HMS Group 3 months 2015 IFRS Results Conference call presentation. 16 June 2015

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1 HMS Group 3 months 2015 IFRS Results Conference call presentation 16 June 2015

2 Financial results Business & Outlook Appendix

3 Financial Highlights Financial highlights, Rub mn 3m m 2014 chg, yoy Revenue 7,599 6,080 25% Gross profit 2,358 1,491 58% EBITDA 1, % Operating profit 1, % Net income n/a Revenue performance, m CAGR % Total debt 15,817 12,857 23% Net debt 14,515 11,156 30% EBITDA LTM 6,137 5,316 15% Net debt to EBITDA LTM Gross margin 31.0% 24.5% 649 bps EBITDA margin 21.6% 12.8% 884 bps Operating margin 13.8% 3.4% 1,037 bps Net income margin 4.3% -5.1% 945 bps ROCE 14.7% 13.3% 134 bps ROE 2.7% -2.4% 510 bps Source: Company data, management accounts * Hereinafter, read EBITDA as EBITDA adjusted, Net income as Profit for the period / year, EBITDA margin as EBITDA adjusted margin 11,505 11,668 12,032 20,379 25,515 31,460 32,358 32,351 31,543 33, m'14 LTM Revenue adj., Rub mn Source: Company data, management accounts, exclusive of SKMN EBITDA performance, m CAGR % 11.4% 14.1% 16.4% 18.0% 21.8% 19.4% 3m'15 LTM 16.2% 16.3% 16.9% 18.1% 1,306 1,650 1,968 3,670 5,562 6,101 5,238 5,272 5,316 6, m'14 LTM EBITDA adj., Rub mn EBITDA margin 3m'15 LTM Source: Company data, management accounts, exclusive of SKMN (Revenue and EBITDA data are adjusted for SKMN disposal) 3

4 Segments overview: months results Pumps Oil & gas equipment 3, % 2, % Revenue -17% EBITDA +55% 1, % 3, % Revenue +142% EBITDA +346% months months 2015 Revenue Pumps, Rub mn EBITDA Pumps, Rub mn EBITDA margin Pumps, % Revenue declined by 17% yoy to Rub 2.9 bn EBITDA increased by 55% yoy due to several factors: costs optimization, import substitution, participation in large project and depreciation of Ruble to world currencies and Ukrainian hryvnia to Russian ruble As a results, EBITDA margin grew to 27.7% that is more than average level 3 months months 2015 Revenue OG equipment, Rub mn EBITDA OG equipment, Rub mn EBITDA margin OG equipment, % Significant growth in revenue and EBITDA as a result of increased share of integrated solutions EBITDA margin reached 21.4% vs. 11.6% in the compared period Compressors % % 3 months months 2015 Revenue Compressors, Rub mn EBITDA Compressors, Rub mn EBITDA margin Compressors, % Revenue +80% EBITDA n/a Revenue increased by 80% yoy and EBITDA turn positive primarily thanks to the development of Kazankompressormash s contracts base EBITDA margin in still lower than average, but it has become positive 6.6% vs. negative 18.4% last year EPC % % 3 months months 2015 Revenue EPC, Rub mn EBITDA EPC, Rub mn EBITDA margin EPC, % 94 Revenue -19% EBITDA -35% EPC demonstrated relatively weak results with revenue down by 19% yoy and EBITDA declined by 35% yoy, due to mixed results of its sub-segments: project and design (EP) showed 44% yoy decrease in revenue and 58% yoy decline in EBITDA because its customers had revised their capex construction, in contrary, had 30% yoy growth in revenue and 1% yoy increase in EBITDA, but didn t manage to compensate the decrease in EP Source: Company data 4

5 Customer base development Revenue contribution by Top-7 clients Comments Others 43% 3 months 2014 Transneft 13% Well-diversified client base of 4,000-6,000 names, growth of revenue coming from small-to-mid clients with annual purchases below Rub 200 mn Strong and stable base of Blue-chip clients, which includes Revenue Rub 6,080 mn Gazprom Neft 13% Rosneft 8% the largest oil & gas and energy companies in Russia Prevailing installed base in the key segments ensures recurring business growth Surgutneftegaz 4% NOVATEK 5% Gazprom 8% Turkmenia 6% HMS Group has a certain pool of large customers, but their composition is different for each period, depending on the particular project mix 3 months 2015 Others 34% Gazprom 22% During previous several years, HMS Group has been actively developing its exposure to gas up- and Lukoil 3% Transneft 3% KMPO 4% Surgutneftegaz 4% Revenue Rub 7,599 mn Rosneft 19% Gazprom Neft 11% midstream projects of Gazprom and other Russian gas producers through development of product mix and quality excellence All 4 HMS Group s business segments are wellpositioned to benefit from their expected participation in Gazprom s Eastern gas program as well as in other Source: Company data gas up- and midstream projects 5

