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Consob challenges Saipem’s budget

Milan - Italian financial regulator, Consob, has disputed the 2016 financial statements by Saipem, which it described as “not complying” with certain accounting standards. It has asked the company to disclose any shortfalls recorded, and to prepare a pro-forma financial statement for the 2016 financial results

Milan - Italian financial regulator, Consob, has disputed the 2016 financial statements by Saipem, which it described as “not complying” with certain accounting standards. It has asked the company to disclose any shortfalls recorded, and to prepare a pro-forma financial statement for the 2016 financial results based upon a correct application of all accounting rules. The issues detected by Consob, as stated in a statement by Saipem, essentially focus on two aspects. According to the Italian securities market regulator, “the circumstances underlying some of the write-downs recorded by Saipem in its 2016 financial statements were already present, wholly or in part, at the time the company prepared its 2015 financial statement.”

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