Saipem Board approves 2015 preliminary consolidated results
• FY 2015 in line with the guidance communicated with the half-yearly report
• Q4 2015 results improved
• 2016 guidance confirmed
San Donato Milanese, February 24, 2015 - The Board of Directors of Saipem S.p.A., chaired by Paolo Andrea Colombo, today reviewed the Saipem Group preliminary consolidated results as at December 31, 2015 which have been prepared in compliance with the International Financial Reporting Standards (EU approved IFRS).
Stefano Cao, Saipem CEO, commented:
“In Q4 2015, operating margins were around 6% thanks to the performance of the E&C Offshore division and the break-even of E&C Onshore. Our efficiency programme has also supported the company's profitability over the period.
Against the backdrop of the current challenging market conditions, we have worked to strengthen our balance sheet through the share capital increase and debt refinancing which we have recently completed. From now on, Saipem will benefit from a financial position that is robust and appropriate to this stage in the commodity cycle.
The combination of our strong and diversified portfolio, the projects in our backlog, the further cost savings that we have identified and our strengthened financial position allows us to confirm our guidance for 2016.”
Key highlights
Q4 2015:
o Revenues: €3,062 million (€3,398 million in Q4 2014)
o Adjusted EBIT: €182 million (€22 million in Q4 2014)
o EBIT: €188 million (-€388 million in Q4 2014)
o Net result: €60 million (-€442 million Q4 2014)
o New contracts: €1,158 million
2015:
o Revenues: €11,507 million (€12,873 million in 2014)
o Adjusted EBIT: -€254 million (+€465 million in 2014), including the impact of write-downs of €718 million of working capital items in Q2 2015.
o EBIT: -€452 million (€55 million in 2014), including the impact of €916 million of total writedowns between working capital and non-current assets in Q2 2015.
o Net result: -€806 million (-€230 million in 2014)
o Capital expenditure: €561 million (€694 million in 2014)
o New contracts: €6,515 million
o Backlog: €15,8463 million at December 31, 2015
o Net debt as at December 31, 2015: €5,390 million (€5,736 million as at September 30, 2015; €4,424 million as at December 31, 2014).
Guidance 2016
o Revenues: > €11 billion
o EBIT: > €600 million
o Net profit: ~€300 million
o Capital expenditure: ~€500 million
o Net debt: < €1.5 billion
Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.
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