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Financial risk management (Tables)

6 Months Ended

Dec. 31, 2021

Financial risk management

Schedule of net borrowings being hedged at balance sheet date


		31 December		30 June		31 December
		2021		2021		2020
		$’000		$’000		$’000
USD borrowings		650,000		650,000		650,000
Hedged USD cash		(13,023)		(23,700)		(2,434)
Net USD debt		636,977		626,300		647,566
Hedged future USD revenues ⁽¹⁾		(34,124)		(61,453)		(63,720)
Unhedged USD borrowings		602,853		564,847		583,846
Closing USD exchange rate ($: £)		1.3486		1.3820		1.3655

(1)	A further portion of the profit and loss exposure (within net finance income/costs) on unhedged USD borrowings is naturally offset by the fair value of foreign exchange based embedded derivatives in host Commercial revenue contracts.

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


		31 December		30 June		31 December
		2021		2021		2020
Principal value of loan outstanding ($’000)		150,000		150,000		150,000
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