Saipem: results for the first quarter of 2017, guidance for 2017 is confirmed

FinancialSan Donato Milanese

San Donato Milanese, April 21, 2017 - The Board of Directors of Saipem S.p.A., chaired by Paolo Andrea Colombo, yesterday approved the Saipem Group’s Interim Report at March 31, 2017 [1] , and confirmed guidance expectations for 2017.

 

Results for the first quarter of 2017:

 Revenues: €2,263 million (€2,840 million in the first quarter of 2016)

 Adjusted EBITDA: €256 million (€314 million in the first quarter of 2016)

 Adjusted operating profit (EBIT): €122 million (€142 million in the first quarter of 2016)

 Operating profit (EBIT): €112 million (€142 million in the first quarter of 2016)

 Adjusted net profit: €54 million (€61 million in the first quarter of 2016)

 Net profit: €47 million (€61 million in the first quarter of 2016)

 Capital expenditure: €83 million (€45 million in the first quarter of 2016)

 Net debt at March 31, 2017: €1,605 million (€1,450 million at December 31, 2016)

 New contracts: €509 million

 Backlog: €12,465 million 2017

 

Guidance is confirmed

 Revenues: ~€10 billion

 EBITDA: ~€1 billion

 Net profit: > €200 million inclusive of reorganization expenses of approximately €30 million)

 Capital expenditure: ~ €0.4 billion

 Net debt: ~€1.4 billion

 

Stefano Cao, Saipem CEO, commented: “Q1 2017 has been a quarter of reliable delivery, despite markets that remain tough. We continue to reinforce the business and to position Saipem for future opportunities. We have strengthened the capital structure, and our new organisational structure will be fully operational during the second quarter. Conditions are demanding, but our company is on track”.

 

[1] Not subject to audit

 

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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