Saipem, the Italian engineering company, announced yesterday catastrophic figures in the first quarter of the year. Revenues decreased significantly, while profits fell by 52.4% compared to the first quarter of last year.
This sharp decline in earnings is added to that Saipem has been lost over the past three months, more than a third of its market value. And even if the company tries to reassure investors, the risk Saipem is that his precipitate action still in the Milan Stock Exchange. Worse yet, the net financial debt at March 31, which amounts to € 4.845 billion, an increase of € 567 million in just three months. Algerian judicial system
The Italian company in this chapter reveals that the situation in Algeria has greatly influenced his chest. In addition to the blocking of his bank account with € 80 million, Saipem failed to win new contracts in our country. Moreover, the Group still proves that some important bills in Algeria were not paid for the ongoing investigations in corruption scandals. "The survey in Algeria is causing delays in project progress reports, invoices and payments," he wrote in his quarterly report. To alleviate this serious situation, Saipem announces that its Board of Directors has initiated the internal audit in December 2012 and has grown with the support of external consultants, following the notification of the court of Milan initiating an investigation corruption. In many revelations, Saipem said for the first time the involvement of the Supreme Court of Algiers in the number of Sonatrach. According to the report, the highest court has ordered a freeze on the part of the Bank of Algeria, Saipem Contracting accounts. On the other hand, the company report cites another aspect of the case Sonatrach.. .Saipem was informed of a possible extension of extraterritorial investigations by the magistrate Algerian, but it is already to inform everyone that the company does not have proof of those involved.
The responsibilities of Sonatrach
In reference to the situation its fleet of rigs, Saipem surprised the whole world by saying that six units are still in operation in Algeria. In other words, Chakib Khelil and Mohamed Meziane are not the only ones to show signs of generosity for Saipem. In addition, the Italian company did not disclose to investors the problems it has faced in the design of the Z-CHINA project Hassi Messaoud, considered strategic for Algeria. Saipem has been awarded the contract of October 18, 2008, for the realization of the associated gas liquids extraction and separation of the oil from the ski area of Hassi Messaoud. The transaction amount is 117 billion dinars, the equivalent of $ 1.3 billion. This project has been delayed without the Italian company that is penalized.
This sharp decline in earnings is added to that Saipem has been lost over the past three months, more than a third of its market value. And even if the company tries to reassure investors, the risk Saipem is that his precipitate action still in the Milan Stock Exchange. Worse yet, the net financial debt at March 31, which amounts to € 4.845 billion, an increase of € 567 million in just three months. Algerian judicial system
The Italian company in this chapter reveals that the situation in Algeria has greatly influenced his chest. In addition to the blocking of his bank account with € 80 million, Saipem failed to win new contracts in our country. Moreover, the Group still proves that some important bills in Algeria were not paid for the ongoing investigations in corruption scandals. "The survey in Algeria is causing delays in project progress reports, invoices and payments," he wrote in his quarterly report. To alleviate this serious situation, Saipem announces that its Board of Directors has initiated the internal audit in December 2012 and has grown with the support of external consultants, following the notification of the court of Milan initiating an investigation corruption. In many revelations, Saipem said for the first time the involvement of the Supreme Court of Algiers in the number of Sonatrach. According to the report, the highest court has ordered a freeze on the part of the Bank of Algeria, Saipem Contracting accounts. On the other hand, the company report cites another aspect of the case Sonatrach.. .Saipem was informed of a possible extension of extraterritorial investigations by the magistrate Algerian, but it is already to inform everyone that the company does not have proof of those involved.
The responsibilities of Sonatrach
In reference to the situation its fleet of rigs, Saipem surprised the whole world by saying that six units are still in operation in Algeria. In other words, Chakib Khelil and Mohamed Meziane are not the only ones to show signs of generosity for Saipem. In addition, the Italian company did not disclose to investors the problems it has faced in the design of the Z-CHINA project Hassi Messaoud, considered strategic for Algeria. Saipem has been awarded the contract of October 18, 2008, for the realization of the associated gas liquids extraction and separation of the oil from the ski area of Hassi Messaoud. The transaction amount is 117 billion dinars, the equivalent of $ 1.3 billion. This project has been delayed without the Italian company that is penalized.
Nessun commento:
Posta un commento