For nine months of 2018, PJSC Evropeyskaya Elektrotekhnica increased its revenue and net profit by 34.5% and 156.0% respectively (International Financial Reporting Standards)
For nine months of 2018, PJSC Evropeyskaya Elektrotekhnica increased its revenue and net profit by 34.5% and 156.0% respectively (International Financial Reporting Standards)
December 11, 2018. Moscow — PJSC Evropeyskaya Elektrotekhnica, a leading company in the Russian engineering market, announces its interim consolidated financial results as per IFRS for the 9 months of 2018. The information was not audited.
Key indicators:
In RUB mln, unless otherwise specified |
9 months of 2018 |
9 months of 2017 |
Change, % |
Consolidated revenue |
2,601.4 |
1,934.0 |
+34.5% |
Gross profit |
584.1 |
266.9 |
+118.8% |
Gross profit margin |
22.5% |
13.8% |
+8.7 p.p. |
Operating profit |
284.2 |
159.7 |
+77.9% |
Operating profit margin |
10.9% |
8.3% |
+2.6 p.p. |
EBITDA [1] |
293.9 |
170.9 |
+72.0% |
EBITDA margin |
11.3% |
8.8% |
+2.5 p.p. |
Profit for the period |
224.3 |
87.6 |
+156.0% |
Profit margin for the period |
8.6% |
4.5% |
+4.1 p.p. |
|
|
|
|
Investment [2] |
392.0 |
218.0 |
a factor of 1.8 times |
Investment in R&D [2] |
160.0 |
105.2 |
a factor of 1.5 times |
Free cash flow to equity (FCFE) [2] |
23,810 |
-95,187 |
- |
|
|
|
|
Return on equity (ROE) |
38.2% |
24.2% |
+14.0 p.p. |
Dividends paid |
91.9 |
6.9 |
a factor of 12.3 times |
|
|
|
|
|
September 30, 2018 |
December 31, 2017 |
Change, % |
Assets |
1,466.3 |
1,154.9 |
+27.0% |
Net working capital [2] |
653.5 |
565.8 |
+15.5 % |
Net debt [1] |
-49.8 |
-120.3 |
- |
Net debt/12M EBITDA |
-0.10 |
-0.52 |
- |
Source: Interim Consolidated Financial Statement of PJSC Evropeyskaya Elektrotekhnica for nine months ending September 30, 2018.
Notes:
[1] Non IFRS indicators, the calculation procedure is given below
[2] Non IFRS indicators
Statement from Management
Sergey Dubenok, Chairman of the Board of Directors of PJSC Evropeyskaya Elektrotekhnica, commented on the published results: "Our Company continues to effectively take advantage of the opportunities available in the Russian engineering market. We maintain active revenue growth (+34.5%) and significant growth in profitability at the same time. The profit margin for the period raised to 8.6% (4.5% the previous year). Meanwhile, our return on equity (ROE) reached 38.2% (24.2% for the same period in 2017). The Company continues to demonstrate positive financial results without external borrowings and mainly operating in the Russian Federation.
The published results reflect the ongoing investment activity taking place in Russia and neighboring countries, which is related to renewal of infrastructure and construction of new facilities of this category, import substitution, digitalization, and large-scale investment programs in a number of sectors of the Russian economy. Engineering and technological equipment are in great demand in the country, so we are closely studying new sources and swiftly responding to new business opportunities. A brief overview of major sources of new demand in our relevant markets is enclosed to this release.
In October, we successfully obtained credit rating from the respected credit rating agency ACRA. The agency assigned the BB+(RU) rating to the Company for the first time, with outlook Stable (October 11, 2018).
We continue to improve our corporate governance system, ensuring the protection of interests of the Company's minor shareholders as well as risks control. See more details on this work below.
Our strong financial position and acquired competence in the field of engineering and technological equipment allows us to carry out more effective work on the possibilities of export deliveries (Central Asia, the Middle East, the Persian Gulf, North Africa, and Southeast Asia).
