Trevi Fin Industriale

Earnings Release • Apr 28, 2023

Informazione Regolamentata n. 0262-25-2023		Data/Ora Ricezione 28 Aprile 2023 19:13:35	Euronext Milan
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	176137
Nome utilizzatore	:	TREVIN04 - Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	28 Aprile 2023 19:13:35
Data/Ora Inizio Diffusione presunta	:	28 Aprile 2023 19:13:36
Oggetto	:	PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98	INFORMATION REQUIRED BY CONSOB
Testo del comunicato

Vedi allegato.

INFORMATION REQUIRED BY CONSOB PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98

Cesena, April 28th , 2023 – 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, at the end of every month, the following updated information at the end of the previous month:

• a) the Company and the Group's net financial position, with separate disclosure of the short-term position and the medium/long-term position;
• b) the Company and the Group's 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.);
• c) the Company and the Group's 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.

Below, the information at March 31st , 2023.

a) The Company and the Group Net Financial Position at March 31st , 2023.

The Net Financial Position of the Company at March 31st , 2023 amounts to Euro 59.1 million. Here below is reported the Total financial position as per Consob n.5/21 of April 29th 2021.

	(In Thousands of Euro)
	Description	31/03/2023	31/12/2022	Variazioni
	A Cash	7.792	3.273	4.519
B	Cash equivalents	0	6.446	(6.446)
C	Other current financial assets	81.152	67.411	13.741
	D Cash and cash equivalents (A+B+C)	88.944	77.130	11.814
E	Current financial liabiltiies	7.001	129.396	(122.395)
F	portion of non-current financial liabilities)	2.575	2.566	9
G	current financial debt (E+F)	9.576	131.962	(122.387)
H	Net current financial position (G-D)	(79.368)	54.833	(134.201)
I	Non-current financial liabiltiies	88.503	13.815	74.688
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)	138.503	63.815	74.688
M	Total financial position (H+L) (as per Consob n.5/21 of 29 april 2021)	59.135	118.648	(59.513)

Under the agreements reached with MEIL to which the Oil & Gas Division was sold on March 31st , 2020, (in this regard, see, inter alia, the press release issued on the same date, available on www.trevifin.com, "Investor Relations / Press Releases" section), in the first days of April 2020 the Parent Trevifin provided an interest-bearing loan of Euro 10 million to MEIL Global Holdings BV,

with three-year bullet repayment. Therefore this loan, starting from April 1st, 2022, is classified in the current financial assets.

The main changes in the Company Net Financial Position as of March 31st , 2023, compared to December 31st , 2022, are due to the flow generated by operating activities, for the payment of financial payables to leasing companies, and mainly for the effect of the completion of the overall transaction aimed at strengthen the capital and restructure the Group's debt finalized in January 2023 in execution of the 2022 financial restructuring plan (the "2022 Financial Restructuring"), which inter alia let to the collection of Euro 25 million as cash capital increase, as well as the conversion of bank debt by the adhering banks for Euro 32.7 Euro million according to a credit-to-capital conversion ratio of 1.25 to 1 (in this regard, see, inter alia, the press releases dated November 17th , 2022 and January 11th, 2023, available on www.trevifin.com, "Investor Relations / Press Releases" section), with a resulting positive effect on bank debt following the application of IFRS9 for approximately Euro 13.3 million.

It should be noted that, as a result of the effectiveness of the 2022 Financial Restructuring, the current loans and other current financial liabilities of the Company decreased by approx. Euro 122.4 million, mostly due to their reclassification as long-term loans, following the rescheduling of the bank debt to December 31st, 2026.

	(In Thousands of Euro)
	Description	31/03/2023	31/12/2022	Variazioni
	A Cash	103.798	88.519	15.279
B	Cash equivalents	3.552	9.835	(6.283)
C	Other current financial assets	13.592	14.156	(564)
	D Cash and cash equivalents (A+B+C)	120.942	112.510	8.432
E	Current financial liabiltiies	53.502	269.126	(215.624)
F	portion of non-current financial liabilities	18.812	17.664	1.148
G	current financial debt (E+F)	72.315	286.790	(214.475)
H	Net current financial position (G-D)	(48.627)	174.280	(222.907)
I	Non-current financial liabiltiies	179.648	25.609	154.039
J	Debt instruments issued	50.000	50.000	0
	K Trade payables and other non-current liabilities	1.050	1.290	(240)
L	Non-current financial debt (I+J+K)	230.698	76.899	153.799
M	Total financial position (H+L) (as per Consob n.5/21 of 29 April 2021)	182.071	251.179	(69.108)

The Group Net Financial Postition at March 31st , 2023 amounts to Euro 182.1 million. Here below is reported the Total financial position as per Consob n.5/21 of April 29th, 2021.

Under the agreements reached with MEIL to which the Oil & Gas Division was sold on March 31st , 2020 (in this regard, see, inter alia, the press release issued on the same date, available on www.trevifin.com, "Investor Relations / Press Releases" section), in the first days of April 2020 the Trevi Group provided an interest-bearing loan of Euro 10 million to MEIL Global Holdings BV, with three-year bullet repayment. Therefore, this loan, starting from April 1st, 2022, is classified in the current financial assets.

The main changes in the Group Net Financial Position as of March 31ST , 2023, compared to December 31st , 2022, are mainly due to the flow generated by operating activities for the payment of trade payables to suppliers of goods and services, for the collection of trade receivables, for the payment of financial payables to leasing companies, and for the effect of the completion of the overall transaction aimed at strengthen the capital and restructure the Group's debt finalized in January 2023 in execution of the 2022 financial restructuring plan (the "2022 Financial Restructuring"), with a resulting positive effect on bank debt following the application of IFRS9 for approximately Euro 20.9 million.

