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Financial instruments and risk management (Tables)
 12 Months Ended
Jun. 30, 2025
Disclosure of detailed information about financial instruments [abstract]  
Schedule of net borrowings interest rate profile The interest rate profile of the group's net borrowings is as follows:
2025
2024
$ million
%
$ million
%
Fixed rate
19,051
87
16,174
77
Floating rate(1)
2,289
11
4,384
21
Impact of financial
derivatives and fair value
adjustments
(139)
(1)
(145)
(1)
Lease liabilities
653
3
604
3
Net borrowings
21,854
100
21,017
100
(1)The floating rate portion of net borrowings includes cash and cash equivalents, collaterals,
floating rate loans and bonds, and bank overdrafts.
Schedule of average monthly net borrowings and effective interest rate The table below sets out the average monthly net borrowings and
effective interest rate:
Average monthly net borrowings
Effective interest rate
2025
$ million
2024
$ million
2023
$ million
2025
%
2024
%
2023
%
21,540
21,034
18,362
4.1
4.3
3.9
(i)For this calculation, net interest charge includes interest capitalised
and excludes fair value adjustments to derivative financial instruments
and average monthly net borrowings include the impact of interest rate
swaps that are no longer in a hedge relationship but exclude the market
value adjustment for cross currency interest rate swaps.
Schedule of fluctuations in interest and exchange rates to vary from hypothetical amounts The sensitivity analysis estimates the impact of changes in interest and
foreign exchange rates. All hedges are expected to be highly effective
for this analysis and it considers the impact of all financial instruments
including financial derivatives, cash and cash equivalents, borrowings
and other financial assets and liabilities. The results of the sensitivity
analysis should not be considered as projections of likely future events
as actual gains or losses in the future may differ materially due to
developments in the global financial markets which may cause
fluctuations in interest and exchange rates to vary from the
hypothetical amounts disclosed in the table below.
Impact on income
statement
gain/(loss)
Impact on consolidated
comprehensive income
gain/(loss)(1) (2)
2025
$ million
2024
$ million
2025
$ million
2024
$ million
0.5% decrease in interest
rates
30
22
38
43
0.5% increase in interest
rates
(29)
(22)
(37)
(42)
10% weakening of US dollar
(46)
(39)
(1,049)
(974)
10% strengthening of US
dollar
37
33
867
813
(1)The impact on foreign currency borrowings and derivatives in net investment hedges is
largely offset by the foreign exchange difference arising on the translation of net
investments. 
(2)The impact on the consolidated statement of comprehensive income includes the impact
on the income statement.
Schedule of derivative financial instruments
Gross
amount
$ million
Right of
asset offset
$ million
Right of
liability
offset
$ million
Net amount
$ million
2025
Derivative financial assets
733
(147)
(72)
514
Derivative financial
liabilities
(275)
147
72
(56)
2024
Derivative financial assets
483
(184)
(139)
160
Derivative financial
liabilities
(486)
184
139
(163)
Schedule of contractual cash flows Contractual cash flows 
Due within
1 year
$ million
Due between
1 and 3 years
$ million
Due between
3 and 5 years
$ million
Due after
5 years
$ million
Total
$ million
Carrying
amount at
balance
sheet date
$ million
2025
Borrowings(1)
(2,938)
(4,709)
(4,331)
(12,078)
(24,056)
(23,748)
Interest on borrowings(1)(2)
(935)
(1,261)
(1,061)
(2,320)
(5,577)
(352)
Lease capital repayments
(112)
(163)
(112)
(266)
(653)
(653)
Lease future interest payments
(25)
(35)
(24)
(40)
(124)
—
Trade and other financial liabilities(3)
(5,912)
(165)
(16)
(23)
(6,116)
(6,039)
Non-derivative financial liabilities
(9,922)
(6,333)
(5,544)
(14,727)
(36,526)
(30,792)
