Saipem closes the first half of the year marked by a decline in revenues, which was affected, among other things, by the prolongation of the Covid emergency, and a reduction in reductions compared to the same period of 2020. Revenues amounted to 3,200 million. euro (3,675 million euro in the first half of 2020) and adjusted EBITDA shows a loss of 266 million euro, (profit of 355 million euro in the first half of 2020). The net result recorded a loss of 779 million euros (loss of 885 million euros in the first half of 2020). The operating results reflect, the group underlines, a slowdown compared to the first half of 2020 in particular for engineering and construction activities, mainly due to the continuing effects of the Covid 19 health emergency on operational activities, with delays in the execution of projects and the postponement of investment decisions in the sectors of interest; the suspension of the activities of the onshore LNG project in Mozambique; the specific operational problems of an offshore wind project in the North Sea. Saipem indicates signs of improvement in drilling with an increase in demand and prospects for full use of the fleet. The new contracts amounted to € 4.4 billion in the half year. An order book of approximately € 26.2 billion 2 (approximately 78% of the E&C portion not linked to oil) is consolidated to support performance in the medium-long term. Net financial debt after IFRS 16 at € 1.4 billion (approximately € 1.1 billion before IFRS 16), slightly down compared to the first quarter, the result of careful cash flow management. Liquidity is equal to 2.3 billion euros following the issue of 500 million euros at a 7-year fixed rate bond successfully placed in March 2021 and thanks to the significant availability of the consolidated companies and project joint ventures. Saipem also indicates the availability of the 1 billion euro unused revolving credit line. The adjusted net result shows a loss of 656 million euros (loss of 132 million euros in the first half of 2020). The negative change recorded in the adjusted operating result, 557 million euros, and in the management of equity investments, 35 million euros, is reduced by the improvement in the balance of fiscal and financial management as well as in the result attributable to minority interests for a total of 68 million euros. EUR. The net result recorded a loss of 779 million euros (loss of 885 million euros in the first half of 2020) and discounts the following special items compared to the adjusted net result: provision for charges of approximately 75 million euros for a legal dispute relating to a project already completed, deriving from the periodic legal monitoring of the evolution of the overall dispute; charges deriving from the health emergency for approximately 36 million euros. This amount includes the costs incurred in the half-year directly attributable to the Covid-19 pandemic, such as the costs for standby resources in the event that the activities of the operational sites and naval vessels have been blocked by the authorities, due to the purchase of individual protection devices and equipment in addition to standard practices, for the sanitation of work areas, for the organization of charter flights for the return of people; reorganization charges of 12 million euros. 2021 remains conditioned by the uncertainty resulting from the persistence of the pandemic. In the first half of the year, some specific issues of a project were added to the effects on the health emergency business, affecting operational performance. The business scenario for 2021 inevitably remains affected by these events. Saipem emphasizes this, whose outlook for the second half of 2021 sees revenues between 4.5 and 5 billion euros; a positive adjusted EBITDA; technical investments expected between 200 and 300 million euros, and net financial debt at the end of the year post-IFRS 16 around 1.6 billion euros. This scenario, explains the group, does not take into consideration a possible further deterioration of the macroeconomic and business context following, for example, the intensification of the Covid-19 epidemic.
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