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HMS Group Reports Rub 6.7 billion EBITDA for FY 2021

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HMS Group (HMSG)
HMS Group Reports Rub 6.7 billion EBITDA for FY 2021
29-Apr-2022 / 13:16 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

HMS Group Reports Rub 6.7 billion EBITDA for FY 2021

 

Moscow, Russia - April 29, 2022 - HMS Hydraulic Machines & Systems Group Plc (the "HMS Group", or the "HMS", or the "Group") (LSE, MOEX: HMSG), the leading pump, oil & gas equipment and compressor manufacturer and provider of flow control solutions and related services in Russia and the CIS, today announces its financial results for the full year ended December 31, 2021.

 

Financial highlights FY 2021:

  • Revenue: Rub 57.2 bn (+23% yoy)

  • EBITDA[1]: Rub 6.7 bn (+36% yoy), EBITDA margin at 11.8%

  • Operating profit: Rub 3.8 bn (+116% yoy)

  • Profit for the period: Rub 1.2 bn 

  • Total debt: Rub 22.7 bn (+2% yoy)

  • Net debt: Rub 13.9 bn (+18% yoy)

  • Net debt-to-EBITDA LTM ratio: 2.07x 

Operational highlights FY 2021:

  • Order intake[2]: Rub 47.7 bn (-12% yoy)

  • Backlog[3]: Rub 42.3 bn (-22% yoy)

  

 

HMS GROUP PERFORMANCE

FY 2021 financial Results

  • Order intake was down to Rub 47.7 billion, by 12% yoy, compared with Rub 54.2 billion for FY 2020, mainly due to less large contracts signed in the reporting period.  All business segments grew except the compressors. In terms of contracts type, large contracts were down. 

  • Backlog was Rub 42.3 billion, down by 22% yoy, compared with Rub 53.9 billion at the end of 2020, but in the same time the company is working on a number of opportunities in 2022.  In terms of contracts type, both recurring business and large contracts decreased.

  • Revenue grew to Rub 57.2 billion by 23% yoy, compared with Rub 46.5 billion for FY 2020, based on revenue growth in all business segments except the pumps.

  • EBITDA was Rub 6.7 billion, up by 36% yoy, implying EBITDA margin of 11.8%.

  • Revenue from large contracts grew 66% yoy, and revenue from recurring business was up by 5% yoy.  EBITDA from large contracts increased 91% yoy, while EBITDA from recurring business declined 12% yoy. 

  • Profit for the period was Rub 1.2 billion, compared with loss for the period at Rub 816 million for FY 2020.

  • Free cash outflow was Rub 1.0 billion, compared with free cash inflow of Rub 3.0 billion for FY 2020, due to the higher working capital requirements for execution of large contracts that are within the normal quarterly volatility.

 

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Orders

47,680

54,205

-12%

10,846

5,951

82%

Backlog

42,264

53,851

-22%

42,264

47,259

-11%

Revenue

57,159

46,476

23%

16,038

15,326

5%

EBITDA

6,723

4,947

36%

1,526

2,341

-35%

EBITDA margin

11.8%

10.6%

 

9.5%

15.3%

 

Profit for the year/period

1,241

        (816)

na

32

831

-96%

Free cash flow

        (982)

  2,958

na

  3,491

  231

1,414%

 

Expenses and Operating profit

  • Cost of sales was Rub 45.7 billion, up by 23% yoy, in line with revenue growth, compared with Rub 37.1 billion for FY 2020, mainly due to the growth in materials and components costs (+26% yoy).

in millions of Rub

2021

2020

Change yoy

Share of  FY 2021 revenue

Share of FY 2020 revenue

Cost of sales

45,737

37,071

23%

80.0%

79.8%

Materials and components

30,023

23,760

26%

52.5%

51.1%

Labour costs incl Social taxes

7,673

6,906

11%

13.4%

14.9%

Depreciation and amortization

2,087

2,122

-2%

3.7%

4.6%

Construction and design [4]

3,643

2,557

42%

6.4%

5.5%

Others

2,310

1,726

34%

4.0%

3.7%

 

  • Gross profit grew to Rub 11.4 billion, by 21% yoy, compared with Rub 9.4 billion for FY 2020.

  • SG&A expenses[5] were up 4% yoy.

Distribution & transportation expenses were down 9% yoy due to lower transportation costs (-28% yoy).  As a share of revenue, distribution & transportation expenses declined to 3.1%, compared with 4.3% for FY 2020.

