Saipem: results for the third quarter and the first nine months of 2017

FinancialSan Donato Milanese

San Donato Milanese, October 24, 2017 - The Board of Directors of Saipem S.p.A., chaired by Paolo Andrea Colombo, yesterday approved the Saipem Group’s Interim Report at September 30, 2017 (not subject to audit).

Highlights:

 Solid operational performance

 Net financial debt declining

 Steady backlog

 Net debt guidance improved thanks to control of capital expenditure

Results for the first nine months of 2017:

 Revenues: €6,873 million (€7,885 million in the first nine months of 2016), of which €2,283 million in the third quarter

 Adjusted EBITDA: €795 million (€997 million in the first nine months of 2016), of which €271 million in the third quarter

 Adjusted operating profit (EBIT): €400 million (€479 million in the first nine months of 2016), of which €140 million in the third quarter

 Operating profit (EBIT): €257 million (-€1,500 million in the first nine months of 2016), of which €133 million in the third quarter

 Adjusted net profit: €151 million (€200 million in the first nine months of 2016), of which 59 million in the third quarter

 Net profit: -€57 million (-€1,925 million in the first nine months of 2016), of which €53 million in the third quarter

 Capital expenditure: €198 million (€167 million in the first nine months of 2016), of which €51 million in the third quarter

 Net debt at September 30, 2017: €1,355 million (€1,450 million at December 31, 2016)

 New contracts: €4,717 million (€6,627 million in the first nine months of 2016)

 Backlog: €12,063 million (€14,219 million at December 31, 2016)

Updated guidance for 2017:

 Revenues: ~ €9.5 billion

 EBITDA: ~ €1 billion

 Adjusted net profit: ~ €200 million

 Capital expenditure: ~ €300 million

 Net debt: ~ €1.3 billion  

Stefano Cao, Saipem CEO, commented:

“Despite the persistence of a challenging market context, Saipem’s performance in the first nine months of 2017 was solid from both an operational and management point of view, enabling the Company to confirm the guidance for 2017. The third quarter saw a downward trend in net debt, a good performance in terms of contract awards in line with the expectations announced with the half-year results, and the full achievement of objectives set by the new Fit for the Future Programme. The presentation of the new name and logo of our conceptual engineering division, “XSIGHT by Saipem”, means that the new Company organization has become fully operational, setting clear targets for improving efficiency and effectiveness”.

 

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.

Website: www.saipem.com

Switchboard: +39 0244231

 

Media relations

Tel: +39 0244234088

E-mail: media.relations@saipem.com

 

Brunswick Italy press office

Tel: +39 024678752;

E-mail: SAIPEMITALY@BrunswickGroup.com

 

Brunswick Group UK press office

Tel: + 44 020 7404 5959;

E-mail: SAIPEM@BrunswickGroup.com

 

Relations with institutional investors and financial analysts

Tel: +39 0244234653;

Fax: +39 0244254295

E-mail: investor.relations@saipem.com

 

Contact point for retail investors

E-mail: segreteria.societaria@saipem.com

 

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