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Saipem: Results for the first half of 2017

Published by
LNG Industry,


The Board of Directors of Saipem S.p.A. has approved the Saipem Group’s consolidated six month report at 30 June 2017.

Highlights:

  • Solid operational performance.
  • Reported results impacted by special items.
  • Net financial debt in line with expectations.
  • Backlog declining; good visibility for significant new contracts.
  • Additional measures to contain costs.
  • Updated guidance for 2017.

Results for the first half of 2017:

  • Revenues: €4590 million (€,275 million in the first half of 2016), of which €2327million in the second quarter.
  • Adjusted EBITDA: €524 million (€669 million in the first half of 2016), of which €268 million in the second quarter.
  • Adjusted operating profit (EBIT): €260 million (€324 million in the first half of 2016), of which €138 million in the second quarter.
  • Operating profit (EBIT): €124 million (€237 million in the first half of 2016), of which €12 million in the second quarter.
  • Adjusted net profit: €92 million (€140 million in the first half of 2016), of which €38 million in the second quarter.
  • Net profit: -€110 million (€53 million in the first half of 2016), of which -€157 million in the second quarter.
  • Capital expenditure: €147 million (€97 million in the first half of 2016), of which €64 million in the second quarter.
  • Net debt at 30 June, 2017: €1504 million (€1450 million at 31 December 2016).
  • New contracts: €2088 million (€3,328 million in the first half of 2016).
  • Backlog: €11 717 million (14,219 million at 31 December 2016).

Stefano Cao, Saipem CEO, commented:
“In the first half of 2017, Saipem’s performance was solid from both an operational and management point of view. The rationalisation and strengthening of the newly implemented organisational model continued and should lead to greater efficiency and effectiveness, as well as to a further reduction in operational costs. With these actions Saipem will be better positioned to meet the market upturn. Despite the persistence of a difficult market context, the Company has good visibility for significant order acquisitions in the near future.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25072017/saipem-results-for-the-first-half-of-2017/

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