HMS Group Investor Presentation. July 2014

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1 HMS Group Investor Presentation July 2014

2 HMS at a Glance Overview Key financials for , Rub bn HMS Group is the leading pump and compressor manufacturer as well as provider of flow control solutions and related services to oil and gas (~80% of revenue), nuclear and thermal power generation and water utility sectors in Russia and the CIS 18 operating facilities in Russia and the CIS with 5 research & development centres, one of the largest pump testing facilities Growing markets driven by strong investments in oil & gas, power generation and water supply sectors Unique integrated management, sales and R&D team The story of resilient financial growth % 12.8% 15.3% % 20.0% % Revenue, Rub bn EBITDA, Rub bn EBITDA margin Source: Company data Data 2012 and 2013 excl. SKMN Industrial pumps Oil & gas equipment Compressors EPC* 54% Revenue 73% EBITDA EBITDA margin: 21.7% 24% Revenue 17% EBITDA EBITDA margin: 11.4% 13% Revenue 11% EBITDA EBITDA margin: 13.6% 9% Revenue -4% EBITDA EBITDA margin: -7.3% Pump station of the Baltic pipeline system, Transneft Example of Oil Pumping Station Twin modular compressor unit Oil Pump Station Tayezhnaya, Transneft Design, engineering, manufacturing, delivery and installation of pumps and pump related products Manufacturing and installation of oil & gas equipment, including modular (pump stations, metering equipment, oil, gas and water processing and preparation units, tanks & vessels, etc.) Design, engineering, manufacturing, delivery and installation of compressors, compressor packages and compressor stations Project & design, construction, turn-key projects *excl. construction subsidiary SKMN Source: Company data as of December 31,

3 mn tonnes Business Model Development Way of the market consolidator from pumps to integrated solutions based on excellent R&D base Pump Trading Pump Design & Manufacturing Modular Equipment Design & Manufacturing Construction Pump-based Integrated Solutions Pump- and Compressorbased Integrated Solutions Exit from Construction Business to Stronger Focus on Machinebuilding Today Leading installed base in Russia 2013 revenue breakdown Significant demand on the key market upstream Installed pumps and units Oil industry midstream Thermal energy Water Nuclear energy Other; 12% Metal & Mining; 1% Power; 5% CAPEX of Russian oil majors F more than $50 bn % 9% 11% 9% Water; 16% Revenue RUB 32.4bn % 2% 2% 2% 1% 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% -1% Oil & Gas; 67% F 2014F 2016F 2018F 2020F Source: Company data Source: REnergyCo, Rosstat Greenfield, F Traditional oil regions, F Total production, Production growth, % YoY 3

4 Key Investment Highlights 1 Supportive Industry Fundamentals 2 The Leading Provider of Flow Control Solutions 3 Focus on Value-added Integrated Solutions 4 Operating on Protected Markets in Russia 5 Advanced Research & Development Capabilities 6 Well-established Top-tier Customer Base 4

5 1 Supportive Industry Fundamentals Pump market revenues in Russia, US mn O&G equipment market revenues, US mn 2, CAGR 7.0% Oil & Gas (surface) 3,888 CAGR 6.8% Oil & Gas (submersible) CAGR 7.7% 1,423 Power Generation 425 Municipal Water Other CAGR 5.7% 310 2, E Compressor market revenues, US mn CAGR E O&G surface includes: Water injection -4.2% 9.4% Oil transportation 59.5% -8.1% Oil downstream 3.4% 10.9% Municipal water -2.1% 6.2% Power generation 15.0% 7.5% Total 7.0% 6.8% Comments E Tanks & Vessels Tubular Furnaces & Line Heaters Oil, Gas, Water Processing Units Oil & Gas Metering Units Associated Gas Processing & Transport Units AGMUs Pump Stations Other Equipment CAGR E Pump stations 1.2% 9.6% AGMUs 3.5% 8.6% Associated gas processing & transport units Oil, gas and water processing units 13.3% 2.4% 1.9% 8.3% Tanks and vessels 20.5% 9.3% Total 5.7% 7.7% CAGR 10.3% 2, CAGR 3.8% 1,620 1, E Source: Frost & Sullivan research Refrigeration General Service (Air) Gas Processing Oil & Gas Production and Transportation CAGR E Oil & gas production and transportation 4.6% 10.5% Gas processing 4.0% 11.3% General service 0.6% 9.0% Refrigeration 0% 7.4% Total 3.8% 10.3% Modernization of basic industries, backed by state development programs leads to expenditure on equipment, including specialized pumps Pumps for water injection and oil refineries are expected to demonstrate the highest growth rate Modest growth in surface pumps for oil and gas industry is largely explained by diminished growth in the segment of pumps for oil transportation due to the completion of major pipeline project (ESPO), after an explosive expansion over Oil and gas equipment is expected to grow driven by modernization of the current and development of new oilfields, increase of associated gas utilization ratio, installation of modern metering units Compressors are expected to grow with CAGR of 10.3% thanks to a number of new pipelines development programs, increase of associated gas utilization ratio 5

