HMS BERGBAU AG Interim report 2023
commodities for the future
Group Key Figures
BALANCE SHEET FIGURES | 30/06/2023 | 31/12/2022 |
EUR thousand | EUR thousand | |
Total assets | 226,656 | 130,472 |
Non-current assets | 18,472 | 19,724 |
Current assets | 205,867 | 108,553 |
Shareholders' equity | 37,047 | 32,155 |
Provisions | 10,612 | 14,229 |
Liabilities | 178,997 | 84,089 |
INCOME STATEMENT FIGURES
SALES | EBITDA | ||||||||||||
1.000.000 | 971,914 | 140 % | 16.000 | 15,354 | 200 % | ||||||||
EUR thousand | 127.2 % | EUR thousand | 175.1 % | ||||||||||
162.7 % | |||||||||||||
750.000 | 656,721 | 105 % | 12.000 | 150 % | |||||||||
EUR thousand | EUR thousand | ||||||||||||
500.000 | 427,742 | 62.3 % | 70 % | 8.000 | 100 % | ||||||||
EUR thousand | 404,690 | EUR thousand | 6,347 | ||||||||||
5,494 | 5,582 | ||||||||||||
60.2 % | 5,420 | ||||||||||||
267,082 | |||||||||||||
250.000 | 215,423 | 35 % | 4.000 | 50 % | |||||||||
EUR thousand | EUR thousand | 2,091 | |||||||||||
17.1 % | |||||||||||||
24.0 % | 1.6 % | ||||||||||||
0 | 0 % | 0 | 0 % | ||||||||||
EUR thousand | EUR thousand | ||||||||||||
2019 | 2020 | 2021 | 2022 | HY 2022 HY 2023 | 2019 | 2020 | 2021 | 2022 | HY 2022 HY 2023 |
NET PROFIT | EARNINGS PER SHARE |
12.000 | 446,7 % | 480 % | 4 EUR | 454.5 % | 480 % | |||||||
EUR thousand | 10,390 | |||||||||||
2.26 | ||||||||||||
9.000 | 360 % | 3 EUR | 365.7 % | 360 % | ||||||||
EUR thousand | ||||||||||||
6.000 | 224.6 % | 5,075 | 240 % | 2 EUR | 240 % | |||||||
EUR thousand | ||||||||||||
3.000 | 2,810 | 3,201 | 3,034 | 1.11 | ||||||||
120 % | 1 EUR | 0.70 | 120 % | |||||||||
0.66 | ||||||||||||
EUR thousand | 67.3 % | 0.61 | 68.2 % | |||||||||
514 | 13.9 % | 0.11 | 14.8 % | |||||||||
0 | ||||||||||||
0 % | 0 EUR | 0 % | ||||||||||
EUR thousand | ||||||||||||
2019 | 2020 | 2021 | 2022 | HY 2022 HY 2023 | 2019 | 2020 | 2021 | 2022 | HY 2022 HY 2023 |
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Inhalt
Letter to Shareholders | 4 |
Overall economic development | 6 |
Investor Relations | 10 |
Management report | 14 |
Financial statement as of 30 June 2023 | 20 |
PROVISIONAL BALANCE SHEET | |
Financial statement as of 30 June 2023 | 22 |
PROVISIONAL INCOME STATEMENT | |
Imprint | 23 |
Financial Calendar
31 December 2023 | End of the financial year 2023 |
1 January 2024 | Start of the financial year |
31 May 2024 | Annual financial statements 2023 |
August 2024 | Annual General Meeting |
30 September 2024 | Interim Report 2024 |
31 December 2024 | End of the financial year 2024 |
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Letter to Shareholders
DEAR LADIES AND GENTLEMEN,
The volatility of the commodity markets proved historic in the 2022 financial year and continues to do so in the current 2023 financial year. The sharp increases in energy raw material prices witnessed in 2022 have been followed by a trend reversal in 2023, with some raw material prices plummeting and returning to their pre-crisis levels by mid-2023. At the same time, geopolitical crises, high inflation, rising interest rates, trade conflicts and somewhat cautious economic forecasts have led to market conditions that are difficult to predict.
