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"scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-391": { "value": "27300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-392": { "value": "107400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-408": { "value": "1. Basis of Preparation Hunting PLC is a premium-listed public company limited by shares, with its Ordinary shares quoted on the London Stock Exchange. Hunting PLC was incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The address of the Company\u2019s registered office is shown on page 248. The principal activities of the Group and the nature of the Group\u2019s operations are set out in note 2 and in the Strategic Report on pages 4 to 113. The financial statements consolidate those of Hunting PLC (the \u201cCompany\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d), including the Group\u2019s interests in associates and joint ventures and are presented in US dollars, the currency of the primary economic environment in which the Group operates. The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of the US deferred compensation plan and those financial assets and financial liabilities held at fair value (note 29). The Board\u2019s consideration of the applicability of the going concern basis is detailed further in the Strategic Report on page 111. The principal accounting policies applied in the preparation of these financial statements are set out in note 41. These policies have been consistently applied to all the years presented. In the prior year, the consolidated income statement included presentation of alternative performance measures, previously referred to as underlying results, in addition to IFRS measures. Hunting has revised the format of the condensed consolidated income statement in the current year to present a single column only with IFRS measures in line with current practice and guidance. The format of the relevant income statement notes has also been updated. Adjusted profitability measures used by management have been presented in the Non-GAAP Measures section, which includes further information on the definitions, purpose and reconciliation to IFRS measures. The prior year numbers have not been restated as this is a presentational change only. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-393": { "value": "1. Basis of Preparation Hunting PLC is a premium-listed public company limited by shares, with its Ordinary shares quoted on the London Stock Exchange. Hunting PLC was incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The address of the Company\u2019s registered office is shown on page 248. The principal activities of the Group and the nature of the Group\u2019s operations are set out in note 2 and in the Strategic Report on pages 4 to 113. The financial statements consolidate those of Hunting PLC (the \u201cCompany\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d), including the Group\u2019s interests in associates and joint ventures and are presented in US dollars, the currency of the primary economic environment in which the Group operates. The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of the US deferred compensation plan and those financial assets and financial liabilities held at fair value (note 29). The Board\u2019s consideration of the applicability of the going concern basis is detailed further in the Strategic Report on page 111. The principal accounting policies applied in the preparation of these financial statements are set out in note 41. These policies have been consistently applied to all the years presented. In the prior year, the consolidated income statement included presentation of alternative performance measures, previously referred to as underlying results, in addition to IFRS measures. Hunting has revised the format of the condensed consolidated income statement in the current year to present a single column only with IFRS measures in line with current practice and guidance. The format of the relevant income statement notes has also been updated. Adjusted profitability measures used by management have been presented in the Non-GAAP Measures section, which includes further information on the definitions, purpose and reconciliation to IFRS measures. The prior year numbers have not been restated as this is a presentational change only. Critical Judgements and Key Assumptions Critical judgements are those that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Group\u2019s financial statements. Key assumptions are those concerning future expectations and other key sources of estimation uncertainty at the end of the reporting period and which may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Critical judgements were made in the following areas: \u2022 In determining if the contractual terms for various significant subsea contracts met the requirements of over time revenue accounting as described in note 41; \u2022 In considering whether the conditions were appropriate to recognise deferred tax assets (see note 9); and \u2022 In the assessment of whether an extension option, early termination option or a purchase option in a lessee contract is likely to be exercised by the entity. See note 24. The key estimates used in the preparation of the accounts were: \u2022 The estimates of future cash flows in the budget and extended forecasts considered in the impairment test for cash generating units and the carrying values (see note 15); and \u2022 Estimates of future turn rates by inventory line item in determining inventory provisions (see note 20). Climate Change The Directors have considered the potential impact that climate change could have on the financial statements of the Group and recognise that climate change is a principal risk that the Group will monitor and will react to appropriately. In the judgement of the Directors, the external mid and long-term forecasts used by the Company incorporate climate change developments, and support the view that there will be robust demand for the Group\u2019s oil- and gas-based products for a significant time span. The Group utilises mid-term forecasts to consider whether there any concerns regarding the carrying values or expected lives of longer-lived assets, including goodwill. Climate related risks are not expected to have a significant adverse impact on the Group\u2019s revenue or EBITDA in the medium term. The Directors also believe there is significant operational adaptability in the Group\u2019s asset base to move into other non-hydrocarbon product lines, if required. The Directors believe that there are no other critical judgements or estimates applied in the preparation of the consolidated financial statements. Notes to the Consolidated Financial Statements
Adoption of New Standards, Amendments and Interpretations
There are no new standards that came into effect for the current financial year. A number of amended standards became effective for the financial
year beginning on 1 January 2022; however, the Group did not have to change its accounting policies or make retrospective adjustments as a result
of adopting these amendments.
Future Standards, Amendments and Interpretations
The following standards, amendments and interpretations are effective subsequent to the year-end, and have not been early adopted. The Directors
do not expect that the adoption of the standards and amendments listed below will have a material impact on the financial statements of the Group
in future periods.
\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
ii
\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates
ii
\u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction
ii
\u2022 IFRS 17 Insurance Contracts
ii
\u2022 Amendment to IAS 1: Non-current Liabilities with Covenants
i/iv
\u2022 Amendment to IAS 1: Classification of Liabilities as Current or Non-current Liabilities
i/iii
\u2022 Amendment to IFRS 16: Lease Liability in a Sale and Leaseback
i/iv
i. Not yet endorsed by the UK as at the date of authorisation of the financial statements.
ii. Mandatory adoption date and effective date for the Company is 1 January 2023.
iii. Mandatory adoption date and effective date for the Company has been deferred until not earlier than 1 January 2024.
iv. Mandatory adoption date and effective date for the Company is 1 January 2024.
Interest Rate Benchmark Reform \u2013 Phase 2 \u2013 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16
The impact of the reform and replacement of benchmark interest rates such as GBP LIBOR and other interbank offered rates (\u201cIBORs\u201d) is ongoing.
None of the Group\u2019s hedge accounting has been impacted by the reform regarding LIBOR, as none of the Group\u2019s hedging relationships have any
exposure to interest rate benchmarks that are subject to the proposed regulatory reform. The Group\u2019s cash at bank and in hand balances of $29.4m,
bank overdrafts of $2.1m and the bank borrowing of $2.8m at the year-end have interest rates that are referenced to Central Bank base rates and
have not been affected by the IBOR reforms. There is currently uncertainty around the precise nature of these changes. To transition existing
contracts and agreements that reference LIBOR to SONIA (in respect of Sterling denominated contracts) or SOFR (in respect of US dollar
denominated contracts), adjustments for term differences and credit differences might need to be applied to SONIA and/or SOFR, to enable
the benchmark rates to be economically equivalent on transition. Any amounts borrowed under the Asset Based Lending (\u201cABL\u201d) facility, which
commenced on 7 February 2022 (see note 30(d)(i)), will be charged interest based on SOFR plus a margin. The Group\u2019s treasury department
is responsible for managing the Group\u2019s LIBOR transition plan.
2. Segmental Reporting
For the year ended 31 December 2022, the Group has been reporting on four operating segments in its internal management reports, which
are used to make strategic decisions by the Hunting PLC Board, the Group\u2019s Chief Operating Decision Maker (\u201cCODM\u201d). The Hunting PLC Board
examines the Group\u2019s performance mainly from a geographic perspective, based on the location of the operating activities, as well as by product
group, in order to understand the drivers of Group performance and trends. Due to its size and the nature of its operations, Hunting Titan\u2019s activities
are reported separately.
The Board assesses the performance of the operating segments based on revenue and adjusted operating profit. Adjusted operating profit
is a profit-based measure and excludes the Group\u2019s share of results from associates and joint ventures as well as the effects of adjusting items
(see NGM A). The Directors believe that using the adjusted operating profit provides a more consistent and comparable measure of the operating
segment\u2019s financial performance from one period to the next. This adjusted measure is used by management for planning, resource allocation and
reporting purposes. Adjusted operating profit is reconciled to the unadjusted IFRS result in NGM B. It is important to note that the adjusted operating
profits are quite frequently higher than the IFRS operating profits as they often exclude significant costs and should not be regarded as a complete
picture of the operating segment\u2019s financial performance. The operating segment\u2019s unadjusted operating profit is also presented alongside the
adjusted operating profit.
Finance income and finance expense are not allocated to segments, as this type of activity is overseen by the Group\u2019s central treasury function,
which manages the funding position of the Group.
Inter-segment sales are priced in line with the transfer pricing policy on an arm\u2019s length basis and are eliminated on consolidation. Costs and overheads
are apportioned to the operating segments on the basis of time attributed to those operations by senior executives.
Accounting policies used for segmental reporting reflect those used for the Group. The UK is the domicile of Hunting PLC.
Hunting Titan
Hunting Titan manufactures and distributes a broad range of well completion products and accessories. The segment\u2019s products include both
integrated and conventional gun systems and hardware, a complete portfolio of shaped charges and other energetics products, addressable and
analogue switch technology and electronic instrumentation for certain measurements required in the oil and gas industry. Key products include the
H-2\u2122 and H-3\u2122 gun systems, ControlFire\u2122 switches, EQUAfrac\u2122 shaped charges, the T-Set\u2122 line of setting tools and the PowerSet\u2122 family of
power charges. The business has manufacturing facilities in the US and Mexico, and is supported by strategically-located distribution centres across
North America.
North America
The segment\u2019s businesses supply premium connections, oil country tubular goods (\u201cOCTG\u201d), subsea equipment, intervention tools, electronics
and complex deep hole drilling and precision machining services for the US, Canada and overseas markets. A significant portion of the segment\u2019s
electronics, complex hole drilling and precision machining work is for non-oil and gas sectors. The segment also manufactures perforating system
products for Hunting Titan. Although located in the UK, Enpro has been classified as part of this segment, as it falls under the management of the
Subsea business in the US, and it participates in global offshore projects. The Group\u2019s Canadian business now focuses on OCTG threading, which
is subcontracted to facilities which hold manufacturing licences for Hunting\u2019s premium and semi-premium connections. The segment also includes
the results of the Group\u2019s legacy exploration and production activities in the Southern US and offshore Gulf of Mexico.
Europe, Middle East and Africa (\u201cEMEA\u201d)
Hunting\u2019s European operations comprise businesses in the UK, Netherlands and Norway. Revenue from this segment is generated from the supply
of OCTG (including threading, legacy pipe storage and accessories manufacturing) and the sale and rental of in-field well intervention products in
the UK; OCTG and well testing equipment manufacture in the Netherlands; and multi-product line services and distribution in Norway. The European
OCTG businesses are concentrating on accessory manufacturing and yard services. Hunting\u2019s Middle East manufacturing operations are located
in Dubai, UAE and Dammam, Saudi Arabia. The Group\u2019s operations in Saudi Arabia are carried out through a subsidiary in which Hunting has a 65%
controlling interest and Saja Energy, our business partner, which holds the remaining shares. Hunting\u2019s manufacturing capabilities in Saudi Arabia
focus on well intervention equipment and OCTG products. In addition, Saudi Arabia acts as a sales hub for other products manufactured globally
by the Group, including Well Testing and Perforating Systems.
Asia Pacific
In Indonesia and Singapore, OCTG premium connections and accessories and well intervention equipment are manufactured. In China, OCTG
threading and perforating gun manufacturing are carried out in the facility in Wuxi. The perforating guns are sold to Hunting Titan and also in its
domestic markets. In order to diversify its revenue streams, the segment has also begun selling micro-hydro generators.
The following tables present the results of the operating segments on the same basis as that used for internal reporting purposes to the CODM.
(a) Segment Revenue and Profit
2022
Total
segment
revenue
$m
Inter-
segment
revenue
$m
Total
external
revenue
$m
Adjusted
result
$m
Adjusting
items
$m
Reported
result
$m
Hunting Titan 266.0 (8.2) 257.8 15.9 (5.6) 10.3
North America 349.7 (24.6) 325.1 8.1 (7.0) 1.1
EMEA 71.5 (2.2) 69.3 (6.0) \u2013 (6.0)
Asia Pacific 80.4 (6.8) 73.6 (3.4) \u2013 (3.4)
Total from operations 767.6 (41.8) 725.8
14.6 (12.6) 2.0
Net finance expense (1.7) \u2013 (1.7)
Share of associates\u2019 and joint ventures\u2019 loss
(2.7) \u2013 (2.7)
Profit (loss) before tax from operations
10.2 (12.6) (2.4)
Adjusting items by operating segment:
2022
Hunting
Titan
$m
North
America
$m
Total
$m
Legal fees (5.6) \u2013 (5.6)
Impairment of goodwill \u2013 (7.0) (7.0)
(5.6) (7.0) (12.6)
2021 Total segment revenue $m Inter- segment revenue $m Total external revenue $m Adjusted result $m Adjusting items $m Reported result $m Hunting Titan 189.3 (4.9) 184.4 (0.9) (8.1) (9.0) North America 254.6 (21.7) 232.9 (16.1) (22.6) (38.7) EMEA 58.1 (0.4) 57.7 (11.2) (15.0) (26.2) Asia Pacific 48.1 (1.5) 46.6 (6.9) 0.1 (6.8) Exceptional item not apportioned to operating segments i \u2212 \u2212 \u2212 \u2212 1.0 1.0 Total from operations 550.1 (28.5) 521.6 (35.1) (44.6) (79.7) Net finance expense (2.0) \u2212 (2.0) Share of associates\u2019 loss (3.5) (0.3) (3.8) Profit (loss) before tax from operations (40.6) (44.9) (85.5) i. The $1.0m gain recognised on the disposal of a lease and the corresponding right-of-use asset was not allocated to an operating segment as the original property provisions were not allocated to an operating segment at the time they were recognised. Adjusting items by operating segment: 2021 Hunting Titan $m North America $m EMEA $m Asia Pacific $m Central $m Total $m Amortisation of acquired intangible assets (4.9) (1.8) \u2212 \u2212 \u2212 (6.7) Impairments of property, plant and equipment \u2212 \u2212 (8.6) \u2212 \u2212 (8.6) Impairments of inventories (3.9) (18.9) (5.2) \u2212 \u2212 (28.0) Reversal of impairments of inventories 0.8 0.8 \u2212 0.5 \u2212 2.1 Settlement of warranty claim related to a corporate transaction \u2212 (1.7) \u2212 \u2212 \u2212 (1.7) Restructuring costs (0.1) (1.2) (0.3) (0.4) \u2212 (2.0) Loss on disposal of business \u2212 \u2212 (0.9) \u2212 \u2212 (0.9) Profit on disposal of Canadian assets \u2212 0.2 \u2212 \u2212 \u2212 0.2 Profit on surrender of lease \u2212 \u2212 \u2212 \u2212 1.0 1.0 (8.1) (22.6) (15.0) 0.1 1.0 (44.6) A breakdown of external revenue by products and services is presented below: 2022 $m 2021 $m Perforating Systems 251.9 181.7 OCTG 258.8 172.5 Advanced Manufacturing 75.1 59.6 Subsea 69.0 58.8 Intervention Tools 36.4 25.8 Other 34.6 23.2 Total 725.8 521.6 Revenue from products is further analysed between: Oil and gas 678.2 484.0 Non-oil and gas 47.6 37.6 Total 725.8 521.6
(b) Other Segment Items
2022 2021
Depreciation
i
$m
Amortisation
$m
Impairment
ii
$m
Depreciation
i
$m
Amortisation
$m
Impairment
ii
$m
Hunting Titan 7.5 1.3 (0.1) 7.6 6.2 4.4
North America 19.2 2.8 5.5 21.0 2.9 23.9
EMEA 3.6 0.3 1.7 3.8 0.1 14.1
Asia Pacific 2.7 \u2013 \u2013 3.2 0.1 (0.1)
Total 33.0 4.4 7.1 35.6 9.3 42.3
i. Depreciation in 2022 comprises depreciation of property, plant and equipment $26.6m (2021 \u2013 $28.9m) and depreciation of right-of-use assets $6.4m (2021 \u2013 $6.7m).
ii. Impairment for 2021 has been revised to reflect the change in presentation of the inventory provisions movements in note 20. Impairment comprises the reversal of net impairment of trade
and other receivables $0.6m (2021 \u2013 $1.6m net impairment charge), the net inventory impairment charge of $0.7m (2021 \u2013 $32.1m net impairment charge restated), goodwill $7.0m (2021 \u2013 $nil)
and property, plant and equipment $nil (2021 \u2013 $8.6m).
(c) Geographical Segment Information
Information on the physical location of non-current assets is presented below. The allocated non-current assets below exclude deferred tax assets.
2022
$m
2021
$m
Hunting Titan \u2013 US 178.8 181.5
Hunting Titan \u2013 Canada 2.2 2.4
Hunting Titan \u2013 Other 1.3 0.6
Hunting Titan 182.3 184.5
North America \u2013 US 268.8 292.5
North America \u2013 UK
i
4.2 9.4
North America \u2013 Canada 0.8 1.2
North America 273.8 303.1
EMEA \u2013 UK
i
19.7 19.5
EMEA \u2013 Rest of Europe 5.5 7.2
EMEA \u2013 Middle East 1.5 2.1
EMEA 26.7 28.8
Asia Pacific \u2013 China 10.6 3.3
Asia Pacific \u2013 Indonesia 2.9 3.2
Asia Pacific \u2013 Singapore 5.3 2.5
Asia Pacific 18.8 9.0
Unallocated assets:
Deferred tax assets 13.7 10.3
Total non-current assets 515.3 535.7
i. The value of non-current assets located in the UK, the Group\u2019s country of domicile, is $23.9m (2021 \u2013 $28.9m).
Revenue from external customers attributable to the UK, the Group\u2019s country of domicile, included in the EMEA and North America operating
segments, is $34.5m (2021 \u2013 $35.4m). Revenue attributable to foreign countries totalled $691.3m (2021 \u2013 $486.2m). Revenue attributable to the US,
the Group\u2019s largest individual foreign country where revenue is earned, is $517.4m (2021 \u2013 $366.9m), which represents 71% (2021 \u2013 70%) of the
Group\u2019s revenue from external customers. Revenue attributed to an individual country is based on where the invoice is raised; however, customers
can either be domestic or international customers.
(d) Major Customer
Included in external revenue is revenue of $63.5m (2021 \u2013 $69.4m), which arose from sales to the Halliburton Company Group (\u201cHalliburton\u201d),
the Group\u2019s largest customer. This represents 9% (2021 \u2013 13%) of the Group\u2019s revenue from external customers. All of Hunting\u2019s operating segments
have benefited from trading with Halliburton. In 2022, no single customer contributed more than 10% to the Group\u2019s external revenue, and in 2021
no other single customer contributed more than 10% to the Group\u2019s external revenue.
3. Revenue In the following tables, a breakdown of the Group\u2019s different revenue streams by segment has been given, including the disaggregation of revenue from contracts with customers. 2022 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 256.5 1.3 \u2013 257.8 North America 317.8 2.2 5.1 325.1 EMEA 64.8 4.5 \u2013 69.3 Asia Pacific 73.5 0.1 \u2013 73.6 Total 712.6 8.1 5.1 725.8 2021 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 184.0 0.4 \u2212 184.4 North America 228.8 2.3 1.8 232.9 EMEA 54.4 3.3 \u2212 57.7 Asia Pacific 46.5 0.1 \u2212 46.6 Total 513.7 6.1 1.8 521.6 There is no material difference in the timing of revenue recognition between contracts with customers at a point in time and contracts with customers over time, as the majority of Hunting\u2019s performance obligations are relatively short. Revenue is typically recognised for products when the product is shipped or made available to customers for collection and for services either on completion of the service or, at a minimum, monthly for services covering more than one month. The amount of consideration is not adjusted for the effects of a significant financing component as, at contract inception, the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. 4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the relocation of its facilities to a new, single site in the Tuas port region of Singapore. As a result of this relocation, the Group disposed of the relevant lease liabilities and derecognised the related right-of-use assets, recording a net gain of $2.4m and a net receipt of $2.4m to exit the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments resulted in a net gain of $3.1m during the year. 5. Material Items Due to their size and nature, the following items have been disclosed separately, as required by IAS 1. 2022 Gross amount $m Tax impact $m Legal fees (5.6) \u2013 Impairments of goodwill (7.0) \u2013 Total (12.6) \u2013 During the year, Hunting incurred legal fees of $5.6m in defending a claim made by a competitor against the Group relating to a patent infringement. These costs have been included in administrative expenses. No tax has arisen in relation to these legal fees due to the fact deferred tax is not currently recognised in relation to this jurisdiction. Following the annual review of goodwill, a charge of $7.0m was recognised in relation to Enpro Subsea. Further details can be found in note 15. The impairment charge has been included in administrative expenses. No tax has arisen because the impairment of this goodwill is not a tax deductible expense. 2021 Gross amount $m Tax impact $m Impairments of property, plant and equipment (8.6) 0.8 Net impairments of inventories (25.9) 0.5 Total (34.5) 1.3 In 2021, a number of material charges were recognised following the transactions with Marubeni-Itochu that resulted in a change in the European OCTG business\u2019 future activity. The material charges comprised an impairment of the Fordoun property by $8.6m as the use of the property and expected cash flows for the property changed; and the impairment of pipe inventory of $5.2m to match the net realisable value determined through the due diligence work. During 2021, certain inventory was written down to its net realisable value due to reduced turn rates, increased ageing of inventories and inventory selling prices being lowered following the slower-than-anticipated return to economic growth for many developed economies after the COVID-19 pandemic, which in turn impacted the drilling activity and equipment purchasing of some of the Group\u2019s clients. The net impairment charge considered to be relevant for adjustment in 2021 was $25.9m, which included the $5.2m charge recognised as part of the restructuring exercise discussed above. 6. Profit (Loss) from Operations The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) Fees payable to the Group\u2019s independent auditor and its associates are for: 2022 $m 2021 $m The audit of these financial statements (2.8) (2.1) The audit of the financial statements of the Company\u2019s subsidiaries (0.6) (0.5) Total audit (3.4) (2.6) Audit-related assurance services (0.2) (0.2) Total audit and audit-related services (3.6) (2.8)
7. Employees
2022
$m
2021
$m
Wages and salaries (including annual cash bonuses) (164.4) (125.0)
Social security costs (12.7) (9.7)
Share-based payments (note 37) (9.9) (9.2)
Pension costs
\u2013 defined contribution schemes (note 32) (7.2) (7.0)
\u2013 unfunded defined benefit schemes
i
(note 32) (0.3) (0.2)
Net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense (note 32) \u2013 0.2
Staff costs for the year (194.5) (150.9)
Staff costs for the year are included in the financial statements as follows:
2022
$m
2021
$m
Total staff costs included in reported profit (loss) from operations (note 6) (194.1) (150.7)
Staff costs \u2013 net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense \u2013 0.2
Staff costs capitalised as R&D (0.4) (0.4)
(194.5) (150.9)
i. The amounts disclosed were revised to include the unfunded defined benefit schemes operating in the Middle East of $0.2m in 2021.
The average monthly number of employees by geographical area (including executive Directors) during the year was:
2022
Number
2021
Number
North America 1,486 1,302
Europe 223 223
Asia Pacific 301 341
Central America, Middle East and Africa 92 51
2,102 1,917
The average monthly number of employees by operating segment (including executive Directors) during the year was:
2022
Number
2021
Number
Hunting Titan 595 449
North America 909 837
EMEA 226 220
Asia Pacific 301 341
Central 71 70
2,102 1,917
The actual number of employees at the year-end was 2,258 (2021 \u2013 1,949).
Key management comprises the Board and the eleven members of the Executive Committee who acted during the year. Their aggregate
remuneration in the year was:
2022
$m
2021
i
$m
Salaries, annual cash bonuses and short-term employee benefits (10.8) (5.4)
Post-employment benefits (0.4) (0.3)
Share-based payments (3.4) (2.4)
(14.6) (8.1)
i. Salaries, annual cash bonuses and short-term employee benefits for 2021 have been restated to include non-executive fees of $0.6m.
Remuneration of the Board, included as part of key management compensation, can be found in the Annual Report on Remuneration on pages 145
to 154. The Annual Report on Remuneration disclosures do not include Executive Committee members who are not part of the Board and disclose
share scheme remuneration on a vested rather than accruals basis.
Short-term employee benefits comprise healthcare insurance, company cars and fuel benefits. Post-employment benefits comprise employer
pension contributions. Share-based payments comprise the charge to the consolidated income statement.
The total amounts for Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations were as follows:
2022
$m
2021
$m
Salaries, annual cash bonuses and short-term employee benefits (3.9) (2.1)
Gains on exercise of share awards (0.2) (0.2)
Post-employment benefits (0.2) (0.1)
(4.3) (2.4)
The Group contributes on behalf of the Chief Executive to a US 401K deferred savings plan and an additional deferred compensation scheme.
The Finance Director receives an annual cash sum in lieu of contributions to a company pension scheme.
8. Net Finance Expense
2022
$m
2021
$m
Finance income:
Interest on bank balances and deposits 0.4 0.3
Foreign exchange gains
i
1.3 0.1
Fair value gains on derivative financial instruments 0.8 0.7
Other finance income 0.5 0.4
3.0 1.5
Finance expense:
Interest on lease liabilities (1.2) (1.5)
Bank fees and commissions (2.1) (1.3)
Foreign exchange losses (1.0) (0.6)
Other finance expense
ii
(0.4) (0.1)
(4.7) (3.5)
Net finance expense (1.7) (2.0)
i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities.
ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m).
9. Taxation
2022
$m
2021
$m
Current tax
\u2013 current year charge (4.3) (1.7)
\u2013 adjustments in respect of prior years (0.7) (0.4)
(5.0) (2.1)
Deferred tax
\u2013 origination and reversal of temporary differences 3.5 (0.1)
\u2013 change in tax rate (0.2) (0.8)
\u2013 adjustments in respect of prior years 0.4 (1.2)
3.7 (2.1)
Taxation charge (1.3) (4.2)
The tax charge for the year was $1.3m (2021 \u2013 $4.2m) and the effective tax rate (\u201cETR\u201d) was minus 54% (2021 \u2013 minus 5%). The Group\u2019s ETR is
significantly different to that which might be expected from prevailing jurisdictional rates as it was impacted by a mix of profits and losses in different
businesses and is distorted when deferred tax was not fully recognised in loss-making jurisdictions. As there was a small overall loss before tax for
the year, the impact of differences in the make-up of losses and profits across the Group had a greater impact on the overall Group ETR. This is
particularly notable in the US, where deferred tax is not recognised on the federal tax losses generated in the year. The loss before tax generated in
the US (and other jurisdictions where deferred tax has not been recognised), is then offset at a Group level by profitable jurisdictions, mainly the UK,
Canada and China, where tax was recognised on these profits as they arose.
When the adjusting items are excluded, the Group\u2019s adjusted ETR is 13% (2021 \u2013 minus 12%). The calculation of the adjusted tax charge and
adjusted effective tax rate can be found in NGM D.
The adjustments in respect of prior years within both current tax and deferred tax, totalling a charge of $0.3m (2021 \u2013 $1.6m charge) mainly relate
to true-ups of prior year balances.
Legislation to increase the UK standard rate of corporation tax from 19% to 25% from 1 April 2023 was enacted in 2021. UK deferred tax balances
have been calculated at 19% or 25% depending upon when the balance is expected to unwind.
The table below reconciles the tax on the Group\u2019s loss before tax to a weighted average tax rate for the Group based on the tax rates applicable
to each entity in the Group. A weighted average applicable rate for the year of 4% (2021 \u2013 22%) was used, as this reflects the applicable rates for the
countries applied to their respective profits/losses in the year. The weighted average applicable rate is lower than one would normally expect due to
the mix of profitable and loss-making jurisdictions in the Group. The total tax charge for the year is different to the weighted average rate of tax of 4%
(2021 \u2013 22%) for the following reasons:
2022
$m
2021
$m
Reported loss before tax (2.4) (85.5)
Tax at 4% (2021 \u2013 22%) 0.1 18.7
Permanent differences including tax credits (4.7) (3.7)
Current year deferred tax not recognised (1.5) (16.8)
Recognition of previously unrecognised deferred taxes 5.3 \u2212
Change in tax rates (0.2) (0.8)
Adjustments in respect of prior years (0.3) (1.6)
Taxation (1.3) (4.2)
Tax effects relating to each component of other comprehensive income were as follows:
2022 2021
Before tax
$m
Tax (charged)
credited
$m
After tax
$m
Before tax
$m
Tax (charged)
credited
$m
After tax
$m
Exchange adjustments (9.9) \u2013 (9.9) 0.5 \u2212 0.5
Fair value gains originating on cash
flow hedges arising during the year 0.4 (0.1) 0.3 \u2212 \u2212 \u2212
Fair value losses transferred to the
income statement 0.1 \u2013 0.1 \u2212 \u2212 \u2212
Remeasurement of defined benefit
pension schemes 0.1 \u2013 0.1 (0.2) \u2212 (0.2)
(9.3) (0.1) (9.4) 0.3 \u2212 0.3
The tax relating to the components of other comprehensive income comprises a deferred tax charge of $0.1m (2021 \u2013 $nil).
Tax-related Judgements The Group is subject to income taxes in numerous jurisdictions and significant judgement is required in determining the worldwide provision for those taxes, as tax legislation can be complex and open to different interpretation. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available, against which the temporary differences can be utilised. The recoverability of deferred tax assets is supported by deferred tax liabilities against which the reversal can be offset and the expected level of future profits. This is considered by jurisdiction, or by entity, dependent on the tax laws of the jurisdiction. Where there is both a history of loss making and continued loss making in the year, stronger supporting evidence is required to meet recognition policy criteria. Supporting evidence reviewed includes: whether actual results, when excluding non-recurring items, meet or exceed budget; the level of taxable profits generated in the base case and downside case of longer-term forecasts; and the nature of how the deferred tax assets arose and how this relates to the ongoing activities of the business. The recognition of deferred tax assets as at 31 December 2022 has been based on the forecast accounting profits in the 2023 and 2024 Budget and the extended forecast period as presented to the Board. This is the same forecast that is used to derive cash flows for the goodwill impairment test, per note 15. For periods extending beyond the extended forecast period, profits have been assumed to grow in a manner consistent with the terminal growth rate assumptions used for impairment testing. In addition, a risk factor has been applied to reduce future profits for the extended forecast period and beyond. These adjustments are to reflect the potential decrease in reliability of forecasts for future periods beyond the Board-approved budget period. Historical tax losses make up the majority of the deductible temporary differences. These losses mainly arose from varying factors including non-recurring events such as losses arising at the start of newly formed businesses and the COVID-19-related downwards pressures on the profits in previous years. The majority of the deferred tax not recognised in the Group is in relation to deferred tax arising in the US. Based on the review of tax adjusted forecasts, as noted above, management have assessed that currently there is not sufficient support for the recognition of a deferred tax asset in respect of historical tax losses and other deductible temporary differences in the US due to uncertainty in recovery. Management will continue to monitor the position in the US and if current forecasts are met then it is expected that the recognition criteria set by Management could be met within the next one to two years. The main jurisdiction where we have a change in deferred tax recognition is the UK. Previously unrecognised deferred tax assets have been recognised in the period in respect of historical tax losses and other deductible temporary differences in the UK, due to taxable profits arising in the year and continued forecast improved profitability in future periods with the deferred tax assets being forecast to be recovered within nine years. Recognition of the UK deferred tax asset is dependent on the accuracy of the budget and extended forecast period. In assessing the recoverability of deferred tax assets a sensitivity analysis is applied to the extended forecast period accounting profits, to consider a plausible downside scenario. Under the sensitivity analysis, the recovery period of the previously unrecognised deferred tax assets now recognised in the year, would be extended by two years. 10. Loss per Share Basic earnings (loss) per share (\u201cEPS\u201d) is calculated by dividing earnings (loss) attributable to Ordinary shareholders by the weighted average number of Ordinary shares outstanding during the year. For diluted earnings (loss) per share, the weighted average number of outstanding Ordinary shares was adjusted to assume conversion of all dilutive potential Ordinary shares. Dilution arises through the possible issue of shares to satisfy awards made under the Group\u2019s long-term incentive plans. Reconciliations of the loss and weighted average number of Ordinary shares used in the calculations are set out below: 2022 2021 Loss attributable to Ordinary shareholders $m Basic weighted average number of Ordinary shares millions Loss per share cents Loss attributable to Ordinary shareholders $m Basic weighted average number of Ordinary shares millions Loss per share cents Basic LPS (4.6) 160.3 (2.8) (85.8) 161.2 (53.2) Effect of dilutive long-term incentive plans \u2013 9.8 \u2013 \u2212 5.9 \u2212 Diluted LPS i (4.6) 170.1 (2.8) (85.8) 167.1 (53.2) i. For the years ended 31 December 2022 and 31 December 2021, the Group reported a loss and so the effect of dilutive share options and long-term incentive plans was anti-dilutive (i.e. they reduced the loss per share) and, therefore, they were not used to calculate diluted loss per share. The calculation of adjusted earnings (loss) per share can be found in NGM B. 11. Property, Plant and Equipment Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2022 267.3 338.2 24.7 111.4 741.6 Exchange adjustments (4.5) (3.5) (1.5) \u2013 (9.5) Additions 4.7 10.9 0.5 0.9 17.0 Disposals (12.0) (13.9) (1.2) \u2013 (27.1) Reclassification from inventories (note 20) \u2013 \u2013 1.6 \u2013 1.6 At 31 December 2022 255.5 331.7 24.1 112.3 723.6 Accumulated depreciation and impairment: At 1 January 2022 (80.2) (261.2) (16.4) (109.4) (467.2) Exchange adjustments 3.1 2.8 0.9 \u2013 6.8 Charge for the year (6.0) (18.2) (1.9) (0.5) (26.6) Disposals 5.2 13.7 1.2 \u2013 20.1 At 31 December 2022 (77.9) (262.9) (16.2) (109.9) (466.9) Net book amount 177.6 68.8 7.9 2.4 256.7 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2021 267.7 355.0 24.0 110.9 757.6 Exchange adjustments (0.6) (0.4) (0.1) \u2212 (1.1) Additions 1.5 3.6 0.9 0.5 6.5 Disposals (1.4) (19.9) (0.6) \u2212 (21.9) Reclassification from inventories \u2212 \u2212 0.5 \u2212 0.5 Reclassification 0.1 (0.1) \u2212 \u2212 \u2212 At 31 December 2021 267.3 338.2 24.7 111.4 741.6 Accumulated depreciation and impairment: At 1 January 2021 (66.9) (258.7) (15.8) (109.1) (450.5) Exchange adjustments 0.5 0.3 0.1 \u2212 0.9 Charge for the year (6.4) (20.9) (1.3) (0.3) (28.9) Impairment of assets (note 15(d)) (8.6) \u2212 \u2212 \u2212 (8.6) Disposals 1.3 18.0 0.6 \u2212 19.9 Reclassification (0.1) 0.1 \u2212 \u2212 \u2212 At 31 December 2021 (80.2) (261.2) (16.4) (109.4) (467.2) Net book amount 187.1 77.0 8.3 2.0 274.4 The net book amount of property, plant and equipment at 1 January 2021 was $307.1m. Included in the net book amount is expenditure relating to assets in the course of construction of $0.1m (2021 \u2013 $0.1m) for buildings, $0.9m (2021 \u2013 $1.0m) for plant and machinery, and $nil (2021 \u2013 $5.4m) for rental tools. Group capital expenditure committed for the purchase of property, plant and equipment, but not provided for in these financial statements, amounted to $3.7m as at 31 December 2022 (2021 \u2013 $5.6m). The net book amount of land and buildings of $177.6m (2021 \u2013 $187.1m) comprises freehold land and buildings of $173.7m (2021 \u2013 $185.8m) and capitalised leasehold improvements of $3.9m (2021 \u2013 $1.3m). The net book value of land and buildings that are leased out is $5.4m at 31 December 2022 (2021 \u2013 $4.8m). In early July 2022, the legal process to finalise accession of the in-scope US freehold properties into the ABL Borrowing Base was completed. The relevant US properties that security has been granted over as a requirement of the ABL had a carrying value of $88.2m at 31 December 2022. Security was previously granted over specific PPE with a carrying value of $187.0m at 31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022. 12. Right-of-use Assets Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2022 63.5 2.2 65.7 Exchange adjustments (3.0) \u2013 (3.0) New leases 4.8 0.3 5.1 Lease cessations (8.6) (0.2) (8.8) Modifications 4.0 (0.2) 3.8 At 31 December 2022 60.7 2.1 62.8 Accumulated depreciation and impairment: At 1 January 2022 (40.1) (0.9) (41.0) Exchange adjustments 1.8 \u2013 1.8 Depreciation charge for the year (6.1) (0.3) (6.4) Lease cessations 8.6 0.2 8.8 At 31 December 2022 (35.8) (1.0) (36.8) Net book amount 24.9 1.1 26.0 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2021 88.6 1.9 90.5 Exchange adjustments (0.3) \u2212 (0.3) New leases 1.7 0.4 2.1 Lease cessations (27.4) (0.1) (27.5) Modifications 0.9 \u2212 0.9 At 31 December 2021 63.5 2.2 65.7 Accumulated depreciation and impairment: At 1 January 2021 (60.1) (0.6) (60.7) Depreciation charge for the year (6.3) (0.4) (6.7) Lease cessations 26.3 0.1 26.4 At 31 December 2021 (40.1) (0.9) (41.0) Net book amount 23.4 1.3 24.7 The net book amount of right-of-use assets at 1 January 2021 was $29.8m. The Group sub-lets certain right-of-use assets under operating leases. The net book value of items that are sub-let included in the table above is $2.1m (2021 \u2013 $1.1m) for land and buildings. During the year the Group entered into new leases of $5.1m including $4.4m for the Group\u2019s new UK headquarters. The Group also had lease modifications of $3.8m including a lease extension of $8.6m in Wuxi, China offset by lease curtailments of $4.7m for the Group\u2019s previous UK headquarters and $0.6m for a manufacturing facility disposed of as part of the consolidation of the Singapore facilities. The new lease for the facility at Tuas, Singapore, together with the corresponding right-of-use asset, were recognised in 2021 when the lease was signed.
13. Goodwill
2022
$m
2021
$m
Cost:
At 1 January 532.0 532.0
Exchange adjustments (4.9) \u2212
At 31 December 527.1 532.0
Accumulated impairment:
At 1 January (367.9) (367.8)
Exchange adjustments 3.3 (0.1)
Impairment charge for the year (note 15(b)) (7.0) \u2212
At 31 December (371.6) (367.9)
Net book amount 155.5 164.1
The net book amount of goodwill at 1 January 2021 was $164.2m.
Details of the allocation of goodwill by cash-generating unit (\u201cCGU\u201d), identification of the material CGU and impairment sensitivity disclosures are given
in note 15(b).
14. Other Intangible Assets
Year ended 31 December 2022
Customer
relationships
i
$m
Unpatented
technology
$m
Patents and
trademarks
$m
Software
$m
Other
$m
Total
$m
Cost:
At 1 January 2022 219.8 81.9 74.9 14.7 1.9 393.2
Exchange adjustments (0.9) (0.5) (1.4) (0.2) (0.2) (3.2)
Additions \u2013 1.0 0.6 2.3 1.8 5.7
Disposals (211.8) \u2013 (0.4) (0.2) \u2013 (212.4)
At 31 December 2022 7.1 82.4 73.7 16.6 3.5 183.3
Accumulated amortisation and impairment:
At 1 January 2022 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0)
Exchange adjustments 0.2 0.6 0.3 0.2 0.1 1.4
Amortisation charge for the year (0.7) (1.0) (1.6) (0.9) (0.2) (4.4)
Disposals 211.8 \u2013 0.4 0.2 \u2013 212.4
At 31 December 2022 (2.0) (73.3) (61.7) (8.8) (1.8) (147.6)
Net book amount 5.1 9.1 12.0 7.8 1.7 35.7
i. The accumulated cost, depreciation and impairment of those customer relationships where the relationship has ended or where the relationship with the customer has changed from when
the business was acquired have been disposed of during the year.
Year ended 31 December 2021 Customer relationships $m Unpatented technology $m Patents and trademarks $m Software $m Other $m Total $m Cost: At 1 January 2021 219.9 80.6 73.9 14.4 1.9 390.7 Exchange adjustments \u2212 \u2212 (0.1) \u2212 \u2212 (0.1) Additions \u2212 1.5 0.9 0.3 \u2212 2.7 Disposals (0.1) \u2212 \u2212 \u2212 \u2212 (0.1) Reclassification \u2212 (0.2) 0.2 \u2212 \u2212 \u2212 At 31 December 2021 219.8 81.9 74.9 14.7 1.9 393.2 Accumulated amortisation and impairment: At 1 January 2021 (212.6) (68.2) (58.0) (7.3) (1.7) (347.8) Amortisation charge for the year (0.8) (4.7) (2.8) (1.0) \u2212 (9.3) Disposals 0.1 \u2212 \u2212 \u2212 \u2212 0.1 At 31 December 2021 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0) Net book amount 6.5 9.0 14.1 6.4 0.2 36.2 The net book amount of other intangible assets at 1 January 2021 was $42.9m. All intangible assets are regarded as having a finite life and are amortised accordingly. Amortisation charges relating to intangible assets were charged to cost of sales and administrative expenses in the consolidated income statement. Internally generated intangible assets have been included within patented and unpatented technology as shown in the table below: 2022 2021 Internally generated patented technology $m Internally generated unpatented technology $m Internally generated patented technology $m Internally generated unpatented technology $m Cost: At 1 January 11.8 28.5 10.7 27.2 Exchange adjustments (0.3) (0.5) \u2212 \u2212 Additions 0.6 1.0 0.9 1.5 Reclassification \u2013 \u2013 0.2 (0.2) At 31 December 12.1 29.0 11.8 28.5 Accumulated amortisation and impairment: At 1 January (6.0) (19.5) (5.4) (18.6) Exchange adjustments 0.1 0.6 \u2212 \u2212 Amortisation charge (0.6) (1.0) (0.6) (0.9) At 31 December (6.5) (19.9) (6.0) (19.5) Net book amount 5.6 9.1 5.8 9.0
15. Impairment of Non-current Assets
(a) Impairment Testing Process
(i) Cash-generating Units (\u201cCGUs\u201d)
In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter-
company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a
fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is
no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash
flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by
consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount
calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth
rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3
measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation.
For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue
projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate
geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue
growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then
modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes
depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary
between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of
50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%).
Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market
assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of
the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk
and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of
capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic
changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates.
We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD
methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group.
We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors
influencing the behaviour of some shareholders to exposure in our sector at present.
(ii) Impairment Tests for Individual Assets
For individual assets, an impairment test is conducted if there are indicators of impairment. Impairment arises when the carrying value of the asset is
greater than the higher value of either its fair value less costs of disposal, or its value-in-use. The FVLCD or the value-in-use is a Level 3 measurement
as per the fair value hierarchy as defined within IFRS 13 due to unobservable inputs used in the valuation. If the cash flows of an asset cannot be
assessed individually, then the asset or a group of assets are aggregated into a CGU and tested as described above. For loss-making associates
with material carrying values, impairment tests were conducted and no impairment was identified.
(b) Impairment Tests for Goodwill
(i) Allocation
Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows:
CGU
Operating
segment
2022
$m
2021
$m
Hunting Titan Titan 114.9 114.9
US Subsea North America 15.0 15.0
Enpro North America 5.5 14.1
Dearborn North America 7.6 7.6
US Manufacturing North America 12.5 12.5
At 31 December 155.5 164.1
Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried
out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due
to foreign exchange movements.
(ii) Material CGU
Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the
balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity
levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted
using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected
CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year.
(c) CGU Sensitivities
In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m).
(i) Enpro
At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal
pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together
with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in
actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year.
At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North
America operating segment.
(ii) Dearborn
In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified.
Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material
impairment charge in the next financial year. Dearborn is part of the North America operating segment.
(iii) Other CGUs
For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise
to material goodwill impairment charges within the next financial year.
(d) Impairment of Property, Plant and Equipment
No impairment has been charged against property, plant and equipment during 2022. In 2021, an impairment charge of $8.6m was made, which
related to the restructuring of the European OCTG business and the consequential change of usage and expected cash flows for the property used
by the business. This charge was shown in the EMEA operating segment (note 2(a)).
16. Investments in Associates and Joint Ventures Movement on investments in associates and joint ventures: 2022 $m 2021 $m At 1 January 19.4 18.1 Exchange adjustments (0.1) \u2212 Additions 3.5 5.1 Share of associates\u2019 and joint ventures\u2019 loss for the year (2.7) (3.8) At 31 December 20.1 19.4 During the year, the Group invested $1.9m in its Indian joint venture arrangement with Jindal SAW, and a further $1.6m in Cumberland Additive Holdings LLC (\u201cCumberland\u201d), increasing its effective interest to 29.2%. During 2021, the Group purchased 27% of the share capital of Cumberland for $5.1m. The investments in associates and joint ventures, including the name, country of incorporation and proportion of ownership interest, are disclosed in note C19. (a) Material Associates and Joint Ventures The tables below provide summarised financial information for Rival Downhole Tools LC (\u201cRival\u201d), which is considered to be a material associate of the Group. The Group has a 23.5% interest in the equity shares of Rival. The information disclosed reflects the amounts presented in the financial statements of Rival and not Hunting PLC\u2019s share of those amounts. They have been amended to reflect adjustments made by Hunting when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Rival 2022 $m 2021 $m Summarised statement of comprehensive income: Revenue 39.6 27.2 Loss from operations (6.8) (13.4) Total comprehensive expense (6.8) (13.4) The Group\u2019s share of Rival\u2019s loss from operations was $1.6m (2021 \u2013 $3.2m). Amortisation of $0.3m (2021 \u2013 $0.3m) was charged in the year to the Group\u2019s income statement in relation to the intangible assets recognised at the time the investment in Rival was made. Rival 2022 $m 2021 $m Summarised balance sheet: Non-current assets 24.2 35.2 Current assets 17.4 10.4 Total assets 41.6 45.6 Non-current liabilities (2.6) (0.5) Current liabilities (6.8) (6.1) Total liabilities (9.4) (6.6) Net assets 32.2 39.0 Reconciliation to carrying amounts: Opening net assets at 1 January 39.0 52.4 Loss for the year (6.8) (13.4) Closing net assets 32.2 39.0 Group\u2019s share of equity % 23.5% 23.5% Group\u2019s share of net assets 7.5 9.1 Goodwill 2.1 2.1 Other intangible assets 2.4 2.7 Carrying amount at 31 December 12.0 13.9 (b) Individually Immaterial Associates and Joint Ventures In addition to the material associates disclosed above, the Group also has interests in a number of individually immaterial associates and joint ventures, all of which are unlisted, that are accounted for using the equity method. The Group\u2019s share of the results and its aggregated assets and liabilities, are as follows: 2022 $m 2021 $m Aggregate carrying amount of individually immaterial associates and joint ventures 8.1 5.5 Share of immaterial associates\u2019 and joint ventures\u2019 loss for the year (0.8) (0.3)
17. Investments
2022
$m
2021
$m
Non-current:
Listed equity investments and mutual funds 1.9 1.9
Well Data Labs convertible financing 2.9 2.7
4.8 4.6
Current:
Cash deposits with more than 3 months to maturity \u2013 6.8
In February 2021, the Group entered into a strategic alliance with Well Data Labs, a data analytics business focused on the onshore drilling market,
through the provision of $2.5m in convertible financing, which had a fair value of $2.9m (2021\u2013 $2.7m) at the year-end (note 29(b)).
18. Trade and Other Receivables
2022
$m
2021
$m
Non-current:
Prepayments 2.7 1.7
Other receivables 0.1 0.3
2.8 2.0
2022
Contracts
with
customers
$m
Rental
receivables
$m
Other
receivables
$m
Total
$m
Current:
Contract assets (note 23) 8.6 \u2013 \u2013 8.6
Trade receivables 180.1 2.1 0.9 183.1
Accrued revenue 2.0 0.2 \u2013 2.2
Gross receivables 190.7 2.3 0.9 193.9
Less: provisions for impairment (3.3) (0.4) \u2013 (3.7)
Net receivables 187.4 1.9 0.9 190.2
Prepayments \u2013 \u2013 37.9 37.9
Other receivables \u2013 \u2013 4.3 4.3
Net book amount 187.4 1.9 43.1 232.4
2021
Contracts
with
customers
$m
Rental
receivables
$m
Other
receivables
$m
Total
$m
Current:
Contract assets (note 23) 9.9 \u2212 \u2212 9.9
Trade receivables 126.5 1.3 0.3 128.1
Accrued revenue 3.7 0.1 \u2212 3.8
Gross receivables 140.1 1.4 0.3 141.8
Less: provisions for impairment (4.3) (0.3) \u2212 (4.6)
Net receivables 135.8 1.1 0.3 137.2
Prepayments \u2212 \u2212 15.9 15.9
Other receivables \u2212 \u2212 2.3 2.3
Net book amount 135.8 1.1 18.5 155.4
Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise
receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m)
and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost.
The Group does not hold any other collateral as security and no assets have been acquired through the exercise of any collateral previously held.
In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over certain US and Canadian trade
and other receivables, which had a carrying value of $96.3m at 31 December 2022. For the receivables pledged as security, their carrying value
approximates their fair value. Security was previously granted over certain trade and other receivables with a carrying value of $102.4m at
31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022.
Impairment of Trade and Other Receivables
The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition.
Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over
the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate
calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments.
Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current
economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the
expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as
the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are
a reasonable approximation of the loss rates for the contract assets.
At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows:
Not
overdue
$m
1 \u2013 30
days
$m
31 \u2013 60
days
$m
61 \u2013 90
days
$m
91 \u2013 120
days
$m
More than
120 days
$m
Total gross
financial
assets
$m
Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1
Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1
Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9
Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1
Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6
Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0
Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2
Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8
117.9 37.2 17.9 8.7 9.6 6.4 197.7
Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables
by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade
receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving
any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties.
At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows:
Not
overdue
$m
1 \u2013 30
days
$m
31 \u2013 60
days
$m
61 \u2013 90
days
$m
91 \u2013 120
days
$m
More than
120 days
$m
Total gross
financial
assets
$m
Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5
Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3
Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3
Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1
Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9
Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7
Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1
Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5
82.5 22.1 16.0 6.8 7.8 8.1 143.3
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum
exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables
approximates their fair value as described in note 29(b)(iv).
Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than
90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a
valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can
be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled
with the permission of the financial controller .
Impairment of Trade and Other Receivables continued
Whilst a proportion, 9% (2021 \u2013 12%), of the Group\u2019s trade receivables are more than 90 days overdue, the majority of these have not been impaired.
Some of these debts have become overdue due to billing issues and others because the customer has just been slow to pay. Where there is no
history of bad debts and there are no indicators that the debts will not be settled, these have not been impaired. These customers are monitored
very closely for any indicators of impairment.
Receivables are written off when there is no reasonable expectation of recovery. Indicators that receivables are generally not recoverable include
the failure of the debtor to engage in a repayment plan, failure to make contractual payments for a period greater than 180 days past due and the
debtor being placed in administration. Where receivables have been written off, the entity will continue to try and recover the outstanding receivable.
Impairment losses on receivables are presented net of unused provisions released to the consolidated income statement within administrative
expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Credit risk arises on accrued revenue where goods or services have been provided to a customer but the amount is yet to be invoiced. The accrued
revenue balance is short-term and relates to customers with a strong credit history. Therefore, the expected credit losses on this balance are
immaterial and no provision for impairment has been recognised.
During the year, the movements on the provisions for impairment were as follows:
2022
Contracts
with
customers
$m
Rental
receivables
$m
Total
$m
At 1 January 2022 (4.3) (0.3) (4.6)
Charge to the consolidated income statement \u2013 lifetime expected credit losses (0.2) (0.1) (0.3)
Unused provisions released to the consolidated income statement 0.9 \u2013 0.9
Utilised against receivables written off 0.3 \u2013 0.3
At 31 December 2022 (3.3) (0.4) (3.7)
The provision for the impairment of trade and other receivables has decreased by $0.9m to $3.7m at the year-end, as the risk of bad debts for
the Group in the coming months decreases with the increase in activity in the oil and gas sector. Debtors are not experiencing the same cash flow
difficulties they had during the global economic downturn, which was brought about by COVID-19. Financial assets that were written off during the
year are no longer subject to enforcement activity.
2021
Contracts
with
customers
$m
Rental
receivables
$m
Total
$m
At 1 January 2021 (4.0) (0.5) (4.5)
Charge to the consolidated income statement \u2013 lifetime expected credit losses (1.6) (0.3) (1.9)
Unused provisions released to the consolidated income statement 0.1 0.2 0.3
Utilised against receivables written off 1.2 0.3 1.5
At 31 December 2021 (4.3) (0.3) (4.6)
19. Deferred Tax Deferred income tax assets and liabilities are only offset when there is a legally enforceable right to offset, when the deferred income taxes relate to the same fiscal authority and there is an intention to settle the balance net. The offset amounts are as follows: 2022 $m 2021 $m Deferred tax assets 13.7 10.3 Deferred tax liabilities (6.4) (6.8) 7.3 3.5 The movement in the total deferred tax shown in the balance sheet is as follows: 2022 $m 2021 $m At 1 January 3.5 5.5 Exchange adjustments \u2013 0.1 Credit (charge) to the consolidated income statement 3.9 (1.3) Change in tax rates (0.2) (0.8) Total credit (charge) to the consolidated income statement 3.7 (2.1) Taken direct to equity 0.1 \u2212 At 31 December 7.3 3.5 The change in tax rates relates to an increase in the blended State rate applied to the recognised US deferred tax liability balance (2021 \u2013 UK deferred tax balances). The UK standard rate of corporation tax will increase from 19% to 25% from 1 April 2023. UK deferred tax balances have been calculated at 19% or 25% depending upon when the balance is expected to unwind. Deferred tax assets of $354.8m gross and $87.1m tax (2021 \u2013 $377.7m gross and $92.1m tax) have not been recognised as the assessment of recoverability at 31 December 2022 is that it is uncertain and therefore does not meet the criteria for recognition under IAS 12. This includes $216.9m gross and $51.0m tax (2021 \u2013 $262.9m gross, and $61.5m tax) in respect of trading losses, the majority of which do not have an expiry date. A deferred tax asset of $24.2m (2021 \u2013 $16.1m) has been recognised in respect of tax losses in various locations where recognition assessment has provided support that sufficient future taxable profits will be available against which the tax losses could be utilised. See note 9 for further details on the recognition assessment performed at each balance sheet date. The movements in deferred tax assets and liabilities, prior to taking into consideration the offsetting of balances within the same tax jurisdictions, are shown below: At 1 January 2022 $m Exchange adjustments $m (Charge) credit to income statement $m Change in tax rates $m Taken direct to equity $m At 31 December 2022 $m Net deferred tax assets $m Net deferred tax liabilities $m Tax losses 16.1 (0.4) 8.5 \u2013 \u2013 24.2 10.0 14.2 Inventory 1.4 (0.1) (0.5) \u2013 \u2013 0.8 0.8 \u2013 Goodwill and intangibles (14.1) 0.3 (5.7) (0.2) \u2013 (19.7) (0.3) (19.4) Accumulated tax depreciation (1.6) 0.2 0.5 \u2013 \u2013 (0.9) 0.3 (1.2) Share-based payments 0.4 \u2013 0.4 \u2013 0.2 1.0 1.0 \u2013 Other 1.3 \u2013 0.7 \u2013 (0.1) 1.9 1.9 \u2013 3.5 \u2013 3.9 (0.2) 0.1 7.3 13.7 (6.4) At 1 January 2021 $m Exchange adjustments $m (Charge) credit to income statement $m Change in tax rates $m Taken direct to equity $m At 31 December 2021 $m Net deferred tax assets $m Net deferred tax liabilities $m Tax losses 12.0 0.1 4.0 \u2212 \u2212 16.1 7.0 9.1 Inventory 1.0 \u2212 0.4 \u2212 \u2212 1.4 1.4 \u2212 Goodwill and intangibles (7.8) \u2212 (5.7) (0.6) \u2212 (14.1) \u2212 (14.1) Accumulated tax depreciation (2.0) \u2212 0.8 (0.4) \u2212 (1.6) 0.2 (1.8) Share-based payments 0.4 \u2212 (0.1) 0.1 \u2212 0.4 0.4 \u2212 Other 1.9 \u2212 (0.7) 0.1 \u2212 1.3 1.3 \u2212 5.5 0.1 (1.3) (0.8) \u2212 3.5 10.3 (6.8)
20. Inventories
2022
$m
2021
$m
Raw materials 118.7 87.7
Work in progress 82.7 51.4
Finished goods 120.7 124.8
Gross inventories 322.1 263.9
Less: provisions for impairment (50.0) (59.5)
Net inventories 272.1 204.4
2022
$m
2021
i
$m
Gross inventories:
At 1 January 263.9 325.6
Exchange adjustments (3.7) 0.1
Inventory additions 584.5 369.8
Expensed to cost of sales in the consolidated income statement (521.0) (399.6)
Reclassification to property, plant and equipment (note 11) (1.6) (0.5)
Disposal of business \u2013 (31.5)
At 31 December 322.1 263.9
Provisions for impairment:
At 1 January (59.5) (37.2)
Exchange adjustments 0.9 0.1
Charge to the consolidated income statement (cost of sales) (6.4) (34.4)
Provisions utilised against inventories written off 9.3 9.7
Provisions released to the consolidated income statement 5.7 2.3
At 31 December (50.0) (59.5)
Net inventories 272.1 204.4
i. The inventory provision movements for 2021 have been revised to align them with the current year presentation, and are discussed below.
The Group\u2019s inventory is highly durable and is well maintained and it can hold its value well with the passing of time. The nature of our market is
that demand for products depends on the technical requirements of the projects being developed. For some markets and product lines there may
be a limited number of sales, or even no sales, to form a benchmark in the current year. Management looks at relevant historical activity levels and
has to form a judgement as to likely future demand in light of market forecasts and likely competitor activities. The complexity of this process was
exacerbated during the COVID-19 downturn, which severely impacted economic activity in both 2021 and 2021, lowering oil and gas prices and
demand, and therefore reducing inventory turn rates and increasing the ageing of inventories.
During 2021, the Group reported a $22.3m increase in the inventory provision to $59.5m, which represented 23% of gross cost balances.
Charges of $34.4m were recognised and $9.7m of provisions were utilised in the period, and $2.3m of provisions were released. A net charge of
$25.9m was recognised as a material item (note 5) and as an adjusting item (NGM A). The 2021 movement analysis has been adjusted to break out
provisions released to the income statement into the release of unutilised provisions and utilisations in the year, which have been amalgamated with
full write-offs. During 2022, conditions have improved and provisions have reduced by $9.5m to $50.0m at 31 December 2022, which represents
16% of gross cost balances. The reduction in provisions has largely been through the utilisation of provisions. New charges in the year broadly offset
the reversal of unutilised provisions that occur when inventory that has been provided for is sold for more than its net realisable value.
In 2021, the Group was carrying pressure control equipment (\u201cPCE\u201d) inventory in North America that was particularly impacted by the capital
constraints applied during the COVID-19 pandemic downturn. Provisions in respect of this equipment of $11.3m were carried at 31 December 2021.
At 31 December 2022, the provision is $10.9m, reflecting some utilisation against sales. This inventory is still considered sensitive to changes in future
expectations and a 20% reduction in expected turn rates would increase the provisions by $1.0m. Management has considered the judgements and
estimates made in each of the Group\u2019s businesses and, other than PCE, has not identified any individual estimates, which in the event of a change,
would lead to a material change in the next financial period. Provisions for inventories held at NRV are subject to change if expectations change.
Inventories of $194.5m are expected to be realised within 12 months of the balance sheet date (2021 \u2013 $128.8m) and $37.2m after 12 months
(2021 \u2013 $75.6m).
In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over inventories in certain US and
Canadian subsidiaries, which had a carrying value of $142.9m. Security was previously granted over inventories with a gross value of $184.3m
at 31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022.
21. Cash and Cash Equivalents
2022
$m
2021
$m
Cash at bank and in hand 29.4 96.8
Fixed Term Funds \u2013 6.8
Short-term deposits with less than 3 months to maturity \u2013 4.8
Cash and cash equivalents 29.4 108.4
Cash at bank and in hand and short-term deposits are carried at amortised cost. Fixed Term Funds are financial assets carried at fair value through
profit or loss. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned. Please see note 30(c)(i) for
further disclosures on credit risk.
As shown in note 26, cash and cash equivalents for cash flow statement purposes also includes bank overdrafts shown in borrowings in note 25.
22. Trade and Other Payables
2022
$m
2021
$m
Non-current:
US deferred compensation plan obligation (note 32(b)(i)) 1.9 1.9
Other payables 0.8 0.6
Social security and other taxes 0.5 0.2
3.2 2.7
2022
$m
2021
$m
Current:
Trade payables 66.8 40.5
Accruals 56.9 28.7
Social security and other taxes 7.8 5.9
Contract liabilities (note 23) 8.8 6.1
Other payables
i
1.5 1.8
141.8 83.0
i. Other payables include derivative financial liabilities of $0.1m (2021 \u2013 $0.2m).
23. Contract Assets and Liabilities
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
2022
$m
2021
$m
2020
$m
Contract assets (note 18) 8.6 9.9 9.8
Contract liabilities (note 22) (8.8) (6.1) (2.4)
Trade receivables \u2013 contracts with customers (note 18) 180.1 126.5 109.1
Loss allowance (note 18) (3.3) (4.3) (4.0)
Net trade receivables \u2013 contracts with customers 176.8 122.2 105.1
(a) Significant Changes in Contract Assets and Contract Liabilities
Contract assets decreased from $9.9m at 31 December 2021 to $8.6m at 31 December 2022 due to decreased levels of bespoke customer
work-in-progress in the Subsea Spring business, which were offset by an increase in bespoke customer work-in-progress in Dearborn.
Contract liabilities represent deposits received on contracts relating to the purchase of pipe in the Asia Pacific businesses, prior to Hunting placing
an order with the steel mills, and increased from $6.1m at 31 December 2021 to $8.8m at 31 December 2022, reflecting the improvement in orders
for the region.
(b) Revenue Recognised in Relation to Contract Liabilities
The following table shows how much of the revenue recognised in the relevant reporting period relates to carried-forward contract liabilities and how
much relates to performance obligations that were satisfied in a prior year.
2022
$m
2021
$m
Revenue recognised that was included in the contract liability balance at the beginning of the year 29.7 2.2
Revenue recognised from performance obligations satisfied (or partially satisfied) in previous years \u2013 \u2212
Total 29.7 2.2
(c) Unsatisfied Performance Obligations
The aggregate amount of the transaction price allocated to partially or fully unsatisfied performance obligations as at the year-end, on confirmed
purchase orders received prior to the year-end, is expected to be recognised as revenue in the following periods:
2022
Revenue
$m
2021
Revenue
$m
Hunting Titan 29.8 13.7
North America 312.5 156.3
EMEA 28.3 21.8
Asia Pacific 102.4 19.7
473.0 211.5
Revenue within 1 year 402.3 180.6
Revenue after 1 year 70.7 30.9
473.0 211.5
The amounts disclosed above do not include variable consideration, which is subject to significant risk of reversal.
It is expected that 85% of the transaction price allocated to unsatisfied performance obligations as of 31 December 2022 will be recognised as revenue
in the 2023 financial year (2021 \u2013 85% in 2022) and the remaining 15% in future years (2021 \u2013 15% after 2022).
24. Leases
The Group leases various offices, warehouses, equipment and vehicles. Rental contracts for offices and warehouses are typically made for fixed
periods of between three and ten years, but may have extension options as described below. Rental contracts for equipment and vehicles are
typically made for fixed periods of between three and seven years. The Group also has short-term leases and leases of low-value assets. Lease terms
are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants.
As at 31 December 2022, the Group did not have any commitments for leases that were due to commence in 2023 or later. There were no
commitments for leases at the end of 2021.
Extension and break options are included in a number of property and equipment leases across the Group. These terms are used to maximise
operational flexibility in terms of managing contracts. For extension and break options that are exercisable only by the Group and not by the respective
lessor, management considers all facts and circumstances that create an economic incentive for the Group to exercise an extension option, or not
exercise a break option, in determining the lease term. The lease term is determined according to management\u2019s expectation of exercising any
available extension and break options. Extension or termination options are only adjusted in the lease term if the lease option is reasonably certain
to be exercised.
(a) Amounts Recognised in the Consolidated Balance Sheet
The analysis of right-of-use assets is presented in note 12.
2022
$m
2021
$m
Lease liabilities
Current 9.1 8.9
Non-current 21.5 22.9
30.6 31.8
During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the consolidation of its facilities to a single site in the Tuas port
region of Singapore. As a result of this relocation, the Group exited a number of leases, with the lease for Tuas signed in October 2021 for an initial
term of three years. During the year, the Group\u2018s UK headquarters moved to different premises, with the lease at Hanover Square reassigned and
a new ten-year lease for the Panton Street premises signed.
During the second half of the year, Wuxi, China extended a lease on one of its facilities, thereby increasing lease liabilities.
(b) Amounts Recognised in the Consolidated Income Statement
The consolidated income statement includes the following amounts relating to leases:
2022
$m
2021
$m
Depreciation of right-of-use assets (note 12) (6.4) (6.7)
Net gain on surrender of leases (note 4) 3.1 1.0
Expense relating to short-term leases and leases of low-value assets
(included in cost of sales and administrative expenses) (1.8) (1.6)
Lease charges included in profit (loss) from operations (5.1) (7.3)
Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5)
Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013
Lease charges included in loss before tax (6.2) (8.8)
Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease
liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road.
The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised
in net operating income and other expenses in note 4.
