There have been no material changes to the Group's concentration of credit risk or the maturity analysis of its financial liabilities since the year-end.

As at 31 August 2021, there is one customer in Latin America, with a gross value of US$71.5 million which represents more than 5% of the total balance of trade receivables
(H1 FY21: no customers; FY21: one customer with a gross value of US$56.4 million).

Covid-19 has had a minimal impact on trade receivables. Collections from customers during H1 FY22 have remained in line with historic norms. As intermediaries in the supply chain, both Logicalis and Westcon International are working with vendors to provide support to their supply chains during the pandemic. Management has concluded that the likelihood of material expected credit losses is low.

The following table details the credit risk profile of trade receivables based on the Group's provision matrix.

Days past due

		Unaudited Six months to 31 August 2021
US$'000		North  America	Latin  America	Europe	Asia-  Pacific	MEA	Total
DATATEC GROUP TOTAL
Current		53 126	137 515	495 063	170 379	69 673	925 756
1 – 30 days past due		13 477	6 195	53 496	24 385	13 019	110 572
31 – 60 days past due		4 026	4 361	9 951	6 366	9 439	34 143
61 – 90 days past due		4 486	664	6 505	4 122	3 416	19 193
91 – 120 days past due		992	613	5 671	1 805	3 132	12 213
Over 120 days past due		2 267	3 217	11 626	7 773	25 464	50 347
Gross trade receivables		78 374	152 565	582 312	214 830	124 143	1 152 224
Expected credit loss allowance		(69)	(514)	(8 704)	(3 613)	(13 836)	(26 736)
Net trade receivables		78 305	152 051	573 608	211 217	110 307	1 125 488
WESTCON INTERNATIONAL~
Current		–	–	430 565	141 128	65 874	637 567
1 – 30 days past due		–	–	31 981	16 197	11 900	60 078
31 – 60 days past due		–	–	7 729	4 043	9 030	20 802
61 – 90 days past due		–	–	5 338	2 819	3 402	11 559
91 – 120 days past due		–	–	5 157	846	3 123	9 126
Over 120 days past due		–	–	10 770	2 739	24 473	37 982
Gross trade receivables		–	–	491 540	167 772	117 802	777 114
Expected credit loss allowance		–	–	(7 454)	(1 198)	(13 388)	(22 040)
Net trade receivables		–	–	484 086	166 574	104 414	755 074

		Unaudited Six months to 31 August 2021
US$'000		North  America	Latin  America	Europe	Asia-  Pacific	MEA	Total
LOGICALIS
Current		52 107	137 515	59 873	28 476	2 580	280 551
1 – 30 days past due		13 369	6 195	20 456	7 937	687	48 644
31 – 60 days past due		3 893	4 361	2 102	2 323	224	12 903
61 – 90 days past due		4 486	664	890	1 303	11	7 354
91 – 120 days past due		992	613	450	959	9	3 023
Over 120 days past due		2 236	3 217	761	4 875	84	11 173
Gross trade receivables		77 083	152 565	84 532	45 873	3 595	363 648
Expected credit loss allowance		(38)	(514)	(1 172)	(2 256)	(56)	(4 036)
Net trade receivables		77 045	152 051	83 360	43 617	3 539	359 612
CORPORATE AND MANAGEMENT CONSULTING~
Current		1 019	–	4 625	775	1 219	7 638
1 – 30 days past due		108	–	1 059	251	432	1 850
31 – 60 days past due		133	–	120	–	185	438
61 – 90 days past due		–	–	277	–	3	280
91 – 120 days past due		–	–	64	–	–	64
Over 120 days past due		31	–	95	159	907	1 192
Gross trade receivables		1 291	–	6 240	1 185	2 746	11 462
Expected credit loss allowance		(31)	–	(78)	(159)	(392)	(660)
Net trade receivables		1 260	–	6 162	1 026	2 354	10 802

~	Datatec Financial Services has been included in the Westcon International segment in August 2021 and in the Corporate segment in August 2020 and February 2021.

The past due receivables ageing categories above are shown gross, before taking into account expected credit loss allowances. US$23.7 million expected credit losses have been allocated to the US$62.6 million over 90 days past due receivables, resulting in a net over 90 days past due receivables balance of US$38.9 million. Where there are no expected credit loss allowances, the balances are deemed to be recoverable and there are either payment plans in place with the relevant customers or discussions with the customers are ongoing to resolve the payment of the outstanding balances.

