Final Results

Hunting PLC 5 March 2002 For immediate release 5th March 2002 HUNTING PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001 * Oil operating profit up 52.2% to £45.2m (2000: £29.7m) * Operating profit increased 5.3% to £44.1m (2000: £41.9m) * Profit before tax up 94.6% to £65.0m (2000: £33.4m) * Earnings per share - basic 36.9p (2000: 11.5p) * Earnings per share - excluding exceptional items 14.9p (2000: 11.5p) * Completion of five strategic acquisitions in the Energy Services field * Proceeds of £109.5m realised from the sale of the Defence interests Commenting on the results, Dennis Proctor, Hunting PLC Chief Executive, said: 'This has been a significant year for Hunting. During 2001, we successfully re-defined the Company's focus toward the energy sector by disposing of our defence activities. We will continue to focus on portfolio management, capital discipline and cost containment. Our five acquisitions during the year have enhanced and diversified our global business platforms in the oil and gas services areas. ' Enquiries: Hunting PLC 020 7321 0123 ___________ Dennis Proctor, Chief Executive Dennis Clark, Finance Director Brunswick Group Limited 020 7404 5959 _______________________ Tom Buchanan Catriona McDermott Notes to Editors: Hunting PLC is an international oil services company providing support solutions to the world's largest oil and gas companies. Chairman's Statement Profit before taxation for the year to 31 December 2001 including a £27.0 million exceptional profit £65.0 million, an increase of 94.6% on 2000. Operating profit from our oil activities increased by 52.2%. This was an excellent result in a year of strategic transformation in the composition of the Company with the sale of our Defence interests and the completion of five strategic acquisitions in our chosen Energy Services field. Sale proceeds of £109.5 million were realised from the sale of the Defence interests of which £52.1 million was re-invested in the expansion of the Hunting Oilfield Services and Gibson operations. We are pleased with the successful integration of these acquisitions which add significantly to the critical mass of our two largest activities and enhance our market position. Oil and gas prices have reduced somewhat since their 2001 peaks but we are confident that activity levels will continue to reward our concentration in this sector. An interim dividend of 2p was paid on 5 December 2001, together with a one-off special dividend of 10p per share. This followed the Board's decision that in the absence of special circumstances, future dividends would be covered at a level that enables the appropriate investment to be made in the business. In line with this policy, we are recommending a final dividend of 4p per share, giving a total of 16p; this compares with 9.25p paid in respect of 2000. We will continue to review future dividends both in the light of current results and expectations and the need to provide adequate resources for future expansion. Dennis Proctor was appointed Chief Executive on 1 January 2001 and has made an excellent start in the re-focussing of the Group's activities. Ken Miller, the former Chief Executive, retired as Deputy Chairman on 31 July 2001. In October 2001 we were pleased to appoint George Helland as a non-executive director of the Company. His experience at a senior level in the energy industry will be of much value as the Company progresses. We have refocused the Company during the past year and I look forward to the future with confidence. I thank all the Company's staff for their considerable and successful efforts during a year of significant change. Richard Hunting Chairman Chief Executive's Review Seldom does a company re-define its focus in a successful manner in such a short time. The strategy to direct the Company's activities toward oil and gas services concurrently with the disposal of the defence activities has been challenging. In addition, the largest total of acquisitions in Hunting's history occurred during the year to re-deploy the capital from the divestitures and complement our remaining business platforms. The Group's management teams executed these events with skill and dedication. As a result, the Company is uniquely positioned with a single direction in the energy industry, where growth opportunities are parallel to the increasing global appetite for oil and gas. As reflected on the cover of the Annual Report, the Company has had a long history involved in many different industries. This evolution towards a focused oil and gas services company embraces