29.12.2011

HMS Group implements Oracle Hyperion Financial Management

HMS Group in cooperation with Lanit launched a project for implementation of Oracle Hyperion Financial Management (HFM) information system in the head office and subsidiaries of the Group. This software supports the collection, consolidation and reporting of financial results in IFRS, and the reconciliation of differences among the various standards.

Up till now in accounting the Group has used different resources and programs that require the finalc consolidation of huge amount of electronic tables. This led to extra costs and delays in preparation process. In order to optimize and enhance the process the Group management decided to computerize the process of the financial results preparation. Lanit – the leading Russian systems integrator and platinum partner of Oracle corporation- was chosen as a software supplier.

The implementation of Oracle HFM will essentially reduce the time needed for the preparation of the financial results. New system guarantees the integrity of consolidation model, provides for transparency and facilitates the audit of the accounts. HFM is a flexible program allowing adaption of the accounts in case of the Group structure changes and can be upgraded.

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. The Group reported revenues of RUB 20 billion, adjusted EBITDA of RUB 4.4 billion and profit for the period of RUB 2,9 billion for the nine months ended September 30, 2011. The HMS Group’s global depositary receipts (“GDRs”) are listed under the symbol “HMSG” on the London Stock Exchange.