Interim Results

Hunting PLC 31 August 2006 31 August 2006 HUNTING PLC Interim results For the six months to 30 June 2006 Hunting PLC ('Hunting', the 'Group' or the 'Company'), the international energy services company, today announces its interim results for the six months to 30 June 2006. • Revenue of £885.8m (2005: £668.2m) +33% • Profit from operations of £38.5m (2005: £22.4m) +72% • Pre-tax profit of £35.3m (2005: £19.1m) +85% • Basic earnings per share of 16.6p (2005: 10.9p) +52% • Ordinary dividend per share of 2.3p (2005: 2.0p) +15% Commenting on the outlook for the Group, Dennis Proctor, Hunting's Chief Executive, said: 'We are delighted to report a strong set of results for the first half and the improvement should continue for the remainder of the year. Our strategy, global position, proprietary products and improved capacities will enable us to benefit from the supply and demand, as well as the geopolitical dynamics of the oil and gas industry.' For further information, please contact: Hunting PLC 020 7321 0123 Dennis Proctor, Chief Executive Dennis Clark, Finance Director Hogarth Partnership Limited 020 7357 9477 Andrew Jaques Anthony Arthur Notes to Editors: Hunting PLC is an international oil services company providing support solutions to the world's largest oil and gas companies. Interim Report Hunting PLC ('Hunting'), the international energy services company, announces its interim results for the six months to 30 June 2006. INTRODUCTION As highlighted in the trading update issued on 21 June 2006 these interim results reflect a robust oil and gas market driven by increased drilling activity from high commodity prices, Canadian oil sands investment, global demand and reserve replacement. Furthermore, prior period capital expenditures for additional capacity and machine tool productivity enhanced the current earnings. Labour constraints remain, but price increases have offset the higher cost of staff and materials. Order books continue to improve as operators place orders well into 2007. RESULTS SUMMARY Revenue for the six months to 30 June 2006 increased from £668.2m to £885.8m. Profit from operations increased by 72% to £38.5m (2005 - £22.4m). Profit before tax increased 85% to £35.3m (2005 - £19.1m). Basic earnings per share of 16.6p were 52% higher (2005 - 10.9p). An interim dividend of 2.3p per share (2005 - 2.0p) will be paid on 22 November 2006 to shareholders on the register at the close of business on 3 November 2006. OPERATIONAL REVIEW The revenue and operating results of each division are included in the financial analysis in note 2. Gibson Energy Gibson Energy, based in Alberta, Canada and one of Canada's premier mid-stream energy service companies providing marketing services, truck transportation, processing and distribution achieved an excellent result with profit from operations for the six months increasing by 74% from £12.7m to £22.1m. The Canadian oil and gas industry continues to attract further investment due to expanded activities in the tar sands as well as conventional exploration and production. Accordingly, larger volumes are available for truck transport, pipelines and terminals. In addition, the Moose Jaw assets have seen a significant turnaround as asphalt prices have improved year on year and the growing segments of tops and wellsite fluids are now 50% of the refinery's output. The differentials between heavy/sour and light crude oil pricing, as well as diluent, have enabled Gibson to utilise the synergies of its terminals, pipelines and storage assets. With an additional 310,000 barrels of crude storage commissioned in January 2006, the company is well positioned to capitalise on growing volumes from the tar sands. Marketing achieved an excellent result for the period due to continued