HMS Group (HMSG)
HMS Group Reports FY 2020 EBITDA of Rub 4.9 billion

28-Apr-2021 / 11:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

HMS Group Reports FY 2020 EBITDA of Rub 4.9 billion

 

Moscow, Russia - April 28, 2021 - HMS Hydraulic Machines & Systems Group Plc (the "HMS Group", or the "HMS", or the "Group") (LSE: HMSG), the leading pump, oil & gas equipment and compressor manufacturer and provider of flow control solutions and related services in Russia and the CIS, today announces its financial results for the twelve months ended December 31, 2020.

 

Financial highlights 2020:

  • Revenue: Rub 46.5 bn (-10% yoy)
  • EBITDA[1]: Rub 4.9 bn (+3% yoy), EBITDA margin at 10.6%
  • Operating profit: Rub 1.3 bn (-35% yoy)
  • Loss for the period: Rub 816 mn
  • Loss for the period adj.[2]: Rub 265 mn

 

  • Total debt: Rub 22.2 bn (-9% yoy)
  • Net debt: Rub 11.8 bn (-18% yoy)
  • Net debt-to-EBITDA LTM ratio: 2.39x

 

Operational highlights 2020:

  • Backlog[3]: Rub 53.9 bn (+20% yoy)
  • Order intake[4]: Rub 54.2 bn (+4% yoy)

 

 

 

GROUP PERFORMANCE

FY 2020 financial Results

  • Order intake grew to Rub 54.2 billion, by 4% yoy, compared with Rub 52.2 billion for 2019.  The compressors business segment was the main contributor to this growth. In terms of contracts type, large contracts were the main drivers of the growth (+9% yoy). 
  • Backlog reached Rub 53.9 billion, up by 20% yoy, compared with Rub 44.7 billion last year, based on the compressors and the oil & gas equipment business segments.  In terms of contracts type, recurring business grew by 13% yoy and large contracts was up 30% yoy, compared with 2019.
  • Revenue was Rub 46.5 billion, down by 10% yoy, compared with Rub 51.4 billion for 2019, because of less revenue generated by the oil & gas equipment and the compressors business segments.
  • EBITDA, in contrast, was Rub 4.9 billion (+3% yoy), due to increased margins of pumps and compressors contracts.  EBITDA margin grew to 10.6%, compared with 9.4% for 2019.

Consolidated revenue from recurring business declined by 9% yoy, and revenue from large projects was down by 11% yoy.  EBITDA from recurring business declined by 12% yoy, and, in contrast, EBITDA from large contracts increased 26% yoy. 

  • Loss for the period was Rub 816 million, compared with profit for the period at Rub 151 million for 2019. Included in this loss is an impairment of goodwill of Rub 425 million, recognized on acquisition of TMCP in the beginning of 2019. The goodwill was impaired as a result of not meeting targeted synergies with HMS Neftemash in executing large contracts, due to the Covid-19 pandemic and general situation on the oil and gas market. 
  • Loss for the 2020 year adj. was Rub 265 million.
  • Free cash inflow was Rub 3.0 billion, compared with Rub 23 million in 2019, despite lower revenue due to the implemented cost-optimization program.

 

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Orders

54,205

52,196

4%

15,304

  19,359

-21%

Backlog

53,851

44,693

20%

53,851

  56,580

-5%

Revenue

46,476

51,413

-10%

15,000

  11,978

25%

EBITDA

4,947

4,824

3%

1,576

  1,264

25%

EBITDA margin

10.6%

9.4%

 

10.5%

10.6%

 

(Loss)/Profit for the period adj.

 (265)

  151

na

 (41)

90

na

   Impairment of goodwill (note 9)

 (426)

 

 

 (426)

 

 

   Impairment of previously recognised deferred tax assets (n.22)

 (126)

 

 

 (126)

 

 

(Loss)/Profit for the period

 (816)

  151

na

 (593)

  90

na

Free cash inflow

  2,958

  23

na

  2,074

  2,397

-13%

 

Expenses and Operating profit

  • Cost of sales was down by 11% yoy to Rub 37.1 billion, compared with Rub 41.8 billion for 2019, due to lower materials and components costs and labour expenses. Materials and components declined 15% yoy because of lower revenue. Labour costs were down by 2% yoy due to the cost-cutting program.

