REG-HMS Group HMS Group: 2019FY IFRS Results
24/04/2020 09:05
============
HMS Group (HMSG)
HMS Group: 2019FY IFRS Results
24-Apr-2020 / 11:00 MSK
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR), transmitted by
EQS Group.
The issuer is solely responsible for the content of this announcement.
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HMS Group Reports 2019FY Revenue of Rub 51.4 billion
Moscow, Russia - April 24, 2020 - HMS Group Plc (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 twelve months ended
December 31, 2019.
Financial highlights FY 2019:
• Revenue: Rub 51.4 bn (-2% yoy)
• EBITDA 1 1 : Rub 4.8 bn (-27% yoy), EBITDA margin at 9.4%
• Operating profit: Rub 2.1 bn (-51% yoy)
• Profit for the year: Rub 151 mn (-92% yoy)
• Total debt: Rub 24.3 bn (+25% yoy)
• Net debt: Rub 14.4 bn (+9% yoy)
• Net debt-to-EBITDA LTM ratio: 2.98x
Operational highlights FY 2019:
• Backlog: Rub 44.7 bn (+5% yoy)
• Order intake: Rub 52.2 bn (-7% yoy)
GROUP PERFORMANCE
2019FY financial Results
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 4Q 2018 Change yoy
Orders 52,196 55,891 -7% 15,970 25,176 -37%
Backlog 44,693 42,634 5% 44,693 42,634 5%
Revenue 51,413 52,619 -2% 14,732 20,757 -29%
EBITDA 4,824 6,621 -27% 1,432 2,302 -38%
EBITDA margin 9.4% 12.6% 9.7% 11.1%
Profit for the year/ 151 1,946 -92% (45) 772 -106%
period
Depreciation & 2,296 1,843 25% 597 521 14%
amortization
Free cash flow 23 (139) na 2,646 1,854 43%
Order intake declined by 7% yoy to Rub 52.2 billion, compared with Rub
55.9 billion for 2018FY, mainly due to a decrease in the compressors
business segment because less large contracts were signed in the reported
period.
Backlog, in contrast, grew to Rub 44.7 billion by 5% yoy, compared with
Rub 42.6 billion last year, based on growth in the pumps and the oil & gas
equipment. In terms of contracts type, the recurring business was the
main contributor to this growth.
Revenue decreased to Rub 51.4 billion, down by 2%, compared with Rub 52.6
billion for 2018FY, due to weak results of the oil & gas equipment
business segment.
EBITDA was down to Rub 4.8 billion, compared with Rub 6.6 billion (-27%
yoy) mainly because of the oil & gas equipment and partly because of the
compressors.
Revenue from recurring business increased by 8% yoy, and revenue from
large projects declined by 19% yoy. EBITDA from recurring business
increased by 56% yoy, and from large projects contracted by 62% yoy.
EBITDA margin was down to 9.4%, compared with 12.6% for 2018FY.
Profit for the 2019 year declined to Rub 151 million, compared with Rub
1.9 billion for 2018FY, down by 92% yoy.
Depreciation & amortization was up 25% yoy to Rub 2.3 billion, compared
with Rub 1.8 billion for 2018FY because of assets acquired in 2019.
Free cash outflow grew to Rub 23 million, compared with Rub (139) million
for 2018FY, mainly due to a decrease in working capital (-3% yoy).
HMS AUSTERITY PROGRAM
In 2019, HMS experiences the influence of several negative factors that
affected the company's financial results:
1. Change in a mix of large contracts portfolio, where compressor-based
large contracts increased their share, and they traditionally have
lower margins compared with pumps and oil & gas equipment:
HMS addressed this by working on prospective profitable contracts. As a
result, today the company has signed already a sustainable volume of large
contracts in the pumps and the compressors segments. In the oil & gas
equipment and projects segment, the portfolio of large contracts is
improving. Also, based on a current pipeline of large projects, the oil &
gas equipment and projects segment has a potential of the further
portfolio's development.
2. Weak results of the oil & gas equipment and projects business segment
in recurring business:
HMS had analyzed the factors that affected financial results of the
segment, and has taken actions to mitigate their impact on 2020FY results.
