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Borrowings

6 Months Ended

Dec. 31, 2020

Borrowings [Abstract]

9.Borrowings

Refer to Note 13 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2020, for additional information regarding its borrowings.

South Africa

Nedbank facility, comprising short-term facilities

On November 2, 2020, the Company amended its short-term South African credit facility with Nedbank Limited to increase the indirect and derivative facilities component of the facility from ZAR 150.0 million to ZAR 159.0 million. As of December 31, 2020, the aggregate amount of the Company’s short-term South African credit facility with Nedbank Limited was ZAR 459.0 million ($31.3 million). The credit facility comprises an overdraft facility of (i) up to ZAR 300.0 million ($20.5 million), which is further split into (a) a ZAR 250.0 million ($17.1 million) overdraft facility which may only be used to fund mobile ATMs and (b) a ZAR 50.0 million ($3.4 million) general banking facility and (ii) indirect and derivative facilities of up to ZAR 159.0 million ($10.8 million), which include guarantees, letters of credit and forward exchange contracts.

Movement in short-term credit facilities

Summarized below are the Company’s short-term facilities as of December 31, 2020, and the movement in the Company’s short-term facilities from as of June 30, 2020 to as of December 31, 2020, as well as the respective interest rates applied to the borrowings as of December 31, 2020:

							South Africa						Total
						RMB			Nedbank
	Short-term facilities available as of December 31, 2020					$	81,852		$	31,310		$	113,162
		Overdraft					-			3,410			3,410
		Overdraft restricted as to use for ATM funding only					81,852			17,052			98,904
		Indirect and derivative facilities					-			10,848			10,848

	Interest rate (%), based on South African prime rate						7.00
	Interest rate (%), based on South African prime rate less 1.15%									5.85

	Movement in utilized overdraft facilities:
		Balance as of June 30, 2020					14,756			58			14,814
			Utilized				189,928			16,551			206,479
			Repaid				(155,670)			(9,438)			(165,108)
			Foreign currency adjustment⁽¹⁾				4,720			(102)			4,618
				Balance as of December 31, 2020			53,734			7,069			60,803
					Restricted as to use for ATM funding only		53,734			7,069			60,803

	Movement in utilized indirect and derivative
	facilities:
		Balance as of June 30, 2020⁽²⁾					-			5,398			5,398
			Utilized				-			3,826			3,826
			Foreign currency adjustment⁽¹⁾				-			1,455			1,455
				Balance as of December 31, 2020⁽²⁾		$	-		$	10,679		$	10,679

(1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar.(2) As of December 31, 2020 and June 30, 2020, the Company had utilized approximately ZAR 156.6 million ($10.7 million) and ZAR 93.6 million ($5.4 million), respectively, of its indirect and derivative facilities of ZAR 159.0 million (June 30, 2020: ZAR 150 million) to enable the bank to issue guarantees, letters of credit and forward exchange contracts, in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 20).