Following the tasks set out in the May Decree by Vladimir Putin, President of the Russian Federation, we participate in the work of expert bodies under the Ministry of Industry and Trade of Russia (Minpromtorg). We consider that the International Cooperation and Export national project directly affects the business of our Company (period of implementation: 2018–2024). The project is supervised by Minister of Finance of the Russian Federation A. Siluanov. A goal was set as part of this national project: "The Focus of Industry and Trade Policy on Achievement of International Competitiveness of Russian Goods (Works and Services) in Order to Ensure Their Presence in Foreign Markets." The goal is achieved by means of a federal project: Industrial Export. The Industrial Export project allows us to reach export volumes in the amount of USD 205 billion from 2018–2024. At the same time, a number of systemic measures of targeted support is provided for domestic companies that export industrial products.
Factors of change in the Company's key financial indicators
Consolidated revenue
The Company's consolidated revenue amounted to RUB 2,601.4 mln, which is 34.5% higher than in the 9 months of 2017. In the revenue structure, export deliveries accounted for 11% (-2 p.p. to the 9 months of 2017).
Consolidated revenue structure according to the results of the reporting period:
88.2% — income from production and activities carried out by engineering centers in the electrotechnical market;
11.8% — income from the production of equipment for the Oil&Gas and petrochemical industries.
The largest share of the Group's contracts (in terms of deliveries value) comes from customers of the Oil&Gas complex, and the comparative share accounted for deliveries to companies in the chemical and food industry in the reporting period:
Oil&Gas complex 36%
Precision machinery industry 12%
Chemical and food industry 32%
Electric power sector 4%
Nuclear industry 9%
Other sectors 7%
Key factors of consolidated revenue growth:
· Physical volumes of shipped products increased by 54% in the 9 months of 2018, which indicates an increase in growth rates against the dynamics in H1 of 2018;
· The Company expanded its network of engineering centers with the opening of a representative office in the town of Lipetsk;
· As of the end of Q3 2018, the Group implemented 472 projects via 12 of its own engineering centers;
· The number of projects initiated by engineering centers increased in the 9 months of 2018 compared to the same period in 2017: by 25% in terms of the number of projects, and by 46% in monetary terms;
· The volume of new contracts concluded amounted to RUB 2,620 mln.
Cost of Sales and Gross Profit
The cost of sales amounted to RUB 2,017.3 billion in the reporting period. The cost of sales growth rate (+21.0%) was still significantly lower than the revenue growth rate (+34.5%).
The gross profit reached RUB 584.1 mln for the 9 months of 2018, increasing 2.2 times year on year. The Group's gross profit margin increased by 8.7 p.p. to 22.5% thanks to effective measures taken by the Company to control the cost of sales.
Administrative and Selling Expenses
In RUB thousands, unless otherwise specified |
For 9 months ending |
Change of indicator, % | |
September 30, 2018 |
September 30, 2017 |
||
Wages and social contributions |
85,850 |
55,095 |
55.8% |
Electrical installation works |
62,301 |
32,998 |
88.8% |
Transport services |
41,596 |
22,379 |
85.9% |
Operating lease |
23,182 |
7,992 |
190.1% |
Materials and office supplies |
21,497 |
14,473 |
48.5% |
Consulting and legal services |
18,835 |
7,911 |
138.1% |
Business trips |
15,938 |
11,591 |
37.5% |
Information services |
10,142 |
10,280 |
-1.3% |
Insurance |
4,347 |
3,379 |
28.6% |
Depreciation charges |
9,706 |
11,195 |
-13.3% |
Communication |
2,898 |
2,492 |
16.3% |
Repair and maintenance |
1,830 |
1,471 |
24.4% |
Bank services |
1,258 |
1,130 |
11.3% |
Security |
216 |
206 |
4.9% |
Other expenses |
7,249 |
14,429 |
-49.8% |
Total administrative and selling expenses |
306,845 |
197,021 |
55.7% |
The growth of expenses for electrical installation works by 88.8% to RUB 62.3 mln compared to the 9 months of 2017 was due to the growth in the volume of contracts with customers which provided for these services.
The volume of operating lease expenses increased 2.9 times to RUB 23.2 mln due to the launch of the subsidiary company ROG-Engineering.
