Trevi Fin Industriale

Earnings Release • Dec 27, 2019

Informazione Regolamentata n. 0262-94-2019		Data/Ora Ricezione 27 Dicembre 2019 17:33:30	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	126258
Nome utilizzatore	:	TREVIN01 - Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	27 Dicembre 2019 17:33:30
Data/Ora Inizio Diffusione presunta	:	27 Dicembre 2019 17:33:30
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, December 27, 2019 – 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 additional information requested.

a) The Company and the Group Net Financial Debt at November 30, 2019.

The Net Financial Position of the Company at November 30, 2019 amounts to Euro 401,9 million and is shown below:

NET FINANCIAL DEBT	30/11/2019	30/06/2019	Variation
Current bank loans and borrowings	(405.564)	(441.359)	35.795
Current loans and borrowings from other financial backers	(97.434)	(44.918)	(52.516)
Current financial derivatives	(190)	(237)	47
Short-term cash and cash equivalents	11.591	922	10.669
Total current financial debt	(491.598)	(485.592)	(6.006)
Non-current bank loans and borrowings	0	0	0
Non-current loans and borrowings from other financial backers	(239)	(339)	100
Non-current financial receivables from subsidiaries	89.843	86.949	2.894
Non-current financial derivatives	0	0	0
Total non-current financial debt	89.604	86.610	2.995
Net financial debt	(401.993)	(398.982)	(3.011)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at June 30, 2019 and november 31, 2019 includes the partial write-down of intercompany financial receivables; this effect in the consolidated Net Financial Debt does not generate any impact.

The Group Net Financial Debt at November 30, 2019 amounts to Euro 732,9 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	30/11/2019	30/06/2019	Variation
Current bank loans and borrowings	(649.457)	(665.271)	15.814
Current loans and borrowings from other financial backers	(143.771)	(105.144)	(38.628)
Current financial derivatives	(195)	(246)	51
Short-term cash and cash equivalents	85.228	77.747	7.481
Total current financial debt	(708.195)	(692.914)	(15.281)
Non-current bank loans and borrowings	0	(451)	451
Non-current loans and borrowings from other financial
backers	(24.711)	(42.869)	18.159
Non-current financial derivatives	0	0	0
Total non-current financial debt	(24.711)	(43.321)	18.610
Group Net Financial Debt	(732.906)	(736.235)	3.329

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	30/11/2019	30/11/2019
Financial liabilities*	366.170	502.117 (**)
Trade payables	14.959	95.742 (**)
Tax liabilities		495
Social security liabilities		177
Payables to employees		80
Total overdue liabilities	381.128	598.612 (**)

* Related to short and medium to long term debt expired and not repaid in the light of the de facto standstill situation.

** Also including the Company debt, and indicated with the same perimeter

At November 30, 2019 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 4.9 million, of which approximately Euro 3.5 million have been settled and approximately Euro 1.4 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 financial receivables from subsidiaries	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	23.605	23.605	0
Soilmec S.p.A.	57.213	57.156	57
Drillmec S.p.A.	1.000	0	1.000
Petreven S.p.A.	2.022	0	2.022
Other	6.430	6.615	(185)
TOTAL	90.270	87.376	2.894
Non-current financial payables from subsidiaries	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	427	427	(0)
TOTAL	427	427	(0)
Current trade receivables from subsidiaries	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	13.733	14.224	(491)
Soilmec S.p.A.	6.204	6.897	(693)
Drillmec S.p.A.	20.034	18.386	1.648
Petreven S.p.A.	4.360	3.882	478
Other	23.483	22.993	490
TOTAL	67.814	66.382	1.432
Current trade payables to subsidiaries	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	12.624	12.484	140
Soilmec S.p.A.	2.287	2.146	142
Drillmec S.p.A.	14.271	14.631	(360)
Petreven S.p.A.	133	141	(8)
Other	4.503	4.385	118
TOTAL	33.819	33.787	32
Revenues from sales and services	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	7.238	4.047	3.191
Soilmec S.p.A.	3.411	1.903	1.508
Drillmec S.p.A.	2.854	1.634	1.220
Petreven S.p.A.	447	360	86
Other	10.026	5.611	4.414
TOTAL	23.975	13.556	10.420

Trevi-Finanziaria Industriale S.p.A.:

Consumption of raw materials and external services	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	43	13	30
Soilmec S.p.A.	290	0	290
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	3	0	3
TOTAL	336	13	323

