Trevi Fin Industriale

Earnings Release • Feb 29, 2024

Informazione Regolamentata n. 0262-8-2024	Data/Ora Inizio Diffusione 29 Febbraio 2024 17:46:55		Euronext Milan
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	186713
Utenza - Referente	:	TREVIN04 - Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	29 Febbraio 2024 17:46:55
Data/Ora Inizio Diffusione	:	29 Febbraio 2024 17:46:55
Oggetto	:	INFORMATION REQUIRED BY CONSOB PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98
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INFORMATION REQUIRED BY CONSOB PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98

Cesena, February 29th , 2024 – Trevi - Finanziaria Industriale S.p.A. ("Trevifin" or the "Company") as requested by Consob on December 10, 2018 pursuant to art. 114 of the Legislative Decree No. 58/98 ("TUF"), communicates the following information updated at January 31 st , 2024:

A) Company and Trevi Group net financial position, with separate disclosure of the shortterm position and the medium/long-term position

	Description (In thousands of Euro)	31/01/2024	30/06/2023	Variazioni
A	Cash	1,312	2,803	(1,491)
B	Cash equivalents	0	0	0
C	Other current financial assets	79,260	87,102	(7,842)
D	Cash and cash equivalents (A+B+C)	80,573	89,905	(9,332)
E	Current financial liabiltiies	25,755	14,935	10,820
F	portion of non-current financial liabilities)	9,158	0	9,158
G	current financial debt (E+F)	34,913	14,935	19,978
H	Net current financial position (G-D)	(45,660)	(74,970)	29,310
I	Non-current financial liabiltiies	81,697	81,516	181
J	Debt instruments issued	50,000	50,000	0
K	Trade payables and other non-current liabilities	0	0	0
L	Non-current financial debt (I+J+K)	131,697	131,516	181
M	Total financial position (H+L) (as per Consob n.5/21 of 29 april 2021)	86,037	56,546	29,491

The Net Financial Position of the Company amounts to Euro 86.0 million.

The balance of the Company's Net Financial Position is affected by the completion of the capital strengthening and debt restructuring operation, completed in January 2023 in execution of the 2022 financial manoeuvre, through (i) the collection of Euro 25 million as a cash capital increase and (ii) the conversion of bank debt by the participating institutions for Euro 32.7 million, together with the rescheduling of current unconverted bank debt to the end of 2026.

The main changes in the Company Net Financial Position as at end of January 2024, compared to end of June 2023, are due to:

• IFRS9 effect on financial debt for a negative impact of approximately Euro 3.8 million (Compared to the end of 2022 the impact of IFRS9 on financial debt is positive for Euro 7.9 million.

• The partial conversion of the financial credit towards the subsidiary Soilmec Spa for Euro 19 million as per reserve for future capital increase; this transaction has no effect on the Trevi Group Consolidated Net Financial Position.

The Net Financial Position of the financial statements of the Company at June 30 th , 2023 and January 31 st , 2024 includes the partial write-down of intercompany financial receivables; this effect does not generate any impact in the Trevi Group Consolidated Net Financial Position.

Trevi Group Net Financial Postition at January 31 st , 2024 amounts to Euro 198.9 million.

	Description (In thousands of Euro)	31/01/2024	30/06/2023	Variazioni
A	Cash	83,806	77,398	6,408
B	Cash equivalents	3,914	3,804	110
C	Other current financial assets	13,354	13,694	(340)
D	Cash and cash equivalents (A+B+C)	101,074	94,896	6,178
E	Current financial liabiltiies	57,694	43,871	13,823
F	portion of non-current financial liabilities	22,635	21,557	1,078
G	current financial debt (E+F)	80,329	65,428	14,901
H	Net current financial position (G-D)	(20,745)	(29,468)	8,723
I	Non-current financial liabiltiies	169,662	165,754	3,908
J	Debt instruments issued	50,000	50,000	0
K	Trade payables and other non-current liabilities	0	810	(810)
L	Non-current financial debt (I+J+K)	219,662	216,564	3,098
M	Total financial position (H+L) (as per Consob n.5/21 of 29 April 2021)	198,917	187,096	11,821

The main changes in the Group Net Financial Position as of January 31 st , 2024, compared to June 30 th , 2023, are mainly due to

• Increase of cash and cash equivalents of approximately Euro 6.5 million
• Increase of current financial liabilities and other current financial liabilities for Euro 13.8 million mostly referred to the payment to suppliers for operative necessity; this variation also includes the IFRS9 effect on financial debt with a negative impact of approximately Euro 5.9 million. (Compared to the end of 2022 the impact of IFRS9 on financial debt is positive for Euro 12.5 million).
• Financial payables to leasing companies increase for Euro 0.4 million,

"Other current financial assets" for the Company and Trevi Group includes an interest-bearing loan of Euro 10 million to MEIL Global Holdings BV, with three-year bullet repayment, provided on March 31st, 2020, deriving from the sale of the Oil & Gas Division to MEIL Group, (Reference: press release issued on the same date, available on www.trevifin.com, "Investor Relations / Press Releases" section). This loan, starting from April 1st , 2022, is classified in the current financial assets. It should be noted that to date, this loan has not yet been repaid by the counterparty.

Following to multiple payment reminders unanswered, the Company undertook the appropriate legal action at the competent Tribunal, for the recovery of the amount. In accordance to the contractual documentation and correspondence, the Company considers the amount recoverable.

