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From a Start-Up to the Industry Leader

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From a Start-Up to the Industry Leader HMS GROUP Annual Report 2018 01 From a start-up to the industry leader Annual report 2018 HMS GROUP 02 Annual Report 2018 About HMS in 2018 # 1 producer of pumps and oil gas equipment as well oneof the leading compressor producers in Russia and the CIS Business platform and core expertise are established and provide a strong base for future growth Key industries: oil & gas, nuclear and thermal power generation, petrochemistry and wastewater industry 18% yoy 3% yoy 21% yoy 13% CAGR 2014-2018 6% CAGR 2014-2018 3% CAGR 2014-2018 52,619 6,621 19,360 Revenue [RUB mn] EBITDA [RUB mn] Total debt [RUB mn] 2018 52,619 2018 6,621 2018 19,360 2017 44,422 2017 6,839 2017 16,042 2016 41,582 2016 6,369 2016 16,336 2015 37,296 2015 7,446 2015 15,884 2014 32,351 2014 5,272 2014 16,967 Contents 02 OVERVIEW 16 HMS MARKETS 44 CORPORATE GOVERNANCE 02 Who We Are AND MACROECONOMICS 44 Board of Directors 06 Chairman Statements 16 Macroeconomic Environment in 2018 48 Risk Management and Internal Control 07 CEO Statements 18 Market Trends 53 HMS Global Depository Receipts 08 Investment Thesis 10 Our History 22 HMS PERFORMANCE IN 2018 56 ADDITIONAL INFORMATION 12 Our Strategy 22 Financial & Operational Overview 56 Information for Shareholders and Disclaimer 14 HMS Business Model 28 2018 Calendar of Events 58 Vocabulary, Calculations and Formulas 32 HMS Key Projects 34 Continuous Development and Innovations FINANCIAL STATEMENTS 38 Modernization IFRS Consolidated Financial Statements 40 Corporate Social Responsibility and Independent Auditor's Report IFRS Parent Company Financial Statements and Independent Auditor's Report HMS GROUP Annual Report 2018 01 14% yoy 9% yoy 6% yoy 1% CAGR 2014-2018 11% CAGR 2014-2018 13% CAGR 2014-2018 13,065 42,634 55,891 Net debt [RUB mn] Backlog [RUB mn] Order intake [RUB mn] 2018 13,065 2018 42,634 2018 55,891 2017 11,422 2017 39,067 2017 59,679 2016 13,347 2016 24,035 2016 40,624 2015 12,388 2015 24,409 2015 32,979 2014 12,432 2014 28,243 2014 34,705 Come see us online You can find easy to copy web version of Also please visit our Investor Relations this report with some interactive analyst Section at our corporate website functions at ar2018.grouphms.com grouphms.com/shareholders_and_ where also you can leave us feedback investors for whole spectrum of about this report and share with your regulatory operational anf financial community via social media. information. HMS GROUP 02 Annual Report 2018 Who We Are HMS Group is one of the largest privately-owned The company produces both serial and/or standard models (recurring business) and machine-building companies in Russia and the CIS. customized configurations (large integrated projects). The execution of large projects The company’s profile is production of industrial includes implementation of the crucial machinery based around pumps, compressors and oil project's work as well as large-scale projects' turnkey execution, from project and design to and gas equipment, including state-of-the-art and commissioning and launching. Revenue from recurring business contributes c. 75-80% on highly sophisticated solutions. HMS Group is the only average. machine-building company from Russia listed on the London Stock Exchange. The Group consists of 12 6 ~14,500 manufacturing facilities in Russia, Research & Development centres, employees CIS countries and Germany including one of the largest pump- testing facilities in Europe ~6,000 well-diversified client base 14 15 12 13 18 19 17 16 1 2 11 10 9 7 6 4 5 3 8 Industrial pumps Oil & gas equipment Compressors ECP Headoffice & trade company OVERVIEW HMS GROUP MARKETS Annual Report 2018 03 PERFORMANCE GOVERNANCE ADDITIONAL INFORMATION The company was established as a small trading HMS has a well-diversified client base of over 6,000 names, including 'blue-chip' clients, company in 1993. By 2013, HMS had completed i.e. the largest oil and gas companies in Russia and the CIS. Our clients operate through a range of M&As and grown into a company with a numerous contracts in different subsidiaries, sustainable place in the market and loyal high-profile which take independent purchasing decisions. A significant portion of HMS' revenue is customers, such as Rosneft, Transneft, Gazprom, generated by the oil & gas industry, from Gazprom Neft, Rosatom, BP, ENI, and others. downstream to upstream. Revenue structure by industries [2018, %] Revenue structure by client [2018, %] Revenue structure by contract's type [%] Gazprom 41% Gas recovery and 33.9% 2018 64% 36% transportation 11.6% Rosneft Oil extraction 2017 74% 26% 38% 4.4% Gazprom Neft Water supply 8% 4.3% Novatek 2016 75% 25% 7% Petrochemicals Slavneft 4.1% 2015 73% 27% Power generation 3% 2.7% Lukoil Oil transportation 2014 80% 20% 2% 2.5% NorNickel Metals & mining 1% 36.5% Others Revenue from recurring business Revenue from large integrated projects HMS is a dynamic engineering company with The parent holding company is HMS In 2018, the Group successful practice in the design, installation, HYDRAULIC