The care Alessandro Clean is bearing fruit. Saipem, seriously ill between the end of 2021 and the beginning of 2022, after repeated surgeries and horse doses she has definitely got back on her feet and is planning a 2023 in excellent health and better than expected.
An improvement had already begun to be seen at the end of a wretched 2022 that started with a profit warning, which was followed in the summer bycapital increase of 2 billion: in the third quarter the accounts had already allowed for an upward revision of the guidance.
Saipem: adjusted ebitda at 595 million
The energy and infrastructure sector services company in 2022 saw adjusted EBITDA back to 595 million from a deep red of 1,27 billion in 2021.
Il Net income is gradually recovering from the red of 2,46 billion in 2021, closing 2022 with the red attenuated at 209 million, recovering by 91,5%, even if some analysts hoped for better: Equita Sim hoped for a -174 million and Banca Akros -157 million.
"In addition to the satisfaction with the financial data for 2022, I believe it is essential to underline how the achievement of these results was possible thanks to the commitment of over 30 colleagues in 70 countries around the world" said the CEO Alessandro Puliti. “My first and personal thanks go to them, but I cannot but congratulate our shareholders, financial institutions and the entire board of directors. They are behind the company's strategic and organizational changes. And they are the ones who allowed the financial strengthening that made Saipem's relaunch possible".
Puliti, from Eni, and Paolo Calcagnini, from Cdp, they had immediately joined in February the then ad Francesco Caio, which yes was then discharged in August leaving the place right to Puliti.
A Business Square the stock lost more than 4% yesterday morning to then recover and close at -0,71%. Share down by 2,78% this morning.
The turnover rises thanks to the new orders collected in 2022
Better than expected are instead the revenues which last year grew to 9,98 billion, with a growth of 53% compared to 6,52 billion at the end of 2021. They are at the basis of the improvement the new orders, acquired last year for a total of 12,941 billion, practically doubled compared to 6,952 billion in 2021): the order backlog as at 31 December 2022 thus amounts to 24,017 billion. Furthermore, 2023 has already started well, with new orders for 900 million dollars.
Also the net financial position it improves while still remaining a bit negative with a -264 million, but far from the -1,54 billion that photographed the disastrous situation at the end of 2021. To further strengthen its financial position, in recent days Saipem had signed two new lines of credit for a total of 860 million euros with a pool of leading national and international banks.
The renewal of the strategic plan: 2023 turnover over 11 billion this year, ebitda at 850 million
With the new financial results in hand, Saipem was also able to review targets of the next few years, updating le strategic lines of the plan presented in 2022. For 2023, the energy company estimates a turnover above 11 billion, a adjusted ebitda of about 850 million, one free cash flow at breakeven and a positive pre-Ifrs 16 net financial position (negative by 500 million post-Ifrs). Investments are estimated at 450 million.
At the end of the plan, in 2026, Puliti also expects to exceed 12 billion in revenues and to bring theadjusted ebitda above 1,2 billion. Free cash flow is expected to exceed 600 million, while the post IFRS 16 net financial position is estimated to be greater than 700 million. Furthermore, in the period 2023-26, cumulative investments are calculated at 1,2 billion and E&C order acquisitions are expected for 46 billion together with offshore drilling for 3 billion.
