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Financial risk management (Tables)

6 Months Ended

Dec. 31, 2018

Financial risk management

Schedule of net borrowings being hedged at balance sheet date

		31 December 2018 $’000		30 June 2018 $’000		31 December 2017 $’000
USD borrowings		650,000		650,000		650,000
Hedged USD cash		(210,400	)	(128,500	)	(111,200	)

Net USD debt		439,600		521,500		538,800
Hedged future USD revenues		(338,046	)	(307,019	)	(296,369	)

Unhedged USD borrowings		101,554		214,481		242,431

Closing USD exchange rate ($: £)		1.2790		1.3194		1.3513

Schedule of interest rate swaps at balance sheet date that are used to hedge borrowings

		31 December 2018		30 June 2018		31 December 2017
Principal value of loan outstanding ($’000)		150,000		150,000		225,000
Rate received		1 month $ LIBOR		1 month $ LIBOR		1 month $ LIBOR
Rate paid		Fixed 2.032%		Fixed 2.032%		Fixed 2.032%
Expiry date		30 June 2024		30 June 2024		30 June 2024

Schedule of financial instruments carried at fair value

		31 December 2018 £’000		30 June 2018 £’000		31 December 2017 £’000
Assets
Derivatives used for hedging: (note 18):
Interest rate swaps		2,504		4,490		907
Derivatives at fair value through profit or loss (note 18):
Embedded foreign exchange derivatives		680		624		869
Forward foreign exchange contracts		—		852		2,120

		3,184		5,966		3,896