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Annual Report 2020 001-082Saipembil20ing.Qxd 22-03-2021 15:15 Pagina II 001-082SaipemBil20Ing.qxd 22-03-2021 15:15 Pagina I annual Report 2020 001-082SaipemBil20Ing.qxd 22-03-2021 15:15 Pagina II Mission To complete extraordinary projects by pushing beyond the frontiers of innovation, opening the way for our clients to the energy of the future. VALUES Creative intelligence; care for people and planet; striving for trust; enhancement of cultural identities. 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 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 COVID-19 pandemic (including its impacts on our business, our ongoing projects worldwide and our procurement 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 to the applicable legislation. COUNTRIES IN WHICH SAIPEM OPERATES EUROPE Albania, Austria, Bulgaria, Croatia, Cyprus, Denmark, France, Germany, 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, Israele, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates FAR EAST AND OCEANIA Australia, Bangladesh, 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. 001-082SaipemBil20Ing.qxd 2-04-2021 16:35 Pagina 1 ANNUAL rEport 2020 Letter to the Shareholders 2 Structure of the Saipem Group 5 DIRECTORS’ REPORT Saipem SpA share performance 10 Operating Review 12 Organisational structure 12 Market conditions 12 New contracts and backlog 13 Capital expenditure 14 Offshore Engineering & Construction 16 Onshore Engineering & Construction 22 Offshore Drilling 27 Onshore Drilling 30 Financial and economic results 32 Group organisation: reporting 35 Operating results 35 Balance sheet and financial position 40 Reclassified statement of cash flows 42 Key profit and financial indicators 44 Research and development 45 Human resources 51 Digital, ICT Services 57 Governance 60 Risk management 61 Additional information 74 Reconciliation of reclassified balance sheets used in the management report 77 with the mandatory financial statements Glossary 79 Consolidated Non-Financial Statement 83 Consolidated financial statements Statement of financial position 164 Notes to the consolidated financial statements 171 Information regarding censure by Consob pursuant to Article 154-ter, 267 subsection 7, of Legislative Decree No. 58/1998 and the notice from the Consob offices dated April 6, 2018 Management’s certification 272 Independent Auditors’ Report 273 Ordinary Shareholders’ Meeting of April 30, 2021 Notice of the Shareholders’ Meeting was published on the Company website and an excerpt was published in the daily newspaper Il Sole 24 Ore on March 19, 2021. Please note that the date, place, participation, voting and/or occurrence of the Shareholders’ Meeting as indicated in the notice of meeting is subject to the provisions of current legislation or those issued by the competent Authorities vis-à-vis the COVID-19 emergency, as well as the fundamental principles safeguarding the health of shareholders, employees, representatives, and consultants of the Company. Any changes will be promptly communicated using the same methods used for the publication of the notice and/or through the information channels provided for by the legislation in force. Owing to the COVID-19 health emergency and in compliance with Article106 of Law-Decree No. 18 dated March 17, 2020, and subsequent extensions, aimed at minimising travel and gatherings, attending and voting at the Shareholders’ Meeting can only occur through the granting of a specific proxy to the designated representative (Avv. Dario Trevisan) as per the instructions given in the notice. \ 1 001-082SaipemBil20Ing.qxd 6-04-2021 10:25 Pagina 2 SAIPEM ANNUAL REPORT 2020 Letter to the shareholders Dear Shareholders, just over a year ago, we commented 2019 results with optimism, proudly stating that we had exceeded all the set targets and returning to a symbolic dividend. After only a few days, we were among the first companies to invite all our people to work remotely due to the outbreak of the COVID-19 pandemic that dramatically impacted all throughout 2020 and is plaguing the world even today. Saipem’s reaction to the pandemic was prompt and efficient, mainly due to the extensive experience in identifying effective solutions dealing with emergencies and being organisationally equipped to handle and communicate crises. Thanks to our adaptability to face the uncertainties in a dynamic context, we not only provided business continuity of operational activities, but we also implemented significant improvements to business processes thanks to digitalisation. We made it possible to accelerate our strategic focus on ecological transition and energy evolution, albeit slowdowns due to compliance with health and safety regulations imposed worldwide and related economic crisis. With this in mind, Your company now offers solutions to tackle the climate change, reduction of carbon footprint, the evolution of energy paradigm and the need to develop sustainable mobility through the realisation of offshore green energy hubs, CO2 capture and storage projects, infrastructures for the production, storage and use of hydrogen. We can take on these commitments immediately, thanks to our technologies, patents, and especially to the experience coming from the dozens of similar projects already carried out in these fields. Furthermore, leveraging on our credentials, we presented practical proposals within the recovery plans supported by the Next Generation EU. At the time of the economic recovery, Saipem will be in a privileged position to compete as a key player for the award of new green and infrastructure projects. Then, more and more, Saipem’s profile is consolidated as a Global Solution Provider: a technology integrator capable of proposing solutions, more than services, realising complex projects in challenging contexts, accompanying clients on the journey to the energy change and leveraging on the ingenuity of passionate women and men, and on proven competences in engineering, construction, and project management. Saipem’s evolution process started in 2015 with the aim of diversifying and de-risking company’s portfolio, revising and digitalising the processes, optimising structural costs, and increasing the operating autonomy of the divisions. This has continued in 2020, keeping the focus and attention on technology and innovation. Innovation is part of Saipem’s DNA and it is probably amongst the most important contributions to Your company’s success over the past 60 years. This has allowed us to continuously improve the organisation and the offered services while creating value for our company. All our appreciation goes to Saipem’s women and men, for their passion, professionalism and constant commitment, without which Saipem could not have overcome this difficult year affected by the pandemic and characterised by deep ongoing transformations. 2020 results
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