REG - Hunting PLC - Half Year Results <Origin Href="QuoteRef">HTG.L</Origin> - Part 2
29/10/2014 15:47
- Part 2: For the preceding part double click ID:nRSb1739Qa
(1.6) (21.4) (1.5) (22.9)
Total comprehensive (expense) income - - (19.8) 53.7 33.9 0.2 34.1
Dividends - - - (31.2) (31.2) - (31.2)
Shares issued
- share option schemes and awards 0.2 0.7 - - 0.9 - 0.9
Treasury shares
- purchase of treasury shares - - - (6.7) (6.7) - (6.7)
Share options and awards
- value of employee services - - 1.6 - 1.6 - 1.6
- discharge - - (3.3) 8.9 5.6 - 5.6
Total transactions with owners 0.2 0.7 (1.7) (29.0) (29.8) - (29.8)
At 30 June 61.2 149.8 20.5 1,075.6 1,307.1 29.9 1,337.0
Year ended 31 December 2013
Other Non-
Share Share components Retained controlling Total
capital premium of equity earnings Total interests equity
$m $m $m $m $m $m $m
At 1 January restated 61.0 149.1 42.0 1,050.9 1,303.0 29.7 1,332.7
Profit for the year - - - 117.9 117.9 3.7 121.6
Other comprehensive (expense) income - - (0.2) 2.8 2.6 0.8 3.4
Total comprehensive (expense) income - - (0.2) 120.7 120.5 4.5 125.0
Dividends - - - (42.5) (42.5) (3.3) (45.8)
Shares issued
- share option schemes and awards 0.3 1.5 - - 1.8 - 1.8
Treasury shares
- purchase of treasury shares - - - (6.7) (6.7) - (6.7)
Share options and awards
- value of employee services - - 3.4 - 3.4 - 3.4
- discharge - - (3.6) 9.2 5.6 - 5.6
- taxation - - - (1.3) (1.3) - (1.3)
Other - - - 0.1 0.1 - 0.1
Total transactions with owners 0.3 1.5 (0.2) (41.2) (39.6) (3.3) (42.9)
At 31 December 61.3 150.6 41.6 1,130.4 1,383.9 30.9 1,414.8
Condensed Consolidated Statement of Cash Flows
Restated
Unaudited Unaudited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2014 2013 2013
Notes $m $m $m
Operating activities
Profit from operations 72.3 63.0 137.4
Depreciation, amortisation and impairment 49.0 47.6 98.2
Loss (profit) on disposal of property, plant and equipment 3.5 1.8 (0.1)
Proceeds from disposal of property, plant and equipment held for rental 3.0 2.9 8.9
Purchase of property, plant and equipment held for rental (11.9) (11.2) (26.1)
(Increase) decrease in inventories (31.4) (19.3) 11.0
Increase in receivables (37.2) (15.1) (0.8)
Increase (decrease) in payables 31.8 (12.6) (26.2)
Decrease in provisions (1.8) (1.6) (4.2)
Taxation paid (18.1) (5.2) (20.4)
Other non-cash flow items 3.0 1.2 2.3
Net cash inflow from operating activities 62.2 51.5 180.0
Investing activities
Interest received 1.5 1.2 2.6
Dividends received from associates 4.4 1.2 1.2
Purchase of subsidiaries 10 (3.0) (10.7) (10.7)
Indemnity receipts in respect of disposed subsidiaries - 14.6 17.7
Proceeds from disposal of associates 0.2 - -
Net movement on loans to and from associates (0.1) 0.3 0.3
Proceeds from disposal of property, plant and equipment 0.3 1.2 5.4
Purchase of property, plant and equipment (42.7) (21.0) (68.9)
Purchase of intangible assets (2.4) (0.6) (5.1)
(Increase) decrease in bank deposit investments (2.0) - 3.0
Net cash outflow from investing activities (43.8) (13.8) (54.5)
Financing activities
Interest and bank fees paid (4.4) (4.3) (8.9)
Equity dividends paid (32.1) - (42.5)
Non-controlling interest dividend paid - - (3.3)
Share capital issued 1.6 0.9 1.8
Purchase of treasury shares (7.5) (6.7) (6.7)
Proceeds from new borrowings 12.7 24.6 11.3
Repayment of borrowings - (69.4) (71.5)
Net cash outflow from financing activities (29.7) (54.9) (119.8)
Net cash (outflow) inflow in cash and cash equivalents (11.3) (17.2) 5.7
Cash and cash equivalents at the beginning of period 52.4 47.2 47.2
Effect of foreign exchange rates (0.4) (0.8) (0.5)
Cash and cash equivalents at the end of the period 40.7 29.2 52.4
Cash and cash equivalents at the end of the period comprise:
Cash at bank and in hand 91.3 145.2 167.4
Bank overdrafts included in borrowings (50.6) (116.0) (115.0)
40.7 29.2 52.4
Notes
1. Basis of Accounting
The financial information contained in this half year report complies with IAS 34 Interim Financial Reporting, as adopted
by the European Union, and with the Disclosure and Transparency Rules of the Financial Conduct Authority. The condensed set
of consolidated financial statements should be read in conjunction with the 2013 Annual Report and Accounts, which have
been prepared in accordance with the Companies Act 2006 and IFRSs and IFRICs, as adopted by the European Union. The
accounting policies adopted in this condensed set of consolidated interim financial statements are consistent with those
used to prepare the 2013 Annual Report and Accounts except as described below.
