | ||
Decrease/(increase) in depreciation expense | 40 | (53) |
(Increase)/decrease in interest expense | (26) | 40 |
Net increase/(decrease) in statement of income | 14 | (13) |
US$\u00a0million | Notes | Rehabilitation costs | Onerous contracts | Legal investigations | Other provisions | Total |
1 January 2023 | 6,963 | 530 | 484 | 611 | 8,588 | |
Utilised | (366) | (157) | (484) | (92) | (1,099) | |
Released | (20) | (100) | \u2013 | (29) | (149) | |
Accretion | 122 | 35 | \u2013 | 8 | 165 | |
Assumed in business combination | 26 | 213 | \u2013 | \u2013 | 46 | 259 |
Disposal of subsidiaries | 26 | (33) | \u2013 | \u2013 | \u2013 | (33) |
Additions | 1,350 | 12 | \u2013 | 153 | 1,515 | |
Effect of foreign currency exchange movements | (49) | \u2013 | \u2013 | 16 | (33) | |
31 December 2023 | 8,180 | 320 | \u2013 | 713 | 9,213 | |
Current | 680 | 153 | \u2013 | 275 | 1,108 | |
Non-current | 7,500 | 167 | \u2013 | 438 | 8,105 | |
1 January 2022 | 5,731 | 455 | 1,500 | 524 | 8,210 | |
Utilised | (238) | (143) | (883) | (152) | (1,416) | |
Released | (30) | (71) | (133) | (30) | (264) | |
Accretion | 155 | 26 | \u2013 | 10 | 191 | |
Assumed in business combination | 26 | 998 | \u2013 | \u2013 | 73 | 1,071 |
Disposal of subsidiaries | 26 | (158) | \u2013 | \u2013 | (9) | (167) |
Additions | 840 | 265 | \u2013 | 285 | 1,390 | |
Reclassification to held for sale | 16 | (290) | \u2013 | \u2013 | (83) | (373) |
Effect of foreign currency exchange movements | (45) | (2) | \u2013 | (7) | (54) | |
31 December 2022 | 6,963 | 530 | 484 | 611 | 8,588 | |
Current | 531 | 185 | 484 | 225 | 1,425 | |
Non-current | 6,432 | 345 | \u2013 | 386 | 7,163 | |
Discount rate | ||
US$\u00a0million | Increase 1% | Decrease 1% |
Decrease/(increase) in overall rehabilitation provision | 936 | (1,224) |
(Decrease)/increase in property, plant and equipment | (769) | 998 |
Net increase/(decrease) in statement of income | 167 | (226) |
Effect in the following year | ||
Decrease/(increase) in depreciation expense | 40 | (53) |
(Increase)/decrease in interest expense | (26) | 40 |
Net increase/(decrease) in statement of income | 14 | (13) |
US$\u00a0million | Notes | Post-retirement employee benefits | Other employee entitlements | Total |
1 January 2023 | 488 | 189 | 677 | |
Utilised | (78) | (6) | (84) | |
Released | (1) | (4) | (5) | |
Accretion | 21 | \u2013 | 21 | |
Additions | 96 | 71 | 167 | |
Actuarial loss | 14 | \u2013 | 14 | |
Effect of foreign currency exchange movements | 11 | (1) | 10 | |
31 December 2023 | 551 | 249 | 800 | |
1 January 2022 | 782 | 157 | 939 | |
Utilised | (82) | (37) | (119) | |
Released | (1) | (1) | (2) | |
Accretion | 19 | \u2013 | 19 | |
Additions | 97 | 79 | 176 | |
Actuarial gain | (298) | \u2013 | (298) | |
Reclassification to held for sale | 16 | \u2013 | (1) | (1) |
Effect of foreign currency exchange movements | (29) | (8) | (37) | |
31 December 2022 | 488 | 189 | 677 | |
Defined benefit pension plans | |||||
US$ million | Notes | Post-retirement medical plans | Present value of defined benefit obligation | Fair value of plan assets | Net liability for defined benefit pension plans |
1 January 2023 | 310 | 1,912 | (1,882) | 30 | |
Current service cost | 4 | 41 | \u2013 | 41 | |
Past service cost \u2013 plan amendments | \u2013 | 9 | \u2013 | 9 | |
Interest expense/(income) | 18 | 91 | (88) | 3 | |
Total expense recognised in consolidated statement of income | 22 | 141 | (88) | 53 | |
Gain on plan assets, excluding amounts included in interest expense \u2013 net | \u2013 | \u2013 | (107) | (107) | |
Gain from change in demographic assumptions | (9) | (3) | \u2013 | (3) | |
Loss from change in financial assumptions | 19 | 99 | \u2013 | 99 | |
Loss from actuarial experience | 3 | 12 | \u2013 | 12 | |
Actuarial losses/(gains) recognised in consolidated statement of comprehensive income | 13 | 108 | (107) | 1 | |
Employer contributions | \u2013 | \u2013 | (60) | (60) | |
Employee contributions | \u2013 | 4 | (4) | \u2013 | |
Benefits paid directly by the Company | (18) | (8) | 8 | \u2013 | |
Benefits paid from plan assets | \u2013 | (110) | 110 | \u2013 | |
Net cash (outflow)/inflow | (18) | (114) | 54 | (60) | |
Exchange differences | 4 | 72 | (65) | 7 | |
31 December 2023 | 331 | 2,119 | (2,088) | 31 | |
Of which: | |||||
Pension surpluses | 12 | \u2013 | (189) | ||
Pension deficits | 331 | 220 | |||
Defined benefit pension plans | |||||
US$ million | Notes | Post-retirement medical plans | Present value of defined benefit obligation | Fair value of plan assets | Net liability for defined benefit pension plans |
1 January 2022 | 430 | 2,760 | (2,533) | 227 | |
Current service cost | 8 | 52 | \u2013 | 52 | |
Past service cost \u2013 plan amendments | 1 | 3 | \u2013 | 3 | |
Settlement of pension plan disposal | \u2013 | (115) | 121 | 6 | |
Interest expense/(income) | 17 | 67 | (65) | 2 | |
Total expense/(income) recognised in consolidated statement of income | 26 | 7 | 56 | 63 | |
Loss on plan assets, excluding amounts included in interest expense \u2013 net | \u2013 | \u2013 | 383 | 383 | |
Gain from change in demographic assumptions | (7) | (26) | \u2013 | (26) | |
Gain from change in financial assumptions | (91) | (576) | \u2013 | (576) | |
(Gain)/loss from actuarial experience | (6) | 25 | \u2013 | 25 | |
Actuarial (gains)/losses recognised in consolidated statement of comprehensive income | (104) | (577) | 383 | (194) | |
Employer contributions | \u2013 | \u2013 | (64) | (64) | |
Benefits paid directly by the Company | (18) | (8) | 8 | \u2013 | |
Benefits paid from plan assets | \u2013 | (130) | 130 | \u2013 | |
Net cash (outflow)/inflow | (18) | (138) | 74 | (64) | |
Exchange differences | (24) | (140) | 138 | (2) | |
31 December 2022 | 310 | 1,912 | (1,882) | 30 | |
Of which: | |||||
Pension surpluses | 12 | \u2013 | (148) | ||
Pension deficits | 310 | 178 | |||
2023 | |||
US$ million | Canada | Other | Total |
Post-retirement medical plans | |||
Present value of defined benefit obligation | 287 | 44 | 331 |
of which: amounts owing to active members | 87 | 7 | 94 |
of which: amounts owing to pensioners | 200 | 37 | 237 |
Defined benefit pension plans | |||
Present value of defined benefit obligation | 1,292 | 827 | 2,119 |
of which: amounts owing to active members | 290 | 449 | 739 |
of which: amounts owing to non-active members | 15 | 104 | 119 |
of which: amounts owing to pensioners | 987 | 274 | 1,261 |
Fair value of plan assets | (1,398) | (690) | (2,088) |
Net defined benefit (asset)/liability at 31 December 2023 | (106) | 137 | 31 |
Of which: | |||
Pension surpluses | (159) | (30) | (189) |
Pension deficits | 53 | 167 | 220 |
Weighted average duration of defined benefit obligation \u2013 years | 11 | 11 | 11 |
2022 | |||
US$ million | Canada | Other | Total |
Post-retirement medical plans | |||
Present value of defined benefit obligation | 264 | 46 | 310 |
of which: amounts owing to active members | 74 | 8 | 82 |
of which: amounts owing to pensioners | 190 | 38 | 228 |
Defined benefit pension plans | |||
Present value of defined benefit obligation | 1,203 | 709 | 1,912 |
of which: amounts owing to active members | 261 | 364 | 625 |
of which: amounts owing to non-active members | 14 | 91 | 105 |
of which: amounts owing to pensioners | 928 | 254 | 1,182 |
Fair value of plan assets | (1,277) | (605) | (1,882) |
Net defined benefit (asset)/liability at 31 December 2022 | (74) | 104 | 30 |
Of which: | |||
Pension surpluses | (126) | (22) | (148) |
Pension deficits | 52 | 126 | 178 |
Weighted average duration of defined benefit obligation \u2013 years | 10 | 12 | 11 |
US$ million | Post-retirement medical plans | Defined benefit pension plans | Total |
2024 | 18 | 86 | 104 |
2025 | 19 | 86 | 105 |
2026 | 18 | 85 | 103 |
2027 | 18 | 85 | 103 |
2028 | 18 | 85 | 103 |
2029-2033 | 87 | 406 | 493 |
Total | 178 | 833 | 1,011 |
2023 | 2022 | ||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||
Cash and short-term investments | 10 | \u2013 | \u2013 | 37 | \u2013 | \u2013 | |
Fixed income | 779 | \u2013 | \u2013 | 569 | 182 | \u2013 | |
Equities | 533 | \u2013 | \u2013 | 567 | \u2013 | \u2013 | |
Real estate | \u2013 | \u2013 | 213 | \u2013 | \u2013 | 198 | |
Other | 402 | \u2013 | 151 | 329 | \u2013 | \u2013 | |
Total | 1,724 | \u2013 | 364 | 1,502 | 182 | 198 | |
Post-retirement medical plans | Defined benefit pension plans | ||||
2023 | 2022 | 2023 | 2022 | ||
Discount rate | 5.7% | 6.2% | 4.3% | 4.9% | |
Future salary increases | \u2013 | \u2013 | 2.6% | 2.7% | |
