Saipem closed the first half with a net profit of 473 million, up 8% on the same period last year.
As regards the second quarter alone, the net result recorded an increase of 7,6% to 242 million against revenues that rose by 6,5% to 3.265 million and an Ebitda that grew by 8,7% to 563 million. Acquisitions of new orders in the first half amounted to 6,3 billion from 6 billion in the first half of 2011 against a residual order backlog which stood at 20,3 billion (20,4 billion as at 31 March 2012). The company confirmed for 2012 the expectations of growing results on 2011 with revenues equal to 13 billion, an operating profit of 1,6 billion and a net profit of approximately one billion. Investments are expected to be approximately one billion, with an increase of 100 million compared to the initial guidance.
Technical investments made by Saipem during the first half of the year amounted to 548 million (from 561 million in the same period last year) while in the second quarter alone they were 232 million (from 206 million). Debt at the end of June amounted to 3.935 million with an increase of 743 million compared to the end of 2011 due, as the company explains in a note, "to a significant deterioration in working capital recorded in the first quarter, to the distribution of dividends in the second quarter and the renewal of exchange hedging transactions in the presence of a strengthened US dollar, for an outlay of approximately 98 million euros in the six-month period”. The recovery “from the unusual working capital exposure generated in the first quarter began in the second quarter and is expected to continue in the second half.
Looking at the individual sectors in which Saipem operates, it can be seen that as regards offshore Engineering & construction activities, revenues in the second quarter rose by 2,9% to 1,295 billion with an operating profit down by 2,9% to 169 millions. The onshore Engineering & construction activities generated revenues of 1,526 billion in the quarter with an operating profit up 6,9% to 124 million. In offshore drilling revenues amounted to 266 million (+28,5%) with an operating profit of 72 million (+38,5%) while in onshore drilling the turnover reached 178 million (+2,9%) with a profit of 24 million (+9,1%).