6 Cost analysis Cost of sales 3m m 2014 chg, yoy Cost of sales 5,242 4,588 14% % of revenue 69.0% 75.5% Supplies and raw materials 3,298 2,274 45% % of revenue 43.4% 37.4% Labour costs 1,539 1,511 2% % of revenue 20.2% 24.9% Depreciation & amortization % % of revenue 4.4% 5.0% Other expenses % % of revenue 0.9% 8.2% Comments Cost of sales increased by 14% yoy: Supplies and raw materials increased by 45% yoy with cost of goods sold up by 15% yoy, thus their combined contribution to the cost of sales rose substantially from 40% to 45% as a percentage of revenue Labour costs grew by 2% yoy Distribution & transportation expenses 3m m 2014 chg, yoy Distribution and transportation expenses % % of revenue 4.0% 5.0% Labour costs % % of revenue 1.8% 2.0% Transport expenses % % of revenue 1.3% 1.8% Lease expense % % of revenue 0.2% 0.3% Other expenses % % of revenue 0.7% 0.9% Distribution and transportation costs stayed almost flat and as a percentage of revenue comprised 4% vs 5% for 3 months 2014: Labour costs increased by 10% yoy Transport expenses decreased by 12% yoy General & administrative expenses 3m m 2014 chg, yoy General and administrative expenses % % of revenue 12.1% 14.9% Labour costs % % of revenue 8.3% 9.8% Taxes and duties % % of revenue 0.7% 0.7% Depreciation and amortisation % % of revenue 0.6% 0.8% Other expenses % % of revenue 2.6% 3.6% Source: Company data General & administrative costs grew by 2% yoy primary due to: 5% yoy growth in labour costs, and 15% yoy increased expenses for taxes and duties 6

7 CAPEX & Working Capital Cash flow performance, Rub mn Capital expenditures 2 3 months Cash flow performance, Rub mn 3m m 2014 Change yoy Operating cash flow -2, n/a Investing cash flow % Free cash flow (FCF) -2, n/a Financing cash flow n/a Cash and cash equivalents 1,302 1,701-23% Source: Company data 0.6x 0.8x m m 2015 Organic capex, Rub mn Depreciation & amortization, Rub mn Capex to D&A ratio, x Source: Company data Comments Working capital 3 months Working capital 1 grew because of realization of large contracts both in absolute figures and as a share of revenue Net working capital increase affected cash flow from operating activities, which declined to negative Rub 2 bn vs. positive Rub 0.1 bn last year, which came not only from the necessity for financing of oil & gas. In 4Q 2014 HMS was accumulating cash to redeem its ruble bonds series 02 and squeezed working capital to the minimum. And in 1Q 2015, after the successful bonds repayment, HMS released these funds, which along with large contracts execution, resulted in a boosted growth of the whole level of working capital Free cash outflow dropped to Rub -2.4 bn 21% of revenue ,836 16% of revenue 3m 2014 LTM 5, , ,642 28% of revenue 3m 2015 LTM 9,321 Organic capex 2 grew by 37% yoy, due to the current development of manufacture competences for high capacity oil transfer pumps and nuclear pumps in Russia, which contributed about Rub 100 mn to the whole Group s capital expenditures WC FY 2014 WC 3m 2014 Source: Company data Inventories change Receivables change & other adj. Deposits change Payables change & other adj. WC 3m Working capital formula - see slide 19 2 Capex = Organic capex = Purchase of PPE + Purchase of intangible assets 7

8 Financial position Net debt-to-ebitda LTM ratio Comfortable repayment schedule Available liquidity Rub 1.5 bn 7,030 Maturity payment of Rub 2.7 bn bonds ,435 3, ,725 3,413 4,551 4,288 4,809 12,064 11,102 12,432 11,156 14, m'14 3m'15 Net debt, Rub mn Net debt to EBITDA LTM Cash 1, F 2016F 2017F 2018F Debt to be repaid, Rub mn Source: Company data Source: Company data as of 1 June, 2015 Low currency and maturity risks Short-term debt 28.2% Long-term debt 62.7% Floating rate 0.04% Fixed rate 99.96% Source: Company data as of 1 April, 2015 Borrowings in Rub 88.0% Euro 11.5% Others 0.5% Comments Total debt increased by 23% yoy to Rub 15.8 bn due to required working capital, related to execution of large projects Net debt increased by 30% yoy to Rub 14.5 bn Net Debt-to-EBITDA LTM ratio increased to 2.37x from 2.10x last year, still significantly under a 4.50x threshold bank covenants HMS weighted average interest rate was 11% for all loans, including FXdenominated, and 12% for Rub-denominated only, as of 1 April, 2015 In Jan 2015, HMS made ahead-of-schedule redemption of its ruble bonds series 02 for the total amount of Rub 1.9 bn In Feb 2015, HMS Group completely redeemed its outstanding ruble bonds series 02 In Apr 2015, HMS Group signed an agreement with UniCredit Bank for a 3- year non-revolving credit line worth Rub 1.5 bn in total In June 2015, HMS Group signed an agreement with VTB Bank for a 5-year Rub 4.5 bn non-revolving uncommitted credit line with tranches up to 3 years As of 1 June 2015, the Group bought on the market its rubles bonds series 03 at market prices for the total number of 292,574 bonds. Up to date, there were 543,998 bonds purchased. 8

