Saipem S.p.a. · MIL:SPM

Saipem — FY2010 Earnings Presentation

18 slides from Saipem's earnings presentation, February 2011

  1. Slide 1: Presentation to the Financial Community: Preliminary 2010 Consolidated Results

    Presentation to the Financial Community Preliminary 2010 Consolidated Results February 2011

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent on 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: mone

  3. Slide 3: Presentation Outline

    Presentation Outline  FY 2010 Financial Results and Backlog Analysis  Oil & Gas Industry Market Outlook  Saipem Perspectives  Offshore  Onshore  Offshore Drilling  Beyond the Capex Plan  2011 Guidance  Saipem 2011 & Beyond 3

  4. Slide 4: FY 2010 Financial Results and Backlog Analysis

    FY 2010 Financial Results and Backlog Analysis 4

  5. Slide 5: FY 2010 Financial Results

    FY 2010 Financial Results (Mln €) Revenues EBITDA EBIT Net Profit 11160 Adjusted 1836 Revenues % on 10292 1319 % on % on Revenues 1596 Revenues 409 (7.8%) 1156 Revenues % on 828 5236 370 (7.1%) 338 (7.0%) 732 4831 193 (28.1%) 290 (6.0%) 161 (29.1%) 78 (11.3%) 59 (10.6%) 402 (53.6%) 258 (34.4%) 688 2

  6. Slide 6: FY 2010 Financial Results: Capex, Net Debt and Funds

    FY 2010 Financial Results (Mln €) Capex Sources and Application of Funds, Net Debt & D/E Ratio D/E =0.80 3263 D/E = 0.83 1615 1545 2845 28 200 25 254 1000 1816 690 553 43 228 1398 53 1545 1345 697 713 Net Debt Application Sources of Net Debt 2009 2010 2011 E @ Dec. 2009 of Funds FY2010 Funds FY2010

  7. Slide 7: FY 2010 Contract Acquisitions & Backlog

    FY 2010 Contract Acquisitions & Backlog (Mln €) New Contract Acquisitions Backlog 20505 12935 18730 9917 10543 8035 7744 3665 1487 1064 578 585 265 3778 3354 326 5089 4600 5430 5544 2009 2010 Dec. 31, ‘09 Dec. 31, ‘10 Offshore Offshore Drilling Onshore Onshore All-time Record Backlog (€ 20.5 Bln) 7

  8. Slide 8: Backlog Analysis

    Backlog Analysis Saipem Backlog € 20.5 Bln @ Dec, 31 2010 by Client by Year of Execution 4% 13% 3% 29% 14% 2011 2012 2013 57% 36% 2014+ 44% Major & Supermajor National Independent Others* 2011 Backlog split by Business Unit (*) Mainly-downstream, 3156 704 4757 Smaller and Others 412 Offshore Off. On

  9. Slide 9: Oil & Gas Industry Market Outlook

    Oil & Gas Industry Market Outlook 9

  10. Slide 10: Oil & Gas Industry Market Outlook

    Oil & Gas Industry Market Outlook Bln US$ Global Exploration and E&C Capex Outlook 800 600 ‘Exploration, appraisal & development of well’ 400 Capex* 200 ‘E&C’ Capex Source: Deutsche Bank & Wood Mackenzie 0 Jan. 2011 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010E 2011E 2012E (*) Exclude

  11. Slide 11: Saipem Perspectives - Offshore

    Saipem Perspectives - Offshore - Recent Recent History History - Global Offshore E&C Spending - - Saipem Offshore Backlog - Bln US$ 200 -7% Bln € 8 -9% +16% +2% 6 100 4 Source: DB 2 & Wood Mackenzie Jan. 2011 0 0 2008 2009 2010E 2008 2009 2010 Saipem: Saipem: resilient resilient in in tough tough ti

  12. Slide 12: Saipem Perspectives - Onshore

    Saipem Perspectives - Onshore - Recent Recent History History Bln US$ - Global Onshore E&C Spending - Bln € 15 - Saipem Onshore Backlog - 400 -12% +11% +31% -13% 300 10 200 5 Source: DB 100 & Wood Mackenzie 0 0 Jan. 2011 2008 2009 2010E 2008 2009 2010 Backlog Backlog Quality Quality & & Quantity Qua

  13. Slide 13: Saipem Perspectives - Offshore Drilling

    Saipem Perspectives - Offshore Drilling - Recent Recent History History Utilisation Utilisation Rate Rate Floaters Floaters >3000ft. >3000ft. Floaters Floaters <3000ft. <3000ft. Jackup* Jackup* Saipem Saipem Fleet Fleet 100% 100% 100% VS VS 90% Worldwide Worldwide Fleet Fleet 90% 90% 80% 70% Source:

  14. Slide 14: Beyond the Capex Plan

    saipem Beyond the Capex Plan

  15. Slide 15: Saipem 2007-2010: Growth without stressing Balance Sheet

    Saipem 2007-2010: Growth - without stressing Balance Sheet ...while funding …maintaining Saipem Saipem recent recent Sound Sound Growth… Growth… a massive …maintaining Financial Financial Discipline Discipline - Revenues - Capex Plan… Bln € 841 813 +2% +8% In Service 6,848 5,070 12 +6% SSaipem 10 12

  16. Slide 16: 2011 Guidance

    2011 Guidance Revenues: +5% EBITDA: +10% Net Profit Adjusted: +5% (including the impact of additional ~ € 100 Mln depreciation and increased financial charges) Capex: ~ € 1 Bln 16

  17. Slide 17: Saipem 2011 & Beyond: poised for a further solid growth

    Saipem 2011 & Beyond: poised for a further solid growth 2011 2011 & & Beyond Beyond • Encouraging Market Outlook • 2011 Capex Target : € 1 Bln • From 2012 - Maintenance Capex to preserve quality: ~ € 400 Mln per year • Sustained Cash Flow Generation further reinforced by… • Enlarged Fleet, dominated

  18. Slide 18: End of Presentation

    saipem End of Presentation

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