3. Postponement of a number of the oil & gas equipment signed and
budgeted deliveries from 3-4Q 2019 to the 2020 year due to HMS
customers' decisions:
One the one hand, this factor will affect and has already affected 2019 FY
financial results, and on the other hand, it should positively influence
2020 FY financial results.
4. The "Arctic Cascade" project of PAO NOVATEK, the first ever HMS
project in the field of designing and manufacturing of compressors for
liquefaction of natural gas:
HMS Group had analyzed the project, and has taken actions to prevent
losses in foreseeable projects of that kind. The equipment was
manufactured under the innovative proprietary natural gas liquefaction
technology called the "Arctic Cascade" patented by PAO NOVATEK in 2018.
The aim of the project was to localize the manufacturing and assembly of
LNG equipment to decrease the overall cost of liquefaction and develop a
technological base within Russia. While the participation in the project
incurred losses for the company due to the fact that HMS has developed a
new product, the project's successful execution has given the access to
the new and prospective LNG market in Russia.
5. Austerity measures time lag:
HMS had started the cost-optimization program at the end of 1H 2019. It
has taken several months from the implementation of austerity measures to
the decrease of fixed costs and increase of profitability, which were
clearly seen at the improved results of 3Q 2019.
The cost-optimization program of HMS Group consists of two types of
austerity measures - short-term and long-term. The short-term measures
have been already implemented and realized. In 2020, the short-term ones
will be partly complimented or replaced by long-term measures.
The short-term measures include (1) a temporarily decrease of wages, which
has been already realized in 2H 2019, and (2) a decrease or cancellation
of dividend payments in 2020, which decision will depend on 2019 FY
results and general situation with large contracts portfolio in the spring
2020.
The long-term austerity measures include, among others:
▪ Rightsizing (personnel optimization);
▪ Minimization of operating costs including optimization of procurement
processes and improvement of products' design solutions;
▪ Reduction of capital expenditures to Rub 1.5 billion per annum (pure
maintenance level);
▪ Strengthening of control over working capital;
▪ Analysis of non-performing assets for further decision-making
regarding restructuring of HMS business.
Expenses and Operating profit
Share of Share of
in millions of Rub 2019FY 2018FY Change yoy 2019 revenue 2018
revenue
Cost of sales 41,804 40,617 3% 81.3% 77.2%
Materials and components 27,957 27,628 1% 54.4% 52.5%
Labour costs incl Social 7,060 7,276 -3% 13.7% 13.8%
taxes
Depreciation and 1,954 1,567 25% 3.8% 3.0%
amortization
Construction and design and
engineering services of 2,467 2,102 17% 4.8% 4.0%
subcontractors
Others 2,365 2,045 16% 4.6% 3.9%
Cost of sales was up to Rub 41.8 billion by 3% yoy, compared with Rub 40.6
billion for 2018FY, due to the increase in Materials and components (+1%
yoy). The main reason of the increase was large compressor contracts,
which had a higher share of outsourced components in their costs of sales.
Gross profit was down 20% yoy to Rub 9.6 billion, compared with Rub 12.0
billion for 2018FY.
in millions of Rub 2019FY 2018FY Change yoy Share of FY Share of FY
2019 revenue 2018 revenue
Gross profit 9,609 12,002 -20% 18.7% 22.8%
Distribution and 1,961 1,916 2% 3.8% 3.6%
transportation
General and 5,395 5,636 -4% 10.5% 10.7%
administrative
SG&A expenses 7,356 7,551 -3% 14.3% 14.4%
Other operating 196 250 -22% 0.4% 0.5%
expenses
Operating expenses ex. 7,552 7,802 -3% 14.7% 14.8%
Cost of sales
Operating profit 2,057 4,200 -51% 4.0% 8.0%
Finance costs 1,785 1,611 11% 3.5% 3.1%
Distribution and transportation expenses grew by 2% yoy, due to the grown
transportation expenses (+25% yoy) that was because of increased
deliveries of equipment produced under large contracts to the remoted
regions of Russia. As a share of revenue, distribution and transportation
expenses was up to 3.8% compared with 3.6% last year.
