BAKU, Azerbaijan, Apr.28
By Leman Zeynalova – Trend:
Revenues of Italian Saipem amounted to €1,618 million (€2,172 million in the first quarter of 2020) and adjusted EBITDA amounted to €88 million, (€240 million in the first quarter of 2020), Trend reports with reference to the company.
Both indicators, for all divisions and, especially, for the Offshore divisions, recorded results impacted by the slowdown of certain projects under execution agreed with customers and by the postponement of the contribution of recently awarded projects.
Adjusted net result amounted to a loss of €105 million (loss of €9 million in the first quarter of 2020). The negative change recorded in adjusted operating result, of €117 million, and in tax management and investments, of €10 million, is partly offset by the improvement in the balance of financial expenses and in the third-party interest result for a total amount of €31 million. Net result recorded a loss of €120 million (loss of €269 million in the first quarter of 2020) and unlike adjusted net result, was impacted by reorganisation expenses and costs related to the Covid-19 emergency crisis of €15 million in total.
At the time of the interim quarterly management report as at 31 March 2021, given the exceptional situation and in light of the deterioration of the market capitalisation value, the Company verified the absence of significant changes in the cash flows of the CGUs and in the rates discount that could highlight a potential reduction in the value of the assets of the CGUs.
As a result of the qualitative and quantitative analyses concisely carried out, no changes were identified in the contextual or endogenous factors of a significance such as to require a review of the assumptions underlying the updating of the flows of the 2021-2024 Strategic Plan and estimates of discount rates; consequently, the Company did not consider it necessary to carry out the impairment test as at 31 March 2021.
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