6 2 The Leading Provider of Flow Control Solutions Leading market share in key markets Oil and gas industry Pumps and Oil & Gas equipment Water utilities Industrial pumps only Power generation Industrial pumps only Market growth +5% yoy HMS +18% yoy Market growth +13% yoy HMS +21% yoy Market growth +11% yoy HMS +28% yoy , ,9 16,4 42% 4.0 1, , , % 2.4 1,0 1,3 37% 0,9 15,4 23,0 22,4 2,7 2,8 3,0 1,6 2,1 2,2 Source: Company data HMS Group revenue, Rub bn Other players revenue, Rub bn HMS Group revenue, Rub bn Other players revenue, Rub bn HMS Group revenue, Rub bn Other players revenue, Rub bn Summary HMS Group has leading positions in almost every core target market, and managed to strengthen its market share in 2012 The Group s market share in Pumps and Oil and Gas equipment increased by 18% year-on-year in Recent acquisition of DGHM and KKM resulted in significant strengthening of HMS Group s position in Oil, gas and water processing units segment and making HMS a leader in Tanks and vessels segment. In the pumps for water utilities and power generation applications segment, HMS outperformed market growth thanks to strong demand for water utilities pumps and higher revenue from pumps for nuclear application (contracts signed in previous years) 6

7 3 Focus on Value-added Integrated Solutions Advanced R&D is the basis for value-added integrated solutions Share of integrated solutions in revenue Standard equipment Integrated solutions & customized pumps Size Numerous small-size contracts Single large-scale project Impact of R&D Medium Critical Technical entry-barriers Medium High Competition type Price R&D and references Competition level High Limited Revenue growth potential Limited High Revenue downside potential Limited Visibility for at least 1.5 years Repeat business Very significant Possible Aftermarket demand Average High EBITDA margin 10-15% 25-30% 66% 75% 73% 95% 94% 88% 30% 25% 5% 6% 25% 34% 27% 12% Revenue from standard equpment Revenue from integrated solutions Source: Company data Examples of successful integrated solutions ESPO-1 oil transportation station, Transneft Super-blocks X-9001, X-9004 for Vankor oilfield, Rosneft 1. Project & design works 2. Project management 3. Production of key elements (pump units, auxiliary equipment) 4. Assembling 5. Testing 6. Disassembling, transportation and assembling on customer site 7. Supervision, start-up and commissioning 8. Aftermarket services 7

8 4 Operations on Protected Markets in Russia Russian players Customized Equipment Limited R&D Small scale of operations Pump manufacturing is a non-core business for many players (Votkinsk Plant, Uralhydromash, Katasky Plant) Products are often not in direct competition with HMS product line Standard Equipment Not well-positioned in terms of operational efficiency due to limited scale of operations No single competitor in all key segments Global players Lack of local engineering expertise (Weir, KSB, Sulzer, Grundfos, Flowserve) Lack of references with Russian clients Chinese players Lack of relevant technologies to produce customized pumps Lack of references Inapplicable for mission-critical applications Not well-positioned in terms of price of products No brand names No established relationships with Russian clients Where we compete Industry HMS OZNA Volgograd Nefte Mash Ural Hydro Mash Weir (UK) Flowserve (US) Sulzer (Swiss) KSB (Germany) Grundfos (Denmark) Siemens (Germany) Howden (UK) CKD Kompresory Power generation Pumps Oil and Gas Water O&G equipment Gas production & transportation Compressors Natural gas production & transportation Gas processing Russian International Source: Company data 8