volatility in the oil price markets and its quality management of the 20-plus crude streams produced in Alberta. In addition, it has expertly managed its inventories through volatile price swings. However, profit from operations did not match the record result in the corresponding period in 2005 and were lower by 11% at £7.8m (2005 - £8.8m). Truck Transportation had exceptional improvement year on year due to higher volumes of heavy crude oil hauling and extended contract negotiations. Profit from operations increased by 128% to £4.1m (2005 - £1.8m). Terminals and Pipelines have continued to see increased overall activity in the region. Profit from operations were down 8% to £2.2m (2005 - £2.4m). Canwest Propane and Natural Gas Liquids ('NGL') benefited from a further acquisition and saw an increase of 20% in profit from operations to £1.8m (2005 - £1.5m). Plans include expansion into the Northern U.S. Moose Jaw Asphalt's results from operations significantly improved from a loss of £1.8m to a profit of £6.2m in the current period. Gibson Energy is strategically positioned with its geographic assets and additional capacities to experience further growth in an area which the heavy oil production is expected to triple in the next seven years. The performance of its marketing division will continue to remain dependent upon crude differentials and blending opportunities throughout the period. Hunting Energy Services Hunting Energy Services, with its global footprint, is a supplier of products and services to the upstream oil and gas companies. Profit from operations in the first half increased 75% from £9.2m to £16.1m. The U.S. rig count at the end of the first half was at a 20 year high of 1,665 and the international rig count at a 15 year high of 906. Activity in Canada remained strong during the period concluding with 408 rigs. Hunting Energy Services' well construction and well completion products and services have a continued strong demand due to higher consumption per rig as a result of increased drilling efficiencies on top of improvement in rig numbers. The near and long term demand forecasts by independent agencies for oil, natural gas and electricity predict sustained demand growth. Several drilling contractors and E& P companies have indicated commitments to refurbish or build new rigs to be in service over the next 18 to 24 months. These are both land and offshore units, U.S. and international. Well completions are also deeper year on year in more complex proprietary and higher cost products. While costs have risen for oil and gas exploration companies, so too have their capital expenditure budgets to replace dwindling reserves and to locate new reservoirs of hydrocarbons. Well Completion - Profit from operations increased 140% to £10.3m (2005 - £4.3m). Well Construction - Profit from operations increased 54% to £4.0m (2005 - £2.6m). Exploration and Production - There were 10 out of 13 wells successfully completed during the period. Due to the effects of Hurricane Katrina, full production capacity is not expected until the second half of 2006. Profit from operations was £1.8m (2005 - £2.3m). New facilities, which were completed in January for Singapore, combined with new offices in Russia and the Middle East, plus production capacity added in the Gulf coast will provide the continuing growth potential for Hunting Energy Services for the remainder of the year. Others Other operating divisions, including Gibson Shipbrokers and Hunting Energy France experienced a decline in profit from operations from £0.5m in 2005 to £0.3m in the current period. Key Financial Points • EBITDA £51.5m (2005 - £32.9m) • Capital expenditure for the six month period to 30 June 2006 was £25.8m (2005 - £16.6m) • Depreciation and amortisation £12.5m (2005 - £10.5m) • Net debt £109.6m (2005 - £137.8m) • Gearing 55% (2005 - 108%) • Total assets £725.3m (2005 - £580.1m) • Total equity £197.5m (2005 - £127.8m) OUTLOOK We are delighted to report a strong set of results for the first half and the improvement should continue for the remainder of the year. For Hunting Energy Services, manufacturing schedules and tubular deliveries are in place with known margins. Rig activity is forecast to grow and operators are committed to their capital expenditure plans. Gibson Energy also has a measured view of confidence towards its year end results. The marketing division, however, will remain dependent upon light and heavy crude price differentials as well as diluent prices and availability. Our strategy, global position, proprietary products and improved capacities will enable us to benefit from the supply and demand, as well as the geopolitical dynamics of the oil and gas industry. Richard Hunting Dennis Proctor Chairman Chief Executive 31 August 2006 Consolidated Income Statement (Unaudited) Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 Notes £m £m £m Revenue 2 885.8 668.2 1,521.9 Cost of sales (801.9) (609.5) (1,394.2) ------- ------- ------- Gross profit 83.9 58.7 127.7 Other operating income 1.6 1.1 3.9 Operating expenses (47.0) (37.4) (86.7) ------- ------- ------- Profit from operations 2 38.5 22.4 44.9 Interest income 3.4 4.1 7.6 Interest expense and similar charges (7.1) (7.4) (12.2) Share of post-tax profits in associates 0.5 - 0.6 ------- ------- ------- Profit before tax 35.3 19.1 40.9 Taxation 3 (12.4) (6.7) (14.7) ------- ------- ------- Profit for the period 22.9 12.4 26.2 ======= ======= ======= Attributable to: Shareholders of the parent 21.3 11.8 24.4 Minority interests 1.6 0.6 1.8 ------- ------- ------- 22.9 12.4 26.2 ======= ======= ======= Basic earnings per 25p ordinary 4 16.6p 10.9p 21.2p share Diluted earnings per 25p 4 15.7p 10.4p 20.2p ordinary share Dividend declared per share - 5 2.3p 2.0p 2.0p interim Dividend declared per share - 5 - - 4.0p final The above results relate to continuing operations. Consolidated Balance Sheet (Unaudited) At At At 30 June 30 June 31 December 2006 2005 2005 ASSETS £m £m £m Non-current assets Property, plant and equipment 195.2 167.4 190.8 Goodwill 56.8 50.7 58.6 Other intangible assets 5.1 3.1 5.1 Interests in associates 6.0 4.9 5.5 Available for sale investments 0.2 0.2 0.2 Retirement benefit assets 28.6 27.8 21.1 Trade and other receivables 2.6 3.7 2.9 Deferred tax assets 11.5 14.2 14.8 ------- ------- ------- 306.0 272.0 299.0 ------- ------- ------- Current assets Inventories 121.3 94.5 107.6 Trade and other receivables 183.8 141.4 196.2 Investments 0.6 1.2 - Cash and cash equivalents 113.6 71.0 91.9 ------- ------- ------- 419.3 308.1 395.7 ------- ------- ------- LIABILITIES Current liabilities Trade and other payables 198.7 151.2 217.1 Current tax liabilities 9.1 6.5 4.7 Borrowings 131.2 89.6 93.2 Provisions 1.9 0.6 2.0 ------- ------- ------- 340.9 247.9 317.0 ------- ------- ------- Net current assets 78.4 60.2 78.7 ------- ------- ------- Non-current liabilities Borrowings 92.6 120.4 95.7 Deferred tax liabilities 70.8 65.6 74.9 Retirement benefit obligations 3.1 1.9 2.9 Other payables 4.5 2.7 4.5 Provisions 15.9 13.8 16.1 ------- ------- ------- 186.9 204.4 194.1 ------- ------- ------- Net assets 197.5 127.8 183.6 ======= ======= ======= Shareholders' equity Share capital 32.5 25.4 32.2 Share premium 84.7 42.3 82.7 Treasury shares (3.8) - (4.6) Other reserves 14.4 10.5 21.7 Retained earnings 63.0 45.3 46.4 ------- ------- ------- 190.8 123.5 178.4 Minority interests 6.7 4.3 5.2 ------- ------- ------- Total equity 197.5 127.8 183.6 ======= ======= ======= Consolidated Statement of Recognised Income and Expense (Unaudited) Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 £m £m £m Profit for the period 22.9 12.4 26.2 ------- ------- ------- Exchange adjustments (5.9) 3.6 11.1 Net losses on cash flow hedges (0.2) (0.1) (0.3) Actuarial gains (losses) on defined benefit pension schemes 1.3 3.0 (5.5) Taxation (0.4) (0.9) 1.4 Transferred to income statement on disposal of available for sale investments - (0.3) (0.2) ------- ------- ------- Net (expense) income recognised directly in equity (5.2) 5.3 6.5 ------- ------- ------- Total recognised income and expense for the period 17.7 17.7 32.7 ======= ======= ======= Attributable to: Shareholders of the parent 16.2 17.1 30.9 Minority interests 1.5 0.6 1.8 ------- ------- ------- 17.7 17.7 32.7 ======= ======= ======= Consolidated Cash Flow Statement (Unaudited) Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 £m £m £m Operating activities Profit from operations 38.5 22.4 44.9 Depreciation, amortisation and impairment 12.5 10.5 23.9 Profit on disposal of investments - (0.4) (0.4) Profit on disposal of property, plant and equipment (0.4) (0.3) (0.6) Increase in inventories (16.9) (14.8) (22.6) Decrease (increase) in receivables 8.1 5.4 (34.1) (Decrease) increase in payables (13.2) (0.8) 46.4 Taxation paid (7.2) (1.7) (4.8) UK pension scheme contribution (5.6) - - Other non cash flow items 0.7 0.3 2.1 ------- -------- ------- Net cash inflow from operating activities 16.5 20.6 54.8 ------- -------- ------- Investing activities Dividends received from associates - 3.8 3.8 Purchase of subsidiaries and businesses (0.9) (1.2) (9.7) Cash acquired with subsidiaries - 0.5 1.5 Loans from and purchase of associates 3.3 (5.3) (5.3) Proceeds from disposal of investments - 3.3 3.2 Proceeds from disposal of property, plant and equipment 0.5 1.6 2.9 Purchase of property, plant and equipment (25.8) (16.6) (32.9) Purchase of intangible assets (0.4) (0.2) (0.2) ------- -------- ------- Net cash outflow from investing activities (23.3) (14.1) (36.7) ------- -------- ------- Financing activities Interest received 2.7 1.8 7.7 Interest paid (7.5) (5.9) (11.7) Equity dividends paid (5.2) (3.0) (5.6) Minority interest dividend paid - - (0.3) Share capital issued 2.3 0.9 48.1 Purchase of Treasury shares (4.3) - (4.6) Disposal of Treasury shares 1.0 - - Increase in deposits maturing after 3 months (0.6) (1.2) - Proceeds from new borrowings 23.7 - - Repayment of borrowings (1.2) (10.6) (58.3) Capital element of finance leases (0.3) (0.2) (0.2) ------- -------- ------- Net cash inflow (outflow) from financing activities 10.6 (18.2) (24.9) ------- -------- ------- Net increase (decrease) in cash and cash equivalents 3.8 (11.7) (6.8) Cash and cash equivalents at beginning of period 4.5 10.9 10.9 Effect of foreign exchange rate changes (0.3) 0.3 0.7 Adoption of IAS 32 and IAS 39 - (0.3) (0.3) ------- ------- ------- Cash and cash equivalents at end of period 8.0 (0.8) 4.5 ======= ======= ======= Cash and cash equivalents at end of period comprise: Cash and cash equivalents 113.6 71.0 91.9 Bank overdrafts included in borrowings (105.6) (71.8) (87.4) ------- ------- ------- 8.0 (0.8) 4.5 ======= ======= ======= Notes to the Interim Report 1. BASIS OF ACCOUNTING The financial information contained in the interim report complies with IAS 34 Interim Financial Reporting and with the Listing Rules of the Financial Services Authority. It has been prepared on the basis of the accounting policies set out in the Group's 2005 Annual Report and Accounts, with the exception that IFRS 6 Exploration for and Evaluation of Mineral Resources has been adopted from 1 January 2006. Although the adoption represents a change in accounting policy, comparative figures for 2005 have not been restated as adoption results in additional disclosures and does not impact the results or financial position. The Company has considered the amendments to IAS 21, IAS 39 and IFRS 4 and the issue of IFRIC 4, IFRIC 5 and IFRIC 6 and has determined that these do not impact the Group's results or financial position. The interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. A copy of the statutory accounts for the year ended 31 December 2005 has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified. 