an instinctive willingness to determine which pathway will best serve our shareholders. The world's natural resources are finite, while the population and standards of living are growing. The service industry to the oil and gas companies will be put to the test to ensure these important natural resources are delivered timely and in greater volumes. For such a task, a single focus is imperative. Through these transactions we have acquired complementary products and services to Gibson Petroleum and Hunting Oilfield Services. With Canada's resource development being a primary focus of oil and gas companies, we believe it is essential to increase our presence there. Indeed, Canada's natural gas reservoirs will be vital to the growing demand for power generation in the United States. Portfolio management will be the mantra for the Company early in 2002. It is necessary that we efficiently integrate the cultures and assets of the acquired companies. We will continue to examine new acquisitions but at a pace which will allow management to maximize the benefits to the Group. Commodity prices have declined in late 2001 and early 2002 causing a contraction in drilling activity in certain geographical arenas. Accordingly, we must maintain margins and gain the synergy cost savings from the integrated Group. Our commitment to quality products, customer service and the environment continues. We market and transport oil and gas by truck and pipeline. We provide tubulars and ancillary products used in the deepest, high pressure and high temperature oil and gas wells in the world. Our manufacturing facilities are required to produce at extremely tight tolerances. Our management has a passion for and the skill base to manage these high profile issues with great effectiveness. Highlights of the disposals and acquisitions are as follows: Disposed Acquired ______________________________________________________________________________ Hunting Contract Services and Hunting Technical March Support ______________________________________________________________________________ Irvin Aerospace UK, USA and Canada June ______________________________________________________________________________ Hunting Engineering October ______________________________________________________________________________ Vinson Supply Company - USA March ______________________________________________________________________________ GN Transportation - Canada March ______________________________________________________________________________ Precision Boring Technology - USA July ______________________________________________________________________________ Columbia Fuels - Canada October ______________________________________________________________________________ Thread Tech - Canada November ______________________________________________________________________________ Moose Jaw Asphalt - Canada January '02 Gibson Petroleum Strong activity levels were experienced by Gibson's businesses for most of the year. High oil prices in the first half of the year contributed to the significant increase in marketing profits from heavy to light oil arbitrages. These differentials progressively narrowed towards the end of the first half of the year as crude oil, LPG and natural gas prices declined. During the second half-year, marketing margins were steady but overall gains declined from previous levels as inventory values dropped. The Truck Transportation division acquired GN Transportation in March which, together with existing LPG assets and high activity levels produced a 30% growth in earnings. Crude Oil Terminal and Pipeline Gathering experienced steady volumes throughout the year. Propane volumes distributed by Canwest Propane increased steadily during 2001, as previous acquisitions were operating for a full year and new branches were opened in Northern Alberta and British Columbia. The propane division of Columbia Fuels on Vancouver Island, acquired in October, has expanded the geographic coverage of Canwest in Western Canada, giving it a strong position as the second largest Canadian retail propane distributor. Natural Gas Processing results in the first half of the year were disappointing, however margins steadily improved as the year progressed. Declining producer deliveries were offset when new volumes were added to the Rainbow Gas plant in the second six months. Gibson's strategy of expanding core business and diversifying product and services geographically contributed to new growth. Further capital investment has been in the expansion of the Edmonton terminal, where