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Financial risk management (Tables)

6 Months Ended

Dec. 31, 2023

Financial risk management

Schedule of net borrowings being hedged at balance sheet date

​

​	​	​	​	​	​	​
​	​	31 December	​	30 June	​	31 December
​		2023		2023		2022
​	​	$’000	​	$’000	​	$’000
USD borrowings		650,000		650,000		650,000
Hedged USD cash		(33,200)		(57,500)		(8,900)
Net USD debt		616,800		592,500		641,100
Hedged future USD revenues (1)		(253,600)		(52,000)		(50,780)
Unhedged USD borrowings		363,200		540,500		590,320
Closing USD exchange rate ($: £)		1.2746		1.2716		1.2040

(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	​
​		2023		2023		2022	​
Principal value of loan outstanding ($’000)		150,000		150,000		150,000	​
Rate received		1 month $ SOFR		1 month $ SOFR		1 month $ LIBOR	​
Rate paid		Fixed 1.9215	%	Fixed 1.9215	%	Fixed 2.032	%
Expiry date		30 June 2024		30 June 2024		30 June 2024	​

Schedule of hedging reserve

​

​	​	​	​	​	​	​
​	​	At 31 December 2023	​	At 30 June 2023	​	At 31 December 2022
​		£’000		£’000		£’000
Cash flow hedge reserve		1,521		2,815		2,249
Cost of hedging reserve		(1,546)		1,187		—
Total hedging reserve		(25)		4,002		2,249

​

X

- Definition

The disclosure of reserves within equity. [Refer: Other reserves [member]]

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-IssueDate 2022-03-24
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Tabular disclosure of interest rate swaps at the balance sheet date that are used to hedge borrowings.

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