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HMS Group Interim Results 2011 Presentation

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HMS Group Interim Results 2011 Presentation HMS Group JP Morgan Russia Corporate access days Investor presentation 13-14 March 2012 Agenda WHO WE ARE 3 Operating environment 4 HMS at a Glance 5 Development of Business Model 6 INVESTMENT HIGHLIGHTS 7 Attractive Industry Fundamentals 8 The Leading Provider of Flow Control Solutions 9 Advanced R&D Capabilities 10 Main Shareholders Run the Business 11 Healthy Debt Position 12 Hedging & Risk Management 13 FINANCIAL PERFORMANCE 14 Financial Highlights for 9M 2011 15 Pumps 16 Oil & Gas Equipment 17 EPC 18 EBITDA Development in 9M 2011 19 Capex & Working Capital as of 30 June 2011 20 2011 & 2012 BUSINESS UPDATE & OUTLOOK 21 HMS Group M&A Strategy & Outlook 22 Backlog 23 Selected End-market Prospects for Mid-term 24 Business Update 25 CONTACTS 26 APPENDIX 27 2 WHO WE ARE 3 HMS at a Glance Key investment highlights Key financial indicators for 2005-9m’11 23,070 Growing markets in Russia and the CIS: 20,560 21.4% oil & gas power generation 16.5% 14,772 14,046 13,399 12.8% 15.3% water 12.3% 11.7% Leader in flow control solutions on these markets 10.6% Best team in Russia: 6,724 management 4,498 4,398 3,519 1,890 1,423 1,644 sales 744 830 research & development 2005 2006 2007 2008 2009 2010 9M 2011 Resilient financial growth and healthy debt position Revenue, Rub mn EBITDA, Rub mn EBITDA margin, % Source: Company data 9 months 2011 key financials contribution by business segments 9M’11 total revenue Rub 20,560 mn EBITDA adj. Rub 4,398 mn profit for the period Rub 2,972 mn Industrial pumps Oil & gas equipment EPC Revenue Rub 12,136 mn Revenue Rub 3,722 mn Revenue Rub 4,385 mn EBITDA Rub 3,628 mn EBITDA Rub 220 mn EBITDA Rub 431 mn New photo Pump station of Baltic pipeline system, Transneft Oilfield Pump Station 2, Vankor oilfield, Rosneft Oil Pump Station “Tayezhnaya”, Transneft Notes: Hereinafter “EBITDA” read as “EBITDA adjusted”, “EBITDA margin” read as “EBITDA adjusted margin” and “Net Income” read as “Profit for the period/year” 4 Pumps read as Industrial pumps Operating Environment Oil production in Russia, history & perspectives HMS revenue by segments, 2010 Greenfield CAGR 11.2% 600 10.8% 2012F-2020F Oil upstream Oil refining Oil trasportation 9.2% 9.0% 500 50% 2% 18% 7.4% 400 300 2.4% 2.3% 2.1% 2.2% 200 1.4% 1.5% 1.3% 1.0% mn mn tonnes 0.4% 0.4% 0.2% 0.4% 0.1% 0.1% 0.0% Water 100 -0.6% 12% 0 2000 2002 2004 2006 2008 2010 2012F 2014F 2016F 2018F 2020F Others Metal Nuclear Thermal Total production, 2000-2008 Traditional oil regions, 2009-2020F 8% 1% 1% 8% Greenfield, 2009-2020F Change in total production, % YoY Source: REnergyCo, Rosstat Source: Company data, Management accounts Installed base of HMS Group in Russia Announced investment programs1 Company Investments Time frame Investments in oil upstream Gazprom Neft US$ 80 bn by 2020 100% 90% 13% 13% 2% Lukoil US$ 50 bn by 2017 30% 80% 43% Rosneft US$ 125 bn by 2020 70% TNK-BP US$ 45 bn by 2020 60% Total US$ 300 bn 50% 98% Investments in oil downstream 40% 87% 87% 70% Gazprom Neft US$ 11 bn by 2018 30% 57% 20% Lukoil US$ 20 bn by 2020 10% TNK-BP US$ 3 bn by 2016 0% Water well Water injection Thermal power Oil pipeline Nuclear power Total US$ 34 bn pumps pumps (CNS) generation pumps, generation - Investments in oil transportation pumps Transneft Feed pumps HMS Group Others Transneft, capex US$ 43 bn by 2017 Transneft, modernization US$ 15 bn by 2017 Total US$ 58 bn by 2017 Investments in nuclear Rosatom US$ 350 bn by 2030 Source: Public data, companies’ websites Source: Company data 5 1 Selected companies Development of Business Model Why integrated solutions ESPO-I pipeline is an example of integrated solutions Type of project / Standard pumps Integrated solutions Service & customized pumps Source Array of small-size Large-scale projects contracts Research & development Normal Critical Technical entry-barriers Average High Competition type Price R&D and references Competition level High Limited Revenue growth potential Limited Unlimited EBITDA margin 10-15% 25-30% Revenue downside Limited Limited, nearest 1.5 potential year Frequency High n/a 1. Trunk pump 8. Joints Aftermarket demand Average High 2. Motor 9. Friction oil pipelines 3. Coupling 10. Air cooling unit 4. Oil coolers 11. Antifreeze feed pipes for oil coolers 5. Adsorptive dryers 12. Antifreeze feed pipes for motor coolers 6. Air collectors 13. Antifreeze air cooling unit 7. Compressors Integrated solutions’ revenue contribution Producers Products / Services . HMS and other suppliers . Design, production and testing of pumps including Siemens 95% 94% 75% 75% 64% . Design of integrated pumping solution . Overall project