in millions of Rub

2020

2019

Change yoy

Share of 2020 revenue

Share of 2019 revenue

Cost of sales

  37,071

  41,804

-11%

79.8%

81.3%

Materials and components

  23,760

  27,957

-15%

51.1%

54.4%

Labour costs incl Social taxes

  6,906

  7,060

-2%

14.9%

13.7%

Depreciation and amortization

  2,122

  1,954

9%

4.6%

3.8%

Construction and design [5]

  2,557

  2,467

4%

5.5%

4.8%

Others

  1,726

  2,365

-27%

3.7%

4.6%

 

  • Gross profit declined to Rub 9.4 billion, by 2% yoy, compared with Rub 9.6 billion for 2019.
  • SG&A expenses[6] declined by 2% yoy due to decrease in general & administrative expenses. Distribution & transportation expenses were up by 1% yoy, mainly due to higher transportation expenses and labour costs. General & administrative expenses declined to Rub 5.2 billion by 3% yoy, compared with 2019, mainly due to decrease in labour costs and business trips expenses.
  • Operating profit was down to Rub 1.3 billion by 35% yoy, compared with Rub 2.1 billion in 2019. 

in millions of Rub

2020

2019

Change yoy

Share of 2020 revenue

Share of 2019 revenue

Gross profit

  9,405

  9,609

-2%

20.2%

18.7%

 Distribution & transportation

  1,986

  1,961

1%

4.3%

3.8%

 General & administrative

  5,243

  5,395

-3%

11.3%

10.5%

SG&A expenses

  7,228

  7,356

-2%

15.6%

14.3%

 Other operating expenses

  412

  196

111%

0.9%

0.4%

Operating expenses ex. Cost of sales

  7,641

  7,552

1%

16.4%

14.7%

Operating profit

  1,338

  2,057

-35%

2.9%

4.0%

Finance costs

  1,926

  1,785

8%

4.1%

3.5%

 

  • Finance costs increased to Rub 1.9 billion by 8% yoy, compared with Rub 1.8 billion in 2019. The main reason was the 5% increase in interest expenses due to the higher level of average debt within 2020, compared with 2019. 
  • Average interest rates decreased to 8.00% p.a., compared with 8.57% p.a. last year.

 

in millions of Rub

2020

2019

Change yoy

Finance costs

1,926

1,785

8%

   Interest expenses

1,848

1,764

5%

Interest rate, average

8.00%

8.57%

 

Interest rate Rub, average

8.12%

8.69%

 

 

BUSINESS SEGMENTS PERFORMANCE

Industrial pumps[i]

  • Order intake declined by 22% yoy to Rub 17.8 billion, compared with Rub 22.8 billion for 2019, due to less regular orders received and no large contracts signed. Backlog was down by 7% yoy to Rub 18.2 billion, compared with Rub 19.6 billion in 2019. Demand for pumps was impacted by the COVID-19 pandemic.
  • Revenue grew to Rub 20.3 billion by 2% yoy, based on the recurring business. EBITDA was up to Rub 2.9 billion, by 13% yoy, compared with Rub 2.6 billion in 2019, due to a larger share of regular orders with higher profitability.  EBITDA margin was 14.5%, compared with 13.1% in 2019.

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Orders

17,773

22,792

-22%

4,429

5,329

-17%

Backlog

18,227

19,572

-7%

18,227

19,749

-8%

Revenue

20,256

19,770

2%

6,311

5,657

12%

EBITDA

2,931

2,599

13%

1,116

797

40%

EBITDA margin

14.5%

13.1%

 

17.7%

14.1%

 

Oil and Gas equipment & projects (OGEP)[ii]

  • Order intake grew to Rub 13.6 billion, by 14% yoy, compared with Rub 11.9 billion in 2019, due to large contracts.
  • Backlog was up by 25% yoy to Rub 9.3 billion, compared with Rub 7.4 billion for 2019, due to both large contracts and regular business.
  • Revenue declined to Rub 11.3 billion, by 14% yoy, compared with Rub 13.2 billion in 2019.  EBITDA was down to Rub 241 million, compared with Rub 430 million in 2019. The main reasons were the COVID-19 pandemic and postponement of projects for 2021.

