Saipem: results for the first quarter of 2018FinancialSan Donato Milanese
San Donato Milanese, April 24, 2018 - 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, 2018 (not subject to audit).
Operational performance in line with expectations
Strong reduction in net financial debt
Strengthening of the E&C Offshore fleet
Results for the first quarter of 2018:
Revenues: €1,915 million (€2,263 million in the first quarter of 2017)
Adjusted EBITDA: €214 million (€256 million in the first quarter of 2017)
EBITDA: €201 million (€246 million in the first quarter of 2017)
Adjusted operating profit (EBIT): €100 million (€122 million in the first quarter of 2017)
Operating profit (EBIT): €87 million (€112 million in the first quarter of 2017)
Adjusted net profit: €11 million (€54 million in the first quarter of 2017)
Net profit: loss of €2 million, net of reorganization expenses of €13 million (€47 million in the first quarter of 2017, net of reorganization expenses of €7 million)
Capital expenditure: €32 million (€83 million in the first quarter of 2017)
Net debt at March 31, 2018: €1,200 million (€1,296 million at December 31, 2017)
New contracts: €1,023 million (€509 million in the first quarter of 2017)
Backlog: €11,500 million (€12,392  million at December 31, 2017)
Includes the acquisition of the Offshore Engineering & Construction pipelay vessel:
Revenues: approximately €8 billion
Adjusted EBITDA: greater than 10% on revenues
Capital expenditure: approximately €0.5 billion
Net debt: approximately €1.3 billion
Stefano Cao, Saipem CEO, commented: “The results for the first quarter of 2018 confirm the solid operational and managerial performance previously demonstrated during 2017 and highlight a further reduction of net debt compared to the level recorded at year-end 2017. Furthermore, last March, with a view to further strengthening Saipem’s capabilities in the subsea pipelaying sector and completing the range of services offered to the subsea market, the Company finalized the agreement for the purchase of the ship Constellation, a latest generation vessel equipped with cutting edge technology”.
 The €29 million increase in the backlog from €12,363 million at December 31, 2017 is due to the application of the accounting standard IFRS 15, specifically: €16 million are related to contracts in the Offshore Drilling sector, €8 million to contracts in the Onshore E&C sector and €5 million to contracts in the Onshore Drilling sector.
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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