|
HMS Group (HMSG)
HMS Group Reports Rub 1.3 billion EBITDA for 3 months 2021
10-Jun-2021 / 10:02 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 1.3 billion EBITDA for 3 months 2021
Moscow, Russia - June 10, 2021 - HMS Hydraulic Machines & Systems Group Plc (the "HMS Group", or the "HMS", or the "Group") (LSE: 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 three months ended March 31, 2021.
Financial highlights 3m 2021:
- Revenue: Rub 11.2 bn (+23% yoy)
- EBITDA[1]: Rub 1.3 bn (+21% yoy), EBITDA margin at 11.7%
- Operating profit: Rub 566 mn (+114% yoy)
- Profit for the period: Rub 52 mn
- Total debt: Rub 22.2 bn (+3% yoy)
- Net debt: Rub 13.1 bn (+7% yoy)
- Net debt-to-EBITDA LTM ratio: 2.52x
Operational highlights 3m 2021:
- Backlog[2]: Rub 59.0 bn (+25% yoy)
- Order intake[3]: Rub 18.4 bn (+50% yoy)
Forecast FY 2021:
- Revenue: Rub 60.0 bn
- EBITDA: Rub 6.5 bn
HMS GROUP PERFORMANCE
The end of March in 2020 was the start of the outbreak of the COVID-19 pandemic. So the financial effect for the period was very limited due to the short period of time between the start of economic downturn and the end of 3m 2020. In the first three months of 2020, HMS Group ran its business as usual.
3 months 2021 financial Results
- Order intake was up to Rub 18.4 billion, by 50% yoy, compared with Rub 12.3 billion for 3m 2020. All business segments, excluding the compressors, demonstrated growth. In terms of contracts type, large contracts increased almost six-fold mainly due to a Rub 7.5 billion oil & gas equipment contract signed in 1Q 2021.
- Backlog was Rub 59.0 billion, up by 25% yoy, compared with Rub 47.2 billion at the end of 3m 2020, mainly due to the oil & gas equipment and compressors business segments. In terms of contracts type, both recurring business and large contracts grew, by 6% yoy and 50% yoy respectively, compared with the end of 3m 2020.
- Revenue was Rub 11.2 billion, up by 23% yoy, compared with Rub 9.1 billion for 3m 2020, supported by the oil & gas equipment and compressors business segments.
- EBITDA was Rub 1.3 billion, up by 21% yoy, implying an EBITDA margin of 11.7%.
- Revenue generated by large projects almost tripled (+173% yoy) compared with 3m 2020. This increase was partly offset by lower revenue from recurring business (-18% yoy). EBITDA from large contracts increased 206% yoy, and EBITDA from recurring business declined 71% yoy.
- Profit for the period was Rub 52 million, compared with loss for the period at Rub 153 million for 3m 2020.
- Free cash outflow was Rub 1.2 billion, compared with free cash inflow of Rub 2.1 billion for 3m 2020, due to working capital requirements for execution of large contracts.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
1Q 2021
|
4Q 2020
|
Change qoq
|
|
Orders
|
18,439
|
12,285
|
50%
|
18,439
|
15,304
|
20%
|
|
Backlog
|
59,029
|
47,240
|
25%
|
59,029
|
53,851
|
10%
|
|
Revenue
|
11,191
|
9,115
|
23%
|
11,191
|
15,000
|
-25%
|
|
EBITDA
|
1,308
|
1,077
|
21%
|
1,308
|
1,576
|
-17%
|
|
EBITDA margin
|
11.7%
|
11.8%
|
|
11.7%
|
10.5%
|
|
|
Profit/(Loss) for the period
|
52
|
(153)
|
na
|
52
|
(593)
|
na
|
|
Free cash flow
|
(1,193)
|
2,091
|
na
|
(1,193)
|
2,074
|
na
|
Expenses and Operating profit
- Cost of sales was Rub 9.1 billion, up by 28% yoy, compared with Rub 7.1 billion for 3m 2020, supported by higher materials and components costs (+43% yoy). Materials and components outpaced the growth in Cost of sales due to a higher share of material-intensive large contracts under execution.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
Share of 3m 2021 revenue
|
Share of 3m 2020 revenue
|
|
Cost of sales
|
9,104
|
7,127
|
28%
|
81.4%
|
78.2%
|
|
Materials and components
|
6,081
|
4,246
|
43%
|
54.3%
|
46.6%
|
|
Labour costs incl Social taxes
|
1,806
|
1,832
|
-1%
|
16.1%
|
20.1%
|
|
Depreciation and amortization
|
537
|
526
|
2%
|
4.8%
|
5.8%
|
|
Construction and design [4]
|
510
|
734
|
-31%
|
4.6%
|
8.1%
|
|
Others
|
170
|
(211)
|
na
|
1.5%
|
-2.3%
|
- Gross profit grew to Rub 2.1 billion, by 5% yoy, compared with Rub 2.0 billion for 3m 2020.
