Saipem closes the first quarter of 2022 with an improvement of both turnover both of the profitability, better than expected. After the turbulence of recent months and thecapital increase of 2 billion euros announced at the end of March, The oil and gas equipment group reported revenues of 1,94 billion euros, up 20% from 1,62 billion in the same period of 2021, driven by offshore E&C and by the two drilling segments, but below the consensus of 2,2 billion. Thanks to the reduction in quarterly losses (-98 million) and the increase in revenues, the Saipem title shines in Piazza Affari and wades over 10%, after briefly entering the volatility auction.
The company also confirmed the financial estimates for 2022, specifying that at the moment there are no elements that modify the economic-financial targets communicated at the end of March, which envisage an adjusted EBITDA of around 500 million.
In addition, on May 17 will be held theextraordinary meeting of shareholders which will be called upon to resolve the reduction of the share capital due to losses through the reduction of the number of ordinary shares with reverse split (21 ordinary shares for every 100 ordinary shares, subject to cancellation of 41 treasury shares) and the attribution to the board of directors of the capital increase of 2 billion as resolved on 24 March. The group then highlights that it paid off 500 million of bonds due on April 5 and had its credit rating upgraded by S&P Global from BB- (negative creditwatch) to BB (positive outlook) on April 1.
Saipem accounts first quarter 2022
Il adjusted EBITDA rose to 145 million from 88 million in the first quarter of 2021 and from approximately 120 in the fourth quarter of 2021 net of the impact of the backlog review which led to the earnings alarm on the 2021 accounts at the end of January and the subsequent capital increase, in addition to consensus forecast of 105 million. Considering the backlog review, the EBITDA in the first quarter is back in the positive.
The adjusted EBITDA trend, explains the group, follows the revenue growth drivers. Adjusted EBIT was €14 million compared to a loss of €34 million in Q2021 1,039 and a loss of €85 billion in the fourth quarter. The period closed with an adjusted net result of -89 million, compared to -105 million of the consensus, compared to the loss of 2021 million in the same period of 1,052 and the red of XNUMX billion in the fourth quarter due to the well-known difficulties that then led to the January profit warning.
Debt as at March 31, 2022
Net financial debt amounted to 1,251 billion from 1,541 billion as at 31 December 2021, an improvement thanks to the first interventions by the reference shareholders in the context of the capital and financial strengthening manoeuvre. The consensus estimated a higher amount at $1,77 billion.
The group said that the capital and financial strengthening maneuver - launched after the profit warning in January - continues "in line with the planned timescales" and reported that the shareholders Eni and Cdp had paid, by 31 March 2022, 646 million for future capital increases and the liquidity facility was subscribed with a syndicate of eight Italian and international banks, guaranteed by Eni for 855 million and disbursed for 680 million.
Order backlog as at 31 March 2022
The acquisition of orders in the first quarter of 2022 amounted to 2,356 billion, in particular in the offshore E&C and offshore drilling segments, "confirming the positive market phase", highlighted the company. In the same period of 2021, the orders acquired had been 1,594 billion and in the fourth quarter of 2,34 billion. As at 31 March 2022, the residual order backlog amounted to 22,179 billion (the one including the consolidated companies to 23,934 billion). On projects in Russia, the group specified that the total backlog as at March 31, 2022 is equal to 1,78 billion euros, of which 217 million for projects included in Saipem's scope of consolidation.
