6th May 2011 09:00
HMS Hydraulic Machines & Systems Group plc(the "Company", and together with its subsidiaries, the "HMS Group")
HMS GROUP DECREASES INTEREST RATES ON LOANS
Moscow, Russia - May 6, 2011 - HMS Group (LSE: HMSG), the leading pump manufacturer and provider of flow control solutions and related services in Russia and the CIS, today announces that the Company has managed to decrease the interest rates on a number of its significant loans. HMS Group's average interest rate has therefore been reduced to 8.9%.
In addition, all shares previously pledged as security against debt have been unpledged. At present, HMS Group do not have any shares pledged.
"HMS Group intends to continue to maintain its debt policy by raising only unsecured loans going forward" - said the Company`s First Deputy General Director & CFO Kirill Molchanov.
For further information, please visit www.grouphms.com or contact:
| Alexander Rybin Head of Capital Markets and IR Tel: +7 (495) 730-66-12 | Nozima Karimova Head of Press Service Tel: +7 (495) 730-66-01 |
The HMS Group is the leading pump manufacturer and 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. The 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. The Group reported revenues of RUB 23.1 billion, adjusted EBITDA of RUB 3.5 billion and profit for the year of RUB 1.6 billion for the full year of 2010. The HMS Group's global depositary receipts ("GDRs") are listed under the symbol "HMSG" on the London Stock Exchange.
The forward-looking statements contained herein are based upon various assumptions, many of which are based, in turn, upon further assumptions, which may include without limitation, the HMS Group's examination of historical operating trends, data contained in the HMS Group's records and other data available from third parties. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The HMS Group does not intend to provide any representation or warranty and does not assume any obligation to update any forward-looking statement contained herein.
Copyright Business Wire 2011
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