Saipem reveals factors affecting its net profit

Saipem reveals factors affecting its net profit

BAKU, Azerbaijan, Feb.26

By Leman Zeynalova – Trend:

Net profit of Italy-based Saipem company in 2019 amounted to 12 million euros (loss of 472 million euros in 2018), and, unlike adjusted net profit, was impacted by several special items, Trend reports citing Saipem.

The factors impacting the company’s net profit are as follows: Write-downs of tangible assets in the Offshore Drilling division of 58 million euros deriving from the impairment test; - write-down of a jack up and related working capital of 22 million euros; the asset has been partially written down because it will be replaced by a third-party leased asset from March 2020 to conclude the ongoing contract in backlog; - working capital write downs, totalling 63 million euros, relating to several litigations pending for a long period on projects already completed, resulting from the periodic activity of legal monitoring of the overall litigations; - release of a provision of 38 million euros following the acquittal ruling on the “Algeria” proceeding issued by the Court of Appeal of Milan on January 15, 2020, fully upholding the appeal of Saipem S.p.A. and of the individuals charged (including some former managers of Saipem who have all left the Company between 2008 and 2012), stating the absence of the administrative offence of Saipem SpA because of the inexistence of the alleged facts, and therefore revoking the confiscation of the price of the offence that was pronounced in the First Instance by the Court of Milan, pursuant to article 19 of Legislative Decree 231/2001; - reorganization expenses of €48 million.

The company’s revenues amounted to 9,099 million euros, up by 6.7 percent on 2019, due to volume increases recorded in the Onshore Engineering & Construction division and the Offshore and Onshore Drilling divisions.

“Adjusted net profit amounted to 165 million euros (25 million euros in 2018). Alongside the positive variation of the adjusted operating income, of 75 million euros, an improvement in financial expenses and a significant decrease of taxes were recorded, partly offset by an increase in results attributable to non-controlling interests,” said the company.

Saipem is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is “One-Company” organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSight, dedicated to conceptual design). It is present in over 70 countries worldwide and has 33 thousand employees of 120 different nationalities.

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Follow the author on Twitter:@Lyaman_Zeyn

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