BAKU, Azerbaijan, Oct.28
By Leman Zeynalova – Trend:
In 2023, adjusted EBITDA of Italian Saipem company is expected to return to pre-Covid-19 levels to reach double-digit margins in the second part of the plan, Trend reports with reference to the company’s 2022-2025 strategic plan.
In the period of the plan, revenues are expected to grow at an average annual rate of 15 percent until 2025 thanks to the contribution of the backlog at September 30, 2021 of approximately EUR 24.5 billion, new commercial opportunities and the favorable growth prospects envisaged in drilling.
“2022 will be the year of the transition in which revenues and margins are expected to grow thanks to the significant contribution of offshore activities and drilling, whose signs of recovery are already visible today. In 2023, adjusted EBITDA is expected to return to pre-Covid-19 levels to reach double-digit margins in the second part of the plan,” the company said.
To support the growth that characterizes Saipem's new strategy, cumulative investments of approximately 1.5 billion euros are expected to be made over the plan period, including over 200 million euros for investments aimed at enriching the Group's technology portfolio.
“From a financial point of view, the operational performance expected to grow in 2022 will be offset by the cash absorption due to the dynamics of working capital and by the capex: the net financial debt in 2022 is expected to grow to approximately € 2.2 billion (including the IFRS16 impact) to then benefit from the significant expected cash generation of over 800 million euros in the four-year plan. The plan envisages a net financial debt of less than € 1bn by 2025.”
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