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Saipem announces 1Q20 results

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Oilfield Technology,


Saipem has announced its financial results for 1Q20.

Results for 1Q20:

  • Revenues: €2172 million (€2156 million in 1Q19).
  • EBITDA: €240 million (€266 million in 1Q19).
  • Adjusted EBITDA: €240 million (€274 million in 1Q19).
  • Operating profit (EBIT): loss of €177 million (profit of €118 million in 1Q19).
  • Adjusted operating profit (EBIT): €83 million (€126 million in 1Q19).
  • Net profit: loss of €269 million (profit of €21 million in 1Q19).
  • Adjusted net profit: loss of €9 million (profit of €29 million in 1Q19).
  • Special Items - 2020 first quarter results: write-downs of assets of €260 million (€8 million of reorganisation expenses in 1Q19).
  • CAPEX: €59 million (€74 million in 1Q19).
  • Net debt inclusive of IFRS16 lease liabilities: €1222 million (€1082 million at 31 December 2019).
  • Net debt pre IFRS16 at 31 March 2020: €632 million (€472 million at 31 December 2019).
  • New contracts awards: €917 million (€2517 million in 1Q19).
  • Backlog: €19 898 million (€21 153 million at 31 December 2019), reaching €23 390 million including non-consolidated companies’ backlog (€24 778 million at 31 December 2019).

As reported on 15 April, the uncertain conditions and volatility have led to the decision to withdraw the guidance for 2020.

Stefano Cao, CEO, commented: “The successful implementation of a comprehensive transformational strategy over the last few years has allowed Saipem to reach a strong economic and financial configuration with solid assets and no significant short-term debt maturing. We have gained a privileged competitive position having decided, for some time now, to support the energy transition by leveraging on our competencies and innovative technological tools. The resilience, the flexibility and the adaptability proven over many years allow our construction sites and vessels to remain operative, while fully protecting the health and safety of our people, and enable us to firmly navigate the general economically weaker environment, which has justified 2020 guidance withdrawal”.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23042020/saipem-announces-1q20-results/

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