management . Procurement for supply of engines, . HMS 5% 6% 25% 25% 36% cooling sleeves, valves and other equipment 2008 2009 9M 2010 2010 9M 2011 . Turn-key commissioning Revenue from integrated solutions Revenue from standard equpment Source: Company data 6 INVESTMENT HIGHLIGHTS 7 Attractive Industry Fundamentals Mix of growing markets Russian selected pumps market revenues, Russian energy & utilities infrastructure Russian oil sector investments, Rub bn investments, Rub bn Rub bn CAGR 18.0% CAGR 16.2% CAGR 11.8% 2,576 58.1 3,340 Oil refining & petrochemicals Power generation Municipal water 9.8 540 Oil pipelines Municipal water 1,011 Thermal power Oil exploration & extraction Oil & Gas, surface Nuclear power 810 CAGR 16.1% 30.4 1,320 25.4 1,586 271 1,359 5.2 392 337 12.2 1,226 610 7.7 17.9 712 1.1 743 4.2 8.0 357 2.4 2002 2010 2015E 2010 2015E 2010 2015E CAGR 2002-10 ‘10-15E CAGR 2010-15E CAGR 2010-15E Power generation 21.4% 13.5% Municipal water 17.1% Oil refining & petrochemicals 12.2% Municipal water 14.3% 20.0% Thermal power 17.3% Oil pipelines 15.7% Oil & Gas, surface 16.2% 17.5% Nuclear power 13.0% Oil exploration & extraction 9.5% Source: Frost & Sullivan 2010 8 The Leading Provider of Flow Control Solutions Leading market share on key markets… Oil industry1 Water utilities2 Power generation3 Market growth +24% Market growth +32% Market growth +36% 575,7 135,2 81,8 465,7 102,7 +41% 243,9 61,4 60,2 32,9 173,1 +43% 42,9 +15% 28,6 331,8 73,8 48,9 292,6 59,8 31,6 2009 2010 2009 2010 2009 2010 HMS Group revenue, US$ mln HMS Group revenue, US$ mln HMS Group revenue, US$ mln Other Other Other Key conclusions HMS Group has leading positions in all key markets of presence with ~ 40% share on pumps market. HMS Group managed to expand its market share in the most key segments of business In the oil industry and water utilities the company’s share outperformed overall market growth Decrease in power generation pumps is attributable to the nuclear industry’s specifics expressed in long-term only contracts. Revenue from signed in 2009 contracts will be recognized during 2011/2012 Notes: Source: Frost & Sullivan 2010 1 includes pumps and oil and gas equipment 2,3 includes pumps 9 Advanced R&D Capabilities Pumps Project design Very strong in-house R&D and significant experience in pump Giprotyumenneftegaz (GTNG) is the leading Russian R&D development centre specializing in design of on-surface (as opposed to sub-surface) facilities for oil and gas fields, e.g. it Unique testing facility (one of the largest in the former Soviet Union and globally) for all types of large specialized pumps designed over 200 fields in Russia including many of the for nuclear power plants and oil transportation largest (e.g. Samotlor, Mamontovskoye, Priobskoye) Significant R&D resources for design of water utilities Deep integration with clients’ R&D projects (RVKP) Pre-tender preparation/aftermarket support is crucial for establishing/maintaining strong relationships with clients HMS ability to participate in pre-tender preparation stage creates unique competitive advantage Tender, Pre-tender pricing and Design and Delivery and project contract production installation After-market preparation negotiation services 1–24 months 1 month up to 24 months 1–3 months 10 Main Shareholders Run the Business Board of Directors Comments The Board is comprised of professionals with significant experience in pump and oil and gas industries It includes founders, who have led HMS since its inception German Tsoy Artem Molchanov Kirill Molchanov HMS is the core business of the largest Chairman of the Board Managing Director (CEO) First Deputy CEO (CFO) Shareholder Shareholder Shareholder shareholders In company since 1993 In company since 1993 In company since 1993 Long-term commitment to the business from shareholders Shareholders Structure Vladimir Lukyanenko Nikolay Yamburenko Yury Skrynnik Shares are held through HMS Technologies Non-executive Director Head of Industrial Pumps Director for Strategic Marketing German Shareholder Shareholder Shareholder Tsoy In company since 2005 In company since 2003 In company since 2005 Managers 17% 22% Vladimir Lukyanenko 24% Free-float 37% Philippe Delpal Andreas Petrou Gary Yamamoto Independent Non-executive Independent Chairman Audit Chairman Remuneration Source: Company data as of December 6, 2011 Committee Committee Founders 11 Healthy Debt Position Moderate leverage… …with comfortable repayment schedule… Including Rub 3 bn bonds issue 4,885 4,539 4,297 3,455 2.4 2.0 1.2 0.9 2008 2009 2010 9M 2011 Net Debt, Rub mn Net Debt to EBITDA LTM Source: Company data Source: Company data as of 01 March, 2012 …and low currency and maturity risks Comments Short-term debt Long-term debt .
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