In such a challenging environment, the advantages of a flexible, internationally broad-based commodity trading group became clear. In the first half of 2023, HMS Bergbau AG responded by adapting its business practices,. Based on an expanded financing framework and the high volatility of the market, we have further strengthened risk management in particular.
In its process of transforming from a coal trader to an internationally positioned commodity trading and marketing group, the Group also achieved the following milestones in the first six months of 2023:
- Steadily optimising value creation through the vertical integration of production, han- dling and transport
- Expanding in markets such as the USA, Af- rica and the Far East according to plan by strengthening the trading business
- Trading in raw materials such as ores, metals, cement products and petcoke, in addition to coal
- Initiating and expanding the operating activ- ities of the subsidiaries established in 2022 in Zimbabwe and Dubai, one of the world's most important trading centres for commod- ities
- Commissioning the production facility for cement products, silica sand and tile adhe- sives in July 2023 in Durban, South Africa, which is 51 per cent-held by HMS
From the management's perspective, the most important milestone is the acquisition of two majority stakes in companies with mining and exploration licences for lithium, cobalt, nickel, tantalum and rare earths in the Alatau region (Republic of Kazakhstan). HMS Bergbau AG is the first German company to secure mining licences in Kazakhstan, which promise high earnings potential in the years ahead.
The strength of the operating activities is reflected in the financial results achieved for the first six months of the current 2023 financial year. The 2023 half-year results significantly exceeded the record results of the first half of 2022. As of 30 June 2023, sales of EUR 656.7 million were generated, corresponding to a year-on-year increase of almost 62 per cent. The significant increase in sales of EUR 252 mil- lion, driven primarily by a rise in tonnage, led to EBITDA of EUR 6,347 thousand in the first half of 2023, compared to EUR 5,420 thousand in the same period of 2022. Net profit amounted to EUR 5,075 thousand as of 30 June 2023, compared to EUR 3,034 thousand as of 30 June 2022. Liquidity as of the 30 June 2023 reporting date amounted to around EUR 25.5 million (31 December 2022: EUR 31.0 million), creating additional room for manoeuvre for HMS Bergbau AG in terms of its continued development into a responsible international vertically and horizontally positioned commodity trader.
The management of HMS Bergbau AG continues to regard the medium-term operating outlook as positive as a result of the growing global demand for energy and raw materials. The Group considers itself well positioned, primarily due to its international trade relations, local representative offices and the successes achieved during its transformation process.
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The management confirms its forecasts for the current year 2023 and plans to generate a gross margin at the previous year's level of approximately 3 per cent, based on sales of around EUR 1 billion. EBITDA is anticipated to reach approximately EUR 17 million.
The Management Board
Berlin, September 2023
DENNIS SCHWINDT | JENS MOIR |
Chief Executive Officer | Chief Financial Officer |
MEMBERS OF THE EXECUTIVE BOARD IN THE REPORTING PERIOD
DENNIS SCHWINDT
CHIEF EXECUTIVE OFFICER
Dennis Schwindt is Chief Executive Officer of HMS Bergbau AG. Mr Schwindt holds a degree in economics from the Humboldt University in Berlin and has been managing several operating projects at HMS Bergbau AG as the Company's authorised representative and in the area of commodity trading since 2012. He gained extensive experience in the oil and gas industry and in plant engineering in his previous positions at both medium-sized German companies and international groups.
JENS MOIR
CHIEF FINANCIAL OFFICER
Jens Moir is Chief Financial Officer of HMS Bergbau AG. Mr Moir has more than 20 years of hands-on experience as a CFO and financial executive in international steel construction, oil and gas, renewable energy and entertainment companies. In his latest role, he oversaw various technology start-ups. Mr Moir is a British and German national with international experience in Germany, Poland, Austria and the USA.
MEMBERS OF THE SUPERVISORY BOARD IN THE REPORTING PERIOD
HEINZ SCHERNIKAU
CHAIRMAN OF THE SUPERVISORY BOARD
DR. H. C. MICHAEL BÄRLEIN
DEPUTY CHAIRMAN OF THE SUPERVISORY BOARD
PATRICK BRANDL
MEMBER OF THE SUPERVISORY BOARD
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HMS Bergbau AG published this content on 15 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2023 12:52:04 UTC.