The following have been adopted and are effective for the financial year ending 31 December 2014:
- IFRS10 Consolidated Financial Statements
- IFRS11 JointArrangements
- IFRS12Disclosure ofInterestsinOtherEntities
- IAS 27 (revised) Separate Financial Statements
- IAS28 (revised) Investmentsin Associates and Joint Ventures
- IFRIC 21 Levies
- Amendment to IAS 32 - Offsetting Financial Assets and Financial Liabilities
- Transition Guidance(Amendmentsto IFRS 10,IFRS 11and IFRS12)
There has been no impact on the Group's financial position or performance from the adoption of these IFRSs or IFRIC
interpretations.
Standards effective subsequent to the period end, which are being assessed to determine whether there is a significant
impact on the Group's results or financial position include:
- IFRS9 Financial Instruments
- IFRS15 Revenue from Contracts with Customers
In preparing this condensed set of consolidated financial statements, the significant judgements, estimates and assumptions
made by management in applying the Group's accounting policies were the same as those applied in the 2013 Annual Report and
Accounts. Terms used in this condensed set of consolidated financial statements are defined in the Glossary on pages 152
to 154 contained in the 2013 Annual Report and Accounts.
This half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of
the statutory accounts for the year ended 31 December 2013 has been delivered to the Registrar of Companies. The
independent auditors' report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not
contain any statement under section 498 of the Companies Act 2006. This condensed set of consolidated interim financial
statements has been reviewed, not audited.
Change in Presentational Currency
Following the change in the currency in which the Group presents its financial statements from Sterling to US Dollars, the
Group's condensed consolidated financial statements for the six months ended 2013 have been restated in US Dollars.
The average exchange rates used to translate the Group's results into US Dollars are as follows:
Exchange rates Six months ended 30 June 2013
US$/£ - average 0.6478
US$/£ - period end 0.6593
Going Concern Basis
The Group has a broad range of products and services, a large portfolio of production and storage facilities, a
sufficiently diverse global customer and supplier base and meets its day-to-day working capital requirements through its
cash and debt facilities.
The Group retains limited exposure to credit risk as it has strong, well-developed relationships with its major customers
and maintains insurance cover for 96% of its trade receivables.
In conducting its review of the Group's ability to remain as a going concern for the foreseeable future, the Board assessed
the Group's recent trading position and its latest forecasts and took account of reasonably
predictable changes in future trading performance. The Board also considered the Group's current business model, its
strategy, the principal risks and the potential financial impact of the estimates, judgements and assumptions that were
used to prepare these financial statements. The Board is satisfied that all material uncertainties have been identified and
they are not considered to be sufficiently material to impact the financial viability of the Group.
The Group has access to considerable financial resources including a $641m (£375m) committed bank facility. The main
financial covenants attached to this facility are (1) EBITDA should not be less than four times net finance charges, and
(2) net debt should be no more than three times adjusted EBITDA. The Group continues to have significant headroom over both
covenants.
