RESILIENCE AGAINST MARKET VOLATILITY
`
`HUNTING PLC
`RESULTS PRESENTATION
`FOR THE SIX MONTHS ENDED 30 JUNE 2020
`www.huntingplc.com
`
`Results Presentation: August 2020
`
`1
`
`DynaEnergetics Europe GmbH
`Ex. 2015
`Page 1 of 26
`
`
`
`HUNTING PLC
`RESULTS PRESENTATION
`FOR THE SIX MONTHS ENDED 30 JUNE 2020
`www.huntingplc.com
`
`Results Presentation: August 2020
`
`1
`
`DynaEnergetics Europe GmbH
`Ex. 2015
`Page 1 of 26
`
`
`
`Resilience
`
` Enpro acquisition completed expanding our Subsea Portfolio,
`RTI, continuing to perform well and growing backlog
`
` Returning cash to shareholders
`
` Balance sheet remains robust. Cash in bank, no debt,
`
`liquidity
`
` Generated Positive EBITDA in worst market ever
`
` Operating the business with decisive actions
`
` Continued development of proprietary products
`
`Results Presentation: August 2020
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`2
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`Ex. 2015
`Page 2 of 26
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`
`
`Group Summary
`Strong balance sheet in volatile market
`
` Strong balance sheet and satisfactory financials
`
`-
`-
`-
`-
`-
`-
`
`Revenue of $377.7m (H1 2019: $508.9m)
`Underlying EBITDA $28.4m (H1 2019: $77.4m)
`Underlying EBITDA Q2 $6.6m
`Net assets at 30 June 2020 of $1.0bn (YE 2019: $1.2bn)
`Total cash and bank $48.8m (YE 2019: $127.0m)1
`Second interim dividend of 2.0 cents per share is being declared, which will absorb $3.3m of cash and be paid on
`23 October 2020
`
` Significant cost reduction programme implemented in reporting period, to align with industry outlook
`-
`Headcount reduced by circa 30% as at August 2020
`-
`Closure of two manufacturing facilities at Oklahoma City and Ramsey Road, Houston
`-
`Closure of Canada manufacturing facility announced on 10 August 2020
`-
`Four distribution centres closed across North America
`-
`Amalgamation of Singapore facilities
`
` New products launched in the period to provide lower cost and safer technology to clients
`-
`Hunting Titan launched new variants of the H-1, H-2 and E-SUB perforating systems and a new generation
`ControlFire® firing switch during Q2 2020
`Subsea launched a new high pressure hydraulic coupling and Drilling Tools launched a new range of mud motors
`The EMEA operating segment has continued to trial an organic oil recovery well treatment technology
`Non-oil and gas products continue to diversify revenue
`
`-
`-
`-
`
` Commissioning of new detonation cord manufacturing line by Hunting Titan in July 2020
`
` Acquisition of Enpro Subsea Limited (“Enpro”) in February 2020 for $34.0m, including costs.
`
`1 The current cash and bank balance as at August 2020 is c.$67m
`
`Results Presentation: August 2020
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`
`
`Group Income Statement1
`
`Revenue
`
`Gross profit
`
`EBITDA
`
`Profit from operations
`
`Net finance expense
`
`Profit before tax
`
`Tax charge
`
`Profit after tax
`
`Effective tax rate
`
`Diluted EPS
`
`Dividend per share declared
`
`Margin
`%
`
`29%
`
`15%
`
`11%
`
`H1
`2020
`
`H1
`2019
`
`$m
`
`Margin %
`
`$m
`
`22%
`
`8%
`
`2%
`
`377.7)
`
`82.6)
`
`28.4)
`
`5.7)
`
`(1.8)
`
`3.9)
`
`(2.6)
`
`1.3)
`
`67%
`
`1.0c
`
`2.0c
`
`508.9)
`
`145.6)
`
`77.4)
`
`55.6)
`
`(1.0)
`
`54.6)
`
`(13.3)
`
`41.3)
`
`24%
`
`23.6c
`
`5.0c
`
`1 Results are before amortisation of acquired intangible assets and exceptional items.
