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HMS Group: 2018 3M IFRS Results

Dow Jones received a payment from EQS/DGAP to publish this press release.

HMS Group (HMSG) 
HMS Group: 2018 3M IFRS Results 
 
08-Jun-2018 / 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. 
 
HMS Group announces management statement and financial highlights 
 
for 3 months 2018 
 
HMS HYDRAULIC MACHINES & SYSTEMS PLC (the "HMS Group", "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 three months ended March 31, 
2018. 
 
Financial highlights 3 months 2018: 
 
? Revenue: Rub 8.7 bn (-11% yoy) 
 
? EBITDA[1]: Rub 1.1 bn (+3% yoy), EBITDA margin 12.4% 
 
? Operating profit: Rub 430 mn (-23% yoy), operating margin down to 4.9% 
 
? Profit for the period: Rub 19 mn (-75% yoy), net income margin 0.2% 
 
? Total debt: Rub 17.1 bn (+8% yoy) 
 
? Net debt: Rub 14.8 bn (+14% yoy) 
 
? Net debt-to-EBITDA LTM ratio: 2.16 x 
 
Operational highlights 3 months 2018: 
 
? Backlog: Rub 46.0 bn (+28% yoy) 
 
? Order intake: Rub 10.4 bn (-54% yoy) 
 
OPERATING REVIEW 
 
            BACKLOG 
 
Backlog grew to Rub 46.0 billion (+28% yoy). The main driver was the pumps 
business segment, though all the four business segments grew, due to a 
number of large integrated contracts signed and executed in the reporting 
period. 
 
Backlog, Rub mn                  2018 3m 2017 3m Change yoy 
Industrial pumps                  15,699  10,147        55% 
Oil & Gas equipment and projects  18,743  18,351         2% 
Compressors                        7,777   6,819        14% 
Construction                       3,736     719       419% 
Total                             45,953  36,036        28% 
 
            ORDER INTAKE 
 
Order intake[2] decreased more than twice to Rub 10.4 billion. 
 
Almost all business segments of HMS declined, except the industrial pumps, 
which increased by 23% yoy due to the dynamics of the recurring business. 
The oil and gas equipment and projects segment was down to Rub 3.4 billion 
because of absence of large contracts signed in the reporting period. The 
compressors declined 39% yoy to Rub 3.0 billion because of a decline in both 
large contracts and recurring business. 
 
However, in terms of contracts' mix, the drop was only because of fewer 
large contracts signed in the reporting period, as the recurring business 
grew by a minor 1% yoy. But those fluctuations are normal for the order 
intake made up of large projects. 
 
Order intake, 2018 3m 2017 3m Change yoy 2018 3m 2017 4Q  Change 
Rub mn                                                       qoq 
Industrial      4,229   3,427        23%   4,229   8,762    -52% 
pumps 
Oil & gas       3,436  14,044       -76%   3,436   4,025    -15% 
equipment 
Compressors     2,995   4,903       -39%   2,995   1,268    136% 
Construction    (253)     121      -310%   (253)     462   -155% 
Total          10,408  22,495       -54%  10,408  14,516    -28% 
 
GROUP PERFORMANCE 
 
Revenue decreased by 11 percent yoy to Rub 8.7 billion. 
 
EBITDA was up by 3 percent yoy to Rub 1.1 billion. Solid results of the oil 
& gas equipment and projects segment were the contributor to the company's 
EBITDA growth. 
 
Rub bn       2018 3m 2017 3m    Change 2018 1Q   2017 Change qoq 
                                   yoy             4Q 
Revenue        8,726   9,760      -11%   8,726 13,011       -33% 
EBITDA         1,080   1,047        3%   1,080  1,852       -42% 
EBITDA         12.4%   10.7%             12.4%  14.2% 
margin 
 
In terms of contracts' type, revenue from the recurring business declined by 
33 percent yoy. Large contracts, in contrast, advanced 78 percent yoy. 
Though EBITDA from the recurring business decreased by 63 percent yoy, the 
doubled EBITDA, generated by large contracts, compensated for that decline. 
 
All the above led to an increase in EBITDA margin to 12.4% from 10.7% in the 
comparative period. 
 
Cost of sales,      2018 2017 3m  Change     Share of   Share of 
Rub mn                3m            yoy       2018 3m    2017 3m 
                                              revenue    revenue 
Cost of sales      6,548   7,713      -15%      75.0%      79.0% 
Materials and      4,008   6,195      -35%      45.9%      63.5% 
components 
Labour costs       1,426   1,228       16%      16.3%      12.6% 
Construction and     322     212       52%       3.7%       2.2% 
design and 
engineering 
services of 
subcontractors 
Depreciation and     365     321       14%       4.2%       3.3% 
amortization 
Others               427    -243     -276%       4.9%      -2.5% 
 
Cost of sales was 15 percent yoy down to Rub 6.5 billion mainly due to a 
decline in materials and components (-35% yoy), thus reflecting the products 
mix's change. As a percentage of revenue, the cost of sales also decreased, 
from 79% to 75%. That led to a higher gross profit of Rub 2.2 billion (+6% 
yoy) and an expanded gross margin of 25.0% vs. 21.0% for 3 month 2017. 
 
