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
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