Operating profit
The Company's operating profit increased by 77.9% to RUB 284.2 mln. Operating profit margin increased to 10.9% (8.3% for the 9 months of 2017).
This operating profit was generated both due to an increase in administrative and selling expenses (by RUB 109.8 mln compared to the 9 months of 2017), and due to a decrease in other income by RUB 82.9 mln.
The decrease in other income was due to the one-time income received in 2017 in the amount of RUB 74.2 mln from investments in securities.
EBITDA
In RUB thousands, unless otherwise specified |
9 months of 2018 |
9 months of 2017 |
Change, % |
Operating profit |
284,238 |
159,734 |
77.9% |
Depreciation of fixed and intangible assets |
9,706 |
11,195 |
-13.3% |
EBITDA |
293,944 |
170,929 |
72.0% |
EBITDA margin |
11.3% |
8.8% |
2.5 p.p. |
EBITDA reached RUB 293.9 mln (+72.0% Y-o-Y). The marginality of this indicator showed a substantial increase to 11.3% in the reporting period (8.8% for the 9 months of the previous year).
Profit Before Tax
Profit before tax increased 2.8 times to RUB 273.0 mln.
The 78.0% reduction in financial expenses to RUB 18.3 mln was due to the restructuring of borrowings carried out during the reporting period and improvement in the conditions of their use, consisting of a reduction in interest rates and simultaneous increase in maturity.
Profit for the period
For the 9 months of 2018, the Company's profit increased to RUB 224.3 mln, which is 2.6 times higher than in the 9 months of 2017. Company profitability increased significantly to 8.6% from 4.5% in the 9 months of 2017.
Return on equity (ROE) increased more than 1.5-fold to 38.2% (24.2% in the 9 months of 2017).
Dividends
As a result of the Group's activities in 2017, the Company paid dividends in the amount of RUB 91.9 mln.
Free Cash Flow
In RUB thousands, unless otherwise specified |
9 months of 2018 |
9 months of 2017 |
Change, % |
Free cash flow to equity (FCFE) |
23,810 |
-95,187 |
- |
Free cash flow of the firm (FCFF) |
16,094 |
50,287 |
-68.0% |
The amount of free cash flow was positive in Q3 2018, taking into account the fact that about 60% of annual operating income is traditionally seen in the second half of the year.
In H1 2018, the launch of the Group's subsidiary ROG-Engineering, which specializes in development and production of equipment for the Oil&Gas and petrochemical industries, had significant influence on the amount of free cash flow. The expenses related to working capital formation of this subsidiary are reflected in the published financial statements. The growing operating income of the subsidiary will further contribute to the consolidated financial statements of PJSC Evropeyskaya Elektrotekhnica.
Net Debt
In RUB thousands, unless otherwise specified |
September 30, 2018 |
December 31, 2017 |
Total borrowings |
127,767 |
89,456 |
After deduction of cash funds and their equivalents |
177,588 |
209,782 |
Net Debt |
-49,821 |
-120,326 |
Net debt/12M EBITDA |
-0.10 |
-0.52 |
The Company's net debt remains negative. As of September 30, 2018, this indicator was RUB -49.8 mln (which means that the amount of cash funds and their equivalents exceeds the amount of borrowings on the Company's balance sheet). As of the reporting date, PJSC Evropeyskaya Elektrotekhnica had no debt to external creditors not affiliated with Evropeyskaya Elektrotekhnica Group of Companies.
In the 9 months of 2018, a reduction in cash and cash equivalents in the amount of RUB 32.2 mln was recorded as the result of the launch of ROG-Engineering and the continuation of the Group's investment program.
Improvement of the Company's corporate governance system
In 2018, the Company continued its efforts to improve the corporate governance system (CG) by implementing the corresponding road map.
The work is aimed at bringing the Company's corporate governance system closer to the advanced level planned:
· By the Corporate Governance Code[1] (CGC), to the fullest extent possible,
· the listing regulations of the Moscow Exchange regarding the requirements for the corporate governance system.
