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Financial risk management (Tables)

6 Months Ended

Dec. 31, 2022

Schedule of net borrowings being hedged at balance sheet date


	31 December	30 June	31 December
	2022	2022	2021
	$’000	$’000	$’000
USD borrowings	650,000	650,000	650,000
Hedged USD cash	(8,900)	(37,000)	(13,023)
Net USD debt	641,100	613,000	636,977
Hedged future USD revenues ⁽¹⁾	(50,780)	(22,800)	(34,124)
Unhedged USD borrowings	590,320	590,200	602,853
Closing USD exchange rate ($: £)	1.2040	1.2151	1.3486

(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
	2022		2022		2021
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