General & administrative expenses were up to Rub 5.7 billion (+9% yoy) mainly due the growth in labour costs incl. social taxes (+15% yoy). As a share of revenue, general & administrative expenses were down to 10.0%, compared with 11.3% for FY 2020.  

  • Operating profit was up to Rub 3.8 billion (+185% yoy), compared with Rub 1.3 billion for FY 2020. 

in millions of Rub

2021

2020

Change yoy

Share of  FY 2021 revenue

Share of FY 2020 revenue

Gross profit

11,423

9,405

21%

20.0%

20.2%

 Distribution & transportation

1,799

1,986

-9%

3.1%

4.3%

 General & administrative

5,704

5,243

9%

10.0%

11.3%

SG&A expenses

7,503

7,228

4%

13.1%

15.6%

 Other operating expenses

111

412

-73%

0.2%

0.9%

Operating expenses ex. Cost of sales

7,614

7,641

0%

13.3%

16.4%

Operating profit

3,809

1,338

185%

6.7%

2.9%

Finance costs

1,976

1,926

3%

3.5%

4.1%

 

  • Finance costs increased to Rub 2.0 billion, up by 3% yoy, mainly due to a growth in interest expenses (+2% yoy) because of higher interest rates, compared with FY 2020. 

  • Average interest rate grew to 9.91% p.a., compared with 8.00% p.a. last year.

in millions of Rub

2021

2020

Change yoy

Finance costs

1,976

1,926

3%

Interest rate, average

9.91%

8.00%

 

Interest rate Rub, average

10.03%

8.12%

 

 

BUSINESS SEGMENTS PERFORMANCE

Industrial pumps

  • Order intake was Rub 22.2 billion, up by 25% yoy, compared with Rub 17.8 billion for FY 2020, due to both the large long-term contract signed in 2Q 2021 and a growth in recurring orders.

  • Backlog was Rub 20.9 billion, up 14% yoy, compared with Rub 18.2 billion at the end of FY 2020, based on large contracts and recurring business.

  • Revenue was down to Rub 20.0 billion (-2% yoy), compared with Rub 20.3 billion for FY 2020.

  • EBITDA was down 16% yoy to Rub 2.5 billion, compared with Rub 2.9 billion for FY 2020, due to less revenue generated by both recurring business and large contracts. EBITDA margin was 12.3%, compared with 14.5% during FY 2020.

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Orders

22,245

17,773

25%

5,747

4,003

44%

Backlog

20,851

18,227

14%

20,851

21,753

-4%

Revenue

19,951

20,256

-2%

6,804

5,157

32%

EBITDA

2,455

2,931

-16%

910

711

28%

EBITDA margin

12.3%

14.5%

 

13.4%

13.8%

 

Oil and Gas equipment & projects (OGEP)

  • Order intake grew to Rub 17.9 billion, up by 32% yoy, compared with Rub 13.6 billion during FY 2020, due to large contracts signed in the reporting period.

  • Backlog stayed almost unchanged at Rub 9.3 billion, supported by large contracts.

  • Revenue grew to Rub 18.4 billion, up by 63% yoy, compared with Rub 11.3 billion for FY 2020, due to large contracts. 

  • EBITDA increased to Rub 1.8 billion, up by 653% yoy, compared with Rub 241 million for FY 2020 mainly due to a larger share of large contracts in the reporting period. EBITDA margin was 9.9%, compared with 2.1% for FY 2020.

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Orders

17,886

13,568

32%

2,511

1,348

86%

Backlog

9,278

9,318

0%

9,278

11,697

-21%

Revenue

18,425

11,284

63%

5,057

5,027

1%

EBITDA

1,818

241

653%

425

575

-26%

EBITDA margin

9.9%

2.1%

 

8.4%

11.4%

 

 

Compressors

  • Order intake declined to Rub 5.5 billion, down by 76% yoy, compared with Rub 22.6 billion for FY 2020, due to less large contracts signed in the reporting period.

  • Backlog was Rub 11.4 billion, down by 54% yoy, compared with Rub 24.8 billion at the end of 2020.

  • Revenue grew to Rub 19.9 billion, up by 33% yoy, compared with Rub 14.9 billion for FY 2020.

  • EBITDA increased to Rub 2.5 billion, up by 31% yoy, compared with Rub 1.9 billion for FY 2020. EBITDA margin was down to 12.8%, compared with 13.0% for FY 2020.

