Consob moves disputes to budget 2016 of the Saipem



Saipem, the group that work in the field of the services of perforation, construction and installation of conducts and great systems in the field oil & gas, has announced that 30th January the Consob has communicated to the company to have on December 31, 2016 found profiles non-compliance "of the balance sheet and the consolidated financial statement let alone of the relation semiannual financial institution on June 30, 2017" to the applicable international accounting principles. The communication has reached conclusion of the started inspecting verification from the Consob on November 7, 2016, investigation whose activation was announced by Saipem in own relation financial institution anniversary on December 31, 2016 and that it has been concluded 23rd October.

Between the reliefs which moved from the Consob, the authority has observed that some of the devaluations found from Saipem in budget 2016 would have existed, in all or partially, already to the date of the predisposition of budget 2015. In particular, Consob contests to the society the circumstance of to have approved of the consolidated financial statement and correct exercise 2016 without having "contained important errors" in the budget consolidated and of exercise of the administrative period precedence, relatively to the following accounting mail: pieces of real estate, equipment; odd lots; activity for taxes.

Moreover Consob does not share the fact that the society, to the aims of the development of impairment the test, has used an only rate in order to bring up-to-date business flows unit, characterized from a profile of different risk, it has not considered the risk Country in relation to some assets that operate for a long time in specific geographic areas and it has not taken into consideration the modifications in the profile of risk of the consequent society to the operation that has determined failing of the consolidation of Saipem in the Eni group.

In a Saipem note it has replied that "the society, also not sharing the judgment non-compliance of the consolidated financial statement and exercise on December 31, 2016 returned from Consob in the deliberation and reserving every appraisal in merit, also of jurisdictional nature, communicates that, to the solo fine to comply with the deliberation, provvederà to publish, with appropriate official notice, in times reasonably breviums being the complexity of the activities to carry out, and however within three weeks from the today's date, to closed Stock exchange, a economic-patrimonial situation pro forma consolidated on December 31, 2016 that it holds account of the reliefs formulated from the Authority and previously illustrated".

Moreover Saipem has remembered that "the consolidated financial statement and of exercise 2015 and 2016 of the society has been legal object of review of the accounts and that the which charged society of the legal review of the accounts has concluded in the sense that the consolidated financial statement and of exercise 2015 and 2016 is written up in compliance with international the accounting principles".