Trevi Fin Industriale

Regulatory Filings • Jul 31, 2019

Informazione Regolamentata n. 0262-45-2019		Data/Ora Ricezione 31 Luglio 2019 19:00:32	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	121313
Nome utilizzatore	:	TREVIN01 - Cocco
Tipologia	:	REGEM
Data/Ora Ricezione	:	31 Luglio 2019 19:00:32
Data/Ora Inizio Diffusione presunta	:	31 Luglio 2019 19:00:33
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

Milan, July 31, 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 June 30, 2019.

The Net Financial Position of the Company at June 30, 2019 amounts to Euro 398,7 million and is shown below:

NET FINANCIAL DEBT	30/06/2019	31/12/2018	Variation
	(450.992)	(433.028)	(17.964)
Current bank loans and borrowings	(35.041)	(42.355)	7.314
Current loans and borrowings from other financial backers Current financial derivatives	0	(362)	362
Short-term cash and cash equivalents	829	709	120
Total current financial debt	(485.205)	(475.037)	(10.168)
Non-current bank loans and borrowings	0	0	0
Non-current loans and borrowings from other financial backers	(213)	(2.658)	2.445
Non-current financial receivables from subsidiaries	86.763	86.732	31
Non-current financial derivatives	0	0	0
Total non-current financial debt	86.550	84.074	2.476
Net financial debt	(398.655)	(390.963)	(7.692)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at December 31, 2018 and June 30, 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 June 30, 2019 amounts to Euro 705,7 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	30/06/2019	31/12/2018	Variation
Current bank loans and borrowings	(681.366)	(658.348)	(23.018)
Current loans and borrowings from other financial backers	(88.571)	(88.846)	275
Current financial derivatives	(8)	(359)	351
Short-term cash and cash equivalents	78.056	88.912	(10.856)
Total current financial debt	(691.889)	(658.641)	(33.248)
Non-current bank loans and borrowings	0	(331)	331
Non-current loans and borrowings from other financial
backers	(13.828)	(33.668)	19.840
Non-current financial derivatives	0	0	0
Total non-current financial debt	(13.828)	(33.999)	20.171
Group Net Financial Debt	(705.717)	(692.640)	(13.077)

It should be noted that the value related to the net financial position of the Company and the Group must be considered preliminary and not definitive, since the Interim Report at March 31, 2019 has not yet been approved, those data are management data and not yet been submitted to the evaluation by the Board of Directors and to the Auditors of the Company.

Analyses are nearing completion to identify the impact that the new IFRS-16 accounting standard will have on the Trevi Group financial statements and that it is currently being quantified.

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	30/06/2019	31/06/2019
Financial liabilities*	301.682	435.491 (**)
Trade payables	9.838	84.835 (**)
Tax liabilities		501
Social security liabilities		176
Payables to employees
Total overdue liabilities	311.520	521.003 (**)

* 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 June 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; the Company has received some reminders and injunctions, the aggregate value of these positions, as of today, has been settled approximately at Euro 4.3 million;
• 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 12.7 million, of which approximately Euro 7.7 million have been settled and approximately Euro 5 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	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	23.605	23.605	(0)
Soilmec S.p.A.	57.155	57.125	31
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	6.430	6.430	(0)
TOTAL	87.190	87.159	31
Non-current financial payables from subsidiaries	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	427	427	(0)
TOTAL	427	427	(0)
Current trade receivables from subsidiaries	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	12.981	16.049	(3.068)
Soilmec S.p.A.	9.079	6.485	2.594
Drillmec S.p.A.	17.358	15.397	1.962
Petreven S.p.A.	3.554	2.763	791
Other	25.021	19.997	5.024
TOTAL	67.992	60.690	7.302
Current trade payables to subsidiaries	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	12.496	12.123	373
Soilmec S.p.A.	2.235	2.082	153
Drillmec S.p.A.	14.631	14.631	(0)
Petreven S.p.A.	141	141	0
Other	4.530	4.114	416
TOTAL	34.033	33.091	942
Revenues from sales and services	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	2.757	5.915	(3.159)
Soilmec S.p.A.	1.340	3.291	(1.951)
Drillmec S.p.A.	1.476	4.765	(3.289)
Petreven S.p.A.	333	1.253	(920)

Other 5.646 12.005 (6.359) TOTAL 11.552 27.231 (15.679)

Trevi-Finanziaria Industriale S.p.A.:

Consumption of raw materials and external services	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	59	102	(43)
Soilmec S.p.A.	79	184	(105)
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	0	7	(7)
TOTAL	138	293	(155)

Financial income	30/06/2019	31/12/2018	Variation
Trevi S.p.A.	470	2.178	(1.708)
Soilmec S.p.A.	1.259	2.539	(1.280)
Drillmec S.p.A.	1.058	6.269	(5.211)
Petreven S.p.A.	455	2.108	(1.653)
Other	129	516	(387)
TOTAL	3.371	13.610	(10.239)

Trevi Group

(In thousands of Euro)

Non-current financial receivables	30/06/2019	31/12/2018	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	293	273	20
TOTAL	1.752	1.732	20

Current trade receivables	30/06/2019	31/12/2018	Variation
Parcheggi S.p.A.	75	164	(89)
Roma Park S.r.l.	634	634	0
Sofitre S.r.l.	1.363	1.391	(28)
Other	21	29	(8)
Sub-total	2.093	2.218	(125)
Porto di Messina s.c.a.r.l.	793	764	29
Consorzio Trevi Adanti	7	7	(0)
Nuova Darsena S.c.a.r.l.	1.661	1.035	626
Trevi S.G.F. Inc. per Napoli	1.857	1.857	0
Other	789	715	75
Sub-total	5.108	4.378	730
TOTAL	7.201	6.597	604

Current trade payables	30/06/2019	31/12/2018	Variation
Parcheggi S.p.A.	0	0	0
IFC Ltd	130	130	0
Sofitre S.r.l.	0	23	(23)
Sub-total	131	153	(23)
Trevi Adanti	8	8	0
Nuova Darsena S.c.a.r.l.	439	0	439
Porto di Messina S.c.a.rl.	386	386	0
Trevi S.G.F. Inc. per Napoli	32	32	0
Other	721	708	12
Sub-total	1.585	1.134	451
TOTAL	1.716	1.287	429
Revenues from sales and services	30/06/2019	31/12/2018	Variation

Roma Park S.r.l.	0	30	(30)
Parcheggi S.p.A.	102	228	(126)
Sofitre S.r.l.		7	(7)
Sub-total	102	264	(162)
Hercules Foundation AB	438	1.010	(572)
Nuova Darsena	625	30	596
Other	328	1.243	(915)
Sub-total	1.391	2.283	(891)
TOTAL	1.493	2.547	(1.054)
Consumption of raw materials and external services	30/06/2019	31/12/2018	Variation
Roma Park S.r.l.	0	0	(0)
Sofitre S.r.l.	21	84	(63)
Parcheggi S.pA.	0	2	(1)
Sub-total	21	85	(65)
Nuova Darsena S.c.a.r.l.	0	299	(299)
Other	11	133	(122)
Sub-total	11	432	(421)

***

The C.F.O., Massimiliano Battistelli, 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: Francesca Cocco – 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.