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HMS HYDRAULIC MACHINES & SYSTEMS GROUP PLC

(HMSG)
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HMS Group Reports Rub 1.3 billion EBITDA for 3 -2-

06/10/2021 | 03:04am EDT

Construction[iv] ? Order intake equaled Rub 2.0 billion. Backlog stood at Rub 1.4 billion. ? Revenue was down to Rub 193 million, compared with Rub 237 million for 3m 2020. EBITDA was Rub (18) million,

compared with Rub 23 million last year.

in millions of Rub  3m 2021 3m 2020 Change yoy 1Q 2021 4Q 2020 Change qoq 
Orders              1,955   203     866%       1,955   32      6002% 
Backlog             1,358   834     63%        1,358   1,541   -12% 
Revenue             193     237     -19%       193     138     40% 
EBITDA              (18)    23      -179%      (18)    (43)    na 
EBITDA margin       -9.2%   9.5%               -9.2%   -31.2% 

Working capital and Capital expenditures ? Working capital increased to Rub 8.2 billion, by 17% yoy, compared with Rub 7.1 billion at the end of 3m 2020. As a

share of revenue LTM, working capital stood at 16.9%, compared with 13.6% for 3m 2020. ? Maintenance capex was Rub 440 million, up by 32% yoy, compared with Rub 334 million during 3m 2020

in millions of Rub            3m 2021 3m 2020 Change yoy 1Q 2021 4Q 2020 Change qoq 
Working capital               8,183   7,019   17%        8,183   6,752   21% 
Working capital / Revenue LTM 16.9%   13.6%              16.9%   14.5% 
Maintenance  capex            440     334     32%        440     250     76% 
Acquisitions                  -       -                  -       - 

DEBT POSITION ? Total debt up to Rub 22.2 billion, by 3% yoy, compared with Rub 21.5 billion at the end of 3m 2020. ? Net debt was Rub 13.1 billion, up by 7% yoy, compared with Rub 12.2 billion at the end of 3m 2020. ? Net debt to EBITDA LTM ratio stood at 2.52x.

in millions of Rub    3m 2021 3m 2020 Change yoy 1Q 2021 4Q 2020 Change qoq 
Total debt            22,209  21,501  3%         22,209  22,175  0% 
Net debt              13,053  12,228  7%         13,053  11,814  10% 
Net debt / EBITDA LTM 2.52    2.26               2.52    2.39 

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

BUYBACK PROGRAM ? After the reporting date, no GDRs have been purchased under the buyback program.

DIVIDENDS ? The Board of Directors at the meeting on April 21, 2021, recommended payment of the final dividends in respect of

FY 2020 in the amount of Rub 4.25 per one ordinary share (Rub 21.25 per one GDR). The dividends are subject to the

approval at the AGM on June 24, 2021. Subject to such approval, the dividends may be paid on July 1, 2021, to

shareholders on the HMS' register at close of business (UK time) on June 18, 2021 (the "Record date").

MOEX LISTING ? On May 21, 2021, HMS Group's GDRs have been listed on the Moscow Exchange. ? On May 25, 2021, the Moscow Exchange commenced trading of HMS' GDRs under the "HMSG" ticker. These GDRs continue

trading on the Main Market of the London Stock Exchange.

***

Webcast to discuss 3 months 2021 IFRS results

Date: Thursday, June 10, 2021

Time: 2.30 PM (MOSCOW) / 12.30 PM (London) / 7.30 AM (NY)

HMS Group 3m 2021 IFRS results

Conference passcode: 6189356

To participate in the conference call, please dial in:

Russia Local: +7 499 609 1260

Russia Toll Free: 8 800 100 9471

UK Local: +44 (0)330 027 1846

UK Toll Free: 0800 031 4838

US Local: +1 334 777 6978

US Toll Free: 800 367 2403

Live link

https://www.webcast-eqs.com/hmsgroup20210610

Contacts:

Investor Relations, ir@hms.ru

***

HMS Group is the leading pump and compressor manufacturer, as well as provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS. HMS Group's products are mission-critical elements of projects across a diverse range of industries. It has participated in a number of large-scale infrastructure projects in Russia, including providing pumps and modular equipment to the Vankor oil field and pumping stations on recent trunk pipelines projects linking Russia's core oil producing areas to export ports on the Pacific Ocean and Baltic Sea. HMS Group's global depositary receipts ("GDRs") are listed under the symbol "HMSG" on the London Stock Exchange and the Moscow Exchange.

Press Release Information Accuracy Disclaimer

Information published in press releases was accurate at the time of publication but may be superseded by subsequent releases or other information.