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Orders

  13,568

  11,887

14%

  3,331

  3,514

-5%

Backlog

  9,318

  7,426

25%

  9,318

  9,916

-6%

Revenue

  11,284

  13,160

-14%

  2,890

  3,241

-11%

EBITDA

  241

  430

-44%

 (49)

  47

-204%

EBITDA margin

2.1%

3.3%

 

-1.7%

1.4%

 

 

Compressors[iii]

  • Order intake grew by 30% to Rub 22.6 billion, compared with Rub 17.4 billion in 2019.  Backlog increased to Rub 24.8 billion, compared with Rub 16.1 billion in 2019. Both recurring business and large contracts grew.
  • Revenue was down by 16% yoy to Rub 14.9 billion, compared with Rub 17.9 billion, due to less revenue generated by recurring business.
  • EBITDA grew by 25% yoy to Rub 1.9 billion, compared with Rub 1.5 billion in 2019, due to higher margins generated by large contracts. EBITDA margin was up to 13.0%, compared with 8.6% in 2019.

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Orders

22,617

17,363

30%

7,511

10,512

-29%

Backlog

24,765

16,067

54%

24,765

25,264

-2%

Revenue

14,947

17,884

-16%

6,080

3,075

98%

EBITDA

1,939

1,546

25%

796

489

63%

EBITDA margin

13.0%

8.6%

 

13.1%

15.9%

 

 

Construction[iv]

  • Order intake equaled Rub 247 million. Backlog stood at Rub 1.5 billion.
  • Revenue was down to Rub 718 million, compared with Rub 1.4 billion in 2019.  EBITDA was Rub (63) million, compared with Rub (29) million last year.

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Orders

  247

  155

60%

  32

  5

521%

Backlog

  1,541

  1,628

-5%

  1,541

  1,652

-7%

Revenue

  718

  1,394

-49%

  138

  174

-21%

EBITDA

 (63)

 (29)

117%

 (43)

 (59)

-27%

EBITDA margin

-8.8%

-2.1%

 

-31.2%

-34.0%

 

 

Working capital and Capital expenditures

  • Working capital declined to Rub 6.8 billion, by 24% yoy, compared with Rub 8.8 billion in 2019. As a share of revenue, working capital declined to 14.5% which is a very low ratio. It was the result of tough anti-crisis measures initiated by the company.
  • Maintenance capex was down to Rub 1.4 billion, by 11% yoy, compared with Rub 1.6 billion in 2019

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Working capital

6,752

8,846

-24%

6,752

8,715

-23%

Working capital / Revenue LTM

14.5%

17.2%

 

14.5%

18.9%

 

Capex

1,392

1,571

-11%

250

399

-37%

Acquisition

0

670

 

0

0

 

 

DEBT POSITION

  • Total debt declined by 9% yoy to Rub 22.2 billion, compared with Rub 24.3 billion in 2019.  Net debt was down to Rub 11.8 billion, by 18% yoy, compared with Rub 14.4 billion in 2019. 
  • Net debt to EBITDA LTM ratio decreased to 2.39x, compared with 2.98x in 2019.

in millions of Rub

2020

2019

Change yoy

4Q 2020

3Q 2020

Change qoq

Total debt

22,175

24,321

-9%

22,175

22,832

-3%

Net debt

11,814

14,369

-18%

11,814

13,897

-15%

Net debt / EBITDA LTM

2.39

2.98

 

2.39

2.89

 

 

SIGNIFICANT EVENTS AFTER THE REPORTING DATE & FINANCIAL MANAGEMENT

LARGE CONTRACTS

  • After the reporting date, in April 2021, the company announced the signature of a Rub 7.5 billion contract to design and manufacture oil & gas equipment for one of the largest gas fields in Russia. The contract is for manufacture, delivery and installation of membrane modules and elements, turbocompressor units for an interstage compressor station and gas transportation units for a gas booster station as part of a helium concentrate membrane recovery unit. This is a follow-up contract HMS Group has secured with this client. The first one was announced in 2017 in a Rub 10.2 billion contract, and that was the first project of that kind in Russia.

BUYBACK PROGRAM

  • After the reporting date, HMS Group repurchased 176,000 GDRs under its buyback program.

DIVIDENDS

  • The Board of Directors at the meeting on April 21, 2021, recommended payment of a final dividends in respect of FY 2020 in the amount of Rub 4.25 per one ordinary share (Rub 21.25 per one GDR). The dividends are subject to the approval at the AGM on June 24, 2021. Subject to such approval, the Dividends may be paid on July 1, 2021 to shareholders on the Company's register at close of business (UK time) on June 18, 2021 (the "Record Date").

