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INTERIM FINANCIAL REPORT AS of JUNE 30, 2020 001-078Saipemsem20ing.Qxd 3-08-2020 16:55 Pagina II 001-078SaipemSem20Ing.qxd 3-08-2020 16:55 Pagina I INTERIM FINANCIAL REPORT AS OF JUNE 30, 2020 001-078SaipemSem20Ing.qxd 3-08-2020 16:55 Pagina II Mission Our mission is to implement challenging, safe and innovative projects, leveraging on the competence of our people and on the solidity, multiculturalism and integrity of our organisational model. With the ability to face and overcome the challenges posed by the evolution of the global scenarios, we must seize the opportunities to create economic and social value for all our stakeholders. OUR VALUES Innovation; health, safety and environment; multiculturalism; passion; integrity. Disclaimer By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent upon circumstances which should or are considered likely to occur in the future and are outside of the Group’s control. These include, but are not limited to: exchange and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil and gas industry and other sectors, political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including ongoing investment projects), the recent Coronavirus outbreak (including its impact across our business, worldwide operations and supply chain); in addition to changes in stakeholders’ expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. The financial reports contain in-depth analyses of some of the aforementioned risks. Forward-looking statements are to be considered in the context of the date of their release. Saipem SpA is under no obligation to review, update or correct them subsequently, except where this is a mandatory requirement of the applicable legislation. COUNTRIES IN WHICH SAIPEM OPERATES EUROPE Albania, Austria, Bulgaria, Croatia, Cyprus, Denmark, France, Germany, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Spain, Sweden, Switzerland, Turkey, United Kingdom AMERICAS Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guyana, Mexico, Peru, United States, Venezuela CIS Azerbaijan, Georgia, Kazakhstan, Russia AFRICA Algeria, Angola, Congo, Egypt, Equatorial Guinea, Ghana, Libya, Mauritania, Morocco, Mozambique, Nigeria, Senegal, South Africa, Tunisia, Uganda MIDDLE EAST Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates FAR EAST AND OCEANIA Australia, China, India, Indonesia, Malaysia, Pakistan, Singapore, Taiwan, Thailand, Vietnam BOARD OF DIRECTORS AND STATUTORY AUDITORS OF SAIPEM SpA BOARD OF DIRECTORS1 BOARD OF STATUTORY AUDITORS2 Chairman Chairman Francesco Caio Giovanni Fiori Chief Executive Officer (CEO) Statutory Auditors Stefano Cao Giulia De Martino Norberto Rosini Directors Maria Elena Cappello, Claudia Carloni, Alternate Statutory Auditors Paolo Fumagalli, Federico Ferro-Luzzi, Ines Mazzilli, Francesca Michela Maurelli Alessandra Ferone3, Paul Schapira Maria Francesca Talamonti INDEPENDENT AUDITORS KPMG SpA4 (1) Appointed by the Shareholders’ Meeting on May 3, 2018, for 2018, 2019, and 2020 and in any case up to the date of the Shareholders’ Meeting to approve the financial statements as at December 31, 2020. (2) Appointed by the Shareholders’ Meeting on April 29, 2020 for a three-year period and in any case up to the date of the Shareholders’ Meeting to approve the financial statements as at December 31, 2022. (3) Appointed by co-optation as Director by a resolution of the Board of Directors on February 5, 2020 following the resignation of Pierfrancesco Latini on December 23, 2019 and appointed as Director by the Shareholders’ Meeting on April 29, 2020 until the expiry of the term of the current Board of Directors. (4) The Shareholders’ Meeting of May 3, 2018 resolved to appoint KPMG SpA as the independent auditors from 2019 to 2027. 001-078SaipemSem20Ing.qxd 5-08-2020 15:59 Pagina 1 INTERIM FINANCIAL REPORT AS OF JUNE 30, 2020 Interim results 2 Structure of the Saipem Group 3 INTERIM DIRECTORS’ REPORT Saipem SpA share performance 8 Operating Review 10 Organisational structure 10 Market conditions 10 New contracts and backlog 11 Capital expenditure 12 Offshore Engineering & Construction 13 Onshore Engineering & Construction 18 Offshore Drilling 23 Onshore Drilling 25 Financial and economic results 27 Group organisation: reporting 29 Operating results 29 Balance sheet and financial position 34 Reclassified cash flow statement 36 Key profit and financial indicators 37 Sustainability 39 Research and development 40 Health, Safety and Environment 45 Human resources 48 Digital, ICT Services 53 Risk management 56 Additional information 70 Reconciliation of reclassified statement of financial position, income statement and