Contingent consideration – less than one year8.95.1
Contingent consideration – more than one year47.330.9

The consideration for certain acquisitions and licensing agreements includes amounts contingent on future events such as development milestones or sales performance. The Group has provided for the fair value of this contingent consideration as follows:

StrixNB® & DispersinB®
Solution 1 £m
Solution 2 £m
As at 1 July 201822.
Remeasurement through intangibles(1.0)(0.3)(0.3)0.1(1.5)
Remeasurement through income statement(0.1)(0.1)
Cash payments: investing activities(0.1)(2.1)(3.0)(0.7)(0.4)(6.3)
Finance expense0.
Foreign exchange adjustments(0.4)0.30.1
At 30 June 201922.
Remeasurement through intangibles9.90.20.810.9
Cash payments: investing activities(0.1)(1.5)(0.9)(0.8)(0.2)(3.5)
Finance expense0.
Foreign exchange adjustments0.
At 30 June 202033.

The table below shows on an indicative basis the sensitivity to reasonably possible changes in key inputs to the valuations of the contingent consideration liabilities. There will be a corresponding opposite impact on the intangible asset.

Tri-Solfen®StrixNB® & DispersinB®Injectable Solution 1Injectable Solution 2MiratazPhycox®Other
Increase/(decrease) in financial liability
10% increase in royalty forecasts £m2.60.1N/AN/A1.10.3N/A
10% decrease in royalty forecasts £m(2.6)(0.1)N/AN/A(1.1)(0.3)N/A
1% increase in discount rates £m(2.0)(0.1)(0.1)(0.6)(0.1)
1% decrease in discount rates £m2.
5% appreciation in currency £m(1.6)(0.2)(0.2)(0.5)(0.1)(0.1)
5% depreciation in currency £m1.
Discount rate range in 2020 financial year2.5%-16.6%10.1%-13.1%9.2%9.2%6.8%-10.2%10.1%9.4%
Discount rate range in 2019 financial year12.5%9.5%9.0%9.0%9.5%10%
Aggregate cash outflow in relation to royalties (remaining term of royalty agreement)
2020 £m (years)50.6 (10)1.1 (7)N/AN/A17.6 (10)2.8 (3.5)N/A
2019 £m (years)38.0 (10)1.1 (8)N/AN/AN/A2.8 (4.5)N/A

The consideration payable for Tri-Solfen® is expected to be payable over a number of years, and relates to development milestones and sales performance. During the year, the development milestones have been remeasured and are now expected to happen later than initially anticipated. The sales performance royalties have been remeasured during the year reflecting an increase in management's best estimate of forecasted sales performance.

The consideration payable for Mirataz relates to sales performance and is expected to be payable over a number of years.

The consideration payable for StrixNB® and DispersinB® is expected to be payable over a number of years, and relates to sales performance. During the year the contingent consideration has been remeasured based on management's best estimate of forecasted sales performance. An Addendum to the contract was agreed during the year for a development milestone and sales performance in the Brazilian market.

The consideration for two separate licensing agreements for injectable solutions both relate to development milestones. Phycox relates to sales performance and arose as part of the acquisition of the trade and assets of PSPC Inc. in 2014.

Where a liability is expected to be payable over a number of years the total estimated liability is discounted to its present value. With the exception of Phycox, all contingent consideration liabilities relate to licensing agreements.