`
`Results Presentation: August 2020
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`
`
`Segmental Results1
`
`H1
`2020
`
`H1
`2019
`
`Revenue
`
`Results from
`Operations
`
`$m
`
`102.5)
`
`167.0)
`
`12.8)
`
`50.9)
`
`71.3)
`
`(26.8)
`
`377.7)
`
`$m
`
`1.7)
`
`4.6)
`
`(1.0)
`
`(3.1)
`
`3.5)
`
`-)
`
`5.7)
`
`Revenue
`
`$m
`
`206.1)
`
`181.1)
`
`19.5)
`
`67.0)
`
`75.1)
`
`(39.9)
`
`508.9
`
`Results from
`operations
`
`$m
`
`42.2)
`
`12.9)
`
`(3.0)
`
`0.2)
`
`3.3)
`
`-
`
`55.6)
`
`Hunting Titan
`
`US
`
`Canada
`
`EMEA
`
`Asia Pacific
`
`Inter-segment elimination
`
`1 Results are before amortisation of acquired intangible assets and exceptional items.
`
`Results Presentation: August 2020
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`Ex. 2015
`Page 5 of 26
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`
`
`Revenue by Product Grouping
`
`Perforating Systems
`
`OCTG
`
`Advanced Manufacturing
`
`Intervention Tools
`
`Subsea
`
`Drilling Tools
`
`Other
`
`H1
`2020
`$m
`
`97.2)
`
`169.2)
`
`40.9)
`
`17.0)
`
`33.8)
`
`6.3)
`
`13.3)
`
`H1
`2019
`$m
`
`199.4
`
`181.7
`
`59.4
`
`24.9
`
`18.9
`
`11.3
`
`13.3
`
`Change
`
`-51%)
`
`-7%)
`
`-31%)
`
`-32%)
`
`+79%)
`
`-44%)
`
`-)
`
`377.7
`
`508.9
`
`-26%)
`
`Results Presentation: August 2020
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`Ex. 2015
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`
`
`Amortisation & Exceptional Items
`
`Amortisation of acquired intangible assets
`
`12.3)
`
`14.5
`
`H1
`2020
`$m
`
`H1
`2019
`$m
`
`Impairment:
`
`- Goodwill
`
`- Other intangible assets
`
`- Property, plant and equipment
`
`- Right-of-use assets
`
`-
`
`Inventory
`
`Receivables
`
`Restructuring costs and held-for-sale FV adjustment
`
`Reversal of Enpro contingent consideration
`
`Acquisition costs
`
`79.8)
`
`39.2)
`
`19.3)
`
`2.1)
`
`33.3)
`
`1.2)
`
`3.4)
`
`(2.5)
`
`1.2)
`
`-
`
`-
`
`-
`
`-
`
`-
`
`-
`
`-
`
`-
`
`-
`
`189.3)
`
`14.5
`
`Results Presentation: August 2020
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`
`
`Group Balance Sheet
`Solid financial footing
`
`June
`2020
`$m
`
`December
`2019
`$m
`
`Property, plant and equipment
`
`Right-of-use assets
`
`Goodwill and other intangible assets
`
`Working capital
`
`Taxation
`
`Provisions
`
`Other net assets
`
`Bank and cash
`
`Lease liabilities
`
`Other borrowings
`
`Net cash
`
`331.0)
`
`30.5)
`
`207.0)
`
`429.7)
`
`(0.2)
`
`(8.9)
`
`2.3)
`
`48.8)
`
`(39.4)
`
`(3.9)
`
`5.5)
`
`354.7)
`
`36.7)
`
`• IFRS 16 leases
`
`• Impairment of $119.0m recognised
`
`• Inventory impairment of $33.3m recognised
`
`• De-recognition of US deferred tax assets
`
`308.7)
`
`433.3)
`
`19.8)
`
`(8.4)
`
`1.1)
`
`127.0)
`
`(45.2)
`
`(3.9)
`
`77.9)
`
`Net Assets
`
`996.9)
`
`1,223.8)
`
`Results Presentation: August 2020
`
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`
`
`Working Capital
`
`Inventories
`
`- Hunting Titan
`
`- US
`
`- Other segments
`
`Gross inventories
`
`Provision for inventories
`
`Net inventories
`
`Receivables
`
`Payables
`
`Total
`
`Inventory days
`
`Receivable days
`
`June
`2020
`$m
`
`December
`2019
`$m
`
`135.8)
`
`131.2)
`
`118.1)
`
`385.1)
`
`(54.0)
`
`331.1)
`
`176.2)
`
`(77.6)
`
`429.7)
`
`248)
`
`92)
`
`127.5)
`
`135.9)
`
`113.9)
`
`377.3)
`
`(26.5)
`
`350.8)
`
`203.2)
`
`(120.7)
`
`433.3)
`
`214)
`
`79)
`
`Results Presentation: August 2020
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`Ex. 2015
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`
`
`Group Cash Flow
`
`EBITDA
`
`Add: share based payments
`
`Working capital movements
`
`Net tax paid
`
`Proceeds from business and asset disposals
`
`Lease payments
`
`Other
`