The Company aims to best comply with the CGC principles and their assessment criteria. The Company's progress in this regard is show below, following the results of 9 months of 2018:
The Company's compliance with the CGC principles:
79 – the total number of principles in the CGC,
31 – the number of principles with which the Company's corporate governance system fully complies (12 – as of the beginning of 2018, which shows an improvement in the extent of full compliance with the CGC principles from 15% to 39% within the reporting period),
17 – the number of principles with which the Company's corporate governance system partially complies (11 – as of the beginning of 2018),
31 – the number of principles with which the Company's corporate governance system does not comply (whether this is not feasible for the Company for a particular reason or because the work on achieving compliance is not yet completed) (54 – as of the beginning of 2018).
The Company's compliance with the criteria according to which the compliance with CGC principles is assessed:
128 – the total number of criteria in the CGC,
63 – the number of criteria with which the Company's corporate governance system fully complies (28 – as of the beginning of 2018, which shows an improvement in the extent of full compliance with the CGC criteria from 22% to 49% within the reporting period),
65 – the number of criteria with which the Company's corporate governance system does not comply (whether this is not feasible for the Company for a particular reason or because the work on achieving compliance is not yet completed) (100 – as of the beginning of 2018).
The most significant improvements in the Company's corporate governance system are the following implemented measures:
• Two non-executive directors were elected to the Company's Board of Directors, thus 2 out of 6 members of the Board of Directors are non-executive. A senior non-executive director was determined.
• Committees of the Board of Directors of PJSC Evropeyskaya Elektrotekhnica were established – the Audit Committee, the Remuneration Committee, and the Nomination Committee (personnel, assignments) which are headed by non-executive directors. Regulations were approved for these committees of the Board of Directors, which define their objectives.
• The Regulation on the Board of Directors was approved, which clearly specifies the rights and obligations of the members of the Board of Directors.
• The Board of Directors approved the principles and approaches to the organization of the risk management and internal control system, as reflected in the corresponding policy.
• Channels of interaction convenient for shareholders were established with the Chairman of the Board of Directors and the Corporate Secretary; these are currently operating.
• The Company's anti-corruption policy was developed and approved.
• The Company's operating results and IFRS financial results for H1 2018 were disclosed.
• The Company's information policy was approved.
• The Regulations on the Corporate Secretary were approved in the Company. Since January 2018, the Company's Corporate Secretary is Larisa Marusova, who has gained specialized experience in this area since 2014. Ms. Marusova has been a member of NOKS (Corporate Secretary National Union Association in Russia) since August 7, 2018.
APPENDIX
Sources of large-scale demand on the Company's core markets
We are seeing continued growth in new large-scale demand for engineering and technological equipment and related services in Russia, as well as in other countries engaged in oil and gas production and processing.
In the Russian Federation:
- Comprehensive plan for the development of primary infrastructure in the Russian Federation (period of implementation: 2019–2024, approved by the Government of the Russian Federation in October 2018)
== Cost: RUB 6.3 tln (including around RUB 3 tln of private investments)
== Coverage: 690 facilities, including:
- projects in the electric power sector, investments of about RUB 300 bln
- the Digital Economy of the Russian Federation national program, investments of about RUB 1.2 tln
- Launch of large projects and megaprojects with co-financing by major corporations from "Belousov's list" (including those implemented as PPPs)
Investments in the amount of about USD 120 bln are expected from large businesses during Vladimir Putin's current presidential term. The Ministry of Finance of the Russian Federation intends to attract an extra RUB 8 tln of additional private investments in fixed capital by 2024.
The preliminary amount of investments for the projects submitted by companies from the list of Assistant to President Andrey Belousov (as of November 27, 2018) is estimated at RUB 81 tln. 981 applications have been submitted in the following areas:
== transport infrastructure development (259 projects),
== agriculture (81 projects),
== chemistry and petrochemistry (74 projects),
== digitalization (55 projects),
== ecology and environmental management (29 projects), as well as in other fields.
About 20 projects are ready to be legally formalized, with a volume of investment of about RUB 1 tln. These are mainly transport projects.