LEI: 254900DDFETNLASV8M53

Consolidated Statement of Financial Position at 31 March 2021 (unaudited)

in thousands of Russian Roubles, unless otherwise stated

                                                       31 March 2021 31 December 2020 
ASSETS 
Non-current assets: 
Property, plant and equipment                          14,669,855    14,684,279 
Other intangible assets                                1,686,765     1,743,399 
Goodwill                                               3,229,718     3,255,984 
Right-of-use assets                                    180,671       183,211 
Investments in associates                              96,327        94,307 
Deferred income tax assets                             785,583       786,455 
Other long-term assets                                 32,104        42,252 
Investment property                                    174,421       176,833 
Total non-current assets                               20,855,444    20,966,720 
 
 
Current assets: 
Inventories                                            9,807,812     8,847,749 
Trade and other receivables and other financial assets 15,544,287    15,598,766 
Contract assets                                        6,744,322     6,201,354 
Current income tax receivable                          169,566       94,972 
Cash and cash equivalents                              9,156,029     10,360,588 
Total current assets                                   41,422,016    41,103,429 
TOTAL ASSETS                                           62,277,460    62,070,149 
 
EQUITY AND LIABILITIES 
 
EQUITY 
Share capital                                          48,329        48,329 
Share premium                                          3,523,535     3,523,535 
Treasury shares                                        (93,775)      (33,055) 
Other reserves                                         129,392       129,392 
Currency translation reserve                           710,901       646,427 
Retained earnings                                      5,553,565     5,510,974 
Equity attributable to the shareholders of the Company 9,871,947     9,825,602 
Non-controlling interests                              3,536,933     3,518,674 
TOTAL EQUITY                                           13,408,880    13,344,276 
 
LIABILITIES 
Non-current liabilities: 
Long-term borrowings                                   18,398,671    20,452,736 
Deferred income tax liability                          1,415,292     1,421,489 
Retirement benefit obligations                         663,438       646,213 
Provisions for liabilities and charges                 200,894       228,199 
Lease liabilities                                      150,902       153,048 
Other long-term payables                               278,683       230,581 
Total non-current liabilities                          21,107,880    23,132,266 
 
 
Current liabilities: 
Trade and other payables                               18,642,755    17,969,950 
Contract liabilities                                   3,636,178     4,304,845 
Short-term borrowings                                  3,638,794     1,548,574 
Provisions for liabilities and charges                 555,459       589,762 
Retirement benefit obligations                         79,265        77,859 
Lease liabilities                                      20,683        20,440 
Current income tax payable                             94,250        134,080 
Other taxes payable                                    1,093,316     948,097 
Total current liabilities                              27,760,700    25,593,607 
TOTAL LIABILITIES                                      48,868,580    48,725,873 
TOTAL EQUITY AND LIABILITIES                           62,277,460    62,070,149 

Consolidated Statement of Profit or Loss and Other Comprehensive Income for the three months ended 31 March 2021 (unaudited)

in thousands of Russian Roubles, unless otherwise stated

                                                                                             Three months Three months 
                                                                                             ended        ended 
 
                                                                                             31 March     31 March 
                                                                                             2021         2020 
Revenue                                                                                      11,190,623   9,115,230 
Cost of sales                                                                                (9,103,584)  (7,127,211) 
Gross profit                                                                                 2,087,039    1,988,019 
 
Distribution and transportation expenses                                                     (322,858)    (492,562) 
General and administrative expenses                                                          (1,202,761)  (1,216,646) 
Other operating income/(expenses), net                                                       4,705        (13,732) 
Operating profit                                                                             566,125      265,079 
 
Finance income                                                                               46,385       93,068 
Finance costs                                                                                (459,418)    (481,025) 
Share of results of associates                                                               90           165 
 
Profit/(loss) before income tax                                                              153,182      (122,713) 
 

(MORE TO FOLLOW) Dow Jones Newswires

June 10, 2021 03:03 ET (07:03 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.76% 33876.97 Delayed Quote.8.77%
HMS HOLDINGS CORP. 0.01% 36.975 End-of-day quote.0.61%
HMS HYDRAULIC MACHINES & SYSTEMS GROUP PLC -4.55% 4.2 Delayed Quote.10.00%
LONDON BRENT OIL -0.36% 74.52 Delayed Quote.42.48%
LONDON STOCK EXCHANGE PLC 0.37% 8160 Delayed Quote.-9.81%
RTS INDEX -0.17% 1644.27 Real-time Quote.18.54%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.06% 73.1754 Delayed Quote.-1.33%
WTI -0.42% 72.691 Delayed Quote.49.08%
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Financials
Sales 2021 61 000 M 834 M 834 M
Net income 2021 - - -
Net Debt 2021 14 275 M 195 M 195 M
P/E ratio 2021 -
Yield 2021 8,37%
Capitalization 7 513 M 103 M 103 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,34x
Nbr of Employees 13 000
Free-Float 98,6%
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Technical analysis trends HMS HYDRAULIC MACHINES & SYSTEMS GROUP PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 1
Average target price 395,31 RUB
Last Close Price 321,76 RUB
Spread / Highest target 22,9%
Spread / Average Target 22,9%
Spread / Lowest Target 22,9%
Managers and Directors
NameTitle
Artem Vladimirovich Molchanov CEO, Managing Director & Executive Director
Kirill Vladimirovich Molchanov CFO, Executive Director & First Deputy CEO
Nikolay Nikolaevich Yamburenko Chairman
Ezio Vergani Independent Non-Executive Director
Giorgio Veronesi Independent Non-Executive Director
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