incremental volumes of synthetic oil from the Millennium project at Suncor's Fort McMurray Tar Sands plant is scheduled to begin during the current year. Lower industry activity, following lower crude oil and natural gas prices, could reduce current year's earnings, particularly compared with the strong performance in the first half of 2001. This should be offset by gains from the capital expenditure and acquisitions that will make a full year contribution. These acquisitions include Moose Jaw Asphalt, which manufactures and markets road grade asphalt products. Moose Jaw's assets include under utilized crude oil storage, pipeline and rail transportation facilities all of which are core to Gibson's activities. In the current year, Gibson will continue its strategy of enhancing the value of people, services and assets in its mid-stream business through product diversification and increasing geographic coverage. Hunting Oilfield Services International (HOSINT) During the first half of 2001, oil and gas exploration and development continued the rebound that began in 2000. As the US entered a recession in the third quarter, the drilling rig count began to decline. The major arena affected was the continental shelf of the Gulf of Mexico where many operators look for gas. Deep-water exploration continues due to the expected size of the fields and the time required to exploit them. With oil prices remaining near US$20/bbl, international rig activity is expected to continue its growth. Notwithstanding a declining market our order book is good with Eastern Hemisphere activity offsetting lower activity in the Western Hemisphere. In the US, oil country tubular goods ('OCTG') distribution and accessory manufacturing experienced record results. Following the acquisition of Vinson Supply in March, HOSINT was able to leverage greater throughput at its threading facilities and provide more tubular accessories. The Seal-Lock proprietary connection products also benefited from the Vinson acquisition with inventory positions to customer specifications. With the expected importance of Canadian natural gas supplies to the US, HOSINT acquired Thread Tech based in Calgary, Alberta. Similar to Vinson, Thread Tech distributes OCTG but also provides installation of the tubulars at the well site. The Aberdeen and North Sea based business saw steady growth since the third quarter of 2000, and this was reflected in record sales and profit achieved for 2001. Additional supply contracts were received from British Gas and Enterprise while existing contracts from Conoco and Kerr McGee were extended. These contracts comprise significant volumes of pipe allowing HOSINT to secure favourable material costs and maintain its position as the leading OCTG supplier position for the North Sea. During the year, a new manufacturing plant in Edzell, Scotland was opened to supply the increased demand and reduce the lead times to customers. The Aberdeen facility retained its 5 Star Safety Award and Investors in People Award showing a continual commitment to the safety and well being of employees. The Dutch and Singapore based facilities showed improved performance during the year following the restructuring implemented in the previous year. Although the telecommunications industry is in disarray, Hunting continues to enhance its position in trenchless drilling. HOSINT acquired Precision Boring Technologies ('PBT') in July. Based in Casper Wyoming, PBT designs, repairs and manufactures mud motors for use in the oil and gas industry as well as the trenchless drilling industry. Combining the motor with the drill rod enables us to offer a more complete package of goods and services to our customers. PBT produced better than expected earnings during its first six months with Hunting. In China, our joint venture with Tianjin Steel has become profitable within its first year of operation. China continues to become a larger player in the world market for imported oil, and will increase efforts to find reserves in country. As a result, more drilling is expected. The company's proprietary connections recently passed a performance test issued by the China National Oil Company in anticipation of deeper drilling applications. Tenkay Resources Very favourable oil and natural gas prices in the first five months of 2001 contributed to an outstanding year for Tenkay Resources. Profit before tax more than doubled from the previous year. Although the twelve-month period was the company's most prolific ever in terms of oil and gas produced, successful drilling both onshore and offshore