- SG&A expenses[5] declined by 11% yoy due to decrease in distribution & transportation expenses. Distribution & transportation expenses were down 34% yoy, mainly due to lower transportation costs and expenses on insurance and advertising. As a share of revenue, they declined to 2.9%, compared with 5.4% for 3m 2020.
General & administrative expenses stood at Rub 1.2 billion, down by 1% yoy. As a share of revenue, these expenses were down to 10.7%, compared with 13.3% for 3m 2020.
- All in all, this led to an operating profit of Rub 566 million, up by 114% yoy, compared with Rub 265 million during 3m 2020.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
Share of 3m 2021 revenue
|
Share of 3m 2020 revenue
|
|
Gross profit
|
2,087
|
1,988
|
5%
|
18.6%
|
21.8%
|
|
Distribution & transportation
|
323
|
493
|
-34%
|
2.9%
|
5.4%
|
|
General & administrative
|
1,203
|
1,217
|
-1%
|
10.7%
|
13.3%
|
|
SG&A expenses
|
1,526
|
1,709
|
-11%
|
13.6%
|
18.8%
|
|
Other operating expenses
|
(5)
|
14
|
-134%
|
0.0%
|
0.2%
|
|
Operating expenses ex. Cost of sales
|
1,521
|
1,723
|
-12%
|
13.6%
|
18.9%
|
|
Operating profit
|
566
|
265
|
114%
|
5.1%
|
2.9%
|
|
Finance costs
|
459
|
481
|
-4%
|
4.1%
|
5.3%
|
- Finance costs were Rub 459 million, down by 4% yoy, compared with Rub 481 million for 3m 2020. The main reason was lower interest expenses (-10% yoy) due to a lower level of average total debt within the reporting period compiled with reduced interest rates, compared with 3m 2020.
- Average interest rate was reduced to 7.99% p.a., compared with 8.23% p.a. last year.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
|
Finance costs
|
459
|
481
|
-4%
|
|
Interest expenses
|
431
|
476
|
-10%
|
|
Interest rate, average
|
7.99%
|
8.23%
|
|
|
Interest rate Rub, average
|
8.11%
|
8.37%
|
|
BUSINESS SEGMENTS PERFORMANCE
Industrial pumps[i]
- Order intake was Rub 4.7 billion, up by 5% yoy, compared with Rub 4.5 billion for 3m 2020.
- Backlog was Rub 19.2 billion, down 8% yoy, compared with Rub 21.0 billion at the end of 3m 2020.
- Revenue stood at Rub 3.6 billion, down by 2% yoy.
- Lower recurring business margins compiled with less EBITDA generated by large contracts, consequently, led to the pumps' EBITDA of Rub 339 million, down by 29% yoy. EBITDA margin was 9.4%, compared with 12.8% during 3m 2020.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
1Q 2021
|
4Q 2020
|
Change qoq
|
|
Orders
|
4,722
|
4,515
|
5%
|
4,722
|
4,429
|
7%
|
|
Backlog
|
19,203
|
20,961
|
-8%
|
19,203
|
18,227
|
5%
|
|
Revenue
|
3,617
|
3,693
|
-2%
|
3,617
|
6,311
|
-43%
|
|
EBITDA
|
339
|
474
|
-29%
|
339
|
1,116
|
-70%
|
|
EBITDA margin
|
9.4%
|
12.8%
|
|
9.4%
|
17.7%
|
|
Oil and Gas equipment & projects (OGEP)[ii]
- Order intake grew to Rub 11.4 billion, by 132% yoy, compared with Rub 4.9 billion during 3m 2020, due to a large Rub 7.5 billion contract signed in the reporting period.