B) Company and Trevi Group overdue payables, analysed by nature (financial, commercial, tax, social security and employees) and any related creditors' reaction initiatives (payment reminders, injunctions, suspensions of supplies, etc.)

Description (In thousands of Euro)	31/01/2024	31/01/2024
	Trevifin	Gruppo Trevi
Financial liabilities	-	-
Trade payables	1,629	26,335
Tax liabilities	-	-
Social security liabilities	-	-
Payables to employees	-	-
Total overdue liabilities	1,629	26,335

As of January 31 st , 2024, no reminders, or injunctions from suppliers, related to Trevifin and to the Trevi Group, and no situation of shortage of supplies.

C) Company and Trevi Group main variations in the transactions with related parties compared to the approved last annual or semi-annual financial report pursuant to Art.154 ter of TUF

As of January 31 st , 2024, Trevifin has financial and trade transactions mainly with its subsidiaries Trevi S.p.A. ("Trevi") and Soilmec S.p.A. ("Soilmec").

Financial and Trade Transactions

January 31 st , 2024

Description (In thousands of Euro)	Financial receivables	Financial payables	Trade receivables	Trade payables
Trevi S.p.A.	29,882	-	11,151	9,770
Soilmec S.p.A.	39,238	-	5,894	5,899
Other	566	19,735	12,597	3,246
TOTAL	69,685	19,735	29,642	18,916

June 30 th, 2023

Description (In thousands of Euro)	Financial receivables	Financial payables	Trade receivables	Trade payables
Trevi S.p.A.	23,487	-	12,194	9,540
Soilmec S.p.A.	53,885	-	5,352	5,020
Other	153	4,417	10,722	1,433
TOTAL	77,525	4,417	28,268	15,993

Economic Transactions

1M 2024

Description (In thousands of Euro))	Revenues	Consumption and services	Financial income	Financial costs
Trevi S.p.A.	0	0	0	0
Soilmec S.p.A.	0	0	0	0
Other	274	0	0	0
TOTAL	274	0	0	0

6M 2023

Description (In thousands of Euro)	Revenues	Consumption and services	Financial income	Financial costs
Trevi S.p.A.	2,605	322	542	0
Soilmec S.p.A.	1,338	667	1,188	0
Other	3,807	47	43	0
TOTAL	7,750	1,036	1,773	0

As of January 31 st , 2024, Trevi Group has trade and financial receivables mainly with some related companies.

Financial and Trade Transactions

Financial receivables (In thousands of Euro)	31/01/2024	30/06/2023
Porto di Messina S.c.a.r.l.	716	716
Pescara Park S.r.l.	631	629
Overturning S.c.a.r.l	798	2,569
Altri	170	130
TOTAL	2,315	4,044

Trade receivables (In thousands of Euro)	31/01/2024	30/06/2023
Porto di Messina S.c.a.r.l.	1,007	830
Nuova Darsena S.c.a.r.l.	149	149
Trevi S.G.F. Inc. per Napoli	1,884	1,884
Italthai Trevi	130	219
Sep Trevi Sefi	89	89
Other	75	57
TOTAL	3,334	3,228

Trade payables (In thousands of Euro)	31/01/2024	30/06/2023
I.F.C. L.dt	0	173
Filippella S.c.a.r.l. (in liquidazione)	228	46
Nuova Darsena S.c.a.r.l.	545	173
Porto di Messina S.c.a.r.l.	2,283	234
Trevi S.G.F. Inc. per Napoli	171	90
Overturning S.c.a.r.l.	256	310
Other	86	165
TOTAL	3,569	1,190

Economic Transactions

Revenues (In thousands of Euro)	1M 2024	6M 2023
Italthai Trevi	5	485
Other	0	32
TOTAL	5	517
Operating costs (In thousands of Euro)	1M 2024	6M 2023
Overturning S.c.a.r.l.	0	29
Other	0	(2)
TOTAL	0	27
Financial income (In thousands of Euro)	1M 2024	6M 2023
Hercules Foundation AB	0	0
Other	0	14
TOTAL	0	14

The C.F.O., Massimo Sala, in his position as the Director responsible for drawing up the Company's accounting statements, hereby declares, pursuant to Article 154-bis, paragraph 2 of the TUF, that the information contained in this press release accurately represents the figures contained in the Company's accounting records.

***

About Trevi Group:

Trevi Group is a worldwide leader in the field of soil engineering (special foundations, soil consolidation, recovery of polluted sites), in the design and marketing of specialized technologies in the sector. The Group was established in Cesena in 1957; it has around 65 companies and, with its dealers and distributors, is present in 90 countries. Internationalization, integration and the continuous exchange between its two divisions are among the reasons for the success of the Trevi Group: Trevi, which carries out special foundations and soil consolidation works for large infrastructure projects (subways, dams, ports and docks, bridges, railway and highway lines, industrial and civil buildings) and Soilmec, which designs, manufactures and markets machinery, systems and services for underground engineering.

The parent company Trevi – Finanziaria Industriale S.p.A. has been listed on the Milan stock exchange since July 1999. Trevifin is listed on Euronext Milan: TFIN.

For further information:

Investor Relations: Massimo Sala - e-mail: investorrelations@trevifin.com

Group Communications Office: Franco Cicognani - e-mail: fcicognani@trevifin.com - T. +39 0547 319503

Press Office: Mailander Srl - T. +39 011 5527311

Carlo Dotta – T. +39 3332306748 - c.dotta@mailander.it

Federico Unnia - T. +39 3357032646 – federico.unnia@libero.it