Saipem sees an Ebit in progressive growth from 600 million next year to 700 million in 2017 and then reach 900 million in 2019. Debts are expected to fall to 1,5 billion next year, to then fall below 1 billion in 2017 and reset them in 2019. These are the guiding figures of the industrial plan presented by the Saipem top management on conference calls.
The turnover is seen to grow to 12 billion in 2019 but already in 2017 it will pass to 11 billion. Four years from now, the company also believes it has a strong investment grade rating position and will be remunerating shareholders.
The news of the entry of FSI (12,5%) and the new business plan pleased al Saipem title today to take off in Piazza Affari. Saipem's quotations rose up to 10,76% at 10,10, while at 12,30 they are around an increase of 8,5%. Eni also performed well with an increase of 0,81% to 15,01 euros (+0,82 the Ftse Mib).
Il project approved during the night by the Boards marks a further step forward in the strategy outlined by Eni CEO Claudio Descalzi and carried out in close collaboration with Stefano Cao at the helm of Saipem, envisages a capital increase of 3,5 billion for the subsidiary (to be completed in the first quarter of 2016 and already pre-guaranteed by a banking consortium), before which the Italian strategic fund will buy 12,5% of the company's capital from Eni at a price between 7,4 and 8,883 euros.
Eni and FSI will enter into a shareholders' agreement on 25% of Saipem's capital (to which they will contribute 12,5% each). At the same time, Saipem's debt to Eni, equal to 6,1 billion, will be repaid in full, using part of the proceeds from the 3,5 billion increase, a 'bridge to bond' credit line of 1,6 billion to 18 months and another 1,6 billion five-year credit line. In addition, a 1,5 billion revolving line will be available. Saipem will see its financial leverage reduced from 4,6 times EBITDA expected at the end of 2015 to 1,7 times pro forma.
