Trevi Fin Industriale

Regulatory Filings • Dec 31, 2018

Informazione Regolamentata n. 0262-59-2018		Data/Ora Ricezione 31 Dicembre 2018 13:52:33	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	112469
Nome utilizzatore	:	TREVIN01 - Cocco
Tipologia	:	REGEM
Data/Ora Ricezione	:	31 Dicembre 2018 13:52:33
Data/Ora Inizio Diffusione presunta	:	31 Dicembre 2018 13:52:34
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 31, 2018 – 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, 2018.

The Net Financial Position of the Company at November 30, 2018 amounted to Euro 304.5 million and is shown below:

NET FINANCIAL DEBT	30/11/2018	31/12/2017	Change
Current bank loans and borrowings Current loans and borrowings from other financial backers Current financial derivatives	(441.037) (35.112) (454)	(422.918) (12.318) (701)	(18.118) (22.794) 248
Short-term cash and cash equivalents	903	7.069	(6.166)
Total current financial debt	(475.699)	(428.869)	(46.831)
Non-current bank loans and borrowings	0	(10.076)	10.076
Non-current loans and borrowings from other financial backers	(287)	(29.469)	29.181
Non-current financial receivables from subsidiaries Non-current financial derivatives	171.529	303.350 0	(131.820) 0
Total non-current financial debt	171.242	263.805	(92.563)
Net financial debt	(304.457)	(165.064)	(139.394)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at December 31, 2017 and November 30, 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 November 30, 2018 amounts to Euro 703.3 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	30/11/2018	31/12/2017	Variation
Current bank loans and borrowings	(673.251)	(645.023)	(28.227)
Current loans and borrowings from other financial backers	(71.503)	(40.096)	(31.406)
Current financial derivatives	(467)	(173)	(294)
Short-term cash and cash equivalents	77.084	146.301	(69.217)
Total current financial debt	(668.136)	(538.991)	(129.145)
Non-current bank loans and borrowings	0	(11.207)	11.207
Non-current loans and borrowings from other financial backers	(35.146)	(69.204)	34.058
Non-current financial derivatives		0	0
Total non-current financial debt	(35.146)	(80.410)	45.265
Group Net Financial Debt	(703.282)	(619.402)	(83.880)

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 and the Interim Reports at September 30, 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	30/11/2018	30/11/2018
Financial liabilities*	244.866	358.607 (**)
Trade payables	10.562	92.714 (*)
Tax liabilities	-	501 (**)
Social security liabilities	-	-
Payables to employees	-	-
Total overdue liabilities	255.428	451.822 (**)

* 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 November 30, 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 15.5 million, of which approximately Euro 11 million have been settled and Euro 4.5 million for whitch 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	30/11/2018	30/06/2017	Variazioni
Trevi S.p.A.	23.605	89.005	(65.400)
Soilmec S.p.A.	60.809	60.394	416
Drillmec S.p.A.	35.490	169.008	(133.518)
Petreven S.p.A.	45.195	59.672	(14.477)
Other	6.430	10.995	(4.565)
TOTAL	171.529	389.073	(217.544)
Current trade receivables from subsidiaries	30/11/2018	30/06/2017	Variazioni
Trevi S.p.A.	13.828	8.504	5.324
Soilmec S.p.A.	5.149	3.715	1.434
Drillmec S.p.A.	14.526	10.750	3.776
Petreven S.p.A.	2.960	2.935	25
Other	27.437	17.100	10.337
TOTAL	63.901	43.005	20.896
Current trade payables to subsidiaries	30/11/2018	30/06/2017	Variazioni
Trevi S.p.A.	13.828	8.504	5.324
Soilmec S.p.A.	5.149	3.715	1.434
Drillmec S.p.A.	14.526	10.750	3.776
Petreven S.p.A.	2.960	2.935	25
Other	27.437	17.100	10.337
TOTAL	63.901	43.005	20.896

