(Finance) – Saipem archives the 2021 financial year with a net loss equal to 2.46 billion euros, more than doubled compared to the 1.13 billion recorded in 2020. In the fourth quarter of 2021 alone, red was 1.34 billion of euro against the -120 million of the same period of the previous year. THE revenues 2021 are down by 6.8% and amounted to 6.87 billion (7.3 billion the previous year), the gross operating margin (EBITDA) adjusted marks a red for 1.19 billion (positive for 614 million euros in 2020) and the negative operating result Adjusted (Ebit) amounted to € 1.71 billion, compared with a previous profit of € 23 million.
The Board of Directors has called theOrdinary and extraordinary shareholders’ meetingfor May 17, 2022 in single call.
Capital increase of 2 billion by the end of the year
Saipem announces a capital increase of 2 billion euros to be completed by the end of the year. The partners Eni And CDP have undertaken the commitment to subscribe a total of “approximately 43% in proportion to the stakes held respectively in the capital of the company”. The remaining part of approximately 57% “is covered by a pre-underwriting agreement with leading Italian and international banks”.
The company has also signed agreements “to deal with short-term liquidity needs“for 1.5 billion euros, of which 645 million euros made available by Eni and CDP, as an advance on the capital increase, and for 855 million euros from a pool of banks as a loan.
They are taking part in Saipem’s financial maneuver Banco Bpm, Bnp Paribas, Citibank, Deutsche Bank, Hsbc, Illimity, Intesa Sanpaolo and UniCredi. The objectives of the maneuver are to “restore levels of equity consistent with the size of the company, reduce the level of debt, restore adequate cash levels and stabilize the credit rating in order to be able to refinance existing bonds”. Saipem expects a consolidated net financial position of around 800 million euros at the end of 2022, which will be “close to zero” at the end of 2025 thanks to “the expected evolution of the business and the contribution of financial resources from the maneuver”
Mol over 500 million in 2022, doubling in 2025
Saipem’s Board of Directors approved the revision of the strategic plan to 2025, with an annual growth rate of revenues 15% between 2021-25. A reduction of the structural costs in the current year for over 150 million euros and 300 million in 2024. By the end of the year, the Group expects a Adjusted EBITDA (adjusted gross operating margin) positive for over 500 million and over 1 billion at the end of the plan. Additional actions are envisaged with respect to the strategic plan that could bring potential additional liquidity of over € 1.5 billion, also through the enhancement of onshore drilling by virtue of a “negotiated on an exclusive basis“with a leading international operator.
For the implementation of the Plan, Saipem envisages a “new organization by business lines that goes beyond the divisional one, with the aim of greater efficiency, centralized risk control and the development of innovative and flexible executive models, in line with needs of the energy transition “.