9 5 Advanced R&D Capabilities 1. Research & development and engineering centres Leading R&D centers in Russia and CIS: Design office in Livny: advanced R&D works focused on pumps Research Institute VNIIAEN in Sumy: focus on high-speed centrifugal pumps Specialized R&D center in Moscow focused on design of demanding complex solutions for energy efficient pump systems Neftemash (Tyumen): oil and gas equipment and complex solutions for oil and gas processing Kazankompressormash (Kazan): compressors and gas processing units with improved efficiency for natural and associated gas 2. Project and design institutes Leading project & design facility Giprotyumenneftegaz (GTNG) including acquired in 1H 2013 Noyabrskneftegazproekt (NNGP) OIL & GAS Leading project & design institute NIITurbokompressor (NIITK) - COMPRESSORS One of the leading Russian institute for water utilities Rostov Vodokanalproekt - WATER 3. Foreign innovative centers Apollo Goessnitz (acquired in 2012) is a center of innovative technologies complying with API standards in off-shore and oil refinery HMS ability to participate in pre-tender preparation stage creates unique competitive advantage Pre-tender project preparation up to 24 months Tender, pricing and contract negotiation 1 3 months Design and production 1 24 months Delivery and installation 1 month After-market services 9

10 6 Well-established Top-tier Customer Base Revenue contribution by Top clients, 2012 vs Comments 2012 Well-diversified client base of 4,000-6,000 names, stable growth Others 40% Rosneft & TNK-BP 20% of revenue coming from small-to-mid clients with annual purchases below Rub 200 mn Surgutneftegaz 6% Lukoil 4% Revenue RUB 31.5bn Transneft 20% Taas-Yurakh 6% Gazprom 1% Gazpromneft 4% Strong and stable base of Blue-chip clients, which includes the largest oil & gas and energy companies in Russia HMS Group may have different Top-3 customers for each period, depending on the particular project mix Prevailing installed base in the key segments ensures recurring business growth 2013 Rosneft & TNK BP 13% Others 43% Transneft 12% Revenue RUB 32.4bn During 2013, HMS Group sold products and services Lukoil 10% to almost 3,000 unique clients, including VOIC, trade Turkmenia 7% Gasprom 5% Surgutneftegaz 6% Gazpromneft 5% companies, dealers and individual entrepreneurs Source: Company data 10

11 Board Composition Board of Directors (since June 20, 2014) Comments Executive Directors Nikolay Yamburenko Chairperson Head of Industrial Pumps Shareholder In company since 2003 The Board is comprised of professionals with significant experience in flow control and oil and gas industries It includes founders, who has led HMS since its inception The largest shareholders are not involved in running business Dividend policy: pay out not less than 25% of profit for the year Shareholders Structure Artem Molchanov Managing Director (CEO) Shareholder In company since 1993 Non-executive Directors Kirill Molchanov First Deputy CEO (CFO) Shareholder In company since 1993 Yury Skrynnik Head of Compressors Business segment Shareholder In company since 2005 Treasury shares 1.5% German Tsoy 19.8% Free-float 26.9% Managers 24.4% Vladimir Lukyanenko 27.4% Philippe Delpal Independent Chairman Audit Committee Andreas Petrou Gary Yamamoto Independent Chairman Remuneration Committee Hold through HMS Technologies (71.5%) Source: Company data as of 20 June,

