Saipem releases Q3 results

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: €6873 million (€7885 million in the first nine months of 2016), of which €2283 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 (-€1500 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 (-€1925 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 30 September 2017: €1355 million (€1450 million at 31 December 2016).
• New contracts: €4717 million (€6627 million in the first nine months of 2016).
• Backlog: €12 063 million (€14 219 million at 31December 2016).

Updated guidance for 2017:

• Revenues: Approximately €9.5 billion.
• EBITDA: Approximately €1 billion.
• Adjusted net profit: Approximately €200 million.
• Capital expenditure: Approximately €300 million.
• Net debt: Approximately €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 organisation has become fully operational, setting clear targets for improving efficiency and effectiveness”.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24102017/saipem-releases-q3-results/