Trevi Fin Industriale

Earnings Release • Apr 30, 2019

Informazione Regolamentata n. 0262-21-2019		Data/Ora Ricezione 30 Aprile 2019 19:12:18	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	117746
Nome utilizzatore	:	TREVIN01 - Cocco
Tipologia	:	REGEM
Data/Ora Ricezione	:	30 Aprile 2019 19:12:18
Data/Ora Inizio Diffusione presunta	:	30 Aprile 2019 19:12:19
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, April 30, 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 March 31, 2019.

The Net Financial Position of the Company at March 31, 2019 amounts to Euro 390,3 million and is shown below:

NET FINANCIAL DEBT	31/03/2019	31/12/2017	Variation
Current bank loans and borrowings Current loans and borrowings from other financial backers	(446.961) (35.041)	(422.918) (12.318)	(24.043) (22.722)
Current financial derivatives	0	(701)	701
Short-term cash and cash equivalents	1.368	7.069	(5.702)
Total current financial debt	(480.634)	(428.869)	(51.765)
Non-current bank loans and borrowings	0	(10.076)	10.076
Non-current loans and borrowings from other financial backers	(238)	(29.469)	29.230
Non-current financial receivables from subsidiaries	90.618	303.350	(212.732)
Non-current financial derivatives	0	0	0
Total non-current financial debt	90.379	263.805	(173.425)
Net financial debt	(390.255)	(165.064)	(225.191)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at December 31, 2017 and December 31, 2018 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 March 31, 2019 amounts to Euro 700,8 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	31/03/2019	31/12/2017	Variation
Current bank loans and borrowings	(685.708)	(645.023)	(40.684)
Current loans and borrowings from other financial backers	(85.333)	(40.096)	(45.236)
Current financial derivatives	(8)	(173)	165
Short-term cash and cash equivalents	84.764	146.301	(61.537)
Total current financial debt	(686.284)	(538.991)	(147.293)
Non-current bank loans and borrowings	0	(11.207)	11.207
Non-current loans and borrowings from other financial
backers	(14.481)	(69.204)	54.723
Non-current financial derivatives	0	0	0
Total non-current financial debt	(14.481)	(80.410)	65.929
Group Net Financial Debt	(700.765)	(619.402)	(81.363)

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 Annual Report at December 31, 2017, the Half Year Report at June 30, 2018, the Interim Reports at September 30, 2018 and the Annual Report at December 31, 2018 have 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 have begun 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	31/03/2019	31/03/2019
Financial liabilities*	275.808	404.103 (**)
Trade payables	7.694	82.111 (**)
Tax liabilities		529
Social security liabilities		515
Payables to employees		-
Total overdue liabilities	283.502	487.259 (**)

* 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.

At March 31, 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 7.9 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 16.9 million, of which approximately Euro 15.3 million have been settled and approximately Euro 1.6 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	31/03/2019	30/06/2017	Variation
Trevi S.p.A.	23.605	89.005	(65.400)
Soilmec S.p.A.	61.009	60.394	616
Drillmec S.p.A.	0	169.008	(169.008)
Petreven S.p.A.	0	59.672	(59.672)
Other	6.430	10.995	(4.565)
TOTAL	91.044	389.073	(298.029)
Non-current financial payables from subsidiaries	31/03/2019	30/06/2017	Variation
Trevi S.p.A.	427	0	427
TOTAL	427	0	427
Current trade receivables from subsidiaries	31/03/2019	30/06/2017	Variation
Trevi S.p.A.	12.591	8.504	4.087
Soilmec S.p.A.	5.782	3.715	2.067
Drillmec S.p.A.	17.069	10.750	6.319
Petreven S.p.A.	3.520	2.935	585
Other	22.837	17.100	5.737
TOTAL	61.799	43.005	18.794
Current trade payables to subsidiaries	31/03/2019	30/06/2017	Variation
Trevi S.p.A.	12.163	11.295	868
Soilmec S.p.A.	2.075	2.497	(422)
Drillmec S.p.A.	14.646	10.972	3.674
Petreven S.p.A.	143	44	100
Other	4.040	3.894	146
TOTAL	33.067	28.702	4.365
Revenues from sales and services	31/03/2019	30/06/2017	Variazioni
Trevi S.p.A.	1.046	2.566	(1.519)
Soilmec S.p.A.	550	983	(433)
Drillmec S.p.A.	912	2.396	(1.484)
Petreven S.p.A.	430	560	(130)
Other	2.616	6.758	(4.143)
TOTAL	5.553	13.262	(7.709)