12 HMS Production Assets Promburvod (PBV) Livnynasos (LN) HMS Household pumps Dimitrovgradhimmash (DGHM) Products: Water well submersible pumps Products: Water well submersible pumps Products: Household vibration pumps Products: Equipment for oil and chemical industries and pumps for oil refining Bobruisk Machine Building Plant (BMBP) Products: Pumps for oil refining and metals & mining HMS Pumps Products: Industrial pumps for oil and gas, power generation Apollo Goessnitz GmbH Products: Centrifugal pumps and systems for oil refining Germany Goessnitz (Thuringia) Ukraine Sumy Belarus Livny Kazankompressormash (KKM) Products: Compressors Minsk Bobruisk Moscow Bavleny Kazan NIITK (Turbokompressor) Description: R&D center for centrifugal, rotary and screw compressors Dimitrovgrad Russia HMS Neftemash Products: Modular equipment for oil and gas and water industries Nizhnevartovskremservice (NRS) Services: Maintenance and repair of pump equipment, drilling and other oil and gas field equipment Sibneftavtomatika (SibNA) Products: High-precision measuring equipment for oil, gas and water flow rates Nasosenergomash (NEM) Products: Pumps for thermal and nuclear power generation and oil & gas industry Rostov Tyumen Nizhnevartovsk Tomsk Sibneftemash Products: Tanks and vessels for oil and oilfield service companies VNIIAEN, associate 47% Description: R&D center for pumps used in nuclear, thermal power generation, oil and gas industry HMS Group Headquarters Tomskgazstroy (TGS) Services: Trunk oil and gas pipeline and auxiliary facilities construction Rostov Vodokanalproekt (RVKP) Services: Project design for water utilities Giprotyumenneftegaz (GTNG) Services: Project and construction design of oil and gas facilities Industrial pumps Modular equipment Compressors EPC (Construction and Project & design) Source: Company data 12

13 Financial results Business & Outlook Appendix 13

14 HMS Group Financial Highlights Financial highlights 1Q 14 1Q 13 Change 1Q 14 4Q 13 Change 6,080 6,895-12% Revenue 6,080 9,171-34% 1,491 1,507-1% Gross profit 1,491 2,538-41% % EBITDA¹ 777 1,586-51% Revenue performance, 1Q Q % Operating profit % % Profit (loss)¹ % 12,857 15,195-15% Total debt 12,857 12,687 1% 11,156 14,150-21% Net debt 11,156 11,102 0% 5,316 5,449-2% EBITDA LTM¹ 5,316 5,238 1% % Net debt / EBITDA LTM¹ % Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 Revenue, Rub mn Линейная ( Revenue, Rub mn) EBITDA performance, 1Q Q % 21.9% 267 bps Gross margin 24.5% 27.7% -315 bps 20,0% 20,4% 21,4% 12.8% 10.2% 232 bps EBITDA margin¹ 12.8% 17.3% -451 bps 3.4% 3.6% -21 bps Operating margin 3.4% 9.2% -584 bps -5.1% -1.1% -403bps Profit margin¹ -5.1% 3.4% -858 bps 13.5% 14.4% -90 bps ROCE² 13.5% 13.8% -30 bps 14,7% 10,1% 17,8% 18,5% 17,3% 12,8% -2.4% 0.1% -250 bps ROE -2.4% 2.5% -490 bps *The data excludes SKMN results 1 Hereinafter, read EBITDA as EBITDA adjusted, Net income as Profit for the period / year, EBITDA margin as EBITDA adjusted margin 2 EBIT LTM / average capital employed Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 EBITDA, Rub mn EBITDA margin The data excludes SKMN results due to its disposal in 3Q

15 Financial Highlights: LTM vs Quarterly Revenue quarterly performance, 1Q Q 2014 EBITDA quarterly performance, 1Q Q ,0% 20,5% 19,4% 17,8% 19,0% 17,3% 14,7% 10,1% 12,8% Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 Revenue, Rub mn Revenue LTM performance, 1Q Q Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 EBITDA, Rub mn EBITDA margin EBITDA LTM performance, 1Q Q 2014 CAGR +1.6% 20,6% 18,5% 18,6% 19,4% 17,3% 16,2% 16,2% 16,2% 16,9% Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q' Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 Revenue LTM, Rub mn Линейная ( Revenue LTM, Rub mn) EBITDA LTM, Rub mn EBITDA margin The data excludes SKMN results due to its disposal in December

