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Annual report 2016 WorldReginfo - bdcdb9d1-a82e-444d-a593-2881ba7bcd43 Mission We approach each challenge with innovative, reliable and secure solutions to meet the needs of our clients. Through multicultural working groups we are able to provide sustainable development for our company and for the communities in which we operate. Values Innovation; health, safety and environment; multiculturalism; passion; integrity. Disclaimer The Annual Financial report contains forward-looking statements, in particular in the section ‘Outlook’. 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 Company’s control. These include, but are not limited to: monetary 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), in addition to changes in stakeholders’ expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. Some of the risks mentioned are examined further in the paragraph entitled ‘Risk Management’ and in the Notes to the Consolidated Financial Statement. The forecast figures and information refer to information available at the time of their dissemination. On this issue Saipem SpA does not accept any obligation to review, update and correct those figures following this date, unless in cases explicitly prescribed by applicable regulations. Countries in which Saipem operates EUROPE Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, France, Italy, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Principality of Monaco, Romania, Spain, Sweden, Switzerland, Turkey, United Kingdom AMERICAS Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Suriname, United States, Venezuela CIS Azerbaijan, Georgia, Kazakhstan, Russia, Turkmenistan, Ukraine AFRICA Algeria, Angola, Congo, Egypt, Gabon, Ghana, Ivory Coast, Libya, Morocco, Mozambique, Namibia, Nigeria, Uganda MIDDLE EAST Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates FAR EAST AND OCEANIA Australia, China, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand Board of Directors and auditors of Saipem SpA BOARD OF DIRECTORS BOARD OF STATUTORY AUDITORS Chairman Chairman Paolo Andrea Colombo Mario Busso Chief Executive Officer (CEO) Statutory Auditors Stefano Cao Giulia De Martino Massimo Invernizzi Directors Maria Elena Cappello, Federico Ferro-Luzzi, Alternate Auditors Francesco Antonio Ferrucci, Guido Guzzetti, Flavia Mazzarella, Paolo Sfameni Nicla Picchi, Leone Pattofatto1 Maria Francesca Talamonti (1) Appointed as Director by resolution of the Board of Directors on January 21, 2016, to replace the Director Stefano Siragusa, resigned on the same date, and confirmed by resolution of the Shareholders’ Meeting of April 29, 2016. Independent Auditors EY SpA Direction and coordination activities (pursuant to Article 2497 et seq, Italian Civil Code) Owing to the shareholder structure deriving from the entry into force of the Shareholders’ Agreement between Eni and FSI (now CDP Equity SpA), aimed at ‘realising joint control of Saipem by Eni and CDP Equity SpA’, from January 22, 2016 Saipem ceased to be under the direction and coordination of Eni SpA pursuant to Article 2497 et seq of the Italian Civil Code. WorldReginfo - bdcdb9d1-a82e-444d-a593-2881ba7bcd43 Annual report 2016 Letter to the Shareholders 2 Saipem Group structure 5 Operating and financial review Saipem SpA share performance 10 Glossary 12 Operating review 16 Market conditions 16 Strategic Plan 2017-2020 16 New contracts and backlog 16 Capital expenditure 18 Offshore Engineering & Construction 19 Onshore Engineering & Construction 25 Offshore Drilling 30 Onshore Drilling 33 Financial and economic results 35 Results of operations 35 Balance sheet and financial position 39 Reclassified cash flow statement 42 Key profit and financial indicators 43 Sustainability 44 Research and development 47 Quality, Safety and Environment 50 Human resources and health 53 Information technology 59 Governance 61 Risk management 62 Additional information 69 Reconciliation of reclassified balance sheet, income statement 72 and cash flow statement to statutory schemes Consolidated financial statements Consolidated financial statements 76 Notes to the consolidated financial statements 82 Management’s Certification 165 Independent Auditors’ Report 166 Sustainability Statements Sustainability Statements 169 Ordinary and Extraordinary Shareholders’ Meeting of April 28, 2017 Notice of the Shareholders’ Meeting was published in the daily newspaper Il Sole 24 Ore on March 18, 2017 1 WorldReginfo - bdcdb9d1-a82e-444d-a593-2881ba7bcd43 