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Financial Risk Management (Tables)
 12 Months Ended
Jun. 30, 2018
Disclosure Of Financial Risk Management [Abstract]  
Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate

The balances held at the end of the year that give rise to currency risk exposure are presented in USD in the following table, together with a sensitivity analysis which assesses the impact that a change of +/-20% in the exchange rate as of June 30, 2018 and June 30, 2017 would have had on the Group’s reported net profits/(losses) and/or equity balance.

 

 

 

 

 

+20%

 

 

-20%

 

(in U.S. dollars, in thousands)

As of June 30, 2018

 

Foreign

currency

balance held

 

Profit/(Loss)

USD

 

 

Profit/(Loss)

USD

 

Bank accounts - USD

 

USD 81

 

$

(14

)

 

$

20

 

Bank accounts - CHF

 

CHF 157

 

$

31

 

 

$

(31

)

Bank accounts - SGD

 

SGD 178

 

$

49

 

 

$

(49

)

Bank accounts - EUR

 

EUR 2

 

$

0

 

 

$

(0

)

Trade and other receivables - SGD

 

SGD 29

 

$

8

 

 

$

(8

)

Trade and other receivables - USD

 

USD 10,000

 

$

(1,667

)

 

$

2,500

 

Trade and other receivables - CHF

 

CHF 6

 

$

1

 

 

$

(1

)

Trade and other receivables - EUR

 

EUR 4,750

 

$

815

 

 

$

(815

)

Trade payables and accruals - USD

 

(USD 1,797)

 

$

300

 

 

$

(449

)

Trade payables and accruals - AUD

 

(AUD 446)

 

$

(121

)

 

$

121

 

Trade payables and accruals - SGD

 

(SGD 176)

 

$

(48

)

 

$

48

 

Trade payables and accruals - GBP

 

(GBP 52)

 

$

(0

)

 

$

(2

)

Trade payables and accruals - EUR

 

(EUR 1)

 

$

(0

)

 

$

0

 

Trade payables and accruals - CHF

 

(CHF 50)

 

$

(10

)

 

$

10

 

Trade payables and accruals - SEK

 

(SEK 118)

 

$

2

 

 

$

(3

)

Provisions - SGD

 

(SGD 74)

 

$

(20

)

 

$

20

 

Provisions - CHF

 

(CHF 2)

 

$

(0

)

 

$

0

 

 

 

 

 

$

(674

)

 

$

1,361

 

 

 

 

 

 

+20%

 

 

-20%

 

(in U.S. dollars, in thousands)

As of June 30, 2017

 

Foreign

currency

balance held

 

Profit/(Loss)

USD

 

 

Profit/(Loss)

USD

 

Bank accounts - USD

 

USD 447

 

$

(74

)

 

$

112

 

Bank accounts - CHF

 

CHF 183

 

$

35

 

 

$

(35

)

Bank accounts - SGD

 

SGD 325

 

$

90

 

 

$

(90

)

Trade and other receivables - SGD

 

SGD 48

 

$

13

 

 

$

(13

)

Trade and other receivables - USD

 

USD 40

 

$

(7

)

 

$

10

 

Trade and other receivables - CHF

 

CHF 1

 

$

0

 

 

$

(0

)

Trade payables and accruals - USD

 

(USD 2,016)

 

$

336

 

 

$

(504

)

Trade payables and accruals - AUD

 

(AUD 441)

 

$

(115

)

 

$

115

 

Trade payables and accruals - SGD

 

(SGD 197)

 

$

(54

)

 

$

54

 

Trade payables and accruals - EUR

 

(EUR 42)

 

$

(7

)

 

$

7

 

Trade payables and accruals - CHF

 

(CHF 19)

 

$

(4

)

 

$

4

 

Provisions - SGD

 

(SGD 65)

 

$

(18

)

 

$

18

 

 

 

 

 

$

195

 

 

$

(322

)

 
Summary of Borrowings of Interest Rate Changes

The exposure of the Group’s borrowing to interest rate changes are as follows:

 

 

 

As of

 

 

As of

 

 

 

June 30, 2018

 

 

June 30, 2017

 

(in U.S. dollars, in thousands, except percent data)

 

Total

 

 

% of total loans

 

 

Total

 

 

% of total loans

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate borrowings - Hercules

 

 

31,966

 

 

 

54

%

 

 

—

 

 

 

—

 

 

 

 

31,966

 

 

 

54

%

 

 

—

 

 

 

—

 

 
Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned

The effect on profit is shown if interest rates change by 5%, in either direction, is as follows:

 

 

 

As of

 

 

As of

 

 

 

June 30, 2018

 

 

June 30, 2017

 

(in U.S. dollars, in thousands, except percent data)

 

Low

 

 

High

 

 

 

 

 

 

Low

 

 

High

 

 

 

 

 

Borrowings - USD

 

 

9.95

%

 

 

9.95

%

 

USD 31,966(2)

 

 

 

—

 

 

 

—

 

 

 

—

 

Rate increase by 5%

 

 

10.45

%

 

 

10.45

%

 

 

USD 159

 

 

 

—

 

 

 

—

 

 

 

—

 

Rate decrease by 5%(1)

 

 

9.45

%

 

 

9.45

%

 

 

(USD 159

)

 

 

—

 

 

 

—

 

 

 

—

 

 

(1)

The interest rate will not decrease to below 9.45% per the terms of the loan agreement.

