Saipem heavy on the stock market after the announcement on the capital dilution linked to the conversion into shares of equity linked bonds 2029. Positive there quarterly and the accounts of first 9 months 2023, in line with market expectations. “It is the second positive quarter in a row in terms of profit and I want to highlight that before that we had not recorded a profitable quarter since 2019 and that we had not recorded a nine-month net profit above 79 million since 2014,” noted the Saipem CFO Paolo Calcagnini during the presentation of the accounts to the analysts. Observations that shortened the sell-off: from -9,6% at the opening, the shares are now trading 5,85% lower at €1,328 around 11am on Thursday 40 October.
Saipem: profitable accounts of 39 million in the third quarter of 2023
Saipem reported a profit 39 million euros in the third quarter, an improvement compared to the loss of 8 million recorded in the same period of the previous year.
Revenues amounted to 3.016 million euros, (+5,6%), the adjusted Ebitda stood at 230 million (+26,4%). Regarding the nine months, the company recorded a turnover of 8,363 billion, up 18,7% compared to the 7,043 billion in the corresponding period of 2022; L'Adjusted Ebitda of the nine months is 640 million (+43,8%). Saipem closes the nine months with a net profit of 79 million, compared to a loss of 138 million euros in the corresponding period of the previous year.
New orders are 11,918 billion (+72,1%); over 80% of the acquisitions were made in the offshore businesses (E&C and Drilling). The consolidated order book grows by over 3,5 billion euros compared to 31 December 2022 and the pre-Ifrs 16 net financial position at 30 September 2023 is positive for 125 million euros (post-Ifrs 16 net financial position negative for 171 million of Euro).
Given these data, Saipem confirms guidance for 2023 and management believes it has “excellent visibility on 2024 and 2015 revenues”.
Saipem: extraordinary meeting on 13 December for the conversion of the equity-linked loan
The Saipem Board of Directors also resolved to submit for approval to the shareholders' meeting, called in extraordinary session on 13 December, the proposal to authorize the convertibility into ordinary shares of the company of the equity-linked bond loan with a nominal amount of 500.000.000 euro, expiring on 11 September 2029, reserved for qualified investors, called "euro 500,000,000 Senior Unsecured Guaranteed Equity-linked bonds due 2029", issued last 11 September.
It follows - the Saipem note specifies - the proposal to increase the share capital, to serve the conversion of the bond loan for a maximum of 500.000.000 euros, to be released in one or more times through the issue of new shares with regular dividend rights, having the same characteristics of the ordinary shares in circulation.