The Board is satisfied that it has conducted a robust review of the Group's foreseeable future and has a high level of
confidence that the Group has the necessary liquid resources to meet its liabilities as they fall due, will be able to
sustain its operational requirements and will remain solvent during that period. Consequently the Board continues to adopt
the going concern basis of accounting in preparing these condensed consolidated interim financial statements.
2. Segmental Reporting
The Group reports on seven operating segments, two of which are discontinued operations, in its internal management
reports, which are used to make strategic decisions. The Group's segments are strategic business units that offer different
products and services to international oil and gas companies, undertake exploration and production activities and provide
broking services to the shipping sector.
The Well Construction segment provides products and services used by customers for the drilling phase of oil and gas wells,
along with associated equipment used by the underground construction industry for telecommunication infrastructure
build-out and precision machining services for the energy, aviation and power generation sectors.
The Well Completion segment provides products and services used by customers for the completion phase of oil and gas
wells.
The Well Intervention segment provides products and services used by customers for the production, maintenance and
restoration of existing oil and gas wells.
The Exploration and Production segment includes the Group's oil and gas exploration and production activities in the
Southern US and offshore Gulf of Mexico. The Board of Hunting will not be making any new capital investment, beyond where
the division has contractual commitments and so the division will in future focus on producing out its remaining reserves,
with a view to winding down the operation.
Gibson Shipbrokers is a global energy shipping broker headquartered in London. Crude oil, fuel oil and bio fuels are
shipped along with dry bulk such as coal, iron ore and grain. Gibson Shipbrokers is also involved in the shipping of
liquefied petroleum gas ("LPG"), petrochemicals and liquefied natural gas ("LNG").
The discontinued operations comprise Field Aviation, which was sold in 2012, and Gibson Energy, which was sold in 2008.
Gibson Energy and Field Aviation continue to generate accounting entries due to sale related transactions and are required
for reconciliation purposes.
The following tables present the results of the operating segments on the same basis as that used for internal reporting
purposes to the Chief Operating Decision Maker.
The Group measures the performance of its operating segments based on revenue and profit from operations, before
exceptional items and the amortisation of intangible assets. Accounting policies used for segment reporting reflect those
used for the Group. Inter-segment sales are priced on an arm's length basis. Costs and overheads incurred centrally are
apportioned to the continuing operating segments on the basis of time attributed to those operations by senior executives.
There has been no change in the basis of measurement of segment profit or loss since the year ended 31 December 2013.
Results from Operations
Six months ended 30 June 2014
Total gross revenue Inter-segmental revenue Total revenue Profit from operations before amortisation and exceptional items Amortisationandexceptionalitems Total
$m $m $m $m $m $m
Continuing operations:
Hunting Energy Services
Well Construction 185.1 (2.9) 182.2 24.6 (3.7) 20.9
Well Completion 417.0 (6.3) 410.7 60.5 (17.7) 42.8
Well Intervention 65.7 - 65.7 10.1 (0.5) 9.6
667.8 (9.2) 658.6 95.2 (21.9) 73.3
Other Activities
Exploration and Production 5.5 - 5.5 1.6 (2.9) (1.3)
Gibson Shipbrokers 23.4 - 23.4 0.3 - 0.3
Total from continuing operations 696.7 (9.2) 687.5 97.1 (24.8) 72.3
Net finance expense (2.9) - (2.9)
Share of associates' post-tax losses (0.3) - (0.3)
Profit before tax from continuing operations 93.9 (24.8) 69.1
Restated
Six months ended 30 June 2013
