Saipem see again to the decrease the esteem on the results achieved in 2012 and the forecasts for 2013



Saipem has see again to the decrease the esteem on the results achieved from the company in 2012 and the forecasts for exercise 2013. The announcement of the new esteem - it has explained the Italian society - follows "a deepened examination of the course of contracts and the perspectives of the group lead by Umberto Vergine, new CEO, and by Giuseppe Caselli, new COO of business unit E&C (Engineering and Costruction)". "Umberto Vergine and its new team - he has specified Saipem - have started a deepened operating review of the activities in order to estimate every aspect of the management of the projects, the relationship with the customers and the commercial criteria. The review heads to guarantee a fast increase of the operating performance through more efficient an organizational structure a returned and greater responsabilizzazione of operating management. This, together with an improved approach to the relation with the customers and a aimed commercial discipline more, will be the instruments in order to improve the profit and the cash flows of the projects. The total results of this review, that they will be been profitable famous in spring - has emphasized the company - will put Saipem in the conditions at best for picking the opportunities of increase internationally offered from the Oil&Gas field and to obtain a fast improvement of the financial results".

"The review operated from new management - Umberto Vergine has declared - has lead to an approach to the esteem more prudential. The board of directors shares this approach and is convinced that the perspectives of Saipem for the 2013 carefully are represented. Although the 2013 you set off on being a difficult year, Saipem remains a solid society with excellent perspectives and, thanks to the actions that we are undertaking, we preview a meaningful recovery of the profit in 2014 and the next years, confirming Saipem leader of the market".

The review of the forecasts for exercise 2012 has induced new management to formulate a new esteem of the EBIT, than it will be attested to about 1,5 miliary ones of euro, 6% inferior to how much previously announced, and of the profit clearly, that it will be pairs to about 900 million euros. This - it has specified Saipem - "because of negotiations on contractual variations in the business E&C that is previewed will conclude with inferior outcomes to the forecasts and as a result of a slow down of activities E&C regarding the waits during the last trimester".

About the forecasts for exercise 2013, in the segment of the Engineering & Construction Onshore - it has explained the company - "a very meaningful reduction (about 80%) of the EBIT in 2013 regarding 2012 is previewed" because of a combination of factors between which a "activity reduced in contracts with high margins that have supported the results of 2012, mainly in Middle East, Nigeria and Algeria, that they are time or concluded or next to the completion; contracts to reduced marginality to execute itself during 2013, that they reflect extremely competitive conditions of market since 2010; delays in the important allocation contracted in Venezuela, Nigeria and Iraq; an approach more conservation tillage task from new management, for the appraisal of the new business, in the esteem of margins and the times, is of contract allocation is of execution of the new projects". In the segment of the Engineering & Offshore Construction, for the 2013 EBIT - Saipem has announced - "it is previewed to be inferior of about 70% regarding 2012 because of: an activity reduced in contracts with high margins that have supported the results of 2012, mainly in the Baltic Sea, Africa Occidentale and Caspian Mar, that they are time or concluded or next to the completion; delays in the contracted important allocation, in particular contracts for it put down of international conducts of great dimensions and contracts for the development of reservoirs in deep waters; contracts that will be executed in 2013 with low margins as consequence of the competitive conditions of market strongly faced between 2009 and 2011; commercial decisions of taken investment and in order to support the income in the new market of Brazil, where the first contracts, acquired with reduced marginality, impatteranno on the results of 2013; although this, the acquired market position is destined to guarantee benefits in 2014 and the next years; execution of contracts of type EPCI with limited activities to sea and consequent reduced margins; an approach more conservation tillage task from new management, for the appraisal of the new business, in the esteem of margins and the times, is of contract allocation is of execution of the new projects". Instead in the section of the Perforations Onshore and Offshore, "the business of the perforations of Saipem - it has announced the company - will continue to guarantee supported performances a lot, with a EBIT in increase of 20% regarding 2012, graces above all to the perforations offshore where Saipem is acquiring value from the units 8 Scrabble and Scrabble 9 commissioning recently".

The review of the activities has induced new management to preview for exercise 2013, in its complex, "revenues of about 13,5 billion euros, a total EBIT of about 750 million euros, a profit clearly of about 450 million euros, let alone a level of investments for about 0,9-1 billion of euro".

About the forecasts longer term, new management of Saipem attends, "after a 2013 difficult one, an important bounce of the total performances in 2014 and the next years. Thanks to the excellent quality of its assets, to the recognized competences of its staff, to local the contained fort and a technology to the vanguard - it has concluded the company - Saipem is placed favorably in order to reconstruct a pocketbook orders and to remain recognized leader of the market".