- Backlog was Rub 16.2 billion, up by 90% yoy, compared with Rub 8.5 billion at the end of 3m 2020, supported by both large contracts and regular business.
- Revenue was Rub 4.4 billion, up by 43% yoy, compared with Rub 3.1 billion for 3m 2020.
- EBITDA stood at Rub 457 million, up by 29% yoy, compared with Rub 354 million for 3m 2020 due to the recovery of the oil & gas business segment. EBITDA margin stood at 10.4%, compared with 11.5% for 3m 2020.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
1Q 2021
|
4Q 2020
|
Change qoq
|
|
Orders
|
11,424
|
4,934
|
132%
|
11,424
|
3,331
|
243%
|
|
Backlog
|
16,156
|
8,517
|
90%
|
16,156
|
9,318
|
73%
|
|
Revenue
|
4,390
|
3,076
|
43%
|
4,390
|
2,890
|
52%
|
|
EBITDA
|
457
|
354
|
29%
|
457
|
(49)
|
na
|
|
EBITDA margin
|
10.4%
|
11.5%
|
|
10.4%
|
-1.7%
|
|
Compressors [iii]
- Order intake stood at Rub 337 million, compared with Rub 2.6 billion for 3m 2020, due to less contracts signed in the reporting period.
- Backlog increased to Rub 22.3 billion, compared with Rub 16.9 billion at the end of 3m 2020, supported by large contracts.
- Revenue was Rub 3.3 billion, up by 51% yoy, compared with Rub 2.2 billion, due to large contracts.
- EBITDA was Rub 486 million, up by 120% yoy, compared with Rub 221 million for 3m 2020, fully due to execution of large contracts. EBITDA margin was up to 14.7%, compared with 10.1% for 3m 2020.
|
in millions of Rub
|
3m 2021
|
3m 2020
|
Change yoy
|
1Q 2021
|
4Q 2020
|
Change qoq
|
|
Orders
|
337
|
2,633
|
-87%
|
337
|
7,511
|
-96%
|
|
Backlog
|
22,312
|
16,928
|
32%
|
22,312
|
24,765
|
-10%
|
|
Revenue
|
3,306
|
2,194
|
51%
|
3,306
|
6,080
|
-46%
|
|
EBITDA
|
486
|
221
|
120%
|
486
|
796
|
-39%
|
|
EBITDA margin
|
14.7%
|
10.1%
|
|
14.7%
|
13.1%
|
|
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 ended
31 March 2021
|
Three months ended
31 March 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)
|
|
|
|
|
|
|
Income tax expense
|
|
(101,069)
|
(30,078)
|
|
|
|
|
|
|
Profit/(loss) for the period
|
|
52,113
|
(152,791)
|
|
Profit/(loss) attributable to:
|
|
|
|
|
Shareholders of the Company
|
|
42,591
|
(142,408)
|
|
Non-controlling interests
|
|
9,522
|
(10,383)
|
|
Profit/(loss) for the period
|
|
52,113
|
(152,791)
|
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss
|
|
|
Currency translation differences
|
|
72,126
|
688,595
|
|
Currency translation differences of associates
|
|
1,930
|
2,768
|
|
Other comprehensive income for the period
|
|
74,056
|
691,363
|
|
Total comprehensive income for the period
|
|
126,169
|
538,572
|
|
Total comprehensive income attributable to:
|
|
|
|
|
Shareholders of the Company
|
|
107,065
|
545,695
|
|
Non-controlling interests
|
|
19,104
|
(7,123)
|
|
Total comprehensive income for the period
|
|
126,169
|
538,572
|
|
Basic and diluted earnings/(loss) per ordinary share for profit/(loss) attributable to the ordinary shareholders (RR per share)
|
|
0.37
|
(1.26)
|
|
|
Consolidated Statement of Cash Flows for 3m 2021 (unaudited)
in thousands of Russian Roubles, unless otherwise stated
|
|
|
Three months ended 31 March 2021
|
Three months ended 31 March 2020
|
|
Cash flows from operating activities
|
|
|
|
|
Profit/(loss) before income tax
|
|
153,182
|
(122,713)
|
|
Adjustments for:
|
|
|
|
|
Depreciation and amortisation
|
|
617,872
|
609,317
|
|
(Gain)/loss from disposal of property, plant and equipment and intangible assets
|
|
(12,261)
|
14,381
|
|
Finance income
|
|
(46,385)
|
(93,068)
|
|
Finance costs
|
|
459,418
|
481,025
|
|
Change in retirement benefits obligations
|
|
15,971
|
20,440
|
|
Change in warranty provision
|
|
(18,113)
|
43,233
|
|
Change in expected credit losses allowance for trade and other receivables and other financial assets and allowance for impairment of non-financial assets