enabled Tenkay to replace all production with new reserves. The company participated in the drilling of 21 wells with 14 successfully completed. Several of the new offshore discoveries require production platform facility enhancements that are scheduled to be completed in the first half of 2002. EA Gibson Shipbrokers Despite softening markets in all sectors, EA Gibson Shipbrokers produced a record result with an excellent performance from the Tanker Department backed by strong support from the Gas Department Hunting Petroleum France A renewed focus exists at Hunting Petroleum France. Consistently profitable, the company is planning an acquisition in 2002 that will enable it to expand its product offerings. Other Activities While the results of Hunting Industrial Coatings were below the previous year, the company has positioned itself in the sewer and water line remediation industry. Cities around the world are wrestling with ageing sewer and water lines and the cost to replace or reline them. Re-lining is the cost effective and preferred method. Hunting Industrial Coatings has years of experience with epoxy and other coatings to deploy within this growing field. Aero Sekur improved its performance, particularly in the second half, following the management changes implemented. Field Aviation Company experienced a year of marked contrasts. The Toronto based operations of Specialised Engineering and Aircraft Sales suffered a significant reduction in demand for their services due to a general market contraction. In contrast, the Calgary based operations of Aircraft Maintenance/Refurbishing and Parts Manufacturing had an excellent year until the tragic events of 11 September, which immediately had a negative impact. Outlook We enter 2002 sharing the industry's diminished expectations for the first half and optimism for the second half. Portfolio management, capital discipline, and cost containment will define our basic direction in the coming months. With a strong balance sheet, dominant positions in many product offerings and services, coupled with advancing technology evidenced by three patents pending, Hunting is in a strong position to mitigate the impact of any short term swings in the oil and gas industry. Our global mix of operations will afford offsetting activity within certain arenas. The delicate supply and demand balance combined with the current geopolitics will certainly create spikes in commodity prices resulting in positive opportunities for the Company. Dennis Proctor Chief Executive Financial Results For the year to 31 December 2001 Group sales were £1,035m (2000: £1,216m). Sales for the continuing businesses were £935m (2000: £876m) a 6.8% increase. Operating profit for the year was £44.1m (2000: £41.9m). Profit from the oil activities increased to £45.2m, a growth of 52.2%. Profit before tax was £65.0m (2000: £33.4m) an increase of 94.6%. Gibson Petroleum's sales were £587.3m (2000: £701.4m) of which marketing was £484.9m (2000: £586.1m). Gibson's operating profits were £19.0m (2000: £19.0m). The marketing activity made an excellent contribution in the first half of the year though the level of profit reduced in the second half as price differentials narrowed. All other activities achieved a strong result. HOSINT's sales and operating profit were £268.3m (2000: £106.3m) and £21.5m (2000: £7.2m) respectively. There were strong performances from all geographical areas enhanced by the acquisition of Vinson Inc. on 19 March 2001. Turnover at Tenkay Resources, the Group's exploration and production subsidiary, increased to £7.8m (2000: £4.4m) with operating profits increasing to £4.0m (2000: £1.9m). Oil and gas prices averaged US$26.6/bbl and US$5.3/mcf in the first half of the year declining to an average of US$21.3/bbl and US$2.7/mcf in the second half. The reserve base of the company increased to 2.12m equivalent barrels following a year of extensive activity. Sales by other Group companies were in aggregate £71.7m (2000: £63.5m) with operating profits of £0.7m (2000: £0.3m loss). EA Gibson Shipbrokers in particular achieved a record result. Turnover of the Defence businesses sold during the year was £100.2m (2000: £340.3m) with £1.1m operating loss (2000: £12.0m operating profit). The average exchange rates used to convert the two principal currencies, the US and Canadian Dollars, into Sterling were 1.45 and 2.24 respectively (2000: 1.52 and 2.26). Net interest payable for the year was £6.1m (2000: £8.5m) which was 7.2 times covered before the exceptional item profit. The taxation charge for the year was £14.8m