Trevi-Finanziaria Industriale S.p.A.:

Consumption of raw materials and external services	31/03/2019	30/06/2017	Variation
Trevi S.p.A.	29	85	(55)
Soilmec S.p.A.	46	7	39
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	1	(1)
Other	0	9	(9)
TOTAL	75	101	(26)

Financial income	31/03/2019	30/06/2017	Variation
Trevi S.p.A.	232	1.954	(1.722)
Soilmec S.p.A.	627	1.294	(668)
Drillmec S.p.A.	1.058	4.100	(3.043)
Petreven S.p.A.	307	1.230	(923)
Other	212	218	(6)
TOTAL	2.436	8.797	(6.361)

Trevi Group

(In thousands of Euro)

Non-current financial receivables	31/03/2019	30/06/2017	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.	1.217	1.105	112
Parma Park S.r.l.	0	90	(90)
Other	273	241	32
TOTAL	2.435	2.381	54

Current trade receivables	31/03/2019	30/06/2017	Variation
Parcheggi S.p.A.	34	78	(43)
Roma Park S.r.l.	634	561	73
Parma Park S.r.l.	0	169	(169)
Sofitre S.r.l.	1.391	1.390	2
Other	21		21
Sub-total	2.080	2.197	(117)
Porto di Messina s.c.a.r.l.	764	745	19
Consorzio Trevi Adanti	7	6	0
Nuova Darsena S.c.a.r.l.	1.035	848	187
Trevi S.G.F. Inc. per Napoli	1.857	1.962	(104)
Arge Baugrube Q110	331	331	0
Trevi Park Plc	65	165	(100)
Other	1.130	2.897	(1.767)
Sub-total	5.189	6.953	(1.764)
TOTAL	7.269	9.151	(1.881)

Current trade payables	31/03/2019	30/06/2017	Variation
Parcheggi S.p.A.	0	6	(6)
IFC Ltd	130	72	58
Sofitre S.r.l.	2	0	2
Sub-total	133	79	54
Trevi Adanti	8	5	3
Nuova Darsena S.c.a.r.l.	0	2.664	(2.664)
Porto di Messina S.c.a.rl.	386	7	379
Trevi S.G.F. Inc. per Napoli	32	14	18
Dach-Arghe Markt Leipzig	0	517	(517)

Trevi Park Plc	0	100	(100)
Other	708	240	468
Sub-total	1.133	3.547	(2.414)
TOTAL	1.266	3.626	(2.359)
Revenues from sales and services	31/03/2019	30/06/2017	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	31	95	(64)
Sub-total	31	95	(64)
Hercules Foundation AB	232	1.797	(1.565)
Nuova Darsena	0	387	(387)
Porto di Messina S.c.a.r.l	0		0
Other	130	1.866	(1.736)
Sub-total	362	4.050	(3.688)
TOTAL	393	4.146	(3.752)
Consumption of raw materials and external services	31/03/2019	30/06/2017	Variation
Roma Park S.r.l.	0	0	(0)
Sofitre S.r.l.	21	34	(13)
Parcheggi S.pA.	0	5	(5)
Sub-total	21	40	(19)
Porto di Messina S.c.a.r.l	0		0
Nuova Darsena S.c.a.r.l.	0	2.568	(2.568)
Other	11	24	(12)
Sub-total	11	2.592	(2.580)
TOTAL	32	2.631	(2.599)

***

With reference to Article 154-bis, paragraph 2 of the Consolidated Law on Finance, the Administrative & Finance Department of the Company, hereby declares, 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.