`Free cash flow
`
`Capital and intangible asset investments
`
`Acquisition of business
`
`Dividends paid to equity shareholders and NCI
`
`Net purchase of treasury shares
`
`Share buyback
`
`Share capital issued
`
`Net cash flow
`
`Foreign exchange
`
`Movement in total bank and cash
`
`H1
`2020
`$m
`
`28.4)
`
`4.9)
`
`33.3)
`
`(31.0)
`
`(6.0)
`
`2.2)
`
`(6.0)
`
`(3.7)
`
`(11.2)
`
`(12.0)
`
`(34.0)
`
`(5.8)
`
`(5.9)
`
`(5.3)
`
`-)
`
`(74.2)
`
`(4.0)
`
`(78.2)
`
`H1
`2019
`$m
`
`77.4)
`
`6.6)
`
`84.0)
`
`(21.3)
`
`• Trade creditors reduction
`
`(3.6)
`
`4.7)
`
`(6.2)
`
`(3.8)
`
`53.8)
`
`(22.5)
`
`• Capex curtailed
`
`-)
`
`• Enpro acquisition February 2020
`
`• Share award programme
`
`(8.3)
`
`(4.2)
`
`-)
`
`0.6)
`
`19.4)
`
`(0.2)
`
`19.2
`
`Results Presentation: August 2020
`
`10
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`
`
`Capital and Intangible Asset Investment
`Modest levels, 50% of budgeted capex
`
`Hunting Titan – Detonation Cord Line
`
`Titan– other
`
`US – Investment in Subsea businesses
`
`US – other
`
`Other
`
`Capital Investment
`
`Intangible Asset Investment
`
`Total
`
`H1
`2020
`$m
`
`2.4
`
`0.5
`
`1.5
`
`4.8
`
`1.3
`
`10.5
`
`1.5
`
`12.0
`
`1 Capex budget cut by 50% for 2020
`2 Capex spend for 2019 was $36m
`
`Results Presentation: August 2020
`
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`Ex. 2015
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`
`
`COVID-19 Response
`Meeting the challenge in Operations
`
` Work environment
`
`• Staggered shifts
`
`• Work-from-home
`
`• Team alignment to ensure continuity, health and
`safety
`
` Hunting cares
`
`• Production of PPE in our Asia Pacific facilities
`
`• Providing PPE to employees
`
`• Deep-cleaning of facilities
`
` Market discontinuity, added cost
`
`• Productivity impacted
`
`• Clients delaying or cancelling orders
`
`• Client connectivity hampered
`
`Our work place safety cost associated with COVID-19 is over $1m
`
`Results Presentation: August 2020
`
`12
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`Ex. 2015
`Page 12 of 26
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`
`
`Taking Decisive Action
`
` Head count reductions
`
`• Reduced our workforce by circa. 30% at August 2020
`
` Changing our strategy in Canada
`
` Facility closures
`
`• Skyline facility in Canada
`
`• Ramsey Road
`
`• Oklahoma City
`
`• Various Distribution Centres
`
` Compensation frozen
`
` Capex budget for 2020 cut by 50%
`
` Annualised cost savings approximately $70m
`
`Results Presentation: August 2020
`
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`
`
`Evaluating Our Footprint
`Closure of Canada Manufacturing
`
` Adopt distribution/sales model and exit from in-country
`manufacturing
`
` OCTG business model better suited for distribution of Hunting
`Threaded Connection Technology
`
`Canada Operating Losses USD $m
`
`2017
`
`$(3.3)
`
`2018
`
`2019
`
`$(1.8)
`
`$(4.3)
`
`•
`
`•
`
`•
`
`•
`
`In Canada, circa. 80% of our sales relate to OCTG products
`
`The market is dominated by the steel mills who adopt a direct distribution
`model, putting Hunting at a cost disadvantage
`
`Risk is reduced by operating the Canadian market according to a
`distribution model, by licensing our connection technology or importing
`threaded OCTG from our global footprint to sell through distribution
`
`Based on the scale of potential demand in Canada, it is more efficient to
`utilise existing Hunting manufacturing capacity and import the product
`
` Having evaluated the Canadian market, Hunting will cease in-country
`manufacturing, removing approximately 125,000 square feet of floor
`space, and consolidate manufacturing and sales management for