Cross currency swaps (gross)
Receivable
171
909
1,097
4,960
7,137
Payable
(164)
(918)
(1,063)
(4,446)
(6,591)
FX forwards (gross)
Receivable
7,537
763
—
—
8,300
Payable
(7,441)
(693)
—
—
(8,134)
Other derivative instruments (net)
(90)
(84)
(65)
(11)
(250)
Derivative instruments(2)
13
(23)
(31)
503
462
438
2024
Borrowings(1)
(2,902)
(4,991)
(4,259)
(9,812)
(21,964)
(21,501)
Interest on borrowings(1)(2)
(791)
(1,043)
(789)
(1,866)
(4,489)
(291)
Lease capital repayments
(95)
(148)
(95)
(266)
(604)
(604)
Lease future interest payments
(19)
(30)
(22)
(44)
(115)
—
Trade and other financial liabilities(3)
(5,316)
(280)
(217)
(5)
(5,818)
(5,619)
Non-derivative financial liabilities
(9,123)
(6,492)
(5,382)
(11,993)
(32,990)
(28,015)
Cross currency swaps (gross)
Receivable
128
549
1,249
3,666
5,592
Payable
(126)
(549)
(1,303)
(3,341)
(5,319)
FX forwards (gross)
Receivable
7,164
1,141
—
—
8,305
Payable
(7,042)
(1,135)
—
—
(8,177)
Other derivative instruments (net)
(161)
(145)
(76)
(33)
(415)
Derivative instruments(2)
(37)
(139)
(130)
292
(14)
(23)
(1)For the purposes of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments as disclosed in note 17. 
(2)Carrying amount of interest on borrowings, interest on derivatives and interest on other payables is included within interest payable in note 15. 
(3)Primarily consists of trade and other payables that meet the definition of financial liabilities under IAS 32.
Schedule of available undrawn committed bank facilities The group had available undrawn committed bank facilities as follows:
2025
$ million
2024
$ million
Expiring within one year
1,040
625
Expiring between one and two years
—
1,040
Expiring after two years
2,460
1,585
3,500
3,250
Schedule of financial assets and liabilities measured at fair value The group’s financial assets and liabilities measured at fair value are
categorised as follows:
2025
$ million
2024
$ million
Derivative assets
733
497
Derivative liabilities
(275)
(486)
Valuation techniques based on observable market input (Level 2)
458
11
Financial assets - other
75
333
Financial liabilities - other
(226)
(443)
Valuation techniques based on unobservable market input (Level 3)
(151)
(110)
Schedule of movements in level 3 measured on recurring basis The movements in level 3 liability instruments, measured on a recurring basis, are as follows:
Zacapa
financial
liability
Contingent
consideration
recognised on
acquisition of
businesses
Zacapa
financial
liability
Contingent
consideration
recognised on
acquisition of
businesses
2025
$ million
2025
$ million
2024
$ million
2024
$ million
At the beginning of the year
(198)
(245)
(274)
(391)
Net gains included in the income statement
7
133
—
145
Net losses included in exchange in other comprehensive income
—
(8)
—
—
Net gains included in retained earnings
89
—
73
—
Acquisitions
—
(12)
—
—
Settlement of liabilities
1
7
3
1
At the end of the year
(101)
(125)
(198)
(245)
Schedule of notional amounts, contractual maturities and rates of hedging instruments designated in hedging relationships by main risk categories Further to the foreign currency borrowings in net investment hedge relationships disclosed in note 16(a), the notional amounts, contractual
maturities and rates of the hedging instruments designated in hedging relationships by the main risk categories are as follows:
Notional
amounts
$ million
Maturity
Range of hedged rates
2025
Net investment hedges
Derivatives in net investment hedges of foreign
operations
2,255
August 2025 - October 2027
euro 0.84 - 0.85
Canadian dollar 1.29 - 1.48
Chinese yuan 6.93 - 7.29
Foreign currency borrowings in net investment hedges
9,561
May 2026 - August 2044
sterling 0.75 - 0.82 
euro 0.86 - 0.94
Cash flow hedges
Derivatives in cash flow hedge (foreign currency debt)
2,873
September 2028 - June 2034
euro 0.89 - 0.90