- Completion of the construction of Power of Siberia cross-country gas pipeline to China
- Total cost: RUB 1.1 tln
- Plans for 2019: gas pipeline testing, electric power supply system installation, communication and telemechanics installation, and commissioning work
- Development of the Chayandinskoye field (a resource base for delivery through the new gas pipeline), budget of around RUB 450 bln
- Restart of the investment cycle in the Russian electric power sector — a new program to upgrade thermal power plants in Russia (CDA-2 or CDA')
- Budget: up to RUB 1.5 tln
- Implementation period: 2018–2035
- Coverage: 41 GW of capacity, including projects in the Far East of the Russian Federation (the focus being on urban heating plants)
- Level of equipment localization required to participate in the program: 100% by 2025
- Construction of the Amur Gas Processing Plant (2015–2025)
- Total cost: RUB 950–1,300 bln
- Completion of the ZapSibNefteKhim Complex construction
- Total cost: around USD 9.5 bln
- Eastern Petrochemical Company (Rosneft)
- Total cost: RUB 630 bln
- Commissioning: The supposed launch of the petrochemical phase is in 2026, and 2029 for production of petroleum products
- Irkutsk Polymer Plant (Irkutsk Oil Company)
- Total cost: RUB 361 bln (USD 2.5 bln)
- Commissioning: 2024
- Five potential investment projects to create pulp and paper production facilities with a volume of 4.5 mln tons of pulp production and investments of around RUB 580 bln. They are set forth in the Timber Complex Development Strategy by 2030:
== SegezhaGroup — 1.3 million tons of pulp, investments — RUB 156 bln (Krasnoyarsk Krai)
== Kraslesinvest — 830,000 tons of pulp, investments — RUB 102 bln (Krasnoyarsk Krai)
== RFP Group — 500,000 tons of pulp, investment — RUB 90 bln (Khabarovsk Krai)
== SVEZA — 1.3 million tons of pulp, investments — RUB 150 bln (Vologda Oblast)
== Ilim Group — 600,000 tons of cellulose, investment — RUB 78 bln (Irkutsk Oblast)
- Development of transport infrastructure and creation of a transport framework for the Moscow agglomeration, for the period from 2011 to 2023
The Moscow government allocates around RUB 360 bln of budget funds each year for the development of the city's transport infrastructure.
== Development of the underground metro, construction of the Large Circle Line (Bolshaya Koltsevaya Line)
- Scale: 256 km of underground lines, 122 stations
== Development of the Moscow Central Circle (Moskovskoye Tsentralnoye Koltso)
- Scale: 54 km of lines, 31 stations
== Development of the above-ground metro, construction of Moscow Central Diameters
- Scale: 446 km of lines, 211 stations
== Road network development
- Construction of link roads (3) and a belt road (1)
- Reconstruction of outgoing trunk roads
- Construction of the Central Ring Road (339 km long, at a distance of 50 km from the Moscow Ring Road)
Projects for developing underground transport infrastructure are of particular interest for Evropeyskaya Elektrotekhnica Group of Companies. This is due to the forthcoming consolidation of Metrotonnel in the Group.
- Development of infrastructure for the delivery of liquefied natural gas (LNG) in the Russian Federation
Prediction for 2035: Russian companies can bring the level of LNG production up to 83 million tons, which will make up 15–20% of the world market. LNG production capacities of 13.7 million tons per year are currently under construction in Russia (as of March 2018).
== Yamal LNG (Novatek, Total, CNPC, Silk Road Fund):
· investments of USD 27 bln
· Chinese banks provided most of the borrowed funds
== Arctic LNG-2 (Novatek, possibly Singapore-based company Pavilion Energy, Total)
· investments of USD 10 bln (estimated)
· launch of the first line is planned for 2022–2023 with phased commissioning of the facility in 2024–2026
== Arctic LNG-3 (Novatek)
· investment – at the estimation stage
· launch is planned for 2026–2030
== Baltic LNG (Gazprom)
· investments of USD 11.5 bln
· launch is planned for 2020
== Sakhalin-II (Gazprom, Royal Dutch Shell, Mitsui, Mitsubishi)
· investment – at the estimation stage
· the third line is estimated at USD 5–6 bln
· construction of the third line is beginning; the start of LNG production is planned for 2021
== Portovaya, LNG Production, Storage and Shipment Complex near the Portovaya Compressor Plant (Gazprom)
· investments of RUB 127 bln
· launch is planned for 2019
== Vysotsk LNG (NOVATEK and Gazprom)
· investments of RUB 54 bln
· launch is planned for the beginning of 2019
== Far East LNG (Rosneft, ExxonMobil)
· investments of USD 9.8 bln
· launch is planned for 2025
== Shtokman LNG, based at the Shtokman gas condensate field
· investment – at the estimation stage
· potential launch in 2035
In the Republic of Kazakhstan:
· the objective to increase oil production at the three major Oil&Gas projects in the country – Tengiz, Karachaganak and Kashagan – to the level of 104 million tons per year by 2025,
· the need to develop new oil-bearing areas at the national Oil&Gas company KazMunayGas, which has long developed and largely abandoned fields,
· construction of the fourth oil processing plant in the republic (a preliminary feasibility study is being developed),
· Eni is planning to build a gas processing plant
· development of renewable energy facilities.
In the Republic of Uzbekistan:
· 30 investment projects worth USD 36.5 bln are planned in the country's Oil&Gas sector by 2030
Project examples:
- construction of a gas processing complex (GPP) in Surxondaryo Region at the cost of USD 5.8 bln,
- production of synthetic fuel (GTL) based at the Shurtan Gas Chemical Complex (GCC) for USD 3.7 bln (additional 500,000 tons of various types of gas chemical products), one of the largest projects in the world of its kind,
- the third oil processing plant with a capacity of about 4.7 million tons of oil products per year will be built in Jizzakh Region for USD 2.2 bln.
· 7 investment projects for modernization and new construction (about 2 GW of capacity) are planned in the electric power sector by 2020
We carefully study projects emerging in the process of Eurasian integration:
· the creation of the Eurasian Union (the Eurasian Economic Community is just the current stage in the creation of this Union),
· the implementation of the Silk Road Economic Belt,
· the modernization of BAM and Transsib,
· the provision of the Northeast Passage,
· the North South logistics project,
· the West East logistics project.
These projects are being implemented by the most influential countries in Greater Eurasia in coordination with each other, and radically change the logistics flows both within the largest continent in the world and at its perimeters. A large-scale revision and generation of new economic relations are taking place between companies from different countries around the world (located not only in Eurasia).
Our Company is actively looking for opportunities for practical participation in these projects, both within the framework of the Russian economy and in terms of export development.
[1] Recommendations on use are presented in Letter of the Bank of Russia No. 06-52/2463 dated April 10, 2015 "On the Code of Corporate Governance." The contents of the letter specify that the Bank of Russia recommends the Corporate Governance Code for use by joint-stock companies whose securities are admitted to organized trading.
[s1]Нефтегазовый комплекс – Oil&Gas complex
About the Group of Companies PJSC Evropeyskaya Elektrotekhnica
PJSC Evropeyskaya Elektrotekhnica (MOEX: EELT) provides comprehensive services in the sphere of creating energy and electric power supply systems, electric lighting systems, and low current systems at all types of facilities, as well as industrial electric heating systems.
The Company has been working in the electrical engineering market since 2004, and at present has its own engineering and production facilities. The Company is one of the leading distributors of electrical equipment in Russia, offering customers a wide range of products made both in Russia and abroad. Thanks to a well-organized and efficient logistics system, the Company is able to supply products (including oversize loads) all over Russia, including to hard-to-reach areas of the North, as well as Belarus, Kazakhstan, Turkmenistan, Kyrgyzstan and Uzbekistan. The company established its own production of transformer substations, electric switchboard equipment of any complexity (up to 6300 A), electric lighting systems and electric heating systems.
The Company implements projects in the oil and gas sector, electric power sector, nuclear industry, metal industry, mining industry, and manufacturing industry and at transport infrastructure facilities. Evropeyskaya Elektrotekhnica's customers include companies such as Rosneft, Gazprom, NOVATEK, LUKOIL, and Nizhnekamskneftekhim. The Company's projects include Power of Siberia, Yamal LNG, Smolensk NPP, Data Center of Sberbank of Russia, and the Domodedovo, Sheremetyevo, and Pulkovo airports, etc.
Since 2018, the Company has been producing highly efficient modular process equipment for clients in Oil&Gas and petrochemical markets at the site of its subsidiary ROG-Engineering, a research and production Company in Ufa (Republic of Bashkortostan, Russia).
Key financial indicators of PJSC Evropeyskaya Elektrotekhnica (IFRS):
|
Revenue (RUB billion) |
Profit for the period (RUB million) |
Total assets (RUB billion) |
9m 2018 |
2.6 |
224.3 |
1.47 |
2017 |
2.6 |
134.7 |
1.15 |
The number of employees is about 400 (as of June 30, 2018). Since September 2017, common shares of PJSC Evropeyskaya Elektrotekhnica are traded on the Moscow Exchange with trading code EELT.
In June 2018, the Company was named "Leader of Import Substitution" at the "Leader of Competitive Sales" annual national awards, in which 450 domestic suppliers from various industries took part.
Contacts:
PJSC Evropeyskaya Elektrotekhnica
Tel .: +7 (495) 640-93-48
Mailing address: Building 3, 1 Lyotchika Babushkina St., Moscow, 129344
Press contact Contact for investors and analysts
www.euroet.ru www.euroetpao.ru
For more information, please contact:
Stanislav Martyushev
Director for Corporate Communications and Investor Relations
PJSC Evropeyskaya Elektrotekhnica
Tel. +7 (495) 640-93-48, ext. 164
FOR REFERENCE:
ROG-Engineering LLC (www.rogeng.ru) performs the full range of services including:
- survey of existing Oil&Gas production facilities with presentation of engineering and process recommendations;
- engineering, design and construction of newly build projects;
- reconstruction and modernization of existing equipment and plants;
- design, fabrication and supply of complete process train equipment, modular process equipment, different types of pumping stations, mobile well-test and development units, flares and combustion systems, gas separator, gas treatment units and other types of Oil&Gas process equipment;
- design and implementation of hardware and software for Automated Process Control Systems;
- installation supervision;
- commissioning and start-up, designer's field supervision.
ROG-Engineering LLC designs and fabricates wide range modular process equipment with fully automated controls including:
- booster pumping stations BPS for any capacity;
- preliminary water knock-out units of vessel and tubular design with capacity up to 30 000 m3/day;
Perfomance indicators of preliminary water knock-out units:
• water cut of oil at inlet: up to 95% and greater;
• water cut of oil at outlet: 0.5% to 5%;
• content of petroleum products and solids in treated water: 5 to 50 mg/l.
- oil treatment plants with capacity of 0.2 to 4 million tons per year;
- produced water treatment units or separate vessels such as settlers of vessel or tubular design with volume of 10 to 200 m3 and with quality of water treatment of 5 to 50 mg/l;
- packaged well pad pumping station with capacity of 20 to 180 m3/hour;
- inlet separators for oil with high gas-oil ratio up to 2000 m3/m3;
- modernized separators and settlers with increased capacity of vessel and tubular designs;
- mobile well-test and development units;
- oil-well separation units;
- test separators for oil with normal and high gas-oil ratios up to 2000 m3/m3;
- associated petroleum gas treatment;
- gas treatment units;
- low pressure gas recovery units;
- gas dehydration units;
- combustion systems including flare KO drums, condensate drums, LP and HP flare risers, flare systems with tips for smokeless combustion;
- flare systems with demountable tips;
- flare systems with demountable flare stacks;
- horizontal flares for combustion LP and HP gases;
- horizontal flares for combustion of industrial waste gases;
- horizontal flares for combustion of liquid hydrocarbons and other combustible liquids;
- mobile filtration units;
- various types of pumping stations;
- auxiliary and utilities equipment including modular buildings for control rooms, motor control centers and others.