Trevi Fin Industriale

Earnings Release • Jan 31, 2019

Informazione Regolamentata n. 0262-5-2019		Data/Ora Ricezione 31 Gennaio 2019 20:41:56	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	113513
Nome utilizzatore	:	TREVIN01 - Cocco
Tipologia	:	REGEM
Data/Ora Ricezione	:	31 Gennaio 2019 20:41:56
Data/Ora Inizio Diffusione presunta	:	31 Gennaio 2019 20:41:57
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, January 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 December 31, 2018.

The Net Financial Position of the Company at December 31, 2018 amounts to Euro 379 million and is shown below:

NET FINANCIAL DEBT	31/12/2018	31/12/2017	Variation
Current bank loans and borrowings Current loans and borrowings from other financial backers Current financial derivatives	(445.687) (32.681) (360)	(422.918) (12.318) (701)	(22.769) (20.362) 342
Short-term cash and cash equivalents	648	7.069	(6.422)
Total current financial debt	(478.080)	(428.869)	(49.212)
Non-current bank loans and borrowings	0	(10.076)	10.076
Non-current loans and borrowings from other financial backers	(2.622)	(29.469)	26.847
Non-current financial receivables from subsidiaries	101.694	303.350	(201.656)
Non-current financial derivatives	0	0	0
Total non-current financial debt	99.072	263.805	(164.733)
Net financial debt	(379.008)	(165.064)	(213.944)

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 December 31, 2018 amounts to Euro 686.1 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	31/12/2018	31/12/2017	Variation
Current bank loans and borrowings	(674.885)	(645.023)	(29.862)
Current loans and borrowings from other financial backers	(84.997)	(40.096)	(44.901)
Current financial derivatives	(370)	(173)	(197)
Short-term cash and cash equivalents	93.589	146.301	(52.713)
Total current financial debt	(666.664)	(538.991)	(127.673)
Non-current bank loans and borrowings	0	(11.207)	11.207
Non-current loans and borrowings from other financial backers	(19.448)	(69.204)	49.756
Non-current financial derivatives	0	0	0
Total non-current financial debt	(19.448)	(80.410)	60.962
Group Net Financial Debt	(686.112)	(619.402)	(66.710)

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.

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	31/12/2018	31/12/2018
Financial liabilities*	268.979	385.179 (**)
Trade payables	7.785	89.494 (**)
Tax liabilities	-	523 (**)
Social security liabilities	-	-
Payables to employees	-	-
Total overdue liabilities	276.764	475.196 (**)

* Related to short and medium to long term debt expired and not repaid in the light of the standstill situation. ** Also including the Company debt.

At December 31, 2018 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 15.2 million, of which approximately Euro 13.8 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	31/12/2018	30/06/2017	Variation
Trevi S.p.A.	23.605	89.005	(65.400)
Soilmec S.p.A.	60.592	60.394	199
Drillmec S.p.A.	0	169.008	(169.008)
Petreven S.p.A.	11.493	59.672	(48.179)
Other	6.430	10.995	(4.565)
TOTAL	102.121	389.073	(286.953)
Non-current financial payables from subsidiaries	31/12/2018	30/06/2017	Variation
Trevi S.p.A.	427	0	427
TOTAL	427	0	427
Current trade receivables from subsidiaries	31/12/2018	30/06/2017	Variation
Trevi S.p.A.	15.055	8.504	6.551
Soilmec S.p.A.	6.228	3.715	2.513
Drillmec S.p.A.	16.997	10.750	6.247
Petreven S.p.A.	3.969	2.935	1.034
Other	26.143	17.100	9.043
TOTAL	68.393	43.005	25.388
Current trade payables to subsidiaries	31/12/2018	30/06/2017	Variation
Trevi S.p.A.	12.123	11.295	828
Soilmec S.p.A.	2.019	2.497	(477)
Drillmec S.p.A.	11.493	10.972	521
Petreven S.p.A.	72	44	29
Other	3.607	3.894	(287)
TOTAL	29.315	28.702	614
Revenues from sales and services	31/12/2018	30/06/2017	Variation
Trevi S.p.A.	5.915	2.566	3.349
Soilmec S.p.A.	3.291	983	2.309
Drillmec S.p.A.	6.400	2.396	4.004
Petreven S.p.A.	2.453	560	1.893
Other	12.106	6.758	5.348
TOTAL	30.166	13.262	16.904

Trevi-Finanziaria Industriale S.p.A.:

Consumption of raw materials and external services	31/12/2018	30/06/2017	Change
Trevi S.p.A.	99	85	14
Soilmec S.p.A.	177	7	170
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	1	(1)

Other	30	9	21
TOTAL	306	101	205
Financial income	31/12/2018	30/06/2017	Variation
Trevi S.p.A.	2.188	1.954	234
Soilmec S.p.A.	2.539	1.294	1.244
Drillmec S.p.A.	6.269	4.100	2.169
Petreven S.p.A.	2.108	1.230	877
Other	506	218	288
TOTAL	13.610	8.797	4.813

Trevi Group

(In thousands of Euro)

Non-current financial receivables	31/12/2018	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.	686	1.105	(420)
Parma Park S.r.l.	90	90	0
Other	232	241	(9)
TOTAL	1.953	2.381	(429)

Current trade receivables	31/12/2018	30/06/2017	Variation
Parcheggi S.p.A.	164	78	87
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
Sub-total	2.190	2.197	(8)
Porto di Messina s.c.a.r.l.	764	745	19
Consorzio Trevi Adanti	7	6	0
Nuova Darsena S.c.a.r.l.	2.902	848	2.054
Trevi S.G.F. Inc. per Napoli	1.857	1.962	(104)
Arge Baugrube Q110	331	331	0
Trevi Park Plc	0	165	(165)
Other	622	2.897	(2.275)
Sub-total	6.483	6.953	(471)
TOTAL	8.672	9.151	(478)

Current trade payables	31/12/2018	30/06/2017	Variation
Parcheggi S.p.A.	0	6	(6)
IFC Ltd	130	72	58
Sofitre S.r.l.	23	0	23
Sub-total	153	79	75
Trevi Adanti	5	5	1
Nuova Darsena S.c.a.r.l.	2.000	2.664	(664)
Porto di Messina S.c.a.rl.	386	7	379
Trevi S.G.F. Inc. per Napoli	0	14	(14)
Dach-Arghe Markt Leipzig	0	517	(517)
Trevi Park Plc	0	100	(100)
Other	625	240	385
Sub-total	3.016	3.547	(531)
TOTAL	3.169	3.626	(457)

Revenues from sales and services	31/12/2018	30/06/2017	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	170	95	74
Sub-total	170	95	74

Hercules Foundation AB	1.011	1.797	(786)
Nuova Darsena	30	387	(357)
Porto di Messina S.c.a.r.l	0		0
Other	1.263	1.866	(603)
Sub-total	2.304	4.050	(1.747)
TOTAL	2.473	4.146	(1.672)
Consumption of raw materials and external services	31/12/2018	30/06/2017	Variation
Roma Park S.r.l.	0	0	(0)
Sofitre S.r.l.	65	34	31
Parcheggi S.pA.	0	5	(5)
Sub-total	66	40	26
Porto di Messina S.c.a.r.l	43		43
Nuova Darsena S.c.a.r.l.	316	2.568	(2.252)
Other	51	24	27
Sub-total	410	2.592	(2.182)
TOTAL	475	2.631	(2.156)

***

The C.F.O., Marco Andreasi, 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 Office: 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.