Derivatives in cash flow hedge (foreign currency risk)(1)
1,586
September 2025 - January
2028
sterling 0.74 - 0.81
Mexican peso 17.73 - 23.69
Derivatives in cash flow hedge (commodity price risk)(1)
275
July 2025 - June 2027
Aluminium: 2,426.00 - 2,693.50 USD/
Mt
Natural Gas: 0.74 - 1.38 GBP/therm
Fair value hedges
Derivatives in fair value hedge (interest rate risk)(2)
4,229
September 2025 - April 2035
EURIBOR 1.93 - 1.94%
SOFR 0.27 - 1.61%
2024
Net investment hedges
Derivatives in net investment hedges of foreign
operations
3,198
September 2024 - April 2043
sterling 0.53 - 0.78
euro 0.91 - 0.93
Chinese yuan 6.93 - 7.29
Foreign currency borrowings in net investment hedges
8,109
September 2024 - June 2038
sterling 0.76 - 0.82 
euro 0.89 - 0.94
Cash flow hedges
Derivatives in cash flow hedge (foreign currency debt)
2,747
September 2028 - June 2034
euro 0.89 - 0.90
Derivatives in cash flow hedge (foreign currency risk)(1)
1,855
September 2024 -
December 2025
sterling 0.78 - 0.94
euro 0.87 - 0.93
Mexican peso 17.73 - 20.57
Derivatives in cash flow hedge (commodity price risk)(1)
207
July 2024 - September 2025
Feed Wheat: 177.50 - 206.00 USD/Bu
Natural Gas: 0.86 - 1.40 USD/therm
Fair value hedges
Derivatives in fair value hedge (interest rate risk)(2)
4,044
April 2025 - April 2030
EURIBOR 1.93 - 1.94% 
SOFR 0.27 - 1.61%
(1) In case of derivatives in cash flow hedges (commodity price risk and foreign currency risk), the range of the most significant contract’s hedged rates are presented.
(2) In case of derivatives in fair value hedges, the range of the floating interest rates of the derivatives are presented.
Schedule of effectiveness and impacts of hedging relationships The following table sets out information regarding the effectiveness of hedging relationships designated by the group, as well as the impacts on the
income statement and other comprehensive income:
At the beginning
of the year
$ million
Consolidated
income
statement
$ million
Consolidated
statement of
comprehensive
income
$ million
Other(2)
$ million
At the end
of the year
$ million
2025
Net investment hedges(1)
Derivatives in net investment hedges of foreign operations
367
44
(2)
(426)
(17)
Foreign currency borrowings in net investment hedges
(8,109)
—
(768)
(684)
(9,561)
Cash flow hedges(1)
Derivatives in cash flow hedge (foreign currency debt)
(32)
230
(69)
56
185
Derivatives in cash flow hedge (foreign currency risk)
27
54
76
(54)
103
Derivatives in cash flow hedge (commodity price risk)
(9)
(19)
(1)
21
(8)
Fair value hedges(1)
Derivatives in fair value hedge (interest rate risk)
(376)
166
—
—
(210)
Fair value hedge hedged item
368
(163)
—
—
205
Instruments in fair value hedge relationship
(8)
3
—
—
(5)
2024
Net investment hedges(1)
Derivatives in net investment hedges of foreign operations
—
22
(66)
411
367
Foreign currency borrowings in net investment hedges
(12,584)
—
(82)
4,557
(8,109)
Cash flow hedges(1)
Derivatives in cash flow hedge (foreign currency debt)
438
(152)
94
(412)
(32)
Derivatives in cash flow hedge (foreign currency risk)
232
203
(205)
(203)
27
Derivatives in cash flow hedge (commodity price risk)
(32)
(9)
22
10
(9)
Fair value hedges(1)
Derivatives in fair value hedge (interest rate risk)
(476)
100
—
—
(376)
Fair value hedge hedged item
469
(101)
—
—
368
Instruments in fair value hedge relationship
(7)
(1)
—
—
(8)
(1)There was no significant ineffectiveness on net investment, cash flow and fair value hedges during the years ended 30 June 2025 and 2024, accordingly the fair value movement of the hedged
items was materially similar and offsetting the movement of the hedges.
(2)Other movements include cash flows on result of matured derivatives, notional of bonds designated in or de-designated from net investment hedges and reclassification of hedging instruments
between hedge portfolios and de-designation of hedging instruments.