excluding the tax on the exceptional items. This corresponds to an effective rate of 38.9% (2000: 38.3%). Higher tax rates in Canada and USA will continue to keep the Group tax charge above the UK rate. Exceptional Item The exceptional item profit from the sale of the Defence and other activities after appropriate provisions was £27.0m. This includes a £2.9m write off of the investment in the Group's Zimbabwean activity following the uncertainties in that country. The cash realised from these sales was £95.9m with a further £13.6m receivable following the settlement of outstanding claims. Acquisitions During the year, acquisitions were made costing £52.1m. The largest of these, Vinson Supply Company, cost £37.5m of which £2.7m was represented by fixed assets and £32.0m by working capital.Goodwill on these acquisitions was £10.8m. Subsequent to the year end, on 2 January 2002 the acquisition of Moose Jaw Asphalt Inc. in Saskatchewan, Canada was completed for £14.4m of which net assets were £9.3m. Earnings Per Share Basic earnings per share were 36.9p per share (2000: 11.5p per share) on an average of 100.3m shares in issue during the year. Excluding the exceptional item basic earnings per share were 14.9p per share (2000: 11.5p). Dividends During the year an interim dividend of 2.0p per ordinary share (2000: 3.0p) was paid. A special dividend of 10.0p per share was also paid following the sale of the Defence businesses and the decision to align future dividend payments more closely to earnings and the distribution policies of other focused oil service companies. A final dividend of 4.0p per share (2000: 6.25p per share) is now proposed to give a 16.0p (2000: 9.25p) total dividend for the year. Cash Flow Operating cash inflow for the year was £55.7m (2000: £60.2million). Net interest and dividends absorbed £5.8m (2000: £8.8m) and £26.8m (2000: £20.0m) respectively while the net cash inflow from acquisitions, disposals and capital expenditure was £15.1m (2000: cash outflow £47.5m). Group net debt at 31 December 2001 was £73.2m (2000: £100.8m) to give gearing, defined as net borrowings as a percentage of shareholders' funds and minority interests, of 34% (2000: 55%). Accounting Standards We have continued to account for pensions during the year in compliance with Statement of Standard Accounting Practice ('SSAP') 24. The transitional arrangements have been exercised in adopting the disclosure requirements of Financial Reporting Standard ('FRS') 17 -Retirement Benefits with appropriate balance sheet disclosure of pension commitments at 31 December 2001. Note 40 on pages 51 and 52 shows that the Group's UK defined benefit pension scheme is adequately funded on both bases of valuation. FRS 18 - Accounting Policies was adopted during the year and FRS 19 -Deferred Tax will be adopted in 2002. Financial Risk Management Treasury policies and procedures approved by the Board exist to monitor interest rate, currency and other market price risks with strict controls on the use of financial instruments. To reduce the risk that fluctuations in exchange rates have on the Group's results, currency options are entered into to hedge approximately 50% of each year's budgeted Canadian and US dollar earnings into Sterling. Currency exposure on the balance sheet is reduced by financing assets with borrowings in the same currency. Forward foreign exchange contracts cover the net exposure of purchases and sales in non-domestic currencies. Interest rate derivatives, for example swaps, caps and forward rate agreements, are used to reduce the risk of adverse movements in interest rates on borrowings. The Group's objective is to hedge approximately 50% of these borrowings into fixed interest rates. At 31 December 2001, 48% of medium and long-term borrowings were hedged. Crude oil futures contracts and options are used to manage the Group's exposure to fluctuations in the selling price of crude oil inventory. Borrowing facilities are arranged with maturities appropriate to the Group's needs. Committed facilities are £190m of which £94.0m were drawn at the end of the year. These facilities include the Group's £70m syndicated loan facility which runs until August 2003, a £50m loan facility expiring July 2002 with an option to extend to July 2004, and US$65m private placement notes with maturities of US$15m in 2002, US$35m in 2005 and US$15m in 2007. The committed facilities together with substantial uncommitted facilities, provide the Group with sufficient liquidity to meet anticipated future borrowing requirements. Surplus short-term cash is invested, in