(c) Amounts Recognised in the Statement of Cash Flows
2022
$m
2021
$m
Payments for short-term and low-value leases (included as part of net cash inflow from operating activities) (1.8) (1.6)
Payments for capitalised leases (8.0) (9.3)
Lease surrender receipt (payment) \u2013 consolidated statement of cash flows 2.2 (1.3)
(7.6) (12.2)
Payments for short-term leases, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the
lease liabilities are presented within cash flows from operating activities. Payments for the principal and interest elements of recognised lease liabilities
and the lease surrender payment are presented within cash flows from financing activities.
The Group received a net receipt of $2.4m to exit the lease at Benoi Road and made lease curtailment payments of $0.2m in the year, resulting
in a net receipt of $2.2m in the consolidated statement of cash flows.
On 19 April 2021, the lease and the sub-lease on a property held by a UK head office company were surrendered. A final payment of $1.3m was
made to settle the lease.
The analysis of the contractual, undiscounted cash flows relating to lease liabilities is shown in note 30(d)(iii).
(d) The Group as Lessor
A number of the Group\u2019s properties included within property, plant and equipment and capitalised as right-of-use assets are let under operating lease
agreements. Income from subleasing these assets during the year was $2.1m (2021 \u2013 $1.3m) and is included in operating income note 4. The Group
also earns revenue from the rental of tools, which are items of property, plant and equipment, as disclosed in note 11. Rental revenue earned during
the year was $8.1m (2021 \u2013 $6.1m) as shown in note 3.
The table below shows the maturity analysis of the undiscounted future lease payments expected to be received in relation to non-cancellable
operating leases:
Property
2022
$m
Property
2021
$m
Year one 1.9 0.7
Year two 1.0 0.7
Year three 0.9 0.5
Year four 0.7 0.3
Year five 0.7 \u2013
Year six 0.7 \u2013
Total lease income receivable 5.9 2.2
25. Borrowings 2022 $m 2021 $m Non-current: Shareholder loan from non-controlling interest 3.9 3.9 Current: Bank borrowings unsecured (note 30(d)(i)) 2.8 \u2013 Bank overdrafts secured 2.1 1.0 4.9 1.0 Total borrowings 8.8 4.9 In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over certain freehold property, receivables and inventories. The carrying amounts of the assets pledged as security are disclosed in notes 11, 18 and 20. Security was previously granted over certain property, plant and equipment, receivables and inventories as a requirement of the Group\u2019s committed revolving credit facility. The shareholder loan from a non-controlling interest, bank borrowings and the bank overdrafts are financial liabilities measured at amortised cost. The shareholder loan and bank overdrafts are denominated in US dollars and the bank borrowings are denominated in Renminbi. The shareholder loan is interest-free and not repayable on demand. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. 27. Provisions and Contingent Liabilities (a) Provisions Asset decommissioning and remediation $m Other $m Total $m At 1 January 2022 4.3 3.8 8.1 Exchange adjustments (0.1) (0.1) (0.2) Charged to the consolidated income statement \u2013 2.2 2.2 Charged to right-of-use assets 0.5 \u2013 0.5 Provisions utilised (0.6) (0.7) (1.3) Unwinding of discount 0.1 \u2013 0.1 Unutilised amounts reversed (0.1) \u2013 (0.1) Remeasurement (0.4) \u2013 (0.4) At 31 December 2022 3.7 5.2 8.9 Provisions are due as follows: 2022 $m 2021 $m Current 4.6 3.1 Non-current 4.3 5.0 8.9 8.1 Asset decommissioning and remediation obligations of $3.7m (2021 \u2013 $4.3m) relate to the Group\u2019s obligation to restore leased properties and the Group\u2019s obligation to dismantle, remove and restore items of property, plant and equipment for the Group\u2019s legacy exploration and production (\u201cE&P\u201d) activities. The restoration provisions of $1.5m are expected to be utilised at the end of the respective leases, with $0.1m within one year, $0.9m within two years and $0.5m in ten years. The provision of $2.2m in relation to the Group\u2019s E&P activities is expected to be used over the next twelve years, with approximately $0.2m within one year, $1.3m in year two and $0.7m in years seven to twelve. The timing and amounts of these payments are best estimates based on operators\u2019 and reserve engineers\u2019 experience. Provision is made on a discounted basis; however, the impact of discounting is not material. Other provisions include provisions for onerous contracts of $0.7m (2021 \u2013 $0.4m), restructuring provisions of $0.2m (2021 \u2013 $0.3m), provision for a pension fund for officers and ratings in the mercantile marine industry from a legacy subsidiary of $0.9m (2021 \u2013 $1.0m), warranties and tax indemnities of $1.1m (2021 \u2013 $1.6m), litigation costs of $1.8m (2021 \u2013 $nil) and $0.5m (2021 \u2013 $0.5m) for various other items. (b) Contingent Liabilities The Group recognises provisions for liabilities when it is more likely than not a settlement will be required and the value of the economic outflow can be estimated reliably. Liabilities that are not provided for in the financial position of the Group are disclosed, unless the probability of an economic outflow is considered to be remote. In the 2021 Annual Report and Accounts, a claim against the Group from a competitor relating to a patent infringement was disclosed. The Group continues to deny any such infringement and will defend this claim robustly. The legal case was settled in Hunting\u2019s favour in early January 2023. However, the competitor still has the right to make an appeal. Based on the legal process conducted to date, and an update from the legal advisers, Hunting does not believe that an outflow is probable. Although management continues to believe it is unlikely the case will be lost, the maximum potential exposure, based on legal advice, is estimated at $3.0m. 28. Derivatives and Hedging (a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) .
(b) Fair Value Hedge
Forward foreign exchange contracts have also been designated in a fair value hedge to hedge the foreign exchange movement in foreign currency
trade receivables and payables during the year. The value of the forward foreign exchange contract matches the value of the trade receivables and
payables and they move in opposite directions as a result of movements in the GBP/USD or EUR/USD exchange rates, being the hedged risk. Fair
value gains of $0.1m (2021 \u2013 $0.1m losses) were recognised in the consolidated income statement in net operating income and other expense (note 4)
during the year. At the year-end, the fair value of derivative assets designated in a fair value hedge was $0.1m (2021 \u2013 immaterial).
(c) Cash Flow Hedge
The Group entered into contracts to purchase materials from suppliers in a currency other than the Group subsidiary\u2019s functional currency. Certain
of these highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange
contracts during the year. The value of the forward foreign exchange contract matches the value of the forecast inventory purchase and they move in
opposite directions as a result of movements in the CAD/USD, EUR/USD, EUR/NOK, EUR/GBP, GBP/USD and the CNY/USD exchange rates, being
the hedged risk. This will effectively result in recognising inventory at the fixed foreign currency rate for the hedged purchases. It is anticipated that the
materials will be sold within 12 months after purchase, at which time the amount previously deferred in equity and included as part of the cost of
inventory, will impact profit or loss as part of the cost of inventories sold.
The Group also entered into forward foreign exchange contracts to hedge certain receipts from customers and these highly probable forecast
transactions have been designated in a cash flow hedge relationship. The value of the forward foreign exchange contract matches the value of the
forecast cash flow and they move in opposite directions as a result of movements in the GBP/USD, GBP/NOK and GBP/EUR exchange rates, being
the hedged risk. It is anticipated that the trade receivables will be collected within 12 months after the invoice is issued, at which time the amount
previously deferred in equity, will be taken to profit or loss.
During the year, the Group entered into contracts to purchase a machine and an intangible asset from suppliers in a currency other than the Group
subsidiary\u2019s functional currency. These highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged
using forward foreign exchange contracts. The value of the forward foreign exchange contract matches the value of the forecast asset purchases
and they move in opposite directions as a result of movements in the GBP/USD and EUR/USD, being the hedged risk. This will effectively result
in recognising the assets at the fixed foreign currency rate for the hedged purchases. As the fair value gains or losses will form part of the base
cost of the assets, these will impact profit or loss as part of the depreciation or amortisation charge of the assets.
The Group\u2019s cash flow hedge reserve, which is disclosed as part of other components of equity in note 34, relates to the spot component of forward
foreign exchange contracts. The balance on the cash flow hedge reserve at the beginning of the year is immaterial and at the year-end is a post-tax
gain of $0.3m. The movements during the year are shown in note 34.
The effects of outstanding forward foreign exchange contracts on the Group\u2019s financial position and performance are as follows:
2022 2021
Carrying amount of the forward foreign exchange contracts \u2013 other receivables (note 18) $m 0.4 <0.1
Notional amount of the forward foreign exchange contracts $m 18.5 2.4
Maturity date 3 January 2023 to
21 August 2023
18 January 2022 to
3 January 2023
Hedge ratio
i
1:1 1:1
Change in value of hedged item used to determine hedge effectiveness $m (0.4) <(0.1)
i. The forward foreign exchange contracts are denominated in the same currency as the highly probable forecast transactions to match the exposed currency risk, therefore the hedge ratio is 1:1.
Immaterial changes in the forward points, the differential between the forward rate and the market spot rate, have been recognised in the consolidated
income statement during the year and previous year.
(d) Hedge Effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure
that an economic hedge relationship exists between the hedged item and the hedging instrument.
For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly
with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the
terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then
the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast
transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness
is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material.
29. Financial Instruments
This note provides information about the Group\u2019s financial instruments, including an overview of all financial instruments held by the Group; specific
information about each type of financial instrument; and information about determining the fair value of the instruments, including judgements and
estimation uncertainty involved.
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in note 30. The maximum exposure to credit risk at the
end of the reporting period is the carrying amount of each class of financial assets. Contract assets are not financial assets; however, they are explicitly
included in the scope of IFRS 7 for the purpose of the credit risk disclosures in note 30.
(a) Financial Instruments at Amortised Cost
The carrying values of the Group\u2019s financial instruments at amortised cost are as follows:
2022
$m
2021
$m
Financial assets at amortised cost:
Trade and other receivables (note 18):
Trade receivables 183.1 128.1
Accrued revenue 2.2 3.8
Other receivables \u2013 non-current 0.1 0.3
Other receivables \u2013 current
i
3.1 1.1
Less: provisions for impairment (3.7) (4.6)
Cash and cash equivalents (note 21):
Cash at bank and in hand 29.4 96.8
Cash deposits with less than 3 months to maturity \u2013 4.8
Investments (note 17):
Cash deposits with more than 3 months to maturity \u2013 6.8
214.2 237.1
Financial liabilities at amortised cost:
Trade and other payables
ii
(note 22):
Trade payables (66.8) (40.5)
Accruals \u2013 current
iii
(29.4) (21.5)
Other payables \u2013 current
iv
(1.0) (1.2)
Borrowings (note 25):
Shareholder loan from non-controlling interest (3.9) (3.9)
Bank borrowings unsecured (2.8) \u2013
Bank overdrafts secured (2.1) (1.0)
(106.0) (68.1)
i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m).
ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities.
iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items.
iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m).
Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were:
2022
$m
2021
$m
Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1
Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5)
Interest on bank balances and deposits (note 8) 0.4 0.3
Bank fees and commissions (note 8) (2.1) (1.3)
Other finance income (note 8) 0.1 \u2013
(b) Financial Instruments Measured at Fair Value
(i) Valuation Techniques used to Determine Fair Values
There have been no changes to the valuation techniques used during the year since the previous year-end.
Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d) are debt instruments measured at fair value through profit or loss, with the fair value
based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date.
The fair value gains on these instruments were immaterial in the year and were recognised in finance income.
The listed equity investments and mutual funds are equity instruments measured at fair value through profit or loss, with the fair value based on their
current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gain
or loss for the year was $nil on these instruments. The fair value gain in 2021 of $0.2m was recognised in finance income (note 8) during the year.
The fair value of the convertible financing provided to Well Data Labs in February 2021 was determined by considering the probability weighted
average of the different scenarios\u2019 discounted cash flows using a discount rate of 12% (2021 \u2013 8%). The most significant unobservable inputs to the
fair value calculation are the probability of a conversion to equity and change of control assumptions. The fair value at 31 December 2022 was $2.9m
(2021 \u2013 $2.7m) (note 17), with fair value gains of $0.2m (2021 \u2013 $0.2m) recognised in finance income during the year (note 8). At 31 December 2022,
management considers there to be no reasonable changes in unobservable inputs that would result in a significant change in fair value.
The following instruments do not qualify for measurement at either amortised cost or at fair value through other comprehensive income (\u201cFVTOCI\u201d).
Therefore they are financial instruments that have mandatorily been measured at fair value through profit or loss (\u201cFVTPL\u201d):
\u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous
cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses
recognised during the year on derivative contracts are given in note 28.
\u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both
legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate.
(b) Financial Instruments Measured at Fair Value continued (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. 30. Financial Risk Management The Group\u2019s activities expose it to certain financial risks, namely market risk (including currency, fair value interest rate and cash flow interest rate risks), as well as credit risk and liquidity risk. The Group\u2019s risk management strategy seeks to mitigate potential adverse effects on its financial performance. As part of its strategy, both primary and derivative financial instruments are used to hedge certain risk exposures. There are clearly defined objectives and principles for managing financial risks established by the Board of Directors, with policies, parameters and procedures covering the specific areas of funding, banking relationships, foreign currency and interest rate exposures and cash management, together with the investment of surplus cash. The Group\u2019s treasury function is responsible for implementing the policies and providing a centralised service to the Group for funding, foreign exchange and interest rate management and counterparty risk management. It is also responsible for identifying, evaluating and hedging financial risks in close cooperation with the Group\u2019s operating companies. (a) Market Risk: Foreign Exchange Risk The Group\u2019s international base is exposed to foreign exchange risk from its investing, financing and operating activities, particularly in respect of Sterling, Canadian dollars, Chinese Renminbi and Saudi Arabia Riyal. Foreign exchange risks arise from future commercial transactions and cash flows, and from recognised monetary assets and liabilities that are not denominated in the functional currency of the Group\u2019s local operations. Foreign exchange rates that the Group has the largest exposures to are: Sterling Chinese Renminbi Saudi Arabia Riyal Canadian dollars 2022 2021 2022 2021 2022 2021 2022 2021 Average exchange rate to US dollars 0.81 0.73 6.73 6.45 3.75 3.75 1.30 1.25 Year-end exchange rate to US dollars 0.83 0.74 6.92 6.37 3.75 3.75 1.35 1.26 The aggregate net foreign exchange losses recognised in profit or loss during the year were $nil (2021 \u2013 $0.4m loss). (i) Transactional Risk The exposure to exchange rate movements in significant future commercial transactions and cash flows is hedged by using forward foreign exchange contracts. Certain forward foreign exchange contracts have been designated as hedging instruments of highly probable forecast transactions. Treasury engages with business units to help identify transactional exposures. External hedging activity is then performed by Treasury on behalf of the business units to ensure that transactional risk is managed appropriately and in accordance with Treasury policy. Exposures are also identified and hedged, if necessary, on an ad-hoc basis, such as when a purchase order in a foreign currency is placed. Currency exposures arise where the cash flows are not in the functional currency of the entity. Exposures arising from committed long-term projects beyond a 12-month period are also identified. The table below shows the carrying values of the Group\u2019s financial instruments at 31 December, including derivative financial instruments, on which exchange differences would potentially be recognised in the consolidated income statement in the following year. Currency of denomination At 31 December 2022 Sterling $m US dollars $m UAE dirham $m Singapore dollars $m Saudi Arabia Riyal $m Chinese Renminbi $m Other currencies $m Total $m Functional currency of Group\u2019s entities: Sterling \u2013 (2.2) \u2013 \u2013 \u2013 \u2013 (0.1) (2.3) US dollars (2.8) \u2013 (1.2) (1.3) 1.4 2.4 (0.1) (1.6) Canadian dollars \u2013 (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 (1.5) Euro (0.1) 0.6 \u2013 \u2013 \u2013 \u2013 \u2013 0.5 Chinese CNY \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) (2.9) (3.2) (1.2) (1.3) 1.4 2.4 (0.2) (5.0) Currency of denomination At 31 December 2021 Sterling $m US dollars $m UAE dirham $m Singapore dollars $m Saudi Arabia Riyal $m Chinese Renminbi $m Other currencies $m Total $m Functional currency of Group\u2019s entities: Sterling \u2013 0.9 \u2013 \u2013 \u2013 \u2013 0.1 1.0 US dollars (0.5) \u2013 (1.5) (2.0) (0.4) 0.1 (0.5) (4.8) Canadian dollars \u2013 (1.6) \u2013 \u2013 \u2013 \u2013 \u2013 (1.6) Euro (0.5) 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.4 Chinese CNY \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 (1.0) 0.3 (1.5) (2.0) (0.4) 0.1 (0.4) (4.9) Financial instruments comprise cash balances, trade and other receivables, accrued revenue, trade and other payables, accrued expenses, finance lease liabilities, provisions and intra-Group balances. Derivatives designated in a cash flow hedge are excluded as fair value gains and losses arising on these are recognised in other comprehensive income. (ii) Translational Risk Foreign exchange risk also arises from financial assets and liabilities not denominated in the functional currency of an entity\u2019s operations and forward foreign exchange contracts are used to manage the exposure to changes in foreign exchange rates. Where appropriate, hedge accounting is applied to the forward foreign exchange contracts and the hedged item to remove any accounting mismatch. Foreign exchange risk also arises from the Group\u2019s investments in foreign operations. This has previously been hedged using foreign exchange swaps that have been designated in a net investment hedge to hedge the foreign currency translation risk. The foreign exchange exposure arising from the translation of its net investments in foreign operations into the Group\u2019s presentation currency of US dollars has also previously been managed by designating any borrowings that are not US dollar denominated as a hedge of the net investment in foreign operations. The foreign exchange exposure primarily arises from Sterling and Canadian dollar denominated net investments. The accumulated foreign exchange net post-tax gains included in the currency translation reserve in respect of net investment hedges at the beginning and end of the year is $25.0m. (b) Market Risk: Interest Rate Risk Variable interest rates on cash at bank, short-term deposits, overdrafts and borrowings expose the Group to cash flow interest rate risk and fixed interest rates on loans and short-term deposits expose the Group to fair value interest rate risk. The Group\u2019s treasury function manages the Group\u2019s exposure to interest rate risk and uses interest rate swaps and caps, when considered appropriate. (c) Credit Risk The Group\u2019s credit risk arises from its cash at bank and in hand, investments, derivative financial instruments, accrued revenue, outstanding trade receivables, other receivables and contract assets. At the year-end, the Group had credit risk exposure to a wide range of counterparties. Credit risk exposure is continually monitored and no individual exposure is considered to be significant in the context of the ordinary course of the Group\u2019s activities whether through exposure to individual customers, specific industry sectors and/or regions. (i) Credit Risk: Total Cash and Bank Hunting PLC\u2019s Board approves the treasury policies that determine which counterparties can be used. Due diligence is carried out prior to the authorisation of a bank or financial institution as an approved counterparty. For banks and financial institutions, exposure limits are set for each approved counterparty, as well as the types of transactions that may be entered into. Approved institutions that the Group\u2019s treasury function can invest surplus cash with must all have a minimum A2, P2 or F2 short-term rating from Standard & Poor\u2019s, Moody\u2019s or Fitch rating agencies respectively and AAA-mf Fitch rating for money market funds. Money market funds aim to have a stable net asset value per share of 1 (this means that for every $1 or \u00a31 that is in the fund there will be an asset to cover it) and the funds have overnight liquidity. At the year-end, cash at bank and in hand totalled $29.4m (2021 \u2013 $96.8m), with $19.7m (2021 \u2013 $80.8m) deposited with banks with Fitch short-term ratings of F1 to F1+. Of the remaining $9.7m (2021 \u2013 $16.0m), $6.2m (2021 \u2013 $14.9m) was held with two financial institutions within mainland China which, given the Group\u2019s operations in this jurisdiction, were deemed necessary. Despite not having formal credit ratings, an internal assessment determined that the banks\u2019 credit profiles were appropriate for the amounts held on deposit. There are no formal restrictions on this cash as such; however, prior approval would be required from various state authorities in China before any cash could be paid offshore. This cash balance could be used by the Group to service intercompany loans, which total $5.2m at the year-end. In order for the Group to access the balance of $1.0m, a dividend would need to be declared. During the year, the treasury function invested surplus cash in line with its cash management and investment policies in short-term deposits, Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d). The use of these deposits and funds enables the treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash. Each FTF is 100% maturity-matched with a single, self-liquidating, investment-grade fixed income instrument, which is transparent to the investor. Unless there is a credit issue with the underlying issuer, FTFs are not dependent on secondary market sales for liquidity. As all proceeds from each FTF are derived from the maturity of a single underlying instrument, the maturity amount of each FTF is known precisely on the date of investment. All FTFs offer exposure to financial institutions with investment-grade credit ratings. The credit ratings of the financial institutions where the Group\u2019s total cash and bank balances have been invested are listed below: Credit rating 2022 $m 2021 $m Cash at bank and in hand Fitch F1 to F1+ 19.7 80.8 Cash at bank and in hand N/A 9.7 16.0 Short-term deposits with less than 3 months to maturity Fitch F2 \u2013 4.8 Cash deposits with more than 3 months to maturity Fitch F1 \u2013 6.8 Fixed Term Funds Fitch F1 \u2013 6.8 Derivative financial assets Fitch AA-(dcr) 0.2 \u2013 Derivative financial assets Fitch A+(dcr) 0.4 0.1 The credit risk of foreign exchange contracts is calculated before the contract is acquired and compared to the credit risk limit set for each counterparty. Credit risk is calculated as a fixed percentage of the nominal value of the instrument.
(ii) Credit Risk: Receivables
The Group makes sales to a large number of different customers; however a significant proportion of sales are made to service companies in the
oil and gas sector. The majority of the Group\u2019s customers are based in North America. On a quarterly basis, the Group\u2019s entities submit information
to the head office on individual receivables balances greater than $0.2m, individual receivable balances greater than $32,500 and 90 days overdue,
and quarterly average receivables balances. At the year-end, trade receivables of $158.9m (2021 \u2013 $99.7m) comprised individual balances greater
than $0.2m, with no individual customer balance representing more than 7% (2021 \u2013 8%) of the year-end receivables balance of $183.1m
(2021 \u2013 $128.1m).
The risk of customer default for outstanding trade receivables and accrued revenue and contract assets is continuously monitored. Credit account
limits are set locally by management and are primarily based on the credit quality of the customer taking into account past experience through trading
relationships and the customer\u2019s financial position. As expected, the probability that a customer would default has declined throughout 2022 as
trading improved following the global economic downturn. The Group used Credit Benchmark software to monitor the creditworthiness and changing
credit profiles of its customers. Credit Benchmark uses a similar ratings framework to the main credit ratings agencies for classifying the credit quality
of a business. However, Credit Benchmark ratings are based on contributed risk views from leading global financial institutions, including 15 Global
Systemically Important Banks domiciled in the US, Continental Europe, Switzerland, the UK, Japan, Canada, Australia and South Africa. The
contributions are anonymised, aggregated and published twice monthly in the form of Credit Consensus Ratings and Aggregate Analytics.
Although in most cases the Credit Benchmark consensus rating of a business is based on a number of contributing views, there are instances where
there is only a single source on which the rating is based. During 2022, 37% of sales, which is more than $263m (2021 \u2013 36%/$185m) of the Group\u2019s
revenue, were made to customers with a Credit Benchmark investment-grade rating of bbb or higher, as shown in the table below. This includes
customers with a single-source rating, whereby the rating is based on only a single source rather than a consensus rating which has been derived
from a number of contributing views.
% of Revenue
Credit Benchmark \u2013 Credit Consensus Ratings
2022 2021
aa 2 2
a 16 9
bbb 19 25
bb 3 9
b 3 3
c 0 1
No rating 57 51
To reduce credit risk exposure from outstanding receivables, the Group has taken out credit insurance with an external insurer, subject to certain
conditions. Details of the impairment of trade and other receivables can be found in note 18.
(iii) Credit Risk: Other Financial Assets
The Group operates a defined benefit pension scheme in the US, which is unfunded. Contributions are paid into a separate investment vehicle and
invested in a wide portfolio of US mutual funds. Investments at the year-end amounted to $1.9m (2021 \u2013 $1.9m) and are expected to be fully recovered.
The Group has provided Well Data Labs with $2.5m in convertible financing, the fair value of which was $2.9m at 31 December 2022 (2021 \u2013 $2.7m).
The investment is considered to have a low credit risk and is expected to be fully recovered, although the credit risk of the debt instrument has
increased during the year. This increased risk has been reflected in the fair value calculation of the debt instrument.
(d) Liquidity Risk (i) Bank Facilities The Group\u2019s treasury function ensures that there are sufficient committed facilities available to the Group, with an appropriate maturity profile, to provide operational flexibility and to support investment in key Group projects. The Group has sufficient credit facilities to meet both its long- and short-term requirements. The Group\u2019s treasury function ensures flexibility in funding by maintaining availability under committed credit facilities. The Group\u2019s credit facilities are provided by a variety of funding sources and total $186.9m (2021 \u2013 $164.2m) at the year-end. The Group\u2019s undrawn borrowing facilities were as follows: 2022 $m 2021 $m Secured committed facilities 155.0 160.0 Unsecured uncommitted facilities 31.9 \u2013 Secured uncommitted facilities \u2013 4.2 186.9 164.2 Following the cancellation of the RCF in February 2022, a $15m money market line and a $2m overdraft facility were withdrawn, as the banks providing these facilities, although previously part of the RCF lending group, decided not to participate in the ABL arrangements and subsequently withdrew their lending commitment to the Group. Secured Committed Facilities: Asset Based Lending Facility The Group\u2019s Revolving Credit Facility (\u201cRCF\u201d) was cancelled on 7 February 2022, and replaced with a new $150.0m Asset Based Lending (\u201cABL\u201d) facility. The ABL facility has a four-year term, maturing on 7 February 2026. An accordion feature of up to $50.0m was also agreed. This feature allows the Group to increase the total facility quantum to $200.0m, subject to the approval of its bank lending group. The Group\u2019s borrowing capacity is linked to secured asset values. The three main asset classes that form the \u201cBorrowing Base\u201d against which bank capital is advanced are North American-based trade receivables, inventories and freehold property. The Group is required to submit various reports to the facility agent each month so that any fluctuation in the carrying values of these assets are communicated to the lenders, and so that the borrowing base may be recalibrated based on the most recent asset values. Accordingly, availability under the ABL facility will fluctuate to the extent that the underlying asset values change over time, either up or down. The carrying amounts of the assets pledged as security is discussed in notes 11, 18 and 20. The ABL financial covenants are only measured under certain conditions, principally once utilisation of the facility goes through a predefined threshold i.e. 87.5% of the \u201cLine Cap\u201d (\u201cLine Cap\u201d is defined as the lesser of the total facility amount and the Borrowing Base), at which point the Fixed Charge Cover Ratio (\u201cFCCR\u201d) is measured and must be complied with. The FCCR is a financial covenant that looks back over the trailing 12-month period to assess whether EBITDA (as defined by the ABL facility agreement) covers the Group\u2019s Fixed Charges (as defined by the facility agreement) at a ratio of at least 1:1. Management has detailed the wider considerations regarding going concern and future covenant compliance in the Going Concern Statement on page 111. At inception of the ABL (and annually thereafter) a field examination and asset appraisal process was conducted by specialist, bank appointed, third-party valuation firms in order to assess the nature and commercial viability of the secured ABL assets so that appropriate discounts, or \u201cadvance rates\u201d, could be determined. The initial asset appraisals were completed in H2 2021 and consequently the advance rates to be applied in each category for the first 12 months of the ABL\u2019s tenor were imputed. Applying these advance rates to the December 2021 carrying values of the in-scope asset classes, Hunting\u2019s opening availability under the ABL was in excess of $100m. The opening availability at 7 February 2022 was based on in-scope trade receivables and inventory balances only. However, in early July 2022, the legal process to finalise accession of the in-scope US freehold properties into the ABL Borrowing Base was completed. Consequently, the full facility quantum of $150.0m was made available for utilisation by the Company, as the total value of the secured assets exceeded the current facility limit of $150.0m. The Group did not make any drawdowns on the ABL during the year and it remained undrawn at the period end. In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under the ABL. Unsecured Uncommitted Facilities In August 2022, the Asia Pacific operating segment was successful in winning an order worth up to $86m in revenue for Hunting\u2019s proprietary connection technology and associated OCTG for a large offshore project with CNOOC in China. The order is the largest OCTG and Premium Connection order win in the Group\u2019s recent history and, consequently, has demanded substantial working capital investment in order to procure raw materials from local steel mills. In light of strict regulations in China that apply to intercompany loans made by offshore companies to foreign invested entities, whereby treasury could only provide $5.0m of the Group\u2019s available cash as an intercompany loan, the treasury function had to consider a number of different funding options in order to provide the liquidity required to support this contract. However, treasury was also able to provide support and oversight to the local Wuxi finance team in arranging a series of bilateral working capital loans provided by local banks in Wuxi. Two of the facilities, Bank of Jiangsu for CNY50.0m, (maturing October 2023) and ICBC for CNY25.0m (maturing December 2023) were arranged by the local finance team in Wuxi. A third facility for CNY165.0m was provided by HSBC China in Suzhou, but arranged by Hunting\u2019s treasury function in London by leveraging the global relationship that the Group has established with the bank and that is managed out of the UK. There is no formal termination date on this facility, which means it is available until further bilateral agreement. The facilities totalling CNY240.0m ($34.7m) have all been arranged on an uncommitted, unsecured basis and are only available to the Group\u2019s Chinese subsidiary. Interest on all three facilities is based on the China Loan Prime Rate, which at 31 December 2022 stood at 3.65%. At the year-end, $2.8m of the facilities were utilised, as shown in note 25.
(ii) Management of Cash
The Group needs to ensure that it has sufficient liquid funds available to support its working capital and capital expenditure requirements and that
adequate liquidity levels are maintained. All subsidiaries submit weekly and bi-monthly cash forecasts to the treasury function to enable it to monitor
the Group\u2019s requirements. A consolidated 12-week forecast, produced weekly, is maintained by the Group\u2019s treasury function, which monitors
long- and short-term liquidity requirements of the Group and also identifies any unexpected variances week-on-week.
Treasury\u2019s cash management objective is to centrally manage and, where possible, to concentrate the Group\u2019s cash and bank balances back to
the treasury function to ensure that funds are managed in the best interests of the Group. Short-term cash balances, together with undrawn facilities,
enable the treasury function to manage its day-to-day liquidity risk. Any short-term surplus is invested in accordance with Board-approved treasury
policy. This strategy is subject to legislative and regulatory constraints in certain jurisdictions such as exchange control restrictions and minimum
capital requirements. Where cash concentration cannot be applied, Group treasury approves all local banking arrangements, including the opening
and closing of bank accounts and the investment of surplus cash via bank deposits.
Cash Management Arrangements
In respect of the UK business units and head office companies, the treasury function has arranged a cash concentration structure with
HSBC Bank UK and Barclays Bank UK PLC whereby, at the close of each business day, any surplus balances held in certain subsidiaries\u2019 bank
accounts are swept to treasury-owned accounts (\u201cpool header\u201d accounts), with a corresponding adjustment to the intercompany loan receivable,
or payable, between that subsidiary and treasury. Similarly, any end-of-day deficit in the same group of subsidiary accounts is funded by a cash
sweep from the treasury-owned pool header accounts, and the corresponding intercompany loan is adjusted accordingly. This arrangement enables
more efficient utilisation of UK-based entities\u2019 surplus cash and at the same time allows the treasury function to meet any short-term funding needs
of the UK business units in a more coordinated fashion and from one single pool of liquidity.
In addition, a similar cash concentration structure has been organised with Wells Fargo Bank, N.A. in the US, whereby surplus and deficit cash
balances are swept to and from a single pool header account, held by one central US subsidiary, with a corresponding movement in the respective
companies\u2019 intercompany loan balance. Treasury has systems in place that allow for same-day centralisation of net surplus cash balances in the
US to the UK, or indeed to fund any net cash deficit in the US cash concentration structure. As above, this arrangement allows treasury to efficiently
repatriate surplus operational cash from the US to the UK on a daily basis, if deemed cost effective to do so, and the most appropriate application
of that cash can then be decided upon by treasury. This arrangement also allows treasury to meet any short-term funding needs of the Group\u2019s
US-based business units from cash resources held in, or borrowing facilities that have been arranged by, treasury in the UK.
For other regions, such as Canada and Singapore, while formal sweeping arrangements are not in place, treasury monitors balances on a daily
basis and periodically transfers surplus cash to the centre using similar intercompany loan arrangements as described above. The Group\u2019s interests
in China are subject to the most highly regulated environment of all the Group\u2019s active jurisdictions, in regards to cash management operations.
The free movement of cash both to and from China is a highly restricted activity and, as a consequence, treasury is unable to arrange intercompany
loans in the same way as it does for the rest of the Group. Treasury has organised banking arrangements with HSBC in China on behalf of the Group\u2019s
Chinese business units and, therefore, has visibility of any cash balances held with HSBC and transaction data for these accounts via HSBC\u2019s
proprietary online banking system. For balances held at other Chinese banks, treasury has visibility either via its SWIFT connection or from information
supplied by Hunting\u2019s local entity.
Deposits and Investments of Surplus Cash
Short-term deposits and investments in FTFs and MMFs are held for the purpose of meeting short-term cash commitments, minimising counterparty
concentration risk and improving cash investment returns. Short-term deposits of surplus cash are made for varying periods of between one day and
three months, depending on the immediate cash requirements of the Group. These deposits earn interest at the respective short-term deposit rates.
The Group has invested surplus cash with MMFs as they are considered to be highly liquid since cash can be redeemed from each fund on a
same-day basis. The yield on the funds is calculated on the daily performance of the various instruments within a particular fund.
During the year, the treasury function has invested surplus cash in deposits, FTFs and MMFs, in line with its cash management and investment
policies that would enable a fair return, whilst maintaining the ability to access the cash easily. The use of these deposits and funds enables the
treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a
portion of its surplus cash. However, as the working capital requirements of the Group changed throughout the year, the use of these cash products
greatly reduced and by the end of 2022, there were no balances held in deposits.
At the end of 2021, the Group held $4.8m in deposits with a maturity less than three months, classified as cash and cash equivalents (note 21);
$6.8m in FTFs, classified as cash and cash equivalents (note 21); and held $6.8m in deposits with a maturity greater than three months, which were
classified as current investments on the balance sheet (note 17). The Group included the deposits with a maturity greater than three months in its
calculation of total cash and bank (see NGM J). At the end of 2022, no surplus cash was held in deposits or FTFs. The fair value gains recognised
on the FTFs and MMFs in the year of $0.1m (2021 \u2013 immaterial) and the interest earned on the deposits during the year of $0.3m (2021 \u2013 $0.1m)
were included in finance income.
Cash at bank earns interest at floating rates based on daily bank deposit rates.
(iii) Future Cash Flows of Financial Liabilities
The following tables analyse the expected timings of cash outflows for each of the Group\u2019s non-derivative financial liabilities. The tables analyse
the cash outflows into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity dates of
the financial liabilities. The amounts disclosed in the tables are the contractual, undiscounted cash flows and include interest cash flows and other
contractual payments, where applicable, so will not always reconcile with the amounts disclosed in the consolidated balance sheet. The carrying
values are the amounts in the consolidated balance sheet and are the discounted amounts. Balances due within one year have been included
in the maturity analysis at their carrying amounts, as the impact of discounting is not significant.
2022
On demand
or within
one year
$m
Between
one and
five years
$m
After
five years
$m
Total
$m
Carrying
value
$m
Non-derivative financial liabilities:
Trade payables 66.8 \u2013 \u2013 66.8 66.8
Accruals 29.4 \u2013 \u2013 29.4 29.4
Other payables 1.0 \u2013 \u2013 1.0 1.0
Lease liabilities 8.9 16.4 9.5 34.8 30.6
Secured bank loans 0.7 1.6 \u2013 2.3 \u2013
Bank borrowings unsecured 2.8 \u2013 \u2013 2.8 2.8
Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9
Bank overdrafts secured 2.1 \u2013 \u2013 2.1 2.1
Total 111.7 18.0 13.4 143.1 136.6
2021
On demand
or within
one year
$m
Between
one and
five years
$m
After
five years
$m
Total
$m
Carrying
value
$m
Non-derivative financial liabilities:
Trade payables 40.5 \u2013 \u2013 40.5 40.5
Accruals
i
21.5 \u2013 \u2013 21.5 21.5
Other payables 1.2 \u2013 \u2013 1.2 1.2
Lease liabilities 9.1 21.8 4.9 35.8 31.8
Secured bank loans 0.5 \u2013 \u2013 0.5 \u2013
Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9
Bank overdrafts secured 1.0 \u2013 \u2013 1.0 1.0
Total 73.8 21.8 8.8 104.4 99.9
i. 2021 has been restated to exclude accruals of $7.2m for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7.
The Group had no net settled financial liabilities at the year-end (2021 \u2013 none).
The table below analyses the Group\u2019s derivative financial instruments, which will be settled on a gross basis, into maturity groupings based on the
period remaining from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual, undiscounted
cash flows.
On demand
or within
one year
2022
$m
Between
one and
five years
2022
$m
Total
2022
$m
On demand
or within
one year
2021
$m
Between
one and
five years
2021
$m
Total
2021
$m
Currency derivatives:
Inflows 47.5 \u2013 47.5 43.4 1.2 44.6
Outflows (47.1) \u2013 (47.1) (43.5) (1.2) (44.7)
(e) Capital Risk Management
The Group\u2019s objectives, policies and processes for managing capital are outlined in the Strategic Report within the Financial Capital Management
section on pages 40 and 41. Within this section, the Group provides a definition of capital, provides details of the external financial covenants
imposed, key measures for managing capital and the objectives for managing capital. Quantitative disclosures are made together with the parameters
for meeting external financial covenants.
31. Financial Instruments: Sensitivity Analysis The following sensitivity analysis is intended to illustrate the sensitivity to changes in market variables on the Group\u2019s financial instruments and show the impact on profit or loss and shareholders\u2019 equity. Financial instruments affected by market risk include cash at bank and in hand, trade and other receivables, trade and other payables, lease liabilities, borrowings and derivative financial instruments. The sensitivity analysis relates to the position as at 31 December 2022. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-retirement obligations, provisions and non-financial assets and liabilities of foreign operations. The following assumptions have been made in calculating the sensitivity analysis: \u2022 Foreign exchange rate and interest rate sensitivities have an asymmetric impact on the Group\u2019s results, that is an increase in rates does not result in the same amount of movement as a decrease in rates; \u2022 For floating rate assets and liabilities, the amount of asset or liability outstanding at the balance sheet date is assumed to be outstanding for the whole year; \u2022 Fixed-rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis; and \u2022 The carrying values of financial assets and liabilities carried at amortised cost do not change as interest rates change. Positive figures represent an increase in profit or equity. (a) Interest Rate Sensitivity (i) US Interest Rates The sensitivity rate of 1.0% (2021 \u2013 1.0%) for US interest rates represents management\u2019s assessment of a reasonably possible change, based on historical volatility and a review of analysts\u2019 research and banks\u2019 expectations of future interest rates. The impact on the consolidated income statement, with all other variables held constant, in applying the sensitivity above results in a $0.1m (2021 \u2013 $0.3m) increase or decrease in post-tax profit for an increase or decrease in US interest rates. There is no impact on other comprehensive income (\u201cOCI\u201d) for a change in US interest rates. (ii) Other Interest Rates For all other interest rates, there is an immaterial impact on post-tax profit or loss for any reasonably possible changes in other interest rates, based on historical volatility and a review of analysts\u2019 research and banks\u2019 expectations of future interest rates. There is no impact on OCI for a change in other interest rates. (b) Foreign Exchange Rate Sensitivity Management has considered the impact of changes to the various foreign exchange rates on the exposed financial assets and liabilities disclosed in note 30(a)(i). The sensitivity rates chosen represent management\u2019s assessment of a reasonably possible change, based on historical volatility and a review of analysts\u2019 research and banks\u2019 expectations of future foreign exchange rates. There is an immaterial impact on post-tax profit or loss and on OCI for any reasonably possible changes in the foreign exchange rates. 32. Post-employment Benefits (a) Defined Contribution Arrangements A number of defined contribution (\u201cDC\u201d) arrangements, which are open to current employees, are operated across the Group. Employer contributions to these arrangements are charged directly to profit and loss and in 2022 these totalled $7.2m (2021 \u2013 $7.0m). (b) Unfunded Defined Benefit Schemes (i) US Defined Benefit Scheme The Group operates a cash balance arrangement in the US for certain executives. Members build up benefits in this arrangement by way of notional contributions and notional investment returns. Actual contributions are paid into an entirely separate investment vehicle held by the Group, which is used to pay benefits due from the arrangement when a member retires. Under IAS 19, the cash balance arrangement is accounted for as an unfunded defined benefit scheme. The amounts recognised in the consolidated income statement during the year were $0.1m (2021 \u2013 $nil) for the employer\u2019s current service cost (recognised in administrative expenses) and $nil (2021 \u2013 $0.2m gains) fair value gains or losses on the listed equities and mutual funds (recognised in other finance income note 8). Movements in the present value of the obligation for the unfunded defined benefit US deferred compensation plan 2022 $m 2021 $m Present value of the obligation at the start of the year 1.9 1.7 Current service cost (equal to the notional contributions) 0.1 \u2013 Remeasurement \u2013 excess of notional investment returns over interest cost (0.1) 0.2 Present value of the obligation at the end of the year 1.9 1.9 The obligation of $1.9m (2021 \u2013 $1.9m) is presented in the consolidated balance sheet in non-current payables (note 22). (ii) Middle East Defined Benefit Schemes The Group operates two unfunded defined benefit pension schemes in Dubai and Saudi Arabia, whereby local law requires payment to be made to an employee when they leave their employment with the business unit based on their salary and number of years of service. The combined obligation at the year-end was $0.7m (2021 \u2013 $0.5m), with $0.2m (2021 \u2013 $0.2m) recognised in the consolidated income statement during the year. 33. Share Capital and Share Premium The Company\u2019s share capital comprises a single class of Ordinary shares, which are classified as equity. Ordinary shares of 25p each Number Ordinary shares of 25p each $m Share premium $m At 31 December 2020, 2021 and 2022 164,940,082 66.5 153.0 There are no restrictions attached to any of the Ordinary shares in issue and all Ordinary shares carry equal voting rights. The rights attached to the Company\u2019s Ordinary shares are summarised on page 250. All of the Ordinary shares in issue are fully paid. At 31 December 2022, 5,370,963 (2021 \u2013 4,282,065) Ordinary shares were held by an Employee Benefit Trust. Details of the carrying amount are set out in note 35 . 34. Other Components of Equity 2022 Merger reserve $m Share-based payments reserve $m Currency translation reserve $m Capital redemption reserve $m Hedge reserve $m Total $m At 1 January 2022 25.4 15.6 (3.8) 0.8 \u2013 38.0 Exchange adjustments \u2013 \u2013 (9.2) \u2013 \u2013 (9.2) Share options and awards \u2013 value of employee services \u2013 9.4 \u2013 \u2013 \u2013 9.4 \u2013 discharge \u2013 (9.1) \u2013 \u2013 \u2013 (9.1) Fair value gains and losses \u2013 gains originating on cash flow hedges arising during the year \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 gains transferred to balance sheet on disposal of cash flow hedges \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) \u2013 losses transferred to income statement on disposal of cash flow hedges \u2013 \u2013 \u2013 \u2013 0.1 0.1 \u2013 taxation \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) Transfer between reserves (13.6) \u2013 \u2013 \u2013 \u2013 (13.6) At 31 December 2022 11.8 15.9 (13.0) 0.8 0.3 15.8 2021 Merger reserve $m Share-based payments reserve $m Currency translation reserve $m Capital redemption reserve $m Hedge reserve $m Total $m At 1 January 2021 38.2 17.3 (4.0) 0.8 \u2013 52.3 Exchange adjustments \u2013 \u2013 0.2 \u2013 \u2013 0.2 Share options and awards \u2013 value of employee services \u2013 8.7 \u2013 \u2013 \u2013 8.7 \u2013 discharge \u2013 (10.4) \u2013 \u2013 \u2013 (10.4) Transfer between reserves (12.8) \u2013 \u2013 \u2013 \u2013 (12.8) At 31 December 2021 25.4 15.6 (3.8) 0.8 \u2013 38.0 The merger reserve comprises the proceeds received, net of transaction costs, in excess of the nominal value of the Ordinary shares issued by way of the share placing completed on 31 October 2016. In accordance with section 612 of the Companies Act 2006, the premium was credited to the merger reserve, instead of to the share premium account, because the share placing was pursuant to the Company securing over 90% of another entity. The proceeds were used to pay down the Group\u2019s borrowings at that time. The reserve is currently non-distributable and is transferred to distributable retained earnings when the proceeds meet the definition of qualifying consideration. During the year, $13.6m (2021 \u2013 $12.8m) was transferred from the merger reserve to retained earnings. This portion of the reserve was considered to be realised, as the equivalent amount of the proceeds from the share placing in 2016 have now met the definition of qualifying consideration. The share-based payments reserve represents the Group\u2019s obligation to settle share-based awards issued to its employees. When employees exercise their awards, the portion of the share-based payments reserve which represents the share-based payment charge for those awards is transferred to retained earnings and the Group discharges its obligation. The currency translation reserve contains the accumulated foreign exchange differences that arise from the translation of the financial statements of the Group\u2019s foreign operations into US dollars when the Group\u2019s entities are consolidated, together with exchange differences arising on foreign currency loans used to finance foreign currency net investments. The currency translation reserve also includes the accumulated foreign exchange net gains in respect of net investment hedges, which will be released to the income statement on the disposal or dissolution of the relevant subsidiary. The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the purchase of the Company\u2019s own shares out of distributable profits. The hedge reserve represents the accumulated fair value gains and losses in relation to the spot component of forward foreign exchange contracts designated in a cash flow hedge that were taken out to hedge the purchase of an asset, such as PPE or inventory, in a foreign currency. The fair value gain or loss accumulated in the hedge reserve is transferred to the cost of the asset when it is acquired. 35. Retained Earnings 2022 $m 2021 $m At 1 January 612.4 692.6 Loss for the year (4.6) (85.8) Remeasurement of defined benefit pension schemes net of tax (note 32) 0.1 (0.2) Dividends paid to Hunting PLC shareholders (13.6) (12.8) Treasury shares \u2013 purchase of treasury shares (7.9) (8.1) \u2013 proceeds on disposal of treasury shares 0.2 0.3 Share options and awards \u2013 discharge 8.9 10.2 \u2013 taxation 0.2 \u2013 Acquisition of non-controlling interest \u2013 3.4 Transfer between reserves 13.6 12.8 At 31 December 609.3 612.4 The share options and awards taxation credit taken directly to equity of $0.2m (2021 \u2013 $nil) comprised a deferred tax credit. Retained earnings include the following amounts in respect of the carrying amount of treasury shares: 2022 $m 2021 $m Cost: At 1 January (15.0) (10.6) Purchase of treasury shares (7.9) (8.1) Cost of treasury shares disposed 3.7 3.7 At 31 December (19.2) (15.0) At 31 December 2022, 5,370,963 Ordinary shares were held by the Employee Benefit Trust (2021 \u2013 4,282,065). The Company purchased 2,130,142 (2021 \u2013 2,703,100) additional treasury shares during the year for $7.9m (2021 \u2013 $8.1m). The loss on disposal of treasury shares during the year, which is recognised in retained earnings, was $3.5m (2021 \u2013 $3.4m). 36. Dividends Paid to Hunting PLC Shareholders 2022 2021 Cents per share $m Cents per share $m Ordinary dividends: 2021 final dividend 4.0 6.4 \u2013 \u2013 2022 interim dividend 4.5 7.2 \u2013 \u2013 2020 final dividend \u2013 \u2013 4.0 6.4 2021 interim dividend \u2013 \u2013 4.0 6.4 8.5 13.6 8.0 12.8 A final dividend of 4.5 cents per share has been proposed by the Board, amounting to an estimated distribution of $7 .2m. The proposed final dividend is subject to approval by the shareholders at the Annual General Meeting to be held on 19 April 2023 and has not been provided for in these financial statements. If approved, the dividend will be paid in Sterling on 12 May 2023, to shareholders on the register on 21 April 2023, 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. Guidance on the Company\u2019s position on declaring and paying future dividends is provided within the Strategic Report on page 62. 37. Share-based Payments (a) 2009 Performance Share Plan (\u201cPSP\u201d) (i) Time-based Awards and Options The Company granted nil-cost, time-based share awards and options under the PSP between 2009 and 2013. Annual awards were made to employees, subject to continued employment during the vesting period. There were no performance conditions attached. The final grant under the PSP occurred in 2013 and vested in 2016 and option holders had seven years in which to exercise their vested awards. Share awards can only be exercised by the employees to whom they were granted. The PSP was replaced by the 2014 Hunting Performance Share Plan following shareholder approval at the Annual General Meeting (\u201cAGM\u201d) of the Company on 16 April 2014. Details of the time-based share option movements during the year are as follows: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 2,726 3,601 Vested and exercised during the year (866) (875) Lapsed during the year (859) \u2013 Outstanding and exercisable at the end of the year 1,001 2,726 The weighted average share price at the date of exercise during 2022 was 282.0 pence (2021 \u2013 218.5 pence). Details of the time-based PSP awards and options outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Expiry date Date of grant: 17 April 2012 \u2013 1,725 17 April 2015 17 April 2022 20 March 2013 1,001 1,001 20 March 2016 20 March 2023 Outstanding and exercisable at the end of the year 1,001 2,726 The fair value charge to the consolidated income statement attributable to the time-based PSP is $nil (2021 \u2013 $nil). (b) 2014 Hunting Performance Share Plan (\u201cHPSP\u201d) (i) Performance-based Awards The Company grants performance-based share awards annually to executive Directors and senior employees under the HPSP. Awards are granted at nil cost under the HPSP. The performance-based HPSP awards to the executive Directors and senior employees are divided into five tranches of differing proportions. Each tranche is subject to a three-year vesting period and Company performance is measured against various performance measures, as shown in the table below. The performance period for the 2022 awards granted under the HPSP is 1 January 2022 to 31 December 2024. The vesting date of the 2022 award is 4 March 2025 and, for share options, the option holder has seven years in which to exercise their vested awards. Share awards can only be exercised by the employees to whom they were granted. The award weightings for the years 2020, 2021 and 2022 are in the table below. Performance measure Award weighting 2022 % Award weighting 2021 % Award weighting 2020 % Total Shareholder Return (\u201cTSR\u201d) of a bespoke comparator group 25 35 35 Adjusted diluted earnings per share (\u201cEPS\u201d) 20 25 25 Return on average capital employed (\u201cROCE\u201d) 20 25 25 Free cash low (\u201cFCF\u201d) 20 \u2013 \u2013 Balance strategic scorecard \u2013 non-financial KPIs comprising Quality and Safety performance 15 15 15 Details of the performance-based HPSP awards movements during the year are set out below: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 5,757,230 4,387,495 Granted during the year to executive Directors 1,506,466 929,935 Granted during the year to senior employees 2,170,275 1,450,949 Vested and exercised during the year (95,035) (226,292) Lapsed during the year (1,697,611) (784,857) Outstanding at the end of the year 7,641,325 5,757,230 Details of the performance-based HPSP awards outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Expiry date Date of grant: 11 March 2016 \u2013 options 22,065 22,065 11 March 2019 11 March 2026 19 April 2018 \u2013 options 3,485 3,485 19 April 2021 19 April 2028 21 March 2019 \u2013 options 2,272 204,933 21 March 2022 21 March 2029 21 March 2019 \u2013 awards \u2013 1,098,694 21 March 2022 21 March 2025 3 March 2020 \u2013 options 303,732 306,486 3 March 2023 3 March 2030 3 March 2020 \u2013 awards 1,722,521 1,740,683 3 March 2023 3 March 2026 4 March 2021 \u2013 options 346,282 356,388 4 March 2024 4 March 2031 4 March 2021 \u2013 awards 1,897,447 2,024,496 4 March 2024 4 March 2027 4 March 2022 \u2013 options 506,709 \u2013 4 March 2025 4 March 2032 4 March 2022 \u2013 awards 2,836,812 \u2013 4 March 2025 4 March 2028 Outstanding at the end of the year 7,641,325 5,757,230 Exercisable at the end of the year 27,822 25,550 Weighted average remaining contractual life of options outstanding at the end of the year 8.27 years 8.29 years In 2022, a total of 95,035 awards were exercised (2021 \u2013 226,292). The weighted average share price at the date of exercise during 2022 was 327.7 pence (2021 \u2013 215.2 pence). (ii) Time-based Awards The Company also grants time-based share awards annually to senior employees under the HPSP, which are subject to a three-year vesting period. Annual awards of shares may be made to employees subject to continued employment during the vesting period. There are no performance conditions attached. Awards are granted at nil cost under the HPSP. For share options, option holders have seven years in which to exercise their vested awards. Share awards can only be exercised by the employees to whom they were granted. Details of the time-based HPSP awards movements during the year are set out below: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 3,794,815 3,026,597 Granted during the year 2,695,411 1,539,491 Vested and exercised during the year (882,875) (688,908) Lapsed during the year (225,105) (82,365) Outstanding at the end of the year 5,382,246 3,794,815 In 2022, a total of 882,875 awards were exercised (2021 \u2013 688,908). The weighted average share price at the date of exercise during 2022 was 324.6 pence (2021 \u2013 252.9 pence). Details of the time-based HPSP awards outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Expiry date Date of grant: 1 May 2014 \u2013 options 1,568 2,771 1 May 2017 1 May 2024 28 April 2015 \u2013 options 3,932 5,689 28 April 2018 28 April 2025 11 March 2016 \u2013 options 39,942 47,646 11 March 2019 11 March 2026 3 March 2017 \u2013 options 11,737 23,578 3 March 2020 3 March 2027 19 April 2018 \u2013 options 33,718 45,226 19 April 2021 19 April 2028 21 March 2019 \u2013 options 57,599 156,204 21 March 2022 21 March 2029 21 March 2019 \u2013 awards \u2013 723,401 21 March 2022 21 March 2025 3 March 2020 \u2013 options 216,863 238,428 3 March 2023 3 March 2030 3 March 2020 \u2013 awards 975,642 1,031,070 3 March 2023 3 March 2023 4 March 2021 \u2013 options 289,650 314,094 4 March 2024 4 March 2031 4 March 2021 \u2013 awards 1,129,512 1,206,708 4 March 2024 4 March 2024 4 March 2022 \u2013 options 458,869 \u2013 4 March 2025 4 March 2032 4 March 2022 \u2013 awards 2,163,214 \u2013 4 March 2025 4 March 2025 Outstanding at the end of the year 5,382,246 3,794,815 Exercisable at the end of the year 148,496 124,910 Weighted average remaining contractual life of options outstanding at the end of the year 7.98 years 8.13 years (iii) Fair Value of HPSP Awards The fair value of awards granted under the HPSP is calculated using two separate models: (1) The fair value of awards subject to a market-related performance condition, specifically Company performance against the TSR of a bespoke peer group, has been calculated using the Stochastic pricing model (also known as the \u201cMonte Carlo\u201d model). The assumptions used in this model were as follows: 2022 2021 Date of grant/valuation date 4 March 2022 4 March 2021 Weighted average share price at grant 226.0p 261.9p Exercise price nil nil Expected dividend yield nil nil Expected volatility 55.2% 53.0% Risk-free rate 1.04% 0.10% Expected life 3 years 3 years Weighted average fair value at grant 167.1p 183.9p (2) The fair value of performance-based awards not subject to a market-related performance condition include the EPS and ROCE performance targets and the time-based HPSP awards, with the fair value being calculated using the Black-Scholes pricing model. The assumptions used in this model were as follows: 2022 2021 Date of grant/valuation date 4 March 2022 4 March 2021 Weighted average share price at grant 226.0p 261.9p Exercise price nil nil Expected dividend yield nil nil Expected volatility 55.2% 53.0% Risk-free rate 1.04% 0.10% Expected life 3 years 3 years Weighted average fair value at grant 226.0p 261.9p The methods to calculate the assumptions for both models are: \u2022 The expected volatility was calculated using historic weekly volatility, equal in length to the remaining portion of the performance period at the date of grant. \u2022 The expected life of the award has been calculated commensurate with the vesting period. The risk-free rate is based on the zero coupon UK government bond yield commensurate with the vesting period prevailing at the date of grant. \u2022 Participants are entitled to a dividend equivalent over the number of shares that make up their award. It is accumulated over the vesting period and released subject to the achievement of the performance conditions. This is factored into the fair value calculation and as a result the dividend yield assumption is set to zero. \u2022 The initial accounting charge of the performance-based HPSP awards granted under the HPSP incorporates an estimate of the number of shares that are expected to lapse for those participants who cease employment during the vesting period. The estimate of the expected forfeiture rate is 5% per annum. The subsequent accounting charge includes an adjustment to the initial accounting charge to allow for actual lapses rather than estimated lapses. The amount charged to the consolidated income statement attributable to the performance-based HPSP awards is $3.6m (2021 \u2013 $2.4m) and the charge to the consolidated income statement in respect of time-based HPSP awards is $5.8m (2021 \u2013 $6.3m). These charges are recognised in administrative expenses.
(c) Cash Conditional Share Awards
The Company also grants cash conditional awards annually to employees in certain overseas tax jurisdictions. These awards are aligned with the
rules of the HPSP and are subject to employees continued employment during the vesting period. Awards are granted at nil cost and are settled
at the closing mid-market price of a Hunting PLC Ordinary share on the third anniversary of the date of grant.
(i) Performance-based Awards
The performance-based cash conditional awards to senior employees are divided into four tranches of differing proportions. Each tranche is
subject to a three-year vesting period and Company performance is measured against various performance measures as shown in the table below.
The performance period for the 2022 awards is 1 January 2022 to 31 December 2024.
The award weightings for the years 2020, 2021 and 2022 are in the table below.
Performance measure
Award
weighting
2022
%
Award
weighting
2021
%
Award
weighting
2020
%
TSR of a bespoke comparator group 25 35 35
Adjusted diluted earnings per share (\u201cEPS\u201d) 20 25 25
Return on average capital employed (\u201cROCE\u201d) 20 25 25
Free cash low (\u201cFCF\u201d) 20 \u2013 \u2013
Balance strategic scorecard \u2013 non-financial KPIs comprising Quality and Safety performance 15 15 15
Details of the cash conditional performance-based award movements during the year are set out below:
2022
Number of
shares
2021
Number of
shares
Outstanding at the beginning of the year 342,140 165,243
Granted during the year 204,262 176,897
Outstanding at the end of the year 546,402 342,140
Details of the cash conditional performance-based awards outstanding at 31 December 2022 are as follows:
2022
Number of
shares
2021
Number of
shares
Normal
vesting date
Date of grant:
3 March 2020 165,243 165,243 3 March 2023
4 March 2021 176,897 176,897 4 March 2024
4 March 2022 204,262 \u2013 4 March 2025
Outstanding at the end of the year 546,402 342,140
The charge to the consolidated income statement attributable to the performance-based cash conditional awards is $0.2m (2021 \u2013 $0.3m).
The fair value of the cash conditional performance-based awards is calculated at the date of grant using the same assumptions and model as the fair
value of the performance-based awards not subject to a market-related condition (see 37(b)(iii) above). The weighted average fair value of the award
at 31 December 2022 was 333.0 pence (2021 \u2013 169.2 pence).
(ii) Time-based Awards
The Company also grants time-based cash conditional awards annually, which are subject to a three-year vesting period. Annual awards of shares
may be made to employees subject to continued employment during the vesting period. There are no performance conditions attached.
Details of the cash conditional time-based award movements during the year are set out below:
2022
Number of
shares
2021
Number of
shares
Outstanding at the beginning of the year 247,106 159,920
Granted during the year 325,564 121,192
Vested and exercised during the year (40,233) (15,182)
Lapsed during the year \u2013 (18,824)
Outstanding at the end of the year 532,437 247,106
The weighted average share price at the date of exercise during 2022 was 328.0 pence (2021 \u2013 247.5 pence).
Details of the cash conditional time-based awards outstanding at 31 December 2022 are as follows:
2022
Number of
shares
2021
Number of
shares
Normal
vesting date
Date of grant:
19 April 2018 \u2013 1,482 19 April 2021
21 March 2019 \u2013 38,751 21 March 2022
3 March 2020 89,036 89,036 3 March 2023
4 March 2021 117,837 117,837 4 March 2024
4 March 2022 325,564 \u2013 4 March 2025
Outstanding at the end of the year 532,437 247,106
The charge to the consolidated income statement attributable to the time-based cash conditional awards is $0.3m (2021 \u2013 $0.2m).
The fair value of the cash conditional awards is calculated at the date of grant using the same assumptions and model as the fair value of
performance-based awards not subject to a market-related performance condition (see 37(b)(ii) above). The weighted average fair value of the award
at 31 December 2022 was 333.0 pence (2021 \u2013 169.2 pence).
(d) Amounts Included in the Accounts
The charge to the consolidated income statement attributable to the cash conditional share awards is $0.5m (2021 \u2013 $0.5m) and the total charge
attributable to the equity-settled awards is $9.4m (2021 \u2013 $8.7m). The total charge to the consolidated income statement for the year for share-based
payments is $9.9m (2021 \u2013 $9.2m), see note 7. The total liability in relation to the cash-settled awards included in accruals at the year-end is $0.9m
(2021 \u2013 $0.6m), of which $nil (2021 \u2013 $nil) related to awards that had vested.
38. Related-party Transactions
The following related-party transactions took place between wholly-owned subsidiaries of the Group and associates during the year:
2022
$m
2021
$m
Settlement of warranty claim related to a corporate transaction \u2013 (1.7)
Acquisition of non-controlling interest from Marubeni-Itochu \u2013 (3.8)
Disposal of pipe business to Marubeni-Itochu \u2013 31.5
Additional investment in Cumberland (note 16) (1.6) \u2013
Investment in Indian joint venture arrangement with Jindal SAW (note 16) (1.9) \u2013
Year-end balances:
Shareholder loan from non-controlling interest (3.9) (3.9)
The outstanding balances at the year-end are unsecured and have no fixed date for repayment.
During the year, revenue of $12.3m (2021 \u2013 $6.3m) was generated from sales to BestLink Tube Pte. Ltd., the minority interest holder in Hunting Energy
Services (China) Pte. Ltd.
All ownership interests in associates are in the equity shares of those companies. The ownership interests in associates, joint ventures and
subsidiaries are set out in notes C19 and C20 to the Company financial statements.
The key management of the Group comprises the Hunting PLC Board and members of the Executive Committee. Details of their compensation
are disclosed in note 7. The Hunting PLC Directors and the members of the Executive Committee had no material transactions other than as a result
of their service agreements.
Hunting PLC is the parent company of the Hunting PLC Group. The Company is listed on the London Stock Exchange, with none of the shareholders
owning more than 20% of the issued share capital of the Company (see page 61). Accordingly, the Directors do not consider there to be an ultimate
controlling party.
(a) Restructuring of European OCTG Businesses
On 31 December 2021, the Group entered into a transaction with Marubeni-Itochu Steel Inc and Marubeni-Itochu Tubulars Europe PLC (collectively
referred to as Marubeni-Itochu), the non-controlling interest in Hunting Energy Services (UK) Limited (\u201cHES UK\u201d) and its subsidiary Hunting Energy
Services B.V. (\u201cHES BV\u201d), whereby Hunting purchased Marubeni-Itochu\u2019s 40% interest in these companies for $3.8m and became the sole
shareholder. Hunting and Marubeni-Itochu also entered into a Business Purchase agreement on the same date, which included the sale of OCTG
inventory held by HES UK and HES BV to Marubeni-Itochi for $31.5m.
(b) Warranty Claim
In October 2021, the Group paid $1.7m in settlement of a warranty claim in relation to the transfer of assets, and their condition, as part of a corporate
transaction.
39. Events After the Balance Sheet Date
In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which
has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under
the ABL.
40. Authorisation of Financial Statements
These financial statements were authorised for issue in accordance with a resolution of the Board of Directors of Hunting PLC on 2 March 2023.
