SAIPEM: SHINES ON THE STOCK MARKET AFTER THE ACCOUNTS OF THE FIRST QUARTER, + 8.52%
SAIPEM shines a Piazza Affari after the first quarter accounts. The group title thus won the pink jersey of the Ftse Mib: the title closed the session with a jump of 11.80% to 1.26 euros. Saipem closed the first quarter with a 20% increase in revenues to € 1.942 billion, driven by offshore E&C and the two drilling segments. Adjusted Ebitda amounted to 145 million euros, while net financial debt dropped to 1,251 million, after the first steps taken by the main shareholders to strengthen the group’s equity and financial position. In the last month, the stock gained 16.37% on the stock market, while it lost 45.21% over six months and 45% in the last year.
SAIPEM: IN THE FIRST QUARTER REVENUES + 20% AT 1.94 BILLION, EBITDA ADJ. TO 145 MILLION
Saipem closed the first quarter by consolidating the operational recovery recorded in the last three months of 2021. The results approved yesterday by Board of Directors show a 20% increase in revenues to € 1.942 billion (compared to € 1.618 billion in the same period of 2021), driven by offshore E&C and the two drilling segments. As for theEBITDA adjusted amounted to 145 million euros (compared to 88 million euros in the first quarter of 2021 and approximately 120 million euros in the fourth quarter 2021 net of the impact of the backlog review). A trend that – it is emphasized in a note – “basically follows the growth drivers of revenues”.
Net financial debt post IFRS-16 decreased to 1,251 million euros (it was 1,541 million euros at 31 December 2021), an improvement thanks to the first interventions of the main shareholders in the context of the capital and financial strengthening maneuver. The first quarter results of SAIPEM recorded an operating profit of 1 million euros (compared to a loss of 49 million in the same period of 2021) while EBIT adjusted sees a profit of 14 million (against the red from 34 million in 2021). The net result recorded a loss of 98 million euros (they were 120 million a year earlier while the adjusted net result is a loss of 85 million euros (-105 million in the first quarter of 2021). SAIPEM therefore reports technical investments for 45 million euros.
SAIPEM: IN THE FIRST QUARTER ORDERS ACQUIRED FOR 2.36 BILLION
In the first quarter Saipem acquired orders for 2,356 million euros, in particular in the E&C offshore and offshore drilling segments, confirming the positive market phase. The group communicates this in a note after the approval of the data by the Board of Directors. The residual order backlog stands at € 22.179 billion (€ 23.934 billion including the backlog of non-consolidated companies).
SAIPEM: FINANCIAL MANEUVER FORWARD IN LINE WITH PLANNED TIMES
There maneuver to strengthen the capital and financial situation of the SAIPEM group “continues in line with the timing planned by the Company”. This can be read in the note released after the approval of the first quarter data, in which it is reported as “the shareholders Eni and CDP Industria they paid in by 31 March 2022 646 million euros in the future capital increase account “. The share of Eni’s shareholder equal to 458 million euros was converted into a payment to shareholders’ equity, ” registered reserve ”. It was also subscribed with a pool of eight Italian and international banks, the liquidity facility, guaranteed by Eni for 855 million euros, disbursed for 680 million euros on April 4. SAIPEM reports that the extraordinary shareholders’ meeting will be held on May 17, called to approve the reduction of the share capital due to losses through the reduction of the number of ordinary shares with the grouping of the same in the ratio of 21 ordinary shares for every 100 ordinary shares, after the cancellation of 41 treasury shares held by the Company, and the attribution to the Board of Directors of the delegation, to be exercised by March 31, 2023, “to increase, indivisibly, the share capital by € 2 billion to be offered as an option to ordinary and savings shareholders against payment, as resolved by the Board of Directors on March 24, 2022”. SAIPEM also recalls that 500 million euros of bonds maturing on 5 April were repaid.
SAIPEM: GROUP, BACKLOG PROJECTS RUSSIA FOR 1.78 BILLION, WE RESPECT SANCTIONS
The backlog overall projects of SAIPEM in Russia at March 31 last year it amounted to 1,777 million euros, of which 217 million euros for projects included in the scope of consolidation of SAIPEM. This was announced by the group, underlining that “the Company continues to operate in full compliance with the provisions on international sanctions”. SAIPEM – he explains – “is monitoring the continuous evolution of the situation to assess its impacts and has activated and will continue to activate, according to the evolution of the situation, the appropriate contractual clauses to protect its rights and interests, verifying the modalities with customers and partners. with which to act in accordance with the evolution of the sanctions introduced “
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