`Canada under our existing operational umbrella of facilities
`
`•
`
`•
`
`Sales of Hunting connection products will fall under the US Connection
`division
`
`Perforating Systems products will be manufactured in the US and Asia
`and distributed through the Hunting Titan distribution centres in Canada
`
`Structural
`Change
`Required for
`Positive Cash
`flow
`
`Canada’s
`Addressable
`Market Has
`Changed
`
`9 Month
`Seasonal
`Market With
`Year Round
`Cost
`
`Source: EIA
`
`Results Presentation: August 2020
`
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`
`
`Operational Overview: North America
`The worst market in history
`
` US
`
`• Cost-saving measures implemented
`
`• Subsea Technologies (RTI) receiving two
`large orders for GOM
`
`• Significant growth in TEC-LOCK™ product
`
`• Permian completion activity down 80% by
`end of July
`
`• Significant reduction in sanctioned customer
`CAPEX
`
`• Cancellation or suspension of current
`projects
`
`• Customers destocking
`
`US Rig Count:
`
` July 2019:
`
`• Onshore: 918
`
`• Offshore: 24
`
` July 2020:
`
`• Onshore: 239
`
`• Offshore: 12
`
` Wells Drilled:
`
`• H1 2019: 11,169
`
`• H1 2020: 6,573
`
` Capital Spend:
`
`• H1 2019: $62.6bn
`
`• H1 2020: $37.4bn
`
`Source: Spears, Baker Hughes
`
`Results Presentation: August 2020
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`
`
`North America: Onshore Markets
`Market: H1 2020 and Current
`
`335 338
`
`318
`
`Estimated Frac Crews
`
`276
`
`185
`
`55 45 53
`
`74 80 90
`
`Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
`
`Jul-20
`
`US Frac Jobs
`
`4,105
`
`4,345
`
`4,037
`
`Unprecedented decline in US shale activity
`
`
`
`
`
`From an initial 450 available frac crews, this number
`rapidly declined as the COVID-19 impact took hold in
`April 2020
`
`•
`
`•
`
`Below 50 crews working in mid-May
`
`Current levels around 70 to 80 crews
`
`Severe financial stress in the oilfield services sector with
`the rapid decline in financial health
`
`•
`
`•
`
`Bankruptcy reports show over 30 E&Ps and 25
`oilfield services companies have filed since the
`start of the downturn
`
`Equity in capital markets has dramatically reduced
`funding to the sector
`
` Destocking of customers inventory to save cash
`
`3,084
`
`3,210
`
` Natural gas market improving
`
`Q1 19
`
`Q2 19
`
`Q3 19
`
`Q4 19
`
`Q1 20
`
`Q2 20
`
`1,030
`
`Source:
`Spears, Primary Vision, Haynes and Boone, Tudor, Pickering, Holt
`
`Results Presentation: August 2020
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`
`
`Advanced Manufacturing Group (AMG)
`
` Hunting’s Advanced Manufacturing Group, which includes the Electronics and Dearborn divisions, has
`maintained a good backlog despite market conditions. The AMG division is currently ISO and ITAR
`certified
`
` The Electronics division has been successful in engaging in business opportunities outside of the Oil and
`Gas industry
`
`•
`
`The Electronics division’s current backlog reflects
`
`• 75% orders for the Oil and Gas industry
`
`• 25% orders for the Medical industry
`
` The Dearborn division has a long history of product development for the Defence and Aerospace
`industries
`
`• Dearborn’s current backlog reflects
`
`• 60% orders for the Aerospace, Power Generation and Defence industries
`
`• 40% orders for the Oil and Gas industry
`
`Results Presentation: August 2020
`
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`
`
`Connection Technology
`
`TEC-LOCK™ continues to see robust growth in the onshore semi-premium market. In the first half of 2020,
`we have more than doubled our volumes compared to the same period last year.