Total gross revenue Inter-segmental revenue Total revenue Profit from operations before amortisation and exceptional items Amortisationandexceptionalitems Total
$m $m $m $m $m $m
Continuing operations:
Hunting Energy Services
Well Construction 195.7 (3.6) 192.1 27.8 (3.7) 24.1
Well Completion 393.8 (5.8) 388.0 60.9 (23.6) 37.3
Well Intervention 51.4 - 51.4 5.7 (0.5) 5.2
640.9 (9.4) 631.5 94.4 (27.8) 66.6
Other Activities
Exploration and Production 4.3 - 4.3 0.4 (3.7) (3.3)
Gibson Shipbrokers 19.9 - 19.9 (0.3) - (0.3)
Total from continuing operations 665.1 (9.4) 655.7 94.5 (31.5) 63.0
Net finance expense (3.3) - (3.3)
Share of associates' post-tax profits 0.3 - 0.3
Profit before tax from continuing operations 91.5 (31.5) 60.0
Discontinued operations:
Gibson Energy - - - - 12.6 12.6
Field Aviation - - - - (0.1) (0.1)
Total from discontinued operations - - - - 12.5 12.5
Year ended 31 December 2013
Total gross revenue Inter-segmental revenue Total revenue Profit from operations before amortisation and exceptional items Amortisationandexceptionalitems Total
$m $m $m $m $m $m
Continuing operations:
Hunting Energy Services
Well Construction 387.9 (7.0) 380.9 58.6 (7.4) 51.2
Well Completion 805.6 (9.5) 796.1 124.5 (42.3) 82.2
Well Intervention 108.6 - 108.6 15.7 (0.9) 14.8
1,302.1 (16.5) 1,285.6 198.8 (50.6) 148.2
Other Activities
Exploration and Production 8.0 - 8.0 1.2 (10.5) (9.3)
Gibson Shipbrokers 40.4 - 40.4 (1.5) - (1.5)
Total from continuing operations 1,350.5 (16.5) 1,334.0 198.5 (61.1) 137.4
Net finance expense (2.8) - (2.8)
Share of associates' post-tax profits 0.4 - 0.4
Profit before tax from continuing operations 196.1 (61.1) 135.0
Discontinued operations:
Gibson Energy - - - - 15.7 15.7
Field Aviation - - - - (0.2) (0.2)
Total from discontinued operations - - - - 15.5 15.5
Taxation - (0.1) (0.1)
Profit from discontinued operations - 15.4 15.4
Geographical Information
Total revenue Profit from operations before amortisation and exceptional items
Six months ended 30 June 2014 Six months ended 30 June 2013 Year ended 31 December 2013 Six months ended 30 June 2014 Six months ended 30 June 2013 Year ended 31 December 2013
$m $m $m $m $m $m
Continuing operations:
Hunting Energy Services
USA 407.1 397.4 798.8 74.8 74.2 155.8
Canada 41.5 30.7 75.3 0.8 (1.0) (2.4)
North America 448.6 428.1 874.1 75.6 73.2 153.4
UK 77.7 74.6 148.6 2.2 5.7 11.3
Rest of Europe 15.2 13.2 27.4 1.4 1.5 3.0
Europe 92.9 87.8 176.0 3.6 7.2 14.3
Singapore 76.0 72.2 144.7 14.1 13.2 28.1
Rest of Asia Pacific 33.1 35.2 72.2 1.3 0.5 2.3
Asia Pacific 109.1 107.4 216.9 15.4 13.7 30.4
Middle East, Africa and Other 8.0 8.2 18.6 0.6 0.3 0.7
658.6 631.5 1,285.6 95.2 94.4 198.8
Other Activities
UK 20.6 17.6 35.4 0.4 (0.3) (0.8)
USA 5.5 4.3 8.0 1.6 0.4 1.2
Other 2.8 2.3 5.0 (0.1) - (0.7)
Total from continuing operations 687.5 655.7 1,334.0 97.1 94.5 198.5
3. Amortisation and Exceptional Items
Restated
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2014 2013 2013
$m $m $m
Impairment of property, plant and equipment 2.9 2.9 7.9
Fair value uplift to inventories charge - 3.2 4.3
Dry hole costs - 0.8 2.6
Charged to cost of sales 2.9 6.9 14.8
Amortisation of intangible assets 21.9 21.7 43.4
Settlement of litigation and associated legal expenses - 2.9 2.9
Charged to operating expenses 21.9 24.6 46.3
Amortisation and exceptional items 24.8 31.5 61.1
Taxation on amortisation and exceptional items (9.5) (11.0) (23.3)
Total from continuing operations 15.3 20.5 37.8
Following a valuation of oil and gas reserves at 30 June 2014 performed for impairment purposes, a charge of $2.9m (2013 -
$2.9m) for oil and gas development expenditure was incurred in the period reflecting a reduction in reserve estimates
compared to those at 31 December 2013.
Under IFRS, at acquisition, inventory values are adjusted from their carrying values (generally at cost of production) to a
fair value, which includes profit attributable to the degree of completion of the inventory. This uplift is charged to the
income statement as the inventory is sold, thereby reducing reported operating profits. In the six months ended 30 June
2014, the charge was $nil (2013 - $3.2m) relating to acquisitions completed in the second half of 2011.
