BAKU, Azerbaijan, Apr.29
By Leman Zeynalova – Trend:
Italian Saipem company’s liquidity has increased to €2.5 billion in Q1 2021 as a result of the new bond successfully issued in March, Trend reports with reference to the company.
Saipem's performance in the first quarter of 2021 is still affected by the pandemic crisis and is influenced by a slowdown of activities and the rescheduling of project execution plans in some areas of the world. Thanks to a good level of new contract acquisitions in the first quarter of 2021 for approximately €1.6 billion, and equal to the revenues for the period, the backlog remains at a record level of over €25 billion and is well diversified. The financial structure is robust, with liquidity increasing to €2.5 billion as a result of the new bond successfully issued in March.
Net debt as at 31 March 2021, pre IFRS 16 lease liability, amounted to €1,101 million, recording an increase of €229 million compared with 31 December 2020 (€872 million), mainly due to the slowdown of certain ongoing projects and the postponement of the contribution of recently awarded projects. Net debt inclusive of IFRS16 lease liabilities,€347 million, amounted to €1,448 million.
Revenues 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). 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.
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