Saipem SpA (SAPMF) Q4 2022 Earnings Call Transcript

Saipem SpA (OTCPK:SAPMF) Q4 2022 Earnings Conference Call February 28, 2023 4:30 AM ET

Company Participants

Alessandro Puliti – Chief Executive Officer

Paolo Calcagnini – Chief Financial Officer

Conference Call Participants

Alessandro Pozzi – Mediobanca

James Winchester – Bank of America

Guillaume Delaby – Societe Generale

James Thompson – JPMorgan

Mark Wilson – Jefferies

Nikhil Gupta – Citigroup

Massimo Bonisoli – Equita SIM S.p.A.

Haris Papadopoulos – Bank of America


Good morning, this is the conference operator. Welcome and thank you for joining the Saipem Full-Year 2022 Results Presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Alessandro Puliti, CEO, please go ahead sir.

Alessandro Puliti

Good morning, and welcome to Saipem full-year 2022 results presentation. I’m pleased to have with me Paolo Calcagnini, CFO, and our Chief Operating and Commercial Officers.

Today’s session is on the results of last year and include a strategy update. Starting with quarterly financials, Q4 was another quarter of strong delivery with a robust growth in revenues, plus 72% year-on-year and an adjusted EBITDA at EUR150 million, driven by our Offshore businesses. For the sake of comparison, these figures [Technical Difficulty] no longer include Drilling Onshore, which was booked as discontinued operations and disposed to KCA Deutag at the end of October last year.

Order intake in the quarter was robust at EUR6 billion, contributing to an extraordinary full-year order intake of around EUR14 billion. Book-to-bill in full-year was 1.4 times. Finally, financial net debt pre-IFRS 16 was negative by EUR56 million. For this reason, we indicated it as net cash.

After lease abilities, we closed at the end of December, with a net debt of EUR264 million, slightly

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