16 Analysis of Profit Decline Loss for the period bridge Rub-denominated loan between NEM and HMS Finance Euro-denomianated loan of Neftemash Other loans Rub 110mn Rub 106mn Rub 47 mn Operating profit Finance income Interest expenses FX loss Income tax Loss for the period Comments Rub mn 3m2014 3m2013 change Gross profit EBITDA Depreciation Non-monetary items Other income and expense Operating Profit Finance Income Finance costs Interest expenses Foreign exchange gain/loss Income tax Loss for the period The Group s performance in 1Q 2014 was negatively affected by: Growth in depreciation was the key factor behind operating profit decline yoy. In 2H 2013, the Group acquired NIITK and NNGP, which all together contributed Rub 49mn in total depreciation costs Increase of finance costs was the key factor behind net profit decline yoy. FX loss in 1Q 2014 amounted to Rub 263mn as a result of revaluation of intra-group debts between subsidiaries and the Group s external FX liabilities. 16

17 Revenue & EBITDA Contribution by Segments Industrial pumps 3,320 3,477 Revenue +5% EBITDA +28% Oil & gas equipment 1,894 1,446 Revenue -24% EBITDA -43% 12.1% 14.8% % % 168 1Q'13 1Q'14 1Q'13 1Q'14 Revenue Pumps, Rub mn EBITDA Pumps, Rub mn EBITDA margin Pumps, % Revenue OG equipment, Rub mn EBITDA OG equipment, Rub mn EBITDA margin OG equipment, % Increase in the segment s profitability is attributable to larger share of large-scale projects in 1Q 2014 vs 1Q 2013 In the reporting period HMS Group recognized a part of revenue under ESPO, Turkmenia and Zapolyarye-Purpe large-scale projects The decrease in the segment s performance reflects quarterly volatility of business The recently signed large-scale contract is under research and design stage and hasn t yet supported the segment s results Compressors EPC 751 Revenue -61% EBITDA -22% Revenue -7% EBITDA +197% 16.7% % % Q' Q' % Revenue Compressors, Rub mn EBITDA Compressors, Rub mn EBITDA margin Compressors, % Decrease in revenue and EBITDA was a result of quarterly volatility of business as well as contract mix 1Q'13 1Q'14 Revenue EPC, Rub mn EBITDA EPC, Rub mn EBITDA margin EPC, % The segment improved its profitability yoy due to strong results in both sub-segments Growth of profitability was related to mix of projects and costs minimization initiatives 17

18 Cost Analysis Cost of sales 1Q'14 1Q'13 change Cost of sales 4,588 5,389-15% % of revenue 75.5% 78.2% Supplies and raw materials 2,274 2,313-2% % of revenue 37.4% 33.5% Labour costs 1,511 1,421 6% % of revenue 24.9% 20.6% Cost of goods sold % % of revenue 2,3% 9,3% Other expenses % % of revenue 10,9% 14,7% Distribution & transportation expenses 1Q'14 1Q'13 change Distribution and transportation expenses % % of revenue 5.0% 4.1% Transportation expenses % % of revenue 1.8% 1.3% Labour costs % % of revenue 2.0% 1.6% Insurance % % of revenue 0.2% 0.1% Other expenses % % of revenue 1.0% 1.0% Comments Cost of sales declined by 15% Main components of cost of sales supplies and raw materials combined with COGS accounted for 40% and 43% of revenue in 1Q 14 and 1Q 13 respectively Labour costs grew both in absolute numbers and as a percentage of revenue due to acquisition of NIITK and NNGP Distribution and transportation expenses were up 7% yoy and accounted for 5.0% of the revenue in 1Q 14 The share of transportation costs grew from 1.3% to 1.8% of revenue due to execution of Turkmenia project The increase of transportation costs was the major factor behind growth of total distribution and transportation expenses General & administrative expenses 1Q'14 1Q'13 change General & administrative expenses % % of revenue 14.9% 13.4% Labour costs % % of revenue 9.8% 9.1% Depreciation & amortization % % of revenue 0.8% 0.7% Taxes and duties % % of revenue 0.7% 0.6% Other expenses % % of revenue 3.6% 3.0% General and administrative costs declined by 2% yoy comprising 15% and 13% of revenue in the reporting periods respectively Labour costs showed a 4% decrease Depreciation and amortization, tax and duties and other expenses remained almost flat yoy both in absolute and relative numbers Totals may differ as a result of rounding 18

