SAIPEM ADJUSTED NET PROFIT: €151 MLN
SAIPEM - results for the third quarter and the first nine months of 2017
Results for the first nine months of 2017:
Revenues: €6,873 million (€7,885 million in the first nine months of 2016), of which €2,283 million in the third quarter
Adjusted EBITDA: €795 million (€997 million in the first nine months of 2016), of which €271 million in the third quarter
Adjusted operating profit (EBIT): €400 million (€479 million in the first nine months of 2016), of which €140 million in the third quarter
Operating profit (EBIT): €257 million (-€1,500 million in the first nine months of 2016), of which €133 million in the third quarter
Adjusted net profit: €151 million (€200 million in the first nine months of 2016), of which 59 million in the third quarter
Net profit: -€57 million (-€1,925 million in the first nine months of 2016), of which €53 million in the third quarter
Capital expenditure: €198 million (€167 million in the first nine months of 2016), of which €51 million in the third quarter
Net debt at September 30, 2017: €1,355 million (€1,450 million at December 31, 2016)
New contracts: €4,717 million (€6,627 million in the first nine months of 2016)
Backlog: €12,063 million (€14,219 million at December 31, 2016)
Updated guidance for 2017:
Revenues: ~ €9.5 billion
EBITDA: ~ €1 billion
Adjusted net profit: ~ €200 million
Capital expenditure: ~ €300 million
Net debt: ~ €1.3 billion
Stefano Cao, Saipem CEO, commented:
"Despite the persistence of a challenging market context, Saipem's performance in the first nine months of 2017 was solid from both an operational and management point of view, enabling the Company to confirm the guidance for 2017. The third quarter saw a downward trend in net debt, a good performance in terms of contract awards in line with the expectations announced with the half-year results, and the full achievement of objectives set by the new Fit for the Future Programme. The presentation of the new name and logo of our conceptual engineering division, "XSIGHT by Saipem", means that the new Company organization has become fully operational, setting clear targets for improving efficiency and effectiveness".
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