accordance with the Board's approved policy, with banks or in money market funds. Going Concern The directors, on the basis of current financial projections and the facilities available, believe that the Company and the Group have adequate financial resources to continue in operation for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements. Dennis Clark Finance Director Consolidated Profit and Loss Account For the Year ended 31 December 2001 Continuing Discontinued Total Total Ongoing Acquisitions 2001 2001 2001 2001 2000 Notes £m £m £m £m £m Turnover 774.7 160.4 100.2 1,035.3 1,218.4 Less: share of - - - - (2.5) joint venture ______ ______ ______ _______ ________ Group turnover 1 774.7 160.4 100.2 1,035.3 1,215.9 Cost of sales (678.5) (148.9) (91.8) (919.2) (1,090.1) ______ ______ ______ _______ ________ Gross profit 96.2 11.5 8.4 116.1 125.8 Net operating (57.1) (5.4) (9.5) (72.0) (86.0) expenses ______ ______ ______ _______ ________ Group 39.1 6.1 (1.1) 44.1 39.8 operating profit (loss) Share of - - - - 2.1 operating profit in joint venture and associated undertakings ______ ______ ______ _______ ________ Total 1 39.1 6.1 (1.1) 44.1 41.9 operating profit (loss) Exceptional items: Profit on - - 29.9 29.9 - disposal of discontinued operations Impairment of (2.9) - - (2.9) - net assets of de-consolidated subsidiary ______ ______ ______ _______ ________ Profit on 36.2 6.1 28.8 71.1 41.9 ordinary activities before interest ______ ______ ______ Interest 2.3 3.6 receivable and similar income Interest (8.4) (12.1) payable and similar charges _____ ______ Profit on 65.0 33.4 ordinary activities before taxation Taxation on (19.7) (12.8) profit on ordinary activities _____ ______ Profit on 45.3 20.6 ordinary activities after taxation Equity (4.4) (5.2) minority interests _____ ______ Profit for the 40.9 15.4 financial year Dividends (19.9) (13.2) _____ ______ Retained 21.0 2.2 profit for the year ===== ====== Basic earnings 36.9p 11.5p per 25p ordinary share ===== ====== Diluted 36.9p 11.4p earnings per 25p ordinary share ===== ====== Consolidated Statement of Total Recognised Gains and Losses For the Year ended 31 December 2001 2001 2000 £m £m Profit for the financial year 40.9 15.4 Revaluation of fixed assets - 3.9 Currency translation differences on foreign currency net (1.9) 2.8 investments _____ ______ Total recognised gains and losses for the year 39.0 22.1 ===== ====== Consolidated Balance Sheet At 31 December 2001 2001 2000 £m £m Fixed assets Intangible assets 36.7 28.9 Tangible assets 138.4 144.2 Investment in joint venture: ________ ________ Share of gross assets - 7.9 Share of gross liabilities - (6.0) ________ ________ - 1.9 Investments in associates 1.0 3.6 Other investments 6.8 15.0 ________ ________ 182.9 193.6 ________ ________ Current assets Stocks 123.9 107.9 Debtors 156.8 178.1 Investments 6.1 11.8 Cash at bank and in hand 17.5 14.7 ________ ________ 304.3 312.5 Creditors: amounts falling due within one year (173.6) (196.0) ________ ________ Net current assets 130.7 116.5 ________ ________ Total assets less current liabilities 313.6 310.1 Creditors: amounts falling due after more than one (92.4) (123.0) year Provisions for liabilities and charges (8.2) (4.3) ________ ________ 213.0 182.8 ======== ======== Capital and reserves Called up share capital 73.1 73.1 Share premium 41.2 41.0 Revaluation reserve 14.1 24.3 Profit and loss account 40.4 0.5 Shareholders' funds ________ ________ Equity interests 120.9 91.0 Non-equity interests 47.9 47.9 ________ ________ 168.8 138.9 Equity minority interests 44.2 43.9 ________ ________ 213.0 182.8 ======== ======== Reconciliation of Movements in Consolidated Shareholders' Funds For the Year ended 31 December 2001 2001 2000 £m £m Profit for the financial year 40.9 15.4 Dividends (19.9) (13.2) _________ _______ Retained profit for the year 21.0 2.2 Currency translation differences on foreign currency (1.9) 2.8 net investments Revaluation of fixed assets - 3.9 Share capital issued (repaid) 0.2 (0.7) Goodwill written back on disposals 10.6 0.3 _________ _______ Net addition to shareholders' funds 29.9 8.5 Opening shareholders' funds 138.9 130.4 _________ _______ Closing shareholders' funds 168.8 138.9 ========= ======= Consolidated Cash Flow Statement For the Year ended 31 December 2001 2001 2000 £m £m Net cash inflow from operating activities 55.7 60.2 _________ _______ Returns on investments and servicing of finance Interest received 3.4 3.1 Interest paid (9.2) (11.9) Preference dividends paid (3.9) (3.9) Dividends paid to minorities (1.8) (6.9) _________ _______ Net