Financial statements
Strategic report
Governance
126 OCU Group Annual report and financial statements 2026
Notes to the consolidated financial statements continued for the year ended 30 April 2026
20. Leasing agreements continued Operating lease commitments At the reporting date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2026 £000
2025 £000
Carrying amount of financial liabilities Measured at amortised cost: Trade creditors
2026 £000
2025 £000
(56,617)
(46,039)
(138,570) (70,078) (37,340) (43,879) (22,032) (732,307)
Accruals and other creditors
(108,805)
6,038
Within one year
3,847
Deferred income
(46,242)
18,251 23,402
Between one and five years
12,250
Other taxes and social security
(31,115)
Over five years
24,433
Hire purchase contracts and finance leases
(18,846)
47,691
40,530
Preference shares
—
Borrowings
(637,438)
21. Financial instruments
Measured at fair value through profit and loss: Derivative financial instruments
2026 £000
2025 £000
(4,234)
(1,484)
(44,841) (63,218)
Contingent/deferred consideration
(20,349)
Carrying amount of financial assets Measured at amortised cost: Cash at bank and in hand
Put options over non-controlling interests
—
(1,213,116) (910,318) The Group uses cross-currency swaps to hedge its risk of translating net investments in foreign operations denominated in Australian dollars from movements in exchange rates. The hedged item is the first A$146.8m of the net assets of the Group’s Australian dollar denominated foreign operations. At 30 April 2026, the fair value of the cross-currency swaps was £(4.2)m. During the year, foreign exchange losses of £3.8m arising on the effective portion of the hedging instrument were recognised in other comprehensive income. Hedge ineffectiveness of £0.4m was recognised in the profit and loss account.
140,611
77,233
109,970
Trade debtors
94,508
217,691
Accrued income and retention
165,833
29,129
Prepayments and other receivables
20,825
2,074
Corporation tax receivable (note 11)
7,565
Measured at fair value through profit and loss: Derivative financial instruments
14,106
8,223
513,581 374,187 The Group uses cross-currency and interest rate swaps to manage its exposure to movements in exchange rate on its euro borrowings and interest rates on its floating rate borrowings. At 30 April 2026, the Group held cross-currency swaps on the full euro term loan balance of €705.0m at a rate of 1.1747 until 7 April 2027. At 30 April 2026, the Group held interest rate swaps on £365m variable rate debts at fixed rates of 4.00% until 7 April 2027.
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