Dry hole costs of $0.8m were incurred and paid during the first half of 2013 from our Exploration and Production
activities.
During 2013, the Group settled a pre-acquisition litigation case brought against one of its subsidiaries. The settlement
cost and associated legal expenses amounted to $2.9m.
4. EBITDA
Restated
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2014 2013 2013
$m $m $m
Reported profit from continuing operations 72.3 63.0 137.4
Add: amortisation and exceptional items (note 3) 24.8 31.5 61.1
Add: depreciation 24.2 22.2 44.3
Underlying EBITDA 121.3 116.7 242.8
Less: exceptional items impacting EBITDA - (6.1) (7.2)
Reported EBITDA 121.3 110.6 235.6
"EBITDA" is a non-GAAP measure and underlying EBITDA is defined as pre-exceptional profit from continuing operations before
interest, tax, depreciation, amortisation and impairment to property, plant and equipment. EBITDA is used by the Board as a
measure of the Group's performance.
5. Taxation
The taxation charge for the six months ended 30 June 2014 is calculated by applying the estimated annual Group effective
rate of tax to the profit for the period.
The estimated weighted average tax rate for continuing operations before amortisation and exceptional items for the year
ending 31 December 2014 is 27% and has been used for the six months ended 30 June 2014 (six months ended 30 June 2013 -
29%; year ended 31 December 2013 - 27%).
Included in the income statement are tax credits of $9.5m in respect of amortisation and exceptional items from continuing
operations (six months ended 30 June 2013 - $11.0m; year ended 31 December 2013 - $23.3m).
6. Discontinued Operations
Gibson Energy
The sale of Gibson Energy Inc., Hunting's Canadian midstream services operation, was completed on 12 December 2008. The
settlement of related tax disputes gave rise to gains in 2013.
Restated
Six months ended 30 June 2013 Year ended 31 December 2013
Field Gibson Field Gibson
Aviation Energy Total Aviation Energy Total
$m $m $m $m $m $m
(Loss) gain on disposal:
(Loss) gain on disposal before tax (0.1) 12.6 12.5 (0.2) 15.7 15.5
Taxation - - - - (0.1) (0.1)
Total (loss) profit from discontinued operations (0.1) 12.6 12.5 (0.2) 15.6 15.4
7. 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 dilution in respect of share options applies where the exercise price is
less than the average market price of the Company's Ordinary shares during the period and the possible issue of shares
under the Group's long-term incentive plans.
Reconciliations of the earnings and weighted average number of Ordinary shares used in the calculations are set out below:
Restated
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2014 2013 2013
$m $m $m
Basic and diluted earnings attributable to Ordinary shareholders:
From continuing operations 52.3 42.8 102.5
From discontinued operations - 12.5 15.4
Total 52.3 55.3 117.9
Basic and diluted earnings attributable to Ordinary shareholders before amortisation and exceptional items:
From continuing operations 52.3 42.8 102.5
Add: amortisation and exceptional items after taxation 15.3 20.5 37.8
Total 67.6 63.3 140.3
From discontinued operations - 12.5 15.4
Add: exceptional items after taxation - (12.5) (15.4)
Total - - -
millions millions millions
Basic weighted average number of Ordinary shares 147.2 146.4 146.5
Dilutive outstanding share options 0.5 1.1 1.1
Long-term incentive plans 3.0 2.6 2.4
Adjusted weighted average number of Ordinary shares 150.7 150.1 150.0
cents cents cents
Basic EPS:
From continuing operations 35.6 29.3 70.0
From discontinued operations - 8.5 10.5
35.6 37.8 80.5
Diluted EPS:
From continuing operations 34.7 28.5 68.3
From discontinued operations - 8.3 10.3
34.7 36.8 78.6
Earnings per share before amortisation and exceptional items*
Basic EPS:
From continuing operations 46.0 43.3 95.8
From discontinued operations - - -
46.0 43.3 95.8
Diluted EPS:
From continuing operations 44.9 42.2 93.5
From discontinued operations - - -
44.9 42.2 93.5
* Earnings per share before amortisation and exceptional items is a non-GAAP measure.
