Saipem SpA (LTS:0RPI)
€ 2.351 0.026 (1.12%) Market Cap: 4.60 Bil Enterprise Value: 5.50 Bil PE Ratio: 18.08 PB Ratio: 1.92 GF Score: 57/100
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Q2 2024 Saipem SpA Earnings Call Transcript

Jul 25, 2024 / 08:30AM GMT
Release Date Price: €2.33 (+1.17%)

Key Points

Positve
  • Saipem SpA (SAPMF) recorded an acceleration in both order intake and cash flow generation in Q2 2024.
  • Revenue grew by 22% year on year and 11% quarter on quarter, driven by offshore activities.
  • EBITDA increased by 36% year on year and 11% quarter on quarter, with an EBITDA margin of 8.8%.
  • Net debt decreased despite an increase in lease liabilities, indicating effective deleveraging.
  • The order intake was strong at EUR5.1 billion, with a backlog exceeding EUR30 billion, providing good visibility on future performance.
Negative
  • The Thai oil project incurred additional provisions, impacting the overall financial performance.
  • Temporary suspensions from Saudi Aramco affected three jack-ups, impacting the drilling offshore segment.
  • The energy carriers division reported a 0% EBITDA in Q2 2024, highlighting ongoing challenges.
  • The company faces tightness in the availability of blue-collar workers in certain geographies, particularly the Middle East.
  • There is uncertainty regarding the restart of the Mozambique LNG project, which could impact future revenue.
Operator

Good morning. This is the Chorus Call conference operator. Welcome and thank you for joining the Saipem first half 2024 results conference call. (Operator Instructions)

At this time, I would like to turn the conference over to Alessandro Puliti, CEO of Saipem. Please go ahead.

Alessandro Puliti
Saipem SpA - Chief Executive Officer, Managing Director, General Manager, Executive Director

Good morning and welcome to the presentation of Saipem results for first half of 2024. I'm here with Paolo Calcagnini, our CFO; and with the rest of the top management team. I will start with the key highlights, and then Paolo will cover the financial results in more detail. I will then wrap up with my closing remarks before start in the Q&A session.

Let's start with the key highlights. I'm pleased to report that in the second quarter of 2024, Saipem recorded an acceleration on both order intake and cash flow generation. We also posted the highest quarterly EBITDA since Q4 2019.

Revenue stood at EUR3.4 billion, growing by 22% year on year and 11%

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