MOEX LISTING

  • Also, the Board of Directors approved the listing of the Group's GDRs as a Foreign Issuer on the Moscow Exchange. The Company's GDRs will continue trading on the Main Market of the London Stock Exchange. Trading of HMS Group's GDRs on the Moscow Exchange is expected to commence in the second quarter of 2021, subject to approval by the Moscow Exchange.

 

 

***

Webcast to discuss FY 2020 IFRS

 

Date:  Wednesday, April 28, 2021

Time:  5.00 PM (MOSCOW) / 3.00 PM (London) / 10.00 AM (NY)

HMS Group FY 2020 IFRS results

Conference passcode: 5377110

 

To participate in the conference call, please dial in:

 

Russia Local:   +7 499 609 1260

Russia Toll Free: 8 800 100 9471

 

UK Local:  +44 (0)330 027 1846

UK Toll Free:  0800 031 4838

 

US Local:  +1 334 777 6978

US Toll Free:  800 367 2403 

 

Live link

https://www.webcast-eqs.com/hmsgroup20210428 

 

Contacts:

Investor Relations, ir@hms.ru

 

***

HMS Group is the leading pump and compressor manufacturer, as well as provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS. HMS Group's products are mission-critical elements of projects across a diverse range of industries. It has participated in a number of large-scale infrastructure projects in Russia, including providing pumps and modular equipment to the Vankor oil field and pumping stations on recent trunk pipelines projects linking Russia's core oil producing areas to export ports on the Pacific Ocean and Baltic Sea. HMS Group's global depositary receipts ("GDRs") are listed under the symbol "HMSG" on the London Stock Exchange.

 

Press Release Information Accuracy Disclaimer

Information published in press releases was accurate at the time of publication but may be superseded by subsequent releases or other information.

 

LEI: 254900DDFETNLASV8M53

 

Consolidated Statement of Financial Position at 31 December 2020

 

in thousands of Russian Roubles, unless otherwise stated

31 December 2020

31 December 2019

ASSETS

 

 

Non-current assets:

 

 

Property, plant and equipment

14,684,279

15,532,576

Other intangible assets

1,743,399

2,001,646

Goodwill

3,255,984

3,370,275

Right-of-use assets

183,211

174,614

Investments in associates

94,307

94,489

Deferred income tax assets

786,455

631,428

Other long-term assets

42,252

42,316

Investment property

176,833

186,632

Total non-current assets

20,966,720

22,033,976

 

Current assets:

 

 

Inventories

8,847,749

7,859,051

Trade and other receivables and other financial assets

15,598,766

18,051,909

Contract assets

6,201,354

8,058,877

Current income tax receivable

94,972

227,917

Cash and cash equivalents

10,360,588

9,952,118

Total current assets

41,103,429

44,149,872

TOTAL ASSETS

62,070,149

66,183,848

 

 

 

EQUITY AND LIABILITIES

EQUITY

 

 

Share capital

48,329

48,329

Share premium

3,523,535

3,523,535

Treasury shares

(33,055)

(319,475)

Other reserves

129,392

62,716

Currency translation reserve

646,427

(44,878)

Retained earnings

5,510,974

7,029,094

Equity attributable to the shareholders of the Company

9,825,602

10,299,321

Non-controlling interests

3,518,674

3,569,953

TOTAL EQUITY

13,344,276

13,869,274

 

 

 

LIABILITIES

 

 

Non-current liabilities:

 

 

Long-term borrowings

20,452,736

20,582,061

Deferred income tax liability

1,421,489

1,620,211

Retirement benefit obligations

646,213

597,238

Provisions for liabilities and charges

228,199

154,809

Lease liabilities

153,048

139,272

Other long-term payables

230,581

240,172

Total non-current liabilities

23,132,266

23,333,763

 

Current liabilities:

 

 

Trade and other payables

17,969,950

20,658,429

Contract liabilities

4,304,845

2,248,029

Short-term borrowings

1,548,574

3,578,390

Provisions for liabilities and charges

589,762

550,050

Retirement benefit obligations

77,859

76,904

Lease liabilities

20,440

21,329

Current income tax payable

134,080

218,974

Other taxes payable

948,097

1,628,706

Total current liabilities

25,593,607

28,980,811

TOTAL LIABILITIES

48,725,873

52,314,574

TOTAL EQUITY AND LIABILITIES

62,070,149

66,183,848

 

Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020

 

in thousands of Russian Roubles, unless otherwise stated

 

2020

2019

Revenue

 

46,476,487

51,412,961

Cost of sales

 

(37,071,430)

(41,803,705)

Gross profit

 

9,405,057

9,609,256

 

 

 

 

Distribution and transportation expenses

 

(1,985,928)

(1,961,331)

General and administrative expenses

 

(5,242,566)

(5,395,083)

Other operating expenses, net

 

(412,472)

(195,595)

Impairment of goodwill

 

(425,668)

-

Operating profit

 

1,338,423

2,057,247

 

 

 

 

Finance income

 

251,571

172,302

Finance costs

 

(1,926,310)

(1,784,607)

Share of results of associates

 

(161)

(632)

 

 

 

 

(Loss)/profit before income tax

 

(336,477)

444,310

 

 

 

 

Income tax expense

 

(479,814)

(293,680)

 

 

(Loss)/profit for the year

 

(816,291)

150,630

 

 

 

 

(Loss)/profit attributable to:

Shareholders of the Company

 

 

(971,996)

 

(93,932)

Non-controlling interests

 

155,705

244,562

(Loss)/profit for the year

 

(816,291)

150,630

 

 

 

 

Other comprehensive income/(loss):

 

 

 

Items that will not be subsequently reclassified to profit or loss

 

 

 

Remeasurement of post-employment benefit obligations

 

(5,321)

(64,673)

 

 

 

 

Items that may be reclassified subsequently to profit or loss

 

 

 

Currency translation differences

 

693,105

(141,369)

Currency translation differences of associates

 

(21)

1,856

Other comprehensive income/(loss) for the year

 

687,763

(204,186)

Total comprehensive loss for the year

 

(128,528)

(53,556)

 

Total comprehensive loss attributable to:

Shareholders of the Company

 

 

(288,238)

(300,891)

Non-controlling interests

 

159,710

247,335

Total comprehensive loss for the year

 

(128,528)

(53,556)

 

 

 

 

 

Basic and diluted loss per ordinary share for profit attributable to the ordinary shareholders (RR per share)

 

 

(8.50)

(0.84)

             

 

 

Consolidated Statement of Cash Flows for the year ended 31 December 2020

 

in thousands of Russian Roubles, unless otherwise stated

2020

2019

Cash flows from operating activities

 

 

(Loss)/profit before income tax

(336,477)

444,310

Adjustments for:

 

 

Depreciation and amortisation

2,451,191

2,295,572

Gain from disposal of property, plant and equipment and intangible assets

(1,821)

(50,312)

Finance income

(251,571)

(172,302)

Finance costs

1,926,310

1,784,607

Change in retirement benefits obligations

82,075

95,974

Change in warranty provision

136,752

6,392

Change in expected credit losses allowance for trade and other receivables and other financial assets and allowance for impairment of non-financial assets

72,152

116,303

Change in expected credit losses allowance for cash and cash equivalents

31,850

-

Change in allowance for obsolete inventories

10,598

118,515

Change in provision for legal claims

83,987

(32,866)

Share-based compensation

58,921

118,544

Foreign exchange loss, net

73,534

80,332

Gain on remeasurement of contingent consideration liability

-

(58,890)

Amortisation of government grants

(36,048)

(32,411)

Impairment of taxes

10,418

-

Impairment of goodwill

425,668

-

Impairment of property, plant and equipment

13,936

-

Change in provision for tax risks, other than income tax

9,898

-

Share of results of associates

161

632

Operating cash flows before working capital changes

4,761,534

4,714,400

(Increase)/decrease in inventories

(869,830)

1,142,258

Decrease/(increase) in trade and other receivables

2,967,766

(5,825,144)

Decrease/(increase) in contract assets

1,916,049

(3,493,520)

Decrease in current income tax receivable

132,920

29,492

(Decrease)/increase in accounts payable and accrued liabilities

(3,361,448)

6,830,995

Increase in contract liabilities

2,056,816

404,649

(Decrease)/increase in taxes payable

(829,967)