|
|
(343)
|
17,896
|
|
Change in allowance for obsolete inventories
|
|
16,654
|
(3,201)
|
|
Change in provision for legal claims
|
|
(10,387)
|
19,221
|
|
Share-based compensation
|
|
-
|
14,731
|
|
Foreign exchange gain, net
|
|
(47,451)
|
(86,381)
|
|
Amortisation of government grants
|
|
(7,781)
|
(7,744)
|
|
Share of results of associates
|
|
(90)
|
(165)
|
|
Operating cash flows before working capital changes
|
|
1,120,286
|
906,972
|
|
Increase in inventories
|
|
(925,567)
|
(431,026)
|
|
Decrease in trade and other receivables
|
|
208,465
|
1,668,684
|
|
(Increase)/decrease in contract assets
|
|
(521,453)
|
366,310
|
|
(Increase)/decrease in income tax receivable
|
|
(74,552)
|
143,024
|
|
Increase/(decrease) in accounts payable and accrued liabilities
|
|
498,011
|
(2,184,550)
|
|
(Decrease)/increase in contract liabilities
|
|
(668,667)
|
2,874,360
|
|
Increase/(decrease) in other taxes payable
|
|
214,070
|
(226,866)
|
|
Cash (used in)/from operations
|
|
(149,407)
|
3,116,908
|
|
Income tax paid
|
|
(208,800)
|
(248,466)
|
|
Interest paid
|
|
(460,365)
|
(536,937)
|
|
Interest received
|
|
44,479
|
103,289
|
|
Net cash (used in)/from operating activities
|
|
(774,093)
|
2,434,794
|
|
Cash flows from investing activities
|
|
|
|
|
Repayment of loans advanced
|
|
641
|
2,320
|
|
Loans advanced
|
|
(503)
|
(17,205)
|
|
Proceeds from sale of property, plant and equipment, net of VAT
|
|
21,020
|
5,356
|
|
Purchase of property, plant and equipment, net of VAT
|
|
(393,370)
|
(244,585)
|
|
Acquisition of intangible assets, net of VAT
|
|
(47,105)
|
(89,701)
|
|
Net cash used in investing activities
|
|
(419,317)
|
(343,815)
|
|
Cash flows from financing activities
|
|
|
|
|
Repayments of borrowings
|
|
(491,930)
|
(3,596,731)
|
|
Proceeds from borrowings
|
|
541,929
|
690,792
|
|
Repayment of the lease liabilities principal
|
|
(4,654)
|
(9,220)
|
|
Buy back of issued shares
|
|
(60,720)
|
-
|
|
Dividends paid to non-controlling shareholders of subsidiaries
|
|
(363)
|
(92)
|
|
Net cash used in financing activities
|
|
(15,738)
|
(2,915,251)
|
|
Net decrease in cash and cash equivalents
|
|
(1,209,148)
|
(824,272)
|
|
Effect of exchange rate changes on cash and cash equivalents and effect of translation to presentation currency
|
|
4,589
|
145,232
|
|
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
|
|
9,156,029
|
9,273,078
|
[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
[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.
[ii] The oil and gas equipment and projects business segment manufactures, installs and commissions modular pumping stations, automated metering equipment, oil, gas and water processing and preparation units and other equipment and systems for use primarily in oil extraction and transportation. The segment's core products are equipment packages and systems installed inside a self-contained, free-standing structure which can be transported on trailers and delivered to and installed on the customer's site as a modular but fully integrated part of the customer's technological process.
[iii] The compressors business segment designs, engineers, manufactures and supplies a diverse range of compressors and compressor-based solutions, including compressor units and compressor stations, to customers in the oil and gas, metals and mining and other basic industries in Russia. The business segment's principal products include customized compressors, series-produced compressors built to standard specifications, and compressor-based integrated solutions.
[iv] The construction provides construction works for projects for customers in the oil upstream and midstream, gas upstream.
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