After the much troubled capital increase of two billion, considered essential for the financial recovery but which also brought a lot of volatility to the stock, Saipem raises his head and closes the first semester 2022 growing revenues and margins and with financial debt in line with targets after 2021 closed with a profit warning. However, the balance sheet remains at a loss (-130 million but better than the consensus of -174 million), albeit an improvement compared to -779 million in the first half of 2021.
After losing 13% last week, i titles of the group of services for the energy and infrastructure sector recovered some ground, with a rise of 0,81% equal to 0,74 euro.
"Saipem closes a six-month period of growth and return to operating profitability which relaunches the company on a path of sustainable development", declared the CEO Francesco Caio.
Saipem: data for the first half of 2022
I revenues they stood at 4,43 billion euros, with a growth of 39% compared to the first half of 2021 (beyond the expectations of the Factset consensus of 4,176 billion). back positive theadjusted ebitda (gross operating margin) to 321 million (negative by 266 million in 2021) beating the consensus (268 million).
THEfinancial debt netto post Ifrs-16 it is 1,7 billion (before capital increase) from 1,541 billion at the end of 2021.
The data also includes the results of the sector Onshore drilling divested which have been recognized as discontinued operations: in June, Saipem and Kca Deutag signed an agreement for the sale of the assets in this sector for $550 million in cash plus 10% of Kca's shares. The transaction will be finalized at the end of 2022.
Acquired orders in the first half of 4,866 billion (4,261 billion in the first half of 2021), in line with the priorities of the strategic plan, and which bring the total portfolio to 22,98 billion (24,59 billion with non-consolidated companies), despite the 180 million less for the cancellation of the Moscow Refinery contract in Russia.
Plan targets confirmed
Confirmed the targets of strategic plan 2022-25, including for 2022 over 500 million of adjusted ebitda and net financial debt post IFRS-16 of approximately 800 million euro, excluding the expected income from the sale of Onshore Drilling).