19 CAPEX & Working Capital Cash flow performance 1Q 14 vs 1Q 13, Rub mn Capital expenditures 2 1Q 14 vs 1Q 13 incl. continued operations 1Q 13 1Q 14 change Operating cash flow -1, ,1x Investing cash flow Free cash flow -2, ,6x Financing cash flow 2, Cash and cash equivalents 1,045 1, Q'13 1Q'14 Organic capex, Rub mn Depreciation & amortization, Rub mn Capex to D&A ratio, x Comments Working capital Operating cash flow turned positive and amounted to Rub 144 mn Free cash flow was neutral Working capital 1 decreased by 42% yoy due to optimisation of payables and receivables, payments received under executed large contracts and prepayments under new contracts Working capital amounted to 16% of revenue LTM versus 21% of revenue in 1Q 13 Organic capex 2 decreased to Rub 0.2bn from Rub 0.3bn in previous period Capex declined as a result of completion of the investment programme in industrial pumps business segment D&A grew by 21% yoy due to acquisition of NIITK and NNGP in the second half of 2013 Capex-to-Depreciation-and-Amortization ratio decreased to 0.6x from 1.1x 21% of revenue 6,751 WC 1Q'13-1,350 Inventories change Receivables change & other adj. Deposits change Payables & other adj. 16% of revenue 5,198 WC 1Q'14 ¹Working capital formula see slide 16 ²Capital expenditures=organic CAPEX = Purchase of PPE + Purchase of intangible assets Source: Company data 19

20 Financial Position Net debt to EBITDA ratio Comfortable repayment schedule Available liquidity 4.0 Rub bn Cash 1,171 2,574 3,413 4,551 4,288 4,809 12,064 11,102 14,150 11, Q'13 1Q'14 Net Debt, Rub mn Net Debt to EBITDA ratio 855 2,806 3,148 5,001 1,303 2, E 2015E 2016E 2017E 2018E 2019E Debt to be repaid, Rub mn Undrawn credit lines, Rub mn Source: Company data Source: Company data as of 16 May, 2014 Comments Low currency and maturity risks Total debt decreased by 15% yoy to Rub 12.9bn Net debt decreased by 21% yoy due to working capital optimization Net Debt to EBITDA ratio decreased from 2.6x to 2.1x Available liquidity of Rub 4.0bn fully covers 2014E repayments Average interest rate was 9.6% on 16 May 2014 for all loans, including FX-denominated and 10.2% for Rub-denominated only In March 2014, Standard and Poor s Rating Services affirmed HMS B long-term credit rating (outlook Stable ) and removed from CreditWatch Negative, it had placed in October 2013 In May 2014, HMS Group refinanced its loans in the total amount of almost Rub 1bn Short-term debt 34% Long-term debt 66% Floating rate 7.8% Fixed rate 92.2% Credits in Rub 86.7% Euro 11.9% Others 1.4% S&P corporate credit rating: B Outlook: stable Upgrade on March 2014 Source: Company data as of 16 May,

21 Financial results Business & Outlook Appendix 21

22 Backlog & Order Intake Backlog for 1Q in Order intake for 1Q in % 23,505 +9% 7,579-12% +24% 19, % 6,932 6,692 14,842 +8% 16,082 3,529 1Q'11 1Q'12 1Q'13 1Q'14 ESPO % % % 394 Other pumps % % % O&G equipment % % % Compressors 0 n/a 0 n/a % EPC: project and design % % % EPC: construction % % % 939 1Q'11 1Q'12 1Q'13 1Q'14 ESPO Other pumps % % % O&G equipment % % % Compressors 0 n/a 0 n/a % 263 EPC: project and design % % % 202 EPC: construction % % % 0 The data excludes the results of SKMN due to its disposal in 2013 The results of RVKP and NRS are included in Other pumps Source: Company s data, Management accounts 22

