Despite an understandable slow-down of operating results in the period, the financial flexibility remains substantial.
Highlights
Solid and diversified backlog, which has increased to approximately
Economic and financial results for the period, with revenues at around
Adjusted EBITDA margin close to 10%
Solid and balanced financial structure with strong liquidity and no significant debt maturity prior to 2022; further enhancement achieved following the new bond issue at the beginning of July, which extends the average duration of debt
Net debt pre IFRS16 of around
Efficiency initiatives launched following the pandemic on many areas of the cost structure are progressing, with an expected contribution of about
Impairment and write-down of assets mainly in the Offshore Drilling division of
Confirmation of the strategy already outlined and of the Group's structure
Confirmation of the good visibility on future business opportunities, albeit on a longer time frame
Covid-19
The immediate activation of Saipem Crisis Unit, which coordinates more than 50 control units around the world, the adoption of adequate healthcare protocols and worker rotation procedures at the operating sites, as well as the acceleration of the remote work programme - since mid-February - gradually extended to all employees, and constant coordination with clients and suppliers, enabled to progress project activities, albeit within the limits posed on mobility and the need to safeguard the health of people, which remains the company's top priority.
During the period costs directly attributable to Covid-19 were recorded for about
At the present time, out of a total of about 34,000 employees, the percentage of overall Covid-19 positive cases reported by
Despite the general economic context, heavily penalised by the prolonged health emergency, the execution activities of our projects around the world have progressed, within the limits posed on mobility and taking into account the reschedule of certain activities and the priority to safeguard the health of people. The backlog - considerably grown even during this difficult period - is solid and the liquidity is substantial, further strengthened by the new bond issue announced at the beginning of July.'
Contact:
Tel: +39 02 44234653
Email: investor.relations@saipem.com
(C) 2020 Electronic News Publishing, source