		Unaudited Six months to 31 August 2020
US$'000		North  America	Latin  America	Europe	Asia-  Pacific	MEA	Total
DATATEC GROUP TOTAL
Current		64 619	87 884	545 807	115 933	54 630	868 873
1 – 30 days past due		19 739	3 549	41 615	37 360	14 165	116 428
31 – 60 days past due		2 991	959	14 507	12 744	9 706	40 907
61 – 90 days past due		1 302	2 165	4 271	3 766	2 170	13 674
91 – 120 days past due		686	769	2 938	1 351	3 307	9 051
Over 120 days past due		936	2 368	13 471	10 666	29 346	56 787
Gross trade receivables		90 273	97 694	622 609	181 820	113 324	1 105 720
Expected credit loss allowance		(182)	(974)	(9 721)	(4 997)	(13 764)	(29 638)
Net trade receivables		90 091	96 720	612 888	176 823	99 560	1 076 082
WESTCON INTERNATIONAL~
Current		4 429	–	439 608	87 726	52 857	584 620
1 – 30 days past due		–	–	30 286	30 784	13 332	74 402
31 – 60 days past due		–	–	10 537	7 775	9 500	27 812
61 – 90 days past due		–	–	3 423	1 320	2 131	6 874
91 – 120 days past due		–	–	2 410	511	2 506	5 427
Over 120 days past due		–	–	6 661	6 560	28 820	42 041
Gross trade receivables		4 429	–	492 925	134 676	109 146	741 176
Expected credit loss allowance		–	–	(5 881)	(3 088)	(13 443)	(22 412)
Net trade receivables		4 429	–	487 044	131 588	95 703	718 764

		Unaudited Six months to 31 August 2020
US$'000		North  America	Latin  America	Europe	Asia-  Pacific	MEA	Total
LOGICALIS
Current		59 501	87 415	101 991	27 330	603	276 840
1 – 30 days past due		19 523	3 549	10 017	6 462	191	39 742
31 – 60 days past due		2 940	959	3 820	4 869	51	12 639
61 – 90 days past due		1 302	2 165	848	2 305	39	6 659
91 – 120 days past due		686	769	519	838	13	2 825
Over 120 days past due		936	2 368	6 640	4 103	60	14 107
Gross trade receivables		84 888	97 225	123 835	45 907	957	352 812
Expected credit loss allowance		(182)	(974)	(3 761)	(1 909)	(35)	(6 861)
Net trade receivables		84 706	96 251	120 074	43 998	922	345 951
CORPORATE AND MANAGEMENT CONSULTING~
Current		689	469	4 208	877	1 170	7 413
1 – 30 days past due		216	–	1 312	114	642	2 284
31 – 60 days past due		51	–	150	100	155	456
61 – 90 days past due		–	–	–	141	–	141
91 – 120 days past due		–	–	9	2	788	799
Over 120 days past due		–	–	170	3	466	639
Gross trade receivables		956	469	5 849	1 237	3 221	11 732
Expected credit loss allowance		–	–	(79)	–	(286)	(365)
Net trade receivables		956	469	5 770	1 237	2 935	11 367

~	Datatec Financial Services has been included in the Westcon International segment in August 2021 and in the Corporate segment in August 2020 and February 2021.