Financial income	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	871	471	401
Soilmec S.p.A.	2.328	1.259	1.069
Drillmec S.p.A.	3.945	2.128	1.817
Petreven S.p.A.	1.731	1.002	729
Other	238	129	110
TOTAL	9.113	4.988	4.125

Financial cost	30/11/2019	30/06/2019	Variation
Trevi S.p.A.	15	0	15
		0	0
TOTALE	15	0	15

Trevi Group

(In thousands of Euro)

Non-current financial receivables	30/11/2019	30/06/2019	Variation
Porto Messina S.c.a.r.l.	720	720	0
Filippella s.c.a.r.l.	225	225	0
Pescara Park S.r.l.	515	515	(0)
Other	400	310	90
TOTAL	1.860	1.769	90

Trade receivables and other current assets	30/11/2019	30/06/2019	Variation
Parcheggi S.p.A.	56	75	(19)
Roma Park S.r.l.	634	634	0
Sofitre S.r.l.	1.363	1.363	0
Other	0	29	(29)
Sub-total	2.053	2.101	(48)
Porto di Messina S.c.a.r.l.	793	793	0
Consorzio Trevi Adanti	7	7	0
Nuova Darsena S.c.a.r.l.	1.222	1.170	53
Trevi S.G.F. Inc. per Napoli	1.858	1.857	1
Trevi Nicholson JV	1.723		1.723
Sep Sefi Trevi	5.420	5.536	(115)
Gemac Srl	4.474		4.474
Other	407	780	(373)
Sub-total	15.904	10.142	5.762
TOTAL	17.958	12.243	5.715

Trade payables and other current liabilities	30/11/2019	30/06/2019	Variation
Parcheggi S.p.A.	1	0	1

IFC Ltd	153	130	23
Sofitre S.r.l.	0	(5)	5
Sub-total	154	126	28
Trevi Adanti	8	8	0
Nuova Darsena S.c.a.r.l.	0	0	0
Porto di Messina S.c.a.rl.	395	386	9
Trevi S.G.F. Inc. per Napoli	39	32	7
Sep Sefi Trevi	971	1.664	(693)
Other	707	684	23
Sub-total	2.121	2.774	(653)
TOTAL	2.274	2.899	(625)

Revenues from sales and services	30/11/2019	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	218	106	112
Sofitre S.r.l.		0	0
Sub-total	218	106	112
Hercules Foundation AB	765	438	327
Nuova Darsena S.c.a.r.l.	625	625	0
Sep Sefi-Trevi	3.832	3.957	(125)
Trevi Nicholson JV	1.372	0	1.372
Other	606	1	606
Sub-totale	7.200	5.021	2.179
TOTAL	7.418	5.127	2.291

Consumption of raw materials and external services	30/11/2019	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Sofitre S.r.l.	28	21	7
Parcheggi S.pA.	0	0	0
Sub-total	28	21	7
Nuova Darsena S.c.a.r.l.	77	53	24
Sep Sefi-Trevi	3.453	2.706	747
Gemac Srl	1.757	0	1.757
Other	11	0	11
Sub-total	5.297	2.759	2.538
TOTAL	5.325	2.780	2.545

Financial income	30/11/2019	30/06/2019	Variation
Hercules Foundation AB	933	0	933
		0	0
TOTALE	933	0	933

***

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:

Trevi Group is a worldwide leader in the field of soil engineering (special foundations, tunnel excavation, soil consolidation and the building and marketing of special rigs and equipment relevant to this engineering sector); the Group is also active in the drilling sector (oil, gas and water) both in the production of plant and the supply of services, and it also builds automated underground car parks. The Group was established in Cesena in 1957 and today has more than 30 branches and is present in over 80 countries. Its success is due to the vertical integration of the main divisions making up the Group: Trevi, the division that supplies special services in the field of soil engineering, Petreven, the oil drilling division of the Group, Soilmec, the division that produces and develops plant and machinery for soil engineering and Drillmec the division that produces and develops drilling rigs (oil, gas and water). The parent company 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 Officer: Franco Cicognani - e-mail: fcicognani@trevifin.com – tel: +39/0547 319503 Press Office: Community - Strategic communication advisers – T. +39 02 89404231 Auro Palomba - Auro.palomba@communitygroup.it Roberto Patriarca – (T. +39 335 65 09568) - Roberto.patriarca@communitygroup.