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Orders

5,533

22,617

-76%

2,570

581

342%

Backlog

11,419

24,765

-54%

11,419

12,897

-11%

Revenue

19,891

14,947

33%

4,634

5,330

-13%

EBITDA

2,537

1,939

31%

488

1,071

-54%

EBITDA margin

12.8%

13.0%

 

10.5%

20.1%

 

 

Construction

  • Order intake equaled Rub 2.0 billion. Backlog was down to Rub 0.7 billion.

  • Revenue was up to Rub 898 million, compared with Rub 718 million for FY 2020.  EBITDA was Rub 51 million, compared with Rub (63) million last year.

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Orders

2,017

247

718%

17

19

-8%

Backlog

716

1,541

-54%

716

911

-21%

Revenue

898

718

25%

221

319

-31%

EBITDA

51

(63)

na

24

48

-50%

EBITDA margin

5.7%

-8.8%

 

10.9%

15.1%

 


Working capital and Capital expenditures

  • Working capital increased to Rub 10.0 billion (+49% yoy), compared with Rub 6.8 billion at the end of 2020. Working capital changes are within the normal quarterly volatility.

  • As a share of revenue, working capital was at 17.6% vs. 14.5% at the end of 2020.

  • Maintenance capex was Rub 1.4 billion, down by 1% yoy.

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Working capital

10,047

6,752

49%

10,047

13,390

-25%

Working capital / Revenue LTM

17.6%

14.5%

 

17.6%

23.9%

 

Maintenance  capex

1,384

1,392

-1%

374

353

6%

Acquisitions

-

-

 

-

-

 

 

DEBT POSITION

  • Total debt was up 2% yoy to Rub 22.7 billion, compared with Rub 22.2 billion at the end of 2020.

  • Net debt was Rub 13.9 billion (+18% yoy), compared with Rub 11.8 billion at the end of 2020. 

  • Net debt to EBITDA LTM ratio was 2.07x, down from 2.39x at the end of 2020.

in millions of Rub

2021

2020

Change yoy

4Q 2021

3Q 2021

Change qoq

Total debt

22,668

22,175

2%

22,668

22,642

0%

Net debt

13,896

11,814

18%

13,896

16,771

-17%

Net debt / EBITDA LTM

2.07

2.39

 

2.07

2.48

 

 

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

  • On March 3, 2022, the London Stock Exchange has suspended the admission to trading of the Company's GDRs.

DEBT MANAGEMENT

  • In March 2022, based on the Federal Law № 71-FZ dated 26 March 2022, the Group fixed for the three months the interest rates of its total Rub-denominated floating rate borrowing portfolio in amount of Rub 3.9 billion at 12.5%, 13.5% and 16.5% per annum for the April, May and June 2022, respectively.

  • In April 2022, the Group signed preferential credit facility agreements in the total amount of Rub 4.9 billion at 11% per annum with 1-year maturity for financing its operational needs.

  • As of April 1, 2022, HMS Group has only Rub 187 million to be repaid in 2022.

  • The average interest rate grew to 10.15% per annum as of April 1, 2022.

in millions of Rub

2022

2023

2024

2025

Debt to be repaid as of April 1, 2022

187

9,994

11,517

281

 

 CONTRACTS

  • In February 2022, HMS Group announced the signing of Rub 7.0 billion contract to manufacture and deliver oil & gas equipment in 2023-2025.

  • In April 2022, HMS Group announced the signing of Rub 3.3 billion contract to manufacture and deliver gas transportation units in 2023-2024 to a gas condensate field located in Russia.

BUYBACK PROGRAM

  • After the reporting date, no GDRs have been purchased under the buyback program. The company holds 257,960 of its GDRs in treasury (1.1% of its issued share capital).

 

***

No Webcast will be hold

 

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

 

HMS Hydraulic Machines & Systems Group plc

Consolidated Statement of Financial Position at 31 December 2021

(in thousands of Russian Roubles, unless otherwise stated)

 

 

 

 

 

 

31 December 2021

31 December 2020

 

ASSETS

 

 

 

 

Non-current assets:

 

 

 

 

Property, plant and equipment

 

14,045,362

14,684,279

 

Other intangible assets

 

1,429,904

1,743,399

 

Goodwill

 

3,159,502

3,255,984

 

Right-of-use assets

 

414,861

183,211

 

Investments in associates

 

95,358

94,307

 

Deferred income tax assets

 