statement of cash flows with the mandatory templates 72 Glossary 74 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Statement of financial position 80 Notes to the condensed interim consolidated financial statements 87 Information regarding the reprimand by Consob pursuant to Article 154-ter, subsection 7, of Italian Legislative Decree No. 58/1998 and the notice from the Consob offices dated April 6, 2018 145 Certification pursuant to Article 154-bis, paragraph 5 of the Legislative Decree No. 58/1998 (Consolidated Tax Law) 149 Independent Auditors’ Report 150 Approved by the Board of Directors on July 28, 2020 \ 1 001-078SaipemSem20Ing.qxd 5-08-2020 14:52 Pagina 2 SAIPEM INTERIM FINANCIAL REPORT AS OF JUNE 30, 2020 INTERIM RESULTS In the first half of 2020, Saipem recorded a slowdown in its operating results due to the pandemic. The market scenario remains characterised by great uncertainty about the economic and financial prospects, because of the COVID-19 pandemic, still spreading worldwide, and because of the uncertainty as regards the demand for oil and gas and related services. Consequently, during the period, the investment plans of the Oil Companies have been considerably downsized. In this context, on April 15, 2020, Saipem Board of Directors decided to withdraw the guidance announced to the market at the end of February when presenting 2019 annual results. Despite the fact that the current year is still experiencing the impact of the COVID-19 pandemic, the backlog of orders to be carried out in the second half of the year will ensure the same volumes as in the first half. Initiatives to reduce overhead and operating costs, estimated at about €190 million for 2020, are expected to shore up the Group’s adjusted EBITDA margin in the second half of the year, which could reach the levels of the first six-month period. Added to this is the rescheduling of capital expenditure, down over €200 million compared to the projections made at the beginning of the year. This scenario does not take account of a further and possible tangible deterioration of business as a result of the intensification of the COVID-19 pandemic. Saipem has solid fundamentals underpinning the strategies adopted to decisively challenge the pandemic consequences and take advantages of opportunities during the recovery phase. Revenue amounted to €3,675 million (€4,519 million in the corresponding period of 2019), a decrease of 18.7% following the reduction in volumes across all divisions, the results of which have been impacted by the slowdown of projects and the postponement of certain activities agreed upon with clients as a result of the effects of the pandemic. The Offshore Engineering & Construction sector accounted for 40% of revenue; the Onshore Engineering & Construction sector contributed 48% of revenue; the Offshore Drilling sector 5% of revenue and the Onshore Drilling sector generated 7% of revenue. Adjusted EBITDA amounted to €355 million (€606 million in the first half of 2019), in line with the reduction in revenue. Adjusted net profit recorded a loss of €132 million compared to the profit of €60 million in the first half of 2019. Adjusted operating profit lowered from €308 to €42 million, with a reduction of €266 million, which was partially mitigated by the positive variation of €74 million, mainly generated by the improvement of the results from shareholdings and lower third party interests. Net profit recorded a loss of €885 million (profit of €14 million in the first half of 2019) and, unlike adjusted net profit, was impacted by the following special items: ≥ write-down of tangible assets of the Offshore Drilling Division for €590 million deriving from the impairment test in consideration of the increase by 1.6 percentage points of the cash flow net present value rate in addition to the review of the plan cash flow projections and the long term rates; ≥ write-down of tangible assets and related working capital, as well as of the right-of-use of a third-party asset for €99 million; ≥ contingent liabilities for about €20 million, in relation to a pending judgement on a project already completed, deriving from the activity of periodic legal monitoring of the evolution of the overall dispute; ≥ costs deriving from the healthcare emergency for about €44 million. This amount includes the costs incurred in the period directly attributable to the COVID-19 pandemic, such as costs for the resources on stand-by in cases in which the activities of operating sites and vessels were blocked by the authorities, for the purchase of personal protective equipment in excess of the standard quantities, for
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