Future pension increases | \u2013 | \u2013 | 0.4% | 0.4% | |
Ultimate medical cost trend rate | 4.6% | 3.5% | \u2013 | \u2013 | |
Increase/(decrease) in pension obligation | |||
US$ million | Post-retirement medical plans | Defined benefit pension plans | Total |
Discount rate | |||
Increase by 100 basis points | (35) | (197) | (232) |
Decrease by 100 basis points | 44 | 226 | 270 |
Rate of future salary increase | |||
Increase by 100 basis points | \u2013 | 29 | 29 |
Decrease by 100 basis points | \u2013 | (28) | (28) |
Rate of future pension benefit increase | |||
Increase by 100 basis points | \u2013 | 22 | 22 |
Decrease by 100 basis points | \u2013 | (18) | (18) |
Medical cost trend rate | |||
Increase by 100 basis points | 35 | \u2013 | 35 |
Decrease by 100 basis points | (29) | \u2013 | (29) |
Life expectancy | |||
Increase in longevity by one year | 10 | 44 | 54 |
US$ million | Notes | 2023 | 2022 |
Financial liabilities at amortised cost | |||
Trade payables1 | 4,669 | 6,865 | |
Margin calls received and other broker balances | 597 | 112 | |
Associated companies | 992 | 903 | |
Other payables and accrued liabilities | 754 | 644 | |
7,012 | 8,524 | ||
Financial liabilities at fair value through profit and loss | |||
Trade payables containing provisional pricing features1 | 28 | 20,423 | 18,258 |
Other payables2 | 28 | 24 | 484 |
20,447 | 18,742 | ||
Non-financial liabilities | |||
Advances settled in product2 | \u2013 | 294 | |
Other payables and accrued liabilities3 | 1,322 | 1,839 | |
Other tax and related payables | 508 | 327 | |
1,830 | 2,460 | ||
Total | 29,289 | 29,726 | |
US$ million | Notes | 2023 | 2022 |
Financial liabilities at amortised cost | |||
Trade payables1 | 4,669 | 6,865 | |
Margin calls received and other broker balances | 597 | 112 | |
Associated companies | 992 | 903 | |
Other payables and accrued liabilities | 754 | 644 | |
7,012 | 8,524 | ||
Financial liabilities at fair value through profit and loss | |||
Trade payables containing provisional pricing features1 | 28 | 20,423 | 18,258 |
Other payables2 | 28 | 24 | 484 |
20,447 | 18,742 | ||
Non-financial liabilities | |||
Advances settled in product2 | \u2013 | 294 | |
Other payables and accrued liabilities3 | 1,322 | 1,839 | |
Other tax and related payables | 508 | 327 | |
1,830 | 2,460 | ||
Total | 29,289 | 29,726 | |
US$ million | Notes | 2023 | 2022 |
Financial liabilities at amortised cost | |||
Trade payables1 | 4,669 | 6,865 | |
Margin calls received and other broker balances | 597 | 112 | |
Associated companies | 992 | 903 | |
Other payables and accrued liabilities | 754 | 644 | |
7,012 | 8,524 | ||
Financial liabilities at fair value through profit and loss | |||
Trade payables containing provisional pricing features1 | 28 | 20,423 | 18,258 |
Other payables2 | 28 | 24 | 484 |
20,447 | 18,742 | ||
Non-financial liabilities | |||
Advances settled in product2 | \u2013 | 294 | |
Other payables and accrued liabilities3 | 1,322 | 1,839 | |
Other tax and related payables | 508 | 327 | |
1,830 | 2,460 | ||
Total | 29,289 | 29,726 | |
US$ million | Notes | 2023 | 2022 |
Financial liabilities at amortised cost | |||
Trade payables1 | 4,669 | 6,865 | |
Margin calls received and other broker balances | 597 | 112 | |
Associated companies | 992 | 903 | |
Other payables and accrued liabilities | 754 | 644 | |
7,012 | 8,524 | ||
Financial liabilities at fair value through profit and loss | |||
Trade payables containing provisional pricing features1 | 28 | 20,423 | 18,258 |
Other payables2 | 28 | 24 | 484 |
20,447 | 18,742 | ||
Non-financial liabilities | |||
Advances settled in product2 | \u2013 | 294 | |
Other payables and accrued liabilities3 | 1,322 | 1,839 | |
Other tax and related payables | 508 | 327 | |
1,830 | 2,460 | ||
Total | 29,289 | 29,726 | |
US$ million | Noranda Income Fund | MARA | Other | Total |
Non-current assets | ||||
Property, plant and equipment | 64 | 1,461 | 1 | 1,526 |
Intangible assets | \u2013 | \u2013 | 7 | 7 |
Advances and loans | \u2013 | 8 | \u2013 | 8 |
Deferred tax assets | 33 | \u2013 | \u2013 | 33 |
97 | 1,469 | 8 | 1,574 | |
Current assets | ||||
Inventories | 213 | 2 | \u2013 | 215 |
Accounts receivable1 | 14 | 16 | \u2013 | 30 |
Other financial assets | 23 | \u2013 | \u2013 | 23 |
Cash and cash equivalents | 5 | 187 | 1 | 193 |
255 | 205 | 1 | 461 | |
Non-current liabilities | ||||
Non-current borrowings | \u2013 | (8) | \u2013 | (8) |
Non-current deferred income | (34) | \u2013 | \u2013 | (34) |
Deferred tax liabilities | \u2013 | (436) | (2) | (438) |
Non-current provisions | (18) | (204) | \u2013 | (222) |
(52) | (648) | (2) | (702) | |
Current liabilities | ||||
Borrowings | (6) | (1) | \u2013 | (7) |
Accounts payable | (66) | (77) | \u2013 | (143) |
Deferred income | (5) | \u2013 | \u2013 | (5) |
Provisions | (1) | (35) | (1) | (37) |
(78) | (113) | (1) | (192) | |
Total fair value of net assets acquired | 222 | 913 | 6 | 1,141 |
Consideration paid | (204) | (477) | (6) | (687) |
Contingent consideration | \u2013 | (37) | \u2013 | (37) |
Amounts previously recognised as investments | \u2013 | (175) | \u2013 | (175) |
Gain on revaluation of previously recognised investments | 18 | 224 | \u2013 | 242 |
Cash and cash equivalents paid | (204) | (477) | (6) | (687) |
Cash and cash equivalents acquired | 5 | 187 | 1 | 193 |
Net cash used in acquisition of subsidiaries | (199) | (290) | (5) | (494) |
US$ million | Cerrej\u00f3n | Other | Total |
Non-current assets | |||
Property, plant and equipment | 2,470 | 333 | 2,803 |
2,470 | 333 | 2,803 | |
Current assets | |||
Inventories | 315 | 51 | 366 |
Accounts receivable1 | 312 | 13 | 325 |
Cash and cash equivalents | 511 | 5 | 516 |
1,138 | 69 | 1,207 | |
Non-current liabilities | |||
Non-current borrowings | (13) | \u2013 | (13) |
Deferred tax liabilities | (278) | (50) | (328) |
Provisions | (1,033) | (8) | (1,041) |
(1,324) | (58) | (1,382) | |
Current liabilities | |||
Borrowings | (17) | (52) | (69) |
Accounts payable | (232) | (70) | (302) |
Provisions | (30) | \u2013 | (30) |
Income tax payable | (309) | \u2013 | (309) |
(588) | (122) | (710) | |
Total fair value of net assets acquired | 1,696 | 222 | 1,918 |
Less: cash and cash equivalents acquired | (100) | (95) | (195) |
Less: amounts previously recognised as investments | (567) | (31) | (598) |
Gain on bargain purchase of subsidiaries | 1,029 | 96 | 1,125 |
Cash and cash equivalents paid | (100) | (95) | (195) |
Cash and cash equivalents acquired | 511 | 5 | 516 |
Net cash acquired/(used) in acquisition of subsidiaries | 411 | (90) | 321 |
US$ million | Cobar1 | Other | Total |
Non-current assets | |||
Property, plant and equipment | 499 | 44 | 543 |
Intangible assets | 1 | 12 | 13 |
Advances and loans | \u2013 | 9 | 9 |
500 | 65 | 565 | |
Current assets | |||
Inventories | 25 | 6 | 31 |
Accounts receivable | 3 | 66 | 69 |
Income tax receivable | 4 | \u2013 | 4 |
Prepaid expenses | 1 | 1 | 2 |
Cash and cash equivalents | \u2013 | 6 | 6 |
33 | 79 | 112 | |
Non-controlling interest | \u2013 | 20 | 20 |
Non-current liabilities | |||
Deferred tax liabilities | (25) | \u2013 | (25) |
Non-current provisions | (44) | (32) | (76) |
Post-retirement and other employee benefits | (1) | \u2013 | (1) |
(70) | (32) | (102) | |
Current liabilities | |||
Borrowings | (8) | \u2013 | (8) |
Accounts payable | (31) | (24) | (55) |
Provisions | \u2013 | (1) | (1) |
(39) | (25) | (64) | |
Carrying value of net assets disposed | 424 | 107 | 531 |
Cash and cash equivalents received | (749) | (95) | (844) |
Items recycled to the statement of income | \u2013 | (3) | (3) |
Retained interest recognised as investment in associate (MAC) | (100) | \u2013 | (100) |
Deferred interest bearing consideration | (75) | \u2013 | (75) |
Contingent future considerations | (64) | \u2013 | (64) |
NSR royalty | (21) | \u2013 | (21) |
Net (gain)/loss on disposal | (585) | 9 | (576) |
Cash and cash equivalents received | 749 | 95 | 844 |
Less: cash and cash equivalents disposed | \u2013 | (6) | (6) |
Net cash received in disposal | 749 | 89 | 838 |
US$ million | Ernest Henry1 | Bolivia Zinc1 | E&P Chad1 | Access World1 | Los Quenuales | Other | Total |
Non-current assets | |||||||
Property, plant and equipment | 311 | 163 | 247 | 206 | 126 | 121 | 1,174 |
Intangible assets | \u2013 | 2 | \u2013 | 11 | \u2013 | \u2013 | 13 |
Investments in associates | \u2013 | \u2013 | \u2013 | 10 | \u2013 | \u2013 | 10 |
Advances and loans | \u2013 | 43 | \u2013 | 9 | 2 | \u2013 | 54 |
Deferred tax assets | 16 | 13 | \u2013 | 4 | 21 | \u2013 | 54 |