Trevi-Finanziaria Industriale S.p.A.:

Revenues from sales and services	30/11/2018	30/06/2017	Variazioni
Trevi S.p.A.	5.060	2.566	2.494
Soilmec S.p.A.	2.431	983	1.449
Drillmec S.p.A.	3.596	2.396	1.201
Petreven S.p.A.	1.138	560	578
Other	11.022	6.758	4.264
TOTAL	23.247	13.262	9.985

Consumption of raw materials and external services	30/11/2018	30/06/2017	Change
Trevi S.p.A.	10	85	(74)
Soilmec S.p.A.	28	7	22
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	1	(1)
Other	30	9	21
TOTAL	69	101	(32)
Financial income	30/11/2018	30/06/2017	Variazioni
Trevi S.p.A.	2.143	1.954	189
Soilmec S.p.A.	2.336	1.294	1.042
Drillmec S.p.A.	5.966	4.100	1.865
Petreven S.p.A.	1.983	1.230	752

Other	553	218	335
TOTAL	12.981	8.797	4.184

Trevi Group

(In thousands of Euro)

Non-current financial receivables	30/11/2018	30/06/2017	Variazioni
Porto Messina S.c.a.r.l.	720	720	0
Filippella s.c.a.r.l.	225	225	0
Pescara Park S.r.l.	1.263	1.105	158
Other	325	331	(6)
TOTAL	2.533	2.381	152

Current trade receivables	30/11/2018	30/06/2017	Variazioni
Parcheggi S.p.A.	91	78	14
Roma Park S.r.l.	597	561	37
Parma Park S.r.l.	0	169	(169)
Sofitre S.r.l.	1.134	1.390	(255)
Sub-total	1.823	2.197	(374)
Porto di Messina s.c.a.r.l.	764	745	19
Consorzio Trevi Adanti	6	6	0
Nuova Darsena S.c.a.r.l.	3.100	848	2.252
Trevi S.G.F. Inc. per Napoli	1.952	1.962	(9)
Arge Baugrube Q110	331	331	0
Trevi Park Plc	0	165	(165)
Other	933	2.897	(1.964)
Sub-total	7.087	6.953	134
TOTAL	8.910	9.151	(241)

Current trade payables	30/11/2018	30/06/2017	Variazioni
Parcheggi S.p.A.	7	6	1
IFC Ltd	130	72	58
Sofitre S.r.l.	16	0	16
Sub-total	153	79	75
Trevi Adanti	5	5	0
Nuova Darsena S.c.a.r.l.	2.000	2.664	(664)
Porto di Messina S.c.a.rl.	343	7	336
Trevi S.G.F. Inc. per Napoli	93	14	78
Dach-Arghe Markt Leipzig	0	517	(517)
Trevi Park Plc	0	100	(100)
Other	743	240	504
Sub-total	3.184	3.547	(362)
TOTAL	3.338	3.626	(288)

Revenues from sales and services	30/11/2018	30/06/2017	Variazioni
Roma Park Srl	0	0	0
Parcheggi S.p.A.	121	95	26
Sub-total	121	95	26
Hercules Foundation AB	895	1.797	(902)
Nuova Darsena	14	387	(373)
Porto di Messina S.c.a.r.l			0
Other	1.215	1.866	(652)
Sub-total	2.123	4.050	(1.927)
TOTAL	2.244	4.146	(1.901)
Consumption of raw materials and external services	30/11/2018	30/06/2017	Variazioni

Roma Park Srl	0	0	(0)
Sofitre Srl	58	34	24

Parcheggi S.pA.	2	5	(4)
Sub-total	60	40	20
Porto di Messina S.c.a.r.l			0
Nuova Darsena S.c.a.r.l.	255	2.568	(2.313)
Other	48	24	24
Sub-total	303	2.592	(2.289)
TOTAL	363	2.631	(2.268)

***

Without prejudice to what has been mentioned in letter a) in the second part of the press release, 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.