41. Principal Accounting Policies The Group\u2019s principal accounting policies are described below: (a) Consolidation \u2022 The Group financial statements include the results of the Company and its subsidiaries, together with its share of associates and joint ventures. \u2022 Subsidiaries are consolidated from the date on which control is transferred to the Group and are de-consolidated from the date control ceases. \u2022 The Group uses the acquisition method of accounting for business combinations. Consequently, the consideration is determined as the fair value of the net assets transferred to the vendor and includes an estimate of any contingent consideration. The net assets acquired are also measured at their respective fair values for initial recognition purposes on the acquisition date. \u2022 Acquisition-related costs arising on business combinations are expensed to the consolidated income statement as incurred. (b) Revenue (i) Revenue from Contracts with Customers \u2022 Revenue is recognised to depict the transfer of promised goods or services to customers and is measured at the amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. \u2022 Consequently revenue for the sale of a product is recognised either: 1. Wholly at a single point in time when the entity has completed its performance obligation; or 2. Piecemeal over time during the period that control incrementally transfers to the customer while the good is being manufactured or the service is being performed. \u2022 Hunting\u2019s activities that require revenue recognition over time comprise: 1. Work undertaken to enhance customer-owned products \u2013 most commonly the lathing of a thread onto the ends of customer-owned plain-end pipe; 2. The manufacture of goods that are specifically designed for and restricted to the use of a particular customer, such as the manufacture of bespoke specialised circuitry and housing, and for which Hunting has an enforceable right to payment for the work completed to date; and 3. The provision of services in which the customer obtains the benefit while the service is being performed \u2013 most commonly the storage and management services of customer-owned pipe. \u2022 In respect of revenue that is recognised over time, Hunting uses an input method for measuring the progress towards completion of its performance obligations and consequently for measuring the amount of revenue that is recognised. Specifically, revenue is recognised in proportion to the total expected consideration that mirrors the costs incurred to date relative to the total expected costs to complete the performance. This method is considered to be the most appropriate as the inclusion of all costs, being materials, labour and direct overheads, best reflects the activities required in performing the promise to the customer. \u2022 Hunting\u2019s activities that require revenue recognition at a point in time comprise: 1. The sale of goods that are not specifically designed for use by one particular customer. These products include tubulars acquired by Hunting as plain-end pipe on which lathing work has been applied and which are resold as threaded pipe; and 2. The manufacture of goods that are specifically designed for one particular customer but for which Hunting does not have an enforceable right to payment for the work completed to date. \u2022 The events that trigger the recognition of revenue at a point in time are most commonly: (i) delivery of the product in accordance with the contractual terms; or (ii) when the product is made available to the customer for collection; or (iii) when the customer notifies the Group that the customer has accepted the product following a period of inspection by the customer. Hunting utilises the customer acceptance approach when Hunting is responsible for transporting goods (in addition to supplying them to the customer) and the risk of damage during transportation, due either to the method or the distance, is considered sufficient to impede management from being able to substantively determine that control of the goods would pass to the customer prior to acceptance. \u2022 When revenue from a customer is recognised, the amount is reported as a contract asset if the performance obligation is incomplete as this asset reflects that it is conditional upon Hunting completing the work. The revenue is reported as accrued income if the performance obligation has been completed but a sales invoice has not yet been issued. The revenue is recognised as a trade receivable if a sales invoice has been issued as this asset reflects that it is unconditional other than the passage of time. The Group reports a contract liability when amounts received and receivable from the customer exceed the value of the work done to date, reflecting that the Group is obligated to transfer goods or services in order to settle the prepayment from the customer. (ii) Rental Revenue \u2022 Rental revenue from operating leases, being leases in which Hunting does not transfer substantially all of the risks and rewards of the leased asset to the customer, is recognised as the income is earned. \u2022 Revenue from finance leases, being leases in which Hunting, as a manufacturer/dealer-lessor, transfers substantially all of the risks and rewards of the leased asset to the customer, is measured as the fair value of the underlying asset or if lower the present value of the lease payments. The carrying value of the leased asset minus the unguaranteed residual value is charged to cost of sales and interest earned during the term of the lease is recognised as finance income. (c) Interest \u2022 Interest income and expense is recognised in the consolidated income statement using the effective interest method. (d) Foreign Currencies (i) Individual Subsidiaries\u2019, Associates\u2019 and Joint Ventures\u2019 Financial Statements \u2022 The financial statements for each of the Group\u2019s subsidiaries, associates and joint ventures are denominated in their functional currency. \u2022 The functional currency is the currency of the primary economic environment in which the entity operates. \u2022 Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate ruling at the date of the transaction. \u2022 Monetary assets and liabilities, except borrowings designated as a hedging instrument in a net investment hedge, denominated in non-functional currencies are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken to the consolidated income statement. \u2022 Borrowings designated as a hedging instrument in a net investment hedge are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken directly to equity. (ii) Group Consolidated Financial Statements \u2022 The presentation currency of the Group is US dollars. \u2022 The net assets of non-US dollar denominated subsidiaries, associates and joint ventures are translated into US dollars at the exchange rates ruling at the balance sheet date. \u2022 The income statements of subsidiaries, associates and joint ventures are translated into US dollars at the average rates of exchange for the year. \u2022 Exchange differences are recognised directly in equity in the currency translation reserve (\u201cCTR\u201d), together with exchange differences arising on foreign currency loans used to finance foreign currency net investments. \u2022 Upon adoption of IFRS on 1 January 2004, accumulated exchange differences arising on consolidation prior to 31 December 2003 were reset to zero and the CTR recommenced under IFRS on 1 January 2004. \u2022 The balance on the CTR represents the exchange differences arising on the retranslation of non-US dollar amounts into US dollars since 1 January 2004. \u2022 On the disposal of a business, the cumulative exchange differences previously recognised in the CTR relating to that business are transferred to the consolidated income statement as part of the gain or loss on disposal. (e) Taxation \u2022 The taxation recognised in the consolidated income statement comprises current tax and deferred tax arising on the current year\u2019s result before tax and adjustments to tax arising on prior years\u2019 results. \u2022 Current tax is the expected tax payable or receivable arising in the current year on the current year\u2019s result before tax, using tax rates enacted or substantively enacted at the balance sheet date, plus adjustments to tax in respect of prior years\u2019 results. \u2022 Deferred tax is the tax that is expected to arise when the assets and liabilities recognised in the Group\u2019s consolidated balance sheet are realised, using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the asset is realised or the liability is settled. \u2022 Full provision is made for deferred taxation, using the liability method, on all taxable temporary differences. Deferred tax assets and liabilities are recognised separately in the consolidated balance sheet and are reported as non-current assets and liabilities. \u2022 Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. \u2022 Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. \u2022 The recoverability of deferred tax assets is reviewed at each balance sheet date and deferred tax assets are recognised to the extent that sufficient taxable profit is expected to be available to allow the deferred tax asset to be utilised. \u2022 When items of income and expense are recognised in other comprehensive income, the current and deferred tax relating to those items is also recognised in other comprehensive income. (f) Property, Plant and Equipment \u2022 Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Cost includes expenditure that is directly attributable to the acquisition and installation of the asset. \u2022 Land and assets under construction are not depreciated. \u2022 With the exception of oil and gas exploration and production equipment, assets are depreciated using the straight-line method at the following rates: Freehold buildings \u2013 2% to 10% Leasehold buildings \u2013 life of lease Plant, machinery and motor vehicles \u2013 6% to 33 1 \u2044 3 % \u2022 The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
(g) Leases
\u2022 Lessees:
With regard to lessee contracts, the entity recognises a lease obligation as a liability and a right-of-use asset at the inception of the contract, except
with regard to the two exemptions noted below. In measuring the lease obligation, the entity takes account of all fixed payments and the known
amount of variable payments. Management also assesses the likelihood of the entity exercising extension options, early termination options and
purchase options when contractually offered, and incorporates the relevant assumed cash flows in the initial measurement. These future gross
cash flows are then discounted using the incremental borrowing rate (\u201cIBR\u201d) that is relevant to each lease. The interest rate implicit in the lease
is not used as the entity is unable to access the specific financials of the lessor that would be required in order to determine that rate. The IBR
is determined by reference to (i) the weighted average period of the lease term; and (ii) the risk-free rate of the currency of the lease, adjusted for
country-specific government bond yields for contracts denominated in the Euro; and (iii) the market risk premium associated with the currency
of denomination of the contract; and (iv) a financing spread associated with the financial status and country of location of the lessee entity; and
(v) an asset-specific adjustment associated with the perceived security that each type of asset provides to the lessor. The right-of-use asset is
usually initially measured as equal to the initial measurement of the lease liability plus any contracted remediation work that would be required
at the end of the lease term as there are usually no initial direct costs or lease payments made prior to the inception of the contract.
Whenever circumstances change post-inception, for example when the judged likelihood of whether an option will or will not be exercised, or indices
relevant to the measurement of variable payments change, or the lease term is extended with regard to a contract that does not offer an extension
option, the lease obligation is re-measured and the right-of-use asset is correspondingly amended. Re-measurement of the lease obligation is most
commonly based on a revised IBR as the change in circumstances has most commonly resulted from a change in the lease term.
The cost of the lease is subsequently recognised in the consolidated income statement as interest charged on the liability and as depreciation
charged on the right-of-use asset. Depreciation is charged on a straight-line basis over the lease term; to date the entity has not and is not
expected to exercise a purchase option which would otherwise shorten the depreciation period.
Hunting has adopted the two exemptions that permit lessees to charge the cost of certain leases directly to the consolidated income statement
on a straight-line basis over the lease term. The two exemptions apply to:
\u2013 leases that have a duration of one year or less; and
\u2013 leases of assets that would have cost $5,000 or less, when new, to acquire if the asset had been purchased rather than leased.
\u2022 Lessors:
Hunting leases equipment to customers in the capacity of a manufacturer/dealer lessor. Consequently, the leased asset is derecognised
and a finance lease receivable is recognised on the balance sheet in respect of the future amounts payable by the customer.
(h) Goodwill
\u2022 Goodwill arises when the fair value of the consideration paid for a business exceeds the fair value of the Group\u2019s share of the net assets acquired.
\u2022 Goodwill is recognised as an asset and is carried at cost less accumulated impairment losses.
\u2022 Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to the cash-generating units or groups of cash
generating units that are expected to benefit from the business combination in which the goodwill arose.
\u2022 On the disposal of a business, goodwill relating to that business that remains in the consolidated balance sheet at the date of disposal is included
in the determination of the profit or loss on disposal.
(i) Other Intangible Assets
\u2022 Other intangible assets, whether obtained through acquisition or internal development, are capitalised when it is probable that the future economic
benefits that are attributable to the asset will be generated, provided the cost of the asset can be measured reliably.
\u2022 Capitalisation occurs from the point when technical and commercial feasibility of the asset has been established. Prior to this costs are expensed.
\u2022 For internally generated assets, only costs directly attributable to the development of the asset are capitalised. This typically includes employee
remuneration and the cost of materials and services, such as testing, consumed in generating the intangible asset.
\u2022 Other intangible assets are stated at cost less accumulated amortisation and impairment losses where applicable.
\u2022 These assets have a finite life and are amortised in accordance with the pattern of expected future economic benefits, or when this cannot
be reliably estimated, by using the straight-line method.
\u2022 Intangible assets are amortised over the following periods:
Customer relationships \u2013 eight to ten years
Patents \u2013 eight to ten years
Unpatented technology \u2013 eight to ten years
Trademarks and domain names \u2013 one to five years
(j) Investments in Associates and Joint Ventures \u2022 The Group\u2019s interests in these investments are accounted for using the equity method of accounting. \u2022 Upon initial recognition as at the date of acquisition, the interests are recognised in the balance sheet at cost plus directly incurred acquisition-related expenses. The excess of cost above the share of net assets is ascribed to goodwill and other intangible assets, as appropriate. The intangible assets are subsequently amortised and presented in the consolidated income statement as part of the post-tax share of the investments\u2019 results. \u2022 Subsequently, the carrying amount is adjusted to include the Group\u2019s share of the increase or decrease in the investments\u2019 net assets after the date of acquisition. The Group\u2019s share of the investments\u2019 net profit or loss after taxation is incorporated in the consolidated income statement as post-tax share of associates\u2019 and joint ventures\u2019 results. The Group\u2019s share of the investments\u2019 net assets plus direct acquisition expenses, goodwill and other acquisition-related intangible assets are incorporated in the consolidated balance sheet as investments in associates and joint ventures.(k) Impairments \u2022 The Group assesses at least annually whether there is any indication that an asset is impaired, and undertakes an assessment for an impairment if such an indication exists. \u2022 In addition, the Group undertakes an annual impairment assessment of goodwill whether or not an indication of impairment actually exists. \u2022 Where assets do not generate their own independent cash flows, they are tested at a cash generating unit (\u201cCGU\u201d) level and, if impairment is identified, the carrying amount of the CGU is reduced to its recoverable amount. For assets that do generate independent cash flows, the specific asset is impaired to its recoverable amount if impairment is identified. \u2022 Where impairment exists, an asset or CGU is written down to its recoverable amount being the higher of: (a) its fair value minus costs to sell; and (b) its value in use. Details of how value in use is determined are given in note 15. \u2022 Impairments are recognised immediately in the consolidated income statement. \u2022 An impairment to goodwill is never reversed. When applicable, an impairment of any other asset or CGU is reversed, but only to the extent that the consequent carrying value does not exceed what would have been the carrying value had the impairment not originally been made. (l) Inventories \u2022 Inventories are stated at the lower of cost and net realisable value. \u2022 Cost is determined using the first-in-first-out method and net realisable value is the estimated selling price less costs of disposal in the ordinary course of business. The cost of inventories includes direct costs plus production overheads. (m) Cash and Cash Equivalents \u2022 Cash and cash equivalents comprise cash at bank and in hand, short-term deposits and qualifying Fixed Term Funds (\u201cFTFs\u201d) and money market funds with a maturity of less than three months from the date of deposit. \u2022 Short-term deposits, FTFs and money market funds have been classified as cash and cash equivalents as they are short-term, highly liquid, are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. These instruments are held for the purpose of settling current or potential cash commitments in the short term by the treasury function. \u2022 For cash flow statement purposes, cash and cash equivalents include bank overdrafts. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. (n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition.
(o) Financial Liabilities
\u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case
of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures
all of its non-derivative financial liabilities, including trade payables, at amortised cost.
\u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities.
(p) Debt Issue Costs
\u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over
the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented
in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services.
(q) Derivatives and Hedging
\u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value
at the end of each reporting period.
\u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months
from the balance sheet date.
\u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature
of the item being hedged.
\u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are
accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement.
\u2022 The Group designates certain derivatives as:
i. hedges of the fair value of recognised assets and liabilities; or
ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or
iii. a hedge of the net investment in a foreign operation.
(i) Fair Value Hedges
\u2022 Fair value gains or losses on derivatives designated in a fair value hedge are recognised immediately in the consolidated income statement
if the changes in the fair value of the hedged item are taken to the consolidated income statement.
(ii) Cash Flow Hedges
\u2022 When forward foreign exchange contracts are designated in a cash flow hedge of forecast transactions, the Group generally designates only
the change in fair value of the forward contract relating to the spot component as the hedging instrument. Gains or losses relating to the effective
portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge reserve within equity. The Group has
chosen to recognise the change in the forward element of the contract that relates to the hedged item, defined as the forward points, within the
consolidated income statement immediately rather than in equity. The forward points are discounted, where material.
\u2022 Where the hedged item subsequently results in the recognition of a non-financial asset, such as inventory or property, plant and equipment,
the deferred hedging gains and losses in equity are included within the initial cost of the asset. The deferred amounts are subsequently recognised
in profit or loss when the hedged item affects profit or loss (for example through cost of sales or depreciation).
\u2022 When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
deferred gain or loss in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected
to occur, the cumulative gain or loss of hedging that was reported in equity is immediately reclassified to the consolidated income statement.
(r) Provisions
\u2022 Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources will
be required to settle the obligation.
\u2022 The measurement of a provision is based on the most likely amount and timing of the expenditures. Payments that are expected to arise after
more than one year are discounted to their present value using a risk-free interest rate that is relevant to the region in which the past event occurred.
The risk-free interest rate is based on the redemption yields of government securities.
(s) Post-employment Benefits
\u2022 Payments to defined contribution retirement schemes are charged to the consolidated income statement when they fall due.
(t) Share-based Payments
\u2022 The Group issues equity-settled and cash-settled share-based payments (HPSP awards) to certain employees as consideration for services
received from the employees. The fair value of the employees\u2019 services is recognised as an expense in the consolidated income statement on
a straight-line basis over the vesting period based on the Group\u2019s estimate of awards that will ultimately vest. The obligation to settle these awards
is recognised within other components of equity; the obligation to settle the cash-settled awards is recognised as a liability.
(u) Share Capital
\u2022 Incremental costs directly attributable to the issue of new shares are charged to equity as a deduction from the proceeds, net of tax.
(v) Merger Reserve
\u2022 The merger reserve comprises the proceeds received, net of transaction costs, in excess of the nominal value of the Ordinary shares issued by way
of the share placing completed on 31 October 2016. In accordance with section 612 of the Companies Act 2006, the premium was credited to the
merger reserve, instead of to the share premium account, because the share placing was pursuant to the Company securing over 90% of another
entity. The proceeds were used to pay down the Group\u2019s borrowings at that time. The reserve is currently non-distributable and will be transferred
to distributable retained earnings when the proceeds meet the definition of a qualifying consideration.
(w) Dividends
\u2022 Dividends to the Group\u2019s shareholders are recognised as liabilities in the Group\u2019s financial statements in the period in which the dividends are
approved by shareholders. Interim dividends are recognised when paid. All dividends are dealt with in the statement of changes in equity.
(x) Employee Benefit Trust
\u2022 The Hunting PLC Employee Benefit Trust (\u201cEBT\u201d) holds treasury shares, which are shares in Hunting PLC, for the purpose of issuing shares
to employees of the Group under share-based remuneration schemes. The EBT is consolidated in accordance with note 41(a) above.
\u2022 The cost of treasury shares is presented as a deduction from retained earnings in the consolidated balance sheet.
\u2022 The cost of shares issued to employees is recognised on a weighted average cost basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-449": { "value": "Hunting PLC is a premium-listed public company limited by shares, with its Ordinary shares quoted on the London Stock Exchange. Hunting PLC was incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The address of the Company\u2019s registered office is shown on page 248. The principal activities of the Group and the nature of the Group\u2019s operations are set out in note 2 and in the Strategic Report on pages 4 to 113. The financial statements consolidate those of Hunting PLC (the \u201cCompany\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d), including the Group\u2019s interests in associates and joint ventures and are presented in US dollars, the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "Hunting PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-406": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-7": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "The address of the Company\u2019s registered office is shown on page 248. 30 Panton Street London SW1Y 4AJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "The principal activities of the Group and the nature of the Group\u2019s operations are set out in note 2 and in the Strategic Report on pages 4 to 113. Hunting Titan Hunting Titan manufactures and distributes a broad range of well completion products and accessories. The segment\u2019s products include both integrated and conventional gun systems and hardware, a complete portfolio of shaped charges and other energetics products, addressable and analogue switch technology and electronic instrumentation for certain measurements required in the oil and gas industry. Key products include the H-2\u2122 and H-3\u2122 gun systems, ControlFire\u2122 switches, EQUAfrac\u2122 shaped charges, the T-Set\u2122 line of setting tools and the PowerSet\u2122 family of power charges. The business has manufacturing facilities in the US and Mexico, and is supported by strategically-located distribution centres across North America. North America The segment\u2019s businesses supply premium connections, oil country tubular goods (\u201cOCTG\u201d), subsea equipment, intervention tools, electronics and complex deep hole drilling and precision machining services for the US, Canada and overseas markets. A significant portion of the segment\u2019s electronics, complex hole drilling and precision machining work is for non-oil and gas sectors. The segment also manufactures perforating system products for Hunting Titan. Although located in the UK, Enpro has been classified as part of this segment, as it falls under the management of the Subsea business in the US, and it participates in global offshore projects. The Group\u2019s Canadian business now focuses on OCTG threading, which is subcontracted to facilities which hold manufacturing licences for Hunting\u2019s premium and semi-premium connections. The segment also includes the results of the Group\u2019s legacy exploration and production activities in the Southern US and offshore Gulf of Mexico. Europe, Middle East and Africa (\u201cEMEA\u201d) Hunting\u2019s European operations comprise businesses in the UK, Netherlands and Norway. Revenue from this segment is generated from the supply of OCTG (including threading, legacy pipe storage and accessories manufacturing) and the sale and rental of in-field well intervention products in the UK; OCTG and well testing equipment manufacture in the Netherlands; and multi-product line services and distribution in Norway. The European OCTG businesses are concentrating on accessory manufacturing and yard services. Hunting\u2019s Middle East manufacturing operations are located in Dubai, UAE and Dammam, Saudi Arabia. The Group\u2019s operations in Saudi Arabia are carried out through a subsidiary in which Hunting has a 65% controlling interest and Saja Energy, our business partner, which holds the remaining shares. Hunting\u2019s manufacturing capabilities in Saudi Arabia focus on well intervention equipment and OCTG products. In addition, Saudi Arabia acts as a sales hub for other products manufactured globally by the Group, including Well Testing and Perforating Systems. Asia Pacific In Indonesia and Singapore, OCTG premium connections and accessories and well intervention equipment are manufactured. In China, OCTG threading and perforating gun manufacturing are carried out in the facility in Wuxi. The perforating guns are sold to Hunting Titan and also in its domestic markets. In order to diversify its revenue streams, the segment has also begun selling micro-hydro generators. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-502": { "value": "The financial statements consolidate those of Hunting PLC (the \u201cCompany\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d), including the Group\u2019s interests in associates and joint ventures and are presented in US dollars, the currency of the primary economic environment in which the Group operates. (a) Consolidation \u2022 The Group financial statements include the results of the Company and its subsidiaries, together with its share of associates and joint ventures. \u2022 Subsidiaries are consolidated from the date on which control is transferred to the Group and are de-consolidated from the date control ceases. \u2022 The Group uses the acquisition method of accounting for business combinations. Consequently, the consideration is determined as the fair value of the net assets transferred to the vendor and includes an estimate of any contingent consideration. The net assets acquired are also measured at their respective fair values for initial recognition purposes on the acquisition date. \u2022 Acquisition-related costs arising on business combinations are expensed to the consolidated income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-535": { "value": "The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-474": { "value": "The financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of the US deferred compensation plan and those financial assets and financial liabilities held at fair value (note 29).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-522": { "value": "In the prior year, the consolidated income statement included presentation of alternative performance measures, previously referred to as underlying results, in addition to IFRS measures. Hunting has revised the format of the condensed consolidated income statement in the current year to present a single column only with IFRS measures in line with current practice and guidance. The format of the relevant income statement notes has also been updated. Adjusted profitability measures used by management have been presented in the Non-GAAP Measures section, which includes further information on the definitions, purpose and reconciliation to IFRS measures. The prior year numbers have not been restated as this is a presentational change only. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-501": { "value": "
Critical Judgements and Key Assumptions
Critical judgements are those that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most
significant effect on the amounts recognised in the Group\u2019s financial statements. Key assumptions are those concerning future expectations and
other key sources of estimation uncertainty at the end of the reporting period and which may have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year.
Critical judgements were made in the following areas:
\u2022 In determining if the contractual terms for various significant subsea contracts met the requirements of over time revenue accounting as described
in note 41;
\u2022 In considering whether the conditions were appropriate to recognise deferred tax assets (see note 9); and
\u2022 In the assessment of whether an extension option, early termination option or a purchase option in a lessee contract is likely to be exercised by the
entity. See note 24.
The key estimates used in the preparation of the accounts were:
\u2022 The estimates of future cash flows in the budget and extended forecasts considered in the impairment test for cash generating units and the
carrying values (see note 15); and
\u2022 Estimates of future turn rates by inventory line item in determining inventory provisions (see note 20).
Tax-related Judgements The Group is subject to income taxes in numerous jurisdictions and significant judgement is required in determining the worldwide provision for those taxes, as tax legislation can be complex and open to different interpretation. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available, against which the temporary differences can be utilised. The recoverability of deferred tax assets is supported by deferred tax liabilities against which the reversal can be offset and the expected level of future profits. This is considered by jurisdiction, or by entity, dependent on the tax laws of the jurisdiction. Where there is both a history of loss making and continued loss making in the year, stronger supporting evidence is required to meet recognition policy criteria. Supporting evidence reviewed includes: whether actual results, when excluding non-recurring items, meet or exceed budget; the level of taxable profits generated in the base case and downside case of longer-term forecasts; and the nature of how the deferred tax assets arose and how this relates to the ongoing activities of the business. The recognition of deferred tax assets as at 31 December 2022 has been based on the forecast accounting profits in the 2023 and 2024 Budget and the extended forecast period as presented to the Board. This is the same forecast that is used to derive cash flows for the goodwill impairment test, per note 15. For periods extending beyond the extended forecast period, profits have been assumed to grow in a manner consistent with the terminal growth rate assumptions used for impairment testing. In addition, a risk factor has been applied to reduce future profits for the extended forecast period and beyond. These adjustments are to reflect the potential decrease in reliability of forecasts for future periods beyond the Board-approved budget period. Historical tax losses make up the majority of the deductible temporary differences. These losses mainly arose from varying factors including non-recurring events such as losses arising at the start of newly formed businesses and the COVID-19-related downwards pressures on the profits in previous years. The majority of the deferred tax not recognised in the Group is in relation to deferred tax arising in the US. Based on the review of tax adjusted forecasts, as noted above, management have assessed that currently there is not sufficient support for the recognition of a deferred tax asset in respect of historical tax losses and other deductible temporary differences in the US due to uncertainty in recovery. Management will continue to monitor the position in the US and if current forecasts are met then it is expected that the recognition criteria set by Management could be met within the next one to two years. The main jurisdiction where we have a change in deferred tax recognition is the UK. Previously unrecognised deferred tax assets have been recognised in the period in respect of historical tax losses and other deductible temporary differences in the UK, due to taxable profits arising in the year and continued forecast improved profitability in future periods with the deferred tax assets being forecast to be recovered within nine years. Recognition of the UK deferred tax asset is dependent on the accuracy of the budget and extended forecast period. In assessing the recoverability of deferred tax assets a sensitivity analysis is applied to the extended forecast period accounting profits, to consider a plausible downside scenario. Under the sensitivity analysis, the recovery period of the previously unrecognised deferred tax assets now recognised in the year, would be extended by two years. (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (ii) Impairment Tests for Individual Assets For individual assets, an impairment test is conducted if there are indicators of impairment. Impairment arises when the carrying value of the asset is greater than the higher value of either its fair value less costs of disposal, or its value-in-use. The FVLCD or the value-in-use is a Level 3 measurement as per the fair value hierarchy as defined within IFRS 13 due to unobservable inputs used in the valuation. If the cash flows of an asset cannot be assessed individually, then the asset or a group of assets are aggregated into a CGU and tested as described above. For loss-making associates with material carrying values, impairment tests were conducted and no impairment was identified. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. In 2021, the Group was carrying pressure control equipment (\u201cPCE\u201d) inventory in North America that was particularly impacted by the capital constraints applied during the COVID-19 pandemic downturn. Provisions in respect of this equipment of $11.3m were carried at 31 December 2021. At 31 December 2022, the provision is $10.9m, reflecting some utilisation against sales. This inventory is still considered sensitive to changes in future expectations and a 20% reduction in expected turn rates would increase the provisions by $1.0m. Management has considered the judgements and estimates made in each of the Group\u2019s businesses and, other than PCE, has not identified any individual estimates, which in the event of a change, would lead to a material change in the next financial period. Provisions for inventories held at NRV are subject to change if expectations change. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-541": { "value": "Critical Judgements and Key Assumptions Critical judgements are those that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Group\u2019s financial statements. Key assumptions are those concerning future expectations and other key sources of estimation uncertainty at the end of the reporting period and which may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Critical judgements were made in the following areas: \u2022 In determining if the contractual terms for various significant subsea contracts met the requirements of over time revenue accounting as described in note 41; \u2022 In considering whether the conditions were appropriate to recognise deferred tax assets (see note 9); and \u2022 In the assessment of whether an extension option, early termination option or a purchase option in a lessee contract is likely to be exercised by the entity. See note 24. The key estimates used in the preparation of the accounts were: \u2022 The estimates of future cash flows in the budget and extended forecasts considered in the impairment test for cash generating units and the carrying values (see note 15); and \u2022 Estimates of future turn rates by inventory line item in determining inventory provisions (see note 20). Tax-related Judgements The Group is subject to income taxes in numerous jurisdictions and significant judgement is required in determining the worldwide provision for those taxes, as tax legislation can be complex and open to different interpretation. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available, against which the temporary differences can be utilised. The recoverability of deferred tax assets is supported by deferred tax liabilities against which the reversal can be offset and the expected level of future profits. This is considered by jurisdiction, or by entity, dependent on the tax laws of the jurisdiction. Where there is both a history of loss making and continued loss making in the year, stronger supporting evidence is required to meet recognition policy criteria. Supporting evidence reviewed includes: whether actual results, when excluding non-recurring items, meet or exceed budget; the level of taxable profits generated in the base case and downside case of longer-term forecasts; and the nature of how the deferred tax assets arose and how this relates to the ongoing activities of the business. The recognition of deferred tax assets as at 31 December 2022 has been based on the forecast accounting profits in the 2023 and 2024 Budget and the extended forecast period as presented to the Board. This is the same forecast that is used to derive cash flows for the goodwill impairment test, per note 15. For periods extending beyond the extended forecast period, profits have been assumed to grow in a manner consistent with the terminal growth rate assumptions used for impairment testing. In addition, a risk factor has been applied to reduce future profits for the extended forecast period and beyond. These adjustments are to reflect the potential decrease in reliability of forecasts for future periods beyond the Board-approved budget period. Historical tax losses make up the majority of the deductible temporary differences. These losses mainly arose from varying factors including non-recurring events such as losses arising at the start of newly formed businesses and the COVID-19-related downwards pressures on the profits in previous years. The majority of the deferred tax not recognised in the Group is in relation to deferred tax arising in the US. Based on the review of tax adjusted forecasts, as noted above, management have assessed that currently there is not sufficient support for the recognition of a deferred tax asset in respect of historical tax losses and other deductible temporary differences in the US due to uncertainty in recovery. Management will continue to monitor the position in the US and if current forecasts are met then it is expected that the recognition criteria set by Management could be met within the next one to two years. The main jurisdiction where we have a change in deferred tax recognition is the UK. Previously unrecognised deferred tax assets have been recognised in the period in respect of historical tax losses and other deductible temporary differences in the UK, due to taxable profits arising in the year and continued forecast improved profitability in future periods with the deferred tax assets being forecast to be recovered within nine years. Recognition of the UK deferred tax asset is dependent on the accuracy of the budget and extended forecast period. In assessing the recoverability of deferred tax assets a sensitivity analysis is applied to the extended forecast period accounting profits, to consider a plausible downside scenario. Under the sensitivity analysis, the recovery period of the previously unrecognised deferred tax assets now recognised in the year, would be extended by two years. (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (ii) Impairment Tests for Individual Assets For individual assets, an impairment test is conducted if there are indicators of impairment. Impairment arises when the carrying value of the asset is greater than the higher value of either its fair value less costs of disposal, or its value-in-use. The FVLCD or the value-in-use is a Level 3 measurement as per the fair value hierarchy as defined within IFRS 13 due to unobservable inputs used in the valuation. If the cash flows of an asset cannot be assessed individually, then the asset or a group of assets are aggregated into a CGU and tested as described above. For loss-making associates with material carrying values, impairment tests were conducted and no impairment was identified. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. In 2021, the Group was carrying pressure control equipment (\u201cPCE\u201d) inventory in North America that was particularly impacted by the capital constraints applied during the COVID-19 pandemic downturn. Provisions in respect of this equipment of $11.3m were carried at 31 December 2021. At 31 December 2022, the provision is $10.9m, reflecting some utilisation against sales. This inventory is still considered sensitive to changes in future expectations and a 20% reduction in expected turn rates would increase the provisions by $1.0m. Management has considered the judgements and estimates made in each of the Group\u2019s businesses and, other than PCE, has not identified any individual estimates, which in the event of a change, would lead to a material change in the next financial period. Provisions for inventories held at NRV are subject to change if expectations change. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-516": { "value": "Critical Judgements and Key Assumptions Critical judgements are those that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Group\u2019s financial statements. Key assumptions are those concerning future expectations and other key sources of estimation uncertainty at the end of the reporting period and which may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Critical judgements were made in the following areas: \u2022 In determining if the contractual terms for various significant subsea contracts met the requirements of over time revenue accounting as described in note 41; \u2022 In considering whether the conditions were appropriate to recognise deferred tax assets (see note 9); and \u2022 In the assessment of whether an extension option, early termination option or a purchase option in a lessee contract is likely to be exercised by the entity. See note 24. The key estimates used in the preparation of the accounts were: \u2022 The estimates of future cash flows in the budget and extended forecasts considered in the impairment test for cash generating units and the carrying values (see note 15); and \u2022 Estimates of future turn rates by inventory line item in determining inventory provisions (see note 20). Tax-related Judgements The Group is subject to income taxes in numerous jurisdictions and significant judgement is required in determining the worldwide provision for those taxes, as tax legislation can be complex and open to different interpretation. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available, against which the temporary differences can be utilised. The recoverability of deferred tax assets is supported by deferred tax liabilities against which the reversal can be offset and the expected level of future profits. This is considered by jurisdiction, or by entity, dependent on the tax laws of the jurisdiction. Where there is both a history of loss making and continued loss making in the year, stronger supporting evidence is required to meet recognition policy criteria. Supporting evidence reviewed includes: whether actual results, when excluding non-recurring items, meet or exceed budget; the level of taxable profits generated in the base case and downside case of longer-term forecasts; and the nature of how the deferred tax assets arose and how this relates to the ongoing activities of the business. The recognition of deferred tax assets as at 31 December 2022 has been based on the forecast accounting profits in the 2023 and 2024 Budget and the extended forecast period as presented to the Board. This is the same forecast that is used to derive cash flows for the goodwill impairment test, per note 15. For periods extending beyond the extended forecast period, profits have been assumed to grow in a manner consistent with the terminal growth rate assumptions used for impairment testing. In addition, a risk factor has been applied to reduce future profits for the extended forecast period and beyond. These adjustments are to reflect the potential decrease in reliability of forecasts for future periods beyond the Board-approved budget period. Historical tax losses make up the majority of the deductible temporary differences. These losses mainly arose from varying factors including non-recurring events such as losses arising at the start of newly formed businesses and the COVID-19-related downwards pressures on the profits in previous years. The majority of the deferred tax not recognised in the Group is in relation to deferred tax arising in the US. Based on the review of tax adjusted forecasts, as noted above, management have assessed that currently there is not sufficient support for the recognition of a deferred tax asset in respect of historical tax losses and other deductible temporary differences in the US due to uncertainty in recovery. Management will continue to monitor the position in the US and if current forecasts are met then it is expected that the recognition criteria set by Management could be met within the next one to two years. The main jurisdiction where we have a change in deferred tax recognition is the UK. Previously unrecognised deferred tax assets have been recognised in the period in respect of historical tax losses and other deductible temporary differences in the UK, due to taxable profits arising in the year and continued forecast improved profitability in future periods with the deferred tax assets being forecast to be recovered within nine years. Recognition of the UK deferred tax asset is dependent on the accuracy of the budget and extended forecast period. In assessing the recoverability of deferred tax assets a sensitivity analysis is applied to the extended forecast period accounting profits, to consider a plausible downside scenario. Under the sensitivity analysis, the recovery period of the previously unrecognised deferred tax assets now recognised in the year, would be extended by two years. (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (ii) Impairment Tests for Individual Assets For individual assets, an impairment test is conducted if there are indicators of impairment. Impairment arises when the carrying value of the asset is greater than the higher value of either its fair value less costs of disposal, or its value-in-use. The FVLCD or the value-in-use is a Level 3 measurement as per the fair value hierarchy as defined within IFRS 13 due to unobservable inputs used in the valuation. If the cash flows of an asset cannot be assessed individually, then the asset or a group of assets are aggregated into a CGU and tested as described above. For loss-making associates with material carrying values, impairment tests were conducted and no impairment was identified. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. In 2021, the Group was carrying pressure control equipment (\u201cPCE\u201d) inventory in North America that was particularly impacted by the capital constraints applied during the COVID-19 pandemic downturn. Provisions in respect of this equipment of $11.3m were carried at 31 December 2021. At 31 December 2022, the provision is $10.9m, reflecting some utilisation against sales. This inventory is still considered sensitive to changes in future expectations and a 20% reduction in expected turn rates would increase the provisions by $1.0m. Management has considered the judgements and estimates made in each of the Group\u2019s businesses and, other than PCE, has not identified any individual estimates, which in the event of a change, would lead to a material change in the next financial period. Provisions for inventories held at NRV are subject to change if expectations change. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-410": { "value": "Adoption of New Standards, Amendments and Interpretations There are no new standards that came into effect for the current financial year. A number of amended standards became effective for the financial year beginning on 1 January 2022; however, the Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amendments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-503": { "value": "Adoption of New Standards, Amendments and Interpretations There are no new standards that came into effect for the current financial year. A number of amended standards became effective for the financial year beginning on 1 January 2022; however, the Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amendments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-450": { "value": "Future Standards, Amendments and Interpretations The following standards, amendments and interpretations are effective subsequent to the year-end, and have not been early adopted. The Directors do not expect that the adoption of the standards and amendments listed below will have a material impact on the financial statements of the Group in future periods. \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policiesii \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates ii \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction ii \u2022 IFRS 17 Insurance Contracts ii \u2022 Amendment to IAS 1: Non-current Liabilities with Covenants i/iv \u2022 Amendment to IAS 1: Classification of Liabilities as Current or Non-current Liabilities i/iii \u2022 Amendment to IFRS 16: Lease Liability in a Sale and Leaseback i/iv i. Not yet endorsed by the UK as at the date of authorisation of the financial statements. ii. Mandatory adoption date and effective date for the Company is 1 January 2023. iii. Mandatory adoption date and effective date for the Company has been deferred until not earlier than 1 January 2024. iv. Mandatory adoption date and effective date for the Company is 1 January 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-409": { "value": "2. Segmental Reporting For the year ended 31 December 2022, the Group has been reporting on four operating segments in its internal management reports, which are used to make strategic decisions by the Hunting PLC Board, the Group\u2019s Chief Operating Decision Maker (\u201cCODM\u201d). The Hunting PLC Board examines the Group\u2019s performance mainly from a geographic perspective, based on the location of the operating activities, as well as by product group, in order to understand the drivers of Group performance and trends. Due to its size and the nature of its operations, Hunting Titan\u2019s activities are reported separately. The Board assesses the performance of the operating segments based on revenue and adjusted operating profit. Adjusted operating profit is a profit-based measure and excludes the Group\u2019s share of results from associates and joint ventures as well as the effects of adjusting items (see NGM A). The Directors believe that using the adjusted operating profit provides a more consistent and comparable measure of the operating segment\u2019s financial performance from one period to the next. This adjusted measure is used by management for planning, resource allocation and reporting purposes. Adjusted operating profit is reconciled to the unadjusted IFRS result in NGM B. It is important to note that the adjusted operating profits are quite frequently higher than the IFRS operating profits as they often exclude significant costs and should not be regarded as a complete picture of the operating segment\u2019s financial performance. The operating segment\u2019s unadjusted operating profit is also presented alongside the adjusted operating profit. Finance income and finance expense are not allocated to segments, as this type of activity is overseen by the Group\u2019s central treasury function, which manages the funding position of the Group. Inter-segment sales are priced in line with the transfer pricing policy on an arm\u2019s length basis and are eliminated on consolidation. Costs and overheads are apportioned to the operating segments on the basis of time attributed to those operations by senior executives. Accounting policies used for segmental reporting reflect those used for the Group. The UK is the domicile of Hunting PLC. Hunting Titan Hunting Titan manufactures and distributes a broad range of well completion products and accessories. The segment\u2019s products include both integrated and conventional gun systems and hardware, a complete portfolio of shaped charges and other energetics products, addressable and analogue switch technology and electronic instrumentation for certain measurements required in the oil and gas industry. Key products include the H-2\u2122 and H-3\u2122 gun systems, ControlFire\u2122 switches, EQUAfrac\u2122 shaped charges, the T-Set\u2122 line of setting tools and the PowerSet\u2122 family of power charges. The business has manufacturing facilities in the US and Mexico, and is supported by strategically-located distribution centres across North America. North America The segment\u2019s businesses supply premium connections, oil country tubular goods (\u201cOCTG\u201d), subsea equipment, intervention tools, electronics and complex deep hole drilling and precision machining services for the US, Canada and overseas markets. A significant portion of the segment\u2019s electronics, complex hole drilling and precision machining work is for non-oil and gas sectors. The segment also manufactures perforating system products for Hunting Titan. Although located in the UK, Enpro has been classified as part of this segment, as it falls under the management of the Subsea business in the US, and it participates in global offshore projects. The Group\u2019s Canadian business now focuses on OCTG threading, which is subcontracted to facilities which hold manufacturing licences for Hunting\u2019s premium and semi-premium connections. The segment also includes the results of the Group\u2019s legacy exploration and production activities in the Southern US and offshore Gulf of Mexico. Europe, Middle East and Africa (\u201cEMEA\u201d) Hunting\u2019s European operations comprise businesses in the UK, Netherlands and Norway. Revenue from this segment is generated from the supply of OCTG (including threading, legacy pipe storage and accessories manufacturing) and the sale and rental of in-field well intervention products in the UK; OCTG and well testing equipment manufacture in the Netherlands; and multi-product line services and distribution in Norway. The European OCTG businesses are concentrating on accessory manufacturing and yard services. Hunting\u2019s Middle East manufacturing operations are located in Dubai, UAE and Dammam, Saudi Arabia. The Group\u2019s operations in Saudi Arabia are carried out through a subsidiary in which Hunting has a 65% controlling interest and Saja Energy, our business partner, which holds the remaining shares. Hunting\u2019s manufacturing capabilities in Saudi Arabia focus on well intervention equipment and OCTG products. In addition, Saudi Arabia acts as a sales hub for other products manufactured globally by the Group, including Well Testing and Perforating Systems. Asia Pacific In Indonesia and Singapore, OCTG premium connections and accessories and well intervention equipment are manufactured. In China, OCTG threading and perforating gun manufacturing are carried out in the facility in Wuxi. The perforating guns are sold to Hunting Titan and also in its domestic markets. In order to diversify its revenue streams, the segment has also begun selling micro-hydro generators. The following tables present the results of the operating segments on the same basis as that used for internal reporting purposes to the CODM. (a) Segment Revenue and Profit 2022 Total segment revenue $m Inter- segment revenue $m Total external revenue $m Adjusted result $m Adjusting items $m Reported result $m Hunting Titan 266.0 (8.2) 257.8 15.9 (5.6) 10.3 North America 349.7 (24.6) 325.1 8.1 (7.0) 1.1 EMEA 71.5 (2.2) 69.3 (6.0) \u2013 (6.0) Asia Pacific 80.4 (6.8) 73.6 (3.4) \u2013 (3.4) Total from operations 767.6 (41.8) 725.8 14.6 (12.6) 2.0 Net finance expense (1.7) \u2013 (1.7) Share of associates\u2019 and joint ventures\u2019 loss (2.7) \u2013 (2.7) Profit (loss) before tax from operations 10.2 (12.6) (2.4) Adjusting items by operating segment: 2022 Hunting Titan $m North America $m Total $m Legal fees (5.6) \u2013 (5.6) Impairment of goodwill \u2013 (7.0) (7.0) (5.6) (7.0) (12.6) 2021 Total segment revenue $m Inter- segment revenue $m Total external revenue $m Adjusted result $m Adjusting items $m Reported result $m Hunting Titan 189.3 (4.9) 184.4 (0.9) (8.1) (9.0) North America 254.6 (21.7) 232.9 (16.1) (22.6) (38.7) EMEA 58.1 (0.4) 57.7 (11.2) (15.0) (26.2) Asia Pacific 48.1 (1.5) 46.6 (6.9) 0.1 (6.8) Exceptional item not apportioned to operating segments i \u2212 \u2212 \u2212 \u2212 1.0 1.0 Total from operations 550.1 (28.5) 521.6 (35.1) (44.6) (79.7) Net finance expense (2.0) \u2212 (2.0) Share of associates\u2019 loss (3.5) (0.3) (3.8) Profit (loss) before tax from operations (40.6) (44.9) (85.5) i. The $1.0m gain recognised on the disposal of a lease and the corresponding right-of-use asset was not allocated to an operating segment as the original property provisions were not allocated to an operating segment at the time they were recognised. Adjusting items by operating segment: 2021 Hunting Titan $m North America $m EMEA $m Asia Pacific $m Central $m Total $m Amortisation of acquired intangible assets (4.9) (1.8) \u2212 \u2212 \u2212 (6.7) Impairments of property, plant and equipment \u2212 \u2212 (8.6) \u2212 \u2212 (8.6) Impairments of inventories (3.9) (18.9) (5.2) \u2212 \u2212 (28.0) Reversal of impairments of inventories 0.8 0.8 \u2212 0.5 \u2212 2.1 Settlement of warranty claim related to a corporate transaction \u2212 (1.7) \u2212 \u2212 \u2212 (1.7) Restructuring costs (0.1) (1.2) (0.3) (0.4) \u2212 (2.0) Loss on disposal of business \u2212 \u2212 (0.9) \u2212 \u2212 (0.9) Profit on disposal of Canadian assets \u2212 0.2 \u2212 \u2212 \u2212 0.2 Profit on surrender of lease \u2212 \u2212 \u2212 \u2212 1.0 1.0 (8.1) (22.6) (15.0) 0.1 1.0 (44.6) A breakdown of external revenue by products and services is presented below: 2022 $m 2021 $m Perforating Systems 251.9 181.7 OCTG 258.8 172.5 Advanced Manufacturing 75.1 59.6 Subsea 69.0 58.8 Intervention Tools 36.4 25.8 Other 34.6 23.2 Total 725.8 521.6 Revenue from products is further analysed between: Oil and gas 678.2 484.0 Non-oil and gas 47.6 37.6 Total 725.8 521.6 (b) Other Segment Items 2022 2021 Depreciation i $m Amortisation $m Impairmentii $m Depreciationi $m Amortisation $m Impairment ii $m Hunting Titan 7.5 1.3 (0.1) 7.6 6.2 4.4 North America 19.2 2.8 5.5 21.0 2.9 23.9 EMEA 3.6 0.3 1.7 3.8 0.1 14.1 Asia Pacific 2.7 \u2013 \u2013 3.2 0.1 (0.1) Total 33.0 4.4 7.1 35.6 9.3 42.3 i. Depreciation in 2022 comprises depreciation of property, plant and equipment $26.6m (2021 \u2013 $28.9m) and depreciation of right-of-use assets $6.4m (2021 \u2013 $6.7m). ii. Impairment for 2021 has been revised to reflect the change in presentation of the inventory provisions movements in note 20. Impairment comprises the reversal of net impairment of trade and other receivables $0.6m (2021 \u2013 $1.6m net impairment charge), the net inventory impairment charge of $0.7m (2021 \u2013 $32.1m net impairment charge restated), goodwill $7.0m (2021 \u2013 $nil) and property, plant and equipment $nil (2021 \u2013 $8.6m). (c) Geographical Segment Information Information on the physical location of non-current assets is presented below. The allocated non-current assets below exclude deferred tax assets. 2022 $m 2021 $m Hunting Titan \u2013 US 178.8 181.5 Hunting Titan \u2013 Canada 2.2 2.4 Hunting Titan \u2013 Other 1.3 0.6 Hunting Titan 182.3 184.5 North America \u2013 US 268.8 292.5 North America \u2013 UK i 4.2 9.4 North America \u2013 Canada 0.8 1.2 North America 273.8 303.1 EMEA \u2013 UK i 19.7 19.5 EMEA \u2013 Rest of Europe 5.5 7.2 EMEA \u2013 Middle East 1.5 2.1 EMEA 26.7 28.8 Asia Pacific \u2013 China 10.6 3.3 Asia Pacific \u2013 Indonesia 2.9 3.2 Asia Pacific \u2013 Singapore 5.3 2.5 Asia Pacific 18.8 9.0 Unallocated assets: Deferred tax assets 13.7 10.3 Total non-current assets 515.3 535.7 i. The value of non-current assets located in the UK, the Group\u2019s country of domicile, is $23.9m (2021 \u2013 $28.9m). Revenue from external customers attributable to the UK, the Group\u2019s country of domicile, included in the EMEA and North America operating segments, is $34.5m (2021 \u2013 $35.4m). Revenue attributable to foreign countries totalled $691.3m (2021 \u2013 $486.2m). Revenue attributable to the US, the Group\u2019s largest individual foreign country where revenue is earned, is $517.4m (2021 \u2013 $366.9m), which represents 71% (2021 \u2013 70%) of the Group\u2019s revenue from external customers. Revenue attributed to an individual country is based on where the invoice is raised; however, customers can either be domestic or international customers. (d) Major Customer Included in external revenue is revenue of $63.5m (2021 \u2013 $69.4m), which arose from sales to the Halliburton Company Group (\u201cHalliburton\u201d), the Group\u2019s largest customer. This represents 9% (2021 \u2013 13%) of the Group\u2019s revenue from external customers. All of Hunting\u2019s operating segments have benefited from trading with Halliburton. In 2022, no single customer contributed more than 10% to the Group\u2019s external revenue, and in 2021 no other single customer contributed more than 10% to the Group\u2019s external revenue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-523": { "value": "(b) Other Segment Items 2022 2021 Depreciation i $m Amortisation $m Impairmentii $m Depreciationi $m Amortisation $m Impairment ii $m Hunting Titan 7.5 1.3 (0.1) 7.6 6.2 4.4 North America 19.2 2.8 5.5 21.0 2.9 23.9 EMEA 3.6 0.3 1.7 3.8 0.1 14.1 Asia Pacific 2.7 \u2013 \u2013 3.2 0.1 (0.1) Total 33.0 4.4 7.1 35.6 9.3 42.3 i. Depreciation in 2022 comprises depreciation of property, plant and equipment $26.6m (2021 \u2013 $28.9m) and depreciation of right-of-use assets $6.4m (2021 \u2013 $6.7m). ii. Impairment for 2021 has been revised to reflect the change in presentation of the inventory provisions movements in note 20. Impairment comprises the reversal of net impairment of trade and other receivables $0.6m (2021 \u2013 $1.6m net impairment charge), the net inventory impairment charge of $0.7m (2021 \u2013 $32.1m net impairment charge restated), goodwill $7.0m (2021 \u2013 $nil) and property, plant and equipment $nil (2021 \u2013 $8.6m). 5. Material Items Due to their size and nature, the following items have been disclosed separately, as required by IAS 1. 2022 Gross amount $m Tax impact $m Legal fees (5.6) \u2013 Impairments of goodwill (7.0) \u2013 Total (12.6) \u2013 During the year, Hunting incurred legal fees of $5.6m in defending a claim made by a competitor against the Group relating to a patent infringement. These costs have been included in administrative expenses. No tax has arisen in relation to these legal fees due to the fact deferred tax is not currently recognised in relation to this jurisdiction. Following the annual review of goodwill, a charge of $7.0m was recognised in relation to Enpro Subsea. Further details can be found in note 15. The impairment charge has been included in administrative expenses. No tax has arisen because the impairment of this goodwill is not a tax deductible expense. 2021 Gross amount $m Tax impact $m Impairments of property, plant and equipment (8.6) 0.8 Net impairments of inventories (25.9) 0.5 Total (34.5) 1.3 In 2021, a number of material charges were recognised following the transactions with Marubeni-Itochu that resulted in a change in the European OCTG business\u2019 future activity. The material charges comprised an impairment of the Fordoun property by $8.6m as the use of the property and expected cash flows for the property changed; and the impairment of pipe inventory of $5.2m to match the net realisable value determined through the due diligence work. During 2021, certain inventory was written down to its net realisable value due to reduced turn rates, increased ageing of inventories and inventory selling prices being lowered following the slower-than-anticipated return to economic growth for many developed economies after the COVID-19 pandemic, which in turn impacted the drilling activity and equipment purchasing of some of the Group\u2019s clients. The net impairment charge considered to be relevant for adjustment in 2021 was $25.9m, which included the $5.2m charge recognised as part of the restructuring exercise discussed above. The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) 11. Property, Plant and Equipment Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2022 267.3 338.2 24.7 111.4 741.6 Exchange adjustments (4.5) (3.5) (1.5) \u2013 (9.5) Additions 4.7 10.9 0.5 0.9 17.0 Disposals (12.0) (13.9) (1.2) \u2013 (27.1) Reclassification from inventories (note 20) \u2013 \u2013 1.6 \u2013 1.6 At 31 December 2022 255.5 331.7 24.1 112.3 723.6 Accumulated depreciation and impairment: At 1 January 2022 (80.2) (261.2) (16.4) (109.4) (467.2) Exchange adjustments 3.1 2.8 0.9 \u2013 6.8 Charge for the year (6.0) (18.2) (1.9) (0.5) (26.6) Disposals 5.2 13.7 1.2 \u2013 20.1 At 31 December 2022 (77.9) (262.9) (16.2) (109.9) (466.9) Net book amount 177.6 68.8 7.9 2.4 256.7 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2021 267.7 355.0 24.0 110.9 757.6 Exchange adjustments (0.6) (0.4) (0.1) \u2212 (1.1) Additions 1.5 3.6 0.9 0.5 6.5 Disposals (1.4) (19.9) (0.6) \u2212 (21.9) Reclassification from inventories \u2212 \u2212 0.5 \u2212 0.5 Reclassification 0.1 (0.1) \u2212 \u2212 \u2212 At 31 December 2021 267.3 338.2 24.7 111.4 741.6 Accumulated depreciation and impairment: At 1 January 2021 (66.9) (258.7) (15.8) (109.1) (450.5) Exchange adjustments 0.5 0.3 0.1 \u2212 0.9 Charge for the year (6.4) (20.9) (1.3) (0.3) (28.9) Impairment of assets (note 15(d)) (8.6) \u2212 \u2212 \u2212 (8.6) Disposals 1.3 18.0 0.6 \u2212 19.9 Reclassification (0.1) 0.1 \u2212 \u2212 \u2212 At 31 December 2021 (80.2) (261.2) (16.4) (109.4) (467.2) Net book amount 187.1 77.0 8.3 2.0 274.4 13. Goodwill 2022 $m 2021 $m Cost: At 1 January 532.0 532.0 Exchange adjustments (4.9) \u2212 At 31 December 527.1 532.0 Accumulated impairment: At 1 January (367.9) (367.8) Exchange adjustments 3.3 (0.1) Impairment charge for the year (note 15(b)) (7.0) \u2212 At 31 December (371.6) (367.9) Net book amount 155.5 164.1 The net book amount of goodwill at 1 January 2021 was $164.2m. Details of the allocation of goodwill by cash-generating unit (\u201cCGU\u201d), identification of the material CGU and impairment sensitivity disclosures are given in note 15(b). 15. Impairment of Non-current Assets (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (ii) Impairment Tests for Individual Assets For individual assets, an impairment test is conducted if there are indicators of impairment. Impairment arises when the carrying value of the asset is greater than the higher value of either its fair value less costs of disposal, or its value-in-use. The FVLCD or the value-in-use is a Level 3 measurement as per the fair value hierarchy as defined within IFRS 13 due to unobservable inputs used in the valuation. If the cash flows of an asset cannot be assessed individually, then the asset or a group of assets are aggregated into a CGU and tested as described above. For loss-making associates with material carrying values, impairment tests were conducted and no impairment was identified. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. (d) Impairment of Property, Plant and Equipment No impairment has been charged against property, plant and equipment during 2022. In 2021, an impairment charge of $8.6m was made, which related to the restructuring of the European OCTG business and the consequential change of usage and expected cash flows for the property used by the business. This charge was shown in the EMEA operating segment (note 2(a)).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-536": { "value": "(b) Other Segment Items 2022 2021 Depreciation i $m Amortisation $m Impairmentii $m Depreciationi $m Amortisation $m Impairment ii $m Hunting Titan 7.5 1.3 (0.1) 7.6 6.2 4.4 North America 19.2 2.8 5.5 21.0 2.9 23.9 EMEA 3.6 0.3 1.7 3.8 0.1 14.1 Asia Pacific 2.7 \u2013 \u2013 3.2 0.1 (0.1) Total 33.0 4.4 7.1 35.6 9.3 42.3 i. Depreciation in 2022 comprises depreciation of property, plant and equipment $26.6m (2021 \u2013 $28.9m) and depreciation of right-of-use assets $6.4m (2021 \u2013 $6.7m). ii. Impairment for 2021 has been revised to reflect the change in presentation of the inventory provisions movements in note 20. Impairment comprises the reversal of net impairment of trade and other receivables $0.6m (2021 \u2013 $1.6m net impairment charge), the net inventory impairment charge of $0.7m (2021 \u2013 $32.1m net impairment charge restated), goodwill $7.0m (2021 \u2013 $nil) and property, plant and equipment $nil (2021 \u2013 $8.6m). 6. Profit (Loss) from Operations The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) 11. Property, Plant and Equipment Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2022 267.3 338.2 24.7 111.4 741.6 Exchange adjustments (4.5) (3.5) (1.5) \u2013 (9.5) Additions 4.7 10.9 0.5 0.9 17.0 Disposals (12.0) (13.9) (1.2) \u2013 (27.1) Reclassification from inventories (note 20) \u2013 \u2013 1.6 \u2013 1.6 At 31 December 2022 255.5 331.7 24.1 112.3 723.6 Accumulated depreciation and impairment: At 1 January 2022 (80.2) (261.2) (16.4) (109.4) (467.2) Exchange adjustments 3.1 2.8 0.9 \u2013 6.8 Charge for the year (6.0) (18.2) (1.9) (0.5) (26.6) Disposals 5.2 13.7 1.2 \u2013 20.1 At 31 December 2022 (77.9) (262.9) (16.2) (109.9) (466.9) Net book amount 177.6 68.8 7.9 2.4 256.7 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2021 267.7 355.0 24.0 110.9 757.6 Exchange adjustments (0.6) (0.4) (0.1) \u2212 (1.1) Additions 1.5 3.6 0.9 0.5 6.5 Disposals (1.4) (19.9) (0.6) \u2212 (21.9) Reclassification from inventories \u2212 \u2212 0.5 \u2212 0.5 Reclassification 0.1 (0.1) \u2212 \u2212 \u2212 At 31 December 2021 267.3 338.2 24.7 111.4 741.6 Accumulated depreciation and impairment: At 1 January 2021 (66.9) (258.7) (15.8) (109.1) (450.5) Exchange adjustments 0.5 0.3 0.1 \u2212 0.9 Charge for the year (6.4) (20.9) (1.3) (0.3) (28.9) Impairment of assets (note 15(d)) (8.6) \u2212 \u2212 \u2212 (8.6) Disposals 1.3 18.0 0.6 \u2212 19.9 Reclassification (0.1) 0.1 \u2212 \u2212 \u2212 At 31 December 2021 (80.2) (261.2) (16.4) (109.4) (467.2) Net book amount 187.1 77.0 8.3 2.0 274.4 The net book amount of property, plant and equipment at 1 January 2021 was $307.1m. 12. Right-of-use Assets Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2022 63.5 2.2 65.7 Exchange adjustments (3.0) \u2013 (3.0) New leases 4.8 0.3 5.1 Lease cessations (8.6) (0.2) (8.8) Modifications 4.0 (0.2) 3.8 At 31 December 2022 60.7 2.1 62.8 Accumulated depreciation and impairment: At 1 January 2022 (40.1) (0.9) (41.0) Exchange adjustments 1.8 \u2013 1.8 Depreciation charge for the year (6.1) (0.3) (6.4) Lease cessations 8.6 0.2 8.8 At 31 December 2022 (35.8) (1.0) (36.8) Net book amount 24.9 1.1 26.0 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2021 88.6 1.9 90.5 Exchange adjustments (0.3) \u2212 (0.3) New leases 1.7 0.4 2.1 Lease cessations (27.4) (0.1) (27.5) Modifications 0.9 \u2212 0.9 At 31 December 2021 63.5 2.2 65.7 Accumulated depreciation and impairment: At 1 January 2021 (60.1) (0.6) (60.7) Depreciation charge for the year (6.3) (0.4) (6.7) Lease cessations 26.3 0.1 26.4 At 31 December 2021 (40.1) (0.9) (41.0) Net book amount 23.4 1.3 24.7 The net book amount of right-of-use assets at 1 January 2021 was $29.8m. 14. Other Intangible Assets Year ended 31 December 2022 Customer relationshipsi $m Unpatented technology $m Patents and trademarks $m Software $m Other $m Total $m Cost: At 1 January 2022 219.8 81.9 74.9 14.7 1.9 393.2 Exchange adjustments (0.9) (0.5) (1.4) (0.2) (0.2) (3.2) Additions \u2013 1.0 0.6 2.3 1.8 5.7 Disposals (211.8) \u2013 (0.4) (0.2) \u2013 (212.4) At 31 December 2022 7.1 82.4 73.7 16.6 3.5 183.3 Accumulated amortisation and impairment: At 1 January 2022 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0) Exchange adjustments 0.2 0.6 0.3 0.2 0.1 1.4 Amortisation charge for the year (0.7) (1.0) (1.6) (0.9) (0.2) (4.4) Disposals 211.8 \u2013 0.4 0.2 \u2013 212.4 At 31 December 2022 (2.0) (73.3) (61.7) (8.8) (1.8) (147.6) Net book amount 5.1 9.1 12.0 7.8 1.7 35.7 i. The accumulated cost, depreciation and impairment of those customer relationships where the relationship has ended or where the relationship with the customer has changed from when the business was acquired have been disposed of during the year. Year ended 31 December 2021 Customer relationships $m Unpatented technology $m Patents and trademarks $m Software $m Other $m Total $m Cost: At 1 January 2021 219.9 80.6 73.9 14.4 1.9 390.7 Exchange adjustments \u2212 \u2212 (0.1) \u2212 \u2212 (0.1) Additions \u2212 1.5 0.9 0.3 \u2212 2.7 Disposals (0.1) \u2212 \u2212 \u2212 \u2212 (0.1) Reclassification \u2212 (0.2) 0.2 \u2212 \u2212 \u2212 At 31 December 2021 219.8 81.9 74.9 14.7 1.9 393.2 Accumulated amortisation and impairment: At 1 January 2021 (212.6) (68.2) (58.0) (7.3) (1.7) (347.8) Amortisation charge for the year (0.8) (4.7) (2.8) (1.0) \u2212 (9.3) Disposals 0.1 \u2212 \u2212 \u2212 \u2212 0.1 At 31 December 2021 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0) Net book amount 6.5 9.0 14.1 6.4 0.2 36.2 The net book amount of other intangible assets at 1 January 2021 was $42.9m. All intangible assets are regarded as having a finite life and are amortised accordingly. Amortisation charges relating to intangible assets were charged to cost of sales and administrative expenses in the consolidated income statement. Internally generated intangible assets have been included within patented and unpatented technology as shown in the table below: 2022 2021 Internally generated patented technology $m Internally generated unpatented technology $m Internally generated patented technology $m Internally generated unpatented technology $m Cost: At 1 January 11.8 28.5 10.7 27.2 Exchange adjustments (0.3) (0.5) \u2212 \u2212 Additions 0.6 1.0 0.9 1.5 Reclassification \u2013 \u2013 0.2 (0.2) At 31 December 12.1 29.0 11.8 28.5 Accumulated amortisation and impairment: At 1 January (6.0) (19.5) (5.4) (18.6) Exchange adjustments 0.1 0.6 \u2212 \u2212 Amortisation charge (0.6) (1.0) (0.6) (0.9) At 31 December (6.5) (19.9) (6.0) (19.5) Net book amount 5.6 9.1 5.8 9.0 (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-411": { "value": "3. Revenue In the following tables, a breakdown of the Group\u2019s different revenue streams by segment has been given, including the disaggregation of revenue from contracts with customers. 2022 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 256.5 1.3 \u2013 257.8 North America 317.8 2.2 5.1 325.1 EMEA 64.8 4.5 \u2013 69.3 Asia Pacific 73.5 0.1 \u2013 73.6 Total 712.6 8.1 5.1 725.8 2021 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 184.0 0.4 \u2212 184.4 North America 228.8 2.3 1.8 232.9 EMEA 54.4 3.3 \u2212 57.7 Asia Pacific 46.5 0.1 \u2212 46.6 Total 513.7 6.1 1.8 521.6 There is no material difference in the timing of revenue recognition between contracts with customers at a point in time and contracts with customers over time, as the majority of Hunting\u2019s performance obligations are relatively short. Revenue is typically recognised for products when the product is shipped or made available to customers for collection and for services either on completion of the service or, at a minimum, monthly for services covering more than one month. The amount of consideration is not adjusted for the effects of a significant financing component as, at contract inception, the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-480": { "value": "3. Revenue In the following tables, a breakdown of the Group\u2019s different revenue streams by segment has been given, including the disaggregation of revenue from contracts with customers. 2022 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 256.5 1.3 \u2013 257.8 North America 317.8 2.2 5.1 325.1 EMEA 64.8 4.5 \u2013 69.3 Asia Pacific 73.5 0.1 \u2013 73.6 Total 712.6 8.1 5.1 725.8 2021 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 184.0 0.4 \u2212 184.4 North America 228.8 2.3 1.8 232.9 EMEA 54.4 3.3 \u2212 57.7 Asia Pacific 46.5 0.1 \u2212 46.6 Total 513.7 6.1 1.8 521.6 There is no material difference in the timing of revenue recognition between contracts with customers at a point in time and contracts with customers over time, as the majority of Hunting\u2019s performance obligations are relatively short. Revenue is typically recognised for products when the product is shipped or made available to customers for collection and for services either on completion of the service or, at a minimum, monthly for services covering more than one month. The amount of consideration is not adjusted for the effects of a significant financing component as, at contract inception, the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-524": { "value": "2022 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 256.5 1.3 \u2013 257.8 North America 317.8 2.2 5.1 325.1 EMEA 64.8 4.5 \u2013 69.3 Asia Pacific 73.5 0.1 \u2013 73.6 Total 712.6 8.1 5.1 725.8 2021 Revenue from contracts with customers $m Rental revenue $m Other revenue $m Total external revenue $m Hunting Titan 184.0 0.4 \u2212 184.4 North America 228.8 2.3 1.8 232.9 EMEA 54.4 3.3 \u2212 57.7 Asia Pacific 46.5 0.1 \u2212 46.6 Total 513.7 6.1 1.8 521.6 4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the relocation of its facilities to a new, single site in the Tuas port region of Singapore. As a result of this relocation, the Group disposed of the relevant lease liabilities and derecognised the related right-of-use assets, recording a net gain of $2.4m and a net receipt of $2.4m to exit the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments resulted in a net gain of $3.1m during the year. The net book value of land and buildings that are leased out is $5.4m at 31 December 2022 (2021 \u2013 $4.8m). 12. Right-of-use Assets Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2022 63.5 2.2 65.7 Exchange adjustments (3.0) \u2013 (3.0) New leases 4.8 0.3 5.1 Lease cessations (8.6) (0.2) (8.8) Modifications 4.0 (0.2) 3.8 At 31 December 2022 60.7 2.1 62.8 Accumulated depreciation and impairment: At 1 January 2022 (40.1) (0.9) (41.0) Exchange adjustments 1.8 \u2013 1.8 Depreciation charge for the year (6.1) (0.3) (6.4) Lease cessations 8.6 0.2 8.8 At 31 December 2022 (35.8) (1.0) (36.8) Net book amount 24.9 1.1 26.0 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2021 88.6 1.9 90.5 Exchange adjustments (0.3) \u2212 (0.3) New leases 1.7 0.4 2.1 Lease cessations (27.4) (0.1) (27.5) Modifications 0.9 \u2212 0.9 At 31 December 2021 63.5 2.2 65.7 Accumulated depreciation and impairment: At 1 January 2021 (60.1) (0.6) (60.7) Depreciation charge for the year (6.3) (0.4) (6.7) Lease cessations 26.3 0.1 26.4 At 31 December 2021 (40.1) (0.9) (41.0) Net book amount 23.4 1.3 24.7 The net book amount of right-of-use assets at 1 January 2021 was $29.8m. The Group sub-lets certain right-of-use assets under operating leases. The net book value of items that are sub-let included in the table above is $2.1m (2021 \u2013 $1.1m) for land and buildings. During the year the Group entered into new leases of $5.1m including $4.4m for the Group\u2019s new UK headquarters. The Group also had lease modifications of $3.8m including a lease extension of $8.6m in Wuxi, China offset by lease curtailments of $4.7m for the Group\u2019s previous UK headquarters and $0.6m for a manufacturing facility disposed of as part of the consolidation of the Singapore facilities. The new lease for the facility at Tuas, Singapore, together with the corresponding right-of-use asset, were recognised in 2021 when the lease was signed. 18. Trade and Other Receivables 2022 $m 2021 $m Non-current: Prepayments 2.7 1.7 Other receivables 0.1 0.3 2.8 2.0 2022 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 8.6 \u2013 \u2013 8.6 Trade receivables 180.1 2.1 0.9 183.1 Accrued revenue 2.0 0.2 \u2013 2.2 Gross receivables 190.7 2.3 0.9 193.9 Less: provisions for impairment (3.3) (0.4) \u2013 (3.7) Net receivables 187.4 1.9 0.9 190.2 Prepayments \u2013 \u2013 37.9 37.9 Other receivables \u2013 \u2013 4.3 4.3 Net book amount 187.4 1.9 43.1 232.4 2021 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 9.9 \u2212 \u2212 9.9 Trade receivables 126.5 1.3 0.3 128.1 Accrued revenue 3.7 0.1 \u2212 3.8 Gross receivables 140.1 1.4 0.3 141.8 Less: provisions for impairment (4.3) (0.3) \u2212 (4.6) Net receivables 135.8 1.1 0.3 137.2 Prepayments \u2212 \u2212 15.9 15.9 Other receivables \u2212 \u2212 2.3 2.3 Net book amount 135.8 1.1 18.5 155.4 Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. The Group does not hold any other collateral as security and no assets have been acquired through the exercise of any collateral previously held. In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over certain US and Canadian trade and other receivables, which had a carrying value of $96.3m at 31 December 2022. For the receivables pledged as security, their carrying value approximates their fair value. Security was previously granted over certain trade and other receivables with a carrying value of $102.4m at 31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022. Impairment of Trade and Other Receivables The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition. Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments. Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1 Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1 Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1 Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8 117.9 37.2 17.9 8.7 9.6 6.4 197.7 Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties. At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5 Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3 Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1 Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9 Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7 Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5 82.5 22.1 16.0 6.8 7.8 8.1 143.3 Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables approximates their fair value as described in note 29(b)(iv). Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than 90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled with the permission of the financial controller . Whilst a proportion, 9% (2021 \u2013 12%), of the Group\u2019s trade receivables are more than 90 days overdue, the majority of these have not been impaired. Some of these debts have become overdue due to billing issues and others because the customer has just been slow to pay. Where there is no history of bad debts and there are no indicators that the debts will not be settled, these have not been impaired. These customers are monitored very closely for any indicators of impairment. Receivables are written off when there is no reasonable expectation of recovery. Indicators that receivables are generally not recoverable include the failure of the debtor to engage in a repayment plan, failure to make contractual payments for a period greater than 180 days past due and the debtor being placed in administration. Where receivables have been written off, the entity will continue to try and recover the outstanding receivable. Impairment losses on receivables are presented net of unused provisions released to the consolidated income statement within administrative expenses. Subsequent recoveries of amounts previously written off are credited against the same line item. Credit risk arises on accrued revenue where goods or services have been provided to a customer but the amount is yet to be invoiced. The accrued revenue balance is short-term and relates to customers with a strong credit history. Therefore, the expected credit losses on this balance are immaterial and no provision for impairment has been recognised. During the year, the movements on the provisions for impairment were as follows: 2022 Contracts with customers $m Rental receivables $m Total $m At 1 January 2022 (4.3) (0.3) (4.6) Charge to the consolidated income statement \u2013 lifetime expected credit losses (0.2) (0.1) (0.3) Unused provisions released to the consolidated income statement 0.9 \u2013 0.9 Utilised against receivables written off 0.3 \u2013 0.3 At 31 December 2022 (3.3) (0.4) (3.7) The provision for the impairment of trade and other receivables has decreased by $0.9m to $3.7m at the year-end, as the risk of bad debts for the Group in the coming months decreases with the increase in activity in the oil and gas sector. Debtors are not experiencing the same cash flow difficulties they had during the global economic downturn, which was brought about by COVID-19. Financial assets that were written off during the year are no longer subject to enforcement activity. 2021 Contracts with customers $m Rental receivables $m Total $m At 1 January 2021 (4.0) (0.5) (4.5) Charge to the consolidated income statement \u2013 lifetime expected credit losses (1.6) (0.3) (1.9) Unused provisions released to the consolidated income statement 0.1 0.2 0.3 Utilised against receivables written off 1.2 0.3 1.5 At 31 December 2021 (4.3) (0.3) (4.6) 24. Leases The Group leases various offices, warehouses, equipment and vehicles. Rental contracts for offices and warehouses are typically made for fixed periods of between three and ten years, but may have extension options as described below. Rental contracts for equipment and vehicles are typically made for fixed periods of between three and seven years. The Group also has short-term leases and leases of low-value assets. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. As at 31 December 2022, the Group did not have any commitments for leases that were due to commence in 2023 or later. There were no commitments for leases at the end of 2021. Extension and break options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. For extension and break options that are exercisable only by the Group and not by the respective lessor, management considers all facts and circumstances that create an economic incentive for the Group to exercise an extension option, or not exercise a break option, in determining the lease term. The lease term is determined according to management\u2019s expectation of exercising any available extension and break options. Extension or termination options are only adjusted in the lease term if the lease option is reasonably certain to be exercised. (a) Amounts Recognised in the Consolidated Balance Sheet The analysis of right-of-use assets is presented in note 12. 2022 $m 2021 $m Lease liabilities Current 9.1 8.9 Non-current 21.5 22.9 30.6 31.8 During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the consolidation of its facilities to a single site in the Tuas port region of Singapore. As a result of this relocation, the Group exited a number of leases, with the lease for Tuas signed in October 2021 for an initial term of three years. During the year, the Group\u2018s UK headquarters moved to different premises, with the lease at Hanover Square reassigned and a new ten-year lease for the Panton Street premises signed. During the second half of the year, Wuxi, China extended a lease on one of its facilities, thereby increasing lease liabilities. (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. (c) Amounts Recognised in the Statement of Cash Flows 2022 $m 2021 $m Payments for short-term and low-value leases (included as part of net cash inflow from operating activities) (1.8) (1.6) Payments for capitalised leases (8.0) (9.3) Lease surrender receipt (payment) \u2013 consolidated statement of cash flows 2.2 (1.3) (7.6) (12.2) Payments for short-term leases, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented within cash flows from operating activities. Payments for the principal and interest elements of recognised lease liabilities and the lease surrender payment are presented within cash flows from financing activities. The Group received a net receipt of $2.4m to exit the lease at Benoi Road and made lease curtailment payments of $0.2m in the year, resulting in a net receipt of $2.2m in the consolidated statement of cash flows. On 19 April 2021, the lease and the sub-lease on a property held by a UK head office company were surrendered. A final payment of $1.3m was made to settle the lease. The analysis of the contractual, undiscounted cash flows relating to lease liabilities is shown in note 30(d)(iii). (d) The Group as Lessor A number of the Group\u2019s properties included within property, plant and equipment and capitalised as right-of-use assets are let under operating lease agreements. Income from subleasing these assets during the year was $2.1m (2021 \u2013 $1.3m) and is included in operating income note 4. The Group also earns revenue from the rental of tools, which are items of property, plant and equipment, as disclosed in note 11. Rental revenue earned during the year was $8.1m (2021 \u2013 $6.1m) as shown in note 3. The table below shows the maturity analysis of the undiscounted future lease payments expected to be received in relation to non-cancellable operating leases: Property 2022 $m Property 2021 $m Year one 1.9 0.7 Year two 1.0 0.7 Year three 0.9 0.5 Year four 0.7 0.3 Year five 0.7 \u2013 Year six 0.7 \u2013 Total lease income receivable 5.9 2.2 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. (iii) Future Cash Flows of Financial Liabilities The following tables analyse the expected timings of cash outflows for each of the Group\u2019s non-derivative financial liabilities. The tables analyse the cash outflows into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity dates of the financial liabilities. The amounts disclosed in the tables are the contractual, undiscounted cash flows and include interest cash flows and other contractual payments, where applicable, so will not always reconcile with the amounts disclosed in the consolidated balance sheet. The carrying values are the amounts in the consolidated balance sheet and are the discounted amounts. Balances due within one year have been included in the maturity analysis at their carrying amounts, as the impact of discounting is not significant. 2022 On demand or within one year $m Between one and five years $m After five years $m Total $m Carrying value $m Non-derivative financial liabilities: Trade payables 66.8 \u2013 \u2013 66.8 66.8 Accruals 29.4 \u2013 \u2013 29.4 29.4 Other payables 1.0 \u2013 \u2013 1.0 1.0 Lease liabilities 8.9 16.4 9.5 34.8 30.6 Secured bank loans 0.7 1.6 \u2013 2.3 \u2013 Bank borrowings unsecured 2.8 \u2013 \u2013 2.8 2.8 Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9 Bank overdrafts secured 2.1 \u2013 \u2013 2.1 2.1 Total 111.7 18.0 13.4 143.1 136.6 2021 On demand or within one year $m Between one and five years $m After five years $m Total $m Carrying value $m Non-derivative financial liabilities: Trade payables 40.5 \u2013 \u2013 40.5 40.5 Accruals i 21.5 \u2013 \u2013 21.5 21.5 Other payables 1.2 \u2013 \u2013 1.2 1.2 Lease liabilities 9.1 21.8 4.9 35.8 31.8 Secured bank loans 0.5 \u2013 \u2013 0.5 \u2013 Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9 Bank overdrafts secured 1.0 \u2013 \u2013 1.0 1.0 Total 73.8 21.8 8.8 104.4 99.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-412": { "value": "4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the relocation of its facilities to a new, single site in the Tuas port region of Singapore. As a result of this relocation, the Group disposed of the relevant lease liabilities and derecognised the related right-of-use assets, recording a net gain of $2.4m and a net receipt of $2.4m to exit the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments resulted in a net gain of $3.1m during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-504": { "value": "4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-517": { "value": "4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. 8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (a) Market Risk: Foreign Exchange Risk The Group\u2019s international base is exposed to foreign exchange risk from its investing, financing and operating activities, particularly in respect of Sterling, Canadian dollars, Chinese Renminbi and Saudi Arabia Riyal. Foreign exchange risks arise from future commercial transactions and cash flows, and from recognised monetary assets and liabilities that are not denominated in the functional currency of the Group\u2019s local operations. Foreign exchange rates that the Group has the largest exposures to are: Sterling Chinese Renminbi Saudi Arabia Riyal Canadian dollars 2022 2021 2022 2021 2022 2021 2022 2021 Average exchange rate to US dollars 0.81 0.73 6.73 6.45 3.75 3.75 1.30 1.25 Year-end exchange rate to US dollars 0.83 0.74 6.92 6.37 3.75 3.75 1.35 1.26 The aggregate net foreign exchange losses recognised in profit or loss during the year were $nil (2021 \u2013 $0.4m loss). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-481": { "value": "4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the relocation of its facilities to a new, single site in the Tuas port region of Singapore. As a result of this relocation, the Group disposed of the relevant lease liabilities and derecognised the related right-of-use assets, recording a net gain of $2.4m and a net receipt of $2.4m to exit the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments resulted in a net gain of $3.1m during the year. 5. Material Items Due to their size and nature, the following items have been disclosed separately, as required by IAS 1. 2022 Gross amount $m Tax impact $m Legal fees (5.6) \u2013 Impairments of goodwill (7.0) \u2013 Total (12.6) \u2013 During the year, Hunting incurred legal fees of $5.6m in defending a claim made by a competitor against the Group relating to a patent infringement. These costs have been included in administrative expenses. No tax has arisen in relation to these legal fees due to the fact deferred tax is not currently recognised in relation to this jurisdiction. Following the annual review of goodwill, a charge of $7.0m was recognised in relation to Enpro Subsea. Further details can be found in note 15. The impairment charge has been included in administrative expenses. No tax has arisen because the impairment of this goodwill is not a tax deductible expense. 2021 Gross amount $m Tax impact $m Impairments of property, plant and equipment (8.6) 0.8 Net impairments of inventories (25.9) 0.5 Total (34.5) 1.3 In 2021, a number of material charges were recognised following the transactions with Marubeni-Itochu that resulted in a change in the European OCTG business\u2019 future activity. The material charges comprised an impairment of the Fordoun property by $8.6m as the use of the property and expected cash flows for the property changed; and the impairment of pipe inventory of $5.2m to match the net realisable value determined through the due diligence work. During 2021, certain inventory was written down to its net realisable value due to reduced turn rates, increased ageing of inventories and inventory selling prices being lowered following the slower-than-anticipated return to economic growth for many developed economies after the COVID-19 pandemic, which in turn impacted the drilling activity and equipment purchasing of some of the Group\u2019s clients. The net impairment charge considered to be relevant for adjustment in 2021 was $25.9m, which included the $5.2m charge recognised as part of the restructuring exercise discussed above. 6. Profit (Loss) from Operations The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-475": { "value": "4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the relocation of its facilities to a new, single site in the Tuas port region of Singapore. As a result of this relocation, the Group disposed of the relevant lease liabilities and derecognised the related right-of-use assets, recording a net gain of $2.4m and a net receipt of $2.4m to exit the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments resulted in a net gain of $3.1m during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-451": { "value": "4. Net Operating Income and Other Expenses 2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) i. The amounts disclosed for 2021 were revised, following the change in presentation of the consolidated income statement, to include amounts that were previously disclosed separately as adjusting amounts. Details of the adjusting items can be found in NGM A. ii. Includes fair value losses on derivatives designated in a cash flow hedge of $0.1m (2021 \u2013 $nil) and fair value losses on derivatives designated in a fair value hedge of $nil (2021 \u2013 $0.1m). iii. Includes fair value gains on derivatives not designated in a hedge of $0.1m (2021 \u2013 $nil). iv. Includes fair value gains on derivatives designated in a fair value hedge of $0.1m (2021 \u2013 $nil). v. Includes fair value losses on derivatives not designated in a hedge of $0.1m (2021 \u2013 $0.1m) and $0.1m (2021 \u2013 $nil) loss on curtailment of leases. During the first half of 2022, the Group\u2019s Asia Pacific operating segment completed the relocation of its facilities to a new, single site in the Tuas port region of Singapore. As a result of this relocation, the Group disposed of the relevant lease liabilities and derecognised the related right-of-use assets, recording a net gain of $2.4m and a net receipt of $2.4m to exit the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments resulted in a net gain of $3.1m during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-491": { "value": "2022 $m 2021 i $m Operating income from subleasing assets (note 24) 2.1 1.3 Gain on disposal of property, plant and equipment 1.1 0.5 Gain on curtailment of leases 3.2 1.0 Fair value gain on disposal of held-for-sale asset \u2013 0.4 Government grants 0.3 0.8 Foreign exchange gains ii 1.6 0.6 Other income iii 1.6 0.7 Total operating income 9.9 5.3 Loss on disposal of property, plant and equipment (1.4) (0.1) Foreign exchange losses iv (1.9) (0.6) Research and development costs expensed (4.8) (4.7) Loss on disposal of business \u2013 (0.9) Other operating expenses v (0.2) (0.3) Total other operating expenses (8.3) (6.6) Net operating income and other expenses 1.6 (1.3) The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-452": { "value": "5. Material Items Due to their size and nature, the following items have been disclosed separately, as required by IAS 1. 2022 Gross amount $m Tax impact $m Legal fees (5.6) \u2013 Impairments of goodwill (7.0) \u2013 Total (12.6) \u2013 During the year, Hunting incurred legal fees of $5.6m in defending a claim made by a competitor against the Group relating to a patent infringement. These costs have been included in administrative expenses. No tax has arisen in relation to these legal fees due to the fact deferred tax is not currently recognised in relation to this jurisdiction. Following the annual review of goodwill, a charge of $7.0m was recognised in relation to Enpro Subsea. Further details can be found in note 15. The impairment charge has been included in administrative expenses. No tax has arisen because the impairment of this goodwill is not a tax deductible expense. 2021 Gross amount $m Tax impact $m Impairments of property, plant and equipment (8.6) 0.8 Net impairments of inventories (25.9) 0.5 Total (34.5) 1.3 In 2021, a number of material charges were recognised following the transactions with Marubeni-Itochu that resulted in a change in the European OCTG business\u2019 future activity. The material charges comprised an impairment of the Fordoun property by $8.6m as the use of the property and expected cash flows for the property changed; and the impairment of pipe inventory of $5.2m to match the net realisable value determined through the due diligence work. During 2021, certain inventory was written down to its net realisable value due to reduced turn rates, increased ageing of inventories and inventory selling prices being lowered following the slower-than-anticipated return to economic growth for many developed economies after the COVID-19 pandemic, which in turn impacted the drilling activity and equipment purchasing of some of the Group\u2019s clients. The net impairment charge considered to be relevant for adjustment in 2021 was $25.9m, which included the $5.2m charge recognised as part of the restructuring exercise discussed above. ", "dimensions": { "concept": "huntingplc:DisclosureOfMaterialItems", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-505": { "value": "5. Material Items Due to their size and nature, the following items have been disclosed separately, as required by IAS 1. 2022 Gross amount $m Tax impact $m Legal fees (5.6) \u2013 Impairments of goodwill (7.0) \u2013 Total (12.6) \u2013 During the year, Hunting incurred legal fees of $5.6m in defending a claim made by a competitor against the Group relating to a patent infringement. These costs have been included in administrative expenses. No tax has arisen in relation to these legal fees due to the fact deferred tax is not currently recognised in relation to this jurisdiction. Following the annual review of goodwill, a charge of $7.0m was recognised in relation to Enpro Subsea. Further details can be found in note 15. The impairment charge has been included in administrative expenses. No tax has arisen because the impairment of this goodwill is not a tax deductible expense. 2021 Gross amount $m Tax impact $m Impairments of property, plant and equipment (8.6) 0.8 Net impairments of inventories (25.9) 0.5 Total (34.5) 1.3 In 2021, a number of material charges were recognised following the transactions with Marubeni-Itochu that resulted in a change in the European OCTG business\u2019 future activity. The material charges comprised an impairment of the Fordoun property by $8.6m as the use of the property and expected cash flows for the property changed; and the impairment of pipe inventory of $5.2m to match the net realisable value determined through the due diligence work. During 2021, certain inventory was written down to its net realisable value due to reduced turn rates, increased ageing of inventories and inventory selling prices being lowered following the slower-than-anticipated return to economic growth for many developed economies after the COVID-19 pandemic, which in turn impacted the drilling activity and equipment purchasing of some of the Group\u2019s clients. The net impairment charge considered to be relevant for adjustment in 2021 was $25.9m, which included the $5.2m charge recognised as part of the restructuring exercise discussed above. 6. Profit (Loss) from Operations The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-528": { "value": "6. Profit (Loss) from Operations The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-453": { "value": "The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) 7. Employees 2022 $m 2021 $m Wages and salaries (including annual cash bonuses) (164.4) (125.0) Social security costs (12.7) (9.7) Share-based payments (note 37) (9.9) (9.2) Pension costs \u2013 defined contribution schemes (note 32) (7.2) (7.0) \u2013 unfunded defined benefit schemesi (note 32) (0.3) (0.2) Net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense (note 32) \u2013 0.2 Staff costs for the year (194.5) (150.9) Staff costs for the year are included in the financial statements as follows: 2022 $m 2021 $m Total staff costs included in reported profit (loss) from operations (note 6) (194.1) (150.7) Staff costs \u2013 net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense \u2013 0.2 Staff costs capitalised as R&D (0.4) (0.4) (194.5) (150.9) i. The amounts disclosed were revised to include the unfunded defined benefit schemes operating in the Middle East of $0.2m in 2021. The average monthly number of employees by geographical area (including executive Directors) during the year was: 2022 Number 2021 Number North America 1,486 1,302 Europe 223 223 Asia Pacific 301 341 Central America, Middle East and Africa 92 51 2,102 1,917 The average monthly number of employees by operating segment (including executive Directors) during the year was: 2022 Number 2021 Number Hunting Titan 595 449 North America 909 837 EMEA 226 220 Asia Pacific 301 341 Central 71 70 2,102 1,917 The actual number of employees at the year-end was 2,258 (2021 \u2013 1,949). Key management comprises the Board and the eleven members of the Executive Committee who acted during the year. Their aggregate remuneration in the year was: 2022 $m 2021 i $m Salaries, annual cash bonuses and short-term employee benefits (10.8) (5.4) Post-employment benefits (0.4) (0.3) Share-based payments (3.4) (2.4) (14.6) (8.1) i. Salaries, annual cash bonuses and short-term employee benefits for 2021 have been restated to include non-executive fees of $0.6m. Remuneration of the Board, included as part of key management compensation, can be found in the Annual Report on Remuneration on pages 145 to 154. The Annual Report on Remuneration disclosures do not include Executive Committee members who are not part of the Board and disclose share scheme remuneration on a vested rather than accruals basis. Short-term employee benefits comprise healthcare insurance, company cars and fuel benefits. Post-employment benefits comprise employer pension contributions. Share-based payments comprise the charge to the consolidated income statement. The total amounts for Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations were as follows: 2022 $m 2021 $m Salaries, annual cash bonuses and short-term employee benefits (3.9) (2.1) Gains on exercise of share awards (0.2) (0.2) Post-employment benefits (0.2) (0.1) (4.3) (2.4) The Group contributes on behalf of the Chief Executive to a US 401K deferred savings plan and an additional deferred compensation scheme. The Finance Director receives an annual cash sum in lieu of contributions to a company pension scheme. The key management of the Group comprises the Hunting PLC Board and members of the Executive Committee. Details of their compensation are disclosed in note 7. The Hunting PLC Directors and the members of the Executive Committee had no material transactions other than as a result of their service agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-518": { "value": "The following items were credited (charged) in arriving at profit (loss) from operations: 2022 $m 2021 $m Staff costs (note 7) (194.1) (150.7) Depreciation of property, plant and equipment (note 11) (26.6) (28.9) Amortisation of intangible assets (included in cost of sales and administrative expenses) (note 14) (4.4) (9.3) Impairments of property, plant and equipment (included in cost of sales) (note 11) \u2013 (8.6) Impairment of goodwill (included in administrative expenses) (note 13) (7.0) \u2013 Net gain on curtailment of leases (note 4) 3.1 1.0 Loss on disposal of business (note 4) \u2013 (0.9 ) Fair value gain on disposal of held-for-sale asset (note 4) \u2013 0.4 Net gain (loss) on disposal of property, plant and equipment (note 4) (0.3) 0.4 Net lease charges included in profit (loss) from operations (note 24) (5.1) (7.3) Research and development expensed (note 4) (4.8) (4.7) ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-476": { "value": "Fees payable to the Group\u2019s independent auditor and its associates are for: 2022 $m 2021 $m The audit of these financial statements (2.8) (2.1) The audit of the financial statements of the Company\u2019s subsidiaries (0.6) (0.5) Total audit (3.4) (2.6) Audit-related assurance services (0.2) (0.2) Total audit and audit-related services (3.6) (2.8) ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-506": { "value": "7. Employees 2022 $m 2021 $m Wages and salaries (including annual cash bonuses) (164.4) (125.0) Social security costs (12.7) (9.7) Share-based payments (note 37) (9.9) (9.2) Pension costs \u2013 defined contribution schemes (note 32) (7.2) (7.0) \u2013 unfunded defined benefit schemesi (note 32) (0.3) (0.2) Net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense (note 32) \u2013 0.2 Staff costs for the year (194.5) (150.9) Staff costs for the year are included in the financial statements as follows: 2022 $m 2021 $m Total staff costs included in reported profit (loss) from operations (note 6) (194.1) (150.7) Staff costs \u2013 net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense \u2013 0.2 Staff costs capitalised as R&D (0.4) (0.4) (194.5) (150.9) i. The amounts disclosed were revised to include the unfunded defined benefit schemes operating in the Middle East of $0.2m in 2021. Key management comprises the Board and the eleven members of the Executive Committee who acted during the year. Their aggregate remuneration in the year was: 2022 $m 2021 i $m Salaries, annual cash bonuses and short-term employee benefits (10.8) (5.4) Post-employment benefits (0.4) (0.3) Share-based payments (3.4) (2.4) (14.6) (8.1) i. Salaries, annual cash bonuses and short-term employee benefits for 2021 have been restated to include non-executive fees of $0.6m. Remuneration of the Board, included as part of key management compensation, can be found in the Annual Report on Remuneration on pages 145 to 154. The Annual Report on Remuneration disclosures do not include Executive Committee members who are not part of the Board and disclose share scheme remuneration on a vested rather than accruals basis. Short-term employee benefits comprise healthcare insurance, company cars and fuel benefits. Post-employment benefits comprise employer pension contributions. Share-based payments comprise the charge to the consolidated income statement. The total amounts for Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations were as follows: 2022 $m 2021 $m Salaries, annual cash bonuses and short-term employee benefits (3.9) (2.1) Gains on exercise of share awards (0.2) (0.2) Post-employment benefits (0.2) (0.1) (4.3) (2.4) The Group contributes on behalf of the Chief Executive to a US 401K deferred savings plan and an additional deferred compensation scheme. The Finance Director receives an annual cash sum in lieu of contributions to a company pension scheme.
32. Post-employment Benefits
(a) Defined Contribution Arrangements
A number of defined contribution (\u201cDC\u201d) arrangements, which are open to current employees, are operated across the Group. Employer contributions
to these arrangements are charged directly to profit and loss and in 2022 these totalled $7.2m (2021 \u2013 $7.0m).
(b) Unfunded Defined Benefit Schemes
(i) US Defined Benefit Scheme
The Group operates a cash balance arrangement in the US for certain executives. Members build up benefits in this arrangement by way of notional
contributions and notional investment returns. Actual contributions are paid into an entirely separate investment vehicle held by the Group, which is
used to pay benefits due from the arrangement when a member retires. Under IAS 19, the cash balance arrangement is accounted for as an
unfunded defined benefit scheme.
The amounts recognised in the consolidated income statement during the year were $0.1m (2021 \u2013 $nil) for the employer\u2019s current service cost
(recognised in administrative expenses) and $nil (2021 \u2013 $0.2m gains) fair value gains or losses on the listed equities and mutual funds (recognised
in other finance income note 8).
Movements in the present value of the obligation for the unfunded defined benefit US deferred compensation plan
2022
$m
2021
$m
Present value of the obligation at the start of the year 1.9 1.7
Current service cost (equal to the notional contributions) 0.1 \u2013
Remeasurement \u2013 excess of notional investment returns over interest cost (0.1) 0.2
Present value of the obligation at the end of the year 1.9 1.9
The obligation of $1.9m (2021 \u2013 $1.9m) is presented in the consolidated balance sheet in non-current payables (note 22).
(ii) Middle East Defined Benefit Schemes
The Group operates two unfunded defined benefit pension schemes in Dubai and Saudi Arabia, whereby local law requires payment to be made to
an employee when they leave their employment with the business unit based on their salary and number of years of service. The combined obligation
at the year-end was $0.7m (2021 \u2013 $0.5m), with $0.2m (2021 \u2013 $0.2m) recognised in the consolidated income statement during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-529": { "value": "2022 $m 2021 $m Wages and salaries (including annual cash bonuses) (164.4) (125.0) Social security costs (12.7) (9.7) Share-based payments (note 37) (9.9) (9.2) Pension costs \u2013 defined contribution schemes (note 32) (7.2) (7.0) \u2013 unfunded defined benefit schemesi (note 32) (0.3) (0.2) Net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense (note 32) \u2013 0.2 Staff costs for the year (194.5) (150.9) (b) Unfunded Defined Benefit Schemes (i) US Defined Benefit Scheme The Group operates a cash balance arrangement in the US for certain executives. Members build up benefits in this arrangement by way of notional contributions and notional investment returns. Actual contributions are paid into an entirely separate investment vehicle held by the Group, which is used to pay benefits due from the arrangement when a member retires. Under IAS 19, the cash balance arrangement is accounted for as an unfunded defined benefit scheme. The amounts recognised in the consolidated income statement during the year were $0.1m (2021 \u2013 $nil) for the employer\u2019s current service cost (recognised in administrative expenses) and $nil (2021 \u2013 $0.2m gains) fair value gains or losses on the listed equities and mutual funds (recognised in other finance income note 8). Movements in the present value of the obligation for the unfunded defined benefit US deferred compensation plan 2022 $m 2021 $m Present value of the obligation at the start of the year 1.9 1.7 Current service cost (equal to the notional contributions) 0.1 \u2013 Remeasurement \u2013 excess of notional investment returns over interest cost (0.1) 0.2 Present value of the obligation at the end of the year 1.9 1.9 The obligation of $1.9m (2021 \u2013 $1.9m) is presented in the consolidated balance sheet in non-current payables (note 22). (ii) Middle East Defined Benefit Schemes The Group operates two unfunded defined benefit pension schemes in Dubai and Saudi Arabia, whereby local law requires payment to be made to an employee when they leave their employment with the business unit based on their salary and number of years of service. The combined obligation at the year-end was $0.7m (2021 \u2013 $0.5m), with $0.2m (2021 \u2013 $0.2m) recognised in the consolidated income statement during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-537": { "value": "2022 $m 2021 $m Wages and salaries (including annual cash bonuses) (164.4) (125.0) Social security costs (12.7) (9.7) Share-based payments (note 37) (9.9) (9.2) Pension costs \u2013 defined contribution schemes (note 32) (7.2) (7.0) \u2013 unfunded defined benefit schemesi (note 32) (0.3) (0.2) Net gains on the unfunded DB scheme\u2019s assets and liabilities included in net finance expense (note 32) \u2013 0.2 Staff costs for the year (194.5) (150.9) (a) Defined Contribution Arrangements A number of defined contribution (\u201cDC\u201d) arrangements, which are open to current employees, are operated across the Group. Employer contributions to these arrangements are charged directly to profit and loss and in 2022 these totalled $7.2m (2021 \u2013 $7.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-560": { "value": "Key management comprises the Board and the eleven members of the Executive Committee who acted during the year. Their aggregate remuneration in the year was: 2022 $m 2021 i $m Salaries, annual cash bonuses and short-term employee benefits (10.8) (5.4) Post-employment benefits (0.4) (0.3) Share-based payments (3.4) (2.4) (14.6) (8.1) i. Salaries, annual cash bonuses and short-term employee benefits for 2021 have been restated to include non-executive fees of $0.6m. Remuneration of the Board, included as part of key management compensation, can be found in the Annual Report on Remuneration on pages 145 to 154. The Annual Report on Remuneration disclosures do not include Executive Committee members who are not part of the Board and disclose share scheme remuneration on a vested rather than accruals basis. Short-term employee benefits comprise healthcare insurance, company cars and fuel benefits. Post-employment benefits comprise employer pension contributions. Share-based payments comprise the charge to the consolidated income statement. The total amounts for Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations were as follows: 2022 $m 2021 $m Salaries, annual cash bonuses and short-term employee benefits (3.9) (2.1) Gains on exercise of share awards (0.2) (0.2) Post-employment benefits (0.2) (0.1) (4.3) (2.4) The Group contributes on behalf of the Chief Executive to a US 401K deferred savings plan and an additional deferred compensation scheme. The Finance Director receives an annual cash sum in lieu of contributions to a company pension scheme. 38. Related-party Transactions The following related-party transactions took place between wholly-owned subsidiaries of the Group and associates during the year: 2022 $m 2021 $m Settlement of warranty claim related to a corporate transaction \u2013 (1.7) Acquisition of non-controlling interest from Marubeni-Itochu \u2013 (3.8) Disposal of pipe business to Marubeni-Itochu \u2013 31.5 Additional investment in Cumberland (note 16) (1.6) \u2013 Investment in Indian joint venture arrangement with Jindal SAW (note 16) (1.9) \u2013 Year-end balances: Shareholder loan from non-controlling interest (3.9) (3.9) The outstanding balances at the year-end are unsecured and have no fixed date for repayment. During the year, revenue of $12.3m (2021 \u2013 $6.3m) was generated from sales to BestLink Tube Pte. Ltd., the minority interest holder in Hunting Energy Services (China) Pte. Ltd. All ownership interests in associates are in the equity shares of those companies. The ownership interests in associates, joint ventures and subsidiaries are set out in notes C19 and C20 to the Company financial statements. The key management of the Group comprises the Hunting PLC Board and members of the Executive Committee. Details of their compensation are disclosed in note 7. The Hunting PLC Directors and the members of the Executive Committee had no material transactions other than as a result of their service agreements. Hunting PLC is the parent company of the Hunting PLC Group. The Company is listed on the London Stock Exchange, with none of the shareholders owning more than 20% of the issued share capital of the Company (see page 61). Accordingly, the Directors do not consider there to be an ultimate controlling party. (a) Restructuring of European OCTG Businesses On 31 December 2021, the Group entered into a transaction with Marubeni-Itochu Steel Inc and Marubeni-Itochu Tubulars Europe PLC (collectively referred to as Marubeni-Itochu), the non-controlling interest in Hunting Energy Services (UK) Limited (\u201cHES UK\u201d) and its subsidiary Hunting Energy Services B.V. (\u201cHES BV\u201d), whereby Hunting purchased Marubeni-Itochu\u2019s 40% interest in these companies for $3.8m and became the sole shareholder. Hunting and Marubeni-Itochu also entered into a Business Purchase agreement on the same date, which included the sale of OCTG inventory held by HES UK and HES BV to Marubeni-Itochi for $31.5m. (b) Warranty Claim In October 2021, the Group paid $1.7m in settlement of a warranty claim in relation to the transfer of assets, and their condition, as part of a corporate transaction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-562": { "value": "Key management comprises the Board and the eleven members of the Executive Committee who acted during the year. Their aggregate remuneration in the year was: 2022 $m 2021 i $m Salaries, annual cash bonuses and short-term employee benefits (10.8) (5.4) Post-employment benefits (0.4) (0.3) Share-based payments (3.4) (2.4) (14.6) (8.1) i. Salaries, annual cash bonuses and short-term employee benefits for 2021 have been restated to include non-executive fees of $0.6m. Remuneration of the Board, included as part of key management compensation, can be found in the Annual Report on Remuneration on pages 145 to 154. The Annual Report on Remuneration disclosures do not include Executive Committee members who are not part of the Board and disclose share scheme remuneration on a vested rather than accruals basis. Short-term employee benefits comprise healthcare insurance, company cars and fuel benefits. Post-employment benefits comprise employer pension contributions. Share-based payments comprise the charge to the consolidated income statement. The total amounts for Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations were as follows: 2022 $m 2021 $m Salaries, annual cash bonuses and short-term employee benefits (3.9) (2.1) Gains on exercise of share awards (0.2) (0.2) Post-employment benefits (0.2) (0.1) (4.3) (2.4) The Group contributes on behalf of the Chief Executive to a US 401K deferred savings plan and an additional deferred compensation scheme. The Finance Director receives an annual cash sum in lieu of contributions to a company pension scheme. 38. Related-party Transactions The following related-party transactions took place between wholly-owned subsidiaries of the Group and associates during the year: 2022 $m 2021 $m Settlement of warranty claim related to a corporate transaction \u2013 (1.7) Acquisition of non-controlling interest from Marubeni-Itochu \u2013 (3.8) Disposal of pipe business to Marubeni-Itochu \u2013 31.5 Additional investment in Cumberland (note 16) (1.6) \u2013 Investment in Indian joint venture arrangement with Jindal SAW (note 16) (1.9) \u2013 Year-end balances: Shareholder loan from non-controlling interest (3.9) (3.9) The outstanding balances at the year-end are unsecured and have no fixed date for repayment. During the year, revenue of $12.3m (2021 \u2013 $6.3m) was generated from sales to BestLink Tube Pte. Ltd., the minority interest holder in Hunting Energy Services (China) Pte. Ltd. All ownership interests in associates are in the equity shares of those companies. The ownership interests in associates, joint ventures and subsidiaries are set out in notes C19 and C20 to the Company financial statements. The key management of the Group comprises the Hunting PLC Board and members of the Executive Committee. Details of their compensation are disclosed in note 7. The Hunting PLC Directors and the members of the Executive Committee had no material transactions other than as a result of their service agreements. Hunting PLC is the parent company of the Hunting PLC Group. The Company is listed on the London Stock Exchange, with none of the shareholders owning more than 20% of the issued share capital of the Company (see page 61). Accordingly, the Directors do not consider there to be an ultimate controlling party. (a) Restructuring of European OCTG Businesses On 31 December 2021, the Group entered into a transaction with Marubeni-Itochu Steel Inc and Marubeni-Itochu Tubulars Europe PLC (collectively referred to as Marubeni-Itochu), the non-controlling interest in Hunting Energy Services (UK) Limited (\u201cHES UK\u201d) and its subsidiary Hunting Energy Services B.V. (\u201cHES BV\u201d), whereby Hunting purchased Marubeni-Itochu\u2019s 40% interest in these companies for $3.8m and became the sole shareholder. Hunting and Marubeni-Itochu also entered into a Business Purchase agreement on the same date, which included the sale of OCTG inventory held by HES UK and HES BV to Marubeni-Itochi for $31.5m. (b) Warranty Claim In October 2021, the Group paid $1.7m in settlement of a warranty claim in relation to the transfer of assets, and their condition, as part of a corporate transaction. C19. Associates and Joint Ventures Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Joint ventures are entities where the Group has joint control over the entity. Associates and joint ventures i/ii Registered address iii Rival Downhole Tools LC (23.5%) 5535 Brystone Drive, Houston, Texas, 77041-7013, USA Cumberland Additive Holdings LLC (29.2%) 3813 Helios Way, Suite B200, Pflugerville, Texas, 78660, USA Tianjin Huaxin Premium Connection Pipe Co Ltd (28.5%) Jintang Road, Dongli District, Tianjin, 300301, China Hunting Airtrust Tubulars Pte. Ltd (50%) 19 Keppel Road, 08-05 JIT Poh Building, 089058, Singapore Jindal Hunting Energy Services Limited (49%) A-1, UPSIDC Industrial Area, Nand Gaon Road, Kosi Kalan, Mathura, Uttar Pradesh, 281403 India i. All interests are in the Ordinary equity shares of those companies. ii. Interest in company is held indirectly by Hunting PLC. iii. Associates and joint ventures are incorporated and operate in the countries indicated. Changes During the Year (a) Incorporation of Indian Joint Venture In December 2021, the Group entered into an agreement for the formation of a new 49:51 joint venture with Jindal SAW Limited (\u201cJindal\u201d) to pursue new growth opportunities in India. The new joint venture entity, Jindal Hunting Energy Services Limited, was incorporated on 7 March 2022. (b) Cumberland Additive Investment The Group increased its investment in Cumberland Additive Holdings LLC during the year by $1.6m. The Group\u2019s effective shareholding has increased to 29.2% as a result of the additional investment. C20. Subsidiaries All companies listed below are wholly owned by the Group, except where otherwise indicated. Subsidiaries i/iii Registered address Operating activities Hunting Energy Services (Australia) Pty Ltd Level 40, Governor Macquarie Tower, 1 Farrer Place, Sydney, NSW, 2000, Australia Hunting Energy Services (Canada) Ltd 5550 Skyline Way NE, Calgary, Alberta, T2E 7Z7, Canada Hunting Energy Services (Wuxi) Co. Ltd (70%) No. 17, Xin DongAn Road, Shuo Fang Industrial, New District Wuxi City, Jiangsu Province, China Hunting Energy Completion Equipment (Wuxi) Co., Ltd No. 17, Xin DongAn Road, Shuo Fang Industrial, New District Wuxi City, Jiangsu Province, China Hunting Energy Services (UK) Limited 30 Panton Street, London SW1Y 4AJ, England Enpro Subsea Limited Badentoy Avenue, Badentoy Industrial Estate, Portlethen, Aberdeen, AB12 4YB, Scotland Enpro Subsea Operations Limited Badentoy Avenue, Badentoy Industrial Estate, Portlethen, Aberdeen, AB12 4YB, Scotland Enpro Subsea Group Limited Badentoy Avenue, Badentoy Industrial Estate, Portlethen, Aberdeen, AB12 4YB, Scotland Enpro Subsea Ghana Ltd (83%) House No. F676/1, Angola Road, Kuku Hill, Osu, Accra, Ghana Enpro Subsea Group Ghana Limited House No. F676/1, Angola Road, Kuku Hill, Osu, Accra, Ghana PT Hunting Energy Asia Complex Dragon Industrial Park, Block D, Jalan Pattimura, Kabil Batam, 29467, Indonesia Hunting Alpha (EPZ) Limited (60%) Block XLVIII/150, Off Mbaraki Road, P.O. Box 83344-80100, Mombasa, Kenya Hunting Energy de Mexico Avenida Los Olmos #105, Parque Industrial El Sabinal, Apodaca, Nuevo Leon, Monterrey, Mexico Hunting Energy Services B.V. Olieweg 10, 1951 NH Velsen-Noord, Netherlands Hunting Energy Services (Norway) AS Arabergveieb 6, 4050 Sola, Norway Hunting Energy Saudi Arabia LLC (65%) Dhahran, Building No: 7612, P.O. Box: 3104, Zip Code: 34521, Saudi Arabia Hunting Energy Services Limited Badentoy Avenue, Badentoy Park, Portlethen, Aberdeen, AB12 4YB, Scotland Subsidiariesi/iii Registered address Hunting Energy Services Pte. Ltd 16E Tuas Avenue 1, #01-61 Singapore 639537 Hunting Energy Services (China) Pte. Ltd. (70%) 16E Tuas Avenue 1, #01-61 Singapore 639537 Hunting Energy Services South Africa (Pty) Ltd Trident Park 1, 1 Niblick Way, Somerset West, 7130, South Africa Hunting Energy Services (Thailand) Limited (49%) 436/27, Moo 2, Thanadee-Klongwong Road, Tambol Phawong, Amphur Muong Songkhla, 90100, Thailand Hunting Energy Services India Private Limited 602, Block A, Naurang House, 21 KG Marg, Canaught Place, New Delhi, Central Delhi 110001, India National Coupling Company, Inc. 1316 Staffordshire Road, Staffordshire, Texas, 77477, USA Hunting Energy Services, LLC 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Premium Finishes, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Hunting Dearborn, Inc. 6 Dearborn Drive, Fryeburg, Maine, USA Hunting Energy Services (Drilling Tools), Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Hunting Innova, Inc. 8383 North Sam Houston Parkway West, Houston, Texas, 77064, USA Hunting Specialty Supply, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Hunting Titan, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Tenkay Resources, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Corporate activities Hunting Energy Holdings Limitedii 30 Panton Street, London SW1Y 4AJ, England Hunting Energy Services (International) Limited 30 Panton Street, London SW1Y 4AJ, England Hunting Energy Services Overseas Holdings Limited 30 Panton Street, London SW1Y 4AJ, England Hunting Oil Holdings Limitedii 30 Panton Street, London SW1Y 4AJ, England Hunting Knightsbridge Holdings Limited 30 Panton Street, London SW1Y 4AJ, England Huntaven Properties Limited 30 Panton Street, London SW1Y 4AJ, England HG Management Services Ltd 30 Panton Street, London SW1Y 4AJ, England Huntfield Trust Limitediv 30 Panton Street, London SW1Y 4AJ, England Stag Line Limited iv 30 Panton Street, London SW1Y 4AJ, England Hunting Aviation Limited v 30 Panton Street, London SW1Y 4AJ, England Hunting U.S. Holdings, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA i. Except where otherwise stated, companies are wholly owned, being incorporated and operating in the countries indicated. All subsidiary undertakings have been included in the consolidated financial statements. ii. Interest in company is held directly by Hunting PLC. iii. All interests in subsidiaries are in the Ordinary equity shares of those companies. The proportion of voting rights is represented by the interest in the Ordinary equity shares of those companies. iv. Huntfield Trust Limited (registered number 00372215), Stag Line Limited (registered number 00151320) and Hunting Aviation Limited (registered number 00297743) are dormant companies that are exempt from being audited, are exempt from the requirements to prepare individual accounts under section 394A of the Companies Act 2006 and are exempt from filing individual accounts under section 448A of the Companies Act 2006. v. The company was previously liquidated in 2015; however it was restored to the Register of Companies by court order in 2018. Changes to the Group (a) Merging of Dutch Entities The Group undertook a reorganisation of its Dutch entities, whereby Hunting Energy Services B.V. and Hunting Energy Services (Well Testing) B.V. were merged, with Hunting Energy Services B.V. being the surviving entity. (b) Other Hunting Welltonic Limited was dissolved in March 2022. Hunting Energy Services (Well Intervention) Limited changed its name to Hunting Energy Services Limited on 27 May 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-542": { "value": "Key management comprises the Board and the eleven members of the Executive Committee who acted during the year. Their aggregate remuneration in the year was: 2022 $m 2021 i $m Salaries, annual cash bonuses and short-term employee benefits (10.8) (5.4) Post-employment benefits (0.4) (0.3) Share-based payments (3.4) (2.4) (14.6) (8.1) i. Salaries, annual cash bonuses and short-term employee benefits for 2021 have been restated to include non-executive fees of $0.6m. Remuneration of the Board, included as part of key management compensation, can be found in the Annual Report on Remuneration on pages 145 to 154. The Annual Report on Remuneration disclosures do not include Executive Committee members who are not part of the Board and disclose share scheme remuneration on a vested rather than accruals basis. Short-term employee benefits comprise healthcare insurance, company cars and fuel benefits. Post-employment benefits comprise employer pension contributions. Share-based payments comprise the charge to the consolidated income statement. The total amounts for Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations were as follows: 2022 $m 2021 $m Salaries, annual cash bonuses and short-term employee benefits (3.9) (2.1) Gains on exercise of share awards (0.2) (0.2) Post-employment benefits (0.2) (0.1) (4.3) (2.4) The Group contributes on behalf of the Chief Executive to a US 401K deferred savings plan and an additional deferred compensation scheme. The Finance Director receives an annual cash sum in lieu of contributions to a company pension scheme. The key management of the Group comprises the Hunting PLC Board and members of the Executive Committee. Details of their compensation are disclosed in note 7. The Hunting PLC Directors and the members of the Executive Committee had no material transactions other than as a result of their service agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-550": { "value": "8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m). (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-549": { "value": "8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m). Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-548": { "value": "8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m). (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-547": { "value": "8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m). (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-545": { "value": "8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m). Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-543": { "value": "8. Net Finance Expense 2022 $m 2021 $m Finance income: Interest on bank balances and deposits 0.4 0.3 Foreign exchange gainsi 1.3 0.1 Fair value gains on derivative financial instruments 0.8 0.7 Other finance income 0.5 0.4 3.0 1.5 Finance expense: Interest on lease liabilities (1.2) (1.5) Bank fees and commissions (2.1) (1.3) Foreign exchange losses (1.0) (0.6) Other finance expenseii (0.4) (0.1) (4.7) (3.5) Net finance expense (1.7) (2.0) i. Foreign exchange gains include gains of $0.1m (2021 \u2013 $nil) in relation to lease liabilities. ii. Other finance expense includes fair value losses on derivatives not designated in a hedge of $0.2m (2021 \u2013 $0.1m). (b) Amounts Recognised in the Consolidated Income Statement The consolidated income statement includes the following amounts relating to leases: 2022 $m 2021 $m Depreciation of right-of-use assets (note 12) (6.4) (6.7) Net gain on surrender of leases (note 4) 3.1 1.0 Expense relating to short-term leases and leases of low-value assets (included in cost of sales and administrative expenses) (1.8) (1.6) Lease charges included in profit (loss) from operations (5.1) (7.3) Interest on lease liabilities (included in finance costs) (note 8) (1.2) (1.5) Foreign exchange gains on lease liabilities (note 8) 0.1 \u2013 Lease charges included in loss before tax (6.2) (8.8) Following the relocation of the Group\u2019s Asia Pacific businesses\u2019 facilities to a new, single site in the Tuas port region of Singapore, relevant lease liabilities were disposed and the related right-of-use assets were derecognised, recording a net gain of $2.4m on the lease at Benoi Road. The gain on Benoi Road together with other lease curtailments in the period resulted in a net gain of $3.1m during the year, which was recognised in net operating income and other expenses in note 4. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-530": { "value": "9. Taxation 2022 $m 2021 $m Current tax \u2013 current year charge (4.3) (1.7) \u2013 adjustments in respect of prior years (0.7) (0.4) (5.0) (2.1) Deferred tax \u2013 origination and reversal of temporary differences 3.5 (0.1) \u2013 change in tax rate (0.2) (0.8) \u2013 adjustments in respect of prior years 0.4 (1.2) 3.7 (2.1) Taxation charge (1.3) (4.2) The tax charge for the year was $1.3m (2021 \u2013 $4.2m) and the effective tax rate (\u201cETR\u201d) was minus 54% (2021 \u2013 minus 5%). The Group\u2019s ETR is significantly different to that which might be expected from prevailing jurisdictional rates as it was impacted by a mix of profits and losses in different businesses and is distorted when deferred tax was not fully recognised in loss-making jurisdictions. As there was a small overall loss before tax for the year, the impact of differences in the make-up of losses and profits across the Group had a greater impact on the overall Group ETR. This is particularly notable in the US, where deferred tax is not recognised on the federal tax losses generated in the year. The loss before tax generated in the US (and other jurisdictions where deferred tax has not been recognised), is then offset at a Group level by profitable jurisdictions, mainly the UK, Canada and China, where tax was recognised on these profits as they arose. When the adjusting items are excluded, the Group\u2019s adjusted ETR is 13% (2021 \u2013 minus 12%). The calculation of the adjusted tax charge and adjusted effective tax rate can be found in NGM D. The adjustments in respect of prior years within both current tax and deferred tax, totalling a charge of $0.3m (2021 \u2013 $1.6m charge) mainly relate to true-ups of prior year balances. Legislation to increase the UK standard rate of corporation tax from 19% to 25% from 1 April 2023 was enacted in 2021. UK deferred tax balances have been calculated at 19% or 25% depending upon when the balance is expected to unwind. The table below reconciles the tax on the Group\u2019s loss before tax to a weighted average tax rate for the Group based on the tax rates applicable to each entity in the Group. A weighted average applicable rate for the year of 4% (2021 \u2013 22%) was used, as this reflects the applicable rates for the countries applied to their respective profits/losses in the year. The weighted average applicable rate is lower than one would normally expect due to the mix of profitable and loss-making jurisdictions in the Group. The total tax charge for the year is different to the weighted average rate of tax of 4% (2021 \u2013 22%) for the following reasons: 2022 $m 2021 $m Reported loss before tax (2.4) (85.5) Tax at 4% (2021 \u2013 22%) 0.1 18.7 Permanent differences including tax credits (4.7) (3.7) Current year deferred tax not recognised (1.5) (16.8) Recognition of previously unrecognised deferred taxes 5.3 \u2212 Change in tax rates (0.2) (0.8) Adjustments in respect of prior years (0.3) (1.6) Taxation (1.3) (4.2) Tax effects relating to each component of other comprehensive income were as follows: 2022 2021 Before tax $m Tax (charged) credited $m After tax $m Before tax $m Tax (charged) credited $m After tax $m Exchange adjustments (9.9) \u2013 (9.9) 0.5 \u2212 0.5 Fair value gains originating on cash flow hedges arising during the year 0.4 (0.1) 0.3 \u2212 \u2212 \u2212 Fair value losses transferred to the income statement 0.1 \u2013 0.1 \u2212 \u2212 \u2212 Remeasurement of defined benefit pension schemes 0.1 \u2013 0.1 (0.2) \u2212 (0.2) (9.3) (0.1) (9.4) 0.3 \u2212 0.3 The tax relating to the components of other comprehensive income comprises a deferred tax charge of $0.1m (2021 \u2013 $nil). Tax-related Judgements The Group is subject to income taxes in numerous jurisdictions and significant judgement is required in determining the worldwide provision for those taxes, as tax legislation can be complex and open to different interpretation. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available, against which the temporary differences can be utilised. The recoverability of deferred tax assets is supported by deferred tax liabilities against which the reversal can be offset and the expected level of future profits. This is considered by jurisdiction, or by entity, dependent on the tax laws of the jurisdiction. Where there is both a history of loss making and continued loss making in the year, stronger supporting evidence is required to meet recognition policy criteria. Supporting evidence reviewed includes: whether actual results, when excluding non-recurring items, meet or exceed budget; the level of taxable profits generated in the base case and downside case of longer-term forecasts; and the nature of how the deferred tax assets arose and how this relates to the ongoing activities of the business. The recognition of deferred tax assets as at 31 December 2022 has been based on the forecast accounting profits in the 2023 and 2024 Budget and the extended forecast period as presented to the Board. This is the same forecast that is used to derive cash flows for the goodwill impairment test, per note 15. For periods extending beyond the extended forecast period, profits have been assumed to grow in a manner consistent with the terminal growth rate assumptions used for impairment testing. In addition, a risk factor has been applied to reduce future profits for the extended forecast period and beyond. These adjustments are to reflect the potential decrease in reliability of forecasts for future periods beyond the Board-approved budget period. Historical tax losses make up the majority of the deductible temporary differences. These losses mainly arose from varying factors including non-recurring events such as losses arising at the start of newly formed businesses and the COVID-19-related downwards pressures on the profits in previous years. The majority of the deferred tax not recognised in the Group is in relation to deferred tax arising in the US. Based on the review of tax adjusted forecasts, as noted above, management have assessed that currently there is not sufficient support for the recognition of a deferred tax asset in respect of historical tax losses and other deductible temporary differences in the US due to uncertainty in recovery. Management will continue to monitor the position in the US and if current forecasts are met then it is expected that the recognition criteria set by Management could be met within the next one to two years. The main jurisdiction where we have a change in deferred tax recognition is the UK. Previously unrecognised deferred tax assets have been recognised in the period in respect of historical tax losses and other deductible temporary differences in the UK, due to taxable profits arising in the year and continued forecast improved profitability in future periods with the deferred tax assets being forecast to be recovered within nine years. Recognition of the UK deferred tax asset is dependent on the accuracy of the budget and extended forecast period. In assessing the recoverability of deferred tax assets a sensitivity analysis is applied to the extended forecast period accounting profits, to consider a plausible downside scenario. Under the sensitivity analysis, the recovery period of the previously unrecognised deferred tax assets now recognised in the year, would be extended by two years. 19. Deferred Tax Deferred income tax assets and liabilities are only offset when there is a legally enforceable right to offset, when the deferred income taxes relate to the same fiscal authority and there is an intention to settle the balance net. The offset amounts are as follows: 2022 $m 2021 $m Deferred tax assets 13.7 10.3 Deferred tax liabilities (6.4) (6.8) 7.3 3.5 The movement in the total deferred tax shown in the balance sheet is as follows: 2022 $m 2021 $m At 1 January 3.5 5.5 Exchange adjustments \u2013 0.1 Credit (charge) to the consolidated income statement 3.9 (1.3) Change in tax rates (0.2) (0.8) Total credit (charge) to the consolidated income statement 3.7 (2.1) Taken direct to equity 0.1 \u2212 At 31 December 7.3 3.5 The change in tax rates relates to an increase in the blended State rate applied to the recognised US deferred tax liability balance (2021 \u2013 UK deferred tax balances). The UK standard rate of corporation tax will increase from 19% to 25% from 1 April 2023. UK deferred tax balances have been calculated at 19% or 25% depending upon when the balance is expected to unwind. Deferred tax assets of $354.8m gross and $87.1m tax (2021 \u2013 $377.7m gross and $92.1m tax) have not been recognised as the assessment of recoverability at 31 December 2022 is that it is uncertain and therefore does not meet the criteria for recognition under IAS 12. This includes $216.9m gross and $51.0m tax (2021 \u2013 $262.9m gross, and $61.5m tax) in respect of trading losses, the majority of which do not have an expiry date. A deferred tax asset of $24.2m (2021 \u2013 $16.1m) has been recognised in respect of tax losses in various locations where recognition assessment has provided support that sufficient future taxable profits will be available against which the tax losses could be utilised. See note 9 for further details on the recognition assessment performed at each balance sheet date. The movements in deferred tax assets and liabilities, prior to taking into consideration the offsetting of balances within the same tax jurisdictions, are shown below: At 1 January 2022 $m Exchange adjustments $m (Charge) credit to income statement $m Change in tax rates $m Taken direct to equity $m At 31 December 2022 $m Net deferred tax assets $m Net deferred tax liabilities $m Tax losses 16.1 (0.4) 8.5 \u2013 \u2013 24.2 10.0 14.2 Inventory 1.4 (0.1) (0.5) \u2013 \u2013 0.8 0.8 \u2013 Goodwill and intangibles (14.1) 0.3 (5.7) (0.2) \u2013 (19.7) (0.3) (19.4) Accumulated tax depreciation (1.6) 0.2 0.5 \u2013 \u2013 (0.9) 0.3 (1.2) Share-based payments 0.4 \u2013 0.4 \u2013 0.2 1.0 1.0 \u2013 Other 1.3 \u2013 0.7 \u2013 (0.1) 1.9 1.9 \u2013 3.5 \u2013 3.9 (0.2) 0.1 7.3 13.7 (6.4) At 1 January 2021 $m Exchange adjustments $m (Charge) credit to income statement $m Change in tax rates $m Taken direct to equity $m At 31 December 2021 $m Net deferred tax assets $m Net deferred tax liabilities $m Tax losses 12.0 0.1 4.0 \u2212 \u2212 16.1 7.0 9.1 Inventory 1.0 \u2212 0.4 \u2212 \u2212 1.4 1.4 \u2212 Goodwill and intangibles (7.8) \u2212 (5.7) (0.6) \u2212 (14.1) \u2212 (14.1) Accumulated tax depreciation (2.0) \u2212 0.8 (0.4) \u2212 (1.6) 0.2 (1.8) Share-based payments 0.4 \u2212 (0.1) 0.1 \u2212 0.4 0.4 \u2212 Other 1.9 \u2212 (0.7) 0.1 \u2212 1.3 1.3 \u2212 5.5 0.1 (1.3) (0.8) \u2212 3.5 10.3 (6.8) The share options and awards taxation credit taken directly to equity of $0.2m (2021 \u2013 $nil) comprised a deferred tax credit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-413": { "value": "9. Taxation 2022 $m 2021 $m Current tax \u2013 current year charge (4.3) (1.7) \u2013 adjustments in respect of prior years (0.7) (0.4) (5.0) (2.1) Deferred tax \u2013 origination and reversal of temporary differences 3.5 (0.1) \u2013 change in tax rate (0.2) (0.8) \u2013 adjustments in respect of prior years 0.4 (1.2) 3.7 (2.1) Taxation charge (1.3) (4.2) The tax charge for the year was $1.3m (2021 \u2013 $4.2m) and the effective tax rate (\u201cETR\u201d) was minus 54% (2021 \u2013 minus 5%). The Group\u2019s ETR is significantly different to that which might be expected from prevailing jurisdictional rates as it was impacted by a mix of profits and losses in different businesses and is distorted when deferred tax was not fully recognised in loss-making jurisdictions. As there was a small overall loss before tax for the year, the impact of differences in the make-up of losses and profits across the Group had a greater impact on the overall Group ETR. This is particularly notable in the US, where deferred tax is not recognised on the federal tax losses generated in the year. The loss before tax generated in the US (and other jurisdictions where deferred tax has not been recognised), is then offset at a Group level by profitable jurisdictions, mainly the UK, Canada and China, where tax was recognised on these profits as they arose. When the adjusting items are excluded, the Group\u2019s adjusted ETR is 13% (2021 \u2013 minus 12%). The calculation of the adjusted tax charge and adjusted effective tax rate can be found in NGM D. The adjustments in respect of prior years within both current tax and deferred tax, totalling a charge of $0.3m (2021 \u2013 $1.6m charge) mainly relate to true-ups of prior year balances. Legislation to increase the UK standard rate of corporation tax from 19% to 25% from 1 April 2023 was enacted in 2021. UK deferred tax balances have been calculated at 19% or 25% depending upon when the balance is expected to unwind. The table below reconciles the tax on the Group\u2019s loss before tax to a weighted average tax rate for the Group based on the tax rates applicable to each entity in the Group. A weighted average applicable rate for the year of 4% (2021 \u2013 22%) was used, as this reflects the applicable rates for the countries applied to their respective profits/losses in the year. The weighted average applicable rate is lower than one would normally expect due to the mix of profitable and loss-making jurisdictions in the Group. The total tax charge for the year is different to the weighted average rate of tax of 4% (2021 \u2013 22%) for the following reasons: 2022 $m 2021 $m Reported loss before tax (2.4) (85.5) Tax at 4% (2021 \u2013 22%) 0.1 18.7 Permanent differences including tax credits (4.7) (3.7) Current year deferred tax not recognised (1.5) (16.8) Recognition of previously unrecognised deferred taxes 5.3 \u2212 Change in tax rates (0.2) (0.8) Adjustments in respect of prior years (0.3) (1.6) Taxation (1.3) (4.2) Tax effects relating to each component of other comprehensive income were as follows: 2022 2021 Before tax $m Tax (charged) credited $m After tax $m Before tax $m Tax (charged) credited $m After tax $m Exchange adjustments (9.9) \u2013 (9.9) 0.5 \u2212 0.5 Fair value gains originating on cash flow hedges arising during the year 0.4 (0.1) 0.3 \u2212 \u2212 \u2212 Fair value losses transferred to the income statement 0.1 \u2013 0.1 \u2212 \u2212 \u2212 Remeasurement of defined benefit pension schemes 0.1 \u2013 0.1 (0.2) \u2212 (0.2) (9.3) (0.1) (9.4) 0.3 \u2212 0.3 The tax relating to the components of other comprehensive income comprises a deferred tax charge of $0.1m (2021 \u2013 $nil). Tax-related Judgements The Group is subject to income taxes in numerous jurisdictions and significant judgement is required in determining the worldwide provision for those taxes, as tax legislation can be complex and open to different interpretation. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available, against which the temporary differences can be utilised. The recoverability of deferred tax assets is supported by deferred tax liabilities against which the reversal can be offset and the expected level of future profits. This is considered by jurisdiction, or by entity, dependent on the tax laws of the jurisdiction. Where there is both a history of loss making and continued loss making in the year, stronger supporting evidence is required to meet recognition policy criteria. Supporting evidence reviewed includes: whether actual results, when excluding non-recurring items, meet or exceed budget; the level of taxable profits generated in the base case and downside case of longer-term forecasts; and the nature of how the deferred tax assets arose and how this relates to the ongoing activities of the business. The recognition of deferred tax assets as at 31 December 2022 has been based on the forecast accounting profits in the 2023 and 2024 Budget and the extended forecast period as presented to the Board. This is the same forecast that is used to derive cash flows for the goodwill impairment test, per note 15. For periods extending beyond the extended forecast period, profits have been assumed to grow in a manner consistent with the terminal growth rate assumptions used for impairment testing. In addition, a risk factor has been applied to reduce future profits for the extended forecast period and beyond. These adjustments are to reflect the potential decrease in reliability of forecasts for future periods beyond the Board-approved budget period. Historical tax losses make up the majority of the deductible temporary differences. These losses mainly arose from varying factors including non-recurring events such as losses arising at the start of newly formed businesses and the COVID-19-related downwards pressures on the profits in previous years. The majority of the deferred tax not recognised in the Group is in relation to deferred tax arising in the US. Based on the review of tax adjusted forecasts, as noted above, management have assessed that currently there is not sufficient support for the recognition of a deferred tax asset in respect of historical tax losses and other deductible temporary differences in the US due to uncertainty in recovery. Management will continue to monitor the position in the US and if current forecasts are met then it is expected that the recognition criteria set by Management could be met within the next one to two years. The main jurisdiction where we have a change in deferred tax recognition is the UK. Previously unrecognised deferred tax assets have been recognised in the period in respect of historical tax losses and other deductible temporary differences in the UK, due to taxable profits arising in the year and continued forecast improved profitability in future periods with the deferred tax assets being forecast to be recovered within nine years. Recognition of the UK deferred tax asset is dependent on the accuracy of the budget and extended forecast period. In assessing the recoverability of deferred tax assets a sensitivity analysis is applied to the extended forecast period accounting profits, to consider a plausible downside scenario. Under the sensitivity analysis, the recovery period of the previously unrecognised deferred tax assets now recognised in the year, would be extended by two years. 19. Deferred Tax Deferred income tax assets and liabilities are only offset when there is a legally enforceable right to offset, when the deferred income taxes relate to the same fiscal authority and there is an intention to settle the balance net. The offset amounts are as follows: 2022 $m 2021 $m Deferred tax assets 13.7 10.3 Deferred tax liabilities (6.4) (6.8) 7.3 3.5 The movement in the total deferred tax shown in the balance sheet is as follows: 2022 $m 2021 $m At 1 January 3.5 5.5 Exchange adjustments \u2013 0.1 Credit (charge) to the consolidated income statement 3.9 (1.3) Change in tax rates (0.2) (0.8) Total credit (charge) to the consolidated income statement 3.7 (2.1) Taken direct to equity 0.1 \u2212 At 31 December 7.3 3.5 The change in tax rates relates to an increase in the blended State rate applied to the recognised US deferred tax liability balance (2021 \u2013 UK deferred tax balances). The UK standard rate of corporation tax will increase from 19% to 25% from 1 April 2023. UK deferred tax balances have been calculated at 19% or 25% depending upon when the balance is expected to unwind. Deferred tax assets of $354.8m gross and $87.1m tax (2021 \u2013 $377.7m gross and $92.1m tax) have not been recognised as the assessment of recoverability at 31 December 2022 is that it is uncertain and therefore does not meet the criteria for recognition under IAS 12. This includes $216.9m gross and $51.0m tax (2021 \u2013 $262.9m gross, and $61.5m tax) in respect of trading losses, the majority of which do not have an expiry date. A deferred tax asset of $24.2m (2021 \u2013 $16.1m) has been recognised in respect of tax losses in various locations where recognition assessment has provided support that sufficient future taxable profits will be available against which the tax losses could be utilised. See note 9 for further details on the recognition assessment performed at each balance sheet date. The movements in deferred tax assets and liabilities, prior to taking into consideration the offsetting of balances within the same tax jurisdictions, are shown below: At 1 January 2022 $m Exchange adjustments $m (Charge) credit to income statement $m Change in tax rates $m Taken direct to equity $m At 31 December 2022 $m Net deferred tax assets $m Net deferred tax liabilities $m Tax losses 16.1 (0.4) 8.5 \u2013 \u2013 24.2 10.0 14.2 Inventory 1.4 (0.1) (0.5) \u2013 \u2013 0.8 0.8 \u2013 Goodwill and intangibles (14.1) 0.3 (5.7) (0.2) \u2013 (19.7) (0.3) (19.4) Accumulated tax depreciation (1.6) 0.2 0.5 \u2013 \u2013 (0.9) 0.3 (1.2) Share-based payments 0.4 \u2013 0.4 \u2013 0.2 1.0 1.0 \u2013 Other 1.3 \u2013 0.7 \u2013 (0.1) 1.9 1.9 \u2013 3.5 \u2013 3.9 (0.2) 0.1 7.3 13.7 (6.4) At 1 January 2021 $m Exchange adjustments $m (Charge) credit to income statement $m Change in tax rates $m Taken direct to equity $m At 31 December 2021 $m Net deferred tax assets $m Net deferred tax liabilities $m Tax losses 12.0 0.1 4.0 \u2212 \u2212 16.1 7.0 9.1 Inventory 1.0 \u2212 0.4 \u2212 \u2212 1.4 1.4 \u2212 Goodwill and intangibles (7.8) \u2212 (5.7) (0.6) \u2212 (14.1) \u2212 (14.1) Accumulated tax depreciation (2.0) \u2212 0.8 (0.4) \u2212 (1.6) 0.2 (1.8) Share-based payments 0.4 \u2212 (0.1) 0.1 \u2212 0.4 0.4 \u2212 Other 1.9 \u2212 (0.7) 0.1 \u2212 1.3 1.3 \u2212 5.5 0.1 (1.3) (0.8) \u2212 3.5 10.3 (6.8) ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-414": { "value": "10. Loss per Share Basic earnings (loss) per share (\u201cEPS\u201d) is calculated by dividing earnings (loss) attributable to Ordinary shareholders by the weighted average number of Ordinary shares outstanding during the year. For diluted earnings (loss) per share, the weighted average number of outstanding Ordinary shares was adjusted to assume conversion of all dilutive potential Ordinary shares. Dilution arises through the possible issue of shares to satisfy awards made under the Group\u2019s long-term incentive plans. Reconciliations of the loss and weighted average number of Ordinary shares used in the calculations are set out below: 2022 2021 Loss attributable to Ordinary shareholders $m Basic weighted average number of Ordinary shares millions Loss per share cents Loss attributable to Ordinary shareholders $m Basic weighted average number of Ordinary shares millions Loss per share cents Basic LPS (4.6) 160.3 (2.8) (85.8) 161.2 (53.2) Effect of dilutive long-term incentive plans \u2013 9.8 \u2013 \u2212 5.9 \u2212 Diluted LPS i (4.6) 170.1 (2.8) (85.8) 167.1 (53.2) i. For the years ended 31 December 2022 and 31 December 2021, the Group reported a loss and so the effect of dilutive share options and long-term incentive plans was anti-dilutive (i.e. they reduced the loss per share) and, therefore, they were not used to calculate diluted loss per share. The calculation of adjusted earnings (loss) per share can be found in NGM B. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-415": { "value": "11. Property, Plant and Equipment Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2022 267.3 338.2 24.7 111.4 741.6 Exchange adjustments (4.5) (3.5) (1.5) \u2013 (9.5) Additions 4.7 10.9 0.5 0.9 17.0 Disposals (12.0) (13.9) (1.2) \u2013 (27.1) Reclassification from inventories (note 20) \u2013 \u2013 1.6 \u2013 1.6 At 31 December 2022 255.5 331.7 24.1 112.3 723.6 Accumulated depreciation and impairment: At 1 January 2022 (80.2) (261.2) (16.4) (109.4) (467.2) Exchange adjustments 3.1 2.8 0.9 \u2013 6.8 Charge for the year (6.0) (18.2) (1.9) (0.5) (26.6) Disposals 5.2 13.7 1.2 \u2013 20.1 At 31 December 2022 (77.9) (262.9) (16.2) (109.9) (466.9) Net book amount 177.6 68.8 7.9 2.4 256.7 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Rental tools $m Oil and gas exploration and development $m Total $m Cost: At 1 January 2021 267.7 355.0 24.0 110.9 757.6 Exchange adjustments (0.6) (0.4) (0.1) \u2212 (1.1) Additions 1.5 3.6 0.9 0.5 6.5 Disposals (1.4) (19.9) (0.6) \u2212 (21.9) Reclassification from inventories \u2212 \u2212 0.5 \u2212 0.5 Reclassification 0.1 (0.1) \u2212 \u2212 \u2212 At 31 December 2021 267.3 338.2 24.7 111.4 741.6 Accumulated depreciation and impairment: At 1 January 2021 (66.9) (258.7) (15.8) (109.1) (450.5) Exchange adjustments 0.5 0.3 0.1 \u2212 0.9 Charge for the year (6.4) (20.9) (1.3) (0.3) (28.9) Impairment of assets (note 15(d)) (8.6) \u2212 \u2212 \u2212 (8.6) Disposals 1.3 18.0 0.6 \u2212 19.9 Reclassification (0.1) 0.1 \u2212 \u2212 \u2212 At 31 December 2021 (80.2) (261.2) (16.4) (109.4) (467.2) Net book amount 187.1 77.0 8.3 2.0 274.4 The net book amount of property, plant and equipment at 1 January 2021 was $307.1m. Included in the net book amount is expenditure relating to assets in the course of construction of $0.1m (2021 \u2013 $0.1m) for buildings, $0.9m (2021 \u2013 $1.0m) for plant and machinery, and $nil (2021 \u2013 $5.4m) for rental tools. Group capital expenditure committed for the purchase of property, plant and equipment, but not provided for in these financial statements, amounted to $3.7m as at 31 December 2022 (2021 \u2013 $5.6m). The net book amount of land and buildings of $177.6m (2021 \u2013 $187.1m) comprises freehold land and buildings of $173.7m (2021 \u2013 $185.8m) and capitalised leasehold improvements of $3.9m (2021 \u2013 $1.3m). The net book value of land and buildings that are leased out is $5.4m at 31 December 2022 (2021 \u2013 $4.8m). In early July 2022, the legal process to finalise accession of the in-scope US freehold properties into the ABL Borrowing Base was completed. The relevant US properties that security has been granted over as a requirement of the ABL had a carrying value of $88.2m at 31 December 2022. Security was previously granted over specific PPE with a carrying value of $187.0m at 31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022. (d) Impairment of Property, Plant and Equipment No impairment has been charged against property, plant and equipment during 2022. In 2021, an impairment charge of $8.6m was made, which related to the restructuring of the European OCTG business and the consequential change of usage and expected cash flows for the property used by the business. This charge was shown in the EMEA operating segment (note 2(a)).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-507": { "value": "Group capital expenditure committed for the purchase of property, plant and equipment, but not provided for in these financial statements, amounted to $3.7m as at 31 December 2022 (2021 \u2013 $5.6m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-482": { "value": "Group capital expenditure committed for the purchase of property, plant and equipment, but not provided for in these financial statements, amounted to $3.7m as at 31 December 2022 (2021 \u2013 $5.6m). (b) Contingent Liabilities The Group recognises provisions for liabilities when it is more likely than not a settlement will be required and the value of the economic outflow can be estimated reliably. Liabilities that are not provided for in the financial position of the Group are disclosed, unless the probability of an economic outflow is considered to be remote. In the 2021 Annual Report and Accounts, a claim against the Group from a competitor relating to a patent infringement was disclosed. The Group continues to deny any such infringement and will defend this claim robustly. The legal case was settled in Hunting\u2019s favour in early January 2023. However, the competitor still has the right to make an appeal. Based on the legal process conducted to date, and an update from the legal advisers, Hunting does not believe that an outflow is probable. Although management continues to believe it is unlikely the case will be lost, the maximum potential exposure, based on legal advice, is estimated at $3.0m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-454": { "value": "12. Right-of-use Assets Year ended 31 December 2022 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2022 63.5 2.2 65.7 Exchange adjustments (3.0) \u2013 (3.0) New leases 4.8 0.3 5.1 Lease cessations (8.6) (0.2) (8.8) Modifications 4.0 (0.2) 3.8 At 31 December 2022 60.7 2.1 62.8 Accumulated depreciation and impairment: At 1 January 2022 (40.1) (0.9) (41.0) Exchange adjustments 1.8 \u2013 1.8 Depreciation charge for the year (6.1) (0.3) (6.4) Lease cessations 8.6 0.2 8.8 At 31 December 2022 (35.8) (1.0) (36.8) Net book amount 24.9 1.1 26.0 Year ended 31 December 2021 Land and buildings $m Plant, machinery and motor vehicles $m Total $m Cost: At 1 January 2021 88.6 1.9 90.5 Exchange adjustments (0.3) \u2212 (0.3) New leases 1.7 0.4 2.1 Lease cessations (27.4) (0.1) (27.5) Modifications 0.9 \u2212 0.9 At 31 December 2021 63.5 2.2 65.7 Accumulated depreciation and impairment: At 1 January 2021 (60.1) (0.6) (60.7) Depreciation charge for the year (6.3) (0.4) (6.7) Lease cessations 26.3 0.1 26.4 At 31 December 2021 (40.1) (0.9) (41.0) Net book amount 23.4 1.3 24.7 The net book amount of right-of-use assets at 1 January 2021 was $29.8m. The Group sub-lets certain right-of-use assets under operating leases. The net book value of items that are sub-let included in the table above is $2.1m (2021 \u2013 $1.1m) for land and buildings. During the year the Group entered into new leases of $5.1m including $4.4m for the Group\u2019s new UK headquarters. The Group also had lease modifications of $3.8m including a lease extension of $8.6m in Wuxi, China offset by lease curtailments of $4.7m for the Group\u2019s previous UK headquarters and $0.6m for a manufacturing facility disposed of as part of the consolidation of the Singapore facilities. The new lease for the facility at Tuas, Singapore, together with the corresponding right-of-use asset, were recognised in 2021 when the lease was signed", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-455": { "value": "13. Goodwill 2022 $m 2021 $m Cost: At 1 January 532.0 532.0 Exchange adjustments (4.9) \u2212 At 31 December 527.1 532.0 Accumulated impairment: At 1 January (367.9) (367.8) Exchange adjustments 3.3 (0.1) Impairment charge for the year (note 15(b)) (7.0) \u2212 At 31 December (371.6) (367.9) Net book amount 155.5 164.1 The net book amount of goodwill at 1 January 2021 was $164.2m. Details of the allocation of goodwill by cash-generating unit (\u201cCGU\u201d), identification of the material CGU and impairment sensitivity disclosures are given in note 15(b). 14. Other Intangible Assets Year ended 31 December 2022 Customer relationshipsi $m Unpatented technology $m Patents and trademarks $m Software $m Other $m Total $m Cost: At 1 January 2022 219.8 81.9 74.9 14.7 1.9 393.2 Exchange adjustments (0.9) (0.5) (1.4) (0.2) (0.2) (3.2) Additions \u2013 1.0 0.6 2.3 1.8 5.7 Disposals (211.8) \u2013 (0.4) (0.2) \u2013 (212.4) At 31 December 2022 7.1 82.4 73.7 16.6 3.5 183.3 Accumulated amortisation and impairment: At 1 January 2022 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0) Exchange adjustments 0.2 0.6 0.3 0.2 0.1 1.4 Amortisation charge for the year (0.7) (1.0) (1.6) (0.9) (0.2) (4.4) Disposals 211.8 \u2013 0.4 0.2 \u2013 212.4 At 31 December 2022 (2.0) (73.3) (61.7) (8.8) (1.8) (147.6) Net book amount 5.1 9.1 12.0 7.8 1.7 35.7 i. The accumulated cost, depreciation and impairment of those customer relationships where the relationship has ended or where the relationship with the customer has changed from when the business was acquired have been disposed of during the year. 14. Other Intangible Assets continued Year ended 31 December 2021 Customer relationships $m Unpatented technology $m Patents and trademarks $m Software $m Other $m Total $m Cost: At 1 January 2021 219.9 80.6 73.9 14.4 1.9 390.7 Exchange adjustments \u2212 \u2212 (0.1) \u2212 \u2212 (0.1) Additions \u2212 1.5 0.9 0.3 \u2212 2.7 Disposals (0.1) \u2212 \u2212 \u2212 \u2212 (0.1) Reclassification \u2212 (0.2) 0.2 \u2212 \u2212 \u2212 At 31 December 2021 219.8 81.9 74.9 14.7 1.9 393.2 Accumulated amortisation and impairment: At 1 January 2021 (212.6) (68.2) (58.0) (7.3) (1.7) (347.8) Amortisation charge for the year (0.8) (4.7) (2.8) (1.0) \u2212 (9.3) Disposals 0.1 \u2212 \u2212 \u2212 \u2212 0.1 At 31 December 2021 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0) Net book amount 6.5 9.0 14.1 6.4 0.2 36.2 The net book amount of other intangible assets at 1 January 2021 was $42.9m. All intangible assets are regarded as having a finite life and are amortised accordingly. Amortisation charges relating to intangible assets were charged to cost of sales and administrative expenses in the consolidated income statement. Internally generated intangible assets have been included within patented and unpatented technology as shown in the table below: 2022 2021 Internally generated patented technology $m Internally generated unpatented technology $m Internally generated patented technology $m Internally generated unpatented technology $m Cost: At 1 January 11.8 28.5 10.7 27.2 Exchange adjustments (0.3) (0.5) \u2212 \u2212 Additions 0.6 1.0 0.9 1.5 Reclassification \u2013 \u2013 0.2 (0.2) At 31 December 12.1 29.0 11.8 28.5 Accumulated amortisation and impairment: At 1 January (6.0) (19.5) (5.4) (18.6) Exchange adjustments 0.1 0.6 \u2212 \u2212 Amortisation charge (0.6) (1.0) (0.6) (0.9) At 31 December (6.5) (19.9) (6.0) (19.5) Net book amount 5.6 9.1 5.8 9.0 15. Impairment of Non-current Assets (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-544": { "value": "13. Goodwill 2022 $m 2021 $m Cost: At 1 January 532.0 532.0 Exchange adjustments (4.9) \u2212 At 31 December 527.1 532.0 Accumulated impairment: At 1 January (367.9) (367.8) Exchange adjustments 3.3 (0.1) Impairment charge for the year (note 15(b)) (7.0) \u2212 At 31 December (371.6) (367.9) Net book amount 155.5 164.1 The net book amount of goodwill at 1 January 2021 was $164.2m. Details of the allocation of goodwill by cash-generating unit (\u201cCGU\u201d), identification of the material CGU and impairment sensitivity disclosures are given in note 15(b). (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-416": { "value": "13. Goodwill 2022 $m 2021 $m Cost: At 1 January 532.0 532.0 Exchange adjustments (4.9) \u2212 At 31 December 527.1 532.0 Accumulated impairment: At 1 January (367.9) (367.8) Exchange adjustments 3.3 (0.1) Impairment charge for the year (note 15(b)) (7.0) \u2212 At 31 December (371.6) (367.9) Net book amount 155.5 164.1 The net book amount of goodwill at 1 January 2021 was $164.2m. Details of the allocation of goodwill by cash-generating unit (\u201cCGU\u201d), identification of the material CGU and impairment sensitivity disclosures are given in note 15(b). 14. Other Intangible Assets Year ended 31 December 2022 Customer relationshipsi $m Unpatented technology $m Patents and trademarks $m Software $m Other $m Total $m Cost: At 1 January 2022 219.8 81.9 74.9 14.7 1.9 393.2 Exchange adjustments (0.9) (0.5) (1.4) (0.2) (0.2) (3.2) Additions \u2013 1.0 0.6 2.3 1.8 5.7 Disposals (211.8) \u2013 (0.4) (0.2) \u2013 (212.4) At 31 December 2022 7.1 82.4 73.7 16.6 3.5 183.3 Accumulated amortisation and impairment: At 1 January 2022 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0) Exchange adjustments 0.2 0.6 0.3 0.2 0.1 1.4 Amortisation charge for the year (0.7) (1.0) (1.6) (0.9) (0.2) (4.4) Disposals 211.8 \u2013 0.4 0.2 \u2013 212.4 At 31 December 2022 (2.0) (73.3) (61.7) (8.8) (1.8) (147.6) Net book amount 5.1 9.1 12.0 7.8 1.7 35.7 i. The accumulated cost, depreciation and impairment of those customer relationships where the relationship has ended or where the relationship with the customer has changed from when the business was acquired have been disposed of during the year.
