Saipem Board of Directors approves Six-Month Report at June 30, 2014

Saipem Board of Directors approves Six-Month Report at June 30, 2014

The Board of Directors of Saipem S.p.A. today reviewed Saipem’s consolidated Six-Month Report at June 30, 2014, which has been prepared in compliance with the International Accounting Standard IAS 34 “Interim Financial Reporting” and is subject to a limited audit (near completion). The report is subject to review by the Company’s Statutory Auditors and Independent Auditors.
Second quarter 2014 [1]
Revenues: €3,075 million
EBIT: €166 million
Net profit: €75 million
First half 2014 [1]
Revenues: €5,966 million
EBIT: €293 million
Net profit: €136 million
Investments: €329 million (€490 million in the first half 2013)
Net debt: €5,104 million (€4,760 million at December 31, 2013)
New contracts: €13,132 million (€6,704 million in the first half 2013)
Backlog: €24,215 million at June 30, 2014 (€17,065 million at December 31, 2013 [2])
Guidance 2014
Revenues: approximately €13 billion
EBIT between €600 and €700 million
Net profit between €280 and €330 million
Capex: approximately €750 million
Net debt between €4.2 and €4.5 billion
Umberto Vergine, Saipem CEO, commented:
“The strong start we made in the first quarter, in terms of winning new business in line with our strict commercial criteria, accelerated even further with a record €9.2 billion of new awards during the second quarter.
Saipem continues to be committed and is making progress in the execution and negotiation of legacy contracts. This remains our highest priority, as we work to strengthen our balance sheet and reduce our debt levels. The task of restoring Saipem to full health is not yet complete, but the components for a recovery are in place as we work towards realizing the Company’s potential in the medium term”.
Source: Saipem

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