BACK TO INVESTOR RELATIONS Main menu primary Main menu functional Home Investor Relations HISTORICAL FINANCIAL RESULTS ANNUAL ECONOMIC-FINANCIAL DATA Here we present the highlights of 2020. In brief Highlights Sizable backlog worth over €25 billion (1) at the end of 2020 (over 75% of the E&C portion non-oil related), still at the highest level and increased compared with the previous year, ensuring good visibility in the medium term New contract awards in 2020 of approximately €8.7 billion (approximately 90% non-oil related), 1.2 times year's revenues Revenues in 2020 of approximately €7.3 billion in line with the expected business scenario and adjusted EBITDA margin of 8.4% On a divisional level in the fourth quarter: Sequential improvement in volumes and margins of the onshore E&C division Decrease in the offshore E&C division also caused by project operational difficulties Results marginally improved in offshore drilling compared with the previous quarter, versus a slight decline in onshore drilling Net debt before IFRS 16 of €872 million (approximately €1.2 billion post IFRS 16) at the end of 2020, decreasing from the previous quarter thanks to a favourable trend in working capital and capex rephasing Robust financial structure with liquidity over €2 billion Achieved efficiency targets on the cost structure of approximately €190 million, of which €45 million structural, and a significant capex reduction of around €280 million (2) Future commercial opportunities remain considerable with an increase of those associated with the energy transition (1) Includes the backlog of unconsolidated companies (2) Compared with the initial FY 2020 guidance, withdrawn in April 2020 DOWNLOAD Download annual report 2020 PDF (12,8MB) - 31 DEC 2020 Income statement Saipem Group - Adjusted income statement (€ million) Year 2019 Year 2020 Var. % Adjusted core business revenue 9,133 7,342 (19.6) Other income and revenue 11 12 Purchases, services and other costs (6,234) (5,185) Net reversals of impairment losses (impairment losses) on trade receivables and other assets (62) (7) Personnel expenses (1,622) (1,548) Adjusted gross operating profit (EBITDA) 1,226 614 (49.9) Depreciation, amortisation and impairment losses (617) (591) Adjusted operating profit (loss) (EBIT) 609 23 (96.2) Net financial (income) expense (210) (166) Net gains (losses) on equity investments (18) 37 Adjusted pre-tax profit (loss) 381 (106) n.s. Income taxes (130) (143) Adjusted profit (loss) before non-controlling interests 251 (249) n.s. Profit (loss) attributable to non-controlling interests (86) (19) Adjusted net profit (loss) for the year 165 (268) n.s Balance sheet and financial position (€ million) 31.12.2019 31.12.2020 Property, plant and equipment 4,129 3,284 Right-of-Use assets 584 288 Net intangible assets 698 701 5,411 4,273 - Offshore Engineering & Construction 3,023 2,740 - Onshore Engineering & Construction 594 530 - Offshore Drilling 1,232 522 - Onshore Drilling 562 451 Equity investments 106 140 Non-current assets 5,517 4,413 Net current assets (64) (2) Employee benefits (246) (237) Net assets held for sale - - Net capital employed 5,207 4,174 Equity 4,032 2,923 Non-controlling interests 93 25 Net financial debt pre-IFRS 16 lease liabilities 472 872 Lease liabilities 610 354 Net debt 1,082 1,226 Funding 5,207 4,174 Leverage pre IFRS 16 (net borrowings/equity + non-controlling interests) 0,11 0,30 Leverage post IFRS 16 (net borrowings/equity + non-controlling interests) 0,26 0,42 Number of shares issued and outstanding 1,010,977,439 1,010,977,439 Reclassified Cash Flow Statement (€ million) 2019 2020 Profit (loss) for the period 12 (1.136) Non-controlling interests 86 19 Adjustments: Depreciation, amortisation and other non-monetary items 882 1.316 Net (gains) losses on disposals of assets (2) (8) Dividends, interest and income taxes 243 272 Cash flows generated by operating activities before changes in working capital 1.222 463 Changes in working capital related to operations 311 (72) Dividends received, income taxes paid, interest paid and received (275) (268) Net cash flows from operating activities 1.257 123 Capital expenditure (336) (322) Investments in equity, consolidated subsidiaries and business units (45) (4) Disposals and partial sales of investments in consolidated companies, business units and property, plant and equipment 11 16 Other changes related to financing activities - - Free cash flows 887 (187) Net change in receivables and securities held for non-operating purposes (146) (153) Changes in short and long-term loans and borrowings 126 (27) Repayments of lease liabilities (127) (126) Sale (repurchase) of treasury shares - (16) Cash flow from capital and reserves (77) (69) Changes in consolidation and exchange differences on cash and cash equivalents (65) (7) NET CASH FLOWS FOR THE YEAR 598 (585) Free cash flows 887 (187) Repayments of lease liabilities (127) (126) Sale (repurchase) of treasury shares - (16) Cash flow from capital and reserves (77) (69) Exchange differences on net financial debt and other changes 4 (2) CHANGE IN NET FINANCIAL DEBT PRE-LEASE LIABILITIES 687 (400) Effect of first-time adoption of IFRS 16 (547) - Financing/closing for the year (185) 110 Repayments of lease liabilities 127 126 Exchange differences and other variations (5) 20 Change in lease liabilities (610) 256 CHANGE IN NET FINANCIAL DEBT 77 (144) Financial results of the divisions We are working on the new website. 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