cash (outflow) from returns on investments and (11.5) (19.6) servicing of finance _________ _______ Taxation paid (12.5) (6.1) _________ _______ Capital expenditure and financial investment Purchase of tangible fixed assets (26.2) (21.7) Sale of tangible fixed assets 2.1 1.6 Purchase of trade investments (0.9) (0.2) _________ _______ Net cash (outflow) from capital expenditure and (25.0) (20.3) financial investment _________ _______ Acquisitions and disposals Purchase of subsidiary undertakings (51.5) (28.9) Net (overdrafts) cash acquired with subsidiary (0.7) 1.4 undertakings Purchase of associated undertakings - (0.7) Purchase of minority interests in subsidiaries - (1.4) Net proceeds from disposal of operations 95.9 - Net cash disposed of with subsidiary undertakings (16.4) - Net proceeds from disposal of joint venture and 4.1 1.6 associated undertakings Proceeds from disposal of other investments 8.7 0.8 _________ _______ Net cash inflow (outflow) from acquisitions and 40.1 (27.2) disposals _________ _______ Equity dividends paid (21.1) (9.2) _________ _______ Net cash inflow (outflow) before use of liquid 25.7 (22.2) resources and financing _________ _______ Management of liquid resources Net movement in short term money market deposits 5.7 (1.0) _________ _______ Financing Ordinary share capital issued 0.2 - Preference share capital repaid - (0.7) (Decrease) in borrowings due within one year (0.3) (20.8) (Decrease) increase in borrowings due beyond one year (24.8) 28.8 Capital element of finance leases (0.2) (0.2) _________ _______ Net cash (outflow) inflow from financing (25.1) 7.1 _________ _______ Increase (decrease) in cash 6.3 (16.1) ========= ======= Notes to the Financial Statements 1. SEGMENTAL ANALYSIS Turnover and operating profit, including associated and joint venture undertakings but before net interest costs, exceptional items and taxation, are shown below. 2001 2001 2001 2000 2000 2000 Turnover Operating Net assets Turnover Operating Net assets profit (liabilities) profit (liabilities) (loss) (loss) ACTIVITY £m £m £m £m £m £m Oil and 587.3 19.0 96.9 703.9 19.0 95.1 gas marketing and distribution Less share of - - - (2.5) - - joint venture undertaking Share of joint - - - - 1.4 1.9 venture undertaking Oilfield 268.3 21.5 131.5 106.3 7.2 96.4 services and tubular products Share of - - 1.0 - - 1.0 associate undertakings Exploration 79.5 4.7 37.8 67.9 1.6 37.0 and other activities Share of - - - - 0.5 2.3 associated undertakings ______ _______ ______ _____ ______ ______ Continuing 935.1 45.2 267.2 875.6 29.7 233.7 operations Discontinued operations Defence 100.2 (1.1) - 340.3 12.0 41.4 Share of - - - - 0.2 0.3 associated undertakings ______ _______ ______ _______ ______ ______ 1,035.3 44.1 267.2 1,215.9 41.9 275.4 ======= ======= ======= ====== Net funding (73.2) (100.8) Pension fund 11.0 8.6 prepayment (net) Central assets 8.0 (0.4) (liabilities) _______ ______ 213.0 182.8 ======= ====== AREA OF OPERATIONS Continuing operations Europe - UK 68.0 5.1 1.4 36.4 (1.9) 20.2 - Continent 29.0 (0.7) 9.5 15.0 (3.3) 13.8 Canada 624.3 21.3 125.3 678.1 21.3 116.8 Share of - - - (2.5) 1.4 1.9 joint venture - Canada US 209.7 19.4 129.3 145.0 12.3 76.1 Share of - - - - 0.5 2.5 associates - UK - Other - - 1.0 - - 0.8 Other 4.1 0.1 0.7 3.6 (0.6) 1.6 _____ _____ _____ _____ _____ ____ 935.1 45.2 267.2 875.6 29.7 233.7 Discontinued operations Europe - UK 89.9 0.2 - 307.6 9.7 24.9 - Continent 2.7 (0.4) - 5.1 (0.3) 1.4 Canada 2.2 (0.3) - 9.1 1.2 4.0 US 5.4 (0.6) - 11.0 0.3 7.0 Share of - - - - 0.2 0.3 associates - Other Other - - - 7.5 1.1 4.1 _______ _____ _____ ________ _____ _____ 1,035.3 44.1 267.2 1,215.9 41.9 275.4 Net funding (73.2) (100.8) Pension fund 11.0 8.6 prepayments (net) Central assets 8.0 (0.4) (liabilities) ______ _______ 213.0 182.8 ====== ======= Inter-divisional turnover is not material and turnover by destination is not materially different to the area of operation. Most of the Group's financing is arranged centrally and is not specifically attributable to individual activities or geographic areas. 2. The summary of the results for the year ended 31 December 2001 does not constitute full financial statements within the meaning of Section 254 of the Companies Act 1995. Full consolidated accounts for Hunting PLC for the year ended 31 December 2001 will be delivered to the Registrar of Companies and an unqualified auditors' report has been given on the accounts. This information is provided by RNS The company news service from the London Stock Exchange

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