General and administrative expenses were down by 4% yoy to Rub 5.4
billion, compared with Rub 5.6 billion last year, due to the sizable 9%
yoy totaling decrease in labor costs and social taxes. As a share of
revenue, general and administrative expenses was down to 10.5% from 10.7%
for 2018FY.
SG&A expenses 2 2 declined to Rub 7.4 billion, compared with Rub 7.6
billion (-3% yoy), and as a share of revenue, declined to 14.3% from
14.4%.
Operating profit was down to Rub 2.1 billion, compared with Rub 4.2
billion last year (-51% yoy).
in millions of Rub 2019FY 2018FY Change yoy
Finance costs 1,785 1,611 11%
Interest expenses 1,764 1,598 10%
Interest rate, average 8.56% 8.72%
Interest rate Rub, average 8.69% 8.91%
Finance costs were up to Rub 1.8 billion, compared with Rub 1.6 billion
for 2018FY, due to the increase of interest expenses (+10% yoy) because of
a higher level of total debt. Average rates decreased to 8.56% p.a.
compared with 8.72% p.a. last year.
BUSINESS SEGMENTS PERFORMANCE
Industrial pumps 3 i
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 4Q 2018 Change yoy
Orders 22,792 19,573 16% 6,369 6,141 4%
Backlog 19,572 17,152 14% 19,572 17,152 14%
Revenue 19,770 17,811 11% 5,866 6,613 -11%
EBITDA 2,599 2,390 9% 728 1,191 -39%
EBITDA margin 13.1% 13.4% 12.4% 18.0%
Order intake of industrial pumps grew by 16% yoy based mainly on large
contracts.
Backlog grew by 14% yoy to Rub 19.6 billion due to both recurring business
and large contracts, mainly in the sphere of pumps for nuclear power
plants.
Revenue was Rub 19.8 billion, up 11% yoy, compared with Rub 17.8 billion
for 2018FY. The growth was based on both recurring business and large
contracts.
EBITDA increased to Rub 2.6 billion, by 9% yoy, from Rub 2.4 billion for
2018FY due to recurring business. And EBITDA margin was 13.1%, compared
with 13.4% for 2018FY, with a minor drop, because recurring business
generated a larger share of EBITDA compared with 2018FY.
There are two low-margin production facilities in the pumps business
segment, and their negative effect has been already reflected in the
company's financial results. Currently, HMS is working on an optimization
strategy of their operations.
Oil and Gas equipment & projects (OGEP) 4 ii
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 4Q 2018 Change yoy
Orders 11,887 12,023 -1% 791 3,203 -75%
Backlog 7,426 6,658 12% 7,426 6,658 12%
Revenue 13,160 20,859 -37% 4,562 4,346 5%
EBITDA 430 2,883 -85% 601 166 261%
EBITDA margin 3.3% 13.8% 13.2% 3.8%
Order intake slightly declined to Rub 11.9 billion, compared with Rub 12.0
billion for 2018FY, and totally consists of recurring contracts.
Backlog was up by 12% yoy to Rub 7.4 billion, compared with Rub 6.7
billion for 2018FY, also based on recurring contracts.
Revenue decreased by 37% yoy to Rub 13.2 billion, compared with Rub 20.9
billion for 2018FY. EBITDA declined to Rub 430 million, compared with Rub
2.9 billion, and EBITDA margin was 3.3% vs. 13.8% for 2018FY.
The main reason of the decline were absence of new large contracts under
execution in 2019FY compiled with a low profitability of recurring
business in 1H 2019.
When its backlog of large projects decreased in mid-2018, the production
facility didn't manage to cut quickly its fixed costs. Also it didn't
manage to sign a sufficient volume of profitable recurring contracts to
replace large contracts. The combination of the above-mentioned factors
resulted in a decrease of revenue and margins in the period from 4Q 2018
to 2Q 2019. Consequently, recurring business generated less EBITDA than
expected.
HMS Group has changed management at HMS Neftemash to speed up the costs
reduction. Implemented austerity measures align with more profitable
orders portfolio resulted in a recovery of the oil & gas equipment and
projects segment's financial results.