327 | 221 | 247 | 240 | 149 | 121 | 1,305 | |
Current assets | |||||||
Inventories | 16 | 97 | 21 | \u2013 | 5 | 6 | 145 |
Accounts receivable | 24 | 90 | 19 | 159 | 9 | 19 | 320 |
Prepaid expenses | \u2013 | \u2013 | \u2013 | 12 | \u2013 | 1 | 13 |
Cash and cash equivalents | 1 | 17 | 5 | 42 | 7 | 3 | 75 |
41 | 204 | 45 | 213 | 21 | 29 | 553 | |
Non-controlling interest | \u2013 | \u2013 | \u2013 | (2) | (2) | (24) | (28) |
Non-current liabilities | |||||||
Non-current borrowings | \u2013 | (8) | \u2013 | (110) | (1) | \u2013 | (119) |
Deferred income | (138) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (138) |
Deferred tax liabilities | \u2013 | (4) | (3) | (1) | \u2013 | (3) | (11) |
Non-current provisions | (74) | (26) | (86) | (3) | (97) | (59) | (345) |
Post-retirement and other employee benefits | (1) | (16) | \u2013 | (1) | \u2013 | \u2013 | (18) |
(213) | (54) | (89) | (115) | (98) | (62) | (631) | |
Current liabilities | |||||||
Borrowings | \u2013 | (2) | \u2013 | (19) | (1) | \u2013 | (22) |
Accounts payable | (30) | (139) | (7) | (154) | (23) | (19) | (372) |
Provisions | (38) | (44) | \u2013 | (3) | (9) | (2) | (96) |
Income tax payable | \u2013 | (13) | \u2013 | (4) | \u2013 | \u2013 | (17) |
(68) | (198) | (7) | (180) | (33) | (21) | (507) | |
Carrying value of net assets disposed | 87 | 173 | 196 | 156 | 37 | 43 | 692 |
Cash and cash equivalents (received)/paid | (585) | \u2013 | (17) | (40) | 10 | (30) | (662) |
Items recycled to the statement of income | \u2013 | \u2013 | \u2013 | 22 | 1 | 27 | 50 |
Reclassified to investment in associate | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (17) | (17) |
Royalty indemnification2 | 125 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 125 |
Streaming settlement | \u2013 | \u2013 | \u2013 | \u2013 | 132 | \u2013 | 132 |
Future consideration | (139) | (69) | (145) | (115) | \u2013 | (3) | (471) |
Net (gain)/loss on disposal | (512) | 104 | 34 | 23 | 180 | 20 | (151) |
Cash and cash equivalents received/(paid) | 585 | \u2013 | 17 | 40 | (142) | 30 | 530 |
Less: cash and cash equivalents disposed | (1) | (17) | (5) | (42) | (7) | (3) | (75) |
Net cash received/(used) in disposal | 584 | (17) | 12 | (2) | (149) | 27 | 455 |
US$ million (all including LNG) | 2023 | 2022 | |
Year-end position | 42 | 88 | |
Average during the year | 92 | 158 | |
High during the year | 156 | 451 | |
Low during the year | 42 | 66 | |
Notional amounts | Average FX rates | Carrying amount Assets (Note 29) | Carrying amount Liabilities (Note 29) | Average maturity1 | |||||
US$ million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Cross-currency swap agreements | |||||||||
Cash flow hedges \u2013 currency risk | |||||||||
Eurobonds | 1,790 | 2,907 | 1.16 | 1.14 | \u2013 | \u2013 | 66 | 203 | 2026 |
Swiss franc bonds | 504 | 504 | 1.06 | 1.06 | 73 | 20 | \u2013 | \u2013 | 2026 |
Fair value hedges \u2013 currency and interest rate risk | |||||||||
Eurobonds | 3,405 | 3,947 | 1.20 | 1.22 | \u2013 | 3 | 588 | 903 | 2027 |
Sterling bonds | 663 | 663 | 1.33 | 1.33 | \u2013 | 1 | 64 | 106 | 2026 |
Swiss franc bonds | 347 | 347 | 1.07 | 1.07 | 21 | \u2013 | \u2013 | 24 | 2026 |
6,709 | 8,368 | 94 | 24 | 718 | 1,236 | ||||
Interest rate swap agreements | |||||||||
Fair value hedges \u2013 interest rate risk | |||||||||
US$ bonds | 9,200 | 7,200 | \u2013 | \u2013 | 128 | 2 | 533 | 507 | 2029 |
15,909 | 15,568 | 222 | 26 | 1,251 | 1,743 | ||||
Carrying amount of the hedged item (Note 21) | Of which, accumulated fair value hedge adjustments and FX | ||||
US$ million | 2023 | 2022 | 2023 | 2022 | |
Foreign exchange and interest rate risk | |||||
Eurobonds | 2,837 | 3,017 | (587) | (866) | |
Swiss franc bonds | 372 | 326 | 20 | (20) | |
Sterling bonds | 596 | 541 | (62) | (122) | |
US$ bonds | 8,884 | 6,657 | (404) | (505) | |
12,689 | 10,541 | (1,033) | (1,513) | ||
in % | 2023 | 2022 |
AAA to AA- | 10 | 7 |
A+ to A- | 39 | 51 |
BBB+ to BBB- | 15 | 16 |
BB+ to BB- | 8 | 5 |
B+ to B- | 13 | 9 |
CCC+ and below | 15 | 12 |
2023 | ||||||
US$ million | After 5 years | Due 3 - 5 years | Due 2 - 3 years | Due 1 - 2 years | Due 0 - 1 year | Total |
Non-derivative financial liabilities | ||||||
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items | 9,578 | 4,304 | 2,539 | 4,892 | 10,404 | 31,717 |
Expected future interest payments | 3,225 | 771 | 675 | 1,017 | 783 | 6,471 |
Lease liabilities \u2013 undiscounted | 707 | 267 | 222 | 396 | 707 | 2,299 |
Securities lending arrangements1 | \u2013 | \u2013 | \u2013 | \u2013 | 400 | 400 |
Accounts payable | \u2013 | \u2013 | \u2013 | \u2013 | 27,459 | 27,459 |
Derivative financial liabilities | ||||||
Physical forward purchases | 6,380 | 25,018 | 25,224 | 38,192 | 80,645 | 175,459 |
Cross-currency swaps | 1,476 | 1,717 | 2,059 | 1,284 | 1,124 | 7,660 |
Other financial liabilities | 471 | 111 | 195 | 493 | 2,582 | 3,852 |
Total | 21,837 | 32,188 | 30,914 | 46,274 | 123,704 | 255,317 |
2022 | ||||||
US$ million | After 5 years | Due 3 - 5 years | Due 2 - 3 years | Due 1 - 2 years | Due 0 - 1 year | Total |
Non-derivative financial liabilities | ||||||
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items | 8,203 | 4,330 | 3,262 | 3,350 | 9,821 | 28,966 |
Expected future interest payments | 2,876 | 722 | 456 | 553 | 720 | 5,327 |
Lease liabilities \u2013 undiscounted | 637 | 196 | 167 | 328 | 526 | 1,854 |
Accounts payable2 | \u2013 | \u2013 | \u2013 | \u2013 | 27,266 | 27,266 |
Derivative financial liabilities | ||||||
Physical forward purchases | 13,078 | 25,750 | 26,884 | 32,321 | 58,919 | 156,952 |
Cross-currency swaps | 2,840 | 2,408 | 1,289 | 1,138 | 2,072 | 9,747 |
Other financial liabilities2 | 493 | 228 | 309 | 68 | 2,090 | 3,188 |
Total | 28,127 | 33,634 | 32,367 | 37,758 | 101,414 | 233,300 |
US$ million (all including LNG) | 2023 | 2022 | |
Year-end position | 42 | 88 | |
Average during the year | 92 | 158 | |
High during the year | 156 | 451 | |
Low during the year | 42 | 66 | |
Notional amounts | Average FX rates | Carrying amount Assets (Note 29) | Carrying amount Liabilities (Note 29) | Average maturity1 | |||||
US$ million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Cross-currency swap agreements | |||||||||
Cash flow hedges \u2013 currency risk | |||||||||
Eurobonds | 1,790 | 2,907 | 1.16 | 1.14 | \u2013 | \u2013 | 66 | 203 | 2026 |
Swiss franc bonds | 504 | 504 | 1.06 | 1.06 | 73 | 20 | \u2013 | \u2013 | 2026 |
Fair value hedges \u2013 currency and interest rate risk | |||||||||
Eurobonds | 3,405 | 3,947 | 1.20 | 1.22 | \u2013 | 3 | 588 | 903 | 2027 |
Sterling bonds | 663 | 663 | 1.33 | 1.33 | \u2013 | 1 | 64 | 106 | 2026 |
Swiss franc bonds | 347 | 347 | 1.07 | 1.07 | 21 | \u2013 | \u2013 | 24 | 2026 |
6,709 | 8,368 | 94 | 24 | 718 | 1,236 | ||||
Interest rate swap agreements | |||||||||
Fair value hedges \u2013 interest rate risk | |||||||||
US$ bonds | 9,200 | 7,200 | \u2013 | \u2013 | 128 | 2 | 533 | 507 | 2029 |
15,909 | 15,568 | 222 | 26 | 1,251 | 1,743 | ||||
Carrying amount of the hedged item (Note 21) | Of which, accumulated fair value hedge adjustments and FX | ||||
US$ million | 2023 | 2022 | 2023 | 2022 | |
Foreign exchange and interest rate risk | |||||
Eurobonds | 2,837 | 3,017 | (587) | (866) | |
Swiss franc bonds | 372 | 326 | 20 | (20) | |
Sterling bonds | 596 | 541 | (62) | (122) | |
US$ bonds | 8,884 | 6,657 | (404) | (505) | |
12,689 | 10,541 | (1,033) | (1,513) | ||
Notional amounts | Average FX rates | Carrying amount Assets (Note 29) | Carrying amount Liabilities (Note 29) | Average maturity1 | |||||
US$ million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Cross-currency swap agreements | |||||||||
Cash flow hedges \u2013 currency risk | |||||||||
Eurobonds | 1,790 | 2,907 | 1.16 | 1.14 | \u2013 | \u2013 | 66 | 203 | 2026 |
Swiss franc bonds | 504 | 504 | 1.06 | 1.06 | 73 | 20 | \u2013 | \u2013 | 2026 |
Fair value hedges \u2013 currency and interest rate risk | |||||||||
Eurobonds | 3,405 | 3,947 | 1.20 | 1.22 | \u2013 | 3 | 588 | 903 | 2027 |
Sterling bonds | 663 | 663 | 1.33 | 1.33 | \u2013 | 1 | 64 | 106 | 2026 |
Swiss franc bonds | 347 | 347 | 1.07 | 1.07 | 21 | \u2013 | \u2013 | 24 | 2026 |
6,709 | 8,368 | 94 | 24 | 718 | 1,236 | ||||
Interest rate swap agreements | |||||||||
Fair value hedges \u2013 interest rate risk | |||||||||
US$ bonds | 9,200 | 7,200 | \u2013 | \u2013 | 128 | 2 | 533 | 507 | 2029 |
15,909 | 15,568 | 222 | 26 | 1,251 | 1,743 | ||||
Carrying amount of the hedged item (Note 21) | Of which, accumulated fair value hedge adjustments and FX | ||||
