REG - Hunting PLC - 2014 Full Year Results <Origin Href="QuoteRef">HTG.L</Origin> - Part 2
05/03/2015 07:01
- Part 2: For the preceding part double click ID:nRSE5858Ga
Directors confirm that the 2014 Annual Report and Accounts, which will be issued on 12 March 2015, complies with the
Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority in respect of the requirement to
produce an annual financial report.
The Directors confirm that to the best of their knowledge and belief:
• the financial statements have been prepared in accordance with International Financial Reporting Statements
("IFRSs") as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and
profit of the Group and the Company;
• the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary
for shareholders to assess a company's performance, business model and strategy;
• the Strategic Report in the 2014 Annual Report and Accounts, from which this narrative is extracted, includes a
fair review of the development and performance of the Group's operations and the year-end position of the Group and the
Company, together with a description of the principal risks and uncertainties they face. The Strategic Report also details
the Group's policies on human rights, gender balance and its scope 1 and 2 greenhouse gas emissions.
A list of current Directors is maintained on the Hunting PLC website: www.huntingplc.com.
This responsibility statement has been prepared in connection with the 2014 Annual Report and Accounts of the Company for
the year ended 31 December 2014. Certain parts of the Annual Report and Accounts are not presented within this
announcement.
By order of the Board
Ben Willey
Company Secretary
5 March 2015
Forward-looking statements
This announcement contains certain forward-looking statements. The forward-looking statements are not intended to be
guarantees of future performance but are based on current views and assumptions and involve known and unknown risks,
uncertainties and other factors that may cause actual results to differ from any future results or developments expressed
or implied from the forward-looking statements.
Consolidated Income Statement
For the Year Ended 31 December 2014
2014 2013*
Notes Before amortisation and exceptional items $m Amortisation and exceptional items (note 5) $m Total $m Before amortisation and exceptional items $m Amortisation and exceptional items (note 5) $m Total $m
Revenue 4 1,386.5 - 1,386.5 1,293.6 - 1,293.6
Cost of sales (942.6) (11.3) (953.9) (898.9) (14.8) (913.7)
Gross profit 443.9 (11.3) 432.6 394.7 (14.8) 379.9
Other operating income 9.5 - 9.5 7.5 - 7.5
Operating expenses (235.6) (92.6) (328.2) (202.2) (46.3) (248.5)
Profit from continuing operations 3 217.8 (103.9) 113.9 200.0 (61.1) 138.9
Finance income 7.5 - 7.5 11.8 - 11.8
Finance expense (12.4) - (12.4) (14.7) - (14.7)
Share of associates' post-tax (losses) profits (0.5) - (0.5) 0.4 - 0.4
Profit before tax from continuing operations 212.4 (103.9) 108.5 197.5 (61.1) 136.4
Taxation 7 (57.2) 20.5 (36.7) (52.1) 23.3 (28.8)
Profit for the year:
From continuing operations 155.2 (83.4) 71.8 145.4 (37.8) 107.6
From discontinued operations 8 0.3 1.1 1.4 (1.4) 15.4 14.0
Profit for the year 155.5 (82.3) 73.2 144.0 (22.4) 121.6
Profit attributable to:
Owners of the parent 151.5 (82.3) 69.2 140.3 (22.4) 117.9
Non-controlling interests 4.0 - 4.0 3.7 - 3.7
155.5 (82.3) 73.2 144.0 (22.4) 121.6
Earnings per share
Basic -from continuing operations 9 102.6c 45.9c 96.8c 71.0c
- from discontinued operations 9 0.2c 1.0c (1.0)c 9.5c
Group total 102.8c 46.9c 95.8c 80.5c
Diluted - from continuing operations 9 100.0c 44.8c 94.5c 69.4c
- from discontinued operations 9 0.2c 1.0c (1.0)c 9.2c
Group total 100.2c 45.8c 93.5c 78.6c
* 2013 has been restated for the designation of Gibson Shipbrokers as a discontinued operation.
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2014
2014 $m 2013 $m
Comprehensive income
Profit for the year 73.2 121.6
Components of other comprehensive income after tax
Items that have been reclassified to profit or loss:
Fair value gains and losses:
- gains transferred to income statement on disposal of cash flow hedges (1.3) (0.2)
- gain transferred to income statement on redemption of available for sale investment (0.2) -
Release of foreign exchange losses 3.8 -
2.3 (0.2)
Items that may be reclassified subsequently to profit or loss:
Exchange adjustments (17.9) (0.9)
Fair value gains and losses:
- gain on available for sale investment arising during the year - 0.2
- (losses) gains originating on cash flow hedges arising during the year (0.1) 1.5
(18.0) 0.8
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit pension schemes 1.5 2.8
Other comprehensive (expense) income after tax (14.2) 3.4
Total comprehensive income for the year 59.0 125.0
Total comprehensive income attributable to:
Owners of the parent 57.2 120.5
Non-controlling interests 1.8 4.5
59.0 125.0
Consolidated Balance Sheet
At 31 December 2014
ASSETS
Non-current assets
Property, plant and equipment 10 473.0 431.8
Goodwill 11 440.6 495.2
Other intangible assets 12 224.8 263.0
Investments in associates 4.4 9.9
Investments 8.9 9.0
Retirement benefit assets 30.9 29.6
Trade and other receivables 3.3 7.5
Deferred tax assets 1.2 3.1
1,187.1 1,249.1
Current assets
Inventories 381.8 386.3
Trade and other receivables 285.6 264.8
Current tax assets 1.6 3.9
Investments 3.8 2.0
Cash and cash equivalents 88.5 167.4
Assets classified as held for sale 13 20.3 -
781.6 824.4
LIABILITIES
Current liabilities
Trade and other payables 197.7 176.5
Current tax liabilities 20.9 21.0
Borrowings 65.4 135.9
Provisions 17 10.6 8.0
Liabilities classified as held for sale 13 15.5 -
310.1 341.4
Net current assets 471.5 483.0
Non-current liabilities
Borrowings 157.9 239.3
Deferred tax liabilities 37.1 34.7
Provisions 17 14.1 25.4
Other payables 11.2 17.9
220.3 317.3
Net assets 1,438.3 1,414.8
Equity attributable to owners of the parent
Share capital 61.6 61.3
Share premium 151.9 150.6
Other components of equity 30.7 41.6
Retained earnings 1,163.9 1,130.4
1,408.1 1,383.9
Non-controlling interests 30.2 30.9
Total equity 1,438.3 1,414.8
Total equity
1,438.3
1,414.8
Consolidated Statement of Changes in Equity
Year ended 31 December 2014
Share Share premium $m Other components of equity $m Retained earnings $m Total $m Non-controlling interests $m Total equity $m
capital
$m
At 1 January 61.3 150.6 41.6 1,130.4 1,383.9 30.9 1,414.8
Profit for the year - - - 69.2 69.2 4.0 73.2
Other comprehensive (expense)income - - (13.5) 1.5 (12.0) (2.2) (14.2)
Total comprehensive income - - (13.5) 70.7 57.2 1.8 59.0Recent news on Hunting
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