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Saipem Full Year 2020 Results

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Saipem Full Year 2020 Results SAIPEM FULL YEAR 2020 RESULTS 25 FEBRUARY 2021 FORWARD-LOOKING STATEMENTS Forward-looking statements contained in this presentation regrading future events and future results are based on current expectations, estimates, forecasts and projections about the industries in which Saipem S.p.A. (the “Company”) operates, as well as the beliefs and assumptions of the Company’s management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond the Company’ control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. These include, but are not limited to: forex 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. Therefore, the Company’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. They are neither statements of historical fact nor guarantees of future performance. The Company therefore caution against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which the Company operates, and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. The Financial Reports contain analyses of some of the aforementioned risks. Forward-looking statements neither represent nor can be considered as estimates for legal, accounting, fiscal or investment purposes. Forward-looking statements are not intended to provide assurances and/or solicit investment. |2 TABLE OF CONTENT ▪ 01 OPENING REMARKS ▪ 02 FY 2020 RESULTS ▪ 03 BUSINESS UPDATE ▪ 04 STRATEGY UPDATE ▪ 05 NEW ENERGIES AND INFRASTRUCTURES ▪ 06 BUSINESS SCENARIO AND CLOSING REMARKS ▪ 07 APPENDIX |3 OPENING REMARKS FY 2020 OPENING REMARKS RESILIENT IN UNPRECEDENTED SITUATION ▪ Protecting people top priority; early actions taken to keep operational momentum and protect financials ▪ FY2020 volumes supported by recovery in 4Q; margins subdued ▪ Delivered 2020 cost efficiency plan (€190mn) and capex reduction by c.€280mn1 ▪ Net debt post IFRS-16 at c.€1.2bn, outstanding performance vs expected2 €1.6bn ▪ c.€8.7bn order intake in FY 2020, of which c.90% non-oil, leading to BtB at c.1.2x (1.7x in 4Q) ▪ c.€25bn3 backlog provides solid support for the mid-term • Key E&C onshore projects substantially de-risked • No significant backlog cancellations WELL-PLACED FOR MID-TERM RECOVERY; LEADING THE NEW ENERGY PARADIGM 1 Reduction vs former FY2020 capex guidance of c.600 million EUR (withdrawn on 15 April 2020) 2 Expectation shared during 9M 2020 results conference call |5 3 Of which c.€2.9bn non-consolidated FY 2020 RESULTS FY 2020 RESULTS YoY COMPARISON (€ mn – IFRS16) Revenues Adjusted EBITDA1 Adjusted Net Result1 9,099 13.4% margin 8.4% 7,342 1,226 165 614 (268) FY19 FY20 FY19 FY20 FY19 FY20 1 Excluding special items, see slide 10 |7 FY 2020 RESULTS – E&C YoY COMPARISON (€ mn – IFRS16) E&C OFFSHORE E&C ONSHORE1 Revenues Adjusted EBITDA Revenues Adjusted EBITDA 16.8% margin 8.5% 4,165 5.4% margin 5.0% 3,841 3,882 2,749 645 235 227 193 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 • Lower volumes in North Africa, Middle East and Sub-Saharan due to project • Revenue decrease due to lower Caspian activity and Covid-19 related rephasing, partially offset by Far East, Caspian and Italy slowdown and rephasing mainly in Middle East, partly offset by Sub- • Results reflecting Covid-19 impact on revenue, current mix and slow Saharan progress of some projects • Resilient margin notwithstanding revenue trend 1 E&C Onshore including Floaters business and Xsight and not including |8 results from investments FY 2020 RESULTS – DRILLING YoY COMPARISON (€ mn – IFRS16) DRILLING OFFSHORE DRILLING ONSHORE Revenues Adjusted EBITDA Revenues Adjusted EBITDA 40.7% margin 24.8% 23.8% margin 27.1% 555 538 417 226 294 128 113 73 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 • Lower volumes, mainly driven by S10000, along with SC7, SC8, • Lower activity in Latam and the Middle-East, following Covid-19 SC9 and PN7 partially offset by SC5 and Sea Lion 7 and oil price drop • Covid-19 impact on oil weighs on revenues and margin • EBITDA margin improvement |9 FY 2020 NET RESULT RECONCILIATION ADJUSTED VS REPORTED Net Result (€ mn – IFRS 16) FY20 Health & Safety Impairment Write-down FY20 Higher costs from Covid-19, safety first Adjusted (Covid-19)1 & other2 Reported Principal costs related to management of pandemic and safeguarding people’s health: ▪ Cost of personnel on stand-by (e.g. (268) (110) quarantine, extraordinary charter flights) (257) 1Q ‘20 ▪ Personal protective equipment in excess of the standard quantities ▪ Sanitising work areas (333) 2Q ‘20 (168) 1Q and 2Q non-cash impairment triggered by drilling offshore market deterioration (1,136) 1 Expenses to support people’s health and safety during Covid-19 pandemic 2 Write-down of assets and inventories for efficiency measures; other includes provision for redundancy and the |10 outcome of a litigation FLEXIBILITY TO ADAPT TO MARKET EVOLUTION In a volatile market, early actions taken to protect financials ▪ Efficiencies delivered in 2020: c.€190mn, of which c.€45mn structural ▪ Capex in 2020 reduced by c.€280mn1 ▪ Right-sizing support functions Efficiencies ▪ Offshore E&C fleet management ▪ Reducing overheads Division-specific across the ▪ Operational and logistic efficiencies ▪ Office and logistic base initiatives business ▪ Supply chain ▪ Extension of smart-working, G&A ▪ New structural efficiencies of c.€30mn in 2021 c.€75MN LOWER COST BASE FROM STRUCTURAL SAVING ACTIONS IN 2020-2021 1 Reduction vs former FY2020 capex guidance of c.600 million EUR (withdrawn on 15 April 2020) |11 FY 2020 NET DEBT EVOLUTION (€ bn) GOOD CAPEX AND WORKING CAPITAL MANAGEMENT IN AN EXTRAORDINARY YEAR 0.35 1.23 1.08 0.61 0.32 0.87 Broadly flat WC 0.26 0.47 (0.18) Net debt FY19 Net debt Cash flow Others includ. Capex Net debt FY20 Net debt Dec. 31, 2019 IFRS 16 Dec. 31, 2019 (Net Result + D&A) Δ working Dec. 31, 2020 IFRS 16 Dec. 31, 2020 impact capital impact IFRS VIEW MANAGEMENT VIEW IFRS VIEW |12 4Q POSITIVE CASH FLOW PHASING (€ bn) 1.7 >1.6 <1.3 > 0.5 (0.2) 1.2 1.1 (0.1) (0.1) 4Q FAVOURABLE PHASING 1.2 1.2 0.9 <0.7 0.5 Net debt Net debt Former Lower than Updated 4Q working 4Q capex 4Q cash-in Net debt Dec.31, Dec.31, Net debt expected Net debt capital rephasing project Dec.31, 2018 2019 guidance outlook management3 2020 cash flow delivery Y-E 20201 Y-E 20202 Net debt pre-IFRS16 IFRS16 – lease liabilities 1 Guidance issued on 26 Feb. 2020 with FY 2019 results, then withdrawn on 15 April 2020 2 Expectation shared during 9M 2020 results conference call |13 3 Mainly driven by collection of overdue receivables BUSINESS UPDATE E&C OFFSHORE 4Q UPDATE A MIXED PICTURE: RECOVERY OFFSET BY SOME PROJECT PERFORMANCE ▪ The expected recovery of both revenue and margins in 4Q vs 3Q did not materialise for E&C Offshore ▪ Slow progress on a project in the North Sea outweighed positive developments in 4Q, i.e.: • recovery of some projects with slow progress in 3Q (e.g. Africa) • progress in Asia Pacific, Caspian and Middle East • increase of yard fabrication activity quarter-on-quarter |15 E&C ONSHORE BACKLOG SUBSTANTIALLY DERISKED GOOD EXECUTION AND POSITIVE COOPERATION WITH CLIENTS Projects representing c.75% of E&C onshore backlog1 Africa: Mozambique Area 1 LNG Saudi Arabia: Berri & Marjan ▪ Project on schedule ▪ Schedule extension upon client request ▪ No major disruption due to pandemic ▪ Compensation mechanism in discussion with client for schedule ▪ Security risks managed in strict coordination with Client modification to safeguard project cash flow ▪ Options under evaluation with the Client increasing modularisation Saudi Arabia: Haradh, Hawiyah Nigeria: NLNG7 ▪ Schedule extension upon Client request ▪ Project awarded in 2Q, early stage ▪ Modularization and digitalization solutions developed to ▪ Schedule risk-sharing approach with client for initial 12 months, mitigate risks (Hawiyah) activity on track ▪ Initial 12 months are being used to optimize the execution strategy and de-risk project supply chain Russia: Arctic LNG 2 GBS + Topsides Indonesia: Tangguh LNG Expansion ▪ Project on schedule ▪ Key construction milestones achieved ahead of contract agreed ▪ Large portion of the topsides and GBS contract on reimbursable schedule, new schedule targets agreed with Client basis ▪ Covid-19
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