2. SEGMENTAL REPORTING Business Segments Results from operations Six months ended 30 June 2006 Inter- Total gross segmental Total Profit from revenue revenue revenue operations £m £m £m £m Gibson Energy Marketing 632.0 (70.2) 561.8 7.8 Truck Transportation 54.9 (4.4) 50.5 4.1 Terminals and Pipelines 9.3 (2.0) 7.3 2.2 Canwest Propane and Natural Gas Liquids 67.0 (35.0) 32.0 1.8 Moose Jaw Asphalt 73.0 (30.1) 42.9 6.2 ------- ------- ------- ------- 836.2 (141.7) 694.5 22.1 ------- ------- ------- ------- Hunting Energy Services Well Completion 100.4 (9.9) 90.5 10.3 Well Construction 40.1 (2.8) 37.3 4.0 Exploration and Production 5.1 - 5.1 1.8 ------- ------- ------- ------- 145.6 (12.7) 132.9 16.1 ------- ------- ------- ------- Other operating divisions 58.4 - 58.4 0.3 ------- ------- ------- ------- Total 1,040.2 (154.4) 885.8 38.5 ======= ======= ======= ======= Notes to the Interim Report (continued) 2. SEGMENTAL REPORTING (continued) Six months ended 30 June 2005 Inter- Total gross segmental Total Profit from revenue revenue revenue operations £m £m £m £m Gibson Energy Marketing 485.0 (42.5) 442.5 8.8 Truck Transportation 35.7 (3.0) 32.7 1.8 Terminals and Pipelines 7.9 (1.8) 6.1 2.4 Canwest Propane and Natural Gas Liquids 48.9 (24.1) 24.8 1.5 Moose Jaw Asphalt 34.4 (11.9) 22.5 (1.8) ------- ------- ------- ------- 611.9 (83.3) 528.6 12.7 ------- ------- ------- ------- Hunting Energy Services Well Completion 63.2 (5.3) 57.9 4.3 Well Construction 30.4 (1.5) 28.9 2.6 Exploration and Production 6.0 - 6.0 2.3 ------- ------- ------- ------- 99.6 (6.8) 92.8 9.2 ------- ------- ------- ------- Other operating divisions 46.8 - 46.8 0.5 ------- ------- ------- ------- Total 758.3 (90.1) 668.2 22.4 ======= ======= ======= ======= Year ended 31 December 2005 Inter- Total gross segmental Total Profit from revenue revenue revenue operations £m £m £m £m Gibson Energy Marketing 1,136.8 (120.1) 1,016.7 10.7 Truck Transportation 83.0 (7.9) 75.1 4.9 Terminals and Pipelines 17.9 (3.8) 14.1 5.7 Canwest Propane and Natural Gas Liquids 109.5 (60.3) 49.2 3.0 Moose Jaw Asphalt 109.6 (50.3) 59.3 (2.5) ------- ------- ------- ------- 1,456.8 (242.4) 1,214.4 21.8 ------- ------- ------- ------- Hunting Energy Services Well Completion 151.7 (14.5) 137.2 12.2 Well Construction 68.8 (3.7) 65.1 6.7 Exploration and Production 12.3 - 12.3 5.3 ------- ------- ------- ------- 232.8 (18.2) 214.6 24.2 ------- ------- ------- ------- Other operating divisions 92.9 - 92.9 1.5 ------- ------- ------- ------- Total 1,782.5 (260.6) 1,521.9 47.5 ======= ======= ======= Exceptional charges not apportioned to business segments (2.6) ------- Profit from operations 44.9 ======= Operating expenses included an exceptional charge of £2.6m for onerous leases in the second half of the year ended 31 December 2005. Notes to the Interim Report (continued) 3. TAXATION The taxation charge for the six months ended 30 June 2006 is calculated by applying the best estimate of the 2006 annual effective rate of tax to the profit for the period. The tax expense comprises the following: Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 £m £m £m UK 2.0 1.3 2.3 Overseas 10.4 5.4 12.4 ------- ------- ------- 12.4 6.7 14.7 ======= ======= ======= 4. EARNINGS PER SHARE Basic earnings per share is calculated by dividing the earnings attributable to Ordinary shareholders by the