HMS HYDRAULIC MACHINES & SYSTEMS GROUP PLC
Share of results of associates 143 264
Profit/(loss) before income tax 604,237 (253,567)
Income tax expense (226,484) (60,144)
Profit/(loss) for the period 377,753 (313,711)
Profit/(loss) attributable to:
Shareholders of the Company 305,134 (344,105)
Non-controlling interests 72,619 30,394
Profit/(loss) for the period 377,753 (313,711)
Other comprehensive income/(loss):
Items that will not be subsequently reclassified to profit or loss
Remeasurement of post-employment benefit obligations 26,745 (5,721)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (60,454) 299,070
Currency translation differences of associates 483 (23)
Other comprehensive (loss)/income for the period (33,226) 293,326
Total comprehensive income/(loss) for the period 344,527 (20,385)
Total comprehensive income/(loss) attributable to:
Shareholders of the Company 255,161 (47,380)
Non-controlling interests 89,366 26,995
Total comprehensive income/(loss) for the period 344,527 (20,385)
2.63 (3.03)
Basic and diluted earnings/(loss) per ordinary share for profit/(loss) attributable to the
ordinary shareholders (RR per share)
Consolidated Statement of Cash Flows for 6m 2021 (unaudited)
in thousands of Russian Roubles, unless otherwise stated
Six months ended Six months ended
30 June 2021 30 June 2020
Cash flows from operating activities
Profit/(loss) before income tax 604,237 (253,567)
Adjustments for:
Depreciation and amortisation 1,208,328 1,210,967
(Gain)/loss from disposal of property, plant and equipment and intangible assets (23,071) 4,548
Finance income (94,976) (163,837)
Finance costs 916,536 941,454
Change in retirement benefits obligations 32,778 34,835
Change in warranty provision (53,133) 76,070
Change in expected credit losses allowance for trade and other receivables and 3,435 30,578
other financial assets and allowance for impairment of non-financial assets
Change in allowance for obsolete inventories 40,208 1,300
Change in provision for legal claims 15,800 13,401
Share-based compensation 12,500 29,460
Foreign exchange (gain)/loss, net (28,974) 15,063
Amortisation of government grants (15,562) (15,562)
Share of results of associates (143) (264)
Operating cash flows before working capital changes 2,617,963 1,924,446
Increase in inventories (1,646,820) (1,267,369)
Decrease in trade and other receivables 2,874,978 1,652,074
(Increase)/decrease in contract assets (5,183,717) 860,673
Increase/(decrease) in accounts payable and accrued liabilities 1,597,269 (3,445,237)
(Decrease)/increase in contract liabilities (2,900,419) 1,650,330
Decrease in other taxes payable (285,338) (671,572)
Cash (used in)/from operations (2,926,084) 703,345
Income tax paid (327,500) (555,558)
Interest paid (913,654) (1,061,544)
Interest received 95,142 172,052
Net cash used in operating activities (4,072,096) (741,705)
Cash flows from investing activities
Repayment of loans advanced 1,401 2,536
Loans advanced (2,205) (18,406)
Interest received - 1,000
Proceeds from sale of property, plant and equipment, net of VAT 27,054 18,765
Purchase of property, plant and equipment, net of VAT (528,868) (511,335)
Acquisition of intangible assets, net of VAT (128,693) (231,256)
Repayment of contingent consideration liability - (33,000)
Net cash used in investing activities (631,311) (771,696)
Cash flows from financing activities
Repayments of borrowings (3,085,640) (3,826,233)
Proceeds from borrowings 3,420,035 2,314,701
Repayment of the lease liabilities principal (9,965) (19,805)
Buy back of issued shares (60,720) -
Dividends related to Long-term Incentive Program - (5,660)
Dividends paid to non-controlling shareholders of subsidiaries (395) (92)
Dividends paid to the shareholders of the Company - (391,942)
Net cash from/(used in) financing activities 263,315 (1,929,031)
Net decrease in cash and cash equivalents (4,440,092) (3,442,432)
Effect of exchange rate changes on cash and cash equivalents and effect of (5,455) 64,537
translation to presentation currency
Cash and cash equivalents at the beginning of the period 10,360,588 9,952,118
Cash and cash equivalents at the end of the period 5,915,041 6,574,223 -----------------------------------------------------------------------------------------------------------------------
[1] EBITDA is defined as operating profit/(loss) adjusted for other operating income/expenses, depreciation and amortisation, amortisation of government grants, impairment of assets, excess of fair value of net assets acquired over the cost of acquisition, defined benefits scheme expense and provisions (including provision for obsolete inventory, ECL allowance and provision for impairment of trade and other receivables and other financial assets, unused vacation allowance, warranty provision, provision for legal claims, tax provision and other provisions). This measurement basis, therefore, excludes the effects of a number of non-recurring income and expenses on the results of the operating segments.
[2] Backlog - Portfolio of uncompleted orders and contracts
[3] Order intake - Portfolio of contracts and orders signed for a period
[4] Construction and design and engineering services of subcontractors
[5] SG&A expenses - Selling, General and Administrative Expenses, compiled of distribution & transportation expenses plus general & administrative ones
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[i] The industrial pumps business segment designs, engineers, manufactures and supplies a diverse range of pumps and pump-based integrated solutions to customers in the oil and gas, power generation and water utilities sectors in Russia, the CIS and internationally. The business segment's principal products include customized pumps and integrated solutions as well as pumps built to standard specifications; it also provides aftermarket maintenance and repair services and other support for its products.
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