(2)

The effect on profit/loss of interest rate changes is based on the loan carrying value of $32.0 million with principal payments commencing in October 2019.

 
Schedule of Deposits Held which Derive Interest Revenue with Maximum and Minimum Interest Rates Being Earned

The deposits held which derive interest revenue are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2018 and June 30, 2017 The effect on profit is shown if interest rates change by 10%, in either direction, is as follows:

 

 

 

As of

 

 

As of

 

 

 

June 30, 2018

 

 

June 30, 2017

 

(in U.S. dollars, in thousands, except percent data)

 

Low

 

 

High

 

 

 

 

 

 

Low

 

 

High

 

 

 

 

 

Funds invested - USD

 

 

0.80

%

 

 

0.80

%

 

 

USD 99

 

 

 

0.55

%

 

 

0.55

%

 

 

USD 37,577

 

Rate increase by 10%

 

 

0.88

%

 

 

0.88

%

 

 

USD 0

 

 

 

0.61

%

 

 

0.61

%

 

 

USD 21

 

Rate decrease by 10%

 

 

0.72

%

 

 

0.72

%

 

 

(USD 0

)

 

 

0.50

%

 

 

0.50

%

 

 

(USD 21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUD

 

Low

 

 

High

 

 

 

 

 

 

Low

 

 

High

 

 

 

 

 

Funds invested - AUD

 

 

2.72

%

 

 

2.72

%

 

 

AUD 600

 

 

 

2.42

%

 

 

2.42

%

 

 

AUD 600

 

Rate increase by 10%

 

 

2.99

%

 

 

2.99

%

 

 

AUD 2

 

 

 

2.66

%

 

 

2.66

%

 

 

AUD 1

 

Rate decrease by 10%

 

 

2.45

%

 

 

2.45

%

 

 

(AUD 2

)

 

 

2.18

%

 

 

2.18

%

 

 

(AUD 1

)

 
Summary of Borrowing to Price Rate Changes

 

The exposure of the Group’s borrowing to price rate changes are as follows:

 

 

 

As of

 

 

As of

 

 

 

June 30, 2018

 

 

June 30, 2017

 

(in U.S. dollars, in thousands, except percent data)

 

Total

 

 

% of total loans

 

 

Total

 

 

% of total loans

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings - NovaQuest

 

 

27,431

 

 

 

46

%

 

 

—

 

 

 

—

 

 

 

 

27,431

 

 

 

46

%

 

 

—

 

 

 

—

 

 
Schedule of Group's Receivables

Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause financial loss to the other party. The Group does not generally have trade receivables. The Group’s receivables are tabled below.

 

 

 

As of June 30,

 

 

(in U.S. dollars, in thousands)

 

2018

 

 

2017

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Deposits at call (Note 5(a)) - minimum A rated

 

 

542

 

 

 

38,039

 

 

Cash at bank (Note 5(a)) - minimum A rated

 

 

37,221

 

 

 

7,722

 

 

Trade and other receivables

 

 

 

 

 

 

 

 

 

Receivable from other parties (non-rated)

 

 

45,745

 

 

 

1,067

 

 

Receivable from the Australian Government (Income   Tax)

 

 

3,305

 

 

 

1,631

 

 

Receivable from the Australian Government (Foreign

   Withholding Tax)

 

 

400

 

 

 

—

 

 

Receivable from minimum A rated bank deposits (interest)

 

 

262

 

 

 

12

 

 

Receivable from the Australian Government (Goods and

   Services Tax)

 

 

48

 

 

 

86

 

 

Receivable from the United States Government (Income Tax)

 

 

24

 

 

 

27

 

 

Receivable from the Swiss Government (Value-Added Tax)

 

 

6

 

 

 

1

 

 

Other non-current assets

 

 

 

 

 

 

 

 

 

Receivable from the United States Government (U.S. tax

   credits)

 

 

1,473

 

 

 

—

 

 

 

 

 
Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Borrowings and Carrying Value

As of June 30, 2018, the maturity profile of the anticipated future contractual cash flows including interest in relation to the Group’s borrowings, on an undiscounted basis and which, therefore differs from the carrying value, is as follows:

 

(in U.S. dollars, in thousands)

 

Within

1 year

 

 

Between

1-2 years

 

 

Between

2-5 years

 

 

Over

5 years

 

 

Total

contractual

cash flows

 

 

Carrying

amount

 

Borrowings(1)(2)

 

 

(3,928

)

 

 

(15,495

)

 

 

(54,826

)

 

 

(49,228

)

 

 

(123,477

)

 

 

(59,397

)

 

 

 

(3,928

)

 

 

(15,495

)

 

 

(54,826

)

 

 

(49,228

)

 

 

(123,477

)

 

 

(59,397

)

 

(1)

Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at June 30, 2018 without taking account drawdowns of further tranches.

(2)

In relation to the contractual maturities of the NovaQuest borrowings, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of pediatric aGVHD.