Saipem: 2009 Consolidated and Statutory Financial Statements

 March 10, 2010; h 13:27

• Revenues: Euro 10,292 million
• Operating profit: Euro 1,156 million
• Adjusted net profit: Euro 732 million
• Cash flow: Euro 1,172 million
• Dividend per share: Euro 0.55 per ordinary share and Euro 0.58 per savings share, in line with the previous year.

San Donato Milanese, March 10, 2010. The Board of Directors of Saipem S.p.A. approved the Saipem Group Consolidated Financial Statements as at December 31, 2009, which reported an adjusted net profit of Euro 732 million (Euro 724 million in 2008) and net profit of Euro 732 million (Euro 914 million in 2008), confirming the data released on February 10, 2010. The Board also approved the preliminary Statutory Financial Statements of Saipem S.p.A., which reported net profit of Euro 490 million (Euro 333 million in 2008¹).

The Board of Directors moved to propose at the Annual Shareholders’ Meeting the distribution of a dividend of Euro 0.55 per ordinary share and Euro 0.58 per savings share to be paid from May 27, 2010 (ex-dividend date: May 24, 2010).

The Consolidated and preliminary Statutory Financial Statements of Saipem S.p.A. have been made available to the Board of Statutory Auditors and the Independent Auditors.
The Board of Directors also approved Saipem’s Sustainability Report, which was prepared in compliance with current international best practice. This document underlines Saipem’s commitment towards sustainable development.

At the proposal of the Board of Statutory Auditors and in consideration of the underlying reasons behind it, the Board of Directors moved to propose at the Annual Shareholders’ Meeting the early revocation of the current audit mandate of PricewaterhouseCoopers SpA, and the simultaneous conferment of a new audit mandate on Reconta Ernst & Young SpA.
The revocation is motivated by the need to prevent inefficiencies in the audit process, which - in consideration of Saipem Group’s structure, role and business - may arise as a result of a misalignment, both in subjective terms and in terms of duration, of audit appointments by Saipem and its parent company Eni. The current audit mandate conferred by the parent company Eni to PricewaterhouseCoopers shall expire with the approval of the Financial Statements at December 31, 2009.

The rationale underlying the proposal to revoke the current audit mandate for “objective” cause is not in any way connected to PricewaterhouseCoopers’ work or conduct in the performance of the work, or their undisputed professionalism.

General Shareholders’ Meeting
The Board of Directors called the General Shareholders’ Meeting, to be held on April 16 or 26, 2010, first and second call respectively.


¹ This is a pro-forma figure calculated following the merger by incorporation, effective from 1st January 2009, of Snamprogetti Sud SpA.