weighted average number of Ordinary shares outstanding during the period. For diluted earnings per share, the weighted average number of outstanding Ordinary shares is adjusted to assume conversion of all dilutive potential Ordinary shares. The dilutive potential Ordinary shares are those options where the exercise price is less than the average market price of the Company's Ordinary shares during the period. These have not impacted on the basic earnings attributable to Ordinary shareholders. Reconciliations of the earnings and weighted average number of Ordinary shares used in the calculations are set out below: Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 £m £m £m Basic and diluted earnings attributable to Ordinary shareholders 21.3 11.8 24.4 ======= ======= ======= Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 millions millions millions Basic weighted average number of Ordinary shares 128.4 107.9 115.3 Dilutive outstanding share options 6.6 4.2 5.7 Long term incentive plans 0.4 0.9 0.3 ------- ------- ------- Adjusted weighted average number of Ordinary shares 135.4 113.0 121.3 ======= ======= ======= pence pence pence Basic EPS 16.6 10.9 21.2 ======= ======= ======= Diluted EPS 15.7 10.4 20.2 ======= ======= ======= Notes to the Interim Report (continued) 5. DIVIDENDS Six months Six months ended ended Year ended 30 June 30 June 31 December 2006 2005 2005 £m £m £m Ordinary dividends: 2005 final - 4.0p 5.2 - - 2005 interim - 2.0p - - 2.6 2004 final - 3.0p - 3.0 3.0 ------- ------- ------- 5.2 3.0 5.6 ======= ======= ======= A 2006 interim dividend of 2.3p per share, which will absorb an estimated £3.0m, was approved by the Board for payment on 22 November 2006. 6. CHANGES IN NET DEBT At Fair value At 1 January and similar Exchange 30 June 2006 Cash flow movements movements 2006 £m £m £m £m £m Cash and cash 91.9 23.2 - (1.5) 113.6 equivalents Bank overdrafts (87.4) (19.4) - 1.2 (105.6) ------- ------- ------- ------- ------- 4.5 3.8 - (0.3) 8.0 Current borrowings (5.2) (20.0) - 0.1 (25.1) Non-current (95.1) (2.5) 1.1 4.2 (92.3) borrowings Finance leases (1.2) 0.3 - 0.1 (0.8) Investments - 0.6 - - 0.6 ------- ------- ------- ------- ------- Total net debt (97.0) (17.8) 1.1 4.1 (109.6) ======= ======= ======= ======= ======= Notes to the Interim Report (continued) 7. STATEMENT OF CHANGES IN EQUITY Six months Attributable to equity holders of the Parent Minority Total ended 30 -------------------------- June 2006 Share Share Treasury Other Retained interests equity capital premium shares reserves earnings Total £m £m £m £m £m £m £m £m At 1 January 2006 32.2 82.7 (4.6) 21.7 46.4 178.4 5.2 183.6 ------ ------ ------ ------ ------ ------ ------ ------ Depreciation transfer for land and buildings - - - (0.5) 0.5 - - - Exchange adjustments - - - (5.8) - (5.8) (0.1) (5.9) Actuarial gains on defined benefit pension schemes - - - - 1.3 1.3 - 1.3 Net losses on cash flow hedges - - - (0.2) - (0.2) - (0.2) Tax on items taken directly to equity - - - 0.2 (0.6) (0.4) - (0.4) ------ ------ ------ ------ ------ ------ ------ ------ Net expense recognised directly in equity - - - (6.3) 1.2 (5.1) (0.1) (5.2) Profit for the period - - - - 21.3 21.3 1.6 22.9 ------ ------ ------ ------ ------ ------ ------ ------ Total net income for the period - - - (6.3) 22.5 16.2 1.5 17.7 ------ ------ ------ ------ ------ ------ ------ ------ Dividends - - - - (5.2) (5.2) - (5.2) Shares issued - share option schemes 0.3 2.0 - - - 2.3 - 2.3 Purchase of Treasury shares - - (4.3) - - (4.3) - (4.3) Disposal of Treasury shares - - 5.1 - - 5.1 - 5.1 Transfer between reserves - - - (1.5) 1.5 - - - Share options - value of employee services - - - 0.7 - 0.7 - 0.7 - discharge - - - (0.2) (2.2) (2.4) - (2.4) ------ ------ ------ ------ ------ ------ ------ ------ At 30 