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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : - The Court of Cassation rejected the appeal by the General Public Prosecutor of Milan, is acquitted by final ruling in the Algeria Proceedings

12/15/2020 | 10:35am EDT

San Donato Milanese - Today the Court of Cassation issued its ruling on the appeal presented by the General Public Prosecutor at the Milan Court of Appeal on June 12, 2020 against the second instance judgement concerning offences allegedly committed in Algeria up to March 2010 relating to certain contracts, which were completed many years ago.

Specifically, the Court of Cassation today pronounced its judgement, fully rejecting the appeal presented by the General Public Prosecutor at the Milan Court of Appeal, which had requested the annulment of the second instance judgment issued on January 15, 2020 by the Milan Court of Appeal. The latter had acquitted the individuals charged (including some former managers of Saipem who had all left the Company between 2008 and 2012), stating, among other things, vis-a-vis the alleged international corruption charge, the absence of the administrative offence of Saipem SpA pursuant to Legislative Decree no. 231/2001, because of the inexistence of the alleged facts, revoking the confiscation of the price of the offence of approximately EUR197 million and the payment of the pecuniary sanction of EUR400,000, that were pronounced in the First Instance by the Court of Milan.

Saipem expresses its satisfaction for the decision issued today by the Court of Cassation, which brings an end to the 'Algeria' proceedings with Saipem's full acquittal.

Detailed information on the Algeria proceedings is provided under the section 'Legal Proceedings' of the Company's Interim Consolidated Report at June 30, 2020 (pages 117-121), available on Saipem's website.

Saipem is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is 'One-Company' organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to conceptual design). Saipem is a global solution provider with distinctive skills and competences and high-tech assets, which it uses to identify solutions aimed at satisfying customer requirements. Listed on the Milan Stock Exchange, it is present in over 70 countries worldwide and has 34 thousand employees of 120 different nationalities.

Contact:

Tel: +39 0244231

Fax: +39 0244244415

Email: segreteria.societaria@saipem.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 7 415 M 8 828 M 8 828 M
Net income 2021 -276 M -329 M -329 M
Net Debt 2021 1 549 M 1 844 M 1 844 M
P/E ratio 2021 -7,79x
Yield 2021 0,09%
Capitalization 2 180 M 2 598 M 2 596 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,40x
Nbr of Employees 32 000
Free-Float 54,2%
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NameTitle
Francesco Caio Chief Executive Officer, Director & GM
Antonio Paccioretti CFO & Manager-Financial Reporting
Silvia Merlo Chairman
Paul Simon Schapira Independent Non-Executive Director
Roberto Diacetti Independent Non-Executive Director
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