Saipem Board approves consolidated financial statements for 2021
The Board of Directors of Saipem SpA, chaired by Silvia Merlo, yesterday approved the Group’s consolidated financial statements as of December 31, 2021, which close with a loss of €2,467 million (loss of €1,136 million in 2020) and the draft statutory financial statements of Saipem SpA, which close with a loss of €2,382 million (loss of €171 million in 2020), prepared in accordance with international accounting standards (International Financial Reporting Standards – IFRS approved by the EU). The Financial Statements of Saipem SpA therefore closed with losses exceeding one third of the share capital, thus fulfilling the requirements of Article 2446 of the Italian Civil Code.
In the same meeting, the Board of Directors also approved the consolidated financial statements prepared in accordance with the new European provisions for the standardisation of communication languages (ESEF regulation – European Single Electronic Format), which provide for the adoption of the “inline XBRL” standard and the labelling of the consolidated financial statements using the IFRS taxonomy adopted by ESMA.
The consolidated financial statements and the draft financial statements of Saipem SpA have been submitted to the Board of Statutory Auditors and the Independent Auditors, together with the Management Report.
Highlight:
Revenues: €6,875 million (€7,342 million in 2020)
Adjusted EBITDA negative €1,192 million (positive €614 million in 2020) and negative €901 million in the fourth quarter. Result of backlog review on E&C projects weighed on the fourth quarter and the year by €1,020 million
Adjusted operating income (EBIT) 2021 negative €1,713 million (positive €23 million in 2020)
The net result registered a loss of €2,467 million (loss of €1.136 million of 2020)
Post-IFRS-16 net debt of €1,541 million (€1,226 million as of December 31, 2020), an improvement on the third quarter (€1,673 million)
Acquisition of new orders in 2021 of €7,208 million (€8,659 million in 2020), fourth quarter acquisitions more than five times higher than in the third quarter, confirmed expectations of a recovery in oil and gas investments
Saipem SpA’s 2021 financial statements closed with a loss of €2,382 million, thus fulfilling the requirements of Article 2446 of the Civil Code
Limited year-end backlog exposure for projects in Russia, which accounts for around 1% of the IFRS backlog and around 8% of the backlog including non-consolidated companies
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The Board of Directors also approved the update of the 2022-25 Strategic Plan and the package to strengthen the Company’s financial and capital structure.
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