8. Property, Plant and Equipment
During the first six months of 2014, the net book value of property, plant and equipment increased from $431.8m to $450.0m
due to additions of $50.3m and foreign exchange adjustments of $1.9m, offset by disposals of $6.9m, depreciation of $24.2m
and impairments of $2.9m.
Additions include $18.7m for land and buildings, $16.4m for plant, machinery and motor vehicles, $12.8m for rental tools
and $2.4m for oil and gas exploration and development.
9. Other Intangible Assets
During the first six months of 2014, the net book value of other intangible assets decreased from $263.0m to $243.6m due to
amortisation of $21.9m, offset by foreign exchange adjustments of $0.1m and $2.4m additions.
10. Acquisitions
Hunting Specialty Supply LLP
On 16 January 2014, a final payment of $3.0m was made to the sellers of Specialty in respect of the contingent
consideration arrangement.
11. Dividends Paid
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2014 2013 2013
$m $m $m
Ordinary dividends:
2013 final paid - 21.8c 32.1 - -
2013 interim paid - 7.7c - - 11.3
2012 final paid - 21.3c - - 31.2
32.1 - 42.5
The 2013 final dividend was paid on 27 May 2014 (2012 final dividend paid 1 July 2013). A 2014 interim dividend of 8.1cper
share, which will absorb an estimated $12.0m, has been approved by the Board for payment on 26 November 2014 to
shareholders on the register at the close of business on 7 November 2014, with an ex-dividend date of 6 November 2014. The
dividend will be paid in Sterling and the Sterling value of the dividend payable per share will be fixed and announced
approximately two weeks prior to the payment date based on the average spot exchange rate over the three business days
preceding the announcement date. The Company will announce the Sterling interim dividend amount on or around 12 November
2014.
12. Changes in Net Debt
At Amortisation At
1 January Cash Exchange of loan 30 June
2014 flow movements facility fees 2014
$m $m $m $m $m
Cash and cash equivalents 167.4 (77.2) 1.1 - 91.3
Bank overdrafts (115.0) 65.9 (1.5) - (50.6)
52.4 (11.3) (0.4) - 40.7
Current investments 2.0 2.0 0.2 - 4.2
Non-current borrowings (239.3) - - (0.9) (240.2)
Current borrowings (20.9) (12.7) (0.1) - (33.7)
Total net debt (205.8) (22.0) (0.3) (0.9) (229.0)
At Amortisation At
1 January Cash Exchange of loan 30 June
2013 flow movements facility fees 2013
$m $m $m $m $m
Cash and cash equivalents 165.3 (13.0) (7.1) - 145.2
Bank overdrafts (118.1) (4.2) 6.3 - (116.0)
47.2 (17.2) (0.8) - 29.2
Current investments 5.1 - (0.3) - 4.8
Non-current borrowings (304.7) 65.0 - (0.8) (240.5)
Current borrowings (14.0) (20.2) (0.1) - (34.3)
Total net debt (266.4) 27.6 (1.2) (0.8) (240.8)
Net debt is a non-GAAP measure and is defined as bank overdrafts, current and non-current borrowings and finance leases
less cash and cash equivalents and current investments.
13. Capital Commitments
Group capital expenditure committed, for the purchase of property, plant and equipment, but not provided for in the six
months ended 30 June 2014 amounted to $32.1m (at 30 June 2013 - $25.6m; at 31 December 2013 - $19.2m).
14. Financial Instruments: Fair Values
The carrying value of investments, non-current trade and other receivables, net trade receivables, accrued revenue, other
receivables, deposits maturing after three months, cash and cash equivalents, trade payables, accruals, other payables,
provisions, bank overdrafts, unsecured bank loans and other unsecured loans approximates their fair value. Drawdowns under
the multi-currency loan facility are for periods of one month or less, and as a result, the carrying value and the fair
value are considered to be the same.
The following tables present the Group's financial assets and liabilities that are measured at fair value at the period end
and show the level in the fair value hierarchy in which the fair value measurements are categorised. There were no
transfers between Level 1 and Level 2 during the period.
Fair value
at 30 June
2014 Level 1 Level 2 Level 3
$m $m $m $m
Non-current investments
Unlisted equity investments 0.4 - - 0.4
Listed equity investments and mutual funds 8.6 8.6 - -
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