US$ million | 2023 | 2022 | 2023 | 2022 | |
Foreign exchange and interest rate risk | |||||
Eurobonds | 2,837 | 3,017 | (587) | (866) | |
Swiss franc bonds | 372 | 326 | 20 | (20) | |
Sterling bonds | 596 | 541 | (62) | (122) | |
US$ bonds | 8,884 | 6,657 | (404) | (505) | |
12,689 | 10,541 | (1,033) | (1,513) | ||
2023 | ||||||
US$ million | After 5 years | Due 3 - 5 years | Due 2 - 3 years | Due 1 - 2 years | Due 0 - 1 year | Total |
Non-derivative financial liabilities | ||||||
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items | 9,578 | 4,304 | 2,539 | 4,892 | 10,404 | 31,717 |
Expected future interest payments | 3,225 | 771 | 675 | 1,017 | 783 | 6,471 |
Lease liabilities \u2013 undiscounted | 707 | 267 | 222 | 396 | 707 | 2,299 |
Securities lending arrangements1 | \u2013 | \u2013 | \u2013 | \u2013 | 400 | 400 |
Accounts payable | \u2013 | \u2013 | \u2013 | \u2013 | 27,459 | 27,459 |
Derivative financial liabilities | ||||||
Physical forward purchases | 6,380 | 25,018 | 25,224 | 38,192 | 80,645 | 175,459 |
Cross-currency swaps | 1,476 | 1,717 | 2,059 | 1,284 | 1,124 | 7,660 |
Other financial liabilities | 471 | 111 | 195 | 493 | 2,582 | 3,852 |
Total | 21,837 | 32,188 | 30,914 | 46,274 | 123,704 | 255,317 |
2022 | ||||||
US$ million | After 5 years | Due 3 - 5 years | Due 2 - 3 years | Due 1 - 2 years | Due 0 - 1 year | Total |
Non-derivative financial liabilities | ||||||
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items | 8,203 | 4,330 | 3,262 | 3,350 | 9,821 | 28,966 |
Expected future interest payments | 2,876 | 722 | 456 | 553 | 720 | 5,327 |
Lease liabilities \u2013 undiscounted | 637 | 196 | 167 | 328 | 526 | 1,854 |
Accounts payable2 | \u2013 | \u2013 | \u2013 | \u2013 | 27,266 | 27,266 |
Derivative financial liabilities | ||||||
Physical forward purchases | 13,078 | 25,750 | 26,884 | 32,321 | 58,919 | 156,952 |
Cross-currency swaps | 2,840 | 2,408 | 1,289 | 1,138 | 2,072 | 9,747 |
Other financial liabilities2 | 493 | 228 | 309 | 68 | 2,090 | 3,188 |
Total | 28,127 | 33,634 | 32,367 | 37,758 | 101,414 | 233,300 |
2023 | Amortised cost | FVTPL1 | FVTOCI2 | |
US$ million | Total | |||
Assets | ||||
Other investments | \u2013 | 126 | 387 | 513 |
Non-current other financial assets | \u2013 | 367 | \u2013 | 367 |
Advances and loans | 1,708 | 282 | \u2013 | 1,990 |
Accounts receivable | 8,792 | 6,917 | \u2013 | 15,709 |
Other financial assets | \u2013 | 5,187 | \u2013 | 5,187 |
Cash and cash equivalents | 1,925 | \u2013 | \u2013 | 1,925 |
Total financial assets | 12,425 | 12,879 | 387 | 25,691 |
Liabilities | ||||
Borrowings | 32,241 | \u2013 | \u2013 | 32,241 |
Non-current other financial liabilities | \u2013 | 1,710 | \u2013 | 1,710 |
Accounts payable | 7,012 | 20,447 | \u2013 | 27,459 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Other financial liabilities | \u2013 | 3,671 | \u2013 | 3,671 |
Total financial liabilities | 39,253 | 26,716 | \u2013 | 65,969 |
2022 | Amortised cost | FVTPL1 | FVTOCI2 | Total |
US$ million | ||||
Assets | ||||
Other investments | \u2013 | 37 | 419 | 456 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Advances and loans3 | 1,000 | 337 | \u2013 | 1,337 |
Accounts receivable3 | 15,100 | 7,739 | \u2013 | 22,839 |
Other financial assets | \u2013 | 6,109 | \u2013 | 6,109 |
Cash and cash equivalents | 1,923 | \u2013 | \u2013 | 1,923 |
Total financial assets | 18,023 | 14,428 | 419 | 32,870 |
Liabilities | ||||
Borrowings | 28,777 | \u2013 | \u2013 | 28,777 |
Non-current other financial liabilities | 14 | 2,041 | \u2013 | 2,055 |
Accounts payable3 | 8,524 | 18,742 | \u2013 | 27,266 |
Deferred income3 | \u2013 | 1,193 | \u2013 | 1,193 |
Other financial liabilities | \u2013 | 4,882 | \u2013 | 4,882 |
Total financial liabilities | 37,315 | 26,858 | \u2013 | 64,173 |
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Glencore can assess at the measurement date; or |
Level 2 | Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or |
Level 3 | Unobservable inputs for the assets or liabilities, requiring Glencore to make market-based assumptions. |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables | \u2013 | 6,229 | \u2013 | 6,229 |
Prepaid commodity forward contracts | \u2013 | 543 | \u2013 | 543 |
Contingent consideration | \u2013 | 75 | 62 | 137 |
Other receivables | \u2013 | \u2013 | 8 | 8 |
Non-current prepaid commodity forward contracts | \u2013 | 124 | \u2013 | 124 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 136 | 136 |
Other investments | 390 | 123 | \u2013 | 513 |
Financial assets | 390 | 7,094 | 228 | 7,712 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures | 1,978 | 205 | \u2013 | 2,183 |
Options | 33 | 61 | \u2013 | 94 |
Swaps | 416 | 661 | 5 | 1,082 |
Physical forwards | \u2013 | 851 | 936 | 1,787 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 20 | \u2013 | 20 |
Foreign currency and interest rate contracts | \u2013 | 21 | \u2013 | 21 |
Current other financial assets | 2,427 | 1,819 | 941 | 5,187 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 73 | \u2013 | 73 |
Foreign currency and interest rate contracts | \u2013 | 127 | \u2013 | 127 |
Other financial derivative assets | \u2013 | \u2013 | 64 | 64 |
Purchased call options over Glencore shares1 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial assets | \u2013 | 303 | 64 | 367 |
Total | 2,817 | 9,216 | 1,233 | 13,266 |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | Contingent consideration | Convertible loan | Physical forwards | Swaps | Other | Total Level 3 |
1 January 2023 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
Total (loss)/gain recognised in revenue | \u2013 | \u2013 | (219) | 65 | \u2013 | (154) |
Total loss recognised in cost of goods sold | \u2013 | \u2013 | (1,167) | (66) | \u2013 | (1,233) |
Acquisition | (39) | 25 | \u2013 | \u2013 | 64 | 50 |
Fair value recognised in other income/(expense) | (37) | (57) | \u2013 | \u2013 | 20 | (74) |
Realised | (128) | \u2013 | (580) | (13) | (51) | (772) |
31 December 2023 | (47) | 136 | 870 | 4 | (215) | 748 |
1 January 2022 | 261 | \u2013 | 411 | 40 | (63) | 649 |
Total gain recognised in revenue | \u2013 | \u2013 | 231 | 67 | \u2013 | 298 |
Total gain/(loss) recognised in cost of goods sold | \u2013 | \u2013 | 2,403 | (70) | \u2013 | 2,333 |
Acquisition | (20) | 200 | \u2013 | \u2013 | \u2013 | 180 |
Fair value recognised in other income/(expense) | 105 | (32) | \u2013 | \u2013 | (173) | (100) |
Realised | (189) | \u2013 | (209) | (19) | (12) | (429) |
31 December 2022 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
in % | 2023 | 2022 |
AAA to AA- | 10 | 7 |
A+ to A- | 39 | 51 |
BBB+ to BBB- | 15 | 16 |
BB+ to BB- | 8 | 5 |
B+ to B- | 13 | 9 |
CCC+ and below | 15 | 12 |
2023 | ||||||
US$ million | After 5 years | Due 3 - 5 years | Due 2 - 3 years | Due 1 - 2 years | Due 0 - 1 year | Total |
Non-derivative financial liabilities | ||||||
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items | 9,578 | 4,304 | 2,539 | 4,892 | 10,404 | 31,717 |
Expected future interest payments | 3,225 | 771 | 675 | 1,017 | 783 | 6,471 |
Lease liabilities \u2013 undiscounted | 707 | 267 | 222 | 396 | 707 | 2,299 |
Securities lending arrangements1 | \u2013 | \u2013 | \u2013 | \u2013 | 400 | 400 |
Accounts payable | \u2013 | \u2013 | \u2013 | \u2013 | 27,459 | 27,459 |
Derivative financial liabilities | ||||||
Physical forward purchases | 6,380 | 25,018 | 25,224 | 38,192 | 80,645 | 175,459 |
Cross-currency swaps | 1,476 | 1,717 | 2,059 | 1,284 | 1,124 | 7,660 |
Other financial liabilities | 471 | 111 | 195 | 493 | 2,582 | 3,852 |
Total | 21,837 | 32,188 | 30,914 | 46,274 | 123,704 | 255,317 |
2022 | ||||||
US$ million | After 5 years | Due 3 - 5 years | Due 2 - 3 years | Due 1 - 2 years | Due 0 - 1 year | Total |
Non-derivative financial liabilities | ||||||
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items | 8,203 | 4,330 | 3,262 | 3,350 | 9,821 | 28,966 |
Expected future interest payments | 2,876 | 722 | 456 | 553 | 720 | 5,327 |
Lease liabilities \u2013 undiscounted | 637 | 196 | 167 | 328 | 526 | 1,854 |
Accounts payable2 | \u2013 | \u2013 | \u2013 | \u2013 | 27,266 | 27,266 |
Derivative financial liabilities | ||||||
Physical forward purchases | 13,078 | 25,750 | 26,884 | 32,321 | 58,919 | 156,952 |
Cross-currency swaps | 2,840 | 2,408 | 1,289 | 1,138 | 2,072 | 9,747 |
Other financial liabilities2 | 493 | 228 | 309 | 68 | 2,090 | 3,188 |
Total | 28,127 | 33,634 | 32,367 | 37,758 | 101,414 | 233,300 |
