Saipem declares 1Q17 results

Saipem’s results for 1Q17 were as follows:

• Revenues: €2263 million (compared to €2840 million in 1Q16).
• Adjusted EBITDA: €256 million (compared to €314 million in 1Q16)
• Adjusted operating profit (EBIT): €122 million (compared to €142 million in 1Q16)
• Operating profit (EBIT): €112 million (compared to €142 million in 1Q16).
• Adjusted net profit: €54 million (compared to €61 million in 1Q16).
• Net profit: €47 million (compared to €61 million in 1Q16).
• Capital expenditure: €83 million (compared to €45 million in 1Q16).
• Net debt on 31 March 2017: €1605 million (compared to €1450 million on 31 December 2016).
• New contracts: €509 million.
• Backlog: €12 465 million.

The guidance expectations have been confirmed, with revenues of approximately €10 billion, EBITDA of approximately €1 billion, net profit of over €200 million (including reorganisation expenses of approximately €30 million), capital expenditure of approximately €0.4 billion, and net debt of round €1.4 billion.

Stefano Cao, CEO of Saipem, commented: “1Q17 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 2Q17. Conditions are demanding, but our company is on track”.