It looks like the constant currency exchange rate is based on the twelve months prior June 30 2020. They previously reported using the rates as of March 31 2020.
I don't like that they've now decided to change the rates, as that defeats the purpose of constant currency for an on-going reporting metric.
On the flip side, it does at least give you an exact equal comparison to the twelve months prior. If the constant currency rate is not fixed moving forward and just used to compare ARR based on rates 12 months prior, then at least that's something of a comparable metric.
Considering the new forex rates are worse in LVT's favour, it's an odd decision. But maybe they (like many of us) felt the previous rates used were a bit deceptive given currency rates have now stabilised.
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- Ann: FY21 Q4 Quarterly Activities Report and Appendix 4C
Ann: FY21 Q4 Quarterly Activities Report and Appendix 4C, page-17
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