827,200

786,455

 

Other long-term assets

 

21,606

42,252

 

Investment property

 

140,598

176,833

 

Total non-current assets

 

20,134,391

20,966,720

 

 

Current assets:

 

 

 

 

Inventories

 

9,067,145

8,847,749

 

Trade and other receivables and other financial assets

 

17,050,792

15,598,766

 

Contract assets

 

9,718,947

6,201,354

 

Current income tax receivable

 

72,588

94,972

 

Cash and cash equivalents

 

8,771,642

10,360,588

 

Total current assets

 

44,681,114

41,103,429

 

TOTAL ASSETS

 

64,815,505

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

 

566,766

646,427

 

Retained earnings

 

5,856,944

5,510,974

 

Equity attributable to the shareholders of the Company

 

10,031,191

9,825,602

 

Non-controlling interests

 

3,699,312

3,518,674

 

TOTAL EQUITY

 

13,730,503

13,344,276

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Non-current liabilities:

 

 

 

 

Long-term borrowings

 

21,649,561

20,452,736

 

Deferred income tax liability

 

1,445,176

1,421,489

 

Retirement benefit obligations

 

612,140

646,213

 

Provisions for liabilities and charges

 

316,506

228,199

 

Lease liabilities

 

346,376

153,048

 

Other long-term payables

 

228,282

230,581

 

Total non-current liabilities

 

24,598,041

23,132,266

 

 

Current liabilities:

 

 

 

 

Trade and other payables

 

21,729,699

17,969,950

 

Contract liabilities

 

2,323,511

4,304,845

 

Short-term borrowings

 

611,966

1,548,574

 

Provisions for liabilities and charges

 

599,184

589,762

 

Retirement benefit obligations

 

73,582

77,859

 

Lease liabilities

 

59,928

20,440

 

Current income tax payable

 

240,953

134,080

 

Other taxes payable

 

848,138

948,097

 

Total current liabilities

 

26,486,961

25,593,607

 

TOTAL LIABILITIES

 

51,085,002

48,725,873

 

TOTAL EQUITY AND LIABILITIES

 

64,815,505

62,070,149

 

 

 

HMS Hydraulic Machines & Systems Group plc

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the year ended 31 December 2021 

(in thousands of Russian Roubles, unless otherwise stated)

 

 

 

 

 

 

2021

2020

 

Revenue

 

57,159,315

46,476,487

 

Cost of sales

 

(45,736,646)

(37,071,430)

 

Gross profit

 

11,422,669

9,405,057

 

 

 

 

 

 

Distribution and transportation expenses

 

(1,798,784)

(1,985,928)

 

General and administrative expenses

 

(5,704,013)

(5,242,566)

 

Other operating expenses, net

 

(110,916)

(412,472)

 

Impairment of goodwill

 

-

(425,668)

 

Operating profit

 

3,808,956

1,338,423

 

 

 

 

 

 

Finance income

 

181,591

251,571

 

Finance costs

 

(1,976,275)

(1,926,310)

 

Share of results of associates

 

(470)

(161)

 

 

 

 

 

 

Profit/(loss) before income tax

 

2,013,802

(336,477)

 

 

 

 

 

 

Income tax expense

 

(772,783)

(479,814)

 

 

 

 

Profit/(loss) for the year

 

1,241,019

(816,291)

 

 

 

 

 

 

Profit/(loss) attributable to:

Shareholders of the Company

 

1,032,202

 

(971,996)

 

Non-controlling interests

 

208,817

155,705

 

Profit/(loss) for the year

 

1,241,019

(816,291)

 

 

 

 

 

 

Other comprehensive (loss)/income:

 

 

 

 

Items that will not be subsequently reclassified to profit or loss

 

 

 

 

Remeasurement of post-employment benefit obligations

 

49,232

(5,321)

 

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss

 

 

 

 

Currency translation differences

 

(71,684)

693,105

 

Currency translation differences of associates

 

1,521

(21)

 

Other comprehensive (loss)/income for the year

 

(20,931)

687,763

 

Total comprehensive income/(loss) for the year

 

1,220,088

(128,528)

 

 

Total comprehensive income/(loss) attributable to:

Shareholders of the Company

 

 

 

981,741

(288,238)

 

Non-controlling interests

 

238,347

159,710

 

Total comprehensive income/(loss) for the year

 

1,220,088

(128,528)

 

 

 

 

 

 

 