23 Contacts and HMS Group Key Details Investor Relations Phone +7 (495) Twitter HMSGroup and HMSGroup_Rus Company address: 7 Chayanova Str. Moscow Russia Vera Timoshenko, Head of Investor Relations 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 23

24 Financial results Business outlook Appendix Financials Maps Projects 24

25 Statement of Financial Position Note 31 March December 2013 ASSETS Non-current assets: Property, plant and equipment 5 13,867,874 14,215,280 Other intangible assets 6 1,370,966 1,447,716 Goodwill 7 5,205,277 5,145,730 Investments in associates 8 112, ,423 Deferred income tax assets 192, ,132 Other long-term receivables , ,123 Total non-current assets 21,064,203 21,510,404 Current assets: Inventories 10 6,119,768 5,476,236 Trade and other receivables and other financial assets 11 9,613,602 9,438,936 Current income tax receivable 176, ,805 Cash and cash equivalents 9 1,701,267 1,584,222 Restricted cash 9 7,413 8,055 Total current assets 17,618,637 16,630,254 TOTAL ASSETS 38,682,840 38,140,658 EQUITY AND LIABILITIES EQUITY Share capital 20 48,329 48,329 Share premium 20 3,523,535 3,523,535 Treasury shares 20 (201,205) (201,205) Other reserves (191,585) (191,585) Currency translation reserve (398,435) (170,541) Retained earnings 6,379,885 6,692,152 Equity attributable to the shareholders of the Company 9,160,524 9,700,685 Non-controlling interest 3,515,441 3,543,343 TOTAL EQUITY 12,675,965 13,244,028 LIABILITIES Non-current liabilities: Long-term borrowings 13 8,476,633 11,521,956 Finance lease liability 1,521 1,799 Deferred income tax liability 1,722,649 1,807,980 Pension liability 435, ,326 Provisions for liabilities and charges 19 59,850 58,450 Other long-term payables , ,643 Total non-current liabilities 11,085,430 14,205,154 Current liabilities: Trade and other payables 16 9,539,689 8,079,792 Short-term borrowings 13 4,380,482 1,164,640 Provisions for liabilities and charges , ,997 Finance lease liability 8,780 9,489 Pension liability 68,405 69,869 Current income tax payable 14, ,434 Other taxes payable , ,255 Total current liabilities 14,921,445 10,691,476 TOTAL LIABILITIES 26,006,875 24,896,630 TOTAL EQUITY AND LIABILITIES 38,682,840 38,140,658 25

26 Statement of Comprehensive Income Note Three months ended 31 March 2014 Three months ended 31 March 2013 Continuing operations Revenue 22 6,079,781 6,895,392 Cost of sales 23 (4,588,329) (5,388,507) Gross profit 1,491,452 1,506,885 Distribution and transportation expenses 24 (305,578) (285,302) General and administrative expenses 25 (904,839) (922,537) Other operating expenses, net 26 (73,910) (50,187) Operating profit 207, ,859 Finance income 27 45,295 41,511 Finance costs 28 (576,235) (335,486) Share of results of associates (601) Loss before income tax (323,497) (45,717) Income tax benefit/(expense) 21 12,813 (28,872) Loss for the period from continuing operations (310,684) (74,589) Discontinued operations Profit for the period from discontinued operations - 92,568 (Loss)/profit for the period (310,684) 17,979 (Loss)/profit attributable to: Shareholders of the Company (299,465) 276 Non-controlling interest (11,219) 17,703 (Loss)/profit for the period (310,684) 17,979 Items that may be reclassified subsequently to profit or loss Currency translation differences (276,072) 38,481 Currency translation differences of associates 8 15,529 1,173 Total items that may be reclassified subsequently to profit or loss (260,543) 39,654 Other comprehensive (loss)/income for the period (260,543) 39,654 Total comprehensive (loss)/income for the period (571,227) 57,633 Total comprehensive (loss)/income attributable to: Shareholders of the Company (527,359) 25,145 Non-controlling interest (43,868) 32,488 Total comprehensive (loss)/income for the period (571,227) 57,633 Basic and diluted earnings per ordinary share for loss/(profit) attributable to the ordinary shareholders (RR per share) 20 (2.52) 0.00 From continuing operations (2.52) (0.68) From discontinued operations

