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http://www.llworkorder.com/en/media/press-releases/2019-10-24/saipem-results-third-quarter-and-first-nine-months-2019
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San Donato Milanese, October 24, 2019 - The Board of Directors of Saipem S.p.A., chaired by Francesco Caio, yesterday approved the Saipem Group’s Interim Report at September 30, 2019 (not subject to audit).

Highlights

  • New contracts: significant new contract awards, with value in excess of €13.9 billion at September 30, 2019; this amount rises to €16.2 billion when new contracts awarded to non-consolidated companies are included
  • Net debt pre IFRS16: the improvement compared to 2018 year end continued in the third quarter. 2019 guidance is confirmed with net debt forecast to end below €800 million
  • Net profit: the positive trend, with a strong improvement in the first six months of 2019, confirms a reversal compared to the first nine months of 2018, which recorded a loss of €357 million
  • Offshore Engineering & Construction Division: good operational performance in the first nine months of 2019 and significant visibility of new commercial opportunities in the coming quarters
  • Onshore Engineering & Construction Division: the turnaround continued successfully resulting in margin improvement
  • Offshore and Onshore Drilling:increasing volumes and margins inline with the market context

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Results for the first nine months of 2019:

  • Revenues: €6,748 million (€6,057 million in the first nine months of 2018), of which €2,229 million in the third quarter

  • EBITDA: €866 million (€642 million in the first nine months of 2018), of which €292 million in the third quarter

  • Adjusted EBITDA: €899 million (€760 million in the first nine months of 2018), of which €293 million in the third quarter

  • Operating profit (EBIT): €402 million (€43 million in the first nine months of 2018), of which €140 million in the third quarter

  • Adjusted operating profit (EBIT): €449 million (€417 million in the first nine months of 2018), of which €141 million in the third quarter

  • Net profit: €44 million (loss of €357 million in the first nine months of 2018), of which €30 million in the third quarter

  • Adjusted net profit: €91 million (€17 million in the first nine months of 2018), of which 31 million in the third quarter

  • Special Items – results 2019: write-downs and re-organization expenses of €47 million (write-downs and re-organization expenses of €374 million in the first nine months of 2018), of which €1 million in the third quarter

  • Capital expenditure: €229 million (€365 million in the first nine months of 2018), of which €94 million in the third quarter

  • Net debt inclusive of IFRS16 lease liabilities at September 30, 2019: €1,421 million (€1,706 million at January 1, 2019)

  • Net debt pre-IFRS 16 at September 30, 2019: €927 million (€1,159 million at December 31, 2018)
  • New contracts: €13,943 million (€6,121 million in the first nine months of 2018); this amount rises to €16.2 billion when new contracts awarded to non-consolidated companies are included
  • Backlog: €19,814 million (€12,619 million at December 31, 2018)
  • Backlog inclusive of non-consolidated companies: €23,781 million (€14,463 million at December 31, 2018)

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Stefano Cao, Saipem CEO, commented: “I am particularly satisfied with the positive trend in all indicators resulting from the comprehensive and effective economic and financial rebalancing work carried out over the last few years. As demonstrated by the record-breaking award of new contracts in the first nine months of the year shows, the company holds a leadership position in the market, particularly in those segments most closely linked with the energy transition. The forthcoming challenges will see us engaged in the improvement of our positioning in the specific market segments and in the identification and pursuit of strategies that will allow us to consolidate and confirm our leadership”.

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