118 Woodside Petroleum Ltd|Annual Report 2018
NOTES TO THE FINANCIAL STATEMENTS C. DEBT AND CAPITAL
for the year ended 31 December 2018
C.1 Cash and cash equivalents
USm USm
Cash and cash equivalents
Cash at bank
Term deposits -
Total cash and cash equivalents
Recognition and measurement
Cash and cash equivalents in the statement of financial position
comprise cash at bank and short-term deposits with an original
maturity of three months or less. Cash and cash equivalents are
stated at face value in the statement of financial position.
Foreign exchange risk
The Group held US$64 million of cash and cash equivalents at
31 December 2018 (2017: US$73 million) in currencies other
than US dollars.
C.2 Interest-bearing liabilities and financing facilities
Bilateral
Facilities
Syndicated
Facilities
JBIC
Facility USBonds
MediumTerm
Notes Total
USm USm USm USm USm USm
Year ended 31 December 2018
At 1 January 2018 ()
Repayments () - () () - ()
Fair value adjustment and foreign exchange movement - - - -
Transaction costs capitalised and amortised - -
Carrying value at 31 December 2018 () ()
Current () () () -
Non-current () -
Carrying value at 31 December 2018 () ()
Undrawn balance at 31 December 2018 - - -
Year ended 31 December 2017
At 1 January 2017
Repayments () () () - - ()
Drawdowns - - -
Fair value adjustment and foreign exchange movement - - - -
Transaction costs capitalised and amortised - () () ()
Carrying value at 31 December 2017 ()
Current () () () -
Non-current ()
Carrying value at 31 December 2017 ()
Undrawn balance at 31 December 2017 - - -
Recognition and measurement
All borrowings are initially recognised at fair value less transaction
costs. Borrowings are subsequently carried at amortised cost. Any
dierence between the proceeds received and the redemption
amount is recognised in the income statement over the period of
the borrowings using the eective interest method.
Borrowings designated as a hedged item are measured at amortised
cost adjusted to record changes in the fair value of risks that are
being hedged in fair value hedges. The changes in the fair value risks
of the hedged item resulted in a loss of US$1 million being recorded
(2017: loss of US$7 million), and a loss of US$1 million recorded on
the hedging instrument (2017: gain of US$6 million).
All bonds, notes and facilities are subject to various covenants and
a negative pledge restricting future secured borrowings, subject
to a number of permitted lien exceptions. Neither the covenants
nor the negative pledges have been breached at any time during
the reporting period.
Foreign exchange risk
All interest-bearing liabilities are denominated in US dollars,
excluding the CHF175 million medium term note.
Fair value
The carrying amount of interest-bearing liabilities approximates
their fair value, with the exception of the Group’s unsecured
bonds and the medium term notes. The unsecured bonds have
a carrying amount of US$3,284 million (2017: US$3,880 million)
and a fair value of US$3,167 million (2017: US$3,985 million).
The medium term notes have a carrying amount of US$373 million
(2017: US$372 million) and a fair value of US$388 million
(2017: US$399 million). The fair value of the bonds and notes
was determined using quoted prices in an active market,
classified as Level 1 on the fair value hierarchy. The Group’s
repayment obligations remain unchanged.