HMS Neftemash postponed deliveries from 3-4Q 2019 to 2020, worth c. Rub
0.4 billion EBITDA, that should positively influence 1H 2020.
Compressors 5 iii
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 4Q 2018 Change yoy
Orders 17,363 23,883 -27% 8,785 15,811 -44%
Backlog 16,067 16,688 -4% 16,067 16,688 -4%
Revenue 17,884 14,678 22% 4,558 9,371 -51%
EBITDA 1,546 1,758 -12% 280 1,320 -79%
EBITDA margin 8.6% 12.0% 6.1% 14.1%
Order intake was down 27% yoy to Rub 17.4 billion, compared with Rub 23.9
billion, because of a lower volume of large contracts signed. Recurring
business orders, in contrast, grew by 7% yoy.
Backlog decreased by 4% yoy to Rub 16.1 billion, compared with Rub 16.7
billion last year, also because of less large contracts signed.
Revenue was up by 22% yoy to Rub 17.9 billion, compared with Rub 14.7
billion, based on both recurring business and large contracts. EBITDA
declined by 12% yoy to Rub 1.5 billion, compared with Rub 1.8 billion for
2018FY. EBITDA margin was down to 8.6% compared with 12.0% for 2018FY.
In the 2nd half of 2018, HMS Group started execution of the pilot "Artic
Cascade" project. That was a project to supply a main 25 MW gas
compression system for the Yamal LNG project of PAO NOVATEK. Since HMS had
developed a new product, it has incurred losses for the company, and that
was one of the main factors that affected the compressors segment's
EBITDA. But on the other hand, the company had analyzed the project, has
taken actions to prevent these losses and is fully prepared for execution
of similar projects in the future. The "Arctic Cascade" allowed HMS to
develop competencies in the new area of equipment for liquefaction of
natural gas and penetrate the Russia's booming LNG market.
The successful execution of the "Artic Cascade" turned PAO NOVATEK into
one of HMS largest clients. In September 2019, PAO NOVATEK and HMS Group
signed the Memorandum on localization of LNG equipment.
In 2019, PAO NOVATEK and HMS Group signed two large compressor contracts
worth Rub 3 billion rubles. And in 2020, another large contract was
signed, to engineer and manufacture 6 main gas compression units to
deliver and install at the Obsky LNG processing plant.
Construction 6 iv
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 4Q 2018 Change yoy
Orders 155 411 -62% 25 20 25%
Backlog 1,628 2,137 -24% 1,628 2,137 -24%
Revenue 1,394 1,795 -22% 295 537 -45%
EBITDA (29) (138) -79% (78) 23 -443%
EBITDA margin -2.1% -7.7% -26.4% 4.2%
Order intake equaled Rub 155 million. Backlog was Rub 1.6 billion.
Revenue was down to Rub 1.4 billion, compared with Rub 1.8 billion for
2018FY. EBITDA was Rub (29) million, compared with Rub (138) million last
year.
Working capital and Capital expenditures
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 3Q 2019 Change qoq
Working capital 8,846 9,115 -3% 8,846 11,522 -23%
Working capital / 17.2% 17.3% 17.2% 20.1%
Revenue LTM
Capex 1,571 2,335 -33% 367 403 -9%
Acquisition 670 (112) - -
Working capital was Rub 8.8 billion, down by 3% yoy, compared with Rub 9.1
billion for 2018FY. As a share of revenue, working capital slightly
declined to 17.2%.
Capital expenditures were Rub 1.6 billion, down by 33% yoy, compared with
Rub 2.3 billion last year, as the result of the implemented austerity
measures.
DEBT POSITION
in millions of Rub 2019FY 2018FY Change yoy 4Q 2019 3Q 2019 Change qoq
Total debt 24,321 19,458 25% 24,321 21,115 15%
Net debt 14,369 13,163 9% 14,369 16,960 -15%
Net debt / EBITDA LTM 2.98 1.99 2.98 2.98
Total debt increased to Rub 24.3 billion, up by 25% yoy, compared with Rub
19.5 billion for 2018FY. Net debt was Rub 14.4 billion, up by 9% yoy,
compared with Rub 13.2 billion for 2018FY.