June 2006 32.5 84.7 (3.8) 14.4 63.0 190.8 6.7 197.5 ====== ====== ====== ====== ====== ====== ====== ====== Notes to the Interim Report (continued) 7. STATEMENT OF CHANGES IN EQUITY (continued) Six months Attributable to equity holders of the Parent Minority Total ended 30 June -------------------------- 2005 Share Share Treasury Other Retained interests equity capital premium shares reserves earnings Total £m £m £m £m £m £m £m £m At 1 January 2005 25.3 41.5 - 7.2 34.2 108.2 3.7 111.9 Adoption of IAS 32 and IAS 39 - - - 0.5 (0.5) - - - ------ ------ ------ ------ ------ ------ ------ ------ At 1 January 2005 as adjusted 25.3 41.5 - 7.7 33.7 108.2 3.7 111.9 ------ ------ ------ ------ ------ ------ ------ ------ Depreciation transfer for land and buildings - - - (0.7) 0.7 - - - Exchange adjustments - - - 3.6 - 3.6 - 3.6 Actuarial gains on defined benefit pension schemes - - - - 3.0 3.0 - 3.0 Net losses on cash flow hedges - - - (0.1) - (0.1) - (0.1) Transfer to income statement on disposal - - - (0.3) - (0.3) - (0.3) Tax on items taken directly to equity - - - - (0.9) (0.9) - (0.9) ------ ------ ------ ------ ------ ------ ------ ------ Net income recognised directly in equity - - - 2.5 2.8 5.3 - 5.3 Profit for the period - - - - 11.8 11.8 0.6 12.4 ------ ------ ------ ------ ------ ------ ------ ------ Total income for the period - - - 2.5 14.6 17.1 0.6 17.7 ------ ------ ------ ------ ------ ------ ------ ------ Dividends - - - - (3.0) (3.0) - (3.0) Shares issued - share option schemes 0.1 0.8 - - - 0.9 - 0.9 Share options - value of employee services - - - 0.3 - 0.3 - 0.3 ------ ------ ------ ------ ------ ------ ------ ------ At 30 June 2005 25.4 42.3 - 10.5 45.3 123.5 4.3 127.8 ====== ====== ====== ====== ====== ====== ====== ====== Notes to the Interim Report (continued) 7. STATEMENT OF CHANGES IN EQUITY (continued) Year ended 31 Attributable to equity holders of the Parent Minority Total December -------------------------- 2005 Share Share Treasury Other Retained interests equity capital premium shares reserves earnings Total £m £m £m £m £m £m £m £m At 1 January 2005 25.3 41.5 - 7.2 34.2 108.2 3.7 111.9 Adoption of IAS 32 and IAS 39 - - - 0.5 (0.5) - - - ------ ------ ------ ------ ------ ------ ------ ------ At 1 January 2005 as adjusted 25.3 41.5 - 7.7 33.7 108.2 3.7 111.9 ------ ------ ------ ------ ------ ------ ------ ------ Depreciation transfer for land and buildings - - - 1.1 (1.1) - - - Exchange adjustments - - - 11.1 - 11.1 - 11.1 Actuarial losses on defined benefit pension schemes - - - - (5.5) (5.5) - (5.5) Net losses on cash flow hedges - - - (1.7) 1.4 (0.3) - (0.3) Transfer to income statement on disposal - - - (0.2) - (0.2) - (0.2) Tax on items taken directly to equity - - - 1.1 0.3 1.4 - 1.4 ------ ------ ------ ------ ------ ------ ------ ------ Net income recognised directly in equity - - - 11.4 (4.9) 6.5 - 6.5 Profit for the year - - - - 24.4 24.4 1.8 26.2 ------ ------ ------ ------ ------ ------ ------ ------ Total income for the year - - - 11.4 19.5 30.9 1.8 32.7 ------ ------ ------ ------ ------ ------ ------ ------ Dividends - - - - (5.6) (5.6) (0.3) (5.9) Shares issued - rights issue 6.3 37.3 - - - 43.6 - 43.6 Shares issued - share option schemes 0.5 3.3 - - - 3.8 - 3.8 Shares issued - LTIP awards 0.1 0.6 - - - 0.7 - 0.7 Purchase of Treasury shares - - (4.6) - - (4.6) - (4.6) Transfer between reserves - - - 1.2 (1.2) - - - Share options - value of employee services - - - 1.4 - 1.4 - 1.4 ------ ------ ------ ------ ------ ------ ------ ------ At 31 December 2005 32.2 82.7 (4.6) 21.7 46.4 178.4 5.2 183.6 ====== ====== ====== ====== ====== ====== ====== ====== This information is provided by RNS The company news service from the London Stock Exchange

Companies

Hunting (HTG)
UK 100

Latest directors dealings