		Audited Year ended 28 February 2021
US$'000		North  America	Latin  America	Europe	Asia-  Pacific	MEA	Total
DATATEC GROUP TOTAL
Current		53 766	115 771	563 157	137 742	99 730	970 166
1 – 30 days past due		9 060	3 675	26 259	23 364	10 705	73 063
31 – 60 days past due		2 766	3 592	9 644	9 036	6 337	31 375
61 – 90 days past due		743	1 095	4 135	4 449	1 286	11 708
91 – 120 days past due		530	193	2 606	1 795	2 035	7 159
Over 120 days past due		1 863	1 782	7 170	7 618	23 113	41 546
Gross trade receivables		68 728	126 108	612 971	184 004	143 206	1 135 017
Expected credit loss allowance		(158)	(489)	(9 024)	(3 707)	(13 534)	(26 912)
Net trade receivables		68 570	125 619	603 947	180 297	129 672	1 108 105
WESTCON INTERNATIONAL~
Current		–	–	467 407	107 163	97 844	672 414
1 – 30 days past due		–	–	13 153	15 829	9 883	38 865
31 – 60 days past due		–	–	7 203	5 821	6 059	19 083
61 – 90 days past due		–	–	3 391	1 036	1 241	5 668
91 – 120 days past due		–	–	2 203	538	2 009	4 750
Over 120 days past due		–	–	6 418	3 297	22 546	32 261
Gross trade receivables		–	–	499 775	133 684	139 582	773 041
Expected credit loss allowance		–	–	(7 738)	(1 373)	(13 091)	(22 202)
Net trade receivables		–	–	492 037	132 311	126 491	750 839
LOGICALIS
Current		52 588	115 694	89 616	30 025	778	288 701
1 – 30 days past due		8 755	3 675	11 530	7 390	473	31 823
31 – 60 days past due		2 766	3 487	2 157	3 072	81	11 563
61 – 90 days past due		742	1 095	335	3 054	18	5 244
91 – 120 days past due		530	193	403	1 167	15	2 308
Over 120 days past due		1 832	1 782	655	4 227	63	8 559
Gross trade receivables		67 213	125 926	104 696	48 935	1 428	348 198
Expected credit loss allowance		(142)	(489)	(1 207)	(2 295)	(50)	(4 183)
Net trade receivables		67 071	125 437	103 489	46 640	1 378	344 015

		Audited Year ended 28 February 2021
US$'000		North  America	Latin  America	Europe	Asia-  Pacific	MEA	Total
CORPORATE AND MANAGEMENT CONSULTING~
Current		1 178	77	6 134	554	1 108	9 051
1 – 30 days past due		305	–	1 576	145	349	2 375
31 – 60 days past due		–	105	284	143	197	729
61 – 90 days past due		1	–	409	359	27	796
91 – 120 days past due		–	–	–	90	11	101
Over 120 days past due		31	–	97	94	504	726
Gross trade receivables		1 515	182	8 500	1 385	2 196	13 778
Expected credit loss allowance		(16)	–	(79)	(39)	(393)	(527)
Net trade receivables		1 499	182	8 421	1 346	1 803	13 251

~	Datatec Financial Services has been included in the Westcon International segment in August 2021 and in the Corporate segment in August 2020 and February 2021.

The Group is dependent on its bank overdrafts and trade finance facilities to operate. These facilities generally consist of either a fixed term or fixed period and may be repayable on demand, are secured against the assets of the company to which the facility is made available and contain certain covenants including financial covenants such as minimum liquidity, maximum leverage and pre-tax earnings coverage. In certain circumstances, if these covenants are violated and a waiver is not obtained for such violation, this may, among other things, mean that the facility may be repayable on demand. The Group continues to closely monitor the outlook for liquidity in its divisions to ensure that sufficient cash will continue to be generated to settle liabilities as they fall due.

Logicalis is supported by a corporate facility of US$155.0 million, covering all operations outside of Latin America, comprising a rolling credit facility to fund working capital requirements and an acquisition facility. The Latin America region is supported separately via a number of uncommitted overdraft facilities and short-term lending arrangements.

Westcon International has an invoice assignment facility of EUR275.0 million for its European subsidiaries and a securatisation facility of US$80.0 million for its Asia-Pacific subsidiaries. In addition, Westcon International utilises accounts receivable facilities in the Middle East (US$15.0 million) and Indonesia (US$11.0 million), as well as overdraft facilities in Europe (GBP3.6 million) and Africa (US$1.0 million), a securatisation facility in South Africa (ZAR50.0 million) and a line of credit in Singapore (US$1.2 million) to finance the business.

Analysys Mason continues to have access to an overdraft supporting its working capital requirements.

The Group continues to monitor the funding needs of its individual operations and works closely with various financial institutions to ensure adequate liquidity.

The Group has performed covenant projections for the next twelve months to confirm that banking covenants are expected to be met and Covid-19 is not expected to impact the Group’s ability to meet its banking covenants.