SAIPEM Annual Report 2016 / Letter to the Shareholders Letter to the shareholders Dear Shareholders, The savings on operating expenses deriving from implementation of the previously during 2016, the average price of Brent announced Fit for the Future 1.0 programme settled at around $45 a barrel, 15% lower that has already reached almost 90% of its target the approximately $52 a barrel in 2015, value. Furthermore, given the decline in the because of the weakness of demand and the scenario during 2016 the Fit for the Future 2.0 huge production of available crude oil. programme was launched and is currently Despite the OPEC resolution in November, underway, the purpose of which is to review which contributed to a recent price the organisation of the four divisions through stabilisation at levels above $50, the target which your Company operates in order to market in which your Company operates improve decision-making, make them more continues to be penalised by the delay or autonomous in pursuing their priorities and cancellations in investment decisions by Oil objectives, and allowing management to focus Companies. even more on operating performance. In a market environment characterised by high Under the same programme a new business volatility in crude oil prices our customers line was created which operates in the high continue to focus on cost containment. engineering services industry, in order to This has a negative impact on drilling activities expand the range of services and move up and on project development activities, the involvement of customers in the decision particularly in the deepwater sector. making process for defining design choices. The weakness of the market scenario has The year’s key figures were: proven to be even more marked and more - revenues: €9,976 million; prolonged than previously assumed, we - adjusted EBITDA: €1,266 million; achieved important results in 2016. - EBITDA: €909 million; New contracts awarded in 2016 amounted to - adjusted operating result (EBIT): €582 €8,349 million, 28% growth compared to million; 2015 with significant acquisitions in the - operating result (EBIT): -€1,499 million; Offshore Engineering & Construction sector, - adjusted net profit: €226 million; thanks to new and important projects, mainly - net loss: €2,087 million; in the Mediterranean, the Caspian Sea, the - capital expenditure: €296 million; Middle East and the Far East. The backlog - net borrowings at December 31, 2016: stood at €14,219 at the end of 2016, with €1,450 million; positive visibility for 2017. - new contracts: €8,349 million; After leaving the sphere of influence of Eni - backlog of orders: €14,219 million. Group,the financial structure was completed, More specifically, for Offshore Engineering whose fundamental elements, downstream of & Construction, revenues for 2016 amounted the capital increase of €3.5 billion and the to €5,686 million, down 17.5% compared to simultaneous refinancing of €4.7 billion, were 2015. This was mainly attributable to lower the first ‘dual tranche’ bond issue in volumes recorded in the Middle East, in September, the negotiation of additional Australia and Russia, which were mostly offset credit lines, as well as early repayment of the by higher volumes registered in Azerbaijan bridging loan in December 2016 from €1.6 and Kazakhstan. The adjusted operating result billion maturing in 2017. in 2016 amounted to €379 million, or 6.7% of Overall, operating performance in 2016 can revenues, compared to €192 million in 2015, be considered good: the offshore sectors, or 2.8% of revenues. The improvement is both Engineering & Construction and Drilling, mainly attributable to the higher contribution had excellent results, the Onshore of the projects running in Kazakhstan and Engineering & Construction sector broke Azerbaijan. For Onshore Engineering even, while the Onshore Drilling sector was & Construction revenues for 2016 amounted significantly affected by the decline of to €2,844 million. The increase of 2% activities in Latin America. compared to 2015 is due to higher volumes Deterioration in market conditions have resulted of activity recorded in the Middle East. in prospects for recovery that have shifted The adjusted operating result for 2016 increasingly over time, leading to the need for a amounted to €5 million, versus -€693 million rationalisation of the asset base, mainly in 2015. For Offshore Drilling revenues concerning
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