The share of Saipem snatched on the stock market, which at the beginning of the afternoon gained 6,36%, at 12,20 euros, achieving one of the best increases in the Ftse Mib. The plant engineering company of the Eni group announced that it closed the first quarter with a net profit of 77 million, up 26,2% compared to 61 million in the same period of 2014. Revenues instead amounted to 3 billion, 4,5% increase over the first three months of last year.
The January-March Ebit is 159 million, up 25% compared to the same period of 2014. Technical investments made in the first quarter amount to 150 million (204 in the first three months of 2014). Net financial debt as at 31st March was 5,193 billion, “with an increase of 769 million compared to 31st December 2014 – specifies the company -. Before the negative cash impact of 381 million relating to exchange rate hedging derivatives, debt reached 4,8 billion, down by approximately 800 million compared to the previous year”.
Also in the first three months of the year, Saipem acquired new orders for a total of 2,399 billion euros (3,9 billion in the same period of 2014). The order backlog as at 31 March therefore amounted to 21,526 billion (11,532 billion in offshore Engineering & Construction, 6,201 billion in onshore Engineering & Construction, 3,793 billion in Drilling), of which 7,440 billion to be completed in 2015.
“The recovery process remains to be completed in part – commented the managing director Umberto Vergine – and this just as new challenges are being added, in particular as regards the slowdown in our customers' investments given the current oil price scenario. However, I am confident because Saipem has created solid foundations to complete the recovery path and recover past levels of profitability".
The company also confirms the outlook illustrated during the presentation of the annual results on February 16: revenues between 12 and 13 billion, Ebit between 500 and 700 million, net profit between 200 and 300 million, technical investments at 650 million, net debt below 4 billion, excluding the impact of exchange rate fluctuations. “Based on current exchange rates, we expect the cash impact of the hedges to impact net debt by around €500m at the end of the year,” concluded Saipem.