9 Financial results Business & Outlook Appendix

10 Backlog & Order intake Backlog for the 1Qs Order intake for the 1Qs ,788 26,848 7,579 19,921 10,806 11,030 6,692 6,673 3,554 11,711 4,128 4,344 10,221 11,057 1,572 3,496 1,265 2,099 1,344 2,671 2,207 2, ,400 1,572 1,615 1,078 1-Apr-13 1-Apr-14 1-Apr-15 Industrial pumps 11,711-8% 10,806 2% 11,030 Oil & gas equipment 3, % 10,221 8% 11,057 Compressors 2,671-17% 2,207 3% 2,283 EPC: Construction % % 1,400 EPC: Engineering 1,572 3% 1,615-33% 1,078 Total, where 19,921 29% 25,788 4% 26,848 standard equipment 15,703 16% 18,191 11% 20,119 integrated solutions 4,218 80% 7,598-11% 6,730 1, Q Q Q 2015 Industrial pumps 3,554 16% 4,128 5% 4,344 Oil & gas equipment 1,572 34% 2,099-36% 1,344 Compressors 1,265-79% % 643 EPC: Construction % 0 n/a 0 EPC: Engineering 1,086-81% % 341 Total, where 7,579-12% 6,692 0% 6,673 standard equipment 7,579-12% 6,692 0% 6,673 integrated solutions Source: Company data, Management accounts 10

11 Contacts Capital markets Phone +7 (495) Company address: 7 Chayanova Str. Moscow Russia HMS Hydraulic Machines & Systems Group Plc is listed on the London Stock Exchange (Main market, IOB): Identifier Number Number of shares outstanding ISIN US40425X ,163,427 Ticker HMSG Bloomberg HMSG LI Reuters HMSGq.L 11

12 Financial results Business & Outlook Appendix

13 Calculations and formulas Notes to the presentation and formulas used for some figures calculations All figures in millions of Russian Rubles, unless otherwise stated Management of the Group assesses the performance of operating segments based on a measure of adjusted EBITDA, which is derived from the consolidated financial statements prepared in accordance with IFRS EBITDA is defined as operating profit/loss from continuing operations adjusted for other operating income/expenses, depreciation and amortisation, 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, provision for impairment of accounts receivable, 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 EBIT is calculated as Gross profit minus Distribution & transportation expenses minus General & administrative expenses minus Other operating expenses Total debt is calculated as Long-term borrowings plus Short-term borrowings Net debt is calculated as Total debt minus Cash & cash equivalents at the end of the period Working capital is calculated as Inventories plus Trade and other receivables, excluding Short-term loans issued, Bank deposits and Promissory notes receivable, plus Current income tax receivable minus Trade and other payables minus Short-term provisions for liabilities and charges minus Current income tax payable minus Other taxes payable ROCE is calculated as EBIT LTM divided by Average Capital Employed (Total debt + Total equity) ROE is calculated as Total equity period average divided by Profit for the period Backlog is calculated as the preceding backlog plus new or additional customer orders booked during the reporting period, less amounts of contract value booked as revenue under Russian GAAP on an unconsolidated basis under the relevant contracts, plus or minus adjustments made in the judgment of the Group s management. The Group may also make certain adjustments to bookings to reflect amendment, expiry or termination of contracts, cancellation of orders, changes in price terms under contracts or orders, or other factors affecting the amount of potential revenue which the Group believes may be recognized under such contracts. The Group s backlog estimates are not an indication of potential revenues. Actual revenues and other measures of financial performance under IFRS may differ materially from any estimate of backlog, and changes in backlog between periods may have limited or no correlation to changes in revenue or any other measure of financial performance under IFRS 13

14 Disclaimer The information contained herein has been prepared using information available to HMS Group ( HMS or Group or Company ) at the time of preparation of the presentation. External or other factors may have impacted on the business of HMS Group and the content of this presentation, since its preparation. In addition all relevant information about HMS Group may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information. Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and HMS Group cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation should not be relied upon as a recommendation or forecast by HMS Group, which does not undertake an obligation to release any revision to these statements. This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in HMS Group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. 14

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