REG - Hunting PLC - Half Year Results <Origin Href="QuoteRef">HTG.L</Origin> - Part 3

HuntingAnnouncement

29/10/2014 15:47

- Part 3: For the preceding part double click  ID:nRSb1739Qb 

Environmental escrow                            0.6         -        -        0.6      
 Derivatives held for trading                                                           
 Derivative financial assets                     0.2         -        0.2      -        
 Derivative financial liabilities                (0.1)       -        (0.1)    -        
 Derivatives at fair value through equity                                               
 Derivative financial assets                     1.1         -        1.1      -        
 Total                                           10.8        8.6      1.2      1.0      
 
 
                                                 Restated    
                                                 Fair value                             
                                                 at 30 June                             
                                                 2013        Level 1  Level 2  Level 3  
                                                 $m          $m       $m       $m       
 Non-current investments                                                                
 Unlisted equity investments                     0.3         -        -        0.3      
 Listed equity investments and mutual funds      6.7         6.7      -        -        
 Environmental escrow                            0.4         -        -        0.4      
 Derivative financial assets                     0.1         -        0.1      -        
 Derivatives held for trading                                                           
 Derivative financial liabilities                (0.1)       -        (0.1)    -        
 Derivatives at fair value through equity                                               
 Derivative financial assets                     0.1         -        0.1      -        
 Derivative financial liabilities                (0.5)       -        (0.5)    -        
 Current liabilities                                                                    
 Contingent consideration                        (2.8)       -        -        (2.8)    
 Total                                           4.2         6.7      (0.4)    (2.1)    
 
 
                                                 Fair value                                 
                                                 at 31 December                             
                                                 2013            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      8.0             8.0      -        -        
 Environmental escrow                            0.6             -        -        0.6      
 Derivatives held for trading                                                               
 Derivative financial liabilities                (0.1)           -        (0.1)    -        
 Derivatives at fair value through equity                                                   
 Derivative financial assets                     1.8             -        1.8      -        
 Current liabilities                                                                        
 Contingent consideration                        (3.0)           -        -        (3.0)    
 Total                                           7.7             8.0      1.7      (2.0)    
 
 
The fair value hierarchy has the following levels: 
 
Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 
 
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability. 
 
Level 3 - inputs for the asset or liability that are not based on observable market data. 
 
The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract
with the coterminus cash flows potentially available in the forward exchange market on the balance sheet date. The
available for sale unlisted investments are carried at cost, which is the Directors' best estimate of fair value as there
is no active market in which these are traded. The Directors do not intend to dispose of these unlisted investments.  The
fair value of listed equities and mutual funds is based on their current bid prices, which is considered to be the most
representative of fair value, in an active market at the balance sheet date. The fair values of the environmental escrow
and the promissory note, included in non-current investments, are determined by discounting the expected future cash flows.
The fair value of the contingent consideration arrangements was estimated by applying the income approach and appropriate
discount rates. The fair values of non-US Dollar denominated financial instruments are translated into US Dollars using the
period end exchange rate. 
 
The inputs used to determine the fair value of unlisted equity investments, the environmental escrow and the contingent
consideration arrangements are not based on observable market data and therefore their fair value measurements can be
categorised in Level 3 of the fair value hierarchy. The inputs used to determine the fair value of derivative financial
instruments are inputs other than quoted prices that are observable and so the fair value measurement can be categorised in
Level 2 of the fair value hierarchy. The fair value of listed equity investments and mutual funds is based on quoted market
prices and so the fair value measurement can be categorised in Level 1 of the fair value hierarchy. 
 
The table below shows a reconciliation of the fair value measurements in Level 3 of the fair value hierarchy. 
 
                    Contingent consideration  Available for sale financial assets  Total  
                    $m                        $m                                   $m     
 At 1 January 2014  (3.0)                     1.0                                  (2.0)  
 Cash paid          3.0                       -                                    3.0    
 At 30 June 2014    -                         1.0                                  1.0    
 
 
                    Restated                  
                    Contingent consideration  Available for sale financial assets  Total  
                    $m                        $m                                   $m     
 At 1 January 2013  (4.8)                     0.7                                  (4.1)  
 Cash paid          2.0                       -                                    2.0    
 At 30 June 2013    (2.8)                     0.7                                  (2.1)  
 
 
                        Contingent consideration  Available for sale financial assets  Total  
                        $m                        $m                                   $m     
 At 1 January 2013      (4.8)                     0.7                                  (4.1)  
 Additions              -                         0.3                                  0.3    
 Unwinding of discount  (0.2)                     -                                    (0.2)  
 Cash paid              2.0                       -                                    2.0    
 At 31 December 2013    (3.0)                     1.0                                  (2.0)  
 
 
This information is provided by RNS
The company news service from the London Stock Exchange