2023 | Amortised cost | FVTPL1 | FVTOCI2 | |
US$ million | Total | |||
Assets | ||||
Other investments | \u2013 | 126 | 387 | 513 |
Non-current other financial assets | \u2013 | 367 | \u2013 | 367 |
Advances and loans | 1,708 | 282 | \u2013 | 1,990 |
Accounts receivable | 8,792 | 6,917 | \u2013 | 15,709 |
Other financial assets | \u2013 | 5,187 | \u2013 | 5,187 |
Cash and cash equivalents | 1,925 | \u2013 | \u2013 | 1,925 |
Total financial assets | 12,425 | 12,879 | 387 | 25,691 |
Liabilities | ||||
Borrowings | 32,241 | \u2013 | \u2013 | 32,241 |
Non-current other financial liabilities | \u2013 | 1,710 | \u2013 | 1,710 |
Accounts payable | 7,012 | 20,447 | \u2013 | 27,459 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Other financial liabilities | \u2013 | 3,671 | \u2013 | 3,671 |
Total financial liabilities | 39,253 | 26,716 | \u2013 | 65,969 |
2022 | Amortised cost | FVTPL1 | FVTOCI2 | Total |
US$ million | ||||
Assets | ||||
Other investments | \u2013 | 37 | 419 | 456 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Advances and loans3 | 1,000 | 337 | \u2013 | 1,337 |
Accounts receivable3 | 15,100 | 7,739 | \u2013 | 22,839 |
Other financial assets | \u2013 | 6,109 | \u2013 | 6,109 |
Cash and cash equivalents | 1,923 | \u2013 | \u2013 | 1,923 |
Total financial assets | 18,023 | 14,428 | 419 | 32,870 |
Liabilities | ||||
Borrowings | 28,777 | \u2013 | \u2013 | 28,777 |
Non-current other financial liabilities | 14 | 2,041 | \u2013 | 2,055 |
Accounts payable3 | 8,524 | 18,742 | \u2013 | 27,266 |
Deferred income3 | \u2013 | 1,193 | \u2013 | 1,193 |
Other financial liabilities | \u2013 | 4,882 | \u2013 | 4,882 |
Total financial liabilities | 37,315 | 26,858 | \u2013 | 64,173 |
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Glencore can assess at the measurement date; or |
Level 2 | Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or |
Level 3 | Unobservable inputs for the assets or liabilities, requiring Glencore to make market-based assumptions. |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables | \u2013 | 6,229 | \u2013 | 6,229 |
Prepaid commodity forward contracts | \u2013 | 543 | \u2013 | 543 |
Contingent consideration | \u2013 | 75 | 62 | 137 |
Other receivables | \u2013 | \u2013 | 8 | 8 |
Non-current prepaid commodity forward contracts | \u2013 | 124 | \u2013 | 124 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 136 | 136 |
Other investments | 390 | 123 | \u2013 | 513 |
Financial assets | 390 | 7,094 | 228 | 7,712 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures | 1,978 | 205 | \u2013 | 2,183 |
Options | 33 | 61 | \u2013 | 94 |
Swaps | 416 | 661 | 5 | 1,082 |
Physical forwards | \u2013 | 851 | 936 | 1,787 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 20 | \u2013 | 20 |
Foreign currency and interest rate contracts | \u2013 | 21 | \u2013 | 21 |
Current other financial assets | 2,427 | 1,819 | 941 | 5,187 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 73 | \u2013 | 73 |
Foreign currency and interest rate contracts | \u2013 | 127 | \u2013 | 127 |
Other financial derivative assets | \u2013 | \u2013 | 64 | 64 |
Purchased call options over Glencore shares1 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial assets | \u2013 | 303 | 64 | 367 |
Total | 2,817 | 9,216 | 1,233 | 13,266 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial assets | ||||
Trade receivables2 | \u2013 | 7,018 | \u2013 | 7,018 |
Prepaid commodity forward contracts2 | \u2013 | 520 | \u2013 | 520 |
Contingent consideration | \u2013 | \u2013 | 128 | 128 |
Other receivables | \u2013 | \u2013 | 73 | 73 |
Non-current prepaid commodity forward contracts2 | \u2013 | 44 | \u2013 | 44 |
Other non-current receivables and loans | \u2013 | \u2013 | 22 | 22 |
Convertible loan | \u2013 | \u2013 | 168 | 168 |
Non-current contingent consideration | \u2013 | \u2013 | 103 | 103 |
Other investments | 280 | 176 | \u2013 | 456 |
Financial assets | 280 | 7,758 | 494 | 8,532 |
Other financial assets | ||||
Commodity-related contracts | ||||
Futures2 | 809 | 156 | \u2013 | 965 |
Options | 120 | 4 | \u2013 | 124 |
Swaps2 | 40 | 165 | 18 | 223 |
Physical forwards | \u2013 | 1,786 | 2,949 | 4,735 |
Financial contracts | ||||
Foreign currency and interest rate contracts | \u2013 | 62 | \u2013 | 62 |
Current other financial assets | 969 | 2,173 | 2,967 | 6,109 |
Non-current other financial assets | ||||
Cross-currency swaps | \u2013 | 24 | \u2013 | 24 |
Foreign currency and interest rate contracts | \u2013 | 1 | \u2013 | 1 |
Purchased call options over Glencore shares1 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Total | 1,249 | 10,137 | 3,461 | 14,847 |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | Contingent consideration | Convertible loan | Physical forwards | Swaps | Other | Total Level 3 |
1 January 2023 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
Total (loss)/gain recognised in revenue | \u2013 | \u2013 | (219) | 65 | \u2013 | (154) |
Total loss recognised in cost of goods sold | \u2013 | \u2013 | (1,167) | (66) | \u2013 | (1,233) |
Acquisition | (39) | 25 | \u2013 | \u2013 | 64 | 50 |
Fair value recognised in other income/(expense) | (37) | (57) | \u2013 | \u2013 | 20 | (74) |
Realised | (128) | \u2013 | (580) | (13) | (51) | (772) |
31 December 2023 | (47) | 136 | 870 | 4 | (215) | 748 |
1 January 2022 | 261 | \u2013 | 411 | 40 | (63) | 649 |
Total gain recognised in revenue | \u2013 | \u2013 | 231 | 67 | \u2013 | 298 |
Total gain/(loss) recognised in cost of goods sold | \u2013 | \u2013 | 2,403 | (70) | \u2013 | 2,333 |
Acquisition | (20) | 200 | \u2013 | \u2013 | \u2013 | 180 |
Fair value recognised in other income/(expense) | 105 | (32) | \u2013 | \u2013 | (173) | (100) |
Realised | (189) | \u2013 | (209) | (19) | (12) | (429) |
31 December 2022 | 157 | 168 | 2,836 | 18 | (248) | 2,931 |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
2023 | Amortised cost | FVTPL1 | FVTOCI2 | |
US$ million | Total | |||
Assets | ||||
Other investments | \u2013 | 126 | 387 | 513 |
Non-current other financial assets | \u2013 | 367 | \u2013 | 367 |
Advances and loans | 1,708 | 282 | \u2013 | 1,990 |
Accounts receivable | 8,792 | 6,917 | \u2013 | 15,709 |
Other financial assets | \u2013 | 5,187 | \u2013 | 5,187 |
Cash and cash equivalents | 1,925 | \u2013 | \u2013 | 1,925 |
Total financial assets | 12,425 | 12,879 | 387 | 25,691 |
Liabilities | ||||
Borrowings | 32,241 | \u2013 | \u2013 | 32,241 |
Non-current other financial liabilities | \u2013 | 1,710 | \u2013 | 1,710 |
Accounts payable | 7,012 | 20,447 | \u2013 | 27,459 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Other financial liabilities | \u2013 | 3,671 | \u2013 | 3,671 |
Total financial liabilities | 39,253 | 26,716 | \u2013 | 65,969 |
2022 | Amortised cost | FVTPL1 | FVTOCI2 | Total |
US$ million | ||||
Assets | ||||
Other investments | \u2013 | 37 | 419 | 456 |
Non-current other financial assets | \u2013 | 206 | \u2013 | 206 |
Advances and loans3 | 1,000 | 337 | \u2013 | 1,337 |
Accounts receivable3 | 15,100 | 7,739 | \u2013 | 22,839 |
Other financial assets | \u2013 | 6,109 | \u2013 | 6,109 |
Cash and cash equivalents | 1,923 | \u2013 | \u2013 | 1,923 |
Total financial assets | 18,023 | 14,428 | 419 | 32,870 |
Liabilities | ||||
Borrowings | 28,777 | \u2013 | \u2013 | 28,777 |
Non-current other financial liabilities | 14 | 2,041 | \u2013 | 2,055 |
Accounts payable3 | 8,524 | 18,742 | \u2013 | 27,266 |
Deferred income3 | \u2013 | 1,193 | \u2013 | 1,193 |
Other financial liabilities | \u2013 | 4,882 | \u2013 | 4,882 |
Total financial liabilities | 37,315 | 26,858 | \u2013 | 64,173 |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2023 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 15,909 | (12,338) | 3,571 | (1,936) | (511) | 1,124 | 1,983 | 5,554 | |
Derivative liabilities1 | (16,127) | 12,338 | (3,789) | 1,936 | 1,471 | (382) | (1,592) | (5,381) | |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2022 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 3,422 | (2,141) | 1,281 | (608) | (26) | 647 | 5,034 | 6,315 | |
Derivative liabilities1 | (5,929) | 2,141 | (3,788) | 608 | 2,638 | (542) | (3,149) | (6,937) | |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2023 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 15,909 | (12,338) | 3,571 | (1,936) | (511) | 1,124 | 1,983 | 5,554 | |
Derivative liabilities1 | (16,127) | 12,338 | (3,789) | 1,936 | 1,471 | (382) | (1,592) | (5,381) | |
Amounts not subject to netting agreements | Total as presented in the consolidated statement of financial position | ||||||||