The Group's cash and cash equivalent have increase of about Euro 8.9 million compared to those available as of December 31st, 2022. In the same period, as a result of the effectiveness of the 2022 Financial Restructuring, the current loans and other current financial liabilities decreased by approx. Euro 215.6 million, mostly due to their reclassification as long-term loans, following the rescheduling of the bank debt to December 31st, 2026.

The Net Financial Position of the financial statements of the Company at December 31st, 2022 and March 31st, 2023 includes the partial write-down of intercompany financial receivables; this effect does not generate any impact in the consolidated Net Financial Position.

b) The following are the Company and the Group's 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.).

	Trevi Finanziaria Industriale S.p.A.	Trevi Group
in thousands of Euro	31/03/2023	31/03/2023
Financial liabilities
Trade payables	3.000	40.558
Tax liabilities
Social security liabilities
Payables to employees
Total overdue liabilities	3.000	40.558

As of March 31st, 2023, the creditors' reaction can be summarized as follow:

• in relation to the Company, there are no situations of shortage of supplies; some reminders and injunctions have been received from suppliers in relation to commercial relationships. The aggregate value of these positions is approximately Euro 1.9 million and they have been settled;
• in relation to the Trevi Group, there are no situations of shortage of supplies; some reminders and injunctions have been received from suppliers in relation to commercial relationships. The aggregate value of these positions is approximately Euro 1.9 million and they have been settled;

The following are the main variations occurred among the Company and the Group related parties with respect to the last annual financial report:

Trevi-Finanziaria Industriale S.p.A.:

(In thousands of Euro)
Non-current/current financial receivables from subsidiaries	31/03/2023	31/12/2022	Variation
Trevi S.p.A.	24.337	17.383	6.954
Soilmec S.p.A.	47.085	40.248	6.837
Other	153	153	(0)
TOTAL	71.575	57.784	13.791
Non-curren/current t financial payables from subsidiaries	31/03/2023	31/12/2022	Variation
Trevi S.p.A.	0	0	0
Altri	4.414	4.500	(86)
TOTALE	4.414	4.500	(86)
Current trade receivables from subsidiaries	31/03/2023	31/12/2022	Variation
Trevi S.p.A.	17.006	16.185	821
Soilmec S.p.A.	4.752	4.913	(161)
Other	15.650	15.882	(232)
TOTAL	37.408	36.980	428
Current trade payables to subsidiaries	31/03/2023	31/12/2022	Variation
Trevi S.p.A.	9.198	9.527	(329)
Soilmec S.p.A.	4.292	4.158	135
Other	3.999	4.277	(278)
TOTAL	17.490	17.962	(472)
Revenues from sales and services	1Q 2023	FY 2022	Variation
Trevi S.p.A.	1.072	3.991	(2.918)
Soilmec S.p.A.	964	4.291	(3.326)
Other	1.993	8.825	(6.831)
TOTAL	4.030	17.106	(13.076)
Consumption of raw materials and external services	1Q 2023	FY 2022	Variation
Trevi S.p.A.	0	293	(293)
Soilmec S.p.A.	15	358	(343)
Other	0	543	(543)
TOTAL	15	1.194	(1.179)
Financial income	1Q 2023	FY 2022	Variation
Trevi S.p.A.	263	370	(107)
Soilmec S.p.A.	572	936	(364)
Other	21	39	(18)
TOTAL	856	1.345	(489)

Trevi Group

(In thousands of Euro)

Non-current/current financial receivables	31/03/2023	31/12/2022	Variation
Porto di Messina S.c.a.r.l.	720	713	7
Pescara Park S.r.l.	633	626	7
Overturning S.c.a.r.l	2.569	2.964	(395)
Other	100	100	0
TOTAL	4.022	4.403	(381)

Trade receivables and other current assets	31/03/2023	31/12/2022	Variation
Porto di Messina S.c.a.r.l.	826	826	0
Trevi S.G.F. Inc. per Napoli	1.861	1.861	0
Trevi Nicholson JV	0	37	(37)
Italthai Trevi	275	430	(154)
Sep Trevi Sefi	87	89	(2)
Other	48	21	28
TOTAL	3.098	3.263	(165)

Trade payables and other current liabilities	31/03/2023	31/12/2022	Variation
I.F.C. L.dt	173	173	0
Nuova Darsena S.c.a.r.l.	173	173	(0)
Porto di Messina S.c.a.r.l.	234	234	0
Trevi S.G.F. Inc. per Napoli	90	90	0
Other	166	212	(46)
TOTAL	835	881	(46)

Revenues from sales and services	1Q 2023	FY 2022	Variation
Hercules Foundation AB	0	273	(273)
Trevi Nicholson JV	0	37	(37)
Italthai Trevi	305	804	(499)
Other	0	5	(5)
TOTAL	305	1.119	(814)

Consumption of raw materials and external services	1Q 2023	FY 2022	Variation
Porto di Messina S.c.a.r.l.	0	0	0
Nuova Darsena S.c.a.r.l.	0	174	(174)
Overturning S.c.a.r.l.	257	0	257
Other	0	0	0
TOTAL	257	174	83

Financial Income	1Q 2023	FY 2022	Variation
Hercules Foundation AB	0	0	0
Other	0	20	(20)
TOTAL	0	20	(20)

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.

This press release contains forward-looking statements. These statements are based on the current estimates and projections of the Group, relating to future events and, by their nature, are subject to an intrinsic component of risk and uncertainty. Actual results may differ materially from those contained in such statements due to a variety of factors, including continued volatility and further deterioration of capital and financial markets, changes in macroeconomic conditions and economic growth and other changes in business conditions, in addition to other factors, the majority of which is beyond the control of the Group.

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.

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