14. Other Intangible Assets continued
Year ended 31 December 2021
Customer
relationships
$m
Unpatented
technology
$m
Patents and
trademarks
$m
Software
$m
Other
$m
Total
$m
Cost:
At 1 January 2021 219.9 80.6 73.9 14.4 1.9 390.7
Exchange adjustments \u2212 \u2212 (0.1) \u2212 \u2212 (0.1)
Additions \u2212 1.5 0.9 0.3 \u2212 2.7
Disposals (0.1) \u2212 \u2212 \u2212 \u2212 (0.1)
Reclassification \u2212 (0.2) 0.2 \u2212 \u2212 \u2212
At 31 December 2021 219.8 81.9 74.9 14.7 1.9 393.2
Accumulated amortisation and impairment:
At 1 January 2021 (212.6) (68.2) (58.0) (7.3) (1.7) (347.8)
Amortisation charge for the year (0.8) (4.7) (2.8) (1.0) \u2212 (9.3)
Disposals 0.1 \u2212 \u2212 \u2212 \u2212 0.1
At 31 December 2021 (213.3) (72.9) (60.8) (8.3) (1.7) (357.0)
Net book amount 6.5 9.0 14.1 6.4 0.2 36.2
The net book amount of other intangible assets at 1 January 2021 was $42.9m.
All intangible assets are regarded as having a finite life and are amortised accordingly. Amortisation charges relating to intangible assets were charged
to cost of sales and administrative expenses in the consolidated income statement.
Internally generated intangible assets have been included within patented and unpatented technology as shown in the table below:
2022 2021
Internally
generated
patented
technology
$m
Internally
generated
unpatented
technology
$m
Internally
generated
patented
technology
$m
Internally
generated
unpatented
technology
$m
Cost:
At 1 January 11.8 28.5 10.7 27.2
Exchange adjustments (0.3) (0.5) \u2212 \u2212
Additions 0.6 1.0 0.9 1.5
Reclassification \u2013 \u2013 0.2 (0.2)
At 31 December 12.1 29.0 11.8 28.5
Accumulated amortisation and impairment:
At 1 January (6.0) (19.5) (5.4) (18.6)
Exchange adjustments 0.1 0.6 \u2212 \u2212
Amortisation charge (0.6) (1.0) (0.6) (0.9)
At 31 December (6.5) (19.9) (6.0) (19.5)
Net book amount 5.6 9.1 5.8 9.0
15. Impairment of Non-current Assets (a) Impairment Testing Process (i) Cash-generating Units (\u201cCGUs\u201d) In Hunting, CGUs are generally separate business units. In certain cases combinations of business units that are tightly integrated through inter- company trading or have a shared management or cost base are treated as a CGU. The recoverable amount for each CGU was determined using a fair value less costs of disposal (\u201cFVLCD\u201d) method, which represents the value of the CGU in a sales transaction on an arm\u2019s length basis. As there is no active market for the Group\u2019s CGUs, the FVLCD is determined using discounted cash flow techniques based on the estimated future nominal cash flows (inclusive of inflation) that are expected to be generated by the CGU and discounted at a rate that is determined for each CGU in isolation by consideration of its business risk profile. This method allows approved capital projects that are in progress to be included. The recoverable amount calculations use discounted pre-tax nominal cash flow projections. The key assumptions for the recoverable amount calculations are revenue growth rates, taking into account the impact these have on margins, terminal growth rates and the discount rates applied. The FVLCD is a Level 3 measurement as per the fair value hierarchy, as defined within IFRS 13, due to unobservable inputs used in the valuation. For 2023 and 2024, cash flows are based on the latest detailed budget, as approved by the Board. For 2025 to 2027, management made revenue projections using Spears & Associates\u2019 \u201cDrilling and Production Outlook\u201d independent reports as a default basis, selecting the most appropriate geographic markets and drivers (rig count, footage drilled or E&P spend) for each CGU. Management applied judgemental changes to revenue growth expectations, if appropriate, to reflect circumstances specific to the CGU. Having determined the projected revenues, management then modelled the expected impact on margins and cash flow from the resulting revenue projections. This process can give a diverse range of outcomes depending on market or business specific conditions. Compound annual growth rates (\u201cCAGR\u201d) for revenue for the CGUs from 2022 to 2027 vary between 3% and 22% (2021 \u2013 CAGR from 2021 to 2026 between 6% and 25%). After 2027, a terminal value was calculated assuming growth of 50 basis points above assumed inflation (2021 \u2013 50 basis points), giving nominal growth rates between 2% and 6% (2021 \u2013 between 0% and 4%). Cash flows were discounted using nominal pre-tax rates between 14% and 18% (2021 \u2013 10% and 15%). The discount rates reflected current market assessments of the equity market risk premiums, the volatility of returns, the risks associated with the cash flows, the likely external borrowing rate of the CGU and expected levels of leverage. Consideration was also given to other factors such as a small-cap premium, currency risk, operational risk and country risk. Required returns on equity were determined using the CAPM model, which is then incorporated into a weighted average cost of capital (\u201cWACC\u201d) calculation. Risk free rates are determined using long-dated Government borrowing instruments. As a result of the major economic changes that occurred in 2022, these risk free rates have increased significantly and this is the main driver of the increase in rates. We have considered indicators of impairment in the carrying value of the assets, including the excess of the value calculated under the FVLCD methodology described above, compared to our market capitalisation and the modest excess versus the consolidated net assets of the Group. We have considered the significant volatility of our share price over the period, the relatively illiquid nature of our share trading and specific factors influencing the behaviour of some shareholders to exposure in our sector at present. (b) Impairment Tests for Goodwill (i) Allocation Goodwill is allocated to the Group\u2019s cash-generating units (\u201cCGUs\u201d) as follows: CGU Operating segment 2022 $m 2021 $m Hunting Titan Titan 114.9 114.9 US Subsea North America 15.0 15.0 Enpro North America 5.5 14.1 Dearborn North America 7.6 7.6 US Manufacturing North America 12.5 12.5 At 31 December 155.5 164.1 Goodwill is tested at least annually for impairment. A charge of $7.0m (note 13) was recognised as a result of the goodwill impairment reviews carried out in the year and related solely to the Enpro CGU (2021 \u2013 $nil). In addition to the impairment charge, the goodwill balance decreased by $1.6m due to foreign exchange movements. (ii) Material CGU Hunting Titan is the only CGU that is significant in relation to the Group\u2019s total carrying amount of goodwill, representing 74% (2021 \u2013 70%) of the balance. There has been a steady improvement in performance during 2022 and there continues to be a positive future outlook for US onshore activity levels. This has resulted in headroom over the carrying value of $229.1m (2021 \u2013 $175.9m) in the year-end test in which cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%). Given current market expectations, there are no reasonably foreseeable changes in the expected CAGR between 2022 and 2027 or changes in discount rates that would result in a material impairment charge in the next financial year. (c) CGU Sensitivities In considering sensitivities of material changes to impairment, a materiality level of $4.0m has been used (2021 \u2013 $3.5m). (i) Enpro At the 2021 year-end, Enpro was identified as being sensitive to potential future material impairments. Cash flows were discounted using a nominal pre-tax rate of 16% (2021 \u2013 13%). This change in the discount rate was the main driver of the impairment charge of $7.0m as noted above, together with a modest reduction in management\u2019s growth assumptions. A reduction in the forecast revenue CAGR between 2022 and 2027 by 5% in actual results or future forecasts, or a further increase in discount rates by 2%, could result in a material impairment charge in the next financial year. At 31 December 2002, the Group is carrying $5.5m of goodwill and $4.4m of other intangibles in respect of this CGU. Enpro is part of the North America operating segment. (ii) Dearborn In the year-end test performed, cash flows were discounted using a nominal pre-tax rate of 15% (2021 \u2013 12%) and no impairment was identified. Should the forecast revenue CAGR deteriorate between 2022 and 2027 by 7% in actual results or future forecasts, this could result in a material impairment charge in the next financial year. Dearborn is part of the North America operating segment. (iii) Other CGUs For other CGUs that carry goodwill, management has concluded that there are no reasonable changes in key assumptions that will give rise to material goodwill impairment charges within the next financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-417": { "value": "16. Investments in Associates and Joint Ventures Movement on investments in associates and joint ventures: 2022 $m 2021 $m At 1 January 19.4 18.1 Exchange adjustments (0.1) \u2212 Additions 3.5 5.1 Share of associates\u2019 and joint ventures\u2019 loss for the year (2.7) (3.8) At 31 December 20.1 19.4 During the year, the Group invested $1.9m in its Indian joint venture arrangement with Jindal SAW, and a further $1.6m in Cumberland Additive Holdings LLC (\u201cCumberland\u201d), increasing its effective interest to 29.2%. During 2021, the Group purchased 27% of the share capital of Cumberland for $5.1m. The investments in associates and joint ventures, including the name, country of incorporation and proportion of ownership interest, are disclosed in note C19. (a) Material Associates and Joint Ventures The tables below provide summarised financial information for Rival Downhole Tools LC (\u201cRival\u201d), which is considered to be a material associate of the Group. The Group has a 23.5% interest in the equity shares of Rival. The information disclosed reflects the amounts presented in the financial statements of Rival and not Hunting PLC\u2019s share of those amounts. They have been amended to reflect adjustments made by Hunting when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Rival 2022 $m 2021 $m Summarised statement of comprehensive income: Revenue 39.6 27.2 Loss from operations (6.8) (13.4) Total comprehensive expense (6.8) (13.4) The Group\u2019s share of Rival\u2019s loss from operations was $1.6m (2021 \u2013 $3.2m). Amortisation of $0.3m (2021 \u2013 $0.3m) was charged in the year to the Group\u2019s income statement in relation to the intangible assets recognised at the time the investment in Rival was made. Rival 2022 $m 2021 $m Summarised balance sheet: Non-current assets 24.2 35.2 Current assets 17.4 10.4 Total assets 41.6 45.6 Non-current liabilities (2.6) (0.5) Current liabilities (6.8) (6.1) Total liabilities (9.4) (6.6) Net assets 32.2 39.0 Reconciliation to carrying amounts: Opening net assets at 1 January 39.0 52.4 Loss for the year (6.8) (13.4) Closing net assets 32.2 39.0 Group\u2019s share of equity % 23.5% 23.5% Group\u2019s share of net assets 7.5 9.1 Goodwill 2.1 2.1 Other intangible assets 2.4 2.7 Carrying amount at 31 December 12.0 13.9 (b) Individually Immaterial Associates and Joint Ventures In addition to the material associates disclosed above, the Group also has interests in a number of individually immaterial associates and joint ventures, all of which are unlisted, that are accounted for using the equity method. The Group\u2019s share of the results and its aggregated assets and liabilities, are as follows: 2022 $m 2021 $m Aggregate carrying amount of individually immaterial associates and joint ventures 8.1 5.5 Share of immaterial associates\u2019 and joint ventures\u2019 loss for the year (0.8) (0.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-477": { "value": "16. Investments in Associates and Joint Ventures Movement on investments in associates and joint ventures: 2022 $m 2021 $m At 1 January 19.4 18.1 Exchange adjustments (0.1) \u2212 Additions 3.5 5.1 Share of associates\u2019 and joint ventures\u2019 loss for the year (2.7) (3.8) At 31 December 20.1 19.4 During the year, the Group invested $1.9m in its Indian joint venture arrangement with Jindal SAW, and a further $1.6m in Cumberland Additive Holdings LLC (\u201cCumberland\u201d), increasing its effective interest to 29.2%. During 2021, the Group purchased 27% of the share capital of Cumberland for $5.1m. The investments in associates and joint ventures, including the name, country of incorporation and proportion of ownership interest, are disclosed in note C19. (a) Material Associates and Joint Ventures The tables below provide summarised financial information for Rival Downhole Tools LC (\u201cRival\u201d), which is considered to be a material associate of the Group. The Group has a 23.5% interest in the equity shares of Rival. The information disclosed reflects the amounts presented in the financial statements of Rival and not Hunting PLC\u2019s share of those amounts. They have been amended to reflect adjustments made by Hunting when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Rival 2022 $m 2021 $m Summarised statement of comprehensive income: Revenue 39.6 27.2 Loss from operations (6.8) (13.4) Total comprehensive expense (6.8) (13.4) The Group\u2019s share of Rival\u2019s loss from operations was $1.6m (2021 \u2013 $3.2m). Amortisation of $0.3m (2021 \u2013 $0.3m) was charged in the year to the Group\u2019s income statement in relation to the intangible assets recognised at the time the investment in Rival was made. Rival 2022 $m 2021 $m Summarised balance sheet: Non-current assets 24.2 35.2 Current assets 17.4 10.4 Total assets 41.6 45.6 Non-current liabilities (2.6) (0.5) Current liabilities (6.8) (6.1) Total liabilities (9.4) (6.6) Net assets 32.2 39.0 Reconciliation to carrying amounts: Opening net assets at 1 January 39.0 52.4 Loss for the year (6.8) (13.4) Closing net assets 32.2 39.0 Group\u2019s share of equity % 23.5% 23.5% Group\u2019s share of net assets 7.5 9.1 Goodwill 2.1 2.1 Other intangible assets 2.4 2.7 Carrying amount at 31 December 12.0 13.9 (b) Individually Immaterial Associates and Joint Ventures In addition to the material associates disclosed above, the Group also has interests in a number of individually immaterial associates and joint ventures, all of which are unlisted, that are accounted for using the equity method. The Group\u2019s share of the results and its aggregated assets and liabilities, are as follows: 2022 $m 2021 $m Aggregate carrying amount of individually immaterial associates and joint ventures 8.1 5.5 Share of immaterial associates\u2019 and joint ventures\u2019 loss for the year (0.8) (0.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-483": { "value": "16. Investments in Associates and Joint Ventures Movement on investments in associates and joint ventures: 2022 $m 2021 $m At 1 January 19.4 18.1 Exchange adjustments (0.1) \u2212 Additions 3.5 5.1 Share of associates\u2019 and joint ventures\u2019 loss for the year (2.7) (3.8) At 31 December 20.1 19.4 During the year, the Group invested $1.9m in its Indian joint venture arrangement with Jindal SAW, and a further $1.6m in Cumberland Additive Holdings LLC (\u201cCumberland\u201d), increasing its effective interest to 29.2%. During 2021, the Group purchased 27% of the share capital of Cumberland for $5.1m. The investments in associates and joint ventures, including the name, country of incorporation and proportion of ownership interest, are disclosed in note C19. (a) Material Associates and Joint Ventures The tables below provide summarised financial information for Rival Downhole Tools LC (\u201cRival\u201d), which is considered to be a material associate of the Group. The Group has a 23.5% interest in the equity shares of Rival. The information disclosed reflects the amounts presented in the financial statements of Rival and not Hunting PLC\u2019s share of those amounts. They have been amended to reflect adjustments made by Hunting when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Rival 2022 $m 2021 $m Summarised statement of comprehensive income: Revenue 39.6 27.2 Loss from operations (6.8) (13.4) Total comprehensive expense (6.8) (13.4) The Group\u2019s share of Rival\u2019s loss from operations was $1.6m (2021 \u2013 $3.2m). Amortisation of $0.3m (2021 \u2013 $0.3m) was charged in the year to the Group\u2019s income statement in relation to the intangible assets recognised at the time the investment in Rival was made. Rival 2022 $m 2021 $m Summarised balance sheet: Non-current assets 24.2 35.2 Current assets 17.4 10.4 Total assets 41.6 45.6 Non-current liabilities (2.6) (0.5) Current liabilities (6.8) (6.1) Total liabilities (9.4) (6.6) Net assets 32.2 39.0 Reconciliation to carrying amounts: Opening net assets at 1 January 39.0 52.4 Loss for the year (6.8) (13.4) Closing net assets 32.2 39.0 Group\u2019s share of equity % 23.5% 23.5% Group\u2019s share of net assets 7.5 9.1 Goodwill 2.1 2.1 Other intangible assets 2.4 2.7 Carrying amount at 31 December 12.0 13.9 (b) Individually Immaterial Associates and Joint Ventures In addition to the material associates disclosed above, the Group also has interests in a number of individually immaterial associates and joint ventures, all of which are unlisted, that are accounted for using the equity method. The Group\u2019s share of the results and its aggregated assets and liabilities, are as follows: 2022 $m 2021 $m Aggregate carrying amount of individually immaterial associates and joint ventures 8.1 5.5 Share of immaterial associates\u2019 and joint ventures\u2019 loss for the year (0.8) (0.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-456": { "value": "16. Investments in Associates and Joint Ventures Movement on investments in associates and joint ventures: 2022 $m 2021 $m At 1 January 19.4 18.1 Exchange adjustments (0.1) \u2212 Additions 3.5 5.1 Share of associates\u2019 and joint ventures\u2019 loss for the year (2.7) (3.8) At 31 December 20.1 19.4 During the year, the Group invested $1.9m in its Indian joint venture arrangement with Jindal SAW, and a further $1.6m in Cumberland Additive Holdings LLC (\u201cCumberland\u201d), increasing its effective interest to 29.2%. During 2021, the Group purchased 27% of the share capital of Cumberland for $5.1m. The investments in associates and joint ventures, including the name, country of incorporation and proportion of ownership interest, are disclosed in note C19. (a) Material Associates and Joint Ventures The tables below provide summarised financial information for Rival Downhole Tools LC (\u201cRival\u201d), which is considered to be a material associate of the Group. The Group has a 23.5% interest in the equity shares of Rival. The information disclosed reflects the amounts presented in the financial statements of Rival and not Hunting PLC\u2019s share of those amounts. They have been amended to reflect adjustments made by Hunting when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Rival 2022 $m 2021 $m Summarised statement of comprehensive income: Revenue 39.6 27.2 Loss from operations (6.8) (13.4) Total comprehensive expense (6.8) (13.4) The Group\u2019s share of Rival\u2019s loss from operations was $1.6m (2021 \u2013 $3.2m). Amortisation of $0.3m (2021 \u2013 $0.3m) was charged in the year to the Group\u2019s income statement in relation to the intangible assets recognised at the time the investment in Rival was made. Rival 2022 $m 2021 $m Summarised balance sheet: Non-current assets 24.2 35.2 Current assets 17.4 10.4 Total assets 41.6 45.6 Non-current liabilities (2.6) (0.5) Current liabilities (6.8) (6.1) Total liabilities (9.4) (6.6) Net assets 32.2 39.0 Reconciliation to carrying amounts: Opening net assets at 1 January 39.0 52.4 Loss for the year (6.8) (13.4) Closing net assets 32.2 39.0 Group\u2019s share of equity % 23.5% 23.5% Group\u2019s share of net assets 7.5 9.1 Goodwill 2.1 2.1 Other intangible assets 2.4 2.7 Carrying amount at 31 December 12.0 13.9 (b) Individually Immaterial Associates and Joint Ventures In addition to the material associates disclosed above, the Group also has interests in a number of individually immaterial associates and joint ventures, all of which are unlisted, that are accounted for using the equity method. The Group\u2019s share of the results and its aggregated assets and liabilities, are as follows: 2022 $m 2021 $m Aggregate carrying amount of individually immaterial associates and joint ventures 8.1 5.5 Share of immaterial associates\u2019 and joint ventures\u2019 loss for the year (0.8) (0.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-551": { "value": "17. Investments 2022 $m 2021 $m Non-current: Listed equity investments and mutual funds 1.9 1.9 Well Data Labs convertible financing 2.9 2.7 4.8 4.6 Current: Cash deposits with more than 3 months to maturity \u2013 6.8 In February 2021, the Group entered into a strategic alliance with Well Data Labs, a data analytics business focused on the onshore drilling market, through the provision of $2.5m in convertible financing, which had a fair value of $2.9m (2021\u2013 $2.7m) at the year-end (note 29(b)). 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 The listed equity investments and mutual funds are equity instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gain or loss for the year was $nil on these instruments. The fair value gain in 2021 of $0.2m was recognised in finance income (note 8) during the year. The fair value of the convertible financing provided to Well Data Labs in February 2021 was determined by considering the probability weighted average of the different scenarios\u2019 discounted cash flows using a discount rate of 12% (2021 \u2013 8%). The most significant unobservable inputs to the fair value calculation are the probability of a conversion to equity and change of control assumptions. The fair value at 31 December 2022 was $2.9m (2021 \u2013 $2.7m) (note 17), with fair value gains of $0.2m (2021 \u2013 $0.2m) recognised in finance income during the year (note 8). At 31 December 2022, management considers there to be no reasonable changes in unobservable inputs that would result in a significant change in fair value. (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. The credit ratings of the financial institutions where the Group\u2019s total cash and bank balances have been invested are listed below: Credit rating 2022 $m 2021 $m Cash at bank and in hand Fitch F1 to F1+ 19.7 80.8 Cash at bank and in hand N/A 9.7 16.0 Short-term deposits with less than 3 months to maturity Fitch F2 \u2013 4.8 Cash deposits with more than 3 months to maturity Fitch F1 \u2013 6.8 Fixed Term Funds Fitch F1 \u2013 6.8 Derivative financial assets Fitch AA-(dcr) 0.2 \u2013 Derivative financial assets Fitch A+(dcr) 0.4 0.1 The Group has provided Well Data Labs with $2.5m in convertible financing, the fair value of which was $2.9m at 31 December 2022 (2021 \u2013 $2.7m). The investment is considered to have a low credit risk and is expected to be fully recovered, although the credit risk of the debt instrument has increased during the year. This increased risk has been reflected in the fair value calculation of the debt instrument. At the end of 2021, the Group held $4.8m in deposits with a maturity less than three months, classified as cash and cash equivalents (note 21); $6.8m in FTFs, classified as cash and cash equivalents (note 21); and held $6.8m in deposits with a maturity greater than three months, which were classified as current investments on the balance sheet (note 17). The Group included the deposits with a maturity greater than three months in its calculation of total cash and bank (see NGM J). At the end of 2022, no surplus cash was held in deposits or FTFs. The fair value gains recognised on the FTFs and MMFs in the year of $0.1m (2021 \u2013 immaterial) and the interest earned on the deposits during the year of $0.3m (2021 \u2013 $0.1m) were included in finance income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-552": { "value": "18. Trade and Other Receivables 2022 $m 2021 $m Non-current: Prepayments 2.7 1.7 Other receivables 0.1 0.3 2.8 2.0 2022 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 8.6 \u2013 \u2013 8.6 Trade receivables 180.1 2.1 0.9 183.1 Accrued revenue 2.0 0.2 \u2013 2.2 Gross receivables 190.7 2.3 0.9 193.9 Less: provisions for impairment (3.3) (0.4) \u2013 (3.7) Net receivables 187.4 1.9 0.9 190.2 Prepayments \u2013 \u2013 37.9 37.9 Other receivables \u2013 \u2013 4.3 4.3 Net book amount 187.4 1.9 43.1 232.4 2021 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 9.9 \u2212 \u2212 9.9 Trade receivables 126.5 1.3 0.3 128.1 Accrued revenue 3.7 0.1 \u2212 3.8 Gross receivables 140.1 1.4 0.3 141.8 Less: provisions for impairment (4.3) (0.3) \u2212 (4.6) Net receivables 135.8 1.1 0.3 137.2 Prepayments \u2212 \u2212 15.9 15.9 Other receivables \u2212 \u2212 2.3 2.3 Net book amount 135.8 1.1 18.5 155.4 Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. The Group does not hold any other collateral as security and no assets have been acquired through the exercise of any collateral previously held. In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over certain US and Canadian trade and other receivables, which had a carrying value of $96.3m at 31 December 2022. For the receivables pledged as security, their carrying value approximates their fair value. Security was previously granted over certain trade and other receivables with a carrying value of $102.4m at 31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022. Impairment of Trade and Other Receivables The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition. Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments. Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1 Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1 Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1 Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8 117.9 37.2 17.9 8.7 9.6 6.4 197.7 Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties. At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5 Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3 Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1 Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9 Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7 Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5 82.5 22.1 16.0 6.8 7.8 8.1 143.3 Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables approximates their fair value as described in note 29(b)(iv). Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than 90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled with the permission of the financial controller . Whilst a proportion, 9% (2021 \u2013 12%), of the Group\u2019s trade receivables are more than 90 days overdue, the majority of these have not been impaired. Some of these debts have become overdue due to billing issues and others because the customer has just been slow to pay. Where there is no history of bad debts and there are no indicators that the debts will not be settled, these have not been impaired. These customers are monitored very closely for any indicators of impairment. Receivables are written off when there is no reasonable expectation of recovery. Indicators that receivables are generally not recoverable include the failure of the debtor to engage in a repayment plan, failure to make contractual payments for a period greater than 180 days past due and the debtor being placed in administration. Where receivables have been written off, the entity will continue to try and recover the outstanding receivable. Impairment losses on receivables are presented net of unused provisions released to the consolidated income statement within administrative expenses. Subsequent recoveries of amounts previously written off are credited against the same line item. Credit risk arises on accrued revenue where goods or services have been provided to a customer but the amount is yet to be invoiced. The accrued revenue balance is short-term and relates to customers with a strong credit history. Therefore, the expected credit losses on this balance are immaterial and no provision for impairment has been recognised. During the year, the movements on the provisions for impairment were as follows: 2022 Contracts with customers $m Rental receivables $m Total $m At 1 January 2022 (4.3) (0.3) (4.6) Charge to the consolidated income statement \u2013 lifetime expected credit losses (0.2) (0.1) (0.3) Unused provisions released to the consolidated income statement 0.9 \u2013 0.9 Utilised against receivables written off 0.3 \u2013 0.3 At 31 December 2022 (3.3) (0.4) (3.7) The provision for the impairment of trade and other receivables has decreased by $0.9m to $3.7m at the year-end, as the risk of bad debts for the Group in the coming months decreases with the increase in activity in the oil and gas sector. Debtors are not experiencing the same cash flow difficulties they had during the global economic downturn, which was brought about by COVID-19. Financial assets that were written off during the year are no longer subject to enforcement activity. 2021 Contracts with customers $m Rental receivables $m Total $m At 1 January 2021 (4.0) (0.5) (4.5) Charge to the consolidated income statement \u2013 lifetime expected credit losses (1.6) (0.3) (1.9) Unused provisions released to the consolidated income statement 0.1 0.2 0.3 Utilised against receivables written off 1.2 0.3 1.5 At 31 December 2021 (4.3) (0.3) (4.6) The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 . Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. (ii) Credit Risk: Receivables The Group makes sales to a large number of different customers; however a significant proportion of sales are made to service companies in the oil and gas sector. The majority of the Group\u2019s customers are based in North America. On a quarterly basis, the Group\u2019s entities submit information to the head office on individual receivables balances greater than $0.2m, individual receivable balances greater than $32,500 and 90 days overdue, and quarterly average receivables balances. At the year-end, trade receivables of $158.9m (2021 \u2013 $99.7m) comprised individual balances greater than $0.2m, with no individual customer balance representing more than 7% (2021 \u2013 8%) of the year-end receivables balance of $183.1m (2021 \u2013 $128.1m). The risk of customer default for outstanding trade receivables and accrued revenue and contract assets is continuously monitored. Credit account limits are set locally by management and are primarily based on the credit quality of the customer taking into account past experience through trading relationships and the customer\u2019s financial position. As expected, the probability that a customer would default has declined throughout 2022 as trading improved following the global economic downturn. The Group used Credit Benchmark software to monitor the creditworthiness and changing credit profiles of its customers. Credit Benchmark uses a similar ratings framework to the main credit ratings agencies for classifying the credit quality of a business. However, Credit Benchmark ratings are based on contributed risk views from leading global financial institutions, including 15 Global Systemically Important Banks domiciled in the US, Continental Europe, Switzerland, the UK, Japan, Canada, Australia and South Africa. The contributions are anonymised, aggregated and published twice monthly in the form of Credit Consensus Ratings and Aggregate Analytics. Although in most cases the Credit Benchmark consensus rating of a business is based on a number of contributing views, there are instances where there is only a single source on which the rating is based. During 2022, 37% of sales, which is more than $263m (2021 \u2013 36%/$185m) of the Group\u2019s revenue, were made to customers with a Credit Benchmark investment-grade rating of bbb or higher, as shown in the table below. This includes customers with a single-source rating, whereby the rating is based on only a single source rather than a consensus rating which has been derived from a number of contributing views. % of Revenue Credit Benchmark \u2013 Credit Consensus Ratings 2022 2021 aa 2 2 a 16 9 bbb 19 25 bb 3 9 b 3 3 c 0 1 No rating 57 51 To reduce credit risk exposure from outstanding receivables, the Group has taken out credit insurance with an external insurer, subject to certain conditions. Details of the impairment of trade and other receivables can be found in note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-546": { "value": "18. Trade and Other Receivables 2022 $m 2021 $m Non-current: Prepayments 2.7 1.7 Other receivables 0.1 0.3 2.8 2.0 2022 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 8.6 \u2013 \u2013 8.6 Trade receivables 180.1 2.1 0.9 183.1 Accrued revenue 2.0 0.2 \u2013 2.2 Gross receivables 190.7 2.3 0.9 193.9 Less: provisions for impairment (3.3) (0.4) \u2013 (3.7) Net receivables 187.4 1.9 0.9 190.2 Prepayments \u2013 \u2013 37.9 37.9 Other receivables \u2013 \u2013 4.3 4.3 Net book amount 187.4 1.9 43.1 232.4 2021 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 9.9 \u2212 \u2212 9.9 Trade receivables 126.5 1.3 0.3 128.1 Accrued revenue 3.7 0.1 \u2212 3.8 Gross receivables 140.1 1.4 0.3 141.8 Less: provisions for impairment (4.3) (0.3) \u2212 (4.6) Net receivables 135.8 1.1 0.3 137.2 Prepayments \u2212 \u2212 15.9 15.9 Other receivables \u2212 \u2212 2.3 2.3 Net book amount 135.8 1.1 18.5 155.4 Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. Impairment of Trade and Other Receivables The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition. Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments. Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1 Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1 Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1 Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8 117.9 37.2 17.9 8.7 9.6 6.4 197.7 Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties. At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5 Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3 Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1 Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9 Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7 Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5 82.5 22.1 16.0 6.8 7.8 8.1 143.3 Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables approximates their fair value as described in note 29(b)(iv). Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than 90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled with the permission of the financial controller The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-555": { "value": "2022 $m 2021 $m Non-current: Prepayments 2.7 1.7 Other receivables 0.1 0.3 2.8 2.0 Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-553": { "value": "2022 $m 2021 $m Non-current: Prepayments 2.7 1.7 Other receivables 0.1 0.3 2.8 2.0 2022 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 8.6 \u2013 \u2013 8.6 Trade receivables 180.1 2.1 0.9 183.1 Accrued revenue 2.0 0.2 \u2013 2.2 Gross receivables 190.7 2.3 0.9 193.9 Less: provisions for impairment (3.3) (0.4) \u2013 (3.7) Net receivables 187.4 1.9 0.9 190.2 Prepayments \u2013 \u2013 37.9 37.9 Other receivables \u2013 \u2013 4.3 4.3 Net book amount 187.4 1.9 43.1 232.4 2021 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 9.9 \u2212 \u2212 9.9 Trade receivables 126.5 1.3 0.3 128.1 Accrued revenue 3.7 0.1 \u2212 3.8 Gross receivables 140.1 1.4 0.3 141.8 Less: provisions for impairment (4.3) (0.3) \u2212 (4.6) Net receivables 135.8 1.1 0.3 137.2 Prepayments \u2212 \u2212 15.9 15.9 Other receivables \u2212 \u2212 2.3 2.3 Net book amount 135.8 1.1 18.5 155.4 Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. Impairment of Trade and Other Receivables The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition. Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments. Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1 Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1 Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1 Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8 117.9 37.2 17.9 8.7 9.6 6.4 197.7 Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties. At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5 Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3 Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1 Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9 Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7 Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5 82.5 22.1 16.0 6.8 7.8 8.1 143.3 Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables approximates their fair value as described in note 29(b)(iv). Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than 90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled with the permission of the financial controller . Whilst a proportion, 9% (2021 \u2013 12%), of the Group\u2019s trade receivables are more than 90 days overdue, the majority of these have not been impaired. Some of these debts have become overdue due to billing issues and others because the customer has just been slow to pay. Where there is no history of bad debts and there are no indicators that the debts will not be settled, these have not been impaired. These customers are monitored very closely for any indicators of impairment. Receivables are written off when there is no reasonable expectation of recovery. Indicators that receivables are generally not recoverable include the failure of the debtor to engage in a repayment plan, failure to make contractual payments for a period greater than 180 days past due and the debtor being placed in administration. Where receivables have been written off, the entity will continue to try and recover the outstanding receivable. Impairment losses on receivables are presented net of unused provisions released to the consolidated income statement within administrative expenses. Subsequent recoveries of amounts previously written off are credited against the same line item. Credit risk arises on accrued revenue where goods or services have been provided to a customer but the amount is yet to be invoiced. The accrued revenue balance is short-term and relates to customers with a strong credit history. Therefore, the expected credit losses on this balance are immaterial and no provision for impairment has been recognised. During the year, the movements on the provisions for impairment were as follows: 2022 Contracts with customers $m Rental receivables $m Total $m At 1 January 2022 (4.3) (0.3) (4.6) Charge to the consolidated income statement \u2013 lifetime expected credit losses (0.2) (0.1) (0.3) Unused provisions released to the consolidated income statement 0.9 \u2013 0.9 Utilised against receivables written off 0.3 \u2013 0.3 At 31 December 2022 (3.3) (0.4) (3.7) The provision for the impairment of trade and other receivables has decreased by $0.9m to $3.7m at the year-end, as the risk of bad debts for the Group in the coming months decreases with the increase in activity in the oil and gas sector. Debtors are not experiencing the same cash flow difficulties they had during the global economic downturn, which was brought about by COVID-19. Financial assets that were written off during the year are no longer subject to enforcement activity. 2021 Contracts with customers $m Rental receivables $m Total $m At 1 January 2021 (4.0) (0.5) (4.5) Charge to the consolidated income statement \u2013 lifetime expected credit losses (1.6) (0.3) (1.9) Unused provisions released to the consolidated income statement 0.1 0.2 0.3 Utilised against receivables written off 1.2 0.3 1.5 At 31 December 2021 (4.3) (0.3) (4.6) The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 . Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-554": { "value": "2022 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 8.6 \u2013 \u2013 8.6 Trade receivables 180.1 2.1 0.9 183.1 Accrued revenue 2.0 0.2 \u2013 2.2 Gross receivables 190.7 2.3 0.9 193.9 Less: provisions for impairment (3.3) (0.4) \u2013 (3.7) Net receivables 187.4 1.9 0.9 190.2 Prepayments \u2013 \u2013 37.9 37.9 Other receivables \u2013 \u2013 4.3 4.3 Net book amount 187.4 1.9 43.1 232.4 2021 Contracts with customers $m Rental receivables $m Other receivables $m Total $m Current: Contract assets (note 23) 9.9 \u2212 \u2212 9.9 Trade receivables 126.5 1.3 0.3 128.1 Accrued revenue 3.7 0.1 \u2212 3.8 Gross receivables 140.1 1.4 0.3 141.8 Less: provisions for impairment (4.3) (0.3) \u2212 (4.6) Net receivables 135.8 1.1 0.3 137.2 Prepayments \u2212 \u2212 15.9 15.9 Other receivables \u2212 \u2212 2.3 2.3 Net book amount 135.8 1.1 18.5 155.4 Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. Impairment of Trade and Other Receivables The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition. Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments. Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1 Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1 Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1 Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8 117.9 37.2 17.9 8.7 9.6 6.4 197.7 Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties. At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5 Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3 Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1 Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9 Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7 Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5 82.5 22.1 16.0 6.8 7.8 8.1 143.3 Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables approximates their fair value as described in note 29(b)(iv). Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than 90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled with the permission of the financial controller . Whilst a proportion, 9% (2021 \u2013 12%), of the Group\u2019s trade receivables are more than 90 days overdue, the majority of these have not been impaired. Some of these debts have become overdue due to billing issues and others because the customer has just been slow to pay. Where there is no history of bad debts and there are no indicators that the debts will not be settled, these have not been impaired. These customers are monitored very closely for any indicators of impairment. Receivables are written off when there is no reasonable expectation of recovery. Indicators that receivables are generally not recoverable include the failure of the debtor to engage in a repayment plan, failure to make contractual payments for a period greater than 180 days past due and the debtor being placed in administration. Where receivables have been written off, the entity will continue to try and recover the outstanding receivable. Impairment losses on receivables are presented net of unused provisions released to the consolidated income statement within administrative expenses. Subsequent recoveries of amounts previously written off are credited against the same line item. Credit risk arises on accrued revenue where goods or services have been provided to a customer but the amount is yet to be invoiced. The accrued revenue balance is short-term and relates to customers with a strong credit history. Therefore, the expected credit losses on this balance are immaterial and no provision for impairment has been recognised. During the year, the movements on the provisions for impairment were as follows: 2022 Contracts with customers $m Rental receivables $m Total $m At 1 January 2022 (4.3) (0.3) (4.6) Charge to the consolidated income statement \u2013 lifetime expected credit losses (0.2) (0.1) (0.3) Unused provisions released to the consolidated income statement 0.9 \u2013 0.9 Utilised against receivables written off 0.3 \u2013 0.3 At 31 December 2022 (3.3) (0.4) (3.7) The provision for the impairment of trade and other receivables has decreased by $0.9m to $3.7m at the year-end, as the risk of bad debts for the Group in the coming months decreases with the increase in activity in the oil and gas sector. Debtors are not experiencing the same cash flow difficulties they had during the global economic downturn, which was brought about by COVID-19. Financial assets that were written off during the year are no longer subject to enforcement activity. 2021 Contracts with customers $m Rental receivables $m Total $m At 1 January 2021 (4.0) (0.5) (4.5) Charge to the consolidated income statement \u2013 lifetime expected credit losses (1.6) (0.3) (1.9) Unused provisions released to the consolidated income statement 0.1 0.2 0.3 Utilised against receivables written off 1.2 0.3 1.5 At 31 December 2021 (4.3) (0.3) (4.6) The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 . Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-519": { "value": "Current and non-current other receivables generally arise from transactions outside the usual operating activities of the Group and comprise receivables from tax (VAT, GST, franchise taxes, and sales and use taxes) of $0.6m (2021 \u2013 $1.1m), derivative financial assets of $0.6m (2021 \u2013 $0.1m) and other receivables of $3.2m (2021 \u2013 $1.4m), which are financial assets measured at amortised cost. 2022 $m 2021 $m Non-current: US deferred compensation plan obligation (note 32(b)(i)) 1.9 1.9 Other payables 0.8 0.6 Social security and other taxes 0.5 0.2 3.2 2.7 2022 $m 2021 $m Current: Trade payables 66.8 40.5 Accruals 56.9 28.7 Social security and other taxes 7.8 5.9 Contract liabilities (note 23) 8.8 6.1 Other payablesi 1.5 1.8 141.8 83.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-531": { "value": "The Group does not hold any other collateral as security and no assets have been acquired through the exercise of any collateral previously held.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-508": { "value": "Impairment of Trade and Other Receivables The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue and contract assets upon their initial recognition. Each entity within the Group uses provision matrices for recognising ECLs on its receivables, which are based on actual credit loss experience over the past two years, at a minimum. Receivables are appropriately grouped by geographical region, product type or type of customer, and separate calculations produced, if historical or forecast credit loss experience shows significantly different loss patterns for different customer segments. Actual credit loss experience is then adjusted to reflect differences in economic conditions over the period the historical data was collected, current economic conditions, forward-looking information based on macro-economic information and the Group\u2019s view of economic conditions over the expected lives of the receivables. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. It has, therefore, been concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. At 31 December 2022, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 101.9 36.6 17.6 8.2 9.5 6.3 180.1 Trade receivables \u2013 rental receivables 0.5 0.6 0.3 0.5 0.1 0.1 2.1 Trade receivables \u2013 other 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 Total trade receivables 103.3 37.2 17.9 8.7 9.6 6.4 183.1 Contract assets 8.6 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Accrued revenue \u2013 contracts with customers 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 Accrued revenue \u2013 rental receivables 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 Other receivables 3.8 \u2013 \u2013 \u2013 \u2013 \u2013 3.8 117.9 37.2 17.9 8.7 9.6 6.4 197.7 Since the year-end 31 December 2021, there has been a modest decrease in the ageing of trade receivables despite the increase in trade receivables by $55.0m from $128.1m to $183.1m at 31 December 2022, with trade receivables not overdue at the year-end comprising 56% of gross trade receivables compared to 53% at 31 December 2021. Overdue debts arise due to a number of different factors, including the time taken in resolving any disputes, a culture of slow/late payment in some jurisdictions, and some debtors experiencing cash flow difficulties. At 31 December 2021, the ageing of the Group\u2019s gross financial assets, based on days overdue, is as follows: Not overdue $m 1 \u2013 30 days $m 31 \u2013 60 days $m 61 \u2013 90 days $m 91 \u2013 120 days $m More than 120 days $m Total gross financial assets $m Trade receivables \u2013 contracts with customers 66.7 21.6 15.7 6.7 7.8 8.0 126.5 Trade receivables \u2013 rental receivables 0.5 0.4 0.3 0.1 \u2013 \u2013 1.3 Trade receivables \u2013 other 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Total trade receivables 67.5 22.0 16.0 6.8 7.8 8.0 128.1 Contract assets 9.9 \u2013 \u2013 \u2013 \u2013 \u2013 9.9 Accrued revenue \u2013 contracts with customers 3.7 \u2013 \u2013 \u2013 \u2013 \u2013 3.7 Accrued revenue \u2013 rental receivables 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Other receivables 1.3 0.1 \u2013 \u2013 \u2013 0.1 1.5 82.5 22.1 16.0 6.8 7.8 8.1 143.3 Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s wide and unrelated customer base. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned above. The carrying value of each class of receivables approximates their fair value as described in note 29(b)(iv). Default on a financial asset is usually considered to have occurred when any contractual payments under the terms of the debt are more than 90 days overdue. Usually, no further deliveries are made or services provided to customers that are more than 90 days overdue unless there is a valid reason to do so, such as billing issues have prevented the customer from settling the invoice. Permission from the local financial controller can be obtained to continue trading with customers with debts that are more than 90 days overdue, and the outstanding debts may also be rescheduled with the permission of the financial controller . Whilst a proportion, 9% (2021 \u2013 12%), of the Group\u2019s trade receivables are more than 90 days overdue, the majority of these have not been impaired. Some of these debts have become overdue due to billing issues and others because the customer has just been slow to pay. Where there is no history of bad debts and there are no indicators that the debts will not be settled, these have not been impaired. These customers are monitored very closely for any indicators of impairment. Receivables are written off when there is no reasonable expectation of recovery. Indicators that receivables are generally not recoverable include the failure of the debtor to engage in a repayment plan, failure to make contractual payments for a period greater than 180 days past due and the debtor being placed in administration. Where receivables have been written off, the entity will continue to try and recover the outstanding receivable. Impairment losses on receivables are presented net of unused provisions released to the consolidated income statement within administrative expenses. Subsequent recoveries of amounts previously written off are credited against the same line item. Credit risk arises on accrued revenue where goods or services have been provided to a customer but the amount is yet to be invoiced. The accrued revenue balance is short-term and relates to customers with a strong credit history. Therefore, the expected credit losses on this balance are immaterial and no provision for impairment has been recognised. During the year, the movements on the provisions for impairment were as follows: 2022 Contracts with customers $m Rental receivables $m Total $m At 1 January 2022 (4.3) (0.3) (4.6) Charge to the consolidated income statement \u2013 lifetime expected credit losses (0.2) (0.1) (0.3) Unused provisions released to the consolidated income statement 0.9 \u2013 0.9 Utilised against receivables written off 0.3 \u2013 0.3 At 31 December 2022 (3.3) (0.4) (3.7) The provision for the impairment of trade and other receivables has decreased by $0.9m to $3.7m at the year-end, as the risk of bad debts for the Group in the coming months decreases with the increase in activity in the oil and gas sector. Debtors are not experiencing the same cash flow difficulties they had during the global economic downturn, which was brought about by COVID-19. Financial assets that were written off during the year are no longer subject to enforcement activity. 2021 Contracts with customers $m Rental receivables $m Total $m At 1 January 2021 (4.0) (0.5) (4.5) Charge to the consolidated income statement \u2013 lifetime expected credit losses (1.6) (0.3) (1.9) Unused provisions released to the consolidated income statement 0.1 0.2 0.3 Utilised against receivables written off 1.2 0.3 1.5 At 31 December 2021 (4.3) (0.3) (4.6) The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 . Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-418": { "value": "20. Inventories 2022 $m 2021 $m Raw materials 118.7 87.7 Work in progress 82.7 51.4 Finished goods 120.7 124.8 Gross inventories 322.1 263.9 Less: provisions for impairment (50.0) (59.5) Net inventories 272.1 204.4 2022 $m 2021i $m Gross inventories: At 1 January 263.9 325.6 Exchange adjustments (3.7) 0.1 Inventory additions 584.5 369.8 Expensed to cost of sales in the consolidated income statement (521.0) (399.6) Reclassification to property, plant and equipment (note 11) (1.6) (0.5) Disposal of business \u2013 (31.5) At 31 December 322.1 263.9 Provisions for impairment: At 1 January (59.5) (37.2) Exchange adjustments 0.9 0.1 Charge to the consolidated income statement (cost of sales) (6.4) (34.4) Provisions utilised against inventories written off 9.3 9.7 Provisions released to the consolidated income statement 5.7 2.3 At 31 December (50.0) (59.5) Net inventories 272.1 204.4 i. The inventory provision movements for 2021 have been revised to align them with the current year presentation, and are discussed below. The Group\u2019s inventory is highly durable and is well maintained and it can hold its value well with the passing of time. The nature of our market is that demand for products depends on the technical requirements of the projects being developed. For some markets and product lines there may be a limited number of sales, or even no sales, to form a benchmark in the current year. Management looks at relevant historical activity levels and has to form a judgement as to likely future demand in light of market forecasts and likely competitor activities. The complexity of this process was exacerbated during the COVID-19 downturn, which severely impacted economic activity in both 2021 and 2021, lowering oil and gas prices and demand, and therefore reducing inventory turn rates and increasing the ageing of inventories. During 2021, the Group reported a $22.3m increase in the inventory provision to $59.5m, which represented 23% of gross cost balances. Charges of $34.4m were recognised and $9.7m of provisions were utilised in the period, and $2.3m of provisions were released. A net charge of $25.9m was recognised as a material item (note 5) and as an adjusting item (NGM A). The 2021 movement analysis has been adjusted to break out provisions released to the income statement into the release of unutilised provisions and utilisations in the year, which have been amalgamated with full write-offs. During 2022, conditions have improved and provisions have reduced by $9.5m to $50.0m at 31 December 2022, which represents 16% of gross cost balances. The reduction in provisions has largely been through the utilisation of provisions. New charges in the year broadly offset the reversal of unutilised provisions that occur when inventory that has been provided for is sold for more than its net realisable value. In 2021, the Group was carrying pressure control equipment (\u201cPCE\u201d) inventory in North America that was particularly impacted by the capital constraints applied during the COVID-19 pandemic downturn. Provisions in respect of this equipment of $11.3m were carried at 31 December 2021. At 31 December 2022, the provision is $10.9m, reflecting some utilisation against sales. This inventory is still considered sensitive to changes in future expectations and a 20% reduction in expected turn rates would increase the provisions by $1.0m. Management has considered the judgements and estimates made in each of the Group\u2019s businesses and, other than PCE, has not identified any individual estimates, which in the event of a change, would lead to a material change in the next financial period. Provisions for inventories held at NRV are subject to change if expectations change. Inventories of $194.5m are expected to be realised within 12 months of the balance sheet date (2021 \u2013 $128.8m) and $37.2m after 12 months (2021 \u2013 $75.6m). In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over inventories in certain US and Canadian subsidiaries, which had a carrying value of $142.9m. Security was previously granted over inventories with a gross value of $184.3m at 31 December 2021 as a requirement of the Group\u2019s committed revolving credit facility, which was terminated in February 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-532": { "value": "21. Cash and Cash Equivalents 2022 $m 2021 $m Cash at bank and in hand 29.4 96.8 Fixed Term Funds \u2013 6.8 Short-term deposits with less than 3 months to maturity \u2013 4.8 Cash and cash equivalents 29.4 108.4 Cash at bank and in hand and short-term deposits are carried at amortised cost. Fixed Term Funds are financial assets carried at fair value through profit or loss. The maximum exposure to credit risk is the carrying amount of each class of financial assets mentioned. Please see note 30(c)(i) for further disclosures on credit risk. As shown in note 26, cash and cash equivalents for cash flow statement purposes also includes bank overdrafts shown in borrowings in note 25. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1
(iv) Fair Values of Other Financial Instruments Carried at Amortised Cost
Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables,
accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables
considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value.
