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Saipem release Q1 2017 results

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LNG Industry,


The Board of Directors of Saipem S.p.A., chaired by Paolo Andrea Colombo, have approved the Saipem Group’s Interim Report at 31 March 2017, and confirmed guidance expectations for 2017. 

Results for the first quarter of 2017: 

  • Revenues: €2263 million (€2840 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 31 March 2017: €1605 million (€1450 million at 31 December 2016). 
  • New contracts: €509 million. 
  • Backlog: €12 465 million. 

2017 guidance is confirmed:

  • Revenues: approximately €10 billion. 
  • EBITDA: approximately €1 billion. 
  • Net profit: less than €200 million inclusive of reorganization expenses of approximately €30 million). 
  • Capital expenditure: approximately €0.4 billion. 
  • Net debt: approximately €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”. 

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24042017/saipem-release-q1-2017results/


 

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