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CAPITAL MANAGEMENT - Gearing Ratio (Details)
$ in Millions
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
[3]
Adjusted net debt from continuing operations        
Borrowings - non-current portion (note 24) $ 1,965 $ 1,858 [1] $ 1,789 [1]  
Lease liabilities - non-current portion (note 14) 102 124 [1] 116 [1]  
Borrowings - current portion (note 24) 18 51 142  
Lease liabilities - current portion (note 14) 84 61 [1] 37 [1]  
Total borrowings 2,169 2,094 2,084  
Cash and cash equivalents if different from statement of financial position [2] 1,106      
Less: cash and cash equivalents (1) (note 22) (1,108) (1,154) [1],[2] (1,330) [1],[2],[3] $ (456)
Net debt 1,063 940 754  
IFRS16 lease adjustments (158) (149) (106)  
Unamortised portion of borrowing costs 33 32 22  
Cash restricted for use (note 21) (60) (58) (73)  
Adjusted net debt 878 765 597  
Adjusted EBITDA from continuing operations        
Profit before taxation 489 958 1,627 [4]  
Finance costs and unwinding of obligations (note 6) 149 116 177 [4]  
Interest income (81) (58) (27) [4]  
Amortisation of tangible, intangible and right of use assets (note 4) 633 477 575  
Other amortisation (3) 4 6  
Associates and joint ventures’ adjustments for amortisation, interest and taxation 165 183 168  
EBITDA 1,352 1,680 2,526  
Foreign exchange and fair value adjustments 128 43 0 [4]  
Dividend income 0 0 (2) [4]  
Retrenchment and related costs 6 20 2  
Care and maintenance costs (note 5) 0 45 0  
Impairment, derecognition of assets and (profit) loss on disposal 304 (11) 1  
Profit on disposal of joint ventures 0 0 (19)  
Premium on settlement of bonds 0 24 0  
Loss (gain) on non-hedge derivatives and other commodity contracts 6 0 5  
Associates and joint ventures’ share of costs 1 0 0  
Adjusted EBITDA (as defined in the agreements) $ 1,797 $ 1,801 $ 2,513  
Gearing ratio (Adjusted net debt to Adjusted EBITDA) 0.49 0.42 0.24  
Maximum debt covenant ratio allowed per agreement 3.5 3.5 3.5  
[1] The tangible assets and accumulated losses and other reserve balances for 31 December 2021 and 31 December 2020 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 1.
[2] Cash and cash equivalents at the end of December 2022 is net of a bank overdraft of $2m.
[3] Comparative periods have been retrospectively restated, where indicated, due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.
[4] Comparative periods have been retrospectively restated, where indicated, due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.