Saipem: the Board approves the 2018 draft Financial Statements

Year 2018

 Guidance fully confirmed in what remains a challenging market scenario
 Operational performance constantly improving
 Robust and balanced backlog also thanks to important contract awards in Q4
 Continuous and progressive reduction of net debt despite CAPEX for new vessel
 Reported results include special items for the most part already notified to the market  Possible settlement of South Stream dispute, as under discussion, included the results

Year 2019

 Revenue guidance1 approximately €9 billion, with adjusted EBITDA in excess of 10%, net debt approximately €1 billion

San Donato Milanese, February 28, 2019 – Yesterday, the Board of Directors of Saipem S.p.A., chaired by Francesco Caio, reviewed the Saipem Group draft consolidated Financial Statements2 as at December 31, 2018, which have been prepared in compliance with the International Financial Reporting Standards (EU approved IFRS).

Results for 2018:

  •   Revenues: €8,526 million (€8,999 million in 2017), of which €2,469 million in the fourth quarter

  •   Adjusted EBITDA: €1,002 million (€964 million in 2017), of which €242 million in the fourth quarter

  •   Reported EBITDA: €848 million (€862 million in 2017), of which €206 million in the fourth quarter

  •   Adjusted operating profit (EBIT): €534 million (€440 million in 2017), of which €117 million in the

    fourth quarter

  •   Reported operating profit (EBIT): €37 million (€126 million in 2017), loss of €6 million in the fourth

    quarter

  •   Adjusted net profit: profit of €25 million (€46 million in 2017), of which €8 million in the fourth

    quarter

  •   Reported net result: write-downs and reorganisation expenses of €497 million (loss of €328 million

    in 2017, net of write-downs, reorganisation expenses and tax dispute settlement of €374 million), which lead to a loss for the period of €472 million of which: €115 million in the fourth quarter net of write-downs and reorganisation expenses of €123 million

  •   Capital expenditure: €485 million (€262 million in 2017), of which €120 million in the fourth quarter

  •   Net debt at December 31, 2018: €1,159 million (€1,296 million at December 31, 2017)

  •   New contracts: €8,753 million (€7,399 million in 2017), of which €2,632 million in the fourth

    quarter

  •   Backlog: €12,619 million (€12,392 million at December 31, 2017), which does not include backlog

    of joint-venture contracts of €1,844 million

 

Guidance 2019:

 Revenues: approximately €9 billion
 Adjusted EBITDA: > 10%
 Capital expenditure: approximately €500 million  Net debt: approximately €1 billion

Saipem: the Board approves the 2018 draft Financial Statements

pdf - 12-2022

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