Last checked at 12 Sep 2011 16:16
The issuer advises that the following replaces the HMS Group: Credit Line Opened announcement released at 15:17 BST today.
There has been an amendment to the copy within the first sentence.
All other details remain unchanged.
The full corrected version is shown below.
HMS Hydraulic Machines & Systems Group plc
(the "Company", and together with its subsidiaries, the "HMS Group")
HMS GROUP OBTAINS UNSECURED CREDIT LINE FROM SBERBANK
Moscow, Russia - September 12, 2011 - HMS Group (LSE: HMSG), the leading pump manufacturer and provider of flow control solutions and related services in Russia and the CIS, announces today that West Siberian branch of Sberbank, the largest finance institute in Russia and CIS, has provided HMS Group with a 3-year credit line, collateralized by guarantees of HMS Group entities, in the total amount of RUB 2.25 billion (around USD 77 million).
The credit facility could be used to substitute HMS Group's existing short-term debt by steadier long-term one and lower cost of available debt going forward.
"We have healthy order book and project pipeline in a mid-term perspective. This credit line will allow us to increase working capital needed for their implementation. Moreover it could be used as a source of additional liquidity, given that uncertainty in the global economy perspectives may lead to the negative scenario of economy development» said Artem Molchanov, Managing Director and Chief Executive Officer, HMS Group.
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. For the three months ended March 31, 2011 The Group reported revenues of RUB 7.1 billion, adjusted EBITDA of RUB 1.6 billion and profit for the period of RUB 1 billion. The HMS Group's global depositary receipts ("GDRs") are listed under the symbol "HMSG" on the London Stock Exchange. www.grouphms.com
For further information, please contact:
Investor Relations: Inna Kelekhsaeva, Deputy Head of Investor Relations
Phone: +7 (495) 730-6601 x 1318, Kelekhsaeva@hms.ru
Media Relations: Nozima Karimova, Head of Press Service
Phone: +7 (495) 730-6610, Karimova@hms.ru
Disclaimer
The information contained herein has been prepared using information available to HMS Hydraulic Machines & Systems Group Plc ("HMS Group" or "HMS" or "Group" or "Company") at the time of preparation of the presentation. External or other factors may have impacted on the business of HMS Group and the content of this presentation, since its preparation. In addition all relevant information about HMS Group may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information.
Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and HMS Group cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation should not be relied upon as a recommendation or forecast by HMS Group, which does not undertake an obligation to release any revision to these statements.
This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in HMS Group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.
Copyright Business Wire 2011