`
`60,000
`
`50,000
`
`40,000
`
`30,000
`
`20,000
`
`10,000
`
`0
`
`2019
`
`2020
`
`Joints Threaded
`
`Results Presentation: August 2020
`
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`
`
`Operational Overview: International Markets
`
` Asia Pacific
`
`• Cost-saving measures implemented
`
`• OCTG product shipments strong in H1 to China, India, Middle East
`
`•
`
`Jindal relationship expanding business in India
`
` EMEA
`
`• Cost-saving measures implemented
`
`• Good first half for Well Testing equipment
`
`• Good Well Intervention bookings for Middle East
`
`Results Presentation: August 2020
`
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`Page 19 of 26
`
`
`
`New Products and Technologies
`Continued Product Innovation – 11 Releases in H1 2020
`
` Hunting continues to introduce new technologies into the market.
`
` We develop our products on the basis that different end users have different
`economic, operational and technological requirements and acceptance thresholds.
`Hunting’s customers range from those seeking more commoditised universal
`components to those requiring complete advanced systems.
`
`EFI ControlFire®
`Cartridge
`
`E-Gun™
`
`Recompletion System
`
`EQUAfrac® Limited Charges
`
`PowerSet® &
`PowerSet Solo®
`
`Digital Freepoint Tool
`
`High Side Indicator
`(HSI)
`
`Results Presentation: August 2020
`
`20
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`Ex. 2015
`Page 20 of 26
`
`
`
`New Products and Technologies
`Perforating Products – Maintaining Leadership In Class
`
`Exploding Bridge Foil Initiator (EFI) Cartridge
`
` Stray voltage and signals create safety hazards potentially leading
`to accidental detonation of the tool string topside
` Hunting developed the concept of the “no wire drop in system” and
`continues to improve upon it having introduced the safest initiating
`system in the market, compliant with API RP 67 Group 3 Detonator
`standards
`
`E-Gun RC™ Perforating System
`
`EFI Cartridge
`
` For customers seeking to re-complete existing wells to extract hydrocarbons, Hunting developed the
`E-Gun RC™ perforating system
` This system is a complete tool string from the weighted bars down to the setting tool
` The system is optimised with charges specially engineered for re-completion
`
`Hunting is the only manufacturer of the
`complete kit for re-completion perforating
`systems providing our customers a one
`stop shop
`
`Results Presentation: August 2020
`
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`
`
`
`New Products and Technologies
`Perforating Products – Solving the Industry’s Problems
`
` Develop what the markets needs across the spectrum
`
` While much of the industry is focused on guns, charges and electronics, Hunting’s focus is
`on addressing the challenges faced by our customers. Examples include:
`• Making the complex look simple with our Digital Freepoint Tool assisting in pipe retrieval
`• Solving a simple problem that is complex downhole of finding the “high side of the casing”
`• Creating a power charge that combines the correct economics with the consistency in burn times
`needed to do the job
`
`Digital Freepoint Tool
`
`High Side Indicator
`
`PowerSet® Power Charges
`
`Results Presentation: August 2020
`
`22
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`Ex. 2015
`Page 22 of 26
`
`
`
`Offshore Markets
`Market: H1 2020 and Current
`
`Rig activity at historic lows
`
` 2020 is expected to see the lowest rig count in
`history
`
` Valaris, the world’s largest rig contractor, filed for
