Trevi Fin Industriale

Earnings Release • Mar 31, 2021

Informazione Regolamentata n. 0262-10-2021		Data/Ora Ricezione 31 Marzo 2021 19:08:47	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	144603
Nome utilizzatore	:	TREVIN04 - Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	31 Marzo 2021 19:08:47
Data/Ora Inizio Diffusione presunta	:	31 Marzo 2021 19:08:48
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, March 31, 2021 – Trevi - Finanziaria Industriale S.p.A. (the "Company"), as requested by Consob on December 10, 2018 pursuant to art. 114 of the Legislative Decree No. 58/98, 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, analised by nature (financial, trade, 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;

The following is the above information at February 28, 2021.

a) The Company and the Group Net Financial Debt at February 28, 2021.

The Net Financial Position of the Company at February 28, 2021 amounts to Euro 109,2 million and is shown below:

NET FINANCIAL DEBT	28/02/2021	30/06/2020	Variation
Current bank loans and borrowings	(7.621)	(13.855)	6.234
Current loans and borrowings from other financial creditors	(15.957)	(18.020)	2.063
Current financial receivables (payables) from subsidiaries	53.661	54.134	(473)
Current financial derivatives	0	0	0
Current financial assets	13.593	0	13.593
Short-term cash and cash equivalents	2.175	42.642	(40.467)
Total current financial debt	45.851	64.900	(19.049)
Non-current bank loans and borrowings	(70.765)	(116.610)	45.844
Non-current loans and borrowings from other financial creditors	(94.407)	(40.939)	(53.468)
Non-current financial payables from subsidiaries
Non-current financial derivatives
Total non-current financial debt	(165.173)	(157.549)	(7.624)
Net financial debt (Consob DEM/6064293 of 28/07/2006)	(119.322)	(92.649)	(26.673)
Other non current financial assets including intercompany	10.166	24.894	(14.728)
Total Net financial position	(109.155)	(67.755)	(41.401)

On May 29th the capital increase of the Company, has been successfully completed in the context of which n. 15,083,921,496 of the Company, have been subscribed for a total value of Euro 150,839,214.96.

In detail:

• the tranche of capital increase offered as an option to shareholders was fully subscribed for Euro 130,001,189.07, of which Euro 87,701,972.96 by payment of money and Euro 42,299,216.02 with the conversion by the main credit financing banks financial claims against the Company, according to a conversion ratio of 4.5: 1 and
• the tranche of capital increase reserved for lending banks, with the exclusion of the right to option, was subscribed for Euro 20,838,025.89 through the conversion of financial credits claimed by the banks themselves towards the Company, according to the same ratio of conversion equal to 4.5: 1.

In the context of the overall financial restructuring plan, the financial indebtedness of the Company, as well as of the subsidiaries of Trevi S.p.A. and Soilmec S.p.A. has been consolidated and rescheduled for the majority until December 2024 and the interest rate of the same has been reduced. The accounting standard IFRS 9 has been applied on the residual portion of the financial indebtedness following the capital increase through the conversion of financial credits of the financing banks for a total amount of Euro 284 million, as well as following the repayment provided by the financial restructuring plan.

The main changes in the Group Net Financial Position as of February 28, 2021 compared to June 30, 2020 are due to the payments of trade payables to suppliers of goods and services and the payments of financial liabilities to leasing companies. As a consequence, cash decreased by around Euro 48,1 million.

The Net Financial Debt of the financial statements of the Company at June 30, 2020 and February 28 2021 includes the partial write-down of intercompany financial receivables; this effect does not generate any impact in the consolidated Net Financial Debt.

Moreover, following up on what was anticipated in the press release dated 31 January 2021 "Information required by Consob pursuant to art.114 of the Legislative Decree no.58/98", The Company have begun the discussions with the lending banks aimed at identifying the amendments to the existing agreements that will be necessary, on the basis of preliminary information on the Company's performance in the financial year ended 31 December 2020, strongly influenced by the effects caused globally by the spread of the Covid19 pandemic, in order to deal with the foreseeable failure to comply with one of the financial parameters established in the Restructuring Agreement signed on 5 August 2019, on the occasion of the next approval of the consolidated financial statements for the year 2020.

Furthermore, on the basis of preliminary information on the Company's performance in the financial year ended 31 December 2020 and further analyses currently underway on the Company's prospects in the current market context, which is strongly influenced by the effects caused globally by the spread of the Covid19 pandemic, there appears to be a general slowdown in the achievement

of the objectives identified in the 2019-2022 business plan, as most recently revised by the Board of Directors on 2 April 2020 and disclosed to the market, which at present do not seem to be entirely achievable within the timeframe considered. In consideration of the above, in the discussions initiated with the lending banks, the Company has envisaged both the granting of the usual waivers and changes to the financial parameters originally set, as well as the recalculation of some maturities scheduled for the current year.

The Company will continue to engage in the analyses started with the aim of achieving, within the date of approval of the draft financial statements as at 31 December 2020, the revision of the business plan and its projection until the year 2024, confirming the achievement of the initial recovery goals, albeit in a longer period of time compared to the original forecasts.

