Focus on Saipem, the Eni group company, which provides services for the energy and infrastructure sector, after approval by the Board of Directors of strategic plan 2024-2027 which provides for an improvement in the economic-financial objectives and an expansion of the offer to support the low/zero carbon segment for the energy transition.
The company, which yesterday closed the stock market session with a rise of 1% after peaks of over 2% during the session,
plans to close theexercise in progress with revenues between 12,7 and 13,3 billion euros, while the EBITDA margin is estimated at approximately 10%. The operating cash flow (net of rental payments) is indicated between 740-780 million euros, with investments for approximately 440-480 million euros.
Over the entire span of the 2024-2027 plan, Saipem plans acquisitions of new orders for around 50 billion euros, with orders in the "low/zero carbon" segments equal to around a third of the total. The annual compound growth rate of revenues is indicated in a range of 4-5% in the period 2023-2027, with an EBITDA margin of approximately 12% in 2027. Operating cash flow (net of rental payments) is estimated at around 3 billion euros, with investments of around 1,4 billion.
Saipem also decided to convene theShareholders' Meeting, in ordinary session and in single call, next 14st May 2024.
Return to dividend in 2025
Furthermore, the board of directors approved a dividend policy, on the prediction of a significant cash generation. In detail, management expects dividends equal to approximately 30-40% of free cash flow (net of rental payments), with the return to dividend payments in 2025, based on the results expected in 2024.
Operating margin almost doubled in 2023
Furthermore, the Saipem board of directors approved the Group's 2023 consolidated financial statements yesterday evening, in which the preliminary final balance for 2023 announced last February 28, which highlighted revenues of 11,874 billion euros, an EBITDA of 926 million euros, an EBIT of 437 million euros and a net profit of 179 million euros. In particular, i revenues they saw an increase of 19% compared to the 9,98 billion obtained in the previous year and the management reported that the improvement was recorded in the offshore sectors, both engineering & construction and drilling.
Almost doubled the operating margin adjusted gross, increased from 595 million to 926 million euros. The net result was positive for 179 million euros, compared to the red of 209 million euros recorded in 2022 and the adjusted net result was also positive for 179 million euros.
Debt slightly decreasing
At the end of 2023, Saipem's net financial debt fell slightly to 261 million euros, compared to 264 million at the beginning of the year, with liquidity of 2,61 billion euros.
During the first nine months of 2023, technical investments fell to 482 million euros, compared to 523 million the previous year. Operating activities generated cash of 248 million euros.
Order book at the end of 2023 at 30 billion
During 2023, Saipem acquired new orders for a total of 17,66 billion euros, compared to 12,94 billion the previous year. Consequently, at the end of 2023 the order book amounted to 29,8 billion euros, of which 11,65 billion to be completed in 2024. The order book, including non-consolidated companies, amounted to 29,89 billion euros.
In the fourth quarter of 2023 revenues +19,5% on year
The engineering company ended the fourth quarter of 2023 with revenues of 3,51 billion, an improvement of 19,5% compared to the 2,94 billion in the corresponding period of the previous year.
Il gross operating margin adjusted jumped from 150 million to 286 million euros, while the adjusted net result was positive by 100 million euros.