Amounts eligible for set off under netting agreements | Related amounts not set off under netting agreements | ||||||||
2022 | Gross amount | Amounts offset | Net amount | Financial instruments | Financial collateral | Net amount | |||
US$ million | |||||||||
Derivative assets1 | 3,422 | (2,141) | 1,281 | (608) | (26) | 647 | 5,034 | 6,315 | |
Derivative liabilities1 | (5,929) | 2,141 | (3,788) | 608 | 2,638 | (542) | (3,149) | (6,937) | |
2023 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable | \u2013 | 20,423 | \u2013 | 20,423 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 24 | 24 |
Financial liabilities | \u2013 | 20,423 | 24 | 20,447 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures | 1,592 | 285 | \u2013 | 1,877 |
Options | 104 | 29 | \u2013 | 133 |
Swaps | 130 | 331 | 1 | 462 |
Physical forwards | \u2013 | 1,019 | 66 | 1,085 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 4 | \u2013 | 4 |
Foreign currency and interest rate contracts | \u2013 | 110 | \u2013 | 110 |
Current other financial liabilities | 1,826 | 1,778 | 67 | 3,671 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 714 | \u2013 | 714 |
Foreign currency and interest rate contracts | \u2013 | 499 | \u2013 | 499 |
Non-discretionary dividend obligation1 | \u2013 | \u2013 | 285 | 285 |
Contingent consideration | \u2013 | \u2013 | 109 | 109 |
Embedded call options over Glencore shares2 | \u2013 | 103 | \u2013 | 103 |
Non-current other financial liabilities | \u2013 | 1,316 | 394 | 1,710 |
Deferred income | ||||
Current deferred income | \u2013 | 778 | \u2013 | 778 |
Non-current deferred income | \u2013 | 110 | \u2013 | 110 |
Deferred income | \u2013 | 888 | \u2013 | 888 |
Total | 1,826 | 24,405 | 485 | 26,716 |
2022 | ||||
US$ million | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities | ||||
Accounts payable1 | \u2013 | 18,258 | \u2013 | 18,258 |
Other payables1 | \u2013 | 382 | \u2013 | 382 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 102 | 102 |
Financial liabilities | \u2013 | 18,640 | 102 | 18,742 |
Other financial liabilities | ||||
Commodity-related contracts | ||||
Futures3 | 714 | 459 | \u2013 | 1,173 |
Options | 32 | 119 | \u2013 | 151 |
Swaps3 | \u2013 | 660 | \u2013 | 660 |
Physical forwards | \u2013 | 2,498 | 113 | 2,611 |
Financial contracts | ||||
Cross-currency swaps | \u2013 | 181 | \u2013 | 181 |
Foreign currency and interest rate contracts | 1 | 105 | \u2013 | 106 |
Current other financial liabilities | 747 | 4,022 | 113 | 4,882 |
Non-current other financial liabilities | ||||
Cross-currency swaps | \u2013 | 1,055 | \u2013 | 1,055 |
Foreign currency and interest rate contracts | \u2013 | 490 | \u2013 | 490 |
Non-discretionary dividend obligation2 | \u2013 | \u2013 | 219 | 219 |
Option over non-controlling interest in Ale | \u2013 | \u2013 | 22 | 22 |
Contingent consideration | \u2013 | \u2013 | 74 | 74 |
Embedded call options over Glencore shares3 | \u2013 | 181 | \u2013 | 181 |
Non-current other financial liabilities | \u2013 | 1,726 | 315 | 2,041 |
Deferred income | ||||
Current deferred income1 | \u2013 | 899 | \u2013 | 899 |
Non-current deferred income1 | \u2013 | 294 | \u2013 | 294 |
Deferred income | \u2013 | 1,193 | \u2013 | 1,193 |
Total | 747 | 25,581 | 530 | 26,858 |
US$ million | 2023 | 2022 | ||
Contingent consideration (Mototolo) | Assets | 62 | 231 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast platinum group metals prices; and | |||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive to. A 10% increase/decrease in commodity price assumptions would result in a $4 million (2022: $19 million) adjustment to the current carrying value. | ||||
Other receivables and non-current receivables and loans | Assets | 30 | 95 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Discount rates specific to the operation; and | |||
\u2013 Underlying business plans and forecasts. | ||||
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2022: $19 million) reduction to the current carrying value of the asset while bringing forward repayments by one year would result in a $7 million (2022: $11 million) increase. | ||||
Convertible loan (Li-Cycle) | Assets | 112 | 168 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow and option pricing model | |||
Significant and other unobservable inputs: | \u2013 Share price; and | |||
\u2013 Risk-free rate, credit spread; and volatility. | ||||
The valuation remains sensitive to the credit spread and resulting discount rate (2022: share price) and a 10% increase in the discount rate (2022: increase/decrease in share price) would result in a $29 million (2022: $6 million) reduction (2022: adjustment) to the current carrying value. | ||||
Contingent consideration and convertible loan | Assets | 24 | \u2013 | |
Liabilities | (109) | (74) | ||
Valuation techniques and key inputs: | Discounted cash flow models | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; | |||
\u2013 Forecast coal and copper prices; and | ||||
\u2013 Discount rates using weighted average cost of capital methodology. | ||||
The convertible loan valuation remains sensitive to the share price and a 10% increase/decrease in share price assumptions would result in a $1 million adjustment to the current carrying value. The contingent consideration liabilities were mainly determined using forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2022: $7 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $4 million adjustment to the contingent consideration. | ||||
Other financial derivative assets (Cobar) | Assets | 64 | \u2013 | |
Liabilities | \u2013 | \u2013 | ||
Valuation techniques and key inputs: | Discounted Monte Carlo option pricing simulation | |||
Significant and other unobservable inputs: | \u2013 Estimated production plans; and | |||
\u2013 Forecast copper prices. | ||||
The contingent future consideration valuation remains sensitive to production volumes and an 8-year increase in the life of mine assumptions would result in a $5 million increase to the current carrying value. | ||||
Swaps | Assets | 5 | 18 | |
Liabilities | (1) | \u2013 | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term aluminium and alumina prices. | |||
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $1 million (2022: $2 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Physical Forwards | Assets | 936 | 2,949 | |
Liabilities | (66) | (113) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant and other unobservable inputs: | Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including: | |||
\u2013 quality; | ||||
\u2013 geographic location; | ||||
\u2013 local supply and demand; | ||||
\u2013 customer requirements; and | ||||
\u2013 counterparty credit considerations. | ||||
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio. | ||||
As at 31 December 2023, physical forward Level 3 assets relating to LNG contracts amount to $760 million (2022: $2,552 million) and liabilities of $Nil (2022: $19 million). Valuation of these contracts is based on observable Oil and Global Gas prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage, liquefication and regasification premiums. The value of our Level 3 long-term LNG physical supply contracts reflects the price dislocation between Europe and other international markets and uncertainty of pricing inputs beyond the observable range. There is limited observable LNG pricing data beyond 2027 and an estimation uncertainty exists over global gas supply and demand and the extent to which the current dislocation impacts long-term LNG pricing. For the longer-dated portion of the curve, complex modelling techniques are also required where there is limited observable market data. Extrapolation of observable pricing is applied and correlated to third-party long-term forecast macro pricing assumptions for various Oil and Global Gas indices, on which the long-term LNG prices are based. Given the resulting inherent estimation uncertainty, reasonable valuation ranges are developed to reflect the expected transfer value of these arrangements to another market participant in accordance with IFRS 13. The Group considers the risks associated with realising market value from unobservable long-term prices in selecting pricing from within those ranges. The potential impact of a 10% favourable and unfavourable change in the unobservable valuation inputs could result in a gain and loss of $0.1 billion (2022: a gain and loss of $0.1 billion), respectively, both of which would be reflected in the consolidated statement of income. | ||||
