Saipem closed the first 9 months of 2019 with a profit, a significant improvement compared to the loss in the same period of 2018. The company substantially confirmed the expectations for the entire 2019 </p><div> <! - <EdIndex> -><p><strong><img style="float: left;" src="http://www.soldionline.it/pictures/2019/01/18/saipem-logo-marchio.jpeg" alt="Saipem-logo-brand" width="200" /></strong><strong>Saipem</strong><strong> </strong>closed the first 9 months of 2019 with a profit, a significant improvement compared to the loss in the same period of 2018. A red that was caused by write-downs, charges for reorganization and the closure of a tax dispute. Together with the dissemination of data for the first 9 months of the year, the company substantially confirmed expectations for the entire 2019.
SAIPEM, ECONOMIC ACCOUNTS OF THE FIRST 9 MONTHS 2019
Saipem's first 9 months of 2019 ended with revenues of 6.75 billion euros, up 11.4% compared to 6.06 billion in the same period of the previous year. The adjusted gross operating margin amounted to € 899 million, up 18.3% compared to € 760 million in the same period of 2018, while the adjusted operating result rose to € 449 million, an improvement of 7.7% compared to to 417 million 12 months earlier.
The period thus closed with a net result of 44 million euros, compared to the loss of 357 million euros in the nine months 2018. The adjusted net result it stood at 91 million euros, in strong acceleration from 17 million euros in the first nine months of 2018. On the 2019 result, write-downs for 21 million euros and reorganization charges for 26 million euros still weigh.
SAIPEM, DEBTS AND ORDERS AT THE END OF SEPTEMBER 2019
Net financial debt at September 30, 2019 (before the application of IFRS 16) amounted to 927 million euros, recording a decrease of 232 million euros compared to 1.159 billion at December 31, 2018. The net financial debt including the IFRS lease liability (equal to 494 million euros) amounts instead to 1.42 billion euros.
During the period new orders were acquired for 13.94 billion euros, much better than the 6.12 billion euros of the first 9 months of 2018. At the end of September 2019 the remaining order backlog was 19.81 billion, from 12.62 billion at the end of 2018.
GUIDANCE 2019 CONFIRMED
The leaders of the company have decided to overall confirm their expectations for the entire 2019. The year should close with revenues of € 9 billion and an adjusted operating margin of more than 10% of revenues. Both indications confirm what is indicated in the half-year report. On the other hand, the outlook for technical investments was slightly lowered, which will amount to 450 million euros (an estimate that revises the approximately 500 million euros indicated in the half-year report). Finally, 2019 should close with debts of less than 800 million euros. Also in this case the indication of the half-year report is confirmed.
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