(i) Credit Risk: Total Cash and Bank Hunting PLC\u2019s Board approves the treasury policies that determine which counterparties can be used. Due diligence is carried out prior to the authorisation of a bank or financial institution as an approved counterparty. For banks and financial institutions, exposure limits are set for each approved counterparty, as well as the types of transactions that may be entered into. Approved institutions that the Group\u2019s treasury function can invest surplus cash with must all have a minimum A2, P2 or F2 short-term rating from Standard & Poor\u2019s, Moody\u2019s or Fitch rating agencies respectively and AAA-mf Fitch rating for money market funds. Money market funds aim to have a stable net asset value per share of 1 (this means that for every $1 or \u00a31 that is in the fund there will be an asset to cover it) and the funds have overnight liquidity. At the year-end, cash at bank and in hand totalled $29.4m (2021 \u2013 $96.8m), with $19.7m (2021 \u2013 $80.8m) deposited with banks with Fitch short-term ratings of F1 to F1+. Of the remaining $9.7m (2021 \u2013 $16.0m), $6.2m (2021 \u2013 $14.9m) was held with two financial institutions within mainland China which, given the Group\u2019s operations in this jurisdiction, were deemed necessary. Despite not having formal credit ratings, an internal assessment determined that the banks\u2019 credit profiles were appropriate for the amounts held on deposit. There are no formal restrictions on this cash as such; however, prior approval would be required from various state authorities in China before any cash could be paid offshore. This cash balance could be used by the Group to service intercompany loans, which total $5.2m at the year-end. In order for the Group to access the balance of $1.0m, a dividend would need to be declared. During the year, the treasury function invested surplus cash in line with its cash management and investment policies in short-term deposits, Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d). The use of these deposits and funds enables the treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash. Each FTF is 100% maturity-matched with a single, self-liquidating, investment-grade fixed income instrument, which is transparent to the investor. Unless there is a credit issue with the underlying issuer, FTFs are not dependent on secondary market sales for liquidity. As all proceeds from each FTF are derived from the maturity of a single underlying instrument, the maturity amount of each FTF is known precisely on the date of investment. All FTFs offer exposure to financial institutions with investment-grade credit ratings. The credit ratings of the financial institutions where the Group\u2019s total cash and bank balances have been invested are listed below: Credit rating 2022 $m 2021 $m Cash at bank and in hand Fitch F1 to F1+ 19.7 80.8 Cash at bank and in hand N/A 9.7 16.0 Short-term deposits with less than 3 months to maturity Fitch F2 \u2013 4.8 Cash deposits with more than 3 months to maturity Fitch F1 \u2013 6.8 Fixed Term Funds Fitch F1 \u2013 6.8 Derivative financial assets Fitch AA-(dcr) 0.2 \u2013 Derivative financial assets Fitch A+(dcr) 0.4 0.1 The credit risk of foreign exchange contracts is calculated before the contract is acquired and compared to the credit risk limit set for each counterparty. Credit risk is calculated as a fixed percentage of the nominal value of the instrument. (ii) Management of Cash The Group needs to ensure that it has sufficient liquid funds available to support its working capital and capital expenditure requirements and that adequate liquidity levels are maintained. All subsidiaries submit weekly and bi-monthly cash forecasts to the treasury function to enable it to monitor the Group\u2019s requirements. A consolidated 12-week forecast, produced weekly, is maintained by the Group\u2019s treasury function, which monitors long- and short-term liquidity requirements of the Group and also identifies any unexpected variances week-on-week. Treasury\u2019s cash management objective is to centrally manage and, where possible, to concentrate the Group\u2019s cash and bank balances back to the treasury function to ensure that funds are managed in the best interests of the Group. Short-term cash balances, together with undrawn facilities, enable the treasury function to manage its day-to-day liquidity risk. Any short-term surplus is invested in accordance with Board-approved treasury policy. This strategy is subject to legislative and regulatory constraints in certain jurisdictions such as exchange control restrictions and minimum capital requirements. Where cash concentration cannot be applied, Group treasury approves all local banking arrangements, including the opening and closing of bank accounts and the investment of surplus cash via bank deposits. Cash Management Arrangements In respect of the UK business units and head office companies, the treasury function has arranged a cash concentration structure with HSBC Bank UK and Barclays Bank UK PLC whereby, at the close of each business day, any surplus balances held in certain subsidiaries\u2019 bank accounts are swept to treasury-owned accounts (\u201cpool header\u201d accounts), with a corresponding adjustment to the intercompany loan receivable, or payable, between that subsidiary and treasury. Similarly, any end-of-day deficit in the same group of subsidiary accounts is funded by a cash sweep from the treasury-owned pool header accounts, and the corresponding intercompany loan is adjusted accordingly. This arrangement enables more efficient utilisation of UK-based entities\u2019 surplus cash and at the same time allows the treasury function to meet any short-term funding needs of the UK business units in a more coordinated fashion and from one single pool of liquidity. In addition, a similar cash concentration structure has been organised with Wells Fargo Bank, N.A. in the US, whereby surplus and deficit cash balances are swept to and from a single pool header account, held by one central US subsidiary, with a corresponding movement in the respective companies\u2019 intercompany loan balance. Treasury has systems in place that allow for same-day centralisation of net surplus cash balances in the US to the UK, or indeed to fund any net cash deficit in the US cash concentration structure. As above, this arrangement allows treasury to efficiently repatriate surplus operational cash from the US to the UK on a daily basis, if deemed cost effective to do so, and the most appropriate application of that cash can then be decided upon by treasury. This arrangement also allows treasury to meet any short-term funding needs of the Group\u2019s US-based business units from cash resources held in, or borrowing facilities that have been arranged by, treasury in the UK. For other regions, such as Canada and Singapore, while formal sweeping arrangements are not in place, treasury monitors balances on a daily basis and periodically transfers surplus cash to the centre using similar intercompany loan arrangements as described above. The Group\u2019s interests in China are subject to the most highly regulated environment of all the Group\u2019s active jurisdictions, in regards to cash management operations. The free movement of cash both to and from China is a highly restricted activity and, as a consequence, treasury is unable to arrange intercompany loans in the same way as it does for the rest of the Group. Treasury has organised banking arrangements with HSBC in China on behalf of the Group\u2019s Chinese business units and, therefore, has visibility of any cash balances held with HSBC and transaction data for these accounts via HSBC\u2019s proprietary online banking system. For balances held at other Chinese banks, treasury has visibility either via its SWIFT connection or from information supplied by Hunting\u2019s local entity. Deposits and Investments of Surplus Cash Short-term deposits and investments in FTFs and MMFs are held for the purpose of meeting short-term cash commitments, minimising counterparty concentration risk and improving cash investment returns. Short-term deposits of surplus cash are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group. These deposits earn interest at the respective short-term deposit rates. The Group has invested surplus cash with MMFs as they are considered to be highly liquid since cash can be redeemed from each fund on a same-day basis. The yield on the funds is calculated on the daily performance of the various instruments within a particular fund. During the year, the treasury function has invested surplus cash in deposits, FTFs and MMFs, in line with its cash management and investment policies that would enable a fair return, whilst maintaining the ability to access the cash easily. The use of these deposits and funds enables the treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash. However, as the working capital requirements of the Group changed throughout the year, the use of these cash products greatly reduced and by the end of 2022, there were no balances held in deposits. At the end of 2021, the Group held $4.8m in deposits with a maturity less than three months, classified as cash and cash equivalents (note 21); $6.8m in FTFs, classified as cash and cash equivalents (note 21); and held $6.8m in deposits with a maturity greater than three months, which were classified as current investments on the balance sheet (note 17). The Group included the deposits with a maturity greater than three months in its calculation of total cash and bank (see NGM J). At the end of 2022, no surplus cash was held in deposits or FTFs. The fair value gains recognised on the FTFs and MMFs in the year of $0.1m (2021 \u2013 immaterial) and the interest earned on the deposits during the year of $0.3m (2021 \u2013 $0.1m) were included in finance income. Cash at bank earns interest at floating rates based on daily bank deposit rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-558": { "value": "22. Trade and Other Payables 2022 $m 2021 $m Non-current: US deferred compensation plan obligation (note 32(b)(i)) 1.9 1.9 Other payables 0.8 0.6 Social security and other taxes 0.5 0.2 3.2 2.7 2022 $m 2021 $m Current: Trade payables 66.8 40.5 Accruals 56.9 28.7 Social security and other taxes 7.8 5.9 Contract liabilities (note 23) 8.8 6.1 Other payablesi 1.5 1.8 141.8 83.0 i. Other payables include derivative financial liabilities of $0.1m (2021 \u2013 $0.2m). The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 Financial liabilities at amortised cost: Trade and other payablesii (note 22): Trade payables (66.8) (40.5) Accruals \u2013 currentiii (29.4) (21.5) Other payables \u2013 currentiv (1.0) (1.2) Borrowings (note 25): Shareholder loan from non-controlling interest (3.9) (3.9) Bank borrowings unsecured (2.8) \u2013 Bank overdrafts secured (2.1) (1.0) (106.0) (68.1) i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities. iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items. iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-557": { "value": "22. Trade and Other Payables 2022 $m 2021 $m Non-current: US deferred compensation plan obligation (note 32(b)(i)) 1.9 1.9 Other payables 0.8 0.6 Social security and other taxes 0.5 0.2 3.2 2.7 2022 $m 2021 $m Current: Trade payables 66.8 40.5 Accruals 56.9 28.7 Social security and other taxes 7.8 5.9 Contract liabilities (note 23) 8.8 6.1 Other payablesi 1.5 1.8 141.8 83.0 The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 Financial liabilities at amortised cost: Trade and other payablesii (note 22): Trade payables (66.8) (40.5) Accruals \u2013 currentiii (29.4) (21.5) Other payables \u2013 currentiv (1.0) (1.2) Borrowings (note 25): Shareholder loan from non-controlling interest (3.9) (3.9) Bank borrowings unsecured (2.8) \u2013 Bank overdrafts secured (2.1) (1.0) (106.0) (68.1) i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities. iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items. iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-556": { "value": "22. Trade and Other Payables 2022 $m 2021 $m Non-current: US deferred compensation plan obligation (note 32(b)(i)) 1.9 1.9 Other payables 0.8 0.6 Social security and other taxes 0.5 0.2 3.2 2.7 2022 $m 2021 $m Current: Trade payables 66.8 40.5 Accruals 56.9 28.7 Social security and other taxes 7.8 5.9 Contract liabilities (note 23) 8.8 6.1 Other payablesi 1.5 1.8 141.8 83.0 i. Other payables include derivative financial liabilities of $0.1m (2021 \u2013 $0.2m). The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 Financial liabilities at amortised cost: Trade and other payablesii (note 22): Trade payables (66.8) (40.5) Accruals \u2013 currentiii (29.4) (21.5) Other payables \u2013 currentiv (1.0) (1.2) Borrowings (note 25): Shareholder loan from non-controlling interest (3.9) (3.9) Bank borrowings unsecured (2.8) \u2013 Bank overdrafts secured (2.1) (1.0) (106.0) (68.1) i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities. iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items. iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-509": { "value": "2022 $m 2021 $m Non-current: US deferred compensation plan obligation (note 32(b)(i)) 1.9 1.9 Other payables 0.8 0.6 Social security and other taxes 0.5 0.2 3.2 2.7 (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-561": { "value": "Current: Trade payables 66.8 40.5 Accruals 56.9 28.7 Social security and other taxes 7.8 5.9 Contract liabilities (note 23) 8.8 6.1 Other payablesi 1.5 1.8 141.8 83.0 i. Other payables include derivative financial liabilities of $0.1m (2021 \u2013 $0.2m). The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 Financial liabilities at amortised cost: Trade and other payablesii (note 22): Trade payables (66.8) (40.5) Accruals \u2013 currentiii (29.4) (21.5) Other payables \u2013 currentiv (1.0) (1.2) Borrowings (note 25): Shareholder loan from non-controlling interest (3.9) (3.9) Bank borrowings unsecured (2.8) \u2013 Bank overdrafts secured (2.1) (1.0) (106.0) (68.1) i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities. iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items. iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-419": { "value": "23. Contract Assets and Liabilities The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. 2022 $m 2021 $m 2020 $m Contract assets (note 18) 8.6 9.9 9.8 Contract liabilities (note 22) (8.8) (6.1) (2.4) Trade receivables \u2013 contracts with customers (note 18) 180.1 126.5 109.1 Loss allowance (note 18) (3.3) (4.3) (4.0) Net trade receivables \u2013 contracts with customers 176.8 122.2 105.1 (a) Significant Changes in Contract Assets and Contract Liabilities Contract assets decreased from $9.9m at 31 December 2021 to $8.6m at 31 December 2022 due to decreased levels of bespoke customer work-in-progress in the Subsea Spring business, which were offset by an increase in bespoke customer work-in-progress in Dearborn. Contract liabilities represent deposits received on contracts relating to the purchase of pipe in the Asia Pacific businesses, prior to Hunting placing an order with the steel mills, and increased from $6.1m at 31 December 2021 to $8.8m at 31 December 2022, reflecting the improvement in orders for the region. (b) Revenue Recognised in Relation to Contract Liabilities The following table shows how much of the revenue recognised in the relevant reporting period relates to carried-forward contract liabilities and how much relates to performance obligations that were satisfied in a prior year. 2022 $m 2021 $m Revenue recognised that was included in the contract liability balance at the beginning of the year 29.7 2.2 Revenue recognised from performance obligations satisfied (or partially satisfied) in previous years \u2013 \u2212 Total 29.7 2.2 (c) Unsatisfied Performance Obligations The aggregate amount of the transaction price allocated to partially or fully unsatisfied performance obligations as at the year-end, on confirmed purchase orders received prior to the year-end, is expected to be recognised as revenue in the following periods: 2022 Revenue $m 2021 Revenue $m Hunting Titan 29.8 13.7 North America 312.5 156.3 EMEA 28.3 21.8 Asia Pacific 102.4 19.7 473.0 211.5 Revenue within 1 year 402.3 180.6 Revenue after 1 year 70.7 30.9 473.0 211.5 The amounts disclosed above do not include variable consideration, which is subject to significant risk of reversal. It is expected that 85% of the transaction price allocated to unsatisfied performance obligations as of 31 December 2022 will be recognised as revenue in the 2023 financial year (2021 \u2013 85% in 2022) and the remaining 15% in future years (2021 \u2013 15% after 2022). ", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-420": { "value": "(c) Amounts Recognised in the Statement of Cash Flows 2022 $m 2021 $m Payments for short-term and low-value leases (included as part of net cash inflow from operating activities) (1.8) (1.6) Payments for capitalised leases (8.0) (9.3) Lease surrender receipt (payment) \u2013 consolidated statement of cash flows 2.2 (1.3) (7.6) (12.2) Payments for short-term leases, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented within cash flows from operating activities. Payments for the principal and interest elements of recognised lease liabilities and the lease surrender payment are presented within cash flows from financing activities. The Group received a net receipt of $2.4m to exit the lease at Benoi Road and made lease curtailment payments of $0.2m in the year, resulting in a net receipt of $2.2m in the consolidated statement of cash flows. On 19 April 2021, the lease and the sub-lease on a property held by a UK head office company were surrendered. A final payment of $1.3m was made to settle the lease. The analysis of the contractual, undiscounted cash flows relating to lease liabilities is shown in note 30(d)(iii). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-563": { "value": "25. Borrowings 2022 $m 2021 $m Non-current: Shareholder loan from non-controlling interest 3.9 3.9 Current: Bank borrowings unsecured (note 30(d)(i)) 2.8 \u2013 Bank overdrafts secured 2.1 1.0 4.9 1.0 Total borrowings 8.8 4.9 In accordance with the requirements of the Group\u2019s committed ABL bank facility, security has been granted over certain freehold property, receivables and inventories. The carrying amounts of the assets pledged as security are disclosed in notes 11, 18 and 20. Security was previously granted over certain property, plant and equipment, receivables and inventories as a requirement of the Group\u2019s committed revolving credit facility. The shareholder loan from a non-controlling interest, bank borrowings and the bank overdrafts are financial liabilities measured at amortised cost. The shareholder loan and bank overdrafts are denominated in US dollars and the bank borrowings are denominated in Renminbi. The shareholder loan is interest-free and not repayable on demand. 26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 Financial liabilities at amortised cost: Trade and other payablesii (note 22): Trade payables (66.8) (40.5) Accruals \u2013 currentiii (29.4) (21.5) Other payables \u2013 currentiv (1.0) (1.2) Borrowings (note 25): Shareholder loan from non-controlling interest (3.9) (3.9) Bank borrowings unsecured (2.8) \u2013 Bank overdrafts secured (2.1) (1.0) (106.0) (68.1) i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities. iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items. iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m). (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. (i) Bank Facilities The Group\u2019s treasury function ensures that there are sufficient committed facilities available to the Group, with an appropriate maturity profile, to provide operational flexibility and to support investment in key Group projects. The Group has sufficient credit facilities to meet both its long- and short-term requirements. The Group\u2019s treasury function ensures flexibility in funding by maintaining availability under committed credit facilities. The Group\u2019s credit facilities are provided by a variety of funding sources and total $186.9m (2021 \u2013 $164.2m) at the year-end. The Group\u2019s undrawn borrowing facilities were as follows: 2022 $m 2021 $m Secured committed facilities 155.0 160.0 Unsecured uncommitted facilities 31.9 \u2013 Secured uncommitted facilities \u2013 4.2 186.9 164.2 Following the cancellation of the RCF in February 2022, a $15m money market line and a $2m overdraft facility were withdrawn, as the banks providing these facilities, although previously part of the RCF lending group, decided not to participate in the ABL arrangements and subsequently withdrew their lending commitment to the Group. Secured Committed Facilities: Asset Based Lending Facility The Group\u2019s Revolving Credit Facility (\u201cRCF\u201d) was cancelled on 7 February 2022, and replaced with a new $150.0m Asset Based Lending (\u201cABL\u201d) facility. The ABL facility has a four-year term, maturing on 7 February 2026. An accordion feature of up to $50.0m was also agreed. This feature allows the Group to increase the total facility quantum to $200.0m, subject to the approval of its bank lending group. The Group\u2019s borrowing capacity is linked to secured asset values. The three main asset classes that form the \u201cBorrowing Base\u201d against which bank capital is advanced are North American-based trade receivables, inventories and freehold property. The Group is required to submit various reports to the facility agent each month so that any fluctuation in the carrying values of these assets are communicated to the lenders, and so that the borrowing base may be recalibrated based on the most recent asset values. Accordingly, availability under the ABL facility will fluctuate to the extent that the underlying asset values change over time, either up or down. The carrying amounts of the assets pledged as security is discussed in notes 11, 18 and 20. The ABL financial covenants are only measured under certain conditions, principally once utilisation of the facility goes through a predefined threshold i.e. 87.5% of the \u201cLine Cap\u201d (\u201cLine Cap\u201d is defined as the lesser of the total facility amount and the Borrowing Base), at which point the Fixed Charge Cover Ratio (\u201cFCCR\u201d) is measured and must be complied with. The FCCR is a financial covenant that looks back over the trailing 12-month period to assess whether EBITDA (as defined by the ABL facility agreement) covers the Group\u2019s Fixed Charges (as defined by the facility agreement) at a ratio of at least 1:1. Management has detailed the wider considerations regarding going concern and future covenant compliance in the Going Concern Statement on page 111. At inception of the ABL (and annually thereafter) a field examination and asset appraisal process was conducted by specialist, bank appointed, third-party valuation firms in order to assess the nature and commercial viability of the secured ABL assets so that appropriate discounts, or \u201cadvance rates\u201d, could be determined. The initial asset appraisals were completed in H2 2021 and consequently the advance rates to be applied in each category for the first 12 months of the ABL\u2019s tenor were imputed. Applying these advance rates to the December 2021 carrying values of the in-scope asset classes, Hunting\u2019s opening availability under the ABL was in excess of $100m. The opening availability at 7 February 2022 was based on in-scope trade receivables and inventory balances only. However, in early July 2022, the legal process to finalise accession of the in-scope US freehold properties into the ABL Borrowing Base was completed. Consequently, the full facility quantum of $150.0m was made available for utilisation by the Company, as the total value of the secured assets exceeded the current facility limit of $150.0m. The Group did not make any drawdowns on the ABL during the year and it remained undrawn at the period end. In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under the ABL. Unsecured Uncommitted Facilities In August 2022, the Asia Pacific operating segment was successful in winning an order worth up to $86m in revenue for Hunting\u2019s proprietary connection technology and associated OCTG for a large offshore project with CNOOC in China. The order is the largest OCTG and Premium Connection order win in the Group\u2019s recent history and, consequently, has demanded substantial working capital investment in order to procure raw materials from local steel mills. In light of strict regulations in China that apply to intercompany loans made by offshore companies to foreign invested entities, whereby treasury could only provide $5.0m of the Group\u2019s available cash as an intercompany loan, the treasury function had to consider a number of different funding options in order to provide the liquidity required to support this contract. However, treasury was also able to provide support and oversight to the local Wuxi finance team in arranging a series of bilateral working capital loans provided by local banks in Wuxi. Two of the facilities, Bank of Jiangsu for CNY50.0m, (maturing October 2023) and ICBC for CNY25.0m (maturing December 2023) were arranged by the local finance team in Wuxi. A third facility for CNY165.0m was provided by HSBC China in Suzhou, but arranged by Hunting\u2019s treasury function in London by leveraging the global relationship that the Group has established with the bank and that is managed out of the UK. There is no formal termination date on this facility, which means it is available until further bilateral agreement. The facilities totalling CNY240.0m ($34.7m) have all been arranged on an uncommitted, unsecured basis and are only available to the Group\u2019s Chinese subsidiary. Interest on all three facilities is based on the China Loan Prime Rate, which at 31 December 2022 stood at 3.65%. At the year-end, $2.8m of the facilities were utilised, as shown in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-421": { "value": "26. Changes in Net Cash (Debt) Hunting operates a centralised treasury function that manages all cash and loan positions throughout the Group and ensures funds are used efficiently through the use of cash concentration account structures and other such measures. Net cash (debt) (NGM K) is a non-GAAP measure; however, management and the Group treasury function monitor total cash and bank (NGM J) to ensure there is sufficient liquidity to meet business requirements. As the Group manages funding on a total cash and bank basis, internal reporting focuses on changes in total cash and bank and this is presented in the Strategic Report. The net cash (debt) reconciliation below provides an analysis of the movement in the year for each component of net cash (debt) split between cash and non-cash items. Net cash (debt) comprises total cash and bank less total lease liabilities and the shareholder loan from a non-controlling interest. At 1 January 2022 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2022 $m Cash and cash equivalents (note 21) 108.4 (74.5) \u2013 (4.5) 29.4 Bank overdrafts secured (note 25) (1.0) (1.1) \u2013 \u2013 (2.1) Cash and cash equivalents \u2013 per cash flow statement 107.4 (75.6) \u2013 (4.5) 27.3 Cash deposits with more than 3 months to maturity (note 17) 6.8 (6.7) \u2013 (0.1) \u2013 Total lease liabilities (note 24) (31.8) 8.0 (8.4) 1.6 (30.6) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Bank borrowings (note 25) \u2013 (2.9) \u2013 0.1 (2.8) Liabilities arising from financing activities (35.7) 5.1 (8.4) 1.7 (37.3) Total net cash (debt) 78.5 (77.2) (8.4) (2.9) (10.0) i. Non-cash movements on lease liabilities comprise new leases of $4.6m, lease modifications of $2.6m and interest expense of $1.2m. During the year, $1.0m of loan facility fees were amortised and $3.0m were paid in respect of the Asset Based Lending (\u201cABL\u201d) facility. The fees for the ABL facility were capitalised in prepayments and are amortised over the expected useful life of the facility. At 1 January 2021 $m Cash flow $m Non-cash movements on lease liabilities i $m Exchange movements $m At 31 December 2021 $m Cash and cash equivalents (note 21) 102.9 6.2 \u2013 (0.7) 108.4 Bank overdrafts secured (note 25) (1.2) 0.2 \u2013 \u2013 (1.0) Cash and cash equivalents \u2013 per cash flow statement 101.7 6.4 \u2013 (0.7) 107.4 Cash deposits with more than 3 months to maturity (note 17) \u2013 6.9 \u2013 (0.1) 6.8 Total lease liabilities (note 24) (40.3) 10.6 (2.3) 0.2 (31.8) Shareholder loan from non-controlling interest (note 25) (3.9) \u2013 \u2013 \u2013 (3.9) Liabilities arising from financing activities (44.2) 10.6 (2.3) 0.2 (35.7) Total net cash (debt) 57.5 23.9 (2.3) (0.6) 78.5 i. Non-cash movements on lease liabilities comprise new leases of $1.8m, interest expense of $1.5m and lease modifications of $1.0m, offset by disposals of $2.0m. During 2021, $0.3m of loan facility fees were amortised and $0.3m were paid in respect of the ABL facility. ", "dimensions": { "concept": "huntingplc:DisclosureOfChangesInNetCashDebt", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-492": { "value": "27. Provisions and Contingent Liabilities (a) Provisions Asset decommissioning and remediation $m Other $m Total $m At 1 January 2022 4.3 3.8 8.1 Exchange adjustments (0.1) (0.1) (0.2) Charged to the consolidated income statement \u2013 2.2 2.2 Charged to right-of-use assets 0.5 \u2013 0.5 Provisions utilised (0.6) (0.7) (1.3) Unwinding of discount 0.1 \u2013 0.1 Unutilised amounts reversed (0.1) \u2013 (0.1) Remeasurement (0.4) \u2013 (0.4) At 31 December 2022 3.7 5.2 8.9 Provisions are due as follows: 2022 $m 2021 $m Current 4.6 3.1 Non-current 4.3 5.0 8.9 8.1 Asset decommissioning and remediation obligations of $3.7m (2021 \u2013 $4.3m) relate to the Group\u2019s obligation to restore leased properties and the Group\u2019s obligation to dismantle, remove and restore items of property, plant and equipment for the Group\u2019s legacy exploration and production (\u201cE&P\u201d) activities. The restoration provisions of $1.5m are expected to be utilised at the end of the respective leases, with $0.1m within one year, $0.9m within two years and $0.5m in ten years. The provision of $2.2m in relation to the Group\u2019s E&P activities is expected to be used over the next twelve years, with approximately $0.2m within one year, $1.3m in year two and $0.7m in years seven to twelve. The timing and amounts of these payments are best estimates based on operators\u2019 and reserve engineers\u2019 experience. Provision is made on a discounted basis; however, the impact of discounting is not material. Other provisions include provisions for onerous contracts of $0.7m (2021 \u2013 $0.4m), restructuring provisions of $0.2m (2021 \u2013 $0.3m), provision for a pension fund for officers and ratings in the mercantile marine industry from a legacy subsidiary of $0.9m (2021 \u2013 $1.0m), warranties and tax indemnities of $1.1m (2021 \u2013 $1.6m), litigation costs of $1.8m (2021 \u2013 $nil) and $0.5m (2021 \u2013 $0.5m) for various other items. (b) Contingent Liabilities The Group recognises provisions for liabilities when it is more likely than not a settlement will be required and the value of the economic outflow can be estimated reliably. Liabilities that are not provided for in the financial position of the Group are disclosed, unless the probability of an economic outflow is considered to be remote. In the 2021 Annual Report and Accounts, a claim against the Group from a competitor relating to a patent infringement was disclosed. The Group continues to deny any such infringement and will defend this claim robustly. The legal case was settled in Hunting\u2019s favour in early January 2023. However, the competitor still has the right to make an appeal. Based on the legal process conducted to date, and an update from the legal advisers, Hunting does not believe that an outflow is probable. Although management continues to believe it is unlikely the case will be lost, the maximum potential exposure, based on legal advice, is estimated at $3.0m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-457": { "value": "
(a) Provisions
Asset
decommissioning
and
remediation
$m
Other
$m
Total
$m
At 1 January 2022 4.3 3.8 8.1
Exchange adjustments (0.1) (0.1) (0.2)
Charged to the consolidated income statement \u2013 2.2 2.2
Charged to right-of-use assets 0.5 \u2013 0.5
Provisions utilised (0.6) (0.7) (1.3)
Unwinding of discount 0.1 \u2013 0.1
Unutilised amounts reversed (0.1) \u2013 (0.1)
Remeasurement (0.4) \u2013 (0.4)
At 31 December 2022 3.7 5.2 8.9
Provisions are due as follows:
2022
$m
2021
$m
Current 4.6 3.1
Non-current 4.3 5.0
8.9 8.1
Asset decommissioning and remediation obligations of $3.7m (2021 \u2013 $4.3m) relate to the Group\u2019s obligation to restore leased properties and the
Group\u2019s obligation to dismantle, remove and restore items of property, plant and equipment for the Group\u2019s legacy exploration and production (\u201cE&P\u201d)
activities. The restoration provisions of $1.5m are expected to be utilised at the end of the respective leases, with $0.1m within one year, $0.9m within
two years and $0.5m in ten years. The provision of $2.2m in relation to the Group\u2019s E&P activities is expected to be used over the next twelve years,
with approximately $0.2m within one year, $1.3m in year two and $0.7m in years seven to twelve. The timing and amounts of these payments are best
estimates based on operators\u2019 and reserve engineers\u2019 experience. Provision is made on a discounted basis; however, the impact of discounting is not
material.
Other provisions include provisions for onerous contracts of $0.7m (2021 \u2013 $0.4m), restructuring provisions of $0.2m (2021 \u2013 $0.3m), provision for a
pension fund for officers and ratings in the mercantile marine industry from a legacy subsidiary of $0.9m (2021 \u2013 $1.0m), warranties and tax indemnities
of $1.1m (2021 \u2013 $1.6m), litigation costs of $1.8m (2021 \u2013 $nil) and $0.5m (2021 \u2013 $0.5m) for various other items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-458": { "value": "(b) Contingent Liabilities The Group recognises provisions for liabilities when it is more likely than not a settlement will be required and the value of the economic outflow can be estimated reliably. Liabilities that are not provided for in the financial position of the Group are disclosed, unless the probability of an economic outflow is considered to be remote. In the 2021 Annual Report and Accounts, a claim against the Group from a competitor relating to a patent infringement was disclosed. The Group continues to deny any such infringement and will defend this claim robustly. The legal case was settled in Hunting\u2019s favour in early January 2023. However, the competitor still has the right to make an appeal. Based on the legal process conducted to date, and an update from the legal advisers, Hunting does not believe that an outflow is probable. Although management continues to believe it is unlikely the case will be lost, the maximum potential exposure, based on legal advice, is estimated at $3.0m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-478": { "value": "
28. Derivatives and Hedging
(a) Currency Derivatives
The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives
do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through
profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year.
Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed.
Fair values of outstanding derivative financial instruments:
2022 2021
Total
assets
$m
Total
liabilities
$m
Total
assets
$m
Total
liabilities
$m
Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212
Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212
Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2)
Net book amount 0.6 (0.1) 0.1 (0.2)
Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income
statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain)
in net finance expense (note 8) .
(b) Fair Value Hedge Forward foreign exchange contracts have also been designated in a fair value hedge to hedge the foreign exchange movement in foreign currency trade receivables and payables during the year. The value of the forward foreign exchange contract matches the value of the trade receivables and payables and they move in opposite directions as a result of movements in the GBP/USD or EUR/USD exchange rates, being the hedged risk. Fair value gains of $0.1m (2021 \u2013 $0.1m losses) were recognised in the consolidated income statement in net operating income and other expense (note 4) during the year. At the year-end, the fair value of derivative assets designated in a fair value hedge was $0.1m (2021 \u2013 immaterial). (c) Cash Flow Hedge The Group entered into contracts to purchase materials from suppliers in a currency other than the Group subsidiary\u2019s functional currency. Certain of these highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts during the year. The value of the forward foreign exchange contract matches the value of the forecast inventory purchase and they move in opposite directions as a result of movements in the CAD/USD, EUR/USD, EUR/NOK, EUR/GBP, GBP/USD and the CNY/USD exchange rates, being the hedged risk. This will effectively result in recognising inventory at the fixed foreign currency rate for the hedged purchases. It is anticipated that the materials will be sold within 12 months after purchase, at which time the amount previously deferred in equity and included as part of the cost of inventory, will impact profit or loss as part of the cost of inventories sold. The Group also entered into forward foreign exchange contracts to hedge certain receipts from customers and these highly probable forecast transactions have been designated in a cash flow hedge relationship. The value of the forward foreign exchange contract matches the value of the forecast cash flow and they move in opposite directions as a result of movements in the GBP/USD, GBP/NOK and GBP/EUR exchange rates, being the hedged risk. It is anticipated that the trade receivables will be collected within 12 months after the invoice is issued, at which time the amount previously deferred in equity, will be taken to profit or loss. During the year, the Group entered into contracts to purchase a machine and an intangible asset from suppliers in a currency other than the Group subsidiary\u2019s functional currency. These highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts. The value of the forward foreign exchange contract matches the value of the forecast asset purchases and they move in opposite directions as a result of movements in the GBP/USD and EUR/USD, being the hedged risk. This will effectively result in recognising the assets at the fixed foreign currency rate for the hedged purchases. As the fair value gains or losses will form part of the base cost of the assets, these will impact profit or loss as part of the depreciation or amortisation charge of the assets. The Group\u2019s cash flow hedge reserve, which is disclosed as part of other components of equity in note 34, relates to the spot component of forward foreign exchange contracts. The balance on the cash flow hedge reserve at the beginning of the year is immaterial and at the year-end is a post-tax gain of $0.3m. The movements during the year are shown in note 34. The effects of outstanding forward foreign exchange contracts on the Group\u2019s financial position and performance are as follows: 2022 2021 Carrying amount of the forward foreign exchange contracts \u2013 other receivables (note 18) $m 0.4 <0.1 Notional amount of the forward foreign exchange contracts $m 18.5 2.4 Maturity date 3 January 2023 to 21 August 2023 18 January 2022 to 3 January 2023 Hedge ratio i 1:1 1:1 Change in value of hedged item used to determine hedge effectiveness $m (0.4) <(0.1) i. The forward foreign exchange contracts are denominated in the same currency as the highly probable forecast transactions to match the exposed currency risk, therefore the hedge ratio is 1:1. Immaterial changes in the forward points, the differential between the forward rate and the market spot rate, have been recognised in the consolidated income statement during the year and previous year. (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. (b) Financial Instruments Measured at Fair Value (i) Valuation Techniques used to Determine Fair Values There have been no changes to the valuation techniques used during the year since the previous year-end. Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d) are debt instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gains on these instruments were immaterial in the year and were recognised in finance income. The listed equity investments and mutual funds are equity instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gain or loss for the year was $nil on these instruments. The fair value gain in 2021 of $0.2m was recognised in finance income (note 8) during the year. The fair value of the convertible financing provided to Well Data Labs in February 2021 was determined by considering the probability weighted average of the different scenarios\u2019 discounted cash flows using a discount rate of 12% (2021 \u2013 8%). The most significant unobservable inputs to the fair value calculation are the probability of a conversion to equity and change of control assumptions. The fair value at 31 December 2022 was $2.9m (2021 \u2013 $2.7m) (note 17), with fair value gains of $0.2m (2021 \u2013 $0.2m) recognised in finance income during the year (note 8). At 31 December 2022, management considers there to be no reasonable changes in unobservable inputs that would result in a significant change in fair value. The following instruments do not qualify for measurement at either amortised cost or at fair value through other comprehensive income (\u201cFVTOCI\u201d). Therefore they are financial instruments that have mandatorily been measured at fair value through profit or loss (\u201cFVTPL\u201d): \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (b) Financial Instruments Measured at Fair Value continued (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-484": { "value": "28. Derivatives and Hedging (a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . (b) Fair Value Hedge Forward foreign exchange contracts have also been designated in a fair value hedge to hedge the foreign exchange movement in foreign currency trade receivables and payables during the year. The value of the forward foreign exchange contract matches the value of the trade receivables and payables and they move in opposite directions as a result of movements in the GBP/USD or EUR/USD exchange rates, being the hedged risk. Fair value gains of $0.1m (2021 \u2013 $0.1m losses) were recognised in the consolidated income statement in net operating income and other expense (note 4) during the year. At the year-end, the fair value of derivative assets designated in a fair value hedge was $0.1m (2021 \u2013 immaterial). (c) Cash Flow Hedge The Group entered into contracts to purchase materials from suppliers in a currency other than the Group subsidiary\u2019s functional currency. Certain of these highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts during the year. The value of the forward foreign exchange contract matches the value of the forecast inventory purchase and they move in opposite directions as a result of movements in the CAD/USD, EUR/USD, EUR/NOK, EUR/GBP, GBP/USD and the CNY/USD exchange rates, being the hedged risk. This will effectively result in recognising inventory at the fixed foreign currency rate for the hedged purchases. It is anticipated that the materials will be sold within 12 months after purchase, at which time the amount previously deferred in equity and included as part of the cost of inventory, will impact profit or loss as part of the cost of inventories sold. The Group also entered into forward foreign exchange contracts to hedge certain receipts from customers and these highly probable forecast transactions have been designated in a cash flow hedge relationship. The value of the forward foreign exchange contract matches the value of the forecast cash flow and they move in opposite directions as a result of movements in the GBP/USD, GBP/NOK and GBP/EUR exchange rates, being the hedged risk. It is anticipated that the trade receivables will be collected within 12 months after the invoice is issued, at which time the amount previously deferred in equity, will be taken to profit or loss. During the year, the Group entered into contracts to purchase a machine and an intangible asset from suppliers in a currency other than the Group subsidiary\u2019s functional currency. These highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts. The value of the forward foreign exchange contract matches the value of the forecast asset purchases and they move in opposite directions as a result of movements in the GBP/USD and EUR/USD, being the hedged risk. This will effectively result in recognising the assets at the fixed foreign currency rate for the hedged purchases. As the fair value gains or losses will form part of the base cost of the assets, these will impact profit or loss as part of the depreciation or amortisation charge of the assets. The Group\u2019s cash flow hedge reserve, which is disclosed as part of other components of equity in note 34, relates to the spot component of forward foreign exchange contracts. The balance on the cash flow hedge reserve at the beginning of the year is immaterial and at the year-end is a post-tax gain of $0.3m. The movements during the year are shown in note 34. The effects of outstanding forward foreign exchange contracts on the Group\u2019s financial position and performance are as follows: 2022 2021 Carrying amount of the forward foreign exchange contracts \u2013 other receivables (note 18) $m 0.4 <0.1 Notional amount of the forward foreign exchange contracts $m 18.5 2.4 Maturity date 3 January 2023 to 21 August 2023 18 January 2022 to 3 January 2023 Hedge ratio i 1:1 1:1 Change in value of hedged item used to determine hedge effectiveness $m (0.4) <(0.1) i. The forward foreign exchange contracts are denominated in the same currency as the highly probable forecast transactions to match the exposed currency risk, therefore the hedge ratio is 1:1. Immaterial changes in the forward points, the differential between the forward rate and the market spot rate, have been recognised in the consolidated income statement during the year and previous year. (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. (b) Financial Instruments Measured at Fair Value (i) Valuation Techniques used to Determine Fair Values There have been no changes to the valuation techniques used during the year since the previous year-end. Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d) are debt instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gains on these instruments were immaterial in the year and were recognised in finance income. The listed equity investments and mutual funds are equity instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gain or loss for the year was $nil on these instruments. The fair value gain in 2021 of $0.2m was recognised in finance income (note 8) during the year. The fair value of the convertible financing provided to Well Data Labs in February 2021 was determined by considering the probability weighted average of the different scenarios\u2019 discounted cash flows using a discount rate of 12% (2021 \u2013 8%). The most significant unobservable inputs to the fair value calculation are the probability of a conversion to equity and change of control assumptions. The fair value at 31 December 2022 was $2.9m (2021 \u2013 $2.7m) (note 17), with fair value gains of $0.2m (2021 \u2013 $0.2m) recognised in finance income during the year (note 8). At 31 December 2022, management considers there to be no reasonable changes in unobservable inputs that would result in a significant change in fair value. The following instruments do not qualify for measurement at either amortised cost or at fair value through other comprehensive income (\u201cFVTOCI\u201d). Therefore they are financial instruments that have mandatorily been measured at fair value through profit or loss (\u201cFVTPL\u201d): \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (b) Financial Instruments Measured at Fair Value continued (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-538": { "value": "28. Derivatives and Hedging (a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . (b) Fair Value Hedge Forward foreign exchange contracts have also been designated in a fair value hedge to hedge the foreign exchange movement in foreign currency trade receivables and payables during the year. The value of the forward foreign exchange contract matches the value of the trade receivables and payables and they move in opposite directions as a result of movements in the GBP/USD or EUR/USD exchange rates, being the hedged risk. Fair value gains of $0.1m (2021 \u2013 $0.1m losses) were recognised in the consolidated income statement in net operating income and other expense (note 4) during the year. At the year-end, the fair value of derivative assets designated in a fair value hedge was $0.1m (2021 \u2013 immaterial). (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. (b) Financial Instruments Measured at Fair Value (i) Valuation Techniques used to Determine Fair Values There have been no changes to the valuation techniques used during the year since the previous year-end. Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d) are debt instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gains on these instruments were immaterial in the year and were recognised in finance income. The listed equity investments and mutual funds are equity instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gain or loss for the year was $nil on these instruments. The fair value gain in 2021 of $0.2m was recognised in finance income (note 8) during the year. The fair value of the convertible financing provided to Well Data Labs in February 2021 was determined by considering the probability weighted average of the different scenarios\u2019 discounted cash flows using a discount rate of 12% (2021 \u2013 8%). The most significant unobservable inputs to the fair value calculation are the probability of a conversion to equity and change of control assumptions. The fair value at 31 December 2022 was $2.9m (2021 \u2013 $2.7m) (note 17), with fair value gains of $0.2m (2021 \u2013 $0.2m) recognised in finance income during the year (note 8). At 31 December 2022, management considers there to be no reasonable changes in unobservable inputs that would result in a significant change in fair value. The following instruments do not qualify for measurement at either amortised cost or at fair value through other comprehensive income (\u201cFVTOCI\u201d). Therefore they are financial instruments that have mandatorily been measured at fair value through profit or loss (\u201cFVTPL\u201d): \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-422": { "value": "28. Derivatives and Hedging (a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . (b) Fair Value Hedge Forward foreign exchange contracts have also been designated in a fair value hedge to hedge the foreign exchange movement in foreign currency trade receivables and payables during the year. The value of the forward foreign exchange contract matches the value of the trade receivables and payables and they move in opposite directions as a result of movements in the GBP/USD or EUR/USD exchange rates, being the hedged risk. Fair value gains of $0.1m (2021 \u2013 $0.1m losses) were recognised in the consolidated income statement in net operating income and other expense (note 4) during the year. At the year-end, the fair value of derivative assets designated in a fair value hedge was $0.1m (2021 \u2013 immaterial). (c) Cash Flow Hedge The Group entered into contracts to purchase materials from suppliers in a currency other than the Group subsidiary\u2019s functional currency. Certain of these highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts during the year. The value of the forward foreign exchange contract matches the value of the forecast inventory purchase and they move in opposite directions as a result of movements in the CAD/USD, EUR/USD, EUR/NOK, EUR/GBP, GBP/USD and the CNY/USD exchange rates, being the hedged risk. This will effectively result in recognising inventory at the fixed foreign currency rate for the hedged purchases. It is anticipated that the materials will be sold within 12 months after purchase, at which time the amount previously deferred in equity and included as part of the cost of inventory, will impact profit or loss as part of the cost of inventories sold. The Group also entered into forward foreign exchange contracts to hedge certain receipts from customers and these highly probable forecast transactions have been designated in a cash flow hedge relationship. The value of the forward foreign exchange contract matches the value of the forecast cash flow and they move in opposite directions as a result of movements in the GBP/USD, GBP/NOK and GBP/EUR exchange rates, being the hedged risk. It is anticipated that the trade receivables will be collected within 12 months after the invoice is issued, at which time the amount previously deferred in equity, will be taken to profit or loss. During the year, the Group entered into contracts to purchase a machine and an intangible asset from suppliers in a currency other than the Group subsidiary\u2019s functional currency. These highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts. The value of the forward foreign exchange contract matches the value of the forecast asset purchases and they move in opposite directions as a result of movements in the GBP/USD and EUR/USD, being the hedged risk. This will effectively result in recognising the assets at the fixed foreign currency rate for the hedged purchases. As the fair value gains or losses will form part of the base cost of the assets, these will impact profit or loss as part of the depreciation or amortisation charge of the assets. The Group\u2019s cash flow hedge reserve, which is disclosed as part of other components of equity in note 34, relates to the spot component of forward foreign exchange contracts. The balance on the cash flow hedge reserve at the beginning of the year is immaterial and at the year-end is a post-tax gain of $0.3m. The movements during the year are shown in note 34. The effects of outstanding forward foreign exchange contracts on the Group\u2019s financial position and performance are as follows: 2022 2021 Carrying amount of the forward foreign exchange contracts \u2013 other receivables (note 18) $m 0.4 <0.1 Notional amount of the forward foreign exchange contracts $m 18.5 2.4 Maturity date 3 January 2023 to 21 August 2023 18 January 2022 to 3 January 2023 Hedge ratio i 1:1 1:1 Change in value of hedged item used to determine hedge effectiveness $m (0.4) <(0.1) i. The forward foreign exchange contracts are denominated in the same currency as the highly probable forecast transactions to match the exposed currency risk, therefore the hedge ratio is 1:1. Immaterial changes in the forward points, the differential between the forward rate and the market spot rate, have been recognised in the consolidated income statement during the year and previous year. (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. 29. Financial Instruments This note provides information about the Group\u2019s financial instruments, including an overview of all financial instruments held by the Group; specific information about each type of financial instrument; and information about determining the fair value of the instruments, including judgements and estimation uncertainty involved. The Group\u2019s exposure to various risks associated with the financial instruments is discussed in note 30. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets. Contract assets are not financial assets; however, they are explicitly included in the scope of IFRS 7 for the purpose of the credit risk disclosures in note 30. (a) Financial Instruments at Amortised Cost The carrying values of the Group\u2019s financial instruments at amortised cost are as follows: 2022 $m 2021 $m Financial assets at amortised cost: Trade and other receivables (note 18): Trade receivables 183.1 128.1 Accrued revenue 2.2 3.8 Other receivables \u2013 non-current 0.1 0.3 Other receivables \u2013 current i 3.1 1.1 Less: provisions for impairment (3.7) (4.6) Cash and cash equivalents (note 21): Cash at bank and in hand 29.4 96.8 Cash deposits with less than 3 months to maturity \u2013 4.8 Investments (note 17): Cash deposits with more than 3 months to maturity \u2013 6.8 214.2 237.1 Financial liabilities at amortised cost: Trade and other payablesii (note 22): Trade payables (66.8) (40.5) Accruals \u2013 currentiii (29.4) (21.5) Other payables \u2013 currentiv (1.0) (1.2) Borrowings (note 25): Shareholder loan from non-controlling interest (3.9) (3.9) Bank borrowings unsecured (2.8) \u2013 Bank overdrafts secured (2.1) (1.0) (106.0) (68.1) i. Excludes non-financial assets of $0.6m (2021 \u2013 $1.1m) and those financial assets measured at fair value of $0.6m (2021 \u2013 $0.1m). ii. Excludes non-current payables of $0.8m (2021 \u2013 $0.6m) as these are non-financial liabilities. iii. Excludes accruals of $27.5m (2021 \u2013 $7.2m) for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. 2021 accruals were restated to exclude these items. iv. Excludes non-financial liabilities of $0.4m (2021 \u2013 $0.4m) and financial liabilities measured at fair value of $0.1m (2021 \u2013 $0.2m). Amounts recognised in profit or loss in relation to financial instruments carried at amortised cost were: 2022 $m 2021 $m Net foreign exchange gains (losses) included in operating income and other operating expenses (note 4) (0.3) 0.1 Net foreign exchange gains (losses) included in net finance expense (note 8) 0.2 (0.5) Interest on bank balances and deposits (note 8) 0.4 0.3 Bank fees and commissions (note 8) (2.1) (1.3) Other finance income (note 8) 0.1 \u2013 (b) Financial Instruments Measured at Fair Value (i) Valuation Techniques used to Determine Fair Values There have been no changes to the valuation techniques used during the year since the previous year-end. Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d) are debt instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gains on these instruments were immaterial in the year and were recognised in finance income. The listed equity investments and mutual funds are equity instruments measured at fair value through profit or loss, with the fair value based on their current bid prices in an active market, which is considered to be the most representative of fair value, at the balance sheet date. The fair value gain or loss for the year was $nil on these instruments. The fair value gain in 2021 of $0.2m was recognised in finance income (note 8) during the year. The fair value of the convertible financing provided to Well Data Labs in February 2021 was determined by considering the probability weighted average of the different scenarios\u2019 discounted cash flows using a discount rate of 12% (2021 \u2013 8%). The most significant unobservable inputs to the fair value calculation are the probability of a conversion to equity and change of control assumptions. The fair value at 31 December 2022 was $2.9m (2021 \u2013 $2.7m) (note 17), with fair value gains of $0.2m (2021 \u2013 $0.2m) recognised in finance income during the year (note 8). At 31 December 2022, management considers there to be no reasonable changes in unobservable inputs that would result in a significant change in fair value. The following instruments do not qualify for measurement at either amortised cost or at fair value through other comprehensive income (\u201cFVTOCI\u201d). Therefore they are financial instruments that have mandatorily been measured at fair value through profit or loss (\u201cFVTPL\u201d): \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (b) Financial Instruments Measured at Fair Value continued (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. (iv) Fair Values of Other Financial Instruments Carried at Amortised Cost Due to their short-term nature, the carrying value of cash deposits with more than three months to maturity, contract assets, trade receivables, accrued revenue, other receivables considered to be financial assets, cash and cash equivalents, trade payables, accruals and other payables considered to be financial liabilities, bank overdrafts and bank borrowings approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-459": { "value": "28. Derivatives and Hedging (a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . (b) Fair Value Hedge Forward foreign exchange contracts have also been designated in a fair value hedge to hedge the foreign exchange movement in foreign currency trade receivables and payables during the year. The value of the forward foreign exchange contract matches the value of the trade receivables and payables and they move in opposite directions as a result of movements in the GBP/USD or EUR/USD exchange rates, being the hedged risk. Fair value gains of $0.1m (2021 \u2013 $0.1m losses) were recognised in the consolidated income statement in net operating income and other expense (note 4) during the year. At the year-end, the fair value of derivative assets designated in a fair value hedge was $0.1m (2021 \u2013 immaterial). (c) Cash Flow Hedge The Group entered into contracts to purchase materials from suppliers in a currency other than the Group subsidiary\u2019s functional currency. Certain of these highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts during the year. The value of the forward foreign exchange contract matches the value of the forecast inventory purchase and they move in opposite directions as a result of movements in the CAD/USD, EUR/USD, EUR/NOK, EUR/GBP, GBP/USD and the CNY/USD exchange rates, being the hedged risk. This will effectively result in recognising inventory at the fixed foreign currency rate for the hedged purchases. It is anticipated that the materials will be sold within 12 months after purchase, at which time the amount previously deferred in equity and included as part of the cost of inventory, will impact profit or loss as part of the cost of inventories sold. The Group also entered into forward foreign exchange contracts to hedge certain receipts from customers and these highly probable forecast transactions have been designated in a cash flow hedge relationship. The value of the forward foreign exchange contract matches the value of the forecast cash flow and they move in opposite directions as a result of movements in the GBP/USD, GBP/NOK and GBP/EUR exchange rates, being the hedged risk. It is anticipated that the trade receivables will be collected within 12 months after the invoice is issued, at which time the amount previously deferred in equity, will be taken to profit or loss. During the year, the Group entered into contracts to purchase a machine and an intangible asset from suppliers in a currency other than the Group subsidiary\u2019s functional currency. These highly probable forecast transactions have been designated in a cash flow hedge relationship and hedged using forward foreign exchange contracts. The value of the forward foreign exchange contract matches the value of the forecast asset purchases and they move in opposite directions as a result of movements in the GBP/USD and EUR/USD, being the hedged risk. This will effectively result in recognising the assets at the fixed foreign currency rate for the hedged purchases. As the fair value gains or losses will form part of the base cost of the assets, these will impact profit or loss as part of the depreciation or amortisation charge of the assets. The Group\u2019s cash flow hedge reserve, which is disclosed as part of other components of equity in note 34, relates to the spot component of forward foreign exchange contracts. The balance on the cash flow hedge reserve at the beginning of the year is immaterial and at the year-end is a post-tax gain of $0.3m. The movements during the year are shown in note 34. The effects of outstanding forward foreign exchange contracts on the Group\u2019s financial position and performance are as follows: 2022 2021 Carrying amount of the forward foreign exchange contracts \u2013 other receivables (note 18) $m 0.4 <0.1 Notional amount of the forward foreign exchange contracts $m 18.5 2.4 Maturity date 3 January 2023 to 21 August 2023 18 January 2022 to 3 January 2023 Hedge ratio i 1:1 1:1 Change in value of hedged item used to determine hedge effectiveness $m (0.4) <(0.1) i. The forward foreign exchange contracts are denominated in the same currency as the highly probable forecast transactions to match the exposed currency risk, therefore the hedge ratio is 1:1. Immaterial changes in the forward points, the differential between the forward rate and the market spot rate, have been recognised in the consolidated income statement during the year and previous year. (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. (iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-499": { "value": "(a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) . (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-493": { "value": "(a) Currency Derivatives The Group uses derivatives for economic hedging purposes and no speculative positions are entered into by the Group. However, where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit or loss. The Group has used spot and forward foreign exchange contracts to hedge its exposure to exchange rate movements during the year. Foreign exchange outright contracts are used to manage exposures, with funding swaps being used to produce required currencies when needed. Fair values of outstanding derivative financial instruments: 2022 2021 Total assets $m Total liabilities $m Total assets $m Total liabilities $m Forward foreign exchange contracts \u2013 cash flow hedges 0.4 \u2013 \u2212 \u2212 Forward foreign exchange contracts \u2013 fair value hedges 0.1 \u2013 \u2212 \u2212 Foreign exchange swaps \u2013 not in a hedge 0.1 (0.1) 0.1 (0.2) Net book amount 0.6 (0.1) 0.1 (0.2) Net fair value gains on contracts that are not designated in a hedge relationship of $0.6m (2021 \u2013 $0.5m) were recognised in the consolidated income statement during the year, with $nil (2021 \u2013 $0.1m loss) in net operating income and other expense (note 4) and a net $0.6m gain (2021 \u2013 $0.6m gain) in net finance expense (note 8) (d) Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic hedge relationship exists between the hedged item and the hedging instrument. For hedges of foreign currency purchases, the Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group, therefore, performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the forward foreign exchange contract, then the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness may arise if there is a change in the timing of the forecast transaction from what was originally estimated or from a change in the US dollar amount charged and invoiced. A possible source of ineffectiveness is also a change in credit risk of either party to the derivative. However, any change in credit risk is not expected to be material. \u2022 The fair value of forward foreign exchange contracts is determined by comparing the cash flows generated by the contract with the coterminous cash flows potentially available in the forward foreign exchange market on the balance sheet date. Details of the fair value gains and losses recognised during the year on derivative contracts are given in note 28. \u2022 The fair value of foreign currency swaps is determined by calculating the present value of the estimated future cash flows in each currency for both legs of the swap based on observable yield curves. One leg\u2019s present value is converted into the other currency using the current spot exchange rate. (ii) Fair Value Hierarchy The following tables present the Group\u2019s net financial assets and liabilities that are measured and recognised at fair value at the year-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 year. Fair value at 31 December 2022 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.9 \u2013 \u2013 2.9 Current derivatives in a hedge Derivative financial assets 0.5 \u2013 0.5 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.1) \u2013 (0.1) \u2013 5.3 1.9 0.5 2.9 Fair value at 31 December 2021 $m Level 1 $m Level 2 $m Level 3 $m Equity instruments at fair value through profit or loss Listed equity investments and mutual funds 1.9 1.9 \u2013 \u2013 Debt instruments at fair value through profit or loss Well Data Labs convertible financing 2.7 \u2013 \u2013 2.7 Fixed Term Funds 6.8 6.8 \u2013 \u2013 Current derivatives held for trading Derivative financial assets 0.1 \u2013 0.1 \u2013 Derivative financial liabilities (0.2) \u2013 (0.2) \u2013 11.3 8.7 (0.1) 2.7 The fair value hierarchy has the following levels: Level 1 \u2013 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 \u2013 unobservable inputs used in the valuation. \u2022 The fair values of non-US dollar denominated financial instruments are translated into US dollars using the year-end exchange rate. \u2022 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 is categorised in Level 2 of the fair value hierarchy. \u2022 The fair value of FTFs and listed equities and mutual funds are based on quoted market prices, and therefore the fair value measurements are categorised in Level 1 of the fair value hierarchy. \u2022 Due to unobservable inputs used in the valuation, the fair value of the Well Data Labs financial asset is a Level 3 measurement as per the fair value hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-510": { "value": "(iii) Amounts Recognised in Profit or Loss During the year, the following gains and losses were recognised in relation to financial instruments measured at fair value through profit or loss: 2022 $m 2021 $m Fair value gains on the listed equities and mutual funds (other finance income \u2013 note 8) 0.1 0.2 Fair value gain on Well Data Labs convertible financing (other finance income \u2013 note 8) 0.2 0.2 Fair value gains on money market funds (other finance income \u2013 note 8) 0.1 \u2013 Fair value gains (losses) on financial instruments mandatorily measured at fair value through profit or loss: Net fair value gains (losses) on derivative financial instruments (note 4) \u2013 (0.2) Net fair value gains on derivative financial instruments (net finance expense \u2013 note 8) 0.6 0.6 Fair value gain on disposal of held-for-sale asset \u2013 operating income (note 4) \u2013 0.4 The fair value gains on the listed investments and mutual funds and the Well Data Labs convertible financing are unrealised gains recognised in profit or loss attributable to balances held at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-423": { "value": "
30. Financial Risk Management
The Group\u2019s activities expose it to certain financial risks, namely market risk (including currency, fair value interest rate and cash flow interest rate
risks), as well as credit risk and liquidity risk. The Group\u2019s risk management strategy seeks to mitigate potential adverse effects on its financial
performance. As part of its strategy, both primary and derivative financial instruments are used to hedge certain risk exposures.
There are clearly defined objectives and principles for managing financial risks established by the Board of Directors, with policies, parameters
and procedures covering the specific areas of funding, banking relationships, foreign currency and interest rate exposures and cash management,
together with the investment of surplus cash. The Group\u2019s treasury function is responsible for implementing the policies and providing a centralised
service to the Group for funding, foreign exchange and interest rate management and counterparty risk management. It is also responsible for
identifying, evaluating and hedging financial risks in close cooperation with the Group\u2019s operating companies.
(a) Market Risk: Foreign Exchange Risk
The Group\u2019s international base is exposed to foreign exchange risk from its investing, financing and operating activities, particularly in respect of
Sterling, Canadian dollars, Chinese Renminbi and Saudi Arabia Riyal. Foreign exchange risks arise from future commercial transactions and cash
flows, and from recognised monetary assets and liabilities that are not denominated in the functional currency of the Group\u2019s local operations.
Foreign exchange rates that the Group has the largest exposures to are:
Sterling Chinese Renminbi Saudi Arabia Riyal Canadian dollars
2022 2021 2022 2021 2022 2021 2022 2021
Average exchange rate to US dollars 0.81 0.73 6.73 6.45 3.75 3.75 1.30 1.25
Year-end exchange rate to US dollars 0.83 0.74 6.92 6.37 3.75 3.75 1.35 1.26
The aggregate net foreign exchange losses recognised in profit or loss during the year were $nil (2021 \u2013 $0.4m loss).
(i) Transactional Risk
The exposure to exchange rate movements in significant future commercial transactions and cash flows is hedged by using forward foreign exchange
contracts. Certain forward foreign exchange contracts have been designated as hedging instruments of highly probable forecast transactions.
Treasury engages with business units to help identify transactional exposures. External hedging activity is then performed by Treasury on behalf
of the business units to ensure that transactional risk is managed appropriately and in accordance with Treasury policy. Exposures are also identified
and hedged, if necessary, on an ad-hoc basis, such as when a purchase order in a foreign currency is placed. Currency exposures arise where the
cash flows are not in the functional currency of the entity. Exposures arising from committed long-term projects beyond a 12-month period are
also identified.
The table below shows the carrying values of the Group\u2019s financial instruments at 31 December, including derivative financial instruments, on which
exchange differences would potentially be recognised in the consolidated income statement in the following year.
Currency of denomination
At 31 December 2022
Sterling
$m
US
dollars
$m
UAE
dirham
$m
Singapore
dollars
$m
Saudi Arabia
Riyal
$m
Chinese
Renminbi
$m
Other
currencies
$m
Total
$m
Functional currency of Group\u2019s entities:
Sterling \u2013 (2.2) \u2013 \u2013 \u2013 \u2013 (0.1) (2.3)
US dollars (2.8) \u2013 (1.2) (1.3) 1.4 2.4 (0.1) (1.6)
Canadian dollars \u2013 (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 (1.5)
Euro (0.1) 0.6 \u2013 \u2013 \u2013 \u2013 \u2013 0.5
Chinese CNY \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 (0.1)
(2.9) (3.2) (1.2) (1.3) 1.4 2.4 (0.2) (5.0)
Currency of denomination
At 31 December 2021
Sterling
$m
US
dollars
$m
UAE
dirham
$m
Singapore
dollars
$m
Saudi Arabia
Riyal
$m
Chinese
Renminbi
$m
Other
currencies
$m
Total
$m
Functional currency of Group\u2019s entities:
Sterling \u2013 0.9 \u2013 \u2013 \u2013 \u2013 0.1 1.0
US dollars (0.5) \u2013 (1.5) (2.0) (0.4) 0.1 (0.5) (4.8)
Canadian dollars \u2013 (1.6) \u2013 \u2013 \u2013 \u2013 \u2013 (1.6)
Euro (0.5) 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.4
Chinese CNY \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1
(1.0) 0.3 (1.5) (2.0) (0.4) 0.1 (0.4) (4.9)
Financial instruments comprise cash balances, trade and other receivables, accrued revenue, trade and other payables, accrued expenses, finance
lease liabilities, provisions and intra-Group balances. Derivatives designated in a cash flow hedge are excluded as fair value gains and losses arising
on these are recognised in other comprehensive income.