`Chapter 11 in August
`
` UK rig count was 4 as at July 2020
`
`It’s a Complex Time
`
`Gulf of Mexico
`
` The offshore rig count average
`
`Q1 21 Q2 15
`
` Current Rig Count 13
`
` Subsea Technologies Division, SURF
`Technologies group (formally RTI) has
`bookings for Riser and TSJ products going to:
`
`• Chevron
`
`• Murphy Oil
`
`•
`
`LLOG
`
`GOM Rig Count Average
`
`2019
`2016
`2013
`2010
`2007
`2004
`2001
`1998
`1995
`1992
`1989
`1986
`1983
`1980
`1977
`1974
`1971
`1968
`1965
`1962
`1959
`
` COVID-19 is impacting the offshore industry
`
` Areas of impact include logistical challenges
`relating to materials, personnel being subject to
`travel restrictions and the close and confined
`environment associated with working on a rig
`
` At current oil prices combined with a complicated
`operating environment, activity in the Gulf of
`Mexico has slowed
`
` Operators rethinking the viability of projects due to
`current market conditions
`
`250
`200
`150
`100
`50
`0
`
`Source: Rigzone, Spears, Baker Hughes, Forbes
`
`https://www.forbes.com/sites/jamesconca/2020/04/28/offshore-oil-rigs-are-a-special-case-for-covid-19/#69dc520a6b82
`https://www.forbes.com/sites/scottcarpenter/2020/05/26/on-pause-offshore-oil-industry-faces-its-biggest-setback-in-years/#5b008f5d327b
`https://www.rigzone.com/news/gulf_of_mexico_oil_output_targeting_record_year-27-dec-2019-160641-article/
`
`Results Presentation: August 2020
`
`23
`
`DynaEnergetics Europe GmbH
`Ex. 2015
`Page 23 of 26
`
`
`
`Positioning Hunting for Offshore opportunities
`
`
`
`Irrespective of whether offshore projects are long lead time and complex or smaller optimising existing
`field and topside production, Hunting manufactures products to be utilised in both
`
` Hunting has added more offshore proprietary technology to our subsea offering through the addition of RTI
`and Enpro and continued development of our Subsea coupling line
`
`Results Presentation: August 2020
`
`24
`
`DynaEnergetics Europe GmbH
`Ex. 2015
`Page 24 of 26
`
`
`
`Summary of Investment Case
`
` Robust financial footing
`
` Broad and growing proprietary technology based product portfolio
`
` Modern, well equipped and geographically well positioned facilities within global energy markets
`
` Ability to participate in all E&P plays
`
` Financial strength for bolt-on technology focused acquisitions
`
` Experienced and focused management team
`
` Excellent HS&E record
`
` ESG credentials position Hunting well with its peers – MSCI AA+
`
` Established reputation for quality branded products and services
`
` Strong cash generation allowing dividends and facilitating a share buy-back programme
`
`Results Presentation: August 2020
`
`25
`
`DynaEnergetics Europe GmbH
`Ex. 2015
`Page 25 of 26
`
`
`
`A Balanced Portfolio
`
`Operations
`
`Markets & Products
`
`Core Values
`
`Global Footprint
`North America, EMEA
`Asia Pacific
`
`Strong Asset Base
`Modern fleet of equipment,
`flexible to manufacture
`across product lines
`
`All Phases of the Well Life
`Cycle
`Construction
`Completion
`Intervention
`
`Safety
`
`Customer focused
`
`Culture of Quality
`
`All Environments
`Onshore
`Offshore
`
`Markets Other than Oil and
`Gas
`Aerospace
`Defence
`Medical
`Power Generation
`
`Social and Environmental
`Responsibility
`
`Management Longevity
`
`Financial Discipline
`
`Results Presentation: August 2020
`
`26
`
`DynaEnergetics Europe GmbH
`Ex. 2015
`Page 26 of 26
`
`
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