Saipem announced that it closed the 2022 financial year with revenues for a value of 9.980 billion euros, up 53% compared to 2021 and an adjusted EBITDA of 595 million euros, compared to a negative figure of 1.274 billion euros in the 2021.
The new orders acquired amounted to approximately 14 billion euro.
Saipem communicated in the note with which it released the accounts for 2022 and the fourth quarter that “over 70% of the acquisitions were made in the offshore businesses (E&C and Drilling)” and that “the pre-IFRS 16 net financial position at 31 December 2022 was positive for 56 million euros (negative post-IFRS 16 Net Financial Position for 264 million euros)”.
In the fourth quarter of 2022, the results of the Saipem Group were equal to:
Revenues: 2.937 billion euros; Adjusted EBITDA of 150 million euros.
Also in the fourth quarter of 2022, new orders acquired amounted to approximately 6 billion euros, almost entirely (95% of the total) in the offshore businesses.
Saipem also announced that it has “updated the strategic lines presented in March 2022, confirming the positive market momentum and the progressive improvement in the Group’s performance”.
“The economic-financial targets were consequently revised, also with the aim of reflecting the effects of the sale of onshore drilling in the projections”.
Specifically, with reference to the 2023 financial year, Saipem expects:
Revenues exceeding 11 billion euros; Adjusted EBITDA approximately €850 million; Capex around 450 million euros, also for the technical investments necessary for the preparation of new vehicles leased from third parties to satisfy the growing demand from customers; Free Cash Flow at breakeven; Positive pre-IFRS 16 net financial position at the end of the year (negative post-IFRS 16 net financial position of around 500 million euros).
With reference to 2026, the last year of the 2023-26 Strategic Plan, Saipem estimates:
Expected revenues exceeding €12 billion; Adjusted EBITDA over €1.2 billion; Free Cash Flow exceeding 600 million euros; Positive net financial position (post-IFRS 16) greater than 700 million euros at the end of the year.
With reference to the entire period of the 2023-2026 Plan, the company envisages:
Acquisition of new E&C orders for approximately 46 billion euro, of which approximately 25% in low/zero carbon segments, and Offshore Drilling for approximately 3 billion euro; Cumulative investments of approximately 1.2 billion euros.