354,446

Cash from operations

6,773,840

4,157,576

Income tax paid

(806,031)

(366,040)

Interest paid

(1,887,821)

(1,793,240)

Interest received

259,533

164,692

Net cash from operating activities

4,339,521

2,162,988

Cash flows from investing activities

 

 

Repayment of loans advanced

6,953

10,378

Loans advanced

(20,203)

(30,588)

Proceeds from sale of property, plant and equipment and intangible assets, net

55,948

120,539

Interest received

-

175

Purchase of property, plant and equipment, net of VAT

(937,132)

(996,241)

Acquisition of intangible assets, net of VAT

(454,417)

(574,322)

Acquisition of subsidiaries, net of cash acquired

-

(670,141)

Repayment of contingent consideration liability

(33,000)

-

Net cash used in investing activities

(1,381,851)

(2,140,200)

Cash flows from financing activities

 

 

Repayments of borrowings

(11,478,749)

(9,488,918)

Proceeds from borrowings

9,127,605

14,364,549

Proceeds from government grant

28,092

40,000

Repayment of the lease liabilities principal

(35,905)

(27,234)

Buy back of issued shares

(1,705)

(25,649)

Dividends related to Long-term Incentive Program

(5,660)

(42,964)

Dividends paid to non-controlling shareholders of subsidiaries

(55,162)

(60,950)

Dividends paid to the shareholders of the Company

(391,942)

(1,103,859)

Net cash (used in)/from financing activities

(2,813,426)

3,654,975

Net increase in cash and cash equivalents

144,244

3,677,763

Effect of exchange rate changes on cash and cash equivalents and effect of translation to presentation currency

296,076

(20,804)

Effect of changes in expected credit losses allowance for cash and cash equivalents

(31,850)

-

Cash and cash equivalents at the beginning of the year

9,952,118

6,295,159

Cash and cash equivalents at the end of the year

10,360,588

9,952,118

 


[1] EBITDA is defined as operating profit/(loss) adjusted for other operating income/expenses, depreciation and amortisation, amortisation of government grants, impairment of assets, excess of fair value of net assets acquired over the cost of acquisition, defined benefits scheme expense and provisions (including provision for obsolete inventory, ECL allowance and provision for impairment of trade and other receivables and other financial assets, unused vacation allowance, warranty provision, provision for legal claims, tax provision and other provisions). This measurement basis, therefore, excludes the effects of a number of non-recurring income and expenses on the results of the operating segments.

[2] Loss for the period adj. - is the reported Loss for the period, excluding the effects of goodwill impairment and impairment of previously recognized deferred tax asset

[3] Backlog - Portfolio of uncompleted orders and contracts

[4] Order intake - Portfolio of contracts and orders signed for a period

[5] Construction and design and engineering services of subcontractors

[6] SG&A expenses - Selling, General and Administrative Expenses, compiled of distribution & transportation expenses plus general & administrative ones


[i] The industrial pumps business segment designs, engineers, manufactures and supplies a diverse range of pumps and pump-based integrated solutions to customers in the oil and gas, power generation and water utilities sectors in Russia, the CIS and internationally. The business segment's principal products include customized pumps and integrated solutions as well as pumps built to standard specifications; it also provides aftermarket maintenance and repair services and other support for its products.

[ii] The oil and gas equipment and projects business segment manufactures, installs and commissions modular pumping stations, automated metering equipment, oil, gas and water processing and preparation units and other equipment and systems for use primarily in oil extraction and transportation. The segment's core products are equipment packages and systems installed inside a self-contained, free-standing structure which can be transported on trailers and delivered to and installed on the customer's site as a modular but fully integrated part of the customer's technological process.

[iii] The compressors business segment designs, engineers, manufactures and supplies a diverse range of compressors and compressor-based solutions, including compressor units and compressor stations, to customers in the oil and gas, metals and mining and other basic industries in Russia. The business segment's principal products include customized compressors, series-produced compressors built to standard specifications, and compressor-based integrated solutions.

[iv] The construction provides construction works for projects for customers in the oil upstream and midstream, gas upstream.

 



ISIN: US40425X4079
Category Code: FR
TIDM: HMSG
LEI Code: 254900DDFETNLASV8M53
OAM Categories: 1.1. Annual financial and audit reports
Sequence No.: 101792
EQS News ID: 1189592

 
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