(ii) Translational Risk Foreign exchange risk also arises from financial assets and liabilities not denominated in the functional currency of an entity\u2019s operations and forward foreign exchange contracts are used to manage the exposure to changes in foreign exchange rates. Where appropriate, hedge accounting is applied to the forward foreign exchange contracts and the hedged item to remove any accounting mismatch. Foreign exchange risk also arises from the Group\u2019s investments in foreign operations. This has previously been hedged using foreign exchange swaps that have been designated in a net investment hedge to hedge the foreign currency translation risk. The foreign exchange exposure arising from the translation of its net investments in foreign operations into the Group\u2019s presentation currency of US dollars has also previously been managed by designating any borrowings that are not US dollar denominated as a hedge of the net investment in foreign operations. The foreign exchange exposure primarily arises from Sterling and Canadian dollar denominated net investments. The accumulated foreign exchange net post-tax gains included in the currency translation reserve in respect of net investment hedges at the beginning and end of the year is $25.0m. (b) Market Risk: Interest Rate Risk Variable interest rates on cash at bank, short-term deposits, overdrafts and borrowings expose the Group to cash flow interest rate risk and fixed interest rates on loans and short-term deposits expose the Group to fair value interest rate risk. The Group\u2019s treasury function manages the Group\u2019s exposure to interest rate risk and uses interest rate swaps and caps, when considered appropriate. (c) Credit Risk The Group\u2019s credit risk arises from its cash at bank and in hand, investments, derivative financial instruments, accrued revenue, outstanding trade receivables, other receivables and contract assets. At the year-end, the Group had credit risk exposure to a wide range of counterparties. Credit risk exposure is continually monitored and no individual exposure is considered to be significant in the context of the ordinary course of the Group\u2019s activities whether through exposure to individual customers, specific industry sectors and/or regions. (i) Credit Risk: Total Cash and Bank Hunting PLC\u2019s Board approves the treasury policies that determine which counterparties can be used. Due diligence is carried out prior to the authorisation of a bank or financial institution as an approved counterparty. For banks and financial institutions, exposure limits are set for each approved counterparty, as well as the types of transactions that may be entered into. Approved institutions that the Group\u2019s treasury function can invest surplus cash with must all have a minimum A2, P2 or F2 short-term rating from Standard & Poor\u2019s, Moody\u2019s or Fitch rating agencies respectively and AAA-mf Fitch rating for money market funds. Money market funds aim to have a stable net asset value per share of 1 (this means that for every $1 or \u00a31 that is in the fund there will be an asset to cover it) and the funds have overnight liquidity. At the year-end, cash at bank and in hand totalled $29.4m (2021 \u2013 $96.8m), with $19.7m (2021 \u2013 $80.8m) deposited with banks with Fitch short-term ratings of F1 to F1+. Of the remaining $9.7m (2021 \u2013 $16.0m), $6.2m (2021 \u2013 $14.9m) was held with two financial institutions within mainland China which, given the Group\u2019s operations in this jurisdiction, were deemed necessary. Despite not having formal credit ratings, an internal assessment determined that the banks\u2019 credit profiles were appropriate for the amounts held on deposit. There are no formal restrictions on this cash as such; however, prior approval would be required from various state authorities in China before any cash could be paid offshore. This cash balance could be used by the Group to service intercompany loans, which total $5.2m at the year-end. In order for the Group to access the balance of $1.0m, a dividend would need to be declared. During the year, the treasury function invested surplus cash in line with its cash management and investment policies in short-term deposits, Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d). The use of these deposits and funds enables the treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash. Each FTF is 100% maturity-matched with a single, self-liquidating, investment-grade fixed income instrument, which is transparent to the investor. Unless there is a credit issue with the underlying issuer, FTFs are not dependent on secondary market sales for liquidity. As all proceeds from each FTF are derived from the maturity of a single underlying instrument, the maturity amount of each FTF is known precisely on the date of investment. All FTFs offer exposure to financial institutions with investment-grade credit ratings. The credit ratings of the financial institutions where the Group\u2019s total cash and bank balances have been invested are listed below: Credit rating 2022 $m 2021 $m Cash at bank and in hand Fitch F1 to F1+ 19.7 80.8 Cash at bank and in hand N/A 9.7 16.0 Short-term deposits with less than 3 months to maturity Fitch F2 \u2013 4.8 Cash deposits with more than 3 months to maturity Fitch F1 \u2013 6.8 Fixed Term Funds Fitch F1 \u2013 6.8 Derivative financial assets Fitch AA-(dcr) 0.2 \u2013 Derivative financial assets Fitch A+(dcr) 0.4 0.1 The credit risk of foreign exchange contracts is calculated before the contract is acquired and compared to the credit risk limit set for each counterparty. Credit risk is calculated as a fixed percentage of the nominal value of the instrument. (ii) Credit Risk: Receivables The Group makes sales to a large number of different customers; however a significant proportion of sales are made to service companies in the oil and gas sector. The majority of the Group\u2019s customers are based in North America. On a quarterly basis, the Group\u2019s entities submit information to the head office on individual receivables balances greater than $0.2m, individual receivable balances greater than $32,500 and 90 days overdue, and quarterly average receivables balances. At the year-end, trade receivables of $158.9m (2021 \u2013 $99.7m) comprised individual balances greater than $0.2m, with no individual customer balance representing more than 7% (2021 \u2013 8%) of the year-end receivables balance of $183.1m (2021 \u2013 $128.1m). The risk of customer default for outstanding trade receivables and accrued revenue and contract assets is continuously monitored. Credit account limits are set locally by management and are primarily based on the credit quality of the customer taking into account past experience through trading relationships and the customer\u2019s financial position. As expected, the probability that a customer would default has declined throughout 2022 as trading improved following the global economic downturn. The Group used Credit Benchmark software to monitor the creditworthiness and changing credit profiles of its customers. Credit Benchmark uses a similar ratings framework to the main credit ratings agencies for classifying the credit quality of a business. However, Credit Benchmark ratings are based on contributed risk views from leading global financial institutions, including 15 Global Systemically Important Banks domiciled in the US, Continental Europe, Switzerland, the UK, Japan, Canada, Australia and South Africa. The contributions are anonymised, aggregated and published twice monthly in the form of Credit Consensus Ratings and Aggregate Analytics. Although in most cases the Credit Benchmark consensus rating of a business is based on a number of contributing views, there are instances where there is only a single source on which the rating is based. During 2022, 37% of sales, which is more than $263m (2021 \u2013 36%/$185m) of the Group\u2019s revenue, were made to customers with a Credit Benchmark investment-grade rating of bbb or higher, as shown in the table below. This includes customers with a single-source rating, whereby the rating is based on only a single source rather than a consensus rating which has been derived from a number of contributing views. % of Revenue Credit Benchmark \u2013 Credit Consensus Ratings 2022 2021 aa 2 2 a 16 9 bbb 19 25 bb 3 9 b 3 3 c 0 1 No rating 57 51 To reduce credit risk exposure from outstanding receivables, the Group has taken out credit insurance with an external insurer, subject to certain conditions. Details of the impairment of trade and other receivables can be found in note 18. (iii) Credit Risk: Other Financial Assets The Group operates a defined benefit pension scheme in the US, which is unfunded. Contributions are paid into a separate investment vehicle and invested in a wide portfolio of US mutual funds. Investments at the year-end amounted to $1.9m (2021 \u2013 $1.9m) and are expected to be fully recovered. The Group has provided Well Data Labs with $2.5m in convertible financing, the fair value of which was $2.9m at 31 December 2022 (2021 \u2013 $2.7m). The investment is considered to have a low credit risk and is expected to be fully recovered, although the credit risk of the debt instrument has increased during the year. This increased risk has been reflected in the fair value calculation of the debt instrument. (d) Liquidity Risk (i) Bank Facilities The Group\u2019s treasury function ensures that there are sufficient committed facilities available to the Group, with an appropriate maturity profile, to provide operational flexibility and to support investment in key Group projects. The Group has sufficient credit facilities to meet both its long- and short-term requirements. The Group\u2019s treasury function ensures flexibility in funding by maintaining availability under committed credit facilities. The Group\u2019s credit facilities are provided by a variety of funding sources and total $186.9m (2021 \u2013 $164.2m) at the year-end. The Group\u2019s undrawn borrowing facilities were as follows: 2022 $m 2021 $m Secured committed facilities 155.0 160.0 Unsecured uncommitted facilities 31.9 \u2013 Secured uncommitted facilities \u2013 4.2 186.9 164.2 Following the cancellation of the RCF in February 2022, a $15m money market line and a $2m overdraft facility were withdrawn, as the banks providing these facilities, although previously part of the RCF lending group, decided not to participate in the ABL arrangements and subsequently withdrew their lending commitment to the Group. Secured Committed Facilities: Asset Based Lending Facility The Group\u2019s Revolving Credit Facility (\u201cRCF\u201d) was cancelled on 7 February 2022, and replaced with a new $150.0m Asset Based Lending (\u201cABL\u201d) facility. The ABL facility has a four-year term, maturing on 7 February 2026. An accordion feature of up to $50.0m was also agreed. This feature allows the Group to increase the total facility quantum to $200.0m, subject to the approval of its bank lending group. The Group\u2019s borrowing capacity is linked to secured asset values. The three main asset classes that form the \u201cBorrowing Base\u201d against which bank capital is advanced are North American-based trade receivables, inventories and freehold property. The Group is required to submit various reports to the facility agent each month so that any fluctuation in the carrying values of these assets are communicated to the lenders, and so that the borrowing base may be recalibrated based on the most recent asset values. Accordingly, availability under the ABL facility will fluctuate to the extent that the underlying asset values change over time, either up or down. The carrying amounts of the assets pledged as security is discussed in notes 11, 18 and 20. The ABL financial covenants are only measured under certain conditions, principally once utilisation of the facility goes through a predefined threshold i.e. 87.5% of the \u201cLine Cap\u201d (\u201cLine Cap\u201d is defined as the lesser of the total facility amount and the Borrowing Base), at which point the Fixed Charge Cover Ratio (\u201cFCCR\u201d) is measured and must be complied with. The FCCR is a financial covenant that looks back over the trailing 12-month period to assess whether EBITDA (as defined by the ABL facility agreement) covers the Group\u2019s Fixed Charges (as defined by the facility agreement) at a ratio of at least 1:1. Management has detailed the wider considerations regarding going concern and future covenant compliance in the Going Concern Statement on page 111. At inception of the ABL (and annually thereafter) a field examination and asset appraisal process was conducted by specialist, bank appointed, third-party valuation firms in order to assess the nature and commercial viability of the secured ABL assets so that appropriate discounts, or \u201cadvance rates\u201d, could be determined. The initial asset appraisals were completed in H2 2021 and consequently the advance rates to be applied in each category for the first 12 months of the ABL\u2019s tenor were imputed. Applying these advance rates to the December 2021 carrying values of the in-scope asset classes, Hunting\u2019s opening availability under the ABL was in excess of $100m. The opening availability at 7 February 2022 was based on in-scope trade receivables and inventory balances only. However, in early July 2022, the legal process to finalise accession of the in-scope US freehold properties into the ABL Borrowing Base was completed. Consequently, the full facility quantum of $150.0m was made available for utilisation by the Company, as the total value of the secured assets exceeded the current facility limit of $150.0m. The Group did not make any drawdowns on the ABL during the year and it remained undrawn at the period end. In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under the ABL. Unsecured Uncommitted Facilities In August 2022, the Asia Pacific operating segment was successful in winning an order worth up to $86m in revenue for Hunting\u2019s proprietary connection technology and associated OCTG for a large offshore project with CNOOC in China. The order is the largest OCTG and Premium Connection order win in the Group\u2019s recent history and, consequently, has demanded substantial working capital investment in order to procure raw materials from local steel mills. In light of strict regulations in China that apply to intercompany loans made by offshore companies to foreign invested entities, whereby treasury could only provide $5.0m of the Group\u2019s available cash as an intercompany loan, the treasury function had to consider a number of different funding options in order to provide the liquidity required to support this contract. However, treasury was also able to provide support and oversight to the local Wuxi finance team in arranging a series of bilateral working capital loans provided by local banks in Wuxi. Two of the facilities, Bank of Jiangsu for CNY50.0m, (maturing October 2023) and ICBC for CNY25.0m (maturing December 2023) were arranged by the local finance team in Wuxi. A third facility for CNY165.0m was provided by HSBC China in Suzhou, but arranged by Hunting\u2019s treasury function in London by leveraging the global relationship that the Group has established with the bank and that is managed out of the UK. There is no formal termination date on this facility, which means it is available until further bilateral agreement. The facilities totalling CNY240.0m ($34.7m) have all been arranged on an uncommitted, unsecured basis and are only available to the Group\u2019s Chinese subsidiary. Interest on all three facilities is based on the China Loan Prime Rate, which at 31 December 2022 stood at 3.65%. At the year-end, $2.8m of the facilities were utilised, as shown in note 25. (ii) Management of Cash The Group needs to ensure that it has sufficient liquid funds available to support its working capital and capital expenditure requirements and that adequate liquidity levels are maintained. All subsidiaries submit weekly and bi-monthly cash forecasts to the treasury function to enable it to monitor the Group\u2019s requirements. A consolidated 12-week forecast, produced weekly, is maintained by the Group\u2019s treasury function, which monitors long- and short-term liquidity requirements of the Group and also identifies any unexpected variances week-on-week. Treasury\u2019s cash management objective is to centrally manage and, where possible, to concentrate the Group\u2019s cash and bank balances back to the treasury function to ensure that funds are managed in the best interests of the Group. Short-term cash balances, together with undrawn facilities, enable the treasury function to manage its day-to-day liquidity risk. Any short-term surplus is invested in accordance with Board-approved treasury policy. This strategy is subject to legislative and regulatory constraints in certain jurisdictions such as exchange control restrictions and minimum capital requirements. Where cash concentration cannot be applied, Group treasury approves all local banking arrangements, including the opening and closing of bank accounts and the investment of surplus cash via bank deposits. Cash Management Arrangements In respect of the UK business units and head office companies, the treasury function has arranged a cash concentration structure with HSBC Bank UK and Barclays Bank UK PLC whereby, at the close of each business day, any surplus balances held in certain subsidiaries\u2019 bank accounts are swept to treasury-owned accounts (\u201cpool header\u201d accounts), with a corresponding adjustment to the intercompany loan receivable, or payable, between that subsidiary and treasury. Similarly, any end-of-day deficit in the same group of subsidiary accounts is funded by a cash sweep from the treasury-owned pool header accounts, and the corresponding intercompany loan is adjusted accordingly. This arrangement enables more efficient utilisation of UK-based entities\u2019 surplus cash and at the same time allows the treasury function to meet any short-term funding needs of the UK business units in a more coordinated fashion and from one single pool of liquidity. In addition, a similar cash concentration structure has been organised with Wells Fargo Bank, N.A. in the US, whereby surplus and deficit cash balances are swept to and from a single pool header account, held by one central US subsidiary, with a corresponding movement in the respective companies\u2019 intercompany loan balance. Treasury has systems in place that allow for same-day centralisation of net surplus cash balances in the US to the UK, or indeed to fund any net cash deficit in the US cash concentration structure. As above, this arrangement allows treasury to efficiently repatriate surplus operational cash from the US to the UK on a daily basis, if deemed cost effective to do so, and the most appropriate application of that cash can then be decided upon by treasury. This arrangement also allows treasury to meet any short-term funding needs of the Group\u2019s US-based business units from cash resources held in, or borrowing facilities that have been arranged by, treasury in the UK. For other regions, such as Canada and Singapore, while formal sweeping arrangements are not in place, treasury monitors balances on a daily basis and periodically transfers surplus cash to the centre using similar intercompany loan arrangements as described above. The Group\u2019s interests in China are subject to the most highly regulated environment of all the Group\u2019s active jurisdictions, in regards to cash management operations. The free movement of cash both to and from China is a highly restricted activity and, as a consequence, treasury is unable to arrange intercompany loans in the same way as it does for the rest of the Group. Treasury has organised banking arrangements with HSBC in China on behalf of the Group\u2019s Chinese business units and, therefore, has visibility of any cash balances held with HSBC and transaction data for these accounts via HSBC\u2019s proprietary online banking system. For balances held at other Chinese banks, treasury has visibility either via its SWIFT connection or from information supplied by Hunting\u2019s local entity. Deposits and Investments of Surplus Cash Short-term deposits and investments in FTFs and MMFs are held for the purpose of meeting short-term cash commitments, minimising counterparty concentration risk and improving cash investment returns. Short-term deposits of surplus cash are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group. These deposits earn interest at the respective short-term deposit rates. The Group has invested surplus cash with MMFs as they are considered to be highly liquid since cash can be redeemed from each fund on a same-day basis. The yield on the funds is calculated on the daily performance of the various instruments within a particular fund. During the year, the treasury function has invested surplus cash in deposits, FTFs and MMFs, in line with its cash management and investment policies that would enable a fair return, whilst maintaining the ability to access the cash easily. The use of these deposits and funds enables the treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash. However, as the working capital requirements of the Group changed throughout the year, the use of these cash products greatly reduced and by the end of 2022, there were no balances held in deposits. At the end of 2021, the Group held $4.8m in deposits with a maturity less than three months, classified as cash and cash equivalents (note 21); $6.8m in FTFs, classified as cash and cash equivalents (note 21); and held $6.8m in deposits with a maturity greater than three months, which were classified as current investments on the balance sheet (note 17). The Group included the deposits with a maturity greater than three months in its calculation of total cash and bank (see NGM J). At the end of 2022, no surplus cash was held in deposits or FTFs. The fair value gains recognised on the FTFs and MMFs in the year of $0.1m (2021 \u2013 immaterial) and the interest earned on the deposits during the year of $0.3m (2021 \u2013 $0.1m) were included in finance income. Cash at bank earns interest at floating rates based on daily bank deposit rates. (iii) Future Cash Flows of Financial Liabilities The following tables analyse the expected timings of cash outflows for each of the Group\u2019s non-derivative financial liabilities. The tables analyse the cash outflows into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity dates of the financial liabilities. The amounts disclosed in the tables are the contractual, undiscounted cash flows and include interest cash flows and other contractual payments, where applicable, so will not always reconcile with the amounts disclosed in the consolidated balance sheet. The carrying values are the amounts in the consolidated balance sheet and are the discounted amounts. Balances due within one year have been included in the maturity analysis at their carrying amounts, as the impact of discounting is not significant. 2022 On demand or within one year $m Between one and five years $m After five years $m Total $m Carrying value $m Non-derivative financial liabilities: Trade payables 66.8 \u2013 \u2013 66.8 66.8 Accruals 29.4 \u2013 \u2013 29.4 29.4 Other payables 1.0 \u2013 \u2013 1.0 1.0 Lease liabilities 8.9 16.4 9.5 34.8 30.6 Secured bank loans 0.7 1.6 \u2013 2.3 \u2013 Bank borrowings unsecured 2.8 \u2013 \u2013 2.8 2.8 Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9 Bank overdrafts secured 2.1 \u2013 \u2013 2.1 2.1 Total 111.7 18.0 13.4 143.1 136.6 2021 On demand or within one year $m Between one and five years $m After five years $m Total $m Carrying value $m Non-derivative financial liabilities: Trade payables 40.5 \u2013 \u2013 40.5 40.5 Accruals i 21.5 \u2013 \u2013 21.5 21.5 Other payables 1.2 \u2013 \u2013 1.2 1.2 Lease liabilities 9.1 21.8 4.9 35.8 31.8 Secured bank loans 0.5 \u2013 \u2013 0.5 \u2013 Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9 Bank overdrafts secured 1.0 \u2013 \u2013 1.0 1.0 Total 73.8 21.8 8.8 104.4 99.9 i. 2021 has been restated to exclude accruals of $7.2m for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. The Group had no net settled financial liabilities at the year-end (2021 \u2013 none). The table below analyses the Group\u2019s derivative financial instruments, which will be settled on a gross basis, into maturity groupings based on the period remaining from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual, undiscounted cash flows. On demand or within one year 2022 $m Between one and five years 2022 $m Total 2022 $m On demand or within one year 2021 $m Between one and five years 2021 $m Total 2021 $m Currency derivatives: Inflows 47.5 \u2013 47.5 43.4 1.2 44.6 Outflows (47.1) \u2013 (47.1) (43.5) (1.2) (44.7) (e) Capital Risk Management The Group\u2019s objectives, policies and processes for managing capital are outlined in the Strategic Report within the Financial Capital Management section on pages 40 and 41. Within this section, the Group provides a definition of capital, provides details of the external financial covenants imposed, key measures for managing capital and the objectives for managing capital. Quantitative disclosures are made together with the parameters for meeting external financial covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-460": { "value": "(a) Market Risk: Foreign Exchange Risk The Group\u2019s international base is exposed to foreign exchange risk from its investing, financing and operating activities, particularly in respect of Sterling, Canadian dollars, Chinese Renminbi and Saudi Arabia Riyal. Foreign exchange risks arise from future commercial transactions and cash flows, and from recognised monetary assets and liabilities that are not denominated in the functional currency of the Group\u2019s local operations. Foreign exchange rates that the Group has the largest exposures to are: Sterling Chinese Renminbi Saudi Arabia Riyal Canadian dollars 2022 2021 2022 2021 2022 2021 2022 2021 Average exchange rate to US dollars 0.81 0.73 6.73 6.45 3.75 3.75 1.30 1.25 Year-end exchange rate to US dollars 0.83 0.74 6.92 6.37 3.75 3.75 1.35 1.26 The aggregate net foreign exchange losses recognised in profit or loss during the year were $nil (2021 \u2013 $0.4m loss). (i) Transactional Risk The exposure to exchange rate movements in significant future commercial transactions and cash flows is hedged by using forward foreign exchange contracts. Certain forward foreign exchange contracts have been designated as hedging instruments of highly probable forecast transactions. Treasury engages with business units to help identify transactional exposures. External hedging activity is then performed by Treasury on behalf of the business units to ensure that transactional risk is managed appropriately and in accordance with Treasury policy. Exposures are also identified and hedged, if necessary, on an ad-hoc basis, such as when a purchase order in a foreign currency is placed. Currency exposures arise where the cash flows are not in the functional currency of the entity. Exposures arising from committed long-term projects beyond a 12-month period are also identified. The table below shows the carrying values of the Group\u2019s financial instruments at 31 December, including derivative financial instruments, on which exchange differences would potentially be recognised in the consolidated income statement in the following year. Currency of denomination At 31 December 2022 Sterling $m US dollars $m UAE dirham $m Singapore dollars $m Saudi Arabia Riyal $m Chinese Renminbi $m Other currencies $m Total $m Functional currency of Group\u2019s entities: Sterling \u2013 (2.2) \u2013 \u2013 \u2013 \u2013 (0.1) (2.3) US dollars (2.8) \u2013 (1.2) (1.3) 1.4 2.4 (0.1) (1.6) Canadian dollars \u2013 (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 (1.5) Euro (0.1) 0.6 \u2013 \u2013 \u2013 \u2013 \u2013 0.5 Chinese CNY \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) (2.9) (3.2) (1.2) (1.3) 1.4 2.4 (0.2) (5.0) Currency of denomination At 31 December 2021 Sterling $m US dollars $m UAE dirham $m Singapore dollars $m Saudi Arabia Riyal $m Chinese Renminbi $m Other currencies $m Total $m Functional currency of Group\u2019s entities: Sterling \u2013 0.9 \u2013 \u2013 \u2013 \u2013 0.1 1.0 US dollars (0.5) \u2013 (1.5) (2.0) (0.4) 0.1 (0.5) (4.8) Canadian dollars \u2013 (1.6) \u2013 \u2013 \u2013 \u2013 \u2013 (1.6) Euro (0.5) 0.9 \u2013 \u2013 \u2013 \u2013 \u2013 0.4 Chinese CNY \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 (1.0) 0.3 (1.5) (2.0) (0.4) 0.1 (0.4) (4.9) Financial instruments comprise cash balances, trade and other receivables, accrued revenue, trade and other payables, accrued expenses, finance lease liabilities, provisions and intra-Group balances. Derivatives designated in a cash flow hedge are excluded as fair value gains and losses arising on these are recognised in other comprehensive income. (ii) Translational Risk Foreign exchange risk also arises from financial assets and liabilities not denominated in the functional currency of an entity\u2019s operations and forward foreign exchange contracts are used to manage the exposure to changes in foreign exchange rates. Where appropriate, hedge accounting is applied to the forward foreign exchange contracts and the hedged item to remove any accounting mismatch. Foreign exchange risk also arises from the Group\u2019s investments in foreign operations. This has previously been hedged using foreign exchange swaps that have been designated in a net investment hedge to hedge the foreign currency translation risk. The foreign exchange exposure arising from the translation of its net investments in foreign operations into the Group\u2019s presentation currency of US dollars has also previously been managed by designating any borrowings that are not US dollar denominated as a hedge of the net investment in foreign operations. The foreign exchange exposure primarily arises from Sterling and Canadian dollar denominated net investments. The accumulated foreign exchange net post-tax gains included in the currency translation reserve in respect of net investment hedges at the beginning and end of the year is $25.0m. (b) Market Risk: Interest Rate Risk Variable interest rates on cash at bank, short-term deposits, overdrafts and borrowings expose the Group to cash flow interest rate risk and fixed interest rates on loans and short-term deposits expose the Group to fair value interest rate risk. The Group\u2019s treasury function manages the Group\u2019s exposure to interest rate risk and uses interest rate swaps and caps, when considered appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-461": { "value": "
(c) Credit Risk
The Group\u2019s credit risk arises from its cash at bank and in hand, investments, derivative financial instruments, accrued revenue, outstanding trade
receivables, other receivables and contract assets.
At the year-end, the Group had credit risk exposure to a wide range of counterparties. Credit risk exposure is continually monitored and no individual
exposure is considered to be significant in the context of the ordinary course of the Group\u2019s activities whether through exposure to individual
customers, specific industry sectors and/or regions.
(i) Credit Risk: Total Cash and Bank
Hunting PLC\u2019s Board approves the treasury policies that determine which counterparties can be used. Due diligence is carried out prior to the
authorisation of a bank or financial institution as an approved counterparty. For banks and financial institutions, exposure limits are set for each
approved counterparty, as well as the types of transactions that may be entered into. Approved institutions that the Group\u2019s treasury function can
invest surplus cash with must all have a minimum A2, P2 or F2 short-term rating from Standard & Poor\u2019s, Moody\u2019s or Fitch rating agencies
respectively and AAA-mf Fitch rating for money market funds. Money market funds aim to have a stable net asset value per share of 1 (this means
that for every $1 or \u00a31 that is in the fund there will be an asset to cover it) and the funds have overnight liquidity.
At the year-end, cash at bank and in hand totalled $29.4m (2021 \u2013 $96.8m), with $19.7m (2021 \u2013 $80.8m) deposited with banks with Fitch short-term
ratings of F1 to F1+. Of the remaining $9.7m (2021 \u2013 $16.0m), $6.2m (2021 \u2013 $14.9m) was held with two financial institutions within mainland China
which, given the Group\u2019s operations in this jurisdiction, were deemed necessary. Despite not having formal credit ratings, an internal assessment
determined that the banks\u2019 credit profiles were appropriate for the amounts held on deposit. There are no formal restrictions on this cash as such;
however, prior approval would be required from various state authorities in China before any cash could be paid offshore. This cash balance could
be used by the Group to service intercompany loans, which total $5.2m at the year-end. In order for the Group to access the balance of $1.0m,
a dividend would need to be declared.
During the year, the treasury function invested surplus cash in line with its cash management and investment policies in short-term deposits,
Fixed Term Funds (\u201cFTFs\u201d) and money market funds (\u201cMMFs\u201d). The use of these deposits and funds enables the treasury function to diversify
its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash.
Each FTF is 100% maturity-matched with a single, self-liquidating, investment-grade fixed income instrument, which is transparent to the investor.
Unless there is a credit issue with the underlying issuer, FTFs are not dependent on secondary market sales for liquidity. As all proceeds from each
FTF are derived from the maturity of a single underlying instrument, the maturity amount of each FTF is known precisely on the date of investment.
All FTFs offer exposure to financial institutions with investment-grade credit ratings.
The credit ratings of the financial institutions where the Group\u2019s total cash and bank balances have been invested are listed below:
Credit rating
2022
$m
2021
$m
Cash at bank and in hand Fitch F1 to F1+ 19.7 80.8
Cash at bank and in hand N/A 9.7 16.0
Short-term deposits with less than 3 months to maturity Fitch F2 \u2013 4.8
Cash deposits with more than 3 months to maturity Fitch F1 \u2013 6.8
Fixed Term Funds Fitch F1 \u2013 6.8
Derivative financial assets Fitch AA-(dcr) 0.2 \u2013
Derivative financial assets Fitch A+(dcr) 0.4 0.1
The credit risk of foreign exchange contracts is calculated before the contract is acquired and compared to the credit risk limit set for each
counterparty. Credit risk is calculated as a fixed percentage of the nominal value of the instrument.
(ii) Credit Risk: Receivables The Group makes sales to a large number of different customers; however a significant proportion of sales are made to service companies in the oil and gas sector. The majority of the Group\u2019s customers are based in North America. On a quarterly basis, the Group\u2019s entities submit information to the head office on individual receivables balances greater than $0.2m, individual receivable balances greater than $32,500 and 90 days overdue, and quarterly average receivables balances. At the year-end, trade receivables of $158.9m (2021 \u2013 $99.7m) comprised individual balances greater than $0.2m, with no individual customer balance representing more than 7% (2021 \u2013 8%) of the year-end receivables balance of $183.1m (2021 \u2013 $128.1m). The risk of customer default for outstanding trade receivables and accrued revenue and contract assets is continuously monitored. Credit account limits are set locally by management and are primarily based on the credit quality of the customer taking into account past experience through trading relationships and the customer\u2019s financial position. As expected, the probability that a customer would default has declined throughout 2022 as trading improved following the global economic downturn. The Group used Credit Benchmark software to monitor the creditworthiness and changing credit profiles of its customers. Credit Benchmark uses a similar ratings framework to the main credit ratings agencies for classifying the credit quality of a business. However, Credit Benchmark ratings are based on contributed risk views from leading global financial institutions, including 15 Global Systemically Important Banks domiciled in the US, Continental Europe, Switzerland, the UK, Japan, Canada, Australia and South Africa. The contributions are anonymised, aggregated and published twice monthly in the form of Credit Consensus Ratings and Aggregate Analytics. Although in most cases the Credit Benchmark consensus rating of a business is based on a number of contributing views, there are instances where there is only a single source on which the rating is based. During 2022, 37% of sales, which is more than $263m (2021 \u2013 36%/$185m) of the Group\u2019s revenue, were made to customers with a Credit Benchmark investment-grade rating of bbb or higher, as shown in the table below. This includes customers with a single-source rating, whereby the rating is based on only a single source rather than a consensus rating which has been derived from a number of contributing views. % of Revenue Credit Benchmark \u2013 Credit Consensus Ratings 2022 2021 aa 2 2 a 16 9 bbb 19 25 bb 3 9 b 3 3 c 0 1 No rating 57 51 To reduce credit risk exposure from outstanding receivables, the Group has taken out credit insurance with an external insurer, subject to certain conditions. Details of the impairment of trade and other receivables can be found in note 18. (iii) Credit Risk: Other Financial Assets The Group operates a defined benefit pension scheme in the US, which is unfunded. Contributions are paid into a separate investment vehicle and invested in a wide portfolio of US mutual funds. Investments at the year-end amounted to $1.9m (2021 \u2013 $1.9m) and are expected to be fully recovered. The Group has provided Well Data Labs with $2.5m in convertible financing, the fair value of which was $2.9m at 31 December 2022 (2021 \u2013 $2.7m). The investment is considered to have a low credit risk and is expected to be fully recovered, although the credit risk of the debt instrument has increased during the year. This increased risk has been reflected in the fair value calculation of the debt instrument. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-511": { "value": "At the year-end, cash at bank and in hand totalled $29.4m (2021 \u2013 $96.8m), with $19.7m (2021 \u2013 $80.8m) deposited with banks with Fitch short-term ratings of F1 to F1+. Of the remaining $9.7m (2021 \u2013 $16.0m), $6.2m (2021 \u2013 $14.9m) was held with two financial institutions within mainland China which, given the Group\u2019s operations in this jurisdiction, were deemed necessary. Despite not having formal credit ratings, an internal assessment determined that the banks\u2019 credit profiles were appropriate for the amounts held on deposit. There are no formal restrictions on this cash as such; however, prior approval would be required from various state authorities in China before any cash could be paid offshore. This cash balance could be used by the Group to service intercompany loans, which total $5.2m at the year-end. In order for the Group to access the balance of $1.0m, a dividend would need to be declared. In light of strict regulations in China that apply to intercompany loans made by offshore companies to foreign invested entities, whereby treasury could only provide $5.0m of the Group\u2019s available cash as an intercompany loan, the treasury function had to consider a number of different funding options in order to provide the liquidity required to support this contract. However, treasury was also able to provide support and oversight to the local Wuxi finance team in arranging a series of bilateral working capital loans provided by local banks in Wuxi. Two of the facilities, Bank of Jiangsu for CNY50.0m, (maturing October 2023) and ICBC for CNY25.0m (maturing December 2023) were arranged by the local finance team in Wuxi. A third facility for CNY165.0m was provided by HSBC China in Suzhou, but arranged by Hunting\u2019s treasury function in London by leveraging the global relationship that the Group has established with the bank and that is managed out of the UK. There is no formal termination date on this facility, which means it is available until further bilateral agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-462": { "value": "(d) Liquidity Risk (i) Bank Facilities The Group\u2019s treasury function ensures that there are sufficient committed facilities available to the Group, with an appropriate maturity profile, to provide operational flexibility and to support investment in key Group projects. The Group has sufficient credit facilities to meet both its long- and short-term requirements. The Group\u2019s treasury function ensures flexibility in funding by maintaining availability under committed credit facilities. The Group\u2019s credit facilities are provided by a variety of funding sources and total $186.9m (2021 \u2013 $164.2m) at the year-end. The Group\u2019s undrawn borrowing facilities were as follows: 2022 $m 2021 $m Secured committed facilities 155.0 160.0 Unsecured uncommitted facilities 31.9 \u2013 Secured uncommitted facilities \u2013 4.2 186.9 164.2 Following the cancellation of the RCF in February 2022, a $15m money market line and a $2m overdraft facility were withdrawn, as the banks providing these facilities, although previously part of the RCF lending group, decided not to participate in the ABL arrangements and subsequently withdrew their lending commitment to the Group. Secured Committed Facilities: Asset Based Lending Facility The Group\u2019s Revolving Credit Facility (\u201cRCF\u201d) was cancelled on 7 February 2022, and replaced with a new $150.0m Asset Based Lending (\u201cABL\u201d) facility. The ABL facility has a four-year term, maturing on 7 February 2026. An accordion feature of up to $50.0m was also agreed. This feature allows the Group to increase the total facility quantum to $200.0m, subject to the approval of its bank lending group. The Group\u2019s borrowing capacity is linked to secured asset values. The three main asset classes that form the \u201cBorrowing Base\u201d against which bank capital is advanced are North American-based trade receivables, inventories and freehold property. The Group is required to submit various reports to the facility agent each month so that any fluctuation in the carrying values of these assets are communicated to the lenders, and so that the borrowing base may be recalibrated based on the most recent asset values. Accordingly, availability under the ABL facility will fluctuate to the extent that the underlying asset values change over time, either up or down. The carrying amounts of the assets pledged as security is discussed in notes 11, 18 and 20. The ABL financial covenants are only measured under certain conditions, principally once utilisation of the facility goes through a predefined threshold i.e. 87.5% of the \u201cLine Cap\u201d (\u201cLine Cap\u201d is defined as the lesser of the total facility amount and the Borrowing Base), at which point the Fixed Charge Cover Ratio (\u201cFCCR\u201d) is measured and must be complied with. The FCCR is a financial covenant that looks back over the trailing 12-month period to assess whether EBITDA (as defined by the ABL facility agreement) covers the Group\u2019s Fixed Charges (as defined by the facility agreement) at a ratio of at least 1:1. Management has detailed the wider considerations regarding going concern and future covenant compliance in the Going Concern Statement on page 111. At inception of the ABL (and annually thereafter) a field examination and asset appraisal process was conducted by specialist, bank appointed, third-party valuation firms in order to assess the nature and commercial viability of the secured ABL assets so that appropriate discounts, or \u201cadvance rates\u201d, could be determined. The initial asset appraisals were completed in H2 2021 and consequently the advance rates to be applied in each category for the first 12 months of the ABL\u2019s tenor were imputed. Applying these advance rates to the December 2021 carrying values of the in-scope asset classes, Hunting\u2019s opening availability under the ABL was in excess of $100m. The opening availability at 7 February 2022 was based on in-scope trade receivables and inventory balances only. However, in early July 2022, the legal process to finalise accession of the in-scope US freehold properties into the ABL Borrowing Base was completed. Consequently, the full facility quantum of $150.0m was made available for utilisation by the Company, as the total value of the secured assets exceeded the current facility limit of $150.0m. The Group did not make any drawdowns on the ABL during the year and it remained undrawn at the period end. In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under the ABL. Unsecured Uncommitted Facilities In August 2022, the Asia Pacific operating segment was successful in winning an order worth up to $86m in revenue for Hunting\u2019s proprietary connection technology and associated OCTG for a large offshore project with CNOOC in China. The order is the largest OCTG and Premium Connection order win in the Group\u2019s recent history and, consequently, has demanded substantial working capital investment in order to procure raw materials from local steel mills. In light of strict regulations in China that apply to intercompany loans made by offshore companies to foreign invested entities, whereby treasury could only provide $5.0m of the Group\u2019s available cash as an intercompany loan, the treasury function had to consider a number of different funding options in order to provide the liquidity required to support this contract. However, treasury was also able to provide support and oversight to the local Wuxi finance team in arranging a series of bilateral working capital loans provided by local banks in Wuxi. Two of the facilities, Bank of Jiangsu for CNY50.0m, (maturing October 2023) and ICBC for CNY25.0m (maturing December 2023) were arranged by the local finance team in Wuxi. A third facility for CNY165.0m was provided by HSBC China in Suzhou, but arranged by Hunting\u2019s treasury function in London by leveraging the global relationship that the Group has established with the bank and that is managed out of the UK. There is no formal termination date on this facility, which means it is available until further bilateral agreement. The facilities totalling CNY240.0m ($34.7m) have all been arranged on an uncommitted, unsecured basis and are only available to the Group\u2019s Chinese subsidiary. Interest on all three facilities is based on the China Loan Prime Rate, which at 31 December 2022 stood at 3.65%. At the year-end, $2.8m of the facilities were utilised, as shown in note 25. (ii) Management of Cash The Group needs to ensure that it has sufficient liquid funds available to support its working capital and capital expenditure requirements and that adequate liquidity levels are maintained. All subsidiaries submit weekly and bi-monthly cash forecasts to the treasury function to enable it to monitor the Group\u2019s requirements. A consolidated 12-week forecast, produced weekly, is maintained by the Group\u2019s treasury function, which monitors long- and short-term liquidity requirements of the Group and also identifies any unexpected variances week-on-week. Treasury\u2019s cash management objective is to centrally manage and, where possible, to concentrate the Group\u2019s cash and bank balances back to the treasury function to ensure that funds are managed in the best interests of the Group. Short-term cash balances, together with undrawn facilities, enable the treasury function to manage its day-to-day liquidity risk. Any short-term surplus is invested in accordance with Board-approved treasury policy. This strategy is subject to legislative and regulatory constraints in certain jurisdictions such as exchange control restrictions and minimum capital requirements. Where cash concentration cannot be applied, Group treasury approves all local banking arrangements, including the opening and closing of bank accounts and the investment of surplus cash via bank deposits. Cash Management Arrangements In respect of the UK business units and head office companies, the treasury function has arranged a cash concentration structure with HSBC Bank UK and Barclays Bank UK PLC whereby, at the close of each business day, any surplus balances held in certain subsidiaries\u2019 bank accounts are swept to treasury-owned accounts (\u201cpool header\u201d accounts), with a corresponding adjustment to the intercompany loan receivable, or payable, between that subsidiary and treasury. Similarly, any end-of-day deficit in the same group of subsidiary accounts is funded by a cash sweep from the treasury-owned pool header accounts, and the corresponding intercompany loan is adjusted accordingly. This arrangement enables more efficient utilisation of UK-based entities\u2019 surplus cash and at the same time allows the treasury function to meet any short-term funding needs of the UK business units in a more coordinated fashion and from one single pool of liquidity. In addition, a similar cash concentration structure has been organised with Wells Fargo Bank, N.A. in the US, whereby surplus and deficit cash balances are swept to and from a single pool header account, held by one central US subsidiary, with a corresponding movement in the respective companies\u2019 intercompany loan balance. Treasury has systems in place that allow for same-day centralisation of net surplus cash balances in the US to the UK, or indeed to fund any net cash deficit in the US cash concentration structure. As above, this arrangement allows treasury to efficiently repatriate surplus operational cash from the US to the UK on a daily basis, if deemed cost effective to do so, and the most appropriate application of that cash can then be decided upon by treasury. This arrangement also allows treasury to meet any short-term funding needs of the Group\u2019s US-based business units from cash resources held in, or borrowing facilities that have been arranged by, treasury in the UK. For other regions, such as Canada and Singapore, while formal sweeping arrangements are not in place, treasury monitors balances on a daily basis and periodically transfers surplus cash to the centre using similar intercompany loan arrangements as described above. The Group\u2019s interests in China are subject to the most highly regulated environment of all the Group\u2019s active jurisdictions, in regards to cash management operations. The free movement of cash both to and from China is a highly restricted activity and, as a consequence, treasury is unable to arrange intercompany loans in the same way as it does for the rest of the Group. Treasury has organised banking arrangements with HSBC in China on behalf of the Group\u2019s Chinese business units and, therefore, has visibility of any cash balances held with HSBC and transaction data for these accounts via HSBC\u2019s proprietary online banking system. For balances held at other Chinese banks, treasury has visibility either via its SWIFT connection or from information supplied by Hunting\u2019s local entity. Deposits and Investments of Surplus Cash Short-term deposits and investments in FTFs and MMFs are held for the purpose of meeting short-term cash commitments, minimising counterparty concentration risk and improving cash investment returns. Short-term deposits of surplus cash are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group. These deposits earn interest at the respective short-term deposit rates. The Group has invested surplus cash with MMFs as they are considered to be highly liquid since cash can be redeemed from each fund on a same-day basis. The yield on the funds is calculated on the daily performance of the various instruments within a particular fund. During the year, the treasury function has invested surplus cash in deposits, FTFs and MMFs, in line with its cash management and investment policies that would enable a fair return, whilst maintaining the ability to access the cash easily. The use of these deposits and funds enables the treasury function to diversify its counterparty concentration risk by depositing funds with various financial institutions and improve the yields on a portion of its surplus cash. However, as the working capital requirements of the Group changed throughout the year, the use of these cash products greatly reduced and by the end of 2022, there were no balances held in deposits. At the end of 2021, the Group held $4.8m in deposits with a maturity less than three months, classified as cash and cash equivalents (note 21); $6.8m in FTFs, classified as cash and cash equivalents (note 21); and held $6.8m in deposits with a maturity greater than three months, which were classified as current investments on the balance sheet (note 17). The Group included the deposits with a maturity greater than three months in its calculation of total cash and bank (see NGM J). At the end of 2022, no surplus cash was held in deposits or FTFs. The fair value gains recognised on the FTFs and MMFs in the year of $0.1m (2021 \u2013 immaterial) and the interest earned on the deposits during the year of $0.3m (2021 \u2013 $0.1m) were included in finance income. Cash at bank earns interest at floating rates based on daily bank deposit rates. (iii) Future Cash Flows of Financial Liabilities The following tables analyse the expected timings of cash outflows for each of the Group\u2019s non-derivative financial liabilities. The tables analyse the cash outflows into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity dates of the financial liabilities. The amounts disclosed in the tables are the contractual, undiscounted cash flows and include interest cash flows and other contractual payments, where applicable, so will not always reconcile with the amounts disclosed in the consolidated balance sheet. The carrying values are the amounts in the consolidated balance sheet and are the discounted amounts. Balances due within one year have been included in the maturity analysis at their carrying amounts, as the impact of discounting is not significant. 2022 On demand or within one year $m Between one and five years $m After five years $m Total $m Carrying value $m Non-derivative financial liabilities: Trade payables 66.8 \u2013 \u2013 66.8 66.8 Accruals 29.4 \u2013 \u2013 29.4 29.4 Other payables 1.0 \u2013 \u2013 1.0 1.0 Lease liabilities 8.9 16.4 9.5 34.8 30.6 Secured bank loans 0.7 1.6 \u2013 2.3 \u2013 Bank borrowings unsecured 2.8 \u2013 \u2013 2.8 2.8 Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9 Bank overdrafts secured 2.1 \u2013 \u2013 2.1 2.1 Total 111.7 18.0 13.4 143.1 136.6 2021 On demand or within one year $m Between one and five years $m After five years $m Total $m Carrying value $m Non-derivative financial liabilities: Trade payables 40.5 \u2013 \u2013 40.5 40.5 Accruals i 21.5 \u2013 \u2013 21.5 21.5 Other payables 1.2 \u2013 \u2013 1.2 1.2 Lease liabilities 9.1 21.8 4.9 35.8 31.8 Secured bank loans 0.5 \u2013 \u2013 0.5 \u2013 Shareholder loan from non-controlling interest \u2013 \u2013 3.9 3.9 3.9 Bank overdrafts secured 1.0 \u2013 \u2013 1.0 1.0 Total 73.8 21.8 8.8 104.4 99.9 i. 2021 has been restated to exclude accruals of $7.2m for accruals recognised under IAS 19 and IFRS 2 that are outside the scope of IFRS 7. The Group had no net settled financial liabilities at the year-end (2021 \u2013 none). The table below analyses the Group\u2019s derivative financial instruments, which will be settled on a gross basis, into maturity groupings based on the period remaining from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual, undiscounted cash flows. On demand or within one year 2022 $m Between one and five years 2022 $m Total 2022 $m On demand or within one year 2021 $m Between one and five years 2021 $m Total 2021 $m Currency derivatives: Inflows 47.5 \u2013 47.5 43.4 1.2 44.6 Outflows (47.1) \u2013 (47.1) (43.5) (1.2) (44.7) ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-520": { "value": "In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under the ABL. 39. Events After the Balance Sheet Date In January 2023, one of the banks in the ABL lending group provided a $2.4m letter of credit in favour of one of the Group\u2019s major customers, which has an expiration date of February 2026. This amount has been permanently carved out of the total facility amount that Hunting is able to utilise under the ABL. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-463": { "value": "(e) Capital Risk Management The Group\u2019s objectives, policies and processes for managing capital are outlined in the Strategic Report within the Financial Capital Management section on pages 40 and 41. Within this section, the Group provides a definition of capital, provides details of the external financial covenants imposed, key measures for managing capital and the objectives for managing capital. Quantitative disclosures are made together with the parameters for meeting external financial covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-424": { "value": "31. Financial Instruments: Sensitivity Analysis The following sensitivity analysis is intended to illustrate the sensitivity to changes in market variables on the Group\u2019s financial instruments and show the impact on profit or loss and shareholders\u2019 equity. Financial instruments affected by market risk include cash at bank and in hand, trade and other receivables, trade and other payables, lease liabilities, borrowings and derivative financial instruments. The sensitivity analysis relates to the position as at 31 December 2022. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-retirement obligations, provisions and non-financial assets and liabilities of foreign operations. The following assumptions have been made in calculating the sensitivity analysis: \u2022 Foreign exchange rate and interest rate sensitivities have an asymmetric impact on the Group\u2019s results, that is an increase in rates does not result in the same amount of movement as a decrease in rates; \u2022 For floating rate assets and liabilities, the amount of asset or liability outstanding at the balance sheet date is assumed to be outstanding for the whole year; \u2022 Fixed-rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis; and \u2022 The carrying values of financial assets and liabilities carried at amortised cost do not change as interest rates change. Positive figures represent an increase in profit or equity. (a) Interest Rate Sensitivity (i) US Interest Rates The sensitivity rate of 1.0% (2021 \u2013 1.0%) for US interest rates represents management\u2019s assessment of a reasonably possible change, based on historical volatility and a review of analysts\u2019 research and banks\u2019 expectations of future interest rates. The impact on the consolidated income statement, with all other variables held constant, in applying the sensitivity above results in a $0.1m (2021 \u2013 $0.3m) increase or decrease in post-tax profit for an increase or decrease in US interest rates. There is no impact on other comprehensive income (\u201cOCI\u201d) for a change in US interest rates. (ii) Other Interest Rates For all other interest rates, there is an immaterial impact on post-tax profit or loss for any reasonably possible changes in other interest rates, based on historical volatility and a review of analysts\u2019 research and banks\u2019 expectations of future interest rates. There is no impact on OCI for a change in other interest rates. (b) Foreign Exchange Rate Sensitivity Management has considered the impact of changes to the various foreign exchange rates on the exposed financial assets and liabilities disclosed in note 30(a)(i). The sensitivity rates chosen represent management\u2019s assessment of a reasonably possible change, based on historical volatility and a review of analysts\u2019 research and banks\u2019 expectations of future foreign exchange rates. There is an immaterial impact on post-tax profit or loss and on OCI for any reasonably possible changes in the foreign exchange rates. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-464": { "value": "33. Share Capital and Share Premium The Company\u2019s share capital comprises a single class of Ordinary shares, which are classified as equity. Ordinary shares of 25p each Number Ordinary shares of 25p each $m Share premium $m At 31 December 2020, 2021 and 2022 164,940,082 66.5 153.0 There are no restrictions attached to any of the Ordinary shares in issue and all Ordinary shares carry equal voting rights. The rights attached to the Company\u2019s Ordinary shares are summarised on page 250. All of the Ordinary shares in issue are fully paid. At 31 December 2022, 5,370,963 (2021 \u2013 4,282,065) Ordinary shares were held by an Employee Benefit Trust. Details of the carrying amount are set out in note 35 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-425": { "value": "33. Share Capital and Share Premium The Company\u2019s share capital comprises a single class of Ordinary shares, which are classified as equity. Ordinary shares of 25p each Number Ordinary shares of 25p each $m Share premium $m At 31 December 2020, 2021 and 2022 164,940,082 66.5 153.0 There are no restrictions attached to any of the Ordinary shares in issue and all Ordinary shares carry equal voting rights. The rights attached to the Company\u2019s Ordinary shares are summarised on page 250. All of the Ordinary shares in issue are fully paid. At 31 December 2022, 5,370,963 (2021 \u2013 4,282,065) Ordinary shares were held by an Employee Benefit Trust. Details of the carrying amount are set out in note 35 . 34. Other Components of Equity 2022 Merger reserve $m Share-based payments reserve $m Currency translation reserve $m Capital redemption reserve $m Hedge reserve $m Total $m At 1 January 2022 25.4 15.6 (3.8) 0.8 \u2013 38.0 Exchange adjustments \u2013 \u2013 (9.2) \u2013 \u2013 (9.2) Share options and awards \u2013 value of employee services \u2013 9.4 \u2013 \u2013 \u2013 9.4 \u2013 discharge \u2013 (9.1) \u2013 \u2013 \u2013 (9.1) Fair value gains and losses \u2013 gains originating on cash flow hedges arising during the year \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 gains transferred to balance sheet on disposal of cash flow hedges \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) \u2013 losses transferred to income statement on disposal of cash flow hedges \u2013 \u2013 \u2013 \u2013 0.1 0.1 \u2013 taxation \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) Transfer between reserves (13.6) \u2013 \u2013 \u2013 \u2013 (13.6) At 31 December 2022 11.8 15.9 (13.0) 0.8 0.3 15.8 2021 Merger reserve $m Share-based payments reserve $m Currency translation reserve $m Capital redemption reserve $m Hedge reserve $m Total $m At 1 January 2021 38.2 17.3 (4.0) 0.8 \u2013 52.3 Exchange adjustments \u2013 \u2013 0.2 \u2013 \u2013 0.2 Share options and awards \u2013 value of employee services \u2013 8.7 \u2013 \u2013 \u2013 8.7 \u2013 discharge \u2013 (10.4) \u2013 \u2013 \u2013 (10.4) Transfer between reserves (12.8) \u2013 \u2013 \u2013 \u2013 (12.8) At 31 December 2021 25.4 15.6 (3.8) 0.8 \u2013 38.0 The merger reserve comprises the proceeds received, net of transaction costs, in excess of the nominal value of the Ordinary shares issued by way of the share placing completed on 31 October 2016. In accordance with section 612 of the Companies Act 2006, the premium was credited to the merger reserve, instead of to the share premium account, because the share placing was pursuant to the Company securing over 90% of another entity. The proceeds were used to pay down the Group\u2019s borrowings at that time. The reserve is currently non-distributable and is transferred to distributable retained earnings when the proceeds meet the definition of qualifying consideration. During the year, $13.6m (2021 \u2013 $12.8m) was transferred from the merger reserve to retained earnings. This portion of the reserve was considered to be realised, as the equivalent amount of the proceeds from the share placing in 2016 have now met the definition of qualifying consideration. The share-based payments reserve represents the Group\u2019s obligation to settle share-based awards issued to its employees. When employees exercise their awards, the portion of the share-based payments reserve which represents the share-based payment charge for those awards is transferred to retained earnings and the Group discharges its obligation. The currency translation reserve contains the accumulated foreign exchange differences that arise from the translation of the financial statements of the Group\u2019s foreign operations into US dollars when the Group\u2019s entities are consolidated, together with exchange differences arising on foreign currency loans used to finance foreign currency net investments. The currency translation reserve also includes the accumulated foreign exchange net gains in respect of net investment hedges, which will be released to the income statement on the disposal or dissolution of the relevant subsidiary. The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the purchase of the Company\u2019s own shares out of distributable profits. The hedge reserve represents the accumulated fair value gains and losses in relation to the spot component of forward foreign exchange contracts designated in a cash flow hedge that were taken out to hedge the purchase of an asset, such as PPE or inventory, in a foreign currency. The fair value gain or loss accumulated in the hedge reserve is transferred to the cost of the asset when it is acquired. 35. Retained Earnings 2022 $m 2021 $m At 1 January 612.4 692.6 Loss for the year (4.6) (85.8) Remeasurement of defined benefit pension schemes net of tax (note 32) 0.1 (0.2) Dividends paid to Hunting PLC shareholders (13.6) (12.8) Treasury shares \u2013 purchase of treasury shares (7.9) (8.1) \u2013 proceeds on disposal of treasury shares 0.2 0.3 Share options and awards \u2013 discharge 8.9 10.2 \u2013 taxation 0.2 \u2013 Acquisition of non-controlling interest \u2013 3.4 Transfer between reserves 13.6 12.8 At 31 December 609.3 612.4 The share options and awards taxation credit taken directly to equity of $0.2m (2021 \u2013 $nil) comprised a deferred tax credit. Retained earnings include the following amounts in respect of the carrying amount of treasury shares: 2022 $m 2021 $m Cost: At 1 January (15.0) (10.6) Purchase of treasury shares (7.9) (8.1) Cost of treasury shares disposed 3.7 3.7 At 31 December (19.2) (15.0) At 31 December 2022, 5,370,963 Ordinary shares were held by the Employee Benefit Trust (2021 \u2013 4,282,065). The Company purchased 2,130,142 (2021 \u2013 2,703,100) additional treasury shares during the year for $7.9m (2021 \u2013 $8.1m). The loss on disposal of treasury shares during the year, which is recognised in retained earnings, was $3.5m (2021 \u2013 $3.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-485": { "value": "At 31 December 2022, 5,370,963 (2021 \u2013 4,282,065) Ordinary shares were held by an Employee Benefit Trust. Details of the carrying amount are set out in note 35 . Retained earnings include the following amounts in respect of the carrying amount of treasury shares: 2022 $m 2021 $m Cost: At 1 January (15.0) (10.6) Purchase of treasury shares (7.9) (8.1) Cost of treasury shares disposed 3.7 3.7 At 31 December (19.2) (15.0) At 31 December 2022, 5,370,963 Ordinary shares were held by the Employee Benefit Trust (2021 \u2013 4,282,065). The Company purchased 2,130,142 (2021 \u2013 2,703,100) additional treasury shares during the year for $7.9m (2021 \u2013 $8.1m). The loss on disposal of treasury shares during the year, which is recognised in retained earnings, was $3.5m (2021 \u2013 $3.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-465": { "value": "34. Other Components of Equity 2022 Merger reserve $m Share-based payments reserve $m Currency translation reserve $m Capital redemption reserve $m Hedge reserve $m Total $m At 1 January 2022 25.4 15.6 (3.8) 0.8 \u2013 38.0 Exchange adjustments \u2013 \u2013 (9.2) \u2013 \u2013 (9.2) Share options and awards \u2013 value of employee services \u2013 9.4 \u2013 \u2013 \u2013 9.4 \u2013 discharge \u2013 (9.1) \u2013 \u2013 \u2013 (9.1) Fair value gains and losses \u2013 gains originating on cash flow hedges arising during the year \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 gains transferred to balance sheet on disposal of cash flow hedges \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) \u2013 losses transferred to income statement on disposal of cash flow hedges \u2013 \u2013 \u2013 \u2013 0.1 0.1 \u2013 taxation \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) Transfer between reserves (13.6) \u2013 \u2013 \u2013 \u2013 (13.6) At 31 December 2022 11.8 15.9 (13.0) 0.8 0.3 15.8 2021 Merger reserve $m Share-based payments reserve $m Currency translation reserve $m Capital redemption reserve $m Hedge reserve $m Total $m At 1 January 2021 38.2 17.3 (4.0) 0.8 \u2013 52.3 Exchange adjustments \u2013 \u2013 0.2 \u2013 \u2013 0.2 Share options and awards \u2013 value of employee services \u2013 8.7 \u2013 \u2013 \u2013 8.7 \u2013 discharge \u2013 (10.4) \u2013 \u2013 \u2013 (10.4) Transfer between reserves (12.8) \u2013 \u2013 \u2013 \u2013 (12.8) At 31 December 2021 25.4 15.6 (3.8) 0.8 \u2013 38.0 The merger reserve comprises the proceeds received, net of transaction costs, in excess of the nominal value of the Ordinary shares issued by way of the share placing completed on 31 October 2016. In accordance with section 612 of the Companies Act 2006, the premium was credited to the merger reserve, instead of to the share premium account, because the share placing was pursuant to the Company securing over 90% of another entity. The proceeds were used to pay down the Group\u2019s borrowings at that time. The reserve is currently non-distributable and is transferred to distributable retained earnings when the proceeds meet the definition of qualifying consideration. During the year, $13.6m (2021 \u2013 $12.8m) was transferred from the merger reserve to retained earnings. This portion of the reserve was considered to be realised, as the equivalent amount of the proceeds from the share placing in 2016 have now met the definition of qualifying consideration. The share-based payments reserve represents the Group\u2019s obligation to settle share-based awards issued to its employees. When employees exercise their awards, the portion of the share-based payments reserve which represents the share-based payment charge for those awards is transferred to retained earnings and the Group discharges its obligation. The currency translation reserve contains the accumulated foreign exchange differences that arise from the translation of the financial statements of the Group\u2019s foreign operations into US dollars when the Group\u2019s entities are consolidated, together with exchange differences arising on foreign currency loans used to finance foreign currency net investments. The currency translation reserve also includes the accumulated foreign exchange net gains in respect of net investment hedges, which will be released to the income statement on the disposal or dissolution of the relevant subsidiary. The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the purchase of the Company\u2019s own shares out of distributable profits. The hedge reserve represents the accumulated fair value gains and losses in relation to the spot component of forward foreign exchange contracts designated in a cash flow hedge that were taken out to hedge the purchase of an asset, such as PPE or inventory, in a foreign currency. The fair value gain or loss accumulated in the hedge reserve is transferred to the cost of the asset when it is acquired. 35. Retained Earnings 2022 $m 2021 $m At 1 January 612.4 692.6 Loss for the year (4.6) (85.8) Remeasurement of defined benefit pension schemes net of tax (note 32) 0.1 (0.2) Dividends paid to Hunting PLC shareholders (13.6) (12.8) Treasury shares \u2013 purchase of treasury shares (7.9) (8.1) \u2013 proceeds on disposal of treasury shares 0.2 0.3 Share options and awards \u2013 discharge 8.9 10.2 \u2013 taxation 0.2 \u2013 Acquisition of non-controlling interest \u2013 3.4 Transfer between reserves 13.6 12.8 At 31 December 609.3 612.4 The share options and awards taxation credit taken directly to equity of $0.2m (2021 \u2013 $nil) comprised a deferred tax credit. Retained earnings include the following amounts in respect of the carrying amount of treasury shares: 2022 $m 2021 $m Cost: At 1 January (15.0) (10.6) Purchase of treasury shares (7.9) (8.1) Cost of treasury shares disposed 3.7 3.7 At 31 December (19.2) (15.0) At 31 December 2022, 5,370,963 Ordinary shares were held by the Employee Benefit Trust (2021 \u2013 4,282,065). The Company purchased 2,130,142 (2021 \u2013 2,703,100) additional treasury shares during the year for $7.9m (2021 \u2013 $8.1m). The loss on disposal of treasury shares during the year, which is recognised in retained earnings, was $3.5m (2021 \u2013 $3.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-426": { "value": "36. Dividends Paid to Hunting PLC Shareholders 2022 2021 Cents per share $m Cents per share $m Ordinary dividends: 2021 final dividend 4.0 6.4 \u2013 \u2013 2022 interim dividend 4.5 7.2 \u2013 \u2013 2020 final dividend \u2013 \u2013 4.0 6.4 2021 interim dividend \u2013 \u2013 4.0 6.4 8.5 13.6 8.0 12.8 A final dividend of 4.5 cents per share has been proposed by the Board, amounting to an estimated distribution of $7 .2m. The proposed final dividend is subject to approval by the shareholders at the Annual General Meeting to be held on 19 April 2023 and has not been provided for in these financial statements. If approved, the dividend will be paid in Sterling on 12 May 2023, to shareholders on the register on 21 April 2023, 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. Guidance on the Company\u2019s position on declaring and paying future dividends is provided within the Strategic Report on page 62. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-466": { "value": "0.085", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-469": { "value": "0.08", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-467": { "value": "0.045", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-468": { "value": "7200000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-427": { "value": "37. Share-based Payments (a) 2009 Performance Share Plan (\u201cPSP\u201d) (i) Time-based Awards and Options The Company granted nil-cost, time-based share awards and options under the PSP between 2009 and 2013. Annual awards were made to employees, subject to continued employment during the vesting period. There were no performance conditions attached. The final grant under the PSP occurred in 2013 and vested in 2016 and option holders had seven years in which to exercise their vested awards. Share awards can only be exercised by the employees to whom they were granted. The PSP was replaced by the 2014 Hunting Performance Share Plan following shareholder approval at the Annual General Meeting (\u201cAGM\u201d) of the Company on 16 April 2014. Details of the time-based share option movements during the year are as follows: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 2,726 3,601 Vested and exercised during the year (866) (875) Lapsed during the year (859) \u2013 Outstanding and exercisable at the end of the year 1,001 2,726 The weighted average share price at the date of exercise during 2022 was 282.0 pence (2021 \u2013 218.5 pence). Details of the time-based PSP awards and options outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Expiry date Date of grant: 17 April 2012 \u2013 1,725 17 April 2015 17 April 2022 20 March 2013 1,001 1,001 20 March 2016 20 March 2023 Outstanding and exercisable at the end of the year 1,001 2,726 The fair value charge to the consolidated income statement attributable to the time-based PSP is $nil (2021 \u2013 $nil). (b) 2014 Hunting Performance Share Plan (\u201cHPSP\u201d) (i) Performance-based Awards The Company grants performance-based share awards annually to executive Directors and senior employees under the HPSP. Awards are granted at nil cost under the HPSP. The performance-based HPSP awards to the executive Directors and senior employees are divided into five tranches of differing proportions. Each tranche is subject to a three-year vesting period and Company performance is measured against various performance measures, as shown in the table below. The performance period for the 2022 awards granted under the HPSP is 1 January 2022 to 31 December 2024. The vesting date of the 2022 award is 4 March 2025 and, for share options, the option holder has seven years in which to exercise their vested awards. Share awards can only be exercised by the employees to whom they were granted. The award weightings for the years 2020, 2021 and 2022 are in the table below. Performance measure Award weighting 2022 % Award weighting 2021 % Award weighting 2020 % Total Shareholder Return (\u201cTSR\u201d) of a bespoke comparator group 25 35 35 Adjusted diluted earnings per share (\u201cEPS\u201d) 20 25 25 Return on average capital employed (\u201cROCE\u201d) 20 25 25 Free cash low (\u201cFCF\u201d) 20 \u2013 \u2013 Balance strategic scorecard \u2013 non-financial KPIs comprising Quality and Safety performance 15 15 15 Details of the performance-based HPSP awards movements during the year are set out below: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 5,757,230 4,387,495 Granted during the year to executive Directors 1,506,466 929,935 Granted during the year to senior employees 2,170,275 1,450,949 Vested and exercised during the year (95,035) (226,292) Lapsed during the year (1,697,611) (784,857) Outstanding at the end of the year 7,641,325 5,757,230 Details of the performance-based HPSP awards outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Expiry date Date of grant: 11 March 2016 \u2013 options 22,065 22,065 11 March 2019 11 March 2026 19 April 2018 \u2013 options 3,485 3,485 19 April 2021 19 April 2028 21 March 2019 \u2013 options 2,272 204,933 21 March 2022 21 March 2029 21 March 2019 \u2013 awards \u2013 1,098,694 21 March 2022 21 March 2025 3 March 2020 \u2013 options 303,732 306,486 3 March 2023 3 March 2030 3 March 2020 \u2013 awards 1,722,521 1,740,683 3 March 2023 3 March 2026 4 March 2021 \u2013 options 346,282 356,388 4 March 2024 4 March 2031 4 March 2021 \u2013 awards 1,897,447 2,024,496 4 March 2024 4 March 2027 4 March 2022 \u2013 options 506,709 \u2013 4 March 2025 4 March 2032 4 March 2022 \u2013 awards 2,836,812 \u2013 4 March 2025 4 March 2028 Outstanding at the end of the year 7,641,325 5,757,230 Exercisable at the end of the year 27,822 25,550 Weighted average remaining contractual life of options outstanding at the end of the year 8.27 years 8.29 years In 2022, a total of 95,035 awards were exercised (2021 \u2013 226,292). The weighted average share price at the date of exercise during 2022 was 327.7 pence (2021 \u2013 215.2 pence). (ii) Time-based Awards The Company also grants time-based share awards annually to senior employees under the HPSP, which are subject to a three-year vesting period. Annual awards of shares may be made to employees subject to continued employment during the vesting period. There are no performance conditions attached. Awards are granted at nil cost under the HPSP. For share options, option holders have seven years in which to exercise their vested awards. Share awards can only be exercised by the employees to whom they were granted. Details of the time-based HPSP awards movements during the year are set out below: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 3,794,815 3,026,597 Granted during the year 2,695,411 1,539,491 Vested and exercised during the year (882,875) (688,908) Lapsed during the year (225,105) (82,365) Outstanding at the end of the year 5,382,246 3,794,815 In 2022, a total of 882,875 awards were exercised (2021 \u2013 688,908). The weighted average share price at the date of exercise during 2022 was 324.6 pence (2021 \u2013 252.9 pence). Details of the time-based HPSP awards outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Expiry date Date of grant: 1 May 2014 \u2013 options 1,568 2,771 1 May 2017 1 May 2024 28 April 2015 \u2013 options 3,932 5,689 28 April 2018 28 April 2025 11 March 2016 \u2013 options 39,942 47,646 11 March 2019 11 March 2026 3 March 2017 \u2013 options 11,737 23,578 3 March 2020 3 March 2027 19 April 2018 \u2013 options 33,718 45,226 19 April 2021 19 April 2028 21 March 2019 \u2013 options 57,599 156,204 21 March 2022 21 March 2029 21 March 2019 \u2013 awards \u2013 723,401 21 March 2022 21 March 2025 3 March 2020 \u2013 options 216,863 238,428 3 March 2023 3 March 2030 3 March 2020 \u2013 awards 975,642 1,031,070 3 March 2023 3 March 2023 4 March 2021 \u2013 options 289,650 314,094 4 March 2024 4 March 2031 4 March 2021 \u2013 awards 1,129,512 1,206,708 4 March 2024 4 March 2024 4 March 2022 \u2013 options 458,869 \u2013 4 March 2025 4 March 2032 4 March 2022 \u2013 awards 2,163,214 \u2013 4 March 2025 4 March 2025 Outstanding at the end of the year 5,382,246 3,794,815 Exercisable at the end of the year 148,496 124,910 Weighted average remaining contractual life of options outstanding at the end of the year 7.98 years 8.13 years (iii) Fair Value of HPSP Awards The fair value of awards granted under the HPSP is calculated using two separate models: (1) The fair value of awards subject to a market-related performance condition, specifically Company performance against the TSR of a bespoke peer group, has been calculated using the Stochastic pricing model (also known as the \u201cMonte Carlo\u201d model). The assumptions used in this model were as follows: 2022 2021 Date of grant/valuation date 4 March 2022 4 March 2021 Weighted average share price at grant 226.0p 261.9p Exercise price nil nil Expected dividend yield nil nil Expected volatility 55.2% 53.0% Risk-free rate 1.04% 0.10% Expected life 3 years 3 years Weighted average fair value at grant 167.1p 183.9p (2) The fair value of performance-based awards not subject to a market-related performance condition include the EPS and ROCE performance targets and the time-based HPSP awards, with the fair value being calculated using the Black-Scholes pricing model. The assumptions used in this model were as follows: 2022 2021 Date of grant/valuation date 4 March 2022 4 March 2021 Weighted average share price at grant 226.0p 261.9p Exercise price nil nil Expected dividend yield nil nil Expected volatility 55.2% 53.0% Risk-free rate 1.04% 0.10% Expected life 3 years 3 years Weighted average fair value at grant 226.0p 261.9p The methods to calculate the assumptions for both models are: \u2022 The expected volatility was calculated using historic weekly volatility, equal in length to the remaining portion of the performance period at the date of grant. \u2022 The expected life of the award has been calculated commensurate with the vesting period. The risk-free rate is based on the zero coupon UK government bond yield commensurate with the vesting period prevailing at the date of grant. \u2022 Participants are entitled to a dividend equivalent over the number of shares that make up their award. It is accumulated over the vesting period and released subject to the achievement of the performance conditions. This is factored into the fair value calculation and as a result the dividend yield assumption is set to zero. \u2022 The initial accounting charge of the performance-based HPSP awards granted under the HPSP incorporates an estimate of the number of shares that are expected to lapse for those participants who cease employment during the vesting period. The estimate of the expected forfeiture rate is 5% per annum. The subsequent accounting charge includes an adjustment to the initial accounting charge to allow for actual lapses rather than estimated lapses. The amount charged to the consolidated income statement attributable to the performance-based HPSP awards is $3.6m (2021 \u2013 $2.4m) and the charge to the consolidated income statement in respect of time-based HPSP awards is $5.8m (2021 \u2013 $6.3m). These charges are recognised in administrative expenses. (c) Cash Conditional Share Awards The Company also grants cash conditional awards annually to employees in certain overseas tax jurisdictions. These awards are aligned with the rules of the HPSP and are subject to employees continued employment during the vesting period. Awards are granted at nil cost and are settled at the closing mid-market price of a Hunting PLC Ordinary share on the third anniversary of the date of grant. (i) Performance-based Awards The performance-based cash conditional awards to senior employees are divided into four tranches of differing proportions. Each tranche is subject to a three-year vesting period and Company performance is measured against various performance measures as shown in the table below. The performance period for the 2022 awards is 1 January 2022 to 31 December 2024. The award weightings for the years 2020, 2021 and 2022 are in the table below. Performance measure Award weighting 2022 % Award weighting 2021 % Award weighting 2020 % TSR of a bespoke comparator group 25 35 35 Adjusted diluted earnings per share (\u201cEPS\u201d) 20 25 25 Return on average capital employed (\u201cROCE\u201d) 20 25 25 Free cash low (\u201cFCF\u201d) 20 \u2013 \u2013 Balance strategic scorecard \u2013 non-financial KPIs comprising Quality and Safety performance 15 15 15 Details of the cash conditional performance-based award movements during the year are set out below: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 342,140 165,243 Granted during the year 204,262 176,897 Outstanding at the end of the year 546,402 342,140 Details of the cash conditional performance-based awards outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Date of grant: 3 March 2020 165,243 165,243 3 March 2023 4 March 2021 176,897 176,897 4 March 2024 4 March 2022 204,262 \u2013 4 March 2025 Outstanding at the end of the year 546,402 342,140 The charge to the consolidated income statement attributable to the performance-based cash conditional awards is $0.2m (2021 \u2013 $0.3m). The fair value of the cash conditional performance-based awards is calculated at the date of grant using the same assumptions and model as the fair value of the performance-based awards not subject to a market-related condition (see 37(b)(iii) above). The weighted average fair value of the award at 31 December 2022 was 333.0 pence (2021 \u2013 169.2 pence). (c) Cash Conditional Share Awards continued (ii) Time-based Awards The Company also grants time-based cash conditional awards annually, which are subject to a three-year vesting period. Annual awards of shares may be made to employees subject to continued employment during the vesting period. There are no performance conditions attached. Details of the cash conditional time-based award movements during the year are set out below: 2022 Number of shares 2021 Number of shares Outstanding at the beginning of the year 247,106 159,920 Granted during the year 325,564 121,192 Vested and exercised during the year (40,233) (15,182) Lapsed during the year \u2013 (18,824) Outstanding at the end of the year 532,437 247,106 The weighted average share price at the date of exercise during 2022 was 328.0 pence (2021 \u2013 247.5 pence). Details of the cash conditional time-based awards outstanding at 31 December 2022 are as follows: 2022 Number of shares 2021 Number of shares Normal vesting date Date of grant: 19 April 2018 \u2013 1,482 19 April 2021 21 March 2019 \u2013 38,751 21 March 2022 3 March 2020 89,036 89,036 3 March 2023 4 March 2021 117,837 117,837 4 March 2024 4 March 2022 325,564 \u2013 4 March 2025 Outstanding at the end of the year 532,437 247,106 The charge to the consolidated income statement attributable to the time-based cash conditional awards is $0.3m (2021 \u2013 $0.2m). The fair value of the cash conditional awards is calculated at the date of grant using the same assumptions and model as the fair value of performance-based awards not subject to a market-related performance condition (see 37(b)(ii) above). The weighted average fair value of the award at 31 December 2022 was 333.0 pence (2021 \u2013 169.2 pence). (d) Amounts Included in the Accounts The charge to the consolidated income statement attributable to the cash conditional share awards is $0.5m (2021 \u2013 $0.5m) and the total charge attributable to the equity-settled awards is $9.4m (2021 \u2013 $8.7m). The total charge to the consolidated income statement for the year for share-based payments is $9.9m (2021 \u2013 $9.2m), see note 7. The total liability in relation to the cash-settled awards included in accruals at the year-end is $0.9m (2021 \u2013 $0.6m), of which $nil (2021 \u2013 $nil) related to awards that had vested. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-559": { "value": "38. Related-party Transactions The following related-party transactions took place between wholly-owned subsidiaries of the Group and associates during the year: 2022 $m 2021 $m Settlement of warranty claim related to a corporate transaction \u2013 (1.7) Acquisition of non-controlling interest from Marubeni-Itochu \u2013 (3.8) Disposal of pipe business to Marubeni-Itochu \u2013 31.5 Additional investment in Cumberland (note 16) (1.6) \u2013 Investment in Indian joint venture arrangement with Jindal SAW (note 16) (1.9) \u2013 Year-end balances: Shareholder loan from non-controlling interest (3.9) (3.9) The outstanding balances at the year-end are unsecured and have no fixed date for repayment. During the year, revenue of $12.3m (2021 \u2013 $6.3m) was generated from sales to BestLink Tube Pte. Ltd., the minority interest holder in Hunting Energy Services (China) Pte. Ltd. All ownership interests in associates are in the equity shares of those companies. The ownership interests in associates, joint ventures and subsidiaries are set out in notes C19 and C20 to the Company financial statements. The key management of the Group comprises the Hunting PLC Board and members of the Executive Committee. Details of their compensation are disclosed in note 7. The Hunting PLC Directors and the members of the Executive Committee had no material transactions other than as a result of their service agreements. Hunting PLC is the parent company of the Hunting PLC Group. The Company is listed on the London Stock Exchange, with none of the shareholders owning more than 20% of the issued share capital of the Company (see page 61). Accordingly, the Directors do not consider there to be an ultimate controlling party. (a) Restructuring of European OCTG Businesses On 31 December 2021, the Group entered into a transaction with Marubeni-Itochu Steel Inc and Marubeni-Itochu Tubulars Europe PLC (collectively referred to as Marubeni-Itochu), the non-controlling interest in Hunting Energy Services (UK) Limited (\u201cHES UK\u201d) and its subsidiary Hunting Energy Services B.V. (\u201cHES BV\u201d), whereby Hunting purchased Marubeni-Itochu\u2019s 40% interest in these companies for $3.8m and became the sole shareholder. Hunting and Marubeni-Itochu also entered into a Business Purchase agreement on the same date, which included the sale of OCTG inventory held by HES UK and HES BV to Marubeni-Itochi for $31.5m. (b) Warranty Claim In October 2021, the Group paid $1.7m in settlement of a warranty claim in relation to the transfer of assets, and their condition, as part of a corporate transaction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-512": { "value": "All ownership interests in associates are in the equity shares of those companies. The ownership interests in associates, joint ventures and subsidiaries are set out in notes C19 and C20 to the Company financial statements.C20. Subsidiaries All companies listed below are wholly owned by the Group, except where otherwise indicated. Subsidiaries i/iii Registered address Operating activities Hunting Energy Services (Australia) Pty Ltd Level 40, Governor Macquarie Tower, 1 Farrer Place, Sydney, NSW, 2000, Australia Hunting Energy Services (Canada) Ltd 5550 Skyline Way NE, Calgary, Alberta, T2E 7Z7, Canada Hunting Energy Services (Wuxi) Co. Ltd (70%) No. 17, Xin DongAn Road, Shuo Fang Industrial, New District Wuxi City, Jiangsu Province, China Hunting Energy Completion Equipment (Wuxi) Co., Ltd No. 17, Xin DongAn Road, Shuo Fang Industrial, New District Wuxi City, Jiangsu Province, China Hunting Energy Services (UK) Limited 30 Panton Street, London SW1Y 4AJ, England Enpro Subsea Limited Badentoy Avenue, Badentoy Industrial Estate, Portlethen, Aberdeen, AB12 4YB, Scotland Enpro Subsea Operations Limited Badentoy Avenue, Badentoy Industrial Estate, Portlethen, Aberdeen, AB12 4YB, Scotland Enpro Subsea Group Limited Badentoy Avenue, Badentoy Industrial Estate, Portlethen, Aberdeen, AB12 4YB, Scotland Enpro Subsea Ghana Ltd (83%) House No. F676/1, Angola Road, Kuku Hill, Osu, Accra, Ghana Enpro Subsea Group Ghana Limited House No. F676/1, Angola Road, Kuku Hill, Osu, Accra, Ghana PT Hunting Energy Asia Complex Dragon Industrial Park, Block D, Jalan Pattimura, Kabil Batam, 29467, Indonesia Hunting Alpha (EPZ) Limited (60%) Block XLVIII/150, Off Mbaraki Road, P.O. Box 83344-80100, Mombasa, Kenya Hunting Energy de Mexico Avenida Los Olmos #105, Parque Industrial El Sabinal, Apodaca, Nuevo Leon, Monterrey, Mexico Hunting Energy Services B.V. Olieweg 10, 1951 NH Velsen-Noord, Netherlands Hunting Energy Services (Norway) AS Arabergveieb 6, 4050 Sola, Norway Hunting Energy Saudi Arabia LLC (65%) Dhahran, Building No: 7612, P.O. Box: 3104, Zip Code: 34521, Saudi Arabia Hunting Energy Services Limited Badentoy Avenue, Badentoy Park, Portlethen, Aberdeen, AB12 4YB, Scotland Subsidiariesi/iii Registered address Hunting Energy Services Pte. Ltd 16E Tuas Avenue 1, #01-61 Singapore 639537 Hunting Energy Services (China) Pte. Ltd. (70%) 16E Tuas Avenue 1, #01-61 Singapore 639537 Hunting Energy Services South Africa (Pty) Ltd Trident Park 1, 1 Niblick Way, Somerset West, 7130, South Africa Hunting Energy Services (Thailand) Limited (49%) 436/27, Moo 2, Thanadee-Klongwong Road, Tambol Phawong, Amphur Muong Songkhla, 90100, Thailand Hunting Energy Services India Private Limited 602, Block A, Naurang House, 21 KG Marg, Canaught Place, New Delhi, Central Delhi 110001, India National Coupling Company, Inc. 1316 Staffordshire Road, Staffordshire, Texas, 77477, USA Hunting Energy Services, LLC 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Premium Finishes, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Hunting Dearborn, Inc. 6 Dearborn Drive, Fryeburg, Maine, USA Hunting Energy Services (Drilling Tools), Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Hunting Innova, Inc. 8383 North Sam Houston Parkway West, Houston, Texas, 77064, USA Hunting Specialty Supply, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Hunting Titan, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Tenkay Resources, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA Corporate activities Hunting Energy Holdings Limitedii 30 Panton Street, London SW1Y 4AJ, England Hunting Energy Services (International) Limited 30 Panton Street, London SW1Y 4AJ, England Hunting Energy Services Overseas Holdings Limited 30 Panton Street, London SW1Y 4AJ, England Hunting Oil Holdings Limitedii 30 Panton Street, London SW1Y 4AJ, England Hunting Knightsbridge Holdings Limited 30 Panton Street, London SW1Y 4AJ, England Huntaven Properties Limited 30 Panton Street, London SW1Y 4AJ, England HG Management Services Ltd 30 Panton Street, London SW1Y 4AJ, England Huntfield Trust Limitediv 30 Panton Street, London SW1Y 4AJ, England Stag Line Limited iv 30 Panton Street, London SW1Y 4AJ, England Hunting Aviation Limited v 30 Panton Street, London SW1Y 4AJ, England Hunting U.S. Holdings, Inc. 16825 Northchase Drive, Suite 600, Houston, Texas, 77060, USA i. Except where otherwise stated, companies are wholly owned, being incorporated and operating in the countries indicated. All subsidiary undertakings have been included in the consolidated financial statements. ii. Interest in company is held directly by Hunting PLC. iii. All interests in subsidiaries are in the Ordinary equity shares of those companies. The proportion of voting rights is represented by the interest in the Ordinary equity shares of those companies. iv. Huntfield Trust Limited (registered number 00372215), Stag Line Limited (registered number 00151320) and Hunting Aviation Limited (registered number 00297743) are dormant companies that are exempt from being audited, are exempt from the requirements to prepare individual accounts under section 394A of the Companies Act 2006 and are exempt from filing individual accounts under section 448A of the Companies Act 2006. v. The company was previously liquidated in 2015; however it was restored to the Register of Companies by court order in 2018. Changes to the Group (a) Merging of Dutch Entities The Group undertook a reorganisation of its Dutch entities, whereby Hunting Energy Services B.V. and Hunting Energy Services (Well Testing) B.V. were merged, with Hunting Energy Services B.V. being the surviving entity. (b) Other Hunting Welltonic Limited was dissolved in March 2022. Hunting Energy Services (Well Intervention) Limited changed its name to Hunting Energy Services Limited on 27 May 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-428": { "value": "40. Authorisation of Financial Statements These financial statements were authorised for issue in accordance with a resolution of the Board of Directors of Hunting PLC on 2 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-407": { "value": "41. Principal Accounting Policies The Group\u2019s principal accounting policies are described below: (a) Consolidation \u2022 The Group financial statements include the results of the Company and its subsidiaries, together with its share of associates and joint ventures. \u2022 Subsidiaries are consolidated from the date on which control is transferred to the Group and are de-consolidated from the date control ceases. \u2022 The Group uses the acquisition method of accounting for business combinations. Consequently, the consideration is determined as the fair value of the net assets transferred to the vendor and includes an estimate of any contingent consideration. The net assets acquired are also measured at their respective fair values for initial recognition purposes on the acquisition date. \u2022 Acquisition-related costs arising on business combinations are expensed to the consolidated income statement as incurred. (b) Revenue (i) Revenue from Contracts with Customers \u2022 Revenue is recognised to depict the transfer of promised goods or services to customers and is measured at the amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. \u2022 Consequently revenue for the sale of a product is recognised either: 1. Wholly at a single point in time when the entity has completed its performance obligation; or 2. Piecemeal over time during the period that control incrementally transfers to the customer while the good is being manufactured or the service is being performed. \u2022 Hunting\u2019s activities that require revenue recognition over time comprise: 1. Work undertaken to enhance customer-owned products \u2013 most commonly the lathing of a thread onto the ends of customer-owned plain-end pipe; 2. The manufacture of goods that are specifically designed for and restricted to the use of a particular customer, such as the manufacture of bespoke specialised circuitry and housing, and for which Hunting has an enforceable right to payment for the work completed to date; and 3. The provision of services in which the customer obtains the benefit while the service is being performed \u2013 most commonly the storage and management services of customer-owned pipe. \u2022 In respect of revenue that is recognised over time, Hunting uses an input method for measuring the progress towards completion of its performance obligations and consequently for measuring the amount of revenue that is recognised. Specifically, revenue is recognised in proportion to the total expected consideration that mirrors the costs incurred to date relative to the total expected costs to complete the performance. This method is considered to be the most appropriate as the inclusion of all costs, being materials, labour and direct overheads, best reflects the activities required in performing the promise to the customer. \u2022 Hunting\u2019s activities that require revenue recognition at a point in time comprise: 1. The sale of goods that are not specifically designed for use by one particular customer. These products include tubulars acquired by Hunting as plain-end pipe on which lathing work has been applied and which are resold as threaded pipe; and 2. The manufacture of goods that are specifically designed for one particular customer but for which Hunting does not have an enforceable right to payment for the work completed to date. \u2022 The events that trigger the recognition of revenue at a point in time are most commonly: (i) delivery of the product in accordance with the contractual terms; or (ii) when the product is made available to the customer for collection; or (iii) when the customer notifies the Group that the customer has accepted the product following a period of inspection by the customer. Hunting utilises the customer acceptance approach when Hunting is responsible for transporting goods (in addition to supplying them to the customer) and the risk of damage during transportation, due either to the method or the distance, is considered sufficient to impede management from being able to substantively determine that control of the goods would pass to the customer prior to acceptance. \u2022 When revenue from a customer is recognised, the amount is reported as a contract asset if the performance obligation is incomplete as this asset reflects that it is conditional upon Hunting completing the work. The revenue is reported as accrued income if the performance obligation has been completed but a sales invoice has not yet been issued. The revenue is recognised as a trade receivable if a sales invoice has been issued as this asset reflects that it is unconditional other than the passage of time. The Group reports a contract liability when amounts received and receivable from the customer exceed the value of the work done to date, reflecting that the Group is obligated to transfer goods or services in order to settle the prepayment from the customer. (ii) Rental Revenue \u2022 Rental revenue from operating leases, being leases in which Hunting does not transfer substantially all of the risks and rewards of the leased asset to the customer, is recognised as the income is earned. \u2022 Revenue from finance leases, being leases in which Hunting, as a manufacturer/dealer-lessor, transfers substantially all of the risks and rewards of the leased asset to the customer, is measured as the fair value of the underlying asset or if lower the present value of the lease payments. The carrying value of the leased asset minus the unguaranteed residual value is charged to cost of sales and interest earned during the term of the lease is recognised as finance income. (c) Interest \u2022 Interest income and expense is recognised in the consolidated income statement using the effective interest method. (d) Foreign Currencies (i) Individual Subsidiaries\u2019, Associates\u2019 and Joint Ventures\u2019 Financial Statements \u2022 The financial statements for each of the Group\u2019s subsidiaries, associates and joint ventures are denominated in their functional currency. \u2022 The functional currency is the currency of the primary economic environment in which the entity operates. \u2022 Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate ruling at the date of the transaction. \u2022 Monetary assets and liabilities, except borrowings designated as a hedging instrument in a net investment hedge, denominated in non-functional currencies are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken to the consolidated income statement. \u2022 Borrowings designated as a hedging instrument in a net investment hedge are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken directly to equity. (ii) Group Consolidated Financial Statements \u2022 The presentation currency of the Group is US dollars. \u2022 The net assets of non-US dollar denominated subsidiaries, associates and joint ventures are translated into US dollars at the exchange rates ruling at the balance sheet date. \u2022 The income statements of subsidiaries, associates and joint ventures are translated into US dollars at the average rates of exchange for the year. \u2022 Exchange differences are recognised directly in equity in the currency translation reserve (\u201cCTR\u201d), together with exchange differences arising on foreign currency loans used to finance foreign currency net investments. \u2022 Upon adoption of IFRS on 1 January 2004, accumulated exchange differences arising on consolidation prior to 31 December 2003 were reset to zero and the CTR recommenced under IFRS on 1 January 2004. \u2022 The balance on the CTR represents the exchange differences arising on the retranslation of non-US dollar amounts into US dollars since 1 January 2004. \u2022 On the disposal of a business, the cumulative exchange differences previously recognised in the CTR relating to that business are transferred to the consolidated income statement as part of the gain or loss on disposal. (e) Taxation \u2022 The taxation recognised in the consolidated income statement comprises current tax and deferred tax arising on the current year\u2019s result before tax and adjustments to tax arising on prior years\u2019 results. \u2022 Current tax is the expected tax payable or receivable arising in the current year on the current year\u2019s result before tax, using tax rates enacted or substantively enacted at the balance sheet date, plus adjustments to tax in respect of prior years\u2019 results. \u2022 Deferred tax is the tax that is expected to arise when the assets and liabilities recognised in the Group\u2019s consolidated balance sheet are realised, using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the asset is realised or the liability is settled. \u2022 Full provision is made for deferred taxation, using the liability method, on all taxable temporary differences. Deferred tax assets and liabilities are recognised separately in the consolidated balance sheet and are reported as non-current assets and liabilities. \u2022 Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. \u2022 Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. \u2022 The recoverability of deferred tax assets is reviewed at each balance sheet date and deferred tax assets are recognised to the extent that sufficient taxable profit is expected to be available to allow the deferred tax asset to be utilised. \u2022 When items of income and expense are recognised in other comprehensive income, the current and deferred tax relating to those items is also recognised in other comprehensive income. (f) Property, Plant and Equipment \u2022 Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Cost includes expenditure that is directly attributable to the acquisition and installation of the asset. \u2022 Land and assets under construction are not depreciated. \u2022 With the exception of oil and gas exploration and production equipment, assets are depreciated using the straight-line method at the following rates: Freehold buildings \u2013 2% to 10% Leasehold buildings \u2013 life of lease Plant, machinery and motor vehicles \u2013 6% to 33 1 \u2044 3 % \u2022 The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. (g) Leases \u2022 Lessees: With regard to lessee contracts, the entity recognises a lease obligation as a liability and a right-of-use asset at the inception of the contract, except with regard to the two exemptions noted below. In measuring the lease obligation, the entity takes account of all fixed payments and the known amount of variable payments. Management also assesses the likelihood of the entity exercising extension options, early termination options and purchase options when contractually offered, and incorporates the relevant assumed cash flows in the initial measurement. These future gross cash flows are then discounted using the incremental borrowing rate (\u201cIBR\u201d) that is relevant to each lease. The interest rate implicit in the lease is not used as the entity is unable to access the specific financials of the lessor that would be required in order to determine that rate. The IBR is determined by reference to (i) the weighted average period of the lease term; and (ii) the risk-free rate of the currency of the lease, adjusted for country-specific government bond yields for contracts denominated in the Euro; and (iii) the market risk premium associated with the currency of denomination of the contract; and (iv) a financing spread associated with the financial status and country of location of the lessee entity; and (v) an asset-specific adjustment associated with the perceived security that each type of asset provides to the lessor. The right-of-use asset is usually initially measured as equal to the initial measurement of the lease liability plus any contracted remediation work that would be required at the end of the lease term as there are usually no initial direct costs or lease payments made prior to the inception of the contract. Whenever circumstances change post-inception, for example when the judged likelihood of whether an option will or will not be exercised, or indices relevant to the measurement of variable payments change, or the lease term is extended with regard to a contract that does not offer an extension option, the lease obligation is re-measured and the right-of-use asset is correspondingly amended. Re-measurement of the lease obligation is most commonly based on a revised IBR as the change in circumstances has most commonly resulted from a change in the lease term. The cost of the lease is subsequently recognised in the consolidated income statement as interest charged on the liability and as depreciation charged on the right-of-use asset. Depreciation is charged on a straight-line basis over the lease term; to date the entity has not and is not expected to exercise a purchase option which would otherwise shorten the depreciation period. Hunting has adopted the two exemptions that permit lessees to charge the cost of certain leases directly to the consolidated income statement on a straight-line basis over the lease term. The two exemptions apply to: \u2013 leases that have a duration of one year or less; and \u2013 leases of assets that would have cost $5,000 or less, when new, to acquire if the asset had been purchased rather than leased. \u2022 Lessors: Hunting leases equipment to customers in the capacity of a manufacturer/dealer lessor. Consequently, the leased asset is derecognised and a finance lease receivable is recognised on the balance sheet in respect of the future amounts payable by the customer. (h) Goodwill \u2022 Goodwill arises when the fair value of the consideration paid for a business exceeds the fair value of the Group\u2019s share of the net assets acquired. \u2022 Goodwill is recognised as an asset and is carried at cost less accumulated impairment losses. \u2022 Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to the cash-generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. \u2022 On the disposal of a business, goodwill relating to that business that remains in the consolidated balance sheet at the date of disposal is included in the determination of the profit or loss on disposal. (i) Other Intangible Assets \u2022 Other intangible assets, whether obtained through acquisition or internal development, are capitalised when it is probable that the future economic benefits that are attributable to the asset will be generated, provided the cost of the asset can be measured reliably. \u2022 Capitalisation occurs from the point when technical and commercial feasibility of the asset has been established. Prior to this costs are expensed. \u2022 For internally generated assets, only costs directly attributable to the development of the asset are capitalised. This typically includes employee remuneration and the cost of materials and services, such as testing, consumed in generating the intangible asset. \u2022 Other intangible assets are stated at cost less accumulated amortisation and impairment losses where applicable. \u2022 These assets have a finite life and are amortised in accordance with the pattern of expected future economic benefits, or when this cannot be reliably estimated, by using the straight-line method. \u2022 Intangible assets are amortised over the following periods: Customer relationships \u2013 eight to ten years Patents \u2013 eight to ten years Unpatented technology \u2013 eight to ten years Trademarks and domain names \u2013 one to five years (j) Investments in Associates and Joint Ventures \u2022 The Group\u2019s interests in these investments are accounted for using the equity method of accounting. \u2022 Upon initial recognition as at the date of acquisition, the interests are recognised in the balance sheet at cost plus directly incurred acquisition-related expenses. The excess of cost above the share of net assets is ascribed to goodwill and other intangible assets, as appropriate. The intangible assets are subsequently amortised and presented in the consolidated income statement as part of the post-tax share of the investments\u2019 results. \u2022 Subsequently, the carrying amount is adjusted to include the Group\u2019s share of the increase or decrease in the investments\u2019 net assets after the date of acquisition. The Group\u2019s share of the investments\u2019 net profit or loss after taxation is incorporated in the consolidated income statement as post-tax share of associates\u2019 and joint ventures\u2019 results. The Group\u2019s share of the investments\u2019 net assets plus direct acquisition expenses, goodwill and other acquisition-related intangible assets are incorporated in the consolidated balance sheet as investments in associates and joint ventures.(k) Impairments \u2022 The Group assesses at least annually whether there is any indication that an asset is impaired, and undertakes an assessment for an impairment if such an indication exists. \u2022 In addition, the Group undertakes an annual impairment assessment of goodwill whether or not an indication of impairment actually exists. \u2022 Where assets do not generate their own independent cash flows, they are tested at a cash generating unit (\u201cCGU\u201d) level and, if impairment is identified, the carrying amount of the CGU is reduced to its recoverable amount. For assets that do generate independent cash flows, the specific asset is impaired to its recoverable amount if impairment is identified. \u2022 Where impairment exists, an asset or CGU is written down to its recoverable amount being the higher of: (a) its fair value minus costs to sell; and (b) its value in use. Details of how value in use is determined are given in note 15. \u2022 Impairments are recognised immediately in the consolidated income statement. \u2022 An impairment to goodwill is never reversed. When applicable, an impairment of any other asset or CGU is reversed, but only to the extent that the consequent carrying value does not exceed what would have been the carrying value had the impairment not originally been made. (l) Inventories \u2022 Inventories are stated at the lower of cost and net realisable value. \u2022 Cost is determined using the first-in-first-out method and net realisable value is the estimated selling price less costs of disposal in the ordinary course of business. The cost of inventories includes direct costs plus production overheads. (m) Cash and Cash Equivalents \u2022 Cash and cash equivalents comprise cash at bank and in hand, short-term deposits and qualifying Fixed Term Funds (\u201cFTFs\u201d) and money market funds with a maturity of less than three months from the date of deposit. \u2022 Short-term deposits, FTFs and money market funds have been classified as cash and cash equivalents as they are short-term, highly liquid, are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. These instruments are held for the purpose of settling current or potential cash commitments in the short term by the treasury function. \u2022 For cash flow statement purposes, cash and cash equivalents include bank overdrafts. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. (n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. (o) Financial Liabilities \u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures all of its non-derivative financial liabilities, including trade payables, at amortised cost. \u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. (p) Debt Issue Costs \u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services. (q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. (i) Fair Value Hedges \u2022 Fair value gains or losses on derivatives designated in a fair value hedge are recognised immediately in the consolidated income statement if the changes in the fair value of the hedged item are taken to the consolidated income statement. (ii) Cash Flow Hedges \u2022 When forward foreign exchange contracts are designated in a cash flow hedge of forecast transactions, the Group generally designates only the change in fair value of the forward contract relating to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge reserve within equity. The Group has chosen to recognise the change in the forward element of the contract that relates to the hedged item, defined as the forward points, within the consolidated income statement immediately rather than in equity. The forward points are discounted, where material. \u2022 Where the hedged item subsequently results in the recognition of a non-financial asset, such as inventory or property, plant and equipment, the deferred hedging gains and losses in equity are included within the initial cost of the asset. The deferred amounts are subsequently recognised in profit or loss when the hedged item affects profit or loss (for example through cost of sales or depreciation). \u2022 When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss of hedging that was reported in equity is immediately reclassified to the consolidated income statement. (r) Provisions \u2022 Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation. \u2022 The measurement of a provision is based on the most likely amount and timing of the expenditures. Payments that are expected to arise after more than one year are discounted to their present value using a risk-free interest rate that is relevant to the region in which the past event occurred. The risk-free interest rate is based on the redemption yields of government securities. (s) Post-employment Benefits \u2022 Payments to defined contribution retirement schemes are charged to the consolidated income statement when they fall due. (t) Share-based Payments \u2022 The Group issues equity-settled and cash-settled share-based payments (HPSP awards) to certain employees as consideration for services received from the employees. The fair value of the employees\u2019 services is recognised as an expense in the consolidated income statement on a straight-line basis over the vesting period based on the Group\u2019s estimate of awards that will ultimately vest. The obligation to settle these awards is recognised within other components of equity; the obligation to settle the cash-settled awards is recognised as a liability. (u) Share Capital \u2022 Incremental costs directly attributable to the issue of new shares are charged to equity as a deduction from the proceeds, net of tax. (v) Merger Reserve \u2022 The merger reserve comprises the proceeds received, net of transaction costs, in excess of the nominal value of the Ordinary shares issued by way of the share placing completed on 31 October 2016. In accordance with section 612 of the Companies Act 2006, the premium was credited to the merger reserve, instead of to the share premium account, because the share placing was pursuant to the Company securing over 90% of another entity. The proceeds were used to pay down the Group\u2019s borrowings at that time. The reserve is currently non-distributable and will be transferred to distributable retained earnings when the proceeds meet the definition of a qualifying consideration. (w) Dividends \u2022 Dividends to the Group\u2019s shareholders are recognised as liabilities in the Group\u2019s financial statements in the period in which the dividends are approved by shareholders. Interim dividends are recognised when paid. All dividends are dealt with in the statement of changes in equity. (x) Employee Benefit Trust \u2022 The Hunting PLC Employee Benefit Trust (\u201cEBT\u201d) holds treasury shares, which are shares in Hunting PLC, for the purpose of issuing shares to employees of the Group under share-based remuneration schemes. The EBT is consolidated in accordance with note 41(a) above. \u2022 The cost of treasury shares is presented as a deduction from retained earnings in the consolidated balance sheet. \u2022 The cost of shares issued to employees is recognised on a weighted average cost basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-525": { "value": "(a) Consolidation \u2022 The Group financial statements include the results of the Company and its subsidiaries, together with its share of associates and joint ventures. \u2022 Subsidiaries are consolidated from the date on which control is transferred to the Group and are de-consolidated from the date control ceases. \u2022 The Group uses the acquisition method of accounting for business combinations. Consequently, the consideration is determined as the fair value of the net assets transferred to the vendor and includes an estimate of any contingent consideration. The net assets acquired are also measured at their respective fair values for initial recognition purposes on the acquisition date. \u2022 Acquisition-related costs arising on business combinations are expensed to the consolidated income statement as incurred. (i) Individual Subsidiaries\u2019, Associates\u2019 and Joint Ventures\u2019 Financial Statements \u2022 The financial statements for each of the Group\u2019s subsidiaries, associates and joint ventures are denominated in their functional currency. \u2022 The functional currency is the currency of the primary economic environment in which the entity operates. \u2022 Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate ruling at the date of the transaction. \u2022 Monetary assets and liabilities, except borrowings designated as a hedging instrument in a net investment hedge, denominated in non-functional currencies are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken to the consolidated income statement. \u2022 Borrowings designated as a hedging instrument in a net investment hedge are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken directly to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-494": { "value": "The Group uses the acquisition method of accounting for business combinations. Consequently, the consideration is determined as the fair value of the net assets transferred to the vendor and includes an estimate of any contingent consideration. The net assets acquired are also measured at their respective fair values for initial recognition purposes on the acquisition date. \u2022 Acquisition-related costs arising on business combinations are expensed to the consolidated income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-486": { "value": "The Group uses the acquisition method of accounting for business combinations. Consequently, the consideration is determined as the fair value of the net assets transferred to the vendor and includes an estimate of any contingent consideration. The net assets acquired are also measured at their respective fair values for initial recognition purposes on the acquisition date. \u2022 Acquisition-related costs arising on business combinations are expensed to the consolidated income statement as incurred. (h) Goodwill \u2022 Goodwill arises when the fair value of the consideration paid for a business exceeds the fair value of the Group\u2019s share of the net assets acquired. \u2022 Goodwill is recognised as an asset and is carried at cost less accumulated impairment losses. \u2022 Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to the cash-generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. \u2022 On the disposal of a business, goodwill relating to that business that remains in the consolidated balance sheet at the date of disposal is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-429": { "value": "(b) Revenue (i) Revenue from Contracts with Customers \u2022 Revenue is recognised to depict the transfer of promised goods or services to customers and is measured at the amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. \u2022 Consequently revenue for the sale of a product is recognised either: 1. Wholly at a single point in time when the entity has completed its performance obligation; or 2. Piecemeal over time during the period that control incrementally transfers to the customer while the good is being manufactured or the service is being performed. \u2022 Hunting\u2019s activities that require revenue recognition over time comprise: 1. Work undertaken to enhance customer-owned products \u2013 most commonly the lathing of a thread onto the ends of customer-owned plain-end pipe; 2. The manufacture of goods that are specifically designed for and restricted to the use of a particular customer, such as the manufacture of bespoke specialised circuitry and housing, and for which Hunting has an enforceable right to payment for the work completed to date; and 3. The provision of services in which the customer obtains the benefit while the service is being performed \u2013 most commonly the storage and management services of customer-owned pipe. \u2022 In respect of revenue that is recognised over time, Hunting uses an input method for measuring the progress towards completion of its performance obligations and consequently for measuring the amount of revenue that is recognised. Specifically, revenue is recognised in proportion to the total expected consideration that mirrors the costs incurred to date relative to the total expected costs to complete the performance. This method is considered to be the most appropriate as the inclusion of all costs, being materials, labour and direct overheads, best reflects the activities required in performing the promise to the customer. \u2022 Hunting\u2019s activities that require revenue recognition at a point in time comprise: 1. The sale of goods that are not specifically designed for use by one particular customer. These products include tubulars acquired by Hunting as plain-end pipe on which lathing work has been applied and which are resold as threaded pipe; and 2. The manufacture of goods that are specifically designed for one particular customer but for which Hunting does not have an enforceable right to payment for the work completed to date. \u2022 The events that trigger the recognition of revenue at a point in time are most commonly: (i) delivery of the product in accordance with the contractual terms; or (ii) when the product is made available to the customer for collection; or (iii) when the customer notifies the Group that the customer has accepted the product following a period of inspection by the customer. Hunting utilises the customer acceptance approach when Hunting is responsible for transporting goods (in addition to supplying them to the customer) and the risk of damage during transportation, due either to the method or the distance, is considered sufficient to impede management from being able to substantively determine that control of the goods would pass to the customer prior to acceptance. \u2022 When revenue from a customer is recognised, the amount is reported as a contract asset if the performance obligation is incomplete as this asset reflects that it is conditional upon Hunting completing the work. The revenue is reported as accrued income if the performance obligation has been completed but a sales invoice has not yet been issued. The revenue is recognised as a trade receivable if a sales invoice has been issued as this asset reflects that it is unconditional other than the passage of time. The Group reports a contract liability when amounts received and receivable from the customer exceed the value of the work done to date, reflecting that the Group is obligated to transfer goods or services in order to settle the prepayment from the customer. (ii) Rental Revenue \u2022 Rental revenue from operating leases, being leases in which Hunting does not transfer substantially all of the risks and rewards of the leased asset to the customer, is recognised as the income is earned. \u2022 Revenue from finance leases, being leases in which Hunting, as a manufacturer/dealer-lessor, transfers substantially all of the risks and rewards of the leased asset to the customer, is measured as the fair value of the underlying asset or if lower the present value of the lease payments. The carrying value of the leased asset minus the unguaranteed residual value is charged to cost of sales and interest earned during the term of the lease is recognised as finance income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-533": { "value": "(c) Interest \u2022 Interest income and expense is recognised in the consolidated income statement using the effective interest method. The cost of the lease is subsequently recognised in the consolidated income statement as interest charged on the liability and as depreciation charged on the right-of-use asset. Depreciation is charged on a straight-line basis over the lease term; to date the entity has not and is not expected to exercise a purchase option which would otherwise shorten the depreciation period. (p) Debt Issue Costs \u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-539": { "value": "(c) Interest \u2022 Interest income and expense is recognised in the consolidated income statement using the effective interest method. The cost of the lease is subsequently recognised in the consolidated income statement as interest charged on the liability and as depreciation charged on the right-of-use asset. Depreciation is charged on a straight-line basis over the lease term; to date the entity has not and is not expected to exercise a purchase option which would otherwise shorten the depreciation period. (p) Debt Issue Costs \u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-513": { "value": "(c) Interest \u2022 Interest income and expense is recognised in the consolidated income statement using the effective interest method. Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. (p) Debt Issue Costs \u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-430": { "value": "(d) Foreign Currencies (i) Individual Subsidiaries\u2019, Associates\u2019 and Joint Ventures\u2019 Financial Statements \u2022 The financial statements for each of the Group\u2019s subsidiaries, associates and joint ventures are denominated in their functional currency. \u2022 The functional currency is the currency of the primary economic environment in which the entity operates. \u2022 Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate ruling at the date of the transaction. \u2022 Monetary assets and liabilities, except borrowings designated as a hedging instrument in a net investment hedge, denominated in non-functional currencies are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken to the consolidated income statement. \u2022 Borrowings designated as a hedging instrument in a net investment hedge are retranslated at the exchange rate ruling at the balance sheet date and exchange differences are taken directly to equity. (ii) Group Consolidated Financial Statements \u2022 The presentation currency of the Group is US dollars. \u2022 The net assets of non-US dollar denominated subsidiaries, associates and joint ventures are translated into US dollars at the exchange rates ruling at the balance sheet date. \u2022 The income statements of subsidiaries, associates and joint ventures are translated into US dollars at the average rates of exchange for the year. \u2022 Exchange differences are recognised directly in equity in the currency translation reserve (\u201cCTR\u201d), together with exchange differences arising on foreign currency loans used to finance foreign currency net investments. \u2022 Upon adoption of IFRS on 1 January 2004, accumulated exchange differences arising on consolidation prior to 31 December 2003 were reset to zero and the CTR recommenced under IFRS on 1 January 2004. \u2022 The balance on the CTR represents the exchange differences arising on the retranslation of non-US dollar amounts into US dollars since 1 January 2004. \u2022 On the disposal of a business, the cumulative exchange differences previously recognised in the CTR relating to that business are transferred to the consolidated income statement as part of the gain or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-495": { "value": " The financial statements for each of the Group\u2019s subsidiaries, associates and joint ventures are denominated in their functional currency. \u2022 The functional currency is the currency of the primary economic environment in which the entity operates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-431": { "value": "(e) Taxation \u2022 The taxation recognised in the consolidated income statement comprises current tax and deferred tax arising on the current year\u2019s result before tax and adjustments to tax arising on prior years\u2019 results. \u2022 Current tax is the expected tax payable or receivable arising in the current year on the current year\u2019s result before tax, using tax rates enacted or substantively enacted at the balance sheet date, plus adjustments to tax in respect of prior years\u2019 results. \u2022 Deferred tax is the tax that is expected to arise when the assets and liabilities recognised in the Group\u2019s consolidated balance sheet are realised, using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the asset is realised or the liability is settled. \u2022 Full provision is made for deferred taxation, using the liability method, on all taxable temporary differences. Deferred tax assets and liabilities are recognised separately in the consolidated balance sheet and are reported as non-current assets and liabilities. \u2022 Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. \u2022 Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. \u2022 The recoverability of deferred tax assets is reviewed at each balance sheet date and deferred tax assets are recognised to the extent that sufficient taxable profit is expected to be available to allow the deferred tax asset to be utilised. \u2022 When items of income and expense are recognised in other comprehensive income, the current and deferred tax relating to those items is also recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-496": { "value": "(e) Taxation \u2022 The taxation recognised in the consolidated income statement comprises current tax and deferred tax arising on the current year\u2019s result before tax and adjustments to tax arising on prior years\u2019 results. \u2022 Current tax is the expected tax payable or receivable arising in the current year on the current year\u2019s result before tax, using tax rates enacted or substantively enacted at the balance sheet date, plus adjustments to tax in respect of prior years\u2019 results. \u2022 Deferred tax is the tax that is expected to arise when the assets and liabilities recognised in the Group\u2019s consolidated balance sheet are realised, using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the asset is realised or the liability is settled. \u2022 Full provision is made for deferred taxation, using the liability method, on all taxable temporary differences. Deferred tax assets and liabilities are recognised separately in the consolidated balance sheet and are reported as non-current assets and liabilities. \u2022 Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. \u2022 Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. \u2022 The recoverability of deferred tax assets is reviewed at each balance sheet date and deferred tax assets are recognised to the extent that sufficient taxable profit is expected to be available to allow the deferred tax asset to be utilised. \u2022 When items of income and expense are recognised in other comprehensive income, the current and deferred tax relating to those items is also recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-432": { "value": "(f) Property, Plant and Equipment \u2022 Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Cost includes expenditure that is directly attributable to the acquisition and installation of the asset. \u2022 Land and assets under construction are not depreciated. \u2022 With the exception of oil and gas exploration and production equipment, assets are depreciated using the straight-line method at the following rates: Freehold buildings \u2013 2% to 10% Leasehold buildings \u2013 life of lease Plant, machinery and motor vehicles \u2013 6% to 33 1 \u2044 3 % \u2022 The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-497": { "value": "(f) Property, Plant and Equipment \u2022 Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Cost includes expenditure that is directly attributable to the acquisition and installation of the asset. \u2022 Land and assets under construction are not depreciated. \u2022 With the exception of oil and gas exploration and production equipment, assets are depreciated using the straight-line method at the following rates: Freehold buildings \u2013 2% to 10% Leasehold buildings \u2013 life of lease Plant, machinery and motor vehicles \u2013 6% to 33 1 \u2044 3 % \u2022 The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-433": { "value": "(g) Leases \u2022 Lessees: With regard to lessee contracts, the entity recognises a lease obligation as a liability and a right-of-use asset at the inception of the contract, except with regard to the two exemptions noted below. In measuring the lease obligation, the entity takes account of all fixed payments and the known amount of variable payments. Management also assesses the likelihood of the entity exercising extension options, early termination options and purchase options when contractually offered, and incorporates the relevant assumed cash flows in the initial measurement. These future gross cash flows are then discounted using the incremental borrowing rate (\u201cIBR\u201d) that is relevant to each lease. The interest rate implicit in the lease is not used as the entity is unable to access the specific financials of the lessor that would be required in order to determine that rate. The IBR is determined by reference to (i) the weighted average period of the lease term; and (ii) the risk-free rate of the currency of the lease, adjusted for country-specific government bond yields for contracts denominated in the Euro; and (iii) the market risk premium associated with the currency of denomination of the contract; and (iv) a financing spread associated with the financial status and country of location of the lessee entity; and (v) an asset-specific adjustment associated with the perceived security that each type of asset provides to the lessor. The right-of-use asset is usually initially measured as equal to the initial measurement of the lease liability plus any contracted remediation work that would be required at the end of the lease term as there are usually no initial direct costs or lease payments made prior to the inception of the contract. Whenever circumstances change post-inception, for example when the judged likelihood of whether an option will or will not be exercised, or indices relevant to the measurement of variable payments change, or the lease term is extended with regard to a contract that does not offer an extension option, the lease obligation is re-measured and the right-of-use asset is correspondingly amended. Re-measurement of the lease obligation is most commonly based on a revised IBR as the change in circumstances has most commonly resulted from a change in the lease term. The cost of the lease is subsequently recognised in the consolidated income statement as interest charged on the liability and as depreciation charged on the right-of-use asset. Depreciation is charged on a straight-line basis over the lease term; to date the entity has not and is not expected to exercise a purchase option which would otherwise shorten the depreciation period. Hunting has adopted the two exemptions that permit lessees to charge the cost of certain leases directly to the consolidated income statement on a straight-line basis over the lease term. The two exemptions apply to: \u2013 leases that have a duration of one year or less; and \u2013 leases of assets that would have cost $5,000 or less, when new, to acquire if the asset had been purchased rather than leased. \u2022 Lessors: Hunting leases equipment to customers in the capacity of a manufacturer/dealer lessor. Consequently, the leased asset is derecognised and a finance lease receivable is recognised on the balance sheet in respect of the future amounts payable by the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-471": { "value": "(h) Goodwill \u2022 Goodwill arises when the fair value of the consideration paid for a business exceeds the fair value of the Group\u2019s share of the net assets acquired. \u2022 Goodwill is recognised as an asset and is carried at cost less accumulated impairment losses. \u2022 Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to the cash-generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. \u2022 On the disposal of a business, goodwill relating to that business that remains in the consolidated balance sheet at the date of disposal is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-434": { "value": "(h) Goodwill \u2022 Goodwill arises when the fair value of the consideration paid for a business exceeds the fair value of the Group\u2019s share of the net assets acquired. \u2022 Goodwill is recognised as an asset and is carried at cost less accumulated impairment losses. \u2022 Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to the cash-generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. \u2022 On the disposal of a business, goodwill relating to that business that remains in the consolidated balance sheet at the date of disposal is included in the determination of the profit or loss on disposal. (i) Other Intangible Assets \u2022 Other intangible assets, whether obtained through acquisition or internal development, are capitalised when it is probable that the future economic benefits that are attributable to the asset will be generated, provided the cost of the asset can be measured reliably. \u2022 Capitalisation occurs from the point when technical and commercial feasibility of the asset has been established. Prior to this costs are expensed. \u2022 For internally generated assets, only costs directly attributable to the development of the asset are capitalised. This typically includes employee remuneration and the cost of materials and services, such as testing, consumed in generating the intangible asset. \u2022 Other intangible assets are stated at cost less accumulated amortisation and impairment losses where applicable. \u2022 These assets have a finite life and are amortised in accordance with the pattern of expected future economic benefits, or when this cannot be reliably estimated, by using the straight-line method. \u2022 Intangible assets are amortised over the following periods: Customer relationships \u2013 eight to ten years Patents \u2013 eight to ten years Unpatented technology \u2013 eight to ten years Trademarks and domain names \u2013 one to five years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-470": { "value": "(i) Other Intangible Assets \u2022 Other intangible assets, whether obtained through acquisition or internal development, are capitalised when it is probable that the future economic benefits that are attributable to the asset will be generated, provided the cost of the asset can be measured reliably. \u2022 Capitalisation occurs from the point when technical and commercial feasibility of the asset has been established. Prior to this costs are expensed. \u2022 For internally generated assets, only costs directly attributable to the development of the asset are capitalised. This typically includes employee remuneration and the cost of materials and services, such as testing, consumed in generating the intangible asset. \u2022 Other intangible assets are stated at cost less accumulated amortisation and impairment losses where applicable. \u2022 These assets have a finite life and are amortised in accordance with the pattern of expected future economic benefits, or when this cannot be reliably estimated, by using the straight-line method. \u2022 Intangible assets are amortised over the following periods: Customer relationships \u2013 eight to ten years Patents \u2013 eight to ten years Unpatented technology \u2013 eight to ten years Trademarks and domain names \u2013 one to five years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-435": { "value": "(j) Investments in Associates and Joint Ventures \u2022 The Group\u2019s interests in these investments are accounted for using the equity method of accounting. \u2022 Upon initial recognition as at the date of acquisition, the interests are recognised in the balance sheet at cost plus directly incurred acquisition-related expenses. The excess of cost above the share of net assets is ascribed to goodwill and other intangible assets, as appropriate. The intangible assets are subsequently amortised and presented in the consolidated income statement as part of the post-tax share of the investments\u2019 results. \u2022 Subsequently, the carrying amount is adjusted to include the Group\u2019s share of the increase or decrease in the investments\u2019 net assets after the date of acquisition. The Group\u2019s share of the investments\u2019 net profit or loss after taxation is incorporated in the consolidated income statement as post-tax share of associates\u2019 and joint ventures\u2019 results. The Group\u2019s share of the investments\u2019 net assets plus direct acquisition expenses, goodwill and other acquisition-related intangible assets are incorporated in the consolidated balance sheet as investments in associates and joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-479": { "value": "(j) Investments in Associates and Joint Ventures \u2022 The Group\u2019s interests in these investments are accounted for using the equity method of accounting. \u2022 Upon initial recognition as at the date of acquisition, the interests are recognised in the balance sheet at cost plus directly incurred acquisition-related expenses. The excess of cost above the share of net assets is ascribed to goodwill and other intangible assets, as appropriate. The intangible assets are subsequently amortised and presented in the consolidated income statement as part of the post-tax share of the investments\u2019 results. \u2022 Subsequently, the carrying amount is adjusted to include the Group\u2019s share of the increase or decrease in the investments\u2019 net assets after the date of acquisition. The Group\u2019s share of the investments\u2019 net profit or loss after taxation is incorporated in the consolidated income statement as post-tax share of associates\u2019 and joint ventures\u2019 results. The Group\u2019s share of the investments\u2019 net assets plus direct acquisition expenses, goodwill and other acquisition-related intangible assets are incorporated in the consolidated balance sheet as investments in associates and joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-472": { "value": "(j) Investments in Associates and Joint Ventures \u2022 The Group\u2019s interests in these investments are accounted for using the equity method of accounting. \u2022 Upon initial recognition as at the date of acquisition, the interests are recognised in the balance sheet at cost plus directly incurred acquisition-related expenses. The excess of cost above the share of net assets is ascribed to goodwill and other intangible assets, as appropriate. The intangible assets are subsequently amortised and presented in the consolidated income statement as part of the post-tax share of the investments\u2019 results. \u2022 Subsequently, the carrying amount is adjusted to include the Group\u2019s share of the increase or decrease in the investments\u2019 net assets after the date of acquisition. The Group\u2019s share of the investments\u2019 net profit or loss after taxation is incorporated in the consolidated income statement as post-tax share of associates\u2019 and joint ventures\u2019 results. The Group\u2019s share of the investments\u2019 net assets plus direct acquisition expenses, goodwill and other acquisition-related intangible assets are incorporated in the consolidated balance sheet as investments in associates and joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-436": { "value": "(k) Impairments \u2022 The Group assesses at least annually whether there is any indication that an asset is impaired, and undertakes an assessment for an impairment if such an indication exists. \u2022 In addition, the Group undertakes an annual impairment assessment of goodwill whether or not an indication of impairment actually exists. \u2022 Where assets do not generate their own independent cash flows, they are tested at a cash generating unit (\u201cCGU\u201d) level and, if impairment is identified, the carrying amount of the CGU is reduced to its recoverable amount. For assets that do generate independent cash flows, the specific asset is impaired to its recoverable amount if impairment is identified. \u2022 Where impairment exists, an asset or CGU is written down to its recoverable amount being the higher of: (a) its fair value minus costs to sell; and (b) its value in use. Details of how value in use is determined are given in note 15. \u2022 Impairments are recognised immediately in the consolidated income statement. \u2022 An impairment to goodwill is never reversed. When applicable, an impairment of any other asset or CGU is reversed, but only to the extent that the consequent carrying value does not exceed what would have been the carrying value had the impairment not originally been made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-487": { "value": "(k) Impairments \u2022 The Group assesses at least annually whether there is any indication that an asset is impaired, and undertakes an assessment for an impairment if such an indication exists. \u2022 In addition, the Group undertakes an annual impairment assessment of goodwill whether or not an indication of impairment actually exists. \u2022 Where assets do not generate their own independent cash flows, they are tested at a cash generating unit (\u201cCGU\u201d) level and, if impairment is identified, the carrying amount of the CGU is reduced to its recoverable amount. For assets that do generate independent cash flows, the specific asset is impaired to its recoverable amount if impairment is identified. \u2022 Where impairment exists, an asset or CGU is written down to its recoverable amount being the higher of: (a) its fair value minus costs to sell; and (b) its value in use. Details of how value in use is determined are given in note 15. \u2022 Impairments are recognised immediately in the consolidated income statement. \u2022 An impairment to goodwill is never reversed. When applicable, an impairment of any other asset or CGU is reversed, but only to the extent that the consequent carrying value does not exceed what would have been the carrying value had the impairment not originally been made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-437": { "value": "(l) Inventories \u2022 Inventories are stated at the lower of cost and net realisable value. \u2022 Cost is determined using the first-in-first-out method and net realisable value is the estimated selling price less costs of disposal in the ordinary course of business. The cost of inventories includes direct costs plus production overheads. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-438": { "value": "(m) Cash and Cash Equivalents \u2022 Cash and cash equivalents comprise cash at bank and in hand, short-term deposits and qualifying Fixed Term Funds (\u201cFTFs\u201d) and money market funds with a maturity of less than three months from the date of deposit. \u2022 Short-term deposits, FTFs and money market funds have been classified as cash and cash equivalents as they are short-term, highly liquid, are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. These instruments are held for the purpose of settling current or potential cash commitments in the short term by the treasury function. \u2022 For cash flow statement purposes, cash and cash equivalents include bank overdrafts. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-526": { "value": "For cash flow statement purposes, cash and cash equivalents include bank overdrafts. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-439": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-534": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-521": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. (o) Financial Liabilities \u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures all of its non-derivative financial liabilities, including trade payables, at amortised cost. \u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. (q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. (i) Fair Value Hedges \u2022 Fair value gains or losses on derivatives designated in a fair value hedge are recognised immediately in the consolidated income statement if the changes in the fair value of the hedged item are taken to the consolidated income statement. (ii) Cash Flow Hedges \u2022 When forward foreign exchange contracts are designated in a cash flow hedge of forecast transactions, the Group generally designates only the change in fair value of the forward contract relating to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge reserve within equity. The Group has chosen to recognise the change in the forward element of the contract that relates to the hedged item, defined as the forward points, within the consolidated income statement immediately rather than in equity. The forward points are discounted, where material. \u2022 Where the hedged item subsequently results in the recognition of a non-financial asset, such as inventory or property, plant and equipment, the deferred hedging gains and losses in equity are included within the initial cost of the asset. The deferred amounts are subsequently recognised in profit or loss when the hedged item affects profit or loss (for example through cost of sales or depreciation). \u2022 When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss of hedging that was reported in equity is immediately reclassified to the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-500": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. (o) Financial Liabilities \u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures all of its non-derivative financial liabilities, including trade payables, at amortised cost. \u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. (q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-498": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. (o) Financial Liabilities \u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures all of its non-derivative financial liabilities, including trade payables, at amortised cost. \u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. (q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-488": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-540": { "value": "(n) Financial Assets \u2022 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs. Transaction costs of financial assets at FVTPL are expensed immediately to the consolidated income statement. \u2022 Subsequent measurement of debt instruments depends on each Group entity\u2019s business model for managing the asset in order to generate cash flows and the cash flow characteristics of the financial asset. The Group\u2019s debt instruments are classified either into amortised cost or fair value through profit or loss. \u2022 Debt instruments that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are subsequently measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest method. If collection is expected in one year or less they are classified as current assets, otherwise they are presented as non-current assets. Debt instruments held for collection of contractual cash flows include, contract assets, trade receivables, accrued revenue and other receivables. \u2022 Any other debt instruments, including the convertible financing, money market funds and Fixed Term Funds, which are subsequently not measured at amortised cost have been measured at fair value through profit or loss. \u2022 The Group\u2019s financial assets that are (1) equity instruments, and (2) debt instruments that are convertible into equity, are subsequently measured at fair value through profit or loss. Changes in the fair value of these instruments are recognised in other operating income, operating expenses, finance income or finance expense, as appropriate. Financial assets that are equity instruments comprise listed equity investments and mutual funds. The convertible debt instrument is currently a loan on which interest is earned prior to its potential conversion into equity, the conversion of which is dependent upon events outside of the Group\u2019s control. \u2022 The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-514": { "value": "The Group applies lifetime expected credit losses (\u201cECLs\u201d) to trade receivables, accrued revenue, contract assets and lease receivables, both short-term and long-term, upon their initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-489": { "value": "(o) Financial Liabilities \u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures all of its non-derivative financial liabilities, including trade payables, at amortised cost. \u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-440": { "value": "(o) Financial Liabilities \u2022 Financial liabilities are initially recognised at fair value at the trade date, which is normally the consideration received less, in the case of financial liabilities that are not measured at fair value through profit or loss, transaction costs. The Group subsequently remeasures all of its non-derivative financial liabilities, including trade payables, at amortised cost. \u2022 Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-527": { "value": "Payables are classified as current liabilities if payment is due within one year, otherwise they are presented as non-current liabilities. (p) Debt Issue Costs \u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-441": { "value": "(p) Debt Issue Costs \u2022 Transaction costs in relation to the arrangement of the ABL facility are capitalised and subsequently amortised on a straight-line basis over the expected useful life of the facility. The charge is recognised within finance expense in the income statement. Capitalised costs are presented in the balance sheet as a reduction to any drawn down debt with any excess over the drawn amount presented as a prepayment for services. ", "dimensions": { "concept": "huntingplc:DescriptionOfAccountingPolicyForDebtIssueCosts", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-473": { "value": "(q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. (i) Fair Value Hedges \u2022 Fair value gains or losses on derivatives designated in a fair value hedge are recognised immediately in the consolidated income statement if the changes in the fair value of the hedged item are taken to the consolidated income statement. (ii) Cash Flow Hedges \u2022 When forward foreign exchange contracts are designated in a cash flow hedge of forecast transactions, the Group generally designates only the change in fair value of the forward contract relating to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge reserve within equity. The Group has chosen to recognise the change in the forward element of the contract that relates to the hedged item, defined as the forward points, within the consolidated income statement immediately rather than in equity. The forward points are discounted, where material. \u2022 Where the hedged item subsequently results in the recognition of a non-financial asset, such as inventory or property, plant and equipment, the deferred hedging gains and losses in equity are included within the initial cost of the asset. The deferred amounts are subsequently recognised in profit or loss when the hedged item affects profit or loss (for example through cost of sales or depreciation). \u2022 When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss of hedging that was reported in equity is immediately reclassified to the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-442": { "value": "(q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. (i) Fair Value Hedges \u2022 Fair value gains or losses on derivatives designated in a fair value hedge are recognised immediately in the consolidated income statement if the changes in the fair value of the hedged item are taken to the consolidated income statement. (ii) Cash Flow Hedges \u2022 When forward foreign exchange contracts are designated in a cash flow hedge of forecast transactions, the Group generally designates only the change in fair value of the forward contract relating to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge reserve within equity. The Group has chosen to recognise the change in the forward element of the contract that relates to the hedged item, defined as the forward points, within the consolidated income statement immediately rather than in equity. The forward points are discounted, where material. \u2022 Where the hedged item subsequently results in the recognition of a non-financial asset, such as inventory or property, plant and equipment, the deferred hedging gains and losses in equity are included within the initial cost of the asset. The deferred amounts are subsequently recognised in profit or loss when the hedged item affects profit or loss (for example through cost of sales or depreciation). \u2022 When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss of hedging that was reported in equity is immediately reclassified to the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-515": { "value": "(q) Derivatives and Hedging \u2022 Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. \u2022 The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months from the balance sheet date. \u2022 The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. \u2022 Where the derivatives are not designated in a hedge and accounted for using hedge accounting, they are classified as \u201cheld for trading\u201d and are accounted for at fair value through profit or loss, with changes in the fair value recognised immediately within the consolidated income statement. \u2022 The Group designates certain derivatives as: i. hedges of the fair value of recognised assets and liabilities; or ii. hedges of a particular risk associated with the cash flows of highly probable forecast transactions; or iii. a hedge of the net investment in a foreign operation. (i) Fair Value Hedges \u2022 Fair value gains or losses on derivatives designated in a fair value hedge are recognised immediately in the consolidated income statement if the changes in the fair value of the hedged item are taken to the consolidated income statement. (ii) Cash Flow Hedges \u2022 When forward foreign exchange contracts are designated in a cash flow hedge of forecast transactions, the Group generally designates only the change in fair value of the forward contract relating to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge reserve within equity. The Group has chosen to recognise the change in the forward element of the contract that relates to the hedged item, defined as the forward points, within the consolidated income statement immediately rather than in equity. The forward points are discounted, where material. \u2022 Where the hedged item subsequently results in the recognition of a non-financial asset, such as inventory or property, plant and equipment, the deferred hedging gains and losses in equity are included within the initial cost of the asset. The deferred amounts are subsequently recognised in profit or loss when the hedged item affects profit or loss (for example through cost of sales or depreciation). \u2022 When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss of hedging that was reported in equity is immediately reclassified to the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-443": { "value": "(r) Provisions \u2022 Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation. \u2022 The measurement of a provision is based on the most likely amount and timing of the expenditures. Payments that are expected to arise after more than one year are discounted to their present value using a risk-free interest rate that is relevant to the region in which the past event occurred. The risk-free interest rate is based on the redemption yields of government securities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-444": { "value": "(s) Post-employment Benefits \u2022 Payments to defined contribution retirement schemes are charged to the consolidated income statement when they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-445": { "value": "(t) Share-based Payments \u2022 The Group issues equity-settled and cash-settled share-based payments (HPSP awards) to certain employees as consideration for services received from the employees. The fair value of the employees\u2019 services is recognised as an expense in the consolidated income statement on a straight-line basis over the vesting period based on the Group\u2019s estimate of awards that will ultimately vest. The obligation to settle these awards is recognised within other components of equity; the obligation to settle the cash-settled awards is recognised as a liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-446": { "value": "(u) Share Capital \u2022 Incremental costs directly attributable to the issue of new shares are charged to equity as a deduction from the proceeds, net of tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-447": { "value": "(v) Merger Reserve \u2022 The merger reserve comprises the proceeds received, net of transaction costs, in excess of the nominal value of the Ordinary shares issued by way of the share placing completed on 31 October 2016. In accordance with section 612 of the Companies Act 2006, the premium was credited to the merger reserve, instead of to the share premium account, because the share placing was pursuant to the Company securing over 90% of another entity. The proceeds were used to pay down the Group\u2019s borrowings at that time. The reserve is currently non-distributable and will be transferred to distributable retained earnings when the proceeds meet the definition of a qualifying consideration. ", "dimensions": { "concept": "huntingplc:DescriptionOfAccountingPolicyForMergerReserve", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-448": { "value": "(w) Dividends \u2022 Dividends to the Group\u2019s shareholders are recognised as liabilities in the Group\u2019s financial statements in the period in which the dividends are approved by shareholders. Interim dividends are recognised when paid. All dividends are dealt with in the statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-490": { "value": "(x) Employee Benefit Trust \u2022 The Hunting PLC Employee Benefit Trust (\u201cEBT\u201d) holds treasury shares, which are shares in Hunting PLC, for the purpose of issuing shares to employees of the Group under share-based remuneration schemes. The EBT is consolidated in accordance with note 41(a) above. \u2022 The cost of treasury shares is presented as a deduction from retained earnings in the consolidated balance sheet. \u2022 The cost of shares issued to employees is recognised on a weighted average cost basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138008S5FL78ITZRN66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }