25 Aug 2022 10:19

Atomenergomash expects foreign order portfolio to shrink to 850 bln rubles in 2022

MOSCOW. Aug 25 (Interfax) - Atomenergomash's (AEM) portfolio of foreign orders will shrink to 850 billion rubles by the end of 2022 from 988 billion rubles a year earlier, the Russian power engineering company's CEO, Andrei Nikipelov said in an interview with Interfax.

"Last year our order portfolio set a record for the division - we fell just short of 1 trillion rubles, 988 billion rubles. This year this figure will essentially decrease by the amount of this year's revenue, to 850 billion rubles," Nikipelov said.

The Hanhikivi-1 nuclear power plant project in Finland will be excluded from the portfolio, but AEM plans to offset this loss "with other projects" next year, he said.

"By the end of this year AEM's order portfolio will decrease somewhat because we don't have a lot of contracting and did not plan to. While before we managed to grow the order portfolio faster than revenue, now it will be the opposite, revenue will grow at a faster rate than the portfolio. The portfolio will decrease a little," Nikipelov said.

"Our order portfolio is actually already very decent, for seven to eight years of operating revenue. This is very good," he said.