Basic and diluted profit/(loss) per ordinary share for profit/(loss) attributable to the ordinary shareholders (RR per share)

 

 

8.90

(8.50)

 

HMS Hydraulic Machines & Systems Group plc

Consolidated Statement of Cash Flows for the year ended 31 December 2021

(in thousands of Russian Roubles, unless otherwise stated)

 

 

 

2021

2020

Cash flows from operating activities

 

 

 

Profit/(loss) before income tax

 

2,013,802

(336,477)

Adjustments for:

 

 

 

Depreciation and amortisation

 

2,424,217

2,451,191

Gain from disposal of property, plant and equipment and intangible assets

 

(84,044)

(1,821)

Finance income

 

(181,591)

(251,571)

Finance costs

 

1,976,275

1,926,310

Change in retirement benefits obligations

 

36,821

82,075

Change in warranty provision

 

112,329

136,752

Change in expected credit losses allowances for financial assets and allowance for impairment of non-financial assets

 

50,299

104,002

Change in allowance for obsolete inventories

 

146,044

10,598

Change in provision for legal claims

 

58,846

83,987

Share-based compensation

 

25,000

58,921

Foreign exchange (gain)/loss, net

 

(76,165)

73,534

Amortisation of government grants

 

(37,528)

(36,048)

Impairment of taxes

 

-

10,418

Impairment of goodwill

 

-

425,668

Impairment of property, plant and equipment

 

-

13,936

Change in provision for tax risks, other than income tax

 

15,667

9,898

Share of results of associates

 

470

161

Operating cash flows before working capital changes

 

6,480,442

4,761,534

Increase in inventories

 

(325,574)

(869,830)

(Increase)/decrease in trade and other receivables

 

(1,281,589)

2,967,741

(Increase)/decrease in contract assets

 

(3,506,361)

1,916,049

Increase/(decrease) in accounts payable and accrued liabilities

 

3,397,639

(3,361,448)

(Decrease)/increase in contract liabilities

 

(1,947,373)

2,056,816

Decrease in taxes payable

 

(101,761)

(683,045)

Cash from operations

 

2,715,423

6,787,817

Income tax paid

 

(644,282)

(820,008)

Interest paid

 

(1,952,685)

(1,887,821)

Interest received

 

178,458

259,533

Net cash from operating activities

 

296,914

4,339,521

Cash flows from investing activities

 

 

 

Repayment of loans advanced

 

5,172

6,953

Loans advanced

 

(39,879)

(20,203)

Proceeds from sale of property, plant and equipment and intangible assets, net

 

140,659

55,948

Purchase of property, plant and equipment, net of VAT

 

(1,075,212)

(937,132)

Acquisition of intangible assets, net of VAT

 

(309,217)

(454,417)

Repayment of contingent consideration liability

 

-

(33,000)

Net cash used in investing activities

 

(1,278,477)

(1,381,851)

Cash flows from financing activities

 

 

 

Repayments of borrowings

 

(13,534,754)

(11,478,749)

Proceeds from borrowings

 

13,820,510

9,127,605

Proceeds from government grant

 

-

28,092

Repayment of the lease liabilities principal

 

(24,852)

(35,905)

Buy back of issued shares

 

(60,720)

(1,705)

Dividends related to Long-term Incentive Program

 

-

(5,660)

Dividends paid to non-controlling shareholders of subsidiaries

 

(56,909)

(55,162)

Dividends paid to the shareholders of the Company

 

(740,432)

(391,942)

Net cash used in financing activities

 

(597,157)

(2,813,426)

Net (decrease)/increase in cash and cash equivalents

 

(1,578,720)

144,244

Effect of exchange rate changes on cash and cash equivalents and effect of translation to presentation currency

 

(10,226)

296,076

Effect of changes in expected credit losses allowance for cash and cash equivalents

 

-

(31,850)

Cash and cash equivalents at the beginning of the year

 

10,360,588

9,952,118

Cash and cash equivalents at the end of the year

 

8,771,642

10,360,588

 

 

 

 

 

 

[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] Order intake - Portfolio of contracts and orders signed for a period

[3] Backlog - Portfolio of uncompleted orders and contracts

[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


ISIN:

US40425X4079

Category Code:

ACS

TIDM:

HMSG

LEI Code:

254900DDFETNLASV8M53

OAM Categories:

1.1. Annual financial and audit reports

Sequence No.:

158691

EQS News ID:

1339849


 

End of Announcement

EQS News Service

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