MACHINES & SYSTEMS fully integrated the construction and commissioning of complex GROUP PLC (the Republic of Cyprus). It issued oil and gas production and water facilities. It is securities in the form of Global Depositary compressor business, a vertically integrated holding company with Receipts at the London Stock Exchange in a modern corporate management system February 2011. which started delivery wherein the functions of the manufacturing of a substantial part of companies' shareholders and that of its The Group consists of 12 manufacturing business administration are traditionally facilities in Russia, CIS countries and Germany, EBITDA. separated. plus six Research & Development centres, including one of the largest pump-testing facilities in Europe, and employs almost 15 thousand people. HMS GROUP 04 Annual Report 2018 Who We Are Continue HMS Group, Russian and CIS pump market leader offers convenient products solutions and services for clients from oil & gas, energy, water supply and utilities, chemical processing, industrial applications, etc. Our manufacturing, R & D, EPC and servicing capacities allow developing and delivering customer-oriented reliable and affordable products and services. Description Core products and services: This is the oldest business segment, › Oil refineries responsible for the project and design, › Nuclear and Thermal power engineering, manufacturing and supply of › Water utilities a diverse range of pumps and pump-based › Water injection integrated solutions to customers in the oil › Trunk pipelines and gas, power generation and water utilities › General industrial pumps sectors in Russia, the CIS countries and across the globe. It also provides aftermarket maintenance, repair services and other support for its products. 13% 33% 36% EBITDA margin contribution in contribution in consolidated EBITDA INDUSTRIAL PUMPS revenue Description Core products and services: The division is responsible for project and › Oil & gas production design, engineering, manufacture, and › Oil & gas transportation supply of a diverse range of compressors › Gas processing COMPRESSORS and compressor-based solutions to › Oil refineries customers in the oil and gas, metals › Oil & gas chemistry and mining and other core industries in › Refrigeration applications for Russia. various industries 12% 24% 27% EBITDA margin contribution in contribution in consolidated EBITDA revenue OVERVIEW HMS GROUP MARKETS Annual Report 2018 05 PERFORMANCE GOVERNANCE ADDITIONAL INFORMATION More information about our performance you can find at pages 22-27 Description Core products and services: The oil & gas equipment business › Oil pumping stations and pump segment manufactures, installs stations for water injection and commissions modular pumping › Oil & gas and water processing stations, automated metering units equipment, and oil, gas and water › High-precision and automated processing and preparation units, as metering units well as other equipment and systems, › Tanks, reservoirs and vessels that are primarily used for the › Oil development equipment extraction and transportation of oil. 14% 39% 44% EBITDA margin contribution in contribution in OIL & GAS EQUIPMENT consolidated EBITDA AND PROJECTS revenue Description Core products and services: The fourth operating segment › Construction, reconstruction consists of only one facility, and overhaul of the linear CONSTRUSTION Tomskgazstroy. It focuses on objects, e.g. namely oil the main and infield pipelines and pipelines, gas pipelines, product oil and gas-condensate fields, pipelines, water pipelines, facilities construction and overhaul. condensate pipelines and power transmission lines. -8% 3% -2% EBITDA margin contribution in contribution in consolidated EBITDA revenue HMS GROUP 06 Annual Report 2018 Chairman Statement We feel confident in the company’s future in light of the current order portfolio and the volume of potential contracts under negotiation. The financial results of 2018 confirmed the sustainability of the strategy approved by the Board of Directors in 2016. The strategy envisaged growth of HMS' fundamental value based on both organic business growth and a new dividend policy. It should be noted, however, that the market is still tough; high-profile clients continue to apply price pressure, which unavoidably affects profitability. This environment once again underscores HMS' status as market leader. The Group continues to grow, including based on the freed-up market share of our competitors. Our revenue grew by 18 percent. We continued the payment of dividends, modernisation of production facilities, and maintained an adequate level of Net debt-to-EBITDA ratio. We feel confident in the company's future in light of the current order portfolio and the volume of potential contracts under negotiation. We will continue to distribute a sufficient portion of our cash inflow among the company's shareholders, taking into account the need to balance the interests of all capital consumers; financing capital expenditures and working capital, maintaining the Net debt-to-EBITDA ratio in the comfort zone, and dividend payments.
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