Saipem, the balance sheet smiles: revenues up 53%
Improve the performance of the Saipem Group, thanks to the acquisition of new orders and significant growth in revenues and margins. In fact, last year revenues amounted to 9,980 million euros, +53% compared to 2021; Adjusted Ebitda at 595 million euros, compared to a negative figure of 1,274 million euros in 2021; new orders acquired amounted to approximately 14 billion euros and over 70% of the acquisitions were made in the offshore businesses (E&C and Drilling). The pre-Ifrs 16 net financial position at 31 December 2022 was positive by 56 million euro (against a negative position of 264 million euro in the previous financial statements) while the first closing was finalized as regards the sale of Onshore Drilling at the end of October 2022, with proceeds of approximately 500 million euros and the acquisition of 10% of the investment in Kca Deutag.
In the fourth quarter of 2022 alone, the Group’s results saw revenues of 2,937 million euros; Adjusted EBITDA: 150 million euros; New orders acquired: around 6 billion euros, almost entirely (95% of the total) in the offshore business.
Saipem has updated the strategic lines presented in March 2022“confirming the positive momentum of the market and the progressive improvement of the performance of the Group“. The economic-financial targets were consequently revised, also with the aim of reflecting the effects of the sale of onshore drilling in the projections. This is what can be read in a note from the Saipem Group which specifically, with reference to the 2023 financial year, expects: revenues exceeding 11 billion euros; Adjusted Ebitda of approximately 850 million euros; Capex of approximately 450 million euros, also for the technical investments necessary for the preparation of new vessels leased from third parties to meet growing customer demand; Free Cash Flow at breakeven and a positive pre-Ifrs 16 net financial position at the end of the year (Post-IFRS 16 net financial position negative by approximately 500 million euros).
With reference to 2026, the last year of the 2023-26 Strategic Plan, the Company expects: expected revenues exceeding 12 billion euros; Adjusted EBITDA over €1.2 billion; Free Cash Flow exceeding 600 million euros; positive net financial position (post-IFRS 16) greater than 700 million euros at the end of the year. Finally, with reference to the entire period of the 2023-2026 Plan, the company expects: acquisition of new E&C orders for approximately 46 billion euros, of which approximately 25% in low/zero carbon segments, and Offshore Drilling for approximately 3 billion euros ; cumulative investments of approximately 1.2 billion euro.
“In addition to the obvious satisfaction with the economic and financial data for 2022, I believe it is essential to underline how the achievement of these results has been possible thanks to the commitment of over 30,000 colleagues in 70 countries around the world. Their contribution demonstrates the wealth of skills, abilities and result orientation that characterizes the Saipem culture. My first and personal thanks go to them”. This is how Alessandro Puliti, CEO and general manager of Saipem comments on the results 2022.
“Furthermore, I cannot fail to thank our shareholders, the financial institutions and the entire Board of Directors who have allowed for an effective implementation of the strategic, organizational and financial strengthening, which made the relaunch of Saipem possible”, conclude.
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