Schedule of financial assets and liabilities The table below sets out the group’s accounting classification of each class of financial assets and liabilities:
Fair value
through
income
statement
$ million
Assets and
liabilities at
amortised
cost
$ million
Not
categorised
as a financial
instrument
$ million
Total
$ million
Current
$ million
Non-current
$ million
2025
Other investments and loans(1)
75
1
—
76
—
76
Trade and other receivables
—
3,120
422
3,542
3,504
38
Cash and cash equivalents
—
2,200
—
2,200
2,200
—
Derivatives in cash flow hedge (foreign currency debt)
185
—
—
185
—
185
Derivatives in cash flow hedge (foreign currency risk)
110
—
—
110
71
39
Derivatives in cash flow hedge (commodity price risk)
3
—
—
3
1
2
Derivatives in net investment hedge
5
—
—
5
5
—
Trading derivatives (cross currency swaps)
388
—
—
388
—
388
Other instruments
455
—
—
455
447
8
Leases
—
1
—
1
—
1
Total other financial assets
1,146
1
—
1,147
524
623
Total financial assets
1,221
5,322
422
6,965
6,228
737
Borrowings(2)
—
(23,748)
—
(23,748)
(2,928)
(20,820)
Trade and other payables
(125)
(5,979)
(1,040)
(7,144)
(6,952)
(192)
Derivatives in fair value hedge (interest rate risk)
(210)
—
—
(210)
(8)
(202)
Derivatives in cash flow hedge (foreign currency risk)
(7)
—
—
(7)
(7)
—
Derivatives in cash flow hedge (commodity price risk)
(11)
—
—
(11)
(11)
—
Derivatives in net investment hedge
(22)
—
—
(22)
(14)
(8)
Other instruments
(126)
—
—
(126)
(126)
—
Leases
—
(653)
—
(653)
(112)
(541)
Total other financial liabilities
(376)
(653)
—
(1,029)
(278)
(751)
Total financial liabilities
(501)
(30,380)
(1,040)
(31,921)
(10,158)
(21,763)
Total net financial assets/(liabilities)
720
(25,058)
(618)
(24,956)
(3,930)
(21,026)
2024
Other investments and loans(1)
333
59
—
392
—
392
Trade and other receivables
—
2,971
554
3,525
3,487
38
Cash and cash equivalents
—
1,130
—
1,130
1,130
—
Derivatives in cash flow hedge (foreign currency risk)
62
—
—
62
58
4
Derivatives in cash flow hedge (commodity price risk)
5
—
—
5
5
—
Derivatives in net investment hedge
386
—
—
386
17
369
Other instruments
275
—
—
275
275
—
Total other financial assets
728
—
—
728
355
373
Total financial assets
1,061
4,160
554
5,775
4,972
803
Borrowings(2)
—
(21,501)
—
(21,501)
(2,885)
(18,616)
Trade and other payables
(245)
(5,373)
(1,040)
(6,658)
(6,354)
(304)
Derivatives in fair value hedge (interest rate risk)
(376)
—
—
(376)
(16)
(360)
Derivatives in cash flow hedge (foreign currency debt)
(32)
—
—
(32)
—
(32)
Derivatives in cash flow hedge (foreign currency risk)
(35)
—
—
(35)
(14)
(21)
Derivatives in cash flow hedge (commodity price risk)
(14)
—
—
(14)
(14)
—
Derivatives in net investment hedge
(19)
—
—
(19)
(1)
(18)
Other instruments
(208)
—
—
(208)
(208)
—
Leases
—
(604)
—
(604)
(95)
(509)
Total other financial liabilities
(684)
(604)
—
(1,288)
(348)
(940)
Total financial liabilities
(929)
(27,478)
(1,040)
(29,447)
(9,587)
(19,860)
Total net financial assets/(liabilities)
132
(23,318)
(486)
(23,672)
(4,615)
(19,057)
(1)Other investments and loans include those in respect of associates. 
(2)Borrowings are defined as gross borrowings excluding lease liabilities and the fair value of derivative instruments.