27 Cash Flows Statement Three months ended 31 March 2014 Three months ended 31 March 2013* Note Cash flows from operating activities Profit before income tax (323,497) (45,717) Adjustments for: Depreciation and amortisation 5, 6 359, ,615 Loss from disposal of property, plant and equipment and intangible assets 26 3,807 7,109 Finance income 27 (45,295) (41,511) Finance costs , ,486 Pension expenses 14 15,178 16,760 Warranty provision 23 (4,530) 3,259 Provision for tax risks 25 - (13,728) Provision for impairment of accounts receivable 25 14,982 14,332 Provision for obsolete inventories 23 (4,277) (7,666) Provision for VAT receivable - 42 Foreign exchange gain, net 26 (50,454) (6,072) Provision for legal claims 26 (20,056) (3,909) Share of results of associates 8 (318) 601 Net monetary effect on non-operating items (22,307) 2,942 Write-off of receivables - 1,707 Operating cash flows before working capital changes 498, ,250 (Increase)/decrease in inventories (860,042) 62,215 Increase in trade and other receivables (336,400) (1,075,935) (Decrease)/increase in other taxes payable (183,048) 170,323 Increase/(decrease) in accounts payable and accrued liabilities 1,795,009 (667,457) Restricted cash Cash generated from/(used in) operations 914,760 (950,671) Income tax paid (311,244) (108,540) Interest paid (459,314) (394,170) Net cash generated from/(used in) operating activities continuing operations 144,202 (1,453,381) Net cash generated from operating activities discontinued operations - (87,323) Net cash generated from/(used in) operating activities 144,202 (1,540,704) Cash flows from investing activities Repayment of loans advanced 16,795 6,900 Loans advanced (9,076) (216,647) Loans provided to discontinued operations - (319,729) Proceeds from sale of property, plant and equipment and intangible assets 41,238 18,482 Interest received 9,551 29,521 Dividends received Purchase of property, plant and equipment (211,295) (309,812) Acquisition of intangible assets (7,540) (25,722) Net cash used in investing activities continuing operations (159,611) (816,767) Net cash used in investing activities discontinued operations - (37,593) Net cash used in investing activities (159,611) (854,360) Cash flows from financing activities Repayments of borrowings (1,749,087) (4,310,827) Proceeds from borrowings 1,893,069 6,341,864 Payment for finance lease (1,926) (1,736) Buy back of issued shares 20 - (54,457) Dividends paid to non-controlling shareholders of subsidiaries (182) (615) Net cash from financing activities continuing operations 141,874 1,974,229 Net cash from financing activities discontinued operations - 119,729 Net cash from financing activities 141,874 2,093,958 Net increase/(decrease) in cash and cash equivalents continuing operations 126,465 (295,919) Net (decrease) in cash and cash equivalents discontinued operations - (5,187) Effect of exchange rate changes on cash and cash equivalents and effect of translation to presentation currency (9,420) (279) Cash and cash equivalents at the beginning of the period 1,584,222 1,346,082 Cash and cash equivalents at the end of the period 1,701,267 1,044,697 27

28 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 adjusted for other operating income/expenses, depreciation and amortization, impairment of assets, provision for obsolete inventory, provision for impairment of accounts receivable, unused vacation allowance, defined benefits scheme expense, warranty provision, provision for legal claims, provision for VAT and other taxes receivable, other provisions, excess of fair value of net assets acquired over the cost of acquisition. This measurement basis excludes the effects of non-recurring income and expenses on the results of the operating segments EBIT is calculated as Gross margin 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. In 2011, Working capital was adjusted for working capital of acquired DGHM (Rub 309 mn) ROCE is calculated as EBIT LTM divided by Average Capital Employed (Total debt + Total equity) 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 28

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