Rub mn            2018   2017 3m Change    Share of   Share of 
                  3m             yoy       2018 3m    2017 3m 
                                           revenue    revenue 
Distribution and     460     431        7%       5.3%       4.4% 
transportation 
General and        1,227   1,057       16%      14.1%      10.8% 
administrative 
SG&A expenses      1,687   1,488       13%      19.3%      15.2% 
Other operating       61       2     3758%       0.7%       0.0% 
expenses 
Operating          1,748   1,489       17%      20.0%      15.3% 
expenses ex. Cost 
of sales 
Finance costs        380     500      -24%       4.4%       5.1% 
 
SG&A expenses[3] increased by 13 percent yoy, and as a share of revenue grew 
to 19.3% from 15.2%. 
 
Operating expenses excl. cost of sales grew by 17 percent yoy. As a share of 
revenue they also increased, to 20.0%. The main reason was an increase in 
labour costs due to a long-term incentive program and growth of wages. 
 
Distribution and transportation expenses grew by 7 percent yoy to Rub 460 
million. The main reason was growth of labour costs and social taxes. As a 
share of revenue, distribution and transportation expenses also grew, to 
5.3% from 4.4%. 
 
General and administrative expenses grew by 16 percent yoy to Rub 1.2 
billion due to combined growth of labour costs and social taxes. As a share 
of revenue, general and administrative expenses grew to 14.1% partly due to 
quarterly volatility of revenue. 
 
Operating profit decreased by 23 percent yoy to Rub 430 million from Rub 557 
million. Operating margin declined to 4.9%. 
 
Finance costs, Rub mn                  2018 3m 2017 3m    Change 
                                                             yoy 
Finance costs                              380     500      -24% 
Interest expenses                          374     501      -25% 
Fees for early repayment of loans            5       -        Na 
Foreign exchange gain from borrowings,     (1)     (2)      -70% 
net 
Finance lease expenses                       0       1      -40% 
Interest rate, average                    9.0%   11.4% 
Interest rate Rub, ave                    9.1%   11.6% 
 
Finance costs decreased by 24 percent yoy. The main factor was a decrease in 
interest expenses (-25% yoy) due to lower interest rates as a result of debt 
portfolio refinancing. Average rates decreased from 11.4% p.a. to 9.0% p.a. 
 
Profit for the period was down 75 percent yoy to Rub 19 million from Rub 77 
million for 3 months 2017. 
 
BUSINESS SEGMENTS PERFORMANCE 
 
Industrial pumps[i] 
 
The industrial pumps business segment's revenue decreased by 15 percent yoy 
to Rub 3.0 billion from Rub 3.5 billion. EBITDA was down by 39 percent yoy 
to Rub 353 million. EBITDA margin declined to 11.8%. 
 
Industrial 2018 3m 2017 3m Change yoy 2018 1Q 2017 4Q Change qoq 
pumps, Rub 
mn 
Revenue      2,997   3,530       -15%   2,997   5,141       -42% 
EBITDA         353     576       -39%     353   1,034       -66% 
EBITDA       11.8%   16.3%              11.8%   20.1% 
margin 
 
Oil & Gas equipment and projects (OGEP)[ii] 
 
The OGEP business segment's revenue grew 10 percent yoy to Rub 5.1 billion, 
and EBITDA was up 85 percent yoy to Rub 828 million, fully based on growth 
of large projects. 
 
EBITDA margin increased to 16.2% from 9.6% in the comparative period. 
 
OGEP, Rub mn 2018 3m 2017 3m    Change 2018 1Q   2017 Change qoq 
                                   yoy             4Q 
Revenue        5,111   4,661       10%   5,111  6,499       -21% 
EBITDA           828     447       85%     828  1,132       -27% 
EBITDA         16.2%    9.6%             16.2%  17.4% 
margin 
 
Compressors[iii] 
 
Revenue grew by 14 percent yoy to Rub 1.9 billion. EBITDA, in contrast, was 
down by 42 percent yoy to Rub 99 million. EBITDA margin decreased to 5.3%. 
The decline in the segment's profitability was due to execution of a number 
of lower-than-last-year-margin large compressor-related contracts. 
 
Compressors,  2018 3m 2017 3m    Change 2018 1Q 2017 4Q  Change 
Rub mn                              yoy                     qoq 
Revenue         1,880   1,653       14%   1,880   2,481    -24% 
EBITDA             99     172      -42%      99      47    110% 
EBITDA margin    5.3%   10.4%              5.3%    1.9% 
 
Construction[iv] 
 
Construction doubled its revenue to Rub 382 million. But EBITDA demonstrated 
a negative value. 
 
Construction, 2018 3m 2017 3m Change yoy 2018 1Q 2017 4Q  Change 
Rub mn                                                       qoq 
Revenue           382     128       199%     382     597    -36% 
EBITDA          (122)    (53)       129%   (122)      44   -373% 
EBITDA margin  -31.8%  -41.5%             -31.8%    7.4% 
 
FINANCIAL REVIEW 
 
CASH FLOW PERFORMANCE 
 
Working capital was up 26 percent yoy to Rub 11.5 billion from Rub 9.1 

(MORE TO FOLLOW) Dow Jones Newswires

June 08, 2018 04:00 ET (08:00 GMT)

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