Net debt to EBITDA LTM ratio increased to 2.98x compared with 1.99x last
year.
SHAREHOLDING AND HMS GDRS
In December 2019, the major shareholder of HMS Group, JSC HMS Holding
("HMS Holding"), completed the process of cancellation (disposal by HMS
Holding) of 2,924,207 global depositary receipts issued under the
Company's depositary receipts program representing 14,621,035 shares in
the Company (the "Underlying Shares") and withdrawal of (acquisition by
HMS Holding of) the Underlying Shares from the depositary (the Bank of New
York Mellon) in the name of HMS Holding (the "Conversion").
As a result of the Conversion, HMS Holding retains full control over the
majority shareholding in the Company being a direct holder of 71.51
percent of the Company's issued share capital, and, consequently, the
Conversion neither triggers an obligation of the Company or HMS Holding to
make any mandatory offer to the GDR holders, nor leads to any change in
corporate governance of the Company.
Further details of the transactions above are available here:
7 http://grouphms.com/files/MAR_notification_by_HMS_Holding.pdf
SIGNIFICANT EVENTS AFTER THE REPORTING DATE & FINANCIAL MANAGEMENT
LARGE CONTRACTS
After the reporting date, HMS announced the signature of a large
compressor contract with PAO NOVATEK, to deliver main compression units to
the Obsky LNG processing plant.
DEBT REFINANCING
In February 2020, the Group made a full Rub 3 billion redemption of its
bonds, issued in 2017, at 100% par value. In 4Q 2019, HMS Group attracted
Rub 3 billion bank credit, that was deposited, for this bonds redemption.
COVID-19 and fall in oil prices
Starting from early 2020, a new coronavirus disease (COVID-19) has begun
rapidly spreading all over the world resulting in announcement of the
pandemic status by the World Health Organization in March 2020. Responses
put in place by many countries to contain the spread of COVID-19 are
resulting in significant operational disruption for many companies and
have significant impact on global financial markets. As the situation is
rapidly evolving it may have a significant effect on business of many
companies across a wide range of sectors, including, but not limited to
such impacts as disruption of business operations as a result of
interruption of production or closure of facilities, supply chain
disruptions, quarantines of personnel, reduced demand and difficulties in
raising financing. In addition, the Group may face the increasingly broad
effects of COVID-19 as a result of its negative impact on the global
economy and major financial markets. The significance of the effect of
COVID-19 on the Group's business largely depends on the duration and the
incidence of the pandemic effects on the world and Russian economy.
In addition to that, in March-April 2020, oil prices dropped
significantly, which resulted in immediate weakening of Russian Rouble
against major currencies.
Management considers the outbreak of COVID-19 coronavirus infection and
the reduction in oil prices to be non-adjusting events after the reporting
period.
The Group developed a stress scenario of the possible impact of the
current operating environment on the Group's business, including the
analysis of possible deviations in execution of large contracts, included
in the Group's budget for 2020, as well as assessment of probability of
reduction in revenues on recurring business, the analysis of factual
liquidity and debt position of the Group at the date of issuance of these
consolidated financial statements, its future expected cash inflows and
outflows and the consideration of debt covenants. The scenario
demonstrated the Group's ability to continue as a going concern.
***
DUE TO THE SITUATION WITH COVID-19, HMS GROUP WILL NOT HOLD THE WEBCAST
Contacts:
Investor Relations, 8 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.
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
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9 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.
10 2 SG&A expenses - Selling, General and Administrative Expenses,
compiled of distribution & transportation expenses plus general &
administrative ones
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11 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.
12 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.
13 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.
14 iv The construction provides construction works for projects for
customers in the oil upstream and midstream, gas upstream.
══════════════════════════════════════════════════════════════════════════
ISIN: US40425X4079
Category Code: ACS
TIDM: HMSG
LEI Code: 254900DDFETNLASV8M53
OAM Categories: 1.1. Annual financial and audit reports
Sequence No.: 60215
EQS News ID: 1029099
End of Announcement EQS News Service
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