The Group Net Financial Debt at February 28, 2021 amounts to Euro 285,9 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	28/02/2021	30/06/2020	Variation
Current bank loans and borrowings	(83.274)	(56.358)	(26.916)
Current loans and borrowings from other financial creditors	(30.251)	(35.345)	5.094
Current financial derivatives	0	0	0
Current financial assets	16.603	2.526	14.078
Short-term cash and cash equivalents	57.051	105.107	(48.056)
Total current financial debt	(39.870)	15.929	(55.799)
Non-current bank loans and borrowings	(133.190)	(209.445)	76.254
Non-current loans and borrowings from other financial
creditors	(123.060)	(69.056)	(54.004)
Non-current financial derivatives	0	0	0
Total non-current financial debt	(256.250)	(278.501)	22.251
Net financial debt (Consob DEM/6064293 of 28/07/2006)	(296.120)	(262.571)	(33.548)
Other non current financial assets	10.167	11.512	(1.345)
Total Net financial position	(285.953)	(251.059)	(34.894)

b) The following are the Company and the Group's overdue payables analised by nature (financial, trade, 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	28/02/2021	28/02/2021
Financial liabilities	51	3.429
Trade payables	3.340	39.289
Tax liabilities		44
Social security liabilities
Payables to employees
Total overdue liabilities	3.391	42.762

As of February 28, 2021 the creditors' reaction initiatives can be summarized as follows:

• in relation to Trevi Finanziaria Industriale S.p.A., there are no situations of shortage of supplies;
• 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 0.9 million for which the defintion is ongoing.

c) The following are the main variations occurred in the relations with the Company and the Group related parties with respect to the last half-year financial report:

(In thousands of Euro)
Non-current/current financial receivables from subsidiaries	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	17.383	23.883	(6.500)
Soilmec S.p.A.	38.548	47.647	(9.099)
Other	1.690	1.730	(40)
TOTAL	57.621	73.260	(15.639)
Non-curren/current t financial payables from subsidiaries	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	0	0	0
Altri	3.960	4.287	(326)
TOTALE	3.960	4.287	(326)
Current trade receivables from subsidiaries	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	20.429	22.318	(1.889)
Soilmec S.p.A.	13.641	10.925	2.716
Other	17.660	16.544	1.116
TOTAL	51.731	49.787	1.944
Current trade payables to subsidiaries	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	9.385	14.045	(4.660)
Soilmec S.p.A.	5.574	6.035	(461)
Other TOTAL	3.810 18.768	5.332 25.412	(1.522) (6.644)
Revenues from sales and services	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	100	4.172	(4.072)
Soilmec S.p.A.	0	1.453	(1.453)
Other	257	3.129	(2.872)
TOTAL	357	8.755	(8.397)
Consumption of raw materials and external services	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	1	60	(59)
Soilmec S.p.A.	1	161	(160)
Other	0	15	(15)
TOTAL	2	236	(234)
Financial income	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	0	447	(447)
Soilmec S.p.A.	0	1.076	(1.076)
Other	0	122	(122)
TOTAL	0	1.645	(1.645)
Financial expense	28/02/2021	30/06/2020	Variation
Trevi S.p.A.	0	16	(16)
TOTAL	0	16	(16)

Trevi-Finanziaria Industriale S.p.A.:

Trevi Group

(In thousands of Euro)

Non-current/current financial receivables	28/02/2021	30/06/2020	Variation
Porto Messina S.c.a.r.l.	721	721	0
Pescara Park S.r.l.	576	633	(56)
Other	55	0	55
TOTAL	1.352	1.354	(1)

Trade receivables and other current assets	28/02/2021	30/06/2020	Variation
Parcheggi S.p.A.	61	51	10
Roma Park S.r.l.	634	634	(0)
Sofitre S.r.l.	0	8	(8)
Other	0	0	0
Sub-total	695	693	2
Porto di Messina S.c.a.r.l.	810	794	16
Nuova Darsena S.c.a.r.l.	1.658	822	836
Trevi S.G.F. Inc. per Napoli	1.861	1.860	1
Trevi Nicholson JV	947	4.892	(3.945)
Sep Sefi Trevi	4.170	3.904	266
Other	220	346	(126)
Sub-total	9.665	12.618	(2.953)
TOTAL	10.360	13.311	(2.950)

Trade payables and other current liabilities	28/02/2021	30/06/2020	Variation
Parcheggi S.p.A.	1	1	0
I.F.C. L.dt	156	139	17
Sofitre S.r.l.	0	103	(103)
Sub-totale	157	242	(85)
Trevi Adanti	0	9	(9)
Porto di Messina S.c.a.rl.	236	403	(167)
Trevi S.G.F. Inc. per Napoli	44	43	1
Sep Sefi Trevi	0	0	0
Other	67	721	(654)
Sub-total	494	1.176	(682)
TOTAL	651	1.418	(767)

Revenues from sales and services	28/02/2021	30/06/2020	Variation
I.F.C. S.r.l	0	6	(6)
Parcheggi S.p.A.	8	40	(32)
Sub-total	8	40	(32)
Sep Sefi-Trevi	0	499	(499)
Trevi Nicholson JV	243	2.522	(2.279)
Other	60	354	(294)
Sub-totale	303	3.375	(3.072)
TOTAL	311	3.415	(3.104)

Consumption of raw materials and external services	28/02/2021	30/06/2020	Variation
Sofitre S.r.l.	0	49	(49)
Parcheggi S.p.A	0	0	0
Sub-total	0	49	(49)
Porto di Messina S.c.a.r.l.	0	0	0
Nuova Darsena S.c.a.r.l.	0	0	0
Other	0	0	0
Sub-total	0	0	0
TOTAL	0	49	(49)

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 Consolidated Law on Finance, 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 and in the construction of automated, underground and multi-storey car parks. The Group was established in Cesena in 1957; it has around 70 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.

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

Giovanni Santonastaso - T. +39 3480383798 – g.santonastaso@mailander.it

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