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Financial risk management (Tables)

12 Months Ended

Jun. 30, 2021

Financial risk management

Schedule of forward foreign currency contracts outstanding at balance sheet date

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2021

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2020

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Average

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Foreign

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Notional

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Fair

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Average

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Foreign

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Notional

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Fair

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exchange

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currency

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value

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value

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exchange

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currency

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value

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value

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rate

€’000

£’000

£’000

rate

€’000

£’000

£’000

Buy Euro

1.1573

(34,576)

(29,875)

(78)

1.1626

(46,976)

(40,405)

2,633

Schedule of exposure to material foreign currency risk

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​	​	​	​	​	​	​	​	​
​	​	2021			​	2020
​	​	Euro	​	US Dollar	​	Euro	​	US Dollar
​		£’000		£’000		£’000		£’000
Contract assets — accrued revenue		4,477		2,499		2,945		2,277
Trade receivables	​	44,855	​	10,274	​	56,226	​	88,554
Cash and cash equivalents	​	57,004	​	17,290	​	24,219	​	2,642
Trade and other payables	​	(90,608)	​	(454)	​	(55,193)	​	(1,685)
Borrowings		—		(470,068)		—		(525,615)
Derivative financial liabilities	​	—	​	(5,121)	​	—	​	(9,136)
​		15,728		(445,580)		28,197		(442,963)

Schedule of gross trade receivables analysed by due date and whether or not impaired

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​	​	​	​	​
​		2021		2020
​		£’000		£’000
Neither past due nor impaired		58,579		154,946
Past due, not impaired	​	12,195	​	4,733
Not past due, impaired	​	549	​	2,559
Past due, impaired		4,422		10,591
Gross trade receivables		75,745		172,829

Schedule of movements on provision for impairment of trade receivables

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​	​	​	​	​
​		2021		2020
​		£’000		£’000
Provision as of 1 July		13,150		12,954
Increase/(decrease) in provision recognized in profit or loss during the year		1,054		(1,185)
Unused amount reversed – cash received	​	(188)	​	(5,125)
Receivables written off during the year as uncollectible		(9,003)		(3,076)
Receivables offset against contract liabilities - deferred revenue		90		9,530
Foreign exchange gains on retranslation recognized in profit or loss during the year		(132)		52
Provision as of 30 June		4,971		13,150

Schedule of contractual undiscounted cash flows including interest

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​	​	​	​	​	​	​	​	​
​		Less than 1		Between 1		Between 2		​
​	​	year	​	and 2 years	​	and 5 years	​	Over 5 years
​		£’000		£’000		£’000		£’000
Trade and other payables excluding social security and other taxes(1)		160,375		41,794		27,908		—
Borrowings	​	77,203	​	16,646	​	45,142	​	489,983
Lease liabilities		1,488		493		487		3,642
​		239,066		58,933		73,537		493,625
Non-trading derivative financial instruments(2):		​		​		​		​
Cash outflow		1,793		1,707		1,707		—
Cash inflow		(8)		—		—		—
At 30 June 2021		240,851		60,640		75,244		493,625
Trade and other payables excluding social security and other taxes(1)		184,116		27,738		25,805		—
Borrowings		18,640		18,640		53,341		563,757
Lease liabilities	​	1,164	​	436	​	804	​	3,701
​		203,920		46,814		79,950		567,458
Non-trading derivative financial instruments(2):		​		​		​		​
Cash outflow	​	2,284	​	2,284	​	4,568	​	—
Cash inflow		(1,078)		(1,555)		—		—
At 30 June 2020		205,126		47,543		84,518		567,458

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(1) Social security and other taxes are excluded from trade and other payables balance, as this analysis is required only for financial instruments.

(2) Non-trading derivatives are included at their fair value at the reporting date.

Schedule of net borrowings being hedged at balance sheet date

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​	​	​	​	​
​		2021		2020
​		$’000		$’000
USD borrowings		650,000		650,000
Hedged USD cash		(23,700)		(3,025)
Net USD debt		626,300		646,975
Hedged future USD revenues		(61,453)		(177,524)
Unhedged USD borrowings(1)		564,847		469,451
Closing exchange rate		1.3820		1.2374

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

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​	​	​	​	​
​		2021		2020
Current hedged principal value of loan outstanding ($‘000)		150,000		150,000
Rate received		1 month $ LIBOR		1 month $ LIBOR
Rate paid		Fixed 2.032%	​	Fixed 2.032%
Expiry date		30 June 2024		30 June 2024

Schedule of movements on the hedging reserve

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​	​	​	​	​	​	​	​	​	​	​	​	​
​		Future		​		​		​		​		​
​	​	US dollar	​	Interest	​	​	​	Total,	​	​	​	Total,
​	​	revenues	​	rate swap	​	Other	​	before tax	​	Tax	​	after tax
​		£’000		£’000		£’000		£’000		£’000		£’000
Balance at 1 July 2018		(26,991)		4,490		(212)		(22,713)		(4,845)		(27,558)
Exchange differences on hedged foreign exchange risks		(6,350)		—		168		(6,182)		—		(6,182)
Reclassified to profit or loss		6,004		—		246		6,250		—		6,250
Change in fair value		—		(6,788)		—		(6,788)		—		(6,788)
Tax relating to above	​	—	​	—	​	—	​	—	​	(1,266)	​	(1,266)
Movement recognized in other comprehensive income		(346)		(6,788)		414		(6,720)		(1,266)		(7,986)
Balance at 30 June 2019		(27,337)		(2,298)		202		(29,433)		(6,111)		(35,544)
Exchange differences on hedged foreign exchange risks		(2,818)		—		353		(2,465)		—		(2,465)
Reclassified to profit or loss		12,214		—		(34)		12,180		—		12,180
Change in fair value		—		(6,838)		—		(6,838)		—		(6,838)
Tax relating to above	​	—	​	—	​	—	​	—	​	102	​	102
Movement recognized in other comprehensive income		9,396		(6,838)		319		2,877		102		2,979
Balance at 30 June 2020		(17,941)		(9,136)		521		(26,556)		(6,009)		(32,565)
Exchange differences on hedged foreign exchange risks	​	4,325	​	—	​	(2,490)	​	1,835	​	—	​	1,835
Reclassified to profit or loss	​	14,956	​	—	​	1,892	​	16,848	​	—	​	16,848
Change in fair value	​	—	​	4,015	​	—	​	4,015	​	—	​	4,015
Tax relating to above	​	—	​	—	​	—	​	—	​	(569)	​	(569)
Movement recognized in other comprehensive income	​	19,281	​	4,015	​	(598)	​	22,698	​	(569)	​	22,129
Balance at 30 June 2021	​	1,340	​	(5,121)	​	(77)	​	(3,858)	​	(6,578)	​	(10,436)

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- Definition

The disclosure of financial assets that are either past due or impaired. [Refer: Financial assets]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2021-01-01
-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 37
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- Definition

The disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting.

+ References

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-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 24C
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- Definition

Tabular disclosure of carrying amounts of the group's material foreign currency denominated monetary assets and monetary liabilities.

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Tabular disclosure of non-derivative financial liabilities and net-settled derivative financial liabilities by maturity. Amounts disclosed are the contractual undiscounted cash flows including interest.

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- Definition

Schedule of details of the forward foreign currency contracts outstanding at the balance sheet date.

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- Definition

Tabular disclosure of interest rate swaps at the balance sheet date that are used to hedge borrowings.

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Tabular disclosure of movements on the provision for impairment of trade receivables.

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Tabular disclosure of net borrowings being hedged at the balance sheet date.

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