HMS Group Announces 6M Interim Management Statement HMS Group Announce
OREANDA-NEWS. HMS Group plc (the "Group") (LSE: HMSG), the leading pump and compressor manufacturer and provider of flow control solutions and related services in Russia and the CIS, today announces its consolidated condensed interim financial information, including independent review report by Deloitte Limited for the six months ended June 30, 2014.
1H 2014 HIGHLIGHTS
Backlog almost doubled year-on-year to Rub 29,763 million, while order intake grew by 41% year-on-year to Rub 18,680 million1 for 6m 2014
Revenue decreased by 13% year-on-year to Rub 12,842 million, showing decrease throughout all business segments, apart from EPC. Revenue taken for the last twelve months (LTM) decreased by 6% year-on-year
EBITDA2 totaled Rub 1,652 million, down 21% year-on-year; EBITDA margin was 12.9% compared to 14.1% last year. EBITDA for 6m 2014 taken for the last twelve months (LTM) declined by 18% year-on-year
Operating profit reached Rub 636 million, down 71% year-on-year; operating margin stood at 5.0%
Net loss for the period amounted to Rub 235 million for 6m 2014, compared to a net profit of Rub 1,309 million for 6m 2013; loss per share (EPS) was Rub 1.92
Net debt decreased by 18% year-on-year to Rub 12,276 million, resulting in Net debt-to-EBITDA (LTM) ratio at 2.6x
Return on capital employed (ROCE) LTM3 was 10.7%
1Order intake for 1H 2014 is adjusted on Rub 6bn Liquid Hydrocarbon project (LH-project), won in 2Q 2014 and attributable to the O&G equipment business segment. Total amount of the contract is preliminary and subject to change.
2EBITDA is defined as operating profit/loss adjusted for other income/expenses, depreciation and amortization, impairment of assets, provision for obsolete inventory, provision for impairment of accounts receivable, unused vacation allowance, defined benefits scheme expenses, warranty provisions, 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.
3ROCE is calculated as EBIT (LTM) divided by average total debt plus average equity
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