Non-discretionary dividend obligation (ARM Coal) | Assets | \u2013 | \u2013 | |
Liabilities | (309) | (321) | ||
Valuation techniques: | Discounted cash flow model | |||
Significant and other unobservable inputs: | \u2013 Long-term forecast coal prices; | |||
\u2013 Discount rates using weighted average cost of capital methodology; | ||||
\u2013 Production models; | ||||
\u2013 Operating costs; and | ||||
\u2013 Capital expenditures. | ||||
The resultant liability is essentially a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $92 million (2022: $108 million) adjustment to the current carrying value. | ||||
US$ million | 2023 | 2022 | ||
Option over non-controlling interest (AleSat) | Assets | \u2013 | \u2013 | |
Liabilities | \u2013 | (22) | ||
Valuation techniques and key inputs: | Discounted cash flow model | |||
Significant unobservable inputs: | The 31 December 2022 balance is the value of the remaining minority stake in the subsidiary, measured as the higher value of the acquisition date valuation of the shares, and a discounted future earnings-based valuation. The valuation was additionally sensitive to movement in the spot exchange rates between the Brazilian real and US dollar. The non-controlling interest was acquired during the current year. | |||
US$\u00a0million | 2023 | 2022 |
Remuneration in respect of the audit of Glencore's consolidated financial statements | 28 | 21 |
Other audit fees, primarily in respect of audits of accounts of subsidiaries | 5 | 5 |
Audit-related assurance services1 | 5 | 2 |
Total audit and related assurance fees | 38 | 28 |
Other assurance services2 | 3 | 1 |
Total non-audit fees | 3 | 1 |
Total professional fees | 41 | 29 |
US$ million | 2023 | 2022 |
Kazzinc | 1,087 | 1,156 |
Koniambo | (6,419) | (5,745) |
Kamoto Copper Company (KCC) | (185) | 88 |
Volcan | (302) | (201) |
Other | 476 | 511 |
Total | (5,343) | (4,191) |
US$\u00a0million | Kazzinc | Koniambo | KCC | Volcan |
31 December 2023 | ||||
Non-current assets | 2,750 | 307 | 4,414 | 1,512 |
Current assets | 1,920 | 420 | 1,308 | 207 |
Total assets | 4,670 | 727 | 5,722 | 1,719 |
Non-current liabilities | 200 | 16,072 | 9,867 | 1,094 |
Current liabilities | 876 | 114 | 2,250 | 456 |
Total liabilities | 1,076 | 16,186 | 12,117 | 1,550 |
Net assets/(liabilities) | 3,594 | (15,459) | (6,395) | 169 |
Equity attributable to owners of the Company | 2,507 | (9,040) | (6,210) | 471 |
Non-controlling interest | 1,087 | (6,419) | (185) | (302) |
Non-controlling interest % | 30.3% | 51.0% | 25.0% | 76.7% |
2023 | ||||
Revenue | 3,685 | 415 | 1,816 | 919 |
Expenses | (3,891) | (1,736) | (2,864) | (1,051) |
Net loss for the year | (206) | (1,321) | (1,048) | (132) |
Loss attributable to owners of the Company | (173) | (647) | (575) | (31) |
Loss attributable to non-controlling interests | (33) | (674) | (473) | (101) |
Total comprehensive loss for the year | (206) | (1,321) | (1,048) | (132) |
Dividends paid to non-controlling interests | 1 | \u2013 | \u2013 | \u2013 |
Net cash inflow/(outflow) from operating activities | 224 | (388) | (239) | 163 |
Net cash outflow from investing activities | (337) | \u2013 | (465) | (156) |
Net cash inflow/(outflow) from financing activities | 43 | 384 | 749 | (19) |
Total net cash (outflow)/inflow | (70) | (4) | 45 | (12) |
US$\u00a0million | Kazzinc | Koniambo | KCC | Volcan |
31 December 2022 | ||||
Non-current assets | 3,377 | 507 | 4,429 | 1,723 |
Current assets | 1,613 | 519 | 1,351 | 241 |
Total assets | 4,990 | 1,026 | 5,780 | 1,964 |
Non-current liabilities | 494 | 15,019 | 9,602 | 1,256 |
Current liabilities | 673 | 147 | 1,456 | 405 |
Total liabilities | 1,167 | 15,166 | 11,058 | 1,661 |
Net assets | 3,823 | (14,140) | (5,278) | 303 |
Equity attributable to owners of the Company | 2,667 | (8,395) | (5,366) | 504 |
Non-controlling interest | 1,156 | (5,745) | 88 | (201) |
Non-controlling interest % | 30.3% | 51.0% | 25.0% | 76.7% |
2022 | ||||
Revenue | 3,564 | 713 | 2,545 | 1,000 |
Expenses | (3,615) | (1,823) | (3,127) | (1,124) |
Net loss for the year | (51) | (1,110) | (582) | (124) |
Loss attributable to owners of the Company | (35) | (544) | (407) | (29) |
Loss attributable to non-controlling interests | (16) | (566) | (175) | (95) |
Total comprehensive loss for the year | (51) | (1,110) | (582) | (124) |
Dividends paid to non-controlling interests | (196) | \u2013 | (211) | \u2013 |
Net cash inflow/(outflow) from operating activities | 549 | (78) | 898 | 234 |
Net cash outflow from investing activities | (335) | (19) | (393) | (245) |
Net cash (outflow)/inflow from financing activities | (309) | 112 | (632) | (146) |
Total net cash (outflow)/inflow | (95) | 15 | (127) | (157) |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal subsidiaries | ||||
Industrial activities | ||||
El Pachon | Argentina | 100.0 | 100.0 | Copper production |
MARA Project1 | Argentina | 100.0 | 43.7 | Copper production |
Cobar Management Pty Limited | Australia | \u2013 | 100.0 | Copper production |
Compania Minera Lomas Bayas | Chile | 100.0 | 100.0 | Copper production |
Complejo Metalurgico Altonorte SA | Chile | 100.0 | 100.0 | Copper production |
Compania Minera Antapaccay S.A. | Peru | 100.0 | 100.0 | Copper production |
Pasar Group | Philippines | 78.2 | 78.2 | Copper production |
Glencore Recycling LLC | USA | 100.0 | 100.0 | Copper production |
Polymet Mining Corp. | Canada | 100.0 | 71.0 | Copper production |
Kamoto Copper Company SA2 | DRC | 75.0 | 75.0 | Copper/Cobalt production |
Mutanda Group | DRC | 95.0 | 95.0 | Copper/Cobalt production |
Mount Isa Mines Limited | Australia | 100.0 | 100.0 | Copper/Zinc/Lead production |
Kazzinc Ltd | Kazakhstan | 69.7 | 69.7 | Copper/Zinc/Lead production |
Zhayremsky Gorno-Obogatitelny Kombinat JSC | Kazakhstan | 69.7 | 69.7 | Copper/Zinc/Lead production |
Altyntau Kokshetau JSC | Kazakhstan | 69.7 | 69.7 | Gold production |
Britannia Refined Metals Limited | UK | 100.0 | 100.0 | Lead production |
Murrin Murrin Operations Pty Ltd | Australia | 100.0 | 100.0 | Nickel production |
Koniambo Nickel S.A.S.3 | New Caledonia | 49.0 | 49.0 | Nickel production |
Glencore Nikkelverk AS | Norway | 100.0 | 100.0 | Nickel production |
Mcarthur River Mining Pty. Ltd. | Australia | 100.0 | 100.0 | Zinc production |
Canadian Electrolytic Zinc Limited1 | Canada | 100.0 | 25.0 | Zinc production |
Nordenhamer Zinkh\u00fctte GmbH | Germany | 100.0 | 100.0 | Zinc production |
Asturiana de Zinc S.A.U. | Spain | 100.0 | 100.0 | Zinc production |
Volcan Companja Minera S.A.A.4 | Peru | 23.3 | 23.3 | Zinc production |
Portovesme S.r.L. | Italy | 100.0 | 100.0 | Zinc/Lead production |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Industrial activities | ||||
Oakbridge Pty Limited | Australia | 98.2 | 98.2 | Coal production |
Rolleston Coal Holdings Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Mangoola Coal Operations Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Mt Owen Pty Limited | Australia | 100.0 | 100.0 | Coal production |
NC Coal Company Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Ravensworth Operations Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Ulan Coal Mines Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Prodeco group | Colombia | 100.0 | 100.0 | Coal production |
Umcebo Mining (Pty) Ltd5 | South Africa | 48.7 | 48.7 | Coal production |
ARM Coal (Proprietary) Limited6 | South Africa | 49.0 | 49.0 | Coal production |
Carbones del Cerrej\u00f3n Limited | Anguilla | 100.0 | 100.0 | Coal production |
Glencore Exploration Cameroon Ltd. | Bermuda | 100.0 | 100.0 | Oil production |
Glencore Exploration (EG) Limited | Bermuda | 100.0 | 100.0 | Oil production |
Astron Energy (Pty) Ltd | South Africa | 72.0 | 72.0 | Oil refining / distribution |
Marketing activities and other operating and finance | ||||
Xstrata Limited | UK | 100.0 | 100.0 | Holding |
Glencore Australia Investment Holdings Pty Ltd | Australia | 100.0 | 100.0 | Holding |
Glencore Operations Australia Pty Limited | Australia | 100.0 | 100.0 | Holding |
Glencore Queensland Pty Limited | Australia | 100.0 | 100.0 | Holding |
Glencore Investment Pty Limited | Australia | 100.0 | 100.0 | Holding |
Glencore Australia Holdings Pty Limited | Australia | 100.0 | 100.0 | Finance |
Glencore Finance (Bermuda) Ltd. | Bermuda | 100.0 | 100.0 | Finance |
Alesat Combustiveis S.A. | Brazil | 100.0 | 88.0 | Oil distribution |
Topley Corporation | B.V.I. | 100.0 | 100.0 | Ship owner |
Glencore Finance (Canada) Limited | Canada | 100.0 | 100.0 | Finance |
Glencore Finance (Europe) Limited | Jersey | 100.0 | 100.0 | Finance |
Glencore Capital Finance Designated Activity Company | Ireland | 100.0 | 100.0 | Finance |
Finges Investment B.V. | Netherlands | 100.0 | 100.0 | Finance |
Glencore (Schweiz) AG | Switzerland | 100.0 | 100.0 | Finance |
Glencore Group Funding Limited | UAE | 100.0 | 100.0 | Finance |
Glencore Funding LLC | USA | 100.0 | 100.0 | Finance |
Glencore Australia Oil Pty Limited | Australia | 100.0 | 100.0 | Operating |
Glencore Canada Corporation | Canada | 100.0 | 100.0 | Operating |
Glencore Chile SpA | Chile | 100.0 | 100.0 | Operating |
Glencore China Ltd. | China | 100.0 | 100.0 | Operating |
Glencore Singapore Pte. Ltd. | Singapore | 100.0 | 100.0 | Operating |
ST Shipping and Transport Pte. Ltd. | Singapore | 100.0 | 100.0 | Operating |
Glencore AG (Ltd/SA) | Switzerland | 100.0 | 100.0 | Operating |
Glencore International AG (Ltd/SA) | Switzerland | 100.0 | 100.0 | Operating |
Glencore Commodities Ltd | UK | 100.0 | 100.0 | Operating |
Glencore Energy UK Ltd. | UK | 100.0 | 100.0 | Operating |
Glencore UK Ltd. | UK | 100.0 | 100.0 | Operating |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal subsidiaries | ||||
Industrial activities | ||||
El Pachon | Argentina | 100.0 | 100.0 | Copper production |
MARA Project1 | Argentina | 100.0 | 43.7 | Copper production |
Cobar Management Pty Limited | Australia | \u2013 | 100.0 | Copper production |
Compania Minera Lomas Bayas | Chile | 100.0 | 100.0 | Copper production |
Complejo Metalurgico Altonorte SA | Chile | 100.0 | 100.0 | Copper production |
Compania Minera Antapaccay S.A. | Peru | 100.0 | 100.0 | Copper production |
Pasar Group | Philippines | 78.2 | 78.2 | Copper production |
Glencore Recycling LLC | USA | 100.0 | 100.0 | Copper production |
Polymet Mining Corp. | Canada | 100.0 | 71.0 | Copper production |
Kamoto Copper Company SA2 | DRC | 75.0 | 75.0 | Copper/Cobalt production |
Mutanda Group | DRC | 95.0 | 95.0 | Copper/Cobalt production |
Mount Isa Mines Limited | Australia | 100.0 | 100.0 | Copper/Zinc/Lead production |
Kazzinc Ltd | Kazakhstan | 69.7 | 69.7 | Copper/Zinc/Lead production |
Zhayremsky Gorno-Obogatitelny Kombinat JSC | Kazakhstan | 69.7 | 69.7 | Copper/Zinc/Lead production |
Altyntau Kokshetau JSC | Kazakhstan | 69.7 | 69.7 | Gold production |
Britannia Refined Metals Limited | UK | 100.0 | 100.0 | Lead production |
Murrin Murrin Operations Pty Ltd | Australia | 100.0 | 100.0 | Nickel production |
Koniambo Nickel S.A.S.3 | New Caledonia | 49.0 | 49.0 | Nickel production |
Glencore Nikkelverk AS | Norway | 100.0 | 100.0 | Nickel production |
Mcarthur River Mining Pty. Ltd. | Australia | 100.0 | 100.0 | Zinc production |
Canadian Electrolytic Zinc Limited1 | Canada | 100.0 | 25.0 | Zinc production |
Nordenhamer Zinkh\u00fctte GmbH | Germany | 100.0 | 100.0 | Zinc production |
Asturiana de Zinc S.A.U. | Spain | 100.0 | 100.0 | Zinc production |
Volcan Companja Minera S.A.A.4 | Peru | 23.3 | 23.3 | Zinc production |
Portovesme S.r.L. | Italy | 100.0 | 100.0 | Zinc/Lead production |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Industrial activities | ||||
Oakbridge Pty Limited | Australia | 98.2 | 98.2 | Coal production |
Rolleston Coal Holdings Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Mangoola Coal Operations Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Mt Owen Pty Limited | Australia | 100.0 | 100.0 | Coal production |
NC Coal Company Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Ravensworth Operations Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Ulan Coal Mines Pty Limited | Australia | 100.0 | 100.0 | Coal production |
Prodeco group | Colombia | 100.0 | 100.0 | Coal production |
Umcebo Mining (Pty) Ltd5 | South Africa | 48.7 | 48.7 | Coal production |
ARM Coal (Proprietary) Limited6 | South Africa | 49.0 | 49.0 | Coal production |
Carbones del Cerrej\u00f3n Limited | Anguilla | 100.0 | 100.0 | Coal production |
Glencore Exploration Cameroon Ltd. | Bermuda | 100.0 | 100.0 | Oil production |
Glencore Exploration (EG) Limited | Bermuda | 100.0 | 100.0 | Oil production |
Astron Energy (Pty) Ltd | South Africa | 72.0 | 72.0 | Oil refining / distribution |
Marketing activities and other operating and finance | ||||
Xstrata Limited | UK | 100.0 | 100.0 | Holding |
Glencore Australia Investment Holdings Pty Ltd | Australia | 100.0 | 100.0 | Holding |
Glencore Operations Australia Pty Limited | Australia | 100.0 | 100.0 | Holding |
Glencore Queensland Pty Limited | Australia | 100.0 | 100.0 | Holding |
Glencore Investment Pty Limited | Australia | 100.0 | 100.0 | Holding |
Glencore Australia Holdings Pty Limited | Australia | 100.0 | 100.0 | Finance |
Glencore Finance (Bermuda) Ltd. | Bermuda | 100.0 | 100.0 | Finance |
Alesat Combustiveis S.A. | Brazil | 100.0 | 88.0 | Oil distribution |
Topley Corporation | B.V.I. | 100.0 | 100.0 | Ship owner |
Glencore Finance (Canada) Limited | Canada | 100.0 | 100.0 | Finance |
Glencore Finance (Europe) Limited | Jersey | 100.0 | 100.0 | Finance |
Glencore Capital Finance Designated Activity Company | Ireland | 100.0 | 100.0 | Finance |
Finges Investment B.V. | Netherlands | 100.0 | 100.0 | Finance |
Glencore (Schweiz) AG | Switzerland | 100.0 | 100.0 | Finance |
Glencore Group Funding Limited | UAE | 100.0 | 100.0 | Finance |
Glencore Funding LLC | USA | 100.0 | 100.0 | Finance |
Glencore Australia Oil Pty Limited | Australia | 100.0 | 100.0 | Operating |
Glencore Canada Corporation | Canada | 100.0 | 100.0 | Operating |
Glencore Chile SpA | Chile | 100.0 | 100.0 | Operating |
Glencore China Ltd. | China | 100.0 | 100.0 | Operating |
Glencore Singapore Pte. Ltd. | Singapore | 100.0 | 100.0 | Operating |
ST Shipping and Transport Pte. Ltd. | Singapore | 100.0 | 100.0 | Operating |
Glencore AG (Ltd/SA) | Switzerland | 100.0 | 100.0 | Operating |
Glencore International AG (Ltd/SA) | Switzerland | 100.0 | 100.0 | Operating |
Glencore Commodities Ltd | UK | 100.0 | 100.0 | Operating |
Glencore Energy UK Ltd. | UK | 100.0 | 100.0 | Operating |
Glencore UK Ltd. | UK | 100.0 | 100.0 | Operating |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal joint ventures7 | ||||
Viterra Group | Jersey | 49.9 | 49.9 | Agriculture business |
Compania Minera Dona Ines de Collahuasi SCM | Chile | 44.0 | 44.0 | Copper production |
Principal joint operation and other unincorporated arrangement8 | ||||
Bulga Joint Venture | Australia | 87.5 | 87.5 | Coal production |
Hail Creek Joint Venture | Australia | 84.7 | 84.7 | Coal production |
Hunter Valley Operations Joint Venture | Australia | 49.0 | 49.0 | Coal production |
Liddell and Foybrook Joint Ventures | Australia | 67.5 | 67.5 | Coal production |
Oaky Creek Coal Joint Venture | Australia | 55.0 | 55.0 | Coal production |
United Wambo Joint Venture | Australia | 47.5 | 47.5 | Coal production |
Goedgevonden Joint Venture9 | South Africa | 74.0 | 74.0 | Coal production |
Glencore Merafe Chrome Pooling and Share Joint Venture | South Africa | 79.5 | 79.5 | Ferroalloys production |
Glencore Bakwena-Ba-Mogopa Rhovan Pooling and Sharing Joint Venture9 | South Africa | 74.0 | 74.0 | Vanadium production |
NewRange Copper Nickel LLC | USA | 50.0 | \u2013 | Copper production |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Principal associates | ||||
Newcastle Coal Shippers Pty Limited10 | Australia | 52.6 | 52.6 | Coal terminal |
GS Coal Holdings Pty Ltd | Australia | 50.0 | 50.0 | Coal production |
Richards Bay Coal Terminal Company Limited11 | South Africa | 19.8 | 19.8 | Coal terminal |
Century Aluminum Company12 | USA | 46.0 | 46.1 | Aluminium production |
Alumina do Norte do Brasil S.A | Brazil | 30.0 | \u2013 | Alumina production |
Minera\u00e7\u00e3o Rio do Norte S.A. | Brazil | 45.0 | \u2013 | Bauxite production |
PT CITA Mineral Investindo Tbk | Indonesia | 31.7 | 31.7 | Alumina production |
Aquarius Energy Limited | Jersey | 49.0 | 49.0 | Oil storage |
Compania Minera Antamina S.A. | Peru | 33.8 | 33.8 | Zinc/Copper production |
Metals Acquisition Limited | Jersey | 19.9 | \u2013 | Copper production |
Country of incorporation | % interest 2023 | % interest 2022 | Main activity | |
Other investments | ||||
Shenzhen Energy Gas Investment Holding Co. Ltd | China | 7.8 | 7.8 | Energy distribution |
Press Metal Aluminium Holdings Berhad | Malaysia | 1.5 | \u2013